Atlas Energy Solutions Inc (AESI) 2025 Q2 法說會逐字稿

Greetings and welcome to the second quarter 2025 financial and operational results conference call. (Operator Instructions)

問候並歡迎參加 2025 年第二季財務與營運績效電話會議。（操作員指示）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Kyle Turlington, Vice President, Investor Relations. Thank you. You may begin.

提醒一下，本次會議正在錄製中。現在我很高興介紹您的主持人、投資者關係副總裁 Kyle Turlington。謝謝。你可以開始了。

Hello and welcome to the Atlas Energy Solutions conference call and webcast for the second quarter of 2025. With us today are John Turner, President and CEO; Blake McCarthy, CFO; Chris Scholla, EVP and President of Sand and Logistics; and Bud Brigham, Executive Chair. We will be sharing their comments on the company's operational and financial performance for the first quarter of 2025, after which we will open the call for Q&A.

您好，歡迎參加 2025 年第二季 Atlas Energy Solutions 電話會議和網路廣播。今天與我們一起的有總裁兼首席執行官約翰·特納 (John Turner)、首席財務官布萊克·麥卡錫 (Blake McCarthy)、Sand and Logistics 執行副總裁兼總裁克里斯·肖拉 (Chris Scholla) 和執行主席巴德·布里格姆 (Bud Brigham)。我們將分享他們對公司 2025 年第一季營運和財務表現的評論，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. Such statements are based on the current information and management's expectations as of this statement and are not guarantees of future performance.

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。此類聲明基於當前資訊和管理層截至本聲明的預期，並不保證未來的表現。

Forward-looking statements involve certain risks and uncertainties and assumptions that are difficult to predict. As such, our actual outcomes and results could differ materially. You can learn more about these risks in the annual report on Form 10-K we filed with the SEC on February 25, 2025, our quarterly reports on Form 10-Q for the first quarter, our other quarterly reports on Form 10-Q and current reports on Form 8-K and our other SEC filings.

前瞻性陳述涉及某些難以預測的風險、不確定性和假設。因此，我們的實際成果和結果可能會存在重大差異。您可以在我們於 2025 年 2 月 25 日向美國證券交易委員會提交的 10-K 表年度報告、第一季的 10-Q 表季度報告、其他 10-Q 表季度報告和 8-K 表當前報告以及我們向美國證券交易委員會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. 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. You will find the GAAP reconciliation comments and calculations in yesterday's press release. With that said, I will turn the call over to John Turner.

您不應過度依賴前瞻性陳述，我們也不承擔更新這些前瞻性陳述的義務。我們也將參考某些非 GAAP 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數據。您可以在昨天的新聞稿中找到 GAAP 對帳評論和計算。話雖如此，我將把電話轉給約翰·特納。

Thank you, Kyle. For the second quarter, Atlas generated $70.5 million of adjusted EBITDA on $288.7 million of sales, representing a 24% adjusted EBITDA margin. Our second-quarter results, at the low end of our $70 to $80 million guidance range, reflected the well-documented slowdown in Permian Basin completion activity, resulting in a slight sequential decline in volumes. This was primarily driven by customer pauses, extended delays between pads, and scheduled shifts, rather than outright crew reductions, as operators navigated recent commodity price uncertainty.

謝謝你，凱爾。第二季度，Atlas 的銷售額為 2.887 億美元，調整後 EBITDA 為 7,050 萬美元，調整後 EBITDA 利潤率為 24%。我們第二季的業績處於 7,000 萬至 8,000 萬美元指導範圍的低端，反映了二疊紀盆地完井活動的明顯放緩，導致產量環比略有下降。這主要是由於客戶暫停、停機坪之間延長延誤以及安排輪班（而不是直接減少機組人員）造成的，因為運營商要應對近期商品價格的不確定性。

For the third quarter, we anticipate a sequential increase in volumes, supported by continued market share gains and the strength of our high-quality customers base, despite persistent challenges in the West Texas oilfield services market through the end of 2025.

儘管到 2025 年底西德州油田服務市場仍將面臨持續的挑戰，但我們預計第三季銷售將環比成長，這得益於市場份額的持續成長和優質客戶群的強大實力。

The Permian frac crew count, which averaged over 90 active crews in 2024 and peaked at approximately 95 crews by March of 2025, has declined to around 80, the lowest since 2017, excluding the COVID downturn. This reduction has a magnified impact due to significant frac efficiency gains in recent years.

二疊紀盆地壓裂作業隊數量在 2024 年平均有 90 多名活躍人員，到 2025 年 3 月達到峰值約 95 名，但目前已降至 80 名左右，為 2017 年以來最低水平（不包括新冠疫情導致的低迷時期）。由於近年來壓裂效率的顯著提高，這種減少的影響更為顯著。

Daily sand pumped per fleet has more than quadrupled since Atlas’s founding in 2017 and risen approximately 25% since 2023. As a key enabler of this industry transformation, Atlas benefits long term from increased sand consumption, but in today’s market, where customers are delaying completions, each crew reduction or delay has a heightened effect. These efficiency improvements drive better wells and returns for our customers, positioning Atlas as a primary beneficiary when completion activity rebounds.

自 2017 年 Atlas 成立以來，每艘船隊的每日抽沙量增加了四倍多，自 2023 年以來增加了約 25%。作為這項行業轉型的關鍵推動者，Atlas 從增加的沙子消耗中長期受益，但在當今市場，客戶正在推遲完工，每次減少或延遲人員都會產生更大的影響。這些效率的提升為我們的客戶帶來了更好的油井和回報，使 Atlas 成為完井活動反彈時的主要受益者。

As the Permian’s largest standard logistics provider, our scale and the cost efficiencies of the Dune Express provide clear operational and economic advantages over competitors, though we remain exposed to further declines in activity.

作為二疊紀盆地最大的標準物流供應商，我們的規模和 Dune Express 的成本效率為我們提供了比競爭對手明顯的營運和經濟優勢，儘管我們仍然面臨活動進一步下滑的風險。

Despite an approximate 15% decline in sand volumes from our first quarter exit rates, we anticipate year-over-year growth in annual sand volumes, driven primarily by our 22 million committed tons for 2025. Based on our internal estimates, Atlas has expanded its market share from just 15% at the time of our IPO to the high 20%s by 2024, bolstered by the Hi-Crush acquisition to approximately 35% of all sand sold today. As we prepare for the fall RFP season, we expect additional market share gains in 2026 as we secure contracts to optimize our productive capacity and maximize utilization of the Dune Express. The synergies of our low-cost mines and integrated logistics network provide a competitive edge in total delivered sand pricing, which we intend to leverage throughout the contracting season.

儘管與第一季的出口量相比，沙土開採量下降了約 15%，但我們預計年沙土開採量將同比增長，這主要得益於我們承諾的 2025 年 2200 萬噸的開採量。根據我們的內部估計，Atlas 的市佔率已從首次公開募股時的 15% 擴大到 2024 年的 20% 以上，在收購 Hi-Crush 的推動下，Atlas 的市場份額將達到目前所有沙子銷售量的約 35%。在我們為秋季 RFP 季節做準備的同時，我們預計 2026 年的市場份額將進一步增加，因為我們將獲得合約來優化我們的生產能力並最大限度地利用 Dune Express。我們的低成本礦山和綜合物流網絡的協同效應為我們在總交付砂石定價方面提供了競爭優勢，我們打算在整個承包季節中充分利用這一優勢。

Spot prices for West Texas sand remain in the mid to high teens, levels insufficient to justify continued reinvestment for much of the industry, particularly as mines face low utilization and challenges absorbing fixed costs. While the supply stack has been resilient until recently, we are now seeing competitors idling underutilized mines and reducing shift schedules. We expect further supply rationalizations over the next few quarters and believe 2025 will mark the first year since the in-basin sand industry’s inception that total supply capacity contracts.

西德克薩斯州沙石的現貨價格仍保持在中高位，這一水平不足以證明該行業的大部分領域需要繼續進行再投資，尤其是在礦山利用率低且難以吸收固定成本的情況下。儘管直到最近，供應體系一直保持彈性，但我們現在看到競爭對手正在閒置未充分利用的礦場並減少輪班計畫。我們預計未來幾季供應將進一步合理化，並相信 2025 年將是盆地砂產業自誕生以來總供應能力首次收縮的一年。

Combined with rising per fleet sand intensity, this sets the stage for a pricing recovery when completion activity rebounds, a recovery for which Atlas is strategically positioned to capitalize on. The Dune Express is now fully operational with construction and commissioning completed on time, a milestone many considered ambitious.

再加上每艘船的砂石強度不斷上升，這為完井活動反彈時的價格回升奠定了基礎，而 Atlas 的戰略定位是利用這一復甦。沙丘快車現已全面投入運營，其建設和調試已按時完成，這一里程碑被許多人視為雄心勃勃的。

Currently, the majority of the sand delivery from our Kermit plant utilizes the Dune Express at our End of Line and State Line facilities, which has reduced public road traffic and emissions in the area. There, in the second quarter, we sent just over 1.5 million tons of proppant down the conveyor.

目前，我們克米特工廠的大部分沙子運輸都是透過位於 End of Line 和 State Line 設施的 Dune Express 進行的，這減少了該地區的公共道路交通和排放。在第二季度，我們透過傳送帶發送了超過 150 萬噸的支撐劑。

With the Dune Express’s operational efficiencies now tangible, customers are actively securing access to its benefits for 2026. Alongside 5 million tons already contracted for next year, we have identified over 12 million tons of additional sales opportunities, signaling strong demand. There won’t be room for everyone.

隨著沙丘快車的營運效率日益顯著，客戶正積極爭取在 2026 年享受其帶來的優勢。除了明年已經簽約的 500 萬噸之外，我們還確定了超過 1200 萬噸的額外銷售機會，這表明需求強勁。沒有足夠的空間容納所有人。

.The second quarter of 2025 represents the first full quarter of our integrated power operations following the acquisition of Moser Energy Systems. The integration of Moser into the Atlas family has surpassed our expectations, reflecting the strong cultural alignment identified during the diligence process.

2025 年第二季是我們收購 Moser Energy Systems 後綜合電力營運的第一個完整季度。Moser 融入 Atlas 家族的進展超出了我們的預期，反映了我們在盡職調查過程中發現的強大文化契合度。

We are increasingly optimistic about the growth potential of our power business. Our commercial team is actively evaluating over 200 megawatts of opportunities across commercial, industrial, microgrid, and production support applications. The well-documented surge in power demand across the broader economy has significantly expanded our potential customer base beyond our traditional oil and gas operators.

我們對電力業務的成長潛力越來越樂觀。我們的商業團隊正在積極評估商業、工業、微電網和生產支援應用領域超過 200 兆瓦的機會。有據可查的整個經濟領域對電力的需求激增，大大擴展了我們的潛在客戶群，使其不再局限於傳統的石油和天然氣運營商。

As the cost of generating capacity rises in today’s market, our ability to deliver tailored, efficient power configurations to meet customer-specific needs has driven strong traction within our existing customer base and into new sectors, including manufacturing, technology, and other industrial markets.

隨著當今市場發電成本的上升，我們提供客製化、高效電力配置以滿足客戶特定需求的能力，在現有客戶群和新領域（包括製造業、技術和其他工業市場）中獲得了強勁發展。

As we enhance our visibility in the broader power market, we anticipate further diversification of our customers and markets, creating growth opportunities for Atlas that mitigate the volatility of the oil and gas industry.

隨著我們在更廣泛的電力市場中知名度的提高，我們預計我們的客戶和市場將進一步多樣化，為 Atlas 創造成長機會，從而減輕石油和天然氣行業的波動。

A key commercial objective of the Moser acquisition is to extend the duration of our contracts in this business. While our sales team is securing longer-term contracts with key oil and gas operators, the contract durations sought in these emerging markets are significantly longer, often exceeding a decade, a feature we view as highly attractive for stabilizing cash flows and reducing our exposure to historical cyclicality.

收購 Moser 的一個關鍵商業目標是延長我們在該業務中的合約期限。雖然我們的銷售團隊正在與主要的石油和天然氣運營商簽訂長期合同，但這些新興市場尋求的合同期限要長得多，通常超過十年，我們認為這一特點對於穩定現金流和減少我們對歷史週期性的影響非常有吸引力。

Our power team has achieved significant progress in enhancing operational efficiencies and expanding manufacturing capacity at our Casper, Wyoming facility, all while maintaining minimal capital expenditure. As we finalize the integration of Moser Energy Systems, I am increasingly confident that our power business will serve as a critical growth driver for Atlas in 2026 and beyond.

我們的電力團隊在提高懷俄明州卡斯珀工廠的營運效率和擴大製造能力方面取得了重大進展，同時保持了最低的資本支出。隨著我們完成對 Moser Energy Systems 的整合，我越來越有信心，我們的電力業務將成為 Atlas 在 2026 年及以後的關鍵成長動力。

Following the close of the second quarter, we acquired PropFlow, a patented on-site proppant filtration system that enables 24-hour continuous pumping, which Chris Scholl will discuss in further detail here shortly. Proppant filtration has become an increasingly critical aspect of proppant delivery and wellsite efficiency, and the addition of PropFlow to the Atlas portfolio positions us with what we believe is the industry’s leading filtration system. I’d like to take a moment to warmly welcome the PropFlow team to the Atlas family.

第二季結束後，我們收購了 PropFlow，這是一個專利的現場支撐劑過濾系統，可實現 24 小時連續泵送，Chris Scholl 將在此對此進行更詳細的討論。支撐劑過濾已成為支撐劑輸送和井場效率的一個越來越重要的方面，而將 PropFlow 添加到 Atlas 產品組合中使我們擁有了我們認為業界領先的過濾系統。我想花點時間熱烈歡迎 PropFlow 團隊加入 Atlas 大家庭。

In closing, while we anticipate ongoing challenges in the West Texas oilfield services market through the end of 2025, we believe these conditions will accelerate the necessary steps to rebalance the industry. For Atlas, these challenges also create significant opportunities. The acquisition of Moser Energy Systems in early 2025 and PropFlow more recently demonstrate our ability to capitalize on difficult market cycles, enabling us to pursue strategic acquisitions and enhance our market position and through-cycle earnings potential.

最後，雖然我們預計在 2025 年底西德州油田服務市場仍將面臨持續的挑戰，但我們相信這些條件將加速產業重新平衡的必要步驟。對 Atlas 來說，這些挑戰也創造了重大機會。2025 年初收購 Moser Energy Systems 以及最近收購 PropFlow 證明了我們利用困難市場週期的能力，使我們能夠進行策略性收購並提升我們的市場地位和整個週期的獲利潛力。

We expect our growing structural advantage in sand and logistics to deliver differentiated performance, which will become increasingly evident as industry conditions improve. Meanwhile, our power business is well positioned to drive sustained growth for Atlas, capitalizing on the secular tailwinds shaping the broader power market. Now I will turn over the call to our EVP and President of Sand and Logistics, Chris Scholla. Thanks.

我們預計，我們在砂石和物流領域日益增強的結構性優勢將帶來差異化的表現，而隨著產業狀況的改善，這種優勢將變得越來越明顯。同時，我們的電力業務已做好準備，推動 Atlas 持續成長，充分利用塑造更廣泛電力市場的長期順風優勢。現在，我將把電話轉給我們的執行副總裁兼沙子和物流總裁 Chris Scholla。謝謝。

Thanks, John. At Atlas, our focus isn't just selling sand. It's about unlocking the most cost-effective, scalable businesses through logistics, automation and integrated infrastructure. The Permian market is beginning to see that very clearly. We delivered another quarter of record operational performance driven by our focus on customer alignment, relentless pursuit of efficiencies and disciplined capital execution.

謝謝，約翰。在 Atlas，我們的重點不僅僅是銷售沙子。它是關於透過物流、自動化和整合基礎設施來解鎖最具成本效益、可擴展的業務。二疊紀市場開始非常清楚地看到這一點。我們又一個季度創造了創紀錄的營運業績，這得益於我們對客戶一致性的關注、對效率的不懈追求以及嚴格的資本執行。

In May, our Kermit plant and network of Encore mines both set all-time production records. The Dune Express is fully commissioned and has removed almost 8 million sand truck miles from the Delaware Basin public road lease.

五月份，我們的 Kermit 工廠和 Encore 礦場網路均創下了歷史最高產量紀錄。沙丘快車已全面投入使用，並從特拉華盆地公共道路租賃中減少了近 800 萬英里的沙土卡車運輸里程。

Our logistics team set a quarterly volume record of 5.5 million tons delivered to the well site. We have now shipped almost 1,000 truckloads autonomously. And this quarter, we achieved our first autonomous multi-trailer delivery. Atlas continues to position itself as the logistics and infrastructure backbone of the Permian Basin.

我們的物流團隊創造了季度運送至井場550萬噸的記錄。我們現在已自主運送了近 1,000 卡車貨物。本季度，我們實現了首次自主多拖車交付。Atlas 繼續將自己定位為二疊紀盆地的物流和基礎設施支柱。

Let's talk about the Dune Express. This system is not just a cost play, it's a strategic en bloc. For years, a segment of the customer base has been locked in and tethered to legacy providers by high switching costs, fragmented logistics and opaque pricing models. The Dune is changing all of that.

讓我們來談談沙丘快車。這個系統不只是成本遊戲，它還是一個整體策略。多年來，由於高昂的轉換成本、分散的物流和不透明的定價模式，一部分客戶群被鎖定並束縛在傳統供應商身上。《沙丘》正在改變這一切。

By eliminating long-haul trucking, reducing delivery volatility and compressing total landed cost, we're now opening doors to customers in the Delaware Basin that have never sourced a single ton directly from Atlas, all while reducing the commercial truck traffic on the roads and therefore, reducing our industry's impact on the community.

透過消除長途卡車運輸、減少運輸波動和壓縮總到岸成本，我們現在向特拉華盆地從未直接從阿特拉斯採購過一噸貨物的客戶敞開了大門，同時減少了道路上的商業卡車交通量，從而減少了我們行業對社區的影響。

Let me be clear about our long-term strategy. We are not content to be a vendor in the portfolio of our customers. Our goal is 100% of the work, 100% of the time. That means when an operator completes a pad in the Permian, Atlas is responsible for the sand from the mine to the well head.

讓我明確一下我們的長期策略。我們不滿足於成為客戶產品組合中的供應商。我們的目標是 100% 投入工作、100% 投入時間。這意味著，當操作員完成二疊紀盆地的一個平台時，Atlas 將負責從礦井到井口的沙子。

The reason is simple. Integration outperforms coordination. We know that if we can control the mine, the inventory, the delivery system and the final handoff at the well site, we can outperform on cost, reliability, and safety.

原因很簡單。整合優於協調。我們知道，如果我們能夠控制礦山、庫存、交付系統和井場的最終交接，我們就能在成本、可靠性和安全性方面取得優異成績。

By controlling that entire chain, we are positioned to deliver more than just tons, we can deliver certainty to our customers. This integration is why we are so excited to add PropFlow to our existing portfolio of innovative technologies and further enhance our customer value proposition.

透過控制整個鏈條，我們不僅可以交付大量貨物，還可以為客戶提供確定性。正是由於這種整合，我們才如此興奮地將 PropFlow 加入我們現有的創新技術組合中，並進一步增強我們的客戶價值主張。

PropFlow is designed to fully eliminate proppant debris at the wellsite, while also removing the equipment and associated maintenance from the residue. This technology enables continuous pumping operations for our customers and makes it possible to virtually eliminate operational disruptions.

PropFlow 旨在徹底清除井場的支撐劑碎片，同時清除殘留物中的設備和相關維護。這項技術使我們的客戶能夠連續泵送作業，並幾乎可以消除作業中斷。

PropFlow's existing customer base already features blue-chip operators, and we expect that roster to grow as we support the expansion of its market penetration. Increasingly, our customers are recognizing that we are an operational extension of their completions programs.

PropFlow 現有的客戶群已包括藍籌業者，我們預計，隨著我們支持其市場滲透率的擴大，名單將會擴大。我們的客戶越來越意識到我們是他們完井計畫的營運延伸。

In our customer base, we're seeing a clear trend away from spot market relationships and towards fully integrated multi-pad structures where Atlas owns a full delivery experience. Approximately 60% of our active last mile crews rely on Atlas to deliver 100% of the sand required for their basin-specific completions program. It highlights the trust we have built around execution with our customers and we expect this to shift to stoping -- it highlights the trust we have built around execution with our customers, and we expect this to shift to deeper, stickier relationships to accelerate as we scale.

在我們的客戶群中，我們看到了一個明顯的趨勢，即從現貨市場關係轉向完全整合的多墊結構，其中 Atlas 擁有完整的交付經驗。我們大約 60% 的活躍最後一英里工作人員依靠 Atlas 來提供其盆地特定完井計劃所需的 100% 沙子。它凸顯了我們與客戶在執行方面建立的信任，我們預期這種信任將轉變為更深層、更緊密的關係，並隨著我們的規模擴大而加速發展。

I will now turn the call over to our Chief Financial Officer, Blake McCarthy.

現在我將電話轉給我們的財務長布萊克麥卡錫。

Thanks, Chris. In Q2 2025, Atlas generated revenues of $288.7 million, adjusted EBITDA of $70.5 million, a 24% margin. EBITDA was at the low end of our $70 million to $80 million guidance range as volumes came in slightly below expectations as operator schedule shifts deferred some second quarter volumes into the third quarter. Additionally, cash SG&A was elevated during the quarter due to third-party consulting costs and litigation expenses.

謝謝，克里斯。2025 年第二季度，Atlas 的營收為 2.887 億美元，調整後 EBITDA 為 7,050 萬美元，利潤率為 24%。由於營運商計劃變化導致第二季度的部分銷量推遲到第三季度，導致銷量略低於預期，因此 EBITDA 處於我們 7,000 萬至 8,000 萬美元指導範圍的低端。此外，由於第三方諮詢費用和訴訟費用，本季現金銷售、一般及行政費用有所增加。

Economic and commodity price uncertainty is elucidating cautious behavior from our customers, which led several to defer scheduled completions from the second quarter to later in the calendar year. We expect third quarter volumes to be up in the mid-single digits sequentially, with August and September slated to be our strongest volume months of the year, driven by recent customer wins and new Dune Express trials.

經濟和商品價格的不確定性導致我們的客戶採取謹慎行為，導致一些客戶將原定的完工時間從第二季推遲到今年稍後。我們預計第三季的銷售將環比成長中等個位數，其中 8 月和 9 月預計將成為我們今年銷售最強勁的月份，這得益於近期的客戶成長和新的 Dune Express 試驗。

We expect our Power business to generate incremental sequential growth driven by increased unit deployments. However, a forecasted decline in our average proppant sales price and a reduction in shortfall revenue is expected to more than offset these gains, resulting in a sequential decline in consolidated revenue and EBITDA during the third quarter.

我們預計，在單位部署增加的推動下，我們的電力業務將實現連續的增量成長。然而，預計我們的平均支撐劑銷售價格將下降，而短缺收入將減少，這將抵消這些收益，導致第三季合併收入和 EBITDA 連續下降。

Breaking down revenue for the second quarter, proppant sales totaled $126.3 million. Logistics contributed $146.4 million, and power rentals added $16 million. Proppant volumes were 5.4 million tons, down approximately 4% from the levels in the first quarter.

第二季的營收細分為支撐劑銷售總額 1.263 億美元。物流貢獻了 1.464 億美元，電力租賃貢獻了 1,600 萬美元。支撐劑產量為 540 萬噸，較第一季下降約 4%。

Average revenue per ton was $23.29, boosted by shortfall revenue from unmet customer pickups. Excluding this, the average price was $21.17 per ton. As of today, we expect our average sales price to decline to approximately $20.50 during the third quarter.

每噸平均收入為 23.29 美元，主要由於未滿足客戶提貨需求而產生的收入缺口。除此之外，平均價格為每噸21.17美元。截至今天，我們預計第三季平均銷售價格將下降至約 20.50 美元。

Total cost of sales excluding DD&A was $195.9 million, comprised of $60.9 million in plant operating costs, $123.9 million in service costs, $5.9 million in rental costs, and $5.2 million in royalties. Per ton plant operating costs fell to $11.23 excluding royalties, down from Q1, with further normalization expected in Q3 due to higher anticipated volumes and further operational efficiencies.

不包括 DD&A 的總銷售成本為 1.959 億美元，其中包括 6,090 萬美元的工廠營運成本、1.239 億美元的服務成本、590 萬美元的租賃成本和 520 萬美元的特許權使用費。每噸工廠營運成本（不含特許權使用費）較第一季下降至 11.23 美元，由於預期產量增加和營運效率進一步提高，預計第三季將進一步恢復正常。

Cash SG&A for the quarter was $25 million, which included cash transaction expenses and other nonrecurring items of $2.2 million, netting to $22.8 million on a normalized basis. SG&A is expected to remain around the $22 million to $23 million range in the third quarter due to the aforementioned elevated third-party consulting costs and litigation expenses.

本季現金銷售、一般及行政費用為 2,500 萬美元，其中包括現金交易費用和其他非經常性項目 220 萬美元，以正常化基礎計算淨額為 2,280 萬美元。由於上述第三方諮詢費用和訴訟費用的增加，預計第三季銷售、一般及行政費用將維持在 2,200 萬美元至 2,300 萬美元左右。

DD&A was $40.6 million. Net income was negative $5.6 million, and earnings per share with a loss of $0.04. Operating cash flow for the second quarter was $88.6 million, a considerable improvement relative to levels in the first quarter, driven primarily by improvement in working capital intensity that was in turn driven by an improvement in customer collections.

DD&A 為 4060 萬美元。淨利為負560萬美元，每股收益虧損0.04美元。第二季營運現金流為8,860萬美元，較第一季水準大幅改善，主要得益於營運資本密集度的改善，而營運資本密集度的改善又因客戶回款的改善而得以推動。

Adjusted free cash flow, defined as adjusted EBITDA less maintenance CapEx, was $48.9 million or 17% of revenue. Total CapEx during the second quarter was $34.1 million, consisting of $12.5 million in growth CapEx and $21.6 million in maintenance CapEx, bringing total CapEx for the first half to approximately $69.6 million.

調整後的自由現金流（定義為調整後的 EBITDA 減去維護資本支出）為 4,890 萬美元，佔收入的 17%。第二季的總資本支出為 3,410 萬美元，其中包括 1,250 萬美元的成長資本支出和 2,160 萬美元的維護資本支出，使上半年的總資本支出達到約 6,960 萬美元。

We-continue to budget $115 million of total CapEx for 2025 and expect our second half CapEx to decline to first half levels. We are maintaining our dividend of $0.25 per share, which represents a 7.9% yield as of Friday's close. I'll now turn the call over to our Executive Chairman, Ben Brigham, for closing remarks.

我們繼續為 2025 年預算 1.15 億美元的總資本支出，並預計下半年的資本支出將下降至上半年的水平。我們將維持每股 0.25 美元的股息，截至週五收盤，收益率為 7.9%。現在，我將把電話交給我們的執行主席 Ben Brigham，請他致最後發言。

Thanks, Blake. 40 years in oil and gas industry and parts of hard notch education, no classroom can match. (inaudible) cycles drive home a crucial lesson while upswings rain profits on nearly everyone, true resilience and value are forged in the downturns when price is greater and competitors crumble. This hard one wisdom is the foundation of Atlas.

謝謝，布萊克。 40 年的石油和天然氣行業經驗以及部分艱苦的教育，沒有任何課堂可以與之相比。 （聽不清楚）週期給我們上了重要的一課，雖然經濟上升給幾乎每個人帶來了利潤，但真正的韌性和價值是在經濟低迷時期形成的，那時價格更高，競爭對手崩潰。這項艱鉅的智慧是 Atlas 的基礎。

We didn't build Atlas assuming perpetual $40 sand prices. We supply one of the most volatile commodities in existence. Recognizing that reality, we engineered Atlas differently as a low-cost, high-margin operation designed not just to survive volatility, but to thrive amid it.

我們建造 Atlas 時並沒有假設沙價永遠保持在 40 美元。我們供應現存最不穩定的商品之一。認識到這一現實，我們對 Atlas 進行了不同的設計，使其成為一種低成本、高利潤的業務，不僅是為了在波動中生存，而且是為了在波動中蓬勃發展。

Our reputation is West Texas most reliable proppant supplier wasn't earned during the easy post pounding years. It was forged in the crucible of the 2020 COVID downturn, when we honored every customer commitment, even as competitors abandoned theirs. We've only grown stronger since the pandemic. as the lowest-cost proppant producer in a state-of-the-art logistics provider, we are most unique, differentiated advantages, including the Dune Express, autonomous and multi-trader trucking and advanced power solutions.

我們作為西德克薩斯州最可靠的支撐劑供應商的聲譽並不是在輕鬆的衝擊後歲月中贏得的。它是在 2020 年新冠疫情經濟低迷的嚴峻考驗中形成的，當時我們履行了對客戶的每項承諾，即使競爭對手放棄了對客戶的承諾。自從疫情爆發以來，我們變得更加強大。作為成本最低的支撐劑生產商和最先進的物流供應商，我們擁有最獨特、差異化的優勢，包括 Dune Express、自主和多貿易商卡車運輸以及先進的電力解決方案。

Leveraging these strengths, while others struggled to stay afloat in this trial, we're playing off yet. As we've discussed, Atlas hasn't just expanded our market share in profit and logistics, we've also entered new markets. Recent moves like the Moser acquisition earlier this year and last week's PropFlow deal underscore how we're uniquely positioned to create value, while our competitors are constrained.

利用這些優勢，當其他人在這次試驗中掙扎時，我們仍在繼續努力。正如我們所討論的，Atlas 不僅擴大了我們的利潤和物流市場份額，我們也進入了新的市場。最近的舉措，例如今年稍早收購 Moser 以及上週的 PropFlow 交易，都凸顯了我們在競爭對手受到限制的同時，如何擁有獨特的優勢來創造價值。

I can't predict when this cycle will turn, but I know Atlas will emerge even stronger, poised to capture outsized financial rewards when it inevitably does. That concludes our prepared remarks. Now we'll open it up for Q&A.

我無法預測這個週期何時會轉變，但我知道 Atlas 將會變得更加強大，並在不可避免的轉變發生時準備好獲得超額的財務回報。我們的準備好的演講到此結束。現在我們開始問答環節。

(Operator Instructions) Stephen Gengaro, Stifel

（操作員指示）Stephen Gengaro，Stifel

I'd like to start with -- you mentioned -- we all know the Permian has been pretty soft. You mentioned where spot prices are, but then you alluded to sort of the share gains that you've been seeing. Can you just talk a little bit about more what's driving those share gains and how you think that plays out over the next several quarters?

首先我想說的是——您提到過——我們都知道二疊紀盆地相當柔軟。您提到了現貨價格，但隨後又提到了您所看到的份額成長。您能否稍微談談推動這些份額成長的因素以及您認為未來幾季將如何發展？

Thanks, Stephen. This is John. And thanks for the follow-up. For 2025, our Permian fracture count peaked at around 95 in the first quarter. Today, our data tells us we're around 80 crews. Others I know there's been some other reporting in the market. So that says it's set, there are 70 crews, active crews out there. So anywhere between 70 and 80.

謝謝，史蒂芬。這是約翰。感謝您的跟進。到 2025 年，我們的二疊紀裂縫數量將在第一季達到峰值，約 95 條。今天，我們的數據顯示我們大約有 80 個團隊。其他我知道市場上還有其他一些報道。所以說一切已經安排好了，有 70 個團隊，都是活躍的團隊。所以介於 70 到 80 之間。

Our -- the number of frac crews that we're supplying sand and logistics on has been pretty flat since the first quarter, say, roughly 24, 25, depending on the week. So obviously, flat with the first quarter when there were 95 crews running. We estimate today based on a number of, say, 80 crews that we are around 35 of all sand sold in the Permian. This number was high in the high 20s in 2024.

自第一季以來，我們為其提供沙子和物流的壓裂隊數量一直相當穩定，大約是 24、25 個，具體取決於每週。顯然，與第一季 95 名隊員參賽時的情況持平。今天，我們根據 80 個施工隊的數量估算，我們的沙子銷售量約佔二疊紀盆地沙總銷量的 35%。到 2024 年，這一數字將高達 20 多歲。

If our crew count is high and the number is closer to 70, then others reported they were obviously much higher than the 35% probably between 40% and 45% of the market. So that's obviously very powerful. And Chris alluded to this in his comments on the why.

如果我們的船員人數很多，接近 70 人，那麼其他人報告的比例顯然遠高於 35%，可能在 40% 到 45% 之間。這顯然非常強大。克里斯在評論原因時也提到了這一點。

And I'm just going to -- I'll just make some comments on why I kind of see the trend that we see going on. And obviously, first off, is delivering sand and delivering it to the wellbores, obviously, a very important part of the completion process. We started selling sand back in 2018, '19. And since we started doing that, Atlas has built as a reputation as a reliable sand provider.

我只是想——我只是想對我為什麼看到我們所看到的趨勢發表一些評論。顯然，首先，是輸送沙子並將其輸送到井眼，這顯然是完井過程中非常重要的一部分。我們從 2018 年、2019 年開始販售沙子。自從我們開始這樣做以來，Atlas 已經建立了可靠的沙子供應商的聲譽。

To go back to COVID when we were the only sand company that kept both of our mines opened. And we're able to do this because of our low-cost operations commitment from Atlas's owners, executives and employees to be the best service company period.

回到 COVID 時期，當時我們是唯一一家保持兩座礦井開放的砂石公司。我們之所以能夠做到這一點，是因為 Atlas 的所有者、高階主管和員工致力於透過低成本營運成為最佳服務公司。

Fast forward to today, and Atlas is such a different company. Meaning we're no longer just a sand provider. After the acquisition of Hi-Crush, we now have the largest network of in-basin sand, both wet and dry. Atlas is built from the ground up, the largest logistics offering in the Permian, which includes our own fleet of trucks and our own trailers.

時至今日，Atlas 已是一家截然不同的公司。這意味著我們不再只是沙子供應商。在收購 Hi-Crush 之後，我們現在擁有最大的盆地內沙網絡，包括乾沙和濕沙。Atlas 是從零開始建立的，是二疊紀地區最大的物流公司，其中包括我們自己的卡車車隊和拖車。

And on top of that, we developed an app that really streamlines the management of the logistics function, and we continue to develop this app to upgrade with offerings that make our customers' operations more efficient. Add in there the Dune Express, which is probably the biggest game changer, biggest step change in sand and logistics space ever.

除此之外，我們還開發了一款真正簡化物流功能管理的應用程序，並且我們將繼續開發這款應用程序，以升級產品，提高客戶的營運效率。再加上沙丘快車，這可能是有史以來最大的遊戲規則改變者，也是沙地和物流領域最大的進步。

Atlas continues to be on the offensive. We continue to make investments in innovate in the mind of lender space. The most recent is the acquisition of PropFlow, continuous pumping is important to our customers, which makes it important to Atlas. Atlas goes the extra mile to meet our customers' demands, and we're not done yet as we continue to work on the technology and services that are most important to our customers.

阿特拉斯繼續發動攻擊。我們將繼續在貸款人思維領域的創新方面進行投資。最近一次收購是 PropFlow，連續泵送對我們的客戶來說很重要，這對 Atlas 來說也很重要。Atlas 竭盡全力滿足客戶的需求，但我們仍未止步於此，我們將繼續致力於開發對客戶最重要的技術和服務。

And speaking of customers, our customer service, I think if you speak to any of our customers, I think they'll tell you that they get the best from Atlas than the best of any company. When I was an operator, there was always many -- this is an area where many of our service companies fell flat. They didn't necessarily treat us as a partner. But over the years, I've made sure that here at outlets that we excel in customer service.

說到客戶，我們的客戶服務，我想如果你與我們的任何一位客戶交談，他們都會告訴你，他們從 Atlas 獲得的服務比任何公司提供的服務都好。當我擔任營運商時，總是有很多——這是我們許多服務公司失敗的領域。他們不一定把我們視為合作夥伴。但多年來，我一直確保我們門市的客戶服務卓越。

So those are some of the examples of why. And do I think it will continue. I think the answer to that is yes. I mean, over the net past year, we've had a number of customers ask us to sole source of sand and logistics and this will continue because Atlas is committed to being the best service company.

這些就是原因的一些例子。我認為這種情況會持續下去嗎？我認為答案是肯定的。我的意思是，在過去的一年裡，有很多客戶要求我們提供唯一的沙子和物流來源，這種情況將會持續下去，因為 Atlas 致力於成為最好的服務公司。

And we've been here before in these market conditions, we're currently demonstrating to our customers while we are a valued customer. Atlas will continue to make those investments and expand and continue to expand software to its value customers.

我們以前也經歷過這樣的市場狀況，我們目前正在向客戶展示我們是尊貴的客戶。Atlas 將繼續進行這些投資，並不斷擴大其軟體以服務其價值客戶。

Great. The other question I had was just around capital allocation. It sounds like you've had very good success with the trucks from Kodiac to start. And I think there's a lot more on order. And then when you sort of think about CapEx needs versus capital returns to shareholders and kind of a soft market, how do you prioritize?

偉大的。我的另一個問題是關於資本配置的。聽起來您從 Kodiac 卡車起步就取得了巨大的成功。我認為還有很多事情要做。然後，當您考慮資本支出需求與股東資本回報以及疲軟的市場時，您如何確定優先順序？

Steve, it's Blake. Good question. I think just to kind of reiterate what John said. Hey, it's no secret that the West Texas market is pretesting right now. And the playbook like a tough market like today is where the general service industry is everybody flashes CapEx and goes to pricing levels that generate cash flow breakthrough levels almost immediately in order to preserve some type of utilization to keep the lights on.

史蒂夫，我是布萊克。好問題。我認為只是重申約翰所說的話。嘿，西德州市場現在正在進行預測試，這已經不是什麼秘密了。而像今天這樣艱難的市場中的劇本是，一般服務行業中的每個人都閃現資本支出並進入幾乎立即產生現金流突破水平的定價水平，以保持某種利用率來維持運營。

That ultimately resulted in an erosion of earnings power. And when the cycle recovers because it's necessary maintenance capital, they get scrapped, any type of investment in innovation, I guess, pushed to the side.

這最終導致盈利能力的下降。當週期恢復時，由於需要維護資本，它們就會被放棄，我猜任何類型的創新投資都會被推到一邊。

On the flip side of that, our position is the low-cost supplier that enables us to go to those pricing levels while still generating a healthy amount of operating cash flow, which in turn, enables us to continue investing in the business, low returning capital to our shareholders.

另一方面，我們的定位是低成本供應商，這使我們能夠達到這些定價水平，同時仍然產生健康的經營現金流，這反過來又使我們能夠繼續投資於業務，為股東帶來低迴報資本。

On the investment side, that's not to say that we're going to spend money like drunken sailors in all directions. But for instance, we're not currently investing in incremental mines as the West Texas sand supply stack is currently in the process of contracting, which we think is necessary and a long-term benefit to Atlas.

在投資方面，這並不是說我們要像醉酒的水手一樣四處花錢。但是，例如，我們目前沒有投資增量礦山，因為西德克薩斯州的砂石供應堆疊目前正在收縮，我們認為這是必要的，並且對 Atlas 有利。

However, we are continuing to invest in our logistics platform. As seen in our recent acquisition of PropFlow, continued partnership with Kodiak, as pointed out and some other things we got in the hopper. We're focused on widening the gap between us and our competition when it comes to efficiency and customer experience when others are forced to stand still. And I think that's going to become very evident when you look at the market share data and our ability to hold crew count flat, while the market has been freefall over the past few months.

然而，我們仍在繼續投資我們的物流平台。正如我們最近收購 PropFlow 所見，繼續與 Kodiak 合作，以及我們在料斗中獲得的一些其他東西。當其他人被迫停滯不前時，我們專注於在效率和客戶體驗方面擴大我們與競爭對手之間的差距。我認為，當你查看市場份額數據和我們保持船員數量平穩的能力時，這一點將變得非常明顯，而過去幾個月市場一直在自由落體。

On the power front, we're very encouraged by the commercial developments we've seen over the last few months. We're excited to see that begin to bear fruit over the next few quarters. Capital allocation there is an easier discussion as most of those projects we're pursuing have longer duration contracts attached to them with quick cash flow generation. So it's a pretty simple return map.

在電力方面，過去幾個月來看到的商業發展令我們感到非常鼓舞。我們很高興看到這項舉措將在接下來的幾季中取得成果。資本配置是一個更容易討論的問題，因為我們正在進行的大多數項目都附帶較長期限的合同，可以快速產生現金流。所以這是一張非常簡單的迴歸地圖。

Balancing, continuing to invest in the business versus returning capital to shareholders, obviously, an important leg of that stool too is protected the balance sheet. I think that the dividend remains very important to us. We are in the midst of a down cycle right now with sand pricing and cash flow breakeven levels for the industry, and we're still generating cash.

平衡，繼續投資於業務與向股東返還資本，顯然，這個凳子的一個重要支柱也是保護資產負債表。我認為股息對我們來說仍然非常重要。目前，我們正處於行業下行週期，沙子價格和現金流處於盈虧平衡水平，但我們仍在產生現金。

So now -- we have the means, we have to be efficient with our balance sheet management. We got to be tight on costs, and we've got to set a higher return threshold for CapEx to balance it all. But that's what this company was built for.

所以現在——我們有辦法了，我們必須有效地管理我們的資產負債表。我們必須嚴格控製成本，並且必須為資本支出設定更高的回報門檻來平衡所有成本。但這正是這家公司成立的目的。

We're investing to make this model even more durable, and we're confident that, that will really can shine through for investors as we work through the rough second half of the year and into 2026. So ultimately, this down cycle is going to be proved to be very healthy for the West Texas sand market and the logistics industry. And I think we're going to be in prime position on the back side. So we're going to continue to buttress our position.

我們正在投資使這一模式更加持久，我們相信，當我們度過艱難的下半年和 2026 年時，這一模式將真正為投資者帶來光明。因此，最終，這一下行週期將被證明對西德克薩斯州的沙子市場和物流行業非常有利。我認為我們將處於後方的首要位置。因此我們將繼續鞏固我們的地位。

Great. Thanks Blake. Thanks for all the detail.

偉大的。謝謝布萊克。感謝您提供的所有詳細資訊。

Derek Podhaizer, Piper Sandler.

德里克波德海澤、派珀桑德勒。

So John, I thought your commentary around the power business was interesting. It's the first time you really talked about those opportunities for the business outside of oil and gas. Maybe can you expand on what these entail and maybe help frame for us the size of this opportunity set?9

所以約翰，我認為你對電力業務的評論很有趣。這是您第一次真正談論石油和天然氣以外的業務機會。也許您能詳細說明一下這些意味著什麼，並幫助我們確定這個機會集的規模？ 9

Yeah. So I'll go ahead and set this up, and then I'll let Tim answer some of the questions or follow-up on it. Tim Ontrak, who's the Head of our Power business. The need for power obviously, is not constrained just to do it. It's not just specific to the oil and gas business before we acquired Moser.

是的。因此，我會繼續進行設置，然後讓蒂姆回答一些問題或進行跟進。提姆‧昂特拉克 (Tim Ontrak)，我們的電力業務主管。顯然，對權力的需求並不僅限於這樣做。在我們收購 Moser 之前，它不僅僅針對石油和天然氣業務。

So we've done a lot of work on different markets and recognize this. And whether it be commercial and industrial technology, government, data centers or oil and gas, we acquired Moser because it gave us the best platform from which to grow our power business in all these areas.

因此，我們在不同的市場做了很多工作並認識到了這一點。無論是商業和工業技術、政府、資料中心或石油和天然氣，我們收購 Moser 是因為它為我們在所有這些領域發展電力業務提供了最佳平台。

Moser is about Moser itself. It was much more than the generator shop. Over the years, there's been a -- this team has been leading innovation in the mobile power space. And that innovation continues today with some really exciting technologies.

Moser 是關於 Moser 本身的。它不僅僅是一家發電機商店。多年來，這個團隊一直引領著行動電源領域的創新。如今，這種創新仍在繼續，並推出了一些真正令人興奮的技術。

Moser had a really deep bench of technical talent. And since the acquisition, we have made some key additions to the team that enabled us to more quickly penetrate these attractive markets. Whether it be building out microgrids, providing bridge power to permanent power solutions or providing power to service, we believe, are often is unique in our space, and we are well positioned to serve those markets. As far as the size of those markets, I mean we're still evaluating that, and we mentioned a little bit of that on the call. And Tim, do you have anything else you want to say?

莫澤擁有一批非常深厚的技術人才。自收購以來，我們對團隊進行了一些關鍵補充，使我們能夠更快地打入這些有吸引力的市場。我們相信，無論是建造微電網、為永久電力解決方案提供橋接電力，或是為服務提供電力，在我們的領域中往往都是獨一無二的，而且我們有能力服務這些市場。至於這些市場的規模，我的意思是我們仍在評估，我們在電話會議上提到了一點。提姆，您還有什麼想說的嗎？

Yeah. Derek, Tim Ondrak, How are you? So on these opportunities, we're not abandoning oil and gas. We still think the oil and gas base is attractive. But the C&I space tends to come with more unique solutions.

是的。德瑞克、提姆·昂德拉克，你們好嗎？因此，面對這些機會，我們不會放棄石油和天然氣。我們仍然認為石油和天然氣基地具有吸引力。但商業和工業領域往往會出現更多獨特的解決方案。

We think we're well positioned to provide those. A lot of those are bridge to permanent solutions, but we're really a partner. And we're not solving a near-term problem where we're waiting online power. We're solving a permanent solution for somebody that comes with a 5 to oftentimes 10- or 15-year contract.

我們認為我們有能力提供這些服務。其中許多都是通往永久解決方案的橋樑，但我們實際上是合作夥伴。我們並沒有解決等待線上電力的近期問題。我們正在為那些簽訂了 5 年到 10 年或 15 年合約的人提供永久性的解決方案。

And so the returns in that space are pretty attractive, especially from a long-term cash flow stability standpoint. Some of those are folks in the tech space. They're in manufacturing. They're in different industrial processes where the need for power in the United States has created a situation where they need to bridge that gap, and we're in a perfect position to provide that.

因此，該領域的回報相當有吸引力，尤其是從長期現金流穩定性的角度來看。其中一些是科技領域的人士。他們從事製造業。他們處於不同的工業過程中，美國的電力需求造成了需要彌補這一差距的情況，而我們完全有能力提供這種電力。

Great. That's helpful comments. And then maybe on just thinking about the supply stack. And you guys seem pretty confident that we're going to see a real supply contraction the first time since in-basin sand became a thing. So maybe can you help us understand the tangible evidence and proof points that you're seeing of these Tier 2 or 3 mines actually shutting down? And then maybe how much do you think will come off-line from the $90 million or $100 million or so of supply in the Permian?

偉大的。這是很有幫助的評論。然後也許只考慮供應堆疊。你們似乎非常有信心，自盆地內砂成為現實以來，我們將首次看到真正的供應收縮。那麼，您能否幫助我們了解您所看到的這些二級或三級礦山實際上正在關閉的確鑿證據和證明點？那麼，您認為二疊紀盆地約 9,000 萬美元或 1 億美元的供應量中，有多少會被削減？

This is Chris. I think from a tangible proof evidence of what we're seeing out there is we do have confirmation that one of the major mines of Kermit has already actually shut down and released everyone except for management out there. And you look at that supply stack, and I think from a -- the numbers you threw out, while mechanically that all may be there, from a total support basis, right, you got to have the mechanics, the electricians, the skills, the people to operate all of that. And what we're seeing here across the Board is layoffs, reduction in staff. People working to get lean and mean in terms of OpEx, just to stay alive, right?

這是克里斯。我認為，從我們所看到的確鑿證據來看，我們確實可以確認，克米特的一個主要礦井實際上已經關閉，並釋放了除管理人員以外的所有人。你看一下那個供應堆棧，我認為從你拋出的數字來看，雖然從機械角度來看所有這些都可能存在，但從總體支持基礎來看，你必須擁有機械師、電工、技能和操作所有這些的人員。我們看到的是全面裁員、減少員工。人們努力精簡營運支出只是為了生存，對嗎？

And I think that's really where we see the market going. I think that again, that supply stack out there is probably very overstated as to what can actually be supplied in the market today. We're already seeing constraints for the first time come to fruition.

我認為這正是我們看到的市場走向。我再次認為，目前的供應量可能被嚴重誇大了，與目前市場實際供應量相比，差距很大。我們已經第一次看到限制措施有成果。

So as we move into Q4 with the messy schedule, unknown schedules that are, I think we'll continue to see that supply stack diminish down, and it's just a matter of time as to where our competitors continue to not invest in their facilities and won't be ready for the uptick.

因此，隨著我們進入第四季度，日程安排混亂，日程安排未知，我認為我們將繼續看到供應堆疊減少，而我們的競爭對手繼續不投資其設施並且不會為上升做好準備，這只是時間問題。

Could you quantify? I mean, is it -- are we talking 5 million, 10 million, 15 million tons potentially being stacked or coming out?

你能量化嗎？我的意思是——我們說的是可能堆積或流出的 500 萬、1000 萬、1500 萬噸嗎？

Yeah. I would probably say, on a total market basis, just my gut, 20% of the market at least is not available.

是的。我可能會說，從整個市場來看，僅憑我的直覺，至少有 20% 的市場尚未開放。

Got it. Super helpful. Thanks guys, I'll turn it back.

知道了。超有幫助。謝謝大家，我會把它退回去。

Jiml Rollyson, Raymond James.

吉姆·羅利森，雷蒙德·詹姆斯。

First question, just if you kind of look at the market we've had and obviously, operators have been very focused on minimizing well AFEs and pushing price on service companies as low as they can get it to try and offset oil prices, et cetera. Would love to hear just kind of how you guys are responding to that from a cost perspective, from an operations perspective, et cetera.

第一個問題，如果你看一下我們所處的市場，顯然，運營商一直非常注重盡量減少油井 AFE，並儘可能壓低服務公司的價格，以試圖抵消油價等等。我很想聽聽你們從成本角度、營運角度等等對此有何反應。

Yeah. Thanks, Jim. This is Chris. I'll take that one. You're absolutely right. Operator focus on lowering well costs. It's pretty intense right now. I think our sales team hears that just about every week.

是的。謝謝，吉姆。這是克里斯。我要那個。你說得完全正確。營運商專注於降低油井成本。現在形勢相當緊張。我想我們的銷售團隊幾乎每週都會聽到這種說法。

But at Atlas, we really positioned ourselves to thrive in exactly that type of market, right? We look at that total delivered value, not just a price point. So looking at that kind of total delivered cost perspective, right, we get a lot of questions on these calls around what's the price per ton at the sand mine. And from my perspective, that's really yesterday's game, right?

但在 Atlas，我們確實將自己定位為在這種類型的市場中蓬勃發展，對嗎？我們關注的是總交付價值，而不僅僅是價格點。因此，從這種總交付成本的角度來看，我們在電話中收到了很多關於沙礦每噸價格的問題。從我的角度來看，那真的是昨天的比賽，對吧？

That is the game from five years ago. We really moved on from that and focused on the total delivery costs at the well site. And then as part of that, right, we're competing with the reliability and efficiency and ability to execute. So just walking through, I know John touched on this a little bit, right? But walking through the strategic platform we've built to continue to round out that strategy.

那是五年前的遊戲。我們確實從這一點出發，並將重點放在了油井現場的總運輸成本。作為其中的一部分，我們正在競爭可靠性、效率和執行能力。只是走過，我知道約翰稍微提到了這一點，對吧？但透過我們已經建立的策略平台，我們將繼續完善這項策略。

We started out, as we've talked about, lowest cost structure on current Monahans, high-quality due sand, moved on to vertically integrating in the logistics. Acquired Hi-Crush to give us logistically advantaged, the largest network of mine in the Midland Basin, launched the Dune Express, which eliminated all the long-haul trucking, associated for that in Delaware.

正如我們所討論的，我們從目前 Monahans 的最低成本結構、高品質的沙子開始，然後轉向物流的垂直整合。收購 Hi-Crush 為我們帶來了物流優勢，米德蘭盆地最大的礦山網絡，推出了 Dune Express，從而消除了與特拉華州相關的所有長途卡車運輸。

And then now we've added PropFlow, which enables the 24/7 pumping and expand further into that value chain. None of these things were done on accident, right? Simply put, we have continued down the strategy of being the lowest cost structure and be fundamentally lower. I think it's also we operate even when the market is great, we operate lean, right? But it's not just about being lean at this point, it's being integrated.

現在我們添加了 PropFlow，它可以實現全天候泵送，並進一步擴展到該價值鏈。這些事情都不是偶然發生的，對吧？簡單來說，我們繼續推行成本結構最低、成本根本更低的策略。我認為，即使在市場很好的時候，我們也會精益運營，對嗎？但此時，我們不僅要精益，還要整合。

We own the largest network of mines. We control the logistics out there. And we continue to invest in the technology, large infrastructure and automation where it truly matters. That's really our differentiating factor. And if you move on and look at our customer base, right, we continue to align with those most efficient operators out there. They really fit with our logistics footprint. But they also have to share our operational philosophy, right?

我們擁有最大的礦山網路。我們控制那裡的物流。我們將繼續在真正重要的技術、大型基礎設施和自動化領域進行投資。這確實是我們的差異化因素。如果你繼續看看我們的客戶群，你會發現，我們將繼續與那些最高效的運營商保持一致。它們確實適合我們的物流足跡。但他們也必須認同我們的經營理念，對嗎？

I mean we walked away from the low-value opportunities to focus on those operators that value our logistics innovation, the reliability and long-term partnerships that play like absolutely, right? I think it's that type of discipline that's really allowed us to go capture a higher wallet share from higher quality relationships.

我的意思是，我們放棄了低價值的機會，轉而專注於那些重視我們的物流創新、可靠性和長期合作關係的營運商，對嗎？我認為，正是這種紀律讓我們能夠從更高品質的關係中獲得更高的錢包份額。

That's really what's allowing us to grow in this challenging market. I think just to be clear, we're not out there at this point, chasing marginal tons or transactional price, just not interested, right? We're continuing to focus on sweetening strategic partnerships with the customers that share our long-term view of what partnership really looks like.

這確實讓我們能夠在這個充滿挑戰的市場中成長。我想需要明確的是，我們現在並不是在追求邊際噸位或交易價格，只是不感興趣，對嗎？我們將繼續致力於與那些對合作關係的長期看法與我們一致的客戶建立更緊密的策略夥伴關係。

Thanks for that, Chris. Appreciate it. Follow-up question would be, you mentioned around Dune Express. Obviously, challenging time to bring that into the market just as kind of all this craziness started happening. And obviously, it's customer reluctance to do anything new contracting wise always seems to materialize in these kind of markets.

謝謝你，克里斯。非常感謝。後續問題是，您提到了《沙丘快車》。顯然，當所有這些瘋狂的事情開始發生時，將其引入市場是一個挑戰。顯然，在這種市場中，客戶似乎總是不願意簽訂任何新的合約。

But as you mentioned, a couple of different things about expanding your blue chip customer base and having increased conversations around Dune Express heading into next year. Would love to kind of pick your brain or get your thoughts around how confident you are that you'll actually see some of that incremental 12 million tons of volumes that you're tracking for next year?

但正如您所提到的，關於擴大藍籌客戶群以及明年圍繞 Dune Express 的討論會增加一些不同的事情。我很想聽聽您的意見，或了解您對明年能夠真正實現您所追蹤的 1200 萬噸增量有多大信心？

If you're already having conversations there, just whatever visibility or color you can provide that would be great, given the kind of slow start with the market we're in?

如果您已經在那裡進行了對話，那麼考慮到我們所處的市場起步緩慢，您能提供的任何可見性或顏色都會很棒嗎？

Yeah. Look, I mean, we're definitely having those conversations. I think to kind of kick back a little bit, right? Taking into perspective, a lot of these guys didn't think that the Dune Express was actually going to happen and operate efficiently. So you had a lot of operators really sit back and take this wait-and-see perspective.

是的。聽著，我的意思是，我們肯定正在進行這些對話。我想應該稍微放鬆一下，對吧？從這個角度來看，很多人並不認為沙丘快車真的能夠實現並且有效運作。因此，很多業者真的坐下來，採取觀望的態度。

And is this going to work? Meanwhile, they did have to support their programs in 2025 with those contracts that they had. And they continue to kind of sit with those legacy relationships, if you will, that are long-standing relationships in Delaware.

這會起作用嗎？同時，他們確實必須利用現有的合約來支持 2025 年的計劃。如果你願意的話，他們將繼續保持這些傳統關係，這些關係是特拉華州的長期關係。

I think as customers have continued to come out, and one, tour the facility, look at the Dune Express, it's a moment of wow, this is really working, this is impressive, right? Two, we've -- for those customers that did have this open type of opportunities, we've been able to transition one customer that we had one crew with to 100% of their work with three crews now just based on the Dune.

我認為，隨著顧客不斷前來，參觀設施，看看沙丘快車，他們都會驚嘆不已，這真的有效，這令人印象深刻，對吧？第二，對於那些確實有這種開放機會的客戶，我們已經能夠將一個客戶從我們只有一個團隊的工作轉變為現在僅基於 Dune 的三個團隊完成 100% 的工作。

We see that trend continuing. But look, like we've hit those early adopters. I think the early majority were hitting in stride, and that late majority from that adoption curve will fall in here soon.

我們看到這一趨勢仍在持續。但你看，我們已經吸引了那些早期採用者。我認為早期的大多數用戶都在大步前進，而採用曲線的後期大多數用戶很快就會走到這裡。

But look, the RFP season coming up is really the perfect timing. And quite honestly, some of the first openings that some of our customer base has, look, these are guys that we haven't done business with, and that's what really excites us, right? You look at historically out there, we've got a number of Delaware Basin operators that we've never sold a ton to. And now we're in direct conversation with those guys from the strategic differentiator that is to do.

但看看，即將到來的 RFP 季節確實是完美的時機。老實說，我們的一些客戶群首次接觸到的就是那些我們以前從未合作過的人，而這正是讓我們興奮的地方，對吧？從歷史上看，我們有許多特拉華盆地運營商，但我們從未向他們出售過一噸產品。現在，我們正在與那些從事策略差異化的人進行直接對話。

Perfect. Appreciate it. Thanks.

完美的。非常感謝。謝謝。

Don Crist, Johnson Rice.

唐克里斯特、約翰遜賴斯。

I wanted to start with the costs to produce at your mines. Was there something in the quarter that helped you all along with that? Was it a new cut ahead or anything like that? Because normally, when we see volumes come in a little bit, we see the cost actually per ton go up a little bit. Was there anything in the background there that we could point to?

我想先了解你們礦山的生產成本。本季有什麼事情對您有幫助嗎？這是新的突破還是類似的東西？因為通常情況下，當我們看到產量增加一點點時，我們就會看到每噸的成本實際上會上升一點點。背景中有什麼我們可以指出的嗎？

No. I think operationally, right, we've talked a while here in terms of that operational excellence trend and really continuing to operate lean and mean throughout. I think as we continue, when operators sit on us for pricing, we're doing the same through our value chain, right?

不。我認為從營運角度來說，我們已經討論了一段時間關於卓越營運的趨勢，並且真正持續精實營運。我認為，隨著我們繼續前進，當營運商向我們索取定價時，我們也會透過我們的價值鏈做同樣的事情，對嗎？

So we're going out from a procurement perspective, looking at uncovering every rock, trying to get as lean, as mean as we possibly can. But from an operational basis, I think one of the things that you'll see and you see these operational records being hit by facilities. We do continue to put the volume through those lowest cost facilities out there.

因此，我們從採購的角度出發，努力發現每一個問題，盡可能精簡節省開支。但從營運角度來看，我認為您會看到的事情之一就是這些營運記錄受到設施的影響。我們確實會繼續透過那些成本最低的設施來輸送貨物。

And with Kermit overperforming expectations, that's really allowed us to move -- continue to move down that cost curve. Just a continuation of what we said in place as an operational strategy a year ago. And I think you'll continue to see that through 2026.

由於 Kermit 的表現超出預期，這確實讓我們能夠繼續降低成本曲線。這只是我們一年前所說的營運策略的延續。我認為到 2026 年你還會繼續看到這種情況。

And I think that Chris has done an excellent job when it comes to where we came from and where we are today, and where we're going on this. I mean that's something I noticed it's like, wow, if volumes go down, our OpEx per ton. That's not something that you noticed.

我認為克里斯在闡述我們的起源、現狀和未來方向方面做得非常出色。我的意思是，我注意到了這一點，哇，如果產量下降，我們的每噸營運成本就會下降。那不是你注意到的事情。

But I think our operations team has really stepped up and really done a great job understanding what the mission is and the goal is here at Atlas and for Atlas to be obviously profitable and generating cash flow for its investors.

但我認為我們的營運團隊確實已經加大了力度，並且確實很好地理解了 Atlas 的使命和目標，即實現盈利並為投資者創造現金流。

I appreciate that color. And just one on the power side for me. The conversations that you're having with operators out there, I'm guessing there for larger kind of micro grids, maybe in the 10, 20, 30-megawatt. Any of those -- can you elaborate on those conversations, number one?

我很欣賞那個顏色。對我來說，電源方面只有一個。我猜您與那裡的運營商進行的對話是為了更大規模的微電網，可能是 10、20、30 兆瓦。其中任何一個——你能詳細說明一下這些對話嗎，第一？

But number two, will any of those contracts that you could potentially sign over the next couple of quarters, come with any increased CapEx in the motor side? Or do you have that covered already?

但第二點，在接下來的幾個季度中，您可能簽署的任何合約是否都會增加汽車方面的資本支出？或者你已經涵蓋了這一點？

Yeah. This is Tim again. So those are definitely projects we're looking at. Our CapEx budget is pretty well set for this year. I think when we look at those opportunities, we think we're in a position to deploy somewhere between 40 and 50 megawatts between now and the end of the year.

是的。我又是提姆。所以這些肯定是我們正在關注的項目。我們今年的資本支出預算已經設定得相當好了。我認為，當我們考慮這些機會時，我們認為從現在到今年年底我們有能力部署 40 到 50 兆瓦的電力。

That's already built into CapEx, and that allows us to be selective on the projects that make the most sense for us. And as John alluded to in his comments, we're evaluating over 200 megawatts of opportunities and those kind of come to fruition in the next 12 months for the majority of them.

這已經包含在資本支出中，這使我們能夠選擇對我們來說最有意義的項目。正如約翰在評論中提到的那樣，我們正在評估超過 200 兆瓦的機會，其中大部分將在未來 12 個月內實現。

And so as we look at those projects, we're in a good position to take advantage of them. And I think some of those we can use next year's CapEx to take advantage of them. And the operators that are looking at those micro grids, a lot of times have a solution in place. And the microgrid is the next evolution of their power strategy versus just placing gensets on one pad and empowering a set of wells on that pad.

因此，當我們審視這些項目時，我們處於一個可以利用它們的有利位置。我認為我們可以利用明年的資本支出來發揮其中的一些優勢。而關注這些微電網的營運商很多時候都已經有了解決方案。微電網是其電力戰略的下一個發展階段，而不是僅僅將發電機組放置在一個平台上並為該平台上的一組水井供電。

And I'd say some of that is not just that 200 megawatts. I mean that's just what we're looking at announced, 60% of that is actually on the C&I side, too. So I mean, I don't think it's too much of a stretch for us to supply that to explain that market either. I mean it's just an extension of what we're currently doing.

我想說其中不只 200 兆瓦。我的意思是，這只是我們正在關注的宣布的內容，其中 60% 實際上也屬於 C&I 方面。所以我的意思是，我認為我們提供這些資訊來解釋這個市場並不太過分。我的意思是這只是我們目前正在做的事情的延伸。

I appreciate the color. I'll turn it back.

我很欣賞這個顏色。我會把它轉回去。

Josh Jane, Daniel Energy Partners

喬希·簡，丹尼爾能源合作夥伴

First one, could you just expand a bit more on the strategic rationale behind the PropFlow acquisition? And then maybe in the response, could you also give your thoughts on the wet sand market versus dry sand market? And if you think that market share for wet sand, how you think it ultimately evolves over the next 12 to 24 months?

首先，您能否進一步闡述收購 PropFlow 背後的策略基礎？那麼也許在回應中，您能否也談談對濕沙市場和乾沙市場的看法？如果您考慮濕沙的市場份額，您認為未來 12 到 24 個月內它最終會如何發展？

Yeah. I think you look at PropFlow, they've got those innovative technologies that really further enhance our customer value proposition. I think it was the one part of the wet sand value chain that we didn't have, right, and go into the blender and that really completes the offering.

是的。我認為你看看 PropFlow，他們擁有那些真正進一步增強了我們的客戶價值主張的創新技術。我認為這是我們所沒有的濕砂價值鏈的一部分，然後進入攪拌機，這才真正完成了產品供應。

You look at the -- again, from a customer perspective, it eliminates that equipment in the red zone out there that allows for 24/7 continuous pumping and really enables our customers to continue to get more efficient. So to us, after we met the management team, culturally fit right in, but strategically made a ton of sense as our wet mines continue to be sold out.

你再看看——再一次，從客戶的角度來看，它消除了紅色區域中允許全天候連續抽水的設備，並真正使我們的客戶能夠繼續提高效率。因此對我們來說，在與管理團隊會面後，從文化上來說，這很合適，而且從策略上來說，這也非常有意義，因為我們的濕礦繼續被搶購一空。

I think from a wet and dry perspective, look, as we talked about earlier, it's all about total delivered cost, right? You got early adopters. You got some customers that are segmented towards all wet or all dry and some that do both.

我認為從濕和乾的角度來看，正如我們之前討論過的，這都是關於總交付成本的，對嗎？您獲得了早期採用者。有些客戶喜歡全濕洗或全乾洗，而有些客戶則兩者都喜歡。

But at the end of the day, it really boils down to the total delivery cost and what value, efficiency and reliability you give that customer. And again, right, that's where our network of mines out there. You've got onesie-twosies, but our network of mine allows us to go supply those customers in full delivery.

但歸根結底，它實際上取決於總運輸成本以及您為客戶提供的價值、效率和可靠性。再說一次，沒錯，那就是我們的礦井網路所在的地方。你有一兩件衣服，但我們的網路允許我們向這些客戶提供完整的交付。

So I think that from a wet or dry at this point is there are a lot of people in the market going and putting more capital into expansion of mines out there with the -- with where we're at the market, like I just don't see that. So I think you're going to remain pretty stable of where you're at today for the foreseeable future.

因此，我認為，從目前的情況來看，市場上有許多人投入更多資金來擴大礦場規模，就我們目前的市場狀況而言，我還沒有看到這種情況。因此我認為在可預見的未來，你們的現狀將保持相當穩定。

Okay. And then just a general one on customer mindset. And we've had a lot of changes in the macro environment over the last 90 to 100 days. Could you just talk through operator mindset and if it's changed post Liberation Day and are operators generally more comfortable today than they were, let's say, 90 to 100 days ago?

好的。然後只是對客戶心態的一般介紹。在過去的 90 到 100 天裡，宏觀環境發生了許多變化。您能否談談操作員的心態，以及這種心態在解放日之後是否發生了變化，以及操作員現在是否比 90 到 100 天前更加舒適？

Look, I think from an operator mindset, that varies customer and customer, right? You've got your big boys out there that are always going to pump through downturns. It may not 100%. all the way to your small independents that moved quickly in either direction.

看，我認為從運營商的心態來看，這因客戶而異，對嗎？你們擁有強大的力量，他們總是能幫助你們度過低迷時期。它可能不是 100%。一直到你的小型獨立公司，它們在任何一個方向上都快速移動。

I think what you're seeing is more broadly the perspective of we're going to be flat for a little bit and kind of figure out where things go. I think a lot of our customers are still evaluating exactly what their program looks like in Q4. And I think we'll have a lot more insight in that September, October time frame once we get through budget season and these guys can provide their budgets for '26.

我認為你所看到的是更廣泛的視角，我們將會暫時保持平穩，並弄清楚事情的發展方向。我認為我們的許多客戶仍在評估他們的計劃在第四季度的具體情況。我認為，一旦我們度過預算季，這些人就可以提供 26 年的預算，我們將在 9 月和 10 月的時間範圍內獲得更多的見解。

But overall, it does -- there's a feel like there's less of a falling knife and more of a sense of stability in the market. But yeah, I would definitely say we see that from our customers.

但總體而言，確實如此——感覺市場不再像刀子一樣下落，而是更加穩定。但是是的，我肯定會說我們從客戶那裡看到了這一點。

Jeff LeBlanc, TPH.

傑夫·勒布朗，TPH。

The first question I have is -- or I guess the question is in logistics, how should we be thinking about the magnitude of non-Dune Express deliveries over the second half of the year versus, I think the number was 4 million tons in Q2?

我的第一個問題是——或者我猜這個問題是在物流方面，我們應該如何看待下半年非沙丘快運的運輸量，而我認為第二季度的運輸量是 400 萬噸？

Yeah, it's about 4 million. I think that we're looking at pretty flattish Dune Express volumes through the back half of the year for now. And then -- so with the sequential increase in the total volume should be up mid-single digits. And so related to the non-Dune Express logistics volume should be approximately in line with those numbers.

是的，大約400萬。我認為，就目前而言，今年下半年的 Dune Express 銷售將相當平淡。然後 —— 因此總量將持續增加，並上升到中個位數。因此與非 Dune Express 相關的物流量應該大致與這些數字一致。

Okay. And then I guess the follow-up would be, how should we be thinking about the margins on those deliveries versus the Dune Express? And then additionally, for Dune Express margins, how is the progression from single to double or triple trailers going?

好的。然後我想接下來的問題是，我們應該如何考慮這些交付與沙丘快車相比的利潤率？另外，對於《沙丘快車》的利潤率來說，從單拖車到雙拖車或三拖車的進展如何？

The economics from the Dune Express have been there. I think that we're just right now like it's we're still in the ramping phase. So when we think about the overall logistics margin profile, we have that approximately flat moving forward just because the Dune Express volumes are expected to be flat.

《沙丘快車》中的經濟學原理已經存在。我認為我們現在仍處於上升階段。因此，當我們考慮整體物流利潤率狀況時，我們認為該利潤率大致持平，因為預計 Dune Express 的運量將保持穩定。

Multi-trailer margins are significantly higher than single trailer Dune Express margins, which are, in turn, significantly higher than the traditional logistics margins. I think that it's a period of maturation for the overall logistics business as we -- we're pushing people more towards the multi-trailer operations because it is -- it's more efficient for them. It's more efficient for us. It's a win-win for all parties.

多拖車利潤率明顯高於單拖車 Dune Express 利潤率，而單拖車 Dune Express 利潤率又明顯高於傳統物流利潤率。我認為這是整個物流業務的成熟期，因為我們正在推動人們更多地採用多拖車操作，因為這對他們來說更有效率。這對我們來說更有效率。這對各方而言都是雙贏的。

But that takes a bit of time. It evolves some changes in how people construct their pads and the mindset around the allocation of equipment around the well site. So we're holding people's hand through that. And I think once people -- the people that have, I think, as Chris talked about, like the early adopters, once they've gotten going on that, they're like, wow, this really works. It is exciting and it's really sticky. So that's part of just an education phase that we're working through with our customers.

但這需要一點時間。它改變了人們建造平台的方式以及井場周圍設備分配的思維。因此，我們會幫助人們度過難關。我認為，正如克里斯所說的那樣，一旦人們開始這樣做，他們就會覺得，哇，這真的有效。這很令人興奮，而且真的很黏。這只是我們與客戶合作進行的教育階段的一部分。

Yeah. I think we run that analysis as well in terms of the Dune. And if you look at the -- now that we have some stable periods of numbers behind us with the Dune, if you look at the cost of the Dune and quite honestly, once we get it sold out, it's right in line with our expectations, if not just slightly below that. And that moves us from spreadsheet, theory, and mass to real-world transition in the margins.

是的。我認為我們也針對沙丘進行了同樣的分析。如果你看一下——現在我們的 Dune 銷量已經穩定了一段時間，如果你看一下 Dune 的成本，說實話，一旦我們將其售罄，它就完全符合我們的預期，甚至略低於我們的預期。這使我們從電子表格、理論和品質轉向現實世界的邊緣轉變。

Eddie Kim, Barclays.

巴克萊銀行的 Eddie Kim。

Just want to circle back on your guidance for 3Q volumes up mid-single digits sequentially. I know you mentioned some share gains and deliveries pushed out from 2Q to 3Q. But that still seems surprisingly good, given the sequential declines that some of the pressure pumpers have been guiding to.

只是想回顧一下您對第三季銷售量環比成長中個位數的預測。我知道您提到了一些份額增長和交付量從第二季度推遲到第三季。但考慮到一些壓力泵供應商所預測的連續下降趨勢，這似乎仍然出奇地好。

So just curious on your confidence level there. Is most of that sort of in hand at this point? Or is there some downside risk of Permian fleet count declines more than your current expectations?

我只是好奇你的信心程度。目前大部分情況都已控制了嗎？或者二疊紀盆地石油產量下降幅度是否有超出您目前預期的下行風險？

Well, I mean there's always downside but there's also upside risk. We have those volumes pretty heavily risked. But I think that, like I said, a part -- we keep harping on it like is executed right now. And yes, it is a really tough market, depending on who you ask. We do somewhere between 70 to 80 completion crews in West Texas right now. But we've been able to hold that crew count pretty darn flat.

嗯，我的意思是總是有不利因素，但也有有利風險。我們認為這些交易量的風險相當大。但我認為，就像我說的，我們一直在強調這一點，就像現在正在執行的那樣。是的，這是一個非常艱難的市場，這取決於你問誰。目前，我們在西德克薩斯州有 70 到 80 個完井隊。但我們已經能夠將船員數量控制在相當穩定的水平。

And so that's just a testament to the good work that our operations team has been put forward. So that's -- think about that kind of sequential 4% to 5% volume growth is what we're thinking right now in terms of our own internal models.

這只是對我們營運團隊出色工作的證明。所以，就我們自己的內部模型而言，我們現在正在考慮連續 4% 到 5% 的銷售成長。

Got it. Yeah. And definitely, the market share gains have been pretty impressive. My follow-up is just on early expectations on the trajectory of 4Q. I mean looking back the past two years, your 4Q has declined in the low double digits sequentially from both revenue and volume perspective. Any reason this year might look different? Or should we expect a similar sort of historical seasonality? Any thoughts there would be great.

知道了。是的。毫無疑問，市場佔有率的成長相當令人印象深刻。我的後續只是對第四季軌蹟的早期預期。我的意思是回顧過去兩年，無論從收入或銷售的角度來看，你們的第四季都連續下降了兩位數。今年可能有所不同，有什麼原因嗎？或者我們應該期待類似的歷史季節性？任何想法都很棒。

Yeah, we see the same seasonality. I mean I think that it's prepervasive across the entire service industry. I think it's a little early this year. With this type of market, I wouldn't be surprised if people do take extended breaks during the holiday season, and it's Texas too.

是的，我們看到了相同的季節性。我的意思是，我認為它在整個服務業都很普遍。我認為今年有點早。在這種市場中，如果人們在假期期間延長休息時間，我不會感到驚訝，德克薩斯州也是如此。

So they might take some long hunting trips as well. So that being said, we do have a number of opportunities. We -- as Chris mentioned, we're having discussions with some new customers around 2026. And there's potential trial opportunities and stuff like that.

因此他們可能也會進行一些長途狩獵旅行。話雖如此，我們確實有很多機會。正如克里斯所提到的，我們正在與一些新客戶討論 2026 年左右的事情。還有潛在的試用機會等等。

So it's a little early to see how Q4 shapes up. But I wouldn't be surprised if you saw just overall industry volumes down quarter-over-quarter.

因此現在判斷第四季的情況還為時過早。但如果您發現整個行業銷量環比下降，我不會感到驚訝。

Operator, we probably have time -- coming up on the hour here. We have time for one more question.

接線員，我們可能還有時間──快到整點了。我們還有時間再回答一個問題。

It appears there are no further questions queued up. Yes, it looks like we have reached the end of the question-and-answer session. I'd like to turn the floor back to CEO, John Turner, for closing remarks.

看起來沒有其他問題需要回答。是的，看起來我們的問答環節已經結束了。我想請執行長約翰·特納 (John Turner) 致最後總結。

All right. Thank you. I'd like to thank our team for all their hard work. and our investors for their continued support. While market conditions are not ideal, we're confident in our strategy and excited about the opportunities ahead as we drive growth in the coming quarters. We look forward to reporting our third quarter numbers. Thanks, guys.

好的。謝謝。我要感謝我們團隊的辛勤工作，以及我們投資者的持續支持。儘管市場狀況並不理想，但我們對我們的策略充滿信心，並對未來幾季推動成長的機會感到興奮。我們期待報告第三季的數據。謝謝大家。

Thank you. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束，大家可以斷開連線了。感謝您的參與。