Texas Pacific Land Corporation (TPL) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Texas Pacific Land Corporation second quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Texas Pacific Land Corporation 2026 年第二季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce Shawn Amini, Vice President of Finance and Investor Relations. Please go ahead.

現在我很榮幸介紹財務與投資人關係副總裁 Shawn Amini。請開始。

Thank you for joining us today for Texas Pacific Land Corporation's second quarter 2026 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.

感謝各位今天參加 Texas Pacific Land Corporation 2026 年第二季財報電話會議。昨天下午，公司已發布財務結果並向美國證券交易委員會（SEC）提交 Form 10-Q，相關文件可於公司網站 www.texaspacific.com 的「投資人」專區查閱。

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，今天電話會議中的發言可能包含前瞻性陳述。我們不承擔因新資訊或未來事件而更新前瞻性陳述的任何義務。如需更詳細了解可能影響公司業績的因素，請參閱本季的財報新聞稿以及我們近期向 SEC 提交的文件。

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

在本次電話會議中，我們也將討論若干非 GAAP 財務衡量指標。關於這些非 GAAP 財務衡量指標的更多資訊與調節表，已載於我們的財報新聞稿與 SEC 申報文件中。另外請注意，我們有時會以公司股票代號 TPL 來稱呼本公司。

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. Management will make some prepared comments, after which we will open the call for questions.

今天上午的電話會議由 TPL 執行長 Ty Glover、TPL 財務長 Chris Steddum，以及 Texas Pacific Water Resources 執行副總裁 Robert Crain 主持。管理團隊將先發表準備好的談話，之後我們將開放提問。

Now I will turn the call over to Ty.

現在我把電話交給 Ty。

Good morning, everyone, and thank you for joining us today. This quarter, we delivered exceptional results across major financial and operating metrics and achieved significant milestones towards key growth initiatives. TPL generated record quarterly total revenue, net income and free cash flow. These results were supported by record oil and gas royalty production and produced water royalty volumes. Oil and gas royalty production averaged approximately 39,700 barrels of oil equivalent per day, up 7% sequentially and 20% year-over-year.

各位早安，感謝今天加入我們。本季我們在主要財務與營運指標上交出卓越成果，並在關鍵成長計畫方面達成重要里程碑。TPL 創下單季總營收、淨利與自由現金流的新高紀錄。這些成果受惠於創紀錄的油氣權利金產量以及採出水（produced water）權利金量。油氣權利金產量平均約為每日 39,700 桶油當量，較前一季成長 7%，較去年同期成長 20%。

In addition, our unhedged royalty position allowed us to benefit fully from the strong oil price environment. Produced water royalty volumes were 4.9 million barrels per day during the quarter, which represents growth of 6% sequentially and 15% year-over-year, driven by strong demand for TPL's in-basin and out-of-basin pore space. Water sales volumes of 663,000 barrels per day represents a 19% decline sequentially and a 38% increase year-over-year.

此外，我們未進行避險的權利金部位，使我們得以充分受惠於強勁的油價環境。本季採出水權利金量為每日 490 萬桶，較前一季成長 6%，較去年同期成長 15%，主要由於市場對 TPL 盆地內與盆地外孔隙空間（pore space）的需求強勁所帶動。售水量為每日 663,000 桶，較前一季下滑 19%，但較去年同期成長 38%。

Second quarter water sales volumes have been impacted by weak in-basin natural gas prices as operators have shifted some development away from the Delaware Basin. However, substantial new gas pipeline capacity enters service over the next few quarters, and we would expect some mix shift towards the Delaware as local in-basin gas price differentials improve.

第二季售水量受到盆地內天然氣價格疲弱影響，因營運商已將部分開發活動轉移離開德拉瓦盆地（Delaware Basin）。然而，未來幾季將有大量新增天然氣管線輸送能力投入營運；隨著當地盆地內天然氣價差改善，我們預期開發組合將部分轉回德拉瓦盆地。

For SLEM, revenues of $24 million, which represents a 37% sequential increase, were driven by strong performance for pipeline and wellbore easements. With respect to our data center and power generation efforts, we disclosed that a previously announced land sale and water supply agreement was related to Project Kilby, which is a large-scale power generation facility Chevron is developing to support a customer data center in Reeves County, Texas.

就 SLEM 而言，營收為 2,400 萬美元，較前一季增加 37%，主要由管線與井筒地役權（easements）表現強勁所帶動。關於我們在資料中心與發電方面的推進，我們揭露先前公告的一項土地出售與供水協議係與 Project Kilby 相關；該專案為 Chevron 正在德州 Reeves County 開發的大型發電設施，用以支援一位客戶的資料中心。

This multi-gigawatt power and data center development represents a substantial commitment by some of the largest energy and technology companies in the world, and this validates the Permian as an attractive data center infrastructure hub capable of accommodating hyperscale facilities. In addition, during the quarter, we acquired over 10,000 acres of land in Shackelford and Jones County, Texas, for approximately $100 million. This region is amongst the fastest-growing data center regions in the country, and this acquisition further expands our strategic data center and power generation efforts beyond the immediate Permian Basin. This land was attractive due to its contiguousness, land and water resources, access to natural gas and grid infrastructure, established fiber and proximity to a midsized city.

此一多 GW（gigawatt）級的電力與資料中心開發案，代表全球一些最大型能源與科技公司做出重大承諾，並驗證二疊紀盆地（Permian）作為具吸引力的資料中心基礎設施樞紐，能夠容納超大規模（hyperscale）設施。此外，本季我們以約 1 億美元在德州 Shackelford 與 Jones County 收購超過 10,000 英畝土地。該地區是全美資料中心成長最快的區域之一，此次收購也使我們的策略性資料中心與發電布局，得以擴展至二疊紀盆地周邊以外。這塊土地之所以具吸引力，在於其連片性、土地與水資源、可取得天然氣與電網基礎設施、既有光纖，以及鄰近一座中型城市。

We are also progressing on a number of projects with various high-quality hyperscalers and AI labs, which also includes our joint effort alongside Bolt Data & Energy. Deal execution requires extensive work involving many counterparties and thorough wide-ranging diligence and our conversations revolve around multiple verticals such as land, water, aggregates and other aspects. West Texas is rapidly becoming a dominant global hub for power and compute, and it's apparent that developers and customers remain keenly motivated to expand their power and compute footholds in the regions. We will be able to provide more specific details as our commercial efforts turn into executed agreements.

我們也正與多家高品質的超大規模業者（hyperscalers）與 AI 實驗室推進多個專案，其中也包括我們與 Bolt Data & Energy 的合作計畫。交易落地需要大量工作，涉及眾多交易對手並進行全面且廣泛的盡職調查；我們的對話涵蓋多個垂直領域，例如土地、水、骨材（aggregates）及其他面向。西德州正迅速成為全球電力與算力的重要樞紐，顯而易見開發商與客戶仍高度積極，持續擴大其在該地區的電力與算力布局。隨著我們的商務推進轉化為已簽署的協議，我們將能提供更具體的細節。

Turning to our produced water desalination efforts. We have completed construction and commenced commissioning on our desalination facility located in Orla, Texas, which we refer to as Phase 2b. Eventually ramping the facility to its 10,000 barrel a day capacity will allow us to demonstrate that produced water desalination can work at scale.

接著談我們的採出水淡化計畫。我們已完成位於德州 Orla 的淡化設施建置並開始試運轉（commissioning），我們稱之為 Phase 2b。最終將該設施提升至每日 10,000 桶的產能，將使我們能證明採出水淡化可在規模化條件下運作。

Our desalination effort leverages our patented freeze desalination process where we also have equipment exclusivity for oil and gas applications with one of the country's leading providers of industrial scale process cooling solutions. In addition, this year, we will be implementing various desalination colocation studies. Our freeze desalination process will generate large volumes of ice and chilled water, which then could potentially be used by data centers for chip cooling.

我們的淡化計畫採用已取得專利的冷凍淡化（freeze desalination）流程；同時，我們也與全美領先的工業級製程冷卻解決方案供應商之一，取得其設備在油氣應用上的獨家使用權。此外，今年我們將進行多項淡化與設施共址（colocation）研究。我們的冷凍淡化流程將產生大量冰與冷卻水，未來可能可供資料中心用於晶片冷卻。

Furthermore, we are also investigating the utilization of waste heat recovery equipment to enhance our desalination process and reduce our energy consumption. There is also additional optionality to monetize both the high-spec freshwater and concentrated brine output streams from the facility.

此外，我們也在研究導入廢熱回收設備，以強化淡化流程並降低能源消耗。同時，該設施產出的高規格淡水與高濃度鹵水兩股出流，也具備額外的變現選項。

Desalinated produced water represents an interesting opportunity as it is not part of the hydrologic cycle and thus high-spec desalinated freshwater could meet standards for irrigation, industrial cooling, rangeland rehabilitation, streamflow augmentation and data center cooling, thereby reducing demands on existing local water resources. The concentrated brine may also enhance economics of produced water valorization by extracting valuable minerals such as lithium.

淡化後的採出水是一個值得關注的機會，因為它不屬於水文循環的一部分，因此高規格的淡化淡水可符合灌溉、工業冷卻、牧場復育、河川流量補注以及資料中心冷卻等標準，從而降低對既有在地水資源的需求。濃縮鹵水亦可透過萃取鋰等有價礦物，提升採出水價值化的經濟性。

We're excited to finally have completed construction on our Phase 2 facility as produced water desalination at scale could help significantly reduce traditional injection demand. In addition, energy supermajors and large independent hyperscalers and AI labs have shown strong interest related to the commercial and operational opportunities related to colocation and output water streams.

我們很高興終於完成第二期設施的建造，因為規模化的採出水淡化可大幅降低傳統回注需求。此外，能源超級巨頭以及大型獨立的超大規模業者與 AI 實驗室，對於與共址以及出水水流相關的商業與營運機會展現出強烈興趣。

Our Orla Phase 2 facility will provide interested parties with a tangible real-world exhibit of how we can turn an oilfield waste product into something with highly positive commercial and environmental attributes. We look forward to providing more updates in the coming quarters as we operate the facility and as business discussions advance.

我們的 Orla 第二期設施將為有興趣的各方提供一個具體的真實世界展示，說明我們如何把油田廢棄物轉化為具有高度正面商業與環境屬性的產品。隨著我們營運該設施並推進商務洽談，我們期待在未來幾個季度提供更多更新。

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

接下來，我把電話交給 Chris。

Thanks, Ty. Consolidated revenues during the second quarter 2026 were approximately $246 million. This represents a quarterly all-time high as well as a 4% sequential increase and a 31% increase year-over-year. Consolidated adjusted EBITDA was $216 million, which was up 19% sequentially and 30% year-over-year. Our adjusted EBITDA margin for the quarter was 88%. Free cash flow was $156 million, which was up 14% sequentially and up 20% year-over-year.

謝謝，Ty。2026 年第二季合併營收約為 2.46 億美元。這不僅創下單季歷史新高，亦較前一季成長 4%，並較去年同期成長 31%。合併調整後 EBITDA 為 2.16 億美元，較前一季成長 19%，較去年同期成長 30%。本季調整後 EBITDA 利潤率為 88%。自由現金流為 1.56 億美元，較前一季成長 14%，較去年同期成長 20%。

Moving to our well inventory. As of quarter end, TPL had 5.6 net permitted wells, 9.5 net drilled but uncompleted wells or commonly referred to as DUCs and 3.4 net completed but not producing wells. That amounts to 18.4 net line-of-sight wells.

接著談我們的井位庫存。截至季末，TPL 擁有 5.6 口淨已取得許可的井、9.5 口淨已鑽但未完井的井（通常稱為 DUC），以及 3.4 口淨已完井但尚未投產的井。合計為 18.4 口淨可視範圍內（line-of-sight）的井。

Year-to-date, capital expenditures were $29 million. As Ty discussed, in the second half of this year, we will be spending capital to investigate colocation cooling and waste heat capture opportunities at our Orla Phase 2b desalination facility. This spend was embedded in our original CapEx guidance at the beginning of the year, and we reaffirm the fiscal year guide of $65 million to $75 million.

年初至今，資本支出為 2,900 萬美元。如 Ty 所述，今年下半年我們將投入資本，在 Orla 第二期 2b 淡化設施評估共址冷卻與廢熱回收的機會。該支出已納入我們年初原先的資本支出指引中，我們重申全年指引為 6,500 萬至 7,500 萬美元。

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

接下來，接線員，我們現在開始提問。

(Operator Instructions)

（接線員指示）

Derrick Whitfield, Texas Capital.

Derrick Whitfield，Texas Capital。

Thanks. Good morning, all, and thanks for your time. My first question, I wanted to start with the surface acquisitions you made in Shackelford and Jones Counties. While a bit of a step out, it's clear to us that it was bought on more than a hunch. How would you guys frame the opportunity with this kind of build-out in this project potential and the amount of revenue streams it could involve?

謝謝。各位早安，感謝撥冗。我的第一個問題想從你們在 Shackelford 與 Jones 兩個郡所做的地表權收購談起。雖然這算是往外跨了一步，但我們很清楚這不只是憑直覺買的。你們會如何界定這類專案擴建的機會、其潛在規模，以及可能涉及的營收來源數量？

Yes. That's a good question, Derrick. I mean it is a little bit of a step out, but I mean, we think the power and compute opportunity in West Texas is enormous and broader than just the Permian and our legacy footprint. And so we've been doing diligence on that property for over a year now to make sure that it specs out. That area was interesting to a compute user that we've been working with for a while now.

是的。這是個好問題，Derrick。我的意思是，這確實有點跨出去，但我們認為西德州的電力與算力機會非常龐大，而且不僅限於二疊紀盆地以及我們既有的傳統版圖。因此我們對那塊資產已做了一年多的盡職調查，以確保其規格條件符合需求。那個區域對我們合作一段時間的一位算力使用者而言很有吸引力。

And so I think we've demonstrated to the tech community that our team has the expertise to locate land, water, gas resources even if it's outside of our legacy footprint. And so I think it just adds some flexibility to the value proposition of TPL. We're excited about it. We think we can replicate it.

因此我認為，我們已向科技社群證明，即使在我們既有版圖之外，我們的團隊也具備尋找土地、水資源與天然氣資源的專業能力。所以我認為這為 TPL 的價值主張增添了更多彈性。我們對此感到興奮。我們認為可以複製這個模式。

And I think the question about the value chain, it's very similar to our other properties and how we look at the oil and gas business. We want to be as involved in the project as we can while still being really capital light. And so land use, water, aggregates, just clipping coupons to the kind of the entire life cycle of that project so that we capture as much of the value chain as we possibly can.

至於你問到的價值鏈問題，這與我們其他資產以及我們看待油氣業務的方式非常相似。我們希望在盡可能維持輕資本的前提下，盡量深度參與該專案。因此在土地使用、水、骨材等方面，我們會在該專案的整個生命週期中「剪息收券」，以便盡可能多地掌握價值鏈。

Great. And then as my follow-up, I wanted to focus on the water desal, but specifically water desal for chip cooling. How would you frame the depth of interest you're seeing in your conversations with hyperscalers and AI labs, given the fact that it is water additive to the hydrologic cycle. I think it's a huge selling point that you guys have in your process.

很好。接著我的追問想聚焦在水淡化，特別是用於晶片冷卻的水淡化。鑑於這種水是對水文循環的增量補充，你會如何描述你們與超大規模業者及 AI 實驗室對談時所看到的興趣深度？我認為這是你們流程的一個巨大賣點。

Yes. I mean the interest in produced water and data center use is huge. And I think it's not just one stream. When you look at it, just -- let's start with just the consumptive piece. I think there still is some evaporative cooling and adding adiabatic assist that is water consumption that goes into data center, not just chip cooling, but building cooling. Obviously, that's your first one that everybody hits on because it is water that's not in the hydrologic cycle.

是的。我的意思是，採出水用於資料中心的興趣非常大。而且我認為不只是單一用途。如果你看它——先從消耗性用水這一塊開始。我認為資料中心仍有一些蒸發式冷卻以及加入絕熱輔助（adiabatic assist）的作法，這些都會消耗用水；不只是晶片冷卻，還包括建築冷卻。顯然，這是大家首先會提到的，因為這些水不在水文循環之中。

Next, you move into something that's more specific to our technology that we're in a lot of discussions with a couple of hyperscalers and AI labs on, and that's using our freeze technology for direct chip cooling. If you look at the heat transfer that a hyperscaler uses for direct chip, it's a fraction of the heat transfer that we look at when we're getting this water down to sub-15 degrees Fahrenheit to be able to remove the salts from the water. So that's another fit. All of it goes towards a water positivity or water neutrality goal, a couple of other aspects that we're chasing just to reduce that consumption on any municipal or type of traditional water sourcing that they typically use today.

接著，你會進入更貼近我們技術的領域；我們正就此與幾家超大規模業者與 AI 實驗室進行大量討論，也就是使用我們的冷凍（freeze）技術進行直接晶片冷卻。如果你看超大規模業者用於直接晶片冷卻的熱傳需求，那只是我們為了把水降到華氏 15 度以下、以便把鹽分從水中去除時所需熱傳的一小部分。所以這也是另一個契合點。這一切都指向「用水正效益」或「用水中和」的目標；我們也在追求其他幾個面向，以降低他們對任何市政供水或其目前通常使用的傳統水源的消耗。

Perfect. Great update, guys.

太好了。各位更新得很棒。

Tim Rezvan, KeyBanc Capital Markets.

Tim Rezvan，KeyBanc Capital Markets。

Thanks, folks, for taking our questions. Derrick touched on the topics of interest to me, but I thought I'd follow up a little more on this acreage acquisition. I think a little bit of a surprise is that you all have almost 1 million surface acres already. I know the opportunity set is vast on power and compute. But should we be expecting potential like sizable acquisitions like this in the future? I guess the idea is how much of the opportunity can you leverage off your existing footprint versus needing to buy more?

各位，謝謝你們回答我們的問題。Derrick 提到了我關心的主題，但我想就這次地表土地（acreage）收購再追問一下。有點令人意外的是，你們目前已經擁有將近 100 萬英畝的地表土地。我知道在電力與算力方面的機會集合非常龐大。但未來我們是否應該預期還會有像這樣規模可觀的收購？我的意思是，你們能在多大程度上利用既有版圖來把握機會，而不是需要再去買更多土地？

Yes. Look, we're looking at it the same way we did when we started the water business, right? The primary objective is to develop the existing resource that we already have, but we're simultaneously looking for other opportunities. Like I mentioned, I think the opportunity set here is beyond our legacy footprint. And so why let someone else capture that value. And so very similar to how we've built the water business, like I said, we are looking at both options simultaneously.

是的。你看，我們的思考方式跟當初開始做水務業務時一樣，對吧？首要目標是開發我們已經擁有的既有資源，但同時我們也在尋找其他機會。如我提到的，我認為這裡的機會集合超出我們既有的傳統版圖。那為什麼要讓別人把那個價值拿走呢。所以就像我們打造水務業務一樣，如我所說，我們同時在評估兩種選項。

And I would just say like we're in advanced conversations with multiple hyperscalers, AI labs and power generators on 25 gigawatts of projects right now. I would be disappointed if we don't announce at least one or more major definitive agreements in the near term. So with an opportunity set like that, that's growing by the week, we feel like we owe it to our shareholders to look outside of our existing footprint.

我再補充一下：我們目前正就 25 吉瓦的專案，與多家超大規模雲端業者（hyperscalers）、AI 實驗室以及發電業者進行深入洽談。如果我們在近期沒有宣布至少一項或多項重大的最終確定協議，我會感到失望。在這樣的機會集合之下，而且每週都在成長，我們覺得有責任為股東把視野放到既有版圖之外。

Okay. That's good context, especially on the scale, 25 gigawatts is a big number. If I could switch gears a little bit. Produced water royalty volumes, you touched on it.

好的。這些背景很有幫助，尤其是規模方面，25 吉瓦是個很大的數字。如果我可以稍微換個話題。關於產出水（produced water）權利金量，你剛剛有提到。

It was a record in the second quarter. And looking at sort of the revenue per barrel, it was at the high end, about over $0.08 a barrel. Should we be modeling that to continue to kind of ramp? I mean we know the broader trends in the business, but just kind of curious how you see that trending over the next year or two.

第二季創下新高。再看每桶的收入，大概在高檔，超過每桶 0.08 美元。我們是否應該在模型中假設這個數字會持續上升？我的意思是，我們知道這個業務的整體趨勢，但想請教你們怎麼看未來一到兩年的走勢。

Well, we've got price escalators built in our existing contracts. And I think pore space will become more valuable over time. I would say the one caveat is transportation royalties are typically a little less than an actual pore space injection royalty. And so as that mix changes, you should see that royalty kind of stay steady to increasing over time.

我們現有合約裡有內建價格調升條款（price escalators）。而且我認為孔隙空間（pore space）會隨時間變得更有價值。我想提醒的一點是，運輸權利金通常會比實際的孔隙空間注入權利金略低一些。因此，隨著組合占比變化，你應該會看到權利金大致持平到隨時間逐步上升。

Okay. I appreciate that. If I could just ask one more question on your minerals business. It's biggest revenue component, but probably the least discussed segment. We saw oil tick down about 5% in the second quarter, which is a little contrary to sort of comments from large operators about pulling volumes forward into higher oil prices.

好的。謝謝你的說明。我再問最後一個關於你們礦權（minerals）業務的問題。它是最大的營收來源，但可能也是討論最少的部門。我們看到第二季原油占比下滑約 5%，這與一些大型營運商提到「在油價較高時把產量提前」的說法有點相反。

So can you comment on kind of maybe what happened and maybe how you see oil volumes trending amid the rig ramp in the Permian?

所以你能否評論一下可能發生了什麼，以及在二疊紀（Permian）鑽機數增加的背景下，你們怎麼看原油產量的趨勢？

Yes, Tim. I think there's a couple of factors. One, I think I would just start by saying I don't think the lower oil percentage is a near-term trend for us. I think kind of this quarter and even last quarter to some extent was a bit unique. There's probably some accounting noise as some of our new acquisitions come online.

好的，Tim。我想有幾個因素。第一，我先說，我不認為原油占比較低會是我們的短期趨勢。我覺得本季、甚至上季在某種程度上都比較特殊。隨著我們一些新收購的資產開始併入，可能也有一些會計上的雜訊。

We also just had a lot of heavy development that was occurring late last year, really throughout 2025 in areas that are pretty gas-rich including one of our other acquisitions. A couple of our acquisitions were some really high-interest wells in Culberson County were drilled over a pretty short time frame. And so I think our expectation is we were kind of mid-30% oil cuts. I do think that's going to trend back up. And if you look at it as a more normalized long term, it should get back up 40% plus over time. So really more kind of something unique to TPL.

另外，去年底到 2025 年幾乎整年，我們在一些含氣量很高的區域有大量密集開發，其中也包括我們另一項收購。我們有幾項收購案中，Culberson County 有幾口非常受關注的井在相當短的時間內完成鑽探。因此，我們原本的預期大概是原油切割率（oil cut）在 30% 中段。我確實認為這會回升。如果以更正常化的長期角度來看，隨時間推進應該會回到 40% 以上。所以這比較像是 TPL 特有的短期現象。

And the reality is even as diversified as our royalty interests are the way that people operate, they can park a rig and a completion crew in an area and can affect some of the mix with drilling a whole bunch of 3- and 4-mile laterals, the production that comes online can be significant. And so there's a lot of different factors that I think led to the -- what we might see as a pretty high gas cut. But I do think we will see both that oil trend back up and become a more meaningful part of the production mix on a go-forward basis.

而現實是，即便我們的權利金權益已相當多元，營運商的作業方式仍可能造成影響：他們可以把一座鑽機和完井團隊停在某個區域，透過鑽一大批 3 英里與 4 英里水平段（laterals）的井，來改變產出組合，而新投產的產量可能相當可觀。因此，我認為有很多不同因素導致了——我們看到的相對較高的天然氣占比。但我確實認為，未來原油占比會回升，並在往後成為產量組合中更重要的一部分。

Okay, appreciate the comments. Thank you.

好的，感謝你的評論。謝謝。

Oliver Huang, Tudor, Pickering.

Oliver Huang，Tudor, Pickering。

Good morning, Ty team, and thanks for taking the questions. Just wanted to hit on, I guess, thoughts around the buyback. I mean, I know there have been some royalty bolt-ons over the past 12 to 18 months in addition to the land acquisition here. But it's been several quarters since there's been anything meaningful on the buyback front.

早安，Ty 團隊，謝謝你們回答問題。我想談談你們對庫藏股回購（buyback）的看法。我的意思是，我知道過去 12 到 18 個月，除了這次的土地收購之外，你們也做了一些權利金的小型併購（bolt-ons）。但在回購方面，已經好幾個季度沒有看到任何有意義的動作。

Just trying to get a better understanding how does this reflect your current view of where the equity sits from a valuation perspective? Is this something that's being purposely done just to build capital for bigger near-term asks across whether it be royalty M&A, land, power and desal investments?

我想更了解的是，這反映了你們目前對股權估值位置的看法是什麼？這是否是刻意為之，為了累積資本以因應近期可能更大的資金需求——不論是權利金併購、土地、電力或海水淡化投資？

Yes. Right now, there's a lot of really good opportunity set as we've seen the Shackelford acquisition is one of those. And I think one of our big thoughts when it comes to capital allocation is kind of putting those dollars toward best and highest use. And we just continue to see a lot of great opportunities out there where we feel like we want to be kind of in that cash build mode for now. And that's not to say that in the future, we retain the right to go out and do buybacks if that at the time becomes what we would view as a very attractive use of capital.

是的。目前，正如我們看到的 Shackelford 收購案就是其中之一，市場上有很多非常好的機會組合。而且我認為，在資本配置方面，我們的一個重要想法是把這些資金投入到最佳、最高效的用途上。我們持續看到許多很棒的機會，因此我們覺得目前希望維持在累積現金的模式。但這並不是說未來我們不會保留進行庫藏股回購的權利；如果到時候我們認為那會是非常具吸引力的資本用途。

And so it is always on our mind. We are always considering that as a way to deploy our capital. As we sit here today in the environment that we're in right now, building cash seems like and deploying it for some of these other opportunities is kind of where we want to focus. But buybacks are always on the table and something we're constantly looking at.

所以這一直在我們的考量之中。我們一直把它視為部署資本的一種方式來評估。以我們今天所處的環境來看，累積現金並將其投入到其他一些機會上，似乎是我們想要聚焦的方向。但回購始終是選項之一，也是我們持續在關注的事情。

Okay. Perfect. Maybe just a follow-up on desal. Apologies if I missed it earlier, but just any sort of color in terms of just initial takeaways? How is what you all seen early on just kind of changed your conviction level in terms of what next steps might be? And what should we kind of be watchful for on that front?

好的。完美。也許再追問一下關於海水淡化（desal）。如果我先前漏聽了先說聲抱歉，但想請問就初步觀察而言，有沒有任何補充說明？你們早期看到的情況，如何改變你們對於下一步可能行動的信心程度？而在這方面我們應該留意哪些重點？

If anything, over the time, our belief that beneficial reuse and produced water desal will take hold as part of that mix only grows stronger. I think if you look at total water production, it continues to climb. It will continue to climb as you get into some of these Tier 2 zones that just have a higher water cut. So we were some of the first early adopters to why we are where we are and ahead of the industry in the facility is because we knew it was going to be part of that takeaway mix. That belief only gets stronger.

如果說有什麼變化，那就是隨著時間推移，我們更相信「有益再利用」以及產出水淡化會作為組合的一部分而逐步落地，而且這個信念只會更強。我認為如果你看總用水產量，它仍在持續攀升。當你進入一些第二級（Tier 2）區域時，因為含水率更高，它還會繼續上升。因此我們是較早期的採用者之一；我們之所以能走到今天、並在設施方面領先產業，是因為我們知道它會成為外運（takeaway）組合的一部分。而這個信念只會更強。

I think what helps even strengthen that further is the interest we're seeing from the hyperscalers and the AI labs for eventually implementing this into a sourcing mix as we see the compute build-out in West Texas.

我認為讓這點更被強化的是，我們看到超大規模業者（hyperscalers）以及 AI 實驗室的興趣：隨著西德州算力建置擴張，他們最終會把這納入其水源供應組合中。

To note, we're done in build. We're commissioning. Actually, on Monday, we will be hosting our grand opening and ribbon cutting at the facility. The interest we're seeing not just from the operators, we'll be attending legislators, regulators, but also multiple hyperscalers that will be on site with us on Monday as we commission the facility.

補充一下，我們已經完成建造。目前在進行試運轉（commissioning）。事實上，週一我們將在該設施舉辦盛大開幕與剪綵儀式。我們看到的不只是營運商的興趣；週一也會有立法者、監管機構出席，另外還有多家超大規模業者會到現場，與我們一起在設施試運轉期間參與。

Awesome. Maybe one more follow-up, if I could squeeze it in. Just kind of on your earlier comments with working with the compute user in the Shackelford, Jones County area. Any sort of color as to how quickly you can recycle the opportunity set into actual revenue dollars that start to come through the financial statements?

太棒了。如果可以的話，我再塞一個追問。關於你先前提到在 Shackelford、Jones County 一帶與算力用戶合作的評論。能否分享一下，大概多快能把這些機會轉化為實際的營收美元，並開始反映在財務報表上？

Repeat the last part of that question, sorry.

抱歉，請重複一下問題的最後一部分。

Just how quickly could we start seeing actual revenue dollars start to come through the financial statements given that specific opportunity set?

就是針對那個特定的機會組合，我們多快能開始看到實際的營收美元開始反映在財務報表上？

Yes. Like I said, that's one that we've been working on for a while. We're a year into diligence. We're working with Bolt to develop that project. We've already started working with the local communities there on tax abatements and other things that are kind of like the tail end of the diligence process.

是的。如我所說，那個案子我們已經推進一段時間了。我們已經做了一年的盡職調查。我們正與 Bolt 合作開發該專案。我們也已經開始與當地社區就稅賦減免（tax abatements）以及其他事項合作，這些都算是盡職調查流程的尾聲工作。

So that's one that I would be very disappointed if we don't have a definitive agreement to announce in the very near term.

所以如果我們在非常近期內沒有一份可以對外宣布的確定性協議（definitive agreement），我會非常失望。

Yes. Real quick follow-up on what we see as this opportunity and how we're preparing for it. When we look at the near-term sourcing mixes that we're looking for these data centers and what we need to do to prepare for it, the water sourcing is varied. The eventual goal is to get produced water into data center usage.

是的。很快補充一下我們所看到的這個機會，以及我們如何為此做準備。當我們看這些資料中心在短期內所尋求的水源供應組合，以及我們需要做哪些準備時，水源供應會是多元的。最終目標是把產出水導入資料中心的用水。

But near term, we know that we have to build out a team and build out systems for the non-potable construction water usage, the potable water that goes into the man camps. And even as far as the demand water that's used in the closed-loop system.

但在短期內，我們知道必須建立團隊與系統，以支援非飲用的施工用水、供給工地營區（man camps）的飲用水，甚至包括用於閉環系統中的需求用水（demand water）。

So when we look at that, we know we've got to build a new division, a new team around that, bring in folks that the chemist of the world and these direct chip design guys, cooling design, closed-loop systems. So it's moving fast. It's moving rapidly, as Ty said, it kind of is growing by the week right now as we see the interest in West Texas compute.

因此當我們看這件事時，我們知道必須建立一個新的事業部與新團隊，並引進相關人才，例如化學領域的人才，以及這些直接晶片設計的人員、散熱設計、閉環系統等。所以進展很快。正如 Ty 所說，現在進展非常迅速；隨著我們看到西德州算力需求的興趣，這件事幾乎每週都在成長。

Makes sense. Thanks for the time, guys.

了解。謝謝各位撥冗。

Thank you.

謝謝。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time, and we thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線，感謝您的參與。