Texas Pacific Land Corp (TPL) 2025 Q3 法說會逐字稿

Greetings, and welcome to Texas Pacific Land Corporation's third-quarter 2025 earnings conference call. (Operator Instructions) Please note that this conference is being recorded. I will now turn the conference over to Shawn Amini. Thank you. You may begin.

各位好，歡迎參加德州太平洋土地公司2025年第三季財報電話會議。（操作員說明）請注意，本次會議正在錄音。現在我將把會議交給肖恩·阿米尼。謝謝。你可以開始了。

Thank you for joining us today for Texas Pacific Land Corporation's third-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年第三季財報電話會議。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 表格，該表格可在公司網站 www.texaspacific.com 的投資者關係部分查閱。

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.

提醒各位，今天電話會議的發言可能包含前瞻性陳述。前瞻性陳述存在風險和不確定性，可能導致實際結果與今天討論的結果有重大差異。我們不承擔因新資訊或未來事件而更新前瞻性聲明的任何義務。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. 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.

在本次電話會議中，我們也將討論一些非GAAP財務指標。有關這些非GAAP財務指標的更多資訊和調整說明，請參閱我們的獲利報告和提交給美國證券交易委員會的文件。另請注意，我們有時可能會用公司股票代碼 TPL 來指涉我們公司。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公司執行副總裁 Robert Crain 主持。

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

管理階層將作一些事先準備好的發言，之後我們將開放提問環節。現在我將把通話交給泰。

Good morning, everyone, and thank you for joining us today. Our third-quarter 2025 performance underscores the power of our unique business model and active management and consolidation strategy focused on accretively growing our oil and gas royalties, surface, and water assets. This was a record quarter for many of our major revenue and volume performance indicators.

各位早安，感謝大家今天收看我們的節目。我們 2025 年第三季的業績凸顯了我們獨特的商業模式以及積極的管理和整合策略的強大實力，該策略專注於不斷增加我們的石油和天然氣特許權使用費、地面和水資源資產。本季我們的許多主要營收和銷售指標均創下歷史新高。

Oil and gas royalty production achieved a record of approximately 36,300 barrels of oil equivalent per day representing 9% sequential increase and a 28% increase year over year. Record water sales of $45 million represents 74% sequential growth and 23% growth year over year. Record produced water royalty revenues of $32 million represents 5% sequential growth and 16% increase year over year.

石油和天然氣特許權使用費產量達到創紀錄的每天約 36,300 桶油當量，季增 9%，年增 28%。水銷售額創下 4,500 萬美元的歷史新高，季增 74%，年增 23%。創紀錄的產出水特許權使用費收入達 3,200 萬美元，季增 5%，年增 16%。

In sum, this was the first quarter in TPL's history where we recorded over $200 million of revenue. We accomplished all this despite some of the weakest benchmark oil and gas prices the industry has experienced since the COVID pandemic period.

總而言之，這是 TPL 史上第一個季度營收超過 2 億美元。儘管石油和天然氣基準價格處於新冠疫情爆發以來的最低水平，但我們仍然取得了所有這些成就。

Focusing on our oil and gas royalties. Production volumes continue to benefit from robust activity in our Northern Culberson, Northern Reeves, and Central Midland subregions. Production growth has been driven by an increase in net wells turned to sales and longer lateral lengths. Average lateral lengths year to date in 2025 are approximately 7% longer than last year and 23% longer compared to laterals spud in 2019. TPL's portfolio of acquired minerals and royalties is also performing very well.

重點關注我們的石油和天然氣特許權使用費。由於北部庫爾伯森、北部里夫斯和中部米德蘭次區域的強勁活動，產量持續成長。產量成長主要得益於淨銷售井數量的增加和水平井段長度的延長。截至 2025 年，平均側線長度比去年長約 7%，比 2019 年側線長度長約 23%。TPL收購的礦產和特許權使用費組合也表現非常出色。

We began acquiring minerals and royalty interests in 2018 and in the third quarter, that portfolio was responsible for 18% of TPL's consolidated royalty production. Combined, the minerals and royalties acquisitions are generating a mid-teens pretax cash flow yield. TPL's legacy NPRIs are also performing well with double-digit growth year over year.

我們從 2018 年開始收購礦產和特許權權益，到第三季度，該投資組合佔 TPL 合併特許權收益的 18%。礦產和特許權收購加起來可產生十幾個百分點的稅前現金流收益率。TPL的傳統NPRI也表現良好，較去年同期成長兩位數。

Turning to our Water Services and Operations segment. This business rebounded considerably from last quarter. As I mentioned earlier, water sales revenue was a record for third-quarter 2025. Although rigs and frac spreads have trended lower, upstream operators continue to prioritize development efficiencies, as we see persistent deployment of co-completions and simul and trimul fracking.

接下來我們來看看水務服務和營運部門。該業務較上季大幅反彈。正如我之前提到的，2025 年第三季水銷售收入創歷史新高。儘管鑽機數量和壓裂作業規模呈下降趨勢，但上游業者仍優先考慮開發效率，我們看到聯合完井、同步壓裂和三重壓裂等技術的持續應用。

Our investments in brackish and treated water infrastructure have established TPL as one of the few systems in the Permian capable of accommodating the volume intensity required to keep up with operators. On the produced water royalty side, revenues and volumes continue to perform well. Year over year, quarterly revenues and volumes were up 16% and 19%, respectively, as we see strong demand for both in-basin and out-of-basin pore space.

我們在微鹹水和處理水基礎設施方面的投資，使 TPL 成為二疊紀盆地少數幾個能夠滿足營運商所需水量強度的系統之一。在採出水特許權使用費方面，收入和數量繼續表現良好。與去年同期相比，季度營收和銷售量分別成長了 16% 和 19%，因為我們看到盆地內和盆地外的孔隙空間都有強勁的需求。

Similar to our oil and gas royalties, TPL's Water segment has benefited from both organic investment and inorganic growth. Since its formation in 2017, we've invested nearly $200 million to build out our source water and recycling infrastructure. We've also acquired approximately $220 million of surface acreage in pore space.

與我們的石油和天然氣特許權使用費類似，TPL 的水務部門也受益於內生投資和外延成長。自 2017 年成立以來，我們已投資近 2 億美元用於建造水源和回收基礎設施。我們也獲得了價值約 2.2 億美元的孔隙空間地表面積。

These acquisitions were substantially funded by approximately $150 million of 1031 and [33] exchanges and land sales, consisting of acreage that was either noncore or have limited strategic value. In return since inception, the Water segment has generated over $600 million of earnings, a $142 million of earnings in the last 12 months. Size and scale of our Water segment across both sourced and produced is one of critical competitive advantages.

這些收購主要透過 1031 和 [33] 交換以及土地出售籌集了約 1.5 億美元的資金，這些土地要么是非核心土地，要么戰略價值有限。作為回報，自成立以來，水務業務已創造了超過 6 億美元的收益，其中過去 12 個月的收益為 1.42 億美元。我們在水務領域的規模，無論是在水源或自產方面，都是關鍵的競爭優勢。

For source water, it allows us to maintain and grow market share and preserve pricing when the overall industry is pulling back on completions. For produced water royalties, our size and scale allow us to grow our market capture, attain strong royalty rates and meaningfully complements our recycling and water sales efforts. Although commodity prices today are lower than what the industry believes ideal, we consider this current cycle a uniquely attractive opportunity to consolidate high-quality Permian assets.

對於水源而言，它使我們能夠在整個行業縮減完工量的情況下，維持和擴大市場份額並保持價格。對於採出水特許權使用費，我們的規模和體量使我們能夠擴大市場份額，獲得較高的特許權使用費率，並對我們的回收和水銷售工作起到重要的補充作用。儘管目前的商品價格低於業內認為的理想水平，但我們認為當前的周期是整合高品質二疊紀盆地資產的獨特而有吸引力的機會。

First, current oil prices are well below average historical oil prices. Since 2010, Brent prompt month oil prices have averaged $78 per barrel. Brent prompt month today is around $65. Although we are not in the business of predicting commodity prices over the short term, we do believe that longer-term mid-cycle oil prices will be higher than current spot prices.

首先，目前的油價遠低於歷史平均油價。自 2010 年以來，布蘭特原油近月合約價格平均為每桶 78 美元。今天布蘭特原油近月合約價格約為每桶65美元。雖然我們不從事預測短期大宗商品價格的業務，但我們確實認為，長期中期石油價格將高於目前的現貨價格。

OPEC reducing spare capacity and bringing barrels back to market has resulted in looser supply and demand balances, and consequently, a weaker price environment. However, longer term, this ultimately will result in a healthier market dynamics. Despite uncertain macroeconomic conditions over the past year, global liquids demand continues to grow at a steady pace.

歐佩克減少剩餘產能並將原油重新投放市場，導致供需平衡更加鬆散，造成價格環境疲軟。然而，從長遠來看，這最終將帶來更健康的市場動態。儘管過去一年宏觀經濟情勢不明朗，但全球液體需求仍保持穩定成長。

Oil supply will eventually rationalize in response to pricing signals, albeit the process can unfold slowly as CapEx and development cycles tend to be sticky over the short term. Although we firmly believe that the Permian still has substantial remaining inventory and growth runway, other shale basins that have historically contributed to US supply growth now appeared to be in terminal decline.

石油供應最終會根據價格訊號進行合理化調整，儘管這一過程可能會緩慢進行，因為資本支出和開發週期在短期內往往具有黏性。儘管我們堅信二疊紀盆地仍有大量剩餘庫存和成長空間，但歷史上為美國供應成長做出貢獻的其他頁岩盆地現在似乎已走向衰落。

According to the EIA, the Bakken's most recent peak oil production month was in late 2019 at 1.5 million barrels per day. Today, the Bakken is down to 1.2 million barrels per day. The Eagle Ford's most recent peak oil production month was also in late 2019 at 1.4 million barrels per day; whereas today, it's 1.1 million barrels per day. In fact, if you were to exclude the Permian, total US oil production appears to have peaked five years ago and is down about 1 million barrels per day from that peak level.

據美國能源資訊署 (EIA) 稱，巴肯油田最近一次石油產量達到高峰是在 2019 年末，每日產量為 150 萬桶。如今，巴肯油田的日產量已降至 120 萬桶。Eagle Ford油田最近一次石油產量高峰出現在2019年末，為每天140萬桶；而如今，其產量為每天110萬桶。事實上，如果排除二疊紀盆地，美國石油總產量似乎在五年前達到峰值，目前比峰值水平每天下降約 100 萬桶。

Though the US contribution to global oil supply will still benefit from Permian growth, it could likely be offset with increasingly larger declines from non-Permian basins. We suspect that extracting additional global supply will be much harder going forward. Permian was responsible for virtually all of the world's crude oil supply growth over the last decade.

儘管二疊紀盆地的成長仍將使美國對全球石油供應的貢獻受益，但非二疊紀盆地產量的不斷下降可能會抵消這一成長。我們認為，未來從全球獲得更多供應將變得更加困難。過去十年，全球原油供應成長幾乎全部來自二疊紀盆地。

Since the beginning of 2015, global supply growth of crude oil, excluding NGLs and other liquids, has been 4.2 million barrels per day. Permian crude oil supply growth during that time was 4.8 million barrels per day, which implies that, on an aggregate basis, the Permian made up for global crude oil declines over the last decade while also providing all of the incremental growth.

自 2015 年初以來，不包括天然氣凝液和其他液體的全球原油供應量增加了 420 萬桶/日。在此期間，二疊紀盆地原油供應量增加了 480 萬桶/日，這意味著，總體而言，二疊紀盆地彌補了過去十年全球原油供應量的下降，同時也提供了所有新增成長。

With structural liquids demand globally still on a growth trend for the foreseeable future, many key supply regions in structural decline and OPEC reducing spare capacity, we believe that over the long term, there is a very favorable skew towards right tail high oil price cycles.

鑑於全球結構性液體需求在可預見的未來仍將保持成長趨勢，許多主要供應地區出現結構性衰退，歐佩克也在減少剩餘產能，我們認為，從長遠來看，油價週期右尾高位走勢將非常有利。

Despite the low commodity price environment today, TPL still retains abundant access to attractively priced to external capital. Last month, TPL closed on its inaugural credit facility with $500 million of lender commitments that accrues interest at SOFR plus a spread of either 225 or 250 basis points depending on TPL's debt-to-EBITDA leverage ratio. TPL's first-ever credit facility enhances our liquidity and allows us even greater flexibility towards funding growth opportunities and other general business purposes.

儘管當前大宗商品價格環境低迷，但TPL仍能夠以優惠的價格獲得充足的外部資本。上個月，TPL 完成了其首筆信貸安排，貸款機構承諾提供 5 億美元，利息按 SOFR 加上 225 或 250 個基點的利差計算，具體取決於 TPL 的債務與 EBITDA 槓桿率。TPL 的首個信貸安排增強了我們的流動性，並使我們能夠更靈活地為成長機會和其他一般業務用途提供資金。

The simultaneous occurrence of below mid-cycle commodity prices and a robust supply of low-cost capital has historically been rare and short-lived for oil and gas companies. But currently, those elements have aligned for TPL. Because TPL is built and managed towards long-term value creation, we can arbitrage depressed valuations for long duration assets impacted by short-term volatility.

歷史上，大宗商品價格低於週期中期且低成本資本供應充足同時出現的情況，對於石油和天然氣公司而言，既罕見又短暫。但目前，這些因素已經為 TPL 達成協議。由於 TPL 的建立和管理旨在創造長期價值，我們可以利用受短期波動影響的長期資產的低迷估值進行套利。

During these periods where TPL can take advantage of down cycles and opportunistically leverage our resilient business, high cash flow margins, and fortress balance sheet to consolidate high-quality Permian royalty surface and water assets, we can tolerate periods of low commodity prices for assets that will likely generate cash flows for many decades.

在 TPL 可以利用經濟下行週期，抓住機遇，利用我們穩健的業務、高現金流利潤率和強大的資產負債表，整合高品質的二疊紀盆地地表和水資源特許權使用費資產的時期，我們可以容忍大宗商品價格低迷的時期，因為這些資產可能會在未來幾十年內產生現金流。

To that end, yesterday, we announced acquisitions of Permian oil and gas royalties and surface acreage, which fits seamlessly into the broader TPL portfolio. On November 3, 2025, we acquired approximately 17,300 net royalty acres, standardized to 1/8, located primarily in the Midland Basin in Martin, Howard, and Midland counties.

為此，昨天我們宣布收購了二疊紀盆地的油氣特許權使用費和地面土地，這與 TPL 更廣泛的投資組合完美契合。2025 年 11 月 3 日，我們收購了約 17,300 英畝淨特許權使用費土地，標準化為 1/8 英畝，主要位於馬丁縣、霍華德縣和米德蘭縣的米德蘭盆地。

Total purchase price was approximately $474 million, funded entirely by cash on our balance sheet. Approximately 70% of the acquired interests are adjacent to or overlapping drilling spacing units that TPL already owns. Meaning, we essentially acquired additional royalties in current and future well locations we already retain an interest in.

總收購價格約 4.74 億美元，全部由我們資產負債表上的現金支付。所收購權益中約有 70% 與 TPL 已擁有的鑽井間距單元相鄰或重疊。這意味著，我們實際上獲得了在現有和未來油井位置的額外特許權使用費，而我們已經對這些油井位置擁有權益。

Approximately 61% of the royalty acreage is operated by Exxon, Diamondback, and Occidental. The royalty acquisition currently produces more than 3,700 barrels of oil equivalent per day with an approximately 80% oil and natural gas liquids cut. We expect to generate a double-digit pretax cash flow yield at realized oil and natural gas prices of approximately $60 per barrel and $2 per 1,000 cubic feet, respectively.

約 61% 的特許權使用面積由埃克森美孚、鑽石背石油和西方石油公司營運。該特許權收購案目前每天生產超過 3,700 桶油當量，其中約 80% 為石油和天然氣液體。我們預計，在石油和天然氣實際價格分別約為每桶 60 美元和每 1000 立方英尺 2 美元的情況下，稅前現金流收益率將達到兩位數。

In September, we closed on an acquisition of approximately 8,100 surface acres in Martin County, Texas. The surface acquisition is adjacent to land TPL already owns, providing TPL an even larger contiguous block in a strategic area that is prospective for source and produced water, SLEM, and other next-gen commercial opportunities.

9 月，我們完成了德克薩斯州馬丁縣約 8100 英畝土地的收購。此次地表收購毗鄰 TPL 已擁有的土地，使 TPL 在具有戰略意義的區域內獲得了一塊更大的連片土地，該區域有望用於開採水源和生產水、SLEM 以及其他下一代商業機會。

In conclusion, we're not overly concerned with near-term commodity price volatility. Although TPL's oil and gas royalty revenues remain below the peak from third-quarter 2022, it's entirely attributable to lower commodity prices as our royalty production has increased 55% since then. We can't make any promises as to if or when commodity prices improve.

總之，我們並不太擔心短期內大宗商品價格的波動。儘管 TPL 的石油和天然氣特許權使用費收入仍低於 2022 年第三季的峰值，但這完全歸因於大宗商品價格走低，因為自那時以來，我們的特許權使用費產量增加了 55%。我們無法承諾大宗商品價格是否或何時會好轉。

But as TPL's royalty production has substantially grown both organically and inorganically, TPL retains immense upside leverage to the next oil and gas price up-cycle. That potential incremental revenue represents pure inflation-protected margin, as our royalties are not burdened by capital costs in most operating expenses.

但由於 TPL 的特許權使用費收入無論透過內生成長或外延成長都大幅成長，TPL 在下一個油氣價格上漲週期中仍擁有龐大的上漲空間。由於我們的特許權使用費在大多數營運費用中不受資本成本的影響，因此該潛在增量收入代表了純粹的抗通膨利潤。

In addition, our water business just had a record quarter, as we execute on multiple growth opportunities such as out-of-basin disposal and produced water desalination. Overall, TPL is positioned exceptionally well over the near and long term, and we remain intently focused on exploiting our commercial potential while deploying capital opportunistically, as we seek to maximize shareholder returns.

此外，我們的水務業務剛剛經歷了創紀錄的一個季度，因為我們正在執行多個成長機會，例如盆地外污水處理和採出水淡化。總體而言，TPL 在近期和長期內都處於非常有利的地位，我們將繼續專注於發揮我們的商業潛力，同時抓住機會部署資本，以期實現股東回報最大化。

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

這樣，我就把電話交給克里斯了。

Thanks, Ty. For the third quarter of 2025, consolidated total revenue was $203 million, and consolidated adjusted EBITDA was $174 million. Adjusted EBITDA margin was 85%. Free cash flow was $123 million, representing a 15% increase year over year. Royalty production this quarter was approximately 36,300 barrels of oil equivalent per day.

謝謝，泰。2025 年第三季度，合併總收入為 2.03 億美元，合併調整後 EBITDA 為 1.74 億美元。調整後 EBITDA 利潤率為 85%。自由現金流為 1.23 億美元，年增 15%。本季特許權使用費產量約為每天 36,300 桶石油當量。

The royalty acquisition that we announced with yesterday's earnings release closed after September 30 and did not contribute to the production or revenue for the third-quarter 2025. As of quarter end, TPL had 6.1 net permitted wells, 9.9 net drilled but uncompleted wells, and 3.1 net completed but not producing wells. We expect our recent royalty acquisition to add approximately 2 net wells to our line-of-sight inventory.

我們在昨天發布的收益報告中宣布的特許權使用費收購已於 9 月 30 日之後完成，並未對 2025 年第三季的產量或收入做出貢獻。截至季末，TPL 擁有 6.1 口淨許可井、9.9 口淨鑽探但未完工井和 3.1 口淨完工但未生產的井。我們預計最近收購的特許權使用費將使我們的視線範圍內的油氣庫存增加約 2 口淨井。

Turning to our desalination project. Construction continues on our 10,000 barrel per day facility in Orla, Texas. We expect to begin commissioning the facility by the end of the year. Once fully commissioned, we will expand our testing process, as we seek to evaluate the system's capabilities at scale and assess its performance under a wider variety of operating conditions and water specifications. Our previous CapEx estimates remain unchanged from our last update.

接下來談談我們的海水淡化項目。我們在德克薩斯州奧拉的日產能 10,000 桶的工廠正在繼續建設中。我們預計將於年底前開始調試該設施。一旦全面投入使用，我們將擴大測試流程，以評估系統的規模化能力，並評估其在更廣泛的運作條件和水質規格下的性能。我們之前的資本支出估算與上次更新相比保持不變。

On the regulatory front, we have received an additional approved land application pilot permit from the Texas Railroad Commission. This permit allows us to use the facility's treated freshwater output to irrigate land with the aim of restoring native bush grass in a nearby area.

在監管方面，我們已收到德州鐵路委員會頒發的另一份已批准的土地應用試點許可證。該許可證允許我們利用該設施處理後的淡水輸出灌溉土地，目的是恢復附近地區的本地灌木草。

With respect to our TCEQ discharge permit, we continue to be responsive as we work towards permit approval. We believe our proprietary desalination technology and beneficial reuse efforts can play a critical role in providing a sustainable solution for Permian-produced water beyond just subsurface sequestration.

關於我們的 TCEQ 排放許可證，我們將繼續積極回應，努力爭取獲得許可證批准。我們相信，我們專有的海水淡化技術和有益的再利用措施，除了地下封存之外，還能在為二疊紀盆地出水提供永續解決方案方面發揮關鍵作用。

In the near term, our goal is to prove that our patented freeze desalination process can work economically at scale to advance on the regulatory and compliance fronts and to further investigate waste heat capture, process efficiencies, and colocation designs. We plan to provide updates on these key initiatives next year as our Phase 2 facility ramps operations.

近期，我們的目標是證明我們已獲專利的冷凍海水淡化製程能夠經濟高效地大規模應用，從而在監管和合規方面取得進展，並進一步研究廢熱捕獲、製程效率和共址設計。隨著二期工程設施逐步投入運營，我們計劃明年就這些關鍵舉措提供最新進展。

Turning to our balance sheet. Yesterday, we announced that our Board approved a three-for-one stock split of the company's common stock. This stock split is expected to be completed in December 2025, subject to finalization of the record date and distribution date by the Board.

接下來來看看我們的資產負債表。昨天，我們宣布董事會批准公司普通股進行三比一的股票分割。此股票分割預計將於 2025 年 12 月完成，但須經董事會最終確定股權登記日及分配日。

At the quarter end, TPL had $532 million of cash and cash equivalents and no debt. As Ty discussed, last month, TPL closed on a credit facility with $500 million of lender commitments. Credit facility was oversubscribed. It contains favorable terms and the interest rate spreads for borrowed funds are attractively priced for TPL.

截至季末，TPL 擁有 5.32 億美元的現金及現金等價物，且無任何債務。正如泰所討論的那樣，上個月，TPL 完成了一筆信貸安排，並獲得了 5 億美元的貸款承諾。信貸額度認購超額。它包含優惠條款，借款利差對TPL來說極具吸引力。

The facility was undrawn at close and remains undrawn today. This augments our liquidity position even as we maintain a net cash balance sheet today, and it expands our ability to capitalize on opportunities countercyclically. As always, we remain intently focused on maximizing intrinsic value per share with a disciplined capital allocation approach aimed on maximizing returns over the long term.

該設施在收盤時未被認購，至今仍未被認購。即使我們目前維持淨現金資產負債表，這也能增強我們的流動性狀況，並擴大我們逆週期把握機會的能力。一如既往，我們將繼續專注於透過嚴謹的資本配置方法，最大限度地提高每股內在價值，以實現長期收益最大化。

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

操作員，接下來我們將開始回答問題。

(Operator Instructions) Derrick Whitfield, Texas Pacific Land Corporation (sic - Texas Capital Securities).

（操作說明）德里克·惠特菲爾德，德克薩斯太平洋土地公司（原文如此 - Texas Capital Securities）。

Congrats on a strong (technical difficulty) we would assume flattish activity. What's a good run rate for the business? And how much of your water sales are recycled barrels versus water firm source (technical difficulty)

恭喜你們取得了不錯的成績（技術難度較高），我們預期市場活動將趨於平穩。企業合理的營運速度是多少？你們的售水有多少是來自回收桶裝水，又有多少是來自自來水公司水源？（技術難題）

Oliver Huang, TPH.

Oliver Huang，TPH。

Just wanted to, I guess, hit on the royalty acquisition you all announced this morning or last night. Just any sort of color on how this deal came together? Also how many incremental net locations on a 10,000-foot equivalent basis would you all say were acquired in your valuation underwriting for the asset? And just when we're kind of thinking about the two net incremental, I guess, work-in-progress wells, any sort of color in terms of which bucket it falls into?

我只是想提一下你們今天早上或昨晚宣布的版稅收購事宜。能否透露一下這筆交易是如何達成的？另外，在對該資產進行估值承銷的過程中，你們認為獲得了多少以 10,000 英尺當量為基準的新增淨位置？正當我們思考這兩個淨增量、正在開發中的油井時，有沒有一些關於它們屬於哪一類的資訊呢？

Yeah. Thanks for the question. We probably won't go into the total location count. But when we think about this type of asset and the type of assets we've purchased in the past and hopefully, the type we'd want to purchase in the future, having a lot of inventory that allows for future growth for years to come is one of the most important aspects of the types of assets that we look to acquire. And so our view is that this is going to be a great asset.

是的。謝謝你的提問。我們可能不會統計地點總數。但是，當我們思考這類資產以及我們過去購買的資產類型，以及我們希望將來購買的資產類型時，擁有大量庫存以允許未來幾年增長，是我們希望收購的資產類型中最重要的方面之一。因此，我們認為這將是一筆巨大的財富。

It's going to provide a great growth outlook to complement our legacy asset base, and so that's kind of how we've thought about it. Obviously, some of that growth is dependent on the level of activity and commodity prices, but we still think it's a very high-quality asset. It's operated, as you heard in the comments, by some of the most well-capitalized operators in the Permian. And so we feel really good that over the coming years, it's going to grow and provide really strong returns for TPL.

它將為我們現有的資產基礎提供良好的成長前景，這就是我們考慮它的方式。顯然，部分成長取決於經濟活動水準和商品價格，但我們仍然認為它是一種非常優質的資產。正如你在評論中聽到的那樣，它由二疊紀盆地一些資金最雄厚的運營商運營。因此我們非常有信心，在未來幾年裡，它將不斷發展壯大，並為 TPL 帶來非常強勁的回報。

Okay. Perfect. And maybe just, for a second question, on the power side of things, just power data center type of conversations that are occurring. How do you all feel about your position in terms of being able to participate out in West Texas versus, say, a quarter ago or even the start of the year to capture some share of this market? And just given the expansiveness of your footprint, just any sort of color you can provide in terms of which areas seem more prospective for getting such deals executed on?

好的。完美的。或許還可以再問一個問題，關於電力方面，例如目前正在進行的關於資料中心電力方面的討論。與三個月前甚至年初相比，你們對目前在西德州的市場地位有何看法？你們現在是否更有能力參與其中，搶佔市場份額？鑑於貴公司業務範圍如此廣泛，您能否就哪些地區更有可能達成此類交易提供一些看法？

Yeah, sure. Thanks for the question. Look, we feel like TPL is very well positioned. We have all of the attributes needed to be very attractive to power generators and data center developers, hyperscalers. I think we've probably got more available land with those attributes needed than anyone else in West Texas, and I think West Texas is quickly becoming more and more popular as an area to build out multi-gig facilities and campuses.

當然可以。謝謝你的提問。你看，我們覺得TPL的處境非常有利。我們具備所有必要的條件，對發電企業、資料中心開發商和超大規模資料中心營運商都極具吸引力。我認為，西德克薩斯州擁有的具備這些必要條件的土地可能比任何其他地區都多，而且我認為，西德克薩斯州正迅速成為建設多千兆設施和園區的熱門地區。

I would just say that we're -- we continue to have really good conversations. I think we're pretty close on a couple of opportunities that are very interesting. So hopefully, we'll have additional news to share here in the very near future.

我只想說，我們——我們一直在進行非常好的對話。我認為我們已經非常接近達成幾個非常有趣的項目。所以，希望在不久的將來，我們能在這裡分享更多消息。

Awesome. Thanks for the time.

驚人的。感謝您抽出時間。

Derrick Whitfield, Texas Capital Securities.

德里克·惠特菲爾德，德州資本證券。

Let's try this again. Can you hear me?

我們再試一次。你聽得到我嗎？

Yeah, we got you now, Derrick.

是的，我們抓到你了，德瑞克。

Awesome. Sorry about that, and congrats on a strong financial and operational update. For my first question, I wanted to focus on your outlook for Water Resources business. Over the last two quarters, we've seen a bit of volatility in water sales, assuming flattish activity, what's a good run rate for that business? And how much of your water sales today are recycled barrels versus water from source water wells?

驚人的。對此我深表歉意，同時祝賀貴公司發布了強勁的財務和營運更新報告。我的第一個問題，我想重點談談您對水資源業務的看法。過去兩個季度，我們看到飲用水銷售出現了一些波動。假設市場活動平穩，那麼該業務的合理運行速度是多少？如今，你們銷售的飲用水中，有多少是回收桶裝水，又有多少是來自水源井的水？

When you look at -- Derrick, it's Robert. When you look at the change of quarter over quarter, it's something that we're always trying to work to minimize that volatility and you can really attribute it to -- mainly to consolidation and diverse acreage position that you see. Our footprint allows us to expand off that legacy acreage, and that's what we're attempting to do to capture as much as that diversity that we see because of the consolidation is so centralized in activity area from one area to another.

當你看到德瑞克時，你會發現他其實是羅伯特。從季度環比來看，我們一直在努力減少這種波動，這主要歸因於——你看到的整合和多樣化的土地持有情況。我們的規模使我們能夠從原有的土地上擴張，而這正是我們努力的方向，目的是盡可能多地抓住這種多樣性，因為整合導致活動區域從一個地區過於集中到另一個地區。

As far as what the produce looks like, it's really a moving target every quarter. Obviously, the goal is to maximize the amount of recycled produced you're putting it on operation, but there's a lot of factors that go into that, mainly the availability produced and the demand of what that frac is going to be in that area.

至於農產品的外觀，每季都在變化。顯然，目標是最大限度地提高投入營運的再生油產量，但這其中有許多因素，主要是產量和該地區對壓裂液的需求。

So that's where our team works with the operators every day to look at what that balance looks like, how can we maximize produced and how can we backstop it with the brackish and keep up with the simul and trimul demand that we see today.

所以，我們的團隊每天都與營運商合作，研究這種平衡是什麼樣的，我們如何最大限度地提高產量，如何才能用微鹹水來彌補產量不足，並滿足我們今天看到的同步和三重需求。

Makes sense. And then for my follow up, Robert, we could probably stay with you. Just wanted to focus on how you're thinking about progressing desal beyond Phase 2 and Phase 3 and the degree of conversations you're having with the industry about your technology? And then also I'd love to get your views on the permit that was just approved for NGL for 800,000 barrel produced water treatment plant for beneficial reuse and recharge into the Pecos River -- basin, sorry.

有道理。羅伯特，接下來我想問的是，我們或許可以留下來陪你。我只想專注於了解您如何考慮在第二階段和第三階段之後推進海水淡化技術，以及您與業界就您的技術進行的對話程度？另外，我還想聽聽您對剛核准的 NGL 許可證的看法，該許可證允許建造一座年產 80 萬桶天然氣的污水處理廠，用於有益地再利用和回灌到佩科斯河盆地（抱歉）。

I'll start on desal. I'd say that we were the first entry into desal in the market. I think our expanse of footprint and diversity of operators and midstream companies allowed us to see that desal was going to be necessary at some time in the future. And we got to think, we're four years into this at this point of starting from exploring different technologies, doing the R&D on which technology we selected, we're confident in desal and our technology to bring desal to the future.

我先從海水淡化入手。我認為我們是市場上首批進入海水淡化領域的公司之一。我認為，我們廣泛的業務範圍以及營運商和中游公司的多樣性，使我們能夠預見海水淡化在未來的某個時候是必要的。我們不得不思考，從探索不同的技術到進行研發，我們已經走過了四年，最終選擇了我們想要的技術，我們對海水淡化和我們的技術充滿信心，相信它們能夠將海水淡化帶向未來。

When we look at commercialization of desal and how that fits into the upstream market, what the ultimate commercial model looks like right now is yet to be determined for the industry as a whole. What we see the biggest benefit on ours is you go back to the power component, waste heat capture of really what we'll be exploring a waste heat capture and use of our technology, and then freeze technology and how that fits into direct air cooling and direct chip cooling utilizing the freeze technology.

當我們審視海水淡化的商業化及其在上游市場中的地位時，目前整個產業的最終商業模式仍有待確定。我們認為我們最大的優勢在於，回到電源組件，廢熱捕獲，我們真正要探索的是廢熱捕獲和利用我們的技術，然後是冷凍技術，以及它如何融入直接空氣冷卻和利用冷凍技術的直接晶片冷卻。

So when we look at 2026, for us, it's not necessarily growing in volume, it's working with those other synergies of how we implement direct capture. And you got to think anything that you can do in that to, one, decrease the input cost of energy into desal and to maximize any value you can get of the output of the water greatly helps the economics of bringing desal to full commercialization.

所以展望 2026 年，對我們來說，重要的不是數量成長，而是我們如何實施直接採集，以及如何與其他協同效應結合。你必須考慮到，任何能夠降低海水淡化能源投入成本並最大限度地提高水產出價值的措施，都將大大幫助海水淡化實現全面商業化的經濟效益。

On the NGL permit. There were a couple of draft permits issued. There have been no final permits issued so far from the TCQ. NGL and us included, are in draft permit phase right now, as we work with the commission to get that into permit -- final permit approval.

關於NGL許可證。已經發放了幾張草案許可證。截至目前，TCQ尚未頒發任何最終許可證。目前，包括 NGL 在內的我們正處於許可草案階段，我們正在與委員會合作，爭取最終許可。

Thanks for the color. And maybe one more, if I could, on M&A more broadly. While we tend to see less opportunity at lower prices due to wider bid-ask spreads, you guys are having success as evidenced in this quarter. I guess when you kind of think about the broader picture, both surface and minerals, how would you characterize the competitive landscape in the Permian at present and the opportunities really you're seeing across the broader Permian footprint, both Delaware, Central Basin Platform, and Midland?

謝謝你提供的色彩。如果可以的話，我或許還可以就併購這個更廣泛的話題再談一點。雖然由於買賣價差擴大，我們往往看不到以較低價格買入的機會，但你們在本季度取得了成功，這足以證明這一點。我想，當你從更廣闊的視角來看待這個問題時，包括地表和礦產資源，你會如何描述目前二疊紀盆地的競爭格局，以及你在更廣泛的二疊紀盆地範圍內（包括特拉華州、中央盆地平台和米德蘭地區）看到的機會？

Yeah. I mean, we've been successful getting some of these deals done here recently. They've been sourced just through our relationships. I mean the lower commodity price environment makes it a little tougher because of the bid-ask spread, like you've said. But I think we're still seeing a pretty healthy amount of opportunity in the pipeline, and so I think we'll continue to be successful.

是的。我的意思是，我們最近成功地完成了一些這類交易。這些貨源都來自我們的人脈關係。我的意思是，正如你所說，較低的商品價格環境使得買賣價差更大，從而使交易變得更加困難。但我認為我們仍然看到很多發展中的機會，所以我認為我們會繼續取得成功。

And there's probably some equally interesting opportunities in the Delaware and the Midland and starting to see some kind of interesting stuff across the platform as well when you think about out-of-basin disposal in some of these next-gen type projects, power generation, data centers, things like that. So pretty excited, looking forward on the opportunity set in front of us.

特拉華河和米德蘭河可能也有一些同樣有趣的機會，當你考慮到一些下一代專案（如發電、資料中心等）中的盆地外處置時，你也會開始看到整個平台上一些有趣的東西。非常興奮，期待著擺在我們面前的機會。

All right. Well, great update, guys. I'll turn it back to the operator.

好的。更新很棒，各位。我會把它轉還給操作員。

Thank you. And with that, this does conclude today's question-and-answer session, and it also concludes today's teleconference. We thank you for your participation, and you may disconnect your lines at this time, and have a wonderful day.

謝謝。至此，今天的問答環節結束，今天的電話會議也結束了。感謝您的參與，您可以斷開線路了，祝您有美好的一天。