Cuộc họp báo cáo kết quả kinh doanh Q3 2026 của Vitesse Energy (VTS): Thương vụ DJ Basin và nâng định hướng kinh doanh

Vitesse Energy (NYSE: VTS) báo cáo sản lượng quý 3/2026 đạt 16.824 BOE/ngày và EBITDA điều chỉnh đạt 39,3 triệu USD. Việc hoàn tất thương vụ thâu tóm DJ Basin vào tháng 9 đóng góp không đáng kể vào kết quả quý, nhưng dự kiến sẽ cung cấp trọn vẹn một quý sản lượng và dòng tiền trong quý 4.

Điểm tin chính

• Sản lượng quý 3 đạt trung bình 16.824 BOE/ngày, trong đó dầu chiếm 60% tổng sản lượng.
• EBITDA điều chỉnh đạt 39,3 triệu USD, thu nhập ròng điều chỉnh đạt 2,5 triệu USD và dòng tiền tự do đạt 9,4 triệu USD.
• Khoản lỗ ròng 36,4 triệu USD theo GAAP hoàn toàn xuất phát từ khoản lỗ phi tiền tệ chưa thực hiện trị giá 46,6 triệu USD đối với các công cụ phái sinh hàng hóa.
• Hội đồng quản trị đã thông báo mức cổ tức bằng tiền mặt hàng quý là 0,4375 USD/cổ phiếu, tương đương 1,75 USD/cổ phiếu tính theo năm. Đây là quý thứ 16 liên tiếp Vitesse Energy chi trả cổ tức kể từ khi tách khỏi công ty mẹ vào tháng 1/2023.
• Ban lãnh đạo đã điều chỉnh kế hoạch sản lượng năm 2026 thành 16.600–17.200 BOE/ngày và kế hoạch chi phí vốn cho hoạt động khoan và hoàn thiện thành 80 triệu–90 triệu USD.
• Tổng nợ vào cuối quý ở mức 190,5 triệu USD, tương đương 1,3 lần EBITDA điều chỉnh trong 12 tháng gần nhất. Ban lãnh đạo cho biết tỷ lệ đòn bẩy dự báo trong thời gian tới là khoảng 1 lần sau khi tính đến dòng tiền từ DJ Basin và sản lượng tăng thêm dự kiến trong quý 4.

Dữ liệu tài chính trọng yếu

Kết quả kinh doanh và hoạt động

Vitesse đã hoàn tất thâu tóm DJ Basin vào giữa tháng 9. Do đó, giao dịch này đóng góp hạn chế vào sản lượng và kết quả tài chính quý 3. Ban lãnh đạo dự kiến sản lượng từ DJ Basin sẽ đóng góp trọn vẹn bắt đầu từ quý 4.

Công ty nắm giữ quyền lợi tại 8.732 giếng đang khai thác vào cuối quý, với sự hỗ trợ của 33 nhân viên toàn thời gian. Điều đó tương đương khoảng 265 giếng khai thác trên mỗi nhân viên, tăng 64% so với năm 2022. Ban lãnh đạo cho rằng sự cải thiện này đến từ quy mô, trí tuệ nhân tạo và các cải tiến quy trình nội bộ.

Tính đến ngày 30/9, Vitesse có 6,5 giếng ròng đang khoan hoặc hoàn thiện và 13,0 vị trí ròng đã được cấp phép khác. Các đối tác vận hành đã bắt đầu khoan 2,0 giếng ròng và đưa 2,0 giếng ròng vào sản xuất trong quý 3, so với 1,8 giếng ròng mở lỗ khoan và 1,7 giếng ròng đưa vào sản xuất trong quý 2.

Các đoạn khoan ngang kéo dài tiếp tục là động lực chính nâng cao hiệu quả chi phí vốn. Khoảng 70% các khoản phê duyệt chi phí đầu tư trong năm 2026 liên quan đến các giếng có đoạn khoan ngang dài từ 3 dặm trở lên. Ban lãnh đạo cho biết những giếng này giúp làm phẳng tốc độ sụt giảm sản lượng cơ sở của công ty và giảm chi phí vốn cần thiết để duy trì sản xuất.

Vitesse cũng vận hành 60 giếng ở Williston Basin. Công ty đang đánh giá quỹ đất và khả năng hợp tác với các nhà vận hành lân cận để tìm kiếm cơ hội mở rộng các đoạn khoan ngang dài hơn. Ban lãnh đạo dự kiến sẽ có định hướng rõ ràng hơn về hoạt động phát triển tự vận hành trong tương lai vào quý 1.

Kế hoạch định hướng của ban lãnh đạo

Vitesse đã điều chỉnh kế hoạch sản lượng hàng năm cho năm 2026 thành 16.600–17.200 BOE/ngày, với dự kiến tỷ lệ dầu vẫn duy trì ở mức 60%–62% tổng sản lượng. Ban lãnh đạo kỳ vọng số lượng giếng đưa vào sản xuất sẽ gia tăng trong quý 4.

Kế hoạch chi phí vốn cho hoạt động khoan và hoàn thiện được ấn định ở mức 80 triệu–90 triệu USD. Mức này không bao gồm vốn thâu tóm, vốn được công ty đánh giá và tài trợ riêng.

Đối với năm 2027, triển vọng sơ bộ của ban lãnh đạo dự báo sản lượng tăng trưởng từ đi ngang đến tăng nhẹ so với kế hoạch năm 2026. Chi phí vốn dự kiến sẽ tương đương mức của năm 2026 nếu giá hợp đồng tương lai hiện tại được duy trì.

Ban lãnh đạo cũng cho biết chi phí vốn duy trì có thể giảm khoảng 10% trong 3 đến 4 năm tới, dựa trên các dự báo hiện tại về các đoạn khoan ngang kéo dài và độ tuổi của cơ sở sản xuất hiện hữu.

Rủi ro và các yếu tố cần theo dõi

• Tỷ lệ đòn bẩy tăng lên 1,3 lần EBITDA điều chỉnh 12 tháng gần nhất sau khi thương vụ thâu tóm DJ Basin được tài trợ qua hạn mức tín dụng tuần hoàn. Ban lãnh đạo dự kiến tỷ lệ này sẽ tiến về mức mục tiêu 1 lần khi dòng tiền từ tài sản thâu tóm phản ánh vào kết quả.
• Chi phí vận hành thuê mỏ tăng lên do các sự cố cơ khí tại các tài sản tự vận hành trong tháng 7 và tháng 8. Vitesse đã phải sử dụng đội sửa chữa giếng 24 giờ có chi phí cao hơn để khôi phục sản xuất. Ban lãnh đạo dự kiến chi phí trên mỗi BOE sẽ trở lại mức trước đây.
• Nếu giá hàng hóa tiếp tục ở trên mức bảo hiểm rủi ro, các hợp đồng phái sinh sẽ yêu cầu thanh toán bằng tiền mặt theo thời gian, mặc dù ban lãnh đạo lưu ý rằng các khoản thanh toán này sẽ được bù đắp bằng giá thực hiện cao hơn từ sản lượng khai thác cơ sở.
• Triển vọng sơ bộ về sản lượng và vốn cho năm 2027 phụ thuộc vào giá hợp đồng tương lai hiện tại và hoạt động của nhà vận hành.

Điểm nhấn phiên hỏi đáp với chuyên gia phân tích

Ban lãnh đạo cho biết các đoạn khoan ngang dài hơn sẽ hỗ trợ giảm khoảng 10% chi phí vốn duy trì trong 3 đến 4 năm. Chu kỳ khoan và hoàn thiện nhanh hơn cũng rút ngắn khoảng thời gian giữa lúc Vitesse tài trợ phần vốn của mình vào giếng và lúc nhận dòng tiền từ sản lượng.

Về chi phí, ban lãnh đạo nhận định mức tăng chi phí vận hành thuê mỏ trong quý 3 là tạm thời và có liên quan đến các sự cố cơ khí cùng hoạt động sửa chữa giếng được tăng cường. Công ty cũng dự kiến chi phí quản lý doanh nghiệp sẽ giảm so với cùng kỳ năm trước, đồng thời nhấn mạnh rằng các thương vụ thâu tóm có thể được tích hợp với việc gia tăng nhân sự không đáng kể.

Vitesse báo cáo không gặp tình trạng thiếu hụt đáng kể về công suất khoan dù hoạt động gia tăng nhẹ. Các nhà vận hành lớn hơn hưởng lợi từ các hợp đồng thuê giàn khoan dài hạn, trong khi các nhà vận hành nhỏ hơn có thể rủi ro hơn về tiến độ trên thị trường giao ngay.

Ban lãnh đạo cho biết định giá thâu tóm nhìn chung biến động theo giá hợp đồng tương lai. Vitesse ưu tiên tỷ suất sinh lời, mức gia tăng giá trị tài sản ròng trên mỗi cổ phiếu và mức gia tăng dòng tiền có thể phân phối khi đánh giá các giao dịch.

Dựa trên điểm giữa của kế hoạch điều chỉnh, khoảng 64% sản lượng dầu còn lại của năm 2026 và 57% sản lượng khí tự nhiên còn lại của năm 2026 đã được bảo hiểm rủi ro. Danh mục bảo hiểm rủi ro giá dầu kéo dài đến năm 2030 với mức giá bình quân gia quyền khoảng 68 USD/thùng. Vitesse cũng đã bảo hiểm rủi ro cho 85% sản lượng đang khai thác đã chứng minh của tài sản thâu tóm DJ Basin đến năm 2030 và gần đây đã bổ sung các hợp đồng bảo hiểm rủi ro cho năm 2028 và 2029.

Toàn văn biên bản cuộc họp báo cáo kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

Operator

Greetings. Welcome to the Vitesse Energy Third Quarter 2026 Earnings Call. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to the Vice President of Finance and Corporate Development at Vitesse, Ben Messier. Thank you. You may begin.

Ben Messier

Good morning, everyone, and thanks for joining. Today, we will be discussing our third quarter 2026 results. Our earnings release was issued and our 10-Q was filed yesterday after market close. Updated investor presentation can be found on the Vitesse website. I'm joined this morning by our President and CEO, Jamie Benard; and our CFO, Jamie Henderson. Before we begin, please be reminded that this call may contain estimates, projections and other forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are subject to several risks and uncertainties, many of which are beyond our control. These risks and uncertainties can cause actual results to differ materially from our current expectations. Please review our earnings release and risk factors discussed in our filings with the SEC for additional information.

In addition, today's discussion may reference to non-GAAP financial measures. For a reconciliation of historical non-GAAP financial measures to the most directly comparable GAAP measure, please reference our 10-Q and earnings release.

Now I will turn the call over to Vitesse's President and CEO, Jamie Benard.

Jamie Benard

Thanks, Ben. Good morning, everyone, and thanks for joining today's call. First, we're pleased to report that our Board declared a fourth quarter cash dividend of $0.4375 per share or $1.75 annualized. That marks the 16th consecutive quarterly dividend since the January 2023 spinoff without a single interruption. This is the direct output of a business model built around durability and discipline. The third quarter headline for Vitesse was the successful closing of the Denver Julesburg Basin acquisition in September, which expands our position in the DJ alongside a strong operating partner and adds meaningful cash flow and an [indiscernible] revaluation.

It's a prime example of our strategy in action, a consistent, disciplined deployment of capital in the DJ Basin deal reflects the same underwriting rigor applied to every transaction before it. Our underwriting discipline remains tight. We underwrite every well and every acquisition at strip pricing are lower, and we only invest capital when the return is clear thresholds. The result is a portfolio of 8,732 productive wells managed by a team of 33 full-time employees, approximately 265 productive wells per team member, that's a 64% increase since 2022 as the benefits of scale, deployment of artificial intelligence and continued improvement of internal processes pervaded the organization.

Turning to our development activity. As of September 30, we had 6.5 net wells in the drilling or completion phase and another 13.0 net permitted locations ready for development. During the third quarter, our operating partners began drilling 2.0 net wells and turned 2.0 net wells to production. That's a modest improvement from the 1.8 net wells spud and 1.7 net wells turned to production in the second quarter. We expect an acceleration of wells turned to production in the fourth quarter, which supports our revised production guidance and preliminary outlook for 2027.

With Vitesse holding an interest in roughly half of the drilling rigs in the Williston in recent quarters, and the Williston rig count increasing to 38% as of yesterday, we're well positioned to benefit as activity in the basin builds. The ongoing transition toward extended laterals across our acreage remains an important structural driver of capital efficiency. So far this year, 70% of the AFEs we've consented to, are wells 3 miles or longer. These extended laterals flatten our corporate baseline decline, and reduce the maintenance required to hold production flat. That directly supports the dividend.

Our operating partners are getting more efficient as well. In their October update, North Dakota regulators reported that well cycle times across the state are improving even as the average completed lateral length reached an all-time high of nearly 14,000 feet in the third quarter, roughly 20% above the 2025 average. That matters for a nonoperator. Faster cycle times shorten the time between when we fund our share of a well and when that well begins generating cash flow.

I'll now turn it over to our CFO, Jimmy Henderson, to walk through the financial results.

James Henderson

All right. Thanks, Jamie, and thanks, everybody, for joining us this morning. I just want to highlight a few key items from our third quarter financial results. As always referred to our earnings release and our 10-Q, both of which were filed last night for any further details. So production for the third quarter averaged 16,824 BOE per day with a 60% oil cut. As Jamie noted, our DJ Basin acquisition closed mid-September, so this quarter includes very limited contribution from that asset. We expect a full quarter of DJ production beginning in the fourth quarter and anticipate some acceleration of wells turned to production in Q4, consistent with our guidance.

Oil represented [ 2% ] of our oil and natural gas revenue in the quarter, which reflects the quality and oil weighting of our asset base. For the quarter, adjusted EBITDA was $39.3 million and adjusted net income was $2.5 million, while our GAAP net loss was $36.4 million. This GAAP net loss is entirely attributable to $46.6 million noncash unrealized loss on commodity derivative instruments. It had no impact on our operating cash flows or our free cash flow for the quarter. Of course, if prices remain above our hedge levels, these contracts will settle in cash over time, but the settlements are offset by higher prices we receive on the underlying barrels.

Free cash flow for the quarter was $9.4 million after $26.9 million of development capital expenditures. Net of divestitures, total cash capital expenditures were $53 million for the quarter, which includes $25.9 million of the closing payment for the DJ Basin acquisition.

Now on the balance sheet, we ended the quarter with total debt of $190.5 million resulting in net debt to trailing 12-month adjusted EBITDA ratio of 1.3x. I want to address that directly because I know it's above our stated target of 1x. The increase in leverage is primarily the result of the DJ Basin acquisition which again, closed in September and was funded by the drawing on our revolver. But the ongoing cash flows from the asset have not yet had time to work through the EBITDA. More importantly, on a forward-looking listing basis, incorporating a full quarter of DJ Basin cash flows and the acceleration of wells being turned to production in Q4, leverage is right at 1x target and declining at current strip prices.

In October, we amended our revolving credit facility, expanding our elected commitment and borrowing base from $275 million to $290 million, that expansion brings our total liquidity to approximately $100 million. Again, our simple capital structure keeps the dividend protected and the balance sheet ready to act on opportunities. On hedging, based on the midpoint of our revised guidance, we had approximately 64% of the remaining 2026 oil production hedge and approximately 57% of the remaining 2026 natural gas production hedged.

Our oil hedge book now extends into 2030, with swaps in place at a weighted average price of approximately $68 per barrel. That visibility supports our confidence in maintaining the quarterly dividend and managing leverage through the cycle. The remaining 36% of our 2026 oil production is unhedged and participate fully in the current price environment. Finally, we revised our 2026 annual guidance to reflect the DJ Basin acquisition and drilling completion activity for the remainder of the year. We narrowed the range and increased the midpoint of guidance for annual production to 16,600 to 17,200 BOE per day and drilling completion CapEx of $80 million to $90 million, reflecting the higher activity level anticipated in the fourth quarter in addition to another quarter of actual results.

Oil as a percentage of annual production remains unchanged at 60% to 62%. I'd also note that the capital expenditure guidance of $80 million to $90 million reflects drilling and completion CapEx spending only and does not include acquisition capital, which we evaluate and find separately on a deal-by-deal basis.

With that, let me turn the call back over to the operator for Q&A. Thank you.

Operator

[Operator Instructions] Our first question is from Jeff Grampp with Northland Capital Markets.

Phần hỏi đáp

Jeffrey Grampp

Jamie, you mentioned an acceleration in wells turned to sales in Q4, and it sounds like maybe we're looking into a sneak peak in '27. Curious with respect to '27, I know it's early, but any kind of preliminary views on kind of production trajectory, capital spending trends or anything else you care to comment on?

Jamie Benard

Yes, sure. Like I said in my comments, it's preliminary, but the crystal ball is showing us and our modeling is showing us that with the inflated commodity prices, it's incentivized operators to put capital on the ground perhaps sooner rather than later. You saw the modest increase in drilling rigs. So I think the industry is stayed appropriately disciplined as we navigate the geopolitical situation overseas. And as far as we're looking at a flat to modest increase in production for Vitesse next year.

Jeffrey Grampp

Just to clarify, Jamie, is that relative to guide -- to the annual guide to kind of pro forma production today? I just want to get from the baseline there.

Jamie Benard

Yes, sir. Sorry for not clarifying that. That's exactly right.

Jeffrey Grampp

Okay. And for my follow-up, on the longer lateral trends there, 1 benefit that you guys have highlighted is obviously the lower decline rate in addition to just the overall capital efficiency improvements. But have you guys looked at anything internally on like how much does the corporate decline rate benefit from that increased weighting to these long laterals versus what the decline rate may have been a year or 2 ago or how that maybe impacts what maintenance CapEx requirements are for the business?

Ben Messier

Jeff, it's Ben. Yes, we have looked at it. We have the benefit of extended laterals in our corporate model, and you would expect maintenance CapEx over time to decline 10% or so over the next 3 or 4 years based on the projections we currently have. Obviously, the impact of that is both from the [indiscernible] of the extended laterals, but also the aging of our overall production as we have made fewer near-term development acquisitions in the last year than we made in previous year, we spent close to $30 million on that. So I think all of that is showing up in our outlook, and you would expect maintenance CapEx to lower given the preliminary results we're seeing from 3- and 4-mile laterals and what our operating partners are saying publicly, about the expected EUR per foot of those laterals.

Operator

Our next question is from Poe Fratt with Alliance Global Partners.

Charles Fratt

Just could you address the cost side? It looks like costs have gone up over the last 2 quarters or so. And I was just looking at third quarter LOE at like [ 12.40 ], where should we look at it going over the next couple of quarters?

Jamie Benard

Yes, Poe, this is Jamie. I'll take that one. And good question. That's something we've been highly focused on. So in July and August of the third quarter on our operated asset, we had some mechanical failures that seem to come back to back to back. So the production, the BOE number dropped and then what we went to, we went to a 24-hour workover rig crew, which is more costly to bring those barrels back on as soon as possible in the quarter. So the short answer to your question is, looking forward, I would anticipate the LOE, the dollars per BOE to come back down to where they were previously.

And there's ongoing throughout our non-op portfolio as wells that may have in a different commodity environment than a lower priority to bring back on are obviously being expedited by our operators to get as many barrels into sales as possible.

Charles Fratt

Great. That's helpful. On the G&A side?

Jamie Benard

Poe, are you there?

Charles Fratt

Yes. I was just wondering about G&A trends.

James Henderson

Okay. Poe, this is Jamie. Yes, I think on G&A that I think all things considered are held constant, I think we'd probably see some decrease as we go from year to year next year. But as Jamie spoke early on, the ability to scale up this asset is business with existing team adds a lot of leverage to the model, and that's our focus, and we'll continue to do acquisitions that we can assimilate quickly just like this DJ asset that we were brought in with no additional head count and very little from an integration standpoint. So that will continue to be an advantage for us going forward.

Charles Fratt

And then, Jamie, do you have a ballpark number of how much the DJ acquisition added in the third quarter?

James Henderson

Very little. Yes. How much the acquisition Delta, really, nothing because we...

Charles Fratt

Yes. So production. You said it was on for a month, but I was just wondering...

James Henderson

How much production it added, just [indiscernible].

Charles Fratt

Okay. And then you talked about sort of flat to slightly up for production in '27. CapEx, any sort of targets for CapEx at this point in time? I know it's always a work in progress.

Jamie Benard

Yes. Exactly, Poe. It's work in progress, but I would say it's going to be similar to what this year is turning out to be, again, commodity prices strip holding true to what it is today.

Charles Fratt

And then if I may, just 1 sort of high level. One of the things about Lucero acquisition and then bringing Jamie on is operated experience. And has the time line to start operating wells changed at all? Can you just sort of frame it out as far as when you might look at operating wells?

Jamie Benard

So we are currently operating 60 wells in the Williston Basin. So that's been going on since Lucero close. What we are doing is we're taking a deep dive looking at our acreage position as it relates to just like the common theme is across the basin is where can we extend laterals. So we're looking at our acreage position, whether we can -- whether looking at offset operators discussing with them, collaboration, et cetera, on extended laterals and really we want to optimize just like we do. Our operating capital dollars are competing the same as our non-op capital dollars. It's overall returns.

So -- but as the narrative has been consistently, it's another lever that we have. So we're taking a deep dive in. We've brought on some operated expertise, and we expect to be really having some clarity there on go-forward development here in the first quarter.

Charles Fratt

Yes. Sorry, that's what I meant drilling on operating basis.

Operator

[Operator Instructions] Our next question is from Noel Parks with Tuohy Brothers.

Noel Parks

I was wondering, do you -- with the rig count matching up a bit in the basin. Is service capacity good adequate in the event account -- rig count keeps rising from here?

James Henderson

Are you talking about a drilling perspective?

Noel Parks

Yes, exactly.

James Henderson

Yes. So we've seen the uptick has been modest. But thus far, there hasn't been any shortage of drilling capacity. I think that there's some macroeconomic drivers, costs such as diesel and things like that, that are -- but as far as a shortage of capacity for the larger operators that can sign up a rig for a 1-year contract, 2-year contract, obviously, that's advantageous. The smaller operators are more playing the spot market, which doesn't mean a shortage, it just becomes -- you're more subject to their schedule than your own at times, if that makes sense.

Noel Parks

Absolutely. And to understand, not exactly the same space as the test, but we are seeing a royalty deal coming to market spin off from an operator. And just wondering, in deals with kind of this very dynamic backdrop we've had on the commodity side, where you see valuation trends going right now, sort of steady creeping up, weakening?

Ben Messier

Noel, this is Ben. I think valuations move with strip prices. That seems to be how most people are underwriting at least the first few years of production on acquisitions. And then I think it varies what people use as assumptions in years 3 and beyond, oftentimes, we'll hold it flat at a long term 70 or 75, but Obviously, the most important variable in value of any oil and gas asset is typically strip prices. So you're still seeing more value being put on PDP than undeveloped really depending on the basin. I mean, you look at the Permian, they're probably going to get more undeveloped value there than you would in, say, the Powder River Basin, where there's a little more optionality down the road on the stacked pay. But in general, I would say that valuations move the strip prices. So EBITDA multiples remain constant, free cash flow yield remain constant, but dollars per net acre, dollar per location, dollar per BOE per day of production increase at a higher price deck. So it just depends on what metric you're viewing it as.

We take rate of return is the most important metric. We try to do deals that are both accretive to our NAV per share and also accretive to our distributable cash flow so that it either supports the dividend or allows us to increase the coverage on the dividend. And so that's sort of the matrix that we look at acquisitions through. But we underwrite it strip because we can hedge it and that's why we're currently hedged through 2030 as we close that DJ Basin acquisition in September and hedged 85% of the PDP through 2030 on that deal.

Noel Parks

Great. And just related with hedging. We've -- with the conflict in Middle East having gone on now much of the year. We've only just recently started to see sort of the further outstrip, say, sort of months 13 to 24, really strengthen acknowledging the likelihood of long-term supply disruption effects on pricing. And I just wondered, is that having happened. Any shifts in -- or anything you might do a little bit differently looking at hedging for that period?

Ben Messier

Well, when evaluating hedging our base asset, we consider sort of the price at which our dividend is funded by distributable cash flow. Sort of the extent that 2028 and 29 become more attractive and look like it can -- like we can protect coverage of the dividend, we're more likely to hedge. And so with prices up, you've noticed we're hedged further out in the curve than we have been in the rest of the time were public. And a big reason for that is we reduced the dividend earlier this year. So the breakeven WTI price is a little bit lower, and we can now hedge above that level even out into 2028 and 2029. So we've added some hedges beyond the DJ Basin acquisition within the last 1.5 weeks in 2028 and 2029. So continue to look for us to be active there as prices remain constructive.

Operator

There are no further questions at this time. I would like to turn the floor back over to Jamie Benard for closing comments.

Jamie Benard

Thanks, everyone, and thanks for joining today. I want to leave you all with this message. The test remains extremely committed to returning capital to stockholders through our durable disciplined capital allocation, accretive growth and strong and conservative balance sheet, that will remain unchanged. If you have any additional questions, please don't hesitate to reach out to Ben Messier directly. We look forward to connecting to you all at the Southwest IDEAS Conference in Dallas on November 18 or on our next quarterly earnings call. Thanks, everyone.

Operator

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.