SM Energy Co (SM) 2021 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the SM Energy's 2021 Financial and Operating Results and 2022 Operating Plan Q&A Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎來到 SM Energy 的 2021 年財務和經營業績以及 2022 年經營計劃問答電話。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Jennifer Samuels, VP of Investor Relations. Please go ahead.

我現在想把會議交給你今天的演講者，投資者關係副總裁詹妮弗·塞繆爾斯。請繼續。

Thank you. Good morning, and thank you for joining us for our question-and-answers call. To answer your questions today, we have our President and CEO, Herb Vogel; and CFO, Wade Pursell.

謝謝你。早上好，感謝您加入我們的問答電話。為了回答您今天的問題，我們請來了我們的總裁兼首席執行官 Herb Vogel；和首席財務官 Wade Pursell。

As always, I will remind you that our discussion today may include forward-looking statements and discussion of non-GAAP measures. I direct you to Slide 2 of the accompanying slide deck, Page 8 of the accompanying earnings release and the Risk Factors section of our most recently filed 10-K and 10-Q, which describe risks associated with forward-looking statements that could cause actual results to differ.

與往常一樣，我會提醒您，我們今天的討論可能包括前瞻性陳述和非公認會計原則措施的討論。我將您引導至隨附幻燈片的幻燈片 2、隨附的收益發布的第 8 頁以及我們最近提交的 10-K 和 10-Q 的風險因素部分，它們描述了與可能導致實際的前瞻性陳述相關的風險結果不同。

We will also refer to non-GAAP measures. Please see Slides 30 through 33 in the accompanying slide deck and Pages 15 to 23 of the accompanying earnings release for definitions and reconciliations of non-GAAP measures to the most directly comparable GAAP measures and discussion of forward-looking non-GAAP measures. Also, look for our 2021 10-K filed this morning.

我們還將參考非公認會計原則措施。請參閱隨附幻燈片中的幻燈片 30 至 33 以及隨附收益發布的第 15 至 23 頁，了解非 GAAP 措施與最直接可比的 GAAP 措施的定義和對賬，以及對前瞻性非 GAAP 措施的討論。另外，請查看我們今天早上提交的 2021 10-K。

With that, I will turn it over to Herb for a brief opening commentary.

有了這個，我將把它交給 Herb 做一個簡短的開場評論。

Thanks, Jennifer. First off, I want to acknowledge the gravity of current events. Our prayers go out to the people of Ukraine. Oil and gas are essential in geopolitics, and SM Energy is positioned to maintain a sustainable, long-term plan under a range of macroeconomic scenarios while recognizing the importance of providing reliable, affordable energy.

謝謝，詹妮弗。首先，我想承認當前事件的嚴重性。我們為烏克蘭人民祈禱。石油和天然氣在地緣政治中至關重要，SM Energy 致力於在一系列宏觀經濟情景下維持可持續的長期計劃，同時認識到提供可靠、負擔得起的能源的重要性。

Second, I would like to add some color regarding the oil production component of our guidance. Importantly, I will reiterate something we say every quarter: production and the components of oil, NGLs and gas are outputs of our 3-year plan to optimize free cash flow. Our 2022 plan is expected to roughly double free cash flow over 2021, delivering a highly attractive free cash flow yield.

其次，我想為我們指南中的石油生產部分添加一些顏色。重要的是，我將重申我們每個季度都會說的話：石油、天然氣凝液和天然氣的生產和成分是我們優化自由現金流的 3 年計劃的產出。我們的 2022 年計劃預計到 2021 年自由現金流量將翻一番，從而提供極具吸引力的自由現金流量收益率。

Two things are going on at the same time in the 2022 plan that impact our oil rates. One, the increased allocation of capital to South Texas, 45% versus 35% of CapEx last year, moves the production mix to more natural gas and NGLs than in 2021. And two, we had unique quarterly phasing of Midland completions last year and this year, which was the result of the Texas freeze in the first quarter of last year.

在 2022 年計劃中，有兩件事同時發生，影響我們的油價。第一，增加對南德克薩斯州的資本分配，從去年資本支出的 35% 增加到 45%，使生產組合比 2021 年更多地轉向天然氣和 NGL。第二，我們去年有獨特的季度分階段完成米德蘭項目，而這年，這是去年第一季度德克薩斯州凍結的結果。

Some key points to keep in mind. We completed a total of 64 net wells in Midland in the second and third quarters last year. The subsequent 2 quarters, we completed 9 wells in the Midland Basin. The first year decline rate on new wells is approximately 75% to 80%. So you will simply have a decline in Midland production in the first half of 2022.

要記住的一些關鍵點。去年第二季度和第三季度，我們在米德蘭共完成了 64 口淨井。隨後的兩個季度，我們在米德蘭盆地完成了 9 口井。新井的第一年下降率約為 75% 至 80%。因此，2022 年上半年米德蘭的產量只會下降。

New Austin Chalk wells will, on average, have a projected mix of 42% oil, 30% NGLs and 28% gas. The increased capital allocation in South Texas, therefore, contributes to higher gas and NGLs, changing the mix at the company level.

平均而言，新的 Austin Chalk 井預計將混合 42% 的石油、30% 的 NGL 和 28% 的天然氣。因此，德克薩斯州南部增加的資本配置有助於提高天然氣和 NGL，從而改變公司層面的組合。

In addition, I will repeat Wade's comment from yesterday that our 2022 capital spend includes a good portion of the capital for 20 wells in the Midland Basin that will not turn in line until early 2023. So again, it's timing that will affect the oil percent in 2022.

此外，我將重複韋德昨天的評論，即我們 2022 年的資本支出包括米德蘭盆地 20 口井的大部分資本，這些井要到 2023 年初才能投入使用。因此，再次影響石油百分比的是時機2022 年。

As we have demonstrated with actual well performance, the returns in our Austin Chalk compete with the Midland Basin. As shown in the deck, our 2021 Austin Chalk wells are expected to have an average 9-month payout per well. Development of the Austin Chalk is a sizable opportunity to build NAV and realize that value creation for shareholders.

正如我們用實際油井表現證明的那樣，我們的 Austin Chalk 的回報與米德蘭盆地競爭。如圖所示，我們的 2021 年 Austin Chalk 井預計每口井平均有 9 個月的支出。 Austin Chalk 的開發是建立資產淨值並為股東實現價值創造的巨大機會。

Again, free cash flow is expected to roughly double year-over-year because we have a highly efficient, high-return operating plan where production is an output.

同樣，自由現金流預計將同比大約翻一番，因為我們有一個高效、高回報的運營計劃，其中生產是一種產出。

Thank you, and I will turn it back to the operator to take our first question. Deb?

謝謝，我將把它轉回給接線員來回答我們的第一個問題。德布?

(Operator Instructions) And your first question comes from the line of Gabe Daoud with Cowen.

（操作員說明）您的第一個問題來自 Gabe Daoud 和 Cowen 的台詞。

Just hoping we can maybe just dig in a little bit more on the guide. I appreciate all the remarks last night and your comments just now. But just -- also just trying to get a sense of what's baked in from a conservatism standpoint, whether it's PDP downtime for offset fracs or just kind of how you handicap weather events or just trying to get a sense because the purpose was just given the improved Austin Chalk program, obviously, Midland wells getting better. I would have thought even with the increase in Austin Chalk capital allocation that the oil volumes would have been a little bit better to what you'd guided to. So could you maybe just give us a little bit of comfort around how much, if at all, conservatism is baked in the guide?

只是希望我們可以在指南上多挖掘一點。我感謝昨晚的所有評論和您剛才的評論。但只是 - 也只是試圖從保守主義的角度了解其中的內容，無論是偏移壓裂的 PDP 停機時間，還是只是你如何阻礙天氣事件，或者只是試圖了解一下，因為目的只是為了改進了 Austin Chalk 計劃，顯然，Midland 的水井越來越好。即使奧斯汀粉筆資本分配增加，我也會認為石油量會比你所指導的要好一些。那麼，您能否就指南中包含多少（如果有的話）保守主義給我們一點安慰？

Yes. Gabe, this is Herb. So we just have basically assumed normal events, normal performance. We don't really do anything where we steer something in one direction conservative or aggressive in any way. It's what our well performance is expected to be. And then if we have outperformance like new completion design, it's -- we have been very fortunate with those Midland Basin wells on how well they've performed with normal weather.

是的。加布，這是赫伯。所以我們只是基本假設正常事件，正常表現。我們並沒有真正做任何事情，我們以任何方式將某事導向一個方向保守或激進。這是我們預期的良好表現。然後，如果我們有像新完井設計這樣的出色表現，那就是 - 我們非常幸運地看到米德蘭盆地的這些井在正常天氣下的表現如何。

And then we do assume a certain number of offset fracs from offset operators where we have to shut in, and sometimes there's more, sometimes there's less, and those can influence. So in the fourth quarter, there were less offset fracs from offset operators, and that helped us. We also had really good weather in the Midland Basin. So those are really the key things. But we don't do anything in terms of trying to be conservative or trying to be aggressive.

然後我們確實假設來自我們必須關閉的偏移運營商的一定數量的偏移壓裂，有時會更多，有時會更少，這些都會產生影響。因此，在第四季度，來自抵消運營商的抵消壓裂減少了，這對我們有所幫助。我們在米德蘭盆地的天氣也非常好。所以這些才是真正的關鍵。但是我們不會做任何試圖保守或激進的事情。

Okay. That's helpful. And then regardless of what the production output is, as you mentioned, it is just at an output of your capital allocation framework. There's still a lot of free cash flow coming. So could you maybe just talk about once you get to your leverage targets, whether it's the 1x net debt-to-EBITDA figure, which we think you kind of get there next quarter, could you maybe just talk about steps or use of free cash flow once you get there? Any thoughts around capital return to equity holders?

好的。這很有幫助。然後，無論生產輸出是多少，正如您所提到的，它只是您的資本分配框架的輸出。仍有大量自由現金流即將到來。那麼，一旦達到槓桿目標，您是否可以談談，無論是 1 倍的淨債務與 EBITDA 的比率，我們認為您在下個季度就會達到這個數字，您可以只談談步驟或使用自由現金嗎？一旦你到達那裡流動？關於股權持有人的資本回報有什麼想法嗎？

Well, Gabe, I'll start on this one, and then I'll hand it over to Wade. But I would just say we're just really pleased with how fast we've got to this point. We are way beyond our expectations. We've got a tailwind with commodity prices, but just the performance of both the Chalk and Midland Basin has really enabled us to be at this point much faster than we ever expected. And we are, obviously, thinking about what are the best means for return of capital to shareholders over time.

好吧，Gabe，我會從這個開始，然後我會把它交給韋德。但我只想說，我們對我們達到這一點的速度感到非常滿意。我們遠遠超出了我們的預期。我們在商品價格方面獲得了順風，但僅白堊和米德蘭盆地的表現確實使我們在這一點上的速度比我們預期的要快得多。顯然，我們正在考慮隨著時間的推移向股東返還資本的最佳方式是什麼。

And I'll turn it over to Wade to just give some thinking about it from our perspective.

我會把它交給韋德，讓我們從我們的角度思考一下。

Yes, sure. Yes, good question. And I'll just kind of reiterate a few guideposts that we laid out, I think, last quarter for the first time and then actually mentioned it again on the call yesterday. But as Herb mentioned, we are getting there quicker, which is very exciting. But I think we mentioned that delevering is really, really important to us, and we're pleased how that's going. We want to get down to 1x, but we also look at absolute debt. It's very important as well. So we said 1 in 1 basically, get down to 1x and $1 billion of absolute debt.

是的，當然。是的，好問題。我想重申一下我們在上個季度首次提出的一些指導方針，然後在昨天的電話會議上再次提到它。但正如 Herb 所說，我們到達那裡的速度更快，這非常令人興奮。但我認為我們提到去槓桿對我們來說非常非常重要，我們很高興這是怎麼回事。我們希望降低到 1 倍，但我們也關注絕對債務。這也很重要。所以我們基本上說 1 比 1，降低到 1 倍和 10 億美元的絕對債務。

So as you mentioned, the 1x, assuming the macro hangs in there, is coming pretty quick, sometime around the middle of this year probably. And the $1 billion, I think I mentioned, looking at our forecast, just assuming the prices that we assumed, which are somewhat conservative compared to today's strip, but it looks like something towards the end of this year or maybe early next year.

所以正如你提到的，假設宏掛在那裡，1x 很快就會到來，可能在今年年中左右。我想我提到了 10 億美元，看看我們的預測，只是假設我們假設的價格，與今天的地帶相比有些保守，但它看起來像今年年底或明年初的東西。

So it is on the horizon, and we'll start -- as we get close to that, we'll start considering what the right options are. And that certainly includes a meaningful dividend or potentially buyback program. People love to ask, which one of those? And I think it's too early to declare which one of those we think would be the appropriate one. I think stock valuation is a big factor in that compared to NAV at the time. So that would be a factor when we start contemplating those decisions.

所以它即將出現，我們將開始 - 當我們接近它時，我們將開始考慮正確的選擇是什麼。這當然包括有意義的股息或潛在的回購計劃。人們喜歡問，其中哪一個？我認為現在宣布我們認為哪一個是合適的還為時過早。我認為與當時的資產淨值相比，股票估值是一個重要因素。因此，當我們開始考慮這些決定時，這將是一個因素。

Just to add color to that, if we were considering it today, I would -- I think it would be -- shouldn't shock anybody to assume we might be leaning towards buyback, given our view of the stock valuation versus NAV, but that's a theoretical answer today. I think it will be a more prudent answer when we get closer to reality.

只是為了增加色彩，如果我們今天考慮它，鑑於我們對股票估值與資產淨值的看法，我會 - 我認為它會 - 不應該讓任何人認為我們可能傾向於回購，但這是今天的理論答案。我認為當我們更接近現實時，這將是一個更謹慎的答案。

That's great color. And just before I go, so just to confirm, there's no difference in the way you issued or prepared '22 guidance versus years past, right?

這顏色真好。就在我走之前，只是為了確認一下，你發布或準備 '22 指南的方式與過去幾年沒有區別，對吧？

Same consistent approach.

同樣一致的方法。

And your next question comes from William Howell with Stifel.

您的下一個問題來自 William Howell 和 Stifel。

Congrats on the quarter. My first question is on inflation. In the prepared remarks, you mentioned that you have about 15% inflation baked into well costs. I'm wondering if you could talk a little bit more about where you're seeing that? And how much efficiency gains are factored into that?

祝賀本季度。我的第一個問題是關於通貨膨脹。在準備好的評論中，您提到您將大約 15% 的通貨膨脹計入了油井成本。我想知道你能不能多談談你在哪裡看到的？有多少效率收益被考慮在內？

Thanks, William. Yes, definitely, the topic of the year, inflation. So you've probably seen that activity did ramp up to some degree last year. And what -- when we look at the supply chain, we're well positioned in terms of having availability of everything we need definitely through the first half. Almost everything is locked in for us, so we know what those cost increases are over last year, and we baked in that 15%.

謝謝，威廉。是的，當然，今年的話題，通貨膨脹。因此，您可能已經看到去年的活動確實有所增加。還有什麼 - 當我們查看供應鏈時，我們處於有利位置，可以在上半年獲得我們需要的一切。幾乎所有東西都為我們鎖定了，所以我們知道去年的成本增加了多少，我們把這 15% 的成本計算在內。

The areas where we're seeing inflation, obviously, like diesel. Clearly, with oil prices up, diesel prices are up. Steel prices are up. Labor, trucking, those sorts of things, not as much on the drilling rig side or on the completion spread side if you run a continuous program and lock in the contracts. But overall, we don't know what the geopolitical events recently are going to do to the supply chain. So that's an unknown, but we did bake in 15%, which seemed reasonable based on what we were seeing right at the year-end.

顯然，我們看到通貨膨脹的領域，比如柴油。顯然，隨著油價上漲，柴油價格上漲。鋼材價格上漲。如果您運行一個連續的程序並鎖定合同，那麼在鑽機方面或完井範圍方面，勞動力、卡車運輸等這類事情就不那麼重要了。但總的來說，我們不知道最近的地緣政治事件將對供應鏈造成什麼影響。所以這是一個未知數，但我們確實烘焙了 15%，根據我們在年底看到的情況，這似乎是合理的。

Okay. Got it. And my other question is, on the decision to allocate about half of the -- almost half of the capital to South Texas, just talk a little bit more about the kind of long-term economics that you see there and how that stacks up against the Midland Basin.

好的。知道了。我的另一個問題是，關於將大約一半 - 幾乎一半的資本分配給南德克薩斯州的決定，請多談談你在那裡看到的那種長期經濟學以及它如何與之相抗衡米德蘭盆地。

Yes. So that's what we're really pleased about. So we've shown over time, now we have 40 Austin Chalk wells producing. And based on the results that we're seeing in the commodity price environment we had at the end of last year, start of this year, that they are comparable returns, and we saw a big potential NAV addition from giving recognition for the Austin Chalk. So we've allocated 10% more of the capital to the Chalk than we had last year. So we went from 65-35 to 55-45 to accelerate that recognition of the Chalk, and the returns are very comparable between the 2. The commodity mix is somewhat different, but the returns are the same.

是的。這就是我們真正感到高興的地方。因此，隨著時間的推移，我們已經展示了，現在我們有 40 口 Austin Chalk 井正在生產。根據我們在去年年底和今年年初的商品價格環境中看到的結果，它們是可比的回報，我們看到了對奧斯汀粉筆的認可，有很大的潛在資產淨值增加.因此，我們為 Chalk 分配的資金比去年多 10%。所以我們從 65-35 到 55-45 加速了對粉筆的識別，兩者之間的回報非常相似。商品組合有些不同，但回報是一樣的。

Your next question comes from Zach Parham with JPMorgan.

您的下一個問題來自摩根大通的 Zach Parham。

Just a follow-up on the oil guide. Maybe could you talk a little bit about your base decline rate for oil as of year-end? Really just trying to reconcile that the 1Q guide at the midpoint implies an 18% sequential decline in oil during a quarter when you're still going to turn in line, I think, around 15 wells.

只是對油指南的跟進。也許你能談談你年底的石油基準下降率嗎？真的只是想調和一下中點的第一季度指南意味著石油在一個季度內連續下降 18%，而我認為，當你仍然要排隊時，大約 15 口井。

Zach, I think I heard your question there. So we showed in the slide deck that year-over-year, our base decline on a BOE basis is 38%. But the key here is that in the second and third quarter last year in the Midland Basin, we turned on 64 wells. In the fourth quarter, we turned on 4. In the first quarter, we turned on 5. So those wells that start up in Q2 and Q3, they're on a 75% to 80% annual decline like normal unconventionals.

扎克，我想我在那裡聽到了你的問題。因此，我們在幻燈片中顯示，我們在京東方的基礎上同比下降了 38%。但這裡的關鍵是，去年第二季度和第三季度在米德蘭盆地，我們打開了 64 口井。在第四季度，我們開啟了 4。在第一季度，我們開啟了 5。因此，那些在第二季度和第三季度開工的油井，與正常的非常規油井一樣，每年下降 75% 到 80%。

So you'll see a relatively rapid decline. While the base is at a certain decline, like 38%, those new wells are on more rapid decline. And since we don't have a ratable program because of that freeze event last year, that's why you're seeing this dip in the first half of 2022, and then you'll see it come back around. It's really the quarterly phasing of oil in Midland wells versus the gassier, NGL-rich Austin Chalk wells.

所以你會看到一個相對快速的下降。雖然基數有一定的下降，如 38%，但這些新井的下降速度更快。由於去年的凍結事件，我們沒有一個可評價的計劃，這就是為什麼你會在 2022 年上半年看到這種下降，然後你會看到它回來。這實際上是米德蘭油井與天然氣、富含 NGL 的 Austin Chalk 油井的季度階段。

Got it. And I guess one, just following up on Gabe's question on cash return. You've got the 1x of leverage and $1 billion debt target out there for the balance sheet. Do you want to reach both of those before considering cash return? Or would you consider some level of cash return while also reducing leverage once you hit one of the targets?

知道了。我猜一個，只是跟進加布關於現金回報的問題。你的資產負債表有 1 倍的槓桿和 10 億美元的債務目標。在考慮現金返還之前，您想同時達到這兩個目標嗎？或者，一旦達到其中一個目標，您是否會考慮某種程度的現金回報，同時降低杠桿率？

Yes. I would -- good question. I would say, generally speaking, we want to reach both. We put them both out there as a target. It doesn't mean once we reach one and start approaching the second one, we wouldn't start considering something in the meantime, I guess, is the way I would say that.

是的。我會 - 好問題。我想說，一般來說，我們希望同時達到兩者。我們把它們都作為目標。這並不意味著一旦我們到達一個並開始接近第二個，我們就不會在此期間開始考慮某些事情，我想，這就是我要說的方式。

(Operator Instructions) Your next question comes from Karl Blunden with Goldman Sachs.

（操作員說明）您的下一個問題來自高盛的 Karl Blunden。

I didn't hear a lot of discussion about M&A, but with the balance sheet now in a better position, when does that come into consideration, if at all?

我沒有聽到很多關於併購的討論，但是現在資產負債表處於更好的位置，如果有的話，什麼時候考慮？

Yes. Karl, thanks for the question. So the M&A, we've been pretty consistent over time, and we really don't see any need for a change in our position there. So first of all, we're open to looking at some of the approaches, and we're open to considering an acquisition that makes sense. And when we say it makes sense, what are we talking about really have to have really high-quality assets. So the high returns that we have in our portfolio, we don't want to diminish the portfolio or where you wouldn't be able to drill the acquired acreage for several years out because the returns aren't there.

是的。卡爾，謝謝你的問題。所以併購，隨著時間的推移，我們一直非常一致，我們真的認為沒有必要改變我們在那裡的立場。因此，首先，我們願意研究一些方法，我們願意考慮進行有意義的收購。當我們說它有道理時，我們所說的真的必須擁有真正高質量的資產。因此，我們在我們的投資組合中擁有的高回報，我們不想減少投資組合，或者因為回報不存在，您將無法在幾年內鑽探獲得的土地。

Second, we have to be comparable from a leverage standpoint, so not basically levering us up significantly. And then from an earnings standpoint, cash flow standpoint, it should be accretive. So those are really our criteria: asset quality, not impeding us from a leverage standpoint and then helping us out on the cash flow standpoint. But we're open.

其次，從槓桿的角度來看，我們必須具有可比性，因此基本上不會顯著提高我們的槓桿率。然後從收益的角度，現金流的角度來看，它應該是增值的。所以這些確實是我們的標準：資產質量，不從槓桿的角度阻礙我們，然後從現金流的角度幫助我們。但我們是開放的。

That makes sense. You outlined and reiterated this, a plan for about $1 billion of debt reduction, which is encouraging. When you think about the different parts to get there, you have a couple of different opportunities, you have some bonds due in 2025, some in 2026. Some of the '25 bonds have higher coal prices. How do you go about prioritizing taking on high coupons versus paying high coal prices? Just interested in how you do those NPV calcs internally.

那講得通。您概述並重申了這一點，一項約 10 億美元的債務削減計劃，令人鼓舞。當您考慮到達那裡的不同部分時，您有幾個不同的機會，您有一些債券將於 2025 年到期，一些債券將於 2026 年到期。一些 25 年債券的煤炭價格較高。您如何優先考慮接受高息票而不是支付高煤價？只是對您如何在內部進行這些 NPV 計算感興趣。

Yes, sure. Great question. And you kind of outlined a summary of it. We'll just kind of walk forward as we move through the year, generating free cash and take out the notes that make the most sense. From a math standpoint, but also there's -- I mean, obviously, I've mentioned in the past, the second lien notes, we have a high desire to get those out of the capital structure. So they become callable in about 4 months. So those are a target, but we'll run math on that as we get closer.

是的，當然。好問題。你有點概述了它的摘要。在這一年中，我們將向前邁進，產生自由現金並取出最有意義的票據。從數學的角度來看，還有——我的意思是，很明顯，我在過去提到過，第二留置權票據，我們非常希望將它們從資本結構中解脫出來。所以它們在大約 4 個月內就可以調用了。所以這些是一個目標，但隨著我們越來越接近，我們將對此進行數學計算。

The '25 unsecured notes, as we approach midyear, callable at 100 -- they get down to 100.9, I think, when we get to the middle of the year. And then moving on into this, the '26 is, by the time you get those paid off and you're towards the end of the year, they're callable at 102. So the math is, I think, is always going to be compelling, and we're always going to have compelling options with the cash to get debt down to the level we desire to get to. Hopefully, that helps.

'25 無擔保票據，當我們接近年中時，可贖回為 100 - 我認為，當我們到年中時，它們會降至 100.9。然後繼續前進，'26 是，當你得到那些還清並且你接近年底時，它們可以在 102 被調用。所以數學是，我認為，總是會是有說服力的，我們總是會有令人信服的現金選擇，以將債務降低到我們希望達到的水平。希望這會有所幫助。

Yes, that's helpful.

是的，這很有幫助。

Your next question comes from Nicholas Pope with Seaport Research.

您的下一個問題來自 Seaport Research 的 Nicholas Pope。

I was hoping you could talk a little bit about Austin Chalk performance down in South Texas and maybe really understanding how consistent the results have been. It feels like that's been a knock on the formation across Texas and Louisiana in the past is kind of consistency and repeatability of performance. And I guess, maybe what's changed there? And how has performance kind of -- what's that spread look like as you kind of have a much bigger output of wells?

我希望你能談談 Austin Chalk 在德克薩斯州南部的表現，也許真的能理解結果的一致性。感覺就像過去德克薩斯州和路易斯安那州的陣型受到了打擊，這是一種表現的一致性和可重複性。我想，也許那裡發生了什麼變化？以及性能如何 - 當您擁有更大的油井產量時，這種分佈是什麼樣的？

Yes. Nicholas, that's a great question, and I'll give you kind of a long answer to that. First of all, just starting with the consistency of the Austin Chalk across our entire position, we had 600 wells drilled to the Eagle Ford through the Austin Chalk, so we can map it extremely well. Then we have Core, and we also have done an enormous amount of science data, and we're going to get more science data. We have not yet optimized the completion.

是的。尼古拉斯，這是一個很好的問題，我會給你一個很長的答案。首先，從整個位置的 Austin Chalk 的一致性開始，我們通過 Austin Chalk 在鷹灘鑽了 600 口井，所以我們可以非常好地繪製它。然後我們有Core，我們也做了大量的科學數據，我們將獲得更多的科學數據。我們還沒有優化完成。

But when you look at our results, you have to consider 2 big factors. One is there's variation in the fluid quantity. So from the Northwest, it's oilier and it gets progressively gassier and NGL-rich as you move east and south as it gets deeper and higher pressure. So the variability there is going to be fluid-type variability, and that's fine, very predictable. The other is the lateral lengths will vary.

但是，當您查看我們的結果時，您必須考慮兩個重要因素。一是流體量的變化。所以從西北部開始，它變得更加油膩，隨著你向東和向南移動，隨著它變得更深和更高的壓力，它變得越來越多氣和富含 NGL。所以那裡的可變性將是流體類型的可變性，這很好，非常可預測。另一個是橫向長度會有所不同。

And then what we really look at is the per 1,000 lateral feet performance. And there, it's much narrower a P1090 than you would have seen from the Austin Chalk that I would have been developing in East Texas in the late '80s. So a lot of people say, well, Austin Chalk and knock, it's not predictable. Well, here, it is actually quite predictable, and it's the -- properties are quite uniform compared to the days of old, which were more a fracture system that was unloading for the wells. Here, it's much more consistent. I hope that helps.

然後我們真正關注的是每 1,000 英尺側向性能。在那裡，P1090 比你在 80 年代後期我在東德克薩斯州開發的 Austin Chalk 上看到的要窄得多。所以很多人說，奧斯汀粉筆和敲門，這是不可預測的。嗯，在這裡，它實際上是可以預測的，而且與過去相比，它的特性非常一致，過去更多的是一個為井卸載的裂縫系統。在這裡，它更加一致。我希望這會有所幫助。

Yes, that's great, actually. I mean you guys have kind of outperformed my model for 4 quarters in a row. So just trying to get a little understanding of how repeatable that is. So I appreciate the time. That's all I had.

是的，這很棒，事實上。我的意思是你們已經連續四個季度超過了我的模型。所以只是想稍微了解一下它的可重複性。所以我很珍惜時間。這就是我所擁有的。

We have no further questions in queue at this time. I would now like to turn the conference back over to Herb Vogel, President and CEO, for closing remarks.

我們目前沒有其他問題需要排隊。我現在想把會議轉回給總裁兼首席執行官 Herb Vogel 做閉幕詞。

Okay. Thank you, Deb, and thank you all for joining us. Best wishes for the rest of the year.

好的。謝謝你，Deb，謝謝大家加入我們。在今年餘下的時間裡，最好的祝愿。

And ladies and gentlemen, this does conclude today's conference call. Thank you for your participation. You may now disconnect your lines.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開線路。