Veren Inc (VRN) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen. My name is Jenny, and I will be your operator for Veren's third-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/homepage. All amounts discussed today are in Canadian dollars, with the exception of West Texas Intermediate or WTI pricing, which is quoted in US dollars. (Operator Instructions)

早安，女士們先生們。我叫 Jenny，我將擔任 Veren 2024 年第三季電話會議的接線生。本次電話會議今天進行錄製，並將與幻燈片一起進行網路直播，幻燈片可在 Veren 的網站/主頁上找到。今天討論的所有金額均以加元計算，但西德克薩斯中質原油或 WTI 定價除外，該價格以美元報價。（操作員說明）

During the call, management may make projections or other forward-looking statements regarding future events or future financial performance. Any such statements were made subject to the forward-looking information under non-GAAP measures sections of the press release issued earlier today.

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。任何此類聲明均以今天稍早發布的新聞稿中非公認會計原則措施部分的前瞻性資訊為準。

I will now turn the call over to Craig Bryksa, President and Chief Executive Officer at Veren. Please go ahead, Mr. Bryksa.

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 Q3 2024 conference call. With me today are Ken Lamont, our Chief Financial Officer; and Ryan Gritzfeldt, our Chief Operating Officer.

謝謝你，接線生。歡迎大家參加我們的 2024 年第三季電話會議。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。

Our third quarter results were highlighted by generating excess cash flow of $114 million, returning $85 million to shareholders through dividends and share repurchases, announcing our strategic infrastructure transaction for proceeds of $400 million, which closed in the fourth quarter and further net debt reduction with total expected repayment of $1.3 billion in 2024. We will continue to prioritize operational execution, optimizing and strengthening our balance sheet and increasing our return of capital to shareholders.

我們第三季業績的亮點是產生了1.14 億美元的超額現金流，透過股息和股票回購向股東返還8,500 萬美元，宣布我們的戰略基礎設施交易收益4 億美元，該交易於第四季度完成，並進一步減少了淨債務預計 2024 年還款 13 億美元。我們將繼續優先考慮營運執行，優化和加強我們的資產負債表，並增加對股東的資本回報。

In the third quarter, we produced 185,000 BOE per day comprised of 65% oil and liquids. Our third quarter production was impacted by third-party facility downtime and our own infrastructure constraints. To address these challenges, we are investing incremental capital to improve and increase our facilities' capacities.

第三季度，我們每天生產 185,000 桶油當量，其中 65% 為石油和液體。我們第三季的生產受到第三方設施停機和我們自己的基礎設施限制的影響。為了應對這些挑戰，我們正在投入增量資本來改善和提高我們設施的能力。

Our teams have gained a better understanding of our Alberta Montney assets, and we are implementing some changes to enhance our execution. We believe implementing these changes will positively address recent well underperformance in some of our Montney wells that have contributed to adjusting our overall outlook for the remainder of 2024, which will also impact 2025.

我們的團隊對艾伯塔蒙尼的資產有了更好的了解，我們正在實施一些變革以增強我們的執行力。我們相信，實施這些變更將積極解決我們 Montney 一些油井近期表現不佳的問題，這有助於調整我們對 2024 年剩餘時間的整體前景，這也將影響 2025 年。

Overall, we remain very excited by the quality and depth of our corporate inventory and believe it is one of our biggest strength to supporting our long-term sustainability and our future value creation. The quality of our Alberta Montney asset is evident when looking at our results. Wells on the first Gold Creek West pad that were drilled, completed and brought on stream earlier this year rank among the top 1% and of all oil and liquids wells in North America over the last three years.

總體而言，我們對公司庫存的品質和深度仍然感到非常興奮，並相信這是我們支持長期永續發展和未來價值創造的最大優勢之一。從我們的業績來看，我們阿爾伯塔蒙尼資產的品質是顯而易見的。今年稍早鑽探、完井並投產的第一個 Gold Creek West 油田的油井在過去三年中躋身北美所有油井和液體井的前 1% 之列。

These wells have already accumulated 440,000 BOE per well in just nine months and are currently producing at a rate of 1,800 BOE per day per well. This pad includes a recently optimized well that is showing higher productivity than its IP30 rate of 2,000 BOE per day.

這些井在短短 9 個月內已累積生產 44 萬桶油當量，目前每井日產量為 1,800 桶油當量。該墊包括一個最近優化的井，其生產率高於每天 2,000 BOE 的 IP30 生產率。

In early 2025, we expect to bring on stream an adjacent seven well pad in the Gold Creek West area and are currently expanding our facilities capacity to accommodate increasing production from future development and well optimization in the area. In total, we have over 300 net internally identified drilling locations in this area alone.

我們預計將於 2025 年初在 Gold Creek West 地區投產相鄰的七個井場，目前正在擴大我們的設施產能，以適應該地區未來開發和油井優化帶來的產量增加。僅在該地區，我們就總共擁有 300 多個內部確定的淨鑽井地點。

Since entering the Alberta Montney, we have focused on identifying efficiencies in the play to further improve our area economics. To that end, we trialed the use of plug-and-perf completions design in our Gold Creek area at the beginning of 2024 instead of single point entry design. We believe this change could generate similar production results at a lower cost.

自從進入艾伯塔省蒙特尼以來，我們一直致力於確定遊戲中的效率，以進一步改善我們的地區經濟。為此，我們在 2024 年初在 Gold Creek 地區嘗試使用即插即用完井設計，而不是單點入口設計。我們相信這項變化可以以更低的成本產生類似的生產結果。

Although the wells completed with plug and perf are economic and lowered our costs, production results have not met our expectations. Our own findings have been confirmed through the additional data review, including adjacent well logs, reservoir diagnostics, and micro-seismic analysis.

儘管塞鑽完井很經濟，降低了我們的成本，但生產結果並沒有達到我們的預期。我們自己的發現已透過額外的數據審查得到證實，包括鄰近測井、儲層診斷和微地震分析。

Results seen in early October meet ups finally conclude that we will continue to use the single point entry design in the Gold Creek area going forward. This update is now reflected in our 2024 guidance, 2025 budget and our five-year plan. We will always seek to maximize efficiencies and returns, and we will continue to fine-tune our drilling and completions design when data warrants it.

十月初見面會的結果最終得出結論，我們將繼續在 Gold Creek 地區使用單點入口設計。此更新現已反映在我們的 2024 年指導、2025 年預算和五年計劃中。我們將始終尋求最大限度地提高效率和回報，並且在數據保證的情況下，我們將繼續微調我們的鑽井和完井設計。

We have achieved substantial efficiency gains in Kaybob since entering the play in 2021, including lowering our average drilling days per 1,000-meter lateral length by approximately 30%. We continue to benefit from knowledge transfer between our plays and have applied the same strategy of optimizing our approach in the Alberta Montney, where we have lowered our drilling days by approximately 20% since entering the play in the first half of 2023.

自 2021 年進入作業區以來，我們在 Kaybob 取得了顯著的效率提升，包括將每 1,000 公尺橫向長度的平均鑽井天數降低了約 30%。我們繼續受益於各作業區之間的知識轉移，並在阿爾伯塔蒙尼地區採用了相同的優化策略，自 2023 年上半年進入該作業區以來，我們已將鑽井天數減少了約 20%。

Based on the production impacts I discussed earlier, we now expect to generate annual average production of 191,000 BOE per day in 2024, weighted 65% to oil and liquids with development capital expenditures of $1.45 billion to $1.5 billion. We also announced our 2025 budget today where we expect to produce 188,000 to 196,000 BOE per day weighted 65% to oil and liquids with development capital expenditures of $1.48 billion to $1.58 billion. Year-over-year, our 2025 production growth based on fourth quarter is still expected to be 10,000 BOE per day, which is in line with our prior plan.

根據我之前討論的生產影響，我們現在預計 2024 年平均日產量為 191,000 桶油當量，其中石油和液體產量佔 65%，開發資本支出為 14.5 億至 15 億美元。今天我們也宣布了 2025 年預算，預計每天生產 188,000 至 196,000 桶油當量，其中石油和液體佔 65%，開發資本支出為 14.8 億至 15.8 億美元。與去年同期相比，我們基於第四季的2025年產量成長仍預期為每天10,000桶油當量，這符合我們先前的計畫。

Our 2025 budget reflects a $70 per barrel WTI price assumption that is backstopped by our diversified hedge book to protect our 2025 cash flow. However, should commodity prices weaken, we will use our discipline and flexibility to lower our capital budget. We expect to generate $575 million to $775 million of full year excess cash flow in 2025 at $70 to $75 per barrel WTI pricing.

我們的 2025 年預算反映了每桶 70 美元的 WTI 價格假設，該假設得到我們多元化對沖帳簿的支持，以保護我們 2025 年的現金流。然而，如果大宗商品價格走弱，我們將利用我們的紀律和靈活性來降低我們的資本預算。我們預計，以每桶 70 至 75 美元的 WTI 定價，2025 年全年將產生 5.75 億至 7.75 億美元的超額現金流。

We've allocated 85% of our 2025 budget to our short-cycle Kaybob Duvernay and Alberta Montney assets that provide top quartile returns, scalability and quick plays. As mentioned, this includes incremental capital in the Alberta Montney to increase facilities capacity. The remainder of our capital budget is allocated to our long-cycle low-decline Saskatchewan assets, which generate our highest operating netback and significant excess cash flow.

我們已將 2025 年預算的 85% 分配給我們的短週期 Kaybob Duvernay 和 Alberta Montney 資產，這些資產提供最高四分之一的回報、可擴展性和快速播放。如前所述，這包括阿爾伯塔蒙尼增加設施容量的資本。我們的資本預算的其餘部分分配給我們的長週期低衰退薩斯喀徹溫省資產，這些資產產生我們最高的營運淨值和大量超額現金流。

Consistent with our capital allocation framework, we have also allocated a small portion of our budget through long-term projects, such as decline mitigation and various environmental initiatives. Under our updated five-year plan, our annual average production grows to 250,000 BOE per day in 2029, driven by our Alberta Montney and Kaybob Duvernay assets.

根據我們的資本分配框架，我們還將一小部分預算分配給長期項目，例如減緩衰退和各種環境措施。根據我們更新的五年計劃，在我們的 Alberta Montney 和 Kaybob Duvernay 資產的推動下，我們的年平均產量到 2029 年將增至每天 250,000 桶油當量。

We expect to generate $4 billion of cumulative after-tax excess cash flow over the life of this plan at $70 per barrel WTI pricing and $3 per Mcf AECO pricing. On a compounded annual basis, our excess cash flow per share growth works out to be over 10%, which is similar to our prior plan.

我們預計，按照每桶 70 美元的 WTI 定價和每桶 Mcf AECO 定價 3 美元，該計劃的有效期內將產生 40 億美元的累計稅後超額現金流。以年度複合計算，我們每股超額現金流成長超過10%，這與我們先前的計畫類似。

We will continue to return 60% of our excess capital back to our shareholders, while retaining the remainder for debt reduction. As our balance sheet strength improves, we will look to increase the percentage of excess cash flow we return. We remain excited about the quality of our assets and our overall potential to generate significant excess cash flow and create future long-term value for our shareholders.

我們將繼續將60%的超額資本返還給股東，同時保留剩餘的用於削減債務。隨著我們的資產負債表實力改善，我們將尋求增加返還的超額現金流的百分比。我們對我們的資產品質以及我們產生大量超額現金流並為股東創造未來長期價值的整體潛力仍然感到興奮。

I'd like to thank everyone for their ongoing support, and I look forward to taking any questions. I'll now turn the call back to the operator to begin the Q&A. Operator, please open the lines.

我要感謝大家一直以來的支持，並期待回答任何問題。我現在將把電話轉回接線生以開始問答。接線員，請開通線路。

(Operator Instructions) Michael Harvey, RBC Capital Markets.

（操作員指令）Michael Harvey，RBC 資本市場。

Yeah, sure. Good morning. Thanks for taking the question. Yes. I guess just a couple for me. Just kind of getting closer to year-end, do you expect to see any of these recent well results having an impact on the reserves you're carrying or McDaniel is carrying for these areas? Or is it kind of too early to make an assertion on that?

是的，當然。早安.感謝您提出問題。是的。我想對我來說只有幾個。接近年底，您是否預計最近的油井結果會對您或麥克丹尼爾在這些地區的儲量產生影響？或者說現在對此做出斷言還為時過早？

And then second one is just timing. When would you expect to see or be able to provide the market with some updated well results with the new completion strategies?

第二個只是時間問題。您期望什麼時候看到或能夠透過新的完井策略向市場提供一些更新的油井結果？

Good morning, Mike. Thanks for the question. So it's Craig here. As far as reserves, we're making our way through that process, I can tell you, we do a mid-year reserve update with the independents as well as the full year-end reserve update. So far, as we go through the process, our reserve book looks really good.

早上好，麥克。謝謝你的提問。克雷格來了。就儲備金而言，我們正在完成這個過程，我可以告訴你，我們與獨立人士進行了年中儲備金更新以及整個年底的儲備金更新。到目前為止，當我們完成這個過程時，我們的儲備簿看起來非常好。

Keep in mind when we entered into the play, we took the approach of wider well density right from the get-go. So we had our wells spaced quite a bit wider than what had been booked in the past. So overall, when you look through the field, the reserve book looks really good and really strong.

請記住，當我們進入該專案時，我們從一開始就採取了擴大井密度的方法。因此，我們的井間距比過去預訂的要寬一些。所以總的來說，當你縱觀整個領域時，儲備書看起來非常好而且非常強大。

Some ups and downs, but overall, I would say it looks good on that standpoint. Mike, and we'll have that finalized here, obviously, for year-end, and we'll get some color on that as that gets done.

雖然有一些起伏，但總的來說，我想說從這個角度來看它看起來不錯。麥克，顯然，我們將在年底確定這一點，完成後我們將對此進行一些說明。

As far as your next question on recent well results, as we were going through the quarter here and starting to see the production and two of these pads, keep in mind, Mike, they just came on here in October between our 10 and 28 pad and our 7 to 17 pad where we had went to the plug and perf design relative to the single point entry design. Those pads had just recently came on, but they did confirm what we had suspected based on a pad that we had on kind of later in the third quarter in our 15 to 16 Phase 3.

至於你關於最近油井結果的下一個問題，當我們在這裡度過這個季度並開始看到生產和其中兩個墊時，請記住，邁克，它們剛剛在10 月份來到這裡，位於我們的10和28 墊之間以及我們的 7 至 17 焊盤，我們採用了相對於單點入口設計的插頭和性能設計。這些墊子最近才出現，但它們確實證實了我們根據我們在第三季晚些時候在 15 至 16 第三階段使用的墊子所懷疑的內容。

So keep in mind, Mike, all these pads sit in a great area of the reservoir, where you've got a number of producing wells, all have been developed in the past using the single point entry design as we were seeing these results play out. We had quickly started to change any further completion designs on any of the pads that we were moving on forward to the single point entry. So the completions and drilling teams were actually -- they did a great job on switching that out in a very rapid time, including some of the wells down in Karr, some of the pads down in Karr South, which we're drilling right now, too.

所以請記住，麥克，所有這些墊子都位於油藏的很大區域，那裡有許多生產井，所有這些墊子都是過去使用單點入口設計和開發的，因為我們看到了這些結果出去。我們很快就開始改變任何焊盤上的任何進一步完井設計，我們正在將其轉向單點入口。因此，完井和鑽井團隊實際上 - 他們在非常快的時間內完成了出色的工作，包括卡爾的一些井，卡爾南的一些井場，我們現在正在鑽探這些井， 也。

So I'd expect to have you some color late December as far as the next two pads that are used in the single point entry. And then as we get into the new year, you're going to start to see more pads coming online throughout the new year with the biggest one being the six to seven Phase 3 offset, that seven-well pad will be coming on sometime in around February.

因此，我希望您能在 12 月下旬為單點輸入中使用的接下來的兩個墊提供一些顏色。然後，當我們進入新的一年時，您將開始看到更多的墊在新的一年中上線，其中最大的一個是六到七個第三階段偏移，七井墊將在某個時候上線二月左右。

But again, we have made that switch to the single-point entry design, which I'm excited about, especially when you think of the Hammerhead acreage or that Karr South acreage where it hasn't been done before and really what this is going to end up doing for us in that area.

但我們再次切換到單點入口設計，我對此感到很興奮，尤其是當你想到以前從未做過的 Hammerhead 面積或 Karr South 面積時，以及這到底是怎麼回事。做的事情。

We've had good results in that area. I think with the new system, ideally to see if it even improves that even more. So it's a long-winded answer, say, in the reserve book looks pretty solid. And then when you look into well results kind of December and then into Q1.

我們在該領域取得了良好的成果。我認為對於新系統來說，最好看看它是否能進一步改進。所以這是一個冗長的答案，比如說，在儲備書中看起來相當可靠。然後，當您查看 12 月的良好結果時，然後是第一季。

Got you. Thanks for that Craig.

明白你了。謝謝你的克雷格。

Yeah, thanks for the question, Mike.

是的，謝謝你的提問，麥克。

Jeremy McCrea, BMO Capital Markets.

Jeremy McCrea，BMO 資本市場。

Sure. Hey, Greg, I got a couple of questions here. Maybe we'll just start with the elephant in the room. Can you comment on your stock price here this morning in just in terms of do you think this is an overreaction? Do you think this is just anything -- what you think on the market's reaction to the guidance here in some of these well results? And then I'll ask the second question after here in a sec.

當然。嘿，格雷格，我有幾個問題。也許我們可以從房間裡的大象開始。您能評論一下今天早上您的股價嗎？您認為這只是任何事情嗎？稍後我會問第二個問題。

Yes. Obviously, Jeremy -- well, first of all, Jeremy, thanks for the questions. I think it's obviously tough for me to comment on the market. Do I think it's an overreaction? I do. I think when you look at where we are on an overall guidance cut for 2025 relative to where we were, you're basically off 10,000 barrels a day or 5%. Of that -- 10,000 BOE a day. So of that 10,000 BOE per day revision that we've made to our guidance, about 6,000 of that is gas and only 2,000 of that is oil with the rest being made up as NGLs.

是的。顯然，傑里米——嗯，首先，傑里米，謝謝你提出的問題。我認為對我來說顯然很難對市場發表評論。我認為這是反應過度嗎？我願意。我認為，當你看看我們 2025 年總體指導削減相對於我們的水平時，你基本上每天減少 10,000 桶，即 5%。其中——每天 10,000 桶油當量。因此，在我們對指導意見進行的每天 10,000 桶油當量的修訂中，大約 6,000 桶油當量是天然氣，只有 2,000 桶油當量是石油，其餘的都是液化天然氣。

So as far as the streams that drive the revenue in this business, it's really driven by oil and that overall impact to our oil production next year is only 2,000 BOE per day out of that small 5% revision to our guidance. So I think that plays into.

因此，就推動該業務收入的來源而言，它實際上是由石油推動的，在我們對指導方針進行5% 的小幅修正之後，明年對我們石油產量的總體影響僅為2,000 桶油當量/天。所以我認為這很重要。

But then the other thing too, Jeremy, I think, like any company that has went through a transformation, you're always going to have questions on your wells and your well performance in the near term until you're demonstrating that. Like we are in Kaybob, where we took that and have really put that into the market where they have all that confidence.

但還有另一件事，傑里米，我認為，就像任何經歷過轉型的公司一樣，你總是會對你的油井和近期的油井表現產生疑問，直到你證明這一點。就像我們在 Kaybob 一樣，我們在那裡將其真正投入市場中，他們對此充滿信心。

And I think maybe the market just got a little bit spooked on a few pads here that have underperformed relative to what we've seen in that area over the past. And keep in mind on that too, Jeremy, the size of the prize on us moving forward with the plug and perf design was fairly significant when you think at an all-in cost now depending on what exactly type of completion in the number of sleeves you're using in these.

我認為，也許市場只是對這裡的一些墊子感到有點驚慌，這些墊子相對於我們過去在該區域看到的表現來說表現不佳。傑里米，請記住這一點，當您考慮現在的總成本取決於套筒數量的具體完成類型時，我們在插頭和性能設計方面取得的進展相當重要你在這些中使用。

They can be -- it could be upwards of $1 million per well we were able to save by going to plug and perf. But ultimately, the performance of the wells hasn't been what we've expected.

透過封堵和射孔，我們可以為每口井節省 100 萬美元以上。但最終，油井的表現並未達到我們的預期。

So I think this will filter through over the next couple of days. I think people are -- or the market will start to see the opportunity in front of them. And I'm excited when we start to look into 2025, knowing that we're so much smarter going into that year than as we entered into 2024 on third parties and the infrastructure around them on our own existing infrastructure on the different mitigation components that we put into that.

所以我認為這將在接下來的幾天內滲透進來。我認為人們或市場將開始看到他們面前的機會。當我們開始展望2025 年時，我很興奮，因為我知道，進入2025 年，我們在第三方及其周圍的基礎設施、我們自己現有的基礎設施、不同緩解組件的基礎設施方面比進入2024 年時要聰明得多。

And then most importantly, on what we've learned as a team as far as landing and completions design in this area and then how we translate that into the Karr acreage as well, too. So that's where I start to get pretty jazzed. Again, fairly long winded on your question, Jeremy,

最重要的是，我們作為一個團隊在該領域的著陸和竣工設計方面所學到的知識，以及我們如何將其轉化為卡爾面積。這就是我開始變得非常興奮的地方。再次，傑里米，你的問題相當冗長，

I think it's just -- it's a bit of confidence here. And I think the market did have some high expectations coming into the year and just with these latest wells here. Can you give like some more specific details on why the single point entry is going to be better than the plug and perf?

我認為這只是——這是一點信心。我認為市場確實對今年有一些很高的期望，尤其是這裡最新的油井。您能否提供一些更具體的細節來說明為什麼單點入口比插頭和性能更好？

I know what probably has things to do with like your pumping rates and that but just -- is it almost 100% completion design? And is there a risk of geology? Or is this really just -- you guys just went to go back to the old completion design?

我知道可能與您的抽速等因素有關，但只是——它是幾乎 100% 完成設計嗎？還有地質風險嗎？或者這真的只是——你們只是想回到舊的完成設計嗎？

Yeah. So if you look at where these pads are and where they sit relative on the map, they are right in Gold Creek, right in the core of that area. And in fact, the wells that we -- the pads that just came online should be better than the offsetting wells based on the geology and how that improves as you're moving a little bit to the south and the west in this area. So that part is where I would say maybe a bit of the disappointment is when you think through with the plug and perf.

是的。因此，如果你看看這些墊子的位置以及它們在地圖上的相對位置，你會發現它們就在 Gold Creek，就在該區域的核心。事實上，根據地質情況以及當您向該地區的南部和西部移動一點時，我們剛剛上線的井應該比偏移井更好。所以這部分就是我想說的，當你仔細考慮插頭和性能時，可能會有點失望。

But as far as the plug and perf relative to the single point entry, the biggest difference is when you are pumping your frac down hole, a single-point entry system only has one entry point into the reservoir. And the biggest difference within this reservoir is the rate at which you enter that reservoir is going to really dictate how far and how you can crack that rock vertically. And on the single point entry system, basically we're over double the rate at the entry point. So it allows us to do a much better stimulation into the reservoir than it did relative to the plug-in perf.

但就塞子和射孔而言，相對於單點入口，最大的區別是當您將壓裂泵送入井下時，單點入口系統只有一個進入儲層的入口點。這個水庫中最大的區別是你進入該水庫的速度將真正決定你可以垂直裂開岩石的距離和方式。在單點進入系統上，基本上我們的進入點速度是兩倍以上。因此，與插件性能相比，它使我們能夠對儲層進行更好的增產。

So one thing I would note, Jeremy, is on the 10 to 28 pad that came on last there in this Gold Creek area, one of the things that we did do as we were learning this and catching up to this, we did change the perf intervals in that stage.

Jeremy，我要注意的一件事是，在 Gold Creek 地區最後出現的 10 到 28 號墊上，這是我們在學習這一點並趕上這一點時所做的事情之一，我們確實改變了該階段的效能間隔。

So instead of going to five clusters, we pulled back into three clusters. So we got more rate per entry point. And that pad is significantly better than the other two. So never mind just how much better that would have been using the single point entry system.

因此，我們沒有進入五個集群，而是退回到三個集群。因此，我們在每個入口點獲得了更高的費率。而且那個墊明顯比其他兩個好。因此，不用介意使用單點輸入系統會好多少。

So it's all that data and all that learnings and you take that -- we've done the reservoir modeling. We've done the diagnostics. We went through and looked at the microseismic, and you can see all this data on there. So yes, you'll see us move fully here to that single point entry system, and then we'll deploy that down into the other areas of the play as well. And that's why we're excited.

所以，這就是所有的資料和所有的學習成果，我們已經完成了儲層建模。我們已經完成了診斷。我們查看並查看了微震，您可以在那裡看到所有這些數據。所以，是的，您會看到我們完全轉向單點輸入系統，然後我們也將其部署到遊戲的其他區域。這就是我們感到興奮的原因。

So the other thing I would note for you, Jeremy, is when you look at the competitors and you move to the south and the west across the play, the majority of the play is developed using plug and perf, right? So it's not that we are stepping out and doing anything any different. In fact, we're trying to drive the cost structure on a proven technology.

因此，傑里米，我要向您指出的另一件事是，當您觀察競爭對手並移動到遊戲的南部和西部時，大部分遊戲都是使用即插即用開發的，對吧？因此，我們並不是要走出去，做任何不同的事情。事實上，我們正​​試圖透過成熟的技術來推動成本結構。

But with our area, the reservoir and that our reservoir is oil, you have a little bit higher viscosity. And all those things come into play on these types of things. So Paul, a learning experience, and we're going to take this and run this and grow going forward.

但是對於我們的地區，儲層以及我們的儲層是石油，你的黏度會稍微高一些。所有這些事情都會在這些類型的事情上發揮作用。保羅，這是一次學習經歷，我們將接受並運行它，並不斷成長。

Just on the old NCS systems versus the new what you're going to trial, like it looks like you're using about 6.5 tubes a minute for pumping. Is that going to increase at all going forward here? Or is there anything different with NCS that you want to use differently than higher wells?

就舊的 NCS 系統與您要試用的新系統而言，您每分鐘使用大約 6.5 個管子進行泵送。未來這個數字還會增加嗎？或者您希望 NCS 與更高井的使用方式有何不同？

Yeah. So you're always experimenting on things. But as far as pump rate going to the full on single point entry systems, Jeremy, you're limited by your coil as you're pumping down coil. That rate is kind of -- it's at those pressures and velocities that you can inject that.

是的。所以你總是在嘗試一些事情。但就單點進入系統上的泵速而言，傑里米，當您向下抽氣時，您會受到線圈的限制。這個速度是這樣的——你可以在這樣的壓力和速度下注入它。

So we'll go with that 6.5 just based on mechanical limitations. But the other thing to know is as we do our reservoir diagnostics, the real tipping point for the rock is in and around 5. So if you're over that 5, you start to get that better effective frac and at 6.5, you're certainly getting there. Well above that, right?

因此，基於機械限制，我們將採用 6.5。但另一件事要知道的是，當我們進行儲層診斷時，岩石的真正臨界點是在 5 左右。因此，如果您超過 5，您就會開始獲得更好的有效壓裂，而在 6.5 時，您肯定會達到目標。遠高於這個，對吧？

Yeah. Okay. That's good for me. Thanks, Craig.

是的。好的。這對我有好處。謝謝，克雷格。

Okay. Thanks, Jeremy.

好的。謝謝，傑里米。

Dennis Fong, CIBC World Markets

Dennis Fong，加拿大帝國商業銀行世界市場

Hi, good morning and thanks for taking my questions. I guess my first one follows along, I guess, a little bit of the prior two. And so obviously, as you kind of been editing your completions design, can you talk towards a little bit more?

你好，早安，感謝您回答我的問題。我猜我的第一個項目是前兩個項目的一部分。很明顯，當你在編輯你的完成設計時，你能多談談嗎？

And I think you alluded it to Harvey's -- or your answer to Harvey's question, is really just around drilling density. Obviously, there's a lot of focus around elevator fracs accessing other areas of the reservoir, given kind of your revised completion design.

我認為你提到了哈維的問題——或者你對哈維問題的回答，實際上只是圍繞著鑽井密度。顯然，鑑於您修改後的完井設計，人們非常關注進入油藏其他區域的升降壓裂。

Can you talk towards how that might have evolved a little bit, how that may impact inventory just again, depending on how you think about the completion design going forward as you rotate back towards single point entry for some of your fields?

您能談談這可能會如何發展嗎？ 這可能會如何再次影響庫存，這取決於您在某些領域轉向單點輸入時對未來完井設計的看法？

Yeah. So thanks Dennis. Yes. So thanks, Dennis. And what I would say to that is, in order for us to get that proper elevator frac, we need to use the single point entry. And that is what has become abundantly clear to us here over the last, call it, couple of months. So that design is what is necessary for us to capture that entire portion of the reservoir. So keep that in mind.

是的。謝謝丹尼斯。是的。謝謝，丹尼斯。我想說的是，為了讓我們獲得正確的電梯壓裂，我們需要使用單點入口。這就是我們在過去幾個月變得非常清楚的事情。因此，這種設計對於我們捕獲整個水庫部分是必要的。所以請記住這一點。

But as far as well densing and well spacing, we're fairly conservative on that already, like if you remember, when you think through Gold Creek and Gold Creek West, we spaced our wells in the 5 to 7 is the tightest we would go on a per DSU basis mostly in that 5 range. But certainly, there are some areas where we're a little bit tighter at 7, which again, when you look at industry over the long term, this is, I would say, is a fairly conservative well density.

但就緻密性和井距而言，我們已經相當保守了，如果您還記得的話，當您考慮Gold Creek 和Gold Creek West 時，我們將井間距設置為5 到7 是我們會採用的最緊湊的距離以每個 DSU 為基礎，主要在 5 個範圍內。但當然，在某些領域我們的井密度有點嚴格，為 7，當你從長遠來看行業時，我想說，這是一個相當保守的井密度。

And then when you move down south into the Karr and Karr South areas, our well spacing there is generally 8 on a per DSU basis, and that's between the two benches. But again, that's a significant widening of spacing when you think of what Hammerhead and the prior operator had been doing in the past.

然後，當你向南移動到卡爾和卡爾南地區時，我們的井間距通常是每個 DSU 8 個，這是在兩個長凳之間。但同樣，當你想到 Hammerhead 和前任操作員過去所做的事情時，這又是一個顯著的差距。

Their well density was in that 10 to 11 wells. And we certainly believe that is too tight. I think you can see that on inter-well interference. You can see that on decline rates of those wells.

他們的井密度是10到11口井。我們當然認為這太緊了。我想你可以在井間幹擾上看到這一點。您可以從這些井的遞減率上看到這一點。

So we've taken a little bit more of a conservative approach. And now the next step for us is a single point entry has never been tried down there. Actually, there's -- I shouldn't say that, there's one pad in the far end of the south field that is single point entry. And in fact, Dennis, if you look at that pad, it's one of the best pads in that area.

所以我們採取了更保守的方法。現在我們的下一步是單點進入，此前從未在那裡嘗試過。事實上，我不應該這麼說，在南場的遠端有一個單點入口的墊子。事實上，丹尼斯，如果你看看那個墊子，它是該地區最好的墊子之一。

So this is where look for us to take that technology and apply it across that part of the field as well, too. And that's what's got us excited as we go.

因此，這就是我們尋求採用該技術並將其應用於該領域的領域的地方。這就是讓我們興奮不已的原因。

No, appreciate that. That incremental. Sorry, go ahead.

不，很欣賞這一點。那個增量。抱歉，請繼續。

Well, I was going to say it's really this production performance that we've seen out of this latest couple of pads, called 11 wells with them not coming on a type well that has played into Q4 into our Q4 numbers. And that really is what flows through into 2025, and that's where you see that setback on the production. But again, the bulk of that volume is the gas volumes, right, not the oil volumes. We're only off, call it, that 2,000 on oil.

好吧，我想說的是，我們從這對最新的幾個墊（稱為11 口井）中看到的確實是這種生產性能，它們不是在我們第四季度數據中發揮作用的類型井上。這確實是 2025 年的情況，也是你在製作上看到挫折的地方。但同樣，該體積的大部分是天然氣體積，而不是石油體積。我們只用了 2,000 美元的石油費。

No, I appreciate the incremental color on -- and the details around kind of the next steps on the development side. Switching gears a little bit. You also mentioned it in your prepared remarks, you talked a little bit around optimizing facilities. Can you discuss maybe a little bit more in depth as to what that entails?

不，我很欣賞增量顏色——以及開發方面後續步驟的細節。稍微切換一下齒輪。您在準備好的發言中也提到了這一點，您談到了一些關於優化設施的問題。您能否更深入地討論一下這意味著什麼？

Is it compression? Is it incremental capacity at your batteries? Is it pipelines? Is it the combination of all three, I guess? Just a little bit more color on that side would be great.

是壓縮嗎？是電池的增量容量嗎？是管道嗎？我猜這是三者的結合嗎？在那一邊多一點顏色就很好了。

Yes. And so the one thing you'll note in the 2025 budget is we bumped up our Montney facilities capital spend by about $70 million year over year from '24 into 2025. And that's the big component of that change in the capital guidance is that.

是的。因此，您在 2025 年預算中會注意到的一件事是，從 2024 年到 2025 年，我們將蒙尼設施資本支出比去年同期增加了約 7,000 萬美元。這就是資本指導變化的重要組成部分。

And Dennis, as we got into these areas and you're working through things we started to realize that as you're bringing fluid volumes in that the capacity of some of these batteries is not at nameplate capacity. So we've been doing a significant amount of work in 2024.

丹尼斯，當我們進入這些領域並且您正在解決問題時，我們開始意識到，當您引入液體量時，其中一些電池的容量並不符合銘牌容量。因此，我們在 2024 年做了大量工作。

We actually reallocated $30 million out of production and drilling spends in Saskatchewan into facilities in the Alberta Montney this year to get after that as soon as we could. And then we're applying more capital into it in 2025. And I think by the end of next year, you'll see us being more of, call it, a more steady-state facility spend going forward as we get these issues addressed.

實際上，我們今年將薩斯喀徹溫省的生產和鑽探支出中的 3000 萬美元重新分配給艾伯塔省蒙特尼的設施，以便盡快實現這一目標。然後我們將在 2025 年投入更多資金。我認為到明年年底，當我們解決這些問題時，你會看到我們的設施支出更加穩定。

But Dennis, it's what you mentioned. It's a combination of everything. It's some line looping to make sure that we have flexibility to move beyond or between the batteries. It's adding incremental tankage, free water knockout. It's certainly some incremental gas lift compression and making sure all that is in place and on site. So it's kind of, for lack of better terms, a mixed bag of everything that you'd see in facilities that we have identified and are now addressing across the field top to bottom.

但是丹尼斯，這就是你提到的。這是一切的結合。這是一些線路循環，以確保我們能夠靈活地在電池之外或之間移動。它增加了增量水箱，免費水淘汰。這當然是一些增量氣舉壓縮，並確保所有這些都就位並在現場。因此，由於缺乏更好的術語，它是一種混合體，包含了您在我們已經確定的設施中看到的所有內容，並且現在正在從上到下地解決整個領域的問題。

The other thing to note, Dennis, like with 6 to 7 -- so I'm talking Gold Creek Quest now, if you think of that 6 to 7 pad, which has just been an incredible pad, and we're following up that pad-up now with Phase 3. And we're just super excited about what Gold Creek West means and what the materiality it is for this company, we have accelerated that battery turnaround and expansion that was supposed to happen in February of next year '25. We've accelerated that into 2024. And so that as those phases -- the next phases of those pads come on, we're all ready for that.

另一件需要注意的事情，丹尼斯，就像 6 到 7 一樣 - 所以我現在正在談論 Gold Creek Quest，如果你想到那個 6 到 7 墊，它只是一個令人難以置信的墊，我們正在跟進它現在進入第三階段。我們對 Gold Creek West 的意義以及它對這家公司的重要性感到非常興奮，我們已經加快了原定於明年 25 年 2 月進行的電池週轉和擴張。我們已將這項進程加快到 2024 年。因此，隨著這些階段——這些墊子的下一階段的到來，我們已經準備好了。

So that has been going on here in the background, too. And actually, that shutdown is on right now. So it's a little bit of everything there, Dennis, as far as that. I don't know if that helps you or not

所以這也一直在後台發生。事實上，關閉現在已經開始。丹尼斯，就目前而言，這就是一切的一點點。我不知道這是否對你有幫助

No, I appreciate that context. I was just wondering if there were kind of a couple, we'll call it, key areas that needed to be kind of improved upon or optimized, but it sounds like it's a little bit of everything. So no, I appreciate that color as well there, Craig.

不，我很欣賞這種背景。我只是想知道是否有一些（我們稱之為）需要改進或優化的關鍵領域，但聽起來似乎一切都有點。所以不，我也很欣賞那種顏色，克雷格。

So, Dennis, one thing I would say is Gold Creek is where we're spending a lot of that, which is where some of these newer pads come into 2. And then we do have -- we are working on a new Gold Creek battery that would be online in 2026 too, in the background.

所以，丹尼斯，我要說的一件事是 Gold Creek 是我們投入大量資金的地方，其中一些較新的墊子就是在這裡進入 2 的。然後我們確實在後台開發一種新的 Gold Creek 電池，該電池也將於 2026 年上線。

Perfect. Thank you.

完美的。謝謝。

Luke Davis, Raymond James.

盧克戴維斯、雷蒙詹姆斯。

Hey, good morning, guys. Just had a couple of questions related to the the guidance that you put out this morning. So on 2025, I'm just wondering within that base budget that you've outlined, if you can just speak a little bit to some of the contingency that you put in there both for planned and unplanned downtime? Just trying to get a sense for how conservative you guys you're looking at this.

嘿，早上好，夥計們。只是有幾個與您今天早上發布的指導相關的問題。因此，在 2025 年，我只是想知道在您概述的基本預算中，您是否可以談談您為計劃內和計劃外停機而投入的一些意外情況？只是想了解你們對此的看法有多保守。

Yeah. Luke, it's Craig. That's a -- it's a good question. I would say after experiencing what we experienced in Q3 of this year and just unplanned downtime, some planned downtime as well as some of the facility constraints that we've seen. And then as well, you get smarter on how some of these facilities run through different weather conditions.

是的。盧克，我是克雷格。這是一個很好的問題。我想說的是，在經歷了今年第三季的經歷之後，包括計劃外停機、一些計劃內停機以及我們所看到的一些設施限制。此外，您還可以更清楚地了解其中一些設施如何在不同的天氣條件下運作。

We have built in some incremental downtime into the budget for 2025. So we have layered in an incremental couple of thousand barrels a day beyond what we had already just to ensure that as we make our way through the year, that some of these unexpected things can be absorbed within our overall numbers.

我們已將一些增量停機時間納入 2025 年的預算。因此，我們每天增加了數千桶石油，只是為了確保在今年的過程中，一些意想不到的事情可以納入我們的總體數字中。

So we had a layer in there on an annualized basis, and obviously, you forecast that monthly. But we've layered on, call it, an incremental couple of thousand a day on an annualized basis, again, forecasted monthly, and then that will show through the quarter. So we have -- I would say we have a very -- a much more robust number on that in '25 than we had in '24. Does that help you?

因此，我們在年化基礎上有一個層，顯然，您每月進行預測。但我們已經按年化計算每天增加數千個，再次按月預測，然後這將在整個季度顯示出來。所以我們——我想說我們在 25 年的數據比 24 年的數據強勁得多。這對你有幫助嗎？

Yeah. No, that is helpful. And then I guess just a follow-up to that related to the budget. I'm just wondering if you can outline what a potential program would look like in sort of a $65 to $70 world? I know spots below the budget that you put out this morning, '25 is backward dated so even lower than that.

是的。不，這很有幫助。然後我想這只是與預算相關的後續行動。我只是想知道您能否概述一下在 65 至 70 美元的世界中潛在的計劃會是什麼樣子？我知道有些地方低於你今天早上提出的預算，25 年已經過時了，所以甚至比這個還要低。

So from what I'm sitting now, it looks like it presents a little bit more downside risk in terms of when you firm that up in December. So just trying to understand sort of what the bookends might look like.

因此，從我現在的情況來看，當你在 12 月確定這一點時，它看起來會帶來更多的下行風險。所以只是想了解書擋的樣子。

Yeah. So what I can assure you of, Luke, is that we are not adding capital. Oil can rip to $150, and we will not be adding capital. So know that.

是的。盧克，我可以向你保證的是，我們不會增加資本。石油可能會漲到 150 美元，而我們不會增加資本。所以知道這一點。

And I think with the way the program is set right now, it was a good apples-to-apples comparison of what the market had saw from us previously. So it gives you a good data point as far as a benchmark. I think of commodities slide into that $60-ish range for a while. We would look to be disciplined on that, and we'd look to pull back on that. And at that point in time, we'd likely look at cutting, I don't know, I would say somewhere in the neighborhood of $250 million to $300-ish million out of that.

我認為，按照目前計劃的製定方式，這是對市場之前從我們那裡看到的情況的一個很好的同類比較。因此，它為您提供了一個很好的數據點作為基準。我認為大宗商品會暫時滑入 60 美元左右的區間。我們希望在這方面遵守紀律，並且我們希望收回這一點。到那時，我們可能會考慮削減，我不知道，我會說其中大約 2.5 億到 3 億美元左右。

That would probably pair your overall production down in the range of at 3,000 to 5,000-ish BOE per day on the annualized basis, and that would be basically looking at peeling out one of the Montney rigs and then cut in some of the other operations as well as how we've been thinking through that, just to give you a bit of a flavor.

按年計算，這可能會使您的總產量下降到每天 3,000 至 5,000 桶油當量，這基本上就是考慮剝離 Montney 鑽井平台的一個，然後削減其他一些作業，如以及我們如何思考這個問題，只是為了讓您了解一下。

So if commodities slide, we are going to be disciplined. We are absolutely not toned up to the market and how things have been playing out there. All that being said, we do like the plan, especially for the learnings from '24 to '25 and then what that means into our five-year plan as you look to go forward on that. But absolutely, the commodity slide, we will react, and we will react in the right fashion.

因此，如果商品價格下滑，我們將受到紀律處分。我們絕對沒有適應市場以及市場的發展。話雖這麼說，我們確實喜歡這個計劃，特別是從 24 世紀到 25 世紀的經驗教訓，以及當您希望繼續推進這一計劃時，這對我們的五年計劃意味著什麼。但絕對的是，商品下滑，我們會做出反應，而且我們會以正確的方式做出反應。

Got it. That's helpful. I guess just a final one for me. Related to the infrastructure looks like you got about an incremental $75 million or so into 2025, how does that cascade into future years? And how should we expect the infrastructure spend to sort of shape up, say, over the next three to five?

知道了。這很有幫助。我想這對我來說只是最後一件事。與基礎設施相關，到 2025 年，您將獲得約 7,500 萬美元的增量資金，這些資金將如何延續到未來幾年？我們該如何預期基礎建設支出在未來三到五年內會如何改變？

Yeah. So when you look at our five-year plan and the detail in there, this year is the biggest spend on that front. And then when you start to look into '26 and '27, it pulls back by roughly the amount we added this year into those next two years. And then beyond that, it starts to get even a little bit lower.

是的。因此，當您查看我們的五年計劃及其詳細資訊時，您會發現今年是這方面的最大支出。然後，當您開始研究「26」和「27」時，它會減少大約與我們今年在接下來的兩年中添加的金額相同的金額。除此之外，它開始變得更低一點。

So this year, we're about 15% of our budget. And in the back part of the 5-year plan, we start to get in that kind of 8% to 10%-ish of the total budget as we start to have some of these issues behind us. But this 2025 is the biggest year as far as the facility spend from that standpoint.

今年，我們的預算約為 15%。在 5 年計畫的後期，我們開始投入總預算的 8% 到 10% 左右，因為我們開始解決其中一些問題。但從這個角度來看，2025 年是設施支出最大的一年。

Great. Appreciate that. Thanks, Craig.

偉大的。很欣賞這一點。謝謝，克雷格。

Thanks for the questions.

感謝您的提問。

Michael Spiker, HTM.

邁克爾·斯派克，HTM。

Morning, guys.

早安，夥計們。

Good morning, Michael.

早上好，麥可。

I would love to say -- how isit going? It must be a tough morning at Veren, but we move forward. So I guess my questions this morning come mostly from the plug and perf completions like everybody else has been touching on. But I'll start with the reprieve for you guys at Kaybob.

我很想說──進展如何？在維倫，這一定是一個艱難的早晨，但我們繼續前進。所以我想今天早上我的問題主要來自於插件和效能的完成，就像其他人已經談到的那樣。但我首先要為 Kaybob 的你們提供緩刑。

Have you guys seen any wins from the tighter spacing on the 2 to 35 pad? And going forward, kind of any learnings on inventory and completions there in the Kaybob oil window? So I know that's one of your stronger assets, so I'll start with that.

你們有看過 2 到 35 號墊上更緊密的間距帶來的勝利嗎？展望未來，Kaybob 石油窗口是否有關於庫存和完工情況的任何資訊？所以我知道這是你更強大的資產之一，所以我將從它開始。

Yeah. So Michael, thanks for the questions. And obviously, we love Kaybob, and we love the consistency and the repeatability of Kaybob. And you've seen us slowly over time, creep in our well spacing on what we've been doing in the area.

是的。邁克爾，謝謝你的提問。顯然，我們喜歡 Kaybob，我們喜歡 Kaybob 的一致性和可重複性。隨著時間的推移，您已經看到我們在該地區所做的事情上慢慢縮小我們的井距。

Now typically, through the oil window, we run in that out 400-ish meter spacing. We crept in from the 600 meters and in some of the areas you're going to see us tightening a little bit more. As far as the individual pads and how they play out in the areas, we'll see how the long-term performance looks and what that does before we start to shift inventory on any of those fronts. But so far, things as far as well density and well spacing looks pretty good.

現在，通常情況下，我們會透過油窗進入 400 公尺左右的間距。我們從 600 公尺慢慢進入，在某些區域你會看到我們更加緊張。至於各個墊及其在這些領域的發揮如何，在我們開始轉移這些方面的庫存之前，我們將看看長期表現如何以及其作用。但到目前為止，密度和井間距看起來都不錯。

I would also say though, Michael, as you -- as we move through 2025, and we start pushing into the more condensate rich fairway as opposed to the volatile oil window where you get a little bit higher pressure, we might even creep in a little bit tighter there as well too as opposed to, call it, 400-meter spacing, somewhere in that 320-meter spacing. But we'll see how the long-term performance is on those before we start to layer in the incremental inventory.

不過，我還要說，邁克爾，就像你一樣，當我們進入2025 年時，我們開始進入更富含凝析油的航道，而不是揮發性石油窗口，在該窗口中你會得到更高一點的壓力，我們甚至可能會悄悄進入那裡也有點緊，而不是所謂的 400 公尺間距，在 320 公尺間距的某個地方。但在我們開始增加庫存之前，我們會看看這些產品的長期表現如何。

Awesome. Thank you. So just to confirm, the plug and perf has kind of seen soft results, and that's mostly due to lesser frac high growth. So you're not stimulating the peak columns as much as you kind of would expect. And then at six to seven East, and the new 8 to 31, you guys are kind of thinking single-point of entry NCS on those?

驚人的。謝謝。因此，為了確認，塞子和射孔器已經看到了軟結果，這主要是由於壓裂高增長較少。所以你並沒有像你期望的那樣刺激峰值列。然後是東部 6 點到 7 點，以及新的 8 點到 31 點，你們是否在考慮單點進入 NCS？

And what would be the kind of the boundary to the south where you think about adding back plug and perf? Is that kind of Alamo's Township 66 kind of area? Or how do you think about the windows of the asset where you'd start to bring back some of that plug and perf completion?

您考慮添加後插和性能的南邊邊界是什麼樣的？那是阿拉莫鎮66那種地區嗎？或者您如何看待開始恢復部分插件和效能完成的資產視窗？

So you're 100% right as far as the rate and the high growth, and you're not -- on these last plug and perfs in the Gold Creek area, we didn't get that call. We didn't get all the way to the top, and the results have shown that.

因此，就成長率和高成長率而言，你是 100% 正確的，但事實並非如此——在 Gold Creek 地區最後的插頭和性能方面，我們沒有接到這個電話。我們並沒有一路登頂，結果已經證明了這一點。

So you're right on that. And it is driven by the rate and the entry points into the reservoir. As far as 6 to 7 Phase 3 we made the call to switch all of those to the single point entry system as we are drilling those. All that being said, Michael, keep in mind, one of them already had its liner run in, so it will be plug and perf.

所以你是對的。它是由速率和進入儲層的入口點驅動的。就第 3 階段的 6 到 7 而言，我們在鑽探這些系統時呼籲將所有這些系統切換到單點輸入系統。話雖這麼說，邁克爾，請記住，其中一個已經有襯裡運行，所以它將是即插即用的。

And if you remember, we did the original Phase 2 pad there. Two of them were plug and perf, and two of them were single point entry and the results are good from that pad. They're actually phenomenal. But we do believe now knowing what we know, we believe that the plug and perf systems in the two wells was aided by the single point entry systems in the offsetting wells. So we believe there is some frac carryover into those wells that help them. So we have made those changes.

如果你還記得的話，我們在那裡做了最初的第二階段墊。其中兩個是插頭和性能，其中兩個是單點入口，並且該墊的結果很好。他們實際上是非凡的。但我們確實相信，現在知道我們所知道的，我們相信兩口井中的堵塞和射孔系統得到了補償井中的單點進入系統的幫助。因此，我們相信這些油井中存在一些壓裂殘留，這對他們有幫助。所以我們做出了這些改變。

But as far as moving down south, I think we want to understand what the upside is to all this single point entry systems in cars as we move from Township 66 down. And ultimately, if the wells are just the production -- the production results dictated, then we would look to stay with a single point entry system in those if things look great.

但就向南移動而言，我認為我們想了解當我們從 66 鎮向下移動時，汽車中所有單點進入系統的優勢是什麼。最終，如果油井只是生產——生產結果所決定的，那麼如果情況看起來不錯的話，我們將尋求在這些井中繼續使用單點進入系統。

So we'll see how that ends up playing out. But keep in mind, we've had some good results in Karr in that area. That has been under the plug and perf system. So let's now see what single point we'll do in there. And that's where we -- like I mentioned a couple of minutes ago, that's where a person starts to get excited.

所以我們將看看最終結果如何。但請記住，我們在卡爾在該領域取得了一些不錯的成績。那一直在插件和性能係統下。現在讓我們看看我們將在那裡做什麼單點。這就是我們——就像我幾分鐘前提到的那樣，這就是一個人開始變得興奮的地方。

And then do know that, Michael, if you look in 64-2, so Township 64 range 2, there's a five-well pad in there. that was originally completed by the Spartan Delta team actually using single point entry, and it is an absolute outstanding path. So you can use that one for a reference point when you're digging into the details a little bit.

然後你要知道，邁克爾，如果你看看 64-2，也就是 Township 64 range 2，那裡有一個五口井。最初是由斯巴達三角洲團隊實際使用單點進入完成的，這是一條絕對出色的路徑。因此，當您深入研究細節時，可以使用該參考點。

Yeah. So just one last one for me. I think that's a 6 to 10 pack. And so I think you guys had said earlier that Karr West in 64-3 is behaving like Karr East. When you guys go into single point entry in 64-3, how do you expect those well results to change? Is that a lower IP and a lower decline?

是的。所以對我來說只是最後一件事。我認為這是 6 到 10 包。所以我想你們之前說過 64-3 中的卡爾韋斯特的表現就像卡爾伊斯特。當你們以 64-3 進入單點進入時，你們預計這些好結果會如何改變？那是IP更低，跌幅更低嗎？

I think we might have lost you there a minute. Michael, but yes, we can. But I think your question was on how do we expect the well performance on the single point entries in Karr when 64-2 has that, is that behaving or 64-3 behaving like 64-2.

我想我們可能已經失​​去你了。邁克爾，但是是的，我們可以。但我認為你的問題是，當 64-2 出現這種情況時，我們如何期望卡爾單點條目的良好表現，是表現得像 64-2 還是 64-3 表現得像 64-2。

So I can tell you that the typos in there are now built off what we see on the offsetting production. Anything that benefits us through single point entry would be upside to that. But what we are seeing is less gas in that area and more liquids. Like the liquids rates have been strong, but they're not a very sharp decline. A little bit more steady on that oil front. So I guess we'll see how these ones play out. I hate to speculate on that, Michael.

所以我可以告訴你，那裡的拼寫錯誤現在是根據我們在抵消生產中看到的內容構建的。任何透過單點進入對我們有利的事情都會有好處。但我們看到該區域的氣體減少了，液體增加了。就像液體價格一直很強勁一樣，但下降幅度並不是很大。石油方面稍微穩定一些。所以我想我們會看看這些結果如何。我討厭猜測這一點，邁克爾。

Sure. All right, I appreciate it. I'll turn it back. Thanks, guys. Happy Halloween.

當然。好吧，我很感激。我會把它轉回來。謝謝，夥計們。萬聖節快樂。

Yeah. Thank you.

是的。謝謝。

Amir Arif, ATB Capital.

阿米爾·阿里夫，ATB 資本。

Thanks. Good morning, guys. I just wanted to get a little bit of a clarification on a couple of previous questions here. So in Karr South, again you've been historically doing plug and perf. You're going to test these sliding sleeve. Are you also going to be doing that at Karr North because I think you've got some Karr North wells in Q1?

謝謝。早安，夥計們。我只是想對之前​​的幾個問題進行一些澄清。因此，在卡爾南，您歷史上一直在進行即插即用的工作。您將測試這些滑動套筒。你們是否也會在卡爾北（Karr North）這樣做，因為我認為你們在第一季有一些卡爾北（Karr North）井？

We're doing it across the play, Amir, and thanks for the question. But yeah, we're going to move it across the play based on what we've been seeing.

我們正在整部劇中這樣做，阿米爾，謝謝你的提問。但是，是的，我們將根據我們所看到的情況將其轉移到整個遊戲中。

Sounds good. And then on the '25 guidance CapEx relative to WTI move, I think we're talking about a $250 million to $300 million potentially lower capital spend. Is that -- so was that closer to $60 WTI? Or just in the (multiple speakers)

聽起來不錯。然後，關於 25 年相對於 WTI 變動的資本支出指導，我認為我們正在討論可能減少 2.5 億至 3 億美元的資本支出。那麼，WTI 價格是否接近 60 美元？或者只是在（多個發言者）

I don't think we're married to a price point at that, Amir. It's more how is the market and how the market moving and how do you see things playing out? And obviously, we've got some data points coming out here this year that follow into next year with OPEC, the election, what all these things mean to our commodity.

阿米爾，我不認為我們會在這個價位上結婚。更重要的是市場狀況如何、市場如何變化以及您如何看待事情的發展？顯然，我們今年將發布一些數據點，這些數據點將持續到明年，包括歐佩克、選舉以及所有這些事情對我們的大宗商品意味著什麼。

And then we'll look to react to that, but that reaction will be to remove capital. It certainly would not be, like I said, the saying before, it's not adding any incremental capital in those numbers like I mentioned.

然後我們會對此做出反應，但這種反應將是撤資。正如我所說，這當然不會是之前所說的那樣，它不會像我提到的那樣在這些數字中添加任何增量資本。

Got it. That makes sense. And so the focus remains on generating free cash above delivering on the production growth that you look out for '25. Is that a fair -- when you think about it then?

知道了。這是有道理的。因此，重點仍然是創造自由現金，而不是實現您所期望的 25 年產量成長。當你想到這一點時，這公平嗎？

That's 100% fair. And then the idea is to continue to strengthen the balance sheet with that share that we keep for ourselves that the remaining 60% goes back to the shareholders and in the base dividend and then the top up, obviously tool of choice, especially on days like today is share repurchases.

這是100%公平的。然後我們的想法是繼續加強資產負債表，用我們自己保留的份額，剩餘的 60% 返還給股東和基本股息，然後是補充，顯然是首選工具，尤其是在像這樣的日子今天是股票回購。

Makes sense. And then just one final question on the five-year plan, what WTI pricing assumption have you made in that five-year plan? And is that like a two rig program at Duvernay and one rig at Montney?

有道理。關於五年計畫的最後一個問題是，您在該五年計畫中對 WTI 定價假設是什麼？這是否就像杜韋爾內的兩台鑽孔機和蒙特尼的一台鑽孔機計畫一樣？

No. So the five-year plan has us growing over that time period. So instead of the real difference between us in the old five-year plan relative to the new five-year plan is that we basically lost a year here with what we learned.

不。因此，五年計劃讓我們在這段時間內不斷成長。因此，我們在舊五年計劃中相對於新五年計劃的真正區別並不是我們在這裡基本上損失了一年的知識。

So now instead of 250,000 BOE per day in 2028, we get there in 2029. And keep in mind that incorporates everything that I've been talking about here today as far as type wells and understanding the types in areas. So all that is baked in.

因此，我們將在 2029 年實現這一目標，而不是 2028 年每天 25 萬桶油當量。請記住，這包含了我今天在這裡討論的所有內容，包括井類型和區域類型的理解。所以所有的東西都被烘烤了。

So we get there in 2029. And then at a $70 price deck and call it $3-ish -- well, $3 AECO, that generates just under $4 billion of excess cash flow -- after tax excess cash flow at that level. And that's at $70.

所以我們會在 2029 年實現這個目標。然後在 70 美元的價格平台上，稱之為大約 3 美元——好吧，3 美元的 AECO，產生略低於 40 億美元的超額現金流——在該水平上稅後超額現金流。那是 70 美元。

It's a two-rig Duvernay program. So Kaybob Duvernay runs two rigs. The Alberta Montney runs three rigs in that program. And then we Bobade in the Saskatchewan asset base somewhere between one and three, depending on the seasonality with breakup and that sort of thing in that asset base. So it's very achievable from a cadence of operations standpoint.

這是一個由兩個鑽機組成的 Duvernay 項目。因此，Kaybob Duvernay 運營兩台鑽機。Alberta Montney 在該計劃中運行三台鑽機。然後我們在薩斯喀徹溫省的資產基礎上進行波巴德（Bobade）介於 1 到 3 之間，具體取決於分手的季節性以及該資產基礎中的此類情況。因此，從操作節奏的角度來看，這是非常可以實現的。

Sounds good. Thanks for the color.

聽起來不錯。謝謝你的顏色。

Yeah, thanks, Amir.

是的，謝謝，阿米爾。

Thank you. There are no further questions at this time. Please proceed.

謝謝。目前沒有其他問題。請繼續。

Okay. I'll pass it over to Sarfraz Somani. He's our Manager of Investor Relations, and he's just going to moderate a couple of questions from the web.

好的。我會將其轉交給薩弗拉茲·索馬尼。他是我們的投資人關係經理，他只是要回答幾個來自網路的問題。

Yes. Thanks. So just a couple come in here right now. So one is what WTI prices needed for us to fully fund capital and base dividend right now based on our program?

是的。謝謝。所以現在只有一對夫婦來這裡。那麼，根據我們的計劃，我們現在需要多少 WTI 價格才能為資本和基本股息提供充足的資金？

Based on the program we've laid out? Yes. So in that event, I mean, if commodities slide, we'd look to pull back the capital program so that we are fully funded in that $50 range and then that would equate to somewhere in the neighborhood of about $1.1 billion of $1 billion to $1.1 billion of capital. And that would fund the dividend and then the capital program.

根據我們所製定的計劃？是的。因此，在那種情況下，我的意思是，如果大宗商品價格下滑，我們會考慮撤回資本計劃，以便我們在50 美元範圍內獲得充足的資金，然後這將相當於10 億美元中的11 億美元左右。這將為股息和資本計劃提供資金。

And the second question is just on the long-term debt. Could you remind what the long-term debt target is? And at what point? And then where do we hit the short-term target? And what happens to the return of capital at that time?

第二個問題是關於長期債務。您能否提醒一下長期債務目標是什麼？那什麼時候呢？那我們在哪裡才能達到短期目標呢？那麼到時候資本回流會怎麼樣呢？

Yeah. So right now, we're going to exit the year somewhere around $2.5 billion of absolute debt Keep in mind, that's going to be about a $1.3 billion debt repayment over 2024. That will put us in and around the commodities we are today in and around 1 times debt to cash flow.

是的。因此，現在我們將在今年結束時償還約 25 億美元的絕對債務。這將使我們陷入目前的大宗商品市場，債務與現金流的比率約為 1 倍。

In the long term, we'd like to run the business at about $1.5 billion of debt, so that would equate to somewhere around 1 times debt to cash flow in that $45 to $50 price environment. And at that point in time, I think our balance sheet is, call it, bulletproof.

從長遠來看，我們希望以約 15 億美元的債務來經營該業務，因此在 45 至 50 美元的價格環境下，這相當於債務與現金流的比率約為 1 倍。在那個時候，我認為我們的資產負債表是無懈可擊的。

And there'll be points in time where we have less debt than that. But as you look at it, that's just kind of a guide to give you on how -- if you ask the executive team and the Board on how we'd like to run the business, it's in those levels.

在某些時候我們的債務會比這個少。但當你看到它時，這只是一種指導，告訴你如何——如果你向執行團隊和董事會詢問我們希望如何經營業務，那就是在這些層面上。

We do have a bit of a near-term debt target where we'd like to be around $2.2 billion. And at that point in time is how we look to grow our return of capital. And I think -- I mean it depends on the strip and how this plays out, but that would occur at some point in 2025.

我們確實有一個近期債務目標，希望在 22 億美元左右。那時我們就希望提高資本報酬率。我認為——我的意思是這取決於劇情以及劇情如何展開，但這會在 2025 年的某個時候發生。

Yes. Thanks, Craig. There are no more questions online right now. So I just wanted to close the call here and thank everyone for joining us today.

是的。謝謝，克雷格。目前網路上已經沒有更多問題了。所以我想在此結束通話並感謝大家今天加入我們。

Thanks everybody.

謝謝大家。

Thank you. Veren's Investor Relations department can be reached at 1-855-767-6923. The conference has ended. Thank you and have a good day.

謝謝。可撥打 1-855-767-6923 聯絡 Veren 的投資者關係部門。會議結束了。謝謝您，祝您有美好的一天。