W&T Offshore Inc (WTI) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the W&T Offshore fourth-quarter and full-year 2024 conference call. (Operator Instructions) This conference is being recorded, and a replay will be made available on the company's website following the call.

女士們、先生們，感謝你們的支持。歡迎參加 W&T Offshore 2024 年第四季和全年電話會議。（操作員指示）本次會議正在錄製，通話結束後將在公司網站上提供重播。

I would now like to turn the conference over to Al Petrie, Investor Relations Coordinator. Please go ahead.

現在，我想將會議交給投資人關係協調員 Al Petrie。請繼續。

Thank you, Wyatt. And on behalf of the management team, I'd like to welcome all of you to today's conference call to review W&T Offshore's fourth-quarter and full-year 2024 financial and operational results.

謝謝你，懷亞特。我謹代表管理團隊歡迎大家參加今天的電話會議，回顧 W&T Offshore 2024 年第四季和全年的財務和營運表現。

Before we begin, I would like to remind you that our comments may include forward-looking statements. It should be noted that a variety of factors could cause W&T's actual results to differ materially from the anticipated results or expectations expressed in these forward-looking statements.

在我們開始之前，我想提醒您，我們的評論可能包含前瞻性陳述。需要注意的是，多種因素可能導致 W&T 的實際結果與這些前瞻性陳述中表達的預期結果或期望有重大差異。

Today's call may also contain certain non-GAAP financial measures. Please refer to the earnings release that we issued yesterday for disclosures on forward-looking statements and reconciliations of non-GAAP measures.

今天的電話會議可能還包含某些非公認會計準則財務指標。請參閱我們昨天發布的收益報告，以了解前瞻性聲明和非公認會計準則指標的對帳資訊。

With that, I'd like to turn the call over to Tracy Krohn, our Chairman and CEO.

說到這裡，我想把電話轉給我們的董事長兼執行長 Tracy Krohn。

Thanks, Al. Good morning, everyone, and welcome to our year-end 2024 conference call. So with me today are William Williford, our Executive Vice President and Chief Operating Officer; Sameer Parasnis, our Executive Vice President and Chief Financial Officer; and Trey Hartman, our Vice President and Chief Accounting Officer. They are available to answer questions later during the call.

謝謝，艾爾。大家早安，歡迎參加我們 2024 年年終電話會議。今天和我一起的還有我們的執行副總裁兼營運長 William Williford； Sameer Parasaki，我們的執行副總裁兼財務長；以及我們的副總裁兼首席會計長 Trey Hartman。他們稍後可以在通話期間回答問題。

So our proven strategy is simple and effective. We focus on generating free cash flow, maintaining and optimizing our high-quality conventional assets and opportunistically capitalize on accretive opportunities to build shareholder value.

因此，我們經過驗證的策略是簡單而有效的。我們專注於創造自由現金流，維護和優化我們的高品質傳統資產，並抓住機會創造股東價值。

We have a strong balance sheet and further enhanced it in early 2025. We've built a sustainable business with a long-term vision that's committed to profitability, operational execution, returning value to our stakeholders and ensuring the safety of our employees and contractors. Our ability to deliver low decline production, meaningful EBITDA and integrate accretive property acquisitions has helped W&T grow during our 40-year-plus history.

我們的資產負債表強勁，並在 2025 年初進一步增強。我們建立了可持續發展的業務，並具有長遠的願景，致力於獲利、營運執行、為利害關係人帶來價值回報並確保員工和承包商的安全。我們能夠實現低遞減產量、有意義的 EBITDA 並整合增值性資產收購，這些投資於 W&T 在 40 多年的歷史中不斷發展。

Over the past year, we've accomplished many things that I'd like to highlight that. In January 2024, we invested about $77 million of cash to purchase 100% working interest in six shallow water Gulf of America fields from Cox, which added 21.7 million barrels of oil equivalent of 2024 proved reserves. This equates to a price of about $3.38 per barrel oil equivalent booked when accounting for 2024 production from these fields.

在過去的一年裡，我們取得了許多成就，我想強調這一點。2024 年 1 月，我們投資約 7,700 萬美元現金從考克斯公司手中收購了美國灣六個淺水油田的 100% 工作權益，這增加了 2,170 萬桶石油當量的 2024 年探明儲量。如果以 2024 年這些油田的產量來計算，這相當於每桶油當量約 3.38 美元的價格。

Those properties are adjacent to our existing operations, which provides the ability for us to capture synergies regarding personnel, well optimization, gathering and transportation. While this helped us by adding about 3,500 barrels of oil equivalent per day to production in 2024, several fields were offline for most of 2024.

這些資產與我們現有的業務相鄰，使我們能夠在人員、油井優化、收集和運輸方面發揮協同效應。雖然這有助於我們在 2024 年增加約 3,500 桶油當量的日產量，但 2024 年大部分時間都有多個油田處於離線狀態。

As we announced in January, we expect to return the remaining three fields production in the second quarter of 2025. Benefit of that production increase is included in our guidance for fiscal year 2025. So while we're busy integrating our acquisition, we also continued to execute operationally. So for the full year 2024, we generated $150 million -- $154 million in adjusted EBITDA and $45 million in free cash flow.

正如我們在一月份宣布的那樣，我們預計將在 2025 年第二季度恢復剩餘三個油田的產量。產量增加帶來的好處已包含在我們對 2025 財年的預測中。因此，在我們忙於整合收購的同時，我們也繼續執行營運任務。因此，到 2024 年全年，我們的調整後 EBITDA 為 1.5 億美元——1.54 億美元，自由現金流為 4,500 萬美元。

We delivered production of 33,300 barrels of oil equivalent per day despite impact from hurricanes and other downtime related to the Cox acquisition. We paid five quarterly cash dividends since initiating the dividend policy in late 2023 and announced the first quarter 2025 payment that will occur later this month.

儘管受到颶風和與收購考克斯相關的其他停工影響，我們每天仍生產了 33,300 桶石油當量。自 2023 年底啟動股息政策以來，我們已支付了五次季度現金股息，並宣布將於本月稍後支付 2025 年第一季的股息。

We carried this momentum into 2025 and started this year with several transactions that have strengthened and simplified our balance sheet, added material cash to the bottom line and improved our credit ratings from S&P and Moody's.

我們將這一勢頭延續到了 2025 年，並​​在今年年初進行了多項交易，這些交易加強並簡化了我們的資產負債表，為盈利增加了大量現金，並提高了標準普爾和穆迪的信用評級。

So in January, we closed $350 million in new second lien notes that decreased our interest rate by 100 basis points and allowed us to redeem our outstanding $275 million of second lien notes and pay off the $114 million outstanding under the term loan provided by Munich Re. This also reduced debt by $39 million.

因此，今年 1 月，我們完成了 3.5 億美元的新第二留置權票據發行，這使我們的利率降低了 100 個基點，並使我們能夠贖回未償還的 2.75 億美元第二留置權票據，並償還慕尼黑再保險公司提供的 1.14 億美元定期貸款的未償還餘額。這也減少了 3900 萬美元的債務。

We entered into a new credit agreement for a $50 million revolving credit facility, which matures in July 2028, that's undrawn and replaces the previous credit facility provided by Calculus Lending. Additionally, in January 2025, we sold a noncore interest in Garden Banks block 385 and 386, which was about 200 barrels of oil equivalent per day for $12 million or over $60,000 per flowing barrel. In early 2025, we also received $58.5 million in cash for an insurance settlement related to the Mobile Bay 78-1 well.

我們簽訂了一項新的信貸協議，該協議涉及 5000 萬美元的循環信貸額度，將於 2028 年 7 月到期，尚未提取，並取代了 Calculus Lending 之前提供的信貸額度。此外，2025 年 1 月，我們以 1,200 萬美元的價格出售了 Garden Banks 385 和 386 區塊的非核心權益，相當於每天約 200 桶油當量，或每桶流動價格超過 60,000 美元。2025 年初，我們還收到了 5,850 萬美元現金，用於支付與 Mobile Bay 78-1 油井相關的保險賠償金。

Lastly, to take advantage of the uptick in natural gas prices, we recently added costless collars for $50 million per day from March to December that helps us lock in a favorable price range for our natural gas. So our ability to execute our strategy is delivering very positive results, have improved our balance sheet, expanded our asset base and positioned us for success in 2025 and beyond.

最後，為了利用天然氣價格上漲的機會，我們最近從 3 月到 12 月增加了每天 5,000 萬美元的免費領圈，這有助於我們鎖定天然氣的有利價格範圍。因此，我們執行策略的能力正在產生非常積極的成果，改善了我們的資產負債表，擴大了我們的資產基礎，並為我們在 2025 年及以後取得成功奠定了基礎。

Turning to our year-end reserve results. I'd like to point out that we continue to see positive performance in technical revisions, which demonstrates the strength of our world-class conventional Gulf of America assets. While total proved reserves at SEC pricing increased 3% year-over-year to 127 million barrels of oil equivalent, our oil reserves increased b by 39%.

談到我們的年終儲備結果。我想指出的是，我們繼續看到技術修訂的積極表現，這證明了我們世界一流的美國灣常規資產的實力。以美國證券交易委員會 (SEC) 定價，總探明儲量年增 3% 至 1.27 億桶油當量，而我們的石油儲量增加了 39%。

This was driven by the oil-weighted contact acquisition and positive performance revisions. For 2024, our reserves increased by 21.7 million barrels of oil equivalent due to acquisitions and 5 million barrels of oil equivalent from positive performance provisions, which were partially offset by 12.2 million barrels of oil equivalent in production in 2024.

這是由石油加權合約收購和積極的業績修正所推動的。到 2024 年，我們的儲量因收購而增加了 2,170 萬桶油當量，因正績效撥備而增加了 500 萬桶油當量，但被 2024 年 1,220 萬桶油當量的產量部分抵消。

This translates to a reserve replacement of 219% of 2024 production. W&T's reserve life ratio at year-end '24 based on year-end '24 proved reserves and '24 production was 10.4 years. So while we had strong performance from the factors that we can control, we did see a decrease of 10.5 million barrels of oil equivalent due to pricing revisions as we saw SEC natural gas pricing decreased by 19% from 2023 and SEC oil pricing declined by about 3%.

這意味著儲量替代率為 2024 年產量的 219%。根據 24 年末探明儲量和 24 年產量計算，W&T 24 年末的儲量壽命比率為 10.4 年。因此，雖然我們在可控因素方面表現強勁，但由於價格調整，我們確實看到 SEC 天然氣價格較 2023 年下降了 19%，SEC 石油價格下降了約 3%，導致油價當量減少了 1,050 萬桶。

As a result, the majority of the price revisions impacted our natural gas reserves. So because the pricing impact was weighted more toward natural gas, our overall PV-10 value wasn't impacted as much plus we benefited from a meaningful increase in oil reserves.

因此，大部分價格調整都影響了我們的天然氣儲備。因此，由於定價影響更偏向天然氣，我們的整體 PV-10 價值受到的影響並不大，我們也受益於石油儲量的大幅增加。

We're pleased that the PV-10 value of our SEC proved reserves at year-end 2024 increased by almost $150 million or 14% to $1.2 billion despite the lower SEC pricing. So approximately 51% of year-end 2024 SEC proved reserve were liquids, with 41% crude oil and 10% NGLs, and we had 49% natural gas. The reserves were classified as 52% proved developed producing, 31% proved developed non-producing and 17% proved undeveloped.

我們很高興看到，儘管 SEC 定價較低，但截至 2024 年底，我們的 SEC 探明儲量的 PV-10 價值仍增加了近 1.5 億美元（即 14%），達到 12 億美元。因此，到 2024 年底，SEC 探明儲量中約有 51% 為液體，其中原油為 41%，NGL 為 10%，天然氣為 49%。儲量分類為 52% 已探明已開發生產，31% 已探明已開發未生產，17% 已探明未開發。

So over the years, we've consistently created significant value by methodically integrating producing property acquisitions. After we close any acquisition, we take time to assess and inspect the newly acquired fields, which potentially requires refurbishing some of the fields in the process. We have a large footprint across the Gulf of America, so we look for ways to optimize operations, increase production and utilize that large footprint where we can to reduce costs and maximize value.

因此，多年來，我們透過有條不紊地整合生產性房地產收購，不斷創造巨大的價值。在我們完成任何收購後，我們都會花時間評估和檢查新收購的油田，這可能需要在過程中翻新一些油田。我們在美國灣擁有廣泛的業務，因此我們尋找方法來優化營運、提高產量並盡可能利用這一廣泛的業務來降低成本並實現價值最大化。

Our focus on cost control and capturing synergies associated with our asset acquisitions contributed to our lease operating expense coming in at the low end of our reduced guidance range. In addition, we're expecting further production uplift associated with the remaining fields from the Cox acquisition coming online in the second quarter of 2025 that were previously shut in.

我們專注於成本控制和獲取與資產收購相關的協同效應，這使得我們的租賃營運費用處於降低的指導範圍的低端。此外，我們預計，考克斯收購的剩餘油田（先前已關閉）將於 2025 年第二季投產，產量將進一步提升。

So as I mentioned previously, in early 2025, we strengthened and simplified our balance sheet by closing the new senior second lien notes offering and entering into a new revolving credit facility. I'd like to thank our banks for running such smooth process.

正如我之前提到的，在 2025 年初，我們透過結束新的優先第二留置權票據發行並達成新的循環信貸安排來加強和簡化我們的資產負債表。我要感謝我們的銀行運作如此順暢的流程。

TCB is leading that facility. The new senior second lien notes, which reduced improved use -- the new second lien notes which received improved credit ratings from S&P and Moody's had a broad distribution, we were oversubscribed. This included international investors and was significantly oversubscribed, further demonstrating the investment community's confidence in W&T's underlying asset base.

TCB 正在領導該設施。新的優先第二留置權票據減少了改進用途——獲得標準普爾和穆迪提高信用評級的新第二留置權票據分佈廣泛，我們超額認購。其中包括國際投資者，並且獲得了超額認購，進一步表明了投資界對 W&T 基礎資產的信心。

We likewise are pleased to now have access to the bank revolver market again. At year-end 2024, company had total debt of $393 million and net debt of $284 million with liquidity of $159 million. Assuming the debt refinance, asset sale and insurance settlement had occurred on December 31, 2024 on a pro forma basis, our cash and cash equivalents would have been about $350 million and net debt would have been about $245 million, which reflects the improvements made to our balance sheet.

我們同樣很高興現在能夠再次進入銀行循環信貸市場。截至 2024 年底，公司總負債為 3.93 億美元，淨負債為 2.84 億美元，流動資金為 1.59 億美元。假設債務再融資、資產出售和保險結算在 2024 年 12 月 31 日按備考基礎進行，我們的現金和現金等價物將約為 3.5 億美元，淨債務將約為 2.45 億美元，這反映了我們資產負債表的改善。

Yesterday, we also provided our detailed guidance for 2025. So in the first quarter of 2025, we had several planned facility and pipeline maintenance projects as well as unplanned downtime at several fields due to multiple winter freezes that have temporarily reduced our production volumes.

昨天，我們也提供了2025年的詳細指導。因此，在 2025 年第一季度，我們計劃進行幾項設施和管道維護項目，並且由於多次冬季霜凍導致我們的產量暫時減少，多個油田出現計劃外停機。

We're predicting the midpoint of Q1 2025 production to be around 29,000 barrels of oil equivalent per day, but with the expected restarting of fields in the second quarter of 2025 related to the Cox acquisition as well as additional workover and facility upgrades.

我們預測 2025 年第一季的產量中點約為每天 29,000 桶油當量，但預計 2025 年第二季油田將重新啟動，這與 Cox 收購以及額外的修井和設施升級有關。

Our full year 2025 production midpoint is about 34,000 barrels of oil equivalent per day, which is about 6% higher than our Q4 2024 production. Despite projecting to spend only about $34 million to $42 million in CapEx in 2025, we believe the additional fields coming online from the Cox acquisitions will help us offset natural decline and grow production this year.

我們 2025 年全年產量中點約為每天 34,000 桶油當量，比 2024 年第四季的產量高出約 6%。儘管我們預計 2025 年的資本支出僅為 3,400 萬至 4,200 萬美元，但我們相信，透過收購 Cox 而上線的更多油田將幫助我們抵消自然衰退並在今年提高產量。

We focused more on acquisitions over the last few years rather than on drilling many new wells. Our ability to maintain low decline production is a testament to our culture of operational excellence and the strength of our 2P reserves, which are manifested by cash flow and future 1P reserves that do not require additional CapEx.

過去幾年，我們更加重視收購，而不是鑽探許多新井。我們能夠維持低遞減產量，這證明了我們卓越的營運文化和 2P 儲備的實力，這體現在現金流和不需要額外資本支出的未來 1P 儲備上。

So turning to our costs. Our guidance for 2025 LOE, gathering, transportation and production taxes and G&A costs are in line with 2024. We see some additions to LOE, but believe that overall, we could offset some of those increases with lower G&A and G&T expenses, so gathering and transportation.

那麼談談我們的成本。我們對 2025 年 LOE、收集、運輸和生產稅以及 G&A 成本的指導與 2024 年一致。我們看到 LOE 有一些增加，但相信總體而言，我們可以透過降低 G&A 和 G&T 費用（即收集和運輸費用）來抵消其中的一些增加。

With that said, we do believe that there are more opportunities to reduce our operating costs and find synergies to drive costs lower in the long term. So we're always working hard to reduce costs without impacting safety or deferring asset integrity work.

話雖如此，我們確實相信有更多機會降低營運成本並找到協同效應以長期降低成本。因此，我們一直在努力降低成本，同時不影響安全或延後資產完整性工作。

I also want to congratulate our folks offshore for achieving zero accidents in 2024. Well done, everyone. Our first quarter LOE is expected to be between $72.5 million and $80.5 million, which reflects some of the increased maintenance and repair costs as well as additional facilities upgrade work. First quarter cash G&A costs are expected to be between $17.8 million and $19.8 million.

我還要祝賀我們的海上員工在 2024 年實現了零事故。大家做得好。我們第一季的 LOE 預計在 7,250 萬美元至 8,050 萬美元之間，這反映了部分增加的維護和維修成本以及額外的設施升級。第一季現金一般及行政費用預計在 1,780 萬美元至 1,980 萬美元之間。

I want to sincerely thank our team at W&T as we're well positioned to add value in 2025. We have a solid cash position and good liquidity that enables us to evaluate growth opportunities both organically and inorganically. We have a long track record of successfully integrating assets into our portfolio, and we continue to believe that the Gulf of America is and will continue to be a world-class basin.

我要真誠地感謝 W&T 團隊，我們已準備好在 2025 年實現增值。我們擁有穩固的現金狀況和良好的流動性，使我們能夠評估有機和無機的成長機會。我們在將資產成功整合到我們的投資組合方面有著悠久的歷史，我們仍然相信美國灣現在是並將繼續是一個世界級的盆地。

We will maintain our focus on operational excellence, and maximizing the cash flow potential of our asset base. As the company's largest shareholder, I believe W&T is very well positioned to succeed in 2025 and beyond. Our entire management team's interests are highly aligned with those of our shareholders, given our 34% stake in W&T's equity, which is one of the highest of any public E&P company.

我們將繼續專注於卓越運營，並最大限度地發揮我們資產基礎的現金流潛力。作為公司最大的股東，我相信 W&T 在 2025 年及以後將非常有希望取得成功。我們整個管理團隊的利益與股東的利益高度一致，因為我們持有 W&T 34% 的股權，這一比例在所有上市 E&P 公司中名列前茅。

So with that, operator, we can now open the lines for questions.

接線員，現在我們可以開始回答問題了。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指示）

John White, Roth Capital.

羅斯資本的約翰懷特。

Good morning and congratulations on the nice results and the very nice reserve -- proved reserve report, well done.

早安，恭喜您取得了良好的結果，並獲得了非常好的儲備——已證明的儲備報告，做得好。

Hi John. Good morning.

你好，約翰。早安.

Good morning. The midpoint of your full year production guidance shows some nice growth. Is that all coming from restarting of well -- of fields that were shut in, in the first quarter and recompletions and workovers. I didn't see any mention of new drilling in the press release.

早安.您的全年生產預期中點顯示出了一些良好的成長。這一切都是因為第一季關閉的油田重新開工、重新完井和修井嗎？我沒有看到新聞稿中提到任何有關新鑽探的事情。

Yeah, you're correct, John. Yeah, you're correct, John. That doesn't include any new drilling. It doesn't mean we're not going to do any. We are faced with a quality dilemma. We're seeing assets come available in the market. We're contemplating working on the asset acquisitions that we're seeing. And that may change our thought process with regards to additional drilling this year. We still expect to be drilling in 2026, but it could defer something in 2025 late -- scheduled for late, as opposed to, chasing some acquisitions that we think would be a nice addition to our portfolio.

是的，你說得對，約翰。是的，你說得對，約翰。這還不包括任何新的鑽探。這並不意味著我們不會做任何事情。我們面臨著品質困境。我們看到市場上出現了可用的資產。我們正在考慮進行我們正在進行的資產收購。這可能會改變我們對今年額外鑽探的思考過程。我們仍然預計將在 2026 年進行鑽探，但可能會將原定於 2025 年稍後進行的某些活動推遲，而不是追逐一些我們認為會對我們的投資組合有所補充的收購。

Okay, thanks for that detail, and good luck with your transactions. I'll turn it back to the operator.

好的，感謝您提供的詳細信息，祝您的交易順利。我會將其轉回給接線生。

Thanks, John

謝謝，約翰

Jeff Robertson, Water Tower Research.

傑夫·羅伯遜，水塔研究公司。

Thank you. Tracy, to follow up on the drilling comments. Can you provide -- or can you share an update on the drilling partnership that you spoke about in 2024?

謝謝。特蕾西，跟進鑽探評論。您能否提供—或分享您在 2024 年談到的鑽井合作夥伴關係的最新進展？

Yeah, we're continuing to follow through on that. That still looks like the first well we would want to drill is at Holy Grail, which is our Magnolia field. It's a floating vessel out there. We'll have to put a platform rig on it. Fortunately, that's -- those are proved reserves that we would be chasing there. And then we have another prospect lined up right after that with the -- potentially with the same drilling rate.

是的，我們會繼續跟進。看起來我們想要鑽的第一口井是在聖杯，也就是我們的木蘭油田。那是一艘漂浮的船。我們必須在上面安裝一個平台裝置。幸運的是，這些都是我們正在尋找的已探明儲量。然後，我們又找到了另一個潛在礦區，其鑽井速度可能也相同。

Fortunately, we have a choice on the second structure over what we're calling our payment prospect. So yes, we're still moving forward with the drilling program. The only thing that, again, as I just told John that might change that is the potential for additional acquisitions. And that market seems to be getting a little bit looser, if you will.

幸運的是，我們可以選擇第二種結構，即我們所說的付款前景。是的，我們仍在推進鑽探計劃。正如我剛才告訴約翰的那樣，唯一可能改變這一狀況的是額外收購的可能性。如果你願意的話，這個市場似乎正在變得有點寬鬆。

On the acquisition front, is that -- is your preference still that, that adds immediate cash flow as you add producing properties rather than obviously running the risk of drilling and adding cash flow 12 to 18 months or longer after you drilled the well?

在收購方面，您是否仍然傾向於在增加生產資產時立即增加現金流，而不是冒著鑽井風險並在鑽井後 12 至 18 個月或更長時間增加現金流？

Yeah, you bet, Jeff. I mean anytime we can substitute acquisitions for drilling, that's probably the better thing to do, primarily because you take so much of the risk out of it. We're -- there's a lot of good to be had with organic growth. There's also risk with it.

是的，沒錯，傑夫。我的意思是，任何時候我們都可以用收購來代替鑽探，這可能是更好的做法，主要是因為這樣可以降低很多風險。我們——有機成長可以帶來很多好處。這也存在風險。

We think that prices on oil are stabilizing around $70 over the long term, we think that gas has real potential for moving up. And we've made some hedges accordingly just recently as a result of that.

我們認為，長期來看，石油價格將穩定在 70 美元左右，天然氣價格也具有上漲的真正潛力。因此，我們最近也做了一些相應的對沖。

Thank you.

謝謝。

No further questions. This concludes our question-and-answer session. I would like to turn the conference back over to Tracy Krohn, Chairman and CEO, for any closing remarks.

沒有其他問題了。我們的問答環節到此結束。我想將會議交還給董事長兼執行長 Tracy Krohn，請她做最後發言。

Yeah, it looks like we have one more question, operator, from Jeff.

是的，接線員，看起來我們還有一個來自 Jeff 的問題。

Jeff Robertson, you may go ahead.

傑夫羅伯遜，你可以繼續了。

Thanks, Tracy. A question on the operating expenses, how much progress did you all make in 2024 on the refurbishment on the Cox assets? How much is left to do in 2025? And can you provide some color around the range of $280 million to $310 million for lease operating expenses in 2025?

謝謝，特蕾西。關於營運費用的問題，你們在 2024 年對考克斯資產的翻新取得了多少進展？2025年還剩下多少事情要做？您能否提供一些關於 2025 年租賃營運費用在 2.8 億美元至 3.1 億美元範圍內的具體數字？

Well, Jeff, just so happens I have the guy responsible for that to help you answer that question, William Williford, our Chief Operating Officer.

好吧，傑夫，碰巧我有一個負責此事的人可以幫你回答這個問題，他就是我們的營運長威廉威利福德 (William Williford)。

Thanks, Tracy. Hey, good morning, Jeff. Yeah, we made a huge dip in that from an LOE standpoint. We still got quite a few things to do in 2025 to get these platform up to W&T standards. So they're still ongoing, but we should see a lot of that completed in 2025. That's a good question.

謝謝，特蕾西。嘿，早安，傑夫。是的，從 LOE 的角度來看，我們在這方面做出了巨大的下降。到 2025 年，我們還有很多事情要做，以使這些平台達到 W&T 標準。所以它們仍在進行中，但我們應該看到其中許多將在 2025 年完成。這是個好問題。

On the two, West Delta and the Main Pass fields that are scheduled to come on in the second quarter, do those facilities need much work? Or have you already done whatever work is required there?

西三角洲油田和主通道油田計劃於第二季投入使用，這些設施是否需要大量工作？或者您已經完成那裡所需的所有工作了嗎？

We have -- the Main Pass stuff is actually something that got caught up in the Cox issue with the bankruptcy. We already have work done there. Essentially, we're just waiting to get that back online once we get everything squared away with the bankruptcy. And as far as the (inaudible) [73]. All of that is just maintenance work we're gate done to get that field back online. So a majority of that is done.

我們有——主通行證的事情實際上是捲入了破產的考克斯問題中的事情。我們已經在那裡完成了工作。本質上，我們只是在等待破產問題全部解決後，讓它恢復正常運作。至於（聽不清楚）[73]。所有這些只是我們為使該油田恢復正常運作而進行的維護工作。大部分工作已經完成。

Okay, thank you.

好的，謝謝。

Thank you, sir.

謝謝您，先生。

And now with no further questions, this concludes our question-and-answer session. I would like to turn the conference back over to Tracy Krohn, Chairman and CEO, for any closing remarks.

現在沒有其他問題了，我們的問答環節就此結束。我想將會議交還給董事長兼執行長 Tracy Krohn，請她做最後發言。

Thanks, operator. Last but not least, we've spent several years repaying all the debt the company had, and managing that in spite of a lot of changes in our business and changes throughout the world with regard to fossil fuels and philosophy around usage of same and also the fact that we've had some change in leadership in the country, and a lot of random things that we couldn't have predicted.

謝謝，接線生。最後但同樣重要的一點是，我們花了數年時間償還公司的所有債務，儘管我們的業務發生了很多變化，世界各地在化石燃料和化石燃料使用理念方面也發生了變化，而且我們在國家的領導層也發生了一些變化，還有很多我們無法預測的隨機事件，但我們仍然設法償還了公司的所有債務。

The good news is that we've managed to get that debt down in spite of all that, and we've refinanced the remainder which is in pretty good shape now. So the company is poised to turn that corner. In fact, we are turning that corner and moving forward in 2025 as a growth entity. So now we think that we'll be able to start carrying on business more as usual with regard to making acquisitions, dispositions and drilling wells in the Gulf of America.

好消息是，儘管如此，我們還是設法減少了債務，並且對剩餘債務進行了再融資，目前情況相當良好。因此該公司已準備好扭轉這一局面。事實上，我們正​​在扭轉這一局面，並在 2025 年作為一個成長實體向前邁進。因此，我們認為現在我們將能夠開始像往常一樣開展在美國灣的收購、處置和鑽井業務。

With that, we'll terminate this call today, but look forward to hearing from us again in the very near future. Thanks so much. Bye-bye.

就這樣，我們今天的通話就結束了，但期待在不久的將來再次收到我們的來電。非常感謝。再見。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。