SM Energy Co (SM) 2025 Q4 法說會逐字稿

Good morning, and welcome to the SM Energy's fourth quarter and full-year 2025 financial and operating results and 2026 outlook live session. (Operator Instructions) Please note today's event is being recorded.

早上好，歡迎參加SM能源公司2025年第四季及全年財務和營運業績以及2026年展望的現場會議。（操作說明）請注意，今天的活動正在錄製中。

I would now like to turn the call over to Pat Lytle, SM Energy's Senior Vice President, Finance. Please go ahead.

現在我將把電話交給SM能源公司高級副總裁兼財務主管帕特·萊特爾。請繼續。

Good morning, and welcome to today's call. I'm joined today by our President and CEO, Beth McDonald; and Executive Vice President and CFO, Wade Pursell. We're looking forward to sharing our latest results and our 2026 plan with you and answering your questions.

早上好，歡迎參加今天的電話會議。今天與我一同出席的有我們的總裁兼執行長貝絲·麥克唐納，以及執行副總裁兼財務長韋德·珀塞爾。我們期待與您分享我們最新的成果和2026年計劃，並回答您的問題。

Our discussion today includes forward-looking statements. Please see slide 2 of our earnings presentation, page 2 of the earnings release, page 3 of our 2026 outlook release, and the Risk Factors section of our most recent 10-K, which was filed earlier this morning for risks associated with these statements that could cause actual results to differ.

我們今天的討論包含前瞻性陳述。請參閱我們獲利簡報的第 2 頁、獲利報告的第 2 頁、2026 年展望報告的第 3 頁，以及我們今天稍早提交的最新 10-K 文件中的「風險因素」部分，以了解與這些聲明相關的風險，這些風險可能會導致實際結果出現差異。

We will also discuss non-GAAP measures and metrics. Definitions and reconciliations to the most directly comparable GAAP measures can be found in both the earnings release, outlook release, and slide deck.

我們也將討論非GAAP指標和衡量標準。收益報告、展望報告和幻燈片中均提供了定義以及與最直接可比較的 GAAP 指標的調整表。

Now I'll turn the call over to Beth. Beth?

現在我把電話交給貝絲。貝絲？

Thanks, Pat, and good morning, everyone. It's an exciting day as we provide our first release of the new SM Energy. 2025 was a pivotal year for our company, and it set the stage for 2026 in this transformational moment. We improved on every part of our investment thesis, including returns to stockholders, operational execution, financial strength, and increasing the scale and quality of our portfolio. With the full details in our posted materials, I will quickly hit some highlights from 2025.

謝謝你，帕特，大家早安。今天是個令人興奮的日子，我們正式發布全新SM Energy系列產品。 2025年對我們公司來說是至關重要的一年，它為2026年的變革奠定了基礎。我們對投資理念的各個方面都進行了改進，包括股東回報、營運執行、財務實力，以及提高投資組合的規模和品質。詳細內容已在公佈的資料中列出，我將簡要介紹 2025 年的一些重點。

We delivered record operating cash flow, adjusted EBITDAX, production, and oil volumes. Importantly, oil was 53% of the total. Our teams found new ways to rapidly apply best practices and increase operational efficiencies through longer laterals and development of deeper zones. We integrated our oil-weighted Uinta assets. Since late 2024, we have applied our proven technical capabilities to unlock greater value from this high-quality oil basin and its multiple stack pays.

我們實現了創紀錄的營運現金流量、調整後 EBITDAX、產量和石油產量。值得注意的是，石油佔總量的 53%。我們的團隊找到了新的方法，透過更長的水平巷道和更深區域的開發，快速應用最佳實踐並提高營運效率。我們整合了我們以石油為主的 Uinta 資產。自 2024 年底以來，我們運用我們成熟的技術能力，從這個優質油田及其多個油層中釋放出更大的價值。

We strengthened our financial position by reducing net debt by $437 million, ending the year at roughly 1 times leverage. As a result, we returned capital to stockholders distributing $104 million through dividends and share repurchases. Lastly, we expanded our scale and inventory across the top US basins through organic reserve growth and our announced merger with Civitas. Now let's turn to 2026.

我們透過減少淨債務 4.37 億美元來加強財務狀況，使年底槓桿率約為 1 倍。因此，我們向股東返還了資本，透過股利和股票回購分配了 1.04 億美元。最後，我們透過有機儲量成長和宣布與 Civitas 合併，擴大了我們在美國主要盆地的規模和庫存。現在讓我們展望2026年。

We have three strategic objectives that you will continue to hear throughout the year: integrate, execute, bolster. First, Integrate. We are focused on integrating Civitas and capturing $200 million to $300 million in synergies. To date, we have already actioned $185 million of our target, which is close to $1 billion in present value and just under 20% of our market cap. Total synergies could unlock up to $1.5 billion in present value or nearly 30% of our market cap.

我們有三個策略目標，您將在今年持續聽到這些目標：整合、執行、加強。首先，進行整合。我們正專注於整合 Civitas，並實現 2 億至 3 億美元的綜效。迄今為止，我們已經實現了目標金額的 1.85 億美元，這相當於近 10 億美元的現值，略低於我們市值的 20%。綜效總和可釋放高達 15 億美元的現值，相當於我們市值的近 30%。

Next, Execute. Our plan, maximize sustainable free cash flow. By investing in our high-return opportunities, we can continue to strengthen the balance sheet while accelerating the return of capital to stockholders. We will execute with a safety-first mindset and seek new ways to efficiently develop our assets to maximize free cash flow through disciplined capital allocation. We have reset and optimized our activity levels to accomplish this.

接下來，執行。我們的計劃是最大限度地提高可持續自由現金流。透過投資高回報機會，我們可以持續增強資產負債表，同時加快向股東返還資本。我們將秉持安全第一的理念，尋求新的方法來高效開發我們的資產，並透過嚴格的資本配置來最大限度地提高自由現金流。為了實現這一目標，我們調整並優化了我們的活動水平。

Here are the key takeaways from the 2026 outlook. Our plan was developed to maximize free cash flow in a $60 oil and $3.50 gas environment. Capital investments will total $2.65 billion to $2.85 billion with our high-margin Permian activities receiving about 45% of the total. Total expected CapEx is about 14% lower than pro forma 2025. With lower capital, we reset activity levels to 11 rigs, down 3 rigs from a pro forma average of 14.

以下是2026年展望的主要要點。我們的計畫旨在油價為每桶 60 美元、天然氣價格為每桶 3.50 美元的環境下，最大限度地提高自由現金流。資本投資總額將達到 26.5 億美元至 28.5 億美元，其中高利潤的二疊紀盆地業務將獲得約 45% 的總額。預計總資本支出比 2025 年的預測值低約 14%。由於資金減少，我們將作業活動水準調整為 11 台鑽機，比預計平均 14 台減少了 3 台。

We have prioritized value over volume. First quarter estimates reflect only two months of Civitas. Looking forward, volumes in the second half of the year are expected to range between 420,000 and 430,000 BOE per day at 55% oil, more indicative of our go-forward run rate. There are a few slides in the presentation that provide more detail and a reconciliation of production for your reference. Ultimately, our plan reflects greater capital efficiency to maximize free cash flow, strengthen the balance sheet, and accelerate return to capital.

我們優先考慮的是價值而非數量。第一季估算僅反映了 Civitas 兩個月的數據。展望未來，預計下半年產量將在每天 42 萬至 43 萬桶油當量之間，其中 55% 為原油，更能反映我們未來的生產速度。簡報中有幾張投影片提供了更多細節和生產核對，供您參考。最終，我們的計劃體現了更高的資本效率，以最大限度地提高自由現金流，增強資產負債表，並加快資本回報。

Lastly, our final objective is to Bolster. This relates to our balance sheet and our return of capital framework.

最後，我們的最終目標是加強。這與我們的資產負債表和資本回報框架有關。

I'll now turn the call over to Wade to cover this important catalyst for us. Wade?

現在我將把電話交給韋德，讓他來介紹這個對我們來說非常重要的催化劑。韋德？

Thanks, Beth. Good morning, everyone. So let's talk about Bolster now and how we'll strengthen an already strong capital structure. Starting with the balance sheet on slide 15. This reflects the impact of the Civitas merger. I believe the three categories for measuring balance sheet strength are, number one, liquidity; number two, maturities profile; and number three, total leverage multiple of annual EBITDAX.

謝謝你，貝絲。各位早安。所以我們現在來談談 Bolster，以及我們將如何加強已經很強大的資本結構。從第 15 頁的資產負債表開始。這反映了Civitas合併的影響。我認為衡量資產負債表實力的三個類別是：第一，流動性；第二，到期結構；第三，年度 EBITDAX 的總槓桿倍數。

So first, liquidity. As we announced in late January, in our secured bank facility, the borrowing base was increased to $5 billion, with lender commitments increased to $2.5 billion. The maturity date was extended to January 30, 2031. Therefore, we currently have nearly $3 billion of liquidity. In addition, last week, we announced the sale of a select natural gas weighted South Texas assets totaling $950 million, which we expect to close in the second quarter.

首先，流動性問題。正如我們在 1 月下旬宣布的那樣，在我們的擔保銀行融資安排中，借款基數增加到 50 億美元，貸款人承諾增加到 25 億美元。到期日延長至2031年1月30日。因此，我們目前擁有近30億美元的流動資金。此外，上週我們宣佈出售位於德州南部、以天然氣為主的精選資產，總價值 9.5 億美元，預計將於第二季完成交易。

The metrics behind this deal are very favorable to where SM stock trades today. This will further strengthen our significant liquidity position, which leads me to, number two, maturities. We anticipate using some of this liquidity to take out all of the 2026 bond maturities this year and the $417 million bond due in 2027 at some point as well. The remaining maturities are staggered nicely. We'll continue to delever with our free cash flow. We may also look to term out some of the earlier maturities should the bond market terms look compelling. I should also mention that we recently received credit upgrades by S&P and Fitch.

從各項指標來看，這筆交易對SM股票目前的交易價格非常有利。這將進一步增強我們強大的流動性，這也引出了我的第二點，即到期債務。我們預計將利用部分流動資金在今年償還所有 2026 年到期的債券，並在某個時候償還 2027 年到期的 4.17 億美元債券。剩餘到期日安排得很好，錯落有致。我們將繼續利用自由現金流降低槓桿。如果債券市場條款看起來很有吸引力，我們可能還會考慮延長一些較早到期的債券的期限。我還應該提到，我們最近獲得了標普和惠譽的信用評級上調。

Now number three, total leverage multiple. Our total pro forma leverage is in the mid-1s area. We are comfortable with this area given the liquidity and maturities profile just discussed. However, our goal is to drive it down into the low 1s area, further strengthening our position, which is a perfect segway to return of capital on slide 16. The increased scale and quality of our assets, combined with our strong balance sheet, give us confidence to increase the fixed dividend by 10% to $0.88 per share annually.

現在是第三點，總槓桿倍數。我們的總模擬槓桿率在 15% 左右。鑑於剛才討論的流動性和到期情況，我們對此領域感到滿意。然而，我們的目標是將其推低至 1 的低位，進一步鞏固我們的地位，這完美地引出了第 16 張幻燈片中的資本回報。我們資產規模和品質的提升，加上我們強勁的資產負債表，使我們有信心將固定股息提高 10%，至每股每年 0.88 美元。

Our base fixed dividend remains a core component and with this increase provides a current yield of just under 4%. Remaining free cash flow will be allocated between debt reduction and stock buybacks, enabling us to delever from increased post-merger debt levels while continuing to take advantage of the compelling value we see in our equity. Today, our plan is to allocate 80% of our quarterly free cash flow after dividends to debt reduction and 20% to stock repurchases. Looking forward, as we reduce debt, we would expect to increase our allocation to share buybacks.

我們的基本固定股息仍然是核心組成部分，此次成長使目前的收益率略低於 4%。剩餘的自由現金流將用於償還債務和回購股票，使我們能夠在繼續利用我們看到的股權的巨大價值的同時，降低合併後不斷增加的債務水平。目前，我們的計劃是將季度股息後的自由現金流的 80% 用於償還債務，20% 用於股票回購。展望未來，隨著我們減少債務，我們預計將增加股票回購的配置比例。

And on that note, I'll turn the call back to Beth for closing remarks. Beth?

最後，我將把電話轉回給貝絲，請她作總結發言。貝絲？

Thanks, Wade. As our results and plan demonstrate, we are relentlessly focused on maximizing free cash flow, reducing debt, and accelerating returns to stockholders. We have new flexibility in how we allocate capital across our expanded portfolio where our inventory now spans more than eight years. As such, we are able to prioritize value over volume. We look forward to reporting on our progress throughout the year.

謝謝你，韋德。正如我們的業績和計劃所表明的那樣，我們始終致力於最大限度地提高自由現金流、減少債務並加快股東回報。我們擴大了投資組合的資本分配方式，現在擁有了更大的靈活性，我們的庫存跨越了八年以上。因此，我們可以優先考慮價值而非數量。我們期待今年內向大家報告我們的進展。

Joe, this concludes our prepared remarks, and now we're ready to take questions.

喬，我們的演講稿到此結束，現在我們可以接受提問了。

(Operator Instructions)

（操作說明）

Brian Velie, Capital One Securities.

Brian Velie，Capital One Securities。

I thought I could maybe dive in here real quick. In terms of total production guidance for this year that you put out your initial numbers last night there, you pointed out in the release that a portion of the decline year-over-year is the result of the three-stream conversion to two-stream conversions. I wondered if you could talk through where those conversions are happening to help give us an idea of the magnitude of that piece of the impact. And then maybe after that, how we can think about modeling or anticipating price realizations that go with those NGL and gas streams on those assets?

我想我可以快速地深入其中。關於您昨晚公佈的今年總產量指導數據，您在新聞稿中指出，同比下降的一部分原因是三股生產線向兩股生產線的轉換。我想請您詳細介紹這些轉換發生在哪些地方，以便我們了解這部分影響的程度。然後，或許我們可以考慮如何對這些資產上的液化天然氣和天然氣流的價格實現情況進行建模或預測？

The plan is really focused on prioritizing value over volumes. We're maximizing free cash flow to bolster the balance sheet and enhance our return on capital framework. We have a lot of confidence in this plan, and we understand there's a lot of movement going on within the production itself.

該計劃的重點在於優先考慮價值而非數量。我們正在最大限度地提高自由現金流，以增強資產負債表並提高資本回報率。我們對這個計劃非常有信心，我們也了解到製作過程中有很多變動正在進行。

If you turn to slide 9, you can see a reconciliation for your reference. And when you normalize for all those moving items, the production change is not that different.

如果您翻到第 9 張投影片，您可以看到一份供您參考的核對錶。當你把所有這些變動因素都考慮進去之後，生產變化其實並沒有那麼大差別。

Let's speak specifically to the question that you had on the three-stream to two-stream conversion. If you look at it by basin, there's really no change for SM South Texas or Uinta Basin clearly. For the DJ, we would exit about 20% of DJ BOEs to be allocated to NGLs. So when you're modeling that, you can continue to use Civi historical gas and NGL realizations as estimates.

讓我們具體談談您提出的關於三流到兩流轉換的問題。如果按流域來看，南德克薩斯盆地或尤因塔盆地顯然沒有任何變化。對於 DJ 而言，我們將退出約 20% 的 DJ BOE，將其分配給 NGL。因此，在進行建模時，您可以繼續使用 Civi 歷史天然氣和 NGL 實作值作為估計值。

When you turn to the Permian, the value is really small. We really only expect about 5% of the BOE to be reported as NGLs going forward there. And you can use Civi's historical NGL realizations. And for Permian gas, you could use SM's realizations. So within that reconciliation, I think it's important that most of you guys kind of focus on the right-hand side of that slide, the second half '26 volumes, which are expected to be the 420 to 430 MBOE per day at 55% oil and that's really where we start to see our capital efficiency increase as we have our go-forward run rate.

到了二疊紀，價值就非常低了。我們預計未來只有大約 5% 的石油儲量會被報告為天然氣凝液。您可以使用 Civi 的歷史 NGL 實作資料。至於二疊紀天然氣，你可以使用SM的實現方式。因此，在進行上述調整時，我認為你們大多數人應該專注於幻燈片的右側，即 2026 年下半年的產量，預計日產量為 420 至 430 MBOE，其中 55% 為原油，而隨著我們未來的運行速度，我們的資本效率也將真正開始提高。

Yes, if you look at total capital, Brian, about 45% will be in the second half. So if you think about what that run rate looks like, I think it's going to look pretty capital efficient.

是的，布萊恩，如果你看總資本，大約 45% 將在下半年到達。所以，如果你仔細想想這個運行率會是什麼樣子，我認為它會顯得非常節約資金。

Okay. That's great. That's a good segue maybe to my follow-up, if I can. I did notice your 1Q CapEx, it's a little bit of a heavier spend versus a straight ratable through the year. I guess would it be fair to assume that a piece of that is just the pro forma 14-rig total that Beth mentioned in the prepared remarks there, that that's kind of your starting point and you -- in that presentation, you're shedding down to about 11 rigs by year-end.

好的。那太棒了。如果可以的話，這或許可以很好地引出我的後續問題。我注意到你們第一季的資本支出，與全年按比例分攤的支出相比，這筆支出要大一些。我想，可以這樣假設：其中一部分就是貝絲在準備好的發言稿中提到的14個鑽井平台的預估總數，這算是你們的起點，而你們——在那個演講中——到年底會將鑽井平台數量減少到大約11個。

So is that kind of what's driving that front half spending? Or is there anything else at play that I should maybe be thinking about?

所以，這就是推動上半年支出成長的原因嗎？或是有其他我應該考慮的因素嗎？

Yes, I'll start and then let Wade finish on that. First of all, we just love the strength of our combined portfolio. And this transaction really provides us some optionality and really, frankly, optimization beyond what either company could do individually. With that, we come into the year with 15 rigs. So we started with a high CapEx spend and then it will lower throughout the year to average out around 11%.

好的，我先開始，然後讓韋德完成。首先，我們非常喜歡我們合併後的投資組合的實力。這項交易確實為我們提供了更多選擇，坦白說，也帶來了兩家公司單獨行動都無法實現的優化。這樣一來，我們今年就有了15台鑽孔機。因此，我們一開始投入了較高的資本支出，然後這一比例將在一年內逐漸下降，平均約為 11%。

And so yes, there is that optimization of the program on the back half of the year. And we really look forward to our technical team, seeing them in action on this new portfolio and seeing that continued optimization on the back half of the year. Wade, do you want to add anything?

所以，是的，下半年會對專案進行最佳化。我們非常期待看到我們的技術團隊在這個新產品組合上大顯身手，並期待在下半年看到持續的最佳化。韋德，你還有什麼要補充的嗎？

No, that covered it well.

不，那樣就解釋清楚了。

Tim Rezvan, KeyBanc Capital Markets.

Tim Rezvan，KeyBanc 資本市場。

I want to follow up. Wade, we had we had a quick chat last night. You mentioned you're not going to have a formal debt or leverage target in place going forward. Our modeling, which is a work in process, shows a path to sub-$5 billion in 2027. And I know you highlighted the liquidity.

我想跟進一下。韋德，我們昨晚簡單聊了一下。您曾提到，未來不會設定正式的債務或槓桿目標。我們的模型（目前仍在完善中）顯示，到 2027 年，這一數字預計將低於 50 億美元。我知道你重點強調了流動性問題。

But we're also looking at the other side of things where we see -- we appreciate your honesty on that eight-year inventory life. So given that's maybe shorter than some peers or maybe where you want to be, how do you think about the appropriate leverage profile given you're not really where you want to be with inventory life? I'm just trying to kind of weigh those two topics?

但我們也看到了事情的另一面——我們很欣賞您對八年庫存壽命的坦率。鑑於庫存週轉天數可能比一些同行要短，或者可能比你想要達到的水平要低，考慮到你的庫存週轉天數還沒有達到你想要的水平，你認為合適的槓桿水平應該如何設定？我只是想權衡一下這兩個主題？

Yes. That's a great question, Tim. By the way, we love our inventory. But on the leverage side, I mentioned we're in the mid-1s area, which is not -- we're very comfortable in that area. I said that in my remarks, and I'll say it again, especially given all of our liquidity and the maturities profile and the fact that that's being calculated at an oil price that we believe is mid-cycle or below. I think that's really important.

是的。提姆，你問得好。順便說一句，我們很喜歡我們的庫存。但就槓桿方面而言，我提到我們目前處於 1 倍中段的水平，這並不算什麼——我們對這個水平非常滿意。我在演講中說過這一點，我還要再說一遍，尤其考慮到我們所有的流動性、到期日結構，以及這是在我們認為處於週期中期或更低的油價下計算出來的。我認為這非常重要。

Our desire is to get leverage into that low 1s area. I'll just call it that without getting too precise. And as we move down into that low 1s area, when I say that, 1.2, 1.3, then assuming the liquidity position is similar to what it is, assuming the maturity profile is manageable, assuming that's at a reasonable commodity price assumptions, then you'll see us increase that stock buyback percentage.

我們的目標是獲得1s低位區域的槓桿。我就這麼稱呼它吧，不做太多精確的解釋。當我們降至 1 的低位區域時，例如我說的 1.2、1.3，假設流動性狀況與現在類似，假設到期結構可控，假設商品價格合理，那麼你會看到我們提高股票回購比例。

Yeah. And then I'll just -- Tim, I'll just hit on the inventory real quick since you brought it up. The inventory was run at $60 and $3. So that's quite different than last year where we had it at $70 and $3.25. And our inventory really is 3P high-confidence locations rather than sticks on a map or acreage math.

是的。然後我就——提姆，既然你提到了庫存，我就快速地看一下。盤點價格分別為 60 美元和 3 美元。所以這和去年的情況大不相同，去年我們的價格是 70 美元和 3.25 美元。而且我們的庫存實際上是基於第三方高置信度位置的庫存，而不是地圖上的標點符號或面積計算。

And so we're very confident in these high-quality, low breakeven inventory that we have on here. It's resulting in longer laterals and greater capital efficiency.

因此，我們對目前在售的這些高品質、低損益平衡點的庫存非常有信心。這將帶來更長的橫向管道和更高的資本效率。

Okay. I appreciate the context. And then as a follow-up, this is sort of a related theme, Beth. That the Permian assets you're acquiring from Civitas, on the Midland, you've operated there obviously many years. Civitas had commented in the past, about really focusing on the Wolfcamp A and B for their inventory.

好的。我感謝您提供的背景資訊。然後，作為後續討論，這其實也算是個相關的主題，貝絲。你們從 Civitas 收購的二疊紀盆地資產，位於米德蘭地區，你們顯然已經在那裡經營了好幾年。Civitas 過去曾表示，他們的庫存將主要集中在 Wolfcamp A 和 B 上。

They didn't talk about the Jo Mill, the CRD or even the deeper intervals. So I know it's early days, but that's probably the easiest asset to sort of integrate given your skill level there. Can you talk about what's sort of baked into that eight-year number? Are you using those same assumptions that Civitas had? Or maybe broadly speaking, do you anticipate organic additions as you do more work on the Civitas Midland assets?

他們沒有談到喬米爾、CRD，甚至沒有談到更深的區間。我知道現在還為時過早，但考慮到你的技能水平，這可能是最容易整合的資源了。能談談這八年這個數字背後蘊含哪些因素嗎？你們是否採用了與 Civitas 相同的假設？或者更廣泛地說，隨著您對 Civitas Midland 資產的進一步開發，您是否預期會有自然成長？

Yes, good question, Tim. The first thing I would say is that we love the strength and position of our portfolio, especially as it relates to the Midland Basin and our technical team is jumping right in and combining with the prior team from Civitas which we now just call those people our teammates at SM Energy.

是的，提姆，問得好。首先我想說的是，我們非常滿意我們投資組合的實力和地位，尤其是在米德蘭盆地方面。我們的技術團隊正在迅速投入工作，並與先前來自 Civitas 的團隊融合，我們現在稱他們為 SM Energy 的隊友。

But we're very happy with what we've done so far. We're four weeks in, but we'll continue to use are high-quality, multivariate analysis, our geomechanical modeling that we have going on in the Southern Midland Basin as we optimize that stacked pay development. And we'll continue to see those optimizations in the back half of this year and into '27. So is the work done? No.

但我們對目前為止所取得的成就非常滿意。雖然已經過去了四周，但我們將繼續使用我們在南部米德蘭盆地進行的高品質多元分析和地質力學建模，以優化疊置油藏的開發。在今年下半年以及 2027 年，我們將繼續看到這些優化措施。工作完成了嗎？不。

We have a lot of work to do, but we have the best people and the best processes, along with the best technical data to get us there.

我們還有很多工作要做，但我們擁有最優秀的人才、最好的流程以及最好的技術數據，足以讓我們實現目標。

Phu Pham, ROTH Capital Partners.

Phu Pham，ROTH Capital Partners。

So my first question is going to be like can you please walk us through the capital cadence of the 2026 and also the production cadence. I knew that you said it's going to be front half weighted and also the production is going to be around 420,000 to 430,000 BOE per day in the second half of the year. But I just -- what I'm thinking right now is like is the first quarter's capital is going to be the highest of the year and also the production will be peaked in second quarter of '26?

所以我的第一個問題是，您能否為我們介紹一下 2026 年的資本節奏和生產節奏。我知道你說過產量將主要集中在上半年，而且下半年的日產量將在 42 萬至 43 萬桶油當量左右。但我現在的想法是，第一季的資本投入將是全年最高的，而產量將在 2026 年第二季達到高峰？

Yeah. So I'll start on that. And again, we're prioritizing value over volume in our plan to maximize free cash flow. And we understand that the first quarter and even into the second quarter, have some variables and things changing in there, which we've highlighted on slide 9. One of the things that's really important to take into account is the legacy Civitas assets. Those were front loaded on their CapEx side, and we -- from September into kind of January of this year, there was a significant decline on those assets, about 14%.

是的。那我就從這裡開始吧。再次強調，我們的計劃優先考慮價值而非數量，以最大限度地提高自由現金流。我們了解到，第一季甚至第二季都存在一些變數和變化，我們在第 9 張投影片中重點介紹了這些變化。需要考慮的重要因素之一是 Civitas 的歷史資產。這些資產在資本支出方面投入較大，從去年 9 月到今年 1 月，這些資產大幅下降了約 14%。

And so we have inherited that and pulled it into our program. And so that's a result also of the underlying decline that you're not seeing in this reconciliation. So that's one piece that's not shown on the slide here. But I think the important piece is as you move past this and you look at the second half of the year, that second half '26 run rate is clean. We have 45% of our capital in the second half of the year, and it's a 55% oil mix.

因此，我們繼承了這一理念，並將其融入我們的項目中。所以，這也是你在這次和解中看不到的潛在衰退的結果。所以，這是投影片上沒有顯示的其中一部分。但我認為重要的是，當你回顧上半年，展望下半年時，你會發現 2026 年下半年的跑動率是完全正常的。我們45%的資金投入下半年，其中55%是石油投資。

And so that's really where you should focus where there's less changes going on in the front two quarters.

所以，你應該要專注在前兩個季度變化較小的部分。

And it's built to where it rolls right into 2027 at that level.

而且它的設計目標是保持這一水平直至 2027 年。

That's very helpful. So maybe my second question would just about the cash tax. Do you -- I don't expect to pay any cash tax for 2026?

那很有幫助。所以我的第二個問題可能跟現金稅有關。你——我預計2026年不需要繳任何現金稅？

Yes, pretty minimal this year. I'm pleased to report, and that's just due to the benefit of IDCs, some of the benefits from the Big Beautiful Bill. Even with the divestiture and the gain on that, we're not -- we're projecting minimal cash taxes this year.

是的，今年數量非常少。我很高興地報告，這完全歸功於IDC帶來的好處，以及《宏偉法案》帶來的一些好處。即使扣除資產剝離和由此獲得的收益，我們預計今年的現金稅額也將降至最低。

Oliver Huang, Tudor Pickering & Holt.

Oliver Huang、Tudor Pickering & Holt。

For my first question, just when you're thinking about the Permian program that you all have laid out for this year, any sort of color you can provide around the composition of the program, just how much of that activity is expected to come out of the Delaware? And then when we're looking at the Midland, any sort of split on your traditional oilier RockStar area versus the southern part of the basin where assets carry a higher GOR mix?

我的第一個問題是，當你們考慮今年制定的二疊紀盆地勘探計畫時，能否介紹一下該計畫的組成，預計有多少活動將來自德拉瓦州？那麼，當我們觀察米德蘭盆地時，傳統上油氣含量較高的 RockStar 區域與盆地南部油氣資產油氣比更高的區域之間是否存在某種劃分？

Yes. So let me just dive in. We -- just like I just told Tim, we really love our strength in inventory position, especially as it relates to the Permian Basin. We think this is a cornerstone asset for us, and we'll continue to optimize it over time.

是的。那麼，讓我直接進入正題吧。就像我剛才告訴提姆的那樣，我們非常看好我們在庫存方面的優勢，尤其是在二疊紀盆地。我們認為這是我們的核心資產，我們將隨著時間的推移不斷優化它。

When you look at the program having most allocation going to the Permian because it has great returns and great margins. The composition of that program is about 1/3 Delaware, 2/3 Midland Basin. And then within the Midland Basin, we're still optimizing on kind of the allocation between the overall program. And we'll continue to do that and increase our returns and capital efficiency late through this year and into '27.

當你查看該計劃時，你會發現大部分資金都投向了二疊紀盆地，因為那裡的回報率和利潤率都很高。該計劃的組成大約為：1/3 特拉華州，2/3 米德蘭盆地。然後，在米德蘭盆地，我們仍在優化整個計畫的分配。我們將繼續這樣做，並在今年稍後以及 2027 年提高我們的回報和資本效率。

Okay. That's helpful color. And maybe just for a follow-up question. I know you all mentioned earlier that back half of the year run rate seems like a good starting point to carry forward. Just given all the moving pieces for A&D, the conversion to two-stream on certain volumes, any sort of color on where maintenance CapEx for you all sits on a pro forma basis at that run rate?

好的。這是個很有幫助的顏色。或許我還有一個後續問題。我知道你們之前都提到過，下半年的勝率似乎是個可以沿用下去的好開始。考慮到航空航太與國防領域各種不確定因素，以及某些業務量向雙流生產的轉變，你們能否就目前的運行速度，按預測計算，維護性資本支出在你們的預算範圍內的情況提供一些信息？

Well, I think looking into 2027, and we -- look, we haven't gone to the detailed level that we will do eventually. But if you're assuming a CapEx in the area of this year's CapEx or slightly less, you're going to be -- you're definitely going to be in the ballpark.

嗯，我認為展望 2027 年，我們——你看，我們還沒有達到最終會達到的詳細程度。但如果你假設資本支出與今年的資本支出大致相同或略少，那麼你的估計肯定會非常接近實際情況。

Okay. Perfect. And just to clarify, when you say this year's CapEx, is that assuming 12 months for both Civi and SM or what you all have kind of rolled out for the 11 months of Civi and 12 months of SM?

好的。完美的。另外，為了澄清一下，您說的今年的資本支出是指民用和SM項目都持續12個月，還是指你們目前公佈的民用項目11個月、SM項目12個月的計劃？

I'm assuming the guided number there when I say that.

我這麼說的時候，指的是那裡的引導數字。

That's one-time cost.

這是一次性費用。

(Operator Instructions)

（操作說明）

Michael Scialla, Stephens.

Michael Scialla，史蒂芬斯。

I wanted to ask -- when I look at slide 4 and compare the percent production from each of your four core areas with the CapEx going into each on slide 8. They look I guess, somewhat similar? I know production is an output, not really something you're targeting. But I guess, as you look at those, do you anticipate production growing in any area? Is it may be growing in the Uinta and declining in the DJ and Permian a bit?

我想問一下——當我查看第 4 張投影片，並將你​​們四個核心領域的產出百分比與第 8 張投影片中每個領域的資本支出進行比較時。它們看起來好像有點相似？我知道產量是一種產出，而不是你真正追求的目標。但我想，當你審視這些情況時，你預期哪些領域的產量會成長？它在尤因塔組地層中可能正在增長，而在丹佛-朱爾斯堡組和二疊紀組地層中則略有下降嗎？

Or anything we can deduce from how much you're spending versus what you anticipate the production profile to be for each of those areas?

或者，我們能否從您的支出金額與您預期在每個領域的生產情況之間推斷出什麼？

Yes. Thanks, Mike. I'll just start and then I'll let Wade add any color to what I'm saying. If you look on slide 4, those are really the 2025 production volumes, and where that stands kind of on a pro forma basis? And then as we roll into 2026, just like you said, we're prioritizing value over volume specifically.

是的。謝謝你，麥克。我先開始，然後讓韋德來補充我的話。如果你看第 4 張投影片，那些實際上是 2025 年的產量，以及它在預測基礎上所處的階段？然後，正如你所說，隨著我們邁入 2026 年，我們將優先考慮價值而不是數量。

When we looked at the capital allocation across all of the basins, we're really focused on maximizing free cash flow. That's why on slide 8 in the bottom right, you see the capital allocation by basin. And I think that really addresses most of where the production is as well as kind of the split there in the Permian of 1/3 to Delaware and 2/3 to the Midland Basin. Do you want to add anything?

當我們審視所有盆地的資本配置時，我們真正關注的是最大限度地提高自由現金流。所以，在第 8 張投影片的右下角，您可以看到按流域劃分的資本分配情況。我認為這確實解釋了大部分的產量分佈情況，以及二疊紀盆地產量分配的情況，即 1/3 的產量分配給特拉華州，2/3 的產量分配給米德蘭盆地。您還有什麼要補充的嗎？

No, that's good. I mean it's -- as you know, Mike, it's that we built the plan with a desire for sustaining free cash flow through the years here with efficient operations in the areas. So that's all I would add.

不，那很好。我的意思是——正如你所知，麥克，我們制定這項計劃的目的是為了在這些地區透過高效運營，在未來幾年內維持自由現金流。這就是我要補充的全部。

Okay. I guess I was just trying to think of, is one area of sort of looked at as more of a free cash flow generator or cash cow, while you're trying to grow any of the areas. It looks like Uinta maybe has some ability to grow? Is that a fair assumption?

好的。我當時想的是，在努力發展其他領域的時候，有沒有哪個領域會被視為自由現金流的來源或搖錢樹呢？看來尤因塔可能具有一定的生長能力？這種假設合理嗎？

I'd say, when you look at the combined portfolio, we've known that Uinta and South Texas, both are growth areas for us. We have multi-stack pay there with great returns. And I think as we look at the combined portfolio and the strengthened position that we have in the Permian Basin, we'll continue to evaluate that with our technical teams to see how we can continue to grow that area because it has such great returns and great margins as well.

我認為，從整體投資組合來看，我們早就知道尤因塔和德州南部都是我們的成長區域。我們那裡有多層的薪酬體系，回報豐厚。我認為，當我們審視合併後的投資組合以及我們在二疊紀盆地日益增強的地位時，我們將繼續與我們的技術團隊一起評估，看看我們如何繼續發展該地區，因為它具有如此巨大的回報和利潤率。

Appreciate that. I wanted to ask about the decision to increase the dividend. Your stocks lagged over the past year, and it's one of the cheapest in the sector on the EBITDA multiple. Just your thoughts around that decision? Was there pressure from investors, you feel like you need to increase the dividend to be competitive with the rest of the group. I just wanted to get some more color on that.

謝謝。我想詢問一下提高股利的決定。過去一年，你的股票表現落後，但以 EBITDA 倍數計算，它是該行業中最便宜的股票之一。你對這個決定有什麼想法？投資人是否施壓，讓你覺得需要提高股利才能與其他集團公司保持競爭力？我只是想給它增添一些色彩。

Yes, I would say it was not due to pressure from investors. I would say it was more due to our confidence in the combined company going forward, strengthen the balance sheet, quality of the assets, visibility. We set that fixed dividend back in late 2022 at a level that we feel comfortable with, but we expressed the desire as things develop and the company grows to increase it over time modestly. And I think this is the third time we've done that now. So it was really nothing more than that.

是的，我認為這並非由於投資者的壓力。我認為這更多是由於我們對合併後公司未來發展的信心，以及對資產負債表的增強、資產品質的提高和前景的看好。我們在 2022 年底將固定股息設定在我們認為合適的水平，但我們也表示，隨著公司的發展和壯大，我們希望隨著時間的推移適度提高股息。我想這已經是我們第三次這樣做了。所以事情其實就是這麼簡單。

It was just to express our confidence in the company going forward.

這只是為了表達我們對公司未來發展的信心。

Kevin MacCurdy, Pickering Energy Partners.

Kevin MacCurdy，Pickering Energy Partners。

It looks like the biggest difference between maybe the combined companies last year and your pro forma plan is in the DJ. And so maybe you can talk about what you saw in the DJ and what Civitas was doing and how you wanted to approach that plan differently this year in 2026?

看起來去年合併後的公司和你的預測計畫之間最大的差異可能在於 DJ。那麼，您能否談談您在 DJ 身上看到了什麼，以及 Civitas 正在做的事情，還有您希望在 2026 年如何以不同的方式實施該計劃？

We really like the DJ program that we have. Let's start there that it's great returns, and it's very capitally efficient when you're looking at new wells going forward. One of the things that's slowing down enables us to do is strengthen our position as far as optionality and flexibility to where we go within the basin in order to maximize free cash flow and optimize really the plan and what the returns are coming out of there.

我們非常喜歡我們現在使用的DJ程式。首先，它的回報非常可觀，而且從長遠來看，在開發新油井時，它的資本效率非常高。成長放緩使我們能夠加強自身地位，增強我們在盆地內的選擇權和靈活性，從而最大限度地提高自由現金流，真正優化計劃以及由此帶來的回報。

And so slowing down a little bit gives us the ability to take time since our technical teams haven't worked that. And so we're basically integrating with the broader Civitas technical team. Looking at the broader portfolio, slowing down a little bit, allows us to optimize and strengthen our position there.

因此，放慢速度讓我們有時間慢慢來，因為我們的技術團隊還沒有著手處理這個問題。因此，我們基本上是在與更廣泛的 Civitas 技術團隊進行整合。從更廣泛的投資組合來看，稍微放慢速度，可以讓我們優化和加強我們在該領域的佈局。

Great. And as a follow-up, and I apologize if this is already addressed on the call, but the -- if I look at Slide 19, it appears that you're turning in line more wells than you're drilling in 2026. And I just want to kind of confirm that this is like -- are you drawing down DUCs in 2026? And if so, is that happening in the first part of the year versus the second part of the year? And is that kind of -- I assume that's not sustainable in 2027.

偉大的。作為後續問題，如果這個問題已經在電話會議中討論過了，我深表歉意，但是——如果我看一下第 19 張幻燈片，似乎你們在 2026 年投產的油井數量比鑽探的油井數量還要多。我只是想確認一下，這是指——你們會在 2026 年減少 DUC 嗎？如果屬實，這種情況發生在年初還是年末？而這種模式——我猜想這在 2027 年是不可持續的。

But maybe if you can just kind of address that and unpack that a little bit?

但或許您可以稍微談談這個問題，並解釋一下？

Yes, I'll just start that. Again, our capital allocation and our plan was really built on maximizing free cash flow. And as a result, we have the options to basically slow down and do that. Our DUC count really is related to the timing of our active development. We don't manage to that.

好的，我這就開始。再次強調，我們的資本配置和計畫實際上是建立在最大化自由現金流的基礎上的。因此，我們有了放慢腳步去做這件事的選擇。我們的DUC數量確實與我們積極開發的時間有關。我們做不到這一點。

We have a level and a balance that just really depends on the pad size, how many rigs we're running, and the activity levels that we're carrying. So the DUC count is really just an artifact or an output of that planned activity slowdown, right? So we remain focused on capital efficiency. And basically, going in there with the fleet right after the rigs are finished in order to build a plan and deliver results that are maximizing free cash flow.

我們有一個水平和一個平衡，這實際上取決於墊子的大小、我們運行的設備數量以及我們攜帶的活動水平。所以，DUC 計數實際上只是計劃活動放緩的一個產物或輸出，對吧？因此，我們將繼續專注於提高資本效率。基本上，鑽井平台完工後，船隊會立即進入該區域，制定計劃並取得能夠最大限度提高自由現金流的成果。

There are no further questions at this time. I'd like to hand the call back to Beth McDonald for closing remarks.

目前沒有其他問題了。我謹將電話交還給貝絲·麥克唐納，請她作總結發言。

Thanks, Joe. Thank you all for your time today and your questions. As we close, I want to reiterate our three strategic priorities of integrate, execute, and bolster. First, integrate. The Civitas integration is progressing well, and we are really pleased and proud with the strong performance of our team.

謝謝你，喬。感謝各位今天抽出時間並提出問題。最後，我想重申我們的三大策略重點：整合、執行、加強。首先，進行整合。Civitas 的整合進展順利，我們對團隊的出色表現感到非常高興和自豪。

We've already actioned $185 million of our $200 million to $300 million target which represents under $1 billion of present value or nearly 20% of our market cap. For execute, we're focused on execution across our scaled strengthened portfolio to maximize free cash flow and deliver differential stockholder value. And bolster, we recently announced our $950 million divestiture that will strengthen our balance sheet and accelerate return of capital to stockholders under our new return of capital program.

我們已經完成了 2 億至 3 億美元目標中的 1.85 億美元，這相當於不到 10 億美元的現值，或我們市值的近 20%。在執行方面，我們專注於在我們規模化、強化後的投資組合中執行，以最大限度地提高自由現金流並為股東創造差異化價值。此外，我們最近宣布了一項 9.5 億美元的資產剝離計劃，這將增強我們的資產負債表，並根據我們新的資本回報計劃加快向股東返還資本。

We look forward to seeing many of you guys in the coming weeks. Have a great day.

我們期待在接下來的幾週見到你們中的許多人。祝你有美好的一天。

Thank you. This concludes today's conference. You may disconnect your lines at this time, and enjoy the rest of your day.

謝謝。今天的會議到此結束。現在您可以斷開線路，享受一天剩下的時光了。