Veren Inc (VRN) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen. My name is Ynah, and I will be your operator for Veren's second-quarter 2024 Conference Call. This conference call is being recorded today and will be webcast along with a slide deck, which can be found on Veren's website. All amounts discussed today are in Canadian dollars with the exception of West Texas intermediate pricing, which is quoted in US dollars.

早安，女士們先生們。我叫 Ynah，我將擔任 Veren 2024 年第二季電話會議的接線員。本次電話會議今天進行錄製，並將透過幻燈片進行網路直播，幻燈片可在 Veren 的網站上找到。今天討論的所有金額均以加元計算，但西德克薩斯中間價除外，該中間價以美元報價。

(Operator Instructions) During the call, management may make projections or other forward-looking statements regarding future events or future financial performance. Any such statements are made subject to the forward-looking information and non-GAAP measure sections of the press release issued earlier today. I will now turn the call over to Craig Bryksa, President and Chief Executive Officer at Veren. Please go ahead, Mr. Bryksa.

（操作員說明）在電話會議期間，管理階層可能會對未來事件或未來財務表現做出預測或其他前瞻性陳述。任何此類聲明均須遵守今天早些時候發布的新聞稿中的前瞻性資訊和非公認會計準則衡量標準部分。我現在將把電話轉給 Veren 總裁兼執行長 Craig Bryksa。請繼續，布萊克薩先生。

Thank you, operator. Welcome, everyone, to our Q2 2024 conference call. With me today are Ken Lamont, our Chief Financial Officer; and Ryan Gritzfeldt, our Chief Operating Officer. Throughout the first half of this year, we have focused on operational execution, strengthening and optimizing our balance sheet and consistently returning capital to our shareholders. During the quarter, we again demonstrated our operational success with well results in the Alberta Montney and Kaybob Duvernay ranking among the top in the Western Canadian Sedimentary Basin.

謝謝你，接線生。歡迎大家參加我們的 2024 年第二季電話會議。今天與我在一起的有我們的財務長肯·拉蒙特 (Ken Lamont)；以及我們的營運長 Ryan Gritzfeldt。今年上半年，我們專注於營運執行，加強和優化資產負債表，持續向股東返還資本。本季度，我們再次證明了我們的營運成功，Alberta Montney 和 Kaybob Duvernay 的良好業績在加拿大西部沉積盆地中名列前茅。

We produced 192,500 BOE per day comprised of 65% oil and liquids and continue to successfully optimize drilling and completions across our asset base. We also generated CAD195 million in excess cash flow for the quarter and returned 60% of that back to our shareholders through share repurchases and base dividend. We allocated the remaining 40%, along with the proceeds from our noncore Saskatchewan asset disposition to reduce our net debt. Since the beginning of this year, we have reduced our net debt by almost CAD800 million and remain on track to exit this year with CAD2.8 billion of net debt or one time debt to cash flow.

我們每天生產 192,500 桶油當量，其中 65% 是石油和液體，並繼續成功優化整個資產基礎的鑽井和完井。本季我們也產生了 1.95 億加元的超額現金流，並透過股票回購和基本股利將其中的 60% 返還給股東。我們分配了剩餘的 40% 以及薩斯喀徹溫省非核心資產處置的收益，以減少我們的淨債務。自今年年初以來，我們已將淨債務減少了近 8 億加元，並預計今年以 28 億加元的淨債務或一次性債務現金流比率退出。

Also during the quarter, we received an investment-grade rating of BBB low with a stable trend issued by Morningstar DBRS. Achieving this milestone was a direct result of our strategic transformation over the past few years where we added significant premium drilling inventory, increased our production and cash flow and strengthened our balance sheet. Our investment-grade rating allowed us to access the public debt market and diversify our capital structure. Subsequently, we issued CAD1 billion of senior notes at a favorable rate.

同樣在本季度，我們獲得了晨星 DBRS 發布的 BBB 低投資級評級，趨勢穩定。實現這一里程碑是我們過去幾年策略轉型的直接結果，我們增加了大量優質鑽探庫存，增加了產量和現金流，並加強了資產負債表。我們的投資級評級使我們能夠進入公共債務市場並實現資本結構多元化。隨後，我們以優惠利率發行了10億加幣優先票據。

We directed all proceeds to repay our existing debt, including fully retiring our bank term loan. We are very pleased with our efforts to reduce our net debt and optimizing our balance sheet, which will provide many long-term benefits for our company. In addition to improving our financial outlook in the quarter, we continue to demonstrate our successful operational execution, which remains the company's top strategic priority. In the Montney, we had the top four light oil-producing wells in the Western Canadian sedimentary basin based on recent results.

我們將所有收益用於償還現有債務，包括完全償還我們的銀行定期貸款。我們對減少淨債務和優化資產負債表的努力感到非常高興，這將為我們公司帶來許多長期利益。除了改善本季的財務前景外，我們還繼續展示我們成功的營運執行力，這仍然是公司的首要策略重點。根據最近的結果，在蒙特尼，我們擁有加拿大西部沉積盆地排名前四的輕質油生產井。

We brought on our first fully operated pad onstream in the quarter, utilizing our drilling and completions design on the lands we acquired in late 2023. This pad located in Karr West generated an average peak 30-day rate of 1,300 BOE per day per well and consisted of over 65% oil and liquids. In Gold Creek, we drilled a new pacesetter well in a record 9 days with the pad averaging 11.3 days drilling per well. This is an improvement of three days since entering the play just over a year ago. We are in the process of bringing 11 wells on stream in Gold Creek that were completed in the late second quarter and plan to bring on additional 22 wells on stream in the Alberta Montney during the remainder of 2024.

我們利用我們在 2023 年底收購的土地上的鑽井和完井設計，在本季度投入了第一個全面運營的平台。該油田位於 Karr West，每口井每天 30 天的平均峰值產量為 1,300 BOE，由超過 65% 的石油和液體組成。在 Gold Creek，我們在創紀錄的 9 天內鑽探了一口新的標竿井，每口井平均鑽探時間為 11.3 天。這與剛入戲一年多相比，進步了三天。我們正在 Gold Creek 的 11 口井投產，這些井已於第二季末完工，並計劃在 2024 年剩餘時間內在 Alberta Montney 投產另外 22 口井。

In the Kaybob Duvernay, three of our recent wells ranked among the top five producing wells in the area. We brought 3three pads on stream during the quarter in the volatile oil window of the play. One pad has been on stream for over 30 days and has generated an average peak 30-day rate of 1,300 BOE per day per well consisting of 75% condensate and liquids. We plan to bring an additional 22 wells on stream in the Kaybob Duvernay area throughout the remainder of 2024.

在Kaybob Duvernay，我們最近的三口井躋身該地區前五名生產井之列。我們在本季的揮發性石油窗口中投入了 3 個墊片。一個塔已投入運作 30 多天，每口井的 30 天平均峰值產量為每天 1,300 BOE，由 75% 的凝析油和液體組成。我們計劃在 2024 年剩餘時間內在 Kaybob Duvernay 地區另外投產 22 口井。

We continue to refine our technical expertise in both the Alberta Montney and Kaybob Duvernay and will rely on consistent rig utilization, optimized drilling and completions and knowledge transfer across our assets to further improve results and drive efficiencies. In Saskatchewan, we continue to advance our decline mitigation programs to further enhance our long-term sustainability and excess cash flow generation. These long-cycle properties continue to play a valuable role in our overall excess cash flow profile as they feature minimal sustaining capital requirements driven by low decline rates. Looking ahead, we remain on track to meet both our 2024 production guidance of 191,000 to 199,000 BOE per day and our development capital expenditures guidance of CAD1.4 billion to CAD1.5 billion.

我們將繼續完善我們在 Alberta Montney 和 Kaybob Duvernay 的技術專業知識，並將依靠一致的鑽機利用率、優化的鑽井和完井以及整個資產的知識轉移來進一步改善結果並提高效率。在薩斯喀徹溫省，我們繼續推動減緩衰退計劃，以進一步增強我們的長期可持續性和超額現金流的產生。這些長週期物業繼續在我們整體超額現金流狀況中發揮重要作用，因為它們的特點是由低遞減率驅動的最低維持資本要求。展望未來，我們仍有望實現 2024 年每日 191,000 至 199,000 桶油當量的產量指引以及 14 億至 15 億加元的開發資本支出指引。

We anticipate generating, CAD825 million of excess cash flow at CAD80 per barrel WTI pricing, with 60% of that expected to be realized in the second half of this year. I'm very pleased with our execution year-to-date, the progress we have made across our business and remain excited about our trajectory. I'd like to thank all our employees for their hard work this quarter and our shareholders for their ongoing support. I'll now turn the call back to the operator to begin the Q&A.

我們預計以每桶 80 加元的 WTI 定價產生 8.25 億加元的超額現金流，其中 60% 預計將在今年下半年實現。我對我們今年迄今為止的執行情況以及我們在整個業務中取得的進展感到非常滿意，並對我們的發展軌跡仍然感到興奮。我要感謝所有員工本季的辛勤工作以及股東的持續支持。我現在將把電話轉回接線生以開始問答。

(Operator Instructions) Dennis Fong, CIBC World Markets.

（操作員指令）Dennis Fong，CIBC 全球市場。

Hi, good morning and thanks for taking my questions. The first one that I have here is just around as we look in the back half, it looks like you have about 44 wells to be brought on. Can you talk towards a little bit about the cadence of bringing on that production and how that sets you up for 2025 production model?

你好，早安，感謝您回答我的問題。我這裡的第一個井就在後半部分，看起來大約有 44 口井需要投入。您能否談談該生產的節奏以及這如何為 2025 年的生產模型做好準備？

Dennis, thanks for the questions. It's great to talk to you. So it's Craig here. We've got a fairly consistent capital program, and I'll let Ryan provide some color on timing of how these pads are coming. But when you think of how we've laid out our capital program here for 2024, it's actually a fairly even split between half one and half two. So we've got about 48% of our capital remaining for the remainder of the year, and we are running fairly consistently the three-rig program in the Montney and then the two-rig program in the Duvernay and then following along with a frac spread in each of those areas. So I'll let Ryan maybe give you some color on timing of how we're looking through pads here in the back half.

丹尼斯，謝謝你的提問。很高興與你交談。克雷格來了。我們有一個相當一致的資本計劃，我會讓瑞安提供一些關於這些墊子到來的時間的資訊。但當你想到我們如何在這裡制定 2024 年的資本計劃時，你會發現它實際上是在一半和一半之間平均分配。因此，我們還有大約 48% 的資本可供今年剩餘時間使用，並且我們相當一致地運行 Montney 的三個鑽機項目，然後是 Duvernay 的兩台鑽機項目，然後是壓裂項目傳播到每一個領域。所以我會讓瑞安給你一些關於我們如何在後半部分查看護墊的時間安排的信息。

Yes. So maybe I can speak to results a little bit on that question, too. Obviously, in the Montney, Craig spoke to that Karr West result; really pleased with that, 1,300 BOE a day on our typo. Actually, those were a little bit shorter lateral, so probably beat our type well there a little bit and still hanging in at that 1,300 BOE a day. So it will be interesting to see what our wider spacing, kind of how those results hang in.

是的。所以也許我也可以就這個問題談談結果。顯然，在《蒙特尼》中，克雷格談到了卡爾韋斯特的結果；對此我真的很滿意，因為我們的拼字錯誤，每天 1,300 BOE。事實上，它們的橫向長度有點短，所以可能比我們的類型稍微好一點，並且仍然保持在每天 1,300 BOE 的水平。因此，看看我們更寬的間距以及這些結果如何保持下去將會很有趣。

We're going to be moving to a pad, offsetting that pad that had the top four Montney wells. So we'll be moving to that here shortly. That's a seven-well pad, and that will be coming on early in 2025. In the Duvernay, we announced that another really strong result, just showing how kind of repeatable and consistent that Duvernay has been 1,300 BOE a day. That's our FC 807 pad.

我們將搬到一個平台，抵消擁有蒙特尼前四口井的平台。所以我們很快就會轉到這裡。這是一個七孔板，將於 2025 年初投入使用。在 Duvernay，我們宣布了另一個非常強勁的結果，僅顯示 Duvernay 每天 1,300 BOE 的可重複性和一致性。這就是我們的 FC 807 墊。

We're actually drilling a pad right offsetting that, that will be coming on early in 2025, a couple more exciting pads coming on. We're bringing on that FC 601 pad here in August in the southeast part of our play that had really strong initial pullback results earlier in the quarter. And then over to the West in Simonette, that pad will be coming on later in the year in November. So great results, exciting to see the results here for the rest of the year. In terms of cadence, I mean, we're probably going to be in and around that low 190,000 BOE a day Q3, growing to high 190,000 BOE a day in Q4 and then obviously into 2025 kind of over that 200,000 BOE a day mark. So hopefully, that gives you a little bit of color on that, Dennis.

我們實際上正在鑽一個墊子來抵消這一點，這將在 2025 年初推出，還有幾個更令人興奮的墊子即將推出。我們將在 8 月在我們比賽的東南部引入 FC 601 墊，該墊在本季度早些時候具有非常強勁的初始回調結果。然後到西西蒙內特，該墊將於今年晚些時候（11 月）投入使用。如此出色的結果，令人興奮地看到今年剩餘時間的結果。就節奏而言，我的意思是，我們可能會在第三季度達到每天190,000 桶油當量的低點，並在第四季度增長到每天190,000 桶油當量的高點，然後顯然進入2025 年，每天超過20 萬桶油當量。希望這能讓你對此有所了解，丹尼斯。

Well, thank you, I appreciate that context. You touched on it a little bit just around productivity and definitely what you're seeing both obviously from Karr East and in the volatile oil window in the Kaybob Duvernay. Can you talk towards a little bit around I think back at the Investor Day, you discussed the idea around kind of optimizing well design, completion design, placement of wells while spacing. And as you continue to execute the program, what are some of the things that you're looking for and that we on the sell side and the buy side should be looking for to deem kind of the successful implementation of your revised completion design as well as potentially upwardly revising or revising your type curve expectations going into the future?

嗯，謝謝，我很欣賞這種背景。您談到了有關生產力的問題，以及您在Karr East 和Kaybob Duvernay 的揮發性石油窗口中明顯看到的情況。您能談談我回想在投資者日的時候，您討論了有關優化油井設計、完井設計、井間距佈置的想法嗎？當您繼續執行該計劃時，您正在尋找哪些東西，以及我們賣方和買方應該尋找哪些東西，以確保您修訂後的完井設計的成功實施是否有可能向上修正或修正您對未來的類型曲線預期？

Thanks for that, Dennis. Again, so it is Craig here. So like Brian mentioned, when you think of that Karr West pad, so that's our first pad that came on with the Veren well spacing and completion design as well as our landing profile and how we've been landing the wells. We're excited about that and it looks really good, like Ryan mentioned. So we're in that 1,200, 1,300-ish BOE per day per well in that 65% oil and liquids rates.

謝謝你，丹尼斯。再說一次，這裡是克雷格。就像 Brian 提到的，當你想到 Karr West 平台時，這是我們的第一個平台，它採用了 Veren 井距和完井設計，以及我們的著陸剖面和我們如何著陸油井。我們對此感到很興奮，而且看起來真的很棒，就像 Ryan 提到的那樣。因此，我們每口井每天生產 1,200、1,300 桶油當量，石油和液體利用率為 65%。

So a good strong oil well when you think of it from that -- pad, so we're excited about that. And Ryan alluded to, really, what we're looking for in that is to see how long that profile hangs in at those levels and just the consistency and steadiness of that. And so far, it looks pretty good, so that's got us fairly excited. And then, the other thing, keep in mind, Dennis, like Ryan mentioned, we've got a number of pads coming on here in the back half of this year that are designed.

因此，當你從那個角度想到它時，這是一口堅固的油井，所以我們對此感到興奮。瑞安提到，實際上，我們正​​在尋找的是看看這種形像在這些層面上能持續多久，以及它的一致性和穩定性。到目前為止，它看起來相當不錯，所以這讓我們相當興奮。然後，另一件事，請記住，丹尼斯，就像瑞安提到的那樣，我們在今年下半年推出了許多設計好的護墊。

The other thing about them is they're spread out across the play. So it's not like they're zeroed in and focused in on one area, right? We're doing a very good job, a very disciplined job of delineating the entire asset base so that we have a full understanding of this as we move forward. So you get a pad in each of the areas coming on, and it certainly gives you more of a data point and that really has us excited.

他們的另一件事是他們分散在整部劇中。所以他們並不是專注於某一領域，對吧？我們在描繪整個資產基礎方面做得非常好，非常有紀律，以便我們在前進時對此有充分的了解。因此，您在每個即將出現的區域中都會得到一個墊子，它肯定會為您提供更多的數據點，這確實讓我們感到興奮。

So as these things come online, we will get you more and more of that data, but you'd like to see data for call it, three, six, nine months before you start making material revisions to type wells. You want to see how they hang in at that spacing, that landing and then, again, with that different completion design. But as far as 2013 pad looks really good. And then the other thing, Ryan noted is, keep in mind, six to seven, which is the Gold Creek West pad, which has just been an outstanding pad for us.

因此，隨著這些東西上線，我們將為您提供越來越多的數據，但您希望在開始對類型井進行重大修改之前三、六、九個月看到數據。你想看看它們是如何在那個間距、那個著陸點上堅持下去的，然後，再一次，用不同的完井設計。但就2013年的墊子而言，看起來確實不錯。瑞安指出，另一件事是，請記住，六到七，這是金溪西墊，這對我們來說是一個出色的墊。

It's in and around that 2,000 BOE per day per well plus 85% oil on that pad. It's just a great pad. We are moving the rig in there shortly and going to be drilling a seven-well pad offsetting that. So I guess it's going to take us a bit of time to make some of those revisions, but we need to see how these play out over the long run. And again, we are delineating the entire asset base as we go too so.

每口井每天的產量為 2,000 桶油當量，加上該墊上的 85% 石油。這只是一個很棒的墊子。我們很快就會將鑽機搬到那裡，並準備鑽一個七井平台來抵消這種影響。所以我想我們需要一些時間來進行一些修改，但我們需要看看這些修改從長遠來看效果如何。再次，我們正在描繪整個資產基礎，因為我們也是如此。

No, I appreciate that color as well. If you could maybe kind of one more here. Flipping to the balance sheet, you've already announced, obviously, some noncore asset sales. Can you talk to and then achieving your IG rating, can you talk to a little bit towards your comfort in terms of the pace of deleveraging, obviously, making good headway with respect to free cash flow generation, and there's obviously other checks and balances that you have. But can you just talk towards, I guess, a little bit more about the pace of lowering outstanding leverage and how much comfort do you feel around that?

不，我也很欣賞這種顏色。如果可以的話，也許這裡再多一份。翻到資產負債表，顯然你已經宣布了一些非核心資產的出售。您能否談談，然後實現您的IG 評級？措施你有。但我想，您能否多談談降低未償槓桿率的步伐以及您對此感到多少安慰？

Yes. So if you look at where we started the year, Dennis, we were about CAD3.7 billion of absolute debt ending this quarter right now at in and around CAD3 billion of absolute debt. It ends up being about just about CAD800 million of debt repayment that we've made in the short six months of this year. So we feel really good about that. Part of that was excess cash flow generation. And then the other part of that was the noncore dispositions that we did in Saskatchewan to really strengthen the balance sheet on what we're building.

是的。因此，丹尼斯，如果你看看我們今年年初的情況，我們的絕對債務約為 37 億加元，本季末的絕對債務約為 30 億加元。最終我們在今年短短六個月內償還了約 8 億加元的債務。所以我們對此感覺非常好。其中一部分是過量現金流的產生。另一部分是我們在薩斯喀徹溫省進行的非核心配置，以真正加強我們正在建造的資產負債表。

So from that standpoint, really good. I'd also tell you, we're extremely happy with how the investment-grade rating played out for us. And then what that allowed us to do as we went into the bond market and we're able to issue basically CAD1 billion of notes at very favorable terms when you think of the first tranche of that CAD550 million of five-year notes at sub-5%. And then the second tranche, CAD450 million of 10-year notes at just over 5% in that 5.5% range. So very happy with that. All that being said, like we've talked to you about in the past, Dennis, if you ask, Ken, myself or Ryan where we'd like to be, we'd certainly like to get the absolute debt level down.

所以從這個角度來看，確實很好。我還想告訴你，我們對投資等級對我們的影響非常滿意。然後，當我們進入債券市場時，這讓我們能夠做什麼，當你想到第一批價值5.5 億加元的五年期票據時，我們基本上能夠以非常優惠的條件發行10 億加元的票據。然後是第二批，4.5 億加元的 10 年期票據，利率略高於 5%，在 5.5% 的範圍內。對此非常滿意。話雖這麼說，就像我們過去和你談論過的那樣，丹尼斯，如果你問肯、我自己或瑞安，我們希望達到什麼水平，我們當然希望降低絕對債務水平。

We'd like to be near term like we've talked around CAD2.2 billion of absolute debt if everything stays status quo in call it the commodity price range that we're in today in and around that CAD80-ish will be somewhere around CAD2.8 billion at the end of the year, which is about one point, basically, one times debt to cash flow. So happy with it. And we do have a significant amount of excess cash flow generation here in the back half of this year, like I mentioned, about 60% of our excess cash flow comes in the back half, so things are working that way. The other thing, keep in mind, Dennis, as far as the upstream A&D we were absolutely taking a good long pause as far as the acquisitions like we've talked. On the back end of those dispositions, we're very comfortable with our portfolio.

我們希望近期的絕對債務約為 22 億加元，如果一切保持現狀，即我們今天所處的大宗商品價格範圍，大約為 80 加元左右年底為28 億加元，基本上相當於債務與現金流的一倍。對此感到非常高興。今年下半年我們確實產生了大量的超額現金流，就像我提到的，大約 60% 的超額現金流來自下半年，所以事情就是這樣運作的。丹尼斯，請記住另一件事，就上游 A&D 而言，就我們所說的收購而言，我們絕對停頓了很長時間。在這些配置的後端，我們對我們的投資組合非常滿意。

So don't look for us to do any dispositions on the upstream assets, but we also have talked to you and the market a little bit about potential infrastructure. So that is one of the things that we'll continue to look at and work through, and we'll see how that plays out. If something like that was to happen, that would allow us to further strengthen the balance sheet a little bit more rapidly, I would say. A very long-winded answer, Dennis, of me saying we are very happy with pounding our debt down by just about CAD800 million in six months.

因此，不要指望我們對上游資產進行任何處置，但我們也與您和市場討論了一些潛在的基礎設施。因此，這是我們將繼續研究和解決的問題之一，我們將看看結果如何。我想說，如果發生類似的事情，這將使我們能夠更快地進一步加強資產負債表。丹尼斯，我的回答非常冗長，我說我們很高興在六個月內將債務減少了約 8 億加元。

I can appreciate that and look forward to what you're able to do in the second half here as well.

我對此表示讚賞，並期待您在下半年能夠做的事情。

Thanks, Dennis.

謝謝，丹尼斯。

Thanks, I'll go back.

謝謝，我會回去的。

Travis Wood, National Bank Financial.

特拉維斯伍德，國家銀行金融部門。

Yeah, thanks. I wanted to dig in a bit on Dennis' last question there on infrastructure. And if you're able to kind of goalpost kind of what types of infrastructure you're thinking about in terms of transmission type of infrastructure, processing? And then if there's any kind of wide range goalposts of value you could kind of put around each of those buckets, if I could get incremental color from you on that?

是的，謝謝。我想深入探討丹尼斯關於基礎設施的最後一個問題。如果您能夠確定您正在考慮的基礎架構的傳輸類型、處理類型是什麼類型的基礎架構？然後，如果有任何類型的廣泛的有價值的球門柱，你可以在每個桶周圍放置，我是否可以從你那裡獲得增量顏色？

Travis, thanks for the question. I'll hit some of the maybe the higher points and Ryan can give you some color as he's been looking into this for us. But if you remember, when we did the last money transaction when we closed the deal with Hammerhead late in December, one of the things we liked about the Hammerhead asset base is the infrastructure that they had in place that was built out. Keep in mind that when we did the original transaction, some of the infrastructure in that area from that original transaction is not owned and operated by Veren.

崔維斯，謝謝你的提問。我會提出一些可能更高的觀點，瑞安可以給你一些顏色，因為他一直在為我們研究這個問題。但如果你還記得，當我們在 12 月底完成與 Hammerhead 的交易時進行最後一筆貨幣交易時，我們喜歡 Hammerhead 資產基礎的一件事是他們建造的基礎設施。請記住，當我們進行原始交易時，原始交易中該區域的一些基礎設施並不由 Veren 擁有和營運。

So there is a way for us to put this together and I would say, more harmonize that from a high level where you can put that together with maybe one single owner and potentially harmonize that deal for us. So I'll let Ryan give you some color on that. But Travis, as we work our way through things, know that there's a lot of balls in the air and this sort of thing. And you've got to just very disciplinely make your way through this. So we'll see how it ends up playing out. it's absolutely got to make sense for Veren in the long run, and we'll see how this goes. But Ryan, do you want to --.

因此，我們有一種方法可以將其整合在一起，我想說，從高水平上更加協調，您可以將其與可能的單一所有者整合在一起，並有可能為我們協調該交易。所以我會讓 Ryan 給你一些解釋。但是特拉維斯，當我們努力解決問題時，他知道空中有很多球和類似的事情。你必須非常自律地度過這一切。所以我們會看看它最終會如何發展。從長遠來看，這對維倫來說絕對有意義，我們將看看事情會如何發展。但是瑞安，你想嗎--.

Yes. I think I would just say, Travis, obviously pursuing opportunities. And what I'd say, I think what we'd be looking for in an infrastructure partner, obviously, first and foremost, like Craig said, maintain or obtain operatorship. I think that's key for us. we feel we're good operators. We want to maintain that.

是的。我想我只想說，崔維斯，顯然是在追求機會。我想說的是，我認為我們在基礎設施合作夥伴中尋找的東西，顯然，首先也是最重要的，就像克雷格所說，維持或獲得營運權。我認為這對我們來說很關鍵。我們覺得自己是優秀的經營者。我們想維持這一點。

Obviously, you always look to leverage selling your infrastructure assets to try to reduce your fees or lower your cost structure, especially as we grow volumes, locking up capacity at key processing plants to give us greater certainty on our five-year plan execution is obviously also key and then even potentially a future infrastructure partner for larger capital projects. So I think if we could check all those boxes, that would be pretty strategic for us, that's what we're looking to do.

顯然，您總是希望利用出售基礎設施資產來減少費用或降低成本結構，特別是當我們增加產量時，鎖定關鍵加工廠的產能以使我們的五年計劃執行具有更大的確定性顯然是對於大型資本項目來說也是關鍵，甚至是未來潛在的基礎設施合作夥伴。所以我認為，如果我們能夠勾選所有這些框，這對我們來說將非常具有戰略意義，而這就是我們想要做的。

Okay, fantastic. And just to keep the fire under you a bit. Any time lines on that? Is this like a 2024 negotiation finalization or should we be more patient on something like this? But it sounds like there's a bunch of moving parts as you say.

好吧，太棒了。只是為了讓火在你下面一點。有時間軸嗎？這就像 2024 年的談判敲定嗎？但正如你所說，聽起來好像有很多活動部件。

Yes. I mean, Travis, we're working through that, right? We'll see how the remainder of the year plays out. But certainly, as things get done and inked, that we put that into the market. But right now, it takes a bit of time, especially when you're looking for all the boxes that Ryan just mentioned that need to be checked. So I guess we'll see how it plays out here over the next little bit.

是的。我的意思是，特拉維斯，我們正在解決這個問題，對嗎？我們將看看今年剩餘時間的表現如何。但當然，隨著事情的完成和簽署，我們會將其投入市場。但現在，這需要一些時間，特別是當您正在尋找 Ryan 剛才提到的所有需要​​檢查的框框時。所以我想我們接下來會看到它是如何發揮作用的。

Okay. And then, just one more question related to that, and I'll turn it back. But I think as you mentioned, the Hammerhead facility is kind of in and around 80,000, 90,000 BOE a day of processing. Is that the right way to think of that?

好的。然後，還有一個與此相關的問題，我會轉回來。但我認為正如您所提到的，Hammerhead 工廠每天的加工量約為 80,000、90,000 BOE。這是正確的思考方式嗎？

Yes. The capacity that we picked up was right in and around 80,000 BOE/day.

是的。我們獲得的產能正好在 80,000 BOE/天左右。

Thank you. There are no further questions at this time. Mr. Bryksa, please proceed.

謝謝。目前沒有其他問題。布萊克薩先生，請繼續。

Okay. I'll pass it over to Sarfraz now. I think he's going to moderate a couple of questions here from our webcast portion.

好的。我現在就把它交給薩弗拉茲。我認為他將在我們的網路廣播部分中回答幾個問題。

Yes. Thanks, Craig. Yes, there were a couple of questions online, but I think those got covered with the questions we just had from the analysts right now. So there are no questions online right now. So I'd like to thank everyone for joining our call today.

是的。謝謝，克雷格。是的，網路上有幾個問題，但我認為我們剛剛從分析師那裡得到的問題已經涵蓋了這些問題。所以現在網路上沒有任何問題。因此，我要感謝大家今天加入我們的電話會議。

Thanks, everybody.

謝謝大家。

Thank you. Veren's Investor Relations department can be reached at 1-855-767-6923. Thank you all for participating. You may all disconnect.

謝謝。可撥打 1-855-767-6923 聯繫 Veren 的投資者關係部門。感謝大家的參與。你們都可以斷開連線。