{"id":643726,"date":"2026-06-15T01:11:29","date_gmt":"2026-06-15T08:11:29","guid":{"rendered":"https:\/\/nai500.com\/?p=643726"},"modified":"2026-06-15T05:26:50","modified_gmt":"2026-06-15T12:26:50","slug":"%e7%8f%be%e9%87%91%e6%b5%81-%e4%b8%89%e5%8f%aa-%e9%ab%98%e8%82%a1%e6%81%af-%e8%83%bd%e6%ba%90%e8%82%a1-%e8%82%a1%e6%81%af-%e6%af%8f%e6%9c%88-%e5%88%b0%e8%b3%ac","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2026\/06\/%e7%8f%be%e9%87%91%e6%b5%81-%e4%b8%89%e5%8f%aa-%e9%ab%98%e8%82%a1%e6%81%af-%e8%83%bd%e6%ba%90%e8%82%a1-%e8%82%a1%e6%81%af-%e6%af%8f%e6%9c%88-%e5%88%b0%e8%b3%ac\/","title":{"rendered":"\u73fe\u91d1\u6d41\u70ba\u738b\uff1a\u4e09\u53ea\u9ad8\u80a1\u606f\u80fd\u6e90\u80a1\u80a1\u606f\u6bcf\u6708\u51c6\u6642\u5230\u8cec"},"content":{"rendered":"<p>2026\u5e74\uff0c\u5168\u7403\u80fd\u6e90\u5e02\u5834\u4f9d\u7136\u5145\u6eff\u8b8a\u6578\u3002\u6cb9\u50f9\u8207\u6c23\u50f9\u7684\u6ce2\u52d5\u8b93\u4e0d\u5c11\u6295\u8cc7\u8005\u5c0d\u80fd\u6e90\u80a1\u671b\u800c\u537b\u6b65\u3002\u4f46\u4e26\u975e\u6240\u6709\u80fd\u6e90\u516c\u53f8\u90fd\u4f9d\u8cf4\u50f9\u683c\u4e0a\u884c\u624d\u80fd\u751f\u5b58\u3002\u5728\u52a0\u62ff\u5927\u5e02\u5834\u4e0a\uff0c\u6709\u4e09\u53ea\u9ad8\u80a1\u606f\u80a1\u7968\u6191\u501f\u4e0d\u540c\u7684\u5546\u696d\u6a21\u5f0f\u2014\u2014\u6b0a\u5229\u91d1\u6536\u5165\u3001\u57fa\u790e\u8a2d\u65bd\u6536\u8cbb\u3001\u4ee5\u53ca\u4f4e\u6210\u672c\u751f\u7522\u2014\u2014\u69cb\u5efa\u4e86\u7a7f\u8d8a\u5468\u671f\u7684\u73fe\u91d1\u6d41\u80fd\u529b\u3002\u5c0d\u65bc\u8ffd\u6c42\u7a69\u5b9a\u6708\u5ea6\u6216\u5b63\u5ea6\u73fe\u91d1\u56de\u5831\u7684\u6295\u8cc7\u8005\u800c\u8a00\uff0c\u9019\u4e9b\u80a1\u7968\u503c\u5f97\u57282026\u5e74\u8cb7\u5165\u4e26\u9577\u671f\u6301\u6709\u3002<\/p>\n<p><strong><b>Freehold Royalties\uff1a<\/b><\/strong><strong><b>\u6b0a\u5229\u91d1<\/b><\/strong><strong><b>\u6a21\u5f0f\uff0c\u6708\u6708\u6536\u606f<\/b><\/strong><\/p>\n<p>\u7b2c\u4e00\u53ea\u503c\u5f97\u95dc\u6ce8\u7684\u662fFreehold Royalties\uff08<a href=\"https:\/\/nai500.com\/zh-hant\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%a9%a2\/?qm_symbol=FRU%3ACA\">TSX:FRU<\/a>\uff09\u3002\u4f5c\u70ba\u5317\u7f8e\u80fd\u6e90\u6b0a\u5229\u91d1\u6536\u5165\u516c\u53f8\uff0c\u8a72\u516c\u53f8\u5728\u52a0\u62ff\u5927\u548c\u7f8e\u570b\u4e3b\u8981\u76c6\u5730\u6301\u6709\u6cb9\u6c23\u7248\u6b0a\u6b0a\u76ca\uff0c\u7121\u9700\u627f\u64d4\u9ad8\u6602\u7684\u904b\u71df\u6210\u672c\u5373\u53ef\u5206\u4eab\u958b\u91c7\u6536\u5165\u3002\u904e\u53bb\u4e00\u5e74\uff0cFreehold\u80a1\u50f9\u4e0a\u6f3237%\uff0c\u6700\u8fd1\u4ea4\u6613\u65bc17.15\u52a0\u5143\uff0c\u5e02\u503c\u7d0428\u5104\u52a0\u5143\uff0c\u6708\u5ea6\u80a1\u606f\u7387\u9ad8\u90546.3%\u3002<\/p>\n<p>\u8a72\u516c\u53f8\u8fd1\u671f\u6301\u7e8c\u64f4\u5f35\uff1a\u4e00\u5b63\u5ea6\u6295\u8cc71900\u842c\u7f8e\u5143\u6536\u8cfc\u4e8c\u758a\u7d00\u76c6\u5730\u7684\u6b0a\u5229\u91d1\u571f\u5730\uff0c\u65e5\u7522\u91cf\u9054\u523015,533\u6876\u6cb9\u7576\u91cf\u3002\u904b\u71df\u8cc7\u91d1\uff08FFO\uff09\u70ba5900\u842c\u52a0\u5143\uff0c\u8cc7\u7522\u57fa\u790e\u7d2e\u5be6\u3002\u5c0d\u65bc\u60f3\u8981\u201c\u8eba\u8457\u6536\u79df\u201d\u7684\u6295\u8cc7\u8005\u800c\u8a00\uff0cFreehold Royalties\u7684\u904b\u71df\u6a21\u5f0f\u63d0\u4f9b\u4e86\u6975\u4f73\u7684\u4f4e\u98a8\u96aa\u73fe\u91d1\u56de\u5831\u3002<\/p>\n<p><strong><b>Gibson Energy\uff1a\u57fa\u790e\u8a2d\u65bd\u6258\u5e95\uff0c\u73fe\u91d1\u6d41\u66f4\u7a69<\/b><\/strong><\/p>\n<p>\u5c0d\u65bc\u504f\u597d\u5be6\u9ad4\u8cc7\u7522\u6536\u76ca\u7684\u6295\u8cc7\u8005\uff0cGibson Energy\uff08<a href=\"https:\/\/nai500.com\/zh-hant\/%E8%82%A1%E7%A5%A8%E6%9F%A5%E8%A9%A2\/?qm_symbol=GEI%3ACA\">TSX:GEI<\/a>\uff09\u662f\u4e0d\u932f\u7684\u9078\u64c7\u3002\u8a72\u516c\u53f8\u5c08\u6ce8\u65bc\u6db2\u9ad4\u548c\u7cbe\u7149\u7522\u54c1\u7684\u5132\u5b58\u3001\u512a\u5316\u3001\u52a0\u5de5\u53ca\u6536\u96c6\uff0c\u6838\u5fc3\u7d42\u7aef\u8cc7\u7522\u4f4d\u65bc\u963f\u723e\u4f2f\u5854\u7701\u548c\u5fb7\u514b\u85a9\u65af\u5dde\u3002\u80a1\u50f9\u6700\u8fd1\u583129.51\u52a0\u5143\uff0c\u5e02\u503c\u7d0451\u5104\u52a0\u5143\uff0c\u904e\u53bb12\u500b\u6708\u4e0a\u6f3226.1%\uff0c\u80a1\u606f\u7387\u7d046.1%\u3002<\/p>\n<p>\u8fd1\u671fGibson\u5b8c\u6210\u4e864\u5104\u52a0\u5143\u7684Chauvin\u6536\u8cfc\uff0c\u4e26\u6279\u51c6\u4e86Hardisty Connection\u9805\u76ee\uff0c\u9019\u4e9b\u90fd\u5c07\u652f\u6490\u672a\u4f86\u73fe\u91d1\u6d41\u3002\u4e00\u5b63\u5ea6\uff0c\u53d7\u76ca\u65bc\u4e3b\u8981\u8a2d\u65bd\u541e\u5410\u91cf\u63d0\u5347\uff0c\u57fa\u790e\u8a2d\u65bdEBITDA\u9054\u52301.56\u5104\u52a0\u5143\u3002\u5c0d\u65bc\u770b\u91cd\u5408\u540c\u5316\u6536\u5165\u548c\u8cc7\u7522\u8b77\u57ce\u6cb3\u7684\u9577\u671f\u6295\u8cc7\u8005\uff0c\u9019\u53ea\u52a0\u62ff\u5927\u80fd\u6e90\u80a1\u5177\u5099\u5805\u5be6\u7684\u6301\u6709\u908f\u8f2f\u3002<\/p>\n<p><strong><b>Peyto Exploration &amp; Development\uff1a\u4f4e\u6210\u672c\u751f\u7522\uff0c\u589e\u9577\u8207\u5206\u7d05\u517c\u9867<\/b><\/strong><\/p>\n<p>\u6700\u5f8c\u4e00\u5bb6\u516c\u53f8\u662fPeyto Exploration &amp; Development\uff08<a href=\"https:\/\/nai500.com\/zh-hant\/%E8%82%A1%E7%A5%A8%E6%9F%A5%E8%A9%A2\/?qm_symbol=PEY%3ACA\">TSX:PEY<\/a>\uff09\u3002\u9019\u5bb6\u7e3d\u90e8\u4f4d\u65bc\u5361\u723e\u52a0\u88cf\u7684\u516c\u53f8\u5c08\u6ce8\u963f\u723e\u4f2f\u5854Deep Basin\u7684\u5929\u7136\u6c23\u3001\u77f3\u6cb9\u53ca\u51dd\u6790\u6db2\u958b\u767c\uff0c\u4ee5\u904b\u71df\u6548\u7387\u8457\u7a31\u3002\u904e\u53bb\u4e00\u5e74\u80a1\u50f9\u4e0a\u6f3238%\uff0c\u583125.03\u52a0\u5143\uff0c\u5e02\u503c\u540c\u6a23\u7d0451\u5104\u52a0\u5143\uff0c\u6708\u5ea6\u80a1\u606f\u73875.8%\u3002<\/p>\n<p>Peyto\u4e00\u5b63\u5ea6\u696d\u7e3e\u5f37\u52c1\uff1a\u7522\u91cf\u5275\u7d00\u9304\u9054147,513\u6876\u6cb9\u7576\u91cf\/\u65e5\uff0c\u540c\u6bd4\u589e\u957710%\uff1b\u904b\u71df\u8cc7\u91d12.93\u5104\u52a0\u5143\uff0c\u6de8\u5229\u6f641.71\u5104\u52a0\u5143\u3002\u540c\u6642\uff0c\u8a72\u516c\u53f8\u947d\u63a2\u4e8623\u53e3\u65b0\u4e95\uff0c\u6536\u8cfc\u4e8641\u584a\u672a\u958b\u767c\u571f\u5730\uff0c\u70ba\u672a\u4f86\u5132\u5099\u4e86\u5145\u8db3\u5eab\u5b58\u3002\u4f4e\u6210\u672c\u7d50\u69cb\u3001\u56b4\u8b39\u7684\u8cc7\u672c\u914d\u7f6e\u548c\u6301\u7e8c\u589e\u9577\u7684\u751f\u7522\u898f\u6a21\uff0c\u4f7fPeyto\u6210\u70ba\u80fd\u6e90\u677f\u584a\u4e2d\u96e3\u5f97\u7684\u201c\u6210\u9577+\u5206\u7d05\u201d\u517c\u5099\u7684\u6a19\u7684\u3002<\/p>\n<p><strong><b>\u7d50\u8a9e<\/b><\/strong><\/p>\n<p>\u9ad8\u80a1\u606f\u4e0d\u7b49\u65bc\u9ad8\u98a8\u96aa\uff0c\u95dc\u9375\u5728\u65bc\u5546\u696d\u6a21\u5f0f\u662f\u5426\u80fd\u5920\u6301\u7e8c\u7522\u751f\u81ea\u7531\u73fe\u91d1\u6d41\u3002Freehold Royalties\u9760\u6b0a\u5229\u91d1\u201c\u5750\u4eab\u5206\u6210\u201d\uff0cGibson Energy\u9760\u57fa\u790e\u8a2d\u65bd\u201c\u904e\u8def\u6536\u8cbb\u201d\uff0cPeyto\u9760\u4f4e\u6210\u672c\u201c\u589e\u7522\u589e\u6548\u201d\u2014\u2014\u4e09\u53ea\u80a1\u7968\u5206\u5225\u5f9e\u4e0d\u540c\u7dad\u5ea6\u69cb\u5efa\u4e86\u6297\u6ce2\u52d5\u7684\u6536\u5165\u4f86\u6e90\u3002\u5c0d\u65bc\u5e0c\u671b\u57282026\u5e74\u7372\u53d6\u7a69\u5b9a\u73fe\u91d1\u6d41\u7684\u6295\u8cc7\u8005\uff0c\u9019\u4e09\u53ea\u52a0\u62ff\u5927\u80fd\u6e90\u80a1\u503c\u5f97\u7d0d\u5165\u9577\u671f\u6295\u8cc7\u7d44\u5408\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>2026\u5e74\uff0c\u5168\u7403\u80fd\u6e90\u5e02\u5834\u4f9d\u7136\u5145\u6eff\u8b8a\u6578\u3002\u6cb9\u50f9\u8207\u6c23\u50f9\u7684\u6ce2\u52d5\u8b93\u4e0d\u5c11\u6295\u8cc7\u8005\u5c0d\u80fd\u6e90\u80a1\u671b\u800c\u537b\u6b65\u3002\u4f46\u4e26\u975e\u6240\u6709\u80fd\u6e90\u516c\u53f8\u90fd\u4f9d\u8cf4\u50f9 [&hellip;]<\/p>\n","protected":false},"author":31,"featured_media":551794,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[426,1522],"tags":[2147,589,568,1860],"class_list":{"0":"post-643726","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-market-news-zh-hant","8":"category-1522","9":"tag--zh-hant","10":"tag-589","11":"tag-zh-hant-blog-tag-","13":"sectors-oil-gas-zh-hant","14":"locations-canada-zh-hant","15":"exchange-tsx-zh-hant"},"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/643726","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/users\/31"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/comments?post=643726"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/643726\/revisions"}],"predecessor-version":[{"id":643729,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/643726\/revisions\/643729"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/551794"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=643726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=643726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=643726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}