SandRidge Energy Inc (SD) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Eric, and I will be your conference operator today.

感謝您的耐心等待。我叫艾瑞克，今天我將擔任你們的會議接線生。

At this time, I would like to welcome everyone to the Q3 2025 SandRidge Energy conference call.

此時此刻，我謹代表 SandRidge Energy 向大家歡迎參加 2025 年第三季電話會議。

(Operator Instructions)

（操作說明）

I would now like to turn the call over to Scott Prestridge, SVP of finance and strategy.

現在我將把電話交給財務和策略高級副總裁斯科特·普雷斯特里奇。

Please go ahead.

請繼續。

Thank you and welcome everyone. With me today are Grayson Pranin, our CEO Jonathan Frates, our CFO, Brandon Brown, our CAO, as well as Dean Parrish, our COO.

謝謝大家，歡迎各位。今天和我在一起的有：執行長 Grayson Pranin、財務長 Jonathan Frates、首席行政官 Brandon Brown 以及營運長 Dean Parrish。

We would like to remind you that today's call contains forward-looking statements and assumptions which are subject to risk and uncertainty, and actual results may differ materially from those projected in these forward-looking statements.

我們想提醒各位，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預測的結果有重大差異。

These statements are not guarantees of future performance, and our actual results may differ materially due to known and unknown risks and uncertainties as discussed in greater detail in our earnings release and our SEC filings.

這些聲明並非對未來業績的保證，我們的實際業績可能會因已知和未知的風險和不確定性而與這些聲明存在重大差異，詳情請參閱我們的盈利報告和提交給美國證券交易委員會的文件。

We may also refer to adjusted EBITDA and adjusted G&A and other non-GAAP financial measures. Reconciliation of these measures can be found on our website.

我們也可能會參考調整後的 EBITDA、調整後的 G&A 以及其他非 GAAP 財務指標。這些措施的核對結果可在我們的網站上找到。

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

接下來，我將把電話交給格雷森。

Thank you and good afternoon.

謝謝，下午好。

I'm pleased to report on a positive quarter for the company.

我很高興地報告，公司本季業績表現良好。

Third quarter production averaged approximately 19 MBOE per day, an increase of approximately 12% on a BOE basis.

第三季日均產量約 1,900 萬桶油當量，以油當量計算成長約 12%。

And 49% on oil.

石油方面上漲了49%。

Translating to a roughly 32% increase in revenue and a 54% increase in adjusted EBITDA relative to the same period last year.

與去年同期相比，營收成長約 32%，調整後 EBITDA 成長約 54%。

Benefiting from increased volumes from a prior Cherokee acquisition and development program this year.

受益於今年稍早對切諾基的收購和開發計畫帶來的產量成長。

I'll turn things over to Jonathan for some more details on financial results for the quarter.

接下來我將把發言權交給喬納森，讓他為大家詳細介紹本季的財務表現。

Thank you, Grayson.

謝謝你，格雷森。

Compared to the third quarter of 2024, the company continued to benefit from higher natural gas prices, partially offset by headwinds and WTI.

與 2024 年第三季相比，該公司繼續受益於天然氣價格上漲，但部分被不利因素和 WTI 價格下跌所抵消。

The company continued to grow production, generating revenues of approximately $40 million, which represents a 32% increase compared to the same period last year. Adjusted EBITDA was $27.3 million in the quarter compared to $17.7 million in the prior year period. We continued to manage the business within cash flow while growing production and utilizing our substantial NOL which shields us from federal income taxes.

該公司繼續擴大生產規模，創造了約 4,000 萬美元的收入，比去年同期成長了 32%。本季調整後 EBITDA 為 2,730 萬美元，而去年同期為 1,770 萬美元。我們繼續在現金流範圍內管理業務，同時擴大生產，並利用我們大量的淨營業虧損，這使我們免受聯邦所得稅的約束。

At the end of the quarter, cash, including restricted cash, was approximately $103 million which represents approximately $2.80 per common share outstanding.

截至季末，現金（包括受限現金）約為 1.03 億美元，相當於每股普通股約 2.80 美元。

The company paid $4.4 million in dividends during the quarter, which includes $0.6 million of dividends paid in shares under our dividend reinvestment plan, including special dividends. SandRidge has now paid $4.48 per share in dividends since the beginning of 2023. On November 4th, 2025, the board of directors declared a $0.12 per share dividend payable on November 28th. The shareholders a record on November 14, 2025.

該公司本季支付了 440 萬美元的股息，其中包括根據我們的股息再投資計劃以股票形式支付的 60 萬美元股息，以及特別股息。自 2023 年初以來，SandRidge 已支付每股 4.48 美元的股息。2025年11月4日，董事會宣布派發每股0.12美元的股息，將於11月28日支付。股東於 2025 年 11 月 14 日登記在冊。

Shareholders may elect to receive cash or additional shares of common stock through the company's dividend reinvestment plan.

股東可以選擇透過公司的股利再投資計畫來獲得現金或額外的普通股。

Year-to-date through the end of the quarter, the company repurchased approximately $600,000million or $6.4 million worth of common shares.

今年迄今為止，截至本季末，該公司已回購約 6,000 億美元（即價值 640 萬美元）的普通股。

Our share repurchase program remains in place with $68.3 million remaining authorized.

我們的股票回購計畫仍然有效，剩餘授權金額為 6,830 萬美元。

Capital expenditures during the period were roughly 23 million, including drilling and completions and new leasehold acquisitions.

該期間的資本支出約為 2300 萬，包括鑽井和完井以及新的租賃權收購。

The company has no debt outstanding and continues to live within cash flow, funding all capital expenditures and capital returns with cash flows from operations.

該公司沒有未償債務，並持續在現金流範圍內運營，所有資本支出和資本回報均由經營活動產生的現金流提供資金。

Commodity price realizations for the quarter before considering the impact of hedges were $65.23 per barrel of oil, $1.71 per NCF of gas, and $15.61 per barrel of NGLs. This compares to second quarter realizations of $62.80 per barrel of oil, $1.82 per NCF of gas, and $16.10 per barrel of NGLs.

未考慮避險的影響，本季商品價格實現值為：石油每桶 65.23 美元，天然氣每立方英尺 1.71 美元，天然氣凝析液每桶 15.61 美元。相比之下，第二季原油價格為每桶 62.80 美元，天然氣價格為每立方英尺 1.82 美元，天然氣凝析液價格為每桶 16.10 美元。

Our production remains meaningfully hedged through the fourth quarter of the year with a combination of swaps and collars representing approximately 35% of fourth quarter production based on guidance.

截至今年第四季度，我們的產量仍透過互換合約和領式選擇權組合進行有效避險，根據指導，這些避險合約約佔第四季度產量的 35%。

This includes approximately 55% of natural gas production and 30% of oil.

這其中包括約 55% 的天然氣產量和 30% 的石油產量。

These hedges will help secure a portion of our cash flows and support our drilling program through recent commodity price volatility.

這些對沖措施將有助於保障我們部分現金流，並在近期大宗商品價格波動期間支持我們的鑽井計畫。

Despite growing production, our commitment to cost discipline continues to yield results with adjusted G&A for the quarter of approximately $2.1 million or $1.23 per BOE compared to $1.6 million or $1.02 per BOE in the third quarter last year.

儘管產量不斷增長，但我們對成本控制的承諾繼續取得成效，本季度調整後的一般及行政費用約為 210 萬美元，即每桶油當量 1.23 美元，而去年第三季度為 160 萬美元，即每桶油當量 1.02 美元。

Net income was approximately $16 million during the quarter, or $0.44 per basic share, and adjusted net income was $15.5 million or $0.42 per basic share. This compares to $25.5 million or $0.69 per basic share and $7.1 million or $0.19 per basic share respectively during the same period last year.

本季淨收入約為 1,600 萬美元，即每股基本收益 0.44 美元；調整後淨收入為 1,550 萬美元，即每股基本收益 0.42 美元。相比之下，去年同期分別為 2,550 萬美元（每股基本收益 0.69 美元）和 710 萬美元（每股基本收益 0.19 美元）。

Adjusted operating cash flow was $28 million during the quarter.

本季調整後經營現金流為2800萬美元。

Finally, despite the ramp up of our capital program, the company generated free cash flow before acquisitions of roughly $6 million during the quarter and $29 million year-to-date.

最後，儘管我們的資本計畫有所增加，但公司在本季收購前產生的自由現金流約為 600 萬美元，年初至今為 2,900 萬美元。

Before shifting to our outlook, we should note that our earnings release in 10Q will provide further details on our financial and operational performance during the quarter. Now, I'll turn it over to Dean for an update on operations.

在展望未來之前，我們應該指出，我們將在 10Q 季度財報中提供有關本季財務和營運業績的更多詳細資訊。現在，我將把發言權交給迪恩，讓他報告營運。

Thank you, Jonathan. Let's start with recent results.

謝謝你，喬納森。我們先來看最近的結果。

During the third quarter, the company successfully completed and brought online 3 wells from our operated 1 rig Cherokee drilling program.

第三季度，該公司成功完成了由我們營運的 1 台鑽機 Cherokee 鑽井計畫中的 3 口井，並使其投入營運。

We are currently completing the fifth and sixth wells in the program and are drilling the 7th.

我們目前正在完成該專案的第五口和第六口井，並正在鑽探第七口井。

We are pleased with the results of the first four operated well.

我們對前四口作業井的成果感到滿意。

Which had a per well average peak 30-day production rate of approximately 2000 BOE per day made up of 43% oil.

該油井平均 30 天高峰日產量約為 2,000 桶油當量，其中 43% 為石油。

The first well in the program has now produced approximately 275,000 BOE in its first 170 days of production, demonstrating strong rates beyond the initial 30 days, which indicates attractive recovery trends. A majority of the remaining wells in our development program this year directly offset these and other proven wells in the area which have had similar performance.

該專案的第一口井在投產後的前 170 天已生產約 275,000 桶油當量，顯示其產量在最初 30 天後仍保持強勁增長，這預示著良好的採收率趨勢。今年我們開發計畫中剩餘的大部分油井都直接與該地區其他已探明且性能類似的油井相鄰。

These wells and the results in the area give further confidence in reservoir quality and expectations in the area.

這些油井和該地區的勘探結果進一步增強了人們對該地區油藏品質和預期前景的信心。

Moving to our capital program.

接下來進入資本項目階段。

We plan to drill 8 operated Cherokee wells with 1 rig this year and complete 6 wells.

我們計劃今年用 1 台鑽機鑽探 8 口切諾基自營井，並完成 6 口井的鑽探。

The remaining 2 completions are anticipated to carry over to next year.

剩餘的2個項目預計將延至明年完工。

Currently, all but one of our planned wells are proved undeveloped or pubs, meaning that our planned drilling locations this year will offset producing wells, which translates to higher relative confidence and well performance.

目前，除一口井外，我們計劃的所有井都已被證實為未開發或已公佈，這意味著我們今年計劃的鑽井位置將與生產井的位置相抵消，這將轉化為更高的相對信心和油井性能。

Gross swell costs vary by depth but are estimated to be between $9million and $12 million.

巨浪造成的總損失因深度而異，但估計在 900 萬美元到 1200 萬美元之間。

While we have taken proactive steps to help mitigate the effects of inflation, further changes to tariffs or other factors could influence these costs in the future.

雖然我們已經採取了積極措施來幫助減輕通貨膨脹的影響，但關稅或其他因素的進一步變化未來可能會影響這些成本。

We intend to spend between $66million and $85 million in our 2025 capital program, which is made up of $47million to $63 million in drilling and completions activity and between $19million and $22 million in capital workovers, production optimization, and selective leasing in the Cherokee play.

我們計劃在 2025 年的資本計畫中投入 6,600 萬美元至 8,500 萬美元，其中包括 4,700 萬美元至 6,300 萬美元用於鑽井和完井活動，以及 1,900 萬美元至 2,200 萬美元用於切諾基地區的資本修井、生產優化和選擇性租賃。

Our high-graded leasing is focused to further bolster our interests, consolidate our position, and extend development into future years.

我們高等級的租賃旨在進一步鞏固我們的利益，加強我們的地位，並將發展延續到未來幾年。

We intend to fund capital expenditures and other commitments using cash flows from our operations and cash on hand.

我們計劃利用營運產生的現金流量和現有現金來支付資本支出和其他承諾。

Our legacy assets remain approximately 99% held by production.

我們現有的資產中約有 99% 仍用於生產。

Which cost effectively maintains our development option over a reasonable center.

這種方式能夠以經濟高效的方式，在合理的中心範圍內維持我們的開發選擇。

These non-Cherokee have higher relative gas content, but commodity price futures are not yet at preferred levels to resume further development or more well reactivation at this time.

這些非切諾基地區的天然氣含量相對較高，但目前商品期貨價格尚未達到恢復進一步開發或重新活化更多油井的理想水準。

Commodity prices firmly over $80 WTI and $4 Henry hub over a constant tenner and or reduction well costs are needed before we would return to exercise the option value of further development or well reactivation.

只有當 WTI 原油價格穩定高於每桶 80 美元，亨利中心油價高於每桶 4 美元，且油井成本持續下降或超過每桶 10 美元時，我們才會考慮行使進一步開發或油井重新激活的選擇權價值。

Now shifting to lease operating expenses.

現在轉而討論租賃營運費用。

LOE and expense workovers for the quarter were approximately $10.9 million or $6.25 per BOE compared to $5.82 per BOE in the third quarter last year.

本季 LOE 和費用調整約為 1,090 萬美元，即每桶油當量 6.25 美元，而去年第三季為每桶油當量 5.82 美元。

We will continue to actively press on operating costs through rigorous bidding processes, leveraging our significant infrastructure, operations center, and other company advantages.

我們將繼續透過嚴格的招標流程，利用我們強大的基礎設施、營運中心和其他公司優勢，積極降低營運成本。

With that, I'll turn things back over to Grayson.

這樣，我就把事情交還給格雷森了。

Thank you, Dean. As we look forward to developing our high-return Cherokee assets this year and into next, we anticipate growing oilier production volumes further.

謝謝你，院長。展望今年及明年，我們將開發高回報的切諾基資產，預計含油量將進一步成長。

From a timing perspective, we expect to deliver 2 more wells to sales this year, with another 2 completions carrying over into next year.

從時間安排來看，我們預計今年將有 2 口井投入銷售，另外 2 口井的完井工作將延至明年。

This combined with further drilling could see production volumes, specifically oil volumes, increasing meaningfully above 2025 exit rate levels.

如果再加上進一步的鑽探，產量，特別是石油產量，可能會比 2025 年的預期水準顯著增加。

At current commodity prices, our operated Cherokee wells have robust returns, and break-evens for our planned wells are down to $35 WTI.

以目前的商品價格計算，我們營運的切諾基油井收益可觀，而我們計劃開採的油井的盈虧平衡點已降至每桶 35 美元 WTI。

Given these returns and durability, we plan to continue our one rig development plan into next year with a watchful eye to adjust if needed.

鑑於這些收益和耐用性，我們計劃明年繼續推進我們的單鑽機開發計劃，並密切關注情況，以便在需要時進行調整。

Please keep in mind that we do not have any significant leasehold expirations in the near term and have the flexibility to defer these projects if needed for a period of time.

請注意，我們近期沒有任何重要的租賃合約到期，如有需要，我們可以靈活地將這些項目推遲一段時間。

We are hopeful that our nearly 24,000 net acres in the Cherokee Plain will translate to a meaningful multi-year runway as we look beyond 2025, and we plan to continue to invest in new leasing and other opportunities that will further bolster our operating position and extend that runway.

我們希望我們在切諾基平原擁有的近 24,000 英畝淨土地能夠為我們 2025 年以後的發展提供有意義的多年保障，我們計劃繼續投資新的租賃和其他機會，以進一步鞏固我們的運營地位並延長這一保障期。

I would like to pause here to highlight the optionality we have across our asset base.

我想在這裡稍作停頓，強調我們資產基礎所擁有的選擇權。

Coupled with the strength of our balance sheet, which sets us up to leverage commodity price cycles. The combination of our oil-weighted Cherokee and gas-weighted legacy assets, as well as a robust net cash position, give us multifaceted options to maneuver and take advantage of different commodity cycles.

再加上我們強勁的資產負債表，這使我們能夠利用大宗商品價格週期波動。我們擁有以石油為主的切諾基油田和以天然氣為主的傳統資產，再加上穩健的淨現金狀況，這為我們提供了多方面的選擇，可以靈活應對並利用不同的商品週期。

Put simply, we have a strong balance sheet and a first la kit bag, which makes the company more resilient and better poised to maneuver and adjust no matter the commodity environment.

簡而言之，我們擁有強勁的資產負債表和一流的工具箱，這使得公司更具韌性，無論商品環境如何變化，都能更好地進行調整和應對。

I will now revisit the company's advantages.

接下來我將重新檢視公司的優勢。

Our asset base is focused in the mid-continent region with a PDP well set that provides meaningful cash flow, which does not require any routine flaring of produced gas.

我們的資產基礎集中在中大陸地區，擁有可產生可觀現金流的 PDP 油井，無需對生產的天然氣進行任何常規燃燒。

These well-understood assets are almost fully held by production, with a long history, shallowing, and diversified production profile and double-digit reserve life.

這些資產已被充分了解，幾乎全部由生產持有，具有悠久的歷史、逐漸變淺、多元化的生產模式和兩位數的儲量壽命。

Our incumbent assets include more than 1,000 miles each of owned and operated SWD and electrical infrastructure over our footprint.

我們現有的資產包括在我們業務範圍內擁有和運營的超過 1000 英里的西南供水和電力基礎設施。

This substantial owned and integrated infrastructure helps de-risk individual well profitability for a majority of our legacy producing wells under roughly $40 WTI and $2 Henry hub.

這種龐大的自有和一體化基礎設施有助於降低我們大部分傳統生產​​井在WTI油價低於40美元、亨利中心油價低於2美元時的單井獲利風險。

Our assets continue to yield free cash flow.

我們的資產持續產生自由現金流。

The cash generation potential provides several paths to increase shareholder value realization and is benefited by low G&A burden.

現金創造潛力為提高股東價值提供了多種途徑，並且受益於較低的一般及行政費用負擔。

Sandridge's value proposition is materially de-risked from a financial perspective by our strength and balance sheet.

從財務角度來看，桑德里奇的價值主張因其雄厚的實力和資產負債表而大大降低了風險。

Including net negative leverage.

包括淨負槓桿。

Financial flexibility and advantage tax position.

財務靈活性和稅收優勢。

Further, the company is not subject to NBCs or other significant off-balance sheet financial commitments.

此外，該公司不受非商業性債務或其他重大表外財務承諾的約束。

We have bolstered our inventory to provide further organic growth opportunities and incremental oil diversification.

我們增加了庫存，以提供進一步的內生成長機會和逐步實現石油多元化。

With low break even in high graded areas.

高等級區域的損益平衡點較低。

Finally, it is worth highlighting that we take our ESG commitments seriously and have implemented discipline processes around them.

最後值得強調的是，我們非常重視我們的 ESG 承諾，並已圍繞這些承諾實施了相應的紀律流程。

We're particularly proud to announce that our team recently achieved 4 years without a reported road safety incident.

我們尤其自豪地宣布，我們的團隊最近實現了連續4年沒有發生任何道路安全事故。

This incredible achievement demonstrates our continued commitment to putting the health and safety of our employees and contractors at the forefront of our business.

這項非凡成就顯示我們始終致力於將員工和承包商的健康與安全放在業務的首位。

Not only do we continue to operate our existing assets extremely efficiently, And execute on our Cherokee development in an effective manner, but we do so in a prudent and safe manner.

我們不僅繼續有效率地經營現有資產，並以有效的方式推進切諾基開發項目，而且我們以謹慎和安全的方式進行這些工作。

Shifting the strategy.

調整策略。

We remain committed to growing the value of our business in a safe, responsible, efficient manner while prudently allocating capital to high return growth projects.

我們將繼續致力於以安全、負責、有效率的方式提升公司價值，同時謹慎地將資金分配給高回報的成長項目。

We will also evaluate merger and acquisition opportunities in a disciplined manner with consideration of our balance sheet and commitment to our capital return program.

我們也將以嚴謹的態度評估併購機會，同時考慮我們的資產負債表和對資本回報計畫的承諾。

This strategy has 5 points.

策略包含 5 個要點。

One. Maximize the value of our incumbent Midcom PDP assets by extending and flattening our production profile with high rate of return production optimization projects.

一、透過高回報率的生產優化項目，擴展和簡化我們的生產結構，從而最大限度地發揮我們現有的 Midcom PDP 資產的價值。

As well as continuously pressing on operating and administrative costs.

同時不斷加大對營運和管理成本的投入。

Two, Exercise capital stewardship and invest in projects and opportunities that have high risk adjusted, fully burdened rates of return while being mindful and prudently targeting reasonable reinvestment rates that sustain our cash flows and prioritize our regular wage dividend.

第二，要善用資本，投資於風險調整後完全負擔回報率高的項目和機會，同時要謹慎地設定合理的再投資回報率，以維持我們的現金流，並優先考慮我們的定期工資分紅。

An important part of this organic growth strategy is further progressing our Cherokee development and economically growing our production levels while providing further oil diversification. However, we will continue to exercise capital stewardship and maintain flexibility to respond to changes in commodity prices, costs, macroeconomic, and other factors.

此有機成長策略的重要組成部分是進一步推動切諾基油田的開發，並在實現石油多元化的同時，經濟高效地提高產量水準。但是，我們將繼續實行資本管理，並保持靈活性，以應對商品價格、成本、宏觀經濟和其他因素的變化。

Three, maintain optionality via execute on value creative merger and acquisition opportunities that could bring synergies, leverage the company's core competencies, complement its portfolio of assets.

第三，透過執行有價值的、創造性的併購機會來維持選擇權，這些機會可以帶來協同效應，利用公司的核心競爭力，補充其資產組合。

Further utilizes approximately $1.6 billion of federal net operating losses or otherwise yield attractive returns for its shareholders.

此外，該公司還利用約 16 億美元的聯邦淨經營虧損，或以其他方式為股東帶來可觀的回報。

Four, as we generate cash, we will continue to work with our board to assess task to maximize shareholder value, to include investment and strategic opportunities, advancement of our return of capital program, and other uses.

第四，隨著我們產生現金，我們將繼續與董事會合作，評估各項任務，以最大限度地提高股東價值，包括投資和策略機會、推進我們的資本回報計劃以及其他用途。

Our regular weight quarterly dividend is an important aspect of our capital return program, which we plan to prioritize in capital allocation along with opportunistic share repurchases.

我們定期按季度派發股息是我們資本回報計劃的重要組成部分，我們計劃在資本配置中優先考慮股息，同時進行機會性股票回購。

The final staple is to uphold our ESG responsibilities.

最後一個要點是履行我們的ESG責任。

Now shifting over to administrative expenses, I'll turn things over to Brandon.

現在轉到行政開支部分，這部分就交給布蘭登吧。

Thank you, Grayson. As we approach the conclusion of our prepared remarks, I will point out our third quarter adjusted G&A of $2.1 million or $1.23 per VOE continues to compare favorably to our peers.

謝謝你，格雷森。在我們即將結束準備好的發言之際，我要指出，我們第三季調整後的一般及行政費用為 210 萬美元，即每單位營運支出 1.23 美元，與同行相比仍然具有優勢。

The contingent efficiency of our organization reflects our core value.

我們組織的緊急效率體現了我們的核心價值。

Remain cost disciplined as well as prior initiatives which have tailored our organization to be fit for purpose.

繼續保持成本控制，並繼續推行先前使我們的組織適應當前需求的各項措施。

We will maintain our efficiency and low cost operation mindset and continue to balance the weighting of field versus corporate personnel to reflect where we create value.

我們將維持高效低成本的營運概念，並持續平衡現場人員與公司人員的權重，以反映我們創造價值的領域。

Outsourcing necessary but perfunctory and less core functions such as operations accounting, land administration, IT, tax, and HR has allowed us to operate with total personnel of just over 100 people while retaining key technical skill sets that have both the experience and institutional knowledge of our business.

外包營運會計、土地管理、IT、稅務和人力資源等必要但次要且非核心的職能，使我們能夠以 100 多人的總員工人數運營，同時保留了擁有我們業務經驗和機構知識的關鍵技術技能。

In summary, at the end of the third quarter, the company had over $100 million in cash and cash equivalents, which represents approximately $2.80 per share of our common stock outstanding.

總而言之，截至第三季末，公司擁有超過 1 億美元的現金及現金等價物，相當於每股流通普通股約 2.80 美元。

An inventory of high rate of return, low break even projects.

一系列高報酬率、低損益平衡點的項目。

Low overhead, top tier adjusted G&A, no debt, negative leverage.

營運成本低，調整後一般及行政費用處於行業領先水平，無債務，負槓桿。

A flattening base PDP production profile, double-digit reserve life, and approximately $1.6 billion of federal NOLs.

基礎 PDP 生產曲線趨於平緩，儲備壽命為兩位數，聯邦淨營業虧損約 16 億美元。

This concludes our prepared remarks.

我們的發言稿到此結束。

Thank you for your time today. We will now open the call to questions.

感謝您今天抽出時間。現在開始接受提問。

(Operator Instructions)

（操作說明）

David Cordell with DuPont.

David Cordell 與杜邦公司合作。

Congratulations on a great quarter and what looks like a fantastic purchase in the Cherokee. Can you talk a little bit more about M&A activity in the Cherokee opportunities for you guys, M&A opportunities overall and maybe discuss a little bit more about how.

恭喜你本季業績出色，看起來你買的切諾基轎車也非常棒。能否再多談談切諾基地區的併購活動機會，以及整體的併購機會，並進一步探討一下具體如何操作？

In a year later after having bought these assets, how you can evaluate the success of that purchase.

購買這些資產一年後，如何評價這筆購買的成功與否？

David, it's great to hear from you and great series of questions. I'm going to try to tack from the top. If I missed something, please let me know. I think, M&A opportunities in the Cherokee exist, although it's a very competitive landscape, so we continue to keep our eyes wide open. I think those, opportunities are right now predominantly, leasehold or acreage related. Because a lot of the PDP is new and building, so there's not that sustained level of PDP based cash flow like you'll get in more, aged assets, and that could change over time as, further development occurs in the play. I think within the overall midcom, the M&A landscape, it's healthy. There's been a number of deals, announced, within Midcom overall within the last. Several weeks, we continue to look at, a lot of these and look for opportunities that, could have synergies whether that's in the Cherokee play or within our legacy assets, or areas that we could, apply low cost know-how, where there's incremental margin that can be added, through, our own skill sets and through, our structure right because we have this. 24 hour 7 day a week man operation center that allows us to operate, very, cost effectively and from a back office, perspective, we can add assets very efficiently without really increasing, G&A materially. As we look towards, last year's acquisition, I think we, continue to see that as very favorable. Not only did it add, accreted cash flow, but the, operation side of the house has been able to add meaningful margins by reducing costs, and on some of the PDP wells finding opportunities that make that production curve up into the right, through, low cost workovers, and other activity there. I think you can see the results of that, and David, you pointed out, for themselves, just look at, the growth not only from the acquisition, but what we've been able to do from a development perspective year over year with EBITDA near 54% increase, so I think we're very pleased and hopefully that answers your questions. I'm happy to, follow on as needed.

大衛，很高興收到你的來信，你提出的問題也很好。我打算從頂端開始進攻。如果我遺漏了什麼，請告訴我。我認為切諾基地區存在併購機會，儘管競爭非常激烈，所以我們將繼續密切關注。我認為這些機會目前主要與租賃權或土地面積有關。因為很多 PDP 專案都是新建的，所以不像一些老舊資產那樣能持續產生基於 PDP 的現金流，而且隨著專案的進一步開發，這種情況可能會隨著時間的推移而改變。我認為就整個中端市場和併購格局而言，這是健康的。最近，Midcom 整體上宣布了一系列交易。幾週以來，我們一直在關注這些項目，尋找能夠產生協同效應的機會，無論是在切諾基礦區還是在我們現有的資產中，或者是在我們能夠運用低成本專業知識的領域，透過我們自身的技能和組織架構來增加利潤。因為我們擁有一個全天候24小時運營中心，這使我們能夠以極高的成本效益運營，並且從後台運營的角度來看，我們可以在不大幅增加管理費用的情況下高效地增加資產。回顧去年的收購，我認為我們仍然認為這是一筆非常有利的交易。它不僅增加了現金流，而且營運方面也透過降低成本增加了可觀的利潤，並在一些 PDP 油井中找到了機會，透過低成本的修井和其他活動，使產量曲線朝著正確的方向發展。我想你們可以看到結果，大衛，正如你指出的，看看我們自身的成長，不僅是收購帶來的成長，還有我們從發展角度取得的逐年成長，EBITDA 成長接近 54%，所以我們非常滿意，希望這能回答你們的問題。我很樂意，如有需要，我會繼續跟進。

That was great. Much appreciated.

那很棒。非常感謝。

Thank you, David.

謝謝你，大衛。

Ladies and gentlemen, as a reminder, if you'd like to ask a question, please press star, followed by the number one on your telephone keypad.

女士們、先生們，提醒一下，如果您想提問，請按星號鍵，然後按電話鍵盤上的數字 1。

There are no further questions at this time, ladies and gentlemen, this concludes today's call.

女士們、先生們，目前沒有其他問題了，今天的電話會議到此結束。

Thank you all for joining, and you may now disconnect.

感謝各位的參與，現在可以斷開連結了。