Texas Pacific Land Corp (TPL) 2025 Q2 法說會逐字稿

Ladies and gentlemen, greetings, and welcome to Texas Pacific Land Corporation second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Shawn Amini. Please go ahead.

女士們、先生們，大家好，歡迎參加德州太平洋土地公司 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人肖恩·阿米尼 (Shawn Amini)。請繼續。

Thank you for joining us today for Texas Pacific Land Corporation's second-quarter 2025 earnings conference call. Yesterday afternoon, the company released its financial results and filed its Form 10-Q 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 2025 年第二季財報電話會議。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-Q 表，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.

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前瞻性聲明的任何義務。

For more detailed discussions 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. 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.

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。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。

Please also note, we may at times refer to our company by its stock ticker, TPL. This morning's conference call is hosted by TPL's Chief Executive Officer, Ty Glover; TPL's Chief Financial Officer, Chris Steddum; and Executive Vice President of Texas Pacific Water Resources, Robert Crain.

另請注意，我們有時可能會使用公司股票代碼 TPL 來指涉我們的公司。今天早上的電話會議由 TPL 執行長 Ty Glover、TPL 財務長 Chris Steddum 和德州太平洋水資源執行副總裁 Robert Crain 主持。

Management will make some prepared comments, after which we will open the call for questions. Now I will turn the call over to Ty.

管理層將發表一些準備好的評論，之後我們將開始提問。現在我將把電話轉給 Ty。

Good morning, everyone, and thank you for joining us today. The second quarter of 2025 marked another quarter of record performance across TPL's major revenue streams and key performance indicators, showcasing the company's ability to prosper amid commodity price volatility.

大家早安，感謝大家今天加入我們。2025年第二季度，TPL的主要收入來源和關鍵績效指標再創歷史新高，展現了公司在商品價格波動中蓬勃發展的能力。

Average WTI Cushing oil price during the quarter averaged $64 per barrel, which was the lowest average oil benchmark price since the first quarter of 2021. Despite this oil price weakness, TPL still set quarterly revenue records for produced water royalties and easements and other surface-related income. Oil and gas royalty production of 33,200 barrels of oil equivalent per day also represents a company record.

本季WTI庫欣原油平均價格為每桶64美元，為2021年第一季以來的最低平均石油基準價格。儘管油價疲軟，TPL 仍然創下了採出水使用費和地役權以及其他地面相關收入的季度收入記錄。每天 33,200 桶油當量的石油和天然氣特許權使用費產量也創下了公司紀錄。

Even with our direct and indirect commodity price exposure, TPL still efficiently converted revenues to cash flow with second quarter adjusted EBITDA margin of 89%. Tariff uncertainty and OPEC's decision to reduce voluntary cuts were significant factors contributing towards slumping oil prices and sentiment with WTI struggling to regain $70.

即使面臨直接和間接的商品價格風險，TPL 仍有效地將收入轉化為現金流，第二季調整後的 EBITDA 利潤率為 89%。關稅不確定性和石油輸出國組織減少自願減產的決定是導致油價暴跌和市場情緒低迷的重要因素，WTI 難以重返 70 美元。

Over the last few months, various operators have publicly signaled intentions to reduce activity. According to Baker Hughes, Permian horizontal oil-directed rig counts have declined over 20% from the peak in 2023. Because of this broader slowdown, we now hear more speculation about this idea of peak Permian.

在過去的幾個月裡，各業者已公開表示有意減少活動。據貝克休斯稱，二疊紀水平石油鑽井數量已從 2023 年的高峰下降了 20% 以上。由於這種更大範圍的放緩，我們現在聽到更多關於二疊紀高峰的猜測。

This is the notion that Permian production is soon set to forever be on a plateau or terminal decline. Given TPL's experience in Permian-centric position, I'd like to spend some time in my prepared remarks to share our perspective. First, some stats to put things into context.

這就是說，二疊紀盆地的石油產量很快就會永遠處於穩定狀態或最終下降。鑑於TPL在二疊紀中心地位方面的經驗，我想在準備好的發言中花一些時間分享我們的觀點。首先，我們來用一些統計數據來說明事情的背景。

The Permian spans millions of acres spread across West Texas and New Mexico, and it contains numerous high-quality stacked pay formations. On a production basis, the Permian is the largest oil and gas basin in the world with oil production currently averaging approximately 6.5 million barrels per day. The Permian accounts for roughly half of all US oil production, and it produces more than every OPEC nation other than Saudi Arabia. Just 10 years ago, Permian production was less than 2 million barrels of oil per day.

二疊紀盆地橫跨西德克薩斯州和新墨西哥州，佔地數百萬英畝，包含大量優質的疊層油氣儲層。以產量計算，二疊紀盆地是世界上最大的油氣盆地，目前石油產量平均約為每天 650 萬桶。二疊紀盆地的石油產量約占美國石油總產量的一半，其產量超過除沙烏地阿拉伯以外的所有歐佩克成員國。就在 10 年前，二疊紀盆地的石油日產量還不到 200 萬桶。

The Permian also produces approximately 3 million barrels per day of natural gas liquids, bringing its total liquids production to close to 10 million barrels per day, which represents about 9% of total liquids supply globally. Simply put, the Permian is a major force in the global market. After such a remarkable run of resource development and combined with recent activity reduction, it might be easy to conclude that Permian geology is nearing exhaustion and past its peak. In our view, this is a misguided conclusion.

二疊紀盆地也每天生產約 300 萬桶天然氣液體，使其液體總產量接近每天 1,000 萬桶，約佔全球液體總供應量的 9%。簡言之，二疊紀是全球市場的重要力量。經過如此顯著的資源開發，再加上近期活動的減少，我們可能很容易得出結論：二疊紀地質已接近枯竭，並且已經過了鼎盛時期。我們認為，這是一個錯誤的結論。

First, a slowdown in activity due to lower oil prices should not be conflated as a slowdown due to limited drilling inventory. Upstream companies are still price sensitive. It is reasonable to slow down development when commodity prices have declined. This slowdown does not diminish or change how much resource remains underground. Preserving those reserves for when commodity prices are higher is a sensible strategy for upstream companies looking to maximize long-term shareholder value, which brings me to my second point.

首先，油價下跌導致的經濟活動放緩不應與鑽井庫存有限導致的經濟放緩混為一談。上游企業對價格依然敏感。當商品價格下跌時，放慢發展速度是合理的。這種減緩不會減少或改變地下剩餘的資源量。對於尋求最大化長期股東價值的上游公司來說，在商品價格上漲時保留這些儲備是一個明智的策略，這也引出了我的第二點。

From our perspective, the Permian still retains a long runway of undeveloped inventory. For example, a report published earlier this year by Enverus, which is a leading provider of oil and gas analytics, estimates that there are over 60,000 locations remaining with breakevens below $60 oil and $3 natural gas. This represents undeveloped resource upwards of 30 billion barrels of oil.

從我們的角度來看，二疊紀盆地仍然保留著大量未開發的資源。例如，領先的石油和天然氣分析提供商 Enverus 今年稍早發布的一份報告估計，仍有超過 6 萬個地點的損益平衡點低於 60 美元的石油和 3 美元的天然氣。這意味著尚未開發的石油資源量高達300億桶。

For context, in 2024, the Permian turned to sales approximately 5,700 wells. Assuming that same pace, which would put the Permian on a growth trajectory, that would translate to approximately 11 years of drilling inventory just for the subset of wells that break even below $60.

具體來說，到 2024 年，二疊紀盆地的油井銷售量約為 5,700 口。假設以相同的速度，二疊紀盆地將進入成長軌道，那麼對於在 60 美元以下實現收支平衡的子集油井來說，這將意味著大約 11 年的鑽井庫存。

As you move up the oil price beyond $60, that would potentially pull in tens of thousands of additional economic locations, billions of barrels of additional resource and years or decades worth of additional runway. Furthermore, these types of analysis are generally predicated on prevailing drilling and completion practices.

當油價超過 60 美元時，可能會吸引數萬個額外的經濟地點、數十億桶的額外資源以及數年或數十年的額外跑道。此外，這些類型的分析通常基於現行的鑽井和完井實踐。

Improvements in technology and operational efficiency can further extend the basin's longevity. As development techniques continue to evolve, which they consistently have since the advent of horizontal drilling and fracking, upstream companies will continue to drive breakeven economics lower and improve resource recovery.

技術和營運效率的提高可以進一步延長盆地的壽命。自從水平鑽井和水力壓裂技術問世以來，開發技術就不斷進步，上游公司將持續降低損益平衡經濟效益，提高資源回收率。

Past and ongoing advancements such as increased fluid and proppant loading, produced water recycling, increased lateral length, simul-fracs and co-completions are examples of industry innovation that have generally become standard practice for modern day Permian well development.

過去和正在進行的進步，例如增加流體和支撐劑負荷、採出水循環、增加水平段長度、同步壓裂和共同完井，都是行業創新的例子，這些進步通常已成為現代二疊紀油井開發的標準做法。

To provide a specific example, for horizontal wells developed in Loving County, Texas in 2025 compared to 2015, you've seen lateral lengths doubled to over 10,000 feet, proppant intensity per foot increased over 50%, fluid intensity per foot nearly double, all of which has resulted in a doubling of the NPV per well with an illustrative $60 oil and $3 gas price deck. Development trends for more recent periods show that operators continue to make impressive efficiency gains.

舉一個具體的例子，與 2015 年相比，2025 年在德克薩斯州洛文縣開發的水平井，水平段長度增加了一倍，超過 10,000 英尺，每英尺支撐劑強度增加了 50% 以上，每英尺流體強度幾乎翻了一番，所有這些都導致每口井的 NPV 翻了一番，例如油價為 60 美元，價格為 30 美元。最近的發展趨勢表明，營運商的效率持續顯著提高。

For example, in 2023, the Permian averaged 323 horizontal rigs during the year, which then declined in 2024 to an average of 296 rigs, an 8% decrease year-over-year. Despite the drop in rig counts, total drilled feet increased approximately 5% during the same period. This equates to an approximate year-over-year increase of 15% lateral feet drilled per rig.

例如，2023年，二疊紀盆地全年平均有323台水平鑽機，而2024年則下降到平均296台，較去年同期下降8%。儘管鑽機數量下降，但同期總鑽井量增加了約 5%。這相當於每座鑽機的橫向鑽井量較去年同期增加約 15%。

In other words, declining rig counts were more than offset by increased drilling efficiency. A more recent example of an exciting innovation by a major operator on our royalty acreage is the use of new lightweight proppants to enhance recovery factors.

換句話說，鑽井效率的提高足以抵消鑽井數量下降的影響。我們特許開採區內一家大型業者最近做出的一項令人興奮的創新是使用新型輕質支撐劑來提高採收率。

This operator has been utilizing this material derived from relatively low-value refinery co-products to drive improved recoveries up to 20%, and the operator has plans to deploy it in roughly a quarter of its Permian wells this year. In other more mature basins such as the Eagle Ford and Bakken, you also see operators recomplete wells that have already been producing for a while. Economics for recompletions can be just as good, if not better, than for new drills. In the Permian, there have been upwards of tens of thousands of wells that have been completed years ago using older, less productive development techniques.

該運營商一直在利用這種源自相對低價值煉油廠副產品的材料來提高採收率，最高可達 20%，並且該運營商計劃今年將其部署到其大約四分之一的二疊紀油井中。在其他較成熟的盆地，如 Eagle Ford 和 Bakken，你還會看到操作員重新完成已經生產了一段時間的油井。重新完井的經濟效益與新鑽井一樣好，甚至更好。在二疊紀盆地，數以萬計的油井在多年前就已經完工，但採用的開發技術仍然比較老舊，生產效率也較低。

Down the road, even if it might be decades away, recompletion in the Permian could shallow decline rates, further extend the basin's resource life and ultimately allow the industry to recover significant incremental reserves. With current development techniques, only a fraction of oil reserves are recovered from shale, whether through new proppants, recompletions or any other future advancements, even just a few percentage points improvement in recovery factors could mean billions of barrels of incremental future production.

未來，即使可能還需要幾十年的時間，二疊紀盆地的重新完井也可能降低產量遞減率，進一步延長盆地的資源壽命，並最終使該行業能夠恢復大量增量儲量。採用目前的開發技術，只能從頁岩中回收一小部分石油儲量，無論是透過新的支撐劑、重新完井或任何其他未來的進步，採收率即使只提高幾個百分點也可能意味著未來產量增加數十億桶。

This is especially lucrative for royalty owners given that these incremental recoveries are pure upside without having to bear any of the cost to implement. It's a free call option on innovation. Another example of industry ingenuity are Horseshoe wells. Horseshoe wells are basically a U-shaped horizontal lateral. These are used when operators are unable to pool or unitize leasehold acreage to accommodate longer straight-line laterals. What operators are doing instead of drilling 1-mile laterals within a section, they're drilling a U-shaped or horseshoe-shaped lateral that allows longer lateral length while staying within the leasehold boundaries.

對於特許權所有者來說，這尤其有利可圖，因為這些增量回收是純粹的收益，而不必承擔任何實施成本。這是創新的免費買權。產業獨創性的另一個例子是馬蹄井。馬蹄井基本上是 U 形水平側井。當業者無法集中或統一租賃土地以容納較長的直線水平井時，就會使用這些方法。操作員不再在一個區塊內鑽 1 英里長的水平井，而是鑽 U 形或馬蹄形的水平井，這樣可以在租賃邊界內鑽更長的水平井長度。

Horseshoe wells can also contribute to a reduced surface footprint, which can be an advantage in areas with environmental concerns or limited surface availability. Though this is more operationally complex, it can save operators substantial capital and improve well economics by only having to drill 1 horseshoe well with, say, 10,000 lateral feet versus drilling two shorter straight-line wells, each with their own vertical section and then 5,000 feet of lateral. Three years ago, we had 0 horseshoe wells on TPL's royalty acreage.

馬蹄井還可以減少地表面積，這對於環境問題或地表可用資源有限的地區來說是一個優勢。儘管這在操作上更為複雜，但它可以為運營商節省大量資金並提高油井經濟效益，因為只需要鑽 1 口馬蹄形井，例如 10,000 英尺的水平段，而不是鑽兩口較短的直線井，每口井都有自己的垂直段，然後是 5,000 英尺的水平段。三年前，TPL 的特許開採土地上沒有馬蹄形井。

Today, TPL has 48 horseshoe wells by multiple operators across both the Midland and Delaware that are in various stages of development. This royalty acreage could have otherwise been stranded single sections, but with the advancement of horseshoe wells, these sections are now economic for operators to develop. The oil patch will always find a way.

如今，TPL 在米德蘭和特拉華州擁有 48 口馬蹄形井，由多家營運商經營，目前處於不同的開發階段。否則，這片特許權使用面積可能會被單獨擱淺，但隨著馬蹄井的進步，這些區域現在對營運商來說已經具有經濟效益。石油總會找到出路。

Even today, with the Permian already the largest producing basin in the world, these evolving and improving development practices are allowing operators to pursue new formations while also pushing the boundaries of the basin, potentially adding significant incremental drilling inventory. Some notable recent examples include the emerging Barnett formation in the Midland Basin, the Harkey formation in Culberson County and the surrounding Stateline and the Bone Spring in the Northwest Shelf of the Delaware.

即使在今天，二疊紀盆地已經是世界上最大的產油盆地，這些不斷發展和改進的開發實踐也使營運商能夠探索新的地層，同時也突破了盆地的界限，有可能增加大量的鑽井庫存。一些值得注意的近期例子包括米德蘭盆地新興的巴內特組、卡爾伯森縣和周圍州界的哈基組以及特拉華州西北大陸架的骨泉組。

We're also seeing operators push the northern and eastern boundaries of the Northern Delaware and basically the entire Midland Basin boundaries on all sides. New developments in these formations and boundary extension trends are evident in new leasing activity from our acquired minerals portfolio, primarily located in the Midland Basin.

我們還看到運營商正在向北特拉華州的北部和東部邊界以及基本上整個米德蘭盆地的邊界四面八方推進。這些地層的新發展和邊界延伸趨勢在我們所收購的礦產組合（主要位於米德蘭盆地）的新租賃活動中有所體現。

Leasing activity has increased meaningfully this year, and most of these were for unleased mineral assets where we originally had not ascribed any value to when we acquired the broader portfolios. Already the pre-eminent engine of global oil supply growth over the last decade, the Permian still fosters a vibrant entrepreneurial industry. We are constantly impressed by all the technology and innovation that occurs here, and we're excited to see operators still exploring new formations and new areas.

今年的租賃活動大幅增加，其中大部分是未租賃的礦產資產，我們在收購更廣泛的投資組合時最初並沒有賦予這些資產任何價值。二疊紀盆地已成為過去十年全球石油供應成長的首要引擎，至今仍孕育著一個充滿活力的創業產業。這裡的所有技術和創新都給我們留下了深刻的印象，我們很高興看到營運商仍在探索新的形式和新的領域。

Longer term, as the oil cycle will inevitably turn upwards, the Permian will play a critical role towards satisfying the world's growing energy needs. And as the world will depend on the Permian to supply critical energy for many decades to come, TPL stands to benefit from our extensive footprint.

從長遠來看，隨著石油週期不可避免地轉向向上，二疊紀盆地將在滿足世界日益增長的能源需求方面發揮關鍵作用。由於未來幾十年世界將依賴二疊紀盆地供應關鍵能源，TPL 將從我們廣泛的足跡中受益。

There's arguably no better basin in the world to be in than the Permian, and there's undoubtedly no other public company in the Permian with TPL's size and scale combined across royalties, surface and water. Turning to our desalination efforts.

可以說，世界上沒有比二疊紀盆地更好的盆地了，而且毫無疑問，二疊紀盆地也沒有其他上市公司在特許權使用費、地表油氣和水資源方面的規模能與 TPL 相媲美。談談我們的海水淡化工作。

We continue to make progress with our Phase 2b desalination facility. Recall, this will be a 10,000 barrel per day facility that will intake Permian produced water and output high-quality freshwater in addition to a concentrated brine solution. We have broken ground on location in Orla, Texas. Most of the desalination equipment has been received and is on site. We expect installation to take a few months, and we still anticipate the unit to begin taking produced water by year-end.

我們的第二階段海水淡化設施建設持續取得進展。回想一下，這將是一個每天處理 10,000 桶水的設施，它將吸入二疊紀生產的水並輸出高品質淡水以及濃縮鹽水溶液。我們已經在德州奧拉破土動工。大部分海水淡化設備已收到並運抵現場。我們預計安裝將需要幾個月的時間，並且我們仍然預計裝置將在年底前開始提取產出水。

Our CapEx estimates related to the facility remain unchanged. We have made a number of process improvements since our previous prototype, and we look forward to bringing online the largest desalination facility in the Permian to date. In addition, we have submitted permit applications for both land application and environmental discharge, and we hope to procure regulatory approvals within the next few months.

我們與該設施相關的資本支出估計保持不變。自上一個原型以來，我們已經做出了許多製程改進，我們期待在二疊紀地區啟用迄今為止最大的海水淡化設施。此外，我們已經提交了土地申請和環境排放許可申請，並希望在未來幾個月內獲得監管部門的批准。

As a reminder, the Permian is now generating north of 23 million barrels per day of produced water. Even if Permian oil production were to stay flat, we believe Permian produced water volumes could still grow by millions of barrels per day over the next few years due first to increased water-to-oil ratio as well as age and second, to increased water cuts from the development of secondary benches.

值得一提的是，二疊紀盆地目前每天產出超過 2,300 萬桶採出水。即使二疊紀石油產量保持平穩，我們相信，未來幾年二疊紀產水量仍可能每天增加數百萬桶，這首先是由於水油比增加以及年齡增加，其次是由於次級台階的開發導致含水量增加。

For TPL, we've been proactive across numerous fronts towards making sure we can provide the industry with essential produced water solutions. First, TPL's surface acreage still retains millions of barrels per day of additional in-basin disposal capacity. From the beginning, we have been intentional in limiting the amount of disposal wells per section with increased regulatory attention on surface and reservoir pressure gradients, our conservative approach to signing SWDs has allowed us to preserve ample injection capacity.

對於 TPL，我們在多個方面積極主動，以確保能夠為產業提供必要的生產水解決方案。首先，TPL 的地表面積仍保留著每天數百萬桶的額外盆內處理能力。從一開始，我們就有意限制每個區塊的處置井數量，同時加強監管機構對地表和儲層壓力梯度的關注，我們簽署 SWD 的保守方法使我們能夠保留充足的注入能力。

Second, we have been proactively acquiring tens of thousands of acres of out-of-basin pore space. We currently have well over 100,000 barrels per day of produced water that is currently being injected into out-of-basin pore space that we own, and we expect that volume to continue growing for the foreseeable future. Third is the desalination and beneficial reuse efforts that I just discussed.

第二，我們積極取得盆地外數萬英畝的孔隙空間。目前，我們每天有超過 10 萬桶的採出水被注入到我們擁有的盆地外孔隙空間中，我們預計在可預見的未來，這一數量還將繼續增長。第三就是我剛才講的海水淡化和有益再利用工作。

Conceptually, if it works economically at scale, this would reduce the amount of produced water that would need to be injected subsurface while also providing a valuable freshwater stream that could potentially be repurposed for power and data center cooling, hydrogen production or a number of other industrial activities.

從概念上講，如果它能夠大規模地經濟運作，這將減少需要注入地下的採出水量，同時還能提供寶貴的淡水流，可能會被重新用於電力和資料中心冷卻、氫氣生產或許多其他工業活動。

Today, TPL already touches and generates royalties on over 4 million barrels per day of produced water. We believe with our industry-leading and comprehensive solutions across in-basin disposal, out-of-basin disposal and desalination plus beneficial reuse that we are well positioned to capture a substantial amount of the produced water volume growth going forward. In conclusion, for TPL, we're not overly concerned with near-term commodity price vacillations.

如今，TPL 每天已經接觸並產生了超過 400 萬桶採出水的使用費。我們相信，憑藉我們在盆地內處置、盆地外處置和海水淡化以及有益再利用方面的行業領先和全面的解決方案，我們完全有能力捕捉未來大量的產水量增長。綜上所述，對於TPL，我們並不太擔心近期大宗商品價格的波動。

We don't have a crystal ball and can't say for sure what commodity prices will be in the near term; however, we are certain that the Permian remains a world-class resource and still retains plenty of latent growth. We do ultimately believe that current oil prices are well below longer-term mid-cycle oil prices.

我們沒有水晶球，無法肯定地說短期內大宗商品價格會是多少；然而，我們確信二疊紀仍然是世界級的資源，並且仍然保留了大量的潛在增長空間。我們最終確實相信，目前油價遠低於長期中期油價。

Despite today's broader macro uncertainty, TPL is still generating industry-leading cash flow margins. We already have a leading royalty, water and surface footprint across key areas of the Permian. We believe we're in a favored position and should this down cycle persist, we're ready to deploy capital opportunistically, whether through substantial buybacks, organic investment or asset acquisitions or some combination thereof.

儘管當今宏觀環境充滿不確定性，但太平人壽的現金流利潤率仍處於行業領先地位。我們已經在二疊紀主要地區擁有領先的權利金、水資源和地表足跡。我們相信我們處於有利地位，如果這種下行週期持續下去，我們已準備好機會性地部署資本，無論是透過大量回購、有機投資或資產收購，還是其中的某種組合。

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

說完這些，我就把電話交給克里斯。

Thanks, Ty. For the second quarter of 2025, consolidated total revenue was $188 million and consolidated adjusted EBITDA was $166 million. Adjusted EBITDA margin was 89%. Free cash flow was $130 million, representing a 12% increase year-over-year.

謝謝，泰。2025 年第二季度，合併總營收為 1.88 億美元，合併調整後 EBITDA 為 1.66 億美元。調整後的 EBITDA 利潤率為 89%。自由現金流為1.3億美元，年增12%。

Performance year-over-year benefited from higher oil and gas royalty production, higher produced water royalties and higher easements and other service-related income, otherwise known as SLEM. Performance was partially offset by lower oil price realizations, which declined 21% year-over-year and lower water sales. Royalty production this quarter was approximately 33,200 barrels of oil equivalent per day, representing a 33% increase year-over-year and a 7% increase sequential quarter-over-quarter.

業績年增得益於石油和天然氣特許權使用費的增加、採出水特許權使用費的增加以及地役權和其他服務相關收入（也稱為 SLEM）的增加。業績部分因油價實現下降（年減 21%）和水銷售額下降而受到抵銷。本季特許權使用費產量約為每天 33,200 桶油當量，年增 33%，季增 7%。

As of quarter end, TPL had 6 net permitted wells, 11.1 net drilled but uncompleted wells and 5.1 net completed but not producing wells. SLEM revenues of $36 million was a company record, which benefited from $20 million of pipeline easements. The increase in pipeline easements was due to numerous new large-scale pipeline and infrastructure projects crossing our acreage.

截至本季末，TPL 擁有 6 口淨許可井、11.1 口淨鑽井但未完工井及 5.1 口淨完工但未生產井。SLEM 3600 萬美元的收入創下了公司最高紀錄，這得益於 2000 萬美元的管道地役權。管道地役權的增加是由於許多新的大型管道和基礎設施項目穿過我們的土地。

Produced water royalty revenues of $31 million was also a company record. As Ty mentioned, our commercial efforts across out-of-basin pore space acquisitions and new contracting continue to allow TPL to capture and take advantage of the secular growth trend for Permian produced water.

3,100萬美元的生產水使用費收入也創下了公司最高紀錄。正如泰所提到的，我們在盆地外孔隙空間收購和新合約方面的商業努力繼續使 TPL 能夠捕捉並利用二疊紀採出水的長期成長趨勢。

This quarter, we generated a royalty on over 4 million barrels per day for the first time in our history. Water sales of $26 million was down by $13 million sequential quarter-over-quarter as lower oil prices during the quarter resulted in reduced activity and deferments by operator customers. We have seen operators bring back activity and many of the wells that were deferred during this quarter are now back in our completion schedules for the second half of this year.

本季度，我們歷史上首次每天產生超過 400 萬桶的特許權使用費。水銷售額為 2,600 萬美元，比上一季下降 1,300 萬美元，原因是本季油價下跌導致營運商客戶的活動減少和延期。我們看到營運商恢復了活動，本季被推遲的許多油井現在又回到了今年下半年的完井計畫。

To conclude, TPL is in an excellent operating and financial position as the broader industry works through this current cycle. As Ty mentioned, commodity prices during this quarter led to the weakest realizations we've had since early 2021 during the depths of COVID; however, comparing this quarter with the first quarter of 2021 when oil last dipped below $60, we've since doubled our royalty production and source water revenue, tripled our produced water royalty volumes and quadrupled our SLEM revenue.

總而言之，在整個產業經歷當前週期的過程中，TPL 處於良好的營運和財務狀況。正如 Ty 所提到的，本季的大宗商品價格導致我們實現的收益達到 2021 年初新冠疫情最嚴重時期以來的最低水平；然而，與 2021 年第一季度（當時油價上次跌破 60 美元）相比，本季度我們的特許權使用費產量和水源收入增加了一倍，上次生產水特許權使用費收入增加了兩倍，SLEM 收入增加了 SLEM 收入。

We accomplished that while maintaining a debt-free balance sheet and returning hundreds of millions of dollars of capital back to shareholders. We've proven we can grow the business through cycles. And whenever this commodity cycle inevitably turns upward, TPL is positioned to benefit to the fullest extent.

我們在實現這一目標的同時，保持了無債務的資產負債表，並向股東返還了數億美元的資本。我們已經證明我們可以透過週期來發展業務。每當這一大宗商品週期不可避免地轉向上行時，TPL 都將獲得最大程度的利益。

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

接線員，我們現在開始回答問題。

(Operator Instructions)

（操作員指示）

Derrick Whitfield, Texas Capital.

德瑞克·惠特菲爾德，德州首府。

Good morning, guys and thanks for your general thoughts on basin activity. For my first question, I wanted to focus on your outlook for Water Resources over the second half. While you guys achieved company records with produced water royalties, water sales were a bit weaker than anticipated. And as you guys think about kind of industry activity leveling out on a pretty material reduction in activity during the first half, how do you see each of those businesses performing in the second half?

大家早安，感謝你們對盆地活動的整體看法。我的第一個問題，我想重點談談您對下半年水資源的展望。雖然你們在生產水使用費方面創下了公司紀錄，但水銷售量比預期弱一些。你們認為，上半年產業活動在大幅減少的基礎上趨於平穩，那麼，你們如何看待下半年各企業的表現呢？

Derrick, this is Robert. I'll take that. I mean when we look at Q2, I think it was two factors in Q2 that really led to the reduction we saw. One was definitely commodity price driven. We had one of our biggest customers delay activity until second half of the year and others reduce in certain areas. But I'd say Q2 was also combined with just kind of the spatial variation that you can see in completion activities. The decline we saw was not fully representative of commodity price decline.

德瑞克，這是羅伯特。我會接受的。我的意思是，當我們看第二季時，我認為第二季的兩個因素確實導致了我們看到的減少。其中一個肯定是商品價格驅動的。我們最大的客戶之一將活動推遲到下半年，其他客戶也減少了某些領域的活動。但我想說 Q2 也與您在完成活動中看到的空間變化相結合。我們看到的下降並不完全代表大宗商品價格的下降。

There's times, especially when you look at the consolidated acreage positions that have been a result of M&A over the last couple of years that there's times that spatial variation, a lot of activity is outside of your core areas given the acreage positions they hold now.

有時候，尤其是當你查看過去幾年併購產生的合併土地面積位置時，你會發現空間變化，考慮到它們現在所擁有的土地面積位置，許多活動都位於核心區域之外。

So when we look at Q3 and Q3 looks to be very strong. Q4, which happens a lot in Q4, it's kind of yet to be determined what that activity level is going to be. And I'll say probably Q4 is going to be more heavily dependent on commodity prices than any other quarter.

因此，當我們看 Q3 時，Q3 看起來非常強勁。Q4 經常發生這種情況，但尚未確定活動水平將會如何。我想說的是，第四季可能比其他任何季度都更依賴大宗商品價格。

Great. And maybe just staying on water. I'd love your thoughts on the Aris acquisition by Western while we look at it and question it from a timing perspective as it relates to value recognition, it absolutely supports the Delaware water thesis, yours and also the value of pore space in the basin. So again, love any thoughts you guys have there.

偉大的。或許就只是待在水上。我很想聽聽您對 Western 收購 Aris 的看法，我們從時間角度來審視和質疑它，因為它與價值識別有關，它絕對支持特拉華水論文、您的論文以及盆地孔隙空間的價值。所以，我再次感謝你們提出的所有想法。

Yeah, Derrick, I agree. It supports the Delaware water thesis that we've been talking about for a while. I mean we've got a great relationship with Aris and with Western. So we see this as a huge benefit for TPL. I think consolidation in the water midstream just creates more opportunity for land and pore space owners.

是的，德瑞克，我同意。它支持了我們一段時間以來一直在討論的特拉華水資源論點。我的意思是我們與 Aris 和 Western 的關係很好。因此我們認為這對 TPL 來說是一個巨大的優勢。我認為中游水域的整合為土地和孔隙空間所有者創造了更多機會。

Great. Maybe, again, Ty, you or Robert, I'd love for you to kind of speak to just your cost objectives for the 10,000 barrel per day desal facility? And more broadly, how important is this project to attracting power gen and data center opportunities to the Permian Basin?

偉大的。也許，泰，你或羅伯特，我很想讓你談談每天 10,000 桶海水淡化設施的成本目標？更廣泛地說，該專案對於吸引發電和資料中心機會到二疊紀盆地有多重要？

And Derrick, you know this -- this is Robert. I mean when we chose a couple of years ago when we saw the produced water, I'd say, challenges that we saw that were going to come in the next five years, we tackled it in two ways. It was out of basin disposal and truly leading the effort on desal within the Permian.

德瑞克，你知道——這是羅伯特。我的意思是，當我們幾年前看到採出的水時，我想說，我們看到未來五年將要面臨的挑戰，我們用兩種方式來應對。它是盆地外的處置方式，真正引領了二疊紀盆地內的海水淡化工作。

When we look at this project, it's like Ty said, this is going to be the largest. And while it's still research and development, we refer to it as research and development at scale. This is in the field. This is at scale. This is live desal that will be occurring. And it's extremely important for us, but I think it's extremely important for the industry.

當我們審視這個項目時，就像泰所說的那樣，這將是最大的項目。雖然它仍然屬於研究與開發，但我們稱之為大規模研究與開發。這是在現場。這是規模化的。這是即將發生的現場脫鹽過程。這對我們來說極為重要，但我認為這對整個產業來說也極為重要。

We know that it's still a multiyear effort to get beneficial reuse at true commercial scale in the hundreds of thousands, if not millions of barrels a day, but we've taken that charge to help get it there. When we look at it in terms of -- in conjunction with data center cooling and cogen power, the opportunities are pretty astounding when you really look at it.

我們知道，要實現每天數十萬桶甚至數百萬桶石油的真正商業規模的有益再利用，仍需要多年的努力，但我們已經承擔起這一責任，以幫助實現這一目標。當我們從資料中心冷卻和熱電聯產的角度來看待它時，你會發現其中蘊藏著相當驚人的機會。

And that's what we're going to be not only testing this in the field at scale, but then also continuing to explore what those synergies are, waste heat capture, which is a huge component that will be working in conjunction with cogen power and then also the data center cooling aspect of what we do. There's a lot of synergies in both.

這就是我們不僅在現場大規模測試這一點，而且還將繼續探索這些協同作用，廢熱捕獲，這是一個巨大的組成部分，它將與熱電聯產協同工作，然後也是我們所做的數據中心冷卻方面。兩者之間有很多協同作用。

So I mean, we're excited. We know the industry has to get there on beneficiaries out of basin is really going to provide that buffer and those years that we need to bring this to scale for what we see beneficiaries can be 2028, '29.

所以我的意思是，我們很興奮。我們知道，產業必須從盆地中受益，這確實會提供緩衝，而我們需要將其擴大到我們所看到的受益者的年份可能是 2028 年、2029 年。

That's great. And Robert, maybe just leaning in on the power generation opportunities. With the announcements we've seen with CPV Basin, Ranch Energy and Lambridge this morning, could you guys just maybe speak to your expectations for additional announcements based on the dialogue you're having with the industry?

那太棒了。羅伯特，也許只是傾向發電機會。根據我們今天早上看到的 CPV Basin、Ranch Energy 和 Lambridge 的公告，你們能否根據與業界的對話，談談對更多公告的期望？

I mean when you look at power generation in the Permian, it makes 100% bit of sense. I mean we have the largest component for cogen power, and we have water that is truly not part of the water cycle. When we look at produced water and what produced water can do at cogen, all the ingredients are there. A lot of folks can say there's not a lot of sense to build transmission across the state of Texas to the Permian when you've got all the ingredients in the Permian to produce the power.

我的意思是，當你觀察二疊紀盆地的發電情況時，這完全是合理的。我的意思是，我們擁有最大的熱電聯產組件，而我們的水實際上並不是水循環的一部分。當我們觀察採出水以及採出水在熱電聯產中能起什麼作用時，所有的成分都已具備。很多人會說，既然二疊紀盆地擁有生產電力所需的所有原料，那麼建造橫跨德州至二疊紀盆地的輸電線路就沒有什麼意義了。

I think the announcement that you saw today with Coterra yesterday, Coterra is the first of many that are going to come. Not only the -- when we look at the power demand and power shortages that we're seeing in the Permian and before you look at data centers and things of that nature, it's real and the need for power just to power the upstream industry over the next couple of years. So the talks are continuing. They're accelerating, and it's an exciting time for what we -- I think you'll see in the Permian over the next couple of years.

我認為，您昨天看到的 Coterra 公告是即將發布的眾多公告中的第一個。不僅如此——當我們觀察二疊紀盆地的電力需求和電力短缺情況時，以及在觀察資料中心和類似事物之前，我們就會發現，未來幾年，對電力的需求是真實存在的，只是為了給上游產業提供動力。因此談判仍在繼續。它們正在加速，這是一個激動人心的時刻——我想你們會在未來幾年內在二疊紀盆地看到它。

Great color, guys. I'll turn it back to the operator.

很棒的顏色，夥計們。我會將其轉回給接線生。

Thank you. At this time, there are no further questions. This concludes Texas Pacific Land Corporation second-quarter 2025 earnings conference call. Thank you for joining the call today. You may now disconnect your lines.

謝謝。目前，沒有其他問題。德州太平洋土地公司 2025 年第二季財報電話會議到此結束。感謝您今天參加電話會議。現在您可以斷開線路了。