Vermilion Energy Inc. (VET) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Vermilion Q1 2026 conference call. (Operator Instructions) This call is being recorded on May 6, 2026.

各位女士、先生，早安，歡迎參加 Vermilion 2026 年第一季電話會議。(接線員指示) 本通話於 2026 年 5 月 6 日錄音。

I would now like to turn the call over to Dion Hatcher, President and CEO. Please go ahead.

現在我想把電話交給總裁兼執行長 Dion Hatcher。請開始。

Good morning, ladies and gentlemen. I'm Dion Hatcher, President and CEO of Vermilion Energy. With me today are Lars Glemser, Vice President and CFO; Darcy Kerwin, Vice President, International and HSE; Randy McQuaig, Vice President, North America; Lara Conrad, Vice President, Business Development; and Travis Thorgeirson, Director of Investor Relations and Corporate Planning.

各位女士、先生，早安。我是 Vermilion Energy 的總裁兼執行長 Dion Hatcher。今天與我一同出席的有：副總裁兼財務長 Lars Glemser；國際與 HSE（健康、安全與環境）副總裁 Darcy Kerwin；北美副總裁 Randy McQuaig；業務發展副總裁 Lara Conrad；以及投資人關係與企業規劃總監 Travis Thorgeirson。

Please refer to our advisory and forward-looking statements in our Q1 release. It describes the forward-looking information, non-GAAP measures, and oil and gas terms used today and outlines the risk factors and assumptions relevant to this discussion.

請參閱我們第一季新聞稿中的提示與前瞻性陳述。其中說明了今日使用的前瞻性資訊、非 GAAP 衡量指標以及油氣相關用語，並概述與本次討論相關的風險因素與假設。

I'd like to begin today with a comment on the macro environment. First quarter of 2026 was marked by heightened geopolitical uncertainty with continuing impacts in the global energy markets today. This uncertainty underscores the critical importance of energy security.

我想先就總體環境做些評論。2026 年第一季地緣政治不確定性升高，且其影響至今仍持續反映在全球能源市場中。這種不確定性凸顯能源安全的關鍵重要性。

Vermilion substantial resource base with exposure to multiple commodities, including gas production in Europe and liquid production tied to Brent benchmarks provides unique exposure to global prices. This diversity of production extends to our gas-weighted assets in Canada. We have strategically positioned ourselves in the oily window in the Montney and have numerous liquids-weighted zones in the Deep Basin.

Vermilion 擁有龐大的資源基礎，並涉足多種商品，包括歐洲的天然氣產量以及與布蘭特（Brent）基準連動的液體產量，使我們能以獨特方式參與全球價格走勢。這種產量多元性也延伸至我們在加拿大以天然氣為主的資產。我們已策略性地布局於 Montney 的含油窗口，並在 Deep Basin 擁有多個以液體為主的層位。

Operationally, we delivered another strong quarter with production volumes averaging 125,600 BOEs per day, exceeding the upper end of our guidance. Canadian operations contributed an average of 99,700 BOEs per day. That's a 10% increase over the prior quarter, driven by very strong Deep Basin performance and new Montney wells brought online ahead of schedule. International operations averaged 25,900 BOEs per day, and that's reflective of cyclone-related downtime in Australia and natural declines in our European assets, which is prior to the next German gas well coming online in midyear.

在營運方面，我們再度交出強勁的一季，產量平均每日 125,600 桶油當量（BOE），高於指引區間上緣。加拿大營運平均每日貢獻 99,700 桶油當量。較前一季增加 10%，主要受惠於 Deep Basin 表現非常強勁，以及新的 Montney 井提前投產。國際營運平均每日 25,900 桶油當量，反映澳洲因颶風造成的停產時間，以及我們歐洲資產的自然遞減；而這是在下一口德國天然氣井於年中投產之前的表現。

In total, our production mix consists of approximately 59% Canadian natural gas, 13% European natural gas and 28% liquids with those liquids largely priced off of Brent and WTI.

整體而言，我們的產量組合約為：59% 加拿大天然氣、13% 歐洲天然氣，以及 28% 液體；其中液體多以布蘭特（Brent）與 WTI 定價。

Our realized oil price increased by over 20% from the prior quarter, while our European gas production achieved an average sales price of approximately $16 per MMBtu. This meant that nearly 80% of our Q1 revenue was driven by European gas and liquids production. This underscores the value of our exposure to global pricing.

我們的實現油價較前一季上升超過 20%，而歐洲天然氣產量的平均銷售價格約為每 MMBtu 16 美元。這意味著我們第一季近 80% 的營收由歐洲天然氣與液體產量所驅動。這凸顯我們參與全球定價所帶來的價值。

Market fundamentals for European gas remain very supportive with Q2 pricing in excess of $20 per MMBtu. That is over 10 times higher than the AECO pricing in Q2. The next four quarters are expected to average approximately $20 per MMBtu. Disruptions in the Strait of Hormuz have impacted global LNG flows at a time when European gas inventories are at multiyear lows with storage levels in Germany at about 25% and the Netherlands at 10%.

歐洲天然氣的市場基本面仍然非常有利，第二季價格高於每 MMBtu 20 美元。這比第二季 AECO 價格高出 10 倍以上。預期未來四個季度平均約為每 MMBtu 20 美元。在歐洲天然氣庫存處於多年低點之際，荷莫茲海峽的干擾影響了全球 LNG 流向；德國儲氣水位約 25%，荷蘭約 10%。

European countries will need to add approximately 2 Tcf of gas to storage by November to meet the mandated 80% capacity levels requiring competitive action in the LNG market. Of note, we continue to see a more positive tone from governments recognizing Vermilion as a responsible operator with decades of experience, one who has a key role to play in their energy landscape. Further enhance our exposure to premium priced gas markets, we recently joined the Rockies LNG Consortium to evaluate delivering a portion of our Montney gas through the Ksi Lisims LNG project. This would complement our existing agreement on the Alliance Pipeline that connects us to the premium-priced Chicago hub where pricing averaged approximately $5 per MMBtu in Q1.

歐洲各國在 11 月前需要向儲氣設施新增約 2 兆立方英尺（Tcf）的天然氣，以達到法定 80% 容量水準，這將需要在 LNG 市場採取具競爭性的行動。值得注意的是，我們持續看到各國政府更為正面的態度，認可 Vermilion 是具責任感、擁有數十年經驗的營運商，並在其能源版圖中扮演關鍵角色。為進一步提升我們對高溢價天然氣市場的曝險，我們近期加入 Rockies LNG Consortium，以評估透過 Ksi Lisims LNG 專案輸送部分 Montney 天然氣。這將與我們在 Alliance Pipeline 的既有協議相互補強，該管線將我們連接至溢價較高的芝加哥樞紐，第一季該處價格平均約為每 MMBtu 5 美元。

I'll now pass over to Lars to discuss Q1 results in more depth.

接下來我把時間交給 Lars，更深入說明第一季業績。

Thank you, Dion. In the quarter, Vermilion generated $232 million of funds from operations with $135 million of E&D capital expenditures, resulting in $98 million of free cash flow. Net debt was reduced by an additional $50 million to $1.29 billion as of March 31, bringing our total debt reduction to $770 million over the past year. The timing of the lifting in France reduced Q1 FFO as a result of timing. This reduced Q1 FFO by $10 million, but will benefit Q2 FFO by $13 million due to the increase in the dated rent contract.

謝謝你，Dion。本季 Vermilion 產生 2.32 億美元的營運資金（FFO），勘探與開發（E&D）資本支出為 1.35 億美元，因而產生 9,800 萬美元的自由現金流。截至 3 月 31 日，淨負債再降低 5,000 萬美元至 12.9 億美元，使我們過去一年累計減債達 7.70 億美元。法國提貨（lifting）的時點使第一季 FFO 因時點因素而降低。這使第一季 FFO 減少 1,000 萬美元，但由於 dated rent 合約上調，將使第二季 FFO 增加 1,300 萬美元。

Debt reduction remains a priority, and we now have more visibility to our $1 billion net debt target through our recent deleveraging resulting from strong operational execution and an improving commodity price outlook. This focus on debt reduction has resulted in a 40% reduction in interest cost per BOE versus Q1 of 2025, and our core up asset base has driven Q1 G&A per BOE down by over 50% versus '25. In addition to the $50 million of debt reduction this quarter, we also paid $21 million to shareholders in dividends and repurchased $5 million of shares through our NCIB.

減債仍是優先事項；在近期因強勁的營運執行與商品價格展望改善而去槓桿後，我們對達成 10 億美元淨負債目標有了更高的能見度。此一減債聚焦使每 BOE 的利息成本相較 2025 年第一季下降 40%，而我們核心資產基礎也使第一季每 BOE 的一般及行政費用（G&A）較 2025 年下降超過 50%。除本季減債 5,000 萬美元外，我們亦以股利形式向股東支付 2,100 萬美元，並透過我們的 NCIB 回購 500 萬美元股份。

With the move higher in oil and European gas prices in March, we recognized a loss on hedges in the quarter. It is important to note that this is largely driven by noncash losses on hedges in place for future quarters that the portion of our production that remains unhedged will stand to benefit from increased pricing going forward.

由於 3 月油價與歐洲天然氣價格走高，我們在本季確認了避險損失。需要強調的是，這主要來自針對未來季度所建立避險部位的非現金損失；而我們仍有部分產量未避險，未來將可受惠於價格上升。

The realized portion of hedge losses in the quarter was $15 million. And for the balance of the unrealized hedge loss to be realized, pricing would have to remain at March 31, 2026, levels for the duration of our current hedge book.

本季已實現的避險損失為 1,500 萬美元。至於其餘未實現避險損失要轉為已實現，價格必須在我們目前避險組合的剩餘期間內，持續維持在 2026 年 3 月 31 日的水準。

For additional context, we have updated our forecast of 2026 excess free cash flow in our most recent corporate presentation. And after incorporating current prices and the current 2026 estimated realized hedge losses, Vermilion will generate double the EFCF when compared to our 2026 budget projections. On the operations front, we maintained a three-rig drilling program in the Deep Basin, drilling 10 wells, completing 14 and bringing on production 18 liquids-rich gas wells.

補充說明，我們已在最新的公司簡報中更新 2026 年超額自由現金流（EFCF）的預測。在納入目前價格與 2026 年預估已實現避險損失後，Vermilion 產生的 EFCF 將是我們 2026 年預算預測的兩倍。在營運方面，我們在 Deep Basin 維持三部鑽機的鑽井計畫，鑽了 10 口井、完井 14 口，並使 18 口富含液體的天然氣井投產。

Several of these wells ranked among the best wells in Alberta throughout the quarter. We have now shifted our Deep Basin drilling to higher liquids rate wells to capitalize on favorable pricing, which highlights the flexibility of our asset base and depth of inventory. In the Montney, we drilled five, completed six, and brought online six liquids-rich gas wells. These wells were brought on ahead of schedule and with strong initial oil rates, while also coming in at a lower capital cost than we had previously guided to.

其中數口井在本季名列阿爾伯塔省表現最佳的井之一。我們現已將 Deep Basin 的鑽井轉向液體產率更高的井，以掌握有利的價格環境，這也凸顯我們資產基礎的彈性與庫存深度。在 Montney，我們鑽了 5 口、完井 6 口，並使 6 口富含液體的天然氣井投產。這些井提前投產且初期產油率強勁，同時資本成本也低於我們先前所提供的指引。

We achieved another milestone. Our planned per well cost in the Montney is now $8.2 million, down $300,000 from $8.5 million previously.

我們達成了另一項里程碑。我們在 Montney 的單井計畫成本現為 820 萬美元，較先前的 850 萬美元下降 30 萬美元。

In Europe, we are on track to bring the first Wisselshorst well online in Germany by mid-2026. Plan to spud follow-up wells on the Bommelsen license early next year and expect to commence drilling in the Netherlands in the second half of 2026. These activities support regional energy security through reliable, lower emissions gas compared to imported alternatives.

在歐洲，我們正按計畫於2026年年中前，讓德國第一口Wisselshorst井上線投產。我們計畫於明年初在Bommelsen許可區開鑽後續井，並預期於2026年下半年在荷蘭開始鑽井作業。相較於進口替代方案，這些活動以更可靠、且排放更低的天然氣，支持區域能源安全。

In Australia, our operations in the quarter were impacted by two cyclone events, the first consecutive direct hits ever. We are proud to say that we successfully managed all aspects of the safe shut-in of operations and evacuation of personnel with production resuming subsequent to the quarter following necessary repairs. While production operations were shut in, we were able to export 300,000 barrels of oil in February.

在澳洲，本季營運受到兩次颶風事件影響，這是史上首次連續兩次正面侵襲。我們很自豪地表示，我們成功管理了營運安全停產（shut-in）及人員撤離的各個面向，並在完成必要修復後於本季結束後恢復生產。在生產作業停產期間，我們仍於2月出口了30萬桶原油。

During the quarter, we signed an agreement to acquire producing assets in Germany, adding approximately 1,000 BOE a day of low decline production, weighted 85% to natural gas, which increases our European TTF-linked gas and Brent-linked oil production, enhances cash flow and provides strategic infrastructure control. The transaction is expected to close in the second half of 2026. We also announced the award of three new concessions in the North German Basin, doubling our acreage to well over 1 million net acres.

本季期間，我們簽署協議收購德國的在產資產，新增約每日1,000桶油當量（BOE）的低遞減產量，其中天然氣占比85%；此舉將提升我們與歐洲TTF連動的天然氣及與布蘭特（Brent）連動的原油產量，增強現金流，並提供策略性基礎設施控制權。預期該交易將於2026年下半年完成交割。我們亦宣布在北德盆地獲授三個新特許區，使我們的淨礦權面積倍增至超過100萬淨英畝。

Finally, we signed an agreement to divest our remaining 60% interest in the SA-07 block in Croatia for net proceeds of approximately EUR15 million or CAD24 million. Proceeds from this sale will primarily reduce debt with the transaction expected to close in the second half of the year. These recent steps are aligned with our strategy to reposition our asset base to further enhance long-term profitability.

最後，我們簽署協議出售在克羅埃西亞SA-07區塊剩餘60%權益，預計淨收益約1,500萬歐元或2,400萬加幣。本次出售所得將主要用於降低負債，且預期交易將於今年下半年完成交割。這些近期舉措與我們重新調整資產組合、進一步提升長期獲利能力的策略一致。

Operational momentum remains strong, and we continue to trend toward the upper end of our full-year production guidance range without an increase to our capital budget. We will actively manage around lower AECO pricing to prioritize value over volumes, and we expect Q2 2026 production to average between 123,000 and 125,000 BOE a day.

營運動能依然強勁，我們在不增加資本預算的情況下，全年產量指引持續朝區間上緣推進。我們將積極因應較低的AECO價格，優先追求價值而非產量，並預期2026年第二季產量平均介於每日123,000至125,000桶油當量（BOE）。

With our focus on liquids-rich production, liquids weighting is expected to increase from 28% in Q1 to approximately 31% in Q2.

隨著我們聚焦於富液（liquids-rich）產量，液體占比預期將由第一季的28%提升至第二季約31%。

I will now pass it back to Dion.

我現在把時間交回給Dion。

Thank you, Lars. I'd also like to thank our Australia staff for their outstanding commitment over the last several months. I've been with Vermilion for 20 years. And in that time period, we have never experienced back-to-back cyclone events, being hit by a Category 3 storm, followed by a Category 4 storm shortly thereafter, was a real test for our team, and they performed exceptionally well in preparing for the storms, preparing our platform and safely restoring production. In summary, this was another strong quarter for Vermilion.

謝謝你，Lars。我也要感謝我們澳洲團隊在過去幾個月展現的卓越投入。我在Vermilion已經20年了。在這段期間，我們從未遇過連續颶風事件：先遭遇三級風暴正面侵襲，隨後不久又遭遇四級風暴，這對我們團隊是一次真正的考驗；而他們在風暴來臨前的準備、平台整備以及安全恢復生產方面表現極為出色。總結而言，這又是Vermilion表現強勁的一季。

Our repositioned portfolio and focus on operational excellence has reduced our unit cost structure and delivered production above our expectations. Our controllable expenses, that is operating, transportation, G&A and interest was lower by 25% compared to Q1 025. Our OpEx was down $2 per BOE or 14%. G&A was down $2 per BOE or over 50% and interest was down almost $2 per BOE or over 40%. The lower cost structure helped reduce net debt by another $50 million this quarter, bringing the total reduction to $770 million since Q1 of last year.

我們重新定位的投資組合與對營運卓越的專注，已降低單位成本結構，並帶來高於預期的產量。我們可控費用（即營運、運輸、一般及行政費用G&A與利息）較2025年第一季下降25%。我們的營運費（OpEx）每桶油當量下降2美元，或14%。G&A每桶油當量下降2美元，或超過50%，利息每桶油當量下降近2美元，或超過40%。較低的成本結構協助本季再將淨負債降低5,000萬美元，使自去年第一季以來的累計降幅達7.7億美元。

These gains are coupled with our improving capital efficiencies. In the Montney, we have reduced our planned capital cost per well by another $300,000, improving full cycle economics in our Mica asset, which translates to another $60 million reduction of future capital requirements, bringing the total reduction in the last two years to over $250 million.

這些成果也伴隨著我們資本效率的提升。在Montney，我們將每口井的計畫資本成本再降低30萬美元，改善我們Mica資產的全週期經濟性；這相當於未來資本需求再減少6,000萬美元，使過去兩年累計降幅超過2.5億美元。

In the Deep Basin, we continue to realize operational wins. We're now starting to exceed the $200 million of synergies that we estimated shortly after closing the acquisition. And in Europe, we continue to see steady production from the Osterheide well and advance the work to support first production from our Wisselshorst well, our largest discovery in Europe to date, along with other key infrastructure support a growing German gas production over time.

在Deep Basin，我們持續實現營運上的勝利。我們目前開始超越在收購完成後不久所估計的2億美元協同效益。而在歐洲，我們持續看到Osterheide井穩定產量，並推進相關工作以支援Wisselshorst井的首次投產——這是我們迄今在歐洲最大的發現——同時也推動其他關鍵基礎設施，以在時間推移中支援德國天然氣產量成長。

In closing, we've built a very large resource base with 1.3 million net acres in Canada and over 2 million net acres in Northern Europe. This long-duration asset base compared with our strong technical teams, capital allocation flexibility and a focus on operational excellence when combined with only 153 million shares position Vermilion to generate growing and sustainable free cash flow per share. With that, we'll now open the line for questions.

最後，我們已建立非常龐大的資源基礎：在加拿大擁有130萬淨英畝，在北歐擁有超過200萬淨英畝。這些長年期資產基礎，結合我們強大的技術團隊、資本配置彈性以及對營運卓越的專注，再加上僅1.53億股流通股，使Vermilion具備創造每股持續成長且可持續的自由現金流的定位。接下來我們開放提問。

(Operator Instructions) Jeremy McCrea, BMO Capital Markets.

（接線員指示）Jeremy McCrea，BMO資本市場。

I just want to understand more about Germany here, your growth plans with this new acreage potentially holds? Is there any loosening of regulations? Just can you give us a bit more of the five-year outlook here for Germany and if it can be a much bigger part of the Vermilion portfolio?

我想更了解你們在德國的情況，你們在這些新礦權上的成長計畫可能會帶來什麼？法規是否有任何鬆綁？能否請你們多談一些德國未來五年的展望，以及它是否可能成為Vermilion投資組合中更大的一部分？

Thanks, Jeremy, for the question. I'll just kick it off here before I pass it over to Darcy. I mean I just want to say, I think Germany is core to us. We just spent a few weeks there and really exciting with first Osterheide well, as noted, continue to produce strong and the second well, Wisselshorst coming on here in a matter of weeks by midyear. And so it's looking really good.

謝謝你，Jeremy，提問。我先簡單開場，之後再交給Darcy。我想說的是，我認為德國對我們而言是核心。我們剛在那裡待了幾週，真的很令人振奮；如先前所述，第一口Osterheide井持續有強勁產量，而第二口井Wisselshorst也將在年中前、再過幾週就會投產。因此目前看起來非常好。

And more importantly, just the size of the resource. What we said in our Investor Day is our plan is to double Germany production by 2030. But the exciting thing for us is that's only 2.9 net wells of the 30 that we've identified. But with that, Darcy, maybe you want to provide some color on where we are, but also maybe the regulatory environment we're getting.

更重要的是資源規模。我們在投資人日所說的是，我們的計畫是在2030年前將德國產量翻倍。但對我們而言更令人興奮的是，這僅是我們已識別的30口井中的2.9口淨井數。不過，Darcy，也許你可以補充一些我們目前的進展，以及我們所面對的法規環境。

Yeah. Thanks, Jeremy, for the question. I think you made reference to this new exploration land that we've acquired. So we are very excited about these three additional exploration concessions that we've gotten in Germany, brings our total acreage to well over 1 million acres. This acreage is located in the same fairway where we've had historical success in the Netherlands and more recent success in Germany.

好的。謝謝你，Jeremy，提問。我想你提到的是我們取得的這些新的探勘土地。我們對在德國取得的另外三個探勘特許區感到非常興奮，這使我們的總礦權面積提升至遠超過100萬英畝。這些礦權位於同一條有利帶（fairway），我們過去在荷蘭有歷史性成功，近期在德國也取得成功。

So we're on trend with those -- all of those discoveries. And we see potential certainly on these new concessions for additional discoveries. They've just been granted to us. So we do need some time to evaluate this new acreage and understand exactly what's there before we kind of translate that into specific drilling targets. But we have a decade of experience and a decade of running room ahead of us.

因此我們與那些——所有那些發現處於同一趨勢帶上。我們確實看到這些新特許區具備進一步發現的潛力。這些特許區才剛授予我們。因此我們需要一些時間來評估這些新礦權並了解其中究竟有哪些資源，之後才能將其轉化為具體的鑽井目標。但我們有十年的經驗，且未來還有十年的發展空間。

So this really just adds to our position. In terms of the regulatory environment, I think Germany has proven to be a pretty practical country to work in. We've had some success in getting permits and working with both the local and the federal governments to bring these discoveries on. What we have seen in Germany specifically and more broadly across Europe is a much more receptive environment when we're talking to host governments around the importance of domestic gas production and its importance to security of supply. So we've always kind of enjoyed that in Germany.

所以這確實只是強化了我們的布局。就法規環境而言，我認為德國已證明是一個相當務實、適合合作的國家。我們在取得許可方面已有一些成功經驗，並與地方及聯邦政府合作，推動這些發現投入生產。我們在德國特別是、以及更廣泛的歐洲所看到的是：當我們與東道國政府討論國內天然氣生產的重要性及其對供應安全的重要性時，整體環境變得更為願意接受。因此我們在德國一直都相當受益於這點。

But again, it's continuing to improve, starting to see discussions both publicly and within government in the Netherlands about the importance of security of supply and the importance of domestic production, starting to hear noises about from countries like Ireland and France about the wisdom of some of their production and exploration bans and whether they should be relooking at those sort of things. So I think the environment is much more open for what we're trying to do, and I think a recognition of that what we're doing is important to energy security in Europe.

但再說一次，情況仍在持續改善；我們開始看到在荷蘭，無論是公開場合或政府內部，都在討論供應安全的重要性以及國內生產的重要性；也開始聽到像愛爾蘭和法國等國家對其部分生產與勘探禁令是否明智的聲音，並在思考是否應該重新檢視這類措施。因此，我認為對於我們想做的事情，整體環境更加開放；而且也更能認知到我們正在做的事情，對歐洲的能源安全很重要。

Maybe I'll just -- just kind of a bit of a follow-up there then. Is there like an M&A market here that's opening up potentially a little bit more where there could be some more deals? Or maybe just describe what the M&A market looks like now, assuming normalized pricing in that.

也許我就——算是稍微延伸追問一下。這裡是否有一個可能正在逐步打開的併購（M&A）市場，讓交易有機會變多？或者在假設價格回歸常態的情況下，請描述一下目前的併購市場大概是什麼樣子。

I'm going to pass it over to Lara. Lara, you want to provide some comments on M&A in Europe?

我把這題交給 Lara。Lara，你想就歐洲的併購提供一些看法嗎？

You bet. I mean we just recently announced our one deal of acquiring 1,000 BOEs a day in Germany. What we liked about that is adjacent or increasing our working interest in existing assets. We do see potential. I think Vermilion -- I'm new to Vermilion, but Vermilion is not new to Germany and has developed strong relationships with the players there.

當然。我們最近才宣布了一筆交易，在德國收購每日 1,000 BOE 的產量。我們喜歡這筆交易的原因，是它與我們既有資產相鄰，或能提高我們在既有資產中的作業權益比例。我們確實看到潛力。我想 Vermilion——我剛加入 Vermilion，但 Vermilion 對德國並不陌生，並且已與當地參與者建立了很強的關係。

We've got a super team in Germany. And so I think you'll see us active in all deal flow as well as looking proactively. Germany, we do view as core to us, and so we'll continue to assess opportunities there.

我們在德國有一支非常強的團隊。因此我認為你會看到我們在所有交易案源上保持活躍，同時也會主動尋找機會。德國我們視為核心市場，所以我們會持續評估那裡的機會。

Spencer Limming, CIBC World Markets.

Spencer Limming，CIBC World Markets。

Good morning, guys. Thanks for taking my questions. Just kind of touching more on the regulatory environment. Are you seeing -- discussions are looking good, right, in terms of government policy, in terms of increasing production. But has there anything -- has anything materialized in terms of fast tracking permits? Or have you heard any conversations around maybe what that might look like if the countries are looking to increase production?

各位早安。謝謝回答我的問題。我想再多談一下監管環境。你們看到——就政府政策、提高產量而言，討論看起來是正面的，對吧。但在加速核發許可方面，有沒有任何實質進展？或者你們是否聽到一些對話，談到如果各國想提高產量，加速許可可能會是什麼樣子？

Thanks for the question. I can summarize maybe what Darcy said and please jump in Darcy, if you have comments. I mean, I think there's a -- just like Canada in every jurisdiction, there's an established timeline and steps to assess and acquire permits in all jurisdictions.

謝謝你的問題。我可以先總結一下 Darcy 的意思；Darcy，如果你有補充也請加入。我的意思是，我想——就像加拿大一樣，在每個司法管轄區，都有既定的時程與步驟來評估並取得各項許可。

And I think the way to think about it is we're seeing the resources assigned from the government's point of view to ensure that those timelines are met and those permits are awarded in a timely manner. So what that means is we brought two wells on last fall in the Netherlands. We're going to bring our Wisselshorst well on mid this year. We're drilling another well here, kicking it off in the summer in Netherlands. We got our two German wells planned early next year, right?

我認為可以這樣理解：從政府角度來看，我們看到他們投入資源，以確保這些時程能被遵守，並且許可能夠及時核發。這表示我們去年秋天在荷蘭讓兩口井投產。我們今年年中會讓 Wisselshorst 井投產。我們今年夏天會在荷蘭再開鑽另一口井。我們也規劃了兩口德國井在明年初，對吧？

So it's a daisy chain of activity. And what we do is we're planners, right? So we're working on permits now that we're going to drill in '27, '28, '29. So we just get ahead of it and what we want in all jurisdictions is stable and predictable. And so we have no issues with the rules.

所以這是一連串（daisy chain）的活動。而我們做的就是規劃，對吧？因此我們現在就在處理 2027、2028、2029 年要鑽的井的許可。我們只是提前布局；而我們在所有司法管轄區想要的是穩定且可預測。所以我們對規則本身沒有問題。

We just want to make sure they're followed consistently with good timelines. And that's what we're seeing. And frankly, that works well for us. Anything I missed there, Darcy.

我們只是希望它們能被一致地執行，並且有良好的時程。而這正是我們所看到的。坦白說，這對我們很有利。Darcy，我有漏掉什麼嗎？

Okay, great. That's really good color. Sorry, do you want to go?

好的，很好。這些說明很有幫助。抱歉，你要接著說嗎？

No, sorry, I didn't have anything to add.

不，抱歉，我沒有要補充的。

Okay. Yes. No, that's great. Just a follow-up question, pivoting over now to Deep Basin. So you guys have obviously shown over the years in terms of bringing costs down across the Montney.

好的。是的。不，這很棒。再追問一題，現在轉到 Deep Basin。你們這些年在 Montney 降低成本方面顯然做得很好。

And I'm just kind of curious in terms of applying those cost-saving practices to the Deep Basin on the acquired lands. Do you see similar ability to reduce costs across those lands over time? And what would kind of be the cadence or timeline of kind of achieving those better practices?

我想了解的是，把這些節省成本的做法套用到收購土地上的 Deep Basin，你們是否也看到隨時間推進在那些區塊同樣有能力降低成本？以及達成這些更佳作法的大致節奏或時間表會是什麼？

Thanks, Spencer. Again, Spencer, I'll kick it off here and pass it over to Randy McQuaig. But hopefully, the read-through, I made a comment here on the script that we're now starting to exceed the $200 million of synergies that we identified post the acquisition. And that is a combination of expense but also capital. I think we showed some things on the Investor Day around per well costs coming down year over year. And with the three rigs we're running consistently in Deep Basin, we're seeing those wins.

謝謝你，Spencer。Spencer，我先開頭，然後把問題交給 Randy McQuaig。不過希望你能從中讀到：我在講稿裡提到，我們現在開始超越收購後所辨識的 2 億美元綜效。這是費用端與資本端的組合。我想我們在投資人日也展示了一些內容，說明單井成本逐年下降。而在 Deep Basin 我們穩定運行三部鑽機，也正在看到這些成果。

But, Randy, over to you to build on those comments.

不過，Randy，交給你來延伸補充。

Yes. It's a good -- it's a fair comment. Like I think the Deep Basin, it's -- with our three-rig program, we've really been able to leverage our operational scale and our dominant position in that Deep Basin. So we have seen costs come down. As they flow through, we'll kind of work through it in the next couple of quarters here.

是的。這是個好——也是合理的觀察。我認為在 Deep Basin，透過我們的三鑽機計畫，我們確實能夠運用我們的營運規模，以及我們在 Deep Basin 的主導地位。所以我們已經看到成本下降。隨著效益逐步反映出來，我們會在接下來幾個季度把它消化落實。

But I would say we have definitely seen costs come down and continue to work on with this continuous improvement, we expect to see further efficiencies as we continue to get more active in the program.

但我會說，我們確實看到成本下降；並且在持續改善之下，隨著我們在計畫中更積極推進，我們預期還會看到進一步的效率提升。

There are no further questions at this time. I'd like to turn the call back over to Dion Hatcher for any closing remarks.

目前沒有其他問題。我想把電話交回給 Dion Hatcher，請他做結語。

Well, thanks again for the call. And with that, we'll close the line. Enjoy the rest of your day.

好的，再次感謝各位參與。那麼我們就結束本次電話會議。祝各位今天剩下的時間愉快。

Ladies and gentlemen, this concludes today's conference call. We thank you for your participation. You may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。