Atlas Energy Solutions Inc. (AESI) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Atlas Energy Solutions first-quarter 2026 earnings call. (Operator Instructions) It is now my pleasure to introduce your host, Kyle Turlington, Vice President of Investor Relations. Thank you. You may begin.

各位好，歡迎參加 Atlas Energy Solutions 2026 年第一季財報電話會議。(接線員指示) 現在我很榮幸介紹本次會議主持人：投資人關係副總裁 Kyle Turlington。謝謝。您可以開始了。

Hello, and welcome to the Atlas Energy Solutions conference call and webcast for the first quarter of 2026. With us today are John Turner, President and CEO; Blake McCarthy, CFO; Tim Ondrak, President of Power; and Bud Brigham, Executive Chair. John, Blake, and Bud will be sharing their comments on the company's operational and financial performance for the first quarter of 2026. After which, we will open the call for Q&A.

各位好，歡迎參加 Atlas Energy Solutions 2026 年第一季電話會議與網路直播。今天與會者包括：總裁暨執行長 John Turner；財務長 Blake McCarthy；電力事業總裁 Tim Ondrak；以及執行董事長 Bud Brigham。John、Blake 與 Bud 將分享公司 2026 年第一季的營運與財務表現評論。之後我們將開放問答。

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. Forward-looking statements involve certain risks, uncertainties, and assumptions that are difficult to predict. As such, our actual outcomes and results could differ materially.

在開始我們預先準備的發言之前，我想提醒各位，本次電話會議將包含依據美國證券法所定義的前瞻性陳述。此類陳述係基於本聲明時點的現有資訊與管理階層的預期，並非對未來績效的保證。前瞻性陳述涉及若干難以預測的風險、不確定性與假設。因此，我們的實際結果與表現可能會有重大差異。

You can learn more about these risks in the annual report on Form 10-K filed with the SEC on February 24, 2026, and our quarterly report on Form 10-Q for the first quarter, and current reports on Form 8-K and our other SEC filings. You should not place undue reliance on forward-looking statements. We undertake no obligations 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.

您可在我們於 2026 年 2 月 24 日向美國證券交易委員會（SEC）提交的 Form 10-K 年報、第一季 Form 10-Q 季報，以及 Form 8-K 當前報告與其他 SEC 申報文件中，進一步了解這些風險。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任何義務。我們也將提及若干非 GAAP 財務衡量指標，例如調整後 EBITDA、調整後自由現金流，以及其他營運指標與統計數據。您可在昨日新聞稿中找到 GAAP 調節說明與計算。

With that said, I will turn the call over to John Turner.

話不多說，我把電話交給 John Turner。

Thank you, Kyle. Before turning to the quarter, I want to frame where Atlas stands today. On the Sand and Logistics side, the West Texas market is turning. Trucking rates have moved meaningfully off their lows. Logistic margins expanded from low-single digits in January to mid-teens by March. Completion activity is building, and our mining operations are effectively sold out.

謝謝你，Kyle。在談本季之前，我想先說明 Atlas 目前所處的位置。在砂石與物流方面，西德州市場正在轉向。卡車運價已明顯自低點回升。物流毛利率自 1 月的低個位數擴張至 3 月的中十位數。完井活動正在增加，而我們的採礦營運基本上已售罄。

On the Power side, we have signed a Global Framework Agreement with Caterpillar, securing 1.4 gigawatts of generation capacity, and we have just announced our first private grid power purchase agreement, a 120-megawatt deployment drawn from our initial 240-megawatt November order with Caterpillar. The strategic and commercial momentum heading into the balance of the year is the strongest it has been in some time.

在電力方面，我們已與 Caterpillar 簽署《全球框架協議》，確保 1.4 吉瓦的發電容量；同時我們也剛宣布首份私有電網電力購售協議（PPA），為 120 兆瓦的部署，該部署將取自我們 11 月向 Caterpillar 下達的首批 240 兆瓦訂單。展望今年剩餘期間，我們的策略與商業動能是相當長一段時間以來最強勁的一次。

Turning to our first-quarter results. Atlas generated revenue of $265.5 million and EBITDA of $28.4 million, representing an EBITDA margin of 11%. Results were impacted by severe winter weather, elevated maintenance at our Kermit facility, and higher third-party logistics costs. Each of these items has been resolved, and we expect underlying margins to normalize beginning in the second quarter as the headwinds roll off and contracted volumes ramp.

接著談第一季業績。Atlas 實現營收 2.655 億美元、EBITDA 2,840 萬美元，EBITDA 利潤率為 11%。業績受到嚴峻冬季天候、我們 Kermit 設施較高的維護作業，以及較高的第三方物流成本影響。上述因素均已排除；隨著逆風消退與合約量爬坡，我們預期自第二季起基本面利潤率將回歸常態。

The clear signal of the demand recovery is in our own book of business. Customer volumes have moved our mining operations to a sold-out position for the second quarter at current production rates. And we expect our plants to remain very busy for the balance of the year. As contracts roll off or if we elect to increase production, additional sand sales this year should come at higher pricing.

需求復甦的明確訊號體現在我們自身的訂單簿。在目前產能水準下，客戶出貨量已使我們第二季的採礦營運達到售罄狀態。我們也預期今年剩餘期間各廠將維持非常繁忙。隨著合約到期或若我們選擇提高產量，今年額外的砂石銷售應可在更高的價格水準成交。

The macro backdrop is supportive. WTI is hovering near $100 a barrel and the 2027 strip has moved higher. We want to be clear that our outlook is anchored in customer commitments and completion activity we can see today, not at any single price level holding. While the West Texas Sand and Logistics market has been in a rut for the better part of two years, Atlas never stopped investing in our infrastructure. When the markets get tight, our investment in our plants, logistics network, and last-mile equipment reinforce our position as the most reliable supplier in the Permian.

總體環境亦具支撐。WTI 徘徊在每桶 100 美元附近，2027 年期貨曲線（strip）也已上移。我們要強調，我們的展望係以客戶承諾與我們目前可見的完井活動為基礎，而非建立在任何單一油價水準能否維持之上。雖然西德州砂石與物流市場在過去近兩年大多時間處於低迷，但 Atlas 從未停止對基礎設施的投資。當市場供需趨緊時，我們對工廠、物流網路與最後一哩設備的投資，將鞏固我們作為二疊紀盆地最可靠供應商的地位。

Now let me turn to Power, where we are deploying capital with the same operating discipline that built our Sand and Logistics franchise and where we believe Atlas' industrial capabilities translate directly. We have intentionally structured our Power strategy differently from some peers by pursuing full scope power purchase agreements in which Atlas owns and operates the complete solution, including balance of plant.

接下來談電力事業。我們以打造砂石與物流事業版圖時同樣的營運紀律來部署資本，並相信 Atlas 的工業能力可直接轉化為競爭優勢。我們刻意將電力策略與部分同業區隔，採取全範疇的電力購售協議（PPA）模式，由 Atlas 擁有並營運完整解決方案，包括廠內輔助系統（balance of plant）。

This creates stickier, longer-term customer relationships, provides significant advantages at contract renewal, delivers superior reliability compared to the grid in many cases, allows for greater pricing flexibility once equipment costs are recovered, and creates high barriers for competitors due to the sunk costs and complexity of the facility. With grid constraints likely to persist for years, we believe this PPA model is the right long-term strategy for our shareholders.

此模式可建立更具黏著度、期限更長的客戶關係，在合約續約時提供顯著優勢；在許多情況下，相較電網可提供更高可靠度；在設備成本回收後，亦可帶來更大的定價彈性；並因沉沒成本與設施複雜度而形成競爭者的高進入門檻。在電網限制可能持續多年的情況下，我們相信此 PPA 模式是對股東而言正確的長期策略。

In November, Atlas placed an initial order with Caterpillar for 240 megawatts of power generation equipment, sized in response to specific customer projects. As commercial momentum built early this year, we recognized the generational nature of this opportunity and entered into a separate Global Framework Agreement with Caterpillar that secures an additional 1.4 gigawatts of power generation assets for delivery between 2027 and 2029. Together with the initial 240-megawatt order, these commitments support our objective of owning and operating more than 2 gigawatts by 2030.

去年 11 月，Atlas 向 Caterpillar 下達首批 240 兆瓦的發電設備訂單，係依特定客戶專案需求而定的規模。隨著今年初商業動能增強，我們認知到這是世代級的機會，並另行與 Caterpillar 簽署《全球框架協議》，確保額外 1.4 吉瓦的發電資產，預計於 2027 至 2029 年間交付。結合首批 240 兆瓦訂單，這些承諾支持我們在 2030 年前擁有並營運超過 2 吉瓦的目標。

The announcement of a Global Framework Agreement immediately elevated our commercial position. Our commercial team went from hunting deals to being hunted. With power generation equipment in short supply, our secure supply chain and our ability to offer surety of delivery have moved us from medium-sized industrial projects into serious contention for data center deployments.

《全球框架協議》的宣布立即提升了我們的商業地位。我們的商務團隊從「尋找交易」轉變為「被交易找上門」。在發電設備供應短缺的情況下，我們穩固的供應鏈以及提供交付確定性的能力，使我們從中型工業專案，躍升至在資料中心部署方面具備強而有力的競爭地位。

On April 1, we announced our first private grid power purchase agreement, a 120-megawatt deployment that will be supplied from the initial 240 megawatt November order. The PPA carries an initial five-year term with two additional five-year extension options. Equipment delivery and construction are expected to begin later this year, with commissioning targeted for the first half of 2027.

4 月 1 日，我們宣布首份私有電網電力購售協議（PPA），為 120 兆瓦的部署，將由 11 月首批 240 兆瓦訂單供應。該 PPA 初始期限為 5 年，並附帶兩次各 5 年的延長選擇權。設備交付與施工預計於今年稍晚開始，目標在 2027 年上半年完成試運轉（commissioning）。

We expect this 120-megawatt deployment to generate approximately $50 million to $55 million of adjusted free cash flow on an annualized basis once fully deployed. To support the customer during construction and commissioning, we have already begun providing bridge power with mobile generators. The combination of these bridge deployments and other recently executed microgrid deployments is expected to contribute approximately $35 million in the incremental adjusted EBITDA over the remaining nine months of 2026, weighted toward the back half of the year as deployments ramp.

我們預期該 120 兆瓦部署在全面投運後，按年化基礎可產生約 5,000 萬至 5,500 萬美元的調整後自由現金流。為在施工與試運轉期間支援客戶，我們已開始以行動發電機提供過渡電力（bridge power）。這些過渡部署與其他近期完成的微電網部署之組合，預期將在 2026 年剩餘九個月帶來約 3,500 萬美元的增量調整後 EBITDA，且隨部署爬坡，貢獻將偏向下半年。

Finally, in April, we successfully priced $450 million of 0.5% convertible senior notes due 2031. Concurrently, we entered into a capped call transaction with initial cap price of $22.32 per share, a 28% premium over last Thursday's closing price of $17.38. We used a portion of the $386 million in net proceeds to pay down our outstanding balance under our ABL and outstanding advances under our master lease agreement and interim funding agreement.

最後，在4月，我們成功定價發行4.5億美元、票面利率0.5%、2031年到期的可轉換優先票據。同時，我們簽訂了一項上限買權（capped call）交易，初始上限價格為每股22.32美元，較上週四17.38美元的收盤價溢價28%。我們將3.86億美元淨募資所得的一部分，用於償還我們在ABL項下的未償餘額，以及主租賃協議與臨時融資協議項下的未償墊款。

We intend to use a portion of the remaining net proceeds to finance the initial 240-megawatt order. On a cash coupon basis, this transaction reduces cash interest expense of this quantum of capital from high single digits to 0.5%. The capped call meaningfully mitigates dilution up to the cap price, though we recognize residual equity optionality remains embedded in the structure.

我們擬將剩餘淨募資所得的一部分，用於為首批240兆瓦訂單提供融資。以現金票息口徑計，此交易將該等資本規模的現金利息費用，從高個位數百分比降至0.5%。上限買權在上限價格以下可顯著緩解稀釋效應，但我們也認知該結構中仍嵌入剩餘的股權選擇權性。

In summary, Atlas is well-positioned to grow our Power business from expected deployments of roughly 550 megawatt next year to approximately 2 gigawatts by the end of the decade. Combined with a recovering Sand and Logistics business, this trajectory would meaningfully transform our cash flow profile and create substantial long-term value for our shareholders.

總結而言，Atlas 已具備良好條件，得以將我們的電力業務從預期明年約550兆瓦的部署量，成長至本十年末約2吉瓦。若再結合正在復甦的砂石與物流業務，這一路徑將顯著改變我們的現金流輪廓，並為股東創造可觀的長期價值。

With that, I will now turn the call over to our CFO, Blake McCarthy, who will review our financials in more detail and provide an update on our Sand and Logistics operations.

接下來，我把電話會議交給我們的財務長 Blake McCarthy，他將更詳細地檢視我們的財務狀況，並就砂石與物流營運提供最新進展。

Thanks, John. At the time of our Q4 call, we were probably a bit more bullish about the prospects for oil than most industry prognosticators as we were forecasting global oil supply and demand coming into balance later this year. Regardless, we were aligned with most forecasts that called for slightly flat to down US activity levels in 2026. Well, as is par for the course in the oilfield, the backdrop has changed in a hurry.

謝謝，John。在我們第四季電話會議時，對於油價前景我們可能比多數產業預測者更為樂觀，因為我們預期全球原油供需將在今年稍晚趨於平衡。無論如何，我們與多數預測一致，認為2026年美國活動水準將大致持平至小幅下滑。然而，正如油田產業的常態，外部環境很快就改變了。

The turmoil in the Middle East and its impact on global oil trade flow have led to a rapid recalibration of oil prices. While none of us are sure how the current conflict will end, hopefully peacefully and quickly, we're increasingly confident that the floor on oil prices over the medium term has risen significantly. The commodity markets are signaling an increase in the call on US unconditional production.

中東動盪及其對全球原油貿易流向的影響，促使油價迅速重新校準。雖然我們都不確定當前衝突將如何結束，但希望能和平且迅速落幕；我們也愈發有信心，中期油價的底部已顯著上移。大宗商品市場正在釋放訊號：對美國無條件（unconditional）產量的需求正在增加。

While we've seen some signs of customers bringing activity schedules forward, the number of true completion crew additions in the Permian remains in the low-single digits thus far. The potential recovery in West Texas activity in 2026 will likely look quite different from the recovery post-COVID. Customers aren't sitting on a massive inventory of DUCs like they were coming out of the pandemic. Honestly, the service industry doesn't have the ready-to-go idle equipment stock it did at that time.

雖然我們看到一些客戶將活動排程提前的跡象，但截至目前，二疊紀盆地真正新增的完井施工隊（completion crew）仍僅為低個位數。2026年西德州活動的潛在復甦，可能會與COVID後的復甦大不相同。客戶不像疫情後那樣，手上囤有大量未完井井（DUC）庫存。坦白說，服務產業也不像當時那樣擁有可立即啟用的閒置設備存量。

Instead, ramping production will require rig additions. Rigs that will need to be recruit. Completion spreads that will require crew ups and likely capital upgrades and ancillary services will need to be secured. Current pricing levels for all of these just don't justify the investments service providers will need to make to meet incremental customer demand.

相反地，提高產量將需要增加鑽機數量。而鑽機需要招募到位。完井作業組合（completion spreads）需要擴編人員，且很可能需要資本升級，並需確保相關配套服務到位。以目前的價格水準，仍不足以支撐服務供應商為滿足新增客戶需求所必須進行的投資。

We are likely at the front end of a pricing recovery across the North American services complex. It's still very early. The wild volatility we've seen in the commodity tape based on who's tweeting what certainly doesn't inspire extreme confidence. But the realities of the impact the current geopolitical events are having on physical global inventories are becoming increasingly self-evident. And the strip always eventually responds in kind.

我們很可能正處於北美油服產業整體價格復甦的前端。目前仍非常早期。我們在商品行情帶上看到的劇烈波動，往往取決於誰在推特上發了什麼，這當然無法讓人建立高度信心。但當前地緣政治事件對全球實體庫存造成的影響，正變得愈來愈不言自明。而遠期曲線（strip）最終總會相應反映。

While we expect the larger operators to take a more cautious approach to activity additions in the near term, the universe of smaller operators will likely front run the big boys, as they historically have always moved to maximize their value capture during bull markets. The West Texas oil patch is a small community that thrives on industry chatter. We're starting to hear the right things about activity increases in the second half of the year.

雖然我們預期大型營運商在短期內對增加活動會採取較為審慎的態度，但較小型營運商的群體很可能會領先大型業者行動，因為歷史上他們總是在多頭市場中率先出手，以最大化其價值捕捉。西德州油田圈子不大，且仰賴產業消息流通而運作。我們開始聽到一些正面的訊息，指向下半年活動將增加。

Thus far, we have seen a few operators take advantage of an elevated strip to accelerate what remains of their drilled and completed inventory, which directly led to us adding 1 million tonnes of incremental allocated volume through year end. The limited response by most public E&Ps to date is not all that surprising, as they will likely evaluate the 2027 curve around mid-year prior to making capital allocation decisions.

截至目前，我們看到少數營運商利用較高的遠期曲線（strip），加速處理其剩餘的已鑽且已完井庫存，這直接促使我們在年底前新增了100萬噸的額外分配量（allocated volume）。多數上市E&P迄今反應有限並不令人意外，因為他們很可能會在年中左右評估2027年的曲線後，才會做出資本配置決策。

It's not going to take many crew additions for sand supply to get tight. Today, we estimate approximately 75 frac crews operating in the Permian. Due to the increase in sand intensity of completion processes over the past few years, we believe a 10% increase in frac activity would conservatively add north of 7 million tonnes of incremental sand demand.

砂供應要轉緊，其實不需要增加太多施工隊。目前我們估計二疊紀盆地約有75支壓裂施工隊（frac crews）在運作。由於過去幾年完井流程的用砂強度提升，我們認為壓裂活動若增加10%，保守估計將新增超過700萬噸的砂需求。

Based on what we know about the market, it's going to be tough for the industry to produce enough to meet that demand, much less transport it to the well sites. While we haven't seen meaningful improvement in pricing just yet, you can feel the stage is getting set. While we remain cautiously optimistic on higher mine gate pricing, we have already witnessed higher logistics pricing.

依我們對市場的了解，產業要生產足夠供應以滿足該需求將很困難，更不用說把砂運送到井場。雖然我們尚未看到定價出現顯著改善，但可以感覺到舞台正在搭建完成。在我們對更高礦口價格（mine gate pricing）保持審慎樂觀的同時，我們已經見到物流價格上升。

Last year was the perfect storm for poor logistics pricing. Post Liberation Day, we saw both falling activity in the Permian along with weakening trucking rates nationally. Add in the impact of the Dune Express ramping mid-year, and trucking rates fell below the levels we saw during COVID in the second half of last year. Margins for third-party trucking rates turned negative in the fourth quarter. That rubber band finally snapped in early January as a small ramp in activity exposed the fragility of the logistics network in the Permian.

去年是物流定價疲弱的完美風暴。在「解放日」（Liberation Day）之後，我們看到二疊紀盆地活動下滑，同時全國卡車運價走弱。再加上 Dune Express 於年中開始爬坡的影響，去年下半年卡車運價跌至低於COVID期間的水準。第四季第三方卡車運輸費率的毛利轉為負值。那條橡皮筋終於在1月初斷裂，因為活動小幅回升就暴露出二疊紀盆地物流網路的脆弱性。

We saw a spike in trucking rates even before the Iran conflict. Late February, higher diesel prices led to another round of rate increases. In the over-the-road market nationwide, tender rejection rates in March were approximately 14%, defying typical seasonal dips. This signifies a tighter, more expensive freight market, with rates holding more than 800 basis points higher than 2025 levels.

即使在伊朗衝突之前，我們就已看到卡車運價飆升。2月下旬，柴油價格上漲帶來新一輪的運價調升。在全國長途運輸（over-the-road）市場，3月的承運拒載率（tender rejection rates）約為14%，違背了典型的季節性下滑。這代表貨運市場更為吃緊、成本更高，運價維持在較2025年水準高出800個基點以上。

Rising rates nationally will pull rates higher in West Texas, as carriers must now keep up with the over-the-road market. Although there was always a lag in passing those higher rates through to our customers, we did witness mid-teen logistics margins in March compared to the low-single-digit margins in January and February.

全國運價上升將推動西德州運價走高，因為承運商現在必須跟上長途運輸市場的水準。雖然將這些較高費率轉嫁給客戶一向存在時間落差，但我們確實看到3月物流毛利率達到十幾個百分點，相較之下1月與2月僅為低個位數。

Higher trucking rates can also be a tailwind for higher mine gate pricing. Disadvantaged mines that are several mileage bands further away from activity sites are less competitive when hauling rates normalize. Higher rates also make the value proposition of the Dune Express even more obvious. Trucking rates in West Texas likely have more room to run, as rates in the Permian are still about 10% below national over-the-road rates. Historically, Permian trucking rates are usually at a premium to over-the-road market due to the wear and tear of driving on leased roads. Increased logistics pricing typically front runs increased mine gate pricing, so the improvements we are seeing now are very welcomed.

較高的卡車運價也可能成為推升礦口價格的順風。當運輸費率回歸常態時，那些距離活動區更遠、跨越多個里程帶的劣勢礦場競爭力會下降。更高的運價也讓 Dune Express 的價值主張更加明顯。西德州卡車運價可能仍有上行空間，因為二疊紀盆地的運價仍比全國長途運價低約10%。歷史上，由於在租賃道路上行駛造成的磨損，二疊紀盆地卡車運價通常相對長途市場有溢價。物流定價上升通常會領先礦口定價上升，因此我們目前看到的改善非常令人欣慰。

Moving to our financials, first-quarter 2026 revenue of $265.5 million broke down to the following: proppant sales totaled $105.6 million, power equipment sales $3.3 million, logistics $139.1 million, and power rentals added $17.5 million. Total proppant sales volume was up sequentially to 5.7 million tonnes, which does not include approximately 130,000 tonnes of third-party sand purchases. Our logistics business set a quarterly delivered record of 5.5 million tonnes. Our average sales price for proppant for the first quarter was approximately $18.19 per ton, not including shortfall revenue of $1.9 million.

接著談到我們的財務表現，2026 年第一季營收為 2.655 億美元，拆分如下：支撐劑銷售合計 1.056 億美元，電力設備銷售 330 萬美元，物流 1.391 億美元，電力租賃貢獻 1,750 萬美元。支撐劑總銷售量較前一季增加至 570 萬公噸，其中不包含約 13 萬公噸的第三方砂採購。我們的物流業務創下單季交付量紀錄，達 550 萬公噸。第一季支撐劑平均銷售價格約為每噸 18.19 美元，未包含 190 萬美元的短缺收入。

For the second quarter, we expect volumes to be up sequentially, with the average sales price to be slightly below $18 per ton. We are effectively sold out for Q2. First-quarter cost of sales, excluding DD&A, were $214 million, consisting of $74.7 million in proppant plant operating costs, $2.1 million for power equipment costs, $127 million of service costs, $5.9 million in rental costs, and $4.3 million in royalties.

第二季方面，我們預期出貨量將較前一季增加，而平均銷售價格將略低於每噸 18 美元。我們第二季基本上已售罄。第一季銷貨成本（不含折舊、耗竭與攤銷 DD&A）為 2.14 億美元，其中包括 7,470 萬美元的支撐劑工廠營運成本、210 萬美元的電力設備成本、1.27 億美元的服務成本、590 萬美元的租賃成本，以及 430 萬美元的權利金。

For the first quarter, per ton proppant plant operating costs were approximately $13.86, including royalties, up sequentially from the fourth quarter. Higher expenses related to maintenance activities following winter storm at our flagship current facility were the primary driver of the elevated OpEx per ton. Q1 cash SG&A, excluding litigation and non-recurring items, was $23.3 million. SG&A, excluding litigation expenses, is expected to average approximately $21 million to $22 million for the remainder of the year per quarter.

第一季每噸支撐劑工廠營運成本約為 13.86 美元（含權利金），較第四季呈現季增。我們旗艦現有設施在冬季風暴後進行維護活動所帶來的較高費用，是推升每噸營運費用（OpEx）上升的主要原因。第一季現金 SG&A（不含訴訟與一次性項目）為 2,330 萬美元。預期今年剩餘期間每季 SG&A（不含訴訟費用）平均約為 2,100 萬至 2,200 萬美元。

Growth CapEx for the quarter was $7 million, the majority of which was tied to our Power segment and maintenance CapEx of $24.6 million. Q1 will represent the high watermark for capital spending in our Sand and Logistics business for 2026, as spending was primarily tied to essential equipment and preparatory work ahead of the Twinkle dredge deliveries. We are adjusting our 2026 CapEx guidance to approximately $350 million to $375 million due to bringing the 240-megawatt purchase on balance sheet with the recent convertible offering.

本季成長性資本支出（Growth CapEx）為 700 萬美元，其中大部分與我們的電力（Power）部門相關；維護性資本支出（maintenance CapEx）為 2,460 萬美元。第一季將是 2026 年我們砂石與物流業務資本支出的高點，因為支出主要用於必要設備，以及為 Twinkle 挖泥船交付前的準備工作。由於近期可轉債發行使 240 兆瓦的採購納入資產負債表，我們將 2026 年資本支出指引調整至約 3.50 億至 3.75 億美元。

Maintenance CapEx of approximately $45 million is planned, with approximately $305 million to $330 million dedicated to growth, the vast majority of which is tied to the build-out of our private grid Power business. Looking ahead to the second quarter, we are forecasting sequentially improved sales volume. We are effectively sold out of our productive capacity for the second quarter, as a step-up in production would likely require incremental personnel that current sand prices do not justify.

規劃維護性資本支出約 4,500 萬美元，並將約 3.05 億至 3.30 億美元投入成長用途，其中絕大部分與我們私有電網（private grid）的電力業務建置相關。展望第二季，我們預測銷售量將較前一季改善。第二季我們的有效產能基本上已售罄，因為若要進一步提升產量，可能需要增加人力，而以目前砂價水準並不具備合理性。

Additionally, our visibility to second-half activity levels and consequently volumes is improving rapidly. Due to the increased fixed cost absorption and improved production efficiency, OpEx per ton is forecasted to decline in the second quarter to approximately $12.75. OpEx per ton is expected to continue improving over the remainder of the year as new operating processes have begun bearing fruit at our fixed mines.

此外，我們對下半年活動水準、進而對出貨量的能見度正在快速提升。由於固定成本吸收增加與生產效率改善，我們預估第二季每噸營運費用（OpEx）將下降至約 12.75 美元。隨著新營運流程在我們的固定礦場開始見效，預期今年剩餘期間每噸 OpEx 將持續改善。

In the first quarter, our logistics business was impacted by a spike in third-party trucking rates and a late quarter increase in diesel prices. However, as mentioned, logistics margins improved progressively throughout the quarter from low-single digits in January to mid-teens by March. We are currently forecasting mid-teens logistics margins for Q2.

第一季，我們的物流業務受到第三方卡車運價飆升以及季末柴油價格上漲的影響。不過如前所述，物流毛利率在本季逐步改善，從 1 月的低個位數提升至 3 月的十幾個百分點中段。我們目前預估第二季物流毛利率為十幾個百分點中段。

Additionally, as previously mentioned, Atlas's Power business is building contracting momentum rapidly. During the first quarter, the company executed multiple contracts spanning upstream and midstream microgrid projects and bridge power deployments in the commercial industrial market. We expect to generate approximately $35 million in incremental adjusted EBITDA over the remaining nine months of 2026 from bridge and microgrid deployments.

另外，如先前提到，Atlas 的電力業務正在快速累積簽約動能。第一季，公司簽署多份合約，涵蓋上游與中游的微電網（microgrid）專案，以及商業與工業市場的橋接電力（bridge power）部署。我們預期在 2026 年剩餘九個月，橋接電力與微電網部署將帶來約 3,500 萬美元的新增調整後 EBITDA。

Looking at the current run rate for March EBITDA and with the incremental contributions coming from our Power segment, we expect Q2 EBITDA to be approximately $50 million. I will now hand the call over to our Executive Chairman, Bud Brigham, for some closing remarks before we turn the call over for some Q&A.

以 3 月 EBITDA 的目前運行水準來看，並加計電力部門的增量貢獻，我們預期第二季 EBITDA 約為 5,000 萬美元。接下來我將把電話會議交給我們的執行董事長 Bud Brigham，在進入問答前做一些結語。

Thank you, Blake. First, I'm going to start with some context for my comments. It was 35 years ago, as a young geophysicist, that I stepped out on my own with a small amount of capital and founded Brigham Exploration. Our plan was ambitious: to leverage cutting-edge technology to out-innovate the competition and create lasting value for shareholders.

謝謝你，Blake。首先，我想先提供一些我接下來評論的背景。35 年前，當我還是一名年輕的地球物理學家時，我帶著一小筆資本自立創業，創立了 Brigham Exploration。我們的計畫很有企圖心：運用尖端技術，以創新超越競爭對手，並為股東創造長期價值。

By hiring exceptional people, aligning them tightly with our investors, and empowering them in an entrepreneurial, innovative culture, that model delivered three IPOs and numerous successful exits. Along the way, our E&P companies drove several industry transforming advancements. In the 1990s, we pioneered the use of 3D seismic, delivering unprecedented exploration success rates, leading to our first IPO in 1997. In 2004, we were an early mover with horizontal fracking in the oil plays and built a position in the Bakken.

透過延攬傑出人才、讓他們與投資人緊密一致，並在具創業精神與創新文化中賦權，這個模式促成了三次 IPO 與多次成功退出。在此過程中，我們的勘探與生產（E&P）公司推動了多項改變產業的進展。在 1990 年代，我們率先使用 3D 地震資料，帶來前所未有的勘探成功率，並促成我們於 1997 年的首次 IPO。2004 年，我們在油氣區塊的水平壓裂（horizontal fracking）上屬於早期布局者，並在巴肯（Bakken）建立了部位。

In 2007 and 2008, we began outperforming peers in the Bakken, in part by increasing frac stages. In 2009, we completed the first successful 2-mile long lateral with over 20 frac stages, which extended the Bakken play more than 70 miles to the west and accelerated development across all the major US shale basins. And in 2014 and 2015, Brigham Resources successful wells extended the Delaware Basin significantly to the south.

在 2007 與 2008 年，我們開始在巴肯表現優於同業，部分原因是增加了壓裂段數（frac stages）。2009 年，我們完成了第一口成功的 2 英里長水平段（lateral），且超過 20 個壓裂段，將巴肯區塊向西延伸超過 70 英里，並加速了美國各主要頁岩盆地的開發。而在 2014 與 2015 年，Brigham Resources 的成功井大幅將德拉瓦盆地（Delaware Basin）向南延伸。

Then in 2017, we founded Atlas and brought that same innovative spirit to oilfield services with four more firsts. First, our team designed, permitted, and built the industry's first and only long-distance sand conveyor system, widely believed impossible at the time, which reliably delivers premium proppant 42 miles into the heart of America's most prolific producing region.

接著在 2017 年，我們創立 Atlas，並將同樣的創新精神帶入油田服務，創下另外四項業界首創。首先，我們的團隊設計、取得許可並建造了業界第一且唯一的長距離砂石輸送帶系統；當時普遍認為不可能，但它能可靠地將高品質支撐劑輸送 42 英里，直達美國產量最豐富地區的核心。

We were also the first autonomously truck proppant, the first with double and triple trailered configurations in US oil fields, and the first and only company to dredge mine proppant in the Permian Basin. As John and Blake have shared, we're only getting started. Our proven ability to innovate and execute large, complex infrastructure projects gives us a unique advantage in addressing today's energy challenges.

我們也是第一家實現支撐劑卡車自主化運輸的公司、第一家在美國油田採用雙拖與三拖掛車配置的公司，以及第一且唯一在二疊紀盆地（Permian Basin）以挖泥方式開採支撐劑的公司。正如 John 與 Blake 所分享的，我們才剛開始。我們已被驗證的創新能力，以及執行大型、複雜基礎建設專案的能力，使我們在因應當前能源挑戰上具備獨特優勢。

And of course, over that 35-year career, I've experienced many cycles and disruptions, but I've never seen demand inflections as powerful as the ones we're witnessing today. As the largest premier proppant logistics provider in the world, we stand ready to respond. We are exceptionally well-positioned to support the delivery of incremental oil supply to meet global demand, demand which has only intensified with the recent Middle East disruption.

當然，在這 35 年的職涯中，我經歷過許多景氣循環與擾動，但我從未見過像我們今天所目睹的這般強勁的需求拐點。作為全球最大、最頂尖的支撐劑物流供應商，我們已準備好做出回應。我們具備極佳的定位，可支援新增原油供給的交付以滿足全球需求；而近期中東局勢擾動更使這股需求進一步升溫。

As in the prior upcycles, we are positioned to deliver strong cash flow growth via proppant and logistics over the next several years. What makes this cycle strikingly different for Atlas is that we're also optimally positioned to help meet America's rapidly expanding power needs. Our recently announced Power contract, combined with the Global Framework Agreement we just signed with Caterpillar, gives us both surety of supply and the scale to be a leading player in the fast-growing private power market.

如同先前的上行週期一樣，未來幾年我們已就位，將透過支撐劑（proppant）與物流實現強勁的現金流成長。對 Atlas 而言，這一輪週期最顯著的不同在於，我們同時也處於最佳位置，協助滿足美國快速擴張的電力需求。我們近期宣布的 Power 合約，加上我們剛與 Caterpillar 簽署的全球框架協議（Global Framework Agreement），讓我們同時具備供應確定性與規模，得以成為快速成長的民營電力市場中的領先參與者。

With these milestones, and those still to come, we are clearly signaling our capabilities to both investors and customers facing acute grid constraints across Texas and the United States. The future for Atlas and power is here, and I believe we're emerging as a leader in this critical market.

透過這些里程碑，以及後續仍將到來的里程碑，我們正清楚地向投資人與客戶傳達：面對德州及全美嚴峻的電網限制，我們具備相應能力。Atlas 與電力的未來已經到來，我相信我們正在這個關鍵市場中崛起為領導者。

Thank you for joining us today. I'll now turn the call over to the operator for Q&A.

感謝各位今天加入我們。接下來我把電話交給接線員進行問答。

(Operator Instructions) James Rollyson, Raymond James.

(接線員指示) Raymond James 的 James Rollyson。

John, maybe start with you on a question on Power. If we go back just a quarter ago, you were kind of focused on the commercial and industrial space, obviously targeting a specific customer with the original 240 megawatts. And as you've upped that ante by a pretty large amount with the Global Framework Agreement with Caterpillar, and you guys mentioned that people are now calling you instead of the other way around. I'm curious if that end customer has shifted over to the data center guys or not, just given the magnitude of the power you guys are looking to add.

John，也許先從你開始，問一個關於 Power 的問題。如果回到僅僅一季之前，你們的重點大致放在商業與工業領域，顯然是以原先 240 兆瓦所鎖定的特定客戶為目標。而在你們透過與 Caterpillar 的全球框架協議把賭注大幅提高之後，你們也提到現在是別人打電話給你們，而不是你們去找別人。我想知道，考量你們打算新增的電力規模，最終客戶是否已轉向資料中心業者？

Yeah. Thanks, James. I'll start, then Tim, you can add to this. Yeah, James, you're right. I mean, the GFA or the Global Framework Agreement has had a profound impact on Atlas' commercial opportunity set. Before the agreement, our pipeline was weighted towards smaller industrial deployments. The combination of secured supply and access to the premium equipment from Caterpillar has changed the customer conversation. It's really been overnight.

是的。謝謝你，James。我先回答，然後 Tim 你可以補充。是的，James，你說得對。我的意思是，GFA，也就是全球框架協議，對 Atlas 的商業機會集合帶來了深遠影響。在協議之前，我們的案源管線較偏向較小型的工業部署。確保供應再加上取得 Caterpillar 的高階設備，這個組合改變了我們與客戶的對話方式。幾乎是一夕之間就改變了。

Both the size of the deployments we're being invited into and the quality of the counterparties has significantly changed as well. And then like I mentioned on my call, I mean, reverse inquiries are now active. We're having a lot of reverse customer inquiries now on a daily basis. And that's a meaningful part of why we're so optimistic about our path forward with power. Tim, do you want to add anything to that?

我們被邀請參與的部署規模，以及交易對手的品質，也都出現了顯著變化。然後就像我在電話會議中提到的，反向詢問現在也開始出現。我們現在每天都收到大量客戶主動上門的反向詢問。這也是我們對電力業務未來路徑如此樂觀的重要原因之一。Tim，你要補充嗎？

Yeah. I think as John mentioned we're getting a lot of inbounds. The goal of signing the Global Framework Agreement was to secure power for the opportunity sets that we had in front of us, which were heavily weighted towards as John mentioned, smaller industrial deployments. And when I say small they're 50 to a couple 100 megawatts.

是的。我想如 John 所提到的，我們收到很多主動洽詢。簽署全球框架協議的目標，是為我們眼前的機會集合確保電力供應；而這些機會如 John 所說，主要偏向較小型的工業部署。我說的小，是指 50 兆瓦到兩、三百兆瓦的規模。

Since signing the Global Framework Agreement, we've started to get some inquiries from some of the bigger data center projects. So I think our queue going into that, as far as an opportunity set was roughly 4 megawatt or 4 gigawatts. And I would say since signing that agreement, that queue has grown to somewhere between probably 8 gigawatts and 10 gigawatts. And these are quality projects where we've gone through a stage of vetting to see if they're real and have determined that as the project moves forward, we would like to participate.

自從簽署全球框架協議後，我們開始收到一些較大型資料中心專案的詢問。所以我認為在那之前，就機會集合而言，我們的排隊量大約是 4 兆瓦或 4 吉瓦。而我會說，自從簽署該協議後，那個排隊量已成長到大約 8 吉瓦到 10 吉瓦之間。而且這些都是高品質專案；我們已經經過一個審核階段來確認其真實性，並判定隨著專案推進，我們希望能參與其中。

Wow. Sounds like you could place a lot of equipment with a smaller number of customers.

哇。聽起來你們可以用較少數的客戶就配置大量設備。

Right.

沒錯。

And maybe as a follow up, kind of switching gears over to the sand logistics business. Blake, you talked about incremental opportunities and kind of how we've heard this earnings season some of that early indication of recovery of activity in the US land, and obviously the Permian will be part of that. But I'm curious, as you think about incremental sand volumes where you're sold out today, what kind of price level do you need for sand to actually consider adding to your capacity, mining capacity to actually provide that sand?

接著追問一下，換個話題到砂石物流業務。Blake，你談到增量機會，以及我們在這個財報季聽到一些美國陸上活動復甦的早期跡象，顯然二疊紀盆地（Permian）也會是其中一部分。但我想問的是，當你們目前已滿載售罄、在思考增量砂石量時，砂價需要到什麼水準，你們才會考慮擴增產能、也就是採礦產能來供應更多砂石？

Yeah, that's a good question, Jim. I think that that question basically assumes that at any one point a player has control over the price of sand, which as you know, I mean, it is such a hyper volatile commodity, where as we talked about in the past, right? Supply gets a little bit over demand just on a macro basis, and it quickly falls to that marginal price of production for the industry, which is where it's been at for over 18 months now.

是的，這是個好問題，Jim。我認為這個問題基本上假設在任何時間點，某個業者能夠掌控砂價；但如你所知，這是一種高度波動的商品，我們過去也談過，對吧？只要從總體角度看供給稍微超過需求，它就會很快跌到產業的邊際生產成本價格，而這個狀況已經持續超過 18 個月了。

And the thing about sand is though it is the critical raw material to the completion process. It gets a little bit undersupplied, and it doesn't just move $3, $4. It moves up in a hurry. I think that as the largest player right now, say, like there hasn't been a lot of movement in price. We've seen some stuff around the margins. I think one encouraging thing we've seen is some of the more astute operators have tried to move forward their like move forward their RFP processes, where typically, we're not talking about this stuff until November.

不過砂石的特性在於，它是完井流程中的關鍵原料。一旦供給稍微偏緊，它不會只是上漲 3、4 美元。它會很快往上衝。我認為以目前最大的業者來看，價格並沒有太多變動。我們在邊際上看到一些變化。我覺得一個令人鼓舞的現象是，一些更精明的營運商試著把他們的 RFP 流程提前；通常我們要到 11 月才會談這些事情。

And some of the smarter guys are doing exactly what I would do, which is like, hey. The writing's on the wall on this. Things are going to tighten up. If I could lock in now, that'd sure be good for my, well costs come 2027 and going forward. I think that from where we stand is like, hey, we're more than happy to help you secure your volumes, but we're not going to lock in these prices for the long term. So that's a bit of give and take.

而一些更聰明的人正在做我也會做的事，也就是：嘿。情勢已經很明顯了。市場會變得吃緊。如果我現在就能鎖定，對我在 2027 年以及之後的井成本肯定有利。我認為就我們的立場是：嘿，我們很樂意協助你確保你的量，但我們不會長期鎖定這些價格。所以這之間會有一些取捨。

In terms of adding production for us, like if you look at where we're at now versus what our nameplate is, like there's still some upside. But that really would require adding shifts and probably some minimal capital investment. And it's just something that we're not really going to be doing until you get to north of that $23 to $25 range on sand pricing, because that's really where the industry starts earning its cost to capital.

就我們而言，若要增加產量，像是你看我們目前的產出相對於名目產能（nameplate），其實仍有一些上行空間。但那確實需要增加班次，並且可能需要一些最低限度的資本投入。而在砂價沒有到每噸 23 到 25 美元以上之前，我們不太會去做，因為那才是產業開始賺到其資本成本的區間。

In a perfect world, we keep sand in those type of normalized prices. That's really a sweet spot for Atlas, it doesn't encourage incremental supply. Sand always moves. When it goes down, it goes down in a hurry. When it goes up, it usually goes way higher than we ever expect. So it's something that we're watching very closely.

在理想情況下，我們希望砂價維持在那種較正常化的價格水準。那對 Atlas 來說是甜蜜點，因為它不會鼓勵新增供給。砂價總是會波動。當它下跌時，會跌得很快。當它上漲時，通常會漲到遠高於我們預期的水準。所以這是我們正在非常密切關注的事情。

I think one thing to note is back in 2021, sand was around $20 per ton. And when we got to March of 2022, it was north of 30, and it's been at $40 a ton. So like Blake said, I mean, sand prices swing wild. I mean, they're obviously very volatile. So it's something that when that supply-demand balance -- when we're undersupplied, when that shifts, it shifts quickly.

我認為有一點需要注意的是，早在 2021 年，砂的價格大約是每噸 20 美元。而到了 2022 年 3 月，價格已經超過 30 美元，並且一直維持在每噸 40 美元左右。所以就像 Blake 說的，砂價波動非常劇烈。我的意思是，它們顯然非常不穩定。因此，這是那種供需平衡——當我們供給不足時——一旦發生轉變，就會很快轉變的事情。

Yeah. I recall. Appreciate all the context, guys.

是的。我記得。感謝各位提供所有背景資訊。

Derek Podhaizer, Piper Sandler.

Derek Podhaizer，Piper Sandler。

Encouraging to hear all the comments around the logistics margins going from the low-single digits to it's about the mid-teens here and guiding that for the next quarter. On the trucking rates specifically, how should we think about what a 10% uplift in the Permian activity would do to those trucking rates, which appear to be already tightening?

很高興聽到大家提到物流毛利率從低個位數提升到目前大約中十幾個百分點，並且對下一季也給出這樣的指引。就卡車運價而言，具體來說，我們應該如何看待二疊紀（Permian）活動量若提升 10%，會對那些看起來已經在收緊的卡車運價造成什麼影響？

Blake, I think you said they're still 10% below the national average. So maybe just some additional color around where you think trucking rates can go if we do get an uptick in activity here.

Blake，我想你說過它們仍比全國平均低 10%。所以也許可以再補充一些細節，談談如果我們這裡的活動確實回升，你認為卡車運價可能會走到哪裡。

Yeah. That's a great question, Derek. I -- Apologies in that trying to pin down where trucking rates are right now is like trying to hold onto a greased pig. There's a lot of moving variables. As I mentioned in the prepared remarks, the typical relationship with over the road is like over-the-road national freight right now versus Permian rates is inverted. Typically, you need rates at like a 10% to 20% premium to over the road to incentivize drivers and truck owners to beat up their assets in the oil field.

是的。這是個很好的問題，Derek。我——抱歉，因為要精準釘住目前卡車運價的位置，就像想抓住一頭抹了油的豬一樣難。變動因素很多。如我在事先準備的發言中提到的，目前全國長途貨運（over-the-road）與二疊紀運價之間的典型關係是顛倒的。通常，你需要比長途運價高出約 10% 到 20% 的溢價，才能激勵司機與卡車車主願意在油田把資產操到更耗損。

But currently, Permian rates are still at a discount. The other thing that we're really watching is diesel. That's a direct hit in the wallet for trucking owner-operators. While most of our customers have been quick to work with us on passing those costs through, we have heard quite a few anecdotes of certain operators refusing to accept those passthroughs or only accepting a percentage of that.

但目前二疊紀運價仍然是折價。我們另外非常關注的是柴油。那對卡車自營業者（owner-operators）的荷包是直接打擊。雖然我們多數客戶都很快願意配合把這些成本轉嫁出去，但我們也聽到不少案例：某些營運商拒絕接受這種成本轉嫁，或只願意接受其中一部分。

In my opinion, that's really short-sighted, as trucking margins were already razor thin across the industry, if not in the red for the smaller trucking companies. So forcing them to eat the rapid diesel inflation just invites a trucking crunch. And we're starting to see that, as industry watchers can tell you that, several trucking companies are choosing to park assets versus operating at a loss. That's continued tightening in the trucking market. That's something we're certainly watching.

在我看來，這非常短視，因為整個產業的卡車毛利本來就薄如刀鋒；對較小的卡車公司而言，甚至可能已經是虧損。因此，逼他們吞下快速上漲的柴油通膨，只會引發卡車運力緊縮。而我們也開始看到這種情況；正如產業觀察者所說，有好幾家卡車公司選擇把資產停放，而不是在虧損下營運。這使得卡車市場持續收緊。這也是我們確實在關注的事情。

As the higher trucking rates go, the more important the location of your mines and the breadth of your logistics network the more important that becomes. So the combination of our mobile mines in the Midland Basin and of course the logistical advantages provided by the Dune Express for our fixed mines that service the Delaware, that puts us in a really strong position versus many of our competitors' mines. And actually probably adds to our ability to push mine gate pricing.

卡車運價越高，你的礦場位置以及物流網路覆蓋廣度就越重要。因此，我們在米德蘭盆地（Midland Basin）的移動式礦場，再加上 Dune Express 為我們服務德拉瓦盆地（Delaware）的固定礦場所帶來的物流優勢，使我們相較於許多競爭對手的礦場處於非常有利的位置。而且這其實也可能提升我們推動礦口（mine gate）定價的能力。

In terms of what it means in terms of like hey, you see a 10% move in trucking rates and what that does to our margin profile that advantage, that margin advantage provided by the Dune Express that just throws gas on that fire, right? If you're thinking those trucking rates are being forced by cost inflation to the owner-operators, yes, we get hit on that on the final haul from like end of line or from the state line facility to the well site. But it's such a smaller percentage of the overall logistical haul because of how much of that chunk of that haul is covered by the Dune Express.

至於它的意義——比如說，你看到卡車運價上漲 10%，那對我們的毛利結構意味著什麼——Dune Express 所提供的那種優勢、那種毛利優勢，只會讓這把火燒得更旺，對吧？如果你認為卡車運價是因自營業者的成本通膨而被迫上調，是的，我們在最後一段運輸（例如從線路末端或州界設施到井場）也會受到影響。但由於整體物流運輸中有很大一段是由 Dune Express 覆蓋，因此那最後一段在整體物流運輸中的占比要小得多。

And so it becomes -- it really starts to push our incrementals. We were encouraged to see the improvement from the low-single digits into the mid-teens. We're watching that now and expecting it to kind of be that mid-teens margins through this quarter. As we move into the back half of the year, it's certainly something we're going to start pushing.

因此它會——確實開始推升我們的增量表現。我們很高興看到毛利率從低個位數改善到中十幾個百分點。我們正在觀察，並預期本季大致會維持在中十幾個百分點的毛利率水準。當我們進入下半年時，這肯定是我們會開始推動的方向。

Yeah. I think the diesel prices, I mean, that's obviously a big tailwind on the Dune Express because that's electric moving that sand 42 miles via an electric conveyor. That's also big. And I also think there's also a shortage of trailers, lead time on those trailers. Now a lot of your trailer manufacturing comes from Mexico. There's a tariff on it. I think you're going to start seeing shortages in a lot of places here as we move into the rest of the year.

是的。我認為柴油價格——那顯然對 Dune Express 是一個很大的順風，因為那是用電力，透過電動輸送帶把砂運送 42 英里。這也很重要。我也認為拖車短缺、拖車交期拉長也是問題。現在很多拖車製造來自墨西哥。那上面有關稅。我認為隨著我們進入今年剩餘時間，你會開始在很多地方看到短缺。

Got it. That's all really helpful color. Speaking of -- sorry. We talked about the demand side of proppant. Maybe thinking about the supply side. I think in previous calls, we talked about the Tier 2, Tier 3 sand mines out there. I think we've had something around like 20% of supply coming out of the market. But if there's going to be this call on demand around, I think you said 7 million tonnes for this year if we start adding completion crews back, how do you think about those mines being incentivized to come back to the market?

了解。這些補充都非常有幫助。說到——抱歉。我們談了支撐劑（proppant）的需求端。也許換個角度想供給端。我記得在之前的電話會議中，我們談到市場上那些 Tier 2、Tier 3 的砂礦。我想我們提過大約有 20% 的供給退出市場。但如果需求端會出現這樣的拉動——我想你說過如果我們把完井隊（completion crews）加回來，今年需求可能會增加約 700 萬噸——你如何看待那些礦場被激勵重新回到市場？

When these mines shutter, they never truly shutter or come out of the market, and they can come back to life pretty quickly. So have you surveyed and kind of looked around the supply stack to see which mines have the ability to come back, maybe some that have been truly taken out of the market? Just maybe some comments and color around the supply stack as you see it today and what it could -- and how it could respond if there is a big call on demand.

當這些礦場停產時，它們其實從未真正停產或真正退出市場，而且它們可以很快恢復運作。所以你們是否已經盤點、檢視過供給結構（supply stack），看看哪些礦場有能力回來，或哪些可能已經真正退出市場？也請就你們今天看到的供給結構，以及如果需求大幅拉動時它可能如何反應，提供一些評論與補充。

Yeah. I can start with that. I mean, we can only go by experience of what we've seen in the past. Back when prices really started, when we saw this change flip in supply, the supply and demand balance, I think a number of mines that had been open had closed, were slow to open their doors and commit a lot of capital until they had longer term contracts. And so I think that's really going to impact that.

是的。我可以先回答。我的意思是，我們只能依據過去看到的經驗來判斷。回到當價格真正開始上行、我們看到供需平衡出現翻轉時，我認為有不少原本開著的礦場關閉了，而它們在重新開門、投入大量資本之前都很謹慎，直到拿到較長期的合約。所以我認為這會對那個回歸速度產生很大影響。

I also think your proximity mines are going to be in a lot more advantaged position here because of where diesel rates are and where the trucking rates are. You want to add anything?

我也認為，就柴油價格與卡車運價的水準而言，你的近端礦（proximity mines）會處於更有利的位置。你要補充什麼嗎？

Yeah. That interplay between the just the logistics haul, right? Like it's, it's not just their cost to produce at the mine, but it's also how mines that are located at the kind of the fringes of the plays. If you got a mine that's to the extreme south or something like that, like with what you're seeing in terms of diesel inflation, those hauls become really cost prohibitive. And so you really need to see mine gate pricing move in a big way to incentivize those mines to gear up.

對。那就是物流運輸之間的相互影響，對吧？不只是他們在礦場的生產成本，還包括那些位在礦區邊緣地帶的礦場。如果你的礦在最南端之類的位置，像你看到柴油通膨的情況下，那些運輸就會變得成本高到難以承受。所以你真的需要看到礦口價格大幅上調，才能激勵那些礦場加快投入運轉。

Like John said, like it'd be a little foolhardy to do it like without, hey, I can get a spot sale here at this X price, which would if I extrapolate that out two years, it incentivizes that capital investment. But if you don't have a contract, that's a heck of a bet.

就像 John 說的，如果沒有——嘿，我可以用這個 X 價格做一筆現貨銷售——那樣去做其實有點魯莽；如果我把它外推兩年，才會足以激勵那筆資本投資。但如果你沒有合約，那就是一個很大的賭注。

Well, related to all that, we should also mention personnel.

嗯，跟這些都相關的，我們也應該提到人員。

Yeah.

對。

I mean, it's a real challenge to find labor that can operate these plants. And so that's going to be a challenge as well.

我的意思是，要找到能操作這些工廠的勞動力真的很有挑戰。所以這也會是一個挑戰。

And really the data center boom that's going on.

還有目前正在發生的資料中心熱潮。

Yeah.

對。

Like what I would call Central Texas, maybe Central West Texas a little bit, around Abilene and places like that, is really pulling a lot of workers out of the oil field right now. And so -- because there's all this construction --

像我所說的德州中部，或許更偏德州中西部一點，阿比林（Abilene）周邊那一帶，現在真的把很多工人從油田拉走。所以——因為有這麼多建設工程--

Trades.

技工。

Trades and things like that. Typically, where we go to pull our manpower from, it's making it difficult to hire. There's a lot of other factors going on here than just -- than there were back when these mines opened in 2022, right? I mean, there's a lot more going on.

技工之類的。通常我們會去招募人力的來源，現在都讓招工變得困難。這裡發生的因素不只是——跟 2022 年這些礦場開出來時相比，情況已經不一樣了，對吧？我的意思是，現在事情多很多。

(inaudible), too.

（聽不清），也是。

Yeah.

對。

Yeah. No, a lot has changed. Extremely helpful, guys. Really appreciate it. I'll turn it back.

對。不，很多事情都變了。非常有幫助，各位。真的很感謝。我把時間交回去。

Sean Mitchell, Daniel Energy Partners.

Sean Mitchell，Daniel Energy Partners。

Thanks for all the color. Maybe turning back to Power, can you guys talk about the specific equipment that CAT is providing to you in this Global Framework Agreement and why these units are probably well suited for the microgrid versus other options?

謝謝你們提供這麼多細節。也許回到電力（Power）這塊，你們能談談在這份全球框架協議（Global Framework Agreement）中，CAT 具體提供給你們哪些設備，以及為什麼這些機組相較其他選項可能更適合微電網（microgrid）嗎？

This is Tim. I'll take that question. The assets we're purchasing from CAT are really two engine platforms. One is a medium speed engine, one's a high speed engine. Those are both designed to operate in continuous duty. The medium speed is it's a 4-megawatt unit. The high-speed engine is a 2.5-megawatt engine.

我是 Tim。我來回答這個問題。我們向 CAT 採購的資產主要是兩個引擎平台。一個是中速引擎，一個是高速引擎。兩者都設計為可連續運轉。中速機組是 4 兆瓦（MW）單元。高速引擎是 2.5 兆瓦的引擎。

We feel like these are assets that we want to own and operate for decades. And they each have different characteristics that help support our customer needs. So really kind of project specific on what units we would put on specific projects. But our confidence is not only in the history of those engines, which I think one of them has not had a design change in 20 years, which tells us it's out doing the work and will continue to.

我們認為這些是我們希望能持有並運營數十年的資產。而它們各自有不同特性，有助於支援客戶需求。所以實際上會依專案而定，決定在特定專案上配置哪些機組。但我們的信心不僅來自這些引擎的歷史表現——我想其中一款 20 年來都沒有設計變更，這告訴我們它一直在實際工作，而且會持續下去。

And the other has had some design changes, and there are some different models available to us under that agreement. And we can use those models to kind of match the customer demand just depending on what their load does on an operating basis. But I think what excites us about both of those is just the fact that they're with probably the most respected OEM in that space, and really in several spaces in Caterpillar.

另一款則有過一些設計變更，而且在該協議下我們也有一些不同型號可選。我們可以利用這些型號，依客戶在營運上的負載變化，去匹配客戶需求。但我想讓我們對這兩款都感到興奮的，是它們出自該領域可能最受尊敬的 OEM，而 Caterpillar 在好幾個領域也都很受肯定。

Just the backing that we get from that helps us to predict our maintenance costs, helps us to address issues quickly should they pop up, and ultimately lends itself to us having a Tier 1 portfolio of assets that we're out operating for customers.

他們提供的後盾讓我們能預測維護成本，也能在問題出現時快速處理，最終也有助於我們建立一個 Tier 1 的資產組合，對外為客戶運營。

That's helpful. Thank you.

很有幫助。謝謝。

Scott Gruber, Citigroup.

Scott Gruber，花旗集團（Citigroup）。

Maybe turning to the OpEx side on your sand production business. I want to double-check the OpEx per ton guide embedded in the 2Q EBITDA guidance. I think I heard $12.45 per ton, so I wanted to check that. Obviously, improvement will come with the new dredges. Where do you think OpEx per ton lands now on a normalized basis, and when do you think you can get there?

想把話題轉到你們砂石生產業務的營業費用（OpEx）面。我想再確認一下，第二季 EBITDA 指引中隱含的每噸 OpEx 指引。我以為我聽到的是每噸 12.45 美元，所以想確認一下。很明顯，隨著新挖泥船（dredges）上線會帶來改善。你認為在正常化基礎下，每噸 OpEx 現在會落在哪裡？以及你覺得什麼時候能達到？

The correction on that, Scott, that the OpEx per ton guide for Q2 embedded in the Q2 guide is $12.75.

Scott，更正一下：第二季指引中隱含的每噸 OpEx 指引是 12.75 美元。

Okay. Thank you.

好的。謝謝。

Yeah. Thanks for clarifying. I have a tendency to trip over my own tongue. Yeah, I think that we're -- obviously, it's a fixed cost absorption business and so now that we're starting to get closer to sold out, that sold out for Q2 at the current productive capacity, that's obviously a tailwind. We're still in the process of commissioning the new dredges at the flagship Kermit Mine. Once we get those on, that's going to lower our variable cost. And so that's -- that'll start to flow through in terms of operating leverage.

對。謝謝你釐清。我有時候會自己打結、講錯。對，我想我們——很明顯這是一個固定成本吸收型的業務，所以現在我們開始更接近滿載（sold out），第二季在目前產能下已經滿載，這顯然是一個順風。我們仍在 Kermit 旗艦礦場進行新挖泥船的試運轉（commissioning）。一旦它們上線，就會降低我們的變動成本。所以——這會開始在營運槓桿上反映出來。

As we push forward through the year, that'll continue to trend down. We'll probably get an 11 handle on it in the -- towards the kind of the, I'd say conservatively the kind of the September-October time frame. Obviously, that continues to be based around there's the volumetric aspect of that.

隨著我們在今年持續推進，這個數字會繼續往下走。我們大概能把它降到 11 開頭——我保守估計大概在 9 到 10 月左右。當然，這仍然取決於其中的量（volumetric）因素。

But I think longer term we're very much -- our mines have been operating kind of at an elevated OpEx for a while now. But we still got our goals to get back to kind of the high 10s, on a full run rate basis once we get them optimized --

但我想從更長期來看，我們的礦場在一段時間內一直處於相對偏高的 OpEx 水準。不過我們仍然有目標：一旦把它們優化到位，在完整運轉率（full run rate）基礎下回到 10 美元後段（high 10s）--

Across the company.

在全公司範圍內。

Across the company. And we've got -- I think there's a lot of stuff going on under the hood that we're very excited about in terms of process improvements at the plants, more efficient maintenance, and things like that. We're really making some real headway there. And so I think it'd be continue to be a positive trend as we work through the rest of the year.

在全公司範圍內。而且我們——我想在幕後有很多事情正在進行，讓我們對工廠流程改善、更有效率的維護等方面感到非常興奮。我們在那方面確實取得了實質進展。所以我認為，隨著我們走完今年剩下的時間，這會持續是一個正向趨勢。

Yeah. Appreciate that. Then turning back to logistics obviously, encouraging trends on the trucking side, and you mentioned how that'll -- is there a positive influence on Dune Express pricing. I'm wondering kind of the timing around that pull. Are your Dune Express volumes, is the pricing on those volumes locked in for the year or could those reset at some point this year?

對。感謝。那再回到物流這塊，卡車運輸端有令人鼓舞的趨勢，而你也提到這會——對 Dune Express 定價有正面影響。我想了解一下這個拉動的時間點。你們 Dune Express 的運量，其定價是全年鎖定的，還是今年某個時間點可能會重新調整？

A lot of those contracts have either biannual or quarterly pricing visits. Right now, like I said, it's still early, you haven't seen much movement in terms of actual sand pricing. You have seen movement in trucking rates.

其中很多合約都有半年或季度的定價檢視。目前如我所說，還在早期階段，就實際砂價而言，你還沒有看到太多變動。但你已經看到卡車運輸費率的變動。

With the Dune Express volumes, we really look at those kind of as a total cost of delivered tonnes. So like we add those together through and is -- through the lens that we want the operator to look at, because that's certainly going to be to our advantage as we move through this cycle. It's probably more -- as later in the year, might be a slight tailwind. For those bigger contracts, it's going to be a bigger tailwind as we move into 2027.

就 Dune Express 的運量而言，我們確實會把這些視為「到貨噸數的總交付成本」。所以我們會把它們加總起來，並且——透過我們希望營運商採用的視角來看，因為在我們走過這個循環的過程中，這肯定會對我們更有利。可能更——在今年稍晚，會有些微的順風。對於那些較大的合約，隨著我們進入 2027 年，順風會更大。

Our trucking pricing resets a lot more.

我們的卡車運輸定價重設得更頻繁。

Yeah.

是。

More frequently than sand pricing does.

比砂價重設更頻繁。

Yeah.

是。

Yeah. It's quarterly on the sand pricing. I mean, on the trucking prices, sorry.

是。砂價是按季。我是說，卡車運輸價格，抱歉。

Yeah. Got you. With those kind of integrated deliveries, the upside really comes next year on the margin front.

是。了解。就這類整合式交付而言，上行空間主要會在明年體現在毛利端。

That'll probably be the biggest lever.

那可能會是最大的槓桿。

Yeah. Okay. Appreciate the color. Thank you.

是。好的。感謝補充說明。謝謝。

Keith Mackey, RBC Capital Markets.

Keith Mackey，RBC Capital Markets。

Maybe just sticking on the sand price theme. Can you just comment on your contract durations and contract amounts? Roughly how much of your sand could reprice between now and the end of the year based on the contract or agreement schedule that you currently have in place?

也許就延續砂價這個主題。你能否談談你們的合約期限與合約量？依照你們目前的合約或協議排程，從現在到年底，大約有多少砂量可能會重新定價？

Yeah. We tend to try to contract as much of our sand as possible through the RFP process. I think that there's probably in terms of stuff that's fully free flow to spot. If you look to the back half of the year, we could probably reprice up to 20% to 25% of our contract portfolio. On top of that, as people look to lock in tonnes for 2027, that probably opens the conversation to, hey, let's move the entire contract to a -- move levels there.

是。我們傾向於透過 RFP 流程，盡可能把我們的砂量多做合約化。我認為就完全可自由流向現貨的部分而言——如果看今年下半年，我們大概可以對合約組合中的 20% 到 25% 進行重新定價。此外，當大家想要鎖定 2027 年的噸數時，這可能也會開啟對話：嘿，讓我們把整份合約——把整份合約移到一個——把水準調整到那裡。

So there is some upside to pricing as we move through the rest of the year, but it's really to reprice the entire contract portfolio. It's going to be kind of -- as you move into that full 2027 RFP season.

所以隨著我們走完今年剩餘時間，定價確實有一些上行空間，但真正要對整個合約組合重新定價，大概會是——當你進入完整的 2027 年 RFP 旺季時。

Got it. Okay. Makes sense. Then, can you just run us through a little bit more on the dredge implementation and the timelines there for the new Twinkle dredges that you've got coming in? And just how does that align with the OpEx per ton guidance that you've been running us through, Blake?

了解。好的。合理。那麼，你能否再多帶我們了解一下疏浚設備（dredge）的導入與新 Twinkle 疏浚船到位的時程？以及這與你一直在說明的每噸營運費用（OpEx）指引是如何對齊的，Blake？

On the timing, the first Twinkle dredge is on location. It's built. They're digging the pond right now. We would expect that dredge to be floated probably by the end of the quarter. When I say quarter, end of the second quarter. The other -- the second dredge arrives here, I believe, starts arriving here probably in June sometime.

就時程而言，第一台 Twinkle 疏浚船已在現場。已經建造完成。他們現在正在挖池塘。我們預期那台疏浚船大概會在本季末下水（浮起）。我說的季末，是第二季末。另外——第二台疏浚船我相信會在 6 月左右開始運抵這裡。

And then I think they've got to construct the dredge on-site. And I would say that we probably won't see a full impact from the dredge probably until end of the year, right? Fourth quarter, maybe. I mean, because I don't think we've -- while they'll both be floated probably in the third quarter, I think it's going to be -- give some time for us to commission them and get them running where they need to be. I mean, the guidance that we've given, I don't think it incorporate this.

然後我想他們必須在現場組裝疏浚船。我會說，我們可能要到年底才會看到疏浚船的完整影響，對吧？也許第四季。我的意思是，因為我不認為我們——雖然它們可能都會在第三季下水，但我認為還需要——給我們一些時間去試車（commission）並讓它們運轉到應有的狀態。我的意思是，我們給出的指引，我不認為已把這個納入。

So there's no impact from that in Q2.

所以第二季不會有影響。

Yeah.

是。

And the way to think of that from a model mechanic standpoint is that right now that variable cost of sand is you're closer to $5.50, $5.75. When those dredges get running, that number has a poor handle on it. So that really starts to flow through in terms of, like I said, the variable cost operating leverage.

從模型機制的角度來看，目前砂的變動成本大約接近 5.50 到 5.75 美元。當那些疏浚船開始運轉後，那個數字就會有一個很差的把手（不太好掌握）。所以如我所說，這會開始反映在變動成本的營運槓桿上。

Got it. Appreciate the color.

了解。感謝補充說明。

Don Crist, Johnson Rice.

Don Crist，Johnson Rice。

Thanks for letting me in here. On the Global Framework Agreement, I just wanted to ask about the delivery schedule. Is it pretty constant over the '27, '29 period, or is it more back-end weighted? Just kind of any color around the delivery schedule on that GFA.

謝謝讓我加入。關於全球框架協議（Global Framework Agreement），我想問一下交付排程。在 2027 到 2029 年期間是相當平均穩定，還是比較偏向後段？想請你就該 GFA 的交付排程提供一些補充。

Yeah, Don. So the delivery schedule on 2027 is kind of last three quarters of the year. We've still got 120 megawatts from our first sort of, kind of pre-framework agreement that we expect to be able to slot in there. And then in 2028, it's fairly constant and accelerates as far as overall size of megawatt in our delivery slot.

是的，Don。所以 2027 年的交付排程大概是在該年的最後三個季度。我們仍有 120 兆瓦，來自我們第一份某種——算是前框架協議（pre-framework agreement）的安排，我們預期能把它排進去。而在 2028 年，交付相當穩定，並且就我們交付檔期中的總兆瓦規模而言會加速。

Yeah. So I think it's more weighted to '27 and '28, with a lesser commitment in '29. But as Tim and John talked so enthusiastically about, like as we move forward and actually start to contract some of these assets, yeah, we'd probably be looking -- we have the ability to upsize that commitment at the later stages of the contract, and it's something that we're going to be exploring.

是。所以我認為權重比較偏向 2027 和 2028 年，2029 年的承諾較少。但正如 Tim 和 John 非常熱情地談到的，隨著我們往前推進並實際開始簽約其中一些資產，是的，我們可能會——我們有能力在合約後期把那個承諾規模放大，這也是我們將會探索的事情。

Okay. And just from a kind of contract timing, and I know it's very fluid, and these things have to go through boards and all kind of things, but just -- is your goal to have that contracted -- that incremental capacity contracted, say, nine months before it is delivered, or is that too aggressive?

好的。另外從合約時點來看，我知道這非常動態，而且這些事情都要經過董事會以及各種流程，但——你們的目標是讓那部分增量產能在交付前，例如提前九個月完成簽約，還是那樣太積極？

Yeah --

是——

Go ahead.

你先請。

I mean, I think what we found out with and that's obviously with what others have found out, is that talking about timing on these contracts is very difficult. But our goal is to get it contracted as soon as we can. But I don't want to put out any timelines out there. They take time.

我的意思是，我想我們發現——而且這顯然也是其他人發現的——談這些合約的時程非常困難。但我們的目標是能越快簽約越好。但我不想對外給出任何時間表。它們需要時間。

And these are very complicated contracts, and it takes a while for negotiation. Because we're talking about 15- to 20-year power agreements with counterparties. And so we don't want to put a timeline on that with our goal. I mean, we just want to make sure that it's contracted when we start deploying it.

而且這些是非常複雜的合約，談判需要一段時間。因為我們談的是與交易對手簽訂 15 到 20 年的電力協議。因此我們不想為此設定時間表，即便那是我們的目標。我的意思是，我們只想確保在開始部署時，它已經完成簽約。

Yeah. The one thing I will say is that compute power is a real bottleneck. And so there is a lot of urgency to move from this customer base. And so, obviously, there's urgency on our end. It's like, hey, we want to get these contracts. There's a lot of urgency from them that's like, hey, I need this power, and I need this timeline.

是的。我想說的一點是，算力確實是一個真正的瓶頸。因此，從這個客戶群推進轉換有很強的急迫性。所以，很明顯，我們這邊也很急。就像是，嘿，我們想把這些合約簽下來。他們那邊也非常急，像是，嘿，我需要這些電力，而且我需要這個時程。

And there is a considerable construction runway to where you actually go from, hey, we signed the contract, to where there's actually providing power or we're providing power to them. And so it is at -- to both parties' advantage for these negotiations to move as quickly as possible.

而且從「嘿，我們簽了合約」到實際開始供電、或我們開始向他們供電之間，還有相當長的建設期。因此，讓這些談判盡可能快速推進，對雙方都有利。

But as John said, they're really complicated negotiations through big contracts, so each one is like an M&A transaction. So when you're signing contracts of this term -- it's infrastructure. You want to make sure you get it right because you got to live with those contracts for a very long time.

但如 John 所說，這些都是透過大型合約進行、非常複雜的談判，所以每一份都像是一筆併購交易。因此，當你要簽這種期限的合約——這是基礎設施——你會希望確保把它做對，因為你必須在很長一段時間內與這些合約共存。

Yeah. I think the other element that has kind of changed the dynamics around those discussions is just the number of inbounds we've gotten in the counterparties. And so when we look to build a contracted business that's 15-, 20-year commitments. I think we did a great job on asset selection in the Global Framework Agreement. I think we've got a great team.

是的。我認為另一個某種程度上改變了這些討論動態的因素，就是我們從交易對手那裡收到的主動洽詢數量。因此，當我們著眼於建立一個以 15、20 年承諾為基礎的簽約型業務時，我認為我們在《全球框架協議》的資產選擇上做得非常好。我認為我們有一支很棒的團隊。

The other part that makes a good deal is a good counterparty that we want to work with for that period of time. And so given what's in our pipeline and how quickly it's expanded, we're in a very fortunate position where we've got a little more say in who our counterparties are going to be for those contracts. And so obviously, something we're all looking forward to and we'll share details as they come.

能成就一筆好交易的另一部分，是一個我們願意在那段期間合作的優質交易對手。因此，考量我們管線中的項目以及其擴張速度，我們處於非常有利的位置，對於這些合約的交易對手會是誰，我們有更多的主導權。所以，這顯然是我們都很期待的事情，我們也會在細節出來時與大家分享。

I appreciate the color. When a 500-megawatt contract can be well over $2 billion, it's understandable that it takes a while to get across the finish line. So, rooting for you. Thanks for the color. Thanks.

感謝補充說明。當一份 500 兆瓦的合約可能遠超過 20 億美元時，確實可以理解為什麼需要一些時間才能走到終點。所以，祝你們順利。謝謝補充說明。謝謝。

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

目前沒有其他問題。我想把時間交回給 John Turner 作結語。

Yeah. Thank you, operator. I want to thank everyone for all the questions today. And before we close, I want to step back from the quarter and tell you why I believe Atlas looks fundamentally different two years from now than it did or than it does today.

好的。謝謝接線員。我要感謝大家今天提出的所有問題。在結束之前，我想先跳脫本季，跟各位說明為什麼我相信兩年後的 Atlas，從根本上看起來會與過去或今天的 Atlas 大不相同。

Start with what we announced last month, the 120-megawatt power deal, the power purchase agreement that we signed on April 1, which is expected to generate $50 million to $55 million of annual adjusted free cash flow once it's fully deployed. Returns on individual contracts will vary. They will depend on the customer and the market, term length, contract structure, et cetera.

先從我們上個月宣布的內容談起：120 兆瓦的電力交易，也就是我們在 4 月 1 日簽署的購電協議，預期在全面部署後，每年可產生 5,000 萬至 5,500 萬美元的調整後自由現金流。單一合約的報酬率會有所不同。它們將取決於客戶與市場、合約期限、合約結構等等。

We would not expect every megawatt across our portfolio -- our broader portfolio to deploy at these same economics. But this contract is a meaningful proof point of what the model can produce, and it represents a small fraction of the 2 gigawatts we expect to own and operate by 2030. We're not a company adding power at the margin. We're building a long-duration contracted cash flow stream on top of a Sand and Logistics franchise that is self-inflecting at this time as well.

我們不預期我們投資組合——更廣泛的投資組合中——每一個兆瓦都會以相同的經濟條件部署。但這份合約是該模式能產出成果的重要驗證點，而且它僅占我們預期到 2030 年將擁有並營運的 2 吉瓦的一小部分。我們不是一家只在邊際上增加電力的公司。我們是在既有的砂石與物流事業之上，打造一條長期、以合約鎖定的現金流，而該事業目前也正處於自我加速的拐點。

And we are doing it with secured supply from Caterpillar, at a moment when Caterpillar is a great counterparty, and it's at a moment when generation equipment is one of the scarcest assets in the US economy. Sand and Logistics business is the engine that funds this transformation. That engine is accelerating. We're effectively sold out, as we've talked about, for the second quarter.

而且我們是在 Caterpillar 的供應已確保的情況下推進這件事；此刻 Caterpillar 是很好的交易對手，同時發電設備也是美國經濟中最稀缺的資產之一。砂石與物流業務是資助這場轉型的引擎。這個引擎正在加速。如我們所談到的，我們第二季基本上已經滿單。

We talked about our logistics margins are now running in the mid-teens with that strength expected to carry through the second quarter, and we are guiding to approximately $50 million of EBITDA in the second quarter, which is a roughly 76% sequential increase from the first quarter. The conditions Blake described, limited completion crew availability, tight equipment, and rising trucking market rates historically reward the most reliable supplier in the basin, and that is Atlas. So we've seen that in the past.

我們提到，我們的物流毛利率目前在十幾個百分點的中段水準運行，且預期這股強勢會延續到第二季；我們也指引第二季 EBITDA 約 5,000 萬美元，較第一季季增約 76%。Blake 所描述的情況——完井施工隊可用性有限、設備緊缺，以及卡車運輸市場運價上升——在歷史上通常會讓盆地中最可靠的供應商受益，而那就是 Atlas。所以我們過去也見過這種情況。

We've also recently positioned our balance sheet to fund this growth without compromising returns. We talked about that through the convertible pricing, in which, I guess -- And then as Bud noted in his 35 years in the industry, he's never seen two demand inflections of this magnitude converge at the same time, with surging global oil demand on one side and the acute US power constraints on the other.

我們最近也調整了資產負債表，以在不犧牲報酬的前提下為這項成長提供資金。我們透過可轉債定價談到了這點；我想——另外，正如 Bud 提到的，他在業界 35 年來，從未見過如此規模的兩個需求拐點同時匯聚：一邊是全球石油需求激增，另一邊是美國嚴峻的電力限制。

Atlas is positioned itself to serve both of those. With -- we have the assets, the contracts, the supply chain, and the capital to deliver, and we intend to. Thank you for your time and your questions, your continued support. We look forward to updating you guys on our progress next quarter.

Atlas 已經定位好自己來服務這兩者。我們擁有資產、合約、供應鏈與資本來交付，我們也打算這麼做。感謝各位的時間與提問，以及持續的支持。我們期待在下個季度向各位更新我們的進展。

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

今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。