Viper Energy Inc (VNOM) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Viper Energy first quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Chip Seale, Investor Relations Director. Please go ahead.

您好，感謝您的支持。歡迎參加 Viper Energy 2025 年第一季財報電話會議。此時，所有參與者都處於只聽模式。（操作員指示）請注意，今天的會議正在錄音。現在我想將會議交給今天的發言人、投資者關係總監 Chip Seale。請繼續。

Thank you, [Michelle]. Good morning and welcome to Viper Energy's first quarter 2025 conference call. During our call today, we will reference an updated investor presentation which can be found on Viper's website. Representing Viper today are Kaes Van't Hof, CEO, and Austin Gilfillan, President.

謝謝你，[米歇爾]。早安，歡迎參加 Viper Energy 2025 年第一季電話會議。在今天的電話會議中，我們將參考 Viper 網站上更新的投資者介紹。今天代表 Viper 的是執行長 Kaes Van't Hof 和總裁 Austin Gilfillan。

During this conference call, the participants may make certain forward-looking statements relating to the company's financial condition, results of operations, plans, objectives, future performance, and businesses. We caution you that actual results could differ materially from those that are indicated in these forward-looking statements due to a variety of factors.

在本次電話會議中，參與者可能會對本公司的財務狀況、經營績效、計畫、目標、未來績效和業務做出某些前瞻性陳述。我們提醒您，由於各種因素，實際結果可能與這些前瞻性聲明中所示的結果有重大差異。

Information concerning these factors can be found in the company's filings with the EFCC. In addition, we will make reference to certain non-GAAP measures. The reconciliations with these appropriate GAAP measures can be found in our earnings release issued yesterday afternoon. I will now turn the call over to Kaes.

有關這些因素的資訊可以在該公司向 EFCC 提交的文件中找到。此外，我們也將參考某些非公認會計準則指標。在我們昨天下午發布的收益報告中找到與這些適當的 GAAP 指標的對帳。現在我將把電話轉給 Kaes。

Thank you, Chip. Welcome, everyone, and thank you for listening to Viper Energy's first quarter 2025 conference call. The first quarter was a strong quarter for Viper, with both oil and total production above the high end of their respective guidance ranges. Unfortunately, since the end of the first quarter, we've entered a period of lower commodity prices and significant market volatility.

謝謝你，奇普。歡迎大家，感謝您收聽 Viper Energy 2025 年第一季電話會議。第一季對 Viper 來說是一個強勁的季度，石油和總產量均高於各自指引範圍的高端。不幸的是，自第一季末以來，我們進入了大宗商品價格下跌和市場大幅波動的時期。

With that said, Viper is very well positioned to endure this period of volatility, given our high free cash flow margins and high-quality assets. As previously announced, we are excited the transformative drop-down transaction between Viper and Diamondback closed on May 1.

話雖如此，鑑於我們較高的自由現金流利潤率和高品質的資產，Viper 完全有能力度過這段波動時期。正如先前宣布的那樣，我們很高興 Viper 和 Diamondback 之間的轉型下拉交易於 5 月 1 日完成。

As a result of the conservative financing of this transaction, as well as Viper's continued strong financial and operating results, we expect leverage to remain below 1 time even in a sustained $50 per barrel WTI environment.

由於此交易的融資方式較為保守，且 Viper 的財務和經營業績持續強勁，我們預計即使在 WTI 價格持續保持在每桶 50 美元的環境下，槓桿率仍將保持在 1 倍以下。

Given the strength of our balance sheet, we will look to use this period of volatility to our advantage where we can. It's highlighted by the opportunistic share repurchases we've been able to make so far this quarter. As a reminder, we issued approximately $28 million shares in a primary equity offering in January to fund the cash consideration of the dropdown.

鑑於我們資產負債表的強勁，我們將盡可能利用這段波動時期來取得優勢。本季迄今為止，我們已成功進行多次機會性股票回購，突顯了這一點。提醒一下，我們在一月份的首次股票發行中發行了價值約 2800 萬美元的股票，以支付下拉菜單的現金對價。

Well, the net proceeds of roughly $1.3 billion from the offering resulted in a meaningfully deleveraging transactions for Viper. We didn't receive any of the production or cash flow from the acquired assets during the quarter, given the timing of the closing of the drop-down this quarter. So, as a result, our Q1 dividend of $0.57 was roughly $0.07 lower than it would have been otherwise in our prior share count.

嗯，此次發行的約 13 億美元淨收益為 Viper 帶來了有意義的去槓桿交易。考慮到本季下拉式選單關閉的時間，我們在本季沒有收到來自收購資產的任何生產或現金流。因此，我們的第一季股息為 0.57 美元，比我們之前的股票數量低了約 0.07 美元。

While in previous situations, we similar situations, we have decided to re up the dividend for the share issuance, this quarter, given the current market volatility, we've decided to retain the roughly $25 million of incremental capital, to keep on the balance sheet, and apply to future capital allocation decisions.

雖然在以前類似的情況下，我們決定提高股票發行的股息，但本季度，鑑於當前的市場波動，我們決定保留約 2500 萬美元的增量資本，保留在資產負債表上，並用於未來的資本配置決策。

Looking ahead, despite the potential for sustained weakness in commodity prices and reduced activity levels, we expect Viper's production to remain durable, and as such, we are maintaining our previous guidance for oil production for the backup of 2025.

展望未來，儘管大宗商品價格可能持續疲軟且活動水準下降，但我們預計 Viper 的產量將保持持久，因此，我們維持先前對 2025 年石油產量的預期。

The symbiotic relationship between Diamondback and Viper is highlighted during times like these, where Diamondback continues to focus on its development, focuses its development on wells. [Revivals] owns high royalty interests, and therefore enhances Diamondback's consolidated capital efficiency.

在這樣的時期，Diamondback 和 Viper 之間的共生關係尤其突出。 Diamondback 繼續專注於油井開發。 [Revivals] 擁有高額的特許權使用費權益，因此提高了 Diamondback 的合併資本效率。

Further, the roughly 45% of Viper's current production that is operated by third parties is predominantly exposed to well capitalized operators in the best parts of the Permian Basin, led by ExxonMobil operating almost half of our third-party production.

此外，Viper 目前約 45% 的產量由第三方運營，主要集中在二疊紀盆地最佳地段資金雄厚的營運商，其中埃克森美孚公司佔據了我們第三方產量的近一半。

In conclusion, we continue to believe that Viper presents a differentiated investment opportunity with zero capital and operating costs, alignment with the parent company that has helped Viper deliver consistent organic growth and a current size and scale that positions us as a consolidator of choice in what remains a highly fragmented minerals and royalty space.

總而言之，我們仍然相信 Viper 提供了一個差異化的投資機會，其資本和營運成本為零，與母公司保持一致，幫助 Viper 實現了持續的有機增長，目前的規模使我們成為仍然高度分散的礦產和特許權使用費領域的首選整合者。

Following the recent closing of the dropdown, Viper now ranks among the largest US independent EMPs, and we believe the unique attributes of the business model will continue to be recognized by the market over time as our uniquely durable cash flow profile becomes increasingly differentiated. Operator, now open the line for questions.

在最近關閉下拉式選單之後，Viper 現已躋身美國最大的獨立 EMP 之列，我們相信，隨著我們獨特持久的現金流狀況變得越來越差異化，該商業模式的獨特屬性將隨著時間的推移繼續得到市場的認可。接線員，現在請打開熱線回答問題。

(Operator Instructions)

（操作員指示）

Greta Drefke, Goldman Sachs.

高盛的格雷塔·德雷夫克。

Good morning thank you for taking my questions. My first is on M&A. Viper has continued to lean into M&A this year alongside the drop down. Do the changes to the broader macro environment influence your willingness to lean into M&A at this point, or do they change your view on the op opportunity set for incremental M&A from here?

早上好，感謝您回答我的問題。我的第一個主題是關於併購。今年，Viper 在股價下滑的同時，也持續傾向併購。更廣泛的宏觀環境的變化是否會影響您此時傾向於併購的意願，或者它們會改變您對增量併購營運機會的看法？

I wouldn't say that the macro impacts our desire to continue to consolidate the minerals market, I think what happens in minerals is, because there's no CapEx associated with, the development of minerals or owning minerals, sometimes deals are harder to come by in more volatile environments on the mineral side. So, I think we've been able to do some pretty large deals through pass down cycles.

我不會說宏觀因素影響了我們繼續鞏固礦產市場的願望，我認為礦產領域的情況是，由於沒有與礦產開發或擁有相關的資本支出，有時在礦產方面更不穩定的環境中交易更難達成。所以，我認為我們已經能夠透過傳遞週期完成一些相當大的交易。

Notably we did the swallowtail deal in 2022, which had a lot of Diamondback or 2021, which had a lot of diamondback operating production, deals like that make a lot of sense, but yeah, I think we're going to kind of sift through this volatility here for a couple of months and then see, who's willing to transact on the other side of it.

值得注意的是，我們在 2022 年完成了燕尾交易，其中有很多 Diamondback 股票，或者在 2021 年完成了大量 Diamondback 股票的運營生產，這樣的交易非常有意義，但是是的，我認為我們將在幾個月內篩選這種波動，然後看看誰願意在另一邊進行交易。

Great, thank you. And then for my second question, just following up on the updated FANG guidance and the closing of the drop down, have the activity assumptions in Reagan County following the job eagle acquisition changed at all? And if so, could you speak to potential differences in your cash flow assumptions from that development opportunity?

太好了，謝謝。然後，對於我的第二個問題，只是跟進更新的 FANG 指導和下拉菜單的關閉，在獲得 Job Eagle 之後，裡根縣的活動假設是否有所改變？如果是的話，您能否談談該開發機會中現金流假設的潛在差異？

Yeah, we really started to model the completions in that area starting in 2026. So I don't think it's time to change that development program yet. I mean, in talking to the double eagle team we're working with closely to core up the assets and start drilling wells, they're going to spend a lot of time drilling here in the back half of the year, leading to completions in 2026.

是的，我們確實從 2026 年開始模擬該地區的完工情況。所以我認為現在還不是改變該發展計畫的時候。我的意思是，在與我們正在密切合作以挖掘資產並開始鑽井的雙鷹團隊交談時，他們將在今年下半年花費大量時間在這裡進行鑽探，並於 2026 年完工。

So, if the if the commodity market is still weak, sub-sixty, certainly sub-fifty environment, I would expect that to get pushed out to the right like many projects in the basin, but, I think in a normalized 60 plus environment we expect that that development to occur.

因此，如果商品市場仍然疲軟，低於 60，肯定低於 50 的環境，我預計它會像盆地中的許多項目一樣被推向右邊，但我認為在正常化的 60 以上的環境中，我們預計會發生這種發展。

Thank you.

謝謝。

Thank you.

謝謝。

Paul Diamond, Citi

保羅戴蒙德，花旗銀行

Hi, good morning. Thanks for taking the call. Just wanted to touch on a quick one, sitting on the third-party opportunity set. I mean, giving you guys footprint across Midland and Delaware, it's getting pretty volumist. I guess I want to get an idea of, where I guess the next leg of opportunities lay like once the volatility settles down. Is that Midland , is that Delaware or potentially elsewhere?

嗨，早安。謝謝您接聽電話。我只是想簡單談談第三方機會集。我的意思是，讓你們的足跡遍佈米德蘭和德拉瓦州，規模就變得相當大了。我想了解一下，一旦波動性平息下來，下一個機會在哪裡。那是米德蘭嗎？那是德拉瓦州嗎？還是其他地方？

Hey Paul, yeah, I think we're pretty much diagnostic on terms of in terms of M&A opportunities between the middle and the Delaware. I think what you've seen over the past 18 months with GRP first and then tumbleweed and then now also the drop down, it was certainly weighted to the Midland Basin.

嘿，保羅，是的，我認為我們對中部和特拉華州之間的併購機會進行了相當深入的診斷。我認為，在過去 18 個月中，您首先看到的是 GRP，然後是風滾草，現在又出現了下降，這肯定是米德蘭盆地造成的。

I mean I think we know the asset really well. We were fortunate to get some pretty highly undeveloped assets that I think are going to support the longer term growth profile, but I think we like Delaware as well, especially not having to put up the capital on what could be some more expensive wells, there's still a lot of resources available there and there could be some sizable opportunities there as well.

我的意思是，我認為我們非常了解該資產。我們很幸運地獲得了一些尚未開發的資產，我認為這些資產將支持長期成長前景，但我認為我們也喜歡特拉華州，尤其是不必在一些可能更昂貴的油井上投入資金，那裡仍然有很多可用的資源，也可能有一些相當大的機會。

So, for us it's going to be more about price and opportunity set, but the case it's earlier point, right, we're just going to sift through the volatility and see what becomes available during this during this volatility or after when we hopefully have more normalized times.

因此，對我們來說，這將更多地與價格和機會設定有關，但情況是早期的觀點，對的，我們只是要篩選波動性，看看在這種波動期間或之後，當我們希望有更正常化的時間時，會出現什麼。

Understood Appreciate the clarity. Just one quick one on hedging. You guys have been pretty consistent on that through the last several years, but it's also been in a relatively directionally stable environment. Does the recent volatility on the macro side could that potentially shift that overall strategy, or is it still pretty locked in and you're comfortable with the current plan?

明白了，感謝您的清晰度。關於對沖，我只想簡單說一句。過去幾年來，你們在這方面一直保持一致，而且也處於一個方向相對穩定的環境。近期宏觀方面的波動是否可能會改變整體策略，還是說整體策略仍然相當確定並且您對當前的計劃感到滿意？

No, we're so comfortable with the current plan. I mean, philosophy has always been one, have a fortress balance sheet, so you don't have to do a ton of hedging or anything drastic, right, with swaps or collars or anything like that. So, I think we'll still look to use these deferred premium puts.

不，我們對目前的計劃非常滿意。我的意思是，哲學總是這樣的，擁有一個堡壘資產負債表，這樣你就不必進行大量的對沖或任何激烈的行動，對吧，比如掉期或領子期權或諸如此類的東西。因此，我認為我們仍然會考慮使用這些延期溢價看跌期權。

Still have the unlimited upside and try to protect against the extreme downside. But having the balance sheet that we have today, we look to try to lock in a certain amount of downside protected cash flow, so that leverage doesn't kind of blow out in a low commodity price environment. So, we're in a great position today and I think we'll stay true to what that strategy's been over the last couple of years.

仍擁有無限的上漲空間，並試圖防範極端的下跌。但根據我們目前的資產負債表，我們希望鎖定一定數量的下行保護現金流，以便在商品價格低迷的環境下槓桿率不會爆發。所以，我們今天處於一個很好的位置，我認為我們會堅持過去幾年的策略。

Understood. Appreciate the clarity. I'll leave it there.

明白了。欣賞清晰度。我就把它留在那裡。

Thanks Paul.

謝謝保羅。

Derek Whitfield, Texas Capital

德瑞克‧惠特菲爾德，德州首府

Good morning all and thanks again for your time.

大家早安，再次感謝你們的時間。

Hey, Derek.

嘿，德里克。

Regarding the Diamondback investor letter from this morning, you highlighted industry concerns with development at current prices. As you guys think about Viper's exposure, how much of that 10% decrease would you have exposure to assuming that backdrop?

關於今天早上 Diamondback 投資者的信，您強調了該行業對當前價格發展的擔憂。當你們考慮 Viper 的曝光度時，假設這樣的背景，你們會受到 10% 的下降幅度的多寡的影響？

Yeah, I think on a net well basis it's very minimal, we still see, the majority of the wells for projects where Viper has a high interest getting completed today, at the Viper level now. I think if this persists, much longer, it's a different story, but I think generally in these times, we look at consolidated in our eyes at the Diamondback level, and that includes, what Viper's been able to pick up over the years.

是的，我認為從淨井數量來看，這個數字非常小，我們仍然看到，Viper 高度感興趣的項目中的大多數井目前都已完工，處於 Viper 級別。我認為，如果這種情況持續下去，時間更長，情況就會有所不同，但我認為，一般來說，在這種時候，我們會從 Diamondback 的水平來看待合併情況，其中包括 Viper 多年來所取得的成就。

And usually those projects, given the area that they're in, move to the top of the list. So, I would say no impact for now, which is why we, he guidance where it was, but listen, Derek, we see a sub $50 oil environment and Diamondback and others are cutting more than it's going to hit viper towards the back half of the year and into next year.

通常，這些項目，考慮到它們所在的區域，會排在清單的首位。因此，我想說現在沒有影響，這就是為什麼我們，他的指導，但聽著，德里克，我們看到石油環境低於 50 美元，而 Diamondback 和其他公司的減產幅度超過了今年下半年和明年對 Viper 的打擊。

But I think what we think is, it's going to be a tough couple of quarters for the industry. I think prices are going to react at some point, due to lower US oil production and owning assets in the lowest break-even parts of the US is going to be a strategy that pays off for Viper shareholders.

但我認為，我們認為，對於該行業來說，接下來的幾季將會很艱難。我認為價格將在某個時候做出反應，因為美國石油產量下降，而在美國損益平衡點最低的地區擁有資產將成為一種讓 Viper 股東獲得回報的策略。

Absolutely agree case. And then with my second question, just wanted to get a better sense on the quarter over quarter change in activity. If we were to include the acquisition and drops in your four key disclosure, do you have a sense on whether work in progress in line of sight will increase quarter over quarter or kind of we're flattish?

完全同意這個情況。然後，我的第二個問題只是想更了解季度環比活動的變化。如果我們將收購和下降納入您的四個關鍵揭露中，您是否知道在製品數量是否會逐季增加或持平？

Yeah, activity is certainly increasing, especially on the back side as we roll forward and start getting that visibility into what 2026 is going to look like. I mean, notwithstanding, right, some of the pending changes that just outlined, but overall I would say, going through the first quarter into April, we're having pretty strong activity levels.

是的，活動肯定在增加，特別是隨著我們向前推進並開始了解 2026 年的情況，活動正在增加。我的意思是，儘管剛才概述了一些待定的變化，但總的來說，我想說，從第一季到四月份，我們的活動水平相當強勁。

On the third party side, mainly being led by XOM, EOG and OXY, and then Diamondback, production is really strong today, and we kind of outlined it with a drop down, but has some really concentrated projects there that Diamondback can prioritize and if commodities can hang in there, will certainly lead to some pretty strong growth through 2026.

在第三方方面，主要由 XOM、EOG 和 OXY 以及 Diamondback 領銜，如今產量非常強勁，我們用下拉列表的方式對其進行了概述，但那裡有一些真正集中的項目，Diamondback 可以優先考慮，如果大宗商品能夠堅持下去，到 2026 年肯定會帶來相當強勁的增長。

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

太好了，我會把它轉回給接線生。

Arun Jayaram, JP Morgan Securities

摩根大通證券的 Arun Jayaram

Yeah, this is Zach on for Arun. I just wanted to follow up on your prior answer. When the Endeavor dropped down with announced, Viper had talked about 4,000 barrels a day of volume growth on Diamondback operated properties in 2026. Given those changes Diamondback made last night, do you expect any changes to those growth volumes at Viper?

是的，這是 Zach 代替 Arun 上場的。我只是想跟進你之前的回答。當 Endeavor 計畫宣佈落地時，Viper 曾談到 2026 年 Diamondback 營運的油田的日產量將增加 4,000 桶。鑑於 Diamondback 昨晚做出的改變，您預期 Viper 的成長量會有什麼變化嗎？

Yeah, Zach, I don't see any changes today, right? I still think there's a strong chance that 2026 is stronger than, everybody, is thinking today, we kind of signaled the message that these down cycles tend to happen quickly, and hopefully at a higher low on commodity price.

是的，扎克，我今天沒有看到任何變化，對嗎？我仍然認為 2026 年很有可能比大家今天所想的要強勁，我們發出了這樣的訊息：這些下行週期往往會很快發生，並且希望商品價格能夠達到更高的低點。

But if we do persist in the 2026, we are going to continue to focus on areas where, Diamondback and Viper have high NRIs. So, I see no reason to change the thought process on 2026 growth, particularly with what we're doing on, Quinn ranch which we bought earlier this year.

但如果我們堅持到 2026 年，我們將繼續關注 Diamondback 和 Viper 擁有較高 NRI 的地區。因此，我認為沒有理由改變對 2026 年增長的思考過程，特別是考慮到我們今年早些時候購買的 Quinn 牧場的情況。

And some of the high, or sorry, yeah, Quinn ransom we bought earlier this year and some of the high NRI projects from both Tumbleweed and, the drop down.

我們今年早些時候購買了一些高額的，或者抱歉，是的，Quinn 贖金，以及一些來自 Tumbleweed 和下拉列表的高額 NRI 項目。

Thanks Kaes. And my follow up I know XOM is your largest third-party operator, but can you talk about what you're seeing for some of your smaller third parties, just in light of the commodity price volatility? Have you starting to see, some things get pushed to the right there?

謝謝 Kaes。我的後續問題是，我知道 XOM 是您最大的第三方運營商，但您能否談談您對一些較小的第三方在商品價格波動方面的看法？您是否開始發現，有些事物被推到了右邊？

I haven't seen it at the Venom level, the viper level directly, right? I think what we've seen is more of the anecdotes in the field of, particularly private operators, pushing completions out or dropping track crews and riding this out. So, we advise where we try to buy assets under, acreage positions that we covet.

我還沒見過毒液級別，直接毒蛇級別的吧？我認為，我們看到的更多是該領域的軼事，特別是私人運營商，推遲完工或放棄軌道工作人員並度過難關。因此，我們建議嘗試購買我們夢寐以求的土地面積下的資產。

And that tends to be the higher quality positions operated by large operators like, Diamondback XCOM, OXY, EOG, [Conico], and in our mind those are probably the stickier barrels in in the basin, but the comments we made earlier were more anecdotes about, the smaller operators in the field, making single unit capital allocation decisions.

這往往是由 Diamondback XCOM、OXY、EOG、[Conico] 等大型營運商營運的更高品質的部位，在我們看來，這些可能是盆地中更具黏性的桶，但我們之前的評論更多的是關於現場較小營運商的軼事，做出單一單位資本配置決策。

Got it. Thanks, guys.

知道了。謝謝大家。

Leo Mariani, Roth

裡奧·馬裡亞尼，羅斯

Yeah, I guess, obviously we're looking at, kind of weaker oil market conditions, and I guess we'll see how it plays out. Obviously, you guys mentioned that you kind of held back, some of the first quarter dividend given the weak market conditions. Obviously looks like there's significant, accretion, that's coming from the Endeavor drop down.

是的，我想，顯然我們正在關注石油市場狀況的疲軟，我想我們會看看它如何發展。顯然，你們提到，鑑於市場狀況疲軟，你們在某種程度上抑制了第一季的部分股利。顯然，看起來有顯著的增長，這是來自 Endeavor 下拉選單。

You also still envision being able to kind of increase the dividend here over the next, couple quarters, even in this kind of, $60-ish, oil world today, just given the decretion on production and cash flow.

您仍然可以設想，即使在當今這種 60 美元左右的油價環境下，只要考慮到產量和現金流的限制，未來幾個季度內，股息仍然能夠增加。

Yeah, I think at $60, or a flat commodity price, if you're on the flat commodity price Q2 to Q4, whatever that is, distributions are going to grow. Obviously a $5 move in oil prices can change that pretty quickly, but the accretion still stands from the from the dropdown. I think, also importantly, we have balance sheet capacity to do.

是的，我認為，如果第二季到第四季的商品價格保持平穩，無論是多少，分銷量都會成長。顯然，油價每上漲 5 美元就會很快改變這一狀況，但從下跌趨勢來看，漲勢依然沒有停止。我認為，同樣重要的是，我們有資產負債表能力。

Almost anything we want on the acquisition side, and lastly, we didn't mention it in the prepared remarks, but Viper was upgraded to investment grade last week which is by Fitch. So now we have two investment grade ratings, and so, access to capital at Viper today is kind of unmatched in the mineral space and something we've been working on for a really long time and it's good to see that come to fruition, particularly when capital access is scarce today.

在收購方面我們幾乎想要任何東西，最後，我們沒有在準備好的評論中提到它，但上週惠譽將 Viper 的評級提升至投資級。因此，現在我們有兩個投資等級評級，因此，Viper 如今的資本獲取能力在礦產領域是無與倫比的，也是我們長期以來一直致力於的事情，很高興看到這一目標得以實現，特別是在當今資本獲取稀缺的情況下。

Okay appreciate that. Let me just a couple quick ones on some of the numbers here. So seeing that your kind of cash tax guidance is coming down a little bit in the second quarter, versus where it was, in one queue. So just kind of curious and maybe there's just some, quarter to quarter, tweaks there if there's anything to kind of read into a lower cash tax rate with lower oil prices here.

好的，謝謝。讓我簡單介紹一下這裡的一些數字。因此，與先前的隊列相比，第二季的現金稅收指導略有下降。所以只是有點好奇，也許只是有一些季度性的調整，如果有什麼東西可以解讀為較低的現金稅率與較低的油價有關。

And then on GNA, presumably you guys aren't adding a whole lot of, GNA, as a result of the Endeavor deal, but correct me if I'm wrong, and you're obviously getting significant production, so just trying to get a sense of GNA barrel should come down nicely here.

然後關於 GNA，大概你們並沒有因為 Endeavor 交易而增加很多 GNA，但如果我錯了，請糾正我，而且你們顯然獲得了顯著的產量，所以只是試著了解一下 GNA 的產量應該會很好。

Yeah, listen, sadly taxes are down because oil's down. That's as simple as I can frame it. We look forward to paying more taxes when oil goes back up, but, on the GNA side, usually Q1 is kind of the peak on GNA and it comes down.

是的，聽著，不幸的是，由於油價下跌，稅收也下降了。這就是我能想到的最簡單的情況。我們期待油價回升時繳納更多稅款，但就 GNA 而言，通常第一季是 GNA 的峰值，之後就會下降。

We've got a models coming down, we run a pretty lean organization of Viper, we are adding some people here and there to help with the administrative side of our business, but yeah, I think you could expect GNA to come down per BOE post drop down.

我們有一個模型正在下降，我們經營著一個非常精簡的 Viper 組織，我們正在這裡和那裡增加一些人來幫助我們處理業務的行政方面，但是是的，我認為你可以預期 GNA 會隨著 BOE 職位下降而下降。

Thank you.

謝謝。

Thanks.

謝謝。

(Operator Instructions)

（操作員指示）

Tim Rezvan, KeyBanc Capital Markets Inc.

Tim Rezvan，KeyBanc Capital Markets Inc.

Good morning, folks. I wanted to ask on repurchases. I saw that your bottom ticket things pretty well in the second quarter buying below 38. And I know commodity prices are as big a factor as share prices probably in the decision-making process, but can you give any more color on sort of the timing or the intensity?

大家早安。我想詢問有關回購的問題。我看到您的底票在第二季的 38 以下買入情況相當不錯。我知道商品價格在決策過程中可能和股價一樣是重要因素，但您能否就時機或強度提供更多細節？

I know you with shares of 40, it's back on the table in a big way. So, I'm just curious any more details you can provide on your appetite for more this year. Thank you.

我知道你持有 40% 的股份，它又大規模地回到了談判桌上。所以，我只是好奇您能否提供更多關於您今年的興趣的詳細資訊。謝謝。

Yeah, Tim, I think we, we've always tried to err on the side of caution on repurchases of Viper, tried to lean more towards being a distribution vehicle, which it seems our investors want, but the volatility here allowed us to kick back into the, to the buyback and, I think the benefit for Viper is we still generate a lot of free cash at lower oil prices.

是的，Tim，我認為我們，在回購 Viper 股票時一直試圖謹慎行事，試圖更傾向於成為一種分銷工具，這似乎是我們的投資者想要的，但這裡的波動性讓我們能夠重新回到回購中，我認為 Viper 的好處是我們仍然能夠在較低的油價下產生大量的免費現金。

I think we have a balance sheet where we wouldn't be afraid to go above 75% of free cash distributed in a quarter to lean in to buybacks. Again, I hope that that doesn't happen, but I think we're prepared. I think COVID taught us a lot about our balance sheet, our hedging structure, how we do things, and we're prepared this time around to lean in if there's a continued volatility.

我認為我們的資產負債表顯示，我們不會害怕在一個季度內分配超過 75% 的自由現金用於回購。再次，我希望這種情況不會發生，但我認為我們已經準備好了。我認為 COVID 讓我們學到了很多關於我們的資產負債表、對沖結構、我們如何做事的知識，而這次我們已經做好了準備，如果出現持續的波動，我們將積極應對。

Okay, that's helpful. And then just talking about the balance sheet, do you have a target debt number you want to get to because I know with your hedge profile, you can't control leverage as much, but how do you think about the right debt load, post the dropdown? Thanks.

好的，這很有幫助。然後，僅討論資產負債表，您是否有一個想要達到的目標債務數字，因為我知道您的對沖狀況使您無法控制槓桿率，但是您如何考慮正確的債務負擔，發布下拉式選單？謝謝。

Yeah, I wouldn't, I don't like saying we're under lever because I do think, there will be opportunities to use cash in deals, but. I think a turn of leverage at $50 oil feels pretty pristine for Viper, but we could lean in a little bit should there be opportunities, to buy deals with cash in this, in these commodity prices.

是的，我不會，我不喜歡說我們處於槓桿之下，因為我確實認為，在交易中會有機會使用現金，但是。我認為，油價在 50 美元時槓桿率的轉變對 Viper 來說相當有利，但如果有機會，我們可以稍微傾斜一下，以這種大宗商品價格用現金購買交易。

It tends to be harder to get deals done on the mineral side over upstream when commodity prices are lower, but we're certainly going to keep trying. I think the last thing Tim I'd say on balance sheet, being investment great now opens up a whole different opportunity set for, our access to capital and what we can do, and we have our 27 notes outstanding that are, essentially callable today.

當大宗商品價格較低時，在礦產上游達成交易往往會變得更加困難，但我們肯定會繼續努力。我認為，提姆，我想在資產負債表上說的最後一件事是，現在進行偉大的投資為我們獲取資本和我們可以做的事情開闢了一個完全不同的機會，我們有 27 張未償還的票據，基本上今天就可以贖回。

We've been buying back some of them in the market. We got a small balance on the revolver, and I think at the appropriate time, it's going to make sense for us to do a more longer dated debt transaction at Viper with, without the call protections that you normally get in the high yield market. So, wait and see on that.

我們一直在市場上回購其中一些。我們的循環信貸餘額很小，我認為在適當的時候，我們在 Viper 進行期限更長的債務交易是有意義的，而且沒有通常在高收益市場獲得的贖回保護。因此，請拭目以待。

Okay, thank you.

好的，謝謝。

Thank you, and I would now like to hand the conference back over to Kaes Van't Hof, CEO, for closing remarks.

謝謝，現在我想將會議交還給執行長 Kaes Van't Hof 作閉幕詞。

Thanks everybody for taking the time to listen to our call today. If you have any questions, please reach out. We're always available.

感謝大家今天抽空收聽我們的電話會議。如果您有任何疑問，請與我們聯絡。我們隨時為您服務。

This concludes today's conference call. Thank you for participating and you may now disconnect, everyone, have a great day.

今天的電話會議到此結束。謝謝大家的參與，現在可以斷開連結了，祝大家有個愉快的一天。