Hart Energy 编辑总监 Jordan Blum：我们正在沃斯堡举行SUPER DUG 会议。与我一同出席的还有响尾蛇能源公司 (Diamondback Energy) 总裁兼首席财务官凯斯·范·霍夫 (Kaes Van’s Hof)。非常感谢您加入我们。真的很感激。  

Kaes Van's Hof， Diamondback Energy Inc.总裁兼首席财务官：很高兴来到这里。

JB：你们都在以 260 亿美元大规模收购Endeavor。一旦我们完成所有工作并成为业内顶级的二叠纪纯粹业务，那么另一边会是什么样子？

KVH：是的，我的意思是，听着，这是两家强大的公司走到一起，打造出一家更强大的公司。这是非常非常独特的，你可以看到如此规模的交易得到了投资者尽可能多的回报。

显然，我们已经在我们的业务中看到了所谓的多重扩张，也就是说更大、更好的响尾蛇是投资者希望长期拥有的东西。现在，当您必须整合并向一家已经拥有 1000 名员工的公司添加 1000 名员工时，繁重的工作就来了。

但总的来说，我认为我们对此感到兴奋。它在我们的后院。我们非常非常了解彼此的业务，所以我认为这将是一个无缝过渡，对响尾蛇股东有利，对米德兰市也有利。

JB：太好了。所以我知道计划是在关闭时立即启动，希望在第四季度，更长的支管、与所有这些巨大的块状米德兰盆地面积的更多共同开发的策略是什么？

KVH：是的，听着，我认为 Endeavor 和 Diamondback 有着非常相似的运营理念，因此在开发更多区域、更大的垫子的理念方面不会有太多改变。与此同时，我认为我们有很多毗邻的土地将因这笔交易而扩大。因此，目前最多有 15,000 英尺的侧向，甚至最多 20,000 英尺的侧向。但是，是的，我认为这只会导致更高的资本效率，更少的资本花费在地上，更多的资本花费在资源上，因此企业可以在更长的时间内产生大量的自由现金流。

JB：非常好。探索不同长凳的目标是什么？我认识Upper Spraberry，Wolfcamp D.

KVH：是的，米德兰盆地在资源方面继续扩张，我认为并购有助于资源扩张的故事，但能够测试其他区域的扩散pper Spraberry，正如您在米德兰盆地北部提到的，Wolfcamp D 作为您南移片区正投入一级开发。

如果你这样做了，并且你没有看到立方曲线的退化，这是街上受到密切关注的项目，如果你没有看到这种退化，那么你就延长了你的业务的持续时间。

在我看来，这对响尾蛇和整个页岩油业务来说都是一件好事，我们可以继续突破新区域的限制，提高效率。这将使这项业务在很长一段时间内像今天一样具有相关性。

JB：非常好。显然，很多注意力都集中在米德兰。特拉华盆地的遗产面积如何？响尾蛇的未来又如何？

KVH：是的，相对于我们米德兰的头寸规模来说，这是一个较小的头寸。它提供了大量良好的自由现金流、大量良好的石油产量、较低的递减率，因为我们没有像米德兰盆地那样在那里进行钻探，而且我认为特拉华州有很多尚未开采的资源。被探索。

我认为，如果我们能够保留这种优势，而不必出售资产来偿还债务，那么我认为这是一件好事。我认为我们可以耐心等待，让其他人探索特拉华州开始受到更多关注的其他区域，到时候，我们可能仍然拥有该资源来在未来十年进行开发。

JB：所以我不想把话放在你嘴里，但你可以选择出售或保留它，但在你的内心深处，你似乎想保留它。

KVH：我认为我们的偏好可能是保留它，如果价格合适，我们将必须成为资产的卖家，但我认为现在的基本情况是保留它并从抵消中学习。

JB：非常好。再次，非常感谢您来到这里，为今天在 SUPER DUG 举行的会议拉开帷幕。要阅读和观看更多内容，请在线访问hartenergy.com。

KVH：谢谢你邀请我。

Jordan Blum, editorial director, Hart Energy: We are here at the SUPER DUG Conference in Fort Worth. I'm joined by Kaes Van’t Hof, the president and CFO of Diamondback Energy. Thank you so much for joining us. Really appreciate it.  

Kaes Van’t Hof, president and CFO, Diamondback Energy Inc.: It's great to be here.

JB: So y'all are in the midst of the massive $26 billion acquisition of Endeavor. How is that going to look on the other side once we get everything completed and become the top Permian pure play in the industry?

KVH: Yeah, I mean, listen, it's two strong companies coming together and making a stronger company. It's pretty, pretty unique that you can see a deal of that size be rewarded by investors as much as it has.

Clearly we've seen what's called multiple expansion in our business to say that a bigger, better Diamondback is something that investors want to own for a long time. And now the heavy lifting comes when you have to integrate and add a thousand people to a company that already has a thousand people.

But generally, I think we're excited about it. It's in our backyard. We know each other's businesses very, very well, and so I think it'll be a seamless transition and good for Diamondback shareholders, but also good for the city of Midland.

JB: Great. So I know the plan is to hit the ground running when this closes, hopefully in Q4, what is the strategy for longer laterals, more co-development with all this massive blocky Midland Basin acreage?

KVH: Yeah, listen, I think Endeavor and Diamondback had very similar operating philosophies, so there's not going to be a lot to change in terms of the philosophy of developing more zones, bigger pads. At the same time, I think we have a lot of adjoining acreage that will be extended because of the deal. So more 15,000 foot laterals, maybe even some 20,000 foot laterals at the most for now. But yeah, I think it just results in more capital efficiency and less capital being spent above ground, more capital being spent in the resource, and therefore a business that can generate a lot of free cash flow for a longer period of time.

JB: Very good. What are some of the goals for exploring different benches? I know the Upper Spraberry, Wolfcamp D.

KVH: Yeah, the Midland Basin continues to expand in terms of resource, and I think M&A helps that resource expansion story, but being able to test other zones—Upper Spraberry, as you mentioned in the northern Midland Basin, Wolfcamp D as you move south—those zones being put into primary development.

And if you do that and you don't see a degradation in terms of your cube curves, which is a closely watched item from the street, if you don't see that degradation, then you're extending the duration of your business.

And in my mind, that's a great thing for Diamondback and for the shale business in general, that we can continue to push the limits on new zones, more efficiencies. That's what's going to allow this business to be as relevant as it is today for a long period of time.

JB: Very good. Obviously, a lot of the focus is going to be on the Midland. What about the legacy Delaware Basin acreage and just what the future of that holds for Diamondback?

KVH: Yeah, it's a smaller position relative to the size of our Midland position. It provides a lot of good free cashflow, a lot of good oil production, a little lower decline rate because we haven't been drilling there as much as the Midland Basin, and I think the Delaware has a lot of resource that has yet to be explored.

I think if we can retain that upside without having to sell the asset to pay down debt, then I think that's a good thing. I think we can be patient and let other people explore these other zones that are starting to get more attention in the Delaware, and when the time comes, we might still have that resource there to develop it for the next decade.

JB: So I don't want to put words in your mouth, but having the optionality to sell or keep it, but it almost seems like in your heart of hearts you'd like to keep it.

KVH: I think our preference is probably to keep it, we will have to be a seller of an asset if it's the right price, but I think the base case right now is keep it and learn from offsets.

JB: Very good. Well, again, thank you so much for being here, kicking off the conference today at SUPER DUG. To read and watch more please visit online at hartenergy.com.

KVH: Thanks for having me.