Archrock Inc (AROC) 2025 Q1 法說會逐字稿

Good morning. Welcome to Archrock first quarter 2025 conference call. Your host for today's call is Megan Repine, Vice President of Investor Relations at Archrock.

早安.歡迎參加 Archrock 2025 年第一季電話會議。今天電話會議的主持人是 Archrock 投資者關係副總裁 Megan Repine。

I will now turn the call over to Ms. Repine. You may begin.

現在我將把電話轉給雷皮恩女士。你可以開始了。

Thank you, Dan. Hello, everyone, and thanks for joining us on today's call. With me today are Brad Childers, President and Chief Executive Officer of Archrock; and Doug Aron, Chief Financial Officer of Archrock.

謝謝你，丹。大家好，感謝您參加今天的電話會議。今天與我一起的還有 Archrock 總裁兼執行長 Brad Childers；以及 Archrock 財務長 Doug Aron。

Yesterday, Archrock released its financial and operating results for the first quarter of 2025. If you have not received a copy, you can find the information on the company's website at www.archrock.com.

昨天，Archrock 發布了 2025 年第一季的財務和營運業績。如果您尚未收到副本，您可以在公司網站 www.archrock.com 上找到該資訊。

During this call, we will make forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934 based on our current beliefs and expectations as well as assumptions made by and information currently available to Archrock's management team.

在本次電話會議中，我們將根據我們目前的信念和預期以及 Archrock 管理團隊所做的假設和目前掌握的信息，做出 1934 年證券交易法第 21E 條所定義範圍內的前瞻性陳述。

Although management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Please refer to our latest filings with the Securities and Exchange Commission for a list of factors that may cause actual results to differ materially from those in the forward-looking statements made during this call.

儘管管理階層認為此類前瞻性聲明所反映的預期是合理的，但無法保證此類預期將被證明是正確的。請參閱我們向美國證券交易委員會提交的最新文件，其中列出了可能導致實際結果與本次電話會議中前瞻性陳述的結果有重大差異的因素。

In addition, our discussion today will reference certain non-GAAP financial measures, including adjusted net income, adjusted EBITDA, adjusted EPS, and cash available for dividend. For reconciliations of these non-GAAP financial measures to our GAAP financial results, please see yesterday's press release and our Form 8-K furnished to the SEC.

此外，我們今天的討論將參考某些非 GAAP 財務指標，包括調整後的淨收入、調整後的 EBITDA、調整後的 EPS 和可用於分紅的現金。有關這些非 GAAP 財務指標與我們的 GAAP 財務結果的對賬，請參閱昨天的新聞稿和我們向美國證券交易委員會 (SEC) 提交的 8-K 表格。

I'll now turn the call over to Brad to discuss Archrock's first-quarter results and to provide an update of our business.

現在我將把電話轉給布拉德，討論 Archrock 的第一季業績並提供我們業務的最新情況。

Thank you, Megan, and good morning, everyone. Archrock delivered outstanding and, once again, record-setting performance in the first quarter across key financial metrics, operating measures, and business segments.

謝謝你，梅根，大家早安。Archrock 在第一季在關鍵財務指標、營運指標和業務部門方面均取得了出色的成績，並再次創下了紀錄。

Despite macroeconomic factors have created uncertainty in other sectors of the economy and the natural gas compression business that we operate, the supportive market conditions we experienced in 2024 remain in place. And the operational transformation of Archrock's business from its prior positioning as well as ongoing investments in our high-quality asset base, innovative processes, and technology are driving consistent and repeatable success.

儘管宏觀經濟因素為其他經濟領域和我們經營的天然氣壓縮業務帶來了不確定性，但我們在 2024 年經歷的支持性市場條件仍然存在。Archrock 業務從先前的定位進行的營運轉型以及對我們優質資產基礎、創新流程和技術的持續投資正在推動持續且可重複的成功。

Compared to the first quarter of 2024, we increased our adjusted EPS by over 60% and adjusted EBITDA by more than 50%. Our fleet remains fully utilized at 96%. And on a sequential basis, we increased our contract compression operating fleet by more than 70,000 horsepower, excluding sales of non-strategic assets. This growth reflects high return organic investments in newbuild horsepower.

與 2024 年第一季相比，我們的調整後每股收益成長了 60% 以上，調整後 EBITDA 成長了 50% 以上。我們的船隊利用率仍高達 96%。與上一季相比，我們的合約壓縮營運車隊增加了 70,000 多馬力（不包括非戰略資產的銷售）。這一增長反映了對新建馬力引擎的高回報有機投資。

We maintained our sector-leading financial position, including our record-low quarter-end leverage ratio of 3.2 times. We continue to increase shareholder returns. Our quarterly dividend per share was up 15% compared to a year ago, and our dividend coverage on this higher dividend level was a robust 3.9 times.

我們保持了業界領先的財務狀況，包括季度末槓桿率創歷史新低 3.2 倍。我們不斷提高股東回報。我們的每股季度股息較去年同期增長了 15%，在這一較高股息水平上，我們的股息覆蓋率達到了 3.9 倍。

In addition, we've been repurchasing shares under our buyback utilization authorization in this time of increased financial market volatility. Year to date, through May 1, the company has repurchased approximately $23 million or 977,000 shares of our common stock at an average price of $23.22 per share.

此外，在金融市場波動加劇的時期，我們一直根據回購使用授權回購股票。截至 5 月 1 日，年初至今，該公司已以每股 23.22 美元的平均價格回購了約 2,300 萬美元或 977,000 股普通股。

In addition, the Board has approved a $50 million increase to our existing share repurchase program. After accounting for the recent purchases that I just mentioned, our remaining capacity is at $65 million. The increased authorization reflects our confidence in the company's strategy and underscores our commitment to returning capital to shareholders.

此外，董事會已批准將我們現有的股票回購計畫增加 5,000 萬美元。算上我剛才提到的最近的採購量，我們的剩餘產能為 6500 萬美元。授權的增加反映了我們對公司策略的信心，並強調了我們向股東返還資本的承諾。

Our excellent underlying business performance and financial strength have positioned us to participate in value-creating industry consolidation. The integration of Total Operations and Production Services, or TOPS, is progressing as planned. And during the first quarter, we also announced the acquisition of NGCS, which closed on May 1.

我們出色的基礎業務表現和財務實力使我們能夠參與創造價值的產業整合。整體營運和生產服務（TOPS）的整合正在按計劃進行。並且在第一季度，我們也宣布了對 NGCS 的收購，該收購於 5 月 1 日完成。

These accretive transactions are expected to increase our scale, expand our customer relationships, and deepen our operations in key regions. It has been great to welcome these highly talented teams, and I'm excited about what we get to accomplish together as Archrock.

這些增值交易預計將擴大我們的規模，擴大我們的客戶關係，並深化我們在關鍵地區的業務。我很高興歡迎這些才華橫溢的團隊，我很高興我們作為 Archrock 共同取得成就。

Before turning to the market, I want to emphasize that we've worked diligently over the past decade to create the best compression company we possibly could. From our world-class safety and customer service, to our fleet standardization and modernization program, to our partnerships with blue-chip customers and cutting-edge technology, we solidified our position as the compression partner of choice for our customers. I could not be more proud of the stellar results that we're delivering, and we'll continue to push to maximize our performance in the future.

在轉向市場之前，我想強調的是，過去十年來，我們一直努力創造盡可能最好的壓縮公司。從我們世界一流的安全和客戶服務，到我們的車隊標準化和現代化計劃，再到我們與藍籌客戶的合作夥伴關係和尖端技術，我們鞏固了作為客戶首選壓縮合作夥伴的地位。我對我們所取得的出色成果感到無比自豪，未來我們將繼續努力，最大限度地提高我們的業績。

Turning to the market. Fundamentals for compression remained strong during the first quarter, including historically high levels of utilization, pricing, and profitability. We have a substantial contracted backlog for 2025, and we are booking units for 2026 delivery to meet continued strong customer demand. Nevertheless, we are closely monitoring market developments.

轉向市場。第一季壓縮的基本面依然強勁，包括歷史高水準的利用率、定價和獲利能力。我們有大量 2025 年的合約積壓訂單，並且我們正在預訂 2026 年交付的單位，以滿足持續強勁的客戶需求。儘管如此，我們仍在密切關注市場發展。

I want to share my perspective on short- and long-term dynamics. Beginning with the short-term, OPEC's actions to bring more production into the market more quickly and tariff announcements have driven uncertainty and volatility in WTI prices.

我想分享我對短期和長期動態的看法。從短期來看，OPEC加快向市場投放更多產量的舉措以及關稅公告都加劇了WTI價格的不確定性和波動性。

We're only weeks into this evolving environment. But to date, our customers, both producers and midstreamers, have not communicated changes to the development plans for 2025 and have not meaningfully changed their capital programs that would impact beyond 2025. We are, of course, staying close to our customers and are focused on deploying our robust backlog of equipment starts, providing excellent customer service, and ensuring we stay closely informed on any changes in market dynamics.

我們進入這個不斷變化的環境才幾週。但到目前為止，我們的客戶（包括生產商和中游企業）尚未告知 2025 年發展計畫的變化，也沒有對 2025 年以後產生影響的資本計畫做出重大改變。當然，我們始終與客戶保持密切聯繫，專注於部署我們大量已啟動的設備，提供卓越的客戶服務，並確保我們密切了解市場動態的任何變化。

Several factors make me optimistic about how well we at Archrock can manage our business in any market. First, we're a late cycle participant in the energy sector. As our business is tight, primarily to existing production levels for natural gas and secondarily to new production additions, it is not as impacted by commodity price volatilities compared to businesses that are more closely tied to drilling and completion.

有幾個因素讓我對 Archrock 在任何市場中管理業務的能力充滿信心。首先，我們是能源領域的後期週期參與者。由於我們的業務緊密相關，主要依賴現有的天然氣生產水平，其次依賴新增生產水平，因此與與鑽井和完井聯繫更緊密的業務相比，它不受商品價格波動的影響。

This unique aspect of our business gives us improved visibility and ample time to adjust if necessary, and we're prepared to take decisive action should industry activity moderate and production growth decelerate. Even under this scenario, we believe our business model should continue to benefit from our comparatively more stable production-related and midstream infrastructure position.

我們業務的這一獨特之處使我們在必要時擁有更高的可見性和充足的調整時間，並且如果行業活動放緩且生產增長放緩，我們準備採取果斷行動。即使在這種情況下，我們相信我們的商業模式仍將繼續受益於我們相對穩定的生產相關和中游基礎設施地位。

Second, across the energy sector, a capital discipline mandate by investors has resulted in more stable activity levels through both positive and negative commodity price fluctuations. Today, we believe there is little, if any, excess or spare compression equipment in the market.

其次，在整個能源領域，投資人的資本紀律要求使得大宗商品價格無論是正向或負向波動，其活動水準都更加穩定。如今，我們相信市場上的過剩或閒置壓縮設備很少，甚至沒有。

Third, more specific to Archrock, our seasoned management team has demonstrated success in driving profitability and cash flow improvements through fleet standardization, technology implementation, and innovative process improvements.

第三，更具體地說，對於 Archrock 而言，我們經驗豐富的管理團隊已成功透過車隊標準化、技術實施和創新流程改進來提高獲利能力和現金流。

In addition, we've prioritized balance sheet strength and flexibility through prudent capital allocation. Today, we have the lowest leverage ratio among our peers and in our company's history since becoming Archrock.

此外，我們透過審慎的資本配置優先考慮資產負債表的實力和靈活性。如今，我們的槓桿率是同業中最低的，也是公司成立以來 Archrock 史上最低的。

Finally, on this topic of short-term perspective, I want to reiterate that as I opened on the call, we continue to see constructive market conditions for our compression business. Specifically, stop activity year-to-date has been at historically low levels.

最後，關於這個短期觀點，我想重申，正如我在電話會議上所說，我們繼續看到壓縮業務的建設性市場條件。具體來說，今年迄今的停工活動處於歷史最低水準。

Second, activity in starts remains on schedule with our 2025 business plan, and we have not seen our customers delay compression additions. And third, booking activity remains robust as we continue to book primarily large horsepower units into 2026 at a pace consistent with our last four quarters.

其次，開工活動仍按我們的 2025 年業務計劃進行，而且我們也沒有看到客戶推遲壓縮添加。第三，預訂活動依然強勁，我們將繼續以與過去四個季度一致的速度預訂 2026 年的主要大馬力機組。

Shifting to the long-term, we believe the growth in global natural gas demand continues to support infrastructure investment in the US for decades to come. We expect LNG demand, exports to Mexico, power generation, and the emerging opportunity presented by the onshoring of AI data centers to require a significant call on US natural gas production.

從長遠來看，我們相信全球天然氣需求的成長將在未來幾十年繼續支持美國的基礎設施投資。我們預計液化天然氣需求、對墨西哥的出口、發電以及人工智慧資料中心在岸化帶來的新興機會將對美國天然氣產量產生巨大需求。

To support this, the US will need to make substantial investments to expand the natural gas transportation infrastructure. This includes gathering systems, processing plants, pipelines, and compression.

為了支持這一點，美國需要進行大量投資來擴大天然氣運輸基礎設施。這包括收集系統、加工廠、管道和壓縮。

Moving on to our segments, contract operations fundamentals and execution remained excellent during the quarter. Our fleet was fully utilized with utilization exiting the quarter at a rate of 96%. Based on what we see in the market today, we expect to be able to maintain utilization in the mid-90s this year.

談到我們的部門，本季合約營運基本面和執行情況依然出色。我們的船隊已充分利用，本季的利用率達到 96%。根據我們目前在市場上看到的情況，我們預計今年的利用率將維持在 90 年代中期。

Looking at period-end operating horsepower in the first quarter of 2025 compared to the fourth quarter of 2024, we delivered over 70,000 in active horsepower growth excluding approximately 15,000 horsepower in non-core asset sales. As already mentioned, stop activity during the quarter was at record lows.

與 2024 年第四季相比，2025 年第一季的期末營運馬力成長了 7 萬多馬力，不包括非核心資產銷售中的約 15,000 匹馬力。如前所述，本季的停止活動處於歷史最低水平。

As organic horsepower growth continues, we closed our acquisition of NGCS on May 1. Acquiring this portfolio of high-quality, large horsepower, and electric compression assets builds on our efforts and drive durable, profitable growth for Archrock shareholders.

隨著有機馬力的持續成長，我們於 5 月 1 日完成了對 NGCS 的收購。收購這套高品質、大馬力和電動壓縮資產組合將鞏固我們的努力，並為 Archrock 股東帶來持久、獲利的成長。

Monthly revenue per horsepower also moved higher to $23.54 during the first quarter of 2025, a company record. And we achieved a quarterly adjusted gross margin percentage of 70% for the second quarter in a row.

2025 年第一季度，每馬力的月收入也升至 23.54 美元，創下公司最高紀錄。我們連續第二季實現了70%的季度調整後毛利率。

The aftermarket services segment had a solid quarter during what is typically a seasonally slower period. Revenues were up 3% year over year due to consistent service work with repeat customers and pricing. First-quarter profitability exceeded our guidance expectation as we continue to focus on higher quality and higher-margin work.

在通常的季節性淡季，售後服務部門本季表現穩健。由於持續為回頭客提供優質服務和定價，營收年增 3%。由於我們繼續專注於更高品質、更高利潤的工作，第一季的獲利能力超出了我們的預期。

Shifting to our capital allocation framework for 2025, we are committed to our prudent and returns-based approach. Yesterday, we reaffirmed our 2025 growth capital plan, which includes between $330 million and $370 million of investment in our fleets.

我們將轉向 2025 年的資本配置框架，致力於採取審慎和基於回報的方法。昨天，我們重申了 2025 年成長資本計劃，其中包括對我們的船隊投資 3.3 億美元至 3.7 億美元。

These investments are underpinned by multiyear contracts with blue-chip customers. The IRRs at which we expect to invest newbuild capital are strong and we will continue to meet the needs of our customer base through newbuild investments that support the sustainable growth in US oil and gas production that we see ahead.

這些投資以與藍籌客戶簽訂的多年合約為基礎。我們預期投資新建資本的內部收益率 (IRR) 很高，我們將繼續透過新建投資來滿足客戶群的需求，以支持我們預見的美國石油和天然氣產量的可持續成長。

As we invest in these compelling opportunities, we're committed to maintaining an industry-leading balance sheet. We plan to maintain a leverage ratio of between 3 to 3.5 times. This underpins our ability to execute on our plans and opportunistically adapt to market conditions.

在投資這些極具吸引力的機會時，我們致力於維持業界領先的資產負債表。我們計劃維持3至3.5倍之間的槓桿率。這鞏固了我們執行計劃和適時適應市場條件的能力。

Finally, as we invest, we are also increasing capital returns to shareholders. We expect to continue to grow our dividends over time along with growth in our profits. And should our stock remain undervalued relative to the strength of our business, we will continue to use buybacks as a tool for value creation.

最後，隨著我們的投資，我們也在增加股東的資本回報。我們預計，隨著時間的推移，隨著利潤的增長，我們的股息也將繼續增長。如果我們的股票相對於我們的業務實力仍然被低估，我們將繼續使用回購作為創造價值的工具。

We entered the year with excitement about what we are positioned to deliver in 2025 and beyond. Our performance is exceeding expectations with one quarter in the books, and we look forward to integrating NGCS' high-quality operations into Archrock.

進入新的一年，我們滿懷期待，期待 2025 年及以後實現的宏偉目標。我們的業績已經超出預期，其中一個季度的業績已經完成，我們期待將 NGCS 的高品質營運整合到 Archrock 中。

I'm proud of the performance that our team continues to deliver. We are focused on what we can control, starting our backlog of committed new compression unit additions, providing exceptional customer service to our customers, maintaining a solid balance sheet, maximizing our profitability and prudent capital allocation. With our production-oriented business and best-in- operation, I am confident that Archrock will do very well in the short-term and thrive in the long-term.

我為我們團隊持續取得的成績感到自豪。我們專注於我們能夠控制的事情，開始我們承諾的新壓縮裝置增加的積壓，為我們的客戶提供卓越的客戶服務，保持穩健的資產負債表，最大限度地提高我們的盈利能力和審慎的資本配置。憑藉我們以生產為導向的業務和最佳運營，我相信 Archrock 將在短期內表現良好，並在長期內蓬勃發展。

With that, I'd like to turn the call over to Doug for a review of our first-quarter performance and provide additional color on our updated 2025 guidance.

有了這些，我想將電話交給 Doug，讓他回顧一下我們的第一季業績，並為我們更新後的 2025 年指引提供更多細節。

Thanks, Brad. Let's look at a summary of our first-quarter results and then cover our updated financial outlook for 2025.

謝謝，布拉德。讓我們來看看第一季的業績摘要，然後介紹一下我們對 2025 年的最新財務展望。

Net income for the first quarter of 2025 was $71 million. Excluding transaction-related and restructuring costs and adjusting for the associated tax impact, we delivered adjusted net income of $74 million or $0.42 per share.

2025年第一季淨收入為7,100萬美元。不包括交易相關成本和重組成本，並根據相關稅務影響進行調整，我們的調整後淨收入為 7,400 萬美元，即每股 0.42 美元。

We reported adjusted EBITDA of $198 million for the first quarter 2025. Underlying business performance was strong in the first quarter as we delivered higher total adjusted gross margin dollars for contract operations and aftermarket services on a sequential basis. Results further benefited from $7 million in net asset sale gains related to non-strategic horsepower sales.

我們報告 2025 年第一季的調整後 EBITDA 為 1.98 億美元。第一季基礎業務表現強勁，因為我們連續實現了更高的合約營運和售後服務總調整後毛利率。業績進一步受益於與非策略性馬力銷售相關的 700 萬美元淨資產銷售收益。

Turning to our business segments. Contract operations revenue came in at $300 million in the first quarter, up 5% compared to the fourth quarter of 2024 and 35% compared to the prior year period. The increase reflects organic horsepower growth and higher pricing.

轉向我們的業務部門。第一季合約營運收入為 3 億美元，季增 2024 年第四季成長 5%，季增 35%。這一增長反映了有機馬力的成長和更高的定價。

Compared to the fourth quarter, we grew our adjusted gross margin dollars by more than $10 million. We delivered a record adjusted gross margin percentage of 70% for the second straight quarter.

與第四季相比，我們的調整後毛利率增加了 1,000 多萬美元。我們連續第二季實現了創紀錄的 70% 的調整後毛利率。

In our aftermarket services segment, we reported first-quarter 2025 revenue of $47 million, up compared to the fourth quarter of 2024 of $40 million. First quarter 2025 AMS adjusted gross margin percentage was 25% compared to the fourth quarter of last year and prior year period of 23%.

在我們的售後服務部門，我們報告 2025 年第一季的營收為 4,700 萬美元，高於 2024 年第四季的 4,000 萬美元。2025 年第一季 AMS 調整後的毛利率為 25%，而去年第四季和去年同期的毛利率為 23%。

We exited the quarter with total debt of $2.3 billion and strong available liquidity of $590 million. Our leverage ratio at quarter end was 3.2 times, calculated as quarter end total debt divided by our trailing 12-month EBITDA. This was down from 3.3 times in the fourth quarter of '24 and was consistent with prior year period, reflecting our strong operating performance and prudent acquisition financing.

本季結束時，我們的總債務為 23 億美元，可用流動資金為 5.9 億美元。我們季末的槓桿率為 3.2 倍，計算方法為季度末總債務除以過去 12 個月的 EBITDA。這比 24 年第四季的 3.3 倍有所下降，與去年同期持平，反映了我們強勁的營運業績和審慎的收購融資。

On May 1, we closed the NGCS transaction. Archrock issued 2.25 million new Archrock common shares to the sellers and funded the cash portion of the total consideration with available capacity under our ABL credit facility. This financing strategy keeps us on track to achieve our financial targets, including our objective of maintaining a consistent leverage ratio of 3 to 3.5 times.

5月1日，我們關閉了NGCS交易。Archrock 向賣方發行了 225 萬股新的 Archrock 普通股，並利用我們的 ABL 信貸額度下的可用容量為總對價的現金部分提供資金。這項融資策略使我們有望實現財務目標，包括維持 3 至 3.5 倍的穩定槓桿率。

The strong financial flexibility I just described continue to support increased capital returns to shareholders. We recently declared a first-quarter dividend of $0.19 per share or $0.76 on an annualized basis. This is consistent with the fourth-quarter dividend level and up approximately 15% year over year.

我剛才描述的強大的財務靈活性繼續支持增加股東的資本回報。我們最近宣布第一季股息為每股 0.19 美元，或按年計算 0.76 美元。這與第四季的股息水準一致，年增約 15%。

Cash available for dividend for the first quarter of 2025 totaled $132 million, leading to quarterly dividend coverage of 3.9 times. In addition to increasing the dividend, year to date through May 1, we repurchased approximately 977,000 shares for approximately $23 million at an average price of $23.22 per share. This leaves $65 million in remaining capacity for additional share repurchases on the replenished authorization.

2025 年第一季可用於分紅的現金總額為 1.32 億美元，季股股利覆蓋率為 3.9 倍。除了增加股息外，截至 5 月 1 日，我們還以每股 23.22 美元的平均價格回購了約 977,000 股，價值約 2,300 萬美元。這使得補充授權的額外股票回購容量剩餘為 6,500 萬美元。

Turning to our updated outlook. Archrock increased its 2025 annual guidance to reflect first-quarter outperformance and to include the NGCS acquisition. Our revised guidance reflects eight months of contribution from the transaction.

轉向我們的最新展望。Archrock 提高了其 2025 年年度指導，以反映第一季的優異表現並納入 NGCS 收購。我們的修訂指南反映了該交易八個月的貢獻。

We are raising our 2025 adjusted EBITDA range to $790 million to $830 million from the prior range of $750 million to $790 million. Segment-level revenue and adjusted gross margin detail can be found in our earnings release issued yesterday afternoon.

我們將 2025 年調整後的 EBITDA 範圍從先前的 7.5 億美元至 7.9 億美元上調至 7.9 億美元至 8.3 億美元。各分部的收入和調整後的毛利率詳情可參閱我們昨天下午發布的收益報告。

Turning to capital, including NGCS, we still expect growth CapEx to total between $330 million and $370 million to support investment in our newbuild horsepower and repackage CapEx to meet continued customer demand. Our growth CapEx is underpinned by multiyear contracts and is expected to be first half weighted, and we expect we will be able to tighten our guidance range as the year progresses.

談到包括 NGCS 在內的資本，我們仍然預計成長資本支出總額將在 3.3 億美元至 3.7 億美元之間，以支持對新建馬力的投資，並重新包裝資本支出以滿足持續的客戶需求。我們的成長資本支出以多年期合約為基礎，預計將佔上半年的比重，我們預計隨著時間的推移，我們將能夠收緊我們的指導範圍。

Maintenance CapEx is now forecasted to be approximately $110 million to $120 million, up slightly compared to our prior range to reflect planned overhaul activity for the newly acquired fleet. We also continue to anticipate approximately $35 million to $50 million in other CapEx, primarily for new vehicles. Total capital expenditures are expected to be funded by operations and with the potential for additional support from non-strategic asset sale proceeds as we continue to high-grade our fleet.

目前預測的維護資本支出約為 1.1 億至 1.2 億美元，與我們先前的範圍相比略有上升，以反映新收購車隊的計畫大修活動。我們也預計其他資本支出約為 3,500 萬至 5,000 萬美元，主要用於購買新車。預計總資本支出將由營運提供資金，隨著我們繼續提升船隊水平，非策略性資產出售收益也有可能提供額外支持。

Before we open the line for questions, I want to conclude by emphasizing that we believe our production-oriented business, high-graded operation, and outstanding financial position provide us with differentiated cash flow stability. These factors, combined with our robust and committed backlog, give us good visibility into our outlook this coming year.

在開始提問之前，我想最後強調一下，我們相信我們的生產型業務、高水準的營運和出色的財務狀況為我們提供了差異化的現金流穩定性。這些因素，加上我們強勁且承諾的積壓訂單，使我們對來年的前景有了很好的了解。

Even in the face of macroeconomic uncertainty, our strategy hasn't changed. We will drive value and positive impact for our partners by providing excellent customer service and will maximize value for our shareholders.

即使面臨宏觀經濟的不確定性，我們的策略也沒有改變。我們將透過提供卓越的客戶服務為我們的合作夥伴創造價值和正面影響，並為我們的股東實現價值最大化。

With that, Dan, can you please open the line for questions?

丹，您能開通熱線來回答問題嗎？

(Operator Instructions) Jim Rollyson, Raymond James.

（操作員指示）Jim Rollyson，Raymond James。

Nice quarter and update with the new fleet. Brad, curious -- if you look at the negative macro headwinds on oil you referenced and combine that with just the continued positive outlook on the gas side, I mean, we've had additional LNG export facility permits approved under the new administration. Curious how you think about the impact we might see if the Permian growth slows down like we've seen some budget adjustments already.

不錯的季度，並更新了新車隊。布拉德，很好奇——如果你看看你提到的石油方面的負面宏觀逆風，並將其與天然氣方面的持續積極前景結合起來，我的意思是，我們在新政府的領導下獲得了額外的液化天然氣出口設施許可證。我很好奇，如果二疊紀盆地的成長速度放緩，就像我們已經看到的一些預算調整一樣，您會如何看待我們可能看到的影響。

And obviously, we need that associated gas. I'm curious, as you look at the different basins, if we get some slowing of growth in the oily basins. We're obviously going to need the gas from somewhere. Maybe how you guys think about that and how you feel like you're positioned for that type of scenario.

顯然，我們需要伴生氣。我很好奇，當你觀察不同的盆地時，我們是否會發現含油盆地的成長速度有所放緩。顯然我們需要從某個地方獲取天然氣。也許你們是如何看待這個問題的，以及你們覺得自己如何面對這種情況。

A few thoughts in response to the question. First of all, what we've seen publicly right now is some of the producers, especially looking at CapEx reductions in 2025, in the 5% range with one coming out more in the 10% range just yesterday. And so that's a fairly modest adjustment to the overall CapEx spend.

針對這個問題，我有一些想法。首先，我們現在公開看到的是，一些生產商，特別是那些考慮在 2025 年削減資本支出的生產商，將在 5% 左右，而就在昨天，有一家生產商甚至宣布削減了 10% 左右。因此，這對於整體資本支出來說是一個相當溫和的調整。

But really critically, the CapEx spend for 2025 that we have in our backlog and contracts we have in hand with our customers is fully committed through the year. And so we see very little impact -- no impact to 2025 deployment of the growth that is in the books. So that's one factor that hit us in the market when we looked at it.

但真正關鍵的是，我們積壓的訂單和與客戶簽訂的合約中規定的 2025 年資本支出已在全年全部承諾。因此，我們認為影響很小——對預計 2025 年的成長部署沒有影響。因此，當我們審視市場時，這是對我們造成影響的因素。

Second, I'll remind you that natural gas, as you pointed out with the LNG projects, is very much a demand-driven commodity and it has to come from somewhere. Even if we see some flattening or reduction of the growth cycle on oil in the Permian, we still expect to see natural gas grow measurably out of the same production just based upon the characteristics of the play of the basin.

其次，我要提醒您，正如您在液化天然氣專案中指出的那樣，天然氣很大程度上是一種需求驅動的商品，它必須有來源。即使我們看到二疊紀石油的成長週期趨於平緩或減少，我們仍然預計，僅根據盆地的特徵，天然氣產量就會在同樣的水平上實現顯著增長。

And then finally, I'll point out that for Archrock, we have the benefit of having a footprint in every major oil and gas producing play. So we have the ability to adjust and go to where the drill bit is going to bring the gas to market because we already have operations in those locations.

最後，我要指出的是，對於 Archrock 而言，我們的優勢在於在每個主要的石油和天然氣生產區都有業務。因此，我們有能力進行調整，並前往鑽頭將天然氣輸送到市場的地方，因為我們已經在這些地方開展業務。

So I think that those -- that combination of factors tells us that the direct impact to our business in 2025 is not going to be there. Beyond 2025, I think in a sustained oil price deterioration, especially, that we could see a deceleration of growth on the oil side, but it's hard to see that for natural gas.

所以我認為，這些因素的綜合作用告訴我們，2025 年對我們的業務的直接影響不會存在。我認為，2025年後，尤其是在油價持續下跌的情況下，我們可能會看到石油的成長減速，但天然氣方面很難看到這種情況。

Understood. Appreciate the thoughts. And if you follow up on the tariff side of things, curious what you guys are hearing from your suppliers on potentially equipment pricing, just given that over the last few years, the tight market plus inflation -- pretty meaningful inflation and equipment costs have driven up your pricing on new equipment to sustain returns. Just curious how you guys are seeing that potentially play out?

明白了。感謝您的想法。如果您關注關稅方面的情況，您會好奇您從供應商那裡聽到了什麼有關設備定價的潛在消息，因為在過去幾年中，緊張的市場加上通貨膨脹——相當嚴重的通貨膨脹和設備成本已經推高了新設備的定價以維持回報。只是好奇你們認為這可能會如何發展？

First, I'll respond by -- even with our vendors, there still remains a lot of uncertainty as to the long-term impact placement of and impact of tariffs. Second, for us, especially when I think about our purchased equipment and backlog of equipment, that pricing is locked in for orders that are in the book for '25 and the orders that are going to come in 2026. It's substantially totally locked in from a CapEx expenditure perspective.

首先，我要回答的是——即使對於我們的供應商來說，關稅的長期影響和影響仍然存在許多不確定性。其次，對我們來說，特別是當我考慮我們購買的設備和積壓的設備時，2025 年的訂單和 2026 年的訂單的定價是鎖定的。從資本支出角度來看，它基本上完全被鎖定了。

And finally, on parts and materials, we think that the impact of tariffs on our vendors right now as best we've been able to estimate and measure are in the low single-digit range as they impact our business. And our business plan and our guidance for 2025 reflect what we think could be the increased impact of costs due to tariff increases based on that best estimate so far.

最後，關於零件和材料，我們認為，就目前我們能夠估計和衡量的情況而言，關稅對我們供應商的影響處於低個位數範圍內，因為它們會影響我們的業務。我們的業務計劃和 2025 年指導反映了我們認為根據迄今為止的最佳估計可能由於關稅增加而導致的成本影響增加的情況。

Gab Moreen, Mizuho Securities.

瑞穗證券的 Gab Moreen。

Can I ask a little maybe to expand on the decisive actions that you talked about today on the call in the press release? Are you mostly thinking about costs, CapEx, getting more defensive on the balance sheet and capital allocation? Just curious which markets you're most focused on when you're talking about decisive actions.

我能否稍微詳細地談談您在今天的新聞發布會上所談到的果斷行動？您是否主要考慮成本、資本支出、資產負債表和資本配置的防禦措施？我只是好奇，當您談到果斷行動時，您最關注哪些市場。

I can address that. First, before I do, the thing I really want to emphasize, however, is that in the environment we see today, we need to be aware and stay close to our customers, stay close to the market dynamics, and make sure that we don't ignore the macro environment that has implications for primarily beyond '25 impact to the oil and gas sector.

我可以解決這個問題。首先，在此之前，我真正想強調的是，在我們今天看到的環境中，我們需要了解並密切關注我們的客戶，密切關注市場動態，並確保我們不會忽視對 25 年以後石油和天然氣行業產生影響的宏觀環境。

But I'm going to emphasize that right now, what we see is significant positives in the fundamentals driving our business, historically low level of stop activity, great levels of start activity with our customers not deferring starts in 2025 based on anything that we've seen, and bookings that continue at pace consistent with the prior four quarters.

但我現在要強調的是，我們看到推動我們業務發展的基本面中存在顯著的積極因素，停工活動處於歷史低位，開工活動水平很高，根據我們所看到的情況，我們的客戶不會推遲到 2025 年開工，而且預訂量繼續保持與前四個季度一致的速度。

But should a sustained oil price require a moderation of activity in the sector and we see that that could impact our business, we have the benefit in the compression business of great visibility as a lag time business. We will get to see it coming quarters before it hits, and that gives us ample time to adjust a structure that has great flexibility.

但如果持續的油價需要該行業的活動放緩，而我們認為這可能會影響我們的業務，那麼我們在壓縮業務中就具有很大的優勢，因為壓縮業務是一個滯後業務，具有很高的可見性。我們將在它到來之前的幾個季度看到它，這給了我們充足的時間來調整具有高度靈活性的結構。

I'm going to point out that our OpEx is highly variable. So we have the ability to reduce our OpEx very quickly. And similarly, our CapEx is highly variable. We have the ability within a couple of quarters to turn down our CapEx. That gives us just a remarkable amount of overall operational flexibility to take out both CapEx and OpEx to keep this business generating cash flow.

我要指出的是，我們的營運支出變化很大。因此我們有能力非常快速地降低營運支出。同樣，我們的資本支出變化很大。我們有能力在幾個季度內降低我們的資本支出。這為我們提供了相當大的整體營運彈性，可以同時減少資本支出和營運支出，以維持該業務產生現金流。

And in those times, we'll generate that cash flow and balance how well we get to direct those cash flows to return it to our investors to repay debt or otherwise. So it's just a business that has some really strong built-in levers, including visibility and highly variable cost structure on both OpEx and CapEx.

在那些時候，我們將產生現金流，並平衡我們如何引導這些現金流將其退還給我們的投資者以償還債務或其他。因此，這只是一個擁有一些非常強大的內建槓桿的業務，包括營運支出和資本支出的可見性和高度可變的成本結構。

And maybe if I can ask a follow-up on pricing conversations with customers. And I realize there's sensitivity, but with the guidance that you updated for NGCS, I guess, any changes in terms of your pricing assumptions around renewals for your fleet this year or discussions in customers?

也許我可以詢問與客戶關於價格對話的後續情況。我意識到這很敏感，但是根據您為 NGCS 更新的指導，我猜，今年您對車隊續約的定價假設或與客戶的討論方面會有什麼變化嗎？

And then just one more on guidance, if I could. It doesn't look like you changed your growth CapEx at all for NGCS. Was that always in the plan or is there some shifting going in there?

如果可以的話，我再說一個關於指導的問題。看起來您根本沒有改變 NGCS 的成長資本支出。這是一直都在計劃中的嗎，還是說正在發生一些變化？

So with the acquisition and the environment, no changing in our overall pricing strategy. I will point out that our pricing increases have moderated over the last couple of quarters, as we have substantially caught up from the inflationary period that drove a lot of the pricing increase over the last three years. Those price increases have moderated.

因此，儘管收購和環境如此，我們的整體定價策略並沒有改變。我要指出的是，我們的價格上漲在過去幾季已經有所緩和，因為我們基本上已經擺脫了過去三年導致價格大幅上漲的通膨時期。價格漲幅已放緩。

But with this exceptionally tight compression market, we're at 96% utilization. We believe the industry is in the same really tight level of utilization. There's no spare equipment in the market. That gives us the opportunity to invest at solid returns, and that's what we continue to do.

但由於壓縮市場異常緊張，我們的利用率達到了 96%。我們相信該行業的利用率同樣處於非常緊張的水平。市場上沒有多餘的設備。這使我們有機會獲得豐厚的投資回報，而這也是我們將繼續做的事情。

Pricing will reflect that returns-based approach as well, though it has moderated, as I described. For CapEx, there is no reason for us to increase our CapEx guidance. We can absorb the NGCS backlog of new equipment into our existing guidance while having to increase it.

定價也將反映基於回報的方法，儘管正如我所描述的，它已經有所緩和。對於資本支出，我們沒有理由增加資本支出指導。我們可以將 NGCS 積壓的新設備納入我們現有的指導中，同時必須增加它。

It's one of the benefits of the transaction that's immediately accretive to earnings per share and to cash flow. And it gives us the ability to absorb this acquisition with only positive financial impacts and no additional material investment in equipment acquired outside of what we can absorb.

這是交易的好處之一，可以立即增加每股收益和現金流。它使我們能夠吸收這次收購，並且只產生積極的財務影響，並且不需要在我們能夠吸收的範圍之外購買額外的設備進行物質投資。

Doug Irwin, Citi.

花旗銀行的道格‧歐文 (Doug Irwin)。

I wanted to start with the NGCS deal. I was wondering if you could maybe provide a little more detail around the assumptions behind your guided sub 7 times multiple. Does that rely on some of that incremental horsepower being brought on or is that pretty immediate? And maybe just any detail around potential synergies or upside that might drive that multiple lower would be helpful as well.

我想從 NGCS 交易開始。我想知道您是否可以提供一些有關指導子 7 倍倍數背後的假設的更多細節。這是否依賴一些增量馬力的提升，還是相當直接的？也許任何有關潛在協同效應或可能降低該倍數的優勢的細節也會有所幫助。

So look, the revised guidance that we put out last night, I think, looks at our Q1 outperformance on the base business. And if you think about midpoint to midpoint, we've raised guidance by $40 million last night. And you should think of that as about $10 million of first-quarter outperformance on the base business and then roughly $30 million of NGCS for eight months.

所以，我認為，我們昨晚發布的修訂指南著眼於我們第一季基礎業務的優異表現。如果你考慮一下中間值，我們昨晚已經將指導價提高了 4000 萬美元。您應該將其視為基礎業務第一季超額表現約 1000 萬美元，然後八個月內 NGCS 超額表現約 3000 萬美元。

If you're going back and then trying to tie back to that $7.1 million -- or 7.1 times purchase price, which I think we actually might have reflected just inside of 7 times, there is still some backlog that will come online. When we talked about that, we see that as a July run rate annualized for next year.

如果您回過頭來嘗試將其與 710 萬美元（或 7.1 倍的購買價格）聯繫起來，我認為我們實際上可能已經在 7 倍之內反映了這一點，那麼仍然有一些積壓訂單需要上線。當我們談論這一點時，我們將其視為明年 7 月的年化運行率。

So no synergies were included in that initial estimate. We closed that transaction last Thursday, as Brad mentioned, really excited to welcome that team on. But everything we've seen of them so far has not given us any indication that it will be different than that.

因此，初步估計中沒有包括任何協同效應。正如布拉德所提到的，我們上週四完成了交易，非常高興歡迎球隊的加入。但迄今為止我們所看到的一切都沒有給我們任何跡象表明情況會有所不同。

And then to the point on synergies, while none were modeled, we'll certainly work hard to see if there could be upside there. But hopefully, that gives you the color to understand how we got from previous guidance to the one we gave last night.

然後談到協同效應，雖然沒有建模，但我們肯定會努力看看是否有上行空間。但希望這能讓您了解我們如何從先前的指導轉變為昨晚給予的指導。

Yeah, that's helpful detail. And then maybe a follow-up on one of the earlier comments around just the broader natural gas demand. I was wondering if you can maybe talk a little bit about compression intensity just in the Permian versus dry gas basins. And maybe to the extent that we do see a shift in activity towards the Haynesville or more dry gas production, what that might mean for just overall tightness in the market moving forward.

是的，這是很有幫助的細節。然後也許可以對之前關於更廣泛的天然氣需求的評論進行跟進。我想知道您是否可以談談二疊紀與乾氣盆地的壓縮強度。也許，如果我們確實看到活動轉向海恩斯維爾或更多乾氣生產，這可能意味著未來市場整體緊張。

The compression intensity in the Permian is definitely the highest intensity that we see in the marketplace today. I mean, that's just true on associated gas plays in general that per end, they require more compression than certainly some of the dry gas plays like the Haynesville that can be and still remains very highly pressured if not overpressured.

Permian 的壓縮強度絕對是我們目前在市場上看到的最高強度。我的意思是，這對伴生氣藏來說總體來說是正確的，它們需要比 Haynesville 等一些乾氣藏更高的壓縮比，即使沒有過壓，這些乾氣藏仍然會保持非常高的壓力。

And so as you see that migration from the Permian into other plays, you will see various levels of compression intensity required. So you're right in thinking that if there's a major migration away from the Permian, then it's going to not have the same level of compression intensity.

因此，當您看到從二疊紀到其他地區的遷移時，您會看到所需的不同程度的壓縮強度。所以你的想法是對的，如果二疊紀地區發生大規模遷移，那麼壓縮強度就不會一樣。

That said, for us, the Haynesville, because of its overpressured nature, is about 2% to 3% of our fleet. It's a very small portion of it today, and we wouldn't expect that to increase materially.

話雖如此，但對我們來說，由於海恩斯維爾號壓力過大，因此只占我們船隊的 2% 到 3%。目前這只是很小的一部分，我們預計它不會大幅增加。

But we also know that when we look around for the Eagle -- to the Eagle Ford, to the Marcellus, Utica, the DJ, and the Mid-Continent, that if capital is no longer moving into the Permian, the capital will move to those other plays to drive some of that gas performance, especially that can make it to the Gulf Coast.

但我們也知道，當我們環顧鷹區——鷹福特、馬塞勒斯、尤蒂卡、DJ 和中部大陸時，如果資本不再流入二疊紀，那麼資本就會流向其他地區，以推動部分天然氣產量，尤其是那些可以運往墨西哥灣沿岸的天然氣。

And fortunately, for us, we have an operating footprint where we get to mitigate that lack of growth in the Permian. It's probably going to be a lack of growth, not a decline, by mitigating that with growth in other plays.

幸運的是，我們擁有營運足跡，可以緩解二疊紀盆地的成長不足。透過其他業務的成長來緩解這個問題，很可能會造成成長不足，而不是衰退。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

This is Eli Jossen on for Jeremy. Maybe just to think about the deals you guys are signing now into 2026. I know you've been very clear that the market remains tight. But are you seeing any changes in terms of month-to-month shifts? Are you getting the same amount of term that you were before we saw this increased market volatility.

這是 Eli Jossen 取代 Jeremy 演繹的。也許只是考慮一下你們現在簽署的到 2026 年的協議。我知道你已經非常清楚市場仍然緊張。但是，您是否看到月度變化方面有任何變化？您獲得的期限是否與我們看到市場波動加劇之前相同？

No and no. I mean, we're not seeing any shift in changes in the terms, pricing, at all to accommodate the volumes of gas that we are -- our customers are wanting us to bring our services on site to compress.

不，不。我的意思是，我們沒有看到條款、定價有任何變化，以適應我們的天然氣量——我們的客戶希望我們將服務帶到現場進行壓縮。

I'm going to point out that the infrastructure investment engine to bring this gas to market, it does not turn on a monthly oil price. It doesn't turn even on a quarterly. Significant infrastructure is going to be required to meet the demand for natural gas that we see in the marketplace ahead for the factors we described, combination of AI data centers, LNG exports, exports to Mexico.

我要指出的是，將天然氣推向市場的基礎設施投資引擎並不取決於每月的油價。它甚至每季都不會轉變。由於我們所描述的因素，即人工智慧資料中心、液化天然氣出口、對墨西哥的出口等，未來市場對天然氣的需求將需要大量的基礎設施來滿足。

That pipeline of infrastructure work that is required is what we have in our backlog, and we're not seeing a change for what we see in booking for 2026. We also have not seen a change, and we are continuing to book and with bookings that look a lot like they did for the past four quarters.

所需的基礎設施工程管道是我們積壓的，而且我們沒有看到 2026 年預訂量有任何變化。我們也沒有看到變化，我們正在繼續預訂，而且預訂情況與過去四個季度的情況非常相似。

Got it. That's helpful. And then in your opening remarks, you also talked about mid-90s utilization rates? I know you guys are at 96% now. I don't think you guide to a specific utilization rate. But just if we see any shifts, is that something that we should keep an eye on is possibly dipping? Or I think -- or do you think that that should be pretty solid where it's at now through the rest of the year and into 2026?

知道了。這很有幫助。然後在您的開場白中，您還談到了 90 年代中期的利用率？我知道你們現在已經達到 96% 了。我認為您沒有指導具體的利用率。但如果我們看到任何變化，我們是否應該留意是否有可能下降？或者我認為——或者您是否認為從現在到今年剩餘時間直至 2026 年，這一數字應該相當穩定？

Whether we're at 95%, 97% in that midrange, it's just a solid level of utilization that primarily will be driven and reflect the amount and timing of horsepower adds.

無論我們處於 95% 還是 97% 的中間範圍，這都只是一個穩定的利用率水平，主要將由馬力增加的數量和時間驅動和反映。

By way of example, horsepower moves into our fleet that is into the denominator as soon as it's delivered even if we have yet to start it. So if we have yet to start it, it's going to have potentially an impact on utilization until we do, which could be a month or two out.

舉例來說，馬力一旦交付，即使我們尚未啟動，也會立即進入我們的車隊，成為分母。因此，如果我們尚未啟動，那麼在我們啟動之前，它可能會對利用率產生影響，而啟動可能需要一兩個月的時間。

Typically, when equipment hits the ground, it starts earning revenue within that 30- to 90-day period of time. But that's one of the things that we see in the fluctuation. We're just pointing out that in this mid-90s level of utilization, it's effectively just a high level and a solid level of utilization that we get to we get to leverage to both deliver value to our investors as well as to manage pricing in the market.

通常，當設備投入使用後，它會在 30 到 90 天的時間內開始產生收入。但這是我們在波動中看到的情況之一。我們只是指出，在 90 年代中期的利用率水平下，它實際上只是一種高水準和穩定的利用率，我們可以利用槓桿為投資者創造價值並管理市場定價。

Selman Akyol, Stifel.

塞爾曼·阿克約爾（Selman Akyol），Stifel。

I just wanted to follow up on your comments when you talk about the Eagle Ford, the Utica, the DJ, the Marcellus in terms of a shift away. Are you seeing any pickup in inquiries from the other basins at all? Any tone or anything changing from that standpoint?

當您談到 Eagle Ford、Utica、DJ、Marcellus 等的轉移時，我只是想跟進您的評論。您是否看到來自其他盆地的詢問量增加？從這個角度來看，語氣有什麼變化嗎？

The answer is yes, but not in contrast to the Permian. The bookings that we have right now remain approximately 70% to 80% in the Permian, but hopefully 20% to 30% in the other plays. The DJ has a good breakeven price, so that's attracting capital.

答案是肯定的，但與二疊紀不同。我們目前的預訂量在二疊紀盆地仍約為 70% 至 80%，但希望在其他油田能達到 20% 至 30%。DJ 的損益平衡價格很好，因此吸引了資本。

And we are booking horsepower in several others plays beyond the Permian, but not at the expense of the Permian. We're not seeing a shift away. We're seeing the addition of.

我們正在為二疊紀盆地以外的其他幾個區塊預留馬力，但這不會以犧牲二疊紀盆地為代價。我們並未看到任何轉變。我們看到了增加。

Got it. Understood. And then just can you just maybe talk about the demand you're seeing for electric out there. Is it still what it was?

知道了。明白了。然後您能否談談您所看到的對電力的需求。它還是原來的樣子嗎？

Sure. About 30% of our newbuild CapEx budget is still dedicated to electrics. And we still see demand in that market at about that level. But the gating item to more bookings on the electric motor drive side will be the availability of power in the marketplace.

當然。我們的新建資本支出預算中約有 30% 仍用於電氣系統。我們仍然看到該市場的需求處於該水平左右。但電動機驅動方面訂單增加的限制因素是市場上的電力供應。

And until the power market catches up, there -- I think we will see the electric motor drivers at that level, stay at that level, or potentially decline. But to be really clear, we're agnostic. Whether the customer wants compression with gas drive or electric motor drive, we have a fabulous service offering and fleet and capability to operate and offer both.

直到電力市場趕上來，我認為我們會看到電動馬達驅動器處於該水平，保持在該水平，或者可能下降。但要明確一點，我們是不可知論者。無論客戶需要採用氣體驅動或電動馬達驅動的壓縮設備，我們都能提供優質的服務、車隊和營運能力，滿足客戶的各種需求。

Steve Ferazani, Sidoti.

史蒂夫費拉扎尼、西多蒂。

Appreciate all the detail on the call. Doug, I want -- Brad, sorry, I want to ask you about -- over the last 5 to 10 years, you talked about the changeover in your fleet. It's younger. It's higher horsepower.

感謝通話中的所有細節。道格，我想——布拉德，抱歉，我想問你——在過去的 5 到 10 年裡，你談到了你的艦隊的轉變。它更年輕。它的馬力更大。

You're much larger. Your customer base is more tied towards blue chips. When we've seen previous cycle slowdowns, how differently are you positioned this time?

你更大了。您的客戶群更傾向於藍籌股。當我們看到以前的週期放緩時，這次您的定位有何不同？

I appreciate the question a lot. I'm not going to repeat the whole thing. The one thing I'd still pause and just point out is that right now, we are not seeing the slowdown, but we recognize that we need to stay close to the market and in a sustained low oil price environment that we could.

我非常感謝這個問題。我不會重複整件事情。我仍然要停下來指出的一件事是，目前我們還沒有看到經濟放緩，但我們認識到我們需要盡可能地貼近市場並處於持續的低油價環境中。

To answer your question directly, this business is completely differentiated and differently positioned from what it was in the past. Number one, if you look in the past, the mix of customers between producers and mid-streamers 10 years ago was heavily weighted toward producers.

直接回答你的問題，這個業務與過去完全不同，定位也不同。首先，回顧過去，十年前，生產商和中游企業之間的客戶結構在很大程度上是生產商。

Today, at the top of our customer concentration and the horsepower spread that we offer, it's about 50-50 between mid-streamers and producers. And even with the producers, as you pointed out, it's much more oriented to the large horsepower gathering portion of that upstreamers producers business.

如今，在我們的客戶集中度和我們提供的馬力分佈方面，中游企業和生產商的比例約為 50-50。正如您所指出的，即使對於生產商來說，它也更側重於上游生產商業務中的大馬力收集部分。

That's one factor that just gives us a different level of stability going forward and has positioned us to be much more of an infrastructure and transportation company. That's one factor.

這是一個為我們的未來帶來不同程度穩定性的因素，並使我們成為一家更具基礎設施和運輸能力的公司。這是一個因素。

Second factor, our fleet quality and high levels of utilization, we would be entering in a different market at the highest level of utilization by at least 5 to 7 percentage points compared to anything we've seen in the past. So that would give us, I think, a very different position and starting point to endure any change in market conditions.

第二個因素是我們的船隊品質和高利用率，我們將以最高利用率進入不同的市場，與我們過去所見的任何市場相比，利用率至少高出 5 到 7 個百分點。因此，我認為這將為我們提供一個非常不同的地位和起點來承受市場條件的任何變化。

Third, one item I emphasized on the call is that the entire sector has been benefited by the capital discipline mandate that the investment community has put on all of us. I think the results of that -- one result of that is going to be a very different amplitude and range of performance between upside and downside pressures in the industry.

第三，我在電話會議上強調的一點是，整個產業都受惠於投資界對我們所有人施加的資本紀律要求。我認為其結果之一就是行業上行壓力和下行壓力的幅度和表現範圍將大不相同。

We expect that we're going to have a much more stable overall environment, and we know that we are a part of that, too, as we've imposed our own capital discipline. We expect to benefit by both achieving a higher peak upside, which is what we're delivering today, as well as a lower downside in utilization and pricing compared to the past. We think these factors are going to play out very favorably for the industry should market conditions go to a sustained level in a low oil price environment.

我們預計我們將擁有一個更穩定的整體環境，我們知道我們也是其中的一部分，因為我們已經實施了自己的資本紀律。我們期望透過實現更高的高峰上漲（這是我們今天所提供的）以及與過去相比更低的利用率和定價下跌來獲益。我們認為，如果在低油價環境下市場狀況保持穩定，這些因素將對產業產生非常有利的影響。

Great. So my follow-up, I just wanted to ask about -- in these events. And again, if we see a slower growth how your customers would typically react and what's in the contracts.

偉大的。所以我的後續問題就是想問這些事件。再說一次，如果我們看到成長放緩，您的客戶通常會作何反應以及合約中的內容是什麼。

One, with these firm commitments, if drilling slows, can they push some of those deliveries to the right in the event they need to? And two, in the event that operators are trying to work within lower cash flow, does that provide any optimism that maybe we see more conversion from purchase to contracted compression?

第一，有了這些堅定的承諾，如果鑽探速度放緩，他們是否可以在必要時將部分交付推向右側？其次，如果營運商試圖在較低的現金流下工作，這是否讓我們樂觀地認為我們可能會看到更多從購買到合約壓縮的轉變？

On the first point, our contracts are firm. They're binding. They're structured take-or-pay contracts. And that said, we do work with our customers, if we can, to allow them to push equipment out into the right within some limitations.

關於第一點，我們的合約是堅定的。它們具有約束力。它們是結構化的照付不議合約。話雖如此，如果可以的話，我們確實會與客戶合作，讓他們在一定限制內將設備推向正確的方向。

We would also work hard to, if they needed to, put that equipment to work with another customer. One of the benefits of our business model and one of the primary purposes that the customers like using our business model is we have the ability to put our equipment to work across a broader geography and a broader customer base than the customer can themselves.

如果需要，我們也會盡力將該設備提供給其他客戶使用。我們的商業模式的優勢之一，也是客戶喜歡使用我們的商業模式的主要目的之一，就是我們能夠讓我們的設備在比客戶自己更廣泛的地域和更廣泛的客戶群中發揮作用。

So we can and will facilitate that cooperatively with our customers where we can subject to the fact that these are still binding contracts and our customers typically respect the contracts. We have not had a period of time where that has not been the case. So that was the first part of the first question.

因此，我們可以並將與我們的客戶合作，以促進這一目標的實現，但前提是這些合同仍然是具有約束力的合同，並且我們的客戶通常會尊重這些合同。我們從未經歷過不出現這種情況的時期。這就是第一個問題的第一部分。

The second question, remind me --

第二個問題，提醒我--

Converting to more contracted versus purchase in the event of lower cash flow.

如果現金流較低，則轉換為更多的合約而不是購買。

Thanks. I didn't want to lose track of that. The answer right now is we're seeing, especially in the Permian, a higher level of outsourcing than we've experienced in the past. I think that that's driven by a combination of factors, including deployment and capital allocation choices, a tight labor market primarily. And so those are the factors that are encouraging the outsourcing today.

謝謝。我不想忘記這一點。目前的答案是，我們看到，尤其是在二疊紀地區，外包水準比過去更高。我認為這是多種因素造成的，包括部署和資本配置選擇，主要是緊張的勞動力市場。這些就是當今鼓勵外包的因素。

I don't think that a change in the price environment will necessarily change the philosophy of the producers of the mid-streamers, especially in light of the fact that historically speaking, downturns typically last 18 to 24 months. And that doesn't really encourage a philosophical change in capital allocation. If people look back at along these periods last and how the cycle endures. So I don't expect a major change in capital allocation based on that alone.

我認為價格環境的變化不一定會改變中游生產商的概念，尤其是考慮到從歷史上看，經濟低迷期通常會持續 18 至 24 個月。但這其實並不鼓勵資本配置的哲學變革。如果人們回顧這些時期的持續時間以及週期如何持續。因此，我並不認為僅基於這一點，資本配置就會發生重大變化。

Nate Pendleton, Texas Capital.

內特·彭德爾頓 (Nate Pendleton)，德克薩斯州首府。

Congrats on the strong quarter. When we look at the tightness in the space that you have alluded to multiple times, how should we think about the impact on pricing of older compression assets versus new assets? What I'm trying to get is that as the market remains tight, could the spread between the brand -- what brand new equipment price is at and say, assets on their second or third contract compress over time?

恭喜本季業績強勁。當我們看到您多次提到的空間緊張時，我們應該如何看待舊壓縮資產與新壓縮資產對定價的影響？我想知道的是，由於市場持續緊張，品牌之間的價差——全新設備的價格與第二或第三個合約中的資產的價格——是否會隨著時間的推移而縮小？

I like the question a lot. Short answer is no. Fortunately, for us, one of the benefits of the prior period is that we invested in an outstanding fleet of compression equipment over the last decade, certainly including investments over the last five- and seven-year period of time. And the value of that equipment has gone up considerably based upon the current market pricing.

我非常喜歡這個問題。簡短的回答是「不」。幸運的是，對我們來說，前一時期的好處之一是，我們在過去十年中投資了一批優秀的壓縮設備，當然包括過去五年和七年的投資。根據當前市場價格，該設備的價值已大幅上漲。

It's allowed us to achieve a different level of returns on our capital than we could in the past. We do not see overall a difference in pricing between new and used equipment within the limitation of generations of equipment. Here's what I mean by that.

它使我們實現了與過去不同的資本回報水準。在設備代數的限制下，我們總體上沒有發現新設備和二手設備之間的價格差異。我的意思如下。

We typically can -- whether it's on its second or third contract application, if a unit is 10 years or less, it's a very current unit that's just as powerful, just as emissions efficient, and just is able to be managed through a great control system, whether it's one year old or five years old.

我們通常可以——無論是第二次還是第三次合約申請，如果一個裝置的使用年限為 10 年或更短，那麼它就是一個非常現代的裝置，同樣強大，同樣具有排放效率，並且能夠通過一個強大的控制系統進行管理，無論它是一年還是五年。

When equipment is 10 years old to 20 years old, there is a different in both the power of the engine driving the compressor. There can be a difference in the emissions profile, and there can be a difference in the control technology that best works on that equipment or at least with which that equipment was originally equipped.

當設備使用10年至20年時，驅動壓縮機的引擎功率會有所不同。排放情況可能存在差異，最適合該設備的控制技術或至少該設備最初配備的控制技術也可能存在差異。

And for that, sometimes we do see some pricing differentials. But overall, the short answer is that we don't see strong differentials within the first or second or third contract application.

因此，有時我們確實會看到一些價格差異。但總的來說，簡而言之，我們沒有看到第一、第二或第三個合約申請中存在明顯的差異。

Got it. I really appreciate all that color. And you guys have proven to be an active manager of your fleet horsepower with additional non-core divestments again this quarter. Can you provide some color on how much of your horsepower may be viewed as non-core?

知道了。我真的很欣賞這些顏色。本季度，你們再次進行了額外的非核心資產剝離，證明自己是車隊馬力的積極管理者。您能否提供一些關於您的馬力有多少可以被視為非核心的說明？

It's very negligible. At the level of utilization that we're achieving in the market and the transformation of the fleet program that we've had in place now for a number of years, it's really more in the nip and tuck stage strategic and surgical removals than it is in the wholesale or large blocks.

這是非常微不足道的。就我們在市場上實現的利用率水平以及我們多年來實施的車隊計劃轉型而言，它實際上更多的是處於整頓階段的戰略性和外科手術式移除，而不是批發或大宗交易。

So we're at that stage now where great asset management is going to require that continued surgical approach to our fleet. We have great systems in place. We have great people in place to drive that process and we believe that because of the job we're doing on that, it should keep our fleet in a very highly competitive position for years to come.

因此，我們現在處於這樣的階段：良好的資產管理將要求我們對我們的機隊採取持續的精細化管理方法。我們擁有完善的系統。我們擁有優秀的人才來推動這一進程，我們相信，由於我們在這方面所做的工作，我們的船隊在未來幾年將保持極高的競爭力。

There are no more questions. I would like to turn the call back over to Mr. Childers for final remarks.

沒有其他問題了。我想將電話轉回給 Childers 先生，請他做最後的演講。

Thank you, everyone, for participating in our Q1 2025 review. I look forward to updating on our progress next quarter. Thank you.

感謝大家參與我們的 2025 年第一季回顧。我期待下個季度更新我們的進展。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。