Vital Energy Inc (VTLE) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Vital Energy's second-quarter 2025 earnings conference call. My name is Danny, and I will be your operator for today. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

女士們，先生們，大家好！歡迎參加Vital Energy 2025年第二季財報電話會議。我叫丹尼，今天將由我擔任接線生。 （接線生指示）溫馨提示：本次電話會議正在錄音，以便回放。

It is now my pleasure to introduce Mr. Ron Hagood, Vice President, Investor Relations. You may proceed, sir.

現在，我很高興介紹投資者關係副總裁羅恩哈古德先生。先生，請繼續發言。

Thank you, and good morning. Joining me today are Jason Pigott, President and Chief Executive Officer; Bryan Lemmerman, Executive Vice President and Chief Financial Officer; Katie Hill, Senior Vice President and Chief Operating Officer; as well as additional members of our management team.

謝謝大家，早安。今天與我一同出席的還有：總裁兼執行長Jason Pigott、執行副總裁兼財務長Bryan Lemmerman、資深副總裁兼營運長Katie Hill，以及我們管理團隊的其他成員。

During today's call, we will be making forward-looking statements. These statements, including those describing our beliefs, goals, expectations, forecasts and assumptions are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

在今天的電話會議中，我們將做出前瞻性陳述。這些陳述，包括描述我們的信念、目標、期望、預測和假設的陳述，均應受到1995年《私人證券訴訟改革法》安全港條款的約束。

Our actual results may differ from these forward-looking statements for a variety of reasons, many of which are beyond our control. In addition, we'll be making reference to non-GAAP financial measures. Reconciliations to GAAP financial measures are included in the press release and presentation we issued yesterday afternoon. The press release and presentation can be accessed at our website at www.vitalenergy.com.

由於多種原因，我們的實際結果可能與這些前瞻性陳述有所不同，其中許多原因超出我們的控制範圍。此外，我們將參考非公認會計準則 (non-GAAP) 財務指標。與公認會計準則 (GAAP) 財務指標的對帳表已包含在我們昨天下午發布的新聞稿和簡報中。新聞稿和簡報可在我們的網站 www.vitalenergy.com 上查閱。

I'll now turn the call over to Jason Pigott, President and Chief Executive Officer.

現在我將電話轉給總裁兼執行長 Jason Pigott。

Good morning, and thanks for joining us. Second quarter results show solid execution on our optimization plan, delivering sustainable cost reductions that strengthen our outlook for adjusted free cash flow in the second half of this year and beyond. This morning, we'll cover three key areas.

早安，感謝您的收看。第二季的業績表明，我們的優化計畫執行得非常紮實，實現了可持續的成本削減，這增強了我們對今年下半年及以後調整後自由現金流的預期。今天上午，我們將討論三個關鍵領域。

First, the progress we've made in reducing expenses in a sustainable way, second, recent operational achievements, including our successful J-Hook wells and how they can enhance our inventory, and third, our outlook for the second half of the year where large, high-quality well packages are expected to drive meaningful debt reduction.

首先，我們在可持續地削減開支方面所取得的進展；其次，最近的營運成就，包括我們成功的 J-Hook 井以及它們如何增強我們的庫存；第三，我們對下半年的展望，預計大型、高品質的油井組合將推動有意義的債務削減。

Let's start with a look at the second quarter. We posted strong results, delivering consolidated EBITDAX of $338 million and adjusted free cash flow of $36 million. Total production and oil volumes came within our guidance range even after accounting for weather-related impacts and temporary curtailments. On average, these factors reduced daily production by 780 barrels of oil equivalent per day with roughly 500 barrels of that being oil. Capital for this quarter came in at $257 million, above the high end of our guidance.

我們先來看看第二季。我們業績強勁，合併息稅折舊攤銷前利潤 (EBITDAX) 達到 3.38 億美元，調整後自由現金流達 3,600 萬美元。即使考慮到天氣影響和臨時減產，總產量和石油產量仍處於我們的預期範圍內。平均而言，這些因素導致日產量減少 780 桶油當量，其中約 500 桶為石油。本季資本支出為 2.57 億美元，高於我們預期的上限。

That increase was driven by two factors. First, we accelerated $11 million of activity from the third quarter. This move helped us solidify the turn-in-line timing for the 38 wells we'll bring in over the next 2.5 months. Second, we saw $13 million in drilling cost overruns. The technical challenges behind those overruns have been resolved, and we're now seeing improved performance and cost consistency on newer wells. Overall, we made strong progress on capital savings initiatives this quarter. executed three horseshoe wells using water-based fluids instead of oil-based mud, saving $5 per foot.

這一增長主要得益於兩個因素。首先，我們從第三季開始加快了1100萬美元的鑽井活動。此舉幫助我們鞏固了未來兩個半月內將要投產的38口井的投產時間。其次，我們的鑽井成本超支了1300萬美元。導致這些超支的技術難題已經解決，現在我們看到新井的性能和成本一致性有所提高。總體而言，本季我們在資本節約計畫方面取得了顯著進展。我們用水性鑽井液代替油基泥漿完成了三口馬蹄形井的鑽井作業，每英尺節省了5美元。

We improved our completion stage architecture, reducing pumping cycle times by 9%, saving $13 per foot. We shaved a day off our drill-out cycle time in the Delaware Basin, marking a 30% improvement in drillout speed, saving $9 per foot. These changes generated savings in the quarter, improved operational efficiency and will reduce our per well cost going forward.

我們改進了完井階段架構，將泵送週期縮短了9%，每英尺節省13美元。我們在特拉華盆地的鑽井週期縮短了一天，鑽井速度提高了30%，每英尺節省9美元。這些改進在本季度帶來了成本節約，提高了營運效率，並將在未來降低每口井的成本。

On the capital efficiency front, we continue to push the envelope in drilling and completions. This quarter, we drilled the nine longest wells in our company's history, including our longest lateral ever at 16,515 feet. and set new company Delaware Basin records for the most feet drilled in a single day and the most feet completed in a week. We also achieved a major milestone in our effort to extend lateral lengths through innovative well designs.

在資本效率方面，我們繼續在鑽井和完井方面突破極限。本季度，我們完成了公司歷史上最長的九口井，其中包括我們有史以來最長的16,515英尺水平井，並創下了公司在特拉華盆地單日鑽井量和周完井量的新紀錄。我們也透過創新的井設計，在延長水平井長度方面取得了重要的里程碑。

In Midland County, we drilled 6 of our 12 Horseshoe wells during the quarter. Since then, we've drilled five more and expect to finish the 12th in the coming days, which we believe is the first time any company in our industry has drilled a stacked horseshoe development like this one.

本季度，我們在米德蘭縣完成了12口馬蹄形井中的6口。此後，我們又完成了5口，預計第12口將在未來幾天完成。我們相信，這是我們業界首次有公司完成像這樣的疊層馬蹄形開發案。

We also successfully completed our first two J-Hook wells, turning three wells into two, fully developing the resource and saving millions in drilling capital. Looking ahead, we estimate that around 130 of our 10,000-foot straight locations can be converted into 90 J-Hook locations at 15,000 feet each. This optimization lowers WTI breakevens by about $5 per barrel across the 1.3 million completable lateral feet tied to these locations.

我們也成功完成了前兩口J-Hook井的鑽探，將三口井合併為兩口，充分開發了資源，並節省了數百萬美元的鑽井資金。展望未來，我們估計，約有130個10,000英尺的直線井位可以轉換為90個15,000英尺的J-Hook井位。這項優化措施將使與這些井位相關的130萬英尺可完井水平井的WTI損益平衡點降低約5美元/桶。

We have also continued to make great progress optimizing our cash costs. When we closed the Point acquisition late last year, our lease operating expense run rate was between $115 million and $120 million per quarter. Through the renegotiation of service contracts, optimized chemical usage, more efficient power generation and the consolidation of lease operator routes, we delivered an average of less than $111 million per quarter over the past three quarters. These sustainable savings will deliver an incremental $25 million in cash flow per year from our efforts.

我們在優化現金成本方面也取得了顯著進展。去年年底完成Point收購時，我們的租賃營運費用運作率在每季1.15億美元至1.2億美元之間。透過重新談判服務合約、優化化學品使用、提高發電效率以及整合租賃營運商線路，我們在過去三個季度的平均每季成本低於1.11億美元。這些可持續的成本節省將透過我們的努力每年帶來2500萬美元的增量現金流。

At the end of the second quarter, we took additional steps to streamline employee and corporate expenses. This aligns with our shift from an acquisition-focused strategy to one that's focused on optimizing the assets we already have.

第二季末，我們採取了額外措施來精簡員工和公司開支。這符合我們從以收購為重點的策略轉向以優化現有資產為重點的策略轉變。

As part of that effort, we reduced our combined employee and contractor headcount by about 10%. While these decisions are never easy, they're already making an impact, driving nearly a 20% reduction in total G&A expenses when compared to the average of the past three quarters. Net debt at the end of the second quarter rose by $8 million as we reduced our net working capital by $41 million, in line with our expectations for the quarter.

作為這項努力的一部分，我們將員工和承包商員工總數減少了約10%。雖然這些決定並非易事，但它們已經產生了影響，與過去三個季度的平均水平相比，總行政費用（G&A）支出減少了近20%。第二季末的淨債務增加了800萬美元，因為我們將淨營運資本減少了4,100萬美元，這與我們對本季的預期一致。

For the quarter, we recorded a noncash pretax impairment on our oil and gas properties, along with a valuation allowance against our federal net deferred tax asset. Details can be found in the press release. Neither the impairment nor the valuation allowance impact our ability to generate adjusted free cash flow, reduce debt or continue to utilize our NOLs. We are well positioned to generate substantial adjusted free cash flow in the second half of 2025. We expect to turn in line 38 wells, all of which should be producing by October.

本季度，我們記錄了油氣資產的非現金稅前減值，並提列了聯邦淨遞延稅項資產的估價準備金。詳情請參閱新聞稿。減損和估值準備金均不會影響我們產生調整後自由現金流、減少債務或繼續利用淨營運虧損 (NOL) 的能力。我們已做好在 2025 年下半年產生可觀調整後自由現金流的準備。我們預計將有 38 口油井投入生產，所有油井預計在 10 月前投產。

We are maintaining capital discipline and remain on track to meet the midpoint of our capital investment guidance of $875 million. We have also closed an additional $6.5 million noncore asset sale to further support our debt reduction goals.

我們保持資本紀律，並有望實現8.75億美元資本投資目標的中點。我們還完成了一筆價值650萬美元的非核心資產出售，以進一步支持我們的債務削減目標。

Our capital discipline, combined with increased production is expected to drive adjusted free cash flow in the back half of the year, resulting in net debt reduction of approximately $25 million for the third quarter and around $185 million in total for the remainder of the year. Our debt reduction outlook is supported by a solid hedge position. We swapped roughly 95% of our expected second half oil production at an average price of $69 per barrel.

我們的資本紀律，加上產量的提升，預計將推動下半年調整後自由現金流的提升，從而實現第三季淨債務減少約2500萬美元，今年剩餘時間淨債務總額約1.85億美元。穩固的對沖頭寸支撐了我們債務削減的前景。我們以平均每桶69美元的價格交換了預計下半年石油產量的約95%。

We've also hedged about 85% of our expected natural gas production and 75% of our ethane and propane volumes. We remain firmly committed to our optimization strategy focused on generating adjusted free cash flow and reducing debt to build long-term value for our shareholders.

我們也對約85%的預期天然氣產量以及75%的乙烷和丙烷產量進行了避險。我們將繼續堅定地致力於優化策略，專注於創造調整後的自由現金流並減少債務，從而為股東創造長期價值。

Operator, please open the line for questions.

接線員，請打開熱線以回答問題。

(Operator Instructions)

（操作員指示）

Derrick Whitfield, Texas capital.

德里克·惠特菲爾德，德克薩斯州首府。

Good morning and thanks for your time.

早上好，感謝您抽出時間。

Good morning, Dirk.

早上好，德克。

For my first question, I wanted to focus on your trajectory into 2026 and how the capital efficiency you're attaining in the second half projects in 2026.

對於我的第一個問題，我想專注於您到 2026 年的發展軌跡，以及您在 2026 年下半年實現的資本效率預測。

Sorry, Derrick, could you repeat the last a little bit there?

抱歉，德瑞克，你能再重複最後一句話嗎？

Sure. So I wanted to focus on your trajectory -- production trajectory into 2026 and how the capital efficiency you're attaining in the second half projects in 2026.

當然。所以我想重點談談你們2026年的生產軌跡，以及你們下半年實現的資本效率對2026年的影響。

Good morning, Derrick, this is Katie. Yes, we're really excited about the cost reduction work that we've been able to achieve year-to-date. We put into the slide deck this quarter the progress that we're making between the first half and the second half of the year. You can see a lot of improvement in our capital efficiency in the second half, and that's really being driven by some of these larger packages that we're bringing online.

早安，德瑞克，我是凱蒂。是的，我們對今年迄今所取得的成本削減成果感到非常興奮。我們在本季的幻燈片中展示了上半年和下半年的進展。您可以看到，下半年我們的資本效率有了很大的提高，這主要得益於我們正在實施的一些更大的方案。

We've successfully extended lateral length across really all the development in the second half and then really applied some great drilling best practices that came out of the second quarter. Some of the capital overspend that we saw on wells that we drilled in May really impacted how we're thinking about casing design, how we're thinking about our fluid management system.

下半年，我們成功地延長了所有開發項目的水平段長度，並真正應用了第二季度的一些優秀鑽井最佳實踐。 5月鑽探的油井出現了一些資本超支，確實影響了我們對套管設計和流體管理系統的思考。

It's helping support some of the standard operating procedures that we've put in place, and it's carried into the third quarter really successfully so far. Over the last six weeks, we've drilled some of our fastest wells, some of the best cycle time wells and certainly some of the lowest dollar per foot so far. So we're starting the second half strong.

它有助於支援我們已實施的一些標準作業程序，到目前為止，它在第三季度的實施非常成功。在過去的六週裡，我們鑽探了一些速度最快的井、一些週期時間最短的井，當然還有一些迄今為止每英尺成本最低的井。因此，我們下半年開局強勁。

As we think about going into '26, many of our long contracts are starting to expire. We have an opportunity to go to market with most of our large contracts on both the drilling and completion side, which we believe to be good timing from an oilfield services market standpoint.

展望2026年，我們的許多長期合約即將到期。我們有機會將大部分鑽井和完井的大型合約推向市場，從油田服務市場的角度來看，我們認為這是一個絕佳的時機。

We also are continuing to focus on our dollar per foot efficiencies. Like Jason said, we've really pivoted into cost optimization, and that continues to be our focus. So you can see on the capital slide that we have now added our lowest dollar per foot well to help give context to where we're headed as we continue to drive costs down.

我們也持續關注每英尺成本的效率。正如傑森所說，我們已經真正轉向了成本優化，這將繼續成為我們的重點。因此，您可以在資本支出明細表中看到，我們現在已經添加了每英尺成本最低的油井，這有助於我們了解在持續降低成本的過程中，我們的發展方向。

Terrific. And Katie, maybe you lean in just on the cost accomplishments on slide 5. Could you offer some color on what's assumed in the upper and lower ends of your LOE projections? And separately, maybe speak to some of the other cost initiatives you currently are pursuing that aren't reflected in the guidance for the second half?

太棒了。凱蒂，您能否談談第五張投影片上的成本成就？能否解釋一下您的LOE預測的上限和下限分別是什麼？另外，能否談談您目前正在推行的一些其他成本舉措，這些舉措沒有反映在下半年的業績指引中？

You bet. If you look at the slide 5, we're covering both LOE and G&A. What we're representing there is a shift in the second half on our G&A spend. We believe that to be sustainable at a fair run rate on the go forward. For LOE, we've made really just a ton of progress since we first stepped into the Delaware following the Point asset late last year.

沒錯。如果你看第五張投影片，你會發現我們涵蓋了LOE和G&A。我們這裡指的是下半年G&A支出的變動。我們相信，未來G&A支出將以合理的速度持續成長。至於LOE，自從去年年底收購Point資產並首次進軍特拉華州以來，我們取得了巨大的進展。

We've been successful at eliminating costs every quarter. That dollar per quarter run rate that we're showing in the second half of '25 reflects the progress that we've made on shifting away from rental generators and going to high line power. There's a lot of compression and chemical optimization that's included in there.

我們每季都成功地降低了成本。 2025年下半年我們每季的運作成本反映了我們在從租賃發電機轉向高壓電線供電方面的進展。這其中包括大量的壓縮和化學優化。

And then we're really working through using our joint asset scale effectively in our bid process and working through every line item of our LOE statement. So made good progress year-to-date. Those ranges reflect continuing the improvements that we've made today.

我們正努力在投標過程中有效運用聯合資產規模，並認真處理LOE聲明的每一項內容。因此，今年迄今取得了良好的進展。這些範圍反映了我們今天所取得的持續改進。

As we think about getting into '26, an area of focus for us is really on workover spend. We're investing this year in building out our gas lift infrastructure and it's supporting a large switchover campaign to get off of our high-cost ESP and transition to a more LOE effective gas lift type. And so we'll be able to see the benefit of that in workover as we get into '26. There's still some opportunity beyond what we're showing in the second half here for cost reduction.

展望2026年，我們重點關注的領域之一就是修井支出。今年，我們將投資建造氣舉基礎設施，並支援大規模的轉換活動，以擺脫高成本的ESP，並過渡到更有效率的LOE氣舉類型。因此，進入2026年，我們將能夠看到修井作業中這種轉換帶來的好處。除了下半年我們展示的之外，仍有一些降低成本的機會。

That's really driven by, again, improvement in failure rate, but then shifting to a more efficient lift type. So excited to continue to work on it as we get into next year. These ranges again, just reflects the work that we've done so far in 2025.

這實際上是由於故障率的降低，以及轉向更有效率的升力類型。我很高興在進入明年時繼續努力。這些範圍再次反映了我們在2025年迄今所做的工作。

That's great. I'll turn it back to the operator.

太好了。我會把它轉回給接線生。

Noah Hungness, Bank of America.

諾亞·洪尼斯，美國銀行。

Morning, Vital team. For my first question here, I was just wondering if you could maybe talk about the production cadence kind of heading into '26 in 1Q and 2Q of '26, just considering that as you pull activity forward and you're planning to turn in line your second half, what, 25 wells by early October, what does the beginning of '26 really look like from a production perspective?

早安，Vital 團隊。我的第一個問題是，您能否談談 2026 年第一季和第二季的生產節奏？考慮到您提前進行生產活動，並計劃在下半年（也就是 10 月初）投產 25 口井，那麼從生產角度來看，2026 年初的情況如何？

We're really excited about the second half. We have 38 wells left to bring online this year. So absolutely focused on getting those large packages online. We have three that contribute to 33 of the 38. So hyper focused on the delivery of that.

我們對下半年充滿期待。今年我們還有38口井需要投產。所以我們會全力以赴地完成這些大型專案的投產。目前為止，我們已經完成了38口井中的33口，其中有3口井已經投產。因此，我們高度重視這些大型專案的交付。

Some of the capital acceleration that we talked about in Q2 was really to derisk the timing, but not necessarily to accelerate. So it was taking operations off critical path to ensure that we could deliver the plan in the second half. We're keeping our third quarter and fourth quarter volume flat to previous guide, definitely progressing along the timing plan as we expected.

我們在第二季談到的一些資本加速其實是為了降低時間風險，但不一定是為了加速。因此，我們把一些業務從關鍵路徑上移開，以確保我們能夠在下半年完成規劃。我們將第三季和第四季的銷售量與先前的預期持平，這無疑符合我們預期的時間表。

Because of that flush production, we would expect to exit the year high in the fourth quarter, and it will come down a little bit as we get into '26 just because of the timing of that turn-in-line cadence. So not yet ready to talk about full year '26, but certainly excited about bringing on some really great wells in the second half of this year.

由於產量激增，我們預計第四季產量將突破年內高點，而進入2026年，產量會略有下降，這主要得益於產量轉換週期的到來。因此，我們目前還無法預測2026年全年的產量，但對於今年下半年將迎來一些優質油井，我們充滿期待。

Got you. I appreciate that color. And then could you maybe talk about -- you guys have been able to consistently sell off parts of your noncore acreage that's been a source of funds this year, even given the volatile commodity price. How do we think about the potential cadence of those -- of potential noncore asset sales moving forward? Is something that we've seen kind of year-to-date a pace that you guys could keep moving forward? Or is it something that's more opportunistic and it will just come depending on how the market?

明白了。我很欣賞你的觀點。然後，您能否談談——即使在大宗商品價格波動的情況下，您今年也一直在持續出售部分非核心資產，這些資產一直是資金來源。我們如何看待這些潛在的非核心資產出售的未來節奏？就我們今年迄今看到的這種節奏而言，你們可以繼續前進嗎？還是說，這更具機會性，最終取決於市場走向？

Yes. I'd say we've been more opportunistic with these. We're always looking to optimize our portfolio. We're high-grading our near-term development plans, and we're monetizing assets that are not in our near-term plans. We're being paid for inventory on wells that we won't develop to further out in the future.

是的。我想說，我們在這方面更重視機會。我們一直在尋求優化投資組合。我們正在對近期開發計劃進行高評級，並將不在近期計劃中的資產變現。我們獲得了未來不會進一步開發的油井庫存的報酬。

So I'd say there's no set goal, but there is a market out there where people are looking to continue to buy assets. For us, these are just helping to accelerate our debt reduction goals, which create more value for our shareholders over time. But we want to -- if we're getting good prices, we'll execute on those, and that's what you've seen over the last couple of quarters.

所以我想說，沒有既定目標，但市場確實存在，人們希望繼續購買資產。對我們來說，這些只是有助於加速我們實現減債目標，從而隨著時間的推移為股東創造更多價值。但我們希望——如果我們獲得好的價格，我們就會執行這些目標，這就是你們在過去幾季看到的。

John Mardini, KeyBanc.

KeyBanc 的約翰·馬爾迪尼 (John Mardini)。

Hi, good morning and thank you for taking my questions. You remain well hedged for the back half of this year that are -- those hedges are well in the money, and it's helping to fund the net debt reduction as well. But just looking out to 2026, how do you see that net debt or leverage trending given the strip that's, call it, $8 or so below the 2025 hedges that you have in place?

大家好，早安，感謝您回答我的問題。今年下半年，您的對沖措施仍然很到位——這些對沖措施盈利良好，也有助於為淨債務削減提供資金。但展望2026年，考慮到目前的避險措施比2025年的避險措施低了約8美元，您認為淨債務或槓桿比率將如何發展？

Well, for '25, like you said, we're pretty well hedged, and we've talked about our free cash flow and debt paydown. In '26, we would -- we haven't come out with the guidance, but we would expect to continue to pay down debt. So it should be heading down, not higher.

嗯，正如您所說，對於2025年，我們的對沖措施相當到位，我們也討論過自由現金流和債務償還。 2026年，我們還沒有公佈具體指引，但我們預計會繼續償還債務。所以，債務水準應該是下降，而不是上升。

Our corporate breakeven right now for '26 with the hedges we have in place is below $55 a barrel. We tend to be hedged a year out in advance around 75%. So I wouldn't be surprised if you saw us adding third quarter hedges for '26, which will continue to further reduce that corporate breakeven to the low 50s.

目前，我們公司在2026年實施的避險措施下，損益平衡點低於每桶55美元。我們通常提前一年進行約75%的對沖。因此，如果您看到我們在第三季增加對沖措施，我一點也不會感到驚訝，這將繼續把公司的損益平衡點降至50美元出頭。

Okay. That's helpful. And just on your development program in 2025, the first half is kind of heavily weighted towards these two to six well pads, while the second half is heavier in these larger scale developments. Just curious about the opportunity set that you have to allocate capital towards more of these larger scale developments into 2026. I know it's a bit early, but any kind of details you have on that would be helpful

好的。這很有幫助。就您2025年的開發計畫而言，上半年主要專注於兩到六個井場，而下半年則更專注於這些更大規模的開發案。我很好奇，到2026年，您有哪些機會可以投入更多資金用於這些更大規模的開發案。我知道現在談這些還為時過早，但您能提供任何細節資訊都會很有幫助。

So you're right, we had some smaller wells per pad early in the year. A large part of that was driven by the remaining development that we captured in Howard County. So we brought online kind of the last -- the most competitive inventory that was up there. That was part of why we had several two, three well pads. As we get into the second half, we have 8- to 13-well pad development that's going on. So really excited about the capital efficiency opportunity that's driving. And we're seeing a lot of success with that development plan so far as we're working through it.

你說得對，年初我們每個井場都有一些較小的油井。這很大程度上是由於我們在霍華德縣獲得的剩餘開發案。所以我們把那裡最後一批、也是最具競爭力的庫存都投入了開發。這也是我們擁有幾個兩井或三井場的原因之一。進入下半年，我們正在進行8到13井場的開發案。我們對由此帶來的資本效率機會感到非常興奮。目前為止，我們正在推進這項開發計劃，並且取得了巨大成功。

So we've been able to apply simul-frac because of these larger developments. We've been able to really capture some good drilling cycle time efficiency. It's certainly driving as we think about development planning for next year. And the inventory depth as we move into early '26 supports continuing some of these really efficient development strategies. So I would expect that to carry into the year next year.

由於這些規模更大的開發項目，我們得以應用同步壓裂技術。我們確實獲得了一些不錯的鑽井週期效率。這無疑地推動了我們思考明年的開發規劃。進入2026年初，庫存深度支持我們繼續實施一些非常有效率的開發策略。因此，我預計這種趨勢將延續到明年。

Okay, I appreciate the details. I'll leave it there.

好的，我很感謝你提供的詳細資訊。我就不多說了。

Thank you.

謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。