Vitesse Energy Inc (VTS) 2024 Q2 法說會逐字稿

Greetings, and welcome to Vitesse Energy second-quarter 2024 earnings call. (Operator Instructions) Please note this conference is being recorded.

您好，歡迎參加 Vitesse Energy 2024 年第二季財報電話會議。（操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to Ben Messier, Director, Investor Relations and Business Development. Thank you. You may begin.

我現在將會議交給投資者關係和業務發展總監 Ben Messier。謝謝。你可以開始了。

Good morning, everyone, and thank you for joining. Today, we will be discussing our financial and operating results for the second quarter of 2024, which we released yesterday after market close. You can access our earnings release and presentation in the Investor Relations section of our website. We filed our Form 10-Q with the SEC yesterday.

大家早安，感謝您的加入。今天，我們將討論我們昨天收盤後發布的 2024 年第二季度的財務和營運業績。您可以在我們網站的投資者關係部分存取我們的收益發布和演示。我們昨天向 SEC 提交了 10-Q 表格。

I'm joined here this morning by Vitesse's Chairman and CEO, Bob Gerrity; our President, Brian Cree; and our CFO, Jimmy Henderson. Our agenda for today's call is as follows. Bob will provide opening remarks on the quarter. After Bob, Brian will give you an operations update. Then Jimmy will review our financial results. After the conclusion of our prepared remarks, the executive team will be available to answer questions.

今天上午，Vitesse 董事長兼執行長 Bob Gerrity 也加入了我的行列。我們的總裁布萊恩·克里；和我們的財務長吉米·亨德森。我們今天的電話會議議程如下。鮑伯將就本季發表開場白。鮑伯之後，布萊恩將為您提供最新的營運。然後吉米將審查我們的財務業績。在我們準備好的發言結束後，執行團隊將可以回答問題。

Before we begin, let's cover our Safe Harbor language. Please be advised that our remarks today, including the answers to your questions, may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to the risks and uncertainties, some of which are beyond our control that could cause actual results to be materially different from the expectations contemplated by these forward-looking statements. Those risks include, among others, matters that we have described in our earnings release and periodic filings. We disclaim any obligation to update these forward-looking statements, except as may be required by applicable securities laws.

在開始之前，讓我們先介紹一下我們的安全港語言。請注意，我們今天的言論，包括對您問題的回答，可能包含《私人證券訴訟改革法案》含義內的前瞻性陳述。這些前瞻性陳述受到風險和不確定性的影響，其中一些風險和不確定性超出了我們的控制範圍，可能導致實際結果與這些前瞻性陳述所設想的預期有重大差異。這些風險包括我們在收益報告和定期文件中描述的事項等。我們不承擔更新這些前瞻性聲明的義務，除非適用的證券法可能要求。

During our conference call, we may discuss certain non-GAAP financial measures, including adjusted net income, net debt, adjusted EBITDA, net debt to adjusted EBITDA ratio and free cash flow. Reconciliations of these measures to the closest GAAP measures can be found in the earnings release that we issued yesterday.

在電話會議期間，我們可能會討論某些非公認會計原則財務指標，包括調整後淨利潤、淨債務、調整後 EBITDA、淨債務與調整後 EBITDA 比率和自由現金流。這些指標與最接近的 GAAP 指標的調整可以在我們昨天發布的收益報告中找到。

Now, I will turn the call over to our Chairman and CEO, Bob Gerrity.

現在，我將把電話轉給我們的董事長兼執行長鮑勃·格里蒂。

Thanks, Ben. Good morning, everyone. Thanks for jumping on the call.

謝謝，本。大家早安。感謝您接聽電話。

Vitesse's return of capital strategy continued in the second quarter. We paid an increased dividend of $0.525 a share in June and recently declared another $0.525 dividend to be paid in September. As I've said before, in addition to our organic drilling, we are always looking at both near-term development deals and larger asset acquisitions that will support the dividend. We are a dividend-first company.

Vitesse的資本回報策略在第二季持續進行。我們 6 月增加了每股 0.525 美元的股息，最近宣布將在 9 月再支付 0.525 美元的股息。正如我之前所說，除了我們的有機鑽探之外，我們一直在關注短期開發交易和更大規模的資產收購，以支持股息。我們是一家股息優先的公司。

Deal flow continues to be healthy, and we direct capital to the highest rate of return projects. We only make acquisitions if they fit our rigorous underwriting criteria and then we hedge to protect the returns. We rely heavily on our database that we call Luminis, which is democratized over our entire organization to help direct our investment decisions. This strategy remains consistent despite the recent decline in oil prices.

交易流持續健康，我們將資金引導至回報率最高的項目。我們只會在符合我們嚴格的承保標準的情況下進行收購，然後我們進行對沖以保護回報。我們嚴重依賴我們稱為 Luminis 的資料庫，該資料庫在我們整個組織中實現民主化，以幫助指導我們的投資決策。儘管近期油價下跌，但這項策略仍保持一致。

I'll now hand the call over to our President, Brian Cree, to discuss our operations. Brian?

我現在將把電話轉交給我們的總裁布萊恩·克里 (Brian Cree)，討論我們的營運情況。布萊恩？

Good morning, everyone. Thanks, Bob.

大家早安。謝謝，鮑伯。

In the second quarter, our production averaged 13,504 barrels of oil equivalent per day, an increase of 8% from the first quarter, bringing our year-to-date production up to 13,030 barrels of oil equivalent per day for the first six months of the year. As previously announced, during the second quarter, we closed on additional near-term development acquisitions in North Dakota that will result in over $40 million of capital expenditures.

第二季度，我們的日均產量為 13,504 桶油當量，較第一季成長 8%，使我們今年前六個月的日產量達到 13,030 桶油當量。正如先前宣布的，第二季度，我們完成了在北達科他州的額外近期開發收購，這將導致超過 4000 萬美元的資本支出。

The drilling and completion associated with these acquisitions will occur late this summer and fall, and we expect significant increases to both production and cash flows during the second half of the fourth quarter of 2024 and into 2025. As we've said before, production will likely be bumpy -- lumpy over this period depending on when wells are turned online.

與這些收購相關的鑽探和完井工作將在今年夏末和秋季進行，我們預計 2024 年第四季下半年到 2025 年產量和現金流都會大幅增加。正如我們之前所說，產量可能會波動——這段時期的波動取決於油井何時上線。

As of June 30, we had 19.8 net wells in our development pipeline, including 11.1 net wells currently being drilled and completed. The overall pipeline has increased by 3.3 net wells or 20% from the end of the first quarter. This increase is a result of both higher-than-normal acquisitions in the second quarter and an acceleration of drilling on our organic acreage.

截至6月30日，我們的開發管道中有19.8口淨井，其中11.1口正在鑽探和完井。整體管道較一季末增加3.3口淨井，增幅20%。這一增長是由於第二季度收購量高於正常水平以及我們的有機面積鑽探速度加快的結果。

Our second-quarter oil differential of $5.90 below WTI improved by 9% from the first quarter as the Trans Mountain pipeline expansion turned online on May 1. We have continued to add oil hedges through 2025. At the midpoint of our guidance, we have 57% of our remaining 2024 oil production hedged at above $78 per barrel and 2025 hedges at above $74 per barrel.

隨著跨山管線擴建於 5 月 1 日上線，我們第二季的油價差比 WTI 低 5.90 美元，比第一季改善了 9%。到 2025 年，我們將繼續增加石油對沖。在我們指導的中點，我們 2024 年剩餘石油產量的 57% 對沖價格高於每桶 78 美元，2025 年石油產量對沖價格高於每桶 74 美元。

Thanks for your time. Now, I'll turn the call over to our CFO, Jimmy Henderson, for our financial highlights.

感謝您抽出時間。現在，我將把電話轉給我們的財務長吉米·亨德森，以了解我們的財務亮點。

Good morning, everyone, and thanks for joining the call. I want to highlight just a few financial results from the second quarter. As always, you can refer to our earnings release and 10-Q, which were filed yesterday for any further details.

大家早安，感謝您加入通話。我想重點介紹第二季的一些財務業績。像往常一樣，您可以參考我們昨天提交的收益報告和 10-Q 報告，以了解更多詳細資訊。

As Brian mentioned, our production for the quarter was just over 13,500 Boe per day with a 70% oil cut. This was an increase from our first-quarter production by roughly 950 Boe per day, bringing our half year production within guidance to just over 13,000 Boe per day. Lease operating expense came in at $12.3 million for the quarter or $9.99 per Boe, a slight decrease from the first quarter on a per unit basis.

正如布萊恩所提到的，我們本季的產量略高於每天 13,500 桶油當量，其中石油產量減少了 70%。這比我們第一季的產量增加了約 950 桶油當量/天，使我們半年的產量在指導範圍內達到每天 13,000 桶油當量。本季租賃營運費用為 1,230 萬美元，即每桶油當量 9.99 美元，以單位計算較第一季略有下降。

For the quarter, adjusted EBITDA was $43.1 million and adjusted net income was $11.7 million, which produced an adjusted earnings per share of $0.39 per share as compared to $0.34 last quarter.

本季調整後 EBITDA 為 4,310 萬美元，調整後淨利為 1,170 萬美元，調整後每股收益為 0.39 美元，而上季為 0.34 美元。

GAAP net income was $10.9 million and GAAP EPS was $0.31.

GAAP 淨利為 1,090 萬美元，GAAP 每股收益為 0.31 美元。

Cash CapEx and acquisition costs totaled $37.6 million for the quarter and $69.8 million for the first half of the year, which is right at the midpoint of our current guidance on an annualized basis. Like our production, CapEx varies from quarter to quarter depending on activity levels and acquisition opportunities.

本季現金資本支出和收購成本總計 3,760 萬美元，上半年為 6,980 萬美元，正好處於我們目前年化指引的中點。與我們的生產一樣，資本支出每季都會有所不同，具體取決於活動水準和收購機會。

Operating cash flow net of working capital changes was $40.4 million in the quarter, which covered our dividend and our maintenance CapEx, providing excess discretionary cash flow to fund some of the acquisitions spending in the quarter. The remainder of our CapEx was funded withdrawals on the credit facility.

本季扣除營運資本變動後的營運現金流為 4,040 萬美元，涵蓋了我們的股息和維護資本支出，提供了超額的可自由支配現金流，為本季的部分收購支出提供資金。我們的資本支出的其餘部分是透過信貸額度提款提供資金的。

Debt at the end of the quarter was $115 million and is currently down to $111 million. The quarter-end number resulted in a leverage ratio of 0.67x on an annualized adjusted EBITDA calculation. The elected commitments on our credit facility currently stand at $245 million after their increase during our semiannual redetermination in May. Thanks, as always, to the banks and the group for their continued support.

本季末的債務為 1.15 億美元，目前已降至 1.11 億美元。季末數據顯示，按年化調整後 EBITDA 計算，槓桿率為 0.67 倍。在 5 月半年度重新確定期間增加的信貸安排承諾目前為 2.45 億美元。一如既往地感謝銀行和集團的持續支持。

Lastly, given the level and timing of development activity that Brian described, we are reaffirming our previously revised 2024 guidance for both production and CapEx.

最後，考慮到 Brian 所描述的開發活動的水平和時間安排，我們重申先前修訂的 2024 年生產和資本支出指南。

With that, let me turn the call over to the operator for Q&A.

接下來，讓我將電話轉給接線生進行問答。

(Operator Instructions) Jeff Grampp, Alliance Global Partners.

（操作員說明）Jeff Grampp，Alliance Global Partners。

Good morning everyone. Brian, you mentioned in the prepared remarks that activity levels at quarter-end increased quite a bit sequentially. I know a lot of that was acquisition related from what you guys talked about last quarter. But you also noted an acceleration, I think was the term you used on your organic acreage. I'm curious to dive into that a bit more.

大家早安。布萊恩，您在準備好的發言中提到，季度末的活動水平環比增加了很多。從你們上個季度談論的內容來看，我知道其中很多都與收購有關。但您也注意到了加速，我認為這是您在有機種植面積上使用的術語。我很想更深入地探討這一點。

Was that expected going into the year? Is that kind of a newer development that you guys are maybe not anticipating? Just any thoughts on what might be driving that?

這是今年的預期嗎？你們可能沒有預料到這種新的發展嗎？只是有什麼想法可能推動這一點嗎？

Thanks. Good morning, Jeff. I think I talked about it a little bit at the end of our first quarter call that we were seeing a higher level of AFEs. We weren't sure if that was going to continue, but it has continued during the second quarter and through the first six months of the year. We're on pace for a pretty significant increase year over year in our organic CapEx. So again, not sure that, that will continue as we go into the second half of the year.

謝謝。早安，傑夫。我想我在第一季電話會議結束時談到了我們看到 AFE 水平更高的問題。我們不確定這種情況是否會持續下去，但這種情況在第二季和今年前六個月一直持續。我們的有機資本支出可望逐年大幅成長。因此，不確定這一點，隨著我們進入今年下半年，情況是否會繼續下去。

But right now, we are definitely seeing -- even though the rig count hasn't really increased that much, I think you see in our presentation at the end of the second quarter, we had 20 rigs running out of about 37 rigs. As you guys know, we're typically somewhere between 30% and 50% of the rigs running in the basin. Today, there's just a little over 40 rigs running in the basin, and we've got 18 of those drilling on our wells. So yes, it's great to see operators drilling on acreage that we have already in our inventory.

但現在，我們確實看到了——儘管鑽機數量並沒有真正增加那麼多，我想你在第二季度末的演示中看到，我們大約 37 台鑽機中有 20 台已經用完。如你們所知，我們通常有 30% 到 50% 的鑽孔機在盆地運作。如今，該盆地中只有 40 多台鑽機在運行，而我們的油井中有 18 台正在鑽探。所以，是的，很高興看到運營商在我們庫存中已有的面積上進行鑽探。

Great. Appreciate those details. And for my follow-up, I'm curious, Vitesse is obviously not a new company, but you are newer a bit to public investors still. I'm curious for Bob or anyone to hear how Vitesse has historically run when we're kind of on the lower end of oil price ranges. I mean, obviously, not panic mode by any sense of the imagination. But what has Vitesse typically done during weaker periods in the market from a capital allocation, balance sheet operations perspective? Just any thoughts there would be great.

偉大的。欣賞這些細節。對於我的後續行動，我很好奇，Vitesse 顯然不是一家新公司，但對於公眾投資者來說，你仍然比較新。我很好奇鮑勃或任何人都想知道，當我們處於油價區間的低端時，Vitesse 歷史上是如何運作的。我的意思是，顯然，這不是任何想像意義上的恐慌模式。但從資本配置、資產負債表營運的角度來看，Vitesse 在市場疲軟時期通常會做些什麼呢？任何想法都會很棒。

Thanks, Jeff. This month, we celebrated our 13th year in existence. So even though we've only been public for 1.5 years, my wife and I founded this company 13 years ago, and we're joined right after that by Brian Cree. So Jeff, we have seen negative oil prices. We have seen a $120 oil price. And so we have seen it all. And I will tell you that Vitesse has a strategy for every oil price environment.

謝謝，傑夫。這個月，我們慶祝了成立 13 週年。因此，儘管我們上市僅 1.5 年，但我和妻子在 13 年前創立了這家公司，之後 Brian Cree 也加入了我們。傑夫，我們看到了負油價。我們看到油價達到 120 美元。我們已經看到了這一切。我會告訴你，Vitesse 針對每種油價環境都有一套策略。

We tend to do better acquisitions. And by that, I mean more economic acquisitions in $70 oil price range. And that's just -- it's just what we do. We run a process on everything. We're very disciplined about what we buy. It just that at $70, we seem to have less competition. So we'll be a little bit more acquisitive if it hurdles at $70, and our deal flow right now is terrific.

我們傾向於進行更好的收購。我的意思是在 70 美元的油價範圍內進行更多經濟收購。這就是——這就是我們所做的。我們對所有事情都運行一個流程。我們對購買的東西非常嚴格。只是價格為 70 美元，我們的競爭似乎較少。因此，如果價格達到 70 美元，我們會更加積極收購，而且我們現在的交易量非常好。

I will also say that when the price for oil went to $85, our organic picked up, but our near-term drilling slowed down a little bit because we had more competition. So Jeff, this is a very long duration asset. We've been in business for 13 years. We get up in the morning, and we just run the process that we've been running and develop it that whole period of time.

我還要說的是，當石油價格升至 85 美元時，我們的有機產量有所回升，但我們的近期鑽探速度有所放緩，因為我們面臨更多競爭。傑夫，這是一項期限很長的資產。我們已經營業 13 年了。我們早上起床，然後運行我們一直在運行的流程並開發它。

All right. Great, Bob. I appreciate those details, and thanks for the time.

好的。太棒了，鮑伯。我很欣賞這些細節，也感謝您抽出時間。

Donovan Schafer, Northland Capital Markets.

多諾萬‧謝弗 (Donovan Schafer)，北國資本市場。

Hey guys. Just as a follow-up sort of from Jeff's question. If oil is in closer to the $70 range and that presents an opportunity for more economic acquisitions, how would you think about tapping capital for that? You're still fairly conservatively levered, but directionally, you have been increasing debt. So is that something you think you have a good runway on that to kind of lever up further if opportunities present themselves? Or would you look at it differently, approach this in a different way?

嘿夥計們。就像傑夫問題的後續內容一樣。如果石油價格接近 70 美元，這提供了更多經濟收購的機會，您會如何考慮為此利用資本？你的槓桿率仍然相當保守，但從方向上來說，你一直在增加債務。那麼，您是否認為您有一個良好的跑道，可以在機會出現時進一步發揮作用？或者你會以不同的方式看待它，以不同的方式處理這個問題？

I'll take a stab at that. This is Jimmy. Yes, I think because we have run with a conservative balance sheet that we do have some room for the right opportunities. And if they're accretive to the dividend, and we can -- we see a line of sight to bringing that debt back down, I think we can push it a little bit. And as we've always stated, we're definitely staying under 1 times debt to EBITDA, and we're well under that now and we'll continue to be there. But certainly, we have some dry powder for the right acquisition opportunities that can help move the company's really dividend coverage forward.

我會嘗試一下。這是吉米。是的，我認為因為我們的資產負債表比較保守，所以我們確實有一些空間來尋找合適的機會。如果它們增加了股息，而且我們可以——我們看到了降低債務的希望，我認為我們可以稍微推動一下。正如我們一直所說的那樣，我們的 EBITDA 債務絕對保持在 1 倍以下，而且我們現在已經遠低於這個水平，而且我們將繼續保持這一水平。但當然，我們有一些乾粉來尋找合適的收購機會，可以幫助推動公司真正的股息覆蓋率向前發展。

Okay, That's helpful. And then for -- I guess, just also somewhat related to, I think, Jeff's first question, or maybe it was the second one, but with people -- the focus kind of turning to oil prices or concerns of conceivably a recession and/or something like that. Can you give us any color on what kind of stress testing you do? And with the hedges in place, like do you run it at $50 oil for -- how can you do a $50 oil for 12 months, $60 oil for 24 months? Just any color on that would be helpful as well.

好的，這很有幫助。然後，我想，我認為，這也與傑夫的第一個問題有關，或者可能是第二個問題，但對於人們來說，焦點轉向了油價或對可能的經濟衰退的擔憂和/或類似的東西。能為我們介紹一下您所進行的壓力測試嗎？有了對沖，就像你以 50 美元的油價運行一樣，你怎麼能以 50 美元的油價運行 12 個月，以 60 美元的油價運行 24 個月？任何顏色都會有幫助。

Donovan, this is Brian. I'll take the first crack at that and let Jimmy or Bob jump in. But obviously, yes, we always run stress tests. It's why we focus on the hedging and make sure that we have the hedges in place that we do to protect that dividend in case the price of oil does go down. We run it at $50. We run it at $60. We run some even disaster cases to look.

多諾萬，這是布萊恩。我會率先嘗試，然後讓吉米或鮑伯介入。但顯然，是的，我們總是進行壓力測試。這就是為什麼我們專注於對沖，並確保我們採取對沖措施，以在油價確實下跌的情況下保護股息。我們以 50 美元的價格運行。我們以 60 美元運行。我們甚至運行了一些災難案例來進行查看。

Obviously, you have to also factor in that if prices go down, you're also going to see your capital expenditures also decline during that time frame. So it's not just as easy as dropping in a lower oil price or gas price into a model and seeing that result, you have to take a lot of things into consideration.

顯然，您還必須考慮到，如果價格下降，您也會看到在此期間的資本支出也會下降。因此，這不僅僅是將較低的石油價格或天然氣價格放入模型中並看到結果那麼簡單，您必須考慮許多因素。

So for us, we take a look at that, and we run it for different periods of time. I think as we've said before, and Jimmy just mentioned, we keep our leverage low for really a couple of different reasons. One is to take advantage of those acquisitions that crop up. That was your real first question. And I think we did a really good job of that last fall, and we also did that in the -- at the beginning of the second quarter here. Hopefully, that opportunity will exist as we go through the remainder of 2024 if oil prices stay in this price range.

因此，對於我們來說，我們會對此進行研究，並在不同的時間段內運行它。我認為正如我們之前所說的，以及吉米剛剛提到的，我們保持低槓桿率實際上有幾個不同的原因。一是利用突然出現的收購。這是你真正的第一個問題。我認為去年秋天我們在這方面做得非常好，我們在第二季初也做到了這一點。如果油價維持在這個價格範圍內，希望在 2024 年剩下的時間裡，這個機會仍然存在。

The other side of that is just making sure that the dividend is covered and the lower debt allows us some flexibility there. Obviously, if prices are down for an extended period of time, we would have to look at our dividend. But I think if price is going down to $60 for a short period of time, we don't anticipate that, that would have an impact on our dividend in the short term.

另一方面只是確保股息得到支付，而較低的債務使我們有一定的靈活性。顯然，如果價格長期下跌，我們必須考慮股利。但我認為，如果價格在短時間內跌至 60 美元，我們預計這不會在短期內對我們的股息產生影響。

The other thing that I might add is that because a significant part of our capital spending is in the acquisition arena, we have a lot of flexibility in our spending. So unlike maybe an operator that is committed to a certain rig cadence and completion crews, we can adjust very quickly to the pricing environment and kind of get into more of a harvest mode, if you will.

我要補充的另一件事是，由於我們資本支出的很大一部分是在收購領域，因此我們的支出具有很大的靈活性。因此，與致力於特定鑽機節奏和完井人員的運營商不同，我們可以非常快速地調整定價環境，如果您願意的話，可以進入更多的收穫模式。

Right. And somewhat related to that last point, Jimmy, I guess the question is, has there been a change in consent rate? I'm guessing maybe not yet. Are you still kind of north of 95% consenting for the AFEs that come in? Or has that -- has there been any changes or adjustments there?

正確的。與最後一點有些相關，吉米，我想問題是，同意率是否改變了？我猜也許還沒有。您是否仍有 95% 以上的人同意 AFE 的出現？或者那裡有什麼變化或調整嗎？

There really hasn't been much change on that. It's typically, like you said, at that 95% range, and it's more driven by geographic or operator statistics than necessarily the price deck because we're -- that we underwrite. But yes, the consent has been -- consent rate has been very consistent.

這方面確實沒有太大改變。正如您所說，通常是在 95% 的範圍內，而且它更多地受到地理或運營商統計數據的驅動，而不一定是價格平台，因為我們是——我們承保的。但是，是的，同意率一直非常一致。

Okay, great. Thank you. I'll take the rest of my questions offline.

好的，太好了。謝謝。剩下的問題我會離線回答。

Jeff Robertson, Water Tower Research.

傑夫·羅伯遜，水塔研究。

Thank you. Bob or Brian, based on your experience in the Williston Basin, do you have a feel for how the consolidation that's been taking place in the industry will affect the market for the near-term development opportunities that have been your hallmark of growth in 2025? And is this key to success in that process, just using your Luminis system to stay close to the operators who are having the -- what you think is the most economic success in their development programs?

謝謝。Bob 或 Brian，根據您在威利斯頓盆地的經驗，您是否認為行業中正在發生的整合將如何影響市場的近期發展機會，而這些機會一直是您 2025 年成長的標誌？這是在此過程中取得成功的關鍵嗎？

So Jeff, this is Brian. I'll start and Bob can add to it. But yes, clearly, Luminis and all of our data plays a key role in that as it is just our history. Bob mentioned, we've been doing this for 13 years. So we've developed a lot of relationships among those operators. And that consolidation does generate opportunities at certain times. Not every consolidation generates that new opportunity. But from our standpoint, again, I think we've discussed this in the past, we're a big fan of the consolidation. We love to see operators get together because typically what happens when they put those two teams together is they're taking the best of both worlds and those enhanced and better economics flow down to us as a non-operated working interest owner.

傑夫，這是布萊恩。我先開始，鮑伯可以加。但是，是的，顯然，Luminis 和我們所有的數據在其中發揮關鍵作用，因為這只是我們的歷史。鮑伯提到，我們這樣做已經 13 年了。因此，我們在這些運營商之間建立了很多關係。這種整合確實在某些時候會產生機會。並非每次整合都會產生新的機會。但從我們的角度來看，我想我們過去已經討論過這個問題，我們非常支持合併。我們喜歡看到營運商聚集在一起，因為通常當他們將這兩個團隊放在一起時，他們會兩全其美，而那些增強和更好的經濟效益會流向我們作為非營運工作權益所有者。

So we're excited about that. Will some of these recent developments increase the opportunity for us to get near term? Yes, probably. And perhaps it even gives us a larger acquisition opportunity. We'll see if any of the non-op assets that are out there come to market. It's something that we'll always take a look at. As we've always said, we're in the market all the time for both near-term development and larger acquisitions as long as they can meet our hurdle rate.

所以我們對此感到興奮。最近的一些發展是否會增加我們實現近期目標的機會？是的，可能是。也許它甚至為我們帶來了更大的收購機會。我們將看看是否有任何非營運資產進入市場。這是我們會一直關注的事情。正如我們一直所說的，我們一直在市場上尋求短期發展和更大的收購，只要它們能夠滿足我們的最低門檻。

Thanks. And one question just on the philosophy at Vitesse. You all have focused on the Bakken because it's a long-term asset with a chance that technology will improve. Are you seeing any operators explore different ideas, whether it's engineering or development or drilling wise that you think offer maybe near and intermediate term upside to the type of inventory that you have?

謝謝。還有一個問題是關於 Vitesse 的理念。你們都關注巴肯，因為它是一項長期資產，技術有機會改進。您是否看到任何營運商探索不同的想法，無論是工程、開發還是鑽井方​​面，您認為這些想法可能為您所擁有的庫存類型提供近期和中期的上行空間？

Jeff, this is Bob. The trend toward 3-mile lateral is becoming a little bit more universal. And we were not initially enamored with that concept. But the recent results over the last six months have been really positive for the 3-mile lateral. And I think that's what it encouraged a company like Devon to come in and be so aggressive in their acquisition. So technological increases are slow, grinding and very consistent. So each dollar spent in the Bakken right now is much more productive than even a year ago. So the Bakken is leveraged to technology, and we don't see that changing any time in the future, so.

傑夫，這是鮑伯。3 英里橫向跑的趨勢變得更加普遍。我們最初並不迷戀這個概念。但最近六個月的 3 英里橫向跑成績確實非常積極。我認為這就是鼓勵像德文郡這樣的公司進來並如此積極地收購的原因。因此，技術進步是緩慢的、艱難的，而且非常一致。因此，現在在巴肯花費的每一美元都比一年前更有成效。所以巴肯是利用科技的，我們認為這種情況在未來任何時候都不會改變，所以。

And Jeff, I'd add that we continue to be excited about the refracs. The refrac results have continued to be very strong. We're on pace to see more refracs this year than we have in any other year. So it's still not -- it's not a huge part of our capital spend, but we're still continuing to remain very optimistic that refracs will be a big part of the story over the next five years.

傑夫，我想補充一點，我們仍然對折射感到興奮。折射結果仍然非常強勁。今年我們預計會看到比其他年份更多的折射現象。所以它仍然不是——它不是我們資本支出的很大一部分，但我們仍然繼續保持非常樂觀的態度，認為折射將成為未來五年故事的重要組成部分。

Thank you.

謝謝。

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯、圖伊兄弟。

Hi. Good morning. I had a couple. I was just wondering, as far as what you're seeing either on the market or coming to the market these days for acquisition or bolt-on opportunities, is there any pattern to sort of the vintage of what you're seeing? I'm wondering if you're just seeing interest or assets from the very earliest days of the play or maybe from that period, say, like 10 years ago when operators first started really going to the max with frac intensity and so forth with mixed results. So I was wondering, any pattern of what you're seeing coming to market these days?

你好。早安.我有一對。我只是想知道，就您在市場上看到的或這些天進入市場尋求收購或補強機會的東西而言，是否有任何模式可以對您所看到的東西進行分類？我想知道您是否只是看到了遊戲最早期的興趣或資產，或者可能是那個時期的興趣或資產，例如 10 年前，當時運營商第一次開始真正發揮壓裂強度的最大程度，等等。結果。所以我想知道，這些天你看到市場上有什麼模式嗎？

Well, this is Brian. We don't spend a lot of time looking at PDP opportunities. So most of the things that we analyze that come to us on a near-term basis are more development opportunities. So I'm not sure I'm really answering your question. But we did just -- we just recently closed on a very small PDP acquisition that had some flatter production. Somebody was just looking to exit the basin, and it was relatively very small. But -- so we do see those from time to time.

嗯，這是布萊恩。我們不會花很多時間尋找 PDP 機會。因此，我們分析的大多數近期發生的事情都是更多的發展機會。所以我不確定我是否真正回答了你的問題。但我們最近剛完成了一項規模很小的 PDP 收購，該收購的產量較為穩定。有人只是想離開盆地，而且盆地相對很小。但是——所以我們確實時常會看到這些。

But most of the things we spend our time analyzing are more development opportunities at this point in time, unless it's a larger transaction. And at this point in time, there's not a lot of larger transactions in the Bakken that are being marketed.

但我們花時間分析的大多數事情都是此時此刻更多的發展機會，除非是規模更大的交易。目前，巴肯市場上還沒有大量較大的交易。

Clearly, no. This is Bob. The Bakken is, as a basis, just under stimulated. It was the last to come to the Gen 2 frac. So we really look forward to refracs being a dominant capital force in the future.

顯然，不。這是鮑伯。巴肯作為基礎，剛剛受到刺激。這是最後一個進行第二代壓裂的人。因此，我們非常期待折射成為未來的主導資本力量。

Got it. And to a degree that there are assets out there that are ideal for refrac, is there pretty specific awareness out there among sellers of what that opportunity would look like? Because on paper, it's just that -- well, it's developed, it's developed acreage. So are people sort of keenly aware of what that upside might look like? Or is it something that -- like in the example you gave, the person just looking to exit, they just want transaction, they're not going that deep on it?

知道了。在某種程度上，有適合進行再壓裂的資產，賣家是否對這個機會有非常具體的認知？因為在紙面上，它只是——嗯，它已經開發了，它已經開發了面積。那麼人們是否敏銳地意識到這種好處可能會是什麼樣子呢？還是像你舉的例子一樣，那些只是想退出的人，他們只是想要交易，他們不會深入研究？

I mean I guess I could tell you this -- in the PDP acquisitions that we've done, we have never added any refrac value to our analysis. So I don't know if that means that people are not as aware of it. I think everyone is aware that there's been quite a few refracs done in the Bakken. Maybe they don't put a lot of value on it.

我的意思是，我想我可以告訴你這一點——在我們完成的 PDP 收購中，我們從未在分析中添加任何折射值。所以我不知道這是否意味著人們沒有意識到這一點。我想每個人都知道在巴肯進行了相當多的折射。也許他們並沒有太重視它。

But from our standpoint, it's something that we do pay attention to. Our database does allow us to analyze all the refracs that have been done and in various areas and to kind of have a good idea. But again, we don't see a lot of just PDP opportunities that present themselves. But when they do, we'll take into consideration that the refrac does have some upside, but we never put any value on it.

但從我們的角度來看，這是我們確實關注的事情。我們的資料庫確實允許我們分析各個領域已完成的所有折射，並得出一個好主意。但同樣，我們並沒有看到很多純粹的 PDP 機會。但當他們這樣做時，我們會考慮到折射確實有一些好處，但我們從不重視它。

This is Bob. Interestingly enough, a lot of the operators will do refrac operations as workovers. And so often, we won't even get an AFE for a refrac. And so it's very difficult to schedule refracs. And it's -- they're like Easter eggs. They're wonderful when you find them. So you just have to be very diligent. Our data really infers where refrac activity is likely to take place, but it's very difficult to schedule out.

這是鮑伯。有趣的是，許多操作員會在修井時重複壓裂操作。很多時候，我們甚至不會得到 AFE 進行驗光。因此安排折射非常困難。它們就像復活節彩蛋。當你找到它們時，它們真是太棒了。所以你只需要非常勤奮。我們的數據確實推斷了折射活動可能發生的位置，但很難安排。

Okay, thanks. Interesting.

好的，謝謝。有趣的。

Thank you. There are no further questions at this time. I'd like to turn the floor back over to Bob for closing comments.

謝謝。目前沒有其他問題。我想把發言權交還給鮑勃，讓他發表結束評論。

Well, thanks, everybody, for joining in. Please reach out to Ben if you have any other questions, and management will always answer whatever we can for you. Thank you very much, and see you next quarter.

嗯，謝謝大家的參與。如果您有任何其他問題，請聯絡 Ben，管理層將始終為您解答。非常感謝，下個季度再見。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。