Management remarks
Call period: 2026 Q2 · 2026-08-05
Guidance: Shannon Young: That outlook is reflected on our guidance on Slide 13. As I said on the scorecard, our first half gives us increased confidence in the full year plan, including a tightening of the oil range to 495,000 to 505,000 barrels per day, total volumes of roughly 1.4 million barrels of oil equivalent per day and total capital of $4.8 billion to $5 billion.Demand and orders: Shannon Young: We expect oil volumes of 550,000 to 560,000 barrels of oil per day during the third quarter, setting up nice momentum heading into the fourth quarter, which I expect to be at similar or higher oil production levels as compared to the third quarter.Analyst Q&A
Analyst Phillip Jungwirth asked: I assume this should be a nice cash flow tailwind for the pro forma company next year. And then you guys have always been really good on the marketing side. Just wondering how you view market concerns that new gas pipeline capacity in the Permian could push some of the basis weakness to major hubs in East Texas? Management Shannon Young answered: But going forward for the balance of the year, we remain positioned well between firm takeaway capacity and our hedge position. We've got over 70% of our production either hedged or down to the coast, and we feel good about that. We've got additional egress coming in later in the year and in the first half of next year on Blackcomb. And so we're excited about that. And so next year, again, we would hope to be in that same level. Some of that 70% is financial hedges that will roll off, but we do have some in '27 and will continue to build.管理层陈述
电话会期间：2026 Q2 · 2026-08-05
指引：香农·杨：我们在第13页幻灯片的指引中体现了该展望。正如我在计分卡中所说，上半年的表现让我们对全年计划更有信心，包括将原油产量区间收紧至每日49.5万桶至50.5万桶，总产能约为每日140万桶油当量，总资本支出为48亿至50亿美元。需求与订单：香农·杨：我们预计第三季度原油日产量为55万桶至56万桶，这将为第四季度奠定良好势头，我预计第四季度原油产量将与第三季度持平或更高。分析师问答
分析师菲利普·荣格沃思提问：预计这将为明年的备考公司带来可观的现金流利好，同时想了解如何看待市场担忧——二叠纪盆地新增天然气管道产能可能将部分基差走弱推至得克萨斯州东部主要枢纽？管理层香农·杨回应：今年剩余时间，我们凭借稳固的外运产能和对冲头寸仍将保持良好态势，超过70%的产量已完成对冲或运往沿海地区，对此我们感到乐观。今年晚些时候和明年上半年，Blackcomb项目将带来额外外运能力，明年我们有望维持同等水平，70%的对冲中部分金融对冲将到期，但2027年仍有部分头寸，且我们将持续构建对冲仓位。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
