W&T Offshore Inc (WTI) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the W&T Offshore second-quarter 2025 conference call. (Operator Instructions) This conference call is being recorded, and a replay will be 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 2025 年第二季電話會議。（操作員指示）本次電話會議正在錄音，會議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.

現在我想將會議交給投資人關係協調員 Al Petrie。

Thank you, Gaylene. And on behalf of the management team, I would like to welcome all of you to today's conference call to review W&T Offshore's second-quarter 2025 financial and operational results.

謝謝你，蓋琳。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 2025 年第二季的財務和營運表現。

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.

說完這些，我想把電話轉給我們的董事長兼執行長 Tracy Krohn。

Thanks, Al. Morning, everyone, and welcome to our second-quarter conference call for 2025.

謝謝，艾爾。大家早安，歡迎參加我們 2025 年第二季電話會議。

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. We're all available to answer questions later during the call.

今天與我一起出席的有我們的執行副總裁兼營運長 William Williford、我們的執行副總裁兼財務長 Sameer Parasaki 以及我們的副總裁兼首席會計長 Trey Hartman。我們稍後可以在通話中回答問題。

So before we discuss the second-quarter results, I would like to say how proud I am with all the people who've helped make W&T a success since we founded the company in 1983. We've been an active operator in the Gulf of America and a staunch advocate for the offshore industry for over 40 years. Yesterday, I was honored to celebrate the 20th anniversary of W&T going public by ringing the closing bell at the New York Stock Exchange.

因此，在我們討論第二季的業績之前，我想說，我為自 1983 年成立公司以來幫助 W&T 成功的所有人感到無比自豪。40 多年來，我們一直是美國灣的活躍營運商，也是海上工業的堅定倡導者。昨天，我很榮幸在紐約證券交易所敲響收盤鐘，慶祝W&T上市20週年。

We're conducting today's earnings call from the New York Stock Exchange, where I have several media interviews scheduled that will give us a chance to discuss the company. As you will hear throughout the call today, we're continuing to enhance shareholder value through operational excellence and maximizing production across our impressive portfolio of assets.

我們今天的財報電話會議將在紐約證券交易所舉行，我安排了幾場媒體採訪，這將使我們有機會討論公司的情況。正如您在今天的電話會議中聽到的那樣，我們將繼續透過卓越的營運和最大化我們令人印象深刻的資產組合的產量來提高股東價值。

Across the first half of 2025, we've delivered strong operational and financial results. Quite simply, we're executing on our proven and successful strategy that's committed to profitability, operational execution, returning value to our stockholders, and ensuring the safety of our employees and contractors. Our ability to deliver production and EBITDA growth while seamlessly integrating accretive producing property acquisitions has helped W&T growth during our 40-year history.

2025 年上半年，我們取得了強勁的營運和財務表現。很簡單，我們正在執行經過驗證的成功策略，致力於獲利、營運執行、為股東帶來價值回報以及確保員工和承包商的安全。我們能夠實現生產和 EBITDA 成長，同時無縫整合增值生產資產收購，這有助於 W&T 在 40 年的發展歷程中不斷成長。

Some of our second-quarter highlights include: we increased production by 10% quarter over quarter to 33,500 barrels of oil equivalent per day. That's within our guidance range. Also, we formed nine low-cost, low-risk workovers that exceeded expectations and positively impacted production and revenue for the quarter.

我們第二季的一些亮點包括：我們的產量較上季成長 10%，達到每天 33,500 桶油當量。這在我們的指導範圍內。此外，我們也完成了九項低成本、低風險的修井作業，超出了預期，對本季的生產和收入產生了積極影響。

I'd like to point out that five of the workovers were performed in Mobile Bay, helping to increase production at this low decline, long-life asset, which is also our largest natural gas field and the largest natural gas field in the Gulf of America.

我想指出的是，其中五次修井作業是在莫比爾灣進行的，這有助於提高這一低遞減、長壽命資產的產量，這也是我們最大的天然氣田和美國灣最大的天然氣田。

Total lease operating expenses were $77 million, again, within guidance. We grew adjusted EBITDA by 9% to $35 million compared to the first quarter of 2025. We've also grown our unrestricted cash to over $120 million while lowering our net debt by about $15 million to under $230 million.

總租賃營運費用為 7,700 萬美元，同樣在指導範圍內。與 2025 年第一季相比，我們的調整後 EBITDA 成長了 9%，達到 3,500 萬美元。我們的非限制性現金也增加到了 1.2 億美元以上，同時淨債務減少了約 1,500 萬美元，降至 2.3 億美元以下。

Our 2025 mid-year reserve report generated by Netherland, Sewell and Associates showed net positive revisions of 1.8 million barrels of oil equivalent, which continues to demonstrate the strength of our asset base and our ability to maximize value from our fields. None of this includes any drilling activity.

荷蘭、塞維爾和聯合公司 (Netherland, Sewell and Associates) 編制的 2025 年中期儲量報告顯示，淨正修正量為 180 萬桶油當量，這繼續證明了我們資產基礎的實力以及我們從油田中實現價值最大化的能力。這些都不包括任何鑽探活動。

We accomplished all of this while also returning value to our shareholders through our quarterly dividend. We paid seven quarterly cash dividends since initiating the dividend policy in late 2023 and announced the third quarter 2025 payment that will occur later this month.

我們完成了所有這些工作，同時也透過季度股利為股東帶來了價值回報。自 2023 年底啟動股息政策以來，我們已支付了七次季度現金股息，並宣布將於本月稍後支付 2025 年第三季的股息。

Additionally, in the first quarter this year, we had several transactions that strengthened and simplified our balance sheet, adding material cash to the bottom line and improving our credit ratings from S&P and Moody's.

此外，今年第一季度，我們進行了數筆交易，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 successfully closed a $350 million offering of new second lien notes that increased our interest rate by 100 basis points -- excuse me, decreased our interest rate by 100 basis points and, together with other transactions, reduced our total debt by $39 million.

因此，今年 1 月，我們成功完成了價值 3.5 億美元的新第二留置權票據發行，這使我們的利率提高了 100 個基點——對不起，是降低了 100 個基點，並且與其他交易一起，使我們的總債務減少了 3900 萬美元。

We also entered into a new credit agreement for a $50 million revolving credit facility, which matures in July of 2028. That's undrawn and replaced the previous $50 million credit facility provided by Calculus Lending.

我們還簽訂了一項新的信貸協議，金額為 5000 萬美元，將於 2028 年 7 月到期。這筆貸款尚未提取，並取代了 Calculus Lending 之前提供的 5,000 萬美元信貸額度。

We also sold a non-core interest at Garden Banks, which included about 200 barrels of oil equivalent per day for $12 million, and we received $58 million in cash for an insurance settlement related to the Mobile Bay 78-1 well. All of these actions have allowed us to enhance liquidity, and improve our financial flexibility.

我們還以 1,200 萬美元的價格出售了 Garden Banks 的非核心權益，其中包括每天約 200 桶石油當量，並且我們收到了 5,800 萬美元的現金，用於支付與 Mobile Bay 78-1 油井相關的保險賠償金。所有這些行動都使我們增強了流動性，並提高了我們的財務靈活性。

Lastly, in the first half of 2025, we've opportunistically taken advantage of commodity price volatility to increase our hedge position. So we added costless collars for both oil and natural gas, including 2,000 barrels per day of oil for July through December 2025 with a floor price of $63 per barrel and a ceiling price of $77.25 per barrel.

最後，在 2025 年上半年，我們抓住機會利用大宗商品價格波動來增加我們的避險部位。因此，我們為石油和天然氣增加了無成本限額，包括2025年7月至12月期間每天2,000桶石油，底價為每桶63美元，上限為每桶77.25美元。

For natural gas, we have costless collars for 70 million cubic feet per day from July to December 2025. This has helped lock in a very favorable price range for a portion of our oil and natural gas for the remainder of 2025.

對於天然氣，從 2025 年 7 月到 12 月，我們每天有 7,000 萬立方英尺的免費供應量。這有助於在 2025 年剩餘時間內鎖定部分石油和天然氣的非常有利的價格區間。

So our ability to execute our strategy has delivered very positive results thus far in 2025, including an improved balance sheet, enhanced liquidity, growing production, and EBITDA, all of which has positioned us for success in the second half of 2025 and beyond.

因此，我們執行策略的能力在 2025 年迄今取得了非常積極的成果，包括資產負債表的改善、流動性的增強、產量的成長和 EBITDA 的提高，所有這些都為我們在 2025 年下半年及以後取得成功奠定了基礎。

At year end 2024, the company had total debt of $393 million and net debt of $284 million. At the end of the second quarter of 2025, our total debt and net debt were significantly reduced to $350 million and $229 million, respectively. Our liquidity at June 30, 2025, increased to $171 million.

截至 2024 年底，該公司的總負債為 3.93 億美元，淨負債為 2.84 億美元。截至2025年第二季末，我們的總債務和淨債務分別大幅減少至3.5億美元和2.29億美元。截至 2025 年 6 月 30 日，我們的流動資金增加至 1.71 億美元。

So CapEx in the second quarter of 2025 was $10 million, and asset retirement settlement costs totaled $12 million. For the first half of 2025, our CapEx has totaled $19 million, and asset retirement costs were $16 million.

因此，2025 年第二季的資本支出為 1,000 萬美元，資產退役結算成本總計 1,200 萬美元。2025 年上半年，我們的資本支出總計 1,900 萬美元，資產退役成本為 1,600 萬美元。

We continue to expect our full-year capital expenditures to be between $34 million and $42 million. This does not include potential acquisition opportunities.

我們繼續預計全年資本支出將在 3,400 萬美元至 4,200 萬美元之間。這還不包括潛在的收購機會。

We will remain focused on accretive low-risk acquisitions of producing properties rather than high risk drilling in the current uncertain commodity price environment. These acquisitions must meet our stringent criteria of generating free cash flow, providing a solid base of proved reserves with upside potential, and offer the ability for our experienced team to reduce costs.

在目前不確定的商品價格環境下，我們將繼續專注於增值的低風險生產資產收購，而不是高風險的鑽探。這些收購必須滿足我們嚴格的標準，即產生自由現金流，提供具有上行潛力的堅實已探明儲量基礎，並為我們經驗豐富的團隊提供降低成本的能力。

Over the years, we've consistently created significant value on methodically integrated producing property acquisitions. The assets we acquired last year added meaningful reserves at an attractive price, and we are now seeing additional production from two fields that were previously shut in.

多年來，我們始終透過有條不紊的整合生產性資產收購創造了巨大的價值。我們去年收購的資產以極具吸引力的價格增加了可觀的儲量，現在我們看到之前關閉的兩個油田的產量增加。

The West Delta 73 and Main Pass 108/98 fields were placed into production towards the end of March and into early April. The fields began ramping up production over the course of the second quarter of 2025, and we expect production to continue to increase in the second half of this year from these fields. That will be seen in our third-quarter guidance as well.

西三角洲 73 號油田和主通道 108/98 號油田於 3 月底和 4 月初投入生產。這些油田在 2025 年第二季開始提高產量，我們預計今年下半年這些油田的產量將持續增加。這也將在我們的第三季指引中反映出來。

There was a temporary shut-in of production in Mobile Bay during the second quarter due to a pipeline issue that was resolved by June 30 that reduced second quarter production by about 1,000 barrels of oil equivalent per day. So yesterday, we provided our detailed guidance for our third quarter 2025 and reiterated our full-year guidance.

由於管道問題，莫比爾灣油田在第二季度暫時停止生產，該問題已於 6 月 30 日解決，導致第二季度每日產量減少約 1,000 桶油當量。因此，昨天我們提供了 2025 年第三季的詳細指導，並重申了全年指導。

In the third quarter of 2025 with new fields continuing to ramp up, coupled with the strong workover and recompletion program performance, we are predicting the midpoint of Q3 2025 production to be around 35,000 barrels of oil equivalent per day. This is an increase of almost 5% compared to the second quarter of 2025.

2025 年第三季度，隨著新油田產量持續增加，加上修井和再完井計畫表現強勁，我們預測 2025 年第三季的中點產量將達到每天 35,000 桶油當量左右。與 2025 年第二季相比，這一數字成長了近 5%。

This is quite remarkable considering we currently do not have any drilling operations. Thus, we are spending minimal capital, and our LOE costs are remaining flat. So the third-quarter guidance for our cash operating costs, which includes LOE, gathering, transportation and production taxes, and cash G&A cost, is in line with the second quarter of 2025.

考慮到我們目前還沒有任何鑽探作業，這是相當了不起的。因此，我們花費的資金最少，並且我們的 LOE 成本保持不變。因此，我們第三季的現金營運成本指引（包括 LOE、收集、運輸和生產稅以及現金 G&A 成本）與 2025 年第二季一致。

With absolute costs remaining flat and production expected to increase, we believe that on a per BOE basis, we will see decreases. We also believe that there are more opportunities to reduce our operating costs and find synergies to drive costs lower in the long term. We're always working hard to reduce costs without impacting safety or deferring asset integrity work.

由於絕對成本保持不變且產量預計會增加，我們相信以每桶油當量計算，成本將下降。我們也相信，有更多機會降低我們的營運成本，並找到綜效來長期降低成本。我們始終致力於在不影響安全或延遲資產完整性工作的情況下降低成本。

I'd now like to talk to you about our mid-year 2025 reserve report. In our release yesterday, we reported SEC proved reserves of 123 million barrels of oil equivalent, which was slightly lower than the 127 million barrels equivalent at year end 2024. This reduction was primarily driven by production of 5.8 million barrels of oil equivalent in the first half of 2025 and was partially offset by 1.8 million barrels of net positive revisions.

現在我想和大家談談我們的2025年中期儲備報告。在我們昨天發布的報告中，我們報告 SEC 已探明儲量為 1.23 億桶油當量，略低於 2024 年底的 1.27 億桶油當量。這項減少主要是由於 2025 年上半年石油當量產量為 580 萬桶，並被 180 萬桶淨正向修正部分抵銷。

We're pleased with another report that has positive revisions despite drilling no new wells and spending minimal capital in 2025. This highlights the strength of our prolific asset base and our operational capabilities to economically extract reserves of long-life assets. We operate about 94% of our mid-year proved reserves, which gives us maximum flexibility in controlling our operations during periods of volatile commodity prices.

儘管 2025 年沒有鑽新井並且花費的資金很少，但我們對另一份有積極修訂的報告感到滿意。這凸顯了我們豐富的資產基礎的實力以及我們經濟地提取長壽命資產儲備的營運能力。我們營運約 94% 的年中探明儲量，這使我們能夠在商品價格波動期間最大限度地靈活地控制營運。

So approximately 44% of mid-year 2025 SEC proved reserves were liquids, with 34% crude oil and 10% NGLs; and we had 56% natural gas. With the continued strengthening of natural gas pricing and the recent European LNG deals, we believe having a strong natural gas position located in close proximity to LNG facilities will position W&T very well in the future.

因此，2025 年中期 SEC 探明儲量中約有 44% 為液體，其中 34% 為原油，10% 為天然氣液體；而天然氣則為 56%。隨著天然氣價格的持續走強以及近期歐洲液化天然氣交易的推進，我們相信，在靠近液化天然氣設施的地方擁有強大的天然氣地位將使 W&T 在未來佔據非常有利的地位。

We have long enjoyed a premium over Henry Hub pricing and see that continuing in the future with the increased demand in our operating region. The pre-tax PV-10 of the mid-year 2025 proved reserves using SEC pricing was flat at $1.2 billion compared with year end 2024.

我們長期以來一直享有高於亨利港定價的溢價，並且隨著我們營運區域需求的增加，我們認為這種溢價將持續下去。根據美國證券交易委員會 (SEC) 定價，2025 年中期探明儲量的稅前 PV-10 與 2024 年底持平，為 12 億美元。

Mid-year 2025 proved reserves in PV-10 were based on average SEC 12-month crude oil and natural gas prices of $71.20 per barrel and $2.86 per MMBtu, while year end 2024 prices were $76.32 per barrel of oil and $2.13 per MMBtu of natural gas. We believe we've built a sustainable group of high-performing Gulf of America assets that will continue to provide meaningful cash flow to our shareholders for many years.

PV-10 的 2025 年中探明儲量基於 SEC 12 個月平均原油和天然氣價格，分別為每桶 71.20 美元和每百萬英熱單位 2.86 美元，而 2024 年底價格為每桶石油 76.32 美元和每百萬英熱單位天然氣 2.13 美元。我們相信，我們已經建立了一個可持續發展的高績效美國灣資產集團，這些資產將在未來許多年繼續為我們的股東提供有意義的現金流。

So before closing, I'd like to address surety and regulatory updates. In June 2025, we were pleased with the settlement agreement that we reached with two of our largest surety providers, which call for the dismissal of a previously filed lawsuit.

因此，在結束之前，我想談談擔保和監管更新。2025 年 6 月，我們對與兩家最大的擔保提供者達成的和解協議感到滿意，該協議要求駁回先前提起的訴訟。

This outcome is very positive for W&T overall as we will not acquiesce to unjustified collateral demands made by the applicable surety, and we've locked in our historical premium rates through the end of 2026. We believe the entry into this settlement agreement vindicates our resolve to stand up to our surety providers' unjustified demand on independent oil and gas operators, such as W&T.

這項結果對 W&T 整體而言非常有利，因為我們不會默許適用擔保人提出的不合理抵押要求，我們已鎖定到 2026 年底的歷史保費率。我們相信，達成這項和解協議證明了我們堅決抵制擔保提供者對 W&T 等獨立石油和天然氣業者提出的不合理要求的決心。

So additionally, at the end of June 2025, US Magistrate Judge, Dena Palermo, recommended denying two other surety companies' motions for preliminary injunction, through which they were collectively asked for -- asking for full cash collateralization of over $100 million. We couldn't be more pleased with the court's decision to prevent unnecessary and unjustified collateral demands by surety providers.

此外，2025 年 6 月底，美國法官 Dena Palermo 建議駁回另外兩家擔保公司的初步禁令動議，這兩家公司共同要求提供超過 1 億美元的全額現金抵押。我們對法院阻止擔保提供者提出不必要和不合理的抵押要求的決定感到非常高興。

For the past 40-plus years, W&T has met its plugging and abandonment obligations, paid negotiated premiums, and operated responsibly in the Gulf of America. In fact, we've done more plug and abandonment work than anybody in the Gulf of Mexico.

在過去的 40 多年裡，W&T 一直履行其封鎖和廢棄義務，支付協商保費，並在美國灣負責任地運作。事實上，我們在墨西哥灣所做的封鎖和廢棄工作比任何人都多。

We demand fairness and transparency for all oil and natural gas producers in the Gulf of America, and we'll continue to pursue the pending litigation against our other surety providers that have decided not to deal fairly with W&T and other independent oil and gas producers.

我們要求美國灣所有石油和天然氣生產商享有公平和透明的待遇，我們將繼續對那些決定不公平對待 W&T 和其他獨立石油和天然氣生產商的其他擔保提供者提起訴訟。

We have done well over $1 billion of decommissioning work in Gulf of America, again, more than any other operator was who is down on its own nickel. And we've done so safely and reliably. These are very positive results for W&T and should alleviate some of the uncertainty that has negatively impacted our stock price despite some positive operational and financial results in 2025.

我們在美國灣完成了超過 10 億美元的退役工作，比任何其他自掏腰包的營運商都要多。我們已經安全可靠地做到了這一點。對於 W&T 來說，這些都是非常積極的結果，儘管 2025 年取得了一些積極的營運和財務業績，但這些結果應該會減輕對我們的股價產生負面影響的一些不確定性。

So as we've mentioned during our last call, in early 2025, pursuant to directives from the Trump administration, the Department of Interior indicated that it will not seek supplemental financial assurance in the Gulf of America, except in the case of sole liability properties and certain non-sole liability properties that do not have a financially strong co-owner or predecessor entitled.

因此，正如我們在上次電話會議中提到的那樣，2025 年初，根據川普政府的指示，內政部表示不會在美國灣尋求補充財務擔保，除非是單獨責任財產和某些沒有財力雄厚的共同所有人或前任的非單獨責任財產。

Since his inauguration, President Trump has issued a number of executive orders aimed at streamlining regulations and reducing the regulatory burden on oil and natural gas companies, increasing federal oil and natural gas leasing, including the Gulf of Mexico; and expediting US natural gas -- excuse me, natural resource development. We're very pleased with these actions, and we expect these will positively impact W&T and the offshore energy industry.

自就職以來，川普總統發布了一系列行政命令，旨在簡化法規，減少石油和天然氣公司的監管負擔，增加包括墨西哥灣在內的聯邦石油和天然氣租賃；並加快美國天然氣——對不起，是自然資源開發。我們對這些行動感到非常高興，並預計這些行動將對 W&T 和海上能源產業產生正面影響。

So in closing, I'd like to again thank our team at W&T for 20 years as an NYSE-listed company. As the largest shareholder, I believe we are well positioned to continue to grow and add value in the second half of 2025.

最後，我想再次感謝 W&T 團隊 20 年來作為紐約證券交易所上市公司的努力。作為最大的股東，我相信我們有能力在 2025 年下半年繼續成長並增加價值。

We generated solid EBITDA and raised our cash position to over $120 million. This allows us to continue to evaluate growth opportunities, both organically and inorganically.

我們實現了穩健的 EBITDA，並將現金部位提高到 1.2 億美元以上。這使我們能夠繼續評估有機和無機的成長機會。

We have a long track record of successfully integrating assets into our portfolio, and we continue to believe that the Gulf of America is a world-class basin that supports value creation. We will maintain our focus on operational excellence and maximizing the cash flow potential of our asset base.

我們在將資產成功整合到我們的投資組合方面有著長期的記錄，我們仍然相信美國灣是一個支持價值創造的世界級盆地。我們將繼續專注於卓越營運並最大限度地發揮我們資產基礎的現金流潛力。

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。

(Operator Instructions) Nate Pendleton, Texas Capital.

（操作員指示）內特·彭德爾頓，德克薩斯州首府。

For my first question, I wanted to start on policy. With the administration looking for ways to support the industry further, can you share your thoughts on what actions the administration may be looking at in order to incentivize production in the Gulf of America?

我的第一個問題想從政策開始。隨著政府尋找進一步支持該行業的方法，您能否分享您的看法，即政府可能採取哪些行動來激勵美國灣的生產？

Yeah, there's a lot of things that the Department of Interior is looking at. They've already weighed in with regard to lower royalties, and I expect -- and I hope that they will weigh in on further reductions on those royalties.

是的，內政部正在關注很多事情。他們已經就降低版稅發表了意見，我預計——並且我希望他們會考慮進一步降低版稅。

There is the so-called Idle Iron Act, which is nonsensical to me and our company. Why do you need to prematurely abandon these wells when none of the rest of the wells on the platform have been abandoned?

有所謂的“閒置鐵法案”，這對我和我們公司來說都是荒謬的。當平台上的其他油井都沒有廢棄時，為什麼需要過早廢棄這些油井呢？

This was a policy brought on by the Obama administration to create havoc and essentially make it cost more deliberately. And the idea was, of course, to get rid of oil and gas companies in the Gulf of America.

這是歐巴馬政府推出的政策，目的是故意製造混亂並增加成本。當然，這樣做的目的是為了擺脫美國灣的石油和天然氣公司。

We've looked at some other things that we discussed with them. I think it's important to recognize that this administration has taken a very strong position in the fact that, yeah, we want to maximize and utilize our abilities to conserve the natural resource in the Gulf of America. President Trump and DOI have made that pledge that they're going to do --

我們也研究了與他們討論過的一些其他事情。我認為，重要的是要認識到，本屆政府已經採取了非常堅定的立場，是的，我們希望最大限度地利用我們的能力來保護美國灣的自然資源。川普總統和內政部已承諾--

We're already seeing some of the regulations getting rolled back. There will hopefully be another decision with regard to surety here put solidly into writing, and we're looking forward to that. Of course, you're aware that we're suing surety providers.

我們已經看到一些法規正在被撤銷。希望能夠有另一項關於擔保的決定以書面明確提出，我們對此充滿期待。當然，您知道我們正在起訴擔保提供者。

Those are just a few. We're very hopeful that this administration gets back to the idea that oil and gas from this very important basin -- by the way, the second largest producing basin and the largest by area in the United States.

這些只是其中的一部分。我們非常希望本屆政府能夠重新認識到這個非常重要的盆地的石油和天然氣的重要性——順便說一句，它是美國第二大產油盆地，也是面積最大的盆地。

That's really encouraging. I'm shifting over to your operations. Implied 4Q production guidance seems very strong at the midpoint. In your prepared remarks, you talked about the increase you expected in Q3. Can you share maybe what's driving that further production ramp that you're expecting at the back half of the year?

這確實令人鼓舞。我正在轉而負責你的業務。隱含的第四季生產指引在中間值看來非常強勁。在您準備好的發言中，您談到了您預期的第三季的成長。能否分享一下推動下半年產量進一步成長的因素？

Yeah, I'm going to turn that over to our Chief Operating Officer, William Williford. He's got responsibility for that basin.

是的，我將把這個任務交給我們的營運長威廉·威利福德 (William Williford)。他對那個盆地負有責任。

As Tracy mentioned in the call this morning, that we have a lot of low-cost workovers that we're continually doing in the third quarter as well as a couple of recompletions to add to that production. So we also plan on ramping up one of the Cox fields we acquired last year as well to see significant production through the last part of the year.

正如 Tracy 在今天早上的電話會議中提到的那樣，我們在第三季度持續進行了大量低成本的修井作業，同時還進行了幾項重新完井作業以增加產量。因此，我們也計劃擴大去年收購的考克斯油田之一的產量，以在今年下半年實現大幅產量。

(Operator Instructions) Jeff Robertson, Water Tower Research.

（操作員指示）傑夫·羅伯遜，水塔研究。

Tracy, does resolution of some of the surety and bonding issues for W&T have an impact on how you approach acquisitions? And then secondly, do they have an impact on anywhere on the balance sheet with respect to liquidity?

特蕾西，解決 W&T 的一些擔保和保證問題是否會影響你們的收購方式？其次，它們對資產負債表上的流動性有任何影響嗎？

Absolutely. Jeff, I mean, the sureties were in collusion with one another to artificially suppress the company by virtue of demanding full collateral.

絕對地。傑夫，我的意思是，擔保人相互勾結，透過要求全額抵押來人為壓制公司。

It's like your car insurance. If you have a car, your agent calls you up and says, gee, Jeff, you have a $50,000 insurance policy on your car. Would you please send me $15,000? In fact, I demand that you send me $50,000 so we can cash collateralize your account.

這就像您的汽車保險。如果你有車，你的代理人會打電話給你說，哎呀，傑夫，你的車有一份價值 5 萬美元的保險單。你能寄 15,000 美元給我嗎？事實上，我要求您匯 50,000 美元，這樣我們就可以用現金抵押您的帳戶。

And by the way, I'm going to increase your premiums as a result. That was the alternative that was given to us, except it was a lot better -- a lot bigger nominal dollars. For us, it was around $250 million of collateral demands. And we had to sign this indemnity agreement with these companies.

順便說一句，我將因此提高您的保費。這是給我們的替代方案，但它要好得多——名義金額要大得多。對我們來說，抵押需求約為 2.5 億美元。我們必須與這些公司簽署賠償協議。

They all read virtually identically that you had to provide cash demand within a very, very short period of time, maybe 10 days to two weeks, and that if you didn't do so, that you were in violation of their policy.

他們幾乎都一致認為，你必須在非常短的時間內（可能是 10 天到兩週）提供現金需求，如果你不這樣做，你就違反了他們的政策。

Well, several of them got together, and they all called it at about the same time for $250 million, which, by the way, just happened to be the market cap of the company at the time. I thought that that was pretty unfair. Obviously, they're all doing it at the same time.

好吧，他們中的幾個人聚在一起，大約在同一時間以 2.5 億美元的價格收購了該公司，順便說一句，這恰好是該公司當時的市值。我認為這非常不公平。顯然，他們都在同時做這件事。

It seemed collusional to me, so we sued them. And as a result, it threw the surety market into quite a bit of disarray.

在我看來，這是串通行為，所以我們起訴了他們。結果，它導致擔保市場陷入相當混亂。

The idea -- the very idea that you need surety is preposterous to us. The government --in spite of all the bankruptcies that have taken place in the Gulf of Mexico, the government has never ever called a bond, even though they demand it. They demand that surety, but they've never called it.

這個想法——你需要擔保的想法對我們來說是荒謬的。政府——儘管在墨西哥灣發生了許多破產事件，但政府從未要求發行債券，儘管他們要求這樣做。他們要求提供擔保，但從未提供過。

Well, the reason that they've never called it is because the lease form itself calls for joint and several liability. That means that anybody who has ever on the -- that ever held a record title interest is jointly and severally liable up to 100% of the obligations.

嗯，他們從未打過電話的原因是租賃合約本身要求承擔連帶責任。這意味著，任何曾經擁有過記錄所有權權益的人都要對高達 100% 的義務承擔連帶責任。

So the government never had that situation. They would just go back to the predecessor entitled and demand that they take care of those obligations. We've had to do that ourselves. Others have had to do that. It's always been the case. That is what the lease form says.

所以政府從來沒有遇過這種情況。他們只會回到有權的前任那裡並要求他們履行這些義務。我們必須自己做這件事。其他人也必須這麼做。情況一直如此。租賃表格上就是這麼寫的。

So the government's idea that, we need more surety is obviously preposterous because they've never called on single damn surety, not once. So it's got to be a force. It was put in by the Obama administration, further exasperated by Biden administration. It was wholly designed to put oil and gas companies out of business.

因此，政府認為我們需要更多擔保的想法顯然是荒謬的，因為他們從來沒有要求任何擔保，一次也沒有。所以它必須是一種力量。這是由歐巴馬政府提出的，拜登政府進一步加劇了這個局面。其目的完全是為了讓石油和天然氣公司破產。

Tracy, do you think that resolving those issues will have an impact on M&A activity in the Gulf?

崔西，您認為解決這些問題會對海灣地區的併購活動產生影響嗎？

Oh, you bet. Yeah, people will have to figure out a different way to do that assurance for other companies. It will be part of the sales price.

哦，當然了。是的，人們必須想出不同的方法來為其他公司提供保證。它將成為銷售價格的一部分。

People aren't going -- companies aren't going to stop selling properties. They use those proceeds to put into different projects that will, in fact, create more value for them. We will take those properties or the ones that we get and make them more valuable because we're lightening focus on that.

人們不會停止——公司也不會停止出售房產。他們利用這些收益投入到不同的項目中，事實上，這些項目將為他們創造更多價值。我們將利用這些財產或我們所獲得的財產，使它們更有價值，因為我們正在減少對此的關注。

So yeah, the surety part of it will definitely undergo a great deal of change, but I think it's for the better. The obligation -- the joint and several obligations are never going to go away. Even though there's been a lot of talk about that, that needs to be the case.

是的，保證部分肯定會發生很大的變化，但我認為這是更好的。這項義務－連帶義務永遠不會消失。儘管對此已經有很多討論，但事實必須如此。

The reality is the government has no obligation to do that, and it's highly unlikely that they would ever change that. Why should they? There's no reason to change it, but it will have an effect on companies like W&T and others. And we'll just have to figure out different ways to do things.

事實是，政府沒有義務這樣做，而且他們也不太可能改變這一點。他們為什麼要這麼做？沒有理由改變它，但它會對 W&T 等公司產生影響。我們只需要找到不同的方法來做事。

A question on your reserves, the 1.8 million BOE of positive revisions. Can you provide some color as to which properties contributed there? And was any of that related to performance on the Cox acquisitions versus how those properties had originally been booked?

關於您的儲備的問題，正向修正為 180 萬桶油當量。您能否提供一些關於哪些屬性起到了作用的詳細資訊？這是否與考克斯收購的表現以及這些資產最初的預訂情況有關？

Yeah. Go ahead, Will.

是的。繼續吧，威爾。

Yeah, it was some of the additional increase in the reserves was based on better performance of some of the Cox assets as well as some of our own assets. We did some optimization projects to further increase and increase the life of our Mobile Bay asset as well. So that added a significant value as far as from a reserve standpoint.

是的，儲備金的額外增加部分是基於考克斯資產以及我們自己的部分資產的較佳表現。我們做了一些優化項目，以進一步增加和延長我們的 Mobile Bay 資產的使用壽命。因此，從儲備的角度來看，這增加了顯著的價值。

Yeah. Jeff, I'll add to that a little bit. I mean we're still working some of these properties and finding different things that we can do not only with the facilities themselves. Young Mr. Cox left them in terrible shape.

是的。傑夫，我再補充一點。我的意思是，我們仍在努力利用這些房產，尋找不僅可以利用這些設施本身做的不同的事情。年輕的考克斯先生讓他們的處境非常糟糕。

When we acquired them, they weren't doing the maintenance. They weren't maintaining properties in what we would have considered to be a safe manner. So we've had to spend a bit more money to bring them up to our standards.

當我們收購它們時，他們並沒有負責維護。他們沒有以我們認為安全的方式維護財產。因此，我們不得不花更多的錢來使它們達到我們的標準。

And I think that's certainly affected some of the cash flow near term. But long term, I have a lot of high expectations of these properties, and we're getting there. Production at West Delta 73 and Main Pass 108 are all coming up as we speak.

我認為這肯定會影響短期內的部分現金流。但從長遠來看，我對這些房產寄予厚望，我們正在實現這些期望。目前，西三角洲 73 號和主通道 108 號的生產正在進行中。

As there are no more further questions, this concludes the question-and-answer session. I'd like to turn the conference back over to Tracy Krohn, Chairman and CEO, for any closing remarks.

由於沒有其他問題，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。

Thanks, operator. Again, we celebrated 20 years as an NYSE-listed company yesterday. I'm expecting another 20 years. I would certainly like to be around for that.

謝謝，接線生。昨天，我們再次慶祝了該公司在紐約證券交易所上市 20 週年。我期待再過20年。我當然願意為此而努力。

So with that, just all of our shareholders, watch what happens next. It's going to be fun, it's going to be exciting, and it's going to be profitable. Thanks so much.

因此，我們所有的股東，請關注接下來會發生什麼。這會很有趣，會很令人興奮，而且會很有利可圖。非常感謝。

This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。