SM Energy Co (SM) 2023 Q2 法說會逐字稿

Good morning. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the SM Energy's Second Quarter 2023 Financial and Operating Results Q&A. (Operator Instructions) Jennifer Samuels, Vice President, Investor Relations and ESG Stewardship, you may begin your conference.

早上好。我叫羅布，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 SM Energy 2023 年第二季度財務和運營業績問答。 （操作員指示）投資者關係和 ESG 管理副總裁 Jennifer Samuels，您可以開始會議了。

Thank you, Rob. Good morning, everyone. First off, I do apologize for any inconvenience yesterday for the delay in posting all of the quarterly materials. Our third-party web host had technical issues. I guess, reporting on the busiest day can overload the system. We may reference those materials today, including the investor presentation and call transcript during today's Q&A call. Thank you for joining us this morning. To answer your questions today, we have our President and CEO, Herb Vogel, and CFO, Wade Pursell.

謝謝你，羅布。大家，早安。首先，對於昨天因延遲發布所有季度材料給您帶來的任何不便，我深表歉意。我們的第三方網絡託管服務商存在技術問題。我想，在最繁忙的一天進行報告可能會使系統超載。我們今天可能會參考這些材料，包括今天問答電話中的投資者介紹和電話記錄。感謝您今天早上加入我們。今天請我們的總裁兼首席執行官 Herb Vogel 和首席財務官 Wade Pursell 來回答您的問題。

Before we get started, I need to 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 5 of the accompanying earnings release and the Risk Factors section of our most recently filed 10-K, which describe risks associated with forward-looking statements that could cause actual results to differ.

在我們開始之前，我需要提醒您，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。我將引導您查看隨附幻燈片的幻燈片2、隨附收益發布的第5 頁以及我們最近提交的10-K 的風險因素部分，其中描述了與可能導致實際結果不同的前瞻性陳述相關的風險。

We may also refer to non-GAAP measures. Please see the slide deck appendix and 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.

我們也可能會參考非公認會計原則措施。請參閱幻燈片附錄和收益發布，了解非 GAAP 衡量標準與最直接可比的 GAAP 衡量標準的定義和調節以及前瞻性非 GAAP 衡量標準的討論。

Also look for our second quarter 10-Q filed this morning. And with that, I will finally turn it over to Herb for a brief opening commentary. Herb?

另請查看我們今天早上提交的第二季度 10-Q 報告。最後，我將把它交給赫伯做一個簡短的開場評論。草本植物？

Thank you, Jennifer. Good morning, and thank you for joining us. Before we get started, I just wanted to reiterate a few key messages this quarter. Our return of capital program has been well received with the repurchase of 2.6 million shares in the quarter and 5.3 million since inception of the program last September. Including our sustainable dividend, we have returned $221 million to stockholders since September, or a 6% yield over 9 months based on the June 30 market cap. Execution was solid in the second quarter, building on a very solid first quarter. We're very pleased to have increased production guidance, reduced CapEx guidance and geared up to add a rig in October that will help drive slightly higher oil growth in 2024.

謝謝你，詹妮弗。早上好，感謝您加入我們。在我們開始之前，我只想重申本季度的一些關鍵信息。我們的資本回報計劃受到好評，本季度回購了 260 萬股股票，自去年 9 月該計劃啟動以來回購了 530 萬股股票。包括可持續股息在內，自 9 月份以來，我們已向股東返還 2.21 億美元，即根據 6 月 30 日的市值計算，9 個月內的收益率為 6%。在第一季度非常穩健的基礎上，第二季度的執行情況也很穩健。我們很高興增加了產量指導，降低了資本支出指導，並準備在 10 月份增加一座鑽井平台，這將有助於推動 2024 年石油產量的小幅增長。

People who've followed us know that our ability to build inventory organically really differentiates SM. We've added 29,100 net acres this year to date in the Midland Basin, a 35% increase, and the team is excited with these latest 20,000 acres to target more Dean potential, which, today, has been the producing interval in some of our very best wells in the Midland Basin.

關注我們的人都知道，我們有機地建立庫存的能力確實使 SM 脫穎而出。今年迄今為止，我們在米德蘭盆地淨增加了29,100 英畝土地，增加了35%，團隊對這些最新的20,000 英畝土地感到興奮，以瞄準更多Dean 潛力，今天，這已經是我們一些項目的生產區間。米德蘭盆地最好的井。

I've got to say this is the best way to add true value to an E&P company.

我不得不說這是為勘探與生產公司增加真正價值的最佳方式。

The first half of 2023 puts SM on a trajectory for an excellent year. With that, I'll turn it back to Rob to start taking your questions. Rob?

2023 年上半年，SM 迎來了輝煌的一年。接下來，我會將其轉回給 Rob，以開始回答您的問題。搶？

(Operator Instructions) And your first question comes from the line of Zach Parham from JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Zach Parham。

I guess, first off, just like cash return, you have returned a significant amount of free cash flow through buybacks over the last couple of quarters. In the second half of the year, your free cash flow is set to expand as production increases and CapEx declines. How should we be thinking about your buyback in the second half? Will you continue to utilize 70-plus percent of free cash flow to buy back stock? And maybe just talk about how the stock price plays into how you're thinking about the buyback?

我想，首先，就像現金回報一樣，你在過去幾個季度通過回購回報了大量的自由現金流。下半年，隨著產量的增加和資本支出的下降，您的自由現金流將會擴大。我們應該如何考慮下半年的回購？您會繼續利用 70% 以上的自由現金流來回購股票嗎？也許只是談談股價如何影響您對回購的看法？

This is Wade. Great question. Yes. I guess all I can say there is $500 million authorized. We've now used $166 million of that, so $334 million to go. So I think -- I did say in the remarks that the current price looks very attractive to us. I probably shouldn't speculate any more than that. I think if I were you, I would just kind of model the remainder pretty pro rata the rest of this year and into 2024.

這是韋德。很好的問題。是的。我想我只能說授權金額為 5 億美元。我們現在已經使用了其中的 1.66 億美元，還剩下 3.34 億美元。所以我認為——我確實在評論中說過，目前的價格對我們來說非常有吸引力。我可能不應該猜測更多。我想如果我是你，我會按比例對今年剩餘時間和 2024 年的剩餘時間進行建模。

And maybe just 1 on the new operating position, the 20,000 acres. Can you just talk a little bit more about your development plans on that new acreage? I know you've talked about developing the Dean there. But when will you start to initially drill some wells there? When should we expect to see some results?

在新的經營地點（20,000 英畝）上，也許只有 1 英畝。您能多談談您對新土地的開發計劃嗎？我知道你曾經談論過在那裡培養院長。但是你什麼時候開始在那裡鑽一些井呢？我們什麼時候應該看到一些結果？

Zach, this is Herb. So I think we (inaudible) conference in June, but we're picking up a fourth rig in the Permian Basin in the fourth quarter. And we're going to be, first, going into another part of RockStar, and then moving over to the acreage as soon as we're ready. But we should start drilling on that acreage late in the year, and then we'll continue on into 2024.

扎克，這是赫伯。所以我認為我們（聽不清）會在六月舉行會議，但我們將在第四季度在二疊紀盆地建造第四個鑽機。我們將首先進入 RockStar 的另一部分，然後在準備好後立即轉移到該區域。但我們應該在今年年底開始在該區域進行鑽探，然後繼續到 2024 年。

We haven't budgeted how much of the year we'll be doing that. We'll be doing the normal efficient pad execution in terms of when we put the frac spread on there and how quickly we'll do it. So we're just lining out the plans now. We're really excited about it. This is a sort of play that our best wells have been in the Dean. And so we're really excited to see what we can do up here. We do have a lot of confidence given offset well data, both vertical and horizontal wells. So that's really the plan, no more than that.

我們還沒有預算今年要花多少時間來做這件事。我們將根據何時將壓裂價差放在那里以及執行的速度來執行正常的高效墊執行。所以我們現在只是製定計劃。我們對此感到非常興奮。這是我們在迪安最好的表演。因此，我們很高興看到我們能在這裡做些什麼。考慮到直井和水平井的偏置井數據，我們確實有很大的信心。這就是真正的計劃，僅此而已。

And your next question comes from the line of Oliver Huang from TPH & Company.

您的下一個問題來自 TPH & Company 的 Oliver Huang。

Congrats on the strong quarter. Just wanted to kind of follow up on the Martin, Dawson acquisition a little bit more. I know you all are very excited about the asset, having highlighted the Dean and Middle Spraberry sand intervals as key targets. Just any initial thoughts in terms of how you all are planning to develop the asset from a spacing perspective? Also what's the opportunity set to other zones within the area? And any color with respect to HBP commitments that you all might have to carry out, if any?

祝賀季度表現強勁。只是想對馬丁、道森的收購進行更多的跟進。我知道你們都對該資產感到非常興奮，並強調 Dean 和 Middle Spraberry 沙層是關鍵目標。關於你們計劃如何從空間角度開發資產，您有什麼初步想法嗎？該地區其他區域也有哪些機會？你們可能必須履行的 HBP 承諾有什麼顏色（如果有的話）？

Yes. Oliver, so first of all, this is not your usual stack mudrock Permian play. In this area, we're really targeting much more conventional sands with a higher porosity and really oil-saturated rock, and that underpins the prolific wells with the -- the type curve characteristic is a bit different than your normal plays. It's quite good from an economic standpoint. Right now, we're looking at optimizing the lateral length. And as part of that, we'll be putting the spacing in that what will optimize our economics. We use the same approach throughout where we really look at the incremental return for the last well assigned to a DSU. So that will basically be making sure that we achieve great economics on the wells.

是的。奧利弗，首先，這不是您通常的疊泥岩二疊紀遊戲。在這個領域，我們真正的目標是具有更高孔隙度的更傳統的砂岩和真正飽和石油的岩石，這支撐著多產的油井，其類型曲線特徵與正常的油田有點不同。從經濟角度來看，這是相當不錯的。現在，我們正在考慮優化橫向長度。作為其中的一部分，我們將在其中留出空間，以優化我們的經濟。我們始終使用相同的方法來真正查看分配給 DSU 的最後一口井的增量回報。因此，這基本上將確保我們在油井上實現巨大的經濟效益。

So that's really the story there. And we'll be getting some well results there, and it'll probably be in the first half of next year we should get some well results from up there. But there's already been quite a bit of offset drilling, too. And just to the southeast of it, we have our best wells ever in the Permian Basin that are in the Dean.

這就是真正的故事。我們將在那裡得到一些良好的結果，並且可能在明年上半年我們應該從那裡得到一些良好的結果。但也已經進行了大量的偏置鑽探。就在它的東南部，我們擁有二疊紀盆地有史以來最好的油井，位於迪安。

Okay. That's helpful color. And just for a second question, in South Texas, certainly great to see the positive ops update out of there. But just really trying to understand the oil handling project a little bit better. It sounds like it's completed at this point. But just are we now at the point where volumes from the Austin Chalk can be flowed in the most optimal way? Or is there still some level of constraint? And how should we think about future investment on this front? Or does this all pretty much satisfy any sort of growth that we might see over the next couple of years?

好的。這是有用的顏色。第二個問題，在德克薩斯州南部，很高興看到那裡的積極行動更新。但我只是想更好地了解石油處理項目。聽起來好像到這裡就已經完成了。但我們現在是否已經到了奧斯汀粉筆的體積能夠以最佳方式流動的地步了呢？還是仍然存在一定程度的限制？我們應該如何思考未來在這方面的投資？或者這一切是否足以滿足我們在未來幾年可能看到的任何增長？

Yes, Oliver, I'm just going to refer back to what we said about a year ago. So we were expanding the pipeline to carry the oil out over a 3-year period progressively synced up with where we were developing. So last year, we did the first part. This year, we did the second part, and we finished that early in the second quarter, and there will be a third extension of that pipeline next year.

是的，奧利弗，我只想回顧一下我們一年前所說的話。因此，我們正在擴大管道，以便在三年內逐步與我們的開發同步同步輸送石油。所以去年我們做了第一部分。今年，我們做了第二部分，並在第二季度初完成了，明年該管道將進行第三次擴展。

The constraints are relieved at this time. The only time that we would wind up with constraints is that we put a couple of really oily pads on adjacent to each other that can flow quite strongly. It doesn't affect the wells at all. It just means it stretches out how long (inaudible) plateau longer. But we're doing that very efficiently, and we try and schedule things so that we mitigate that. But we want to bring the wells on timely and efficiently, and that's what drives it. So -- but the bottom line is, yes, the constraints are relieved. The constraints will continue to pop up if we don't manage things tightly, but we're planning to manage things tightly.

此時約束就解除了。唯一一次我們會遇到限制的情況是，我們將幾個非常油膩的墊彼此相鄰放置，這些墊可以非常強烈地流動。根本不影響水井。它只是意味著它可以將平台期延長多長時間（聽不清）。但我們做得非常有效，並且我們嘗試安排事情以減輕這種情況。但我們希望及時、高效地開井，這就是推動這一目標的動力。所以——但最重要的是，是的，限制得到了緩解。如果我們不嚴格管理事情，限制將會繼續出現，但我們正計劃嚴格管理事情。

And your next question comes from the line of Tim Rezvan from KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Tim Rezvan。

I think Oliver hit on what I plan to ask. So if I could pivot to the mystery Midland Basin asset, you talked about 9,100 net acres. I was wondering -- I'm trying to think about that in context of the cash on the balance sheet right now, and your decision kind of not to redeem your notes that are callable at par right now. How big is this opportunity set that you're pursuing? Do you think you're close to kind of getting the acreage put together that you wanted? Is there time that you may be able to sort of share some more information with the marketplace?

我想奧利弗猜到了我想問的問題。因此，如果我可以轉向神秘的米德蘭盆地資產，你談到了 9,100 淨英畝。我想知道 - 我正在嘗試在資產負債表上的現金背景下考慮這一點，以及您決定不贖回現在可以按面值贖回的票據。您正在尋求的機會有多大？您認為您已經接近獲得您想要的面積了嗎？您是否有時間與市場分享更多信息？

Yes. Tim, I think we've mentioned this before at the JPMorgan Conference that we still see some opportunity to get additional acreage around that. And I'll just give you a heads up that on that Slide 13, we showed 2023 newly acquired acreage. That's only the most recent 20,000 acres. We haven't disclosed yet where the 9,100 acres are that we'd like to expand. So we haven't really given more color. We will at some point. And once we have some wells in there, we'll be sharing the results, but you won't be seeing those until mid next year sort of timing based on the way we're planning to go about things.

是的。蒂姆，我想我們之前在摩根大通會議上已經提到過這一點，我們仍然認為有機會圍繞這一點獲得更多面積。我要提醒您的是，在幻燈片 13 上，我們展示了 2023 年新收購的面積。這還只是最近的20,000英畝。我們尚未透露我們想要擴建的 9,100 英畝土地在哪裡。所以我們並沒有真正給出更多的顏色。我們會在某個時候。一旦我們在那裡打了一些井，我們就會分享結果，但直到明年年中你才會看到這些結果，具體時間取決於我們計劃的處理方式。

Yes. I'll just add to that on your balance sheet question, Tim. It's a good one. It's -- carrying the cash right now for me is pretty close to a no-brainer. Those '25 notes don't mature for a couple of years, and the coupon is [5 and 5/8]. Our cash is earning pretty close to 5% now. So it's not a big negative carry to be able -- to be more conservative and opportunistic and have some cash and liquidity is always a good thing.

是的。蒂姆，我將在您的資產負債表問題上補充這一點。這是一件好事。現在對我來說攜帶現金幾乎是理所當然的事。這些 25 年紙幣不會在幾年內到期，優惠券為 [5 和 5/8]。我們的現金收入現在接近 5%。因此，能夠更加保守和機會主義並擁有一些現金和流動性總是一件好事，這並不是一個很大的負利差。

Okay. That makes sense. And then one more question, I guess, circling back on sort of the Dean opportunity. Herb, I spoke to you in December, and you went into great detail on your view on how good and prolific the formation is. Do you believe there's kind of more potential to add kind of Dean inventory? And I was hoping to pin you down a little more in sort of spacing. Can we think about this traditionally in like a 4-wells-per-unit type development? Or -- just trying if you could give a little more context on kind of what you see there because there's been some debate in the marketplace, and you seem sort of firmly in the view that this is a distinct and highly prolific area.

好的。這就說得通了。我想還有一個問題，又回到了迪安的機會。赫伯，我在十二月和你談過，你非常詳細地闡述了你對這個陣型有多好和多產的看法。您是否認為增加 Dean 庫存更有潛力？我希望能在間距上給你多一點限制。我們是否可以按照每單元 4 口井的傳統開發方式來考慮這一點？或者 - 只是嘗試一下您是否可以提供更多有關您在那裡看到的情況的背景信息，因為市場上存在一些爭論，並且您似乎堅定地認為這是一個獨特且多產的領域。

Yes. Tim, so I understand why people would have different views about it. It's really -- it doesn't work everywhere. You have to really understand the geoscience and the nature of the sands, where they are and where they are oil saturated, and where the porosity is strong that would allow for high productivity. So that takes quite a bit of detailed mapping. You can really start with the vertical wells and then it helps when there's offset horizontals to confirm the thought process that you have.

是的。蒂姆，所以我理解為什麼人們對此會有不同的看法。這確實是——並不是在所有地方都有效。你必須真正了解地球科學和沙子的性質，它們在哪裡，哪裡是石油飽和的，哪裡的孔隙度很強，可以實現高生產率。所以這需要相當多的詳細映射。您確實可以從垂直井開始，然後當存在偏移水平井時，它會有助於確認您的思維過程。

So I would say it isn't for everyone and on everyone's acreage, but there are certain areas where it will work extremely well. And that's what we've homed in on. And we've mapped throughout the basin and said, okay, here the Dean works, here the Dean would be wet, and here the Dean, the sands are too thin, here, the sands are really thick. So we've mapped that through to identify the sweet spots that will give, what I call, top-tier returns, which is what we've had in our existing Northwest RockStar position, which underpinned our Dean performance.

所以我想說，它並不適合所有人和每個人的面積，但在某些領域它會非常有效。這就是我們所關注的。我們已經繪製了整個盆地的地圖，並說，好吧，這裡的院長工作，這裡的院長會很濕，這裡的院長，沙子太薄了，這裡的沙子真的很厚。因此，我們對此進行了規劃，以確定能夠帶來（我所說的）頂級回報的最佳點，這就是我們在現有的西北搖滾明星職位中所擁有的，這支撐了我們的Dean 業績。

Okay. Okay. That's helpful. So I guess we should think about this as sort of an ongoing process to continue to find more inventory perspective for the Dean...

好的。好的。這很有幫助。所以我想我們應該將其視為一個持續的過程，繼續為院長尋找更多庫存視角......

Yes. I would say we know where the inventory is, and then it's whether we can get access to the land or not.

是的。我想說的是，我們知道庫存在哪裡，然後就是我們能否獲得土地。

Okay. Okay. Fair enough. And then if I could just sneak 1 last 1 in to sort of close the loop on the oil handling question. So in theory, there could be some constraints next year if there's issues with the build-out. But that piece next year, would that sort of handle your medium-term development in South Texas for many years once that final build is done next year?

好的。好的。很公平。然後，如果我可以偷偷地添加最後 1 個，以結束石油處理問題的循環。因此從理論上講，如果擴建出現問題，明年可能會受到一些限制。但是明年的那件事，一旦明年最終建設完成，這是否可以處理您在南德克薩斯州多年的中期發展？

Yes, that would do it, Tim. It's just the last southern most extension of that line is all we'll have left. And we'll make sure we get it in there before we bring the pads on. It's unlikely that we get pads on early. But if it does happen, that's always an issue. But in this case, we're ahead of it.

是的，這樣就可以了，蒂姆。我們只剩下這條線的最後一條最南端的延伸線了。在戴上護墊之前，我們會確保將其放入其中。我們不太可能儘早戴上護墊。但如果真的發生了，那總是一個問題。但在這種情況下，我們領先了。

(Operator Instructions) Your next question comes from the line of Scott Hanold from RBC Capital Markets.

（操作員說明）您的下一個問題來自 RBC 資本市場的 Scott Hanold。

You all gave some pretty good color on how you think about buybacks. Maybe a little context of the dividend side of things. Do you feel comfortable with where it is? Do you want -- what do you think about the yield and where that might go going forward?

你們都對回購的看法給出了一些很好的闡述。也許有一些關於股息方面的背景。你對它所處的位置感到舒服嗎？你想——你對產量有何看法以及未來可能走向何方？

Scott, it's Wade. Good question. We kind of established that dividend level, I guess, last September, October. So we'll be coming up on a year. We'll take -- I certainly can't predict anything at this point. But as we said, we'll reassess occasionally. And you can assume we'd be doing that soon and decide whether we wanted to increase it or not or leave it where it is based on our view of the market and commodity and free cash flow generation in the coming years, so stay tuned.

斯科特，我是韋德。好問題。我想，我們去年九月、十月就確定了這個股息水平。所以我們將迎來一年。我們現在——我當然無法預測任何事情。但正如我們所說，我們偶爾會重新評估。您可以假設我們很快就會這樣做，並根據我們對未來幾年市場、大宗商品和自由現金流生成的看法來決定是否增加它或將其保留在原地，所以請繼續關注。

Yes. But if you can give us some context on like how do you think about sizing that? Do you want it to be competitive with some peers in this mid-cap, with larger caps, with the S&P 500, a percent of cash flow? Any kind of view on like how you think about sizing it?

是的。但是，如果您能給我們一些背景信息，例如您如何考慮調整其大小？您是否希望它能夠與中型股、大盤股、標準普爾 500 指數、現金流的某些同行競爭？您對調整尺寸有什麼看法嗎？

Yes. No, I -- that's hard to answer at this point. Whether we want to compare it too much with who we want to compare it to, I think is a great question. What we really want to accomplish is a very sustainable dividend that shareholders can count on even in low commodity price environments. I think we used [60 and 3] before. So we'll do the same analysis again and determine what we think fits that bill.

是的。不，我——現在很難回答。我們是否想將它與我們想要比較的人進行過多的比較，我認為這是一個很好的問題。我們真正想要實現的是即使在低商品價格環境下股東也可以信賴的非常可持續的股息。我想我們之前用過[60和3]。因此，我們將再次進行相同的分析，並確定我們認為符合該要求的內容。

Okay. Fair enough. And thinking about 2024, you gave a few breadcrumbs on how you're thinking with that mid-single-digit growth. Can you give some context around -- and I think there was some context around that, maybe the Permian gets -- has a little more momentum going into next year. So if you can kind of discuss how you think about capital allocation and any kind of further cost savings tailwind that would have some implications to the budget?

好的。很公平。考慮到 2024 年，您提供了一些關於您如何看待中個位數增長的麵包屑。你能否提供一些背景信息——我認為有一些背景信息，也許二疊紀盆地在明年會有更多的動力。那麼，您是否可以討論一下您如何看待資本配置以及任何可能對預算產生一些影響的進一步成本節約的推動因素？

Yes. I'll say a word about that, and then Herb can answer better. I mean, as far as capital allocation, we're going to be watching really closely the next 3 months or so and determining what that free cash flow number is going to look like next year. Deflation is a big question, and it appears that costs will be lower next year. Commodity price kind of stabilizing here at a higher level, hopefully. So there will be some allocation decisions coming out of that, but determining how much free cash flow we're going to have first, I think, is going to be a big thing for us in the coming months.

是的。我會對此說幾句話，然後赫伯才能更好地回答。我的意思是，就資本配置而言，我們將在未來 3 個月左右的時間內密切關注，並確定明年的自由現金流量數據。通貨緊縮是一個大問題，明年的成本似乎會更低。希望大宗商品價格能夠穩定在較高水平。因此，將會做出一些分配決策，但我認為，首先確定我們將擁有多少自由現金流，這對我們未來幾個月來說將是一件大事。

Yes. And then, Scott, I'll just add. Yes, you've heard exactly right. We do see a mid-single-digit growth. We will be leaning a little bit more into the Midland Basin. We're just picking up the fourth rig in the fourth quarter, and we haven't identified how long we'll be running it through next year. But just that alone would allocate more to the Permian than we did this year and last year. And obviously, it's oily and commodity environment is quite good for that. So that's really what we're planning to do.

是的。然後，斯科特，我補充一下。是的，你沒聽錯。我們確實看到了中個位數的增長。我們將更加傾向於米德蘭盆地。我們剛剛在第四季度拿起第四台鑽機，我們還沒有確定明年將運行它多久。但僅此一點就足以比我們今年和去年分配更多的二疊紀資源。顯然，它的油性和大宗商品環境對此非常有利。這確實是我們計劃做的。

And there are no further questions at this time. Mr. Herb Vogel, I turn the call back over to you for some final closing remarks.

目前沒有其他問題。赫伯·沃格爾先生，我將電話轉回給您，請您發表最後的結束語。

Okay. Well, thank you, Rob, and we are very pleased with our first half successes, and we're well positioned to continue this trajectory to build value and deliver returns. Thank you all for your interest, and we look forward to seeing a number of you at upcoming events.

好的。好吧，謝謝你，羅布，我們對上半年的成功感到非常滿意，並且我們有能力繼續沿著這一軌跡創造價值並提供回報。感謝大家的關注，我們期待在即將舉行的活動中見到你們。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。