W&T Offshore Inc (WTI) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to W&T Offshore's Third Quarter 2025 Conference Call. [Operator Instructions] This conference is being recorded, and a replay will be available on the company's website following the call. I would now like to turn the conference over to Al Petrie, Investor Relations Coordinator. Please go ahead.

女士們、先生們，感謝你們的耐心等待，歡迎參加 W&T Offshore 2025 年第三季電話會議。【操作員說明】本次會議正在錄音，會議結束後，將在公司網站上提供重播。現在我將把會議交給投資者關係協調員阿爾·佩特里。請繼續。

Thank you, Alan. 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 Third Quarter 2025 financial and operational results. 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 forward-looking statements.

謝謝你，艾倫。我謹代表管理團隊，歡迎各位參加今天的電話會議，共同回顧 W&T Offshore 2025 年第三季的財務和營運表現。在開始之前，我想提醒各位，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 的實際表現與前瞻性聲明中表達的預期表現或期望有重大差異。

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

今天的電話會議可能還會涉及一些非GAAP財務指標。有關前瞻性陳述的揭露以及非GAAP指標的調整，請參閱我們昨天發布的獲利報告。接下來，我想把電話交給我們的董事長兼執行長特雷西·克羅恩。

Thanks, Al. Good morning, everyone, and welcome to our third quarter conference call. 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're all available to answer questions later during the call. So throughout the first 9 months of 2025, we've delivered strong operational and financial results.

謝謝你，阿爾。各位早安，歡迎參加我們第三季電話會議。今天陪同我出席的有：執行副總裁兼營運長威廉·威利福德；執行副總裁兼財務長薩米爾·帕拉斯尼斯；以及副總裁兼首席會計官特雷·哈特曼。通話過程中，他們稍後都會回答問題。因此，在 2025 年的前 9 個月裡，我們取得了強勁的營運和財務表現。

As you'll hear throughout the call today, we are continuing to enhance shareholder value through operational excellence and maximizing production across our portfolio of assets. We've been able to increase production in every quarter in 2025, all while only spending about $42 million in capital and maintaining our LOE costs within guidance.

正如您今天在電話會議中將聽到的那樣，我們將繼續透過卓越的營運和最大限度地提高我們資產組合的產量來提升股東價值。2025 年，我們每季都實現了產量成長，同時資本支出僅約 4,200 萬美元，並將營運成本控制在預期範圍內。

Additionally, we paid a consistent quarterly dividend for the past two years. So quite simply, we're executing on our proven and successful strategy that is committed to profitability, operational execution, returning value to our stakeholders 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 grow during our 40-year history.

此外，過去兩年我們一直按季度派發股息。簡而言之，我們正在執行我們行之有效的成功策略，致力於獲利、營運執行、為利害關係人創造價值，並確保員工和承包商的安全。在過去的 40 年裡，W&T 不斷發展壯大，這得益於我們能夠實現產量和 EBITDA 的成長，同時無縫整合增值型生產資產收購。

Some of our third quarter highlights include the following: we increased production by 6% quarter-over-quarter to 35,600 barrels of oil equivalent per day, near the high end of our guidance range, driven by the successful integration of former Cox assets and high-return workovers and recompletions.

第三季的一些亮點包括：我們環比增產 6%，達到每日 35,600 桶油當量，接近我們指導範圍的高端，這得益於成功整合了前 Cox 資產以及高回報的修井和完井作業。

Compared to quarter two 2025, LOE was reduced by 8% to around $23 per barrel oil equivalent with an absolute cost of $76.2 million, which was near the midpoint of guidance and reflects disciplined cost management and operational efficiencies.

與 2025 年第二季相比，營運支出減少了 8%，降至每桶油當量約 23 美元，絕對成本為 7,620 萬美元，接近指導值的中點，反映了嚴格的成本管理和營運效率。

We grew adjusted EBITDA by 11% quarter-over-quarter to $39 million, despite commodity prices being lower over the same period. We also generated $26.5 million of cash from operating activities and grew our unrestricted cash to approximately $125 million while lowering our net debt to under $226 million. Thus far, in 2025, we've lowered our net debt by about $60 million, further strengthening our balance sheet.

儘管同期大宗商品價格走低，但我們的調整後 EBITDA 仍較上季成長 11%，達到 3,900 萬美元。我們也透過經營活動產生了 2,650 萬美元的現金，並將我們的非限制性現金增加到約 1.25 億美元，同時將我們的淨債務降低到 2.26 億美元以下。截至目前，到 2025 年，我們的淨債務已減少了約 6,000 萬美元，進一步增強了我們的資產負債表。

Our GAAP reported net loss this quarter primarily reflects a noncash increase to our valuation allowance on deferred tax assets. This is not a deterioration in our underlying business performance. The valuation allowance can be reversed in the future, which will allow W&T to regain the potential tax benefits of the deferred tax assets. We expect substantially all income taxes in 2025 to be deferred.

本季按美國通用會計準則報告的淨虧損主要反映了遞延所得稅資產估值準備金的非現金增加。這並非我們基本業務表現的惡化。未來可以衝回估值準備金，這將使 W&T 能夠重新獲得遞延所得稅資產的潛在稅收優惠。我們預計2025年幾乎所有所得稅都將延期繳納。

We ended the quarter with around $125 million in unrestricted cash, an undrawn $50 million revolver and $83 million available on our ATM program, positioning us for future growth. So about $0.25 billion in liquidity. We accomplished all of this while returning value to our shareholders through our quarterly dividend.

本季末，我們擁有約 1.25 億美元的非限制性現金、5,000 萬美元的未提取循環信貸額度以及 8,300 萬美元的 ATM 可用資金，為未來的成長奠定了基礎。所以流動資金大約有 2.5 億美元。我們在實現所有這些目標的同時，也透過季度分紅為股東創造了價值。

We paid 8 quarterly cash dividends since initiating the dividend policy in late 2023 and announced the fourth quarter 2025 payment that will occur later this month. So I'd like to go into a little more detail about the production results we've been able to deliver in 2025. Third quarter production is up 6% over quarter two in 2025 and up 15% over the same quarter in 2024. We've worked hard to increase the production associated with the former Cox assets we acquired in early 2024.

自 2023 年底開始實施分紅政策以來，我們已經支付了 8 次季度現金分紅，並宣布將於本月稍後支付 2025 年第四季分紅。因此，我想更詳細地介紹一下我們在 2025 年的生產成果。2025 年第三季產量比第二季成長 6%，比 2024 年同期成長 15%。我們努力提高與我們在 2024 年初收購的原 Cox 資產相關的產量。

By spending on high-return workovers and recompletes, we are efficiently increasing production of these assets as well as at Mobile Bay. In quarter three, 2025, we performed three recompletions on former Cox assets that contributed to higher production during the quarter. Over the life of the company, we've consistently created significant value by methodically integrating producing property acquisitions, enhancing their capabilities and extracting additional value.

透過投資高回報的修井和翻新工程，我們有效地提高了這些資產以及莫比爾灣的產量。2025 年第三季度，我們對 Cox 先前的資產進行了三項重新完井作業，這為該季度的產量提高做出了貢獻。在公司的發展歷程中，我們始終透過有條不紊地整合生產性房地產收購、提升其能力並提取額外價值，不斷創造重大價值。

The assets we acquired last year added meaningful reserves at a very attractive price. We are now seeing the production and cash flow benefits from the work executed by our team to get all those properties online and up to our operating standards and also identify additional production opportunities from these fields.

我們去年收購的資產以非常優惠的價格增加了可觀的儲備。現在，我們已經看到了團隊為使所有這些資產上線並達到我們的營運標準所做的工作所帶來的生產和現金流效益，並且還從這些油田中發現了額外的生產機會。

We remain focused on enhancing and offsetting decline at our other properties. And in Q3 2025, we performed three workovers in Mobile Bay. This brings the total number of workovers performed in 2025 in Mobile Bay to eight, which has helped to increase production at this low decline, long-life asset, which is also our largest natural gas field.

我們將繼續專注於提升和抵消我們其他物業的下滑趨勢。2025 年第三季度，我們在莫比爾灣進行了三次修井作業。這使得 2025 年在莫比爾灣進行的修井作業總數達到 8 次，這有助於提高這個低衰減、長壽命資產的產量，該資產也是我們最大的天然氣田。

Overall, our production has continued this positive trajectory and averaged above 36,000 barrels oil equivalent per day in October. In the third quarter of 2025, our capital expenditures were $22.5 million, which was an increase over the first two quarters of 2025.

總體而言，我們的產量持續保持這一積極勢頭，10 月份平均日產量超過 36,000 桶油當量。2025 年第三季度，我們的資本支出為 2,250 萬美元，比 2025 年前兩季有所增加。

This increase was driven by a recompletion and facility CapEx work to bring online and increased production of multiple fields related to the 2024 Cox acquisition. In addition, our asset retirement settlement costs totaled approximately $9 million for the quarter.

這一增長是由於重新完工和設施資本支出工作，以使與 2024 年 Cox 收購相關的多個油田上線並提高產量。此外，本季我們的資產報廢結算成本總計約為 900 萬美元。

For the full year 2025, we now expect our CapEx to be around $60 million, not including acquisitions. The forecasted increase in full-year capital expenditures reflects our strategic investments in owned midstream infrastructure to lower third-party transportation costs and enhanced production and value for three fields from the Cox acquisition.

我們現在預計，2025 年全年資本支出約為 6,000 萬美元，不包括收購支出。預計全年資本支出增加，反映了我們對自有中游基礎設施的策略性投資，以降低第三方運輸成本，並提高從 Cox 收購的三個油田的產量和價值。

This is accretive and will be accretive to cash flow, earnings and reserves. As you can see, operationally, we are performing well, which has allowed us to also focus on improving our balance sheet. Earlier 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 Moody's.

這將增加現金流、收益和儲備。如您所見，我們在營運方面表現良好，這也使我們能夠專注於改善資產負債表。今年早些時候，我們進行了幾項交易，這些交易加強並簡化了我們的資產負債表，為公司淨利潤增加了大量現金，並提高了我們的信用評級（來自標普和穆迪）。

In January, we successfully closed a $350 million offering of new second lien notes that decreased our interest rate by 100 basis points and together with other transactions reduced our total debt by $39 million. We also entered into a new credit agreement for a $50 million revolving credit facility, which matures in July 2028 that is undrawn and replaces the previous $50 million credit facility provided by calculus lending.

1 月份，我們成功完成了 3.5 億美元的新第二留置權票據發行，使我們的利率降低了 100 個基點，並與其他交易一起使我們的總債務減少了 3900 萬美元。我們還簽訂了一份新的信貸協議，獲得 5,000 萬美元的循環信貸額度，該額度將於 2028 年 7 月到期，目前尚未提取，並將取代 Calculus Loanding 之前提供的 5,000 萬美元信貸額度。

We also sold a noncore 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. So thus far in 2025, we've increased cash by $15 million and reduced our net debt by $60 million.

我們還出售了 Garden Banks 的非核心權益，其中包括每天約 200 桶油當量，售價 1200 萬美元；此外，我們還收到了與 Mobile Bay 78-1 油井相關的保險賠償金 5800 萬美元。所有這些舉措都使我們能夠增強流動性並提高財務靈活性。截至 2025 年，我們的現金增加了 1,500 萬美元，淨債務減少了 6,000 萬美元。

So our ability to execute our strategy has delivered favorable results thus far in 2025, including an improved balance sheet, enhanced liquidity, growing production and EBITDA, all of which has positioned us for success as we move into 2026. We believe we're well positioned to take advantage of opportunities like we have done in the past focusing on accretive low-risk acquisitions of producing properties rather than higher risk drilling in the certain -- in the current uncertain commodity price environment.

因此，我們在 2025 年迄今執行策略的能力已經取得了令人滿意的結果，包括資產負債表的改善、流動性的增強、產量和 EBITDA 的成長，所有這些都為我們在進入 2026 年取得成功奠定了基礎。我們相信，我們有能力像過去一樣抓住機遇，專注於增值性低風險的生產資產收購，而不是在當前不確定的大宗商品價格環境下進行風險更高的鑽探。

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. With our experience, strong balance sheet and track record of successfully maximizing acquisitions we're ready to add to our portfolio of assets.

這些收購必須符合我們嚴格的標準，即產生自由現金流，提供堅實的已探明儲量基礎和成長潛力，並使我們經驗豐富的團隊能夠降低成本。憑藉我們的經驗、強大的資產負債表和成功實現收購最大化的記錄，我們已準備好擴大我們的資產組合。

So yesterday, we provided our detailed guidance for the fourth quarter 2025 and for the full year. In the fourth quarter of 2025, we're expecting the midpoint of production to be around 36,000 barrels of oil equivalent per day. This is another increase in quarterly production, which is especially noteworthy considering that currently, we don't have any drilling operations.

昨天，我們提供了 2025 年第四季和全年的詳細業績指引。我們預計 2025 年第四季產量中位數將達到每天約 36,000 桶油當量。這是季度產量的另一個增長，考慮到目前我們沒有任何鑽井作業，這一點尤其值得注意。

The fourth quarter guidance for our cash operating costs, which includes LOE, gathering, transportation and production taxes, and cash G&A costs is in line with the third quarter of 2025. With absolute costs remaining flat and production expected to increase, we believe that on a per BOE basis, we will see additional 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.

我們對第四季度現金營運成本的預期（包括營運支出、收集、運輸和生產稅以及現金一般及行政費用）與 2025 年第三季的預期一致。由於絕對成本保持不變，預計產量將會增加，我們認為以每桶油當量計算，我們將看到進一步下降。我們也相信，還有更多機會降低營運成本，並找到綜效，從而在長期內降低成本。

We're always working hard to reduce costs without impacting safety or deferring asset integrity work. So in conjunction with the pipeline related increase in 2025 capital expenditures, we lowered our gathering, transportation and production taxes guidance for full year 2025 to $24 million to $26 million, primarily due to less reliance on third-party midstream infrastructure.

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。因此，由於 2025 年與管道相關的資本支出增加，我們將 2025 年全年的集輸、運輸和生產稅收預期下調至 2,400 萬美元至 2,600 萬美元，這主要是因為對第三方中游基礎設施的依賴性降低。

Also, we reduced full year DD&A guidance to $11.50 to $12.50 per barrel of oil equivalent and that represents a 15% decrease from prior guidance. So before we wrap up the call, I'd like to say how proud I am of all the people who 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.

此外，我們將全年折舊和攤銷預期下調至每桶油當量 11.50 美元至 12.50 美元，比先前的預期下降了 15%。在結束通話之前，我想表達我對所有幫助 W&T 自 1983 年成立以來取得成功的人們的自豪之情。40多年來，我們一直是美洲灣的活躍營運商和海上油氣產業的堅定擁護者。

Through drilling completions and acquisitions, we built a strong company with outstanding long-life assets. As the largest shareholder, I believe we're well positioned to continue to grow and add value in the remainder of 2025. We continue to grow production, EBITDA generation and increase our cash position. This allows us to continue to evaluate growth opportunities, both organically and inorganically.

透過鑽井完井和收購，我們建立了一家擁有卓越長壽命資產的強大公司。作為最大股東，我相信我們有能力在 2025 年剩餘的時間裡繼續成長並創造價值。我們持續提高產量、EBITDA 收益並增加現金儲備。這使我們能夠繼續評估成長機會，包括有機成長和無機成長。

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.

我們在將資產整合到我們的投資組合方面有著長期的成功記錄，我們仍然相信美洲灣是一個世界級的盆地，能夠創造價值。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。

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

那麼，操作員，我們現在可以開始接受提問了。

(Operator Instructions)

（操作說明）

John Annis, Texas Capital Securities.

John Annis，德州資本證券。

Good morning all and thanks for taking my questions. For my first one, you're making a lot of infrastructure investments in the second half of this year to enhance production and lower costs. Once the new pipelines are fully online, could you help us frame how to think about operating costs and maintenance capital in the years ahead as you realize the benefits of these investments?

各位早安，感謝你們回答我的問題。我的第一個問題是，你們將在今年下半年進行大量基礎建設投資，以提高產量並降低成本。一旦新的管道全面投入運營，隨著這些投資帶來的收益逐步顯現，您能否幫助我們規劃未來幾年的營運成本和維護資金？

Sure. We'll first realize those investments in pipeline infrastructure also are accretive to earnings and cash flow and reserves going forward in existing reserves and reserves going forward. So that's the general plan of the company from day one is to make investments in reserve acquisitions, drilling and facility upgrades and workovers and recompletions that all enhance the short-term and long-term value of the corporation.

當然。我們首先要意識到，對管道基礎設施的這些投資也會增加收益、現金流量以及現有儲量和未來儲量的儲備。因此，公司從一開始就制定了總體計劃，即投資於儲量收購、鑽井和設施升級、修井和重新完井，所有這些都將提高公司的短期和長期價值。

So a very simple philosophy there, John. We work hard to make good acquisitions. We do look at what we can do to enhance the value with drill bit. We do a lot of workovers and recompletions, and facility upgrades to enhance the production and reduce cost. So it's a lot of blocking and tackling as well that helps us continue to grow the company.

約翰，這其實是一種非常簡單的哲學。我們努力進行優質收購。我們會研究如何提高鑽頭的價值。我們進行了大量修井、返工和設施升級，以提高產量並降低成本。所以，我們也需要做很多基礎性的工作，才能幫助公司繼續成長。

That's why we've been here for over 40 years through all kinds of calamity and production upsets, price changes, wars, hurricanes, everything you can think of and different administrations. So the formula works pretty good. It works better in sometimes than others, and that's usually a function of pricing. Prices are down right now, and the company is doing just fine. And I expect that we'll grow the company going forward.

正因如此，我們才能在40多年的時間裡，經歷了各種災難和生產中斷、價格變化、戰爭、颶風，以及你能想到的一切，經歷了不同的政府。所以這個公式效果相當不錯。有時效果更好，有時效果更差，這通常取決於價格。目前價格較低，公司經營狀況良好。我預計公司未來會不斷成長。

Terrific. I appreciate the color. For my follow-up, with nearly $125 million in cash, could you help characterize the current M&A environment in the Gulf of America and how you are weighing potential deals against organic projects?

了不起。我喜歡這個顏色。我的後續問題是，您手頭上擁有近 1.25 億美元的現金，能否請您描述一下美洲灣地區目前的併購環境，以及您是如何權衡潛在交易和內部項目之間的利弊的？

Well, I love it. The Gulf of America is open for business again. And we're happy to see it. It's always good to have liquidity and don't forget that not only do we have cash, we have a little bit of credit from you guys, too, I think Texas Capital, and we got that $83 million ATM available to us as well. So over $0.25 billion in liquidity, if something comes up that makes sense to us.

我很喜歡。美洲灣已重新開放商業活動。我們很高興看到這一點。保持流動性總是好事，別忘了我們不僅有現金，還有你們（我想是德州資本）給我們的一些信貸，而且我們還有那台 8300 萬美元的 ATM 機可以使用。所以，如果有什麼合適的機會出現，我們將有超過 2.5 億美元的流動資金。

Appreciate the time. I'll leave it there.

感謝您抽出時間。我就說到這兒吧。

Thank you, sir.

謝謝您，先生。

(Operator Instructions)

（操作說明）

Christopher Degne, Water Tower Research.

Christopher Degne，水塔研究公司。

Oh hi, good morning. Congrats on an excellent quarter. I just wanted to chat a little bit about if you can give us any incremental color on the depth of recompletion and workover projects rolling into 2026 and how you think that could support the production base?

哦，你好，早安。恭喜你們本季表現出色。我只是想和您聊聊，您能否詳細介紹一下2026年即將開展的翻新和修繕項目的深度，以及您認為這些項目將如何支持生產基礎？

Well, you're fortunate. I also have our Chief Operating Officer; I think I'll turn it over to him and let him give you a little color.

你真幸運。我這裡還有我們的營運長；我想我會把麥克風交給他，讓他來跟你們介紹一下狀況。

Yeah. So thank you for the question. Great question. If you look at what we've been able to do in 2025, a lot of the increase quarter-over-quarter, like Tracy mentioned before, we're able to increase our production without really adding any drilling wells during 2025.

是的。謝謝你的提問。問得好。看看我們在 2025 年所取得的成就，正如 Tracy 之前提到的，許多季度環比成長都很顯著，我們能夠在 2025 年不增加任何鑽井的情況下提高產量。

We have the same thought process going into 2026. Right now, we're working on our budget process right now. And we're feeling very, very good about the opportunities we have moving into 2026 and 2027.

我們對2026年的思考方式與此相同。我們現在正在進行預算編制工作。我們對2026年和2027年的發展機會感到非常樂觀。

Okay. Yeah. And in addition to that, I'm sure we'll have more to do at Mobile Bay and some of these former Cox properties as a function of budget process. It's a great question. We're just about a few weeks short of having all that sorted out with regard to our internal investigations about our budget.

好的。是的。除此之外，我相信隨著預算的推進，我們在莫比爾灣和一些以前的考克斯房地產項目上還會有更多的工作要做。這是一個很好的問題。關於我們預算的內部調查，我們距離全部解決再剩幾週。

Your internal -- the natural budget cycle. Yeah.

你的內部－自然的預算週期。是的。

You Bet.

當然。

And then you mentioned you've been through hurricanes and all sorts of different calamities. Given the recent government shutdowns, has that had any -- have you guys seen any impact on permitting or any regulatory constraints that we should be aware of? Or does it look like kind of a --

然後你提到你經歷過颶風和各種各樣的災難。鑑於最近的政府停擺，你們是否發現這在審批或監管方面有任何影響，需要我們注意？或者它看起來像某種--

There has been zero impact. I think both have done a good job of maintaining the regulatory status and everybody seems to be at work.

沒有造成任何影響。我認為雙方在維持監管地位方面都做得很好，而且每個人似乎都在努力工作。

That's what it seems like.

看起來是這樣。

Great, thanks. Thanks, Chris.

太好了，謝謝。謝謝你，克里斯。

Since there are no further questions, we will conclude the question-and-answer session at this time. I would like to turn the conference back over to Mr. Tracy Krohn, Chairman and CEO.

由於沒有其他問題，問答環節到此結束。我謹將會議交還給董事長兼執行長特雷西·克羅恩先生。

Well, that last question with regard to government shutdown was insightful. It really is nice to see that none of it has affected our operations. And to my knowledge, nobody else, the regulators really have done an excellent job of maintaining status quo throughout all this, and I think that's a tribute to them.

關於政府停擺的最後一個問題很有見地。令人欣慰的是，這一切並沒有對我們的營運造成任何影響。據我所知，監管機構在整個過程中真正出色地維持了現狀，我認為這要歸功於他們。

And I look forward to working with them in the future as new opportunities arise from W&T and others in the Gulf of America so that we can continue to -- we can already continue to prosper and grow. So sometimes I get a little dismayed at pricing and everything, but that's just a natural part of it.

我期待未來與他們合作，抓住 W&T 和美洲灣其他公司帶來的新機遇，以便我們能夠繼續繁榮——我們已經能夠繼續繁榮發展。所以有時候我會對價格之類的東西感到有點失望，但這都是很自然的一部分。

We always managed to adjust during the pandemic, we were producing profitably at $30 a barrel and less. So we know we can adjust. And I always think, [gee], what could be worse and there's always something that seems to be worse on the future, but we always manage to adjust, and that's what good companies do. They adjust. So thank you for your attention. We look forward to talking to you in the not-too-distant future.

疫情期間，我們總能設法調整，即使油價低於每桶 30 美元，我們也能獲利。所以我們知道我們可以做出調整。我總是想，哎呀，還有什麼比這更糟的呢？而且未來似乎總會有更糟糕的事情發生，但我們總是能設法調整，這就是優秀公司所做的。他們會做出調整。謝謝大家的關注。我們期待在不久的將來與您交談。

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

會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。