W&T Offshore, Inc. (WTI) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the W&T Offshore's fourth-quarter and full year 2025 conference call. (Operator Instructions). This conference is being recorded, and a replay will be made available on the company's website following the call.

各位女士、先生，感謝您稍候。歡迎參加 W&T Offshore 2025 年第四季暨全年電話法說會。(接線員指示)。本次會議將被錄音，通話結束後，公司網站將提供重播。

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人 Al Petrie。請開始。

Thank you, Dave. 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 2025 financial and operational results.

謝謝你，Dave。我謹代表管理團隊，歡迎各位參加今天的電話會議，一同回顧 W&T Offshore 2025 年第四季暨全年財務與營運成果。

Before we begin, I'd 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. 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.

在開始之前，我想提醒各位，我們的發言可能包含前瞻性陳述。請注意，多項因素可能導致 W&T 的實際結果與這些前瞻性陳述中所表達的預期結果或期望出現重大差異。今天的電話會議也可能包含某些非 GAAP 財務衡量指標。請參閱我們昨日發布的財報新聞稿，其中包含前瞻性陳述之揭露以及非 GAAP 指標之調節表。

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

接下來，我想把電話交給我們的董事長兼執行長 Tracy Krohn。

Thanks, Al. Good morning, everyone, and welcome to our year-end 2025 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. We're all available to answer questions later during the call. So we delivered solid operational and financial results in 2025 by remaining focused on our strategic vision.

謝謝你，Al。各位早安，歡迎參加我們 2025 年年終電話會議。今天與我一同出席的有：我們的執行副總裁兼營運長 William Williford、執行副總裁兼財務長 Sameer Parasnis，以及副總裁兼會計長 Trey Hartman。稍後在問答環節，我們都會在場回答問題。我們在 2025 年透過持續聚焦策略願景，交出穩健的營運與財務成果。

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

我們經驗證的策略簡單且有效。我們專注於現金流創造、維持並優化我們的高品質傳統資產，並在適當時機把握具增值效益的機會，以提升股東價值。

We're successfully executing our strategy and remain committed to that operational performance, returning value to our stakeholders and ensuring the safety of our employees and contractors. Our ability to deliver consistent production and EBITDA results while integrating producing property acquisitions has helped W&T grow during our 40-plus year history. In 2025, we accomplished many things.

我們正成功執行策略，並持續致力於營運績效、回饋利害關係人價值，以及確保員工與承包商的安全。在整合產出型資產收購的同時，我們仍能交付穩定的產量與 EBITDA 表現，這項能力在 W&T 超過 40 年的歷史中，協助公司持續成長。在 2025 年，我們完成了許多事項。

So here's the bullet points. One, we increased production every quarter in 2025 from 30,500 barrels of oil equivalent per day in the first quarter to 36,200 barrels of oil equivalent per day in the fourth quarter by focusing on production enhancement projects.

以下是重點條列。第一，透過聚焦增產專案，我們在 2025 年每一季都提升產量，從第一季每日 30,500 桶油當量提升至第四季每日 36,200 桶油當量。

Two, while we did not drill any new wells, we did invest $5 million in 2025 CapEx and performed 34 workovers and 4 recompletions. Three, we also generated adjusted EBITDA of $130 million from full year 2025. And four, we continue to focus on enhancing our liquidity and reducing debt.

第二，雖然我們沒有鑽鑿任何新井，但在 2025 年仍投入 500 萬美元資本支出，並完成 34 次修井（workover）與 4 次重新完井（recompletion）。第三，2025 全年我們創造了 1.30 億美元的調整後 EBITDA。第四，我們持續聚焦提升流動性並降低負債。

And at year-end '25, we grew cash by $31 million year-over-year to almost $141 million and reduced our net debt by $74 million to $210 million, further strengthening that balance sheet. And five, we reported year-end 2025 proved reserves of 121 million barrels of oil equivalent with a PV-10 of $1.1 billion.

截至 2025 年底，我們的現金較去年同期增加 3,100 萬美元，接近 1.41 億美元，並將淨負債降低 7,400 萬美元至 2.10 億美元，進一步強化資產負債表。第五，我們公布 2025 年底探明儲量為 1.21 億桶油當量，PV-10 為 11 億美元。

So obviously, those numbers have gotten better since the beginning of March due to geopolitics. Six, we accomplished all of this while also returning value to our shareholders through our quarterly dividend. We've paid nine consecutive quarterly cash dividend since initiating the dividend policy in late 2023 and announced the first quarter 2026 payment that will occur later this month.

顯然，由於地緣政治因素，自 3 月初以來這些數字已變得更好。第六，我們在達成上述成果的同時，也透過季度股利回饋股東價值。自 2023 年底啟動股利政策以來，我們已連續發放 9 季現金股利，並宣布 2026 年第一季的股利將於本月稍晚發放。

So going into a little more detail about the positive production numbers where we're able to deliver in 2025. Normally in the first quarter of every year, we have some temporary downtime associated with the impact from cold weather increases. We experienced some in 2025 and again, in 2026 as well. But through our focus production uplift projects and continued focus on ramping up recently acquired fields, we were able to achieve quarter-over-quarter growth and year-over-year growth. In the fourth quarter, production was up 2% over Q3 2025 and up 13% over the same quarter in 2024.

接著更詳細說明我們在 2025 年能夠達成的正向產量表現。通常每年第一季，因寒冷天氣影響增加，會出現一些暫時性停工時間。我們在 2025 年有遇到，2026 年也同樣如此。但透過聚焦增產專案，以及持續推進近期收購油田的產能爬坡，我們得以實現季對季成長與年對年成長。第四季產量較 2025 年第三季增加 2%，較 2024 年同期增加 13%。

So over the years, we've consistently created value or very methodically integrating producing property acquisitions, enhancing their capabilities and thus extracting greater value. After we close an acquisition, we take time to assess and more fully evaluate the newly acquired assets. We have a large footprint across the Gulf of America, so we look for ways to operate, operations, to optimize operations, increase production and utilize that large footprint where we can. That reduces cost and maximizes value. We work really hard on logistics.

多年來，我們一貫地創造價值，並以非常有系統的方法整合產出型資產收購、提升其能力，進而萃取更高價值。在完成收購後，我們會花時間評估並更全面地檢視新收購的資產。我們在美洲灣（Gulf of America）擁有廣泛的布局，因此會尋找可行方式來營運、在營運上優化營運、提升產量，並在可行之處運用這個龐大的布局。這能降低成本並使價值最大化。我們在物流方面投入非常多努力。

The assets we acquired in 2024 added meaningful reserves at an attractive price, and that requires some additional capital and expense spending to maximize that production capability in all those fields. By the fourth quarter of 2025, we'd also completed all the major projects on the acquired assets and the production and cash flow benefits from the diligent work of this team to get all those properties online and up to our operating standards is reflected in our results.

我們在 2024 年收購的資產以具吸引力的價格增加了可觀的儲量，而要將這些油田的產能發揮到最大，仍需要額外的資本與費用支出。到了 2025 年第四季，我們也已完成收購資產上的所有主要專案；團隊努力讓這些資產上線並達到我們的營運標準，其帶來的產量與現金流效益已反映在我們的業績中。

Moving into 2026, we remain focused on enhancing production and minimizing the climb across our asset base through low-cost, low-risk workovers or recompletions. We remain focused on cost control and capturing synergies associated with those asset acquisitions. We reduced our fourth quarter LOE to $22.40 per barrel oil equivalent, which was 4% lower compared with the third quarter of 2025.

展望 2026 年，我們仍將透過低成本、低風險的修井或重新完井，在整體資產組合上聚焦提升產量並將爬坡幅度降至最低。我們也持續聚焦成本控管，並擷取與資產收購相關的協同效益。我們將第四季的 LOE 降至每桶油當量 22.40 美元，較 2025 年第三季低 4%。

And our absolute costs were below the midpoint of our guidance. Looking ahead, we're expecting our 2026 cost to be lower compared to 2025, which I will discuss later in the call. So for the full year 2025, our capital expenditures of $55 million coming in below the low end of our capital guidance. In the fourth quarter, we finished a $20 million pipeline facility project at West Delta 73 that will help support production growth, improve operational performance and increase our net realized pricing. We expect to see the benefit of that project in the first quarter of 2026.

而且我們的絕對成本低於指引區間的中位數。展望未來，我們預期 2026 年成本將低於 2025 年，我稍後會在電話會議中進一步說明。就 2025 全年而言，我們資本支出為 5,500 萬美元，低於資本支出指引區間的下緣。在第四季，我們完成了位於 West Delta 73 的 2,000 萬美元管線設施專案，將有助於支撐產量成長、改善營運表現並提高我們的淨實現價格。我們預期在 2026 年第一季看到該專案的效益。

Overall, our capital expense will be back half loaded in 2025 driven by recompletion and facility capital work to bring online and increased production multiple fields relating to the 2024 acquisition. In addition, our asset retirement settlement costs totaled $37 million for 2025 as we continue to responsibly decommission assets. So as you can see, our operational performance in 2025 allowed us to focus on improving our balance sheet. At the beginning of 2025, 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. For January, we successfully closed a $350 million offering of new second lien notes that decreased our interest rates by 100 basis points and together with other transactions reduced our total debt by $39 million.

整體而言，我們 2025 年的資本支出將偏向下半年，主要受重新完井與設施資本工程所驅動，以使與 2024 年收購相關的多個油田上線並提升產量。此外，2025 年我們的資產除役結算成本合計 3,700 萬美元，因我們持續負責任地進行資產除役。因此，如各位所見，我們 2025 年的營運表現使我們得以專注於改善資產負債表。在 2025 年初，我們完成了數筆交易，強化並簡化資產負債表，為損益表底線帶來可觀現金，並提升 S&P 與 Moody's 的信用評等。在 1 月，我們成功完成 3.50 億美元的新第二順位擔保票據發行，使利率降低 100 個基點，並與其他交易合計將總負債降低 3,900 萬美元。

We also entered into a new credit agreement for a $50 million revolving credit facility, which matures in July 2028, that replaced the previous $50 million credit facility provided by calculus lending. We also sold a noncore interest of 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-based 78-1well. All of these actions have allowed us to enhance liquidity and improve our financial flexibility. These financial actions, coupled with strong operational performance allowed us to increase cash by $31 million and reduced our net debt by $74 million at year-end 2025. All of this was obviously what I consider to have been a much lower price environment for oil and gas.

我們也簽訂了一項新的信貸協議，為一筆5,000萬美元的循環信貸額度，將於2028年7月到期，用以取代先前由Calculus Lending提供的5,000萬美元信貸額度。我們也出售了Garden Banks的一項非核心權益，其中包含約每日200桶油當量的產量，交易金額為1,200萬美元；此外，我們就與行動式78-1井相關的保險和解收到了5,800萬美元現金。所有這些行動使我們得以提升流動性並改善財務彈性。這些財務行動，加上強勁的營運表現，使我們在2025年年底現金增加3,100萬美元，並將淨負債減少7,400萬美元。顯然，這一切都是在我認為油氣價格環境大幅偏低的情況下達成的。

For our ability to execute our strategy delivered positive results in 2025, including an improved balance sheet, enhanced liquidity, growing production and adjusted EBITDA, all of which has positioned us for success as we move into 2026. We are well positioned to take advantage of growth opportunities like we've done in the past, focusing on accretive low-risk acquisitions of producing properties rather than high risk drilling a certain -- in the uncertain commodity price environment. These acquisitions must meet our stringent criteria of, one, generating free cash flow, two, providing a solid base of proved reserves with upside potential, and three, provided for the ability of our operations team to reduce costs. With our experience, a strong balance sheet over the year -- over our four year track history. We've successfully integrated acquisitions.

我們執行策略的能力在2025年帶來了正面成果，包括資產負債表改善、流動性提升、產量成長以及調整後EBITDA成長，這些都使我們在邁入2026年時具備成功的有利條件。我們已做好準備把握成長機會，如同過去所做的那樣；在不確定的商品價格環境下，我們將重點放在具增值性、低風險的在產資產收購，而非高風險的鑽井。這些收購必須符合我們嚴格的標準：第一，能產生自由現金流；第二，提供穩固的已證實儲量基礎並具上行潛力；第三，使我們的營運團隊有能力降低成本。憑藉我們的經驗，以及在過去四年的歷史紀錄中維持強健的資產負債表。我們已成功整合多項收購。

We believe we are well positioned to add to those impressive portfolios of assets. So turning to our year-end reserve results. We have a portfolio of conventional Gulf America assets that have established a record value over time. Over the past two years, our overall year-end reserves have remained virtually flat, including the volume in the PV-10. We produced 24.6 million barrels of oil equivalent of production, but we've also made an accretive acquisition of several fields that's helped to offset this production.

我們相信我們已做好準備，能在這些令人印象深刻的資產組合上再添新資產。接著談談我們的年終儲量結果。我們擁有一個由傳統型「美洲灣」（Gulf America）資產構成的投資組合，長期以來已建立價值紀錄。在過去兩年中，我們整體年終儲量幾乎維持持平，包括PV-10中的數量。我們產出2,460萬桶油當量，但我們也進行了對公司具增值性的多個油氣田收購，有助於抵銷這些產量消耗。

Since closing the latest acquisition in January 2024, we've generated almost $285 million in adjusted EBITDA, while only spending about $167 million in capital expenditures, including acquisitions, we believe that our strategy of acquiring and enhancing producing properties continues to add value to our shareholders as reflected in our reserve amounts and value. So for year-end, 2025, our SEC proved reserves for 121 million barrels of oil equivalent with a PV-10 of $1.12 billion in a reduced price environment. Notably, we recorded an increase to PDP PV-10 of $279 million. That's proved developed producing reserve compared to year-end 2024 as we had reserves reclassified to proved developed producing. The reserves were classified as 71% proved developed producing, 24% proved developed nonproducing and only 5% proved undeveloped.

自2024年1月完成最新一筆收購交割以來，我們已創造近2.85億美元的調整後EBITDA，而資本支出（含收購）僅約1.67億美元；我們相信，收購並提升在產資產的策略，持續為股東創造價值，並反映在我們的儲量規模與價值上。因此，截至2025年年底，在價格下行的環境下，我們依SEC口徑的已證實儲量為1.21億桶油當量，PV-10為11.2億美元。值得注意的是，我們的PDP PV-10增加了2.79億美元。這是相較於2024年年底的已證實已開發在產（proved developed producing）儲量，因為我們有部分儲量被重新分類為已證實已開發在產。儲量分類為：71%已證實已開發在產、24%已證實已開發未產（proved developed nonproducing），以及僅5%已證實未開發（proved undeveloped）。

At year-end 2024, only 52% were proved developed producing and 17% were proved undeveloped. W&T's reserve box ratio at year-end 2025 and based on year-end 2025 proved reserves in 2025 production was 9.8 years, about 10 years. Approximately 42% of year-end 2025 SEC proved reserves were liquids, with 32% crude oil and 10% NGLs, and we had 58% natural gas. So yesterday, we provided a detailed guidance for first quarter in full year 2026 in our earnings release. In the first quarter of 2026, as I previously mentioned, we incurred unplanned downtime at several fields due to winter freezes that temporarily reduced our production volumes.

截至2024年年底，已證實已開發在產僅占52%，而已證實未開發占17%。W&T在2025年年底的儲量壽命比（reserve life ratio），以2025年年底已證實儲量與2025年產量計算為9.8年，約10年。約42%的2025年年底SEC已證實儲量為液體，其中32%為原油、10%為NGL（天然氣液），另有58%為天然氣。因此，昨天我們在財報新聞稿中提供了2026年第一季及2026年全年詳細指引。在2026年第一季，如我先前提到的，由於冬季結冰導致多個油氣田發生非計畫性停機，短期內降低了我們的產量。

We're predicting the midpoint of Q1 2026 production to be around 35,000 barrels of oil equivalent per day. We are continuing to focus on production enhancement projects throughout 2026, and we expect the full 2026 production midpoint to also be around 35,000 barrels of oil equivalent per day. This is assuming no additional acquisitions or drilling. Our ability to maintain low decline production is a testament to our quality and our culture of operational excellence and the strength of our reserves. With several capital projects completed in 2025, we're finding much lower capital expenditures for 2026 due to a substantial reduction in capital projects associated with pipelines and about $22 million at the midpoint or less than half the amount invested in 2025.

我們預估2026年第一季產量的中位數約為每日35,000桶油當量。我們將在2026年持續專注於增產專案，並預期2026年全年產量中位數也約為每日35,000桶油當量。此預估假設沒有額外收購或鑽井。我們能維持低遞減率的產量，證明了我們的資產品質、卓越營運的文化，以及儲量的強度。隨著多項資本專案於2025年完成，2026年的資本支出將顯著降低，主要因與管線相關的資本專案大幅減少；以中位數估計約2,200萬美元，或不到2025年投資金額的一半。

This does not include acquisitions. We are also forecasting about $38 million in plugging and abandonment expenses for 2026, that's in line with the $37 million we spent in 2025. We have a reliable asset base of low decline wells, and we focused more on acquisitions over the past several years rather than on drilling many new wells, which has kept our capital spending much lower. So turning to costs, our guidance for 2026 LOE is projected to be lower than 2025 despite higher production in 2026. So similar to the capital projects, we spent operating expenses on recently acquired fields to bring them in line with our operational standards.

此數字不包含收購。我們也預估2026年的封井與廢棄（plugging and abandonment）費用約3,800萬美元，與我們在2025年支出的3,700萬美元相當。我們擁有可靠的低遞減井資產基礎，過去幾年我們更著重於收購而非鑽大量新井，這使得我們的資本支出維持在較低水準。接著談成本，我們對2026年LOE（租賃營運費用）的指引預計將低於2025年，儘管2026年產量更高。因此，類似於資本專案，我們在近期收購的油氣田上投入營運費用，使其符合我們的營運標準。

Additionally, some of the capital projects that we undertook in 2025 and should lead to lower expenses and higher price realizations. With that said, I believe that there are more opportunities to reduce our operating costs and find synergies to drive costs lower in the long term. Safety is paramount and we are always working hard to reduce costs without impacting safety or deferring asset integrity work. So our first quarter 2026 LOE is expected to be between $63 million and $76 million in full year 2026 LOE of $265 million to $295 million, which reflects the savings I mentioned earlier. Our first quarter gathering, transportation and production taxes are expected to range between $8 million and $9 million.

此外，我們在2025年推動的一些資本專案，應可帶來更低的費用與更高的實現價格。即便如此，我相信仍有更多機會降低營運成本並發掘協同效益，以在長期推動成本進一步下降。安全至上，我們始終努力在不影響安全、也不延後資產完整性作業的前提下降低成本。因此，我們預期2026年第一季LOE介於6,300萬至7,600萬美元；2026年全年LOE為2.65億至2.95億美元，反映我先前提到的節省。我們預期第一季的集輸、運輸及生產稅費用介於800萬至900萬美元。

First quarter cash G&A costs are expected to be between $15 million and $17 million. So as mentioned in yesterday's earnings release, the DOI Department of has proposed some positive regulatory changes that would roll back obligations from the 2024 rule that would have required companies to set aside about $6.9 billion in supplemental financial insurance. About $6 billion would be applied to small businesses that make up most of the operators in the Gulf. The proposed changes will better align financial assurance requirements with actual decommissioning risk and reduced industry-wide binding by approximately $484 million annually. These proposed revisions have been published in the federal register with a 60-day public comment period.

第一季現金G&A（一般及行政）成本預期介於1,500萬至1,700萬美元。如同昨天的財報新聞稿所提到的，美國內政部（DOI）已提出一些正面的監管變更，將回撤2024年規則中的相關義務；該規則原本將要求企業提撥約69億美元的補充性財務保證（supplemental financial insurance）。其中約60億美元將適用於小型企業，而小型企業構成了墨西哥灣多數的營運商。這些擬議變更將使財務保證要求更貼近實際除役風險，並使全產業每年約減少4.84億美元的約束負擔。這些擬議修訂已刊登於《聯邦公報》，並設有60天的公開意見徵詢期。

That's expected to end on May 8, 2026. We welcome these changes proposed by the Trump administration that can further encourage US offshore production growth and further increase America's energy independence. So before we wrap up the call, I'd like to say how proud I am of all the people who've helped make W&T success since we founded the company in 1983. Throughout that time, we've been an active responsible and profitable operator in the Gulf of America.

該期間預計於2026年5月8日結束。我們歡迎川普政府提出的這些變更，這些變更可進一步鼓勵美國離岸產量成長，並進一步提升美國的能源獨立性。在我們結束本次電話會議之前，我想說，自1983年創立公司以來，所有協助促成W&T成功的人們，讓我深感自豪。在這段期間，我們一直是「美洲灣」（Gulf of America）一個積極、負責且獲利的營運商。

We're staunch advocates for the offshore industry, and we believe that our outstanding long-life assets will continue to provide value for our shareholders in our country for many more years. As the largest shareholder, I believe we are well positioned to continue to grow and add value as we move into 2026. Our guidance forecast that we can modestly grow production and reduce costs which should lead to a continued buildup of our cash position. This allows us to remain active in evaluating growth opportunities, both organically and inorganically. We have a long track record of successfully integrating those assets into our portfolio, and we continue to believe the Gulf of America is a world-class basin that supports value creation.

我們堅定支持離岸產業，並相信我們卓越的長壽命資產將在未來多年持續為本國股東創造價值。作為最大股東，我相信我們具備良好條件，隨著邁入2026年，持續成長並提升價值。我們的指引預測顯示，我們可小幅提升產量並降低成本，這應可帶動我們現金部位持續累積。這使我們能持續積極評估成長機會，包括有機與非有機。我們在成功整合此類資產至投資組合方面擁有長期紀錄，並且我們仍相信「美洲灣」是世界級盆地，能支持價值創造。

We remain focused on operational excellence, and maximizing the cash flow potential of our asset base. With that, operator, we can now open the lines for questions.

我們仍專注於營運卓越，並最大化我們資產基礎的現金流潛力。那麼，接線員，我們現在可以開放提問。

(Operator Instructions)

(接線員指示)

Derrick Whitfield, Texas Capital Securities.

Derrick Whitfield，Texas Capital Securities。

Good morning all. Great update.

各位早安。更新很棒。

Thanks sir.

謝謝您，先生。

Starting with your guide, it's clear that you are prioritizing capital discipline and preservation in the current macro environment, not overly focusing on the part of the curve. With that said, could you speak to where you see the greatest opportunity in the market for cash-on-cash returns? And if there is a sustained price scenario where you'd be more inclined to mainly engage the drill bit?

先從你們的指引談起，很明顯在目前的總體環境下，你們優先考量資本紀律與資本保全，而不是過度聚焦於曲線上的某一段。在此情況下，能否談談你們認為市場上現金對現金報酬（cash-on-cash returns）最大的機會在哪裡？另外，若出現一個持續的價格情境，你們是否會更傾向主要投入鑽井？

Sure. Well, we still think that there will be acquisitions available, and we're confident that we'll have our fair share over the next one to two years. We've maintained a record over 40 years of being able to replace and replenish those reserves. So short term and long term, we still we still see those as possibilities for growth in organic organically, we do have prospect inventory, but we feel that our efforts are better placed in making acquisitions as opposed to trying to drill right now. All those prospects with the exception of a couple of them are actually held by production.

當然。我們仍認為市場上會有可供收購的標的，而且我們有信心在未來一到兩年能取得我們應有的份額。我們在過去40年一直維持能夠替換並補充儲量的紀錄。因此不論短期或長期，我們仍將其視為成長的可能性；在有機成長方面，我們確實有勘探庫存（prospect inventory），但我們認為相較於現在就去鑽井，把力氣放在收購上更合適。除少數幾個之外，這些勘探標的其實都已由生產所持有（held by production）。

Great. And for my follow-up, Tracy, I wanted to focus on the regulatory policy updates you referenced in your prepared remarks. As you guys see it today, could you speak to what it means for W&T from an insurance cost perspective? And if there could also be potential impacts to your cost of capital as you start to reduce the financial burdens.

很好。我的追問想請Tracy聚焦在你在事先準備講稿中提到的監管政策更新。以你們目前的觀點，能否談談這對W&T在保險成本面意味著什麼？另外，當你們開始降低財務負擔時，是否也可能對你們的資本成本造成影響？

Sure. Well, to us, that means that the insurance premium costs will be going down in the future. We've made a lot of those payments already this year. So what that means is that because of the change in the regulations with regard to financial assurance, which was a term that was our supplemental financial assurance rather is a term that was coined in the Obama administration and further exasperated in the big administration that provided so-called financial assurance for decommissioning costs. Most of these leases have in the chain of title and that's referenced in the actual lease that operators sign as lessees.

好的。對我們而言，這代表未來保險保費成本將會下降。我們今年已經支付了相當多的款項。因此，這表示由於金融擔保（financial assurance）相關法規的變更——更精確地說，是補充性金融擔保（supplemental financial assurance），這個名詞是在歐巴馬政府時期提出，並在拜登政府時期進一步加劇，用以提供所謂的除役成本金融擔保。多數租約在權利移轉鏈（chain of title）中都有相關條款，且在承租人（lessees）作為營運商簽署的實際租約中也有引用。

You're required as a lessee on any lease to be jointly and severally liable for all the decommission or liabilities on road. So if property or sell or Chevron or anybody owns a property two years ago and had a lease interest sold it lapsed whatever. And the lease comes up, having remaining decommissioning liabilities those responsible in that queue are liable jointly and severally for all of those assets being removed from the ocean floor and decommission and decommissioning of all the wells. So the government never really needed these financial assurances. This was something that was done by this administration to be punitive.

作為任何租約的承租人，你被要求對所有除役或相關負債承擔連帶責任（jointly and severally liable）。因此，如果像是（原文不清）或Sell或Chevron或任何人在兩年前擁有某項資產並持有租約權益，之後把它賣掉、讓它失效或其他情況。而當租約到期時仍有剩餘的除役負債，那麼在該序列中的相關責任方就必須對所有資產自海床移除、以及所有井的除役作業承擔連帶責任。所以政府其實從來不真正需要這些金融擔保。這是本屆政府採取的一項帶有懲罰性的措施。

And unfortunately, it stuck a few companies out of the Gulf. A few of our competitors are going, that weren't there anymore. A few producers that are contributing to the overall energy output in the United States are no longer there. Clearly, those premiums could have been used better as actual capital to get rid of some of those decommissioning issues that companies had. So we feel like this is a proper and fitting action with the corrugated carry has taken, we have hauled in brightly.

不幸的是，這讓一些公司被迫退出墨西哥灣。我們有幾個競爭對手正在離開，已經不在那裡了。一些為美國整體能源產出做出貢獻的生產商也不再存在。很明顯，這些保費本可以更有效地作為實際資本，用來處理公司面臨的一些除役問題。因此我們認為，這是（原文不清）所採取的恰當且合宜的行動，我們對此表示高度讚許。

Great update, guys.

各位更新很棒。

Thank you, sir.

謝謝您，先生。

(Operator Instructions)

(接線員指示)

Jeffrey Robertson, Water Tower Research LLC.

Jeffrey Robertson，Water Tower Research LLC。

Thank you. Good morning. Tracy, can you talk about the depth of inventory that W&T has for recompletions and workovers that help you maintain or offset natural declines?

謝謝。早安。Tracy，你能談談W&T在重新完井（recompletions）與修井（workovers）方面的庫存深度嗎？這些作業如何幫助你們維持或抵銷自然遞減？

Yes. I'll do better than that. I'll defer that question to William Williford, who's our Chief Operating Officer.

可以。我可以做得更好。我把這個問題交給我們的營運長William Williford來回答。

Hey, good morning, Jeff, thanks for the question. Yes, we have -- we've been spending a lot of time at our Mobile Bay asset. That's a gas asset. We've been doing a lot of simulations, and we have ongoing as stimulation setup and approved to do in 2026. That's going to help maintain our production decline in the Mobile Bay.

嗨，Jeff，早安，謝謝你的提問。是的，我們——我們在Mobile Bay資產上投入了很多時間。那是一項天然氣資產。我們做了大量模擬，而且我們已建立並核准在2026年進行的增產刺激（stimulation）作業。這將有助於維持Mobile Bay的產量遞減。

And also, we got recomplete associated with some of our deepwater fields that were already set up and already on our reserve books, and we're just executing them based on where the production is in the current well.

另外，我們也有一些與深水油田相關的重新完井作業，這些都已經規劃完成、也已經納入我們的儲量帳冊（reserve books），我們只是依據目前井的產量狀況來執行。

So with that, we have several other opportunities, both on workovers and recomplete similar to that, that allows us to not only maintain the current production decline, flatten it out, but also increased it. That's why you see an increase year-over-year of our production based in 2026 guidance versus what you see in 2025.

因此，我們還有其他幾個機會，不論是修井或類似的重新完井，讓我們不僅能維持目前的產量遞減、把遞減趨勢拉平，甚至還能提高產量。這也是為什麼你會看到我們在2026年指引下的產量，相較你在2025年看到的數字呈現年增。

And with respect to the regulatory environment that Derek asked about, Tracy do any of the proposed changes or do the proposed changes have an effect on what is attractive to W&T in the acquisition market and the valuations of assets?

另外，關於Derek提到的監管環境，Tracy，這些擬議的變更是否會影響W&T在收購市場上認為具吸引力的標的，以及資產估值？

I'm sorry. I didn't hear all of that question. Would you repeat it again, please?

不好意思。我沒有聽清楚整個問題。可以請你再重複一次嗎？

Sure. With respect to the regulatory changes that you see on the horizon, how does that affect, if any, the type of acquisitions that make sense for W&T to look at and potentially the valuations of properties in the Gulf?

當然。就你們看到即將到來的監管變更而言，這會如何影響（如果有的話）W&T應該尋找、且可能合理的收購類型，以及墨西哥灣資產的估值？

Yes, sure. Well, one of the things that I think that you'll see is as a result in the change of regulatory requirements is fields will be allowed to produce longer because you won't have to have these massive cash outlays or insurance outlays from a market that has shrunk a great deal. You won't have these massive cash and collateral requirements required by these companies to attempt to extort money from companies for their own purposes. We're involved in a lawsuit right now with some of the surety providers on an antitrust basis. So that's one of the things that we've had to deal with as an industry.

是的，當然。我認為你會看到的一點是，隨著監管要求的改變，油氣田將被允許生產更久，因為你不必再面對這些龐大的現金支出或保險支出——而保險市場已大幅萎縮。你也不會再面對這些公司所要求的巨額現金與擔保品（collateral）要求，這些要求是為了試圖以其自身目的向公司勒索資金。我們目前正與部分保證（surety）提供者進行訴訟，主張其涉及反托拉斯。因此，這是我們這個產業一直必須面對的其中一件事。

That takes away from the capital that's available to do actual work and drill wells and making to leases

那會侵蝕可用於實際作業、鑽井以及取得租約的資本

Thank you. And if I could ask just one more. Tracy, when you think about the types of acquisitions that you want to look at, if you focus primarily on exploitation and development, are you able to find properties where that you can acquire without paying for what the seller might think is drilling upside?

謝謝。如果我可以再問最後一個問題。Tracy，當你思考想要評估的併購類型時，如果你主要聚焦在開採與開發，你是否能找到一些資產，讓你在收購時不必為賣方認為的鑽探上行空間付費？

Drilling upside is nebulous. Of course, that's always the highest risk asset class or potential asset class. You never really know what you're going to find until you put a hole in the ground to investigate it. So no, I don't think that changes the outlook. Most people don't think about additional drilling assets as primary in the consideration unless you've already made a discovery and you're drilling on the fringes of that discovery.

鑽探上行空間是很難界定的。當然，那一直是風險最高的資產類別，或潛在的資產類別。在你把井打下去、實際鑽孔探查之前，你永遠不會真正知道會發現什麼。所以不，我不認為那會改變展望。除非你已經有了發現、並且在該發現的邊緣地帶進行鑽探，否則大多數人不會把額外的鑽探資產當作主要考量。

So I think that this -- well, I know this is the largest basin by area in the US, and it's the second largest by producing assets. We've been able to make a pretty good living over the last 40 years and increased values for shareholders and all of our contractors and everybody else is -- it's a lovely little food chain that exists in the Gulf of Mexico, and this will help continue that trend that the Obama and Biden administrations helped or try to get rid of.

所以我認為這——嗯，我知道這是美國按面積計最大的盆地，按生產資產計是第二大。過去40年我們一直能過得不錯，並為股東、我們所有承包商以及其他所有人提升價值——在墨西哥灣存在著一條很可愛的小型食物鏈，而這將有助於延續那個趨勢；歐巴馬與拜登政府曾經幫忙、或試圖把它消除。

Derrick Whitfield, Texas Capital.

Derrick Whitfield，Texas Capital。

Hey guys, Thanks for allowing me to ask additional question for follow-up. Wanted to ask about the facility and production enhancements you pursued with Cox and the new marketing agreement for Mobile Bay. And more specifically, could you help quantify or provide color on the uplift you expect in realizations in volumes by product?

各位好，謝謝讓我追問一個後續問題。我想問一下你們與Cox推動的設施與產量提升，以及針對Mobile Bay的新行銷協議。更具體地說，你們能否協助量化，或提供一些說明，談談你們預期各產品在實現價格與產量上的提升幅度？

Pretty comprehensive question, Derek. I'm not sure I have all the answers for your questions there right now as a sum total. What we don't do in the US is we don't provide for a methodology of giving value to 2P reserves. So we have to go to great length to explain that.

Derek，這問題涵蓋面很廣。我不確定我現在能把你問的所有問題都完整回答。在美國，我們沒有一套方法可以對2P儲量給予價值。所以我們必須花很大力氣去解釋這件事。

In Europe, you are allowed to include two fees in 2P reserves in your reserve base in the United States via the SEC, we're not allowed to do that. So that's the bigger difference that's hard to quantify. We do see that as value. And we've seen that year-over-year-over-year as an increase to our reserves by virtue of the type of reservoirs that we have, mainly water drive reservoirs that will actually provide a pressure mechanism by which mother nature actually helps us to drive that oil to the producing perforations. So we're fortunate in this basin to have Mother Nature giving us a helping hand, so to speak.

在歐洲，你被允許把2P儲量中的某些費用納入你的儲量基礎；但在美國，依SEC規定，我們不被允許這麼做。所以這是更大的差異，也很難量化。我們確實把那視為價值。而且我們年復一年看到，因為我們擁有的儲層類型——主要是水驅動儲層——我們的儲量會增加；這類儲層實際上提供一種壓力機制，讓大自然幫我們把原油推向生產射孔段。所以在這個盆地，我們很幸運地可以說是有大自然幫忙。

And Tracy, maybe on that point, if I'm looking at slide 16 of your new presentation, the way that I'm reading that is that in your 2P bookings, you effectively don't need to drill any new wells and you have the probable outcome of receiving additional recovery thereby increased longevity of the asset based without new development capital being spent. Is that a fair restriction?

Tracy，也許就這點來說，如果我看你們新簡報的第16頁，我的解讀是：在你們的2P入帳中，你基本上不需要再鑽任何新井，就有相當可能獲得額外採收量，因而在不投入新的開發資本的情況下，提高資產基礎的壽命。這樣的限制描述公平嗎？

That's very fair. Derek, I get a little bit nervous about quantifying some of these results because we've had in the past, administrations that that's been found on as an expression of 2P. But clearly, we book more cash and reserves over time as we realize that 2P part of our production stream. So traditionally, we think about 1P reserves proved producing and undeveloped to improve buying it. And then 2P as probable producing and probable behind problem undeveloped.

非常公平。Derek，我對量化其中一些結果會有點緊張，因為過去曾有一些政府把那視為對2P的表述而加以追究。但很明顯地，隨著我們實現生產流中的2P部分，我們會隨時間入帳更多現金與儲量。所以傳統上，我們把1P儲量視為已證的在產與未開發（proved producing and undeveloped）。而2P則是概算在產與概算未開發（probable producing and probable undeveloped）。

But we get a large question, in fact, in our -- in that presentation that you referenced, it's about $750 million of additional cash flow without any CapEx, hence, no drilling that there comes to wellbore in the form of cash and additional reserve bookings over time. So a very effective tool that we find in the Gulf of Mexico to add value without having to make capital expenditures.

但我們確實收到很大的問題——事實上，在你提到的那份簡報裡——大約有7.5億美元的額外現金流，而且不需要任何資本支出（CapEx），也就是不需要鑽井；這些會以現金的形式進入井筒，並隨時間帶來額外的儲量入帳。因此，這是在墨西哥灣我們發現的一個非常有效的工具：不必進行資本支出也能增加價值。

And great update. Thanks for your time.

更新很棒。謝謝你撥冗。

Thank you, sir.

謝謝您，先生。

This concludes our question-and-answer session. I would like to turn the conference back over to Tracy Krohn for any closing remarks.

我們的問答環節到此結束。我想把會議交回給Tracy Krohn，請他做結語。

Thank you, operator. I'm really unbelievable times right now. We're in a -- well, we're involved in the war in the Middle East that clearly demonstrates the points of things that affect us that we can't control are always geopolitical. So other than that, we have pretty good control over our destiny. Even with existing or former administrations, the oil and gas business is not going to go away.

謝謝，接線員。現在真的是令人難以置信的時刻。我們正處於——嗯，我們牽涉在中東的戰爭之中，這清楚地說明了：影響我們、但我們無法控制的事情，永遠都是地緣政治。除此之外，我們對自己的命運有相當好的掌控。即使在現任或前任政府之下，石油與天然氣產業也不會消失。

Fortunately in thinking about political challenges, our business has always been challenging as a regulatory function and I don't try to belie that truth in anything other than the regulatory bodies, generally, the people that work at these agencies have good intentions. Some of their political masters do not, and we recognize that. But I feel like with the current administration, some of those barriers are coming down and that -- and rightfully so, we've been persecuted as an industry and even as individuals by certain administrations. So I'll leave it with that and tell you that I think we'll have better news next quarter as well. So thank you very much, and we'll talk to you again soon.

幸好談到政治挑戰，我們的業務一直以來在監管層面就充滿挑戰；我不會在任何方面否認這個事實。一般而言，這些機構裡工作的監管人員是出於善意。他們的一些政治主子並非如此，而我們也認清這點。但我覺得在現任政府之下，其中一些障礙正在降低，而且——而且這是理所當然的；我們這個產業，甚至作為個人，曾在某些政府之下遭到迫害。我就說到這裡，也告訴各位，我認為我們下個季度也會有更好的消息。非常感謝，我們很快再聊。

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

本次電話會議到此結束。感謝您參加今天的簡報。您現在可以掛線