Talos Energy Inc (TALO) 2023 Q3 法說會逐字稿

Hello, and welcome to the Talos Energy Third Quarter 2023 Earnings Conference Call.

您好，歡迎參加 Talos Energy 2023 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

Please note this event is being recorded.

請注意此事件正在被記錄。

I would like now to turn the conference over to Sergio Maiworm, Chief Financial Officer and Senior Vice President. Please go ahead.

我現在將會議交給財務長兼資深副總裁 Sergio Maiworm。請繼續。

Thank you, operator. Good morning, everyone, and welcome to our Third Quarter 2023 Earnings Conference Call. Joining me today to discuss our results are Tim Duncan, President and Chief Executive Officer; and Robin Fielder, Executive Vice President, Low Carbon Strategy and Chief Sustainability Officer.

謝謝你，接線生。大家早安，歡迎參加我們的 2023 年第三季財報電話會議。今天與我一起討論我們的結果的是總裁兼執行長 Tim Duncan；羅賓‧菲爾德（Robin Fielder），低碳策略執行副總裁兼首席永續發展長。

Before we start, I'd like to remind you that our remarks will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in yesterday's press release and our most recent annual report on Form 10-K and our quarterly reports on Form 10-Q filed with the SEC.

在開始之前，我想提醒您，我們的言論將包含前瞻性陳述。實際結果可能與這些前瞻性陳述預期的結果有重大差異。昨天的新聞稿以及我們向 SEC 提交的 10-K 表格最新年度報告以及 10-Q 表格季度報告中闡述了可能導致這些結果出現重大差異的因素。

Forward-looking statements are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events. During this call, we may present GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in yesterday's press release filed with the SEC and available on our website.

前瞻性陳述基於截至目前為止的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。在本次電話會議中，我們可能會介紹 GAAP 和非 GAAP 財務指標。昨天向美國證券交易委員會提交的新聞稿中包含了 GAAP 與非 GAAP 衡量標準的調整表，該新聞稿也可在我們的網站上查看。

And now I'd like to turn the call over to Tim.

現在我想把電話轉給提姆。

Thank you, Sergio, and welcome, everyone, to our call. We appreciate you listening in. I plan to briefly cover some of the key operational highlights of the quarter and then turn it over to Sergio for final commentary ahead of Q&A.

謝謝你，塞爾吉奧，歡迎大家撥打我們的電話。我們感謝您的聆聽。我計劃簡要介紹本季度的一些關鍵營運亮點，然後在問答前將其交給 Sergio 進行最終評論。

During the third quarter, we were pleased with our advancements on several aspects of our business. We continue to advance our Lime Rock and Venice discoveries toward first production. We closed our previously announced Zama transaction in Mexico with Grupo Carso. We reached a new milestone with our first PPA Class VI permit application and filed our second EPA Class VI permit application for 2 additional wells.

第三季度，我們對業務多方面的進步感到滿意。我們繼續推進我們在石灰岩和威尼斯的發現，以實現首次生產。我們完成了先前宣布的與 Grupo Carso 在墨西哥的 Zama 交易。我們透過第一個 PPA VI 級許可證申請達到了新的里程碑，並為另外 2 口井提交了第二個 EPA VI 級許可證申請。

So quite a bit was accomplished since our last call, and we're excited about the direction of our business. On the drilling and completions capital program, we are in the process of completing the Venice and Lime Rock wells before bringing them online in early 2024. Additionally, we are drilling another development well from our Lobster platform, which is successful to bring incremental production late in 2023 and help contribute to production growth in 2024.

自從上次通話以來我們已經取得了相當多的成就，我們對我們業務的方向感到興奮。在鑽井和完井資本計畫方面，我們正在完成威尼斯井和石灰岩井，然後在 2024 年初上線。此外，我們正在從 Lobster 平台鑽另一口開發井，該井成功地為後期帶來了增量產量2023年實現產量成長，並有助於促進2024 年產量成長。

Beyond our operator rig program, we are also participating in several interesting non-operated projects with our partners in the basin. The Marmalard well operated by Murphy, sand pay was successful over this past weekend. We expect production to commence in the first quarter of 2024.

除了我們的營運鑽機計劃之外，我們還與盆地的合作夥伴一起參與了幾個有趣的非營運項目。墨菲 (Murphy) 營運的 Marmalard 油井在上週末成功採沙。我們預計將於 2024 年第一季開始生產。

The Odd Job Subsea pump project operated by Kosmos continues to progress and remains on track to be in service by mid-2024. Lastly, the Claiborne #1 well, operated by Beacon is scheduled for a rig intervention in the fourth quarter of 2023 to reinstate production in early 2024.

由 Kosmos 營運的 Odd Job 海底泵計畫持續取得進展，預計將於 2024 年中期投入使用。最後，Beacon 營運的 Claiborne #1 井計劃於 2023 年第四季進行鑽機幹預，以便在 2024 年初恢復生產。

The third quarter is typically a quarter impacted by weather-related events. And even with a quiet hurricane season, loop currents unfortunately impacted our production and drilling operations during the quarter, requiring intermittent shut-ins of the HP-1 and associated infrastructure in the Phoenix and Tornado field. The impact of these loop currents caused a deferral of approximately 2,400 barrels of oil equivalent per day for the quarter in the Phoenix field, or 800 barrels of oil equivalent per day for the full year of 2023. The issues have since abated and production from the field is back online. The Claiborne non-operated well was also shut in during the quarter, contributing to an additional 1,200 barrels of oil equivalent per day of downtime in the quarter.

第三季通常是受天氣相關事件影響的季度。即使在平靜的颶風季節，環流不幸地影響了我們在本季度的生產和鑽井作業，需要間歇性關閉 HP-1 以及 Phoenix 和 Tornado 油田的相關基礎設施。這些環流的影響導致菲尼克斯油田本季產量推遲約 2,400 桶石油當量/天，或 2023 年全年產量推遲 800 桶石油當量。此後問題已經緩解，字段已恢復在線。 Claiborne 未作業油井在本季也關閉，導致本季每天額外停工 1,200 桶油當量。

As we mentioned, the operator hopes to reinstate production in the coming months, so we should expect this downtime in the fourth quarter as well. Even with this downtime, as Sergio will discuss, the oil-weighted nature of our assets allowed us to maintain extremely competitive margins. And with several key wells being restored or added in the near term, we are looking forward to a strong exit of 2023, and an exciting start to 2024.

正如我們所提到的，營運商希望在未來幾個月內恢復生產，因此我們預計第四季度也會出現這種停機情況。正如塞爾吉奧將討論的那樣，即使在這段停機時間內，我們資產的石油加權性質也使我們能夠保持極具競爭力的利潤率。隨著近期恢復或增加幾口關鍵井，我們期待 2023 年的強勁退出，以及 2024 年令人興奮的開始。

On the exploration front, Talos and Repsol signed a joint venture agreement to reprocess seismic data over 400,000 acres, of which close to 100,000 acres is controlled by Talos in a prolific area in deepwater Gulf of Mexico. We hope to develop an inventory of prospects to drill over the next few years could be tied back to Talos' infrastructure. This is an important development that we hope will generate significant value over time.

在勘探方面，Talos 和 Repsol 簽署了一項合資協議，對超過 40 萬英畝的地震數據進行再處理，其中近 10 萬英畝的土地由 Talos 控制，位於墨西哥灣深水多產地區。我們希望開發一份未來幾年鑽探前景的清單，可以與 Talos 的基礎設施連結。這是一項重要的發展，我們希望隨著時間的推移，它將產生巨大的價值。

In Mexico, we are excited about our partnership with Grupo Carso, a conglomerate publicly listed in Mexico. In late September, we closed a previously announced sale of a 49.9% minority equity stake in our Talos Mexico subsidiary, which holds a 17.4% working interest, is up for approximately $75 million in cash at closing with an additional $50 million due upon first production for an aggregate price of $125 million. The deal established a baseline valuation for Talos Mexico of approximately $250 million while preserving significant upside to Talos' remaining 50.1%.

在墨西哥，我們對與 Grupo Carso（一家在墨西哥上市的企業集團）的合作感到興奮。 9 月下旬，我們完成了先前宣布的Talos 墨西哥子公司49.9% 少數股權的出售，該子公司持有17.4% 的工作權益，交易結束時現金約為7500 萬美元，首次投產後還將額外獲得5000萬美元總價為1.25億美元。該交易為 Talos Mexico 確定了約 2.5 億美元的基準估值，同​​時保留了 Talos 剩餘 50.1% 的顯著上漲空間。

We expect Talos' strong operational track record, combined with Carso's critical local presence and global commercial reputation, will enable us to further advance Zama toward FID and first oil. We are working hard to progress towards FID following completion and final review of the engineering design work or FEED, securing project financing and final approvals.

我們預計，Talos 強大的營運記錄，加上 Carso 重要的本地影響力和全球商業聲譽，將使我們能夠進一步推動 Zama 邁向 FID 和第一批石油。在完成工程設計工作或 FEED 並進行最終審查、確保專案融資和最終批准後，我們正在努力爭取最終投資決定 (FID)。

We have always understood the importance this project has for local stakeholders in Mexico, and we are optimistic about the incremental value this project will create for our shareholders.

我們始終了解該項目對墨西哥當地利益相關者的重要性，並且我們對該項目將為股東創造的增量價值感到樂觀。

Turning to our Talos Low Carbon Solutions business. We are pleased at our first EPA Class VI permit application submitted in August for our Harvest Bend CCS project, where Talos owns a 60% interest received administrative completeness status in October. This first step of the EPA's permitting process determines that the permit application contains all the required information. The next step is a technical review.

轉向我們的 Talos 低碳解決方案業務。我們很高興我們於 8 月為 Harvest Bend CCS 專案提交了第一份 EPA VI 級許可證申請，Talos 擁有該專案 60% 的權益，並於 10 月獲得了行政完整性狀態。 EPA 許可流程的第一步確定許可申請包含所有必需的資訊。下一步是技術審查。

Also in October, TLCS filed its second Class VI permit application for 2 additional wells at its Harvest Bend CCS project. TLCS aims to file additional Class VI permit applications in 2024 for its Bayou Bend CCS, Harvest Bend CCS and Coastal Bend CCS projects. Our first Talos operating offshore stratigraphic well at Bayou Bend is expected to spud during the fourth quarter of 2023.

同樣在 10 月，TLCS 為 Harvest Bend CCS 專案的另外 2 口井提交了第二份 VI 級許可證申請。 TLCS 計劃於 2024 年為其 Bayou Bend CCS、Harvest Bend CCS 和 Coastal Bend CCS 專案提交額外的 VI 類許可證申請。我們在 Bayou Bend 營運的第一口 Talos 海上地層井預計將於 2023 年第四季開鑽。

As previously announced, the Bayou Bend partnership also expects to drill a Chevron operator onshore stratigraphic well in the first half of 2024. We also welcomed Equinor to the Bayou Bend partnership following its purchase of a 25% interest from Carbonvert, a transaction that further underwrites the quality of our carbon storage portfolio in Southeast Texas.

如同先前所宣布的，Bayou Bend 合作夥伴關係也預計在2024 年上半年鑽探雪佛龍營運商陸上地層井。我們也歡迎Equinor 加入Bayou Bend 合作夥伴關係，此前該公司從Carbonvert 購買了25% 的權益，該交易進一步承保我們在德克薩斯州東南部的碳儲存組合的品質。

We are pleased with the news by the Department of Energy that they will invest up to $1.2 billion in a regional hydrogen hub in Texas, with the investment expected to be matched by key partners. This announcement outlines the benefits unique to the U.S. Gulf Coast and an expected and unprecedented growth in blue hydrogen production from the region, which will require permanent CO2 sequestration. Bayou Bend is in an advantaged position to help bring this sequestration ambition to reality.

我們對能源部的消息感到高興，他們將投資 12 億美元建造德州的區域氫中心，預計主要合作夥伴也將相應投資。該公告概述了美國墨西哥灣沿岸的獨特優勢，以及該地區藍氫生產預期的前所未有的增長，這將需要永久封存二氧化碳。 Bayou Bend 處於有利位置，可以幫助實現這一存雄心。

We are continuing to explore capital raise for TLCS. We will continue to update the market as that process advances. While that is ongoing, we believe the operational execution in the carbon storage portfolio will help create long-term value for shareholders and enhance the marketing process.

我們正在繼續探索為 TLCS 籌集資金。隨著這一進程的進展，我們將繼續更新市場資訊。雖然這個過程正在進行中，但我們相信碳封存組合的營運執行將有助於為股東創造長期價值並加強行銷流程。

Lastly, on the M&A front, we will continue to actively evaluate business development opportunities that fit our skill set and strategies, are accretive to our shareholders and preserve or improve our strong credit position. This spans tactical business development, bolt-on opportunities and larger strategic transactions.

最後，在併購方面，我們將繼續積極評估適合我們的技能和策略的業務發展機會，為我們的股東帶來增值，並保持或改善我們強大的信用狀況。這涵蓋戰術業務開發、補充機會和更大的策略交易。

In summary, it was a busy quarter, and we're pleased with the advancements we have made driving shareholder value creation in both our upstream and Low Carbon Solutions businesses. In addition, by focusing on operational execution, we successfully managed through the production and operation challenges associated with loop currents while continuing to use the excess free cash flow plus the proceeds secured in a partial sale of Mexico to keep our balance sheet in a healthy position.

總而言之，這是一個繁忙的季度，我們對我們在上游和低碳解決方案業務中推動股東價值創造所取得的進步感到高興。此外，透過專注於營運執行，我們成功應對了與迴路電流相關的生產和營運挑戰，同時繼續利用多餘的自由現金流以及部分出售墨西哥的收益來保持我們的資產負債表處於健康狀態。

With these key updates in our 2023 plans and goals, I will turn the call over to Sergio to address our financial details for the third quarter.

隨著我們 2023 年計劃和目標的這些重要更新，我將把電話轉給 Sergio，以解決我們第三季的財務細節。

Thank you, Tim, and good morning again, everyone. As a quick reminder that our consolidated results include the results of our upstream and Low Carbon Solutions businesses as further covered in our 10-Q filed yesterday. Where appropriate, I will highlight these impacts in these different businesses in my discussion of the financials.

謝謝蒂姆，大家早安。快速提醒一下，我們的綜合業績包括我們的上游和低碳解決方案業務的業績，昨天提交的 10-Q 報告中進一步介紹了這一點。在適當的情況下，我將在討論財務狀況時強調這些不同業務的影響。

During the quarter, Talos' generated production of 63,700 barrels of oil equivalent per day which was 76% oil and 83% liquids. This led to $383 million in revenue and $255 million in adjusted EBITDA in our upstream business alone. That equates to an EBITDA netback margin of close to $45 per BOE, which we believe ranks very high amongst public E&P companies.

本季度，Talos 每天生產 63,700 桶油當量，其中 76% 為石油，83% 為液體。僅上游業務就帶來了 3.83 億美元的收入和 2.55 億美元的調整後 EBITDA。這相當於每桶油當量的 EBITDA 淨回利潤率接近 45 美元，我們認為這在上市勘探與生產公司中排名非常高。

The company also reported a net loss for the quarter of approximately $2 million or $0.02 net loss per diluted share. Our adjusted net income during the quarter was approximately $19 million or $0.15 adjusted net income per diluted share.

該公司還報告稱，本季淨虧損約為 200 萬美元，即攤薄後每股淨虧損 0.02 美元。本季調整後淨利約 1,900 萬美元，或稀釋後每股調整後淨利 0.15 美元。

Capital expenditures, including plugging and abandonment and settled decommissioning obligations during the third quarter were $181 million in our upstream business. We also invested about $14 million in our CCS business, leading to a positive free cash flow generation of about $9 million in the quarter.

我們上游業務的資本支出，包括第三季的堵塞和廢棄以及已結算的退役義務，為 1.81 億美元。我們也向 CCS 業務投資了約 1,400 萬美元，導致本季產生約 900 萬美元的正自由現金流。

Additionally, we received approximately $75 million in cash from the Grupo Carso when we closed the partial sale of Talos Mexico in late September. CapEx in the third quarter, including spending on a few key items. First, we had ongoing operations related to completions, installation and hookups for Venice and Lime Rock. Second, the quarter included significant decommissioning spending on an inherited third-party project, which primarily drove the $38 million of spending for the quarter in that category. As laid out in our 10-Q, this spending in the third quarter completed most of our book liabilities in this category, and we do not expect this spending trend in future quarters.

此外，當我們在 9 月底完成 Talos Mexico 的部分出售時，我們從 Grupo Carso 收到了約 7500 萬美元的現金。第三季的資本支出，包括一些關鍵項目的支出。首先，我們正在進行與威尼斯和萊姆羅克的竣工、安裝和連接相關的業務。其次，該季度包括對繼承的第三方項目的大量退役支出，這主要推動了該類別該季度 3800 萬美元的支出。正如我們在 10 季中所闡述的，第三季的支出完成了我們在該類別中的大部分帳面負債，我們預計未來幾季不會出現這種支出趨勢。

Turning to our balance sheet. At the end of the third quarter, net debt stood at roughly $1 billion. The drawn balance on our RBL was $215 million on September 30 and liquidity remained very high at over $750 million. As we mentioned before, in September, we closed on the partial sale of Talos Mexico and received approximately $75 million in cash and those proceeds were used to pay down the revolver. The increased investment activity in 2023 continues to drive an increased working capital requirement in the business which we expect to abate in the fourth quarter and into 2024 as we significantly slow our capital investment pace. I'll address more of that slowing down in just a few minutes.

轉向我們的資產負債表。第三季末，淨債務約 10 億美元。截至 9 月 30 日，我們的 RBL 提取餘額為 2.15 億美元，流動性仍然很高，超過 7.5 億美元。正如我們之前提到的，9 月份，我們完成了 Talos Mexico 的部分出售，並收到了大約 7500 萬美元的現金，這些收益用於支付左輪手槍的費用。 2023 年投資活動的增加將繼續推動該業務的營運資金需求增加，我們預計隨著我們顯著放慢資本投資步伐，營運資金需求將在第四季度和 2024 年減少。我將在幾分鐘內解決更多減速問題。

As of September 30, our leverage metrics stood at approximately 1.1x. I also wanted to provide a high-level overview of how we see the final months of the year progressing and how we're seeing 2024 shaping up. As outlined in our earnings release, we expect production for the fourth quarter to be between 66,500 and 68,500 barrels of oil equivalent per day, which puts us within guidance range for the year but towards the low end of our full year 2023 production guidance of 66,000 to 71,000 barrels of oil equivalent per day.

截至 9 月 30 日，我們的槓桿指標約為 1.1 倍。我還想提供一個關於我們如何看待今年最後幾個月的進展以及我們如何看待 2024 年的發展的高層次概述。正如我們在財報中所述，我們預計第四季度的產量將在每天66,500 至68,500 桶石油當量之間，這使我們處於全年指導範圍內，但接近2023 年全年產量指導值66,000 桶的低端每天 71,000 桶油當量。

For the full year of 2023, cash operating and G&A expenses are tracking towards the lower half of the current range of $410 million and $430 million and $90 million to $95 million, respectively. CapEx including plugging and abandonment, settled decommissioning allegations and CCS investments are expected to be within our current guidance range.

2023 年全年，現金營運和一般管理費用將分別接近目前範圍的下半部分，分別為 4.1 億美元和 4.3 億美元以及 9,000 萬美元至 9,500 萬美元。包括堵塞和廢棄、已解決的退役指控和 CCS 投資在內的資本支出預計將在我們目前的指導範圍內。

Specifically, our upstream CapEx, including drilling and completions, asset management and other spending is tracking at the low end of the guided range of $650 million to $675 million. Our CCS investments are projected to be at or below the low end of the current range of $70 million to $90 million due to timing shifts of spending into 2024.

具體來說，我們的上游資本支出，包括鑽井和完井、資產管理和其他支出，正處於 6.5 億至 6.75 億美元指導範圍的低端。由於支出時間轉移到 2024 年，我們的 CCS 投資預計將達到或低於目前 7,000 萬美元至 9,000 萬美元範圍的下限。

As I mentioned in the last earnings call, plugging and abandonment spending for the full year on our portfolio is coming in higher. It is now estimated to be between $120 million to $130 million primarily driven by inflationary pressures in that market as well as additional third-party decommissioning spending activity. We expect this category will normalize some in 2024 or we'll continue to fine-tune those estimates over the next few months. I'd also like to talk about how we're seeing 2024 starting to shape up. It's too early to go into specifics but philosophically, we see next year's capital investments substantially lower than 2023. We continue to evaluate the right levels of reinvestments into our business, and we believe that taking our foot off the gas on the CapEx side and taken a breather is likely the right path for Talos next year.

正如我在上次財報電話會議中提到的，我們投資組合全年的堵塞和廢棄支出正在增加。目前估計在 1.2 億至 1.3 億美元之間，主要是由該市場的通膨壓力以及額外的第三方退役支出活動所推動的。我們預計這一類別將在 2024 年部分正常化，或者我們將在接下來的幾個月內繼續微調這些估計。我還想談談我們對 2024 年的展望。現在討論具體細節還為時過早，但從哲學角度來看，我們預計明年的資本投資將大大低於2023 年。我們將繼續評估對我們業務的再投資的適當水平，我們相信，在資本支出方面，我們應該停止關注並採取措施喘口氣可能是 Talos 明年的正確道路。

Despite this reduced investment, we still expect solid production growth next year, albeit with a tempered long-term growth trajectory. That allows us to increase near-term optionality for shareholder return, debt reduction as well as organic and inorganic growth opportunities. When weighing these options, we think this approach creates the most value for our shareholders.

儘管投資減少，但我們仍預計明年的產量將穩健成長，儘管長期成長軌跡有所放緩。這使我們能夠增加股東回報、債務削減以及有機和無機成長機會的短期選擇。在權衡這些選擇時，我們認為這種方法可以為我們的股東創造最大價值。

Overall, I'm very excited about the trajectory of the business as we look to 2024. Our credit position remains very strong, and we are excited about new production early next year from Venice and Lime Rock as well as attractive investment opportunities in both our upstream and CCS businesses.

總體而言，展望2024 年，我對業務的發展軌跡感到非常興奮。我們的信用狀況仍然非常強勁，我們對明年初威尼斯和萊姆羅克的新生產以及我們兩個地區的有吸引力的投資機會感到興奮上游和 CCS 業務。

We believe the combination of attractive future investments, a solid balance sheet and an ever-present focus on M&A opportunities in line with our track record, will deliver and accelerate long-term value to Talos' shareholders.

我們相信，有吸引力的未來投資、穩健的資產負債表以及對符合我們業績記錄的併購機會的持續關注，將為 Talos 股東帶來並加速長期價值。

With that, operator, we'll open the line for Q&A.

接線員，我們將開通問答線。

(Operator Instructions)

（操作員說明）

The first question comes from Nate Pendleton from Stifel.

第一個問題來自 Stifel 的 Nate Pendleton。

Can you provide any thoughts on the further delay of the Sale 261 announced last week, specifically, how this impacts the industry and your expectations for any resolution there?

您能否對上周宣布的 Sale 261 進一步推遲提出任何想法，具體來說，這對該行業有何影響以及您對任何解決方案的期望？

Yes. Look, it's interesting. It's -- we have part of the script and part of what we're talking about earlier is some progress from the Department of Energy on the CCS side. And it speaks to a little bit of a broader frustration when you have, I think, a government that's super supportive of one part of our industry and what we're doing to decarbonize, but then less supportive on the traditional forms of our energy. What we want and what we hope out of our regulators is they're not picking winners and losers.

是的。看看吧，很有趣。我們有部分劇本，我們之前討論的部分內容是能源部在 CCS 方面取得的一些進展。我認為，當政府大力支持我們行業的一部分以及我們為脫碳所做的努力，但對傳統能源形式的支持較少時，這說明了一種更廣泛的挫折感。我們希望監管機構不要挑選贏家和輸家。

And so the frustration, obviously, on the offshore side of the house, again, that's interior is that it feels like they're doing that. Now again, the Inflation Reduction Act in IRA requires us having lease sales, coinciding with the same year time frame is wind sales. And we know this government wants to have wind sales and we certainly are supportive of that. And we fully expect to have these lease sales.

因此，顯然，在房子的離岸一側，內部的挫折感是感覺他們正在這樣做。現在，愛爾蘭共和軍的通貨膨脹減少法案要求我們進行租賃銷售，與同一年的風電銷售時間框架一致。我們知道政府希望進行風電銷售，我們當然支持這一點。我們完全期望能夠實現這些租賃銷售。

But very frustrating to see this particular issue around the Rice's Whale and the idea that there's kind of the migration path of the whales moved from the Eastern Gulf of Mexico, where they're typically found to the Western Gulf of Mexico and arbitrarily falling in line across the basin. And then pulling out leasing. And so that's being fought by our trade groups, and it's appropriate for them to do so. We expect that to come back, and we hope it will. I think kind of further frustration is around the broad 5-year leasing plan where traditionally, that plan is always in place when the previous 5-year plan rolls out. This one was delayed 3 years into the administration, and then it's been kind of reinstated with less lease sales than the traditional plan.

但非常令人沮喪的是，看到有關稻香鯨的這個特殊問題，以及鯨魚的遷徙路徑從墨西哥灣東部遷移到墨西哥灣西部，並任意排列的想法，這令人非常沮喪橫跨盆地。然後退出租賃。因此，我們的貿易團體正在對此進行鬥爭，他們這樣做是適當的。我們期望這種情況能夠回歸，我們也希望如此。我認為進一步的挫敗感在於廣泛的 5 年期租賃計劃，傳統上，當上一個 5 年期計劃推出時，該計劃總是到位。該計劃在政府執政後被推遲了三年，然後又恢復了，但租賃銷售額比傳統計劃要少。

So look, I think energy policy is important. I think it needs to be balanced. I think we all see and applaud some of the things happening on the low carbon side, and I think we're equally frustrated at what feels punitive on the traditional side. But again, part of the inflation reduction mandated these lease sales were prepared to lease in the upcoming lease sale kind of when it happens. We just got to go through this process.

所以看，我認為能源政策很重要。我認為需要平衡。我認為我們都看到並讚揚低碳方面發生的一些事情，我認為我們同樣對傳統方面的懲罰性行為感到沮喪。但同樣，通膨降低的部分要求這些租賃銷售準備在即將到來的租賃銷售發生時進行租賃。我們只需經歷這個過程。

Got it. And on the partnership with Repsol, can you provide any details about the earliest we could see? Any news from that reprocessing campaign? And if there are other opportunities similar to that one across your acreage?

知道了。關於與雷普索爾的合作，您能否提供我們最早能看到的任何細節？那次再處理活動有什麼消息嗎？您所在的地區是否有其他類似的機會？

Yes. Well, look, and I'm glad you brought that up. I can kind of go on long dialogues around federal government energy policy and not bring it back to where what do you do about it. And what you do about it is things of what we're doing with Repsol. And so what's interesting about that particular partnership is Repsol is coming to the table, not just wanting to participate financially and have a working interest in these projects. They want to actually participate in the geological interpretation of what's happening. They want to bring their expertise to bear and join us in trying to map through all this acreage.

是的。好吧，聽著，我很高興你提出這個問題。我可以圍繞聯邦政府能源政策進行長時間的對話，而不是把它帶回你對此做什麼的地方。你們對此所做的就是我們與雷普索爾所做的事情。因此，這一特定合作關係的有趣之處在於，雷普索爾願意參與談判，而不僅僅是想在經濟上參與這些計畫並擁有工作興趣。他們希望真正參與正在發生的事情的地質解釋。他們希望發揮自己的專業知識，並與我們一起嘗試繪製所有這些區域的地圖。

And we have a host facility in Neptune. This is a combination of EnVen acreage and Talos acreage. So it's a way that we're trying to pull value out of a transaction in an acreage set that we didn't allocate value in when we bought the transaction. So all of those are very positive.

我們在海王星有一個主機設施。這是 EnVen 面積和 Talos 面積的組合。因此，這是我們試圖從購買交易時未分配價值的面積集中的交易中獲取價值的一種方式。所以所有這些都是非常積極的。

Look, I think this is more longer-term portfolio generation. These are types of prospects you see more in kind of the 2025 range and beyond. But it's absolutely the type of work that you need to do to make sure you're building inventory in the Gulf of Mexico. And when you have a built-in partner that's got that level of technical expertise, that's great.

看，我認為這是更長期的投資組合生成。這些是您在 2025 年及以後更常見的前景類型。但這絕對是您需要做的工作類型，以確保您在墨西哥灣建立庫存。當您擁有一個具備這種技術專業水平的內建合作夥伴時，那就太好了。

The second part of your question, which is, are there more to do? Yes, I think there's 2 types of JVs. How do you find partners with the acreage you have? And again, when we closed in then, we were almost up to 1.5 million gross acres. And then how do you pull acreage from other parties that also want to say, look, I've got an acreage position, you have an acreage position. Let's pull that together and then let's try to build inventory out of our pooled acreage. And we're working some of those as well.

你問題的第二部分是，還有更多事情要做嗎？是的，我認為合資企業有兩種類型。您如何找到擁有如此面積的合作夥伴？再說一次，當我們關閉時，我們的總面積幾乎達到了 150 萬英畝。然後，你如何從其他方獲得土地，他們也想說，看，我有一個面積位置，你也有一個面積位置。讓我們把這些放在一起，然後嘗試從我們的合併面積建立庫存。我們也在進行其中的一些工作。

And hopefully, those will come to fruition in the coming months. So 2 ways to play it when you're trying to manage upcoming leasing or a lack of leasing, but you have a large acreage position, everybody else has kind of similar challenges and opportunities. How do you find built-in partners and how do you pull acreage and we're trying to do both in our business development activities.

希望這些將在未來幾個月內實現。因此，當您試圖管理即將到來的租賃或缺乏租賃，但您擁有很大的面積位置，其他人都面臨著類似的挑戰和機會時，有兩種方法可以發揮作用。如何找到內建合作夥伴以及如何擴大種植面積，我們正在努力在業務發展活動中做到這兩點。

The next question comes from Michael Scialla from Stephens.

下一個問題來自史蒂芬斯的邁克爾·夏拉（Michael Scialla）。

I wanted to discern your decision to slow down here a bit. You were talking at one point about high single-digit production growth for a 3-year plan. You said you're tempering that a bit, but you still expect growth. So I want to see what you're thinking there. Is it low single-digit growth?

我想了解你在這裡放慢腳步的決定。您曾經一度談到三年計畫的高個位數產量成長。你說你正在緩和一點，但你仍然期望成長。所以我想看看你在想什麼。是低個位數成長嗎？

And maybe any indication on what the lower activity might lead to relative to what you're doing this year in terms of spending?

也許有任何跡象表明，相對於您今年的支出而言，活動減少可能會導致什麼？

Yes. Let me give you some initial thoughts on that, Michael. Sergio can follow up with any of his thoughts. Look, this year, we really spent a lot of effort. When you think about something like Venice and Lime Rock, we discovered that less than 12 months ago. So installing all that infrastructure, doing that inside a year, it's been fantastic, but it's also a material amount of capital where you don't see any revenue and production generation out of that for a subsequent 12 months. And so I think we've had a rig on contract for the better part of the last 15 months, that will start to roll off when we wrap up this work with Venice and Lime Rock. And I think we want to see 2024 to be a material cash flow generation year.

是的。讓我給你一些初步的想法，麥可。 Sergio 可以跟進他的任何想法。看來，這一年，我們真的花了很多功夫。當您想到威尼斯和萊姆羅克這樣的地方時，不到 12 個月前我們就發現了這一點。因此，在一年內安裝所有基礎設施，這真是太棒了，但這也是一筆巨額資本，在接下來的 12 個月內你不會看到任何收入和生產。因此，我認為我們在過去 15 個月的大部分時間裡都簽訂了一份鑽機合同，當我們完成與 Venice 和 Lime Rock 的這項工作時，它將開始滾動。我認為我們希望 2024 年成為實質現金流產生年。

And we think the first thing -- the first step in that is as we bring this new production on, kind of take our foot off the gas. Have a breather from a rig perspective, particularly in the first half of the year. And then as we kind of think about the second half of the year, right now, let's kind of reinstate some of our operated drilling kind of opportunities. You also have a rig market that's tightening. And I do think as we think about that, we look at -- one reason we've always kind of been a survivor in this basin and someone who's grown and thrived in this basin. As you look at those in the past, who didn't make it and sometimes it's because they didn't hedge, sometimes it's because they took on too big of a working interest in the project. Sometimes they just took on a bad rig contract over a long period of time and the commodity turnaround. So we haven't wanted to walk in to a long-term rig contract at these inflated prices. And so we might have to work with where there's rig opportunities and rig openings.

我們認為第一件事——第一步就是當我們推出這部新作品時，我們要放鬆警惕。從鑽孔機的角度來看，需要喘口氣，尤其是在今年上半年。然後，當我們考慮下半年時，現在，讓我們恢復一些運作鑽井的機會。鑽孔機市場也正在緊張。我確實認為，當我們思考這一點時，我們會看到——我們一直是這個盆地的倖存者以及在這個盆地中成長和繁榮的一個原因。當你看看過去的人時，誰沒有成功，有時是因為他們沒有對沖，有時是因為他們在專案中承擔了太大的工作興趣。有時，他們只是在很長一段時間內簽訂了一份糟糕的鑽機合約以及商品週轉。因此，我們不想以如此高的價格簽訂長期鑽機合約。因此，我們可能必須與有鑽機機會和鑽機空缺的地方合作。

And so between wanting to take a breather after a long-dated rig contract that's rolling off, getting new production online, taking our time and thinking about what's the right way to play the rig market when it's hot, I think that just speaks to coming off the capital program substantially year-over-year and making sure we're really spending our efforts on generating free cash flow, which we can use to pay down debt ahead of potential refinancing.

因此，在一份即將到期的長期鑽機合約之後想要喘口氣，上線新的生產，花點時間思考在鑽機市場火熱時玩弄鑽機市場的正確方式是什麼，我認為這只是說明了未來逐年大幅削減資本計劃，並確保我們真正把精力花在產生自由現金流上，我們可以用它來在潛在的再融資之前償還債務。

So all sorts of ways to think about it. Look, as we wrap that up and those thoughts with the Board in the coming months and kind of roll out guidance for next year, we'll think about how that impacts, kind of broader production growth just on an absolute basis, but I think it's really around free cash flow generation in the near term.

所以有各種各樣的方式來思考它。看，當我們在未來幾個月與董事會總結這些想法並推出明年的指導時，我們將考慮這將如何影響，在絕對基礎上更廣泛的產量增長，但我認為這實際上是圍繞近期自由現金流的產生。

Got it. Okay. And I guess on your production, I realize the fourth quarter is impacted by non-operated wells. Just wanted to get some more color on that, if I could. Is that intervention that the operator is talking about there? Is that something that's fairly routine? Or do you see that as carrying some risk that could affect that welcome-back-online in the first quarter of '24?

知道了。好的。我想就你們的生產而言，我意識到第四季度受到非作業井的影響。如果可以的話，我只是想對此有更多的了解。操作員在那裡談論的是乾預嗎？這是很平常的事嗎？或者您認為這會帶來一些風險，可能會影響 24 年第一季的歡迎回歸？

Look, it's fairly routine. I mean you have these big wells and these big completions and from time to time, you might have something happen downhole that requires either repair or sidetrack, obviously, a little different because you got to recycle that planning. If that happened in shallow water, if that happened in onshore, you can get on that pretty quick. It's pretty easy to move around resources and do that. When you do it in deepwater, it's just a different planning exercise. It takes more time. You've got to figure out how that typically fits in an intervention vessel or the rig you're using. So it's just a different dynamic.

瞧，這很平常。我的意思是，你有這些大井和這些大型完井工程，時不時地，你可能會在井下發生一些需要修復或側鑽的事情，顯然，有點不同，因為你必須回收該計劃。如果這種情況發生在淺水中，或者發生在岸上，您可以很快解決。移動資源並做到這一點非常容易。當你在深水中做這件事時，這只是一個不同的計劃練習。這需要更多時間。您必須弄清楚它通常如何適合您正在使用的干預船或鑽孔機。所以這只是一個不同的動態。

But the idea that, hey, look, we got a large resource base and we want to either repair a well or sidetrack a well, look, that happens, I think, in everyone's portfolio through the course of the year. And so I think we're fully confident that comes back online.

但是，嘿，看，我們擁有龐大的資源基礎，我們想要修復一口井或轉移一口井，我認為，這一想法在這一年中每個人的投資組合中都會發生。所以我認為我們完全有信心重新上線。

But Mike, part of the guide on the fourth quarter, and we could have -- we probably should have been a little more specific about this was when we looked at bringing on Venice and Lime Rock in the first quarter, there's downtime related to ramp power to get those wells online. We're trying to accelerate that. We're actually seeing if there's a possibility we can sneak a little bit of that into the last parts of this year, which then pushes that downtime into this quarter. So there's a little bit certainly a non-op well that we want to get back online. There's 1,200, 1,300 barrels a day, net to our interest on a full quarter run rate there, and then there's some downtime related to ramp out that if we can push that really early into 2024, push that production, sneak a little bit into the exit rate, that downtime shifts into fourth quarter.

但是麥克，第四季度指南的一部分，我們可能應該更具體一點，當我們考慮在第一季度引入威尼斯和萊姆羅克時，有與坡道相關的停機時間使這些油井上線的能力。我們正在努力加速這一進程。我們實際上正在考慮是否有可能在今年的最後部分偷偷地採取一些措施，然後將停機時間推遲到本季度。因此，我們確實希望有一點非作業井恢復上線。每天有 1,200 桶、1,300 桶，扣除我們對整個季度運行率的興趣，然後還有一些與產量相關的停機時間，如果我們能夠將其真正提前到 2024 年，推動產量，稍微進入退出率，停機時間轉移到第四季。

Okay. That's helpful. And I wanted to just ask one last one on Zama. Where do you stand with the FEED work there now? And I know at one point, you were debating between the FPSO and fixed platform, where's the -- how does that look at this point?

好的。這很有幫助。我想問關於紮馬的最後一個問題。您現在對那裡的 FEED 工作有何看法？我知道，您曾經在 FPSO 和固定平台之間爭論過，那麼現在您對此有何看法？

Yes. Look, it's an active discussion. I mean, I think part of the challenge in this has been time was lost and it's unfortunate. And the struggles around the initial formation of the unit. Our views on that, obviously, fairly well documented, frustration that we were giving up operatorship and then how do we kind of claw that back into the partnership to where we can build an integrated project team. And again, we've talked about that.

是的。看，這是一個活躍的討論。我的意思是，我認為這方面的部分挑戰是浪費了時間，這是不幸的。以及圍繞該單位最初組成的鬥爭。顯然，我們對此的看法有據可查，我們對放棄經營權感到沮喪，然後我們如何將其重新納入合作夥伴關係，以便我們可以建立一個綜合專案團隊。我們再次討論過這一點。

Keep in mind, when we were operator, we had a different development plan that Pemex was proposing when they took over operatorship and then we had to come up with a blend of that. Ultimately, the government reviewed that, and they approved the new blended plan, but there's some engineering details that underneath that, that we had to start over with. And so part of the pulling in the full unit and going through the process, ultimately led to changes in the design and some of that has to be kind of brought through the FEED. And then now it has to be thought through as we think about total capital and financing.

請記住，當我們還是營運商時，我們有一個不同的開發計劃，Pemex 在接管營運商時提出了不同的發展計劃，然後我們必須將其整合起來。最終，政府對此進行了審查，並批准了新的混合計劃，但背後有一些工程細節，我們必須重新開始。因此，整個單元的部分拉動和整個過程的完成，最終導致了設計的變化，其中一些必須透過 FEED 來實現。現在我們必須在考慮總資本和融資時仔細考慮這一點。

So some time was lost there, frustrated around that, happy though that we're back on track, happy to have Carso in. I think we're probably at a better place with that asset and with that partnership that we've ever been. Certainly, some of the debates and some of the frustration is behind us. And so now it's really more about a key focus on what do we need to do to wrap up. So still a little work there. Look, next year is an important year for that asset. It's been certainly been long enough. It's time to kind of get that thing to FID. It's time to get the ball moving on that. It's important to a lot of stakeholders. This is important to our shareholders. We're glad we've been able to monetize and realize some value. But we've got some work to do to get that kind of in the right spot. And again, I think we're in a better place with that asset than we've been over the last couple of years.

所以在那裡浪費了一些時間，對此感到沮喪，但很高興我們回到了正軌，很高興有卡索加入。我認為憑藉這項資產和我們一直以來的合作關係，我們可能處於更好的位置。當然，一些爭論和一些挫折感已經成為過去。所以現在更多的是專注在我們需要做什麼來結束。所以還有一些工作要做。看，明年對該資產來說是重要的一年。確實已經夠久了。是時候將這件事提交給 FID 了。是時候讓事情繼續下去了。這對很多利害關係人來說都很重要。這對我們的股東很重要。我們很高興我們能夠貨幣化並實現一些價值。但我們還需要做一些工作才能放在正確的位置。再說一次，我認為我們在這項資產上的處境比過去幾年更好。

The next question comes from Subhasish Chandra from the Benchmark Company.

下一個問題來自 Benchmark 公司的 Subhasish Chandra。

Just curious, as you have these 4Q events, these wells plus, of course, Lime Rock, Venice. What do you sort of anticipate as a base level of production, one that might not be subject to downtime, some of the 3Q hurricane effects, et cetera? But is sort of a number that you might bounce around offloads?

只是好奇，因為你有這些 4Q 活動，這些水井，當然還有威尼斯的石灰岩。您對基本生產水準有何預期，即可能不會受到停機、第三季颶風影響等影響的生產水準？但這是一個你可能會在卸載時反彈的數字嗎？

Well, Subhasish, thanks for calling. It's -- look, it's difficult to always find that perfect run rate in the Gulf of Mexico. I've always kind of said in the past, there's -- it's a basin where just by the nature of, and we answered in the last kind of question a little bit, you have something that when you have downtime, the ability to bring that back online isn't as quick as you see with some of the onshore operations or even back 20 years ago and kind of the predominant around our portfolio was in shallow water. So it's a little bit kind of tough to answer. Obviously, second quarter was a cleaner quarter. We were in the low 70s there.

好的，Subhasish，感謝您致電。看，在墨西哥灣很難總是能找到完美的運行率。我過去總是說，這是一個盆地，就其本質而言，我們在最後一個問題中回答了一點，當你有停機時間時，你有能力帶來一些東西回到線上的速度並不像您在一些陸上業務中看到的那麼快，甚至沒有20 年前那麼快，而且我們投資組合的主要業務是淺水區。所以這個問題有點難回答。顯然，第二季度是一個乾淨的季度。我們當時正處於 70 年代初期。

And so good weather and typically a little cleaner. So I think we know what a clean quarter looks like. I think we know what projects we're trying to add on and then you kind of have these downtimes. So sometimes that downtime can be 2%, 3% in a quarter, sometimes it can be 10% in the quarter. The third quarter is always tricky. And what we're learning is loop currents, which generally around El Nino, that's now going to be forecasted into weather-related downtime.

天氣很好，通常也比較乾淨。所以我認為我們知道乾淨的季度是什麼樣子。我想我們知道我們正在嘗試添加哪些項目，然後您將遇到這些停機時間。因此，有時一個季度的停機時間可能是 2%、3%，有時一個季度可能是 10%。第三季總是很棘手。我們正在了解的是環流，通常出現在厄爾尼諾現象周圍，現在將被預測為與天氣相關的停機時間。

And so I think the second quarter was a relatively clean quarter. It's a good way to anchor things, and then you have kind of what's the decline and then how do you stack on from there. And again, we have some things we're stacking on in the near term, more than just Venice and Lime Rock. The reason we put in some of those nonops and although smaller impact, smaller working interest, but we have 3 or 4 different operators out there actively in these activities. We had a nice little development well work over the weekend that also stack on into '24, which is another reason why we think we should focus on free cash flow generation and don't feel compelled to have to go at the pace we've been going at for the last 2 quarters in the first half of next year.

所以我認為第二季是一個相對乾淨的季度。這是一種錨定事物的好方法，然後你就會知道下降的情況是什麼，然後如何從那裡繼續前進。再說一次，我們在短期內有一些事情要做，不僅僅是威尼斯和萊姆羅克。我們之所以投入一些非操作人員，雖然影響較小，工作興趣較小，但我們有 3 或 4 個不同的操作人員積極參與這些活動。我們在周末進行了一些不錯的小開發工作，這些工作也一直持續到 24 年，這也是我們認為我們應該專注於自由現金流生成並且不必按照我們現有的速度前進的另一個原因明年上半年的最後兩季一直在進行。

But I think second quarter was a good place to start. And then it's really what are we adding on in the next, what I would call 3 or 4 months. But as we look out in the total year, as we pull CapEx down next year, it may change how we think about the full year outlook, but we got to really ramp up that program.

但我認為第二季是一個很好的起點。然後這就是我們接下來要添加的內容，我稱之為 3 或 4 個月。但當我們展望全年時，隨著我們明年降低資本支出，這可能會改變我們對全年前景的看法，但我們必須真正加強該計劃。

Right. So as you -- I guess, the outlook for substantially lower CapEx, is that sort of an upstream comment that might be partly offset by a CCS spend? Or is that an enterprise comment?

正確的。那麼，我想，資本支出大幅降低的前景是否屬於上游評論，可能會被 CCS 支出部分抵消？還是企業評論？

I think more -- look, I think more of an enterprise comment. I mean, look, I think this year, as we -- last year in 2022, we generated a significant amount of free cash flow, paid down our debt close to $4, $5 of share or something of that nature.

我想得更多——看，我想得更多的是企業評論。我的意思是，看，我認為今年，就像我們去年（2022 年）一樣，我們產生了大量的自由現金流，償還了接近 4 美元、5 美元的股票或類似性質的債務。

This year, we knew we're going to generate as much as we really focus the capital program on putting some things online. And then we saw a little bit of a bubble in P&A with some non-op related stuff kind of associated with some bankruptcies. And so when you have a year, which I think we've done a pretty good job managing expenses and a pretty good job managing capital. So I want to make sure I make that point. But when you have a year where you're not generating as much free cash flow, you want to see yourself go back to that. And so that's the focus. And I think that's the focus somewhat mutually exclusive to CCS. Robin and her team, and we're happy to take questions around that or executing that, and there's a process around monetizing and bringing some value forward on that business as well.

今年，我們知道我們將產生盡可能多的資金，因為我們真正將資本計畫集中在將一些東西放到網路上。然後我們看到 P&A 中出現了一些泡沫，其中包括一些與破產相關的非營運相關內容。因此，當你有一年的時間時，我認為我們在管理費用和管理資本方面做得非常好。所以我想確保我闡明了這一點。但當你有一年沒有產生那麼多的自由現金流時，你會希望看到自己回到原來的狀態。這就是重點。我認為這與 CCS 有點互斥。羅賓和她的團隊，我們很樂意回答有關該問題或執行該問題的問題，並且還有一個圍繞貨幣化並為該業務帶來一些價值的流程。

I would call those separate. I think broadly from an enterprise perspective, how do we make sure the upstream business is generating the right levels of free cash flow, knowing that this was a year where we were going to really accelerate capital to some developments. We don't have to do that next year. You've got a rising rig market.

我會把它們分開。我從企業的角度廣泛思考，我們如何確保上游業務產生適當水平的自由現金流，因為我們知道今年我們將真正加速資本用於某些開發。明年我們不必這樣做。鑽機市場不斷成長。

How do we want to manage all that and make sure that we're putting our shareholders in a place where we can be opportunistic as we were in some moments this year on buybacks and things of that nature.

我們希望如何管理這一切，並確保我們將我們的股東置於一個可以投機取巧的位置，就像我們今年在回購和類似性質的事情上的某些時刻一樣。

Just one final one, if I can. So the number one question out there onshore is M&A. So we would like to give you an opportunity as well or A&D to comment what the offshore outlook looks like.

如果可以的話，就最後一張吧。因此，境內的首要問題是併購。因此，我們希望給您或 A&D 一個機會來評論離岸前景。

I mean, look, we get it. We understand how people are thinking about it. It starts with that free cash flow generation comment. I mean, we want to have a business to generate material amounts of free cash flow. We want, as we grow that business to have, as we add assets to be accretive to that goal, we know we want to scale and size. It's going to deliver capital back to shareholders. I mean, I think we all as executives understand what the model is. And M&A ultimately fits into that model if we can add the appropriate types of scale and diversity.

我的意思是，看，我們明白了。我們了解人們的想法。它從自由現金流產生評論開始。我的意思是，我們希望擁有一家能夠產生大量自由現金流的企業。我們希望，隨著業務的發展，隨著我們增加資產以實現這一目標，我們知道我們想要擴大規模。它將把資本返還給股東。我的意思是，我認為身為高階主管，我們都明白這個模型是什麼。如果我們能夠添加適當類型的規模和多樣性，併購最終就會適合該模型。

Our skill set is conventional geology, it's offshore operations. It's full life cycle, and if you step back from that and you think about our basin, we think our basin is filled with sellers ultimately. They may not be sellers in the next 6 months, but the majors may not want to own some of their assets across the life cycle. They may want to decarbonize. They may not be reinvesting at the rates they did 10 years ago. And so we actually think the Gulf is a great roll at play. And they've got to have a trusted counterparty. And we think we've passed that test. These guys are partners with us in our wells. We just can't predict when that's going to be. We've talked about looking outside the Gulf of Mexico because again, I think there's other companies thinking about this the same way we are. And so I would say, when you look at our skill set and you look at where we can transfer that skill set, I think it's in a pretty broad and diverse set of opportunities that are sustainable over the long run versus being in one unconventional play where you can see the ceiling of what's available for you to roll up.

我們的技能是傳統地質學和海上作業。這是完整的生命週期，如果你退一步思考我們的盆地，我們認為我們的盆地最終充滿了賣家。他們可能不會在未來 6 個月內成為賣家，但大型企業可能不想在整個生命週期中擁有自己的部分資產。他們可能想要脫碳。他們可能不會以十年前的速度再投資。因此，我們實際上認為海灣地區正在發揮重要作用。他們必須有一個值得信賴的交易對手。我們認為我們已經通過了這個測試。這些人是我們井裡的合作夥伴。我們只是無法預測什麼時候會發生。我們已經討論過將目光投向墨西哥灣以外的地區，因為我認為還有其他公司與我們有相同的想法。所以我想說，當你看看我們的技能組合，看看我們可以在哪裡轉移這些技能組合時，我認為這是一個相當廣泛和多樣化的機會，從長遠來看，這些機會是可持續的，而不是在一個非常規的遊戲中您可以在其中看到可供您捲起的內容的上限。

So I'm bullish long term on how we think about M&A relative to our strategy and relative to our skill set from quarter-to-quarter and year-to-year. You just can't predict exactly how that's going to go.

因此，從長遠來看，我對我們如何看待併購相對於我們的策略以及相對於我們逐季度和逐年技能組合的看法持樂觀態度。你只是無法準確預測事情會如何發展。

Our next question comes from Jeff Robertson from Water Tower Research.

我們的下一個問題來自 Water Tower Research 的 Jeff Robertson。

Tim, a follow-up question on the Repsol joint venture. I think Talos is contributing about 97,000 acres to the 400,000-acre joint venture. Is Repsol contributing acreage? Is it an AMI in the area you all identify prospects you'll go and try to get the acreage? Can you talk about the mechanics of that?

提姆，關於雷普索爾合資企業的後續問題。我認為 Talos 為這家佔地 40 萬英畝的合資企業貢獻了約 97,000 英畝土地。雷普索爾是否貢獻了面積？是您所在地區的 AMI，您都確定了您將嘗試獲得土地的潛在客戶？能談談其中的機制嗎？

Right. It's a combination of really more our acreage and more of an AMI concept. That's exactly right. That's how you should think about it. So we put a big halo around where our acreage is and where our key facilities are. And we say, look, amongst this area, let's go out and think about generating inside that acreage set. And then let's think about finding new opportunities around that broader AMI. So it's a simple concept. I don't believe I should double check they're contributing acreage. But really, it's -- we have close to 100,000 acres. We put a halo around that.

正確的。它實際上是我們的面積和 AMI 概念的結合。完全正確。這就是你應該如何思考的。因此，我們在我們的土地面積和關鍵設施周圍放置了一個巨大的光環。我們說，看，在這個區域中，讓我們出去考慮一下在該區域內發電。然後讓我們考慮圍繞更廣泛的 AMI 尋找新的機會。所以這是一個簡單的概念。我不認為我應該仔細檢查他們貢獻的面積。但實際上，我們擁有近 10 萬英畝的土地。我們在它周圍放了一個光環。

And part of that's commensurate with how you think about reprocessing seismic data, so you got the appropriate coverage from just -- from an imaging perspective. And then how do we want to kind of develop inventory around that entire kind of area of mutual interest or AMI for those that aren't familiar with concept. So that's how this comes together, Jeff.

其中一部分與您對重新處理地震資料的想法相稱，因此您僅從成像角度即可獲得適當的覆蓋範圍。然後，我們如何為那些不熟悉概念的人圍繞整個共同感興趣的領域或 AMI 開發庫存。這就是這一切的結合方式，傑夫。

And with respect to M&A, are you seeing things? Or do you not necessarily seeing things today with some of the consolidation that's taking place in the industry, do you think that opportunities will present themselves in the Gulf of Mexico that Talos wants to have the strongest balance sheet possible to just have options?

關於併購，您看到了什麼嗎？或者您不一定看到今天行業中正在發生的一些整合，您是否認為墨西哥灣會出現機會，Talos 希望擁有盡可能強大的資產負債表以便有選擇？

Yes, for sure. I mean, look, I mean, part of wanting to make sure that we keep the leverage that where it needs to be, we try to have the appropriate levels of liquidity. I think even next year, I think what's the first use of proceeds on free cash flow. It's going to make sure we pay down debt. And then we can think of all the other capital allocation ideas of reinvesting in the business, having liquidity available for M&A. And look at some of these combinations, they're speaking to it directly. And so we don't know where that plays out. I think, for example, Chevron and Helix is a fascinating combination. As alumni, I think they certainly, the Gulf of Mexico is a core area for Chevron. But ultimately, what is the right asset mix for a company like Chevron or a company like Exxon. You don't know the answer to that, but you do know that if and when they might want to think about M&A, particularly on the asset side, they're probably going to want cash and they're going to need a counterparty that they trust. And what we have to do is be available to pass that test. While we look at other M&A idea -- that M&A ideas that might have more flexibility on sources and uses.

是肯定的。我的意思是，你看，我的意思是，為了確保我們將槓桿保持在需要的水平，我們試圖擁有適當的流動性水平。我認為即使是明年，我也認為自由現金流的收益的第一個用途是什麼。它將確保我們償還債務。然後我們可以考慮對業務進行再投資的所有其他資本配置想法，為併購提供可用的流動性。看看其中一些組合，他們直接與之對話。所以我們不知道這會在哪裡發揮作用。例如，我認為 Chevron 和 Helix 是一個令人著迷的組合。身為校友，我認為墨西哥灣當然是雪佛龍的核心區域。但歸根結底，對於雪佛龍或埃克森這樣的公司來說，正確的資產組合是什麼？你不知道答案，但你確實知道，如果他們可能想要考慮併購，特別是在資產方面，他們可能會需要現金，並且需要一個交易對手他們信任。我們要做的就是能夠通過該測試。當我們研究其他併購想法時，這些併購想法在來源和用途上可能具有更大的靈活性。

So we're thinking about it. Look, we certainly understand why you see the current trends. We're not rushing into anything, but we have to be prepared to be thoughtful on how we build out the firm and get to where we have a platform that's got more scale and diversity and ultimately leads to a shareholder return model that's sustainable.

所以我們正在考慮這個問題。看，我們當然理解您為什麼會看到當前的趨勢。我們不會急於做任何事情，但我們必須做好準備，認真考慮如何建立公司，並建立一個規模更大、更多元化的平台，並最終形成可持續的股東回報模式。

And a question on the CCS business. Does Equinor add anything that makes that project more marketable to potential anchor customers? And can you just, or maybe, Robin, can you just provide an update on where commercial discussions are with potential emitters?

還有一個關於 CCS 業務的問題。 Equinor 是否添加了任何內容，使該專案對潛在的主力客戶更具銷路？您能否，或者羅賓，您能否提供有關與潛在排放者進行商業討論的最新資訊？

Well, let me -- yes, look, I'm going to hand over to Rob. I think real quick on the conversation around Equinor, and then Robin will take it and provide her thoughts. When we set this up, I think the initial idea was setting it up in a way that it attracted the strategics, if you will. Not too different from what we just did in acreage. We can put together an acreage position but we're not going to go drill that $100 million subsea wells. We want a strategic involved in that with us to share that risk with us. And so Chevron came in now, and Equinor came in. So it's great to have the strategics there. And Robin can talk about the benefits they bring when we think about conversations with emitters and execution.

好吧，讓我——是的，聽著，我要把任務交給羅布。我很快就圍繞著 Equinor 進行了對話，然後 Robin 會接受並提供她的想法。當我們設定這個時，我認為最初的想法是以吸引策略的方式來設定它，如果你願意的話。與我們剛剛在面積上所做的沒有太大不同。我們可以整合一定面積的位置，但我們不會去鑽探價值 1 億美元的海底油井。我們希望有一個策略參與其中，與我們分擔風險。所以雪佛龍現在進來了，挪威國家石油公司也進來了。所以在那裡擁有戰略是很棒的。當我們考慮與排放者的對話和執行時，羅賓可以談論它們帶來的好處。

Yes. Both partners have projects that are ongoing around the world. I mean, Equinor is one of the pioneers in CCS there in the Northeast. So certainly bringing that long-term experience and expertise to the project is a really great and encouraging thing. Both of our large partners, too, have the ability to go and invest in some of these other blue commodities as well. So I think that's exciting.

是的。雙方合作夥伴都在世界各地開展專案。我的意思是，Equinor 是東北地區 CCS 的先驅之一。因此，將長期的經驗和專業知識帶入該計畫無疑是一件非常偉大且令人鼓舞的事情。我們的兩個大型合作夥伴也有能力投資其他一些藍色商品。所以我認為這很令人興奮。

The announcement of the Department of Energy grant to the high velocity hub, which is surround the Southeast Texas and Southwest Louisiana region is very encouraging as we think about the counterparties here, the customers, what that grant will do is basically providing that integrated hydrogen ecosystem where we've got more investment coming into not just green hydrogen, but also being able to retrofit existing, gray hydrogen facilities and encouraging additional investment in new blue hydrogen facilities where the CO2 capture is actually designed on the front end.

能源部宣布向德克薩斯州東南部和路易斯安那州西南部地區的高速樞紐撥款，這非常令人鼓舞，因為我們考慮到這裡的交易對手、客戶，這筆撥款的作用基本上是提供集成的氫生態系統我們不僅對綠氫進行了更多投資，而且還能夠改造現有的灰色氫設施，並鼓勵對新的藍色氫設施進行額外投資，其中二氧化碳捕獲實際上是在前端設計的。

And so we're having discussions with folks out of both categories as we're thinking about brownfield facilities, being able to address their CO2 emissions and some new greenfield investments. And so those conversations are ongoing, and we've got quite a few of those. And so we're very excited about continuing to advance that project. And as we mentioned in our release, still expecting to go drill that first stratigraphic well later this year in the offshore portion, which will help supplement our first permit for that project hopefully some time in 2024.

因此，當我們考慮棕地設施、解決二氧化碳排放問題以及一些新的綠地投資時，我們正在與這兩類人進行討論。因此，這些對話正在進行中，而且我們已經進行了很多這樣的對話。因此，我們對繼續推進該專案感到非常興奮。正如我們在新聞稿中提到的，仍然預計今年稍後在海上部分鑽第一口地層井，這將有助於補充我們希望在 2024 年某個時候對該項目的第一個許可證。

Thanks. Tim or Robin, how long does it take to gather the data once you've drilled that strat well that you need to put in a permit application?

謝謝。提姆或羅賓，一旦您完成了需要提交許可證申請的策略，需要多長時間才能收集資料？

Some of that data will be captured on site. We'll be logging the well itself and collecting some core data. We'll take some of that core that we're participating in the CCS consortium with that core lab pads so they'll be reviewing some of that. But we'll get some of that data in real time as we're on the location. Again, it's more supplementary to what we'd be filing. We already have the seismic coverage. We've got a model built, back that was part of our initial bid on that offshore, general and office lease back in 2021.

其中一些數據將在現場捕獲。我們將記錄油井本身並收集一些核心數據。我們將利用我們參與 CCS 聯盟的一些核心以及核心實驗室墊，以便他們可以審查其中的一些。但當我們到達現場時，我們會即時獲得一些數據。同樣，它對我們要提交的內容更具補充作用。我們已經有了地震覆蓋範圍。我們已經建立了一個模型，這是我們在 2021 年對離岸、一般和辦公室租賃進行初步投標的一部分。

So we've got a great data set up there. This is more confirmatory and to really help supplement that application process as it goes into EPA and then hopefully, eventually, the Texas Railroad Commission as the state achieves primacy down the road.

所以我們在那裡建立了很好的數據。這更具證實性，並且真正有助於補充申請程序，因為它進入了美國環保局，然後希望最終進入德克薩斯州鐵路委員會，因為該州在未來取得了首要地位。

The next question comes from Noel Parks from Tuohy Brothers.

下一個問題來自 Tuohy Brothers 的 Noel Parks。

So just a couple of things. One thing I was thinking about is just the tiebacks that you have are so attractive from a capital efficiency standpoint. And I wonder, as you just were looking at planning over the next few years, what sort of inflation have you baked in or assume as you look at some of these prospects, I wonder if even Lime Rock and Venice, were they pretty much set in motion contracted before impact of the most recent inflation? Or are the examples of something also that might also be burdened by then?

所以只有幾件事。我在想的一件事是，從資本效率的角度來看，你所擁有的回扣非常有吸引力。我想知道，當你剛考慮未來幾年的規劃時，當你考慮其中一些前景時，你會考慮或假設什麼樣的通貨膨脹，我想知道即使是萊姆羅克和威尼斯，它們是否已經基本確定在最近一次通膨影響之前，運動是否收縮了？或者到那時可能也會有一些負擔的例子？

I think it's -- look, a lot of it is largely driven by rig and the ancillary services around those rigs. You need the rigs to drill them. You need the rigs obviously to complete them on the ancillary services around vessels related to subsea projects and things of that nature. And look, there's demand around global subsea infrastructure installation. You're seeing it in areas like Guana, you're seeing it in areas like West Africa. So we certainly have to adapt to the market. I do think these time frames are typically when you think of these projects, you're thinking about them in somewhere between 18-month windows, 24-month windows. Now again, Venice and Lime Rock we accelerated. We did that because -- and we had long leads. And so once those are secured, you're not thinking about the inflation of tubulars and things of that nature.

我認為，看，其中許多主要是由鑽孔機和這些鑽孔機周圍的輔助服務所驅動的。你需要鑽孔機來鑽探它們。顯然，您需要鑽井平台來完成與海底項目和此類性質的事物相關的船舶周圍的輔助服務。看，全球海底基礎設施安裝存在需求。你可以在瓜納這樣的地區看到它，你可以在西非這樣的地區看到它。所以我們當然要適應市場。我確實認為這些時間範圍通常是當你考慮這些項目時，你會在 18 個月的窗口和 24 個月的窗口之間考慮它們。現在，我們再次加速前往威尼斯和萊姆羅克。我們這樣做是因為——而且我們有很長的領先優勢。因此，一旦這些都得到了保障，你就不會考慮管材和類似性質的東西的膨脹。

So I do think one of the reasons we want to be thoughtful around the next round, we have an inventory that's got some quicker hookups, some development and then some broader exploitation and exploration. You've got to adjust to where that's going. And I think for us to say, "Hey, look, while we've been working really hard this year and had rigs on contract for the last 15 to 18 months, let's just step right into where the rig market is going."

所以我確實認為我們想要在下一輪中深思熟慮的原因之一是，我們有一個庫存，其中有一些更快的連接、一些開發，然後是一些更廣泛的開發和探索。你必須適應事情的發展。我認為我們應該說：“嘿，聽著，雖然我們今年一直在努力工作，並且在過去 15 到 18 個月內簽訂了鑽機合同，但讓我們直接進入鑽機市場的發展方向吧。”

I think our idea is say, look, let's take pause in the first half of the year. There's going to be some activity, but not as much operated activity. And then let's think about where this rig market is going and how do we play in it. And I don't think we play in it by being afraid of slowing down and feeling like we halved the speed up, and then we have to go take a contract over multiple years at a rate we haven't seen in the last 10 years. That's not probably the right responsible risk management decision for a company our size.

我認為我們的想法是，看，讓我們在今年上半年暫停一下。將會有一些活動，但不會有那麼多的營運活動。然後讓我們思考這個鑽機市場的走向以及我們如何參與其中。我不認為我們會因為害怕放慢速度而感覺自己把速度減半了，然後我們必須以過去 10 年來從未見過的速度簽訂一份為期多年的合約。對於我們這樣規模的公司來說，這可能不是正確的負責任的風險管理決策。

So we do think about inflation. We think about where -- if we're going to spud something in '25, what do we think the market is going to be in '25 and so we do that from a planning perspective. Sometimes you want to see, look, if we take our foot off the gas and maybe others, does that create maybe a flattening of that market. But there's a little, why don't we wait and see. And by waiting and seeing, we got to grab some windows instead of grabbing 2-year contracts, and we grab some windows.

所以我們確實考慮了通貨膨脹。我們會考慮在哪裡——如果我們要在 25 年推出一些產品，我們認為 25 年的市場會是什麼樣子，所以我們從規劃的角度來做這件事。有時你想看看，如果我們把腳從油門上移開，也許還有其他人，這是否會導致該市場的扁平化。但有一點，我們為什麼不等等看呢。透過觀望，我們必須抓住一些窗口，而不是抓住兩年合約，我們抓住了一些窗口。

Right. I hadn't even been thinking of the sort of cooling next year of your spending around uncertainty in the service environment. But as you said, it seems like we're clearly entering one of the most uncertain environments we've seen a lot because we, of course, had this huge run-up. And then -- and now sort of unprecedented interest rate environment shift with us now looking ahead with China and everything, some pretty serious concern about maybe now as one of the recession hit. So all those combined certainly makes sense in the -- so I think maybe you're -- maybe even ahead of some other players in the industry with that thinking.

正確的。我什至沒有想到明年圍繞服務環境的不確定性的支出會有所降溫。但正如你所說，我們顯然正在進入我們所見過的最不確定的環境之一，因為我們當然經歷瞭如此巨大的成長。然後，現在利率環境發生了前所未有的轉變，我們現在展望中國和一切，也許現在作為經濟衰退之一，我們會感到一些相當嚴重的擔憂。因此，所有這些加起來肯定是有意義的——所以我想也許你——甚至可能領先於業內其他一些有這種想法的參與者。

Well, I mean, look, I think it's just more what are the things -- what are the risks that you need to manage. Again, we're not a large cap. We don't have 250,000 barrels equivalent a day.

嗯，我的意思是，你看，我認為更多的是事情是什麼——你需要管理的風險是什麼。再說一次，我們不是大盤股。我們每天沒有 25 萬桶當量。

We don't -- that's what we aspire to become ultimately. But we are where we are. We're a company that was founded 10 years ago. And as we build these things in the Gulf of Mexico, we know where that risk management needs to look like. You need to have appropriate hedges. We've layered on some in the fourth quarter when we had run up in prices. And we still have a constructive price environment but you need to protect yourself from a commodity perspective, you need to protect yourself from a capital allocation perspective and a contract risk perspective. And those that haven't in the past haven't made it, and we've seen that. And that's not an offshore phenomena. That's an onshore in offshore phenomenon. We talked in the past, I think there's been over 300 bankruptcies in the last decade since we started this company.

我們不——這就是我們最終渴望成為的。但我們就在我們所在的地方。我們是一家成立於 10 年前的公司。當我們在墨西哥灣建造這些東西時，我們知道風險管理需要在哪裡進行。你需要有適當的對沖。當我們在第四季度價格上漲時，我們已經分層了一些。我們仍然擁有建設性的價格環境，但你需要從商品角度保護自己，你需要從資本配置角度和合約風險角度保護自己。那些過去沒有成功的人也沒有成功，我們已經看到了這一點。這不是離岸現象。這是一種在岸的離岸現象。我們過去談過，我想自從我們創辦這家公司以來，過去十年裡已經有 300 多家公司破產了。

So we think about that risk management a lot. And again, I don't -- I think we have to be mindful of where the market is. And if that changes a little bit of the trajectory of production growth ultimately brings down CapEx, but still generates meaningful cash flow. That's the right risk management strategy.

所以我們常常考慮風險管理。再說一次，我不認為——我認為我們必須留意市場的情況。如果生產成長軌跡發生一點改變，最終會降低資本支出，但仍會產生有意義的現金流。這是正確的風險管理策略。

If you do have a little bit of uncertainty on what Fed is doing and things of that nature. But I think generally, we're constructive around the commodity. I think this is just what's appropriate risk management.

如果你對聯準會正在做的事情以及類似性質的事情確實有一點不確定性。但我認為總的來說，我們對商品持建設性態度。我認為這正是適當的風險管理。

The next question comes from Kyle May from Sidoti & Company.

下一個問題來自 Sidoti & Company 的 Kyle May。

A couple of questions around the CCS business for Tim or Robin. You mentioned the first Class VI permits Harvest Bend reached administrative completeness. Can you give us an update on the overall expected time line for a Class VI permit now? And then what are the next steps for Harvest Bend?

向提姆或羅賓詢問有關 CCS 業務的幾個問題。您提到第一個 VI 級授權 Harvest Bend 已達到管理完整性。您現在能為我們提供有關 VI 類許可證的整體預期時間表的最新資訊嗎？那麼 Harvest Bend 的下一步計畫是什麼？

Yes, sure, Kyle. I appreciate the question. So yes, we filed our first application there at Harvest Bend in October. We received that administrative completeness. And so now it's entering what's called technical review. So we think that could last probably the next 12 or so months as they go through the details of that first permit. We did receive some early comments back on that first permit, then we were able to incorporate some of that feedback into our second permit, which is for an additional 2 wells. So we now have 3 wells sitting with EPA but also keeping in mind, we co-submitted that through the Louisiana Department of Natural Resources template as well. So we're all set up, hopefully, as the state achieved primacy sometime next year for a very smooth transition over to that regulatory agency.

是的，當然，凱爾。我很欣賞這個問題。是的，我們於 10 月在 Harvest Bend 提交了第一份申請。我們獲得了行政完整性。現在它正在進入所謂的技術審查。因此，我們認為這可能會持續接下來的 12 個月左右，因為他們會審查第一個許可證的細節。我們確實收到了有關第一個許可證的一些早期評論，然後我們能夠將其中一些回饋納入我們的第二個許可證中，即另外 2 口井。因此，我們現在有 3 口井交給了 EPA，但也要記住，我們也透過路易斯安那州自然資源部模板共同提交了該資訊。因此，我們已經準備就緒，希望明年某個時候國家能夠取得主導地位，以便順利過渡到該監管機構。

Again, the plus of primacy is you've got a state that knows our geology very well, lots of resources. And we've seen demonstrated in the 2 states that have it, the speed of that turnaround to really increase. North Dakota has actually a CCS project that just started up this past week after a permit made it through in less than 6 months. So we're very encouraged that when the states take over, we can get these on to a more timely time line, but regardless, even if it's 2 or 3 years to process through EPA, it fits within our overall project time lines.

再說一次，首要地位的好處是你擁有一個非常了解我們的地質狀況和大量資源的國家。我們已經在擁有它的兩個州看到了這一轉變的速度確實在加快。北達科他州實際上有​​一個 CCS 項目，該項目於上週剛啟動，不到 6 個月的時間就獲得了許可證。因此，我們感到非常鼓舞的是，當各州接管時，我們可以將這些納入更及時的時間表，但無論如何，即使透過EPA 需要2 或3 年的時間來處理，它也符合我們的整體專案時間表。

Got it. And then Bayou Bend, you're planning to spud another -- or planning to spud the first well in the fourth quarter. What's the estimated cost for a well now? And how long do you think that's going to take?

知道了。然後，您計劃在 Bayou Bend 開鑽另一口井，或計劃在第四季度開鑽第一口井。現在一口井的預計成本是多少？您認為這需要多長時間？

Yes. So we'll be spudding that first stratigraphic test well. This is a data acquisition well where we're going to be doing pretty extensive logging and core collection again, to help calibrate our model, but really supplement that first application that will go to EPA and also eventually into the railroad commission as we'll take a similar approach there keeping both agencies in the loop.

是的。因此，我們將開始鑽探第一口地層測試井。這是一個數據採集井，我們將再次進行相當廣泛的記錄和岩心收集，以幫助校準我們的模型，但真正補充第一個應用程序，該應用程序將提交給EPA，並最終提交給鐵路委員會，因為我們將採取類似的方法，讓兩個機構都了解情況。

As far as the cost there, I mean, it's going to depend for that one being offshore, obviously, there's a little bit more costly to get a jackup or it to go drill that. That's what we're waiting on right now is the rig is still with another operator. As you do these onshore, they're fairly straightforward wellbores. We're talking a vertical wellbore from the range of 6,000 to 8,000 feet. So nothing very sophisticated, and that's -- the main cost difference will be if we decide for these wells to become keeper wells, where we're going to reutilize that wellbore for either monitoring an injector. Because if we do that, we'll run a corrosive resistant pipe in those sections or if it's just a pure data acquisition well, you can just suspend the well and P&A to be much less costly. So it really depends on where we're at and what that is. But as far as the overall investment in the CCS projects, the drilling of the wells is one of the smallest pieces.

就那裡的成本而言，我的意思是，這將取決於海上的成本，顯然，獲得自升式鑽井平台或鑽探的成本要高一些。這就是我們現在正在等待的，該鑽孔機仍在另一位操作員手中。當您在陸上進行這些操作時，它們是相當簡單的井眼。我們談論的是 6,000 至 8,000 英尺範圍內的垂直井眼。因此，沒有什麼非常複雜的，那就是——主要的成本差異將是，如果我們決定將這些井變成守護井，我們將重新利用該井眼來監控注入器。因為如果我們這樣做，我們將在這些部分運行耐腐蝕管道，或者如果它只是一個純粹的數據採集井，您可以暫停該井和 P&A，從而降低成本。所以這實際上取決於我們所處的位置以及它是什麼。但就 CCS 項目的整體投資而言，鑽井是最小的部分之一。

This concludes our question-and-answer session. I would like now to turn the conference back over to Tim Duncan for any closing remarks.

我們的問答環節到此結束。現在我想將會議轉回提姆鄧肯發表閉幕詞。

Thanks for joining the call, everybody. I think one of the themes in this quarter is, obviously, third quarter is always a noisy quarter with respect to potential downtime related to weather. We saw that, we're trying to have a strong exit. We're pulling as much value forward as we can. We're trying to get some wells online. We're trying to pull value forward in our TLCS business, we pulled value forward in our Mexican asset. And so I think it's been a year of really trying to do the blocking and tackling that it's going to take to create long-term value. And so we talked about next year. Next year, I think we're going to focus our attention on materially more free cash flow generation than this year as we've had a -- what I would call a moving year.

感謝大家加入通話。我認為本季的主題之一顯然是，就與天氣相關的潛在停機而言，第三季始終是一個嘈雜的季度。我們看到了這一點，我們正在努力強力退出。我們正在盡我們所能地推動盡可能多的價值。我們正在嘗試讓一些井上線。我們正在努力推動 TLCS 業務的價值成長，我們也在墨西哥資產中推動價值成長。因此，我認為這一年是我們真正努力克服障礙和解決問題的一年，以創造長期價值。所以我們談到了明年。明年，我認為我們將把注意力集中在比今年更多的自由現金流生成上，因為我們已經經歷了——我稱之為移動的一年。

So I think we're happy with where the business is. There's a lot of work to do. There's a lot of things to get online, a lot of more value to pull forward. But I think we're trying to do the right things. And as we think about joint venture structuring, on building long-term inventory development as we think about the initiatives again to pull value forward on these catalysts. I think the team is doing the things that it needs to do is going to generate value. We're looking forward to kind of a strong exit and a robust start to 2024 and being in touch with the investor community on how that's going. So thanks for joining the call.

所以我認為我們對業務現狀感到滿意。還有很多工作要做。網路上有很多東西可以獲取，還有很多更多的價值可以推進。但我認為我們正在努力做正確的事。當我們考慮合資企業結構、建立長期庫存開發時，我們再次考慮透過這些催化劑推動價值成長的措施。我認為團隊正在做它需要做的事情將會產生價值。我們期待 2024 年的強勁退出和強勁開局，並與投資者社群保持聯繫，了解進展情況。感謝您加入此通話。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。