SM Energy Co (SM) 2023 Q4 法說會逐字稿

Greetings, and welcome to SM Energy's Fourth Quarter 2023 financial and operating results Q&A at this time, all participants are in a listen only mode.

大家好，歡迎來到 SM Energy 2023 年第四季財務與經營業績問答，此時所有參與者都處於僅聽模式。

A question and answer session will follow the formal presentation.

正式演講後將舉行問答環節。

If anyone should require operator assistance during the conference, please press star zero on your telephone keypad.

如果有人在會議期間需要接線員協助，請按下電話鍵盤上的星號零。

Please note this conference is being recorded.

請注意，本次會議正在錄製中。

I will now turn the conference over to Jennifer Samuels, Vice President, Investor Relations and ESG stewardship.

我現在將會議交給投資者關係和 ESG 管理副總裁 Jennifer Samuels。

Thank you.

謝謝。

You may begin.

你可以開始了。

In today's call, we may reference the earnings release, IR presentation or prepared remarks, all of which are posted to our website.

在今天的電話會議中，我們可能會參考收益發布、IR 演示或準備好的評論，所有這些都發佈在我們的網站上。

Thank you for joining us this morning to answer your questions.

感謝您今天早上加入我們來回答您的問題。

Today, we have our President and CEO, Herb Vogel, and CFO, Wade Pursell.

今天，我們的總裁兼執行長 Herb Vogel 和財務長韋德珀塞爾 (Wade Pursell)。

So 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 seven 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.

因此，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、隨附收益發布的第七頁以及我們最近提交的 10-K 的風險因素部分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.

我們也可能參考非公認會計原則措施。

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.

請參閱投影片附錄與效益發布，以了解非 GAAP 衡量標準與最直接可比較的 GAAP 衡量標準的定義與調整以及前瞻性非 GAAP 衡量標準的討論。

Also look for our 2023 10-K, which was filed this morning.

也請尋找我們今天早上提交的 2023 年 10-K。

And with that, I will turn it over to Herb for brief opening commentary.

接下來，我將把它交給赫伯進行簡短的開場評論。

Herb?

草本植物？

Thank you, Jennifer.

謝謝你，詹妮弗。

Good morning, and thank you for joining us.

早安，感謝您加入我們。

While we're waiting for people to join the call.

當我們等待人們加入通話時。

Let me start by reiterating a few key messages.

讓我先重申一些關鍵訊息。

Our excellent 2023 operating financial results were driven by our very high quality asset base, best-in-class operational performance that is supported by differential technological expertise and a track record of success and our strong balance sheet and low leverage that enabled significant growth and return of capital to stockholders as we look through 2024, we are excited about our capital program, which we expect to deliver more on each of these strategic objectives as we lean activity towards the Midland Basin, where we will generate higher oil volumes and delineate and develop our new acreage positions to organically grow inventory and create value.

我們出色的2023 年營運財務表現得益於我們非常優質的資產基礎、一流的營運績效（由差異化技術專長和成功記錄支持）以及我們強勁的資產負債表和低槓桿率，從而實現了顯著的成長和回報展望2024 年，我們對股東的資本計畫感到興奮，我們希望隨著我們將活動轉向米德蘭盆地，我們將在其中實現更多的戰略目標，在那裡我們將產生更多的石油產量並劃定和開發我們的新種植面積能夠有機地增加庫存並創造價值。

In short, the operational focus in 2024 is more oil growth, less gas growth, significant capital efficiency improvement with a 10% increase in capital against a nearly 30% increase in turn-in-lines weighted to oil.

簡而言之，2024 年的營運重點是增加石油成長，減少天然氣成長，顯著提高資本效率，資本增加 10%，而石油加權的周轉線增加近 30%。

So let me say that against a 10% increase in capital against a nearly 30% increase in turn-in-lines weighted to oil.

因此，我想說的是，資本增加了 10%，而石油加權的周轉線增加了近 30%。

But that I will turn it back to the operator to start taking your questions.

但我會將其轉回接線員以開始回答您的問題。

(Operator Instructions) Tim Rezvan, KeyBanc Capital Markets.

（操作員指令）Tim Rezvan，KeyBanc 資本市場。

Good morning, folks, and thank you for taking my questions.

早安，夥伴們，謝謝你們回答我的問題。

I'd like to start on them on the acreage map you put out with that the stealth play location.

我想從你發布的秘密遊戲地點的面積地圖開始。

And I was wondering if you could comment on what initial zones you're targeting in that western Sweetie Peck area.

我想知道您是否可以評論一下您在西部甜佩克地區的初始目標區域。

And then as you look at the math, it seems to be filling opportunities that are in that position built out.

然後當你看數學時，它似乎正在填補該位置上的機會。

Are you still sort of looking to add to understand how to think about that over the next couple of years?

您是否仍然希望了解如何在未來幾年內思考這個問題？

Yeah, Tim, great question.

是的，提姆，好問題。

We are really pleased.

我們真的很高興。

We added those 9,100 acres there, and we have this track record of our geoscience team being able to identify intervals that I kind of are overlooked a little bit by others in that area.

我們在那裡添加了 9,100 英畝的土地，我們的地球科學團隊有這樣的跟踪記錄，能夠確定我在該地區的其他人有點忽視的區間。

We have some confidence from some data we have from some offset wells.

我們對一些補償井的數據有一定的信心。

So we're not disclosing specifically which intervals we're chasing there, but we are planning to put a rig out there this year, and we'll be hopefully showing some results there later in the year.

因此，我們沒有具體透露我們在那裡追逐的間隔，但我們計劃今年在那裡安裝一個鑽機，我們希望在今年晚些時候在那裡展示一些結果。

But you're right, it's easy for us from an efficiency standpoint because it's pretty contiguous with our Sweetie Peck position.

但你是對的，從效率的角度來看，這對我們來說很容易，因為它與我們的 Sweetie Peck 位置非常接近。

So we really like like what we got there if we could add more, we would add more.

所以我們真的很喜歡我們所得到的，如果我們可以添加更多，我們會添加更多。

It's obviously I'm going to be price here in the future than it was when we picked up the acreage.

顯然，我將來這裡的價格將會比我們獲得土地時的價格更高。

That's fair.

這還算公平。

And then I guess I'll pivot My follow up to the other emerging area and northern part, Dawson.

然後我想我會將我的後續行動轉向另一個新興地區和北部地區道森。

Can you just talk about as you sort of the early stages of development, I believe, Herb, this was the Dean was sort of the primary target here.

你能談談你在發展的早期階段嗎，我相信，Herb，這就是 Dean 是這裡的主要目標。

Does that sort of remain the case?

這種情況仍然如此嗎？

Is that what this was underwritten on?

這是承保的嗎？

And can you talk about other areas that you may be targeting with sort of initial development?

您能談談您可能針對的初步開發的其他領域嗎？

Tim, that's right.

提姆，沒錯。

When we announced the acquisition in June last year, we talked about two intervals are one was the dean and then the other, the Middle Spraberry sand, you're probably aware, there's another operator just to the northwest plain Middle Spraberry sand pretty heavily.

當我們去年六月宣布收購時，我們談到了兩個區間，一個是院長，另一個是中斯普拉伯里沙地，你可能知道，還有另一個運營商就在西北平原中斯普拉伯里沙地相當重。

So we'll be looking at both those intervals.

所以我們將關注這兩個時間間隔。

We're starting with the Dean.

我們從院長開始。

I think we talked about eight to nine wells on three pads and you'll start seeing some results from pipe 3Q because we'll wait till we get past 30-day IPs.

我認為我們討論了三個墊上的八到九口井，您將開始看到管道 3Q 的一些結果，因為我們將等到超過 30 天的 IP。

But yes, we're excited about it.

但是，是的，我們對此感到興奮。

And you're aware our best wells and some of the best wells in the Permian overall are in the dean and -- so we're really looking forward to the results there.

你知道我們最好的井和二疊紀盆地中一些最好的井都在迪安，所以我們真的很期待那裡的結果。

Leo Mariani, Roth MKM.

裡奧·馬裡亞尼，羅斯·MKM。

I wanted to maybe just stay a little bit with some of the new acreage here.

我想也許只是在這裡的一些新土地上停留一下。

I'm just curious as to kind of why you decided to disclose the 9,100 acres in terms of where that is here today?

我只是好奇你為什麼決定要揭露這 9,100 英畝土地的具體位置？

And also, I was hoping you could provide a little bit more color on how you guys managed to add additional acreage off on the '23 drilling program?

而且，我希望你們能夠提供更多關於你們如何在 23 鑽探計劃中增加額外面積的資訊？

Any color message will be great.

任何顏色資訊都會很棒。

Thanks, Neil.

謝謝，尼爾。

Yes, pretty straightforward.

是的，非常簡單。

On 9,100, it becomes public when we file in the leases that was already coming out there for people who were looking at the core houses so that that became public was not public is exactly what we're targeting drilling.

9,100，當我們提交租約時，它就公開了，租約已經為那些正在查看核心房屋的人提供了，所以公開的不是公開的，這正是我們鑽探的目標。

So we did want to disclose.

所以我們確實想透露。

So was everybody on a level playing field that it's really an opt-in and crane counties there on the Austin Chalk, the A. grade, you picked that up.

因此，每個人都處於一個公平的競爭環境中，這實際上是一個選擇加入，並且奧斯汀粉筆上的起重機縣，A. 等級，你選擇了它。

It's we've had such great success with our delineating and then developing and now really staggering between two landing zones.

我們在劃定和發展方面取得了巨大的成功，現在在兩個著陸區之間取得了巨大的成功。

That's where we really optimize.

這就是我們真正優化的地方。

And so we've got confidence to increase the inventory.

因此我們有信心增加庫存。

We kind of always held that back, knowing it was the potential there.

我們總是保留這一點，因為我們知道這就是潛力。

And so we feel good about those additional 65 locations.

因此，我們對新增的 65 個地點感到滿意。

So it's just turned out to be a great value add that was purely organic and no additional lease acquisition costs.

因此，它被證明是一個巨大的增值，純粹是有機的，沒有額外的租賃收購成本。

That's helpful.

這很有幫助。

And then I was hoping you could maybe address your first quarter production.

然後我希望你能解決第一季的生產問題。

Obviously, it's down a little bit.

顯然，它下降了一點。

You don't crater guidance.

你不會讓指導陷入隕石坑。

You guys did mention weather in your press release, which is certainly plague the industry.

你們確實在新聞稿中提到了天氣，這無疑困擾著整個產業。

I was hoping you could kind of maybe quantify that.

我希望你能對此進行量化。

Is there like a BOE per day impact on the weather side?

天氣方面是否有每天 BOE 的影響？

And then I'm also assuming that perhaps maybe there's fewer tills this quarter and the program is maybe a little bit weighted to subsequent quarters until.

然後我還假設本季度的收銀台數量可能會減少，並且該計劃可能會稍微偏向後續幾季。

So any kind of color around you've got the slightly weaker first quarter production be helpful.

因此，第一季產量稍弱的任何顏色都會有所幫助。

Yeah, Leo, if you guys were really tracking 2023, we had 92 net tills and they're only in 11 net in Q4.

是的，Leo，如果你們真的關注 2023 年，我們有 92 個淨收銀台，而他們在第四季度只有 11 個淨收銀台。

So that's obviously going to have an impact on the first quarter.

因此，這顯然會對第一季產生影響。

So if you were really watching what we turn the wells in line in the fourth quarter, you'd see why that impact was in the first quarter than there was a little bit is not a major impact, but there was a weather impact that was partly weather itself, but then also some gas plant weather impacts on the third party downstream for us, but that's really what drives it.

因此，如果您真正關注我們在第四季度對油井的調整，您就會明白為什麼這種影響發生在第一季度，而不是有一點影響，但沒有重大影響，但天氣影響很大部分是天氣本身，但一些天然氣工廠的天氣也會對我們下游的第三方產生影響，但這才是真正的驅動因素。

And if you see what we project for 2024, you see it starts from a low and then we gradually work our way up through the year.

如果你看看我們 2024 年的計劃，你會發現它是從低點開始的，然後我們在這一年逐漸向上。

And I hope people are taking that strategic perspective of how much we produced in 2020, 2021, '22, '22 to '23 was a 5% BOE growth.

我希望人們能夠從策略角度看待我們在 2020 年、2021 年、22 年、22 年至 23 年的產量增加了 5% 的京東方當量。

And then now we're looking at it 3.5% BOE growth and 6% oil growth into '24.

現在我們看到 24 年英國央行成長率為 3.5%，石油成長率為 6%。

So I think really more focused on what are we doing overall annually and why that is beneficial for stockholders is really more important than the quarterly cadence.

因此，我認為真正更多地關注我們每年整體所做的事情以及為什麼這對股東有利實際上比季度節奏更重要。

Zach Parham, JPMorgan.

札克·帕勒姆，摩根大通。

My first question's just on the buyback, which slowed a little bit this quarter.

我的第一個問題是關於回購，本季回購有所放緩。

Despite some pretty robust free cash flow generation.

儘管自由現金流產生相當強勁。

Can you just give us any detail on why you slowed down the buyback pace this quarter?

您能否詳細說明本季為何放慢回購步伐？

And maybe just detail how you're thinking about utilizing the buyback 2024?

也許只是詳細說明您如何考慮利用 2024 年回購？

Yes, morning Zach.

是的，早上好，扎克。

It's Wade.

是韋德。

Nothing really tangible to report there yet as we were as we were moving into looking at 2024 and putting our plan together and a lot of uncertainty, economics and commodity prices, it just felt really good at the end of the year with a really strong balance sheet, which we did good cash position, lower leverage, below $1 billion net debt.

目前還沒有什麼真正有形的報告，因為我們正在展望 2024 年並製定計劃，還有很多不確定性、經濟和大宗商品價格，但在年底感覺非常好，具有非常強大的平衡表中，我們的現金狀況良好，槓桿率較低，淨債務低於10 億美元。

And yes, as we move into this year, we're still very committed, obviously, to the stock buyback program, completing the commitment of over $200 million.

是的，進入今年，我們顯然仍然非常致力於股票回購計劃，完成了超過 2 億美元的承諾。

And I should just say I don't think it will surprise you that we still believe that the current stock price is undervalued and the buybacks are very attractive.

我只想說，我們仍然認為當前的股價被低估並且回購非常有吸引力，我認為您不會感到驚訝。

And we will we will continue that as we move into 2024.

進入 2024 年，我們將繼續這樣做。

Thanks, Wade.

謝謝，韋德。

And then my follow up, just on the M&A that we've seen in the industry over the last several months.

然後我的後續行動是關於過去幾個月我們在該行業看到的併購。

I think there's a broad agreement that that larger scale attracts a larger investor base for E & P's, how do you see FM fitting in going forward?

我認為，人們普遍認為，更大的規模會吸引更大的 E&P 投資者基礎，您如何看待 FM 的未來發展？

Do you see yourself as more likely to get larger through acquisitions or potentially combined with a larger operator?

您是否認為自己更有可能透過收購或與更大的營運商合併而變得更大？

Or do you think you have the needed scale to attract more interest?

或者你認為你有足夠的規模來吸引更多的興趣嗎？

Yes, that you know, it's obviously a topical question given the recent consolidation in the industry and we've been there saying for a long time that we truly believe in consolidation, we see the merits of consolidation and we're agnostic as to which side of a transaction we wind up on, but we do focus on kind of our area where we're really strong.

是的，你知道，考慮到最近行業的整合，這顯然是一個熱門問題，而且我們很長一段時間以來一直在說我們真正相信整合，我們看到整合的優點，但我們不知道整合的優點是什麼我們最終完成的交易的一部分，但我們確實專注於我們真正強大的領域。

So that's got to be comparable sort of inventory to us in terms of quality that we don't want to combine where we have got delayed development.

因此，就品質而言，這必須是與我們相當的庫存，我們不想將其與開發延遲的地方結合。

We want or don't want to basically want to have a good balance sheet coming out of any sort of transaction.

我們希望或不希望基本上希望透過任何類型的交易獲得良好的資產負債表。

It's got to have industrial logic to that, you know, if it's just two disparate companies getting together for scale, that's probably not going to move the needle for us.

它必須具有工業邏輯，你知道，如果只是兩家不同的公司為了擴大規模而聚集在一起，那可能不會為我們帶來任何推動。

And so that's how we look at it from a consolidation standpoint, there's clear benefits, and we'll see what comes along in terms of growing the Company.

這就是我們從整合的角度看待它的方式，它有明顯的好處，我們將看看公司發展方面會發生什麼。

We've been really persistent and patient about it.

我們對此一直非常堅持和耐心。

We have a lot of competence, our technical team, they continue to identify organic opportunities and we wind up delivering on them.

我們擁有強大的能力，我們的技術團隊，他們不斷發現有機機會，而我們最終實現了這些機會。

And we have that track record.

我們有這樣的記錄。

Got a lot, had a lot of discipline in what we've done with our capital and we sit on 10-plus years of inventory.

我們擁有很多資金，對我們的資金運用有嚴格的紀律，而且我們擁有超過 10 年的庫存。

So we don't have to really overpay to get something to just move along.

因此，我們不必為了讓某些東西繼續前進而付出太多的代價。

So that and that's kind of our perspective on it, but if the right deal comes along, we'd be there.

這就是我們對此的看法，但如果出現正確的交易，我們就會在那裡。

(Operator Instructions) Oliver Huang, TPH.

（操作員說明）Oliver Huang，TPH。

Good morning all and thanks for taking my questions.

大家早安，感謝您提出我的問題。

I think just kind of to start out in the Midland.

我想從米德蘭開始吧。

I know last year you all had a few Leonard and Woodford wells that you all were testing it doesn't sound like those who are not Woodford -- Wolfcamp D wells that you all were testing.

我知道去年你們都測試了一些 Leonard 和 Woodford 井，聽起來不像那些不是 Woodford 的井——你們都測試了 Wolfcamp D 井。

It doesn't sound like those will be part of the plan for 2024.

聽起來這些不會成為 2024 年計畫的一部分。

But is there any way that you all could kind of speak to how that capital might shift around from an interval targeting basis for 2024?

但是，你們有什麼辦法可以談談資本如何從 2024 年的區間目標轉變嗎？

Yes, Oliver, this is Herb.

是的，奧利佛，這是赫伯。

We had a total of six wells.

我們總共有六口井。

Some other offset operators also had some wells in there.

其他一些補償運營商也在那裡擁有一些油井。

And when we looked at the results, we recognize that it was more capital efficient to split a little a few or a few more wells into the Middle Spraberry, which underlies that interval.

當我們查看結果時，我們認識到，將少量或多幾口井分成位於該層段下方的中斯普拉伯里（Middle Spraberry），資本效率更高。

So that's that seems to be the right way to go about this.

所以這似乎是解決這個問題的正確方法。

So the fracs will grow into the overlying interval.

因此，壓裂將生長到上覆層段。

And that's that's how we would see some of the Leonard oil being produced as a more capital-efficient way.

這就是我們認為倫納德石油的生產是一種更具資本效率的方式。

And that's just you know what you do in the normal course of development optimization.

這只是您知道在正常的開發最佳化過程中所做的事情。

In the case of the Wolfcamp D, you know, it's a completely isolated interval.

就 Wolfcamp D 而言，您知道，這是一個完全孤立的區間。

So what we've really done is delineated.

所以我們真正所做的事情已經被描述出來了。

The Wolfcamp D is we have a good sense of how much inventory is available there.

Wolfcamp D 是我們對那裡有多少可用庫存有很好的了解。

It is a deeper interval.

這是一個更深的區間。

It's slightly gassier.

有點氣。

So though our perspective is to about the shallower horizons come back to the Wolfcamp D at a later date, put it into the facilities that would have already been put into put on.

因此，儘管我們的觀點是稍後將較淺的地平線返回 Wolfcamp D，但請將其放入已經投入使用的設施中。

So the CapEx that was spent on the facilities for the co-development and then come back in once there's latent capacity and flow the Wolfcamp D into there.

因此，用於共同開發的設施的資本支出一旦出現潛在容量就會返回並流入 Wolfcamp D。

So that's another just a capital efficiency move rather than trying to co-develop all of the intervals when there's no need with the Wolfcamp D having so much separation from the Wolfcamp, the above.

因此，這只是資本效率的另一個舉措，而不是試圖共同開發所有間隔，因為 Wolfcamp D 不需要與 Wolfcamp 如此分離，如上所述。

That's helpful color.

這是有用的顏色。

And maybe just to kind of follow-up to the comments earlier on the Austin Chalk.

也許只是為了跟進奧斯汀粉筆早些時候的評論。

Just wondering how does the stagger the two landing zones compare to the development that you all have carried out in the area last couple of years in South Texas?

只是想知道這兩個著陸區的交錯與你們過去幾年在南德克薩斯州該地區進行的開發相比如何？

And are the incremental 65 or so locations primarily coming from that liquids-rich window?

增加的 65 個左右位置主要來自那個富含液體的窗口嗎？

Or is it pretty ratably spread out across the entire footprint data as a hologram.

或者它是否以全像圖的形式相當廣泛地分佈在整個足跡數據中。

Let me get into that a little bit on the Austin Chalk.

讓我在奧斯汀粉筆上稍微討論一下。

So what from our first Austin Chalk dedicated well, five years ago, we were really working on interval selection.

那麼，從五年前我們的第一款 Austin Chalk 開始，我們就真正致力於音程選擇。

We've really improved on what the best variable was.

我們確實改進了最佳變數。

And then last year and part of the year before, we're really figuring out where is that secondary Austin Chalk zone that optimizes the capital efficiency in the at the value of each DSU.

然後去年和前年的部分時間，我們真正弄清楚了奧斯汀粉筆次要區域在哪裡，該區域可以優化每個 DSU 價值的資本效率。

And so we worked between two different intervals besides the best interval that we had already identified.

因此，除了我們已經確定的最佳間隔之外，我們還在兩個不同的間隔之間進行工作。

So what you're seeing now is we've locked in, which is the best way to do that on the stagger.

所以你現在看到的是我們已經鎖定了，這是在交錯中做到這一點的最佳方法。

And then in some cases, there's also Eagleford so you can have as many as three landing zones depending on the thickness, we have a bias towards more of the liquids rich oily area.

在某些情況下，還有伊格爾福德，因此根據厚度，您可以擁有多達三個著陸區，我們偏向於更多富含液體的油性區域。

So you'll see great returns.

所以你會看到豐厚的回報。

You'll see maybe a few a little bit lower BOEs in some cases because we'll be in the higher liquids area.

在某些情況下，您可能會看到一些較低的 BOE，因為我們將處於較高的液體區域。

But in terms of the returns, they're going to be stronger with the low commodity price environment we're looking forward to in 2024.

但就回報而言，隨著我們期待 2024 年的低商品價格環境，它們將會更加強勁。

I think that to get us to the questions you have there.

我認為這是為了讓我們回答您提出的問題。

Nicholas Pope, Seaport Research.

尼可拉斯波普，海港研究中心。

Good morning, everyone.

大家，早安。

And I was curious on the Klondyke area.

我對克朗代克地區很好奇。

You mentioned you drilled the science Well, you're running 3D seismic.

你提到你鑽研了科學，嗯，你正在運行 3D 地震。

I guess what information at this point are?

我想此時的訊息是什麼？

Are you expecting to get from that from that from that science and how that I think you mentioned you added inventory in Klondyke in the presentation Transcrypt.

您是否希望從科學中獲得這一點？我認為您在 Transcrypt 演示文稿中提到您在 Klondyke 中添加了庫存。

And I was curious how that might shift with some of the data you get from the science and from the wells it the drilled.

我很好奇，從科學和鑽探的井中獲得的一些數據會如何改變這種情況。

Okay.

好的。

Yes, Nick, a couple of things there.

是的，尼克，有幾件事。

So first of all, you are aware that we have quite a few tools that really help us optimize and get the returns that you're seeing in our wells.

首先，您知道我們有很多工具可以真正幫助我們優化並獲得您在油井中看到的回報。

So the purpose of the core is really to assess what all intervals we can land in and which is the optimal landing zone, even within there's differences of 10 to 20 feet and where you land can make a difference in the value of the well.

因此，核心的目的實際上是評估我們可以著陸的所有間隔以及哪個是最佳著陸區域，即使存在 10 到 20 英尺的差異，並且您著陸的位置可以對油井的價值產生影響。

So the core is one part, then the logs.

所以核心是一部分，然後是日誌。

So then we have the ability to correlate the corridor, the logs and apply it to a broader area.

這樣我們就有能力將走廊、原木關聯起來，並將其應用到更廣泛的區域。

When we look at the logs and understand what where the best landing zones are and which intervals we can go for because it can be more than the two that I mentioned up in that area.

當我們查看日誌並了解最佳著陸區域在哪裡以及我們可以選擇哪些間隔時，因為它可能比我在該區域提到的兩個還要多。

I'm not going to get into what other intervals might be there.

我不打算討論可能存在的其他間隔。

But there there's always the possibility of more intervals and you want to be aware of what those are when you're laying out your development plans in terms of the 3D seismic you're aware and I've talked about this before that as you go to the north there, this is more of a it's the sand play.

但總是存在更多間隔的可能性，當您根據您所了解的 3D 地震制定開發計劃時，您希望了解這些間隔是什麼，我之前已經討論過這一點到了北邊，這裡更像是玩沙子。

So this is migrating to oil that's there.

所以這正在遷移到那裡的石油。

So you want to have a real good handle on the thickness of the sand intervals that you're targeting and that determines what the economics will be.

因此，您需要真正掌握目標砂層厚度，這決定了經濟效益。

So that's another development optimization effort on our part.

這是我們的另一項開發優化工作。

And it's a relatively low cost data when you look at it, especially compared to some other innovations and how much well control do you have in that area on your acreage right now there and what production?

當你查看它時，這是一個相對較低的成本數據，特別是與其他一些創新相比，以及你在該地區目前的種植面積和產量有多少控制力？

As Ralph, there's actually quite quite a bit when we acquired the acreage where there were quite a few vertical wells and there were several horizontal wells also.

作為拉爾夫，當我們獲得這塊土地時，實際上有相當多的土地，其中有相當多的垂直井，也有一些水平井。

I think if you looked at the inverse data, those wells were around 58 barrels of oil per foot.

我想如果你看一下反向數據，這些油井的石油產量約為每英尺 58 桶。

So that's quite good.

所以這很好。

And then there's more offset wells in the Dean.

Dean 區還有更多的補償井。

I think we're going to be able to optimize from there just based on what we know from all of the new wells we have over in North Martin, which are 10 miles away.

我認為我們將能夠根據我們從 10 英里外的北馬丁擁有的所有新井中了解到的信息，從那裡進行優化。

Got it.

知道了。

That's very helpful.

這非常有幫助。

From shifting to the balance sheet, curious with the with the notes in [25] and

從轉移到資產負債表，對[25]和中的註釋感到好奇

[26].

[26]。

Obviously, the 25 is going to come to it concurrent at some point in the next year.

顯然，25 將會在明年的某個時候同時到來。

Any thoughts about and what the plans are for those those two nodes, if you might accelerate and them at some point, how do you think about that relative to kind of the opportunity set?

關於這兩個節點的任何想法和計劃是什麼，如果您可能在某個時候加速它們，您如何看待相對於機會集的類型？

Yes.

是的。

Great question.

很好的問題。

I mean, the 25s, as you say, are coming out of closes to build mature in the middle mid, mid 2025.

我的意思是，正如你所說，25 年代將在 2025 年中旬結束時走向成熟。

It's a rare.

這是一個罕見的。

It's a rare time where the where the cash that we have on the balance sheet, that's now that you could assume that we would pay these off with cash is earning interest pretty darn close to the coupon.

這是一個罕見的時期，我們資產負債表上的現金，現在你可以假設我們會用現金償還這些現金，賺取的利息非常接近息票。

So we're obviously just being being flexible with the balance sheet and hanging onto our liquidity.

因此，我們顯然只是在資產負債表上保持靈活性並保持流動性。

We'll pay those off obviously before they mature.

我們顯然會在它們成熟之前還清它們。

I can't tell you when that will be, but it will be certainly be before.

我不能告訴你那會是什麼時候，但肯定會是之前。

Then at some point, the 26s, yes, there are they're kind of coming on the radar screen as well.

然後在某個時候，26s，是的，它們也會出現在雷達螢幕上。

All of our bonds have nice flexibility within for calling early, and they're already callable with some premium, but they'll be callable at par, I think, beginning in the back half of this year.

我們所有的債券都具有很好的提前贖回靈活性，並且它們已經可以以一定的溢價贖回，但我認為，從今年下半年開始，它們將按面值贖回。

Bond market certainly strengthened.

債券市場確實走強。

I mean, I yes, there are our bonds are certainly trading better than they were.

我的意思是，是的，我們的債券交易肯定比以前更好。

So there's a I will watch that closely as we always do and tried to be opportunistic.

所以我會像往常一樣密切關注並試圖抓住機會。

And you could see us thinking of a scenario where we might do a new bond that takes out the 26s early.

你可以看到我們正在考慮一個場景，我們可能會做一個新的債券，提前取出 26。

But we'll just be watching all of that as we move through the year.

但隨著這一年的推移，我們只會關注這一切。

Thank you.

謝謝。

We have reached the end of our question-and-answer session.

我們的問答環節已經結束。

I would now like to turn the floor back over to Herb Vogel for any closing remarks.

現在我想請赫伯·沃格爾發表結束語。

Thanks, Daryl.

謝謝，達裡爾。

So we are well positioned to continue the trajectory to build value and deliver returns going forward.

因此，我們處於有利位置，可以繼續沿著創造價值和提供回報的軌道前進。

Thank you for your interest, and we look forward to seeing a number of you at upcoming events.

感謝您的關注，我們期待在即將舉行的活動中見到您。

Thank you.

謝謝。

That does conclude today's teleconference.

今天的電話會議到此結束。

We appreciate your participation.

我們感謝您的參與。

You may disconnect your lines at this time and enjoy the rest of your day.

此時您可以斷開線路並享受剩下的一天。