大家好，我是 Nissa Darbonne，Hart Energy 特约执行编辑。感谢您加入我们。今天，我们将拜访Formentera Energy Partners的创始人兼合伙人 Bryan Sheffield。Bryan刚刚在达拉斯的能源资本会议上发表了演讲，他现在正在这里与我们会面。

布莱恩，对于 Formentera Energy Partners 来说，你们已经积累了大量 PDP（已探明开发生产）储量，但你们所整合的不仅仅是 PDP。你们的计划不仅仅是 PDP。请告诉我们更多有关这方面的情况。

福门特拉能源合作伙伴创始人兼合伙人布莱恩·谢菲尔德：首先，我想说一下这个名字的由来：福门特拉岛是我妻子最喜欢的地中海岛屿。我们不得不想出很多名字，很多人问：“这个名字是怎么来的？”所以你应该查一下，去谷歌搜索福门特拉岛。这是一个非常特别的地方。

由于资产价格易手，该策略一开始只是 PDP。你可以以非常高的收益率购买这些资产，再加上一点杠杆，30%、40% 的杠杆，如果你将其锁定在三年的对冲中，收益率就会提高。

现在我们回顾一下我们购买的资产。我们继承了许多 PUD。它们都由生产部门持有。我们购买的资产上还有一些工作要做。我们没有为此付钱。因此随着时间的推移，我们开始获得更多的钻探机会。

我举个例子：很多人仍然认为我们是 PDP。我不这么认为。有一段时间我们称自己为 PDP-plus，但我认为我们的现金流大约为 60%、65%，PDP 和 35%、40% 的钻探。所以我想举的一个例子是乔·贾格斯。你还记得乔·贾格斯吗？

ND：是的。

BS：他是个好人。业内人士都喜欢他。他建立了几个项目，并很早就进入了市场。他有敏锐的嗅觉，知道哪里是哪里，他了解岩石和木材。他是个运营专家。所以他很早就进入了市场，凭借着自己的业绩，从 Uinta 到 Delaware，现在他在 Pearsall 油田拥有 30,000 英亩的土地，你们已经谈论这个油田 10 [年] 到 12 年了，因为我们回溯并撤回了所有文章。

当他打电话给我时，我并不感兴趣。我说：“这不是我们做的事情。我需要现金流。”但后来我的地质学家来找我，说：“我认为我们应该再看看。所有的记录都在那里。地质情况也在那里。”他指出了马拉松石油公司钻的一口井，日产 500 桶。

但如果你看看每英尺沙子的重量，它大约是每英尺 400 磅到 500 磅，而工业用砂的重量在每英尺 2,000 磅到 3,000 磅之间。这口井位于皮尔萨尔区块的中心。

EOG [Resources] 就在我们周围，就在 Eagle Ford 的边缘。他们租赁了我们周围的土地。他们也在许可和钻探。所以现在正在发生。我们最终可能会在这个 30,000 英亩的地块上钻 100 口井。我们预计潜在的井口回报率将超过 50%。

试验结束了。我们要在那里进行演习。

我们想在巴肯地区钻探。我们有很多 2 级油田。我们在北达科他州迪维德县和其他几个县的巴肯地区拥有 17 万英亩的土地，我们正在观察其他运营商钻探 3 到 4 英里的水平井。

井口回报率从 30% 上升到 30%，这通常是我们不喜欢的，因为一般行政费用会侵蚀您的回报。我们希望回报率在 35% 到 40% 之间。这些长水平段将回报率推高到 50% 以上。

福门特拉岛不能坐视运营商开发自己的土地并获得高额回报。投资者打电话给我们，问我们：“我们要如何处理这些土地？”我的大多数投资者都不想出售它。他们几乎通过现金流收回了所有的资金。因此，拥有这些资产是一种免费的看涨期权。所以是的，有一种误解，比如“福门特拉岛，PDP 买家。布莱恩和 PDP。”

我又回到了米德兰盆地继续做我的事情。

ND：很高兴听到这个消息。真的很高兴听到这个消息。另外，您也确实在做这件事，尽管在澳大利亚，这更像是纯粹的野猫式投资。请向大家介绍一下Tamboran  [Resources]。此外，Tamboran 今年夏天刚刚在纽约证券交易所上市。它已经在澳大利亚上市，但现在在纽约证券交易所上市，[并且] 可以通过这种方式获得更广泛的资本基础。请向我们介绍一下澳大利亚的前景——它实际上不仅仅是一个前景；它现在已经得到充分证实——但那里的运营环境不仅对 Tamboran 友好，而且对 Tamboran 来说格外友好。

BS： 好吧，你得回顾一下历史。在看一个剧本之前，我总是想知道之前的买家是谁。这就是我们在 Parsley 的业务开发中一直做的事情，现在 Formentera 也是如此。他们为什么要卖掉？它是如何开发的？我知道 Santos 有一个土地区块，我父亲在 2012-2014 年是董事会成员。他曾向我提到，天然气可能会出现多重收益。多个 Marcellus 和多个 Haynesville 相互叠加。

我记得我曾对父亲说：“我根本不会考虑这个，因为我要让 Parsely Energy 上市。”我对此视而不见。两年后，我看到了《华尔街日报》的头版：“奥布里·麦克伦登在 Beetaloo 买了一个农场。”我本可以打败奥布里·麦克伦登。他在里根县（德克萨斯州，二叠纪盆地）的所有事情上都打败了我。

所以我很沮丧。他总是领先，而且他总是有地质学家和技术人员。他在这方面总是占优势。然后，这个计划就失败了。他们禁止水力压裂，做了大约一年的研究，暂停了，然后又恢复了。

我的首席地质学家汤姆·莱曼 (Tom Layman) 负责我的地质学小组，他是一位保守的地质学家，他会来跟你谈论这个剧本。你想听。但他不怎么谈论剧本。他来到我的办公室，他退休了，他说：“我刚刚看到了一些关于这个剧本的记录。”我说：“哪一个？”[他说]，“在澳大利亚。”

我说：“哦，别告诉我这是 Beetaloo。”他说：“是啊，你怎么知道的？”这就是我感兴趣的原因。我开始购买一些没有杠杆的微型上市公司的私募股份。

Tamboran、Falcon Oil & Gas和Empire Petroleum。共有三家公司。你可以收购 Santos，但他们公司内部还有许多其他资产。后来 Tamboran 的首席执行官 Joel Riddle 找到了我，他促成了Origin Energy 的交易。Origin 拥有盆地中最大、最好的土地。Origin 是一家公用事业公司，由于暴徒在大楼外抗议：“退出化石燃料”，该公司不得不出售股份。

所以他们卖的时机不对。他们不得不卖掉它，因为他们有一些可观的利润。他们不想把资本支出投入其中。这不是他们的错，但他们不得不卖掉公司。没有人出价。有几家其他大公司出价，我认为他们有点放弃了。它落到了乔尔的手中。

[Tamboran] 是一家小型股公司。他需要筹集一些资金。我向他介绍了一些能源对冲基金，还有一些其他只做多头的 [基金]。他仍然需要做空资金，并继续与 Origin 延长交易。然后我说，“我告诉你。我会和你一起买下一半的土地，我们一起做这件事。”

因此，我们与 Tamboran 是 50/50 的合资企业。Tamboran 还有其他几个区块，也都很不错，所以他们拥有自己的运营权。但我们是这个大区块的合资企业。我们去年 5 月钻了这口井。由于这只是一个短水平井，因此将其标准化为 2 英里水平井，其产量为 19 MMcf/d，并在 2 英里处标准化。这高于 Marcellus 井。它在那里坚持了 90 天。所以我们知道它在那里。

我们现在正在钻探另外两口井。然后，一旦我们在同一地区显示这些数据点——我们已经有钱了——[Tamboran] 需要筹集更多资金来支付收集和压缩到当地销售线的费用。您将在 2026 年第一季度看到销售额。那是关键时刻。

此外，Empire 可能将于 2026 年初开始销售。因此，一旦这些小型股公司开始销售，您将能够看到这些油井的长寿命储量。您已经可以看到将会发生什么。

在政治环境方面，北领地已经从左翼转向右翼，这就在几周前发生。他们以压倒性优势获胜。这是 20 年来第一次发生这种情况。

左翼部长和我一起工作。我见过她；她想获得天然气。我认为从政治角度来看，整个澳大利亚，从左翼到右翼，都明白他们需要天然气。这是因为整个国家的电费是原来的五倍。天然气费是原来的十倍，而且这种情况还会继续。

这个油田只有 2000 万到 30 口井，可以解决他们的所有问题，因为那里只有 2000 万到 3000 万人。

整个领域的最大赢家就是液化天然气价格，由于全国各地都有液化天然气设施，所以它们的天然气即将耗尽。

ND：据我了解，这项安排很简单，就是政府全力支持你们在 Beetaloo 进行开发。他们只要求你们生产的天然气首先满足本土需求，即澳大利亚国内需求，然后剩余的天然气才能出口。

BS：我们刚刚与达尔文的北领地签署了一项合同，将天然气输送到当地市场。他们甚至有一个天然气工作组。政府成立了一个工作组来帮助推动 Beetaloo 项目。这表明这对他们来说有多重要。

我曾在 Alister [Trier，北领地矿业和能源部首席执行官] 的办公室见过他，他的办公室外挂着一口钟，墙上挂着一口钟，等待 Beetaloo 的首次销售。这对他们来说非常重要。他们有一名工作人员与传统业主合作推动这项工作。

顺便说一句，传统业主将从中获得特许权使用费。这将消除贫困。我去过埃利奥特镇。我去过其他城镇，看到那里的情况有多糟糕，这将消除贫困，并为他们创造就业机会。我想到从食品卡车到抽水机再到将在未来 100 年内抽水这些水井的家谱。他们是住在那里的人。他们将获得工作。

ND：再说说国内的政治环境。特朗普？还是哈里斯？

BS： 我既关注哈里斯，也关注特朗普。我在奥巴马政府期间将 Parsley 打造成了一家价值 70 亿美元的公司。现在，石油 [产量] 并没有一直下降。如果你看图表，你会发现在奥巴马执政期间，石油产量一直在上升。这是为什么？只是因为他们停止了 Keystone 输油管道。如果他们允许 Keystone 输油管道延伸到 [俄克拉荷马州] 库欣，石油就会充斥市场。这会压低价格，我可能就会钻掉 [我钻过的] 一半油井。

所以这让你大致了解了民主党的做法，他们最终通过全面监管帮助了我们。如果他们想继续监管水力压裂，使钻井变得更加困难，那么他们所做的就是提高石油和天然气的价格。他们应该更加专注于将燃烧量降至零，将泄漏量降至零。

然后我希望民主党能够重新认识这些自然资源有助于消除贫困。克林顿政府从石油和天然气中赚了很多钱。不久前他们才意识到我们的行业所做的贡献，但那里发生的事情令人遗憾。

因此，如果哈里斯当选总统，我会更加乐观，因为我所谈论的一切，大概还有 100 个关于石油的例子我可以告诉你。

现在，特朗普上台后，他会帮助我们制定监管规定。他非常支持我们的行业。我确实担心他接下来会怎么做。你担心液化天然气会被用作针对我们盟友的政治武器。他会这么做吗？不会吗？我不知道。他使用关税。我认为这是一个明智的想法。我不太确定是否会用它来对付盟友——因为他们需要这种能源。

他对中国征收钢铁关税，如果石油和天然气行业能稍微宽松一点就好了。我们没有时间。我们向华尔街公布了资本支出预测，我们的 AFE 价格一夜之间飙升了 30%，因为我们再也无法从中国购买管道了。

所以我认为特朗普的不可预测性就是这些。你根本不知道。作为石油和天然气行业，AFE 下钻井的项目要多得多，这对总统对我们行业做出的重大决定非常敏感。

ND：再说说政治。联邦贸易委员会（FTC）。您怎么看？

BS： 好吧，我只是在场外观察——并且密切观察——我有一个非常有趣的观察。赫斯和先锋。如果你把他们的市值加起来，可能接近 1500 亿美元。他们已经赶上了雪佛龙和埃克森美孚。真正有趣的是，我们已经从三个董事会席位减少到一个董事会席位，将这些董事会席位合并在一起。拥有这些独立公司的较小投资者群体的一个董事会席位代表着 1500 亿美元。

这让你对股东感到疑惑，因为股东确实希望在董事会层面有代表。所以我认为这是媒体唯一没有谈论的问题和观察。当你看到交易达成后他们失去了这些董事会席位。我确实认为应该有股东代表。

请记住，Pioneer 和 Hess 收购了规模较小的公司。这些股东已经晋升，他们希望在董事会中占有一席之地。这就是拥有董事会席位的全部原因。所以这是我对这个问题的唯一观察和评论。

ND：非常感谢，布莱恩。也感谢您加入我们。请继续关注hartenergy.com，获取更多可操作的情报。

Hi, I am Nissa Darbonne, executive editor at large for Hart Energy. Thank you for joining us. We're visiting today with Bryan Sheffield, founder and partner of Formentera Energy Partners. Bryan just spoke at our Energy Capital Conference in Dallas and he's visiting with us here now.

Bryan, for Formentera Energy Partners, you've amassed a lot of PDP (proved developed producing) reserves, but what you're putting together isn't just PDP. Your plans are not just PDP. Tell us more about this.

Bryan Sheffield, founder and partner, Formentera Energy Partners: First of all, I like to mention where I got the name from: Formentera is my wife’s favorite island in the Mediterranean. We had to think of a lot of names and a lot of people ask, "Where did this name come from?" So you should look it up, go [to] Google and just look at Formentera, the island. It's a very special place.

The strategy was PDP only in the very beginning because of this [dis]location of asset prices changing hands. You could pick these assets up at a very high yield and with a little bit of leverage, 30%, 40% leverage, that would enhance that yield if you locked it in hedging at three years.

Now we look back at our assets that we've bought. We have a lot of PUDs that we inherited. They're all held by production. There's work to be done on the assets that we have bought. We did not pay for it. So as time has passed, we have started to acquire more drilling opportunities.

Let me just give you one example: A lot of people still think we're PDP. I don't think that. We called ourselves a PDP-plus for a while, but I think we're right around 60%, 65% cashflow, PDP and 35%, 40% drilling. So the one example I wanted to use is Joe Jaggers. Do you remember Joe Jaggers?

ND: Yes.

BS: Great guy. People love him in the industry. He founded a few plays and got in early. He has this bird dog nose [to where] he kind of gets there and he understands the rock and he understands the logs. He's an operations guy. So he gets in early with his track record, moving from the Uinta to the Delaware, and now he had 30,000 acres in the Pearsall play, which you guys have been talking about for 10 [years] to 12 years because we backtracked and pulled all the articles.

I wasn't really interested when he called me up about it. I was like, "That's not what we do. I need cash flow." But then my geologist came to me and said, "I think we should look at this a little more. All the logs are there. The geology is there." And he pointed out a well that was drilled by Marathon [Oil], a 500 bbl/d well.

But if you look at the pounds [of] sand per foot, it's right around 400 [pounds] to 500 pounds per foot, and went into [how] industry's between 2,000 [pounds] to 3,000 pounds per foot. That well is in the center of this block in the Pearsall.

EOG [Resources] is all around us, right on the edge of the Eagle Ford. They have leased all around us. They are permitting and drilling also. So it's happening right now. We could end up drilling 100 wells on this 30,000-acre block. We're looking at potential wellhead returns north of 50%.

So the trial's out. We're going to drill there.

We want to drill in the Bakken. We have a lot of Tier 2. We have 170,000 acres up in the Bakken in Divide County, [North Dakota], and in a couple other counties, and we're watching these other operators drill 3- to 4-mile laterals.

The wellhead returns have gone from 30% wellhead returns, which we typically don't like with a G&A overhead that erodes your returns. We like north of 35% to 40%. These long laterals are pushing the returns north of 50%.

Formentera can’t just sit around and watch operators develop their own and making high returns. Investors are calling us saying, "What are we going to do about this acreage?" Most of my investors don't want to sell it. They've gotten almost all their money back through the cashflow. So it's a free call option owning these assets. So yes, there's a misconception of like "Formentera, PDP buyer. Bryan and PDP."

I'm back to what I was doing in the Midland Basin.

ND: That's great to hear. That's really great to hear. Also too, you're kind of doing it, although it's even more pure-play wildcatting in Australia. Tell everyone about Tamboran [Resources]. Also, Tamboran went public just this summer on the New York Stock Exchange. It was public already in Australia, but it's public now on the New York Stock Exchange [and] can access a broader base of capital that way. Tell us about the prospect in Australia — it's actually more than a prospect; it's well proven now — but the operating environment there that makes it not just friendly, but extra-friendly to Tamboran.

BS: Well, you got to look back at the history. Before I even look at a play, I always want to know who were the previous buyers. That's what we’ve always done in business development for Parsley, now to Formentera. Why did they sell? How was it developed? And I know Santos has an acreage block and my father was on the board back in 2012- 2014. He kind of mentioned that to me that there's multi-stacked pay that could emerge in gas. Multiple Marcellus'es, multiple Haynesville's stacked on top of each other.

And I remember telling my father, "I'm not going to even look at that because I'm IPO’ing Parsely Energy." I have my blinders on. Two years later, I see [the] front page of Wall Street Journal: "Aubrey McClendon gets a farm-out in the Beetaloo." I could have beaten Aubrey McClendon. He'd beaten me in everything in Reagan County [Texas, in the Permian Basin].

So I'm so frustrated. He's always ahead and he always has his geologist and his technical staff. He's always had an edge on that. And then the play kind of just fizzled. They banned fracking, did some research for about a year, a moratorium, and then it kind of came back.

My No. 1 geologist, Tom Layman, who ran my geology group--he's that conservative geologist that comes in and talks to you about the play. You want to listen. And he doesn't talk about plays much. He comes in my office, he's retired, and he says, "I just saw some logs into this play." And I said, "Which one?" [He says], "In Australia."

And I was like, "Oh, don't tell me it's the Beetaloo." And he said, "Yeah, how do you know about it?" And so that's kind of how I got interested. And I started by buying some private-placement blocks in the micro-cap companies that have no leverage.

Tamboran, Falcon Oil & Gas and Empire Petroleum. There are three of them. You could buy Santos, but they have so many other assets inside the company. And then Joel Riddle, the CEO of Tamboran, came to me and he got the Origin Energy deal. Origin had the most and the best acreage in the basin. Origin is a public utility company that needed to sell out because of rioters picketing outside of the building: "Get out of fossil fuels."

So they sold at the wrong time. They had to sell it because they had some carry wells. They did not want to put the capex into it. It's not their fault, but they had to go and sell the company. No one bid. There were a couple of other larger companies that bid and I think they kind of stepped off of it. It fell in Joel's hands.

[Tamboran] was a micro-cap company. He needed to raise some money. I introduced him to some energy hedge funds, a couple of other long-only [funds]. He still needed short money and he kept extending the deal with Origin. And then I said, "I'll tell you what. I'll buy half the acreage with you and we'll do this together."

So we are a joint venture 50/50 with Tamboran. Tamboran has a couple other blocks that are pretty good also, so they have their own operation rights on those. But we are a joint venture on this large block. We drilled the well last May. Normalized for a 2-mile lateral because it was only a short lateral, it came in at 19 MMcf/d and it normalized at 2 miles. That's above a Marcellus well. It hung in there the entire time for 90 days. So we know it's there.

We're drilling two more wells now. And then once we show those data points in the same area--we already have the money--[Tamboran] needs to raise a little bit more money to pay for the gathering and compression to the local sales line. You're going to see sales first-quarter 2026. That's the key moment.

Also, Empire is going to get to sales probably in early 2026. So once these micro-cap companies start getting to sales, you're going to be able to see the long-life reserves in these wells. You can already see what's going to happen.

On the political environment, the Northern Territory has shifted from left to right, and it just happened a few weeks ago. They won by landslides. [It’s the] first time, it's happened in 20 years now.

The left minister was working with me. I met her; she wanted to get the gas. I think politics-wise, the entire country of Australia, from left to right, understands they need the gas. It's because the electricity bills across the entire country are five times [higher]. The gas bills are like 10 times and it's going to continue.

This field will answer all their problems with 20 to 30 wells because it's only 20 [million] to 30 million people.

The gravy on the entire field is the LNG price, with all these LNG facilities all over the country, they're running out of gas.

ND: And I understand the arrangement is simply that you have the government's complete support to pursue development at the Beetaloo. They just ask that your first gas satiate indigenous demand, Australia's domestic demand, then your excess can be exported.

BS: And we just signed a contract with the Northern Territory in Darwin to deliver this gas to the local market. They even have a natural gas task force. The government created one to help facilitate the Beetaloo. So that shows you how important it is to them.

I have met Alister [Trier, CEO of the Northern Territory department of mining and energy], in his office and he has a bell outside his office, a bell hanging on the wall waiting for the first sales of the Beetaloo. This is how important it is to them. They have a staff pushing this forward working with the traditional owners.

The traditional owners are, by the way, going to get a royalty in this. It's going to lift poverty. I have gone to the town of Elliot. I have gone to these other towns and seen how bad it is, and this is going to lift the poverty and there's a job creation waiting for them. I'm thinking from food trucks to pumpers to family trees that will pump these wells for the next 100 years. They're the ones that live there. They're the ones that are going to get the jobs.

ND: And closer to home, the political environment. Trump? Harris?

BS: I kind of look at both Harris or Trump. I created Parsley into a $7 billion company during the Obama administration. Now, oil [production] did not go down the whole time. If you look at the chart, it went up the entire time during Obama. Why is that? Just because they stopped the Keystone pipeline. If they would've allowed that Keystone pipeline to come down to Cushing, [Oklahoma], it would've flooded the market. It would've depressed the prices, and I probably would've drilled half the wells [that I drilled].

So that kind of gives you an idea of what the Democrats do, and they actually end up helping us with their full regulation. And if they want to continue regulating fracking and making it harder to drill wells, all that's going to do is increase the oil and gas price. They should be more focused on getting flaring down to zero, getting leaks down to zero.

And then I'm hoping the Democratic Party comes full circle and realizes these natural resources help poverty. The Clinton administration took a lot of oil and gas money. It's not that long ago where they did appreciate what our industry has done, and it's a shame what's happened there.

So I'm more bullish if Harris becomes president because everything I've talked about, there's probably another 100 examples I could tell you on oil.

Now, Trump coming in, he will help us with the regulation. He's very supportive of our industry. I do worry about what's next with him. You worry about LNG being used as a political weapon against our allies. Would he do that? Would he not? I don't know. He uses the tariffs. I think it's a savvy idea. I'm not too sure [on] using it against the allies--because they need this energy.

He slapped a steel tariff on China, and then it would've been nice to have a little leeway on the oil and gas [industry]. We didn't have any time. We came out with our capex projections with Wall Street and our AFE prices shot up 30% overnight because we could no longer buy pipe from China.

So those are the unpredictable things I think of Trump. You just don't know. And as an oil and gas industry, there are a lot more line items down the AFE to drill a well that can be very sensitive of vast decisions made by a president to our industry.

ND: And further to politics. The FTC [Federal Trade Commission]. Your thoughts?

BS: Well, I'm just on the sidelines watching--and watching closely--and I have one observation that's very interesting. Hess and Pioneer. If you total their market cap, it’s probably close to $150 billion. They have moved up into Chevron and Exxon Mobil. What's really interesting is we've gone from three board seats down to one board seat, pulling those board seats together. One board seat from the smaller investor community that owns these independents is representing $150 billion.

And it kind of makes you wonder about the shareholders because the shareholders do want representation at board levels. So that's kind of the only question and observation I've thought that the media has not been talking about. When you see they've lost these board seats when the deal is cut. I do think there should be representation for shareholders.

Remember Pioneer and Hess bought smaller companies. Those shareholders have moved up and they want representation with board seats. That's the whole reason to have board seats. So that's my only observation and comment on that subject.

ND: Thank you very much, Bryan. And thank you for joining us. Stay tuned here at hartenergy.com for more actionable intelligence.