Texas Pacific Land Corp (TPL) 2024 Q4 法說會逐字稿

Greetings, and welcome to the Texas Pacific Land Corporation fourth quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加德州太平洋土地公司 2024 年第四季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Shawn Amini with Investor Relations. Thank you. You may begin.

現在我很高興向大家介紹您的主持人、投資者關係部門的肖恩·阿米尼 (Shawn Amini)。謝謝。你可以開始了。

Thank you for joining us today for Texas Pacific Land Corporation's fourth quarter 2024 earnings conference call. Yesterday afternoon, the company released its financial results and filed its Form 10-K with the Securities and Exchange Commission, which is available on the Investors section of the company's website at www.texaspacific.com.

感謝您今天參加德州太平洋土地公司 2024 年第四季財報電話會議。昨天下午，該公司公佈了財務業績並向美國證券交易委員會提交了 10-K 表格，該表格可在公司網站 www.texaspacific.com 的投資者部分查閱。

As a reminder, remarks made on today's conference call may include forward-looking statements. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those discussed today. We do not undertake any obligation to update our forward-looking statements in light of new information or future events. For a more detailed discussion of the factors that may affect the company's results, please refer to our earnings release for this quarter and to our recent SEC filings.

提醒一下，今天的電話會議上的言論可能包含前瞻性陳述。前瞻性陳述受風險和不確定性的影響，可能導致實際結果與今天討論的結果有重大差異。我們不承擔根據新資訊或未來事件更新我們的前瞻性陳述的任何義務。有關可能影響公司業績的因素的更詳細討論，請參閱我們本季的收益報告和我們最近向美國證券交易委員會提交的文件。

During this call, we will also be discussing certain non-GAAP financial measures. More information and reconciliations about these non-GAAP financial measures are contained in our earnings release and SEC filings. Please also note, we may at times refer to our company by its stock ticker, TPL.

在本次電話會議中，我們也將討論某些非公認會計準則財務指標。有關這些非公認會計準則財務指標的更多資訊和對帳表包含在我們的收益報告和美國證券交易委員會 (SEC) 文件中。另請注意，我們有時可能會使用公司股票代碼 TPL 來提及我們的公司。

This morning's conference call is hosted by TPL's Chief Executive Officer, Ty Glover; and TPL's Chief Financial Officer, Chris Steddum. Management will make some prepared comments, after which we will open the call for questions.

今天上午的電話會議由 TPL 執行長 Ty Glover 主持；以及TPL的財務長Chris Steddum。管理層將發表一些準備好的評論，之後我們將開始提問。

Now I will turn the call over to Ty.

現在我將電話轉給泰。

Good morning, everyone, and thank you for joining us today. Fourth quarter closed a remarkable year as TPL set records across nearly every key operating driver despite sideways crude oil and natural gas prices. Year-over-year 2024 oil and gas royalty production volumes increased 14%, water sales volumes increased 31% and produced water royalty volumes increased 37%, with all three of those performance indicators representing corporate records.

大家早安，感謝大家今天的參與。第四季為不平凡的一年畫上了句號，儘管原油和天然氣價格橫盤整理，但TPL在幾乎所有關鍵營運驅動因素上都創下了紀錄。2024 年，石油和天然氣特許權使用費產量年增 14%，水銷售量成長 31%，生產水特許權使用費成長 37%，這三個績效指標均創下了公司紀錄。

Our strategic investments in people, technology and infrastructure are paying major dividends as our surface and water revenues were collectively up 23% year-over-year. In addition, last year, we acquired over $400 million of high-quality Permian mineral, royalty, water and surface assets, providing TPL with additional growth levers. The cumulative impact of all these successes culminated in record shareholder return of capital in 2024 with a combined $376 million returned via dividends and buybacks. It was very simply a great year.

我們對人才、技術和基礎設施的策略性投資正在產生豐厚的回報，因為我們的地表水和水收入總體上比去年同期增長了 23%。此外，去年我們收購了價值超過4億美元的優質二疊紀礦產、權利金、水和地面資產，為TPL提供了額外的成長槓桿。所有這些成功的累積影響最終導致了 2024 年股東資本回報率創下歷史新高，透過股息和回購共回報 3.76 億美元。這真是偉大的一年。

I'd like to focus my prepared comments today on three topics. First, a debrief on the Permian during 2024 and an outlook for this year; second, a description of our latest efforts towards next-generation opportunities; and lastly, an update on our produced water desalination and beneficial reuse endeavors.

今天我想重點談三個主題。首先，對 2024 年二疊紀的情況進行總結並對今年進行展望；第二，描述我們為爭取下一代機會所做的最新努力；最後，讓我們來介紹一下我們的生產水淡化和有益再利用工作的最新進展。

Starting with the Permian. Despite a steady decline in rigs throughout 2024, Permian oil and gas production exited last year at record highs. According to Baker Hughes, Permian horizontal rigs peaked at around 345 in the first half of 2023, which then declined to about 300 entering 2024 and exited the year around 290. However, as the industry has demonstrated time and again, operators continue to find efficiencies through innovations such as longer laterals and multi-formation coal development.

從二疊紀開始。儘管 2024 年全年鑽井數量穩定下降，但二疊紀石油和天然氣產量去年創下了歷史新高。據貝克休斯稱，二疊紀水平鑽井平台數量在 2023 年上半年達到峰值 345 座，隨後在 2024 年開始下降至約 300 座，年底約為 290 座。然而，正如業界一次又一次證明的那樣，營運商不斷透過諸如更長的水平段和多地層煤炭開發等創新來提高效率。

Based on preliminary industry data on a full year basis, despite the average rig count in the Permian being down about 8% from 2023, the number of spudded wells was down only 2%. Furthermore, well laterals were approximately 5% longer year-over-year, which translated into 2024 having approximately 3% more drilled lateral feet compared to 2023. The net of all this, Permian production still managed to grow approximately mid-single-digit percentage exit to exit from fourth quarter 2023 to fourth quarter 2024.

根據全年的初步行業數據，儘管二疊紀的平均鑽機數量較 2023 年下降了約 8%，但開鑽井數量僅下降了 2%。此外，水平井長度年增約 5%，這意味著 2024 年的水平井鑽井長度將比 2023 年增加約 3%。除上述所有因素外，二疊紀盆地的產量從 2023 年第四季到 2024 年第四季仍然實現了約中等個位數百分比的成長。

Looking ahead to 2025, we see a constructive outlook for the Permian. Fourth quarter 2024 new permits basin wide were up approximately 20% year-over-year on a simple count basis and up 24% year-over-year on a total lateral feet basis. The Matterhorn pipeline coming into service has helped to ease the bottleneck on natural gas takeaway, which should help reduce basin differentials and improve price realizations. This is especially meaningful for the Delaware Basin, where gas and NGLs production splits in certain subregions can, in aggregate, represent over 60% of a wells energy content.

展望 2025 年，我們認為二疊紀盆地的前景看好。2024 年第四季度，全流域新許可證數量以簡單計數計算年增約 20%，以總橫向英尺計算年增 24%。馬特洪峰管道的投入使用有助於緩解天然氣輸送瓶頸，有助於減少盆地差異並提高價格實現。這對特拉華盆地來說尤其有意義，因為該盆地某些子區域的天然氣和天然氣液體產量總計可占到油井能量含量的 60% 以上。

We still see a healthy inventory basin wide of drilled but uncompleted wells, otherwise known as DUCs, where we estimate current DUC counts of less than two years of age to be roughly equivalent with levels from 2023 and 2022.

我們仍然看到庫存盆地中有大量已鑽但未完工的油井（也稱為 DUC），我們估計目前已鑽井時間不到兩年的 DUC 數量與 2023 年和 2022 年的水平大致相當。

Current Permian rig count should be able to generate growth assuming new spuds return to sales on a normal development cadence and not used to build excess DUC inventory. Of course, Permian development and production will still be heavily influenced by the price of oil and the ultimate path of crude oil prices over the course of 2025 will likely dictate whether activity accelerates or slows down.

假設新鑽井以正常的開發節奏恢復銷售，而不是用於建立過剩的 DUC 庫存，那麼目前的 Permian 鑽井數量應該能夠實現成長。當然，二疊紀的開發和生產仍將受到油價的嚴重影響，2025年原油價格的最終走勢可能會決定活動是加速還是放緩。

Next, I'd like to discuss TPL's efforts beyond our legacy oil and gas business. Over the last few quarters, we've seen a robust increase in interest towards the development of data centers, power generation and grid infrastructure. As we've discussed in the past, the Permian's vast hydrocarbon and non-hydrocarbon resources make it an attractive option for developing energy-intensive assets.

接下來，我想討論一下TPL在傳統石油和天然氣業務之外的努力。在過去幾個季度中，我們看到人們對資料中心、發電和電網基礎設施開發的興趣強勁增長。正如我們過去討論過的，二疊紀盆地豐富的碳氫化合物和非碳氫化合物資源使其成為開發能源密集資產的一個有吸引力的選擇。

Our years long efforts to attract substations, renewable projects, battery storage and other infrastructure, combined with our leading source water network, our emerging produced water desalination technology and our sizable oil and gas royalty position has positioned TPL to take advantage of emerging opportunities.

我們多年來一直致力於吸引變電站、再生能源專案、電池儲存和其他基礎設施，再加上我們領先的水源網路、新興的生產水淡化技術以及可觀的石油和天然氣特許權使用費地位，使TPL能夠利用新興機會。

We believe that just owning the land itself is not sufficient to create durable incremental value, rather by also bringing other major elements such as high-spec freshwater, access to grid infrastructure and availability of hydrocarbon and renewable energy, we can participate in the value chain as these next-gen industries emerge and capture commensurate value as they grow and mature. Our approach to these new opportunities is not unlike our approach to the Delaware Basin water business nearly a decade ago.

我們認為，僅僅擁有土地本身並不足以創造持久的增量價值，而是透過引入其他主要元素，例如高規格的淡水、電網基礎設施以及碳氫化合物和可再生能源的可用性，我們可以參與這些下一代產業出現的價值鏈，並在其成長和成熟過程中獲得相應的價值。我們對待這些新機會的方法與近十年前對待特拉華盆地水務業務的方法並無不同。

Back then at TPL, we saw a budding business opportunity with an uncertain competitive landscape and fragmentation among developers and operators. We ultimately executed on a strategy to exploit TPL's latent advantages.

當時在TPL，我們在競爭格局不明朗、開發商和營運商之間較為分散的環境下看到了新興的商​​業機會。我們最終執行了一項利用TPL潛在優勢的策略。

We moved away from the liquidation model that the trust had employed for over a century and instead proactively hired experienced personnel and invested growth capital. We're just as willing today to commit resources to these potential new opportunities, especially in domains where TPL has a competitive advantage. We continue to make progress on this front, and we will share more as we reach certain milestones.

我們放棄了信託公司採用的一個多世紀以來的清算模式，而是積極聘用經驗豐富的人員並投入成長資本。今天，我們同樣願意投入資源去抓住這些潛在的新機遇，特別是在第三方物流具有競爭優勢的領域。我們在這方面繼續取得進展，當我們達到某些里程碑時，我們會分享更多資訊。

Turning to our produced water desalination and beneficial reuse endeavors. We have begun construction of our 10,000 barrel per day test facility, which we refer to as Phase 2b. Equipment is currently being assembled at our manufacturing partners facility, which is located in the U.S. The desalination equipment will be commissioned and tested there. And once it satisfies specifications, it will be sent to Orla, Texas for final installation.

轉向我們的生產水淡化和有益再利用的努力。我們已經開始建造日產 10,000 桶的測試設施，我們稱之為第 2b 階段。設備目前正在我們位於美國的製造合作夥伴工廠組裝。一旦滿足規格要求，它將被送往德克薩斯州奧拉進行最終安裝。

We still expect completion of this facility in the middle of this year. We expect the total cost of Phase 2b to be approximately $25 million, having spent approximately $7 million in 2024, with the remaining balance to be spent this year. We also have an option for a behind-the-grid gas-to-electric generation that would be tied into a nearby pipeline, which would require additional capital investment of approximately $10 million. In addition, our engineers are studying various costs and efficiency opportunities as our freeze desalination process provides potential synergies that's co-located with other industrial or power generation facilities.

我們仍預計該設施將在今年年中完工。我們預計第 2b 階段的總成本約為 2,500 萬美元，2024 年已花費約 700 萬美元，剩餘部分將在今年花費。我們還有一個選擇，即在電網後面進行氣電發電，並將其與附近的管道連接起來，這將需要大約 1000 萬美元的額外資本投資。此外，我們的工程師正在研究各種成本和效率機會，因為我們的冷凍海水淡化製程提供了與其他工業或發電設施共置的潛在協同效應。

In advance of the completion of our Phase 2b desalination facility that will produce both freshwater and a concentrated brine solution, we are advancing with multiple beneficial reuse initiatives. We expect to receive our second land application permit from the Texas Railroad Commission for an approximate 100-acre plot in Orla, Texas, where we plan to undertake a restoration project to restore native brush grasses, reintroduce coil to the area that will be irrigated with freshwater produced from our desalination system.

在我們的第 2b 階段海水淡化設施完工之前，該設施將生產淡水和濃縮鹽水溶液，我們正在推動多項有益的再利用計劃。我們預計將從德克薩斯州鐵路委員會獲得第二張土地申請許可證，該許可證適用於位於德克薩斯州奧拉的一塊約 100 英畝的地塊，我們計劃在那裡開展一項恢復項目，恢復當地的灌木草，並在該地區重新引入線圈，並使用我們的海水淡化系統產生的淡水進行灌溉。

This plot itself would be able to accommodate the entire freshwater output from our Phase 2b desalination facility. Additionally, early last year, we submitted an application to the Texas Commission on Environmental Quality, otherwise known by its acronym TCEQ to discharge treated desalinated produced water into the upper region of the Pecos River. That technical review is progressing, and we have been responsive to questions and requests from regulators. We hope to have that permit this year.

該地塊本身將能夠容納我們第 2b 階段海水淡化設施的全部淡水產量。此外，去年年初，我們向德州環境品質委員會（縮寫為 TCEQ）提交了一份申請，要求將處理過的淡化採出水排入佩科斯河上游。這項技術審查正在取得進展，我們一直在回應監管機構的問題和要求。我們希望今年能夠獲得該許可證。

We are also looking to leverage the ability to source substantial quantities of highly purified desalinated freshwater ice that might be a critical resource for various industrial uses.

我們也希望利用獲得大量高度純化的淡水冰的能力，這可能是各種工業用途的關鍵資源。

Finally, I want to thank all the employees here at TPL. Not many energy companies can claim that fiscal year 2024 was their best year ever, but for TPL, it was. And that is owed to the dedication, collegiality and talent of our employees.

最後，我要感謝TPL的所有員工。沒有多少能源公司可以聲稱 2024 財年是他們有史以來最好的一年，但對 TPL 來說，情況確實如此。這歸功於我們員工的奉獻精神、團結精神和才華。

With that, I'll hand the call over to Chris.

說完這些，我會把電話交給克里斯。

Thanks, Ty. For full year 2024, we generated record free cash flow of approximately $461 million, which represents an 11% year-over-year increase. Full year performance benefited from higher daily oil and gas royalty production, which increased 14% year-over-year, higher water sales daily volumes, which increased 31% and higher produced water royalty daily volumes, which increased 37%. Of the approximately 26,800 barrels of oil equivalent per day for full year 2024 royalty production, acquisitions that closed last August and October contributed approximately 1,100 barrels of oil equivalent per day. Consolidated results were partially offset by lower realized oil and natural gas prices, which declined year-over-year by 2% and 48%, respectively.

謝謝，泰。2024 年全年，我們創造了約 4.61 億美元的自由現金流，創下歷史新高，年增 11%。全年業績受惠於石油和天然氣日特許權使用費產量增加（年增 14%）、日水銷售量增加（年增 31%）以及日生產水特許權使用費增加（年增 37%）。在 2024 年全年特許權使用費產量約 26,800 桶油當量/天中，去年 8 月和 10 月完成的收購貢獻了約 1,100 桶油當量/天。合併績效部分被較低的實際石油和天然氣價格所抵消，石油和天然氣價格分別較去年同期下降 2% 和 48%。

Consolidated revenues during the fourth quarter of 2024 were approximately $186 million. Consolidated adjusted EBITDA was $161 million and adjusted EBITDA margin was 87%. Diluted earnings per share was $5.14. Fourth quarter 2024 royalty production of approximately 29,100 barrels of oil equivalent per day represents an 11% increase compared to the same period last year and a 3% increase sequentially as activity remains robust in our Loving County, Central Midland Basin and Northern Reeves County subregions.

2024 年第四季的綜合收入約為 1.86 億美元。合併調整後 EBITDA 為 1.61 億美元，調整後 EBITDA 利潤率為 87%。每股攤薄收益為 5.14 美元。 2024 年第四季特許權使用費產量約為每天 29,100 桶油當量，比去年同期成長 11%，比上一季成長 3%，因為我們在洛文縣、中部米德蘭盆地和北里夫斯縣子區域的活動依然強勁。

Quarterly produced water royalty volumes grew 8% sequentially and 44% year-over-year to approximately 4 million barrels per day, benefiting from our new volumes into our out-of-basin pore space in Andrews County that we acquired in 2023. Sourced water sales volumes of 737,000 barrels per day grew 2% sequentially and 42% year-over-year with demand for treated water especially strong during the quarter.

季度生產水特許權使用費量環比增長 8%，年增 44%，達到約 400 萬桶/天，這受益於我們於 2023 年收購的安德魯斯縣盆地外孔隙空間的新產量。本季度，水源銷售量為每天 737,000 桶，比上一季增長 2%，比去年同期增長 42%，其中對處理水的需求尤為強勁。

As of quarter end, we had 6.4 net permitted wells, 13.2 net DUCs and 3.0 net completed but not producing wells. That amounts to 22.6 net line-of-sight inventory. We believe this level of near-term inventory can support near- and medium-term production growth above overall Permian production growth.

截至季末，我們擁有 6.4 口淨許可井、13.2 口淨 DUC 井和 3.0 口淨完井但未生產井。這相當於 22.6 淨視距庫存。我們相信，這一水準的近期庫存可以支撐近期和中期產量成長，高於二疊紀整體產量成長。

Permit and spud activity have been especially strong in our Culberson County royalty acreage. The top six companies operate on our DUCs are currently Chevron, Coterra, Exxon, Oxy, BP and EOG, which in aggregate represent approximately 71% of TPL's total DUCs.

在我們卡爾伯森縣的特許土地上，許可證和開挖活動特別活躍。目前，使用我們 DUC 營運的前六大公司分別是雪佛龍、Coterra、埃克森美孚、Oxy、BP 和 EOG，它們合計佔 TPL 總 DUC 的約 71%。

With regard to capital allocation, in 2024, we deployed a record amount of capital towards highly accretive M&A while simultaneously investing in our water business and returning a record amount of cash back to shareholders through dividends and buybacks. Looking ahead to this year, because of our high-margin business model, fortress balance sheet, massive Permian royalty and surface acreage footprint, talented commercial team and innovative engineers and scientists, we have both the financial wherewithal and opportunity to invest across numerous avenues toward generating long-term value while also returning substantial cash back to shareholders.

在資本配置方面，2024 年，我們向高增值性併購投入了創紀錄的資本，同時投資了我們的水務業務，並透過股息和回購向股東返還了創紀錄的現金。展望今年，由於我們的高利潤商業模式、穩健的資產負債表、巨大的二疊紀權利金和地表面積、才華橫溢的商業團隊以及創新的工程師和科學家，我們擁有充足的財務實力和機會透過多種管道進行投資，以創造長期價值，同時為股東帶來大量現金回報。

Yesterday, we announced a regular dividend of $1.60 per share, which represents a 37% year-over-year increase. We expect capital expenditures in fiscal year 2025 to be approximately $65 million to $75 million. This includes approximately $28 million for our produced water desalination and co-located gas generation. The balance of CapEx for the year is primarily for our brackish source and treated water business. CapEx towards the higher end of the range would be predicated on growth opportunities should upstream activity ramp in and around our footprint.

昨天，我們宣布每股 1.60 美元的定期股息，年增 37%。我們預計 2025 財年的資本支出約為 6,500 萬至 7,500 萬美元。其中包括約 2,800 萬美元用於生產海水淡化和共置天然氣發電。本年度的資本支出餘額主要用於我們的鹹水源和處理水業務。如果上游活動在我們的業務範圍內及周圍增加，則資本支出朝向較高範圍的方向將取決於成長機會。

With respect to M&A, we still see ample opportunity to consolidate Permian minerals, royalties, water and surface assets. Our focus remains on assets that are at least as good or better quality than our legacy asset base, and any acquisition would be intentioned on enhancing and maximizing intrinsic value per share. Acquisitions over the last couple of years serve as a good example of what this M&A growth lever can provide shareholders. The minerals and royalties we purchased last year are contributing a double-digit percentage uplift to production while also substantially augmenting our near-term and long-term well inventory.

在併購方面，我們仍然看到整合二疊紀礦物、特許權使用費、水和地面資產的充足機會。我們的重點仍然是至少與我們原有資產基礎一樣好或更好的品質的資產，任何收購都旨在提高和最大化每股的內在價值。過去幾年的收購很好地體現了併購成長槓桿能為股東帶來什麼。我們去年購買的礦物和特許權使用費為產量貢獻了兩位數的百分比增長，同時也大幅增加了我們的短期和長期油井庫存。

Acreage and pore space acquisitions in Andrews and Winkler County are already driving significant produced water volume growth, and these assets are especially critical towards providing the industry with out-of-basin disposal options.

安德魯斯縣和溫克勒縣的土地和孔隙空間收購已經推動了生產水量的大幅增長，這些資產對於為產業提供盆地外處置方案尤其重要。

Recall last year, we announced a target cash and cash equivalents balance of approximately $700 million or above this level, TPL will seek to deploy the majority of its free cash flow towards share repurchases and dividends. Our balance sheet still has 0 debt, and our current cash and cash equivalents balance at year-end was approximately $370 million. Though I would add, nothing precludes us from accelerating shareholder return of capital even if we're under that $700 million level.

回想去年，我們宣布的目標現金和現金等價物餘額約為 7 億美元或高於此水平，TPL 將尋求將其大部分自由現金流用於股票回購和股息。我們的資產負債表上仍然沒有債務，截至年底的當前現金和現金等價物餘額約為 3.7 億美元。不過我想補充一點，即使低於 7 億美元的水平，也沒有什麼可以阻止我們加速股東資本回報。

In summary, we'll continue to be thoughtful and opportunistic with our capital allocation as we remain focused on maximizing shareholder value. The legacy business is performing incredibly well. We have a multitude of exciting growth opportunities in front of us, and we have the team, business strength and balance sheet to execute.

總而言之，我們將繼續深思熟慮並抓住機會進行資本配置，因為我們仍然專注於最大化股東價值。傳統業務表現非常出色。我們面前有大量令人興奮的成長機會，而且我們擁有執行的團隊、業務實力和資產負債表。

And with that, operator, we will now take questions.

接線員，現在我們開始回答問題。

(Operator Instructions)

（操作員指令）

Derrick Whitfield, Texas Capital.

德州首府的德里克·惠特菲爾德。

Ty and Chris, congrats on your progress during 2024. Also certainly, thanks for the update on water and some of the next-gen opportunities you guys are discussing. Maybe starting there and referencing page 33 of your presentation. Could you further elaborate on the potential desal synergies with behind-the-meter power generation and data centers? And how advanced your discussions are on this opportunity?

泰 (Ty) 和克里斯 (Chris)，祝賀你們在 2024 年取得的進步。當然，也感謝您提供有關水資源的最新資訊以及您正在討論的一些下一代機會。也許從那裡開始並參考簡報的第 33 頁。您能否進一步闡述海水淡化與用戶側發電和資料中心的潛在協同作用？你們關於這一機會的討論進度如何？

Yes, sure. Robert, do you want to take that one?

是的，當然。羅伯特，你想拿那個嗎？

Sure. I think when you look at all the ingredients that are required for a data center and the growth of data centers, not just in the Permian, but across Texas. Power constraints are being felt everywhere. When you say that and when you look at the synergies and the ingredients that it takes and what the Permian has, it truly is a transformational opportunity to do it. The behind-the-grid generation to see data centers come to West Texas, it's going to take behind-the-grid generation.

當然。我認為，當你考慮資料中心所需的所有要素以及資料中心的成長時，不僅在二疊紀，而且在整個德州。各地都感受到了電力短缺。當您這麼說，並且當您考慮到協同效應以及它所需的要素和二疊紀盆地所擁有的東西時，這確實是一個轉型的機會。電網後發一代看到資料中心來到西德州，它將會採用電網後發一代。

And then when you look at the synergies of waste heat capture off of that generation for use in desal pretty tremendous. And then also just the water component, the water component of the look at the synergies we've got too much water in the Permian and in form of produced water, and then the demand that these data centers need and tying all three of those together is truly a tremendous opportunity.

然後，當您看到從該發電廠收集的廢熱用於海水淡化的協同效應相當巨大時。然後也只是水的組成部分，看看協同作用的水的組成部分，我們在二疊紀盆地中擁有太多的水和以生產水的形式，然後是這些數據中心所需的需求，將這三者結合在一起確實是一個巨大的機會。

Great. And that makes complete sense. And then maybe staying with you, Robert, just on the desal opportunities. Is the goal still 75% volume reclamation, 75% analyte removal at a cost of 75%. And I guess further now with the benefit of another year of assessment and your progress with Phase 2, how confident are you guys in achieving that $0.75 per barrel treatment cost with a commercial scale facility?

偉大的。這是完全有道理的。然後也許我們可以繼續和你討論一下海水淡化機會，羅伯特。目標是否仍為75％的體積回收率、75％的分析物去除率和75％的成本？我想，現在有了另一年的評估效益和第二階段的進展，你們對利用商業規模設施實現每桶 0.75 美元的處理成本有多大信心？

With all treatment, scale take to get to that point, I'll take it kind of each 75% as you go. We're on track on the first two. The 75% -- volume reduction was 75%. We're trending toward that. And again, mentioned in the call, the testing we're doing right now in North Carolina. When you look at the 75% cost outside of just scale to get there. And we see that scale and that economy to scale that required even our traditional treatment used for hydraulic fracturing. The bulk of that $0.75 for any desal technology comes from the energy consumption that's required.

透過所有的治療，規模需要達到這一點，我會按照你現在的水平，分別採取 75% 的措施。前兩個目標我們已經順利完成。75%——體積減少了75%。我們正朝著這個方向發展。我們在通話中再次提到，我們目前正在北卡羅來納州進行測試。當您看到達到該目標除了規模之外還需花費 75% 的成本時。我們看到這種規模和規模經濟甚至需要我們用於水力壓裂的傳統處理方法。在任何海水淡化技術的成本中，這 0.75 美元的大部分來自於所需的能源消耗。

And you try to base that at first in a kilowatt per hour, assuming that you're going to tie into the line power. And again, it goes even more toward the benefits of going to the nat gas generation, being able to get that kilowatt per hour cost down via gas and infield gas being the generation piece, the 75% is 100% achievable. But we're trending toward all three.

您首先嘗試以千瓦每小時為基準，假設您要將其與線路電源連接起來。再次，它更體現了使用天然氣發電的好處，能夠透過天然氣和內場天然氣作為發電部分降低每小時千瓦時的成本，75% 是可以 100% 實現的。但我們傾向於這三種情況。

That's great. And perhaps for Ty, Chris, I mean, in the press release, you guys mentioned a compelling opportunity to consolidate enormous, yet fragmented market for oil and gas royalties, surface and water assets. Where are you seeing the greatest opportunities today between royalties and surface?

那太棒了。也許對於泰、克里斯來說，我的意思是，在新聞稿中，你們提到了一個引人注目的機會來整合巨大但分散的石油和天然氣特許權使用費、地面和水資產市場。您認為目前特許權使用費和地面收費之間最大的機會在哪裡？

Yeah. I mean, honestly, the deal pipeline looks really good. The landscape for '25 looks very good. And we've been looking at quite a few opportunities, both on the surface and mineral side. So it seems like there are more opportunities for both on the landscape for '25 than we've seen in the past. And I think we're going to get the chance to look at a lot of really high-quality opportunities. And there seem to be some larger, higher-quality packages starting to come available. So we are very excited about the landscape as far as acquisitions and across surface, mineral and the water space as well.

是的。我的意思是，老實說，交易管道看起來確實很好。25年的前景看起來非常好。我們一直在尋找很多機會，包括地表和礦物方面。因此看起來，2025 年的情況下，兩者面臨的機會比過去要多。我認為我們將有機會看到很多真正高品質的機會。而且似乎有一些更大、品質更高的包裝開始面世。因此，我們對收購情況以及地表、礦產和水域領域的前景感到非常興奮。

Terrific. And perhaps thinking about things from a macro perspective with the recent change in administration, could the Trump administration make any federal changes in policy, which could open up greater amounts of pore space in New Mexico that would be attractive for the industry given the depth of SWD wells in New Mexico in general?

了不起。也許從宏觀角度考慮，考慮到最近的政府變動，川普政府是否會對政策做出任何聯邦改變，從而可以在新墨西哥州開闢更多的孔隙空間，考慮到新墨西哥州 SWD 井的深度，這對行業來說具有吸引力？

Maybe repeat the last half of that question, Derrick, sorry.

也許重複一下這個問題的後半部分，德里克，抱歉。

Sure. So could the Trump administration make any changes in federal policy, which could open up greater amounts of pore space into Mexico and federal lands that would be attractive to an industry given the depths of SWD wells in Mexico in general?

當然。那麼，川普政府能否對聯邦政策做出一些改變，從而為墨西哥和聯邦土地開闢更多的孔隙空間，考慮到墨西哥 SWD 井的深度，這對產業來說是否具有吸引力？

I mean, I guess it's possible. I'm not aware of anything coming down the pipeline that is going to help New Mexico from a regulatory standpoint as far as disposals, Robert, I don't know if you are. Do you have an update there?

我的意思是，我猜這是有可能的。羅伯特，就處置而言，我不清楚從監管角度來看，有沒有什麼舉措可以幫助新墨西哥州，我不知道您是否知道。您那裡有更新訊息嗎？

No, I don't. And that would be, again, not aware of anything that would be a piece we haven't seen to date. But I would say even beyond any regulatory changes, it's just the need for an alternative in water that's outside of disposal is going to come just from a functional standpoint even beyond the regulatory standpoint, but I'm not aware of anything.

不，我不知道。那將是，再一次，我們不知道任何我們迄今為止還沒有見過的東西。但我想說，即使超出任何監管變化的範圍，對水處理之外的替代品的需求也將僅從功能的角度來看，甚至超越監管的角度，但我不知道任何事情。

I think those changes would likely be more state level than Fed level.

我認為這些變化可能更多地發生在州層級而非聯邦層級。

And correct me if I'm wrong, but I think the wells, generally speaking, on the Mexico side, aside from the regulatory link maybe that would require or more length that would require from a timing process. Those are about 50% more expensive in general, as I understand. Is that in the right ZIP code?

如果我錯了，請糾正我，但我認為，一般來說，墨西哥方面的油井，除了監管環節之外，可能還需要更長的時間來完成計時過程。據我所知，這些通常要貴 50% 左右。郵遞區號正確嗎？

I assume you're referring to the deeper disposal?

我假設你指的是更深層的處理？

That's correct.

沒錯。

The deeper disposal is, I would say, even greater than 50%, but you've seen a pullback in New Mexico. You saw a pullback on the shallow disposal seven, eight years ago. You saw a pullback more recent in the last two to three years that has really seen the overall disposal capacity in New Mexico decline. But the deeper disposals are significantly more expensive. And due to various seismic and cost and really that payback on the deep disposal when you see a reduction in volume given the capital cost to put one in, you've seen a significant reduction on both sides of the border in deep disposal.

我想說，更深層的處置甚至超過 50%，但您已經看到新墨西哥州的回檔。七、八年前，你就看到了淺層處置的回落。在過去的兩到三年裡，你會看到新墨西哥州的整體處理能力下降。但深度處置的成本要高得多。由於各種地震和成本，以及深層處置的回報，考慮到資本成本，當您看到深層處置的數量減少時，您會看到邊境兩側的深層處置量顯著減少。

And as my final question for you guys. I'm just kind of thinking about your 2025 trajectory, referencing your line of sight inventory and recent commentary from the industry. How are you thinking about the turn-in-line quarterly run rate, if you will, for oil and gas royalties?

這是我向大家提出的最後一個問題。我只是在思考您的 2025 年發展軌跡，參考您的視線庫存和行業最新評論。如果您願意的話，您如何看待石油和天然氣特許權使用費的季度運行率？

Derrick, if you look at the current line of sight inventory and you just kind of take your DUCs and your recently completed 13 and kind of three, you put those together, you're in like 16. I think the three recently completed nearly 100% of those or practically 100% of those are going to come online during the course of the year.

德里克，如果你看一下當前的視線庫存，並且只拿出你的 DUC 和你最近完成的 13 個和 3 個，然後把它們放在一起，你就有 16 個了。我認為這三個項目最近已經完成了近 100% 的項目，或者實際上 100% 的項目將在今年內上線。

On the DUCs, the timing of those, it's usually 90% or higher that get turned on in the course of the year. And you might even have like 5% or 10% of the permits that also kind of make the full cycle trip in less than a year. So if history is a guide, if people continue activity levels that we've seen historically, that might lead you to believe that somewhere in the 14 to 15 net wells would get turned in line during 2025. And all three of the completed and 11 or 12 of the DUCs and maybe less than one net permit or something like that.

對於 DUC 而言，其啟動時間通常是一年內啟動 90% 或更高。您甚至可能有 5% 或 10% 的許可證可以在不到一年的時間內完成整個週期的行程。因此，如果以歷史為鑑，如果人們繼續保持我們歷史上見過的活動水平，那麼你可能會相信，2025 年，大約有 14 到 15 口淨井會投入使用。並且所有三個都已完成，並且有 11 或 12 個 DUC，也許還有不到一個的淨許可證或類似的東西。

But -- and that would be very robust. I mean that would probably exceed past years as far as like quarterly run rate. So the potential is definitely there for a very robust amount of wells coming online. It's really just going to come down to oil prices and activity levels. But as far as the inventory available, very, very strong right now.

但是 — — 這將是非常強勁的。我的意思是，就季度運行率而言，這可能會超過過去幾年。因此，大量油井上線的潛力是肯定存在的。這實際上只取決於油價和活動量。但就現有庫存而言，目前庫存非常非常充足。

Thank you. At this time, this does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time, and have a great day.

謝謝。至此，今天的電話會議就結束了。我們感謝您的參與。現在您可以斷開您的線路，並享受美好的一天。