Sitio Royalties Corp (STR) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for attending today's Sitio royalties first quarter 2025 earnings call. (Operator Instructions)

女士們、先生們，感謝各位參加今天 Sitio 2025 年第一季特許權使用費收益電話會議。（操作說明）

I would now like to pass a conference over to our host, Alyssa Stephens, Vice President of Investor Relations. Please go ahead.

現在，我將把會議交給我們的主持人，投資者關係副總裁艾莉莎史蒂芬斯。請繼續。

Thanks, operator. Good morning and welcome to our first quarter 2025 conference call. By now it is our hope that you've been through our materials. You can find our recent news release and some supplemental slides on our website under the Investor Relations section.

謝謝接線生。早上好，歡迎參加我們2025年第一季電話會議。我們希望您現在已經仔細閱讀了我們的資料。您可以在我們網站的「投資者關係」欄位下找到我們最近的新聞稿和一些補充投影片。

I'm joined this morning by our CEO Chris Conoscenti, and our CFO, Carrie Osicka. After our brief prepared remarks, Chris, Carrie, and other members of our leadership team will be available to take your questions. Before we start, I would like to remind you that our discussion today may contain forward-looking statements and non-GAAP measures.

今天早上和我一起的有我們的執行長克里斯·科諾森蒂和財務長凱莉·奧西卡。在我們簡短的演講結束後，克里斯、凱莉和我們領導團隊的其他成員將回答大家的問題。在開始之前，我想提醒各位，我們今天的討論可能包含前瞻性陳述和非GAAP指標。

Please refer to our earnings release, investor presentation, and publicly filed documents for additional information regarding such forward-looking statements and non-GAAP measures. I will now turn the call over to Carrie to review our first quarter results. Thanks.

有關此類前瞻性陳述和非GAAP指標的更多信息，請參閱我們的盈利報告、投資者演示文稿和公開提交的文件。現在我將把電話交給凱莉，讓她來回顧我們第一季的表現。謝謝。

Alyssa, and welcome everyone. First, I'll touch briefly on the new reporting format we rolled out this quarter. On April 15, we issued our inaugural quarterly preview featuring key operational and financial metrics are available shortly after quarter end prior to availability of full financials, metrics such as production, net wealth turned in line, net line of site wells, acquisition activity, and share buyback activity.

艾莉莎，歡迎大家。首先，我將簡要介紹我們本季推出的新報告格式。4 月 15 日，我們發布了首份季度預覽報告，其中重點介紹了關鍵的營運和財務指標。這些指標在季度結束後不久即可獲得，早於完整的財務數據。這些指標包括產量、淨財富週轉量、淨井數、收購活動和股票回購活動。

Our aim is to accelerate the market's access to this data and enhance visibility to our results each quarter. Moving now to our results, the first quarter of 2025 marked another record quarter of production for Sitio, supported by robust drilling and completion activity across our properties. Net wells turned in line were up 34% from 4Q to 2024, with the majority of the increase coming from the Delaware Basin.

我們的目標是加快市場獲取這些數據的速度，並提高我們每季業績的透明度。現在來看我們的業績，2025 年第一季度，Sitio 的產量再次創下歷史新高，這得益於我們旗下所有油田強勁的鑽井和完井活動。到 2024 年，淨投產井數量比第四季增加了 34%，其中大部分成長來自德拉瓦盆地。

In addition, we closed on over $20 million of acquisitions that added 1,350 net royalty acres. Total production was up 3% quarter over quarter, averaging over 42,000 BOE per day. Adjusted EBITDA was $142 million which was 1% higher than the prior quarter and reflected strong production as well as expenses in line with or better than the midpoint of our full year guidance ranges. Net income of $26 million was up 36% over the same time period.

此外，我們也完成了超過 2,000 萬美元的收購，新增了 1,350 英畝淨特許權使用費土地。總產量較上季成長 3%，平均每天超過 42,000 桶油當量。調整後 EBITDA 為 1.42 億美元，比上一季成長 1%，反映出強勁的生產以及支出達到或優於我們全年指引範圍的中點。淨收入為 2,600 萬美元，比同期成長 36%。

From production down to net income, our first quarter results beat consensus estimates. Based on these results, our board declared a first quarter cash dividend of $0.35 per share payable on May 30, and during the first quarter, we repurchased 1.1 million shares for $22 million equating to $0.15 per share in repurchases. In total, this represents a return of capital of $0.50 per share for the first quarter.

從產量到淨利潤，我們第一季的業績都超出市場預期。根據這些結果，我們的董事會宣布第一季現金股利為每股 0.35 美元，將於 5 月 30 日支付。在第一季度，我們回購了 110 萬股股票，共 2,200 萬美元，相當於每股回購價 0.15 美元。總計而言，這代表第一季每股返還資本額0.50美元。

Effective May 7, our board extended our buyback plan and authorized an additional $300 million of share repurchases. Through May 2, in the second quarter, we bought back approximately 487,000 additional shares for $8 million bringing current remaining buyback capacity to approximately $350 million. Turning now to the balance sheet, we had $1.1 billion of debt outstanding with $439 million of availability under our revolving credit facility as of March 31.

自 5 月 7 日起，我們的董事會延長了股票回購計劃，並授權額外回購 3 億美元的股票。截至 5 月 2 日，在第二季度，我們以 800 萬美元的價格回購了約 487,000 股額外股票，使目前剩餘的回購能力達到約 3.5 億美元。現在來看資產負債表，截至 3 月 31 日，我們有 11 億美元的未償債務，循環信貸額度下有 4.39 億美元的可用額度。

Holding that debt flat quarter over quarter, we use our organic cash flow to fund over $20 million of accretive acquisitions, plus pay annual expenses such as ad valorem and federal taxes. As of March 31, our adjusted net debt to free cash flow was approximately half of our peer group average.

在維持債務季度持平的情況下，我們利用自身產生的現金流為超過 2,000 萬美元的增值收購提供資金，並支付年度費用，例如從價稅和聯邦稅。截至 3 月 31 日，我們調整後的淨債務與自由現金流量之比約為同業平均的一半。

Lastly, we are updating our full year 2025 estimated cash taxes guidance to reflect lower anticipated commodity prices than originally forecasted. At the midpoint, current estimated cash taxes for 2025 are $23 million and $0.05 million less than the original estimate. With that, I'll hand the call to Chris to discuss our current positioning and future outlook.

最後，我們將更新 2025 年全年現金稅收預估指引，以反映預期大宗商品價格低於最初預測的價格。中點來看，目前 2025 年現金稅的估計為 2,300 萬美元，比最初的估計少了 5 萬美元。接下來，我將把電話交給克里斯，讓他來討論我們目前的市場地位和未來展望。

Thanks, Carrie, and good morning, everyone. We're pleased with our solid momentum exiting the first quarter and Sitio's positioning in the current market environment. With all eyes on actions from Washington and OPEC and uncertainty the only constant over the last month, I wanted to spend a few minutes highlighting the unique advantages of minerals and royalties as an asset class and Sitio's business specifically.

謝謝你，凱莉，大家早安。我們對第一季末的強勁發展勢頭以及 Sitio 在當前市場環境下的地位感到滿意。過去一個月，所有人的目光都集中在華盛頓和歐佩克的行動上，不確定性成為唯一不變的因素。我想花幾分鐘時間重點介紹礦產和特許權使用費作為一種資產類別的獨特優勢，以及 Sitio 的具體業務優勢。

Within the oil and gas value chain, minerals and royalties assets represent the highest margin investment opportunity. With the exception of gathering and transportation costs on some but not all of our leases, our interests are non-cost bearing.

在石油和天然氣價值鏈中，礦產和特許權使用費資產代表著利潤最高的投資機會。除了部分租賃合約中的收集和運輸費用外，我們的權益不承擔任何成本。

Minerals and royalty assets have no direct operating costs or obligatory capital spending, and thus no exposure to fluctuating oil field services costs or raw material costs, and importantly, have no direct exposure to tariffs and act as a natural hedge to inflation.

礦產和特許權資產沒有直接的營運成本或強制性資本支出，因此不會受到油田服務成本或原材料成本波動的影響，更重要的是，它們不會直接受到關稅的影響，可以起到天然的通貨膨脹對沖作用。

Based on Sitio's lean cost structure, LTM adjusted EBITDA margins were 90%. Referencing slide six of our supplemental earnings presentation, I'd note that based on consensus estimates, 2025 free cash flow margins on a per unit of production basis are more than 3 times that of the average E&P peer. As such, our business looks materially different in a downside price environment as compared to E&P companies.

基於 Sitio 精簡的成本結構，過去 12 個月的調整後 EBITDA 利潤率為 90%。參考我們補充收益簡報的第六張投影片，我想指出，根據共識估計，2025 年每單位產量的自由現金流利潤率是平均 E&P 同行的 3 倍以上。因此，在油價下跌的環境下，我們的業務與油氣探勘開發公司相比，呈現出截然不同的面貌。

Even at much lower commodity prices and slow development phase, we continue to generate meaningful free cash flow. Following the much more dramatic downturn in 2020, we paid down our debt and emerged well positioned to capitalize on the M&A opportunities that followed in 2021 and 2022 rebound.

即使在商品價格大幅下跌和開發階段進展緩慢的情況下，我們仍然能夠產生可觀的自由現金流。在經歷了 2020 年更劇烈的經濟衰退之後，我們償還了債務，並做好了充分準備，抓住 2021 年和 2022 年經濟反彈帶來的併購機會。

On slide seven, we reference 10-year cumulative free cash flow to enterprise value as estimated by Texas Capital Equity Research for their oil and gas coverage universe. I'll note that in a $50 crude and $2.25 natural gas environment.

在第七張投影片中，我們參考了德州資本股票研究公司對其石油和天然氣覆蓋範圍的10年累計自由現金流與企業價值的比值。我注意到，這是在原油價格為每桶 50 美元、天然氣價格為每桶 2.25 美元的環境下。

The Minerals peer group is still estimated to return over 90% of current enterprise value in 10 years, while the next best performing group, the bellwether Oil Group, is estimated to return less than 50% of the current enterprise value in 10 years. The band of outcomes for minerals businesses is much tighter.

預計礦業同業集團在 10 年內仍將實現當前企業價值的 90% 以上，而表現次佳的石油業領頭羊集團預計在 10 年內將實現當前企業價值的 50% 以下。礦業企業的業績範圍要窄得多。

That is just one perspective on a forward outlook. Actual historical results are just as impressive. In less than three years as a public company, Sitio has returned over 35% of our current equity value to shareholders, and we still have over a decade of drilling inventory remaining just in areas that are being economically developed today.

這只是對未來展望的一種看法。實際的歷史結果同樣令人印象深刻。作為一家上市公司，Sitio 在不到三年的時間裡，已將超過 35% 的當前股權價值返還給了股東，而且僅在目前正在進行經濟開發的地區，我們還有超過十年的鑽井儲備。

In many ways, our business is like that of a financial asset manager, in our case, managing a diverse portfolio of perpetual real assets. Portfolio construction remains top of mind for us, and we've been intentional about how we've grown our position over time. Underwriting superior rates of return is the North star that guides our portfolio construction priorities. Priority number one is ethic quality.

在許多方面，我們的業務類似金融資產管理公司，只不過我們管理的是多元化的永久實體資產組合。投資組合建構始終是我們最關注的問題，我們一直以來都有意識地逐步增加我們的持倉。實現卓越的收益率是我們建立投資組合的首要目標。首要考慮的是道德品質。

Highest quality assets will be the last to see rigs and frac crews drop in lower commodity price environments. Our near-term line of sight well count fluctuates quarter to quarter, but the average has remained consistent since the closing of the Brigga merger in late 2022.

在商品價格走低的環境下，最高品質的資產將最後才會受到鑽井平台和壓裂作業人員減少的影響。我們近期的視線井數量每季都會波動，但自 2022 年底 Brigga 合併完成以來，平均值一直保持穩定。

This quarter, line of sight wells were up 8% sequentially to 48.6 net wells, indicating that our assets offer compelling drilling economics and continue to be prioritized for development by our operators. From an asset duration standpoint, we are a derivative of the inventory positions of our operators who are amongst the surviving consolidators with the greatest depth of inventory in the Permian.

本季度，視線井數量較上季成長 8%，達到 48.6 口淨井，顯示我們的資產具有令人信服的鑽井經濟效益，並繼續受到營運商的優先開發。從資產久期角度來看，我們是營運商庫存狀況的衍生品，而這些營運商是二疊紀盆地庫存深度最大的倖存整合商之一。

These operators continue to have success delineating these additional targets. Based on 2024 operator drilling activity, including continued success across the Midland Basin in the Lower Wolf camp and further delineation of the upper bone spring benches in the northern Delaware Basin, we have increased our inventory estimate by 40 additional net normalized locations.

這些運營商在鎖定這些額外目標方面持續取得成功。根據 2024 年營運商的鑽井活動，包括在米德蘭盆地下沃爾夫營地持續取得成功，以及進一步劃定特拉華盆地北部上部骨泉台地，我們增加了 40 個淨標準化位置的庫存估計。

This represents a 10% quarter over quarter increase in net normalized inventory and equates to a little more than a year of drilling at current average drilling pace. As a reminder, we did not underwrite any of these locations when we acquired these assets. This is another demonstration of the unrecognized value in our asset base.

這相當於淨正常庫存季增 10%，以目前的平均鑽井速度計算，相當於一年多的鑽井量。再次提醒，我們在收購這些資產時並未對這些地點進行任何擔保。這再次證明了我們資產基礎中尚未被充分認識的價值。

Priority number two is operator quality. We have intentionally built our position around the most active, most efficient, and well capitalized operators. The majority of our future drilling activity will be performed by companies like Exxon, Chevron, Conoco, and Oxy. These companies are not highly sensitive to a 10% to 15% move in crude prices and have historically had some of the most durable and consistent capital programs.

第二要務是操作員素質。我們有意將投資重點放在最活躍、最有效率、資金最雄厚的業者。我們未來大部分的鑽探活動將由埃克森美孚、雪佛龍、康菲石油和西方石油等公司進行。這些公司對原油價格 10% 到 15% 的波動並不十分敏感，而且從歷史上看，它們擁有一些最持久、最穩定的資本計劃。

And priority number three is asset and operator diversity. We have an average net royalty interest of less than 1% across nearly 50,000 wells in five Basin. No single operator represents more than 10% of our line of sight wells, and we have balanced Basin and commodity exposure. Our LTM production was comprised of approximately 48% crude, 29% natural gas, and 23% NGLs.

第三優先事項是資產和營運商的多樣性。我們在五個盆地的近 50,000 口油井中，平均淨特許權使用費權益不到 1%。沒有一家業者的井數占我們視線範圍內井數的 10% 以上，我們在盆地和商品方面實現了均衡佈局。我們過去 12 個月的產量約包括 48% 的原油、29% 的天然氣和 23% 的液化天然氣。

These three priorities asset quality, operator strength, and asset and operator diversification underpin our acquisition underwriting in pursuit of the highest possible rates of return we can achieve with our shareholders' money. Minerals and royalties are highly fragmented generational assets, and we are in the early stages of consolidation.

資產品質、營運商實力以及資產和營運商多元化這三大優先事項是我們收購承銷的基石，旨在用股東的資金實現盡可能高的回報率。礦產和特許權使用費是高度分散的世代資產，我們正處於整合的早期階段。

We are constantly evaluating consolidation opportunities of all sizes and across multiple regions. Our goal is to maximize our risk adjusted rate of return every time we allocate capital. Since becoming public, through operator drilling as well as acquisitions, we've grown production for debt adjusted shares by more than 56%, representing a 17% compounded annual growth rate.

我們一直在評估各種規模、跨多個地區的整合機會。我們的目標是在每次分配資金時，最大限度地提高風險調整後的收益率。自上市以來，透過營運商鑽井和收購，我們經債務調整的股份產量增加了 56% 以上，複合年增長率達到 17%。

In our view, this is one of the best metrics for our report cards and evidences our discipline and the sustainability of our model. We could have very easily built much more scale by paying more for properties that were ultimately bought by others, but our per-share metrics would not be as compelling as they are today.

我們認為，這是我們成績單上最好的衡量指標之一，它證明了我們的自律性和我們模式的可持續性。我們本來可以很容易地透過支付更高的價格購買最終被其他人收購的房產來擴大規模，但我們的每股指標就不會像今天這樣有吸引力了。

We've been consistently active in the M&A market every quarter since inception, and deal flow remains robust even as oil prices have pulled back recently. As we allocate capital, we compare acquisition opportunities to the intrinsic value of our own stock. Our buyback program has given us the opportunity to repurchase our shares and increase our remaining shareholders' interest in Sitio's high quality assets.

自成立以來，我們每季都積極參與併購市場，即使最近油價有所回落，交易量依然保持強勁。在分配資本時，我們將收購機會與自身股票的內在價值進行比較。我們的回購計劃使我們有機會回購我們的股份，並增加我們剩餘股東對 Sitio 高品質資產的權益。

Through our buyback program, we have repurchased over 4% of our stock over the last 14 months. As Kerry noted, our board has authorized an additional $300 million of share repurchases. We have continued repurchasing shares throughout the last month, capitalizing on the market volatility, bringing our total remaining buyback capacity to $350 million.

透過我們的股票回購計劃，在過去的 14 個月裡，我們已經回購了超過 4% 的股票。正如 Kerry 指出的那樣，我們的董事會已批准額外 3 億美元的股票回購計畫。在過去一個月裡，我們持續回購股票，利用市場波動獲利，使我們剩餘的股票回購總額達到 3.5 億美元。

You can count on us to continue to be prudent stewards of your capital as we evaluate uses for cash flow in this environment. In closing, we are optimistic about the quality of our assets and their ability to compete for operator capital in any commodity price environment, the consolidation opportunities ahead of us, and the platform we've built to manage our growing portfolio.

在當前環境下評估現金流用途時，您可以信賴我們將繼續謹慎管理您的資金。最後，我們對自身資產的品質及其在任何商品價格環境下爭奪營運商資本的能力、我們面前的整合機會以及我們為管理不斷增長的投資組合而建立的平台都充滿信心。

Operator, we are now ready to take questions.

操作員，我們現在可以開始接受提問了。

(Operator Instructions)

（操作說明）

We now have our first question from Derrick Whitfield from Texas Capital. Please go ahead.

現在我們來聽聽來自德州資本的德里克·惠特菲爾德提出的第一個問題。請繼續。

Good morning all and congrats on a strong witter across the board.

各位早安，祝賀推特整體表現強勁。

Thanks, Derrick. Good morning.

謝謝你，德里克。早安.

For my first question, I want to focus on the resiliency of your business and your more immediate outlook. Referencing slides eight and nine, you're arguably in as good of a situation as you have been over the last two years. Other than another leg down in price and the curtailment of completion activity, it's safe to assume you feel relatively good about your production trajectory for the next two quarters.

我的第一個問題，我想重點談談貴公司的韌性以及您近期的發展前景。參考第八張和第九張投影片，可以說你現在的處境和過去兩年來一樣好。除了價格可能進一步下跌以及完工活動減少之外，可以肯定的是，您對未來兩個季度的生產前景感到相對樂觀。

Yeah. The bulk of 2025 is really underpinned by existing producing wells and wells that have been spud, and so there's typically not a lot of risk to wells that have been spud. There's the extreme case where people will drill wells and not complete them.

是的。2025 年的大部分產量實際上都依賴現有的生產井和已經開工的井，因此對於已經開工的井來說，通常不會有太大的風險。還有一種極端情況，就是有人鑽了井卻不把井鑽完。

We haven't seen that sort of behavior yet. We're very early into this, whatever you want to call it, this reaction or environment that we're in right now, but we have not seen people not complete wells that they have drilled.

我們之前還沒見過這種行為。我們現在還處於這種反應或環境的早期階段，不管你怎麼稱呼它，但我們還沒有看到有人不完成他們鑽探的油井。

Terrific and then with regard to your share repurchase program, how would you compare the value of buying your stock versus the value of eliminate opportunities that you're seeing in the market today?

太好了。那麼關於您的股票回購計劃，您如何比較回購股票的價值與目前在市場上看到的那些機會的價值？

Yeah, there's a good balance of both. I'd say that it's a tremendous opportunity in our stock, and we're very excited to have the buyback program and increased authorization from our board. The M&A environment we remain active there and we do see opportunities.

是的，兩者之間取得了很好的平衡。我認為這是我們股票的絕佳機會，我們非常高興能夠推出股票回購計畫並獲得董事會的更大授權。我們仍然活躍在併購領域，確實看到了機會。

It's it's a little different than prior cycles. You look at 2020 and in that environment, the M&A environment completely seized up and nobody wanted to transact because it was such a rapid deterioration in commodity prices.

它與之前的周期略有不同。回顧 2020 年，在當時的環境下，併購市場完全停滯，由於大宗商品價格迅速惡化，沒有人願意進行交易。

The difference between now and then though, we're five years on in this journey towards Basin-wide development, and there's less mystery in the minds of mineral owners about how and when their assets will get developed.

不過，現在與那時不同的是，我們在盆地範圍內的開發進程中已經走過了五年，礦產所有者對於他們的資產將如何以及何時得到開發已經不再那麼困惑了。

There's been a tremendous amount of development since 2020, and so the underwriting is less opaque than it was five years ago, and I think that helps to give people confidence that, whatever environment they're in, they're getting a fair look at valuation.

自 2020 年以來，保險業取得了巨大的發展，因此核保流程比五年前更加透明，我認為這有助於增強人們的信心，讓他們無論身處何種環境，都能獲得公平的估值。

On an M&A basis, when it comes to our stock, it's a really unique value proposition for a number of reasons, but like if you were to go to your, commodities derivatives desk there at your bank and ask for a 30 or 40. Your call option on oil or natural gas.

從併購的角度來看，就我們的股票而言，由於多種原因，它確實具有非常獨特的價值主張，就像如果你去你銀行的商品衍生品交易台，要求獲得 30 或 40 的股票一樣。您對石油或天然氣的買權。

It just it just doesn't exist. Like there's no other way in this kind of high margin business to get that sort of call option on the long-term demand fundamentals for oil and natural gas, and we provide that opportunity and our stock presents that opportunity, and we see a really compelling valuation here to to buy that call option by repurchasing our stock.

它根本不存在。在石油和天然氣這種高利潤行業中，沒有其他方法可以獲得基於長期需求基本面的看漲期權，而我們提供了這樣的機會，我們的股票也提供了這樣的機會，我們認為通過回購我們的股票來購買該看漲期權的估值非常有吸引力。

And even if you could get that kind of call option, you wouldn't get a yield on it. A return of capital yield today is 11.5%. So there's a lot of things that are really compelling about the buyback

即使你能獲得那種看漲期權，你也無法從中獲得收益。目前的資本回報率為 11.5%。所以，回購有很多非常吸引人的地方。

Terrific and one more if I could, Chris, so Diamondback provided a less constructive outlook for the sector earlier this week, highlighting their expectation for severe contraction or more severe contraction based on prices and geologic headwinds. Did you guys perform look backs on your past acquisitions? Are you sensing any material change in the productivity of wells relative to underwritten assumptions?

太好了，克里斯，如果可以的話，我再補充一點：Diamondback 本週早些時候對該行業的展望不太樂觀，強調他們預計，由於價格和地質不利因素，該行業將出現嚴重萎縮或更嚴重的萎縮。你們有沒有對過去的收購進行回顧？您是否感覺到油井產量與承保假設相比有任何實質變化？

Yeah, we do these look backs. I'll have, Jarret comment a bit on well performance, but one of the comments I'll make just about, the operator comments that we've heard so far in this earnings cycle, well, first of all, we're not completely through the earnings cycle, but the one of the things we've heard is people reducing capital or reducing operating.

是的，我們會做回顧總結。賈雷特將對油井性能發表一些評論，但我首先要說的是，就我們目前在本財報週期中聽到的運營商評論而言，首先，我們還沒有完全結束財報週期，但我們聽到的一件事是，有人在減少資本支出或減少運營支出。

Costs but either increasing number of wells turn in line or not reducing production guidance. So there there's a bit of a mix in terms of how different operators are approaching their capital discipline and the impacts on the production profiles.

成本增加，但要么增加投產油井數量，要么不降低產量預期。因此，不同業者在資本紀律方面採取的方式以及對生產狀況的影響存在一些差異。

But the one cautionary note I would give you is don't bet against US E&P companies to continue to innovate and to drive capital efficiency. It's happened time and again, and we're very excited to be leasing our minerals to the best operators in this business.

但我有一點要提醒大家，不要低估美國油氣探勘開發公司不斷創新、提高資本效率的能力。這種情況已經發生過很多次了，我們非常高興能將我們的礦產資源租給業內最優秀的業者。

But Jarret, I'll turn it to you to comment on any well performance.

但是賈雷特，接下來就看你的表現如何了。

Yes, Derrick, I saw the same comment as you that Diamondback made on the geologic headwinds. One thing that we think about internally is Number one, we're not the operator and two, we're looking backward at the things that have happened and have been achieved.

是的，德里克，我看到了和你一樣的評論，Diamondback 也提到了地質逆風。我們內部考慮的一點是：第一，我們不是經營者；第二，我們回顧過去發生的事情和所取得的成就。

And when we look at the projections on our asset on a go forward basis, we're taking into account already the current geologic facts that are out there and what horizons are being drilled. So we take a very granular approach to our forecasts.

當我們展望未來資產的預測時，我們已經考慮到了當前的地質狀況以及正在鑽探的地層。因此，我們的預測方法非常細緻。

So we're not thinking about and we're not baking in future improvements. We're looking at what has already been achieved and what is already being drilled. So when we think about go forward, we're really not baking in any future efficiency improvements. So we feel good about our future projections based on that fact.

所以我們既沒有考慮也沒有將未來的改進措施納入計畫。我們正在研究已經取得的成就和正在進行的研究。所以當我們考慮未來發展時，我們其實並沒有考慮任何未來的效率提升。基於此，我們對未來的預測感到樂觀。

That's great and very helpful. So I'll pass it back to the operator.

太好了，很有幫助。那我把它轉回給操作員。

Thanks. Our next question comes from Gerald Ju from Stephens. Please go ahead.

謝謝。下一個問題來自史蒂芬斯大學的傑拉爾德·朱。請繼續。

Good morning and thanks for taking my question. So my first question relates to 1Q production and the '25 production guide. 1Q production was above the high end of guidance, yet full year guide was unchanged, implying declining volumes throughout the year.

早上好，感謝您回答我的問題。所以我的第一個問題與第一季產量和 2025 年產量指南有關。第一季產量高於預期上限，但全年預期保持不變，這意味著全年產量將下降。

First is declining volumes throughout the year, the correct way to look at it. And second, based on operators earnings calls this quarter and what you're hearing in the market is the unchanged guidance baking in some slowdown from operators. Thanks.

首先是全年銷量下降，這才是正確的看待這個問題的方式。其次，根據營運商本季的財報電話會議以及你在市場上聽到的消息，業績指引保持不變，這反映出營運商的成長速度有所放緩。謝謝。

Thanks, Gerald. I appreciate the questions. First of all, just on first quarter, we're thrilled with how production came in in the first quarter, exceeded our guidance and consensus, and last year we revisited our guidance after the second quarter, and I would expect us to do the same thing here again, we're six weeks into this commodity price environment, so it's a little reactionary to be making any drastic changes at this point.

謝謝你，傑拉德。感謝大家的提問。首先，就第一季而言，我們對第一季的產量非常滿意，超過了我們的預期和市場普遍預期。去年我們在第二季後重新調整了我們的預期，我預計今年我們也會這樣做。目前大宗商品價格環境已經持續了六週，所以在這個時候做出任何劇烈的改變都有些反應過度。

Again, there's no real data in terms of spuds or permits or we turn in line just yet. We'll have a lot more data in a few months and we can make the call at that point about what's appropriate to do with guidance, but we feel really happy to have a solid foundation from the first quarter.

再次強調，目前還沒有關於馬鈴薯或許可證等方面的實際數據，所以我們還不能下結論。幾個月後我們會獲得更多數據，屆時我們可以決定是否要發布業績指引，但我們很高興第一季已經打下了堅實的基礎。

Perfect, thank you. And then my second one is just coming back to share repurchases. So 12 repurchas increased to 20% of discretionary cash flow compared to 11 and 4Q. Do you expect this trend of a higher percentage of share repurchases to continue with volatility on commodities, putting pressure on stock prices? Thanks.

太好了，謝謝。其次，我的第二個建議是重新進行股票回購。因此，第 12 季回購額佔可支配現金流的比例較第 11 季及第 4 季增​​加至 20%。您認為隨著商品價格波動，股票回購比例上升的趨勢是否會持續，進而對股價造成壓力？謝謝。

Yeah, it's a good question. Our buyback program is designed to take advantage of price dislocations, so we tend to get more aggressive on the buyback at lower prices.

是的，這是個好問題。我們的回購計劃旨在利用價格錯位，因此我們傾向於在價格較低時更積極地進行回購。

The data has shown that companies with buyback programs are more successful when they're in the market sort of through cycle, but having a steep buyback grid, meaning you buy back more at lower prices, is an important component of ours, and you saw that in full display where we bought back.

數據顯示，擁有股票回購計劃的公司在市場週期中更容易取得成功，但擁有陡峭的回購矩陣（意味著以較低的價格回購更多股票）是我們計劃的重要組成部分，你們已經充分看到了這一點，我們進行了回購。

Nearly 50 million shares in the month of April compared to just over a million shares in the entire first quarter. So yeah, that's a good observation and a good expectation.

4 月成交量近 5,000 萬股，而整個第一季成交量僅略高於 100 萬股。是的，這是一個很好的觀察，也是一個合理的預期。

Perfect. Thank you. Congrats on the strong quarter.

完美的。謝謝。恭喜你們本季業績出色。

Thank you.

謝謝。

Next question comes from Tim Rezvan from KeyBanc Capital Markets. Please go ahead.

下一個問題來自 KeyBanc Capital Markets 的 Tim Rezvan。請繼續。

Good morning folks. Thanks for taking my questions. One was already just asked, so I just have one for you. Can you give a little more context on this inventory increase of 40 net locations? Is this just a new zone that you're seeing success in? Is this a spacing assumption? Just trying to kind of wrap my head around what exactly you saw to report that.

各位早安。謝謝您回答我的問題。剛才已經有人問過一個問題了，所以我只回答你的一個。能否就此次淨增 40 個庫存地點的情況提供更多背景資訊？這是你剛成功的新領域嗎？這是間距假設嗎？我只是想弄清楚你到底看到了什麼才報告這件事。

Hey Tim, thanks for the question. This is Dax. Yeah, we're excited to add those inventory locations this quarter. That was, pretty much split fifty-fifty between the Delaware and the Midland Basin. These, so throughout the year our technical teams.

嗨，提姆，謝謝你的提問。這是達克斯。是的，我們很高興能在本季增加這些庫存地點。也就是說，特拉華盆地和米德蘭盆地幾乎平分秋色。因此，我們的技術團隊全年都在這樣做。

Have a process where we look at geologic prospectivity, operator activity, and well results, and in these cases it was very easy to make these ads. This was in Midland, for example, an expansion of the lower Wolf Camp B formation where we've seen a lot of great well results by great operators like Exxon, Diamondback, and Oxy.

我們制定了一套流程，考察地質勘探前景、營運商活動和油井結果，在這些情況下，製作這些廣告非常容易。例如，在米德蘭，這是下沃爾夫營 B 地層的延伸部分，我們已經看到埃克森美孚、鑽石背和西方石油等優秀營運商在那裡取得了許多非常好的油井成果。

But on the Delaware side, as Chris mentioned, it was an increase to the northern Delaware, specifically in the Bow Spring sections, and these were under operators like Permanent Resources, Conoco, Devon, and Bern, and we were happy to see recently this quarter that Permian Resources made the acquisition of [Apache] up there for $600 million and it kind of doubled down on our thoughts on that area.

但正如克里斯所提到的，特拉華州北部，特別是弓泉地區，油氣產量增加，這些油氣田由Permanent Resources、Conoco、Devon和Bern等公司營運。我們很高興地看到，Permian Resources在本季以6億美元收購了[Apache]，這更加堅定了我們對該地區的信心。

So yeah, great ad for us and it's, it shows that the Permian is constantly giving on inventory, and it also speaks to the advantage asset class that we think minerals are in most cases, minerals are owned from the surface of the earth to the center of the earth, and a lot of our minerals are owned in that way, and it just speaks to the optionality we have on the geologic column and as Chris mentioned, many of these zones or several of these zones were not underwritten to begin with, so it's just, it's gravy really to our to our evaluation.

所以，這對我們來說是個很棒的廣告，它顯示二疊紀盆地的庫存一直在增加，也說明了我們認為礦產資源在大多數情況下是一種優勢資產類別。礦產資源的所有權涵蓋了從地表到地心的範圍，我們擁有的許多礦產資源都是以這種方式持有的。這正反映了我們在地質長條圖上的選擇權。正如克里斯所提到的，許多礦帶，或者說其中一些礦帶，最初並沒有進行承銷，所以這實際上是對我們的評估的額外加分項。

Okay, that's helpful. That's all I had. Thank you.

好的，這很有幫助。這就是我全部的家當。謝謝。

Next question comes from Noel Parks from Tuohy Brothers Investment.

下一個問題來自 Tuohy Brothers Investment 公司的 Noel Parks。

Hi, good morning. Sort of using your unique insights from just being involved with so many operators, I'm just wondering, I know it's early days yet, but you mentioned the different strategies operators are undertaking at this stage in the cycle, some are slowing down activity, some not so much, some are sure.

您好，早安。憑藉您與眾多運營商合作的獨特見解，我想問一下，我知道現在下結論還為時過早，但您提到運營商在這個週期階段採取了不同的策略，有些運營商正在放慢活動速度，有些則不然，有些則信心十足。

Changing what they're doing with their tools or their.coms and but are you sensing any pattern as far as strategies for managing their base decline? I have heard some companies where it sounds kind of like they're kicking the can into next year, so lower lower, drill that activity, lower CapEx this year, but it seems pretty clear that.

他們改變了使用工具或網站的方式，但你是否察覺到他們在應對使用者基數下降方面有什麼策略上的規律？我聽說有些公司似乎在把問題拖到明年，所以今年要降低成本、減少鑽探活動、降低資本支出，但這似乎很明顯。

They're going to have to, intensify activity maybe next year or the year after, and I don't know if that kind of carries the embedded assumption that this oil downtown is going to be, sort of short term, but do you have any observations on that?

他們或許明年或後年就得加大活動力度，我不知道這是否隱含著一種假設，即市中心的石油繁榮只是暫時的，但你對此有什麼看法嗎？

Good morning, Noel. Thanks for the question. Yeah, I think what you're pointing out is the ultimately over some time period the self-correcting nature of this industry, so low prices tend to cause a reduction in activity which causes a reduction in supply, which causes an increase in prices, and we're seeing that play out here with operators curtailing CapEx.

早上好，諾埃爾。謝謝你的提問。是的，我認為你所指出的是，從長遠來看，這個行業最終會自我糾正，所以低價往往會導致活動減少，進而導致供應減少，進而導致價格上漲，而我們現在看到的正是營運商削減資本支出的情況。

But as I pointed out, you've seen Oxy cut CapEx but increase the number of wells they plan to bring online. You've seen Conoco. Announce cutting CapEx but maintaining their production guidance and then you've seen other different approaches from some smaller operators.

但正如我指出的那樣，你已經看到西方石油公司削減了資本支出，但增加了計劃投產的油井數量。你見過康菲石油公司。宣布削減資本支出但維持產量預期，然後你會看到一些規模較小的業者採取了其他不同的做法。

So I think it's just going to be very operator specific in how they approach it, but regardless that you're not seeing anybody grow at any measure in this point of the cycle and demand is continuing to grow. So ultimately those those two things are going to have to correct where you have increasing demand and no increase in supply from the lower 48.

所以我認為這將取決於營運商的具體做法，但無論如何，在這個週期階段，你都看不到任何人在任何方面實現成長，而需求卻在持續成長。所以歸根究底，這兩個問題必須修正，即需求不斷成長，而美國本土48州的供應卻沒有增加。

So we're bullish about the long-term outlook and again as I said, these are our assets are a multi-decade call on oil and natural gas, so of course we're impacted by the near term, but we own these assets forever. They're perpetual assets and so for us we're going to own these assets one year from now, five years from now, and two decades from now. So we're going to benefit as and when the cycle adjusts.

所以我們對長期前景持樂觀態度，正如我所說，這些資產是對石油和天然氣長達數十年的投資，所以當然我們會受到短期波動的影響，但我們永遠擁有這些資產。它們是永久資產，因此，一年後、五年後、二十年後，我們仍然擁有這些資產。所以，隨著週期調整，我們將從中受益。

Right, absolutely. And I, was wondering, again trying to sort of think about ripple effects from sort of this turn in the cycle and as far as, A&D, I'm wondering, is this a point where perhaps to the degree you might have things that you'd be inclined to sell, is this a point where maybe an operator would be more willing to pay a premium to sort of buy in mineral royalty interest, just because of the way it can sort of, juice their returns, sort of, you using the same logic that that that you used as far as you know just the strength of returns of the model.

沒錯，完全正確。我再次思考，試圖理解這種週期性轉變帶來的連鎖反應，就併購而言，我想知道，這是否意味著，在某些方面，你可能傾向於出售某些資產，而運營商是否更願意支付溢價來購買礦產特許權使用費權益，因為它可以提高他們的回報，就像你之前使用的邏輯一樣，僅僅基於你所知的模型回報的強勁性。

Yeah, it's a good question. Because it's to me surprising that more operators don't have a very defined and front-footed mineral strategy just give them what they can do for their business, both from a margin standpoint and strategically.

是的，這是個好問題。令我驚訝的是，許多業者並沒有非常明確且主動的礦產策略，這只能說明礦產對他們的業務有多麼重要，無論從利潤角度還是策略角度來看都是如此。

So you point out something that's a bit of an anomaly in the space, but I think the point the cycle we're at right now, I think operators are going to be very cautious around capital discipline, and I think they're going to be preserving whatever capital that they can for their for their drilling opportunities instead of deploying it on minerals at this point.

所以你指出了該領域一個有點反常的現象，但我認為在我們目前所處的周期階段，運營商在資本紀律方面會非常謹慎，我認為他們會盡可能地保留資金用於鑽探機會，而不是在這個時候將其投入礦產資源。

Right, totally makes sense. So thanks a lot.

對，完全有道理。非常感謝。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

There are no questions waiting at this time. This concludes today's call. Thank you for joining. You may now disconnect your lives.

目前沒有待解答的問題。今天的電話會議到此結束。感謝您的參與。你們現在可以斷絕彼此的生活了。