Atlas Energy Solutions Inc (AESI) 2024 Q2 法說會逐字稿

Greetings and welcome to Atlas Energy second quarter 2024 financial And operational results conference call.

歡迎參加 Atlas Energy 2024 年第二季財務與營運績效電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Kyle Turlington, VP, Investor Relations.

現在我很高興向您介紹主持人，投資者關係副總裁凱爾·特林頓 (Kyle Turlington)。

Thank you.

謝謝。

You may begin.

你可以開始了。

Hello and welcome to the Atlas Energy Solutions conference call and webcast for the second quarter of 2024.

您好，歡迎參加 2024 年第二季的 Atlas Energy Solutions 電話會議和網路廣播。

With us today are Bud Brigham, Executive Chairman; and John Turner, CEO; and Blake McCarthy, Chief Financial Officer.

今天與我們在一起的有執行主席巴德·布里格姆 (Bud Brigham)；和執行長約翰·特納；和財務長布萊克·麥卡錫。

Bud, John, and Blake will be sharing their comments on the company's operational and financial performance on the second quarter 2024, after which we will open the call for Q&A.

Bud、John 和 Blake 將分享他們對公司 2024 年第二季度營運和財務業績的評論，之後我們將開始問答環節。

Before we begin our prepared remarks, I would like to remind everyone that this call will include forward-looking statements as defined under the US Securities laws.

在我們開始準備好的發言之前，我想提醒大家，本次電話會議將包括美國證券法定義的前瞻性陳述。

Such statements are based on the current information and management's expectations as of this statement and are not guarantees of future performance.

此類聲明是基於截至本聲明的當前資訊和管理層的預期，並非對未來業績的保證。

Forward-looking statements involve certain risks, uncertainties, and assumptions that are difficult to predict.

前瞻性陳述涉及某些難以預測的風險、不確定性和假設。

As such, our actual outcomes and results could differ materially.

因此，我們的實際結果可能會存在重大差異。

You can learn more about these risks in the annual report on Form 10-K we filed with the SEC on February 27, 2024, our quarterly reports on Form 10-Q, and our other SEC filings.

您可以在我們於 2024 年 2 月 27 日向 SEC 提交的 10-K 表格年度報告、10-Q 表格季度報告以及我們向 SEC 提交的其他文件中了解有關這些風險的更多資訊。

You should not place undue reliance on forward-looking statements and we undertake no obligation to update these forward-looking statements.

您不應過度依賴前瞻性陳述，我們不承擔更新這些前瞻性陳述的義務。

We will also make reference to certain non-GAAP financial measures such as adjusted EBITDA, adjusted free cash flow, and other operating metrics and statistics.

我們也將參考某些非公認會計準則財務指標，例如調整後的 EBITDA、調整後的自由現金流量以及其他營運指標和統計資料。

You will find the GAAP reconciliation comments and calculations in the press release we issued yesterday afternoon.

您可以在我們昨天下午發布的新聞稿中找到 GAAP 調節評論和計算。

With that said, I will turn the call over to Bud Brigham.

話雖如此，我會將電話轉給巴德·布里格姆。

Thank you, Kyle, and thanks to everyone for joining us today for our second quarter conference call.

謝謝凱爾，也謝謝大家今天加入我們的第二季電話會議。

Before we jump into many of the exciting developments at Atlas, I first want to thank everyone involved with the response to the fire at our Kermit plant on April 14.

在我們深入了解 Atlas 的許多令人興奮的發展之前，我首先要感謝所有參與 4 月 14 日 Kermit 工廠火災應變工作的人員。

The combined efforts of our employees and first responders transform this event into a strong testament to the unique culture of Atlas.

我們的員工和急救人員的共同努力使這項活動成為阿特拉斯獨特文化的有力證明。

It also served as a demonstration of our unmatched advantages, particularly our distributed mining and logistical assets and thus the associated redundancies, which uniquely enable us to reliably serve our customers even in the most extreme and challenging circumstances.

它還展示了我們無與倫比的優勢，特別是我們的分散式採礦和物流資產以及相關的冗餘，這使我們即使在最極端和最具挑戰性的情況下也能可靠地為客戶提供服務。

Though the fire and the ensuing operational challenges negatively impacted our second quarter results, our team worked around the clock to ensure that every single one of our customers had all of their supply needs met during the quarter and that they didn't miss a beat in their critical development plans.

儘管火災和隨之而來的營運挑戰對我們第二季度的業績產生了負面影響，但我們的團隊晝夜不停地工作，以確保我們的每位客戶在本季度的所有供應需求都得到滿足，並且他們沒有錯過任何一個節拍。

Our customers have options when it comes to proppant suppliers.

我們的客戶在選擇支撐劑供應商時有多種選擇。

But in Atlas, they can be confident given that they have the partner with superior distributed mining and logistics assets, a partner who is constantly looking for new ways to improve safety and reliability.

但在Atlas，他們可以充滿信心，因為他們擁有卓越的分散式採礦和物流資產的合作夥伴，以及不斷尋找新方法來提高安全性和可靠性的合作夥伴。

We will always move heaven and earth to fulfill our obligation to them.

我們將永遠竭盡全力履行對他們的義務。

We will always put our customers first.

我們將始終把客戶放在第一位。

Thanks to the effort from our operations and construction teams, the rebuild of the Kermit facility feed system was completed by the end of June and as since, returned to full load out operations after a brief ramp-up period in July.

在我們營運和施工團隊的努力下，克米特設施供應系統的重建工作於 6 月底完成，自 7 月短暫的啟動期後恢復滿載運作。

Given that preventing a repeat incident is of the utmost importance, the rebuilt feed system now incorporates significantly enhanced safety equipment, including rip detection technology, misalignment switches, enhanced belt tracking rollers and both fixed and mobile fire suppression equipment.

鑑於防止事件再次發生至關重要，重建的進給系統現在採用了顯著增強的安全設備，包括撕裂檢測技術、不對中開關、增強型皮帶跟踪滾輪以及固定和移動滅火設備。

Most of these concepts were developed for the Dune Express, and we now plan on adding them to the feed system at our Monahans facility in the near future.

這些概念大部分是為 Dune Express 開發的，我們現在計劃在不久的將來將它們添加到我們 Monahans 工廠的進給系統中。

While events like the power are [never] welcome, adversity makes good organizations better.

雖然像權力這樣的事件永遠不會受到歡迎，但逆境會讓優秀的組織變得更好。

I truly believe that Atlas is a better company than it was just a few months ago.

我堅信 Atlas 是一家比幾個月前更好的公司。

And for that, all of the credit goes to our employees.

為此，所有功勞都歸功於我們的員工。

To all of you listening today, thank you for all your effort, creativity and can-do spirit.

感謝今天聆聽的所有人的努力、創造力和進取精神。

I could not be prouder to be on your team.

能夠加入你們的團隊，我感到無比自豪。

Wrapping up my section, these are very exciting times at Atlas.

總結我的部分，這是 Atlas 非常激動人心的時刻。

Our initiatives to make the Permian a more efficient factory on the ground are advancing at a very exciting pace.

我們旨在使二疊紀盆地成為更有效率的工廠的舉措正在以非常令人興奮的速度推進。

John will cover these in some detail, but importantly, the construction of the Dune Express, our 42-mile overland conveyor system continues on pace and on budget.

John 將詳細介紹這些內容，但重要的是，我們的 42 英里陸路輸送系統 Dune Express 的建設仍在按進度、按預算進行。

We are now just months away from commissioning.

現在距離調試只剩幾個月了。

And I believe it will be a major step-change advancement for proppant and logistics in the Permian Basin with even more to come.

我相信這將是二疊紀盆地支撐劑和物流的重大進步，未來還會有更多進步。

With that, I will turn it over to John.

這樣，我就把它交給約翰了。

Thanks, Bud, and you're right.

謝謝，巴德，你是對的。

These are exciting times for Atlas and the Permian Basin as a whole.

對於阿特拉斯和整個二疊紀盆地來說，這是一個令人興奮的時刻。

Before I get into from my prepared remarks, I would like to congratulate Chris Scholla on his promotion to COO for Atlas.

在開始我準備好的演講之前，我要祝賀 Chris Scholla 晉升為 Atlas 營運長。

His joining Atlas in 2017, Chris has proven to be an effective and creative leader.

Chris 於 2017 年加入 Atlas，事實證明他是一位高效且富有創造力的領導者。

In 2019, Chris led our entry into the oilfield logistics market.

2019年，Chris帶領我們進入油田物流市場。

With this promotion, Chris will lead all of our operations.

透過這次晉升，克里斯將領導我們所有的業務。

Congratulations Chris, you deserve it.

恭喜克里斯，你應得的。

With the Dune Express now just months away from commissioning, we are in sight of our goal of running commercial sand down the conveyor by the end of this year. 39 out of the 42 miles of conveyor modules have now been installed, and we remain both on time and on budget with our original construction plan.

現在距離 Dune Express 調試只有幾個月的時間，我們的目標是在今年年底前將商業沙子輸送到輸送機上。 42 英里的輸送機模組中的 39 個現已安裝完畢，我們仍按時、按預算完成最初的施工計劃。

Our crews began installing the belt in July with installation expected to wrap up by the end of September.

我們的工作人員於 7 月開始安裝皮帶，預計安裝將於 9 月底完成。

The floodzone crossings were completed in June, along with three of the six major road crossings.

洪氾區過境點以及六個主要公路過境點中的三個已於 6 月完工。

Additionally, more than 90% of the 76 pipeline and lease road crossings are in place as our most of the wildlife and cattle crossings.

此外，76 個管道和租賃道路交叉口中的 90% 以上均已到位，作為我們大部分野生動物和牛群的交叉口。

Delivery of the electrical houses is expected in September.

預計電氣室將於九月交付。

With power concerns growing in the more regulated New Mexico market, it is worth reminding everyone that Atlas already has an electricity service agreement in place.

隨著監管更加嚴格的新墨西哥州市場對電力問題的日益關注，值得提醒大家的是，Atlas 已經簽訂了電力服務協議。

As we approach the end of construction, the initial commercial base of the project now becomes critical.

隨著施工接近尾聲，該項目最初的商業基礎現在變得至關重要。

Today, we have more than 9 million tons of sand contracted for delivery into the Delaware Basin next year and a line of sight on incremental volumes to add to that total.

如今，我們已簽訂合同，明年將向特拉華盆地運送超過 900 萬噸沙子，並計劃增加這一總量。

In addition to the continued progress on the Dune Express, we continue to push forward in our other initiatives aimed at revolutionizing profit logistics.

除了沙丘快車的持續進展外，我們還繼續推動其他旨在徹底改變利潤物流的舉措。

On July 23, Atlas entered into an agreement with Kodiak Robotics, whereby Kodiak will offset a select number of high-capacity trucks with its cutting-edge autonomous driving technology.

7月23日，Atlas與Kodiak Robotics達成協議，Kodiak將利用其尖端的自動駕駛技術抵消部分高容量卡車的影響。

In May, Atlas in partnership with Kodiak made the first ever driverless commercial delivery of sand to a well site.

今年 5 月，Atlas 與 Kodiak 合作，首次向井場進行無人駕駛商業運沙。

Using the Permian Basin's expansive private lease road network, a driverless truck traveled more than 21 miles from our Drop Depot just off ride pan roads to the customer's well site with no personnel inside the cab.

利用二疊紀盆地廣闊的私人租賃道路網絡，一輛無人駕駛卡車從我們位於平路旁的 Drop Depot 行駛了 21 英里多，到達客戶的井場，駕駛室內沒有人員。

Once at the well site and on-site employees opted into the cab and unloaded the sand.

到達井場後，現場員工選擇進入駕駛室並卸下沙子。

The vast loss of private lease roads across the Permian Basin are ideally suited for this type of application, where traffic is lined and average speeds are under 20 miles per hour.

二疊紀盆地私人租賃道路的大量流失非常適合這種類型的應用，這裡交通擁擠，平均速度低於每小時 20 英里。

We believe this has the potential to offer a safer, more reliable last-mile delivery solution to our customers in the Permian Basin and could represent a step change in logistics.

我們相信，這有可能為二疊紀盆地的客戶提供更安全、更可靠的最後一哩交付解決方案，並可能代表物流領域的重大變革。

Atlas has ordered the first two trucks equipped with the Kodiak Driver, which is Kodiak's industry-leading autonomous system, and we plan to launch commercial operations with those trucks in early 2025.

Atlas 已訂購了首批兩輛配備 Kodiak Driver（Kodiak 業界領先的自動駕駛系統）的卡車，我們計劃於 2025 年初啟動這些卡車的商業營運。

While we do not expect this partnership to have a material impact to our 2024 financial results, we are excited about this partnership's long-term potential impact to our logistics operations and results.

雖然我們預計這種合作關係不會對我們 2024 年的財務業績產生重大影響，但我們對這種合作關係對我們的物流營運和業績的長期潛在影響感到興奮。

Moving to the broader market. 2024 has proven to be a much more challenging year for the oil field.

轉向更廣闊的市場。事實證明，2024 年對油田來說是更具挑戰性的一年。

Despite a relatively strong crude take, a combination of continued operator consolidation and weak natural gas prices has led to a decline in drilling and completion activities this year.

儘管原油需求相對強勁，但營運商持續整合和天然氣價格疲軟導致今年鑽井和完井活動下降。

The Permian rig count is down approximately 10% over the past 12 months and is expected to remain relatively stagnant through the back half of this year.

過去 12 個月，二疊紀鑽機數量減少了約 10%，預計今年下半年將保持相對停滯。

The decline in activity levels, combined with the majority of service demand emanating from a shrinking pool of operators has led to falling utilization rates for most service lines and a commensurate loosening and pricing behavior.

活動水準的下降，加上營運商規模不斷縮小帶來的大部分服務需求，導致大多數服務線路的使用率下降以及相應的放鬆和定價行為。

The Permian profit market remains one of the few, if not only relative bright spots in terms of year-over-year demand growth, driven by longer laterals and continued growth in completion efficiencies.

在較長支線和完井效率持續成長的推動下，二疊紀利潤市場仍然是少數需求成長的相對亮點之一。

The continued adoption of both simul- and trimul-fracs, which are now estimated to comprise approximately 25% of the market, the accelerating deployment of efficient electric frack fleets and the higher profit intensity of new well designs are all combining to support the Permian profit market.

同步壓裂和三重壓裂的持續採用（目前估計約佔市場的25%）、高效電動壓裂車隊的加速部署以及新井設計的更高利潤強度，這些因素結合在一起，支撐著二疊紀的利潤市場。

Despite a double-digit decline in rig activity, profit demand is still expected to be up slightly year-over-year.

儘管鑽機活動出現兩位數下降，但利潤需求預計仍將同比小幅上升。

To provide some quantitative back into this, the average amount of sand pumped by a fracture is an increase from approximately 40,000 tons per month just a few years ago to more than 65,000 tons today, with many of the leading edge crews now pumping more than 100,000 tons.

為了提供一些定量數據，裂縫泵出的沙子平均量從幾年前的每月約 40,000 噸增加到如今的 65,000 多噸，許多領先的工作人員現在泵出的沙子量超過 100,000 噸。

Nevertheless, with the recent industry supply additions over the past 12 months, the supply-demand balance in the Permian proppant market is notably looser now than it was this time last year.

然而，隨著過去 12 個月產業供應的增加，二疊紀支撐劑市場的供需平衡現在比去年同期明顯寬鬆。

While several of our larger customers are using the recent pricing relief to lock up volume, return at attractive prices in the mid-20s, we have seen spot prices at levels, we believe to be near breakeven gross margin levels for our less advantaged competition and well as the negative fully loaded cash flow territory for several of them.

雖然我們的一些較大客戶正在利用最近的價格減免來鎖定銷量，並以20 多歲左右的有吸引力的價格返回，但我們已經看到現貨價格處於一定水平，我們相信，對於我們優勢較弱的競爭來說，毛利率接近盈虧平衡水平，並且以及其中幾個的負滿載現金流區域。

It's in market conditions such as these that Atlas is advantaged reserves and operations really shine as we are still able to generate healthy margins and returns of pricing levels that cause some of our competition to struggle.

正是在這樣的市場條件下，阿特拉斯的優勢儲備和營運才真正大放異彩，因為我們仍然能夠產生健康的利潤和定價水平的回報，而這導致我們的一些競爭對手陷入困境。

While certainly a lot more fun to be riding away for faulty pricing, markets like today are ultimately healthy for the industry as they typically drive subpar operators out, incentivize continued consolidation and ultimately lead to much healthier markets in the future.

雖然因定價錯誤而逃避肯定會更有趣，但像今天這樣的市場最終對行業來說是健康的，因為它們通常會趕走低於標準的運營商，激勵持續的整合，並最終導致未來市場更加健康。

Relatedly, I wanted to briefly touch on the US Fish and Wildlife Services, June 20 decision to lift the dunes sagebrush lizard on the endangered species list.

與此相關的是，我想簡單談談美國魚類和野生動物管理局 6 月 20 日決定將沙丘山艾蜥蜴列入瀕危物種名單。

As many of you are aware, Atlas has been a member of the 2020 candidate conservation agreement with assurances for the CCAA.

正如你們許多人所知，Atlas 已成為 2020 年候選保護協議的成員，並向 CCAA 提供保證。

The 2020 CCAA was developed to provide a conservation strategy framework for companies operating in the Permian Basin by establishing certain guidelines, such as limiting annual surface disturbances to 60 acres among other requirements.

2020 年 CCAA 旨在透過制定某些指導方針，例如將每年的地表擾動限制在 60 英畝等要求，為在二疊紀盆地運營的公司提供保護戰略框架。

In addition, the CCAA instituted an annual habitat conservation fee and permits companies to set aside acreage or take other conservation actions to offset the fee.

此外，CCAA 還制定了年度棲息地保護費，並允許公司留出面積或採取其他保護行動來抵消該費用。

As a member of the CCAA, we do not expect to see any disruptions in our operations due to the listing of the Dunes Sagebrush Lizard.

作為 CCAA 的成員，我們預計我們的營運不會因沙丘鼠尾草蜥蜴的上市而受到任何干擾。

However, we do believe that the listing will have both short-term and long-term impacts on overall industry supply over the coming years as it will likely become increasingly more difficult for mines with smaller acreage position to remain in good standing with contribution measures while maintaining current production levels.

然而，我們確實認為，上市將對未來幾年的整體產業供應產生短期和長期影響，因為對於較小的礦場來說，透過貢獻措施保持良好的信譽可能會變得越來越困難，而維持目前的生產水準。

A quick update on our OnCore operations.

OnCore 營運的快速更新。

During the quarter, we launched Oncore number eight in the Midland Basin.

本季度，我們在米德蘭盆地推出了第八號 Oncore。

Oncore number eight is a larger mobile mine, than our prior deployments with a production capacity just north of one million tons annually.

Oncore 八號是一個比我們之前部署的更大的行動礦山，年產能略高於 100 萬噸。

Additionally, we are currently in the early stages of deploying an additional OnCore unit in Loving County, near the New Mexico, Texas State line.

此外，我們目前正處於在德克薩斯州新墨西哥州線附近的洛文縣部署額外 OnCore 裝置的早期階段。

Atlas commitment to innovation continued to be on display throughout our organization, as exhibited by our partnership with Kodiak that we will look to pair with the Dune Express, mobile mining and high-capacity multi-trailer operations.

Atlas 對創新的承諾繼續體現在我們整個組織中，正如我們與 Kodiak 的合作夥伴關係所體現的那樣，我們將尋求與 Dune Express、移動採礦和大容量多拖車運營相結合。

We strive to make the Permian a more efficient, safer and more reliable basis for our employees, customers and the communities in which we operate.

我們努力使二疊紀成為我們的員工、客戶和我們營運所在社區更有效率、更安全和更可靠的基礎。

I will now turn the call over to Blake, to discuss our second quarter results and outlook.

我現在將把電話轉給布萊克，討論我們第二季的業績和前景。

Thanks, John.

謝謝，約翰。

For the second quarter of 2024, Atlas reported revenues of $288 million, up 49% sequentially from first quarter levels due primarily to a full quarter impact from our acquisition of Hi-Crush.

2024 年第二季度，Atlas 報告營收為 2.88 億美元，比第一季水準連續成長 49%，這主要是由於我們收購 Hi-Crush 對整個季度的影響。

Adjusted EBITDA was down slightly to $72 million or 25% of revenue, and net income was $14.8 million or 5% of revenue.

調整後 EBITDA 略有下降，至 7,200 萬美元，佔營收的 25%，淨利為 1,480 萬美元，佔營收的 5%。

As I will detail shortly, the impact from the fire damage at one of our Kermit facilities proved to be more significant than we had initially expected at the time of our Q1 call.

正如我稍後將詳細介紹的那樣，事實證明，我們的克米特工廠之一的火災造成的影響比我們在第一季電話會議時最初預期的更為嚴重。

However, the vast majority of this incremental impact was offset by superb performance from both our other plant operations and our logistics business, allowing us to generate adjusted EBITDA that was roughly in line with that of the first quarter results.

然而，絕大多數增量影響被我們其他工廠營運和物流業務的出色表現所抵消，使我們能夠產生與第一季度業績大致一致的調整後 EBITDA。

Revenues from product sales were approximately $128 million on volumes of 4.9 million tons, yielding an average sales price of approximately $26.07 per ton for the second quarter.

產品銷售收入約為 1.28 億美元，銷售量為 490 萬噸，第二季平均銷售價格約為每噸 26.07 美元。

These figures do not include sand tonnage purchased from third parties in the open market to fulfill customer obligations due to the fire.

這些數字不包括在公開市場上為履行客戶因火災而承擔的義務而從第三方購買的沙子噸位。

Service revenues were approximately $159 million during the second quarter, approximately double the levels of the first quarter, due to a full quarter impact from the Hi-Crush acquisition and continued growth in our legacy business.

由於 Hi-Crush 收購對整個季度的影響以及我們傳統業務的持續成長，第二季的服務收入約為 1.59 億美元，約為第一季水準的兩倍。

Our logistics team set a quarterly record for loads delivered during the quarter, delivering more than 50% of our sand volumes utilizing our own last mile crews.

我們的物流團隊創下了本季交付負載的季度記錄，利用我們自己的最後一英里工作人員交付了超過 50% 的沙子量。

We had roughly 26 crews running during the quarter and believe that number will continue to grow modestly in the second half of the year as we approach the commercial in-service date of the Dune Express.

本季我們約有 26 名工作人員在運行，相信隨著 Dune Express 商業投入運行日期的臨近，這一數字將在下半年繼續小幅增長。

The logistics business was running on all cylinders during the quarter.

本季物流業務全速運轉。

And while we do expect some normalization in results during the second half, the Atlas logistics team continues to submit itself as a leader in the industry.

雖然我們確實預期下半年業績會出現一定程度的正常化，但阿特拉斯物流團隊將繼續展現出產業領導者的姿態。

Cost of sales excluding DD&A, were approximately $202 million.

不包括 DD&A 的銷售成本約為 2.02 億美元。

Plant operating expenses, excluding DD&A, were approximately $68 million or $13.84 per ton, significantly above our normalized levels.

工廠營運費用（不包括 DD&A）約為 6800 萬美元或每噸 13.84 美元，明顯高於我們的正常水平。

The increase in our plant operating expenses was largely due to costs associated with the temporary load-out at our Kermit facility, lower throughput and a delay in the commissioning process of one of the Dredges.

我們工廠營運費用的增加主要是由於與我們克米特工廠臨時裝貨相關的成本、吞吐量降低以及其中一艘挖泥機調試過程的延遲。

The total financial impact from the fallout of the fire incident came out around the top end of the $20 million to $40 million range that we gave on our Q1 call.

火災事件造成的整體財務影響約為我們在第一季電話會議中給出的 2000 萬至 4000 萬美元範圍的上限。

Our team on the ground has performed exceptionally throughout the rebuild process with the construction process finishing by the June 30, target.

我們的現場團隊在整個重建過程中表現出色，目標是在 6 月 30 日之前完成施工過程。

The facility was ramping back up to normal operations over the course of July and has now returned to normal lowdown operations.

該設施在 7 月逐漸恢復正常運營，目前已恢復正常的低端運作。

However, due to the ramp-up period, we do not expect our Q3 average OpEx per ton metrics to fully normalize but do expect them to return to normal levels by the end of the year.

然而，由於處於上升期，我們預計第三季每噸平均營運支出指標不會完全正常化，但預計它們將在年底前恢復到正常水平。

While the Kermit rebuild garnered the most attention during the quarter, I would be remiss if I did not mention the exceptional formants achieved by our other plant operations.

雖然克米特重建在本季度吸引了最多的關注，但如果我不提及我們其他工廠運營所取得的卓越共振峰，那就是我的失職。

Our Monahans and other Kermit facilities were quite simply humming over achieving on both the production and efficiency targets.

我們的莫納漢斯和其他克米特工廠非常高興地實現了生產和效率目標。

Additionally, OnCore volumes were the second highest in company history despite two units being offline for relocation during the quarter.

此外，儘管本季有兩個單位因搬遷而離線，但 OnCore 的銷售仍創下公司歷史第二高。

Our Q2 SG&A was approximately $27 million, a figure that was inflated by approximately $6 million of acquisition-related costs and approximately $5 million of stock-based compensation.

我們第二季的 SG&A 約為 2,700 萬美元，這一數字因約 600 萬美元的收購相關成本和約 500 萬美元的股票薪酬而被誇大。

Moving forward, we expect to realize incremental corporate synergies in the third quarter and expect SG&A to return to a more normal level in the $15 million range.

展望未來，我們預計將在第三季實現增量企業協同效應，並預計 SG&A 將恢復到 1500 萬美元範圍內的更正常水平。

Royalty expense was approximately $4 million.

特許權使用費約 400 萬美元。

Cash interest expense was approximately $11 million, offset by approximately $2 million of interest income.

現金利息支出約 1,100 萬美元，被約 200 萬美元的利息收入所抵銷。

We expect our net interest expense to rise slightly in coming quarters as we draw on our cash reserves to fund our key growth projects.

我們預計未來幾季的淨利息支出將小幅上升，因為我們動用現金儲備為我們的關鍵成長項目提供資金。

Operating cash flow for the second quarter was $61 million and adjusted free cash flow, which we define as adjusted EBITDA less maintenance CapEx, was $67 million, yielding an adjusted free cash flow margin of 23%.

第二季的營運現金流為 6,100 萬美元，調整後的自由現金流（我們將其定義為調整後的 EBITDA 減去維護資本支出）為 6,700 萬美元，調整後的自由現金流率為 23%。

Capital expenditures during the quarter totaled approximately $132 million, $127 million towards growth and the rest of maintenance.

本季的資本支出總計約為 1.32 億美元，其中 1.27 億美元用於成長和其餘維護。

Our growth CapEx consisted of $77 million spent on the construction of the Dune Express, $31 million for the additional OnCore deployments and $19 million of spend associated with the rebuild of feed system in Kermit.

我們的成長資本支出包括 7,700 萬美元用於建造 Dune Express、3,100 萬美元用於額外 OnCore 部署以及 1,900 萬美元用於重建 Kermit 的饋送系統。

We have already been reimbursed for $10 million of the current spend and excluding a small deductible expect to be fully reimbursed by insurance for the remainder.

我們已經報銷了 1000 萬美元的當前支出，不包括小額免賠額，預計剩餘部分將由保險全額報銷。

Maintenance CapEx for the quarter was approximately $5 million.

本季的維護資本支出約為 500 萬美元。

Cash and equivalents stood at $105 million against total debt of $480 million.

現金及等價物為 1.05 億美元，債務總額為 4.8 億美元。

Looking ahead to the third quarter, we expect production at our Kermit facility to steadily increase over the quarter after the ramp-up period in July, yielding an approximate 20% sequential improvement in total Atlas volumes.

展望第三季度，我們預計克米特工廠的產量在 7 月的產能提升期之後將在本季度穩步增長，使 Atlas 總產量環比提高約 20%。

Combined with the continued strong execution from our other plants and our logistics business, we estimate Q3 EBITDA to be in the range of $90 million to $100 million, with the company exiting the quarter at a higher run rate.

結合我們其他工廠和物流業務的持續強勁執行力，我們預計第三季 EBITDA 將在 9,000 萬至 1 億美元之間，公司以更高的運作率退出本季。

Due to the strong cash profile of our business, we are increasing our dividend to $0.23 per share, which represents a 5% increase over the prior period or $0.01 per share.

由於我們業務擁有強勁的現金狀況，我們將股息提高至每股 0.23 美元，比上一期增加 5%，即每股 0.01 美元。

We have elected to move away from the base plus variable dividend structure to a stand-alone ordinary dividend.

我們選擇從基本加可變股利結構轉向獨立的普通股利。

Based on our closing share price of August 2, our annualized dividend yield is 4.9%.

根據我們8月2日的收盤價，我們的年化股息率為4.9%。

That concludes our prepared remarks.

我們準備好的演講到此結束。

We will now let the operator open the line for questions.

我們現在讓接線員打開電話提問。

(Operator Instructions) Jim Rollyson, Raymond James.

（操作說明）Jim Rollyson、Raymond James。

Good morning, Gents, and congrats on getting Kermit backup and running in a timely fashion.

早上好，先生們，恭喜您獲得 Kermit 備份並及時運行。

Maybe Bud or John, there's been some press here over the last quarter on kind of trucking rates being depressed in the Permian.

也許巴德或約翰，上個季度有一些媒體報導二疊紀地區的卡車運輸率低迷。

And kind of curious how you view that as far as impacting your logistics business and how that might play into your margin outlook for as Dune Express ramps up into next year?

我有點好奇您如何看待這對您的物流業務的影響，以及隨著 Dune Express 進入明年，這對您的利潤前景有何影響？

Hey, Jim, Good morning. it's Blake here.

嘿，吉姆，早安。我是布萊克。

I think this is a really good question for our newly minted COO, Chris Scholla, who is joining us here to answer.

我認為這對我們新任營運長 Chris Scholla 來說是一個非常好的問題，他將在這裡與我們一起回答。

So he's the one with the most day-to-day real-time exposure to this phenomenon.

所以他是每天即時接觸這現象最多的人。

So we'll pull pass it over to Chris.

所以我們會把它交給克里斯。

Yeah.

是的。

Thanks for the question, Jim.

謝謝你的提問，吉姆。

So look, while truck rates in the Permian, they have fallen throughout 2024.

所以看，雖然二疊紀盆地的卡車價格在 2024 年一直在下降。

Our structural advantages really starting to shine through as you see in the numbers.

正如您在數字中看到的那樣，我們的結構優勢真正開始顯現出來。

Let's think about this from a macro level to start.

我們先從宏觀層面來思考這個問題。

So while the sand demand, it does continue to grow out there, innovations such as our Mobile Mini and Dune Express reduced the well-site haul distances by over 50%.

因此，儘管沙子需求確實持續成長，但我們的 Mobile Mini 和 Dune Express 等創新技術將井場運輸距離縮短了 50% 以上。

So the shorter haul distances and higher associated truck churns that ultimately decreases the number of trucks that are required to service the Permian.

因此，較短的運輸距離和較高的相關卡車週轉率最終會減少為二疊紀地區提供服務所需的卡車數量。

With trucking rates already at breakeven pricing, we don't anticipate a further decline in pricing, but we do anticipate inefficient trucking companies continuing to exit the Permian Basin.

由於卡車運輸價格已達到損益平衡點，我們預計價格不會進一步下降，但我們確實預期效率低的卡車運輸公司將繼續退出二疊紀盆地。

For us, it was never about just starting a trucking company, right?

對我們來說，這不僅僅是創辦一家貨運公司，對嗎？

It was about executing a long-term strategy to be the lowest cost to operate and most efficient logistics provider in the Permian.

這是關於執行一項長期策略，成為二疊紀地區營運成本最低、效率最高的物流提供者。

I mean, let's just walk through and look at the steps we've taken to get there.

我的意思是，讓我們回顧一下我們為實現這一目標所採取的步驟。

We vertically integrated into trucking.

我們垂直整合到卡車運輸領域。

We've watched our own digital platform to automate dispatch and gain efficiencies.

我們已經觀察了我們自己的數位平台的自動化調度和提高效率。

We've executed multi-trailer operations, delivering four times the normal payload.

我們執行了多拖車操作，交付的有效負載是正常負載的四倍。

We've delivered sand to a well site without a driver.

我們在沒有司機的情況下將沙子運送到井場。

And lastly, we've become the closest to the well site in the Midland by acquiring the Mobile Minis.

最後，透過購買 Mobile Mini，我們成為了米德蘭距離井場最近的公司。

And look, our margins will only be further enhanced with the launch of the Dune Express in Q4.

看吧，隨著 Dune Express 第四季的推出，我們的利潤只會進一步提高。

While trucking prices have fallen in an order of magnitude, it's really only marginal compared to our structural cost differences, advantages.

雖然卡車運輸價格已經下降了一個數量級，但與我們的結構性成本差異和優勢相比，這實際上只是微不足道的。

We are revolutionizing sand delivery in the industry and excited -- and really excited that we are just getting started.

我們正在徹底改變行業的沙子輸送，我們很興奮——而且非常興奮我們才剛剛開始。

Yeah.

是的。

And Jim, adding on to Chris there, we get a lot of questions about trucking pricing impact on potential Dune margin contribution.

吉姆和克里斯一起，我們收到了很多關於卡車運輸定價對沙丘潛在利潤貢獻的影響的問題。

I think it's important to remember that when Atlas management underwrote the decision to build the Dune Express, it was stress tested every which way.

我認為重要的是要記住，當 Atlas 管理層決定建造 Dune Express 時，它在各個方面都經過了壓力測試。

And our base case assumptions are actually very much in line with today's market conditions, not with the frothy things that we're seeing of 18, 24 months ago.

我們的基本情況假設實際上非常符合當今的市場狀況，而不是我們 18、24 個月前看到的泡沫情況。

So needless to say, we remain very confident with the financial impact of the Dune Express status moving forward into 2025.

因此，不用說，我們對 Dune Express 狀態進入 2025 年的財務影響仍然非常有信心。

Appreciate all the detail and look forward to that.

欣賞所有細節並期待這一點。

And maybe following up, Blake, you talked about third quarter volumes kind of ramping 20% sequentially.

也許接下來，Blake，您談到第三季銷量較上季成長 20%。

And you guys also earlier in the call talked just talked about the rig count and some of the offsets that have actually kept Permian sand demand flat to up marginally this year despite that.

儘管如此，你們早些時候也在電話會議中談到了鑽機數量和一些實際上使二疊紀沙子需求保持平穩甚至小幅增長的補償。

Maybe just color.

也許只是顏色。

As you're ramping into Kermit being back up and running and OnCore number eight and to non-Core number nine, just kind of how you're seeing customer demand on your end?

當您逐步讓 Kermit 恢復運行、OnCore 排名第八、非 Core 排名第九時，您對客戶需求有何看法？

Or are you guys relatively sold out?

或者說你們已經比較賣完了？

Just trying to think about how we should look at volumes even beyond just the third quarter as you see it today?

只是想一下，我們應該如何看待您今天看到的第三季之後的銷售量？

Well, I think that our sales team has been making great progress on the contracting front recently.

嗯，我認為我們的銷售團隊最近在合約方面取得了很大的進展。

As I mentioned in the prepared remarks, we've already had more than 9 million tons secured for next year in the Delaware.

正如我在準備好的演講中提到的，我們已經為特拉華州明年儲備了超過 900 萬噸。

And we think we've got a long -- a strong line of sight on some incremental contracts in the coming weeks.

我們認為，我們對未來幾週內的一些增量合約有著長期、強烈的願景。

So all-in-all, we're feeling pretty good about how we're positioned for next year and based on where we are in the calendar right now.

總而言之，根據我們目前在日曆上的位置，我們對明年的定位感覺非常好。

Obviously, we're watching the market.

顯然，我們正在關注市場。

We'd love to see this slow trickle of rig count decline, find its footing.

我們希望看到鑽孔機數量緩慢下降並找到立足點。

But sand is going to continue to be a critical component of all the well activity out there.

但沙子將繼續成為所有油井活動的重要組成部分。

And so we're -- the positive trends are secular trends are still there.

所以我們——正面的趨勢是長期趨勢仍然存在。

Got it.

知道了。

Appreciate that.

很欣賞這一點。

Doug Becker, Capital One.

道格貝克爾，《第一資本》。

Thank you.

謝謝。

Maybe just expanding on the logistics outlook in the near term, very strong 2Q.

也許只是在短期內擴大物流前景，第二季非常強勁。

Just any color on 3Q into the back half of the year?

下半年第三季有什麼顏色嗎？

Certainly appreciate that it sounds like it'd come off a little bit from last quarter's results?

當然很高興它聽起來比上季的業績下降？

Yeah.

是的。

When we were thinking about -- I mean, really, when you think about Q2 logistics results, I mean they were like really hitting on all cylinders.

當我們思考時——我的意思是，真的，當你想到第二季的物流結果時，我的意思是它們真的在全力以赴。

And it was one like they threw a perfect game.

這就像他們打出了一場完美的比賽。

And while I think that we have the absolute best team in the business, betting on somebody continuing to throw a perfect game every quarter seems like full daring.

雖然我認為我們擁有業內絕對最好的球隊，但押注某人每季都會繼續打出完美的比賽似乎是非常大膽的。

So there's perhaps some natural conservatism built into our guidance there just because it's a complicated business.

因此，我們的指導中可能存在一些自然的保守主義，只是因為這是一項複雜的業務。

There's a lot of moving parts.

有很多活動部件。

But we don't see any real degradation in market conditions versus -- in the third quarter versus what we saw in the second quarter.

但與第三季和第二季相比，我們沒有看到市場狀況出現任何真正的惡化。

Okay.

好的。

And then maybe hopping over to the proppant side.

然後可能會跳到支撐劑一側。

Maybe just one more color on the supply and demand.

也許只是供給和需求上多了一種顏色。

Are there any indications that competitors might be taking supply off the market.

是否有任何跡象表明競爭對手可能會從市場上奪走供應。

And then just from a demand standpoint, or maybe more specifically a pricing standpoint, are there any cost price adjustments we need to be thinking about going forward?

然後，從需求的角度來看，或者更具體地說，從定價的角度來看，我們是否需要考慮未來進行任何成本價格調整？

Yeah.

是的。

This is John.

這是約翰。

Coming into this year, we expected the sand supply-demand balance to be looser than we witnessed due to the -- I guess, because of the rig count and the client and the rig count we are witnessing in that count has continued like Blake said, continue to slowly trickle down throughout 2024, and that sand pricing faces headwinds.

進入今年，我們預計沙子供需平衡將比我們所看到的更加寬鬆，因為我想是因為鑽機數量和客戶以及我們所看到的鑽機數量一直在繼續，就像布萊克所說的那樣2024 年，沙子價格持續緩慢下降，沙子價格面臨阻力。

There are some things though, two important things to remember when you think about sand pricing for Atlas as we move forward.

不過，在我們前進的過程中，當您考慮 Atlas 的沙子定價時，有一些事情需要記住，其中有兩件重要的事情需要記住。

First, we do believe spot price soft sand volume pricing is currently at prices were mines at the high end of the cost curve, we're faced with the question of selling sand to breakeven or negative margins, or even if they should even shutter.

首先，我們確實認為現貨價格軟砂量定價目前處於成本曲線高端的礦山價格，我們面臨著以盈虧平衡或負利潤出售沙子的問題，或者即使他們應該關閉。

So we are hearing more and more anecdotes of ship cuts in potential mines.

因此，我們聽到越來越多關於削減潛在礦山船舶的軼事。

While this is painful for the industry and our competitors, this is obviously positive for pricing dynamics in the long run.

雖然這對行業和我們的競爭對手來說是痛苦的，但從長遠來看，這對定價動態顯然是積極的。

And obviously, sand prices -- sand plants are complicated operations.

顯然，沙子價格——沙子工廠是複雜的操作。

You just don't flip the switch and turn it right back on.

您只需不要打開開關然後將其重新打開即可。

So we're starting this plant requires quite a bit of time.

所以我們啟動這個工廠需要相當多的時間。

So that's the first thing is we are hearing the plans -- that plants are starting to shutdown, cut shifts.

所以，第一件事是我們聽到的計劃——工廠開始關閉、減少班次。

So I think you are going to see an impact there.

所以我認為你會在那裡看到影響。

Second, with the distressed state of some of our competition, we are seeing some bifurcation in the sand market based on reliability.

其次，由於我們的一些競爭對手陷入困境，我們看到沙子市場在可靠性方面出現了一些分歧。

We completely understand our customers' procurement teams are looking to grab as much price as they can, but they also understand reliability of subways be paramount over securing the cheapest ton of sand.

我們完全理解客戶的採購團隊希望獲得盡可能多的價格，但他們也了解地鐵的可靠性比確保最便宜的沙子更重要。

It's a lot more expensive for a frac crew to be sitting around waiting for sand than it is to pay a couple more dollars per ton.

對於壓裂人員來說，坐等沙子的成本比每噸多付幾美元的成本要高得多。

So Atlas reputation for being a true service partner who's been -- who make sure you'll get the -- we'll be able to deliver the sand and have it on the well site.

因此，阿特拉斯被譽為真正的服務合作夥伴，他們確保您能夠獲得沙子，並將其運送到井場。

So when it's -- it will always be there very reliably.

因此，當它存在時，它總是非常可靠地存在。

This is a reputation that we are -- something that we've earned really with going all the way back to the pandemic when most of our competition was shutting down a mine or two, we stayed open, and we continue to supply -- we generated positive EBITDA through that period.

這是我們的聲譽——這是我們在疫情期間真正贏得的聲譽，當時我們的大多數競爭對手都關閉了一兩個礦場，我們保持開放，並繼續供應——我們在此期間產生了正的EBITDA。

So I think from our competition standpoint, I think we are getting close to -- you're starting to see where companies that are competition, they don't perform and they're not going to financially because of where their cost structure is.

所以我認為，從我們競爭的角度來看，我認為我們正在接近——你開始看到那些有競爭力的公司，他們沒有表現，而且由於他們的成本結構，他們不會在財務上陷入困境。

And then finally, Atlas was designed when we put the company together to be the lowest cost producer of sand, it was designed to flourish in markets like today.

最後，當我們將公司合併為成本最低的沙子生產商時，阿特拉斯就被設計出來了，它的設計初衷是為了在今天這樣的市場中蓬勃發展。

Our assets are at the far end of the -- low end of the cost curve and combined with our market-leading logistics business and yet allows us to generate returns well beyond our cost of capital at these current prices and gain incremental market share.

我們的資產位於成本曲線的低端，並與我們市場領先的物流業務相結合，但使我們能夠以當前價格產生遠遠超出資本成本的回報，並獲得增量市場份額。

This position will even be strengthened further as we bring on the Dune Express early next year.

隨著我們明年初推出 Dune Express，這一地位也將進一步加強。

I might just add, I mean, a couple of related trends that are really important is our cost structure is trending down as well over the subsequent quarters and together -- in addition to that, of course, our CapEx is also ramping down very substantially.

我可能只是補充一點，我的意思是，一些非常重要的相關趨勢是我們的成本結構在接下來的幾個季度中也呈下降趨勢，並且一起- 除此之外，當然，我們的資本支出也大幅下降。

So it's a really exciting time, particularly as you look forward to 2025 for us.

所以這是一個非常激動人心的時刻，尤其是當您對我們期待 2025 年時。

Yeah.

是的。

Sounds encouraging.

聽起來令人鼓舞。

Thank you.

謝謝。

Derek Podhaizer, Barclays.

德里克·波德海澤，巴克萊銀行。

Hey, good morning.

嘿，早安。

I want to ask a question on the state of the market in the Delaware Basin when the Dune Express is going to be servicing.

我想問一個有關沙丘快車服務期間特拉華盆地市場狀況的問題。

Can you maybe just talk about some of the customers out there, some of the frack equipment out there, really the overall demand of the Delaware?

您能否談談一些客戶、一些壓裂設備以及特拉華州的整體需求？

Do you expect to have any competition for mobile minis, market share from the Dune Express, simul and trimul concentration?

您預計行動迷你車、Dune Express 的市場份額、同時和三重集中方面會有任何競爭嗎？

Just your overall view of the Delaware just to help quantify us, the actual demand pull and how much the Dune Express will be servicing.

您對德拉瓦州的整體看法只是為了幫助量化我們、實際需求拉動以及沙丘快車將提供的服務量。

And then lastly, will the Kermit Mine Legacy Atlas be able to handle all the volumes going out there, or will you be pulling from Legacy High Crush Kermit?

最後，Kermit Mine Legacy Atlas 是否能夠處理那裡的所有體積，或者您會從 Legacy High Crush Kermit 中提取？

Yeah.

是的。

This is Bud.

這是巴德。

I'll start, but some of these guys may want to add to my comments.

我將開始，但其中一些人可能想添加我的評論。

So there's the two basins, the Delaware versus Midland, are very different, both in terms of the customers, but also in terms of the sand supply.

因此，特拉華州和米德蘭這兩個盆地無論在客戶方面還是在沙子供應方面都非常不同。

We purchased high crush because of the Encore Mines in the Midland Basin were very attractive logistically to Midland operators, and thus it brought a very complimentary customer base to us.

我們購買了高壓礦量，因為米德蘭盆地的安可礦山在物流上對米德蘭營運商非常有吸引力，因此它為我們帶來了非常免費的客戶群。

The Delaware is very different.

特拉華州則非常不同。

There's not the smaller sand deposits out there, and there's not the many mines out there that provide the supply.

那裡沒有較小的沙礦床，也沒有很多提供供應的礦場。

We are very much advantaged in the Delaware with our high-capacity trucking and with the Dune Express coming online.

憑藉我們的大容量卡車運輸和沙丘快車的上線，我們在特拉華州擁有非常大的優勢。

So there's nothing that can match the Dune Express in terms of the cost structure, the reliability, dependability, and of course, the environmental impacts as well, so benefits that it provides.

因此，在成本結構、可靠性、可靠性，當然還有環境影響以及它提供的好處方面，沒有什麼可以與 Dune Express 相提並論。

So we see a substantial majority, a substantial portion of our sand sales in the Delaware will be provided by the Dune Express.

因此，我們看到特拉華州沙子銷售的絕大多數、很大一部分將由沙丘快車提供。

You guys may want to add to that.

你們可能想補充一下。

I mean, if you look at it, if you just -- sand supply -- sand demands roughly 70-something million tons, you know, roughly half of that is in the Delaware Basin.

我的意思是，如果你看一下——沙子供應——沙子需求量大約為 70 萬噸，你知道，其中大約一半在特拉華盆地。

You've got -- so that means that we're going to be able to push 12 million tons down the Dune Express.

這意味著我們將能夠將 1200 萬噸的貨物推下沙丘快車。

I mean, obviously, there's a significant amount of supply that's not supplied off the Dune Express.

我的意思是，顯然，有大量的供應不是由沙丘快車提供的。

We think we're going to be fully -- we think we're going to be fully utilized off the Dune Express once it's up and running.

我們認為，一旦沙丘快車啟動並運行，我們將充分利用它。

You also -- a large part of the Delaware Basin is in New Mexico, and so you do have -- and that's what -- that's really the area that the Dune Express is serving.

特拉華盆地的很大一部分位於新墨西哥州，所以你確實擁有——這就是沙丘快車真正服務的區域。

So I mean, the competition out there for sand mines is key there because of the regulatory environment in New Mexico.

所以我的意思是，由於新墨西哥州的監管環境，沙礦的競爭是關鍵。

So obviously, I think we do serve -- our Kermit mines do serve most of the -- serve mostly the Delaware Basin, and I -- the Kermit mines that we currently have, like the Atlas mines will be the ones that will be serving on the Dune Express.

顯然，我認為我們確實服務——我們的克米特礦山確實服務於大部分地區——主要服務於特拉華盆地，我——我們目前擁有的克米特礦山，比如阿特拉斯礦山，將服務於這些地區。

We don't necessarily currently expect to pull anything off of the high-crush mines.

目前，我們不一定期望從高破碎礦中獲得任何東西。

I might add one thing, and I thank you all, everybody on this call appreciates this fact, that the Delaware Basin, the northern Delaware Basin, is the best-producing province in the entire country.

我可能要補充一件事，我感謝大家，參加這次電話會議的每個人都讚賞這一事實，即特拉華盆地北部的特拉華盆地是全國產量最好的省份。

It's got the deepest inventory and the highest rate of return drilling in the United States.

它擁有美國最深的庫存和最高的鑽探回報率。

So we're very well positioned to serve that market.

因此，我們處於非常有利的位置來服務該市場。

That's really helpful.

這真的很有幫助。

And then maybe just on the type of frac equipment that's out there.

然後也許只是現有的壓裂設備類型。

Do you see a lot of simuls and trimals concentrated in the Delaware versus the Midland or E-Fleets, just looking at it from that level?

您是否看到許多模擬和裝飾集中在特拉華州與米德蘭或電子艦隊，只是從那個層面來看？

Yeah, I think from my perspective, we continue to see adoption of simuls and trimals, E-Fleet across the board not only in the Delaware, but also in the Midland.

是的，我認為從我的角度來看，我們繼續看到不僅在特拉華州而且在米德蘭全面採用 simuls 和 trimals、E-Fleet。

We don't see any major trend differences between the two, but really operators looking to get more efficient.

我們沒有看到兩者之間有任何重大趨勢差異，但營運商確實希望提高效率。

And as it gets more efficient, right, that's really where our value proposition comes to play is removing that sand bottleneck of logistics sand on the well site so that our operators and customers can continue working down that road of efficiency.

隨著效率的提高，我們的價值主張真正發揮作用的地方就是消除井場物流沙的瓶頸，以便我們的營運商和客戶可以繼續沿著效率的道路工作。

Okay.

好的。

Great.

偉大的。

All very helpful.

一切都非常有幫助。

I'll turn it back.

我會把它轉回來。

Sean Mitchell, Daniel Energy Partners.

肖恩·米切爾，丹尼爾能源合夥人。

Good morning guys.

早安，夥計們。

Thanks for taking my question.

感謝您提出我的問題。

Maybe to kind of follow up on Doug's question around simul-frac and frac design, if you think about the evolution of kind of frac designs, you went from zipper fracs to simul-fracs.

也許是為了跟進道格關於同步壓裂和壓裂設計的問題，如果你考慮壓裂設計類型的演變，你就會從拉鍊壓裂轉向同步壓裂。

It took a while for guys that were doing zippers to kind of adopt simul-fracs because they wanted to see kind of the results, I guess, of other guys doing it.

對於做拉鍊的人來說，花了一段時間才採用同步壓裂，因為我想，他們想看到其他人這樣做的結果。

It feels like more people are picking up simul-fracs.

感覺越來越多的人開始使用同步壓裂。

Are you seeing that in particular?

你特別看到這一點嗎？

I'm thinking simul-frac to trimul-frac.

我正在考慮同時壓裂到三重壓裂。

Are you seeing that more today than you were a quarter ago?

您今天看到的這種情況比一個季度前更多嗎？

Because it seems like in the calls we're seeing more people at least testing it.

因為在電話中我們似乎看到更多的人至少在測試它。

Yeah, we're definitely seeing increases.

是的，我們確實看到了成長。

I mean, it's a joke around here around, we're going to get to the octo-frac soon, right?

我的意思是，這是一個笑話，我們很快就會到達 octo-frac，對嗎？

But all-in-all, we're going to continue to see that trend move upward.

但總而言之，我們將繼續看到這種趨勢向上發展。

The pace of the evolution of the industry has, I mean, it's certainly come a long way over the last half decade, where, like I said, different zipper fracs to a number of years to really saturate the market.

我的意思是，在過去的五年裡，該行業的發展速度確實取得了長足的進步，正如我所說，多年來不同的拉鍊壓裂真正使市場飽和。

It seems like the next new innovation takes a matter of weeks, not months or

看起來下一個新的創新需要幾週的時間，而不是幾個月或

--

--

Yeah.

是的。

And this is Bud.

這是巴德。

I mean, that trend should continue.

我的意思是，這種趨勢應該會持續下去。

When you look at operators, it relates to the reason operators are consolidating.

當你觀察運營商時，它與運營商整合的原因有關。

They need more scale.

他們需要更大的規模。

They need stronger balance sheets.

他們需要更強大的資產負債表。

The throughput on capital and sand is up and to the right.

資本和沙子的吞吐量向上且向右。

And so Atlas is the one profit and logistic provider that can match up and provide that throughput that these operators need for those operations.

因此，Atlas 是唯一一家能夠匹配並提供這些營運商營運所需吞吐量的利潤和物流提供者。

And then, Bob, maybe one more for me.

然後，鮑勃，也許再給我一份。

Just you mentioned the cost structure moving lower.

剛才您提到成本結構正在下降。

Can you provide any more color around that, particularly for 2025 or Blake?

你能提供更多關於這個的顏色嗎，特別是 2025 年或布萊克？

Yeah.

是的。

I think -- well, first of all, through the back half of the year, that's just getting back to normal operations.

我認為，首先，在今年下半年，一切都會恢復正常運作。

We've always had the lowest cost structure.

我們一直擁有最低的成本結構。

It was elevated certainly not just with the rebuild process, but also with the amount of yellow iron and rental equipment we had on site this past quarter.

當然，它的提升不僅與重建過程有關，還與我們上個季度在現場擁有的黃鐵和租賃設備的數量有關。

Throughout July, we were moving a lot of that off.

整個七月，我們都取消了許多內容。

So that gives you a large jump in the mobilization there as we work through Q3.

因此，當我們在第三季開展工作時，這會讓您的動員工作有了很大的進步。

Towards next steps, I think we're continuing to explore more ways, just in everyday operations to lower, whether it's through automation, whether it's through electric dredging.

對於下一步，我認為我們正在繼續探索更多的方法，只是在日常操作中降低，無論是透過自動化，還是透過電動疏浚。

I think that we had a -- I got a pretty exciting press release a couple of weeks ago with the terms of the Autonomous Trucking partnership with Kodiak.

我認為我們幾週前收到了一份非常令人興奮的新聞稿，其中涉及與 Kodiak 的自動卡車運輸合作夥伴關係的條款。

These are all -- we're continuing to look at ways everyday where we're just iterating over and over again to continue to drive our cost structure lower.

這些都是——我們每天都在繼續尋找方法，一遍又一遍地迭代，以繼續降低我們的成本結構。

It's -- Atlas fares most -- when it comes to getting our costs down.

在降低我們的成本方面，阿特拉斯的表現最為出色。

All right.

好的。

Thanks, guys.

謝謝，夥計們。

Congrats on getting back half of the fire.

恭喜你恢復了一半的火力。

Don Crist, Johnson Rice.

唐克里斯特、約翰遜賴斯。

Good morning, guys.

早安，夥計們。

I wanted to ask, since you bought Hi-Crush, you kind of juggled the numbers around a little bit.

我想問一下，自從你買了 Hi-Crush 以來，你就對數字做了一些處理。

But looking towards next year, how should we be thinking about maintenance CapEx?

但展望明年，我們該如何考慮維護資本支出？

And what should that number be going forward?

未來這個數字應該是多少？

And obviously, your growth CapEx is going to fall significantly once you finish Dune Express out.

顯然，一旦你完成《沙丘快車》，你的成長資本支出將會大幅下降。

But how should we look at those two numbers as a complete kind of CapEx number for next year?

但我們該如何將這兩個數字視為明年的完整資本支出數字呢？

Hi, Don, it's a little too early for us to talk -- hard numbers around 2025 CapEx.

你好，Don，現在談論 2025 年資本支出的硬數據對我們來說還為時過早。

Obviously, with the Dune Express coming online at the end of the year, 2025 CapEx is going to be down pretty hard year-over-year.

顯然，隨著 Dune Express 在年底上線，2025 年資本支出將比去年同期大幅下降。

We do have some exciting growth opportunities in front of us that will justify some incremental capital.

我們面前確實有一些令人興奮的成長機會，這將證明一些增量資本是合理的。

But there's certainly nothing compared to the size of the scope of the Dune Express or the Kermit plant expansion that we had recently.

但與我們最近擴建的 Dune Express 或 Kermit 工廠的規模相比，這肯定不算什麼。

Okay.

好的。

And Bud, maybe or John, one for you.

巴德，也許或者約翰，一個適合你的。

Obviously, spot prices are pretty low right now.

顯然，目前現貨價格相當低。

How are you thinking about contracting for next year?

您如何考慮明年的合約？

And how is that kind of push-pull dynamic going amongst your customers?

您的客戶之間的這種推拉動態如何？

I'm assuming they want to lock up super low pricing and you don't want to.

我假設他們想鎖定超低價格，而你不想這樣做。

Is that the right way to think about it?

這是正確的思考方式嗎？

I mean they want to lock up super low pricing.

我的意思是他們想鎖定超低價格。

I guess one thing to remember is that Atlas is our cost structure.

我想要記住的一件事是 Atlas 是我們的成本結構。

I mean we do have a much lower cost structure than our competition.

我的意思是，我們的成本結構確實比競爭對手低得多。

We can really generate like we said earlier, at this time, our cost of capital at these prices, and we're seeing today, we're still generating a great return.

正如我們之前所說，目前我們確實可以以這些價格產生資本成本，而我們今天看到，我們仍然產生了巨大的回報。

We are in the middle of best to go into RFP season here.

我們正處於進入 RFP 季節的最佳時期。

So we're going to start contracting and I mean I think a lot of our customers are looking for reliability as well.

因此，我們將開始簽訂合同，我的意思是，我認為我們的許多客戶也在尋求可靠性。

And then also a lot of them are looking to pull off Dune Express.

他們中的許多人也希望推出「沙丘快車」。

I think we're too early to talk about how -- what we're going to be doing on contracting next year because we're just getting in those conversations.

我認為我們現在談論明年我們將如何在合約方面做什麼還為時過早，因為我們剛開始這些對話。

But is it safe to say that you're bundling both logistics and sand price in those contracts?

但可以肯定地說，您將物流和沙子價格捆綁在這些合約中嗎？

For sure.

一定。

Yeah, that's the change.

是的，這就是改變。

I mean we made that change about two years ago, we were just a pure sand contracting company.

我的意思是我們大約兩年前做出了這樣的改變，我們只是一家純粹的砂承包公司。

We started changing that strategy to be more of a -- we're delivering -- it's more of a delivered price to the well site.

我們開始改變這項策略，更多的是——我們正在交付——更多的是向井場交付的價格。

I mean the fact that the compounding of our low cost structure, both on the production side and on the logistics side that -- its unique for Atlas.

我的意思是，我們的低成本結構的複合，無論是在生產方面還是在物流方面，這對阿特拉斯來說都是獨一無二的。

Yeah.

是的。

And locating our mines – located our mines closer to the well site, like Blake mentioned earlier, I mean, and Chris mentioned earlier, talking about the mini mobile has been also talking about the Dune Express.

定位我們的礦井——將我們的礦井定位在靠近井場的地方，就像布萊克之前提到的，我的意思是，克里斯之前提到的，談論迷你移動車也一直在談論沙丘快車。

I mean that's just going to -- as you can put our combined close to the well site, that lowers our costs get to -- get delivery cost to the well site.

我的意思是，這只是 - 因為你可以將我們的組合放在靠近井場的地方，這會降低我們的成本 - 獲得到井場的運輸成本。

I appreciate the color.

我很欣賞它的顏色。

I'll turn it back.

我會把它轉回來。

Thanks, guys

謝謝，夥計們

Thank you

謝謝

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛。

Yeah.

是的。

Good morning, team and first question is around return of capital, and you made the decision to bump the dividend and have a more fixed dividend structure versus more of a variable.

早上好，團隊，第一個問題是關於資本回報，您決定提高股息並擁有更固定的股息結構而不是更多的變數。

And Bud and team, I just love your perspective on why you think that's the optimal way to return capital to shareholders and your perspective on the dividend growth from here?

巴德和團隊，我很喜歡你的觀點，為什麼你認為這是向股東返還資本的最佳方式，以及你對股息成長的看法？

Hey Neil, good year for you buddy.

嘿，尼爾，夥計，祝你新年快樂。

It's a good question.

這是一個好問題。

So the decision to move from the base plus variable model to a straight ordinary dividend was a little bit one of messaging.

因此，從基本加變數模型轉向直接普通股利的決定有點像是訊息傳遞。

In our view, we want our investors to know that the dividend is something that we stress test severely.

我們認為，我們希望投資者知道，我們對股息進行了嚴格的壓力測試。

I feel very confident about paying out through all kinds of market conditions.

我對在各種市場條件下支付都非常有信心。

With Q2 representing the peak of our CapEx spending around the Dune Express, we felt it was fitting to convert the dividend completely over.

由於第二季代表了我們圍繞 Dune Express 的資本支出的峰值，我們認為完全轉換股息是合適的。

Looking ahead, once the dividend -- the Dune Express is complete and operational, our cash flow profile changes considerably to the positive.

展望未來，一旦股息——沙丘快車完成並投入運營，我們的現金流狀況將發生顯著的積極變化。

At that time, as management and the Board will discuss how we optimally want to return incremental capital to shareholders.

屆時，管理層和董事會將討論我們如何以最佳方式將增量資本返還給股東。

And I think we all are very excited about sharing that with The Street in the coming quarters.

我認為我們都非常高興在未來幾季與華爾街分享這一點。

Yeah.

是的。

And I think you know, I mean, shareholders come first with us, and we're really excited about entering 2025 and the opportunity we have to return capital to our investors.

我想你知道，我的意思是，股東是我們的第一位，我們對進入 2025 年以及我們必須向投資者返還資本的機會感到非常興奮。

So it's going to be a very exciting year in that regard.

因此，就這方面而言，這將是非常令人興奮的一年。

Yeah.

是的。

Thank you, both.

謝謝兩位。

I think it's a good signaling mechanism for sure.

我認為這確實是一個很好的訊號機制。

So we appreciate that.

所以我們對此表示讚賞。

And then the follow-up is Dune Express, the video is awesome as always.

接下來是《Dune Express》，影片一如既往地精彩。

It does look like it's coming pretty close together.

看起來確實非常接近。

So just can you get us on the ground, what are the gain to getting this into completion and any critical path areas that you're focused on?

那麼，您能否讓我們了解一下，完成此任務可以獲得哪些收益以及您關注的任何關鍵路徑領域？

The real critical path, I mean, everything has been ordered, all the equipment's arriving, everything has been coming in over the period as we expected to.

我的意思是，真正的關鍵路徑是，所有東西都已經訂購，所有設備都已到達，所有東西都按照我們的預期在這段時間內到達。

I mean it's just execution right now.

我的意思是現在只是執行。

No real hurdles.

沒有真正的障礙。

Like we said, we've made most of the major road crossings.

正如我們所說，我們已經通過了大部分主要道路交叉。

We've got most of the -- cross-loads, the lease roads, pipeline crossings and then the counter crossings or the wall-lock crossings.

我們擁有大部分交叉負載、租賃道路、管道交叉口，然後是櫃檯交叉口或牆鎖交叉口。

So right now, it's just execution.

所以現在，只剩下執行了。

The next -- I guess the next big thing is the electrical houses are going to start to arrive, and that's really the last step before they start just wiring everything in.

接下來——我想下一件大事是電氣室將開始到達，這實際上是他們開始連接所有東西之前的最後一步。

So we're still looking good at the going havens going down the Dune Express commercially at the end of this year.

因此，我們仍然看好今年年底沙丘快線商業化的避風港。

From a management change perspective, we're focused more on the launch than construction.

從管理變革的角度來看，我們更關注啟動而不是建設。

We still have to execute.

我們還得執行。

But we're -- as we spend a majority of the capital on this thing already.

但我們——因為我們已經在這件事上花費了大部分資金。

So we're getting down to the -- close to the goal line on this thing, get this things -- punch this thing across.

所以我們正在著手——靠近這件事的球門線，得到這些東西——把它擊過去。

Thanks John.

謝謝約翰。

Michael Scialla, Stephens.

麥可夏拉，史蒂芬斯。

Hi, good morning.

嗨，早安。

You mentioned the Kermit damage was more than expected or at least it impacted the second quarter more than you originally thought.

您提到克米特的損失超出了預期，或者至少對第二季度的影響比您最初想像的要大。

Can you provide a little more detail there on what issues might have surprised you?

您能否提供更多細節，說明哪些問題可能令您感到驚訝？

Yeah.

是的。

I'll let -- I think it was more -- well, I'll let Chris -- Chris has been overseeing that.

我會讓——我認為這更多——好吧，我會讓克里斯——克里斯一直在監督這件事。

I'll let Chris comment on that.

我會讓克里斯對此發表評論。

Yeah.

是的。

Look, as we got into the production, right, just dealing with some of the space limitations that we have out there, we couldn't use our silos, if you will, and we started a temporary mobile load out.

聽著，當我們進入製作階段時，對吧，只是處理我們現有的一些空間限制，我們無法使用我們的筒倉，如果你願意的話，我們開始了臨時的移動裝載。

The cycle-times that we had anticipated on trucks running through the facility on those mobile load-outs versus where they actually were, they were a little bit slower than expected and really impacted our throughput there.

我們預計卡車在這些移動裝載設備上運行通過設施的週期時間與它們實際所在的位置相比，它們比預期慢一點，確實影響了我們在那裡的吞吐量。

We did divert them over to the legacy Hi-Crush facilities to help out.

我們確實將他們轉移到遺留的 Hi-Crush 設施來提供協助。

And as Blake mentioned, they were able to produce greatly for us there so.

正如布萊克所提到的，他們能夠為我們做出巨大的貢獻。

So yes, not as much on the plan itself being repaired is just the ability to...

所以是的，計劃本身的修復並不多，只是能夠…

It was a combination of throughput limitations and then incremental like rental equipment expense.

這是吞吐量限制和租賃設備費用等增量因素的結合。

The amount of yellow iron that we had to have on site during the quarter, it was just a ton of congestion, and then that equipment is free.

本季我們現場必須有大量的黃鐵，只是非常擁擠，然後設備就免費了。

I mean we went from a process that had very little human interaction to having one that was very what I'd say is that it's very intensive from the standpoint of human interaction.

我的意思是，我們從一個幾乎沒有人際互動的過程轉變為一個我想說的，從人際互動的角度來看，它非常密集的過程。

So you had -- there was just a lot more focus on location.

因此，人們更加關注位置。

Got it.

知道了。

And I guess, just some high-level thoughts on M&A.

我想，這只是一些關於併購的高層想法。

Hi-Crush has obviously worked nicely for you.

Hi-Crush 顯然對你來說效果很好。

You already have 30% market share in the Permian sand market.

您在二疊紀沙市已經擁有 30% 的市佔率。

Would you consider acquiring more assets in that market?

您會考慮在該市場收購更多資產嗎？

Or are you looking for more diversification at this point?

或者您目前正在尋求更多的多元化？

Good question.

好問題。

When we look at the current landscape of proppant providers in the Permian and elsewhere, the market is still too fragmented and if it need a further consolidation.

當我們檢視二疊紀和其他地區支撐劑供應商的現況時，會發現市場仍然過於分散，是否需要進一步整合。

However, I don't think that necessarily means Atlas needs to be the consolidator.

然而，我認為這並不一定意味著 Atlas 需要成為整合者。

Our assets put us at the low end of the cost curve, and we just acquired a competitor that was the most adjacent to us on the curve.

我們的資產使我們處於成本曲線的低端，而我們剛剛收購了曲線上與我們最接近的競爭對手。

Thus, if we do any further consolidation, we have to be really picky about exactly what assets we're going to acquire as we absolutely do not want to leave our current position.

因此，如果我們進行任何進一步的整合，我們必須對要收購的資產非常挑剔，因為我們絕對不想離開目前的位置。

That being said, there's a price for everything.

話雖這麼說，一切都是有代價的。

It's a very unique situation in the oilfield as there's a lot of sellers and not a whole lot of buyers, and there's a complete third of capital.

這是油田的一個非常獨特的情況，因為有很多賣家，但買家不多，而且有整整三分之一的資本。

So it's a pretty attractive setting for companies that actually have currency.

因此，對於真正擁有貨幣的公司來說，這是一個非常有吸引力的環境。

However, we're in a position where we don't need to do anything.

然而，我們處於不需要做任何事情的位置。

So we're going to be really picky on both asset quality and valuation.

因此，我們將對資產品質和估值非常挑剔。

Any deal that we do, do will enhance our line of sight on growing our cash flow to shareholders, both near and long term.

我們所做的任何交易都將增強我們對增加股東近期和長期現金流的視野。

Appreciate that.

很欣賞這一點。

Thanks, guys.

謝謝，夥計們。

And we're going to take one more question.

我們還要回答一個問題。

We've got a market that's a fairly generic market, and we've got other earnings calls today.

我們的市場是一個相當普通的市場，今天我們也召開了其他財報電話會議。

So we'll limit it to one more question.

所以我們將把它限制為一個問題。

Jeff LeBlanc, TPH.

傑夫·勒布朗，TPH。

Good morning and thanks for taking my question.

早安，感謝您提出我的問題。

For the question I wanted to ask is could you give any more color on how we should be thinking about ramping the volumes for last mile deliveries ahead of the Dune Express?

我想問的問題是，您能否進一步說明我們應該如何考慮在沙丘快車之前增加最後一英里的交付量？

Are there any constraints that we should be aware of?

有什麼我們應該注意的限制嗎？

On the one hand, your investment towards adding two incremental crews in Q3.

一方面，您在第三季增加兩位增量人員的投資。

But on the other hand, you mentioned that depot deployments seem to be facing some headwinds and you're evaluating additional locations.

但另一方面，您提到倉庫部署似乎面臨一些阻力，並且您正在評估其他地點。

Thank you.

謝謝。

You're breaking up there on me.

你就這樣對我提出分手。

Can you repeat the question?

你能重複一下這個問題嗎？

Sure.

當然。

So for my question, I wanted to see if you could provide any more color on how we should be thinking about ramping volumes for last mile deliveries ahead of Dune Express.

因此，對於我的問題，我想看看您是否可以提供更多信息，說明我們應該如何考慮在 Dune Express 之前增加最後一英里的交付量。

Are there any constraints that we need to be aware of?

有什麼我們需要注意的限制嗎？

I know your investment material pointed towards adding two more informal crews.

我知道你們的投資材料旨在增加兩位非正式工作人員。

But on the other hand, it seems like the Drop Depot deployment seems to be facing delays or headwinds?

但另一方面，空投站的部署似乎面臨延誤或阻力？

Yeah.

是的。

So from a commercial -- yeah, this is Chris Scholla.

從廣告來看——是的，這是克里斯·斯科拉。

From a commercial approach, as we talked about, we've got line of sight to some additional crews.

正如我們所討論的，從商業方法來看，我們已經可以看到一些額外的工作人員。

We continue to see customers come as the Dune Express has moved from.

隨著沙丘快車的離開，我們繼續看到顧客前來。

This is not something real to construction to, oh, my gosh, you can drive over it and very real impactful.

這不是真正的建築，哦，天哪，你可以開車過去，而且非常有影響力。

We continue to have those customer conversations and really look to move our last mile contracts over from last mile to supplying that directly off the Dune Express.

我們繼續與客戶進行對話，並真正希望將我們的最後一英里合約從最後一英里轉移到直接從沙丘快車供應。

So we know our targets in the Delaware.

所以我們知道我們在特拉華州的目標。

We know the major players out there and folks that are in our heat zones.

我們了解那裡的主要參與者以及處於我們熱區的人。

We continue to expand our partnership with those customers.

我們將繼續擴大與這些客戶的合作關係。

Thank you.

謝謝。

I'll hand the call back to the operator.

我會將電話轉交給接線生。

Thank you.

謝謝。

At this time, I'd like to turn the call back to management for closing comments.

此時，我想將電話轉回給管理層以徵求結束意見。

Thank you, everybody, for joining us.

謝謝大家加入我們。

We look forward to reporting our third quarter results next quarter.

我們期待下個季度報告我們的第三季業績。

Thanks.

謝謝。

Thank you.

謝謝。

This does conclude today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation, and have a great day.

感謝您的參與，祝您有美好的一天。