Vitesse Energy Inc (VTS) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Vitesse Energy second quarter 2025 earnings call. (Operator Instructions) Please note that this conference is being recorded.

大家好，歡迎參加 Vitesse Energy 2025 年第二季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

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

現在，我將會議交給 Vitesse 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 thanks for joining. Today, we will be discussing our financial and operating results for the second quarter of 2025. Our 10-Q and earnings were released yesterday after market close and an updated investor presentation can be found on the Vitesse website. I'm joined this morning by our Chairman and CEO, Bob Gerrity; our President, Brian Cree; and our CFO, Jimmy Henderson.

大家早安，感謝大家的參與。今天，我們將討論 2025 年第二季的財務和營運表現。我們的 10-Q 和收益在昨天收盤後發布，更新後的投資者介紹可以在 Vitesse 網站上找到。今天早上與我一起出席的還有我們的董事長兼執行長 Bob Gerrity、總裁 Brian Cree 和財務長 Jimmy Henderson。

Before we begin, please be reminded that this call may contain estimates, projections and other forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are subject to several risks and uncertainties, many of which are beyond our control.

在我們開始之前，請注意，本次電話會議可能包含聯邦證券法所定義的估計、預測和其他前瞻性陳述。前瞻性陳述受多種風險和不確定性的影響，其中許多是我們無法控制的。

These risks and uncertainties can cause actual results to differ materially from our current expectations. Please review our earnings release and risk factors discussed in our filings with the SEC for additional information.

這些風險和不確定性可能導致實際結果與我們目前的預期有重大差異。請查看我們向美國證券交易委員會提交的文件中討論的收益報告和風險因素以獲取更多資訊。

In addition, today's discussion may reference non-GAAP financial measures. For a reconciliation of historical non-GAAP financial measures to the most directly comparable GAAP measure, please reference our 10-Q and earnings release.

此外，今天的討論可能會參考非公認會計準則財務指標。有關歷史非 GAAP 財務指標與最直接可比較的 GAAP 指標的對照表，請參考我們的 10-Q 和收益報告。

Now I will turn the call over to Vitesse's Chairman and CEO, Bob Gerrity.

現在我將電話轉給 Vitesse 董事長兼執行長 Bob Gerrity。

Thank you, Ben, and good morning, everyone. The second quarter demonstrated the resilience of our asset and the discipline of our team. I want to thank our team members for the awesome job they continue to do. Importantly, we are positioned to deliver in a subdued oil price market while remaining well prepared for when prices strengthen.

謝謝你，本，大家早安。第二季展現了我們資產的韌性和我們團隊的紀律。我要感謝我們的團隊成員持續所做的出色工作。重要的是，我們有能力在低迷的油價市場中實現目標，同時為油價走強做好充分準備。

During the second quarter of '25, we fully integrated the Lucero assets and certain employees into Vitesse with the accretive impact of apparent in our financial metrics and balance sheet. The asset is performing as expected, and we are realizing better G&A synergies than we underwrote.

在 2025 年第二季度，我們將 Lucero 資產和部分員工完全整合到 Vitesse，其增值影響在我們的財務指標和資產負債表中顯現出來。該資產的表現符合預期，我們實現了比承保更好的一般及行政管理綜效。

The operated leg to our strategy provides another lever that we can pull at our discretion. We successfully settled a multiyear lawsuit with one of our key operating partners, which resulted in a onetime cash payment as well as entering into long-term gas gathering, processing and marketing agreements.

我們的策略中的手術部分提供了另一個我們可以自行決定的槓桿。我們成功地與我們的一位主要營運合作夥伴解決了一場持續多年的訴訟，最終獲得了一次性現金支付，並達成了長期的天然氣收集、加工和行銷協議。

Kudos to our team for their diligent efforts in seeing this through. We continue to invest capital selectively while generating excess free cash flow that was used to reduce debt. We allocate capital based on our returns-driven hierarchy as noted in our investor presentation posted on our website.

感謝我們的團隊為實現這一目標所付出的辛勤努力。我們繼續有選擇地投資資本，同時產生用於減少債務的過剩自由現金流。正如我們網站上發布的投資者介紹中所述，我們根據回報驅動的層級結構分配資本。

And again, we're not held to a fixed capital budget. 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, but these deals must meet our strict return hurdles.

再說一次，我們的資本預算不受固定的限制。正如我之前所說，除了我們的有機鑽探之外，我們還一直在關注短期開發交易和支持股息的更大規模資產收購，但這些交易必須滿足我們嚴格的回報障礙。

Additional hedges were added in the quarter to take advantage of increased oil prices, and we will continue to make decisions that bolster the dividend. Last week, our Board declared our third quarter dividend at an annual rate of $2.25 per share.

本季我們增加了額外的對沖，以利用油價上漲的優勢，我們將繼續做出增加股利的決定。上週，我們的董事會宣布第三季股息為每股 2.25 美元。

I will now hand the call over to our President, my partner, Brian Cree, to discuss our operations.

現在我將把電話交給我們的總裁，我的合夥人 Brian Cree，討論我們的營運。

Thanks, Bob. Good morning, everyone, and thank you for joining today's call. Production for the quarter averaged just under 19,000 barrels of oil equivalent per day which was an increase of 27% from the first quarter. This brings our year-to-date production to just under 17,000 barrels of oil equivalent per day.

謝謝，鮑伯。大家早安，感謝大家參加今天的電話會議。本季平均產量略低於每天 19,000 桶油當量，比第一季成長 27%。這使得我們今年迄今的產量達到每天略低於 17,000 桶油當量。

As of June 30, 2025, we had 23 net wells in our development pipeline, including 7.9 net wells that were either drilling or completing and another 15.1 net locations that had been permitted for development. As Bob touched on, during the quarter, we resolved pending litigation with one of our largest operators related to postproduction revenue deductions.

截至 2025 年 6 月 30 日，我們的開發管道中擁有 23 口淨井，其中包括 7.9 口正在鑽井或完井的淨井，以及另外 15.1 口已獲準開發的淨位置。正如鮑勃所提到的，在本季度，我們與我們最大的運營商之一解決了與後期製作收入扣除有關的未決訴訟。

We received a onetime cash payment of $24 million, which was recorded to revenue and to offset litigation costs previously expensed. In addition to the onetime cash payment, we have elected to take virtually all of our gas production in kind from this operator's wells and simultaneously entered into long-term gas gathering, processing and marketing agreements with the operator and its affiliates.

我們收到了 2400 萬美元的一次性現金支付，這筆款項被計入收入並抵消了先前支出的訴訟費用。除了一次性現金支付外，我們還選擇從該運營商的油井中以實物形式獲取幾乎所有的天然氣產量，並同時與該運營商及其附屬公司簽訂了長期天然氣收集、加工和營銷協議。

We capitalized on increased oil prices during the quarter by adding oil hedges at price levels that support our dividend. For 2025, we have approximately 71% of our remaining oil production hedged at a weighted average price of $69.83 per barrel and nearly half of the remaining 2025 natural gas production hedged with attractively priced collars at a weighted average floor of $3.73 and ceiling of $5.85 per MMBtu, both percentages based on the midpoint of our guidance.

我們利用本季油價上漲的機會，在支持我們股息的價格水準上增加了石油對沖。到 2025 年，我們將以每桶 69.83 美元的加權平均價格對剩餘石油產量的約 71% 進行對沖，並將 2025 年剩餘天然氣產量的近一半以具有吸引力的價格區間對沖，加權平均下限為 3.73 美元，上限為每百萬英熱單位 5.85 美元，這兩者均基於我們的兩個百分比中。

Additionally, we have over 3,300 barrels per day and 12,700 MMBtu per day of our 2026 oil and natural gas production hedged at $66.43 per barrel and through a costless collar of $3.72 by $4.99 per MMBtu.

此外，我們 2026 年的石油和天然氣產量有超過 3,300 桶/天和 12,700 MMBtu/天，以每桶 66.43 美元的價格進行對沖，並通過 3.72 美元/MMBtu 的無成本套期保值 4.99 美元/MMBtu。

In the first quarter of 2027, we have over 8,800 MMBtu per day of natural gas production hedged with a $4 floor by $5.68 collar. Additionally, we have over 207,000 barrels of NGL production hedged in the second half of 2025 and 2026 at $23.61 per barrel.

2027 年第一季度，我們每天的天然氣產量超過 8,800 MMBtu，對沖價格為 4 美元的下限和 5.68 美元的上限。此外，我們在 2025 年下半年和 2026 年對超過 207,000 桶的 NGL 產量進行了對沖，價格為每桶 23.61 美元。

Thanks for your time. Now I will turn the call over to our CFO, Jimmy Henderson.

感謝您的時間。現在我將電話轉給我們的財務長吉米·亨德森 (Jimmy Henderson)。

Thanks, Brian. Good morning, everyone. I just want to highlight a few items from our financial results for the second quarter of 2025, if you refer to our earnings release and 10-Q, which were filed last night for further details.

謝謝，布萊恩。大家早安。我只想強調一下我們 2025 年第二季財務業績中的幾項內容，如果您參考昨晚提交的收益報告和 10-Q 來了解更多詳細資訊。

With the Lucero assets fully integrated, our production for the quarter was 18,950 Boe per day with the 65% oil cut. For the quarter, adjusted EBITDA was $61.1 million, adjusted net income was $18.4 million, and GAAP net income was $24.7 million.

隨著盧塞羅資產的全面整合，我們本季的產量為每天 18,950 桶油當量，石油減產 65%。本季度，調整後 EBITDA 為 6,110 萬美元，調整後淨收入為 1,840 萬美元，GAAP 淨收入為 2,470 萬美元。

All of these figures include the effect of the legal settlement as we've discussed earlier. You can see the reconciliation in our press release filed last night.

所有這些數字都包括我們之前討論過的法律和解的影響。您可以在我們昨晚提交的新聞稿中看到和解協議。

Cash CapEx and acquisition costs for the quarter were $35.7 million, which was almost entirely organic as we had minimal acquisition costs during the quarter. These costs were funded within our operating cash flows and excess cash flow was used to pay down debt.

本季的現金資本支出和收購成本為 3,570 萬美元，由於本季我們的收購成本極低，因此幾乎完全是有機的。這些成本由我們的經營現金流提供資金，多餘的現金流用於償還債務。

During the second quarter, we decreased our total debt to $106 million, giving us net debt to an adjusted annualized EBITDA of just 0.4 times. Our annual guidance for 2025 has not changed.

在第二季度，我們將總債務減少至 1.06 億美元，使我們的淨債務僅為調整後年化 EBITDA 的 0.4 倍。我們對 2025 年的年度指導沒有改變。

We anticipate production in the range of 15,000 to 17,000 Boe per day for the full year with an anticipated oil cut of 64% to 68%. Cash CapEx for the year is now anticipated to be $80 million to $110 million weighted towards the first half of the year.

我們預計全年產量將在每天 15,000 至 17,000 桶油當量之間，預計石油減產幅度為 64% 至 68%。目前預計今年的現金資本支出為 8,000 萬至 1.1 億美元，主要集中在上半年。

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

說完這些，讓我把電話轉給接線生進行問答。

(Operator Instructions)

（操作員指示）

Jeff Grampp, Northland Capital Markets.

傑夫‧格蘭普 (Jeff Grampp)，北國資本市場 (Northland Capital Markets)。

I wanted to, first question on the production side of things. You guys had a pretty nice performance in Q2, guidance for the full year was maintained, which I guess kind of implies a fairly decent decline in production in the second half of the year.

我想先問一下有關生產方面的問題。你們在第二季的表現相當不錯，全年的預期也得到了維持，我想這在某種程度上意味著下半年的產量將出現相當大的下降。

I know activity levels in the basin have slowed down, so not too surprising. But just hoping to get a little more increased clarity on kind of what your guys' production expectations are for the remainder of the year.

我知道盆地內的活動量已經減緩，所以並不太令人驚訝。但我希望能更清楚地了解你們對今年剩餘時間的生產預期。

Yes, Jeff, this is Brian. I'll take the first crack at that and anyone can add in. But yes, we kept our guidance the same for the year. Obviously, our second quarter numbers were really strong. We like them.

是的，傑夫，這是布萊恩。我將首先嘗試，然後任何人都可以加入。但是的，我們對今年的指導保持不變。顯然，我們第二季的業績非常強勁。我們喜歡它們。

From that standpoint, we did have some wells that got turned on a little sooner than we had expected. And we are constantly watching the amount of organic CapEx that we're seeing.

從這個角度來看，我們確實有一些油井的開井時間比我們預期的要早一些。我們一直在關注有機資本支出的數量。

We're very encouraged by the AFE activity that we've seen with oil prices in the mid-$60s. We're pretty happy to see a lot more AFE activity than we were seeing earlier in the year actually.

當油價達到 60 美元左右時，AFE 的活動令我們感到非常鼓舞。事實上，我們很高興看到 AFE 活動比今年早些時候多得多。

We're not quite at the levels we were last year from an AFE activity but certainly above the levels we've seen on average over the last few years. So something that we're encouraged. But at this point in time, just with the visibility that we have, we've decided to keep those estimates in terms of the second half production right in line with where we were earlier.

從 AFE 活動來看，我們的水平還沒有達到去年的水平，但肯定高於過去幾年的平均水平。所以我們感到很鼓舞。但目前，僅憑我們掌握的可見度，我們決定將下半年產量的預估與先前的水平保持一致。

Okay. For my follow-up on the acquisition side of things, I know that at least looking at the cash flow statement, the kind of ground game acquisition side of the business has been a little bit slower.

好的。對於我對收購的跟進，我知道至少從現金流量表來看，業務的地面遊戲收購進展有點慢。

I know you guys have been seemingly pretty bullish the last couple of calls on acquisition deal flow overall, both for small and larger deals. So just hoping to get an update on what you guys kind of view as the pipeline for acquisitions, both for round game and barter deals.

我知道你們在最近的幾次電話會議中似乎對收購交易流程總體上相當樂觀，無論是小型交易還是大型交易。所以只是希望了解你們對收購管道的看法，包括回合遊戲和以物易物。

Yeah, Jeff, I'll take a cut at that. This is Jimmy. Yes, definitely, we've seen, as Brian said, on the organic side, we've seen pretty robust activity. And we've seen quite a bit into the pipeline on NTD or near-term development, just nothing that's really achieved our hurdles that we have.

是的，傑夫，我會接受的。這是吉米。是的，正如布萊恩所說，在有機方面，我們已經看到了相當強勁的活動。我們已經看到 NTD 或近期開發方面有相當多的進展，但沒有一個能真正解決我們所面臨的障礙。

We just haven't built the inclination to change our hurdle rate and accept lower returns to do some of these things. So we just kind of feel pretty comfortable about where we're at.

我們只是還沒有形成改變我們的最低收益率並接受較低迴報來做這些事情的傾向。因此，我們對目前的狀況感到相當滿意。

We continue to look at bigger chunkier deals, and we got a lot of things that we're analyzing and really scrutinizing, as we've always said, as Bob said earlier in the prepared remarks, we have pretty strenuous requirements when we look at these things. So we're very optimistic given the number of opportunities that are out there but continue to be cautiously optimistic that something will get to the finish line.

我們繼續關注更大、金額更大的交易，我們正在分析和仔細審查很多事情，正如我們一直說的那樣，正如鮑勃早些時候在準備好的發言中所說的那樣，我們在審視這些事情時有非常嚴格的要求。因此，考慮到存在大量的機會，我們非常樂觀，但仍然謹慎樂觀地認為某些事情將會成功。

Poe Fratt, Alliance Global Partners.

Poe Fratt，Alliance Global Partners。

Just to follow up on the guidance question. You look at the, if you could just help me understand the chances that you're going to hit the low end of the guidance, that would be helpful. What would have to happen to see 15,000 Boe per day for the year?

只是為了跟進指導問題。你看，如果你能幫助我了解你達到指導低端的可能性，那將會很有幫助。要達到全年每天 15,000 桶油當量的目標，需要做些什麼呢？

I mean it seems like an outlier example. But if you could just help me understand the low end of the guidance, that would be helpful.

我的意思是它看起來像一個異常的例子。但如果您能幫助我了解指導的低端，那將會很有幫助。

Yeah, Poe, this is Jimmy. Thanks for the question. Obviously, the low end of the guidance is pretty minimal chance that it's going to hit that level. But I think Brian described it pretty well. We're excited about the second quarter.

是的，Poe，這是 Jimmy。謝謝你的提問。顯然，指導值的低端意味著達到該水平的可能性非常小。但我認為布萊恩描述得很好。我們對第二季度感到興奮。

There were some things that came pulled forward from the second half into the quarter. So we're comfortable. We've got great momentum going into the second half. So we're pretty excited, but we're not quite to the point where we wanted to adjust that up.

有些事情從下半場開始就被拖入了本季。所以我們很舒服。我們進入下半場勢頭強勁。所以我們非常興奮，但我們還沒有達到想要調整的程度。

Yeah, Poe, I would just add quickly to that, that even in the second quarter, we did see some operators in the basin curtail production. So realistically, to get to that lower end of the range, I think you'd have to see a pretty good drop in the price of oil, and you'd have to see operators start to curtail production.

是的，Poe，我只想快速補充一點，即使在第二季度，我們確實看到盆地的一些運營商削減了產量。因此，從現實角度來看，要達到該範圍的下限，我認為你必須看到油價大幅下跌，並且你必須看到營運商開始削減產量。

Okay. That's really helpful. And then can we just talk about the cost structure a little bit? It looks like LOE was up quarter-to-quarter on a Boe basis.

好的。這真的很有幫助。那我們可以稍微討論一下成本結構嗎？看起來 LOE 按 Boe 計算逐季上升。

And then I'd like to understand what your run rate on G&A is, obviously, the settlement had an impact there, but on your reported G&A, if you can just help me understand sort of those two factors going forward, that would be helpful.

然後我想了解一下你們的 G&A 運行率是多少，顯然，和解協議對此產生了影響，但對於你們報告的 G&A，如果你能幫助我了解這兩個因素的未來走向，那將會很有幫助。

Yeah, I'll take the first crack on LOE and let Jimmy handle the G&A question. But look, on our LOE, we closed the transaction and the acquisition of Lucero. There were some things that we wanted to do out in the field in that first three, four months of getting those operations under our belt.

是的，我會先嘗試 LOE，然後讓 Jimmy 處理 G&A 問題。但看看，在我們的 LOE 上，我們完成了交易和對 Lucero 的收購。在進行這些行動的最初三、四個月裡，我們想在實地做些什麼。

And so we did a few things. And look, I think you can also see that some of those additional LOE costs probably drove our production a little higher in the second quarter also.

因此我們做了一些事情。而且，我想你也可以看到，一些額外的 LOE 成本可能也推動了我們第二季的產量略有增加。

So those two kind of offset each other a little bit. But it was just really getting the operated properties into the format that we wanted them to be in.

因此，這兩者有點互相抵消。但它實際上只是將操作的屬性轉換為我們想要的格式。

Yeah. Poe, on G&A, yes, obviously, it's kind of hard to get a run rate given all the things that we've had running through there over the last few quarters with legal costs as well as costs related to Lucero acquisition.

是的。Poe，關於一般及行政費用，是的，顯然，考慮到過去幾季我們在法律成本以及與 Lucero 收購相關的成本方面發生的所有事情，很難獲得運行率。

But I think if you make the adjustment based on what is in there this quarter with the legal, the reimbursement on the legal cost, we're sort of in the mid-3s per Boe, and I think we firmly believe that, that will continue to decline as we scale up with (inaudible) a lot of our existing team and not a lot of adds on the G&A side as production scales up over time. So I think you continue to see that ramp down.

但我認為，如果根據本季度的法律情況進行調整，對法律費用的報銷進行調整，我們的成本大約在每桶油當量 3 美分左右，而且我堅信，隨著我們擴大現有團隊規模，並且隨著生產規模的擴大，G&A 方面的增加不多，這一數字將繼續下降。所以我認為你會繼續看到這種下降趨勢。

Okay. And then I should have congratulated you on the settlement. Big cash payment, obviously. But more importantly, going forward, can you help me understand the implications of taking your gas in kind? And then also, can you give me an appreciation for how the JPM contracts compared to what you've been paying historically?

好的。然後我應該祝賀你達成和解。顯然，這是大額現金支付。但更重要的是，展望未來，您能否幫助我理解以實物形式獲取您的天然氣的含義？另外，您能否告訴我，與您過去所支付的價格相比，JPM 的合約狀況如何？

Yeah, Poe, this is Jimmy again. Yeah. So obviously, they're better than what they were before. We have bespoke contractual situation now with the operator and their affiliates to move our gas primarily. And so it's definitely expected to be better going forward.

是的，Poe，我又是 Jimmy。是的。顯然，他們比以前更好了。我們目前已與營運商及其附屬公司簽訂了客製化合同，主要用於運輸我們的天然氣。因此我們確信未來情況會更好。

I think if, just to give you a little guidepost that if we look at, say, the first half, we would have seen an improvement in the $2.5 million, $3 million range for the first half of the year. So kind of give you an idea of what we expect to see as a run rate going forward.

我想，如果只是給你一個小指導，如果我們看一下上半年，我們會看到上半年的銷售額在 250 萬美元到 300 萬美元之間有所改善。因此，您可以大致了解我們期望的未來運行率。

Great. And then, Bob, on the last conference call, you did talk about chunkier assets that might be available. And it sounds like you're optimistic that something might happen over the second half of the year. Have you actually passed or declined on any deals that are dead right now? Or is the acquisition pipeline still fairly active?

偉大的。然後，鮑勃，在上次電話會議上，你確實談到了可能可用的更大資產。聽起來您對今年下半年可能會發生的事情感到樂觀。您是否實際上已經放棄或拒絕了任何目前已失敗的交易？或者收購通路仍相當活躍？

Thanks for the question, Poe. This is Bob. I will say that since we've been in business for 12 years, this is by far the most amount of deal flow we have ever seen in the bigger chunkier realm. We have also been able to add as the industry consolidates, we're able to add an engineer and an ops guy to our evaluation team and they're completely busy.

謝謝你的提問，Poe。這是鮑伯。我想說的是，自從我們從事這項業務 12 年以來，這是迄今為止我們在更大、更大規模領域見過的交易量最多的一次。隨著產業整合，我們也能夠為評估團隊增加一名工程師和一名操作人員，他們非常忙碌。

So again, especially now that the transaction of the legal process is over, we are spending a lot of time looking at deals. So we have very high hurdles. It's got to be dividend supportive or accretive and it's difficult to find that, but believe me, we would love to get one when we can.

所以，特別是現在法律程序已經結束，我們花了很多時間研究交易。所以我們的門檻很高。它必須能夠支持股息或增加股息，而這很難找到，但相信我，如果可以的話，我們很樂意得到一個。

So we've got a war room that's very busy. We'd love to do a deal. Thankfully, our underlying asset is performing very well. So anything we do, we are very sensitive not to dilute that performance. But we're hunting.

所以我們的作戰室非常忙碌。我們很樂意達成交易。值得慶幸的是，我們的標的資產表現非常好。因此，無論我們做什麼，我們都會非常小心，以免削弱這種表現。但我們正在狩獵。

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯 (Noel Parks)、圖伊兄弟 (Tuohy Brothers)。

Apologize if you already touched on this. But I just wonder if you've gotten any sense from the finally completed [Hess] transaction with Chevron.

如果您已經談及此事，請道歉。但我只是想知道您是否從最終完成的與雪佛龍的 [Hess] 交易中獲得了什麼啟示。

If over time, you're going to see any sort of changes to their planned activity levels up there? And whether you think that would have the possibility of changing sort of the dynamics of maybe Bakken consolidation and so forth.

隨著時間的推移，您會看到他們計劃的活動水平發生任何變化嗎？您是否認為這有可能改變巴肯合併等的動態？

Yes, this is Bob. I'll take a first crack at that. We don't know the specific plans that Chevron has for the Bakken but we've got a paradigm to work with because Chevron came in and made a big purchase in the [DJ] and we really are encouraged by how they've performed with Noble.

是的，我是鮑伯。我將首先嘗試一下。我們不知道雪佛龍對巴肯項目的具體計劃，但我們有一個可以藉鑑的範例，因為雪佛龍介入並對 [DJ] 進行了大筆收購，而且他們與 Noble 的合作表現確實讓我們感到鼓舞。

And so if that's any indication, we're very much looking forward to Chevron taking control of the Hess asset. The Hess asset up there is fantastic. And so we are encouraged that Chevron will actually increase the activity. But that's speculation, Noel.

因此，如果這有任何跡象的話，我們非常期待雪佛龍控制赫斯資產。那裡的赫斯資產非常棒。因此，我們很高興看到雪佛龍將真正增加活動。但這只是猜測，諾埃爾。

Sure. Fair enough. And I guess I feel like there is still a little bit of a lag in market perception around sort of the status of inventory in the Bakken remaining inventory?

當然。很公平。我想，我覺得市場對於巴肯剩餘庫存狀況的認知仍然有些延遲？

And what is and still can be achieved through technical efficiency, maybe even we're hearing more about that as far as (inaudible) downhole monitoring and AI and advanced technologies and so forth. And do you see any opportunities for a little bit greater awareness of the opportunity that still exists up there in the Bakken?

透過技術效率可以實現什麼以及仍然可以實現什麼，也許我們聽到更多關於（聽不清楚）井下監測、人工智慧和先進技術等方面的資訊。您是否認為，人們可以更認識到巴肯地區仍然存在的機會？

This is Brian. I can talk to it first and let others add in. But yes, I mean, the capital efficiency that we're seeing, it just continues to improve in the Bakken. We're just very excited about what we see each month in terms of the three mile laterals.

這是布萊恩。我可以先和它交談，然後讓其他人加入。但是的，我的意思是，我們看到的巴肯地區的資本效率正在持續提高。我們對每個月看到的三英里橫向進展感到非常興奮。

Now we're seeing a lot more four mile laterals, refracs. There's just so many things going on in the Bakken that we think continues to make that field more and more productive over time and certainly from a capital efficiency standpoint.

現在我們看到了更多的四英里水平井和重複壓裂。巴肯油田正在發生很多事情，我們認為隨著時間的推移，這些事情將使該油田的生產力越來越高，當然從資本效率的角度來看也是如此。

This now concludes our question-and-answer session. I would like to turn the floor back over to Bob Gerrity for closing comments.

我們的問答環節到此結束。我想將發言權交還給 Bob Gerrity 來做最後評論。

We'd like to thank everyone for their continued support. Please reach out to Ben, if you have any specific questions, and we look forward to talking to everybody again in three months. Thank you.

我們要感謝大家一直以來的支持。如果您有任何具體問題，請聯絡 Ben，我們期待三個月後再次與大家交談。謝謝。

Ladies and gentlemen, thank you for your participation. This concludes today's teleconference. You may disconnect your lines, and have a wonderful day.

女士們、先生們，感謝你們的參與。今天的電話會議到此結束。您可以斷開線路，享受美好的一天。