Texas Pacific Land Corporation (TPL) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Texas Pacific Land Corporation fourth-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加德州太平洋土地公司2025年第四季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Shawn Amini, Vice President of Finance and Investor Relations. Thank you, sir. You may begin.

現在，我榮幸地向大家介紹主持人肖恩·阿米尼，他是財務和投資者關係副總裁。謝謝您，先生。你可以開始了。

Thank you for joining us today for Texas Pacific Land Corporation's fourth-quarter 2025 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2025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.

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。

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.

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, you may at times referred to our company by its stock ticker by TPL.

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，您有時可能會透過股票代碼 TPL 來了解我們公司。

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 Tech Pacific Water Resources, Robert Crain. Management will make some prepared comments, after which, we will open the call for questions.

上午的電話會議由 TPL 執行長 Ty Glover、TPL 財務長 Chris Steddum 和 Tech Pacific Water Resources 執行副總裁 Robert Crain 主持。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。

Now, I will turn the call over to Ty.

現在，我將把電話交給泰。

Good morning, everyone, and thank you for joining us today. Fourth quarter was an excellent finish to 2025 with quarterly records set for oil and gas royalty production, water sales volumes, and produced water royalties.

各位早安，感謝大家今天收看我們的節目。2025 年第四季以優異的成績收官，石油和天然氣特許權使用費產量、水銷售量和產水特許權使用費均創下季度紀錄。

Excluding the contribution from our previously announced royalties acquisition from last November, our fourth quarter oil and gas royalty production grew 23% year over year. Water sales volumes this quarter exceeded 1 million barrels per day for the first time in our history, growing 36% year over year and produced water royalty volumes grew 22% year over year.

不計入去年 11 月宣布的特許權使用費收購的貢獻，我們第四季的石油和天然氣特許權使用費產量年增 23%。本季水銷售量首次突破每天 100 萬桶，年增 36%，產水特許權使用費收入年增 22%。

For the full fiscal year 2025, we set annual records across our major operating milestones of oil and gas royalty production, water sales, produced water royalties, and SLEM revenue. We also delivered fiscal year records for consolidated metrics, including revenue, net income, and free cash flow.

2025 財年全年，我們在石油和天然氣特許權使用費產量、水銷售、產出水特許權使用費和 SLEM 收入等主要營運里程碑方面均創下年度紀錄。我們也提供了合併指標的財政年度記錄，包括收入、淨利潤和自由現金流。

Despite oil prices declining from $95 per barrel in 2022 to $65 per barrel in 2025, during the same span, TPL delivered a three-year compounded annual growth rate for oil and gas royalty production of 17%, water sales volumes of 18%, and produced water royalty volumes of 30%. We achieved this growth while maintaining a debt-free balance sheet and without any financing from new equity.

儘管石油價格從 2022 年的每桶 95 美元下降到 2025 年的每桶 65 美元，但在同一時期，TPL 的石油和天然氣特許權使用費產量三年複合年增長率為 17%，水銷售量為 18%，產出水特許權使用費收入為 30%。我們在保持零負債資產負債表且未通過任何新股融資的情況下實現了這一增長。

We owe this countercyclical growth to our continued market capture, talented employees, commercial development focus, differentiated scale across royalties land and water, and self-funded acquisitions and investments.

我們之所以能夠實現這種反週期成長，是因為我們不斷佔領市場、擁有才華橫溢的員工、專注於商業開發、在土地和水資源特許權使用費方面擁有差異化的規模，以及自籌資金的收購和投資。

Beyond this excellent performance from our core business, we also made tangible progress with next-generation opportunities in data centers and produced water desalination.

除了核心業務的出色表現外，我們在資料中心和產出水淡化等下一代機會方面也取得了實際進展。

Starting with data centers. This past December, we announced a strategic investment into BOLT Data & Energy, a new AI infrastructure platform chaired by former Google CEO, Eric Schmidt. BOLT seeks to develop large-scale solutions across data centers and power generation. We're excited to team up with BOLT. For TPL, we can provide unrivaled access to land, conventional, and renewable energy and water.

首先從資料中心說起。去年 12 月，我們宣布對 BOLT Data & Energy 進行策略性投資，BOLT Data & Energy 是由前Google執行長 Eric Sc​​hmidt 擔任主席的新型人工智慧基礎設施平台。BOLT致力於開發資料中心和發電領域的大規模解決方案。我們很高興能與BOLT合作。對於 TPL 而言，我們可以提供無與倫比的土地、傳統能源、再生能源和水資源。

We can offer this in a state that maintains arguably the most pro growth and pro-infrastructure regulatory environment. BOLT is currently expanding its team and having productive conversations with potential customers and our personnel have been evaluating future site selections across TPL Land.

我們能夠在這樣一個州提供這項服務，該州擁有可以說是最有利於經濟成長和基礎設施建設的監管環境。BOLT 目前正在擴充團隊，並與潛在客戶進行富有成效的對話，我們的員工一直在評估 TPL Land 的未來選址。

As part of our agreement, TPL retains a right of first refusal to provide water to BOLT-affiliated projects. We believe BOLT can become a large-scale, fully integrated data center and power generation platform, and we look forward to working closely together as we seek to make West Texas one of the premier technology infrastructure hubs.

根據我們的協議，TPL 保留優先向 BOLT 附屬項目供水的權利。我們相信 BOLT 可以成為一個大規模、完全整合的資料中心和發電平台，我們期待與他們緊密合作，努力將西德州打造成為一流的技術基礎設施中心之一。

In addition to BOLT, TPL continues to engage in productive conversations with potential developers and customers for various projects. The data center landscape in the region is rapidly evolving and highly dynamic. We're working on projects across the full extent of our acreage, both in basin and out of basin.

除了 BOLT 專案之外，TPL 還繼續與潛在的開發商和客戶就各種專案進行富有成效的對話。該地區的數據中心格局正在快速發展且高度動態。我們正在我們全部土地上開展項目，包括盆地內和盆地外。

Project timelines run the gamut as well with developers viewing West Texas as a near-term priority for new developments, but also as a longer-term hub that can support large-scale expansions.

專案時間表也各不相同，開發商將西德州視為近期新開發的重點區域，同時也將其視為能夠支持大規模擴張的長期中心。

Given the size of these developments, which can potentially represent tens of billions of dollars of total investment across GPUs and power generation, these projects require extensive due diligence and negotiations across numerous counterparties. Projects of this scale are always difficult, especially with West Texas as a relative data center newcomer.

鑑於這些項目的規模，它們可能代表GPU和發電領域數百億美元的總投資，因此這些項目需要進行廣泛的盡職調查，並與許多交易對手進行談判。如此規模的專案總是很困難，尤其是對於西德克薩斯州相對較新的資料中心地區而言。

That said, versus even a few quarters ago, urgency from developers and customers has clearly increased. Some of these conversations have progressed beyond just conceptual ideas are in advanced stages of planning. We are encouraged by the progress we've made thus far, and we are hopeful to have multiple new updates to share before the end of the year.

也就是說，與幾個季度前相比，開發商和客戶的緊迫感顯然已經增強。有些討論已經超越了概念階段，進入了規劃的後期階段。我們對目前的進展感到鼓舞，並希望在年底前能與大家分享多個新的進展。

Turning to our desalination project. Our 10,000 barrel per day R&D desalination facility in Orla, Texas, which we refer to as Phase 1b is nearing completion. We had originally expected this facility to commence operations by the end of 2025 and we now expect the facility to begin taking produced water in the coming months.

接下來談談我們的海水淡化項目。我們在德州奧拉的日處理能力為 10,000 桶的研發海水淡化設施（我們稱之為 1b 期）即將完工。我們原先預計該設施將於 2025 年底開始運營，現在預計該設施將在未來幾個月內開始接收生產水。

During equipment testing and flowing through synthetic produced water, the engineering team experimented with an additional process beyond the original design. After successful testing of new equipment to assess efficacy, we implemented the new process into our freeze desalination design, and we'll be installing the associated equipment into our Orla Phase 2 facility.

在設備測試和流經合成採出水的過程中，工程團隊嘗試了除原始設計之外的附加製程。在成功測試新設備以評估其功效後，我們將新製程應用於我們的冷凍海水淡化設計，並將相關設備安裝到我們的 Orla 二期工廠。

We believe this will substantially reduce the amount of time and cycles produced water need to pass through the system, thereby providing substantial capital cost and operating expense savings for a commercial scale facility.

我們相信這將大幅減少產出水通過系統所需的時間和循環次數，從而為商業規模的設施節省大量資本成本和營運費用。

For TPL, desalination would provide another solution we can offer the industry in addition to our extensive in-basin and out-of-basin pore space. Permian already generates nearly 25 million barrels of produced water a day, with volumes expected to grow through the end of the decade, even if oil production were to plateau.

對於 TPL 而言，除了我們廣泛的盆地內和盆地外孔隙空間外，海水淡化將為我們向該行業提供另一種解決方案。二疊紀盆地每天已產生近 2,500 萬桶採出水，即使石油產量趨於穩定，預計到本十年末，采出水量仍將持續成長。

To accommodate longer-term produced water growth, the industry will likely need incremental solutions beyond traditional subsurface disposal and desalination potentially provides a sustainable pathway to reduce the amount of water injected subsurface.

為了適應長期的採出水成長，該產業可能需要傳統地下處置以外的漸進式解決方案，而海水淡化可能為減少注入地下的水量提供一條可持續的途徑。

For 2026, we look forward to commencing operations and ramping volumes on our Orla desalination facility evaluating the potential to bring large-scale, freeze desalination to the Permian. In addition, we plan to invest approximately $20 million on installing co-location equipment at the Orla facility to evaluate the feasibility of waste heat capture and data center cooling.

2026 年，我們期待 Orla 海水淡化廠開始運作並逐步提高產量，評估將大規模冷凍海水淡化引入二疊紀盆地的潛力。此外，我們計劃投資約 2,000 萬美元在 Orla 設施安裝託管設備，以評估廢熱捕獲和資料中心冷卻的可行性。

Waste heat capture could provide significant energy savings for our freeze process, while our outlet freshwater stream after having gone through a freezing process could provide direct cooling benefits for data centers and power generation.

廢熱收集可以為我們的冷凍過程節省大量能源，而經過冷凍過程後的出口淡水流可以直接為資料中心和發電廠提供冷卻效益。

In conclusion, as we look ahead to 2026, we're excited with the growth pipeline in front of us. We are focused on exploiting our strengths and leveraging our expertise as we look to benefit from the long-term structural tailwinds unfolding across our business. We believe we can continue to drive growth and extract incremental value even as this relatively weak oil price environment persists.

總之，展望2026年，我們對眼前的成長前景感到興奮。我們專注於發揮自身優勢，利用自身專長，以期從我們業務中正在展開的長期結構性利好因素中獲益。我們相信，即使在當前相對疲軟的油價環境下，我們也能繼續推動成長並創造增量價值。

With our industry-leading margins, our fortress balance sheet, a $500 million undrawn credit facility, not only can we tolerate periods of low commodity prices, we have considerable capability to invest opportunistically as we look to consolidate high-quality assets and expand market capture. We remain steadfastly focused on maximizing long-term intrinsic value per share and the opportunity set in front of us today across our legacy and next-gen businesses is as robust as ever.

憑藉我們行業領先的利潤率、穩固的資產負債表和 5 億美元的未提取信貸額度，我們不僅可以承受大宗商品價格低迷的時期，而且我們還有能力抓住機會進行投資，以鞏固優質資產並擴大市場份額。我們始終堅定不移地專注於最大化每股的長期內在價值，而我們今天在傳統業務和新一代業務中面臨的機會也一如既往地強勁。

One additional housekeeping item I wanted to mention, yesterday, we announced an event for TPL shareholders for an office and water field visit in Midland, Texas. That event will be held on Monday, May 18. We welcome all shareholders to attend, and we ask that shareholders submit an RSVP by filling out a form on our website or e-mailing Investor Relations. Please visit the Events section of our website for more information.

還有一件需要說明的事情，昨天我們宣布了一項活動，邀請 TPL 股東前往德克薩斯州米德蘭市參觀辦公室和水務現場。活動將於5月18日星期一舉行。我們歡迎所有股東參加，請股東透過填寫我們網站上的表格或發送電子郵件至投資者關係部的方式回覆確認出席。請造訪我們網站的「活動」版塊以了解更多資訊。

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. Consolidated revenues during the fourth quarter of 2025 were approximately $212 million. Consolidated adjusted EBITDA was $178 million. Adjusted EBITDA margin was 84% and free cash flow was $119 million. For full year 2025, we generated record free cash flow of approximately $498 million, which represents an 8% year-over-year increase.

謝謝，泰。2025 年第四季合併收入約為 2.12 億美元。經調整後的合併 EBITDA 為 1.78 億美元。調整後 EBITDA 利潤率為 84%，自由現金流為 1.19 億美元。2025 年全年，我們創造了約 4.98 億美元的創紀錄自由現金流，年增 8%。

Full year performance benefited from higher daily oil and gas royalty production which increased 29% year over year, higher water sales daily volumes, which increased 4%, and higher produced water royalty daily volumes, which increased 25%. The approximately 34,600 barrels of oil equivalent per day for full year 2025 royalty production, the acquisition that closed last November contributed approximately 500 barrels of oil equivalent per day.

全年業績受惠於石油和天然氣日產量年增 29%，水日銷量較去年同期成長 4%，以及產水日產量年增 25%。2025 年全年特許權使用費產量約為每天 34,600 桶油當量，去年 11 月完成的收購貢獻了每天約 500 桶油當量。

Consolidated results were partially offset by lower realized oil prices, which declined year over year by 15%. Given the strong performance, yesterday, we announced a regular dividend of $0.60 per share, which represents a 12.5% increase versus the prior quarter dividend. Capital expenditures last year were $66 million which is inclusive of $6 million of payables. This was at the low end of our original guidance.

綜合業績部分被較低的實際油價所抵消，實際油價年減了 15%。鑑於業績強勁，我們昨天宣布派發每股 0.60 美元的常規股息，比上一季股息成長 12.5%。去年資本支出為 6,600 萬美元，其中包括 600 萬美元的應付帳款。這處於我們最初預期值的下限。

Moving to our well inventory. As of quarter end, TPL had 5.6 net permitted wells, 9.8 net drilled but uncompleted wells, or commonly referred to as DUCs, and 4.0 net completed but not producing wells. That amounts to 19.5 net line of sight wells which also includes approximately 2 net wells from our recent royalty acquisition.

接下來查看我們的油井庫存。截至季末，TPL 擁有 5.6 口淨許可井、9.8 口淨鑽探但未完工井（通常稱為 DUC）和 4.0 口淨完工但未生產的井。這相當於 19.5 口淨視線井，其中還包括我們最近收購的特許權使用費產生的約 2 口淨井。

Across the Permian Basin, sustained low oil and Waha natural gas prices during 2025 and has generally led to a decline in rig activity, which according to Baker Hughes, Permian horizontal rig count is down approximately 26%. However, despite less rigs, the basin has been able to sustain production growth through a sizable drawdown in DUCs. The decline in our line of sight wells, and this is true basin-wide is primarily due to this DUC drawdown.

2025 年，二疊紀盆地石油和瓦哈天然氣價格持續低迷，導致鑽井活動普遍下降。據貝克休斯公司稱，二疊紀盆地水平鑽機數量下降了約 26%。然而，儘管鑽井平台數量減少，但該盆地透過大幅減少未完工油井數量，維持了產量成長。我們視線範圍內的油井數量下降，而且這種情況在整個盆地範圍內都是如此，這主要是由於未開採油井的抽水造成的。

From our vantage point, we believe the industry will remain in DUC drawdown mode this year. During 2025, we estimate that the industry drew down approximately 600 DUCs with roughly 3,500 to 4,000 DUCs still remaining in the Permian today. With the current pacing of new completions, the industry will generally require around 2,000 DUCs to maintain a buffer in front of active frac fleets, leaving roughly 1,500 to 2,000 discretionary DUCs.

從我們的角度來看，我們認為今年該產業將繼續處於DUC（未開發煤炭）消耗模式。我們估計，到 2025 年，該產業將減少約 600 個未完工油井 (DUC)，而目前二疊紀盆地仍有約 3500 至 4000 個未完工油井 (DUC)。按照目前新完井的速度，該行業通常需要大約 2,000 個未完工井 (DUC) 來保持活躍壓裂船隊前的緩衝，從而留下大約 1,500 到 2,000 個可自由支配的未完工井 (DUC)。

Thus, we believe the Permian still has ample DUC inventory to drive a completion pacing to support production via continued discretionary DUC draws with at least a year or more of runway for the industry would need to begin adding rigs to bring new spuds and new completions into balance while maintaining current completion pacing.

因此，我們認為二疊紀盆地仍有充足的未完井庫存，可以透過持續酌情提取未完井來推動完井進度，從而支持生產，至少還有一年或更長時間的緩衝期。該行業需要開始增加鑽機，以使新的開工和新的完井達到平衡，同時保持目前的完井進度。

Another mitigating factor to lower rig counts is that operator efficiencies continue to improve and well laterals continue to get longer. Wells completed on TPL royalty acreage were on average 8% longer than the prior year. We are seeing substantial increases in lateral lengths across the board. This was the first quarter in which new permits, spuds, completions, and new PDP wells all had average lateral lengths in excess of 11,000 feet.

導致鑽機數量減少的另一個緩解因素是，作業效率不斷提高，井眼水平段長度不斷增加。TPL 特許權使用費土地上完工的油井平均比前一年長 8%。我們看到橫向長度全面大幅增加。這是新許可證、開鑽、完井和新 PDP 井的平均水平井長度首次超過 11,000 英尺的季度。

For new permitted wells this past quarter, the average lateral length is 35% longer than the average permitted well in 2024. We also had over 100 new permitted wells with lateral lengths over 15,000 feet and 34 wells over 20,000 feet.

對於上個季度新獲許可的油井而言，平均水平井段長度比 2024 年獲許可油井的平均水平井段長度長 35%。我們還獲得了 100 多口新井的許可，其中水平井長度超過 15,000 英尺，34 口井的水平井長度超過 20,000 英尺。

Industry consolidation over the last few years is allowing operators to block up sections and create much larger DSUs. With this trend of longer laterals, greater operator efficiencies, and sizable DUC balance, we do not anticipate basin-wide production declines given the current oil strip.

過去幾年的行業整合使得營運商能夠封鎖區域並創建更大的配電單元。隨著水平井段長度增加、作業效率提高以及未完工井數量龐大，鑑於目前的石油短缺狀況，我們預計盆地範圍內的產量不會下降。

Turning to our capital allocation priorities for 2026. We exited the year with $145 million of cash on the balance sheet and 0 debt. During the quarter, we closed on TPL's inaugural credit facility with $500 million of commitments. That facility remains fully undrawn today. For fiscal year 2026, we anticipate capital expenditures to be approximately $65 million to $75 million.

接下來談談我們2026年的資本配置重點。年底時，我們的資產負債表上有 1.45 億美元的現金，且沒有債務。本季度，我們完成了 TPL 的首筆信貸安排，承諾金額為 5 億美元。該設施至今仍未完全開發。我們預計 2026 財年的資本支出約為 6,500 萬美元至 7,500 萬美元。

And as Ty mentioned, $20 million will be allocated towards investigating waste heat capture and data center and power generation co-location potential for our freeze desalination facility. The remaining balance will be dedicated to our water cells business for electrification, equipment, and supply improvement and maintenance.

正如泰所提到的，我們將撥款 2000 萬美元用於研究我們冷凍海水淡化設施的廢熱收集以及資料中心和發電廠共址的潛力。剩餘資金將用於我們的水電池業務，包括電氣化、設備和供應改進及維護。

With modest capital needs, a business that continues to generate strong free cash flow, and a balance sheet and a net cash position with a sizable undrawn facility, TPL has the flexibility and liquidity to respond to evolving macro and sector volatility.

TPL 資本需求適中，業務持續產生強勁的自由現金流，資產負債表和淨現金頭寸均有相當可觀的未提取額度，因此具備應對不斷變化的宏觀經濟和行業波動的靈活性和流動性。

We retain the ability to simultaneously invest in the business, acquire high-quality assets, and expand shareholder return of capital and we can flex up any or multiple aspects of those options should any opportunities or dislocations occur. We have a resilient business and a pristine balance sheet and our focus remains on maximizing intrinsic value per share over the long term.

我們有能力同時投資於業務、收購優質資產並擴大股東資本回報，如果出現任何機會或錯位，我們可以靈活地增強這些選項中的任何一個或多個方面。我們擁有穩健的業務和良好的資產負債表，我們的重點仍然是長期實現每股內在價值最大化。

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 Capital.

（操作說明）德里克·惠特菲爾德，德克薩斯資本。

Good morning, guys, and congrats on a strong financial and operational update.

各位早安，祝賀你們發布了強勁的財務和營運更新報告。

Thanks, Derrick. Good morning.

謝謝你，德里克。早安.

I'd like to start with AI macro. Based on the flurry of both power and AI announcements we've seen across West Texas over the last six months, I'd love to hear your thoughts on how the opportunity set for power and data center development has evolved for TPL? And if it extends beyond what you've highlighted with BOLT Energy to date?

我想先從人工智慧宏觀程式開始。鑑於過去六個月西德州在電力和人工智慧領域發布的一系列公告，我很想聽聽您對TPL在電力和資料中心開發方面所面臨的機會演變有何看法？如果它的範圍超出了你迄今為止在BOLT Energy中強調的內容呢？

Yeah. It definitely has. I think the further we dig into it, the bigger we think the opportunity is, we've got a few projects we're working on, some BOLT related, some not. But I think when you look at that business, just like any other business at the end of the day, scale is what really matters. And there's not really anyone in Texas that offers scale like TPL does, whether that's land, access to gas or water.

是的。確實有。我認為我們越深入研究，就越覺得機會巨大。我們正在進行一些項目，有些與 BOLT 相關，有些則無關。但我認為，當你審視這家企業時，你會發現，就像其他企業一樣，歸根結底，規模才是真正重要的。在德州，真的沒有一家公司能像 TPL 一樣提供如此規模的資源，無論是土地、天然氣還是水資源。

And I think long term, we're trying to build a real business here. We're not trying to hodgepodge 200-meg facilities over the acreage footprint. The long-term goal is to build multiple multi-gig energy campuses, and that takes a little time, but efforts have been very promising so far. And like I said, we've had a few deals we're working on, commercial negotiations are ongoing. So very excited about the opportunity set.

而且我認為從長遠來看，我們正在努力在這裡打造一個真正的企業。我們並不想在這片土地上拼湊出多個 200 兆兆的設施。長遠目標是建造多個多吉巴能源園區，這需要一些時間，但到目前為止，各項努力都取得了非常可喜的成果。正如我所說，我們正在洽談幾項交易，商業談判正在進行中。我對目前的機會感到非常興奮。

Perfect. And Ty for my follow-up, I really wanted to focus more firmly on BOLT Energy and the potential of your strategic agreement is laid out by one of your prominent investors. And maybe just for the benefit of level set in the discussion, the investor believes BOLT ambition is to build a 10-gigawatt data center campus in West Texas and then each gigawatt could be worth over $125 million in water revenue for TPL, with power generated and acquiring over 130,000 barrels of a less conditioned water and data center cooling requiring over 200,000 barrels per day of more conditioned water.

完美的。泰，關於我的後續問題，我真的想更深入地探討一下 BOLT Energy，你們的一位重要投資者闡述了你們戰略協議的潛力。或許只是為了使討論更加客觀，這位投資者認為 BOLT 的目標是在德克薩斯州西部建造一個 10 吉瓦的數據中心園區，那麼每吉瓦可以為 TPL 帶來超過 1.25 億美元的水收入，發電和獲取超過 13 萬桶未經處理的水，而數據中心冷卻每天需要經過超過 20 萬桶處理的水。

With the understanding that we're still in the early stages of charting this out, I know Robert and team have made a great deal of advances in understanding waste heat capture and cooling to improve P efficiencies for data centers. All that being said, are these reasonable numbers when thinking about the scale and the potential value that we have in front of us?

我知道我們仍處於規劃此方案的早期階段，但羅伯特和他的團隊在理解廢熱捕獲和冷卻方面取得了很大的進展，以提高資料中心的 P 效率。綜上所述，考慮到我們面前的規模和潛在價值，這些數字是否合理？

Well, what we've seen is it varies pretty greatly with the design of the facility, both on the power side and the data center side. But with certain designs, yes, those numbers are very reasonable. And we've got some power generators that the water usage numbers seem substantially higher than that. So for us, I mean, we're used to moving a lot of water. Fourth quarter, we moved over 1 million barrels of water a day.

我們看到的情況是，無論從電力或資料中心來看，設施的設計都會對其產生很大的影響。但對於某些設計而言，這些數字確實非常合理。我們還有一些發電機，它們的用水量似乎遠高於這個數字。所以對我們來說，我的意思是，我們已經習慣了輸送大量的水。第四季度，我們每天輸送超過100萬桶水。

And we think that this could be pretty material to the water business over the long term. So again, I think the opportunity is pretty substantial. The usage actually depends -- various pretty widely depending on design of the facility.

我們認為，從長遠來看，這對水務產業來說可能意義重大。所以，我認為這個機會相當可觀。使用方式實際上取決於多種因素——根據設施的設計而有很大差異。

Robert, I don't know if you have anything to add to that.

羅伯特，我不知道你還有什麼要補充的。

Derrick, it's -- you know our stance on it, it's variation in design. Our goal is to obviously work with the customer on how do we implement the right volume and quality of water in that design. But as things start to evolve, I know it's specific for BOLT, but I think you have to look at just how that power plan is designed. Is it a single cycle? Is it a combined cycle? Is it using evaporative director cooling to offset those efficiency losses due to higher ambient air?

德瑞克，你知道我們對此事的立場，這是設計上的差異。我們的目標顯然是與客戶合作，探討如何在設計中實現合適的水量和水質。但隨著事情的發展，我知道這是針對 BOLT 的，但我認為你必須看看這個電源計劃是如何設計的。這是一個單週期嗎？這是一個組合循環嗎？它是否採用蒸發式導熱冷卻來抵消因環境空氣溫度升高而造成的效率損失？

Our goal is to work with the customer, facilitate their design from a water perspective. Again, we focus on the quality and the volume that's needed. I think when we look at the amount of compute that's coming, I mean, you mentioned the 10 gigawatt goal from BOLT, we're confident in the amount of compute and associated gen that's going to be coming to the Permian, the effect on our water business is going to be significant.

我們的目標是與客戶合作，從水利的角度為他們的設計提供幫助。我們再次強調，我們關注的是品質和所需的數量。我認為，當我們審視即將到來的計算量時，我的意思是，你提到了BOLT的10吉瓦目標，我們對即將進入二疊紀盆地的計算量和相關發電量充滿信心，這將對我們的水務業務產生重大影響。

Perfect. And maybe just one quick follow-up, if I could, and chip in really more to your traditional Water business. You guys saw record volumes for both disposal and source water. And really -- for that matter, really strong implied source water realization per barrel for this quarter.

完美的。如果可以的話，我或許可以再補充一點，希望能為您傳統的水務業務貢獻更多力量。你們都看到了污水和水源水量創紀錄的情況。而且，就此而言，本季每桶的隱含水源實現率確實非常強勁。

Given the broader contraction in activity that we're seeing across the basin, could you speak to some of the things that TPL is actively doing to drive this strength in the business? And just your current outlook for each of these businesses. And the thing that we're seeing occur right now with both is higher highs and higher lows. So any color you could provide would be helpful.

鑑於整個盆地的經濟活動普遍萎縮，您能否談談 TPL 正在積極採取哪些措施來推動業務成長？以及您目前對這些企業的看法。我們現在看到的現像是，這兩種情況都出現了更高的峰值和更高的谷值。所以，您提供的任何顏色資訊都會很有幫助。

Sure. I'll start on the produced water side. I mean, if you look at our success in the growth of produced water volumes, I think it's twofold. One, you go back to our legacy contracts, what we were able to really set up in the early days of ensuring the volumes and how we direct those volumes and work with operators and midstream companies to do it.

當然。我先從產水部分說起。我的意思是，如果你看看我們在採出水量成長方面的成功，我認為這有兩個面向。首先，回顧我們的傳統合同，看看我們在早期是如何確保產量，以及我們如何引導這些產量，並與運營商和中游公司合作來實現這一目標的。

But the second is the strategy that we implemented four or five years ago, looking at the constraints we knew that were going to come from produced water management associated pore space was two things out of basin pore space for short-term solutions and desal.

但第二個策略是我們四、五年前實施的，考慮到我們所知道的採出水管理相關的孔隙空間將帶來的限制，盆地孔隙空間的短期解決方案和海水淡化是兩件事。

The results you're seeing in those higher numbers as a result of those legacy contracts and our strategy that we've implemented. We look at the produced water management space of we're the solutions provider at the end of the operators in the midstream company. I think you're seeing the results of the numbers.

您看到的這些較高數字的結果，是那些歷史合約和我們實施的策略共同作用的結果。我們關注的是生產水管理領域，我們是中游公司營運商的最終解決方案提供者。我想你已經看到了數字所反映的結果。

When you look at our source water business, the scale and scope of our system that we continue to expand on every year as we see water demands go up due to cube development and trimul fracs, we've always said the scale and scope of our business allows us to expand and capture more markets. We are -- we can bolt on and build onto that system to capture more where even if we see a straight contraction in overall activity level, we're able to touch so much more as we continue to expand.

從我們的水源業務來看，隨著立方體開發和三重壓裂法導致用水需求增加，我們每年都在擴大系統的規模和範圍。我們一直認為，我們業務的規模和範圍使我們能夠擴大並佔領更多市場。我們可以依賴並擴展系統，從而獲得更多資源。即使整體活動水準出現直線下降，隨著我們不斷擴張，我們也能觸及更多領域。

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

太棒了，夥計們。我會把它轉還給操作員。

Thanks, Derrick.

謝謝你，德里克。

Tim Rezvan, KeyBanc.

Tim Rezvan，KeyBanc。

Hey. Good morning, folks. Derrick actually hit on some of my topics here. But I just wanted to follow up again on the commentary on the data centers. Your shareholder put out some pretty impressive comments. So do you anticipate putting something out yourself on that opportunity set? Is there a time when you may feel comfortable doing that?

嘿。各位早安。德里克確實提到了我在這裡討論的一些話題。但我還是想就與資料中心相關的評論再補充一點。您的股東發表了一些非常精彩的評論。那麼，您是否計劃在這個機會範圍內推出自己的產品/服務呢？你覺得在什麼情況下這樣做比較自在？

Or do you think that your shareholders' commentary is sufficient as it created quite a stir and people are trying to understand the opportunity set here?

或者您認為股東們的評論已經足夠了，因為它引起了相當大的轟動，人們正在試圖了解這裡蘊藏的機會？

I think eventually, we'll put more information out. We've got pretty strict confidentiality agreements in place with all of our counterparties. And like when we started the water business, keeping most of the commercial terms private at least in the near term, we think, is a competitive advantage for us. But yeah, we do hope to put a stronger narrative out eventually with some additional information on the opportunity set.

我認為最終我們會公佈更多資訊。我們與所有交易對手都簽訂了非常嚴格的保密協議。就像我們當初開始經營水務業務時一樣，我們認為，至少在短期內保持大部分商業條款的私密性，對我們來說是一種競爭優勢。是的，我們希望最終能發布一份更有力的聲明，其中包含一些關於機會的更多資訊。

Okay. Okay. I guess we'll stay tuned on that. And then, if I could pivot to the desalination update. It sounds like there's a change in process that you think creates more efficiencies.

好的。好的。我想我們會繼續關注此事。然後，如果我能轉而談談海水淡化的最新進展就好了。聽起來你認為流程上的改變會提高效率。

So just to be clear on that, this waste heat capture is the idea that it will just improve the efficiency of the operation. And where I'm going with that is there's a debate in the marketplace about the power intensity to run that process and in an area that's short electricity today. People trying to understand how feasible it would be to scale that. So if you can just talk to the efficiencies you're trying to capture and overall power intensity of that business, that would be helpful.

為了明確起見，這種廢熱捕獲的概念就是提高運作效率。我的意思是，市場上正在爭論運行該過程所需的電力強度，而目前該地區電力短缺。人們試圖了解擴大規模的可行性。所以，如果您能談談您想要提高的效率以及該業務的整體能耗強度，那就很有幫助了。

Sure. The overall goal in water desal is to reduce energy consumption to overall reduce your price per barrel. If you look at how desal metrics are measured, it's really in your kilowatt per hour per barrel of water treated. So I'll touch first on our adaptation of design. Again, that is trying to achieve that goal of process the water without having to put more energy consumption into it to bring that kilowatt per hour per barrel down.

當然。海水淡化的總體目標是降低能源消耗，從而降低每桶水的價格。如果你看一下海水淡化指標的衡量方式，你會發現它實際上是以每桶處理水每小時消耗的千瓦數來衡量的。那麼，我先談談我們對設計的調整。再次強調，我們的目標是在不增加能源消耗的情況下處理水，從而降低每桶水每小時的千瓦時數。

When you look at the power piece, all thermal technologies, you're right, they do require power. So that's where we go when you look at waste heat capture, again, anything we can do from a waste heat capture standpoint, waste heat is almost free energy.

當你查看功率部分時，你會發現所有熱能技術都需要功率，你說得對，它們確實需要功率。所以，當我們考慮廢熱捕獲時，就會想到這一點。從廢熱捕獲的角度來看，任何我們能做的事情，廢熱幾乎都是免費的能源。

And so we look at one of the big benefits of desal combined with power generation, be it for computer microgrids or whatever the use may be, again, it's just further in bringing that kilowatt per hour per barrel treated down.

因此，我們看到海水淡化與發電相結合的一大好處，無論是用於電腦微電網還是其他任何用途，都進一步降低了每桶處理海水每小時的千瓦時數。

Okay. We will stay tuned for an update on that. I appreciate that. And then if I could sneak one more question. On the western part of your acreage position, you have a meaningful acreage in Hudsmith County. There have been companies developing exploring for rare out there. Could you discuss your exposure to that activity maybe from any exploration or right away occurring there? Any color there would be helpful. Thank you.

好的。我們會持續關注此事的最新消息。我很感激。如果可以的話，我再問一個問題。在您的土地所有權的西部，您在哈德史密斯縣擁有相當可觀的土地。已經有一些公司在開發勘探稀有資源的技術。您能否談談您是否曾經接觸過那項活動，例如透過任何探險活動或當時在那裡發生的活動？任何顏色都會有所幫助。謝謝。

Yeah. So we do have a couple of exploration projects going on currently out there on some properties that we've actually purchased or traded for in the last seven or eight years. Early stages, but finding seem promising so far. So we'll be glad to update you as we have additional information.

是的。所以，我們目前確實有一些勘探項目正在進行中，這些項目針對的是我們在過去七、八年裡購買或交易獲得的一些土地。尚處於早期階段，但目前看來結果很有希望。如有任何新消息，我們將很高興及時通知您。

Okay. Fair enough. Thank you, everybody.

好的。很公平。謝謝大家。

Thanks, Tim.

謝謝你，提姆。

Oliver Huang, Tudor, Pickering, Holt.

奧利佛·黃，都鐸，皮克林，霍爾特。

Good morning, Ty and team, and thanks for taking our questions. Just wanted to start out on the water side. As we think about the ROFR to supply water for the previously announced BOLT partnership, just any color on if this is expected to be done through your source water network, treated desal water or a tiered combination? Just really trying to get a better understanding how the latter measures up to stack requirements of counterparties for CCGT and for data center?

早安，Ty和團隊，感謝你們回答我們的問題。只想先從水利方面著手。考慮到先前宣布的BOLT合作專案用水的優先購買權（ROFR），請問貴方是否會透過水源網路、處理過的海水淡化水或分級組合的方式來供水？我只是想更了解後者在燃氣渦輪機聯合循環發電和資料中心方面，如何滿足交易對手方的堆疊要求？

I would say both. Again, we go back to that variation in design of what the water volume and quality is needed. I think when you look at BOLT and some of the other deals we work on, eventually, it's going to be a combination of both of the water sources. We love the produced water component that could be used in power gen and combining desal with power gen and data center usage.

我認為兩者都是。我們再次回到設計中對水量和水質的需求差異這個問題。我認為，當你審視 BOLT 以及我們正在進行的其他一些交易時，最終都會是兩種水源的結合。我們非常喜歡可用於發電的產出水成分，以及將海水淡化與發電和資料中心用途結合。

There are some synergies there that are pretty amazing when you did in dig into them from waste heat capture, freeze technology. Obviously, the desal and that water is a little bit more complicated to treat, and that's what we've been working on the last couple of years to do.

當你深入研究廢熱捕獲、冷凍技術時，你會發現一些非常驚人的協同效應。顯然，海水淡化和淡化處理要複雜一些，這也是我們過去幾年一直在努力的方向。

But when you look at the water use and the produced water, really not being in the hydrologic cycle, and being able to implement a produced water stream into power gen and compute water needs, it's really unique to oil and gas operations. Those conversations are progressing nicely. So again, I think it's going to probably be eventually a combination of both water sources.

但是，當你觀察用水量和採出水時，你會發現它們實際上並不屬於水文循環，而且能夠將採出水流用於發電併計算用水需求，這確實是石油和天然氣作業獨有的。這些對話進展順利。所以，我認為最終很可能會結合這兩種水源。

Okay. Perfect. That's helpful. And maybe as we're just thinking about potential scaling up, whether it's 1 gig or multiple gigawatts, do you all have the capacity to ramp the treated water to the required volumes? Or is there a point where you all would be capped out? And just any color in terms of how much capital it might take to build out to, call it, an incremental $250,000 a day of capacity?

好的。完美的。那很有幫助。或許我們正在考慮擴大規模的可能性，無論是 1 吉瓦還是數吉瓦，你們是否有能力將處理後的水量提升到所需的水平？或者說，你們的能力是否有極限？那麼，任何顏色都代表著需要多少資金才能將產能提升到每天增加 25 萬美元？

When you look at the -- if we look at it just from a feedstock point, Ty mentioned in the commentary, it's 25 million barrels a day in the Permian Basin in produced water aspect. We're never going to have a feedstock shortage of water usage for power gen compute.

如果我們只從原料的角度來看，正如 Ty 在評論中提到的，二疊紀盆地每天的產水量為 2500 萬桶。我們永遠不會面臨發電計算用水原料短缺的問題。

I think when you look at actual facilities to get up to the scale that's going to feed it, again, we're going to have to look at what the eventual water needs are, any capital offset that we can get for power gen in an -- to help offset the capital needs of the desal facility are going to help bring it to market.

我認為，當我們考察實際的設施，以達到能夠滿足其需求的規模時，我們又不得不考慮最終的用水需求，任何能夠透過發電獲得的資本抵消——以幫助抵消海水淡化設施的資本需求——都將有助於將其推向市場。

I think it's too early to say, are you going to have a constraint to get there? Again, we're going to have to look at what the gen capacity is, what the water needs are and then design around that and make sure there's an economic return for us to do it.

我覺得現在說「你到達那裡是否會受到限制」還為時過早。同樣，我們需要考察發電能力、用水需求，然後圍繞這些進行設計，並確保這樣做能為我們帶來經濟回報。

Okay. That makes sense. And if I could squeeze one more in, just on the BOLT agreement that you all have. I know it's still pretty early days, but any updates you can provide with respect to just securing any commercial partnerships and anchor customers to just get a better sense of facility size. And also just how should we expect revenues to start flowing through for the first data center project? Any color on timing?

好的。這很有道理。如果可以的話，我還要再補充一點，那就是關於你們都達成的 BOLT 協議。我知道現在還處於早期階段，但您能否提供一些關於建立商業夥伴關係和主要客戶的最新信息，以便更好地了解設施規模？那麼，我們該如何預期第一個資料中心專案何時才能開始產生收入呢？時間安排方面有什麼消息嗎？

Well, I think you can find some public comments that Eric has made. His goal is to get to 1 gig pretty swiftly with a 10-gig campus being the ultimate goal. I would say the conversations that he's having and the pace that he's moving are pretty swift. So hopefully, we're announcing some stuff at least this year, if not first half of the year, but that's the goal. I think for us, there's a land use component.

我想你應該能找到埃里克發表的一些公開評論。他的目標是盡快達到 1G 的頻寬，最終目標是建造一個 10G 的校園網路。我認為他進行的對話以及他推進事情的速度都相當快。所以，我們希望至少今年能公佈一些消息，即使不是上半年，但這就是我們的目標。我認為對我們來說，這其中涉及土地利用問題。

Obviously, we've got the right of first refusal on the water, which we think could be substantial and then the equity return on BOLT could be very material for our business. And so I would just say Eric continues to build out his team. They're moving swiftly and having a lot of really good conversations. I mean, the guys got an unbelievable network contacts in that space.

顯然，我們擁有水域的優先購買權，我們認為水域的價值可能相當可觀，而BOLT的股權回報對我們的業務來說可能非常重要。所以我想說的是，艾瑞克將繼續壯大他的團隊。他們進展迅速，並且進行了很多非常好的對話。我的意思是，他們在那個領域擁有令人難以置信的人脈關係。

Okay. Awesome. Thanks for the time.

好的。驚人的。感謝您抽出時間。

Thanks.

謝謝。

Thank you. We have reached the end of the question-and-answer session. I would now like to turn the floor back over to management for closing comments.

謝謝。問答環節到此結束。現在我想把發言權交還給管理階層，請他們做總結陳詞。

Thanks for joining, everyone. Have a good day.

謝謝大家的參與。祝你有美好的一天。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與，祝您有美好的一天。