Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
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| Given the low natural gas environment today and the liquefied natural gas export capacity expected to increase going into 2025 and beyond, we remain bullish on our long-term gas exposure and unit price |
| Despite the challenges with natural gas prices, we’ve been able to maintain a strong balance sheet throughout the year and hold distribution at its highest level since going public |
| In 2022, we mentioned that we expected to grow production through ‘23 with a target exit rate close to 40,000 BOE per day, and we’re able to execute and exceed those expectations |
| Overall, it’s a strong quarter |
| And despite challenging commodity price environment, we remain encouraged by the long-term natural gas outlook as we continue to make progress on strategic initiatives in ‘24 and beyond |
| But suffice it to say that our goals here are to buy properties that are not already well overpriced like in the Permian so that our capital will have better running room and can be accretive to our production profile |
| We posted strong results with adjusted EBITDA of $125.5 million for the quarter, bringing us to $474.7 million in 2023 |
| As Tom pointed out, we had a very good fourth quarter where we reported average daily production of 41,100 BOE per day |
| The fourth quarter included leasing from primarily in the Haynesville, the Granite Wash and Gulf Coast, but we remain encouraged by continued activity in these plays despite the lower price environment |
| We generated total production volumes for the fourth quarter of 41,400 BOE per day, 2% above the upper end of our full year guidance range |
| I think specifically thinking about comps or thinking about the Southwestern deal, there is benefits that can be gained through operator efficiencies, costs and everything that I think will trickle down best of the benefit on the mineral owner side as additional development could persist |
| Good morning all and congrats on the strong year-end |
| This gives us the flexibility to opportunistically buy our common units, which currently trade at a discount to the preferred units redemption price |
| And as we look forward to the full year 2024, we forecast annual production to be up slightly from 2023 levels |
| For the full year, we generated $474.7 million of adjusted EBITDA from 39,800 BOE per day, which is just above the high end of our full year guidance range |
| We expect a modest increase in volumes in the East Texas Austin Chalk where we now have 30 new generation, multistage completion wells that are currently producing as we are working with our operating partners in the area to accelerate activity |
| Our strategy in ‘24 includes a continuation of targeted acquisitions that support our commercial initiatives and provide long-term accretive growth to our unitholders |
| With the previously announced fourth quarter distribution, we will pay out total distributions of $1.90 per unit for 2023, which represents a 9% increase over 2022 |
| That will continue to provide support to our cash flows for 2024 due to the recent pullback in pricing |
| And so overall, we feel more comfortable using some of the revolver as it exists to be able to repurchase our common units as opposed to supporting a distribution level that would require coverage to be less than 1x |
| G&A is expected to increase slightly in 2024 as a result of inflationary costs and our continued efforts to support our ability to evaluate, market and manage our undeveloped acreage positions to potential operators |
| That said, we also see value in our units over a long-term and see that there could be accretion to repurchasing those units at where we are at today at lower gas prices, especially compared to the $21 on the preferred |
| It’s something that with the current environment, we think it makes sense and something where we have the opportunity to utilize kind of throughout the year and expect more on that to come |
| Good morning to everyone |
| Thank you |
| With oil prices remaining around the $70 per barrel range, we did see a small increase in Midland Delaware and the Bakken play trends |
| Statement |
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| Like most in our business, we are seeing general slowdown in drilling in the Haynesville and Gulf Coast as a response to lower natural gas prices |
| On the heels of a robust 2022 and 2023, we expect a slowdown in Louisiana Haynesville in response to lower natural gas prices as evidenced by a recent announcement of rig cuts as well as some natural production declines on our acreage outside of these 4 plays |
| We also saw a modest decrease in natural gas volumes, primarily in the Louisiana Haynesville conforming with natural gas trends in our industry |
| As we enter 2024, there are headwinds |
| Due to the suppressed price environment, we may be in a position where at current distribution rates, we could fall below 1x coverage, something we likely would not let stand implying a possible reduced distribution until pricing recoveries |
| Royalty volumes for the quarter were 38,900 BOE, where we saw oil volumes trend down in the Bakken and Eagle Ford, but were offset by an increase in Mid/Del |
| rig count and a reduction of 13 rigs compared to the third quarter |
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