SM Energy Co (SM) 2024 Q4 法說會逐字稿

Greetings, and welcome to SM Energy's 2024 financial and operating results in 2025 operating plan question and answer session. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jennifer Samuels. Please go ahead.

大家好，歡迎參加 SM Energy 2024 年財務和 2025 年營運計畫營運績效問答會。 （操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人詹妮弗·塞繆爾斯（Jennifer Samuels）。請繼續。

Thank you, Donna. Good morning, everyone. In today's call, we may reference the earnings release, IR presentation, or prepared remarks, all of which are posted to our website. Thank you for joining us. To answer your questions today, we have our President and CEO, Herb Vogel; COO, Beth McDonald; and CFO, Wade Pursell.

謝謝你，唐娜。大家早安。在今天的電話會議中，我們可能會參考收益報告、IR 簡報或準備好的評論，所有這些都發佈在我們的網站上。感謝您加入我們。今天，我們的總裁兼執行長 Herb Vogel 將回答您的問題；營運長，貝絲·麥克唐納 (Beth McDonald)；和財務長韋德·珀塞爾（Wade Pursell）。

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 the accompanying slide deck, earnings release, and 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準則指標的討論。請直接參閱我們最近提交的 10-K 文件中的幻燈片、收益報告和風險因素部分，其中描述了與前瞻性陳述相關的可能導致實際結果不同的風險。

Also, 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. Also, our 2024 10-K was filed this morning.

此外，請參閱投影片附錄和收益報告，以了解非 GAAP 指標與最直接可比較的 GAAP 指標的定義和調整以及前瞻性非 GAAP 指標的討論。此外，我們的 2024 10-K 已於今天早上提交。

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

現在，我將把時間交給 Herb 來做簡短的開場評論。草本植物？

Thank you, Jennifer. Good morning, everyone, and thank you for joining us. We posted a lot of information yesterday afternoon, saw sum up some key takeaways. SM's 2025 plan is expected to deliver a sizable 40% increase in free cash flow which would be even higher if gas exceeds $3.25 or oil prices improve. This is supported by 30% oil production growth while maintaining a very strong balance sheet that should meet 1 times leverage by the second half of this year. While the Uinta Basin acquisition realized a cash production margin right on top of Midland production at about $40 per BOE, while increasing gross inventory count by about 40%.

謝謝你，詹妮弗。大家早安，感謝大家的收看。我們昨天下午發布了很多信息，總結了一些關鍵要點。 SM 的 2025 年計畫預計將帶來 40% 的自由現金流成長，如果天然氣價格超過 3.25 美元或油價上漲，這一數字還會更高。這是由30%的石油產量成長所支撐的，同時維持了非常強勁的資產負債表，到今年下半年應該會達到1倍的槓桿率。而尤因塔盆地的收購實現了現金生產利潤率，略高於米德蘭產量，約為每桶油當量 40 美元，同時總庫存數量增加了約 40%。

I believe we're off to a great start in 2025.

我相信，2025年我們將有一個好的開始。

With that, I'll pass the call to Donna to start the Q&A. Donna?

說完這些，我會把電話轉給唐娜，開始問答環節。唐娜？

(Operator Instructions) Mike Scialla, Stephens.

（操作員指示）Mike Scialla，Stephens。

Hi. Good morning, everybody. Wanted to see if you could speak to the first quarter guidance, why production was down, I wanted to see specifically was the third-party issue that I guess, impacted the -- you had some delays in railing oil. Was that resolved in the fourth quarter or some of that still in the first quarter as well?

你好。大家早安。我想看看您是否可以談談第一季的預期，為什麼產量下降，我想具體看看是否是第三方問題影響了——您的石油運輸出現了一些延誤。這個問題在第四季得到了解決嗎？

Thanks for the question, Mike. I'll pass that one over to Beth so she can cover the rationale there.

謝謝你的提問，麥克。我會將這個問題轉交給貝絲，以便她能夠解釋其中的原因。

All right. So when you look at the first quarter production, we dropped a South Texas frac crew in the fourth quarter. And so we have about a three-month gap in our TILs, which impacts the volumes in the first quarter. We restarted that crew in January, and I've discussed our production will grow throughout the year and into the third quarter.

好的。因此，當您查看第一季的產量時，我們在第四季度放棄了南德克薩斯州的壓裂隊。因此，我們的 TIL 之間存在大約三個月的差距，這會影響第一季的銷售。我們在一月份重啟了該團隊的工作，而且我已經討論過我們的產量將在全年以及第三季度增長。

So really just a timing issue, nothing more than that.

所以這其實只是一個時間問題，僅此而已。

Exactly.

確切地。

And then you talked 40% increase in drill year-over-year. I want to see if can you provide any detail behind where the where that number is? And can you break it out by area even at a high level?

然後您談到鑽探量年增 40%。我想看看您是否可以提供該數字的具體位置的詳細資訊？即使在高層次上，您能按區域進行細分嗎？

Yeah, Mike, this is Herb. So the -- we're not really breaking down the inventory. What we know is obviously that the Utah acquisition was a big contributor to the inventory growth. And as usual, we're being conservative on our inventory, making sure we stick up everything with detail put in our database, and we'll continue to do that over time.

是的，麥克，這是赫伯。所以—我們其實並沒有分解庫存。我們顯然知道猶他州的收購對庫存成長貢獻巨大。像往常一樣，我們對庫存持保守態度，確保將所有物品的詳細資訊記錄在資料庫中，並且我們會繼續這樣做。

Okay. Very good. If I could follow up with just one more on that inventory I don't think last year, you included any of the dry gas locations that you have in the Eagle Ford, wondering if you included any of those this year given the increase in prices are there any plans to develop any of those assets with the stronger gas?

好的。非常好。如果我可以再跟進一個關於該庫存的問題，我想去年您沒有包括位於 Eagle Ford 的任何干氣地點，想知道今年您是否包括了其中任何一個，考慮到價格上漲，是否有計劃利用更強勁的天然氣開發這些資產？

Mike, great question. I think we put that in one of our slides. You'll see that we aren't focused on the dry gas portion of the Eagle Ford at all, and other intervals that have pretty much dry gas. So yes, that's not an area of focus. So we don't really count that. And when we're at 10-plus years of inventory, we don't really feel the need to go and really push that as prices go up substantially, yes.

麥克，這個問題問得好。我想我們已經把它放到我們的一張幻燈片裡了。您會發現，我們根本沒有關注 Eagle Ford 的乾氣部分，以及其他含有大量乾氣的區間。是的，這不是重點領域。所以我們其實並不計算這個。當我們有 10 多年的庫存時，我們並不覺得有必要真正推動它，因為價格會大幅上漲，是的。

Great. Thanks for the color. Appreciate it.

偉大的。謝謝你的顏色。非常感謝。

Gabe Daoud, Cowen.

加布·達烏德（Gabe Daoud），考恩。

Hey, good morning, everyone. I was hoping we can maybe touch on just the full year guidance range for 2025, quite a wide range there. Could you maybe speak to what you need to see your confidence level and maybe getting close to that 112,000 barrels a day level?

嘿，大家早安。我希望我們可以談談 2025 年全年指導範圍，這個範圍相當廣泛。您能否談談您需要什麼才能達到您的信心水平並接近每天 112,000 桶的水平？

Gabe, I'll start on that one. So yes, it's not really -- in our view, it's not that wide a range. And you start with the BOE oil percentage of 51% to 52%. And so we just tied the 51% to 52% to that BOE range. So that's why the oil looks wider because of that -- those percentages on the BOE range.

加布，我先從這個開始。是的，事實並非如此──在我們看來，範圍並沒有那麼廣。首先，英國央行的石油持股比例為 51% 至 52%。因此，我們將 51% 到 52% 與英國央行範圍掛鉤。因此，石油價格看起來更為寬泛，因為英國央行的這些百分比處於這一範圍內。

Okay. And so just on the prior question, last question. But -- so the trajectory is basically significant growth in 2Q, 3Q and then down in 4Q. Is that how we should think about it?

好的。所以就前面的問題，也就是最後一個問題來說。但是 — — 軌跡基本上是第二季、第三季顯著成長，然後第四季下降。我們該這樣思考嗎？

Yes. I mean that's -- it's all timing related as it relates to the activity that I laid out on slide 10 yesterday. And so the production will grow through the third quarter and then level out in the fourth quarter. And it's all just timing related.

是的。我的意思是——這都與時間有關，因為它與我昨天在第 10 張幻燈片上列出的活動有關。因此，產量將在第三季度增長，然後在第四季度趨於平穩。這一切都與時間有關。

Okay. And then my official follow-up is, how should we be looking at 2026, Obviously, a lot of moving pieces in '25 with a heavy level of equipment and dropping, so maybe the shortest way to ask is what would maintenance be to hold -- let's say, the midpoint of 2025 oil production flat into 2026.

好的。然後我的正式跟進是，我們應該如何看待 2026 年，顯然，25 年有很多活動部件，設備數量眾多且下降，所以也許最短的問法是維持什麼——比方說，2025 年的中點石油產量持平於 2026 年。

Yeah. Gabe, I'll talk obviously 2026 is a ways out. And assuming commodity prices hang in their current levels, you should view it as -- our plan would be to flat to single digit in production, you can view it that by year-end '25, our balance sheet will be in great shape and one or below, and you can expect 2026 to really be about return of capital increasing for our stockholders. So those are really the key aspects sort of 2026 as we see it today. Obviously, we'll play out 2025 to see where things go on commodity prices.

是的。加布，顯然 2026 年還很遙遠。假設大宗商品價格維持在當前水平，您應該認為——我們的計劃是將產量穩定在個位數，您可以認為，到 2025 年底，我們的資產負債表將狀況良好，達到或低於 1，您可以預期 2026 年我們的股東的資本回報將真正增加。所以這些確實是我們今天所看到的 2026 年的關鍵面向。顯然，我們將拭​​目以待 2025 年大宗商品價格的走勢。

Okay. And so similar capital spend, was that fair too or no?

好的。那麼類似的資本支出是否也公平呢？

Yeah. I mean, it will depend on where things go with tariffs and commodity prices and activity levels in the industry. But that would be a way to look at it to -- will be slight growth at flat capital levels.

是的。我的意思是，這將取決於關稅、商品價格和行業活動水平的走向。但這只是一種看待問題的方式——在資本水準平穩的情況下，將會有輕微的成長。

Great. Thanks a lot, guys. Very helpful.

偉大的。非常感謝大家。非常有幫助。

Zach Parham, JPMorgan.

摩根大通的 Zach Parham。

Thanks. Maybe just following up on Michael's question. You mentioned some transport delays during the quarter. I think those were rail delays in -- can you just give us a little more color on those delays? Is this a one-off? Or would you expect -- are these things that regularly happen just -- and you have to plan for in the future? I'm just trying to get a sense on this, as it's a new asset for you all.

謝謝。也許只是跟進邁克爾的問題。您提到本季出現了一些運輸延誤。我認為這是鐵路延誤造成的——您能告訴我們更多關於延誤的情況嗎？這是一次性的嗎？或者您是否期望——這些事情只是經常發生——而您必須為未來做好計劃？我只是想了解這一點，因為這對你們所有人來說都是一項新資產。

Yeah. So I think a couple of things. If I start on the fourth quarter, we did have takeaway constraints there, and that was really on the refinery downtime in Salt Lake City as well as with the rail delays. And just a reminder, we have about 15% to 20% of our crude going to Salt Lake City and the other is going to a rail station in Wellington, Utah, and so both basically just defer the timing of recognizing sales for us, and we're building in flexibility within our railcar and our storage capacity to be able to deal with this in the future.

是的。所以我想到了幾點。如果我從第四季度開始，我們確實在那裡遇到了外賣限制，這實際上是由於鹽湖城煉油廠停工以及鐵路延誤造成的。提醒一下，我們有大約 15% 到 20% 的原油運往鹽湖城，其餘的運往猶他州惠靈頓的一個火車站，因此這兩種方式基本上都推遲了我們確認銷售的時間，而且我們正在增強我們的鐵路車輛和存儲能力的靈活性，以便能夠在未來應對這種情況。

So that's the main thing. I mean, as it relates to Q1 and how we're moving forward.

這就是最重要的事。我的意思是，它與 Q1 以及我們的前進方向有關。

Got it. And then my follow-up. In the release, you mentioned some -- the potential for some non-op spending that would be decided on later in the year. Could you just give us a little more color there? What non-op assets or projects are you considering maybe could you quantify the potential level.

知道了。然後是我的後續行動。在新聞稿中，您提到了一些內容——一些非營運支出的可能性將在今年稍後決定。您能給我們更多詳細資訊嗎？您正在考慮哪些非營運資產或項目，您能否量化其潛在水準。

So Zach, included the potential non-op activity from our capital expenditures. So we've had discussions with certain business neighbors. So this is all Permian Basin about non-op drilling that hasn't been confirmed or approved, and it's back part of the year potentially. So it wasn't really appropriate to quote it in the budget. It would represent several net wells and wouldn't contribute production at all until 2026.

因此，扎克，將潛在的非營運活動納入我們的資本支出。因此，我們與一些商業鄰居進行了討論。因此，這都是關於二疊紀盆地尚未確認或批准的非作業鑽探，並且可能會在今年稍後進行。因此在預算中引用它並不合適。它將代表幾口淨井，並且在 2026 年之前不會貢獻任何產量。

So it's that late in the year. So we just wanted to give you a heads up that we may participate if we find the economics stack up with ours. And then just for reference, in 2024, we did include non-Op in our budget, then that was $19 million in 2024.

今年已經這麼晚了。因此，我們只是想讓你知道，如果我們發現經濟狀況與我們相符，我們可能會參與。然後僅供參考，在 2024 年，我們確實在預算中包含了非營運費用，那麼 2024 年的費用為 1900 萬美元。

Is it fair -- if it's a few net wells, is it fair to say that it would be in the ballpark of the same level of spending you had in '24 on non-op?

這公平嗎——如果只是幾口淨油井，是否可以公平地說，它與 1924 年非營運支出的水平大致相同？

No, with few net wells, it would be more, and it would be back-end weighted in the year. And so there's always that question of will it actually happen or not, depending on where commodity prices go. If you saw commodity prices, increasing and those operators are increasing their activity. You could see how that could come about, but there's no guarantee plus we have to check the economics.

不，如果淨井數量很少，這個數字會更多，而且會在當年進行後端加權。因此總是存在這樣的問題：這是否真的會發生，取決於大宗商品價格的走勢。如果您看到商品價格上漲，那麼那些經營者就會增加他們的活動。你可以想像這是如何發生的，但是沒有任何保證，而且我們必須檢查經濟狀況。

Thank you, sir. Appreciate the color.

謝謝您，先生。感謝色彩。

Leo Mariani, Roth Capital.

羅斯資本 (Roth Capital) 的 Leo Mariani。

Hi, guys. I wanted to ask really just about the drilling and completion activity this year. So I'm looking at this right, you guys are drilling 105 net wells in 2025, completing 150 net wells. So definitely, it seems like a bit of a mismatch on the drilling versus the completion.

嗨，大家好。我實際上想問的是有關今年鑽井和完井活動的問題。所以我正確地看待這個問題，你們將在 2025 年鑽探 105 口淨井，完成 150 口淨井。因此，可以肯定的是，鑽井和完井之間似乎存在一些不匹配。

So hoping you could speak to that a little bit more. It sounds like you guys are maybe blowing down some DUC inventory here and would you foresee a situation where you have to kind of pick up drilling in '26 to maybe get back to a similar number of completions? Just any color on that would be helpful.

所以希望您能再多談這個問題。聽起來你們可能正在減少一些 DUC 庫存，你們是否預見到必須在 26 年恢復鑽探才能恢復到類似的完井數量的情況？任何顏色都可以。

Yes. Thanks, Leo. We don't manage to DUCs, right? And so it's an outcome of a program, and we just took on a big asset from Utah, which was at a pretty furious pace of drilling. So I'll pass that over to Beth to give you more color on it.

是的。謝謝，Leo。我們無法實現 DUC，對嗎？所以這是一個計劃的成果，我們剛從猶他州接管了一項重大資產，其鑽探速度非常快。因此我將把這個問題交給 Beth，讓她為您提供更多詳細資訊。

Yes. We ended 2024 with a DUC count of 104, which just like Herb said, was really due to some of the Utah activity there. And so based on 2025 net drilling completes, we should reduce that number by about 45%. And really, again, it's just timing related and the DUC count is an output of that activity timing.

是的。到 2024 年，DUC 數量已達 104，正如 Herb 所說，這實際上是由於猶他州的一些活動造成的。因此，基於 2025 年的淨鑽井完成量，我們應該將這一數字減少約 45%。實際上，這只是與時間有關，而 DUC 計數是該活動時間的輸出。

Great. So do you see a situation where you have to increase drilling a bit to kind of get back to that kind of 150 roughly completions, if that's the plan?

偉大的。那麼，如果這是計劃的話，您是否認為必須增加鑽井量才能回到大約 150 個完井的目標？

Leo, not really. If you just look at the pace we're at and what -- if you want to keep production flat or slightly growing, you don't need an enormous DUC count. It will ultimately, though, depend on the size of the pads. So if we're doing 8-well pads versus 6 well pads versus more, that would influence where the DUC inventory builds to. So that's all in the details of it. So that's why we really don't manage the DUC count, it's really -- we're driving for capital.

利奧，事實並非如此。如果你只是看看我們所處的速度以及——如果你想保持產量平穩或略微增長，你就不需要大量的 DUC 數量。不過，這最終還是取決於護墊的尺寸。因此，如果我們採用 8 孔墊片、6 孔墊片或更多孔墊片，就會影響 DUC 庫存的建造位置。這就是全部細節了。所以這就是為什麼我們實際上不管理 DUC 數量，而是——我們追求資本。

Yeah. And the other part, just a little bit is really the capital efficiency that we've seen in South Texas, Midland and in Utah, across the board is really lending to kind of cadences on our activity. And so we've seen those step changes in the call. And so on the drilling and completion side in Texas as well as the double barrel frac in our Utah assets.

是的。而另一部分，其實只是一點點，是我們在南德州、米德蘭和猶他州看到的資本效率，全面促進了我們活動的節奏。我們在通話中看到了這些步驟上的變化。此外，我們位於德克薩斯州的鑽井和完井業務以及位於猶他州的雙管壓裂資產也同樣如此。

That's helpful color. And then just jumping over to the Uinta here. I know these were like really early numbers, but you guys announced the acquisition in mid-2024. There was a discussion of Uinta production of around 43,000 BOE per day. It looks like it came in at 36% in the fourth quarter. I know you guys said that some of that was inventory builds.

這是很有幫助的顏色。然後就跳到這裡的 Uinta。我知道這些都是非常早期的數字，但你們在 2024 年中期宣布了收購。討論的內容是尤因塔油田的日產量約為 43,000 桶油當量。看起來第四季的比例達到了 36%。我知道你們說過其中一些是庫存建設。

And then also, I think you guys had talked about an LOE in Utah of around $470 a barrel. It looks like it came in around $715 in the fourth quarter. So I was hoping you could just give a little bit more color in terms of the variance from a high level on those numbers.

而且我認為你們已經討論過猶他州的最低石油損失約為每桶 470 美元。看起來第四季的收入約為 715 美元。因此，我希望您能對這些數字的較高層次的差異給予更多的說明。

Leo, just bottom line, you're aware that we -- so we basically got all the information in Utah in August once we pass the HSR review. Then we closed October 1, and then we took over operations on January 1. So during the fourth quarter, we had limited control on the actual programs themselves. And we obviously had integration things that we were watching and taking care of to meet our standards.

Leo，底線是，你知道我們——所以我們基本上在 8 月通過 HSR 審查後在猶他州獲得了所有資訊。然後我們在 10 月 1 日關閉了該項目，並於 1 月 1 日接管了該項目的運營。 因此，在第四季度，我們對實際項目本身的控制有限。顯然，我們正在關注和處理整合事宜，以達到我們的標準。

So that's kind of a noisy quarter when it comes to Utah to think about. And we do see what we said back in June is where ultimately things will shake out because these are really oily assets. And there's a lot of infrastructure that really helps us on the cost effectiveness on the OpEx side. And then ultimately, there's also how much workover expense, and I believe there was quite a bit of workover expense on the part of XEL during the back end of the year.

所以當談到猶他州時，這是一個比較吵雜的季度。我們確實看到了我們在六月所說的最終情況，因為這些都是石油資產。許多基礎設施確實幫助我們提高營運支出方面的成本效益。最後，還有修井費用是多少，我相信 XEL 在年底有相當多的修井費用。

Yes, Leo, I'd add one thing. The thing to me, I always go straight to the bottom line margin. And our cash margin, if you notice on that same table if you're looking at for LOE is pretty darn close to the Midland margin per barrel, which is what we anticipated and hoped for, and that's kind of where it is.

是的，Leo，我想補充一點。對我來說，我總是直接達到底線利潤。如果你注意到，在同一張表格中，你會發現我們的現金利潤率（LOE）非常接近米德蘭每桶的利潤率，這正是我們預期和希望的，事實也大致如此。

Okay. Thank you.

好的。謝謝。

Oliver Huang; Tudor, Pickering, Holt.

奧利佛·黃都鐸、皮克林、霍爾特。

Good morning, all, and thanks for taking my questions. Just wanted to start on the Uinta, just with respect to well productivity. I know it's still pretty early on the assets, but just any sort of initial takeaways with respect to well productivity, you're seeing relative to the acquisition type curves that were underwritten with the deal anything that we should be aware of from the perspective of downtime or constrained flow and when we might start to see a full start to complete SM well designed to come online?

大家早安，感謝您回答我的問題。只是想從 Uinta 開始，只考慮油井生產力。我知道現在談論資產還為時過早，但就油井生產力而言，您能從交易承保的收購類型曲線中看到什麼嗎？

Oliver, I'll take that one. When you look at the well performance of the upper and lower cubes in the Uinta, you could really use the Spraberry Wolfcamp as kind of analog for well performance. So the upper cube there has kind of a lower rate. It takes a while to clean up and then to get to that peak oil rate, but it has a much shallower decline. So that's the difference that you're seeing there on the slide that I presented. So I would say, in general, we're creating value through the lower cube as we march through our 2025 plan.

奧利佛，我要這個。當您觀察 Uinta 中上部和下部立方體的井性能時，您實際上可以使用 Spraberry Wolfcamp 作為井性能的模擬。所以上面的立方體的速率比較低。需要一段時間來清理，然後才能達到高峰石油產量，但下降的速度要慢得多。這就是您在我展示的幻燈片上看到的區別。因此我想說，總體而言，我們在執行 2025 年計劃的過程中透過下立方體創造價值。

And we have some tests in the Upper Cube as well as one well online in the deep cube. And so we'll continue to enhance our understanding there in the other zones, while maintaining most of our value creation within the lower cube.

我們在上部立方體中進行了一些測試，並在深部立方體中在線進行了一口井。因此，我們將繼續增強對其他區域的了解，同時將大部分價值創造保持在下部立方體內。

And maybe just for a follow-up, kind of looking at your inventory slide, the 10-plus years assumed 120 to 130 gross well run rate per year. Just kind of wondering what average lateral length does that assume and just kind of saying how you all are turning in line 150 net wells this year, the gross being a bit higher than that.

也許只是為了後續跟進，請看一下您的庫存幻燈片，10 多年來假設每年的總井運行率為 120 到 130。只是有點想知道這假設了多少平均水平長度，只是想說一下今年你們都轉入了 150 口淨井，總量比這要高一點。

Really just trying to reconcile if this $120 million to $130 million run rate is how you all are thinking about a sustaining program run rate beyond 2025, just kind of given that delta or if it's just more illustrative in nature.

實際上只是想調和一下，1.2 億到 1.3 億美元的運行率是否就是你們對 2025 年以後持續項目運行率的看法，只是給出了這個增量，還是只是更具說明性。

Yeah, that's a great one, Oliver. So we look at out five years on what we see as kind of our sustainable program that makes sense that meets all those objectives we have around return of capital, what debt level we want to sit at.

是的，非常棒，奧利佛。因此，我們展望了未來五年內我們認為可持續的計劃，該計劃能夠滿足我們在資本回報和我們想要的債務水平方面的所有目標。

So when you look at that, that's how you get to that completion count per year. 2025 is a bit unique because of how we came into the year following XCL's activity level. So that's why you see so -- I'd say the completion count in 2025 is high compared to what we need for a sustainable program that meets all the objectives we have. That make sense?

所以當您看到這一點時，這就是您獲得每年完成數量的方法。 2025 年有些特殊，因為我們是按照 XCL 的活動水準進入這一年的。所以這就是為什麼你會看到——我想說 2025 年的完成數量與我們實現所有目標的可持續計劃所需的數量相比很高。這樣有道理嗎？

Yes. And just to clarify, for the lateral length, something similar to what the 2025 program, that 11,000 to 12,000 range, that's a good number to kind of use for that.

是的。需要澄清的是，對於橫向長度，與 2025 年計劃類似，範圍在 11,000 到 12,000 之間，這是一個很好的數字。

In Utah, we assume 10,000-foot laterals. We've done our first 15,000 footers, but we're not yet putting a full program together with longer lateral lengths, but in South Texas and the Permian, they are over 11,000 feet.

在猶他州，我們假設水平井長度為 10,000 英尺。我們已經完成了第一筆 15,000 英尺的鑽井，但我們尚未將更長的水平段長度納入完整的計劃，但在南德克薩斯州和二疊紀盆地，它們的長度超過了 11,000 英尺。

Perfect. Thanks for the time.

完美的。感謝您的時間。

Michael Furrow, Pickering Energy Partners.

Pickering Energy Partners 的 Michael Furrow。

That's all right. Thanks for having me on this morning Just wanted to hit on sort of the DUC drawdown and what sort of went into that decision. So clearly, there is -- your drilling cycle times are sort of outpacing your completion cycle times. It looks like '24, you grew your net DUCs by about 8 net DUCs down to like up to 104, right. Planning on drawing down 45 of those this year, really an efficient use of capital.

沒關係。感謝您今天早上邀請我，我只是想談談 DUC 的縮減以及做出這項決定的原因。很明顯，您的鑽井週期時間有點超過您的完井週期時間。看起來像是‘24’，你的淨 DUC 增加了大約 8 個淨 DUC，直到最高 104，對吧。計劃今年提取其中的 45 個，這確實是一種高效的資本利用方式。

So I was wondering if you guys could just sort of walk us through what went into the decision to sort of draw those down this year? And maybe give us an idea about what percentage of the current DUC count is more of a regular working DUC count that's not just sort of a DUC backlog.

所以我想知道你們能否向我們介紹今年決定削減這些開支的原因是什麼？也許您可以告訴我們，目前 DUC 數量中有多少百分比是正常的工作 DUC 數量，而不僅僅是某種 DUC 積壓。

Yeah. Michael, DUCs are not something we manage to. They're just an outcome. And with the acquisition from XCL where they were running three rigs, obviously, the DUC count went up high. So you could say the capital efficiency in 2024 was lower than you normally have because of those DUCs. But that's not really what we manage to at all. And it depends on the size of the pads through the year. If you're doing more, say, 3-well pads in South Texas, then you'll have a lower DUC count.

是的。邁克爾，DUC 不是我們能做到的。它們只是一種結果。在收購 XCL 後，他們經營三座鑽機，顯然 DUC 數量大幅增加。因此，您可以說，由於這些 DUC，2024 年的資本效率低於正常水準。但事實上我們根本沒能做到。這取決於全年墊子的尺寸。如果你在南德克薩斯州建造更多 3 口井，那麼 DUC 數量就會更少。

If you're doing 8-well pads in Utah, you'll have a higher DUC count. So that's not really something to manage to, and it's not around just getting capital efficiency just what's efficient capitalized across the full program, not year in, year out.

如果您在猶他州建造 8 井平台，那麼您的 DUC 數量會更高。所以這其實不是一件需要管理的事情，而且這不僅關乎獲得資本效率，還關乎整個計劃的高效資本化，而不是年復一年。

If that makes sense?

如果這有意義的話？

Yeah, that makes sense. Very helpful.

是的，這很有道理。非常有幫助。

I wouldn't emphasize, I would not put any emphasis on DUC count.

我不會強調，我不會強調 DUC 數量。

All right. That's noted. I'd like to talk a little bit about capital allocation. A few moving pieces with the company, integrating you went the deal, changing activity levels. I'm just looking at your slide -- your slide here was the capital allocation, 35% to 40% split in the Midland, you went to 25% in South Texas.

好的。這一點已註意到。我想談一下資本配置問題。公司的一些變動，整合了您的交易，改變了活動水準。我只是看了你的幻燈片——這裡的幻燈片是資本配置，在米德蘭地區的比例是 35% 到 40%，在南德克薩斯州的比例是 25%。

So longer term, does this seem like the right capital allocation split and the 150 net turn-in-line cadence for the go-forward company? And would you expect to keep volumes around that 25% guidance level of 107,000 barrels a day?

那麼從長遠來看，這是否看起來像是適合前進公司的正確資本配置分割和 150 的淨轉向節奏？您預計產量將保持在 25% 的指導水準 107,000 桶/日左右嗎？

So Michael, we run multiple scenarios when we set up plan each year. And if oil prices are relatively strong or gas price strong we'll flex between the regions we like having that flexibility with more gassy in South Texas, more NGLs in South Texas and then Utah very oily. So we basically have those scenarios, and we line out a multiyear plan that maximizes free cash flow generation over multiple years, not just a single year. And that's really what drives ours.

邁克爾，我們每年制定計劃時都會運行多種方案。如果油價或天然氣價格相對堅挺，我們將在我們喜歡的地區之間靈活調整，南德克薩斯州的天然氣產量較多，南德克薩斯州的天然氣液體產量較多，而猶他州的油價則非常高。因此，我們基本上有這些情景，並且我們制定了一個多年計劃，以最大限度地提高多年（而不僅僅是一年）的自由現金流產生。這才是我們前進的真正動力。

The returns are very similar.

回報非常相似。

Yeah. Returns are similar between the three programs at current commodity prices.

是的。以目前商品價格計算，這三個項目的回報相似。

All right. That's helpful.

好的。這很有幫助。

Gregory Miller, Truist Securities.

格雷戈里·米勒（Gregory Miller），Truist Securities。

Okay. Thanks. This is Neal Dingmann. My first question, guys, is just on another one on Uinta, if I may, specifically. Just wondered, has -- you talked a bit about this already this morning on the release. I'm just wondering has the '25 plan program or your growth expectation changed at all based on the -- where you're seeing the current and expected status of that sell like refinery I'm not thinking so, but I just wanted to ask that. And then secondly, are you expecting differentials to remain about the same there?

好的。謝謝。這是 Neal Dingmann。夥計們，我的第一個問題是關於 Uinta 的另一個問題，如果可以的話，具體來說。只是想知道，您今天早上在發布會上已經談過這一點了。我只是想知道，根據您所看到的煉油廠銷售的現狀和預期，‘25 計劃方案或您的增長預期是否有所改變？其次，您是否預期那裡的差異會保持大致相同？

Okay. I'll start on that one, Neal. So yes, the -- we've got the customers in Salt Lake, the refiners, and they're going to have turnarounds at times that are planned and then things that were go bump in the night and they'll shut down, and that will obviously affect volumes, and we'll put stuff into storage. That just affects the sales timing to the degree we can. That's really the key point there. And then, Beth, do you want to add?

好的。我先從這個開始，尼爾。是的，我們在鹽湖城有客戶，有煉油廠，他們會在計劃的時間進行週轉，然後晚上出現意外，他們就會關閉，這顯然會影響產量，我們會把東西存起來。這只會在一定程度上影響銷售時機。這確實是關鍵點。然後，貝絲，你想補充什麼嗎？

Yes. There's really no changes in our 2025 plan as far as the activity is related to Utah and the crude takeaway from there.

是的。就與猶他州以及從那裡開採原油相關的活動而言，我們的 2025 年計劃實際上沒有變化。

Great, beth. And then maybe my second just on reserves, specifically noticing '24 net proved reserves went up nicely, obviously, given that Uinta addition I'm just wondering, when you look sort of go forward, can you just talk about maybe about what you're expecting for future, do Uinta you want to sort of hold based on what you're doing there? And as you're adding things? And then secondly, it looked like the Midland reserve decreased a little bit. Was that related performance revisions? Or what was driving that?

太好了，貝絲。然後也許我的第二個問題只是關於儲量，特別注意到 24 淨探明儲量顯然增長良好，考慮到 Uinta 的增加，我只是想知道，當您展望未來時，您能否談談您對未來的期望，根據您在那裡所做的事情，您是否希望保留 Uinta？當您添加東西時？其次，米德蘭的儲備似乎減少。這與績效修改有關嗎？或者是什麼導致了這現象？

So Neal, as it relates to the Midland assets, if you recall, we're slowing down activity a bit in the Permian. And so that will impact some of our PUDs falling out of that five-year window. And so that's the primary reason that you're seeing that difference. It doesn't take away from the stellar assets that we have. It's just following the activity level that we have there.

所以尼爾，就米德蘭資產而言，如果你還記得的話，我們在二疊紀的活動正在放緩。這將影響到我們一些超出五年期限的 PUD。這就是您看到這種差異的主要原因。它不會奪走我們擁有的優質資產。這只是遵循我們在那裡的活動水平。

And as far as Utah, I would think of it just like we think of all of our assets, we continue to optimize and understand those assets over time, and we'll have additions and infills as we would in any other year for all three of our core assets.

至於猶他州，我會像考慮我們所有的資產一樣考慮它，隨著時間的推移，我們會繼續優化和了解這些資產，並且我們會像其他任何一年一樣對我們的所有三項核心資產進行增加和填充。

Was that slowdown just driven by the Uinta by reallocation? Is that primarily...

這種放緩僅僅是由 Uinta 的重新分配造成的嗎？那主要是...

Exactly. Yes.

確切地。是的。

They're still great. They're just not within five years now.

他們仍然很棒。他們現在還沒有達到五年的目標。

We found the they convert from PUDs to technical PUDs. So all it means is you put them back in the plan five years and they come back.

我們發現他們從 PUD 轉換為技術 PUD。所以這意味著你把他們重新納入計畫五年後他們就會回來。

Great, great update. Thank you all

很棒，很棒的更新。謝謝大家

Tim Rezvan, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Tim Rezvan。

Good morning, folks. Thanks for taking my question. Herb I'll spare you on any more DUC questions, and I'll throw on away here. Look, repurchases obviously came down a lot in 2024. It makes sense with the big Uinta acquisition. It's been an interesting dynamic in the market where companies that are actively repurchasing really didn't see much outperformance in 2024.

大家早安。感謝您回答我的問題。 Herb，我不會再向您詢問任何 DUC 問題，我會在這裡繼續討論。你看，回購在 2024 年顯然下降了很多。市場上出現了一個有趣的動態，積極回購的公司在 2024 年實際上並沒有表現出太多的表現。

So just kind of curious what -- it looks -- you have a pretty clear path to get leverage back at that 0.7 times, 0.8 times range at the end of the year. How are you thinking about repurchases? And should we look at 2023 as like a kind of maybe a steady-state kind of cadence for you all.

所以只是有點好奇 ​​— — 看起來 — — 你有一條非常清晰的路徑來在年底將槓桿率恢復到 0.7 倍、0.8 倍的範圍內。您對於回購有什麼想法？我們是否應該將 2023 年視為你們所有人的一種穩定節奏。

A great one for Wade.

對韋德來說，這是一場偉大的勝利。

Yeah. That's a great question. And yes, no, I take all of your all of your comments there, and I agree with them. We are on a very clear path back to 1 times, and we're pretty disciplined about that. And just like we did in '22 get to 1 times or get close to 1 times. I say that all the time. It's not a hard and fast dark black line as we feel comfortable going through this year with macro and with execution and all those things, you could see a step in before then. But it's definitely our plan to prioritize free cash flow to get the balance sheet really, really strong. That's how we roll.

是的。這是一個很好的問題。是的，不，我接受你們所有的評論，並且我同意你們的所有評論。我們正走在一條回到 1 時代的清晰道路上，我們對此非常自律。就像我們在 22 年所做的那樣，達到 1 倍或接近 1 倍。我總是這麼說。這並不是一條固定的黑線，因為我們對今年的宏觀和執行以及所有這些事情感到很舒服，你可以在那之前看到一步步的進展。但我們的計劃肯定是優先考慮自由現金流，以使資產負債表變得真正強勁。我們就是這樣做的。

And and then prioritize return of capital once we're to that level. And your comment about would the cadence be similar, you could model something like that every quarter. It's different, and we look at things on a daily basis when we're in the market. But for modeling purposes, you could probably assume something similar.

一旦達到該水平，我們就會優先考慮資本回報。而您關於節奏是否相似的評論是，您可以每季模擬類似的情況。這是不同的，當我們進入市場時，我們每天都會觀察事物。但出於建模目的，您可能會假設類似的事情。

To 2023?

到 2023 年？

Yes.

是的。

Okay. That's helpful. And then my follow-up, I would -- just on the oil realizations in the fourth quarter were a little better than what we expected. It's hard to have a feel for kind of how Uinta is going to trend over time. As you look forward, Herb, you've sort of vaguely commented about initiatives you're looking to undertake to sort of tighten the Uinta oil diffs. Can you give any comments about sort of incremental initiatives you have or anything underway that maybe continue improving Utah oil rigs.

好的。這很有幫助。然後我要繼續問，第四季的石油實現情況比我們預期的要好一些。很難預測 Uinta 隨著時間的推移會如何發展。展望未來，Herb，您已經含糊地評論了您希望採取的措施，以加強 Uinta 油差。您能否就您所採取的漸進式舉措或正在進行的可能繼續改善猶他州石油鑽井平台的任何舉措發表一些評論？

Tim, I don't think it would be prudent for me to say what we do out in the market for improving our fits, but you can rest assured that we're working that heavily, and we think the opportunity set is wide. And we're -- it's not -- it just hasn't been around that long with rail volumes out in the market, and if we see opportunities to do better and better over time. We'll see how those play out, and you'll see it in our realizations over time.

提姆，我認為如果我說出我們在市場上為改善我們的配合度所做的事情，那是不太明智的，但你可以放心，我們正在努力工作，而且我們認為機會是廣泛的。而且我們 - 它不是 - 它只是在市場上存在了那麼長時間，我們看到了隨著時間的推移做得越來越好的機會。我們將看到這些將如何發揮作用，並且您將在我們隨著時間的推移而實現的目標中看到它。

Okay. Fair enough. Thank you.

好的。很公平。謝謝。

Scott Hanold, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Scott Hanold。

Thanks. First, Jennifer, congrats on the retirement. It was a good work in all these years and best of luck in your future.

謝謝。首先，詹妮弗，恭喜你退休。這些年來你的工作做得很好，祝你未來一切順利。

Thank you, Scott

謝謝你，斯科特

My first question is going to be just on some of the South Texas gas tier assets, it seems like you guys have more of a, I guess, to kind of focus on the oil properties right now.

我的第一個問題是關於南德克薩斯州的一些天然氣資產，我想你們現在似乎更關注石油資產。

I know the commodities are sort of moving in a different direction where I think just broadly speaking, it feels like more folks are more constructive on gas and less so on oil, but it seems like you're taking a different sort of angle. Is it more on the commodity view? Or is it just the fact that your oil properties still provide a better rate of return opportunity.

我知道大宗商品正在朝著不同的方向發展，我認為從廣義上講，似乎更多人對天然氣持更積極的態度，而對石油則不那麼積極，但似乎你採取了不同的角度。它更多的是從商品角度來看嗎？或者僅僅是因為您的石油資產仍然提供了更好的回報率機會。

Yeah. Scott, that's a great question. There's a lot of things on gas that you can look at. And if you just look at where strip sat every January 1, and then where they panned out, in the subsequent 12 months. It's quite a telling picture. And there was a lot of hype about gas being much higher currently. So we thought it's been prudent to just sit and not try and go after our gas assets.

是的。史考特，這個問題問得很好。您可以查看很多有關天然氣的資訊。如果你只看每年 1 月 1 日條帶的情況，以及它們在隨後 12 個月內的情況。這是一幅很有啟發性的圖片。目前，關於天然氣價格上漲的炒作很多。因此，我們認為明智的做法是袖手旁觀，不去試圖爭奪我們的天然氣資產。

If we saw the gas was priced at $4 when temperatures are over 50 degrees or summer temperatures are below 100, then we could start to think about it. But right now, the volatility in natural gas is high there's a lot of hope in the future? And why would we do that now in terms of development when there's that prospect of significantly greater power demand for everything you're hearing about AI and potential for LNG exports.

如果我們看到當氣溫超過 50 度或夏季氣溫低於 100 度時天然氣價格為 4 美元，那麼我們就可以開始考慮了。但目前天然氣的波動性很高，未來還有很大的希望嗎？那麼，既然你所聽到的有關人工智慧和液化天然氣出口潛力的一切都將帶來更大的電力需求，那麼我們為什麼要從開發的角度這樣做呢？

And there's still uncertainty on how those LNG markets grow with change in administration and what happens. So we have -- yes, and we have great returns, where we are, and there's just less volatility in it. So that's kind of the way we look at it. We think, yes, gas will be great, but do we need to rush into it? And our answer is no.

隨著政府的變動以及未來的發展，液化天然氣市場將如何發展，仍有不確定性。是的，我們的報酬率確實很高，而且波動性也較小。這就是我們看待這個問題的方式。我們認為，是的，天然氣將會很棒，但是我們需要急於求成嗎？我們的答案是「不」。

Okay. Understood. And when we take a look at the Permian opportunities and specifically, if we look at Klondike and the greater Sweetie Peck Woodford-Barnett opportunity, how do those returns? I know it's still early, but how do you think those returns will compare to sort of your legacy Permian activity?

好的。明白了。當我們研究二疊紀盆地的機會，特別是克朗代克盆地和更大的 Sweetie Peck Woodford-Barnett 機會時，這些回報如何？我知道現在還為時過早，但您認為這些回報與您傳統的二疊紀活動相比如何？

So that's a great one, Scott. I'm going to hand that over to Beth because she knows off the top of her head some of the recent well results that have been strong in those areas. So I'll just pass it over to Beth.

這真是太棒了，斯科特。我將把這個任務交給貝絲，因為她對這些領域最近取得的一些良好結果瞭如指掌。所以我將它交給貝絲。

Yeah. And I would say, as it relates to the well performance, we have very strong returns across all of our Permian assets, and that's why they're in our optimized plan, but just to talk specifically about Klondike, when you look at the results that we've had to date, one of our best Klondike producers, produced over 150 MBOE in the first six months.

是的。我想說，就油井表現而言，我們在所有二疊紀資產中都獲得了非常強勁的回報，這就是為什麼它們在我們的優化計劃中，但具體到克朗代克，當你看我們迄今為止的結果時，我們最好的克朗代克生產商之一，在前六個月生產了超過 150 MBOE。

So we've had really stellar results there in Klondike. We have a great geoscience and engineering team working on our geologic model. And as those well performance and results come in, it's just verifying that model. And so we'll continue our delineation program in Klondike with 6 more wells this year and has come on and then around the summer timeframe. So we're really encouraged with what we see there.

因此我們在克朗代克取得了非常出色的成績。我們擁有一支優秀的地球科學和工程團隊，致力於地質模型的研究。隨著這些良好的性能和結果的出現，它只是在驗證模型。因此，我們將繼續在克朗代克進行勘探計劃，今年將再鑽 6 口井，並將在夏季左右開始實施。我們對那裡所見的景象感到非常鼓舞。

And then Woodford-Barnett, we had a really good Woodford-Barnett.

然後是伍德福德-巴內特，我們有一個非常好的伍德福德-巴內特。

Yes. And Sweetie Peck, as far as the Woodford-Barnett, we had a well produced about 250 MBOE in the first eight months. So significantly outperforming our peers and definitely competitive for capital going forward.

是的。親愛的佩克，就伍德福德-巴內特而言，我們在前八個月就生產了一口油井，產量約為 250 MBOE。因此，我們的表現遠優於同行，並且在未來的資本方面絕對具有競爭力。

Okay. So it sounds like things are going well, but I guess I'm sensing it may be too early for you guys to put a stake in the ground and saying it's as good as your legacy stuff that you've done in the past? Is it just too early?

好的。聽起來事情進展得很順利，但我覺得現在就下定決心並說這和你們過去所做的遺留事情一樣好可能還為時過早？是不是太早了？

So on that one, I'd say on the Klondike side of things, we expect some variability and we're seeing that variability. And it's focusing in, okay, where are the best ones going to be? And where are the other ones going to be? It's going to be pad dependent. But I would say the deemed just because of the productivity, it's really competitive.

因此就這一點而言，我想說，就克朗代克方面而言，我們預計會出現一些變化，而我們也看到了這種變化。而且它的焦點在於，好吧，最好的會在哪裡？其餘的人去哪了？這將依賴墊片。但我想說，光從生產力來看，它的競爭力確實很強。

And then as long as you select the right locations for it, and then on the Woodford-Barnett, we're real pleased with that one, but it's -- we're 2 wells into it. We're drilling some more now. And then in South Texas, we did that Western extension, and we're pleased with the one well that's really strong. That's down there. And so we'll sort that one out also. So I'm seeing them as competitive. Very competitive.

只要您選擇了正確的位置，然後在伍德福德-巴內特，我們對此感到非常滿意，但是 - 我們已經鑽了 2 口井。我們現在正在進行更多的鑽探。然後在南德克薩斯州，我們進行了西部延伸，我們對那口非常強大的井感到非常滿意。就在下面。因此我們也會解決這個問題。因此我認為他們很有競爭力。競爭非常激烈。

Okay. Thank you.

好的。謝謝。

Gabe Daoud, Cowen.

加布·達烏德（Gabe Daoud），考恩。

Thanks for getting me back on. Jennifer, do want to say congrats to you as well. I hope you enjoy retirement. And then my follow-up guys.

謝謝你讓我回來。詹妮弗，我也想向你表示祝賀。我希望您享受退休生活。接下來是我的後續人員。

Thank you, Gabe

謝謝你，加布

Thanks, Jennifer. It's been a pleasure. Guys, just on the Midland reserves. I recognize the removal of PUDs related to the five-year window. But then the negative performance revisions, and then the additions related to infills, could you maybe just discuss a little bit what's going on there?

謝謝，珍妮佛。我很榮幸。夥計們，只在米德蘭保護區。我承認與五年窗口期相關的 PUD 已被取消。但是然後是負面的表現修改，然後是與填充相關的增加，您能否稍微討論一下那裡發生了什麼？

Yeah. I think I'll start that and then pass it to Beth, but I think those were quite minimal. The performance revisions that were there and not unique at all. But Beth, do you want to elaborate a little?

是的。我想我會開始做這件事，然後把它傳給貝絲，但我認為那些都相當簡單。存在效能修改，但這並不是獨一無二的。但是貝絲，你想詳細說明一下嗎？

I mean, I agree with that, Herb. And just as you look at our ads and infills over time, and I would say relative to other years, our ads and infills is in line with what we've seen in the past, just the same as the performance revision. So there -- the real change that you're talking about and you're seeing within our reserves number is associated with the PUDs going out of that five-year window.

我的意思是，我同意這一點，Herb。正如您隨著時間的推移查看我們的廣告和填充內容一樣，我想說相對於其他年份，我們的廣告和填充內容與我們過去看到的一致，就像效能修訂一樣。所以 — — 您所談論的真正的變化以及您在我們的儲備數字中看到的變化與 PUD 超出五年期限有關。

And really a gas price too.

這確實也是汽油價格的問題。

All right. Thanks, everyone.

好的。謝謝大家。

Pricing, too.

定價也是如此。

At this time, I'd like to turn the floor back over to Mr. Vogel for closing comments.

現在，我想把發言權交還給沃格爾先生，請他發表最後評論。

Okay. Well, thank you all for joining us, and we look forward to seeing a number of you at an upcoming event. And I'll also mark today is to thank Jennifer for a really great run at SM for the past many years. We've really enjoyed working with her.

好的。好吧，感謝大家的加入我們，我們期待在即將舉行的活動中見到你們。今天我還要感謝詹妮弗多年來在 SM 的出色工作。我們非常享受與她共事。

And I will say Scott Hanold beat me to the punch and then Gabe, but Jennifer has been a key part of our executive team here at SM, and we wish her a long, happy and fruitful retirement.

我想說斯科特·漢諾德 (Scott Hanold) 和加布 (Gabe) 搶先了一步，但詹妮弗一直是 SM 執行團隊的重要成員，我們祝愿她退休生活長久、快樂、富有成果。

Well, thank you very much, and I'll add that it's been 10 great years and a privilege to work with such smart and high-integrity people. And thank you to many of you on the call who have sent me such nice notes.

好吧，非常感謝，我想補充一下，這十年來我一直過得很愉快，能夠與如此聰明、正直的人一起工作是我的榮幸。我也感謝電話中給我發來如此友好的留言的許多人。

Thank you. Ladies and gentlemen, this concludes today's event. You may disconnect your lines and walk off the webcast at this time, and enjoy the rest of your day.

謝謝。女士們、先生們，今天的活動到此結束。現在您可以掛斷電話並退出網路直播，享受剩餘的一天。