Summit Midstream Partners LP (SMLP) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Summit Midstream Partners Third Quarter 2023 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加中游合作夥伴高峰會 2023 年第三季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to turn the conference over to your host, Randall Burton. Please go ahead.

現在我想將會議交給主持人蘭德爾伯頓。請繼續。

Thanks, operator, and good morning, everyone. If you don't already have a copy of our earnings release, please visit our website at www.summitmidstream.com, where you'll find it on the homepage, Events and Presentations section or Quarterly Results section. With me today to discuss our third quarter of 2023 financial and operating results is Heath Deneke, our President, Chief Executive Officer and Chairman; Bill Mault, our Chief Financial Officer, along with other members of our senior management team.

謝謝接線員，大家早安。如果您還沒有我們的收益發布副本，請訪問我們的網站 www.summitmidstream.com，您可以在主頁、活動和演示部分或季度業績部分找到它。今天與我一起討論我們 2023 年第三季財務和營運業績的是我們的總裁、執行長兼董事長 Heath Deneke；我們的財務長 Bill Mault 以及我們高階管理團隊的其他成員。

Before we start, I'd like to remind you that our discussion today may contain forward-looking statements. These statements may include, but are not limited to, our estimates of future volumes, operating expenses and capital expenditures. They may also include statements concerning anticipated cash flow, liquidity, business strategy and other plans and objectives for future operations.

在開始之前，我想提醒您，我們今天的討論可能包含前瞻性陳述。這些報表可能包括但不限於我們對未來銷售、營運費用和資本支出的估計。它們還可能包括有關預期現金流、流動性、業務策略以及未來營運的其他計劃和目標的聲明。

Although we believe that these expectations reflected in such forward-looking statements are reasonable, we can provide no assurance that such expectations will prove to be correct. Please see our 2022 annual report on Form 10-K, which was filed with the SEC on March 1, 2023, as well as our other SEC filings for a listing of factors that could cause actual results to differ materially from expected results.

儘管我們認為此類前瞻性聲明中反映的這些預期是合理的，但我們不能保證此類預期將被證明是正確的。請參閱我們於 2023 年 3 月 1 日向 SEC 提交的 10-K 表格 2022 年年度報告，以及我們向 SEC 提交的其他文件，以了解可能導致實際結果與預期結果有重大差異的因素清單。

Please also note that on this call, we use the terms EBITDA, adjusted EBITDA, distributable cash flow and free cash flow. These are non-GAAP financial measures, and we have provided reconciliations to the most directly comparable GAAP measures in our most recent earnings release. And with that, I'll turn the call over to Heath.

另請注意，在本次電話會議中，我們使用術語 EBITDA、調整後 EBITDA、可分配現金流量和自由現金流量。這些是非公認會計原則財務指標，我們在最近的收益發布中提供了與最直接可比較的公認會計原則指標的調節表。然後，我會將電話轉給 Heath。

All right. Thanks, Randall, and good morning, everyone. So today, I'll start by discussing our third quarter financial and operating results, and then I'll briefly touch on the strategic alternatives review that we launched in October. So as we previously mentioned, we did have a slower-than-expected start in the first half of the year. That was primarily driven by a timing shift in well connects that were originally slated to come online during the second quarter. I would now regain that momentum in the third quarter with about 74 new wells turned in line behind our systems, which, of course, drove significant volume and adjusted EBITDA growth of roughly 20% quarter-over-quarter.

好的。謝謝蘭德爾，大家早安。因此，今天，我將首先討論我們第三季的財務和營運業績，然後我將簡要介紹我們在 10 月啟動的策略替代方案審查。正如我們之前提到的，我們上半年的開局確實慢於預期。這主要是由於原定於第二季上線的良好連接的時間變化所致。現在，我將在第三季度重新獲得這種勢頭，大約 74 口新井在我們的系統後面投入運行，這當然帶動了巨大的產量，調整後的 EBITDA 環比增長約 20%。

We're pleased to report today that our third quarter adjusted EBITDA of equal to about $72.8 million, which was above the midpoint of our original guidance range. And certainly demonstrates that we're back on track to achieve $300 million of LTM EBITDA -- adjusted EBITDA during the first half of next year. Drilling down a bit more on our segment results in the Northeast, we connected 22 new wells during the quarter, behind our wholly owned SMU system and 8 behind our OGC joint venture. This also resulted in quarter-over-quarter segment adjusted EBITDA growth of over 35%.

今天我們很高興地報告，第三季調整後 EBITDA 約為 7,280 萬美元，高於我們最初指引範圍的中點。這無疑表明我們已回到正軌，將在明年上半年實現 3 億美元的 LTM EBITDA（調整後 EBITDA）。進一步深入了解我們在東北部的部門業績，我們在本季度連接了 22 口新井，分別位於我們全資擁有的 SMU 系統後面和我們 OGC 合資企業後面的 8 口。這也導致部門調整後 EBITDA 較上季成長超過 35%。

Since the end of the third quarter, we have connected an additional 11 wells, which we expect will continue to drive volume and EBITDA growth behind our SMU system throughout the fourth quarter and into next year.

自第三季末以來，我們又連接了 11 口井，我們預計這將在整個第四季和明年繼續推動 SMU 系統的銷售和 EBITDA 成長。

Despite the timing delays that we had in the first half of the year in the segment, our activity levels are now -- have fully caught up with 76 wells connected year-to-date. And we're also pleased to announce, as we did this morning, that we had -- we kicked off a multiphase project centralized compression project that will provide low-pressure service on parts of our SMU system. The first phase of the project will be in service during the first quarter of 2024 and will result in incremental compression fee on about $20 million a day of existing production.

儘管今年上半年我們在該領域出現了時間延遲，但我們的活動水平現在已經完全趕上了今年迄今為止已連接的 76 口井。我們也很高興地宣布，正如我們今天早上所做的那樣，我們啟動了一個多階段項目集中壓縮項目，該項目將為我們的 SMU 系統部分提供低壓服務。該專案的第一階段將於 2024 年第一季投入使用，現有產量將每天增加約 2,000 萬美元的壓縮費用。

And we anticipate installing additional phases of the centralized compression project over the next couple of years, which, again, will add additional revenues behind that system, and we believe will have a positive impact on overall production levels. The combined project will take advantage of latent compression units from our Mountaineer system in West Virginia, which significantly mitigates our out-of-pocket capital cost on the project.

我們預計在未來幾年內安裝集中壓縮專案的額外階段，這將再次增加該系統背後的額外收入，我們相信將對整體生產水準產生積極影響。合併後的專案將利用我們位於西維吉尼亞州 Mountaineer 系統的潛在壓縮裝置，這將顯著降低我們在該專案上的自付費用。

Moving to the Rockies segment, we connected 37 wells behind the system during the quarter, including 6 in the DJ and 31 in the Williston, which drove about 20% volume growth on the liquid system and nearly 50% adjusted EBITDA growth. Full year-to-date well connects in the Rockies to 114 wells and by the way, we're still expecting additional 50 wells or so to be connected during the fourth quarter.

轉向落基山脈部分，本季度我們在系統後面連接了37 口井，其中6 口在DJ，31 口在威利斯頓，這推動了液體系統約20% 的產量增長和近50% 的調整後EBITDA 成長。今年迄今為止，落基山脈已連接 114 口井，順便說一句，我們仍預計第四季度將連接約 50 口井。

We continue to focus on integration of the DJ Basin acquisition that we made last year and expect to have the majority of the capital projects complete by the end of the year. These projects will meaningfully enhance our operating margins in 2024 and beyond as we integrate the systems. A few other key highlights in the Rockies. We recently executed a 15-year contract extension with a key customer in the Williston Basin, which includes over 30,000 largely undeveloped acreage behind our existing system in Southern Williams County. We expect this customer to begin a one-rig development program in mid-2024.

我們繼續專注於去年收購的 DJ Basin 的整合，預計大部分資本項目將在年底前完成。隨著我們整合系統，這些項目將在 2024 年及以後有意義地提高我們的營運利潤。落基山脈的其他一些主要亮點。我們最近與威利斯頓盆地的一家重要客戶簽訂了為期 15 年的合約延期，其中包括我們位於南威廉斯縣現有系統後面的 30,000 多塊未開發的土地。我們預計該客戶將於 2024 年中期開始一項單鑽機開發計畫。

And additionally, we had 2 of our major customers in the Williston segment -- merged during the third quarter. And while this combination might create some dampened near-term development activity, relative to status quo. We're really very excited about the pro forma combination.

此外，我們在威利斯頓部門有兩個主要客戶 - 在第三季度合併。儘管相對於現狀而言，這種組合可能會抑制近期的開發活動。我們對備考組合感到非常興奮。

The contiguous acreage position here will certainly create and enable our anchor customer here to develop more 3-mile laterals versus 2-mile laterals that they've been able to do historically. So overall, we think it's going to be a very positive development for the segment.

這裡的連續面積位置肯定會創造並使我們的主要客戶能夠開發更多的 3 英里支線，而不是他們過去能夠做到的 2 英里支線。總的來說，我們認為這對該領域來說將是一個非常積極的發展。

Quickly in the Barnett, our anchor customer connected 6 wells during the quarter, which are performing very well. It's a bit early to talk too much about 2024, but we will tell you that, that customer has also communicated plans to complete 15 to 20 wells in the first half of 2024, which would lead to some really nice volume growth behind the Barnett system next year.

很快，我們的主要客戶在巴尼特地區在本季度連接了 6 口井，表現非常好。現在談論 2024 年還為時過早，但我們會告訴您，該客戶還傳達了在 2024 年上半年完成 15 至 20 口井的計劃，這將導致 Barnett 系統背後的一些非常好的產量增長明年。

Additionally, as we previously announced, one of our customers had elected to shut in production, about [20 million] a day of production, really just anticipating much higher gas prices in the future than what we've experienced thus far in the year. We're hopeful that, that production will also come back online soon as we see prices continue to strengthen.

此外，正如我們之前宣布的那樣，我們的一個客戶選擇關閉生產，每天大約生產 [2000 萬]，實際上只是預計未來的天然氣價格將比我們今年迄今為止經歷的價格高得多。我們希望，隨著價格繼續走強，生產也能盡快恢復。

So look, with the 224 wells that we connected through the third quarter and at least 75 new wells that are expected to turn online by year-end, we continue to expect fourth quarter adjusted EBITDA to range from $75 million to $85 million. Looking further ahead, we're very pleased with the cadence of customer activity. As we said, we have about 220 wells that are slated to turn in line between now and the first half of next year. And we believe this level of activity demonstrates that the momentum in the business will continue next year. It really gets -- keeps us on track to achieve again the $300 million of LTM adjusted EBITDA sometime during the first half of next year.

因此，考慮到我們在第三季已連接的 224 口井以及預計到年底將至少上線的 75 口新井，我們繼續預計第四季度調整後 EBITDA 將在 7500 萬美元至 8500 萬美元之間。展望未來，我們對客戶活動的節奏感到非常滿意。正如我們所說，我們有大約 220 口井預計從現在到明年上半年將投入使用。我們相信，這種活動水平表明明年業務動能將持續下去。它確實讓我們預計在明年上半年的某個時候再次實現 3 億美元的 LTM 調整後 EBITDA。

So before handing the call over to Bill, I also wanted to touch on the strategic alternatives review we announced in early October. We're pleased with the level of interest that we've received from multiple parties that involve various transactions ranging from specific asset sales to sell the whole partnership. Board I felt it was prudent to engage external advisers to help evaluate these alternatives, obviously, with a goal of maximizing our -- the value of our units for our unitholders.

因此，在將電話轉交給比爾之前，我還想談談我們在 10 月初宣布的策略替代方案審查。我們對多方的興趣程度感到滿意，這些興趣涉及從特定資產銷售到出售整個合作夥伴關係等各種交易。董事會認為，聘請外部顧問來幫助評估這些替代方案是明智的，顯然，其目標是最大化我們的單位對單位持有人的價值。

These alternatives include, but are not limited to, continuation of -- continued execution of the business plan that we're under now, sale of certain assets, we're refinancing parts or the entirety of the capital structure, sale of the partnership by merger or cash or really any combination of these and other alternatives are definitely in play.

這些替代方案包括但不限於繼續執行我們現在正在進行的業務計劃、出售某些資產、我們正在為部分或全部資本結構進行再融資、出售合夥企業合併或現金或實際上這些和其他替代方案的任何組合肯定會發揮作用。

There's no deadline or definitive timetable set for completing the strategic alternatives review, but we are committed to provide further updates on the process as appropriate. I'd like to remind everyone while the Board conducts its review. The company remains focused on its operational performance and execution of this existing business plan.

沒有為完成策略替代方案審查設定最後期限或明確的時間表，但我們致力於酌情提供有關流程的進一步更新。我想在董事會進行審查時提醒大家。該公司仍然專注於其營運績效和現有業務計劃的執行。

So with that, let me turn the call over to Bill to give more details on segment results and expectations.

因此，讓我將電話轉給比爾，以提供有關部門業績和預期的更多詳細資訊。

Thanks, Heath, and good morning, everyone. In the Northeast, which is inclusive of our SMU system, proportionate share of our Ohio Gathering joint venture and our Marcellus system -- the segment averaged 1,622 million cubic feet per day during the quarter, inclusive of 870 million cubic feet a day of [8] OGC volumes. Segment adjusted EBITDA totaled $27.8 million, an increase of $7.6 million, representing 37% growth relative to the second quarter. This was primarily due to an increase in volumes. We connected 22 new wells during the quarter, including 14 new wells behind our wholly owned SMU system and 8 new wells behind our OGC joint venture.

謝謝希斯，大家早安。在東北部，其中包括我們的 SMU 系統、我們的 Ohio Gathering 合資企業和我們的 Marcellus 系統的按比例份額 - 該部分在本季度平均每天 16.22 億立方英尺，其中包括每天 8.7 億立方英尺 [8 ] OGC卷。部門調整後 EBITDA 總計 2,780 萬美元，增加 760 萬美元，較第二季成長 37%。這主要是由於數量的增加。本季我們連接了 22 口新井，其中包括我們全資 SMU 系統後面的 14 口新井和 OGC 合資企業後面的 8 口新井。

Subsequent to quarter end, we've connected an additional 11 wells behind the system and there's currently 2 rigs running with approximately 14 DUCs. The Rockies segment, which is inclusive of our DJ and Williston Basin systems generated adjusted EBITDA of $25 million, an increase of $8.2 million from the second quarter of 2023, primarily due to increased volumes, higher fresh water sales and an increase in commodity prices positively impacting our POP contracts.

季度末後，我們在系統後面連接了 11 口井，目前有 2 個鑽機正在運行，大約有 14 個 DUC。落基山脈部分包括我們的 DJ 和威利斯頓盆地系統，調整後 EBITDA 為 2500 萬美元，比 2023 年第二季度增加 820 萬美元，主要是由於銷售增加、淡水銷售增加以及商品價格上漲影響我們的POP 合約。

In the DJ, natural gas volume throughput averaged 117 million cubic feet per day, representing an 18% increase relative to the second quarter, which is primarily a result of 13 wells connected during the first quarter of the year, starting to reach peak production. We expect the 38 wells connected during the second quarter to reach peak production during the fourth quarter, which we would expect to continue to result in volume growth through the end of the year and into 2024.

DJ地區天然氣吞吐量平均為1.17億立方英尺/天，較第二季增加18%，主要是由於今年第一季有13口井併網，開始達到生產高峰。我們預計第二季連接的 38 口井將在第四季度達到產量峰值，我們預計這將在年底和 2024 年繼續導致產量成長。

In the Williston, liquids volume throughput averaged 83,000 barrels per day during the quarter, a second -- 17% increase relative to the second quarter as a result of 31 new wells coming online during the quarter.

在威利斯頓，本季液體吞吐量平均為每天 83,000 桶，較第二季成長 17%，原因是本季有 31 口新井上線。

We continue to expect over 50 new wells to be connected behind the systems in the fourth quarter, mostly in the DJ, which will lead to continued volume growth in the first half of 2024. There are currently 3 rigs running and more than 115 DUCs behind the systems.

我們仍然預計第四季度將有超過 50 口新井在系統後面連接，主要是在 DJ，這將導致 2024 年上半年產量持續增長。目前有 3 座鑽井平台正在運行，後面有超過 115 個 DUC系統。

The Permian segment, which includes our 70% interest in the Double E pipeline reported adjusted EBITDA of $5.8 million an increase of $0.5 million relative to the second quarter. And just as a reminder, the contracts on Double E will ramp again in November, which will bring total contracted volume to 985 million cubic feet per day.

二疊紀盆地部分（包括我們在 Double E 管道中持有 70% 的權益）報告調整後 EBITDA 為 580 萬美元，較第二季增加了 50 萬美元。提醒一下，Double E 的合約量將於 11 月再次增加，這將使總合約量達到每天 9.85 億立方英尺。

Volume throughput on Double E averaged 327 million cubic feet per day representing an increase of 34% relative to the second quarter. We remain confident in the fundamental long-term outlook for the Double E pipeline with 102 rigs running in Eddy and Lea Counties, New Mexico, several recent plan expansions announced in the region and the recent and expected trajectory of our anchor customers production in the basin.

Double E 的平均吞吐量為每天 3.27 億立方英尺，較第二季成長 34%。我們對 Double E 管道的基本長期前景仍然充滿信心，該管道在新墨西哥州埃迪縣和利縣運行 102 個鑽井平台，該地區最近宣布的幾項擴建計劃以及該盆地主要客戶生產的近期和預期軌跡。

The Piceance segment reported adjusted EBITDA of $15.3 million an increase of $0.9 million relative to the second quarter. Volumes averaged 313 million cubic feet per day, an increase of 5.4% relative to the second quarter, primarily due to volume from 12 wells that were turned in line during the quarter. Subsequent to quarter end, 8 additional wells have been connected behind the system, and we expect another 13 to be connected by the end of the year, all of which are currently DUCs.

Piceance 部門報告調整後 EBITDA 為 1,530 萬美元，較第二季增加 90 萬美元。平均日產量為 3.13 億立方英尺，較第二季成長 5.4%，這主要是由於本季 12 口井的產量增加所致。季度末後，系統後方已連接了另外 8 口井，我們預計到年底將再連接 13 口井，目前所有井都是 DUC。

The Barnett segment reported adjusted EBITDA of $6.1 million, a decrease of $1.2 million relative to the second quarter primarily due to $1.8 million of other revenue recognized in the second quarter. Our customer continues to keep approximately 20 million a day of production shut-in due to low natural gas prices, and we estimate that those shut-ins negatively impacted adjusted EBITDA by approximately $1.3 million. Our anchor customer connected 6 wells in September, which will result in volume growth in the fourth quarter.

Barnett 部門報告調整後 EBITDA 為 610 萬美元，較第二季減少 120 萬美元，主要是由於第二季確認的其他收入為 180 萬美元。由於天然氣價格較低，我們的客戶每天繼續保持約 2,000 萬台的生產停產，我們估計這些停產對調整後 EBITDA 產生了約 130 萬美元的負面影響。我們的主要客戶在9月份連接了6口井，這將導致第四季度的銷售成長。

In addition, this anchor customer has communicated initial plans for 15 to 20 well connections in the first half of 2024. There is currently 1 rig running and 21 DUCs behind the system today.

此外，該主力客戶已傳達了 2024 年上半年連接 15 至 20 口井的初步計劃。目前系統背後有 1 台鑽機正在運行，21 台 DUC。

Quickly on the partnership. SMLP reported third quarter net income of $3.9 million and adjusted EBITDA of $72.8 million Capital expenditures of approximately $18 million for the quarter, in line with expectations and included approximately $3 million of maintenance CapEx. The majority of the CapEx spend during the quarter was in the Rockies and associated with pad connection costs and DJ Basin integration projects and in the Northeast related to the centralized compression project Heath mentioned earlier.

快速建立夥伴關係。 SMLP 報告第三季淨利潤為 390 萬美元，調整後 EBITDA 為 7,280 萬美元。本季資本支出約為 1,800 萬美元，符合預期，其中包括約 300 萬美元的維護資本支出。本季的大部分資本支出位於落基山脈，與焊盤連接成本和 DJ Basin 整合項目相關，而東北地區則與希思之前提到的集中壓縮項目相關。

With respect to SMLP's balance sheet, we had net debt of approximately $1.32 billion. Total liquidity at the end of the third quarter totaled approximately $118 million, which included approximately $4 million of letters of credit. As a result of the growth in adjusted EBITDA, total leverage has decreased approximately 0.3 turns quarter-over-quarter, and we continue to expect to see significant delevering over the next several quarters as we trend towards $300 million of LTM adjusted EBITDA in the first half of 2024. And with that, I'll turn the call back over to Heath for closing remarks.

就 SMLP 的資產負債表而言，我們的淨債務約為 13.2 億美元。第三季末的流動資金總額約為1.18億美元，其中包括約400萬美元的信用狀。由於調整後 EBITDA 的成長，總槓桿率環比下降了約 0.3 倍，我們繼續預計未來幾季將大幅去槓桿化，因為我們第一季的 LTM 調整後 EBITDA 預計將達到 3 億美元2024 年一半。之後，我會將電話轉回Heath 進行結束語。

Thank you, Bill. So just to recap. I mean, we remain very excited about the activity levels behind the system and the resulting volume and EBITDA growth. The third quarter represents a very strong quarter for the business, and we expect to continue to build on that momentum in the fourth quarter and as we head into 2024.

謝謝你，比爾。所以只是回顧一下。我的意思是，我們對系統背後的活動水平以及由此產生的數量和 EBITDA 增長仍然感到非常興奮。第三季度是業務非常強勁的季度，我們預計在第四季度以及進入 2024 年時將繼續保持這一勢頭。

We look forward to closing the year strong and certainly, we'll provide further updates regarding our strategic alternatives review as they continue to develop. So with that, thanks for the time and continued support. And operator, let's open the call up for questions.

我們期待以強勁的勢頭結束這一年，當然，隨著戰略替代方案審查的不斷發展，我們將提供有關它們的進一步更新。因此，感謝您的時間和持續的支持。接線員，讓我們開始提問。

(Operator Instructions) Our first question comes from the line of Gregg Brody with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的格雷格·布羅迪（Gregg Brody）的線路。

Thanks for the [confidential] update. I just have a couple. So as you think about the strategic review, I appreciate there's a limit to what you can say. But just sort of 2 questions there that you might be able to answer without giving too much away. Is there any limitation on asset sales we need to think about with respect to taxes, that's something that may limit selling the company in pieces or anything that we should consider?

感謝您的[機密]更新。我只有一對。因此，當您考慮策略審查時，我知道您能說的話是有限的。但有兩個問題你也許可以回答，而不需要透露太多資訊。我們需要考慮稅務方面的資產出售是否有任何限制，這可能會限制分批出售公司或我們應該考慮的任何事情？

And then the second question is just before you announced the strategic review, buying assets seem to be the strategy that you're focused on? I guess, I'd like to say what's changed there that doesn't seem to be part of the priority. And those are my questions.

那麼第二個問題是，就在您宣布策略評估之前，購買資產似乎是您關注的策略？我想，我想說的是那裡發生的變化似乎不是優先事項的一部分。這些都是我的問題。

Got it. Yes. Thanks, Gregg. Look, as far as limit of asset sales, given what particular tax situation that might bring about -- I mean it's certainly something we'll kind of take into consideration. But I think the assets that we're evaluating and the inbounds that we're evaluating, we don't think it's going to be prohibitive from us being able to monetize if we get the right value -- as far as what's changed, I really don't think anything has changed. I think, obviously, we're opportunistic in the DJ. We bought those assets for around 5x. And as you can see, recently announced, I think you can see that some other assets in that area have traded at probably higher multiples than that.

知道了。是的。謝謝，格雷格。看，就資產出售的限製而言，考慮到可能帶來的特定稅收情況——我的意思是，我們肯定會考慮這一點。但我認為，我們正在評估的資產和我們正在評估的入境，如果我們獲得正確的價值，我們認為這不會阻礙我們貨幣化——就發生的變化而言，我認為真的不認為有什麼改變。我認為，顯然，我們在 DJ 方面是投機取巧的。我們以大約 5 倍的價格購買了這些資產。正如您所看到的，最近宣布的，我認為您可以看到該領域的一些其他資產的交易價格可能比這更高。

So I think we just found a really good buy opportunity to have a lot of good synergies with our existing operations that led us to kind of closing on that acquisition last year. I think as we look ahead, obviously, this year, with the strategic alternative review is what really prompted this was, as we discussed some inbound activity as well as just not being overly pleased with where our stock price has been trading.

因此，我認為我們剛剛找到了一個非常好的購買機會，可以與我們現有的業務產生許多良好的協同效應，這使我們去年完成了這項收購。我認為，當我們展望未來時，顯然，今年的策略替代審查才是真正促成這一點的原因，因為我們討論了一些入境活動，並且對我們的股價一直在交易的地方不太滿意。

So I don't think it's a shift in strategy. I think we're being responsive to some folks that recognize there's some really high-quality assets in the portfolio that, frankly, the market value is probably in excess of our enterprise trading multiple now. That's what's prompting us taking a hard look at that. And likewise, for indications on maybe buying the whole partnership, that's something that we're just evaluating relative to status quo and some of the asset sale case.

所以我不認為這是戰略上的轉變。我認為我們正在對一些人做出回應，他們認識到投資組合中有一些真正優質的資產，坦白說，其市場價值可能超過我們現在的企業交易倍數。這就是促使我們認真審視這一點的原因。同樣，對於可能購買整個合作關係的跡象，我們只是相對於現狀和一些資產出售案例進行評估。

So I think that's about really all I can say on it. But again, I think -- it's not that -- we still think that there's a lot of good opportunities to tuck-in assets in and around the footprint. I think that's part of what we like about this position here over time. Hopefully, we'll be able to find some additional assets that might make sense over time to tuck in.

所以我想這就是我能說的全部了。但我再次認為——事實並非如此——我們仍然認為有很多很好的機會將資產塞進足跡內和周圍。我認為，隨著時間的推移，這就是我們喜歡這個職位的部分原因。希望我們能夠找到一些隨著時間的推移可能有意義的額外資產。

Yes. And Gregg, the only thing I'd add on the acquisition front, as I mentioned in my prepared remarks, we're seeing kind of quarter of that kind of run rate to $300 million, which resulted in 0.3 turns total leverage delevering, just rolling on old quarter off and bringing in a good, solid a $73 million quarter this quarter. So as you think about the business, we're really going to accelerate delevering here over the next several quarters. And I think that will also better position us not only for broader refinancing potentially next year as well as looking at some of these additional highly synergistic bolt-ons. But at the moment, we have been focused integrating that DJ Basin acquisition, having that done by the end of the year here so that we can really push kind of some of the commercial synergies we mentioned when we acquired those assets.

是的。 Gregg，我在收購方面唯一要補充的一點，正如我在準備好的發言中提到的，我們看到這種運行率有四分之一達到3 億美元，這導致總槓桿去槓桿化了0.3倍，只是延續舊季度的業績，本季帶來了 7,300 萬美元的良好收入。因此，當你考慮業務時，我們確實將在接下來的幾季加速去槓桿化。我認為這也將使我們更好地定位，不僅可以為明年可能進行的更廣泛的再融資做好準備，還可以考慮其中一些額外的高度協同的附加項目。但目前，我們一直專注於整合 DJ Basin 的收購，並在今年年底前完成，這樣我們就可以真正推動我們在收購這些資產時提到的一些商業協同效應。

And I'll throw 1 more in here just related to the business. So clearly, as you pointed out, the ramp is happening just a little delayed this year. What's the sense you're getting on your customer appetites for next year and you alluded to some of this on a call, considering where the commodity prices come to now, in particular, gas prices, which have come back quite a bit. And obviously, oil where there seems to be more upside risk out there can downside.

我會在這裡再增加 1 個與業務相關的內容。很明顯，正如您所指出的，今年的成長只是稍微推遲了一點。考慮到目前大宗商品價格，特別是天然氣價格，您對明年的客戶需求有什麼感覺，您在電話中提到了其中的一些內容，天然氣價格已經回升了很多。顯然，似乎有更多上行風險的石油也可能出現下行風險。

Yes. I think -- look, I mean, as we said, I mean, we have a good line of sight on the rest of the year and the first half of next year. And I think we've got a little over 220 wells that are scheduled to be turned online during that time period. So I think we continue to see -- at least what we have in front of us is very much a continuation of what kind of the cadence that we've experienced to date in 2023. Second half of the year, I kind of generally agree with you. I think, the good thing, on the gas side, as we said, in the Barnett, our anchor customer there is committed -- 15 to 20 wells first half of next year that's in spite of kind of where the gas prices are now, and they've shown the resiliency to kind of drill and like commodity prices and same thing up in the Utica.

是的。我認為，我的意思是，正如我們所說，我的意思是，我們對今年剩餘時間和明年上半年有良好的展望。我認為我們有超過 220 口井計劃在這段時間內上線。所以我認為我們會繼續看到——至少我們面前的情況在很大程度上是我們在 2023 年迄今為止所經歷的節奏的延續。下半年，我基本上同意與你。我認為，在天然氣方面，正如我們所說，在巴尼特，我們的主要客戶承諾在明年上半年開採 15 至 20 口井，儘管現在的天然氣價格是這樣的，他們已經表現出了對某種鑽探和大宗商品價格以及尤蒂卡的上漲的彈性。

I think the wells are still economic, and I think we're -- you're not seeing overall production growth necessarily out of Utica, but just given our footprint and the amount of inventory relative to other systems, we're just getting a little bit more activity than we have been in the past. So I mean so far, I'd say we continue to expect there to be some strong momentum as we kind of cover into 2024.

我認為這些油井仍然是經濟的，而且我認為我們——你不會看到尤蒂卡的整體產量增長，但考慮到我們的足跡和相對於其他系統的庫存量，我們只是得到了比我們過去的活動多一點。所以我的意思是，到目前為止，我們仍然期望在進入 2024 年時會出現一些強勁的勢頭。

Yes. And Gregg, just breaking down the 220, right? If we've got 75 wells that we expect here in the fourth quarter, and then you kind of blend that remaining $145 million. You're talking about kind of about 70 to 75 wells a quarter throughout the first half. And certainly early to kind of make a call on second half, and we'll certainly do that during our normal kind of guidance cadence when we release our 10-K in February. But I think that just gives you a sense that we've been kind of trending in that 75-ish 70, 75 wells a quarter type of range.

是的。 Gregg，剛剛分解了 220，對吧？如果我們預計第四季會有 75 口井，那麼你就可以混合剩餘的 1.45 億美元。您所說的是整個上半年每季大約有 70 到 75 口井。當然，在下半年做出決定還為時過早，當我們在 2 月發布 10-K 時，我們肯定會按照正常的指導節奏這樣做。但我認為這只是讓你感覺到我們一直在 75 口左右、70 口、75 口井四分之一類型的範圍內發展。

That concludes today's Q&A session. Thank you for participating on today's call. This concludes today's conference. You may now disconnect.

今天的問答環節到此結束。感謝您參加今天的電話會議。今天的會議到此結束。您現在可以斷開連線。