Archrock Inc (AROC) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Archrock third 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 年第三季電話會議。本次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平女士。你可以開始了。

Thank you, Julianne. 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，朱莉安娜。大家好，感謝各位參加今天的電話會議。今天陪同我出席的有 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 third quarter of 2025. If you have not received a copy, you can find the information on the company's website at www.archrock.com. During this call, we will make forward-looking statements within the meaning of Section 21E of the Securities 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.

昨天，Archrock 公佈了 2025 年第三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 上找到相關資訊。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可獲得的信息，做出符合 1934 年《證券交易法》第 21E 條規定的前瞻性陳述。

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 SEC 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中反映的預期是合理的，但無法保證這些預期最終會實現。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作出的前瞻性陳述存在重大差異的因素。

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

此外，我們今天的討論還將提及一些非GAAP財務指標，包括調整後的淨收入、調整後的EBITDA、調整後的每股盈餘、調整後的毛利率和可用於分紅的現金。有關這些非 GAAP 財務指標與最直接可比較的 GAAP 財務結果的調整表，請參閱昨天的新聞稿和我們向美國證券交易委員會提交的 8-K 表格。

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

現在我會把電話交給布萊德，讓他討論 Archrock 第三季的業績，並介紹我們公司的最新情況。

Thank you, Megan, and good morning, everyone. Third quarter performance again demonstrated the strength of our operations and the natural gas and compression markets. The US natural gas infrastructure build-out continued to support robust third quarter and full-year 2025 performance, and we expect this to continue into 2026 and beyond.

謝謝你，梅根，大家早安。第三季業績再次證明了我們營運以及天然氣和壓縮市場的強勁勢頭。美國天然氣基礎建設持續支撐著2025年第三季和全年強勁的業績，我們預計這種情況將持續到2026年及以後。

At Archrock, customer service remained outstanding, operational execution excellent and profitability at high levels. We continue to expand our adjusted EPS and adjusted EBITDA during the quarter. Compared to the third quarter of 2024, we increased our adjusted EPS by 50% and our adjusted EBITDA by more than 46%. Our contract operations and Aftermarket Services segments both delivered impressive revenue and gross margins due to strong activity levels, a supportive pricing environment and the efficiency improvements we've driven across our operations.

在 Archrock，客戶服務依然出色，營運執行優秀，獲利能力也處於高水準。本季度，我們調整後的每股盈餘和調整後的 EBITDA 持續成長。與 2024 年第三季相比，我們的調整後每股盈餘成長了 50%，調整後 EBITDA 成長了 46% 以上。由於業務活動強勁、定價環境有利以及我們在整個營運中推動的效率提升，我們的合約營運和售後服務部門都實現了可觀的收入和毛利率。

We maintained our sector-leading financial position, including an attractive quarter end leverage ratio of 3.1 times, driven by the stability of our cash flows. Our quarterly dividend per share was up 20% compared to a year ago, and we maintained robust dividend coverage of 3.7 times. We also continue to accelerate the repurchase of shares on the confidence we have in the durability of natural gas demand, compression market strength and Archrock's competitive position.

我們保持了業界領先的財務地位，包括季度末槓桿率僅為 3.1 倍，這得益於我們穩定的現金流。與去年同期相比，我們的季度每股股息成長了 20%，並且我們保持了 3.7 倍的強勁股息覆蓋率。鑑於我們對天然氣需求的持續性、壓縮市場的強勁勢頭以及 Archrock 的競爭地位充滿信心，我們將繼續加快股票回購。

Since the inception of our share repurchase program in April of 2023, we've repurchased more than 3.9 million shares of common stock at an average price of $20.21 per share. I'm both excited by and proud of the level of operational and financial execution we are achieving, which is also giving us strong momentum heading into 2026. Day-to-day, we remain focused on driving the next increment of Archrock's success through our first-rate customer experience, implementation of innovative technology and our returns-based capital allocation.

自 2023 年 4 月啟動股票回購計畫以來，我們已回購超過 390 萬股普通股，平均價格為每股 20.21 美元。我對我們目前在營運和財務方面所取得的成就感到既興奮又自豪，這也為我們邁向 2026 年提供了強勁的動力。我們每天都專注於透過一流的客戶體驗、創新技術的實施以及基於回報的資本配置，推動 Archrock 取得下一個成功階段。

When coupled with the opportunity-rich market for compression, we believe we are in today and see for the period ahead, we believe that Archrock is set up for an extended period of strong and sustained growth in earnings, free cash flow and returns to our shareholders.

結合目前充滿機會的壓縮市場，我們相信，Archrock 已做好準備，在未來一段時間內實現盈利、自由現金流和股東回報的強勁且持續增長。

With that overview, I want to dive more into the constructive compression dynamics we see on both a short- and a long-term basis. Beginning with the short term. The current environment is characterized by commodity price volatility, oil rig count declines and the possibility that oil volumes could flatten or even decline slightly in 2026. Should this scenario play out, however, we still expect natural gas production growth in the US with a rate that is likely in the low single digits, including continued gas production growth in the Permian Basin.

有了上述概述，我想更深入地探討我們在短期和長期內看到的建設性壓縮動態。首先從短期說起。目前環境的特徵是商品價格波動、石油鑽井平台數量下降，以及2026年石油產量可能趨於穩定甚至略有下降。然而，即便這種情況發生，我們仍預期美國天然氣產量將成長，成長速度可能在個位數低位，其中包括二疊紀盆地天然氣產量的持續成長。

The dynamic of natural gas production outpacing oil production is one that is consistent with historical trends in other more mature associated gas shale plays like the Eagle Ford and the Bakken, where rising gas-to-oil ratios have led to natural gas volume growth long after oil volume peaks. Because of this, we expect short-term gas market fundamentals will require a similar amount of growth investment by the industry and Archrock during 2026 compared to 2025, a point I will return to in a bit.

天然氣產量超過石油產量的動態，與 Eagle Ford 和 Bakken 等其他更成熟的伴生氣頁岩油氣產區的歷史趨勢一致，在這些產區，天然氣與石油的比例上升，導致石油產量達到峰值後，天然氣產量仍持續增長。因此，我們預計，與 2025 年相比，2026 年天然氣市場短期基本面將需要產業和 Archrock 進行類似規模的成長投資，這一點我稍後會再談到。

Shifting to the long-term, we believe the compression industry has entered a durable upturn driven by natural gas demand growth and bolstered by the pervasive level of capital discipline across the energy complex, including by the producers, midstream operators and compression service providers.

從長遠來看，我們認為壓縮產業已經進入持久上升期，這得益於天然氣需求的成長，以及整個能源產業（包括生產商、中游業者和壓縮服務提供者）普遍存在的資本紀律。

Expanding on natural gas demand growth, in particular, we see visible growth in US LNG exports and emerging demand for AI-driven power generation. Combined, we expect these demand pressures will require a significant call on US natural gas production to the tune of an incremental 20 to 25 Bcf a day by 2030, depending upon the forecast and with similar levels of growth likely into the next decade.

尤其是在天然氣需求成長方面，我們看到美國液化天然氣出口明顯成長，以及對人工智慧驅動發電的新興需求。綜合來看，我們預計這些需求壓力將需要大幅提高美國天然氣產量，到 2030 年，根據預測，每天將增加 200 億至 250 億立方英尺的產量，並且類似的增長水平可能會持續到下一個十年。

First, on LNG export facilities. US demand is expected to grow by more than 17 Bcf a day by 2030, much of which is already under construction and at least another 6 Bcf a day of projects could be operational before 2035.

首先，關於液化天然氣出口設施。預計到 2030 年，美國天然氣需求將成長超過每天 170 億立方英尺，其中大部分已經在建設中，到 2035 年之前，至少還有每天 60 億立方英尺的項目可以投入運作。

Second, the proliferation of AI is creating a new and meaningful source of domestic energy demand and the opportunity for natural gas production and infrastructure to play a critical role is becoming more tangible. We've now seen hundreds of data center projects announced across the US, driving a virtual arms race for power. This includes investments in new power plants by utilities and more recently, natural gas pipeline expansion and direct power generation projects to meet this growing demand.

其次，人工智慧的普及正在創造新的、有意義的國內能源需求來源，天然氣生產和基礎設施發揮關鍵作用的機會也變得越來越切實。目前，美國各地已宣布了數百個資料中心項目，引發了一場爭奪能源的「軍備競賽」。這包括公用事業公司對新建發電廠的投資，以及最近為滿足不斷增長的需求而進行的天然氣管道擴建和直接發電項目。

Variation in the forecasted magnitude and timing of this opportunity remains wide, but the risk forecasts through 2030 are significant, totaling up to 10 Bcf a day with additional growth expected well into the next decade. Simply put, we need all the gas we can produce, transport and therefore, compress. At Archrock, we expect to fully participate in these developing markets and are increasingly encouraged by these leading indicators for our business.

儘管對這一機會的預測規模和時間仍存在較大差異，但到 2030 年的風險預測仍然很大，總計可達每天 100 億立方英尺，預計未來十年還將繼續增長。簡而言之，我們需要盡可能生產、運輸和壓縮天然氣。Archrock 希望全面參與這些新興市場，這些領先指標也日益鼓舞著我們的業務發展。

Moving on to our contract operations segment. Our fleet is younger, larger and positioned in competitive basins with high-quality customers. This is translating into enhanced performance across several fleet metrics. First, utilization. We remained fully utilized during the quarter with utilization exiting at a rate of 96%. I'm proud to share that we've maintained utilization in the mid-90s range for the past 12 quarters.

接下來我們來看看合約營運部分。我們的船隊更年輕、更大，並且部署在競爭激烈的盆地，擁有高品質的客戶。這轉化為多項車隊指標的提升。首先是利用率。本季我們保持了滿載運轉，利用率達到 96%。我很自豪地告訴大家，在過去的 12 個季度裡，我們的利用率一直保持在 90% 以上。

Second, stop activity. Stop activity year-to-date remains at historically low levels. Third, time on location. Based on 2024 data, the average time at Archrock compressor stays on location is now more than six years, representing a 64% improvement since 2021. With the investments we've made to high-grade the quality of our fleets and given what we see in the market today, we expect these recent trends in utilization, stop activity and time on location to continue into the foreseeable future.

第二，停止活動。今年迄今的停業活動仍處於歷史低點。第三，現場停留時間。根據 2024 年的數據，Archrock 壓縮機的平均使用時間現在超過六年，比 2021 年提高了 64%。鑑於我們為提升車隊品質所做的投資，以及我們目前在市場上看到的情況，我們預計近期在利用率、停車次數和現場停留時間方面的這些趨勢將在可預見的未來繼續下去。

At quarter end, we had 4.7 million operating horsepower. As a reminder, on August 1, we completed the sale of several small high-pressure gas lift units for $71 million. Excluding this and other active asset sales, we grew horsepower organically by approximately 56,000 horsepower on a sequential basis in the quarter. As we look ahead, we have a substantial contracted backlog and continue booking units for 2026 delivery to meet strong customer demand led by the Permian Basin. Spot pricing continued to increase during the quarter, and as our team remains focused on achieving market rates for all of our units, rates on our active fleet also moved higher.

截至季末，我們的運行功率為 470 萬馬力。再次提醒大家，8 月 1 日，我們完成了幾台小型高壓氣舉裝置的銷售，總價值 7,100 萬美元。除此及其他積極的資產出售外，本季我們的馬力環比有機增長約 56,000 馬力。展望未來，我們擁有大量的合約積壓訂單，並將繼續預訂 2026 年交付的單元，以滿足以二疊紀盆地為首的強勁客戶需求。本季現貨價格持續上漲，由於我們的團隊始終致力於為我們所有的車輛實現市場價格，我們活躍車隊的價格也隨之上漲。

Now as many of you track trends in quarterly revenue per average operating horsepower per month, I wanted to point out the impact of the recent acquisition and divestment activity on that calculation this quarter. As I mentioned, pricing on our installed base of compression increased sequentially in the quarter. Third quarter 2025 revenue per average operating horsepower per month declined slightly compared to the second quarter of 2025, however, due to two factors.

現在，許多人都在關注每季平均營運馬力每月收入的趨勢，我想指出最近的收購和剝離活動對本季該計算的影響。正如我之前提到的，本季我們已安裝的壓縮設備的價格環比上漲。2025 年第三季每平均營運馬力每月收入與 2025 年第二季相比略有下降，這是由於兩個因素造成的。

First, the average size of our compression units increased from 899 horsepower per unit to 927 horsepower per unit in the quarter, which was primarily the result of the high-pressure gas lift unit sale I just mentioned.

首先，本季我們壓縮機組的平均功率從每台 899 匹馬力增加到每台 927 匹馬力，這主要是由於我剛才提到的高壓氣舉裝置的銷售。

Second, the full quarter impact of NGCSI fleet acquisition, that we had an average pricing on an equivalent unit basis a bit lower than the Archrock fleet, but we believe this gives us the opportunity to bring rates on those units up to market over time. Concurrent with the decline in revenue per average operating horsepower per month, as you would expect, part of the cost per average operating horsepower per month decline we experienced in the quarter was also due to this increase in average horsepower size.

其次，NGCSI 車隊收購的整個季度影響是，我們以同等單位計算的平均價格略低於 Archrock 車隊，但我們相信這給了我們機會，隨著時間的推移，將這些單位的價格提高到市場水平。正如你所預料的那樣，隨著平均每馬力每月收入的下降，本季平均每馬力每月成本的下降部分也是由於平均馬力規模的增加所致。

We achieved a quarterly adjusted gross margin percentage of 73%. Strong pricing and solid cost management drove underlying contract operations gross margin to 70.4%, up slightly from the prior quarter. Third quarter 2025 adjusted gross margin further benefited from a $9.9 million cash tax credit, which is the driver of the gross margin increase from the 70.4% level to the reported 73% level.

我們實現了季度調整後毛利率73%。強勁的定價和穩健的成本控制推動基礎合約營運毛利率達到 70.4%，比上一季略有成長。2025 年第三季調整後的毛利率進一步受益於 990 萬美元的現金稅收抵免，這是毛利率從 70.4% 提高到報告的 73% 的主要原因。

In the Aftermarket Service segment, the large base of owned compression continues to support strong AMS activity, particularly in contract maintenance and service work, and great customer service is driving repeat business. Third quarter 2025 AMS gross margin percentage remained at impressive levels and was consistent with guidance.

在售後服務領域，龐大的自有壓縮設備基礎繼續支撐著強勁的售後服務活動，尤其是在合約維護和服務工作方面，而優質的客戶服務正在推動回頭客業務。2025 年第三季 AMS 毛利率維持了令人矚目的水平，與預期一致。

Shifting to our capital allocation framework. We remain committed to our prudent and returns-based approach. The successful execution of this capital allocation strategy has put us in a position to generate positive free cash flow after dividend moving forward. Over the long term, we are committed to positioning and managing this business to generate positive free cash flow and increase returns to our shareholders.

轉向我們的資本配置架構。我們將繼續堅持審慎且以回報為導向的做法。這項資本配置策略的成功實施，使我們能夠在未來產生正的股息後自由現金流。從長遠來看，我們致力於對這項業務進行定位和管理，以產生正的自由現金流並提高股東回報。

Now more on our objectives as we look into 2026. We see an opportunity-rich market ahead and the IRRs at which we expect to invest new build capital remain robust. As I mentioned earlier, the average compressor time allocation has extended to more than six years, which is beyond our expected payback period on new investments. Our investments continue to be underpinned by multiyear contracts with blue-chip customers in highly profitable basins.

接下來，我們將多談談我們展望 2026 年的目標。我們看到未來市場充滿機遇，我們預期投資新建資本的內部報酬率 (IRR) 仍然強勁。正如我之前提到的，壓縮機的平均使用壽命已超過六年，這超出了我們對新投資的預期回收期。我們的投資持續得到與高利潤盆地中的藍籌客戶簽訂的多年合約的支持。

As we indicated last quarter, we expect 2026 growth CapEx to be not less than $250 million and within the range of investment levels that we've made annually since 2023. We believe this is the level of CapEx required to support the infrastructure build-out we are experiencing in the US in order to satisfy the growing demand for natural gas described earlier. As we invest in these compelling opportunities, we're committed to maintaining an industry-leading balance sheet and plan to maintain a target leverage ratio of between 3 times to 3.5 times.

正如我們上個季度所指出的，我們預計 2026 年的成長資本支出將不少於 2.5 億美元，並且將處於我們自 2023 年以來每年進行的投資水準範圍內。我們認為，為了滿足前面提到的不斷增長的天然氣需求，美國正在進行的基礎設施建設需要達到這樣的資本支出水準。在投資這些極具吸引力的機會的同時，我們致力於保持業界領先的資產負債表，並計劃將目標槓桿比率維持在 3 倍至 3.5 倍之間。

At the same time, we're delivering on our promise to provide an ongoing and growing return to our shareholders through the payment of a quarterly dividend. We will continue to also use buybacks as an additional tool for value creation for our shareholders. We've returned $159 million to stockholders through dividends and share repurchases during the first three quarters of 2025, compared to $93 million at this time last year.

同時，我們正在履行承諾，透過支付季度股息，為股東提供持續成長的回報。我們將繼續利用股票回購作為為股東創造價值的額外工具。2025 年前三個季度，我們透過股利和股票回購向股東返還了 1.59 億美元，而去年同期為 9,300 萬美元。

Given our confidence in the company's strategy and our commitment to returning capital to shareholders, the Board has approved a $100 million increase to our existing share repurchase program. After accounting for the recent repurchases during the third quarter of 2025 and in October, with this additional authorization, our current capacity is approximately $130 million.

鑑於我們對公司策略的信心以及我們對股東回報資本的承諾，董事會已批准將現有股票回購計畫增加 1 億美元。計入 2025 年第三季和 10 月的近期回購，加上此額外授權，我們目前的產能約為 1.3 億美元。

In summary, 2025 continues to be a tremendous year for our company, and I'm as optimistic as I've ever been about where we can drive this business in 2026 and beyond. As the structural growth in natural gas production and compression continue to take hold, we are focused on growing our business, growing our attractive and durable earnings power and growing our free cash flow generation.

總而言之，2025 年對我們公司來說仍然是碩果累累的一年，我對公司在 2026 年及以後的發展前景也一如既往地充滿信心。隨著天然氣生產和壓縮的結構性成長持續鞏固，我們專注於發展業務，提高我們具有吸引力和持久性的獲利能力，並增加我們的自由現金流。

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

接下來，我想把電話交給道格，讓他回顧我們第三季的業績，並進一步介紹我們更新後的 2025 年業績指引。

Thank you, Brad, and good morning. Let's look at a summary of our third quarter results and then cover our updated financial outlook for 2025. Net income for the third 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 $73 million or $0.42 per share. We reported adjusted EBITDA of $221 million for the third quarter of 2025.

謝謝你，布拉德，早安。讓我們先來看看第三季業績的總結，然後再介紹一下我們更新後的 2025 年財務展望。2025年第三季淨收入為7,100萬美元。剔除交易相關成本與重組成本，並調整相關稅務影響後，我們實現調整後淨收入 7,300 萬美元，即每股 0.42 美元。我們公佈2025年第三季調整後EBITDA為2.21億美元。

Underlying business performance was strong in the third quarter as we delivered higher total adjusted gross margin dollars on a sequential and year-over-year basis despite the lost revenue and profits from a larger asset sale during the quarter. We reported a $4 million net gain on the sale of assets, which was offset by $4 million in other expense and related to an amendment fee for our MaCH4 natural gas liquid recovery new venture agreement with our partner.

第三季基本業務表現強勁，儘管本季因出售較大資產而損失了收入和利潤，但我們仍實現了環比和同比更高的調整後毛利總額。我們報告稱，出售淨資產收益為 400 萬美元，但其他支出 400 萬美元被抵消，這筆支出與我們和合作夥伴就 MaCH4 天然氣液體回收新合資協議支付的修訂費有關。

Turning to our business segments. Contract operations revenue came in at $326 million in the third quarter of 2025, up 2% compared to the second quarter of 2025, driven by growth in horsepower and pricing, and revenue would have been up even more at 4% sequentially, absent the sale of active horsepower, as Brad discussed.

接下來，我們來看看我們的業務板塊。2025 年第三季合約營運收入為 3.26 億美元，比 2025 年第二季成長 2%，這主要得益於馬力和價格的成長。正如 Brad 所討論的，如果不計入活躍馬力的銷售，收入環比增長幅度還會更大，達到 4%。

Compared to the second quarter of 2025, we grew our adjusted gross margin dollars by more than $17 million. We expanded our adjusted gross margin percentage by approximately 73%. Underlying operating profitability was 70.4% in the quarter, up slightly compared to the second quarter of 2025. Results further benefited from the receipt of a $9.9 million cash tax settlement.

與 2025 年第二季相比，我們的調整後毛利增加了 1,700 多萬美元。我們的調整後毛利率提高了約 73%。本季基本營運利潤率為 70.4%，比 2025 年第二季略有成長。業績也受惠於收到的 990 萬美元現金稅務和解金。

In our Aftermarket Services segment, we reported third quarter 2025 revenue of $56 million compared to the second quarter of '25 of $65 million, but up 20% from $47 million in the year ago period. Third quarter 2025 AMS adjusted gross margin percentage was 23%, consistent with the second quarter of 2025 and consistent with guidance.

在我們的售後服務部門，我們報告 2025 年第三季營收為 5,600 萬美元，而 2025 年第二季為 6,500 萬美元，但比去年同期的 4,700 萬美元成長了 20%。2025 年第三季 AMS 調整後毛利率為 23%，與 2025 年第二季一致，也與預期一致。

Turning to our balance sheet. Our period end total debt was $2.6 billion and available liquidity totaled $728 million. As previously announced in October, we intend to take advantage of the lower rate environment and use existing capacity on our ABL facility to redeem all $300 million of our outstanding senior notes due 2027 at par. The redemption date for the notes will be November 17, 2025. Our leverage ratio at quarter end was 3.1 times calculated as quarter end total debt divided by our trailing 12-month EBITDA. This was down from 3.3 times at the end of the second quarter of 2025.

接下來來看看我們的資產負債表。期末總債務為 26 億美元，可用流動資金總額為 7.28 億美元。正如我們在 10 月宣布的那樣，我們打算利用較低的利率環境，利用我們 ABL 融資管道的現有能力，以面額贖回我們所有 3 億美元未償還的 2027 年到期的高級票據。該債券的贖回日期為 2025 年 11 月 17 日。本季末槓桿率為 3.1 倍，計算方法為本季末總債務除以過去 12 個月的 EBITDA。這一數字低於 2025 年第二季末的 3.3 倍。

With continued strong performance in our business, we expect to continue deleveraging as the year progresses. We recently declared a third quarter dividend of $0.21 per share or $0.84 on an annualized basis. This level was consistent with the second quarter of 2025 and represents a 20% year-over-year increase. Cash available for dividend for the third quarter of 2025 totaled $136 million, leading to impressive quarterly dividend coverage of 3.7 times.

隨著公司業務持續強勁成長，我們預計隨著時間的推移，槓桿率將繼續下降。我們最近宣布派發第三季股息，每股0.21美元，或按年化計算為0.84美元。這一水準與 2025 年第二季的水準一致，較去年同期成長 20%。2025 年第三季可用於派發股息的現金總額為 1.36 億美元，季度股利覆蓋率高達 3.7 倍。

In addition to our quarterly dividend payment, we repurchased approximately 1.1 million shares for approximately $25 million at an average price of $23.18 in the quarter. Including the additional $100 million authorization, this leaves approximately $130 million in remaining capacity for additional share repurchases on the replenished authorization as of October 22.

除了季度股息支付外，我們還在本季以平均每股 23.18 美元的價格回購了約 110 萬股股票，總金額約為 2,500 萬美元。加上新增的 1 億美元授權，截至 10 月 22 日，在補充授權範圍內，還剩下約 1.3 億美元可用於額外的股票回購。

Turning to our updated outlook. Archrock increased its 2025 annual guidance to reflect continued outperformance during the third quarter of '25 and our expectation for continued strength in our underlying business during the fourth quarter.

接下來談談我們更新後的展望。Archrock提高了其2025年年度業績預期，以反映2025年第三季持續的優異表現，以及我們對第四季度基礎業務持續強勁的預期。

As a reminder, our guidance reflects eight months of contribution from the NGCS acquisition and outperformance in our business, partially offset by the removal of five months of contribution from the high-pressure gas lift units we sold. We are raising our 2025 adjusted EBITDA range to $835 million to $850 million from the prior range of $810 million to $850 million. Additional detail can be found in our earnings release issued last night.

提醒一下，我們的業績指引反映了 NGCS 收購和我們業務超額完成帶來的八個月的貢獻，但部分被我們出售的高壓氣舉裝置帶來的五個月的貢獻所抵消。我們將 2025 年調整後 EBITDA 範圍從先前的 8.1 億美元至 8.5 億美元上調至 8.35 億美元至 8.5 億美元。更多詳情請參閱我們昨晚發布的盈利報告。

Turning to capital. We are narrowing our growth CapEx guidance range to between $345 million and $355 million to support investment in new build horsepower and repackage CapEx to meet continued customer demand. Our growth CapEx is underpinned by multiyear contracts. Maintenance CapEx is forecasted to be approximately $110 million to $115 million. We also expect approximately $35 million to $40 million in other CapEx, primarily for new vehicles.

轉向資本。我們將成長資本支出指引縮小至 3.45 億美元至 3.55 億美元之間，以支援新建馬力的投資，並重新調整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。維護資本支出預計約 1.1 億美元至 1.15 億美元。我們也預計其他資本支出約為 3,500 萬至 4,000 萬美元，主要用於購買新車。

Total capital expenditures are expected to be funded by operations and further supported by non-strategic asset sale proceeds, which total more than $114 million in 2025 year-to-date. In summary, as the structural growth in our natural gas production and compression continues to take hold, we are focused on finishing out the year strong and setting a solid foundation for even higher levels of customer service, operational execution and financial performance in 2026.

預計總資本支出將由營運資金提供，並進一步由非策略性資產出售所得款項提供支持，截至 2025 年，該款項總額已超過 1.14 億美元。總而言之，隨著天然氣生產和壓縮的結構性成長持續鞏固，我們專注於以強勁的勢頭結束今年，並為 2026 年更高水準的客戶服務、營運執行和財務業績奠定堅實的基礎。

With that, Julianne, we are now ready to open the line for questions.

朱莉安娜，那麼，我們現在可以開始接受提問了。

(Operator Instructions) Jim Rollyson, Raymond James.

（操作說明）吉姆·羅利森，雷蒙德·詹姆斯。

Great job as usual. Brad, you're in an interesting position where it's kind of the first time that I can recall in a long time where you guys generated free cash flow, and as you mentioned, you're set up to do that going forward. At the same time, you're at the bottom end of your leverage goals and you're basically set up to just continue to put cash. I'm curious how you think about deploying that.

一如既往，做得非常出色。布拉德，你現在處境很有意思，據我所知，這是你們很久以來第一次產生自由現金流，而且正如你所說，你們已經做好了未來繼續這樣做的準備。同時，你的槓桿目標已經達到最低水平，基本上只能繼續投入現金。我很想知道你對部署這個方案有什麼想法。

Obviously, you've been growing the dividend, and there's obviously room for that to continue to grow even today. You just expanded the repurchase program. You've been active in M&A, but maybe just a little color about how you think about that given the kind of unusually strong position that you're in today.

顯然，你們一直在提高股息，而且即使在今天，股息顯然還有繼續成長的空間。您剛剛擴大了回購計劃的範圍。您一直積極參與併購活動，但鑑於您目前所處的異常強大的地位，您能否稍微談談您對併購的看法？

Thanks, Jim. I appreciate it. I'm sure you don't want to expand on that question anymore because I love the way you asked it. We have a tremendous opportunity to create value for our shareholders. When we look at our capital allocation priorities, our absolute best use remains investing in and growing this business. The returns that we get by growing our fleet organically by expanding our footprint with our great customers remains our best -- the best return we can generate for our investors going forward.

謝謝你，吉姆。謝謝。我相信你不想再就這個問題展開討論了，因為我很喜歡你提問的方式。我們擁有為股東創造價值的絕佳機會。當我們審視資本配置優先事項時，我們認為最佳的用途仍然是投資和發展這項業務。透過與優秀客戶合作，擴大業務範圍，實現船隊有機成長，我們所獲得的收益仍然是我們最好的——也是我們未來能為投資者創造的最佳回報。

We have the additional tools because we are generating sufficient cash. We have great coverage. I think we exited 3.7 times what I talked about. We have a tremendous opportunity to continue to grow our dividend over time. As we've demonstrated in the past, it's up 20% on a year-over-year basis. We can grow that over time as we continue to grow our business. In this market today, the macro is dislocation to our stock price, giving us also the opportunity to deploy capital and buying shares when the market is not valuing it appropriately.

我們之所以擁有額外的工具，是因為我們產生了足夠的現金流。我們的覆蓋範圍很廣。我認為我們實際退出的次數是我之前所說的3.7倍。我們擁有巨大的機會，可以隨著時間的推移繼續提高股息。正如我們過去所證明的那樣，它同比增長了 20%。隨著我們業務的不斷發展，我們可以逐步提高這個比例。在當今市場中，宏觀經濟對我們的股價造成了錯位，這也給了我們機會在市場對其估值不合理時部署資本並買入股票。

We get to buying shares with this complicated oil market and this dislocation and generate additional and great returns for our investors that way. We intend to use all three tools for capital allocation going forward, but the priority is, we get to grow our business. The market that we see ahead for natural gas demand is tremendous, and that's what we expect to do with most of our cash.

我們利用當前複雜的石油市場和市場動盪局面購買股票，從而為我們的投資者創造額外的豐厚回報。我們打算今後使用這三種工具進行資本配置，但首要任務是發展我們的業務。我們看到天然氣市場未來需求龐大，因此我們計劃將大部分現金投入天然氣領域。

Appreciate that color. Then maybe my second question, just circling back to margins. Even without the tax benefit, you topped 70%. My math on midpoint of guidance implies 71.5% for 4Q. Maybe just a little color about some of the things that are helping drive this outside of just pricing gains and sustainability and upside. We've had this discussion, I think, off and on every quarter because you keep having better and better margins, but just curious the latest state of the union on margin opportunity.

欣賞這種顏色。那麼我的第二個問題，還是回到頁邊距的話題上來。即使不考慮稅收優惠，你的收益率也超過了 70%。根據我的計算，第四季業績指引的中點為 71.5%。或許可以稍微補充一些關於推動這一趨勢的因素，除了價格上漲、永續性和潛在收益之外。我認為我們每個季度都會斷斷續續地討論這個問題，因為你們的利潤率一直在不斷提高，但我只是好奇利潤率機會的最新情況。

The first comment I want to address is that this business, the base business, absolutely outperformed without the tax benefit. We saw that in the roughly 70.4% gross margin that we delivered, which was delivered over a combination of continuing pricing prerogative as well as excellent cost management by our teams throughout the organization and especially in the field. That outperformance that you cited is absolutely independent of the tax benefit that we got to claim back, which is a cash tax benefit.

首先我想指出的是，即使沒有稅收優惠，這項業務（即基礎業務）的表現也絕對優於其他業務。我們看到，我們實現了約 70.4% 的毛利率，這是透過持續的定價優勢以及我們整個組織，特別是現場團隊的出色成本管理實現的。你提到的超額收益與我們獲得的現金稅優惠完全無關。

Now, on the substance of your question, One of the biggest drivers beyond pricing that we have in our operation today is we have been investing in a very disciplined way over the years into technology, the combination of telemetry sensors on the edge on our equipment, a big data engine that gets to sort through the data and help us prioritize our customer service so that we can maintain better run-time for our customers for the benefit of our customers as priority one, but also we drive a lot more efficiency in how we are touching the units.

現在，回到您問題的實質，除了價格因素之外，我們目前營運中最大的驅動因素之一是，多年來我們一直以非常嚴謹的方式投資於技術，將設備邊緣的遙測感測器與大數據引擎相結合，該引擎可以處理數據並幫助我們優先考慮客戶服務，從而為客戶保持更好的運行時間，這始終是我們的首要任務，同時我們也提高了設備維護的效率。

The units are telling us more and giving us more information. Our mechanics are able to dispatch in a more efficient way, well-equipped when they arrive on location and it just creates a much more cost-effective approach to managing the operation. We've gotten the benefit of those investments in our numbers today, and we expect to continue to drive improvement in those numbers in the future based on those investments in technology.

這些設備告訴我們更多信息，給我們更多信息。我們的技工能夠以更有效率的方式進行調度，到達現場時裝備齊全，這為營運管理創造了更具成本效益的方法。我們現在已經從這些投資中受益，業績也隨之提升。我們預計，未來基於這些技術投資，績效將持續改善。

Doug Irwin, Citi.

道格歐文，花旗銀行。

I wanted to maybe start on the demand side, and I know you kind of touched on it in your prepared remarks already. We've seen an uptick in LNG project FIDs and data center announcements over the past couple of months. These are obviously drivers you've been talking about for a long time now. Just curious if some of that recent activity has maybe translated into an acceleration in some of the discussions you're having with customers on your end?

我想先從需求方面談起，我知道您在準備好的發言稿中已經稍微提到過這一點。過去幾個月，我們看到液化天然氣專案最終投資決定和資料中心專案公告數量增加。顯然，這些就是你們一直以來都在談論的驅動因素。我只是好奇，最近的這些活動是否促使您加快了與客戶的溝通？

Then just generally, how that momentum might impact the way you're thinking about your multiyear growth outlook and especially kind of where and what basins that growth might be coming from moving forward?

那麼，總的來說，這種勢頭可能會如何影響您對多年成長前景的思考，特別是未來成長可能來自哪些領域和哪些盆地？

Sure. Thank you, Doug. Look, what I said in my prepared remarks, I can expand on just a little bit, the point the market is giving us today is that the world is short of power, and that is driving robust demand for LNG. That's a global phenomenon. We like to say at Archrock, we power a cleaner America, and now with so much of our natural gas going into the form of LNG -- exports of LNG, we know we're also participating in powering a cleaner world, and we're very proud of that. That LNG demand is spiking, and we're seeing just a tremendous amount of demand generated there.

當然。謝謝你，道格。你看，我在準備好的發言稿中已經說過，我可以再補充一點，今天市場告訴我們的一點是，世界電力短缺，這推動了對液化天然氣的強勁需求。這是一個全球性現象。在 Archrock，我們常說，我們為更乾淨的美國提供動力。現在，我們大量的天然氣都以液化天然氣 (LNG) 的形式出口，我們知道我們也在為更清潔的世界提供動力，我們為此感到非常自豪。液化天然氣需求正在激增，我們看到那裡產生了巨大的需求。

By the way, we're also seeing growth in -- I think we had peak exports to Mexico in the quarter as well, so it's not just LNG. We're also seeing pipeline gas going to Mexico. Then on the AI data centers, what's interesting about the wide variation in forecast is that the forecast ranges from a low of 3 Bcf a day to 2030, which I think most people think will blow through, up to 12 Bcf a day of incremental demand through 2030 and then at least that much again beyond 2030.

順便說一句，我們也看到增長——我認為本季度我們對墨西哥的出口也達到了峰值，所以不僅僅是液化天然氣。我們也看到天然氣透過管道輸送到墨西哥。然後是人工智慧資料中心，有趣的是，預測結果差異很大，預測範圍從 2030 年每天 30 億立方英尺的低值（我認為大多數人認為這個數字將會被突破），到 2030 年每天新增需求高達 120 億立方英尺，然後在 2030 年以後至少還會有這麼多的需求。

What we're seeing today is an acceleration in pipes, LNG facilities, FIDs, as well as data centers. What we're also experiencing is the buckling of the pressure of we've underinvested in infrastructure. We've underinvested in infrastructure in pipes, in power, and that really has to catch up.

我們今天看到的是管道、液化天然氣設施、最終投資決定以及資料中心建設的加速發展。我們現在面臨的另一個問題是，由於基礎設施投資不足，導致壓力逐漸顯現。我們在管道、電力等基礎設施方面的投資不足，這方面真的需要迎頭趕上。

The pressure we're seeing on our business is a really excellent immediate interim and long-term demand for our units. That's translating to be concrete now into our CapEx guidance of a minimum of $250 million for 2026, which is consistent with our levels for 2025, but we see that we have a lot more confidence in the multiyear growth scenario ahead, deploying that level of CapEx to help support this expanded infrastructure requirement for power and for LNG exports.

我們目前面臨的業務壓力是，市場對我們的產品有著非常好的短期、中期和長期需求。現在，這具體體現在我們 2026 年至少 2.5 億美元的資本支出指引中，這與我們 2025 年的水準一致，但我們對未來多年的成長前景更有信心，部署這一水準的資本支出將有助於支持電力和液化天然氣出口不斷擴大的基礎設施需求。

Then maybe for a follow-up, I guess you've talked a few calls in a row now about units staying on location longer-and-longer than they did even just a few years ago. Just curious if you've seen this translate into increased customer demand for longer duration contracts, even if it's maybe just a shift towards the higher end of your typical three to five-year contract range that you talk about.

那麼，或許可以接著問，我想您已經連續幾次打電話談到，現在房屋在現場停留的時間比幾年前要長得多。我只是好奇您是否看到這種情況轉化為客戶對更長期限合約的需求增加，即使這可能只是朝著您所說的典型的三到五年合約範圍的高端轉變。

Then, just curious if you can maybe comment on how you're thinking about the right mix of month-to-month versus long-term contracted capacity moving forward.

那麼，我很好奇您能否談談您是如何考慮未來按月付費和長期合約付費的合理組合的。

The good news is, as we discussed, that our units are staying on location now greater than six years, which is a few things -- a few aspects that are important about that. One is that it's a market improvement over the past. This really reflects Archrock's focus and shift to large horsepower installations and the midstream infrastructure position that this business now occupies today, which means that we're going to stay on location longer. We're going to have tremendous stability in those operations as we become an integral part of our customers' operations and capital stack. That's the benefit of the investments we've made into large horsepower over time.

好消息是，正如我們討論的那樣，我們的設備現在在現場停留的時間已經超過六年了，這其中有幾個重要方面。一是市場狀況較以往有所改善。這真正反映了 Archrock 的重點和向大馬力安裝以及該公司目前所處的中游基礎設施地位的轉變，這意味著我們將在現場停留更長時間。隨著我們成為客戶營運和資本結構中不可或缺的一部分，我們的營運將擁有極大的穩定性。這就是我們多年來對大馬力設備進行投資的好處。

The contract terms remain in the three to five-year range, but yes, because it's predominantly large horsepower, these are large capital investments, we have seen it move to the higher end of the five years on entry into these contracts, but we have not either seen and we have not tried to drive a shift in those contract terms.

合約期限仍然在三到五年之間，但是，由於這些項目主要涉及大馬力發動機，屬於大型資本投資，我們看到這些合約的期限在簽訂之初就延長到了五年左右，但是我們既沒有看到也沒有試圖推動這些合約條款的改變。

The important point about the position we have with our major customers is that it's not just about those contract terms on the individual location contracts. It's also that with our largest customers, we have a strategic position and a master services agreement, which builds a longer-term relationship.

在我們與主要客戶之間的關係中，關鍵在於，這不僅僅是關於各個地點合約上的那些條款。此外，我們與最大的客戶建立了策略地位並簽訂了主服務協議，從而建立了更長期的合作關係。

It gives us the confidence given how critical we are in our customers' operations today that our units stay on location as long as they are operationally required independent of contract term, so it's that time on location. It's the fact that it costs a lot of money that the customer has to bear to switch out a unit that is giving us that longer live application on location and generating much more stability over time.

鑑於我們如今在客戶營運中扮演著至關重要的角色，我們有信心，只要營運需要，我們的設備就會一直留在現場，而不受合約期限的限制，所以這就是現場駐留時間。問題在於，更換設備需要客戶承擔一大筆費用，而這筆費用卻能讓設備在現場運作更長時間，並隨著時間的推移產生更大的穩定性。

Selman Akyol, Stifel.

Selman Akyol，Stifel。

This is Tim on for Selman. Congrats on the quarter. Just wanted to get an update on how lead times are trending. Just wondering if there's any update to that.

這裡是提姆替塞爾曼報道。恭喜你本季取得佳績。想了解一下交貨週期的趨勢。想知道這件事有沒有最新進展。

Yeah. The gating item for lead times remains Caterpillar engines predominantly for our gasifed engines. Those are in the 60-week lead times now we order a new unit from Caterpillar. There are some units available in the market that we can get sooner just because with all this pressure right now for growth, people are ordering equipment, the packagers are maintaining a bit of equipment available. That will get sucked up pretty quickly though or used up pretty quickly. There' the lead times are 60 weeks with a little bit of opportunity in the market to grab engines from others if we needed to.

是的。交貨週期的主要把關因素仍然是卡特彼勒發動機，尤其是我們的氣化發動機。現在我們從卡特彼勒公司訂購一台新設備，交貨週期是 60 週。市場上有一些設備我們可以更快拿到，因為目前成長壓力很大，人們都在訂購設備，包裝商也在保持一定的設備供應。不過，這些錢很快就會被消耗掉。交貨週期為 60 週，如果需要的話，我們還有機會從市場上其他廠商購買引擎。

Then, just my follow-up. Curious on how some of the customers are maybe shifting behavior in a lower crude environment. Are you seeing any more outsourced opportunity? Or is there any changes to the AMS business? Are they looking to defer some of those costs? Just curious on real-time changes in customer behavior.

然後，我再補充一點。很好奇在原油價格走低的環境下，有些顧客的行為可能會發生什麼樣的改變。你還看到其他外包機會嗎？AMS業務方面是否有任何變化？他們是否打算延後支付部分費用？只是好奇客戶行為的即時變化。

Sure. Other than the seasonality of order activity, what I mean by that is that customers are in the -- right now are in the budget preparation time for their 2026 business plans. I think we are now in the phase where we're working with our customers on their new equipment needs, on pricing discussions that are starting to occur. It's at this time of the year and also candidly, we have the holidays this time of the year where we see a little bit of slowdown as people are gathering their plans together.

當然。除了訂單活動的季節性因素外，我的意思是，客戶目前正處於製定 2026 年商業計劃的預算準備階段。我認為我們現在正處於與客戶合作，了解他們的新設備需求，並開始進行價格討論的階段。每年的這個時候，坦白說，也是每年的這個時候，我們會看到一些業務放緩，因為人們都在製定計劃。

Aside from that, we've seen no major shifts in either the allocation of capital by the customers using an outsourced compression provider like us or in-sourcing their own capital or their own compression equipment. We see no major shift in AMS activity. That still remains robust. The industry is so highly utilized with us at 96%, our competition at high levels of utilization, our customers' fleets at high levels of utilization, we're seeing activity in both contract ops and AMS at high levels to make sure we're keeping the gas moving and keeping the equipment serviced. We've not seen a change in that at a macro level.

除此之外，我們沒有看到客戶在使用像我們這樣的外包壓縮服務提供者時，在資本配置方面發生重大變化，也沒有看到客戶將自己的資本或壓縮設備收回內部使用。我們沒有看到AMS活動有重大變化。這一點依然穩固。產業利用率非常高，我們的利用率高達 96%，我們的競爭對手利用率也很高，我們客戶的車隊利用率也很高，我們看到合約營運和 AMS 的活動都非常活躍，以確保天然氣供應充足，設備得到維護。從宏觀層面來看，我們還沒有看到這種情況改變。

Eli Jossen, JPMorgan.

Eli Jossen，摩根大通。

I wanted to touch on the extended time on location you're seeing from your customers and you talked about it in your opening remarks. Obviously, that reflects really strong utilization and demand from those customers, but can you talk a little bit about how it impacts recontracting? Obviously, we're seeing the dollar per horsepower per month broadly move up into the right, but just how should we think about overall recontracting discussions with those customers?

我想談談您的客戶在現場停留時間延長的問題，您在開場白中也談到了這一點。顯然，這反映了這些客戶非常強勁的使用率和需求，但您能否談談這會對續約產生什麼影響？顯然，我們看到每馬力每月的價格總體上向右移動，但我們應該如何看待與這些客戶的整體續約談判？

Sure. I mean, I think there are two components to the recontracting question in my head. The first is recontracting that unit so that it stays on location longer. I'm going to point out that even with the -- greater than six years' time that we're achieving, that includes with a mix of horsepower that's smaller. As we continue to add more large horsepower, my expectation is -- my belief is that we're going to see that time on location continue to grow and expand.

當然。我的意思是，在我看來，關於重新簽訂合約的問題有兩個面向。首先，要與該部隊續約，使其在現場停留更長時間。我要指出的是，即使我們花了超過六年的時間，也包括使用功率較小的混合動力。隨著我們不斷增加大馬力設備，我的預期是——我相信我們會看到現場拍攝時間繼續增長和擴大。

The second component to recontracting, I think, which may be at the heart of your question is really what happens to pricing and what's the opportunity to drive pricing going forward. On the good news front, the way we've structured our contracts, the vast bulk of our large strategic accounts include pricing mechanisms built into the agreement, so that either we reprice on an index or we have a repricing opener. Then with our nonstrategic accounts, we have the ability when they roll off a contract to redo pricing.

我認為，重新簽訂合約的第二個組成部分，也可能正是你問題的核心，那就是價格會發生什麼變化，以及未來有哪些機會可以推動價格上漲。好消息是，由於我們合約的結構方式，我們絕大多數的大型策略客戶都在協議中內建了定價機制，因此我們要么根據指數重新定價，要么有一個重新定價的起始價。然後，對於我們的非策略客戶，當合約到期時，我們有能力重新定價。

On a percentage basis, as in prior years, it remains fairly consistent because of the way we structured the business that we get to reprice annually, 60% to 65% of our contracts are open for repricing, either through a negotiation built into the contract, an index built into the contract or as they roll off their primary term. We're quite optimistic that in this market that at the high levels of utilization we're achieving that we will have the ability to continue to drive pricing forward and certainly in 2026.

以百分比計算，與往年一樣，由於我們每年都可以重新定價的業務結構，因此保持相當穩定。我們 60% 到 65% 的合約都可以重新定價，要么透過合約中包含的談判，要么透過合約中包含的指數，要么在合約的主要期限到期時重新定價。我們非常樂觀地認為，在這個市場中，憑藉我們目前所達到的高利用率，我們將有能力繼續推動價格上漲，並且肯定會在 2026 年實現這一目標。

Eli, this is Doug. I may make another point that we really haven't talked much about, if at all, on this call, and that is the level of stop activity or units getting returned. We really are seeing that at historically low levels. That's a function of a lot of different things, but most notably, gas volumes are growing in the US, and there's just a real lack of available equipment.

Eli，這是Doug。我可能還要補充一點，我們在這次通話中幾乎沒有談到這一點，那就是停止活動或退貨的程度。我們現在確實看到這種情況處於歷史低點。這取決於許多因素，但最主要的是，美國的天然氣產量正在成長，而可用的設備卻嚴重短缺。

Archrock at 96% utilization, the industry at a very similar level, I think our customers have started to understand there's a real need to plan in advance for units, and so part of the contracting is that if we don't have units that are stopping on location, we don't have those available to rebook. All of that, as Brad talked about, leads to an opportunity to continue to reprice. I think, again, if you think about that utilization for the industry as the best sign of just, frankly, how healthy this business is, and we expect it to continue to be.

Archrock 的使用率達到 96%，整個產業也處於類似的水平。我認為我們的客戶已經開始意識到，提前規劃房車使用確實很有必要。因此，合約的一部分內容是，如果我們沒有房車停靠在指定地點，我們就無法重新預訂這些房車。正如布拉德所說，所有這些都帶來了繼續重新定價的機會。我認為，再次強調，行業利用率是衡量這個行業健康狀況的最佳指標，坦白說，我們預計這種情況會持續下去。

Then maybe just in that contracting equation, flipping to the cost side, I just wanted to get a sense how input costs are trending. Obviously, the OEMs like Caterpillar, we can expect there's some inflation in those businesses. I know you guys are obviously able to pass along a lot of those costs, and that's what we're seeing -- part of what we're seeing in the dollars per horsepower per month equation, but just if you can frame the way that costs are trending in the business, maybe in the Permian versus elsewhere and what that does to margins in the longer term?

然後，或許就在這種合約等式中，轉到成本方面，我只是想了解投入成本的趨勢。顯然，像卡特彼勒這樣的原始設備製造商，我們可以預料到這些產業的通貨膨脹現象會比較嚴重。我知道你們顯然能夠將許多成本轉嫁出去，而我們也看到了這一點——這部分體現在每馬力每個月的成本計算中。但是，如果您能分析一下成本在業務中的趨勢，例如二疊紀盆地與其他地區相比，以及這對長期利潤率的影響，那就太好了。

The costs overall are trending at what I would say is a normalized level of inflation, and that's in the low single digits. That's what we're seeing out of the OEMs, both for new equipment and as well as for parts and materials going forward. Lube oil pricing, as you would expect, has actually moderated given the lower crude oil pricing today.

整體而言，成本正朝著我認為正常的通貨膨脹水準發展，也就是個位數的低點。我們看到，無論是對於新設備，還是對於未來的零件和材料，原始設備製造商（OEM）都是如此。正如你所預料的那樣，鑑於今天原油價格走低，潤滑油價格實際上有所回落。

Finally, the only one that's the exception of that is labor costs, especially in the Permian, still run in the mid-single digits. There's more pressure there just because labor is so short, so tight in the -- overall in the energy industry and certainly in the Permian, so that's the way costs are running. It's a very manageable level right now. It feels like a very comfortable level to build in and budget for, I think, for our customers, but also for us. You're right, we do expect to have the ability to continue to pass on and share cost increases through rate increases over time.

最後，唯一例外的是勞動成本，尤其是在二疊紀盆地，仍維持在個位數的中等水準。那裡的壓力更大，因為勞動力非常短缺，整個能源產業，尤其是二疊紀盆地，勞動力非常緊張，所以成本才會這樣上漲。目前的水位完全可以控制。我認為，對於我們的客戶和我們自己來說，這都是一個非常容易納入預算和建設水平。你說得對，我們確實希望能夠隨著時間的推移，透過提高費率來繼續轉嫁和分擔成本增長。

Gabe Moreen, Mizuho.

加布·莫林，瑞穗。

I just want to circle back on capital return a little bit. Any thoughts -- you've been really good opportunistically here, I think, at share buybacks. Any thoughts to making it, I guess, more programmatic and on a related basis, I'm just curious, Doug, if there's any lower bound leverage level that you just don't want to go below that floor? Or were you just thinking, hey, we're underlevered here and our balance sheet could take more on at these levels?

我想稍微再談資本報酬率的問題。有什麼想法嗎？我認為你在股票回購方面把握機會的能力非常強。有沒有什麼想法讓它更程式化一些？另外，Doug，我很好奇，你有沒有一個最低的槓桿水平，你絕對不想低於這個水平？或者你當時的想法是，嘿，我們目前的槓桿率很低，我們的資產負債表還能承受更高的負債水準？

Yeah. Look, fair question, Gabe. I think Brad outlined, we really believe we somewhat uniquely even in the compression space are positioned to be able to do all of the above. That being deploy capital to our customers, grow our dividend and ask our Board for an incremental $100 million share authorization. I think we've been pretty consistent repurchasing shares quarterly. I don't certainly want to share exact specifics of where and at what target price.

是的。你問得好，蓋布。我認為正如布拉德所概述的那樣，我們真的相信，即使在壓縮領域，我們也擁有某種獨特的優勢，能夠做到以上所有事情。這意味著要將資金投入到我們的客戶身上，提高我們的股息，並請求董事會批准增發 1 億美元的股份。我認為我們一直以來都比較穩定地按季度回購股票。我當然不想透露具體的地點和目標價。

Look, as you point out, our leverage is trending towards and headed to even below our target range, which means that not to say we won't end up below that for some period of time, but we have both the luxury and the desire to do all of the above. I think you should expect to see us continue to do that.

正如你所指出的，我們的槓桿率正在趨近甚至低於我們的目標範圍，這意味著雖然不能排除我們在一段時間內不會低於該範圍的可能性，但我們既有條件也有意願去做以上所有事情。我認為你們應該會看到我們繼續這樣做。

Maybe, Brad, if I can ask an open-ended question. You talked about the arms race around power gen. It seems like not a week goes by where there's not some sort of creative solutions to get near-term power to procure to those who demand it. Just curious if Archrock is looking at, in some way, shape or form, participating more directly in that power procurement. Again, open-ended question, but I'll leave it at that.

或許，布拉德，如果我可以問一個開放式問題的話。你談到了圍繞發電的軍備競賽。似乎每週都會出現一些創意十足的解決方案，以在短期內滿足那些有需求的人的用電需求。我只是好奇 Archrock 是否正在考慮以某種方式或形式更直接地參與電力採購。這又是一個開放式問題，我就說到這裡吧。

What we're excited about for the future is the amount of power that is going to be required is going to require the production and the increased production growth in natural gas. That is where we are focused in deploying compression to support natural gas to help support the power growth.

我們對未來感到興奮的是，未來所需的電力數量將需要天然氣的生產和產量成長。這就是我們目前重點關注的領域，即部署壓縮技術來支援天然氣，從而幫助支援電力成長。

The unique position of the industry today is that only natural gas can respond as quickly as is needed to deliver on an intermediate and I think also a long-term basis, but on an intermediate basis, the amount of feedstock required for the dense sharp, incredibly high demand growth for power that we see ahead. Our primary goal right now is to deploy our capital to grow our compression infrastructure business to support that growth. We're excited about that investment opportunity, first and foremost.

如今，該行業的獨特之處在於，只有天然氣才能迅速響應中期需求，我認為也能滿足長期需求，但就中期而言，它能夠滿足我們未來將看到的電力需求的密集、急劇、極高增長所需的原料量。我們現在的首要目標是利用我們的資本發展壓縮基礎設施業務，以支持這一成長。首先，我們對這個投資機會感到非常興奮。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

Just wanted to ask about the $250 million CapEx for 2026. You obviously have very positive comments on the call, both this quarter and the outlook. Just curious if that's just conservatism on your part? Or are there other factors at play that we should be thinking about?

我想問一下關於2026年2.5億美元的資本支出計畫。顯然，您對本次電話會議的評價非常積極，無論是本季業績還是未來展望。我只是好奇，這是否只是你個人的保守主義傾向？或者有其他因素需要考慮嗎？

Thanks for the question. It's interesting in the past, I never would have thought a $250 million growth CapEx budget would be positioned as conservative. We consider it to be very consistent with the levels of CapEx that we've invested in the business at the high end of the CapEx levels we've invested in the business in prior years.

謝謝你的提問。有趣的是，在過去，我從未想過 2.5 億美元的成長資本支出預算會被認為是保守的。我們認為這與我們過去幾年在該業務中投入的資本支出水平非常一致，處於我們投入該業務的資本支出水平的高端。

I'll point out that even though it feels like a step back from the $350 million midpoint that we've guided to in 2025, approximately $70 million of that CapEx budget and CapEx spend in 2025 is directly attributable to CapEx budgets that we inherited or CapEx expenditures that we inherited as part of the two acquisitions we made. When you think about the delta on our overall fleet compared to that, it feels much more consistent on a year-over-year basis and pointing out that we're getting these huge cash flow benefits in from the two acquisitions we made without those requiring the same levels of CapEx that position this business before the acquisition.

我要指出的是，儘管這感覺像是比我們先前預測的 2025 年 3.5 億美元的中點有所倒退，但 2025 年的資本支出預算和資本支出中約有 7000 萬美元直接歸因於我們繼承的資本支出預算或作為我們兩項收購的一部分而繼承的資本支出。當你考慮到我們整體船隊的差異時，你會發現它與往年相比更加穩定，而且值得注意的是，我們從這兩項收購中獲得了巨大的現金流收益，而這些收購並不需要像收購前那樣高額的資本支出。

We love that actual capital efficiency from the acquisitions. What you're seeing on a year-over-year basis is probably more consistency than may have been apparent in the CapEx budgets, which give us a tremendous amount of growth with our core customers and in the marketplace. We're excited about that level. Again, we pegged that as a minimum for next year. As I also pointed out, our customers -- some of our customers remain absolutely in budget territory right now, so we'll see how the rest of that shakes out.

我們非常欣賞收購帶來的實質資本效率。從同比來看，您可能看到的是比資本支出預算中顯示的更穩定的情況，這為我們的核心客戶和市場帶來了巨大的成長。我們對這個水平感到很興奮。我們再次將此作為明年的最低目標。正如我之前指出的，我們的一些客戶目前仍然完全在預算範圍內，所以我們將看看其他客戶的情況會如何發展。

Nataniel Pendleton, Texas Capital.

納塔尼爾·彭德爾頓，德克薩斯資本。

Congrats on the strong quarter. A lot of commentary has understandably been on the strong outlook for natural gas demand and moving that gas to end markets, but with a large amount of horsepower still dedicated to centralized gas lift, can you speak to how those markets are evolving?

恭喜你們本季業績出色。可以理解的是，許多評論都集中在天然氣需求的強勁前景以及如何將天然氣輸送到終端市場，但由於仍然有大量的電力用於集中式天然氣提升，您能否談談這些市場的發展情況？

Sure. With, I think, a slowdown in oil drilling and a flattening of oil production possible right now, we're absolutely seeing a bit of a flattening in order activity attributed directly to gas lift, and we're seeing much more of the demand right now on a mix basis toward gathering. I'll point out that the great news is that when these units go out for to support gas lift and production, they remain out.

當然。我認為，目前石油鑽探活動可能會放緩，石油產量可能會趨於平穩，我們確實看到直接歸因於氣舉的訂單活動有所放緩，而且目前我們看到，從組合角度來看，更多的需求轉向了集輸。我要指出的是，好消息是，當這些設備被派出去支援氣舉和生產時，它們會一直待在外面。

As Doug pointed out, we said in our prepared remarks and Doug highlighted just a minute ago, our stock activity is at absolutely historical low levels. It's a reflection of the strength of this business model that we are leveraged to production, oil for gas lift and natural gas for transportation. Both of those are absolutely at high levels of utilization and incrementally growing going forward.

正如道格指出的那樣，我們在準備好的演講稿中也提到過，道格剛才也強調過，我們的股票交易量正處於絕對的歷史低點。這反映了我們這種商業模式的優勢，即我們利用石油進行生產，並利用天然氣進行運輸。這兩項的利用率都絕對很高，未來還會逐步成長。

Right now, as you would expect, we are seeing a bit of a pause in the oil-directed gas lift order activity in the mix. It's still there, but it's definitely at a lower level in the mix. We remain, however, optimistic that gas lift has become an absolutely critical component in the oil production system and that, that demand will come back as the market recovers.

正如你所預料的那樣，目前我們看到石油相關的天然氣提升訂單活動出現了一些停滯。它仍然存在，但其在整體格局中的地位肯定降低了。然而，我們仍然樂觀地認為，氣舉已成為石油生產系統中絕對關鍵的組成部分，隨著市場的復甦，這種需求也會恢復。

Can you provide more color about the MaCH4 natural gas liquid recovery amendment fee mentioned in the release and the progression of a few of those new venture investments?

您能否詳細介紹新聞稿中提到的 MaCH4 天然氣液體回收修正費用以及其中一些新創投的進度？

Sure. On the MaCH4, particularly, the joint venture was structured where there was a minimum commitments to purchase equipment, and we wanted to change the timing of our commitments, so we basically just bought that out. That was the main impetus behind the amendment, so we pay a charge upfront to buy out the commitment and change the time frame for when those commitments will take place.

當然。特別是對於 MaCH4 而言，合資企業的結構規定了購買設備的最低承諾，而我們想改變我們承諾的時間安排，所以我們基本上就把那部分買斷了。這是修改的主要原因，因此我們預先支付一筆費用來買斷該承諾，並改變這些承諾履行的時間框架。

On the MaCH4 itself, the good news is that we had a very successful pilot, and we're in the early phases of getting the first units out to see if we can build enough of a commercial market. On the very exciting side, customer enthusiasm for the product is great.

關於 MaCH4 本身，好消息是我們的試點非常成功，我們正處於推出首批產品的早期階段，以看看我們能否建立足夠的商業市場。令人興奮的是，顧客對這款產品的熱情非常高。

I'll just remind everybody what this product does, is it takes a sliver of the natural gas that we would otherwise that we're putting through our gas drive engines, and it takes out the heavy liquids, preserving the quality of the heavier liquids value to be captured downstream and provides residue quality gas for that compressor, which really helps with compression operations. It also reduces the VOCs coming off that unit. It's really an attractive product. We're in those early phases right now, and we've received great support from the customers.

我只想提醒大家，這款產品的作用是，它從我們原本要輸送到燃氣發動機的天然氣中抽取一小部分，去除其中的重質液體，保留重質液體的質量，以便下游回收利用，並為壓縮機提供殘餘質量的氣體，這確實有助於壓縮作業。它還能減少該設備排放的揮發性有機化合物。這真是一款很吸引人的產品。我們目前還處於早期階段，並得到了客戶的大力支持。

On our other new venture investments, I've been clear in the past, what we are really focused on doing is changing the way we conduct business as an industry. keep the methane in the pipe and eventually put the CO2 back in the ground and our investments in Ecotec, which primarily is our handheld devices that allow us to detect methane and see the leaks to support repair. That business continues to grow and is doing well. We talked about the MaCH4.

關於我們其他的新投資項目，我過去已經明確表示，我們真正關注的是改變我們整個行業的經營方式，將甲烷留在管道內，最終將二氧化碳排放回地下。我們對Ecotec的投資主要集中在我們的手持設備上，這些設備可以檢測甲烷並發現洩漏點，從而支持維修工作。這家公司持續發展壯大，業績良好。我們討論了MaCH4。

Then the CARBON HAWK, which is a product that captures gas otherwise discharged the atmosphere to the flare in normal operations. We're absolutely seeing a bit of a slowdown in that -- in market acceptance on that product just based upon the regulatory environment changes since we've had a change in administration.

然後是 CARBON HAWK，這是一種可以捕捉正常操作中原本會排放到大氣中並被火炬燃燒的氣體的產品。我們確實看到，由於政府換屆，監管環境發生了變化，導致該產品的市場接受度下降。

But we still remain optimistic that this is a very valuable product for the industry to keep the methane in the pipe instead of venting it to the atmosphere or sending it to the flare. Neither of the Ecotec or that one do we expect to be needle movers for us financially. We've built nothing into the forecast for that, but we do believe these products are incredibly valuable and useful to the industry to conduct the most sustainable oil and gas operations we can for the future.

但我們仍然樂觀地認為，對於工業界來說，這是一個非常有價值的產品，可以將甲烷留在管道中，而不是排放到大氣中或排放到火炬中。我們預計Ecotec和那款產品都不會為我們帶來顯著的經濟效益。我們在預測中沒有考慮到這一點，但我們確實相信這些產品對產業來說非常有價值和用處，可以幫助我們在未來進行最永續的石油和天然氣作業。

Josh Jayne, Daniel Energy Partners.

Josh Jayne，Daniel Energy Partners。

First one for me. You've talked about the $250 million of CapEx for next year, and then also items like engines having 60-week lead times. I'm just curious, do you see a scenario in the next few years where the market maybe supports you spending, for example, let's pick a round number, $400 million, $500 million in growth CapEx, all supported by contracts? Or is something like that level not really feasible because of supply chain constraints. Maybe you could just talk about that a little bit more.

這是我的第一個。您提到了明年 2.5 億美元的資本支出，以及像引擎這樣需要 60 週交貨週期的項目。我只是好奇，您認為未來幾年內，市場是否有可能支持您進行支出，例如，我們取一個整數，4億美元或5億美元的成長資本支出，並且所有支出都由合約支持？或者說，由於供應鏈的限制，要達到那種水準其實並不現實。或許你可以再多談談這件事。

That level of CapEx is foreseeable. I do believe that while there are constraints out there on equipment lead times and deliveries, I'm going to point out, we were at $350 million last year, inclusive of the CapEx budgets that we took over with the acquisitions of NGCSI and TOPS, and so the gap to get from $350 million to $400 million is completely foreseeable for the future for this industry. I do believe that while there are supply constraints, that level of CapEx could be achieved even within the existing supply chain.

這種程度的資本支出是可以預見的。我相信，儘管設備交付週期和交貨時間存在一些限制，但我要指出的是，我們去年的預算為 3.5 億美元，其中包括我們收購 NGCSI 和 TOPS 後接管的資本支出預算，因此，未來該行業從 3.5 億美元到 4 億美元的差距是完全可以預見的。我相信，儘管存在供應限制，但即使在現有的供應鏈中，也可以實現這種資本支出水準。

Then, a shorter-term question. You highlighted the full quarter impact of the NGCSI acquisition that hurting some of your metrics in Q3. Could you just speak to when you expect the pricing of that fleet to essentially mirror the rest of your fleet? How long ultimately do you think that takes?

那麼，接下來是一個短期問題。您重點強調了 NGCSI 收購對第三季整體業績的影響，這損害了您的一些指標。您能否具體說明一下，您預計該車隊的定價何時才能與您車隊的其他車輛的定價基本保持一致？你認為最終需要多長時間？

What we're optimistic about is that we knew the -- obviously, we knew the pricing of this when we acquired these units, and they still remain at excellent gross margins, and we will work with that customer base to drive those changes over time, but now it's a part of our fleet. Now, the separation has basically disappeared, and we will treat those operations like we would any other units in our installed base to drive pricing up over time.

我們感到樂觀的是，我們收購這些設備時就知道它們的定價，而且它們的毛利率仍然非常可觀，我們將與客戶群合作，隨著時間的推移推動這些變化，但現在它們已成為我們車隊的一部分。現在，這種區別基本上已經消失了，我們將像對待我們已安裝基礎中的任何其他設備一樣對待這些運營，以隨著時間的推移推高價格。

Then finally, I'm going to point out that with the NGCSI acquisition, in particular, we acquired units that were predominantly a majority of which were with one of our existing key customers with whom we have a great relationship. We expect to do that over time, but candidly, the separation of those units has now disappeared, and we'll see that -- we can see it in the quarter when it impacted us, but it's going to be hard to track that going forward other than it gives us another chunk of units that will allow us to raise price and improve profitability over time.

最後，我要指出，特別是透過對 NGCSI 的收購，我們收購的部門主要來自我們現有的重要客戶之一，我們與該客戶保持良好的關係。我們預計隨著時間的推移會實現這一點，但坦率地說，這些部門之間的分離現在已經消失了，我們會看到——我們可以在它對我們產生影響的那個季度看到這一點，但除了它給我們帶來了另一部分部門，這將使我們能夠隨著時間的推移提高價格並提高盈利能力之外，未來很難跟踪這一點。

Steve Ferazani, Sidoti.

史蒂夫·費拉扎尼，西多蒂。

I just wanted to ask now that you've successfully integrated NGCSI after the larger TOPS deal. Now that you've flexed those muscles, do you see other opportunities out there? Does it get easier? Or does it really always come down to whether the quality of the compression meets your standards?

既然你們在完成 TOPS 的大規模交易後已經成功整合了 NGCSI，我想問一下這個問題。既然你已經鍛鍊了這些能力，你是否看到了其他機會？情況會好轉嗎？或者說，最終真的總是取決於壓縮品質是否符合你的標準嗎？

Your latter point is correct. It really is driven by whether or not the fleet position and the potential of the acquired fleet fits our strategic position of focusing on large horsepower with the customer base that we've built and the geographic locations that we operate in and are excited about growing in, as well as the quality of the fleet age and the configuration. Those are the primary factors, starting with the strategic and then moving to the operational. That drives our analysis for sure.

你的後一點是對的。這實際上取決於車隊的狀況和收購車隊的潛力是否符合我們的戰略定位，即專注於大馬力發動機，服務於我們已經建立的客戶群和我們運營的地理位置，並且我們渴望在這些地區發展壯大；此外，還要考慮車隊的年齡和配置質量。這些是主要因素，首先是策略因素，然後是營運因素。這無疑影響了我們的分析。

The other two components though that are interesting is that, the right opportunity has to be in the market at the time, and we have to have a willing seller and in a transaction that makes pricing sense. On the good news front, there remain other compression companies out there that are operating excellent fleets that are operating really well. They're building their own customer base.

另外兩個有趣的因素是，當時市場上必須有合適的機會，而且我們必須有一個願意出售的賣家，而且交易的價格必須合理。好消息是，市場上還有其他一些壓縮機公司，它們擁有優秀的壓縮機隊，而且運作狀況良好。他們正在建立自己的客戶群。

What you're seeing in our business, which is absolutely supported by this market demand, other people have noticed too that this compression business is an attractive business and can drive great returns. I believe that could and should yield additional opportunities in the future that look something like either TOPS or NGCSI or others.

您在我們公司看到的，完全得到了市場需求的支持，其他人也注意到，壓縮業務是一個有吸引力的業務，可以帶來巨大的回報。我相信這在未來可能會帶來更多機會，例如 TOPS、NGCSI 或其他類似項目。

Is there anything complementary services or equipment that could fit as well? Or will you remain compression?

是否有其他配套服務或設備也同樣適用？還是你會繼續保持壓縮狀態？

We have a ton of investment opportunities and growth ahead in our compression space. We're excited about investing there right now. That's where we expect to deploy both our capital and keep our focus in the strategically as we look out into the market today.

我們在壓縮領域擁有大量的投資機會和成長空間。我們現在對在那裡投資感到非常興奮。這就是我們計劃投入資金並保持戰略重點的地方，因為我們今天正在展望市場。

Elvira Scotto, RBC Capital Markets.

Elvira Scotto，加拿大皇家銀行資本市場。

Can you talk about what you're seeing in basins other than the Permian? If you've seen any growth as a percentage of your fleet going to some of these other basins? How you see that evolving in the medium and longer term, especially as we see an increase in LNG export capacity? Then does that change any pricing or cost or economic dynamics?

您能否談談您在二疊紀盆地以外的其他盆地觀察到的情況？你們船隊前往其他一些港灣的比例是否有成長？您認為這種情況在中長期內會如何發展，尤其是在液化天然氣出口能力不斷提高的情況下？那麼這會改變定價、成本或經濟動態嗎？

Thanks, Elvira. 60% of our growth is still tied to the Permian. We think 60% of our growth going forward is likely to remain tied to the Permian, and it could go actually higher. Remember, that's really driven by just the breakeven costs and the lower cost of the producers to move oil and gas in the Permian, so that's number one.

謝謝你，埃爾維拉。我們60%的成長仍然與二疊紀盆地有關。我們認為，未來 60% 的成長可能仍將與二疊紀盆地相關，而且這一比例實際上可能會更高。記住，這實際上是由損益平衡成本以及二疊紀盆地石油和天然氣生產商運輸成本較低所驅動的，所以這是第一點。

We have seen bookings and incremental growth in other basins, including the Haynesville, the Rockies and in the Northeast in the Marcellus. Those basins are absolutely being reactivated. We haven't seen reactivation of dry gas basins, significant reactivation in dry gas basins beyond those, but in those basins, we have seen incremental growth, but the Permian remains the inexhaustible and focus for the energy industry right now.

我們已經看到其他盆地的預訂量和逐步增長，包括海恩斯維爾盆地、落基山脈盆地以及東北部的馬塞勒斯盆地。這些盆地正在被徹底重新活化。我們還沒有看到乾氣盆地的重新活躍，也沒有看到乾氣盆地以外的干氣盆地出現顯著的重新活躍，但在這些盆地中，我們看到了漸進式的增長，但二疊紀盆地仍然是能源行業取之不盡用之不竭的關注焦點。

As far as will that change some of the dynamics in the industry? Pricing, hard to see that changing even if we see equipment and infrastructure moving into other plays, given the high levels of utilization, those plays have to compete on a CapEx allocation level to take that capital away from the Permian and put it in other plays. I do believe that the returns that we're going to achieve in other plays have to be comparable to what we're achieving -- the industry is achieving in the Permian to attract CapEx away.

這是否會改變產業內的一些格局？價格方面，即使我們看到設備和基礎設施轉移到其他地區，也很難看到價格發生變化，因為考慮到高利用率，這些地區必須在資本支出分配層面展開競爭，才能將這些資金從二疊紀盆地轉移到其他地區。我相信，我們在其他油氣田取得的回報必須與我們在二疊紀盆地取得的回報相當——整個產業正在取得的回報才能吸引資本支出。

Finally, I think that to support LNG expansion, we do think that Eagle Ford, not dry gas, but Eagle Ford Shell will also see a growth resurgence and that the LNG export should really be mostly supported by the Haynesville, Permian and Eagle Ford going forward, but the Northeast is going to require for data center demand and power demand, in particular, some growth ahead as well, and that's going to require some compression. That's the way we see how this is shaking out in other plays and how some of the dynamics could be impacted.

最後，我認為為了支持液化天然氣的擴張，我們認為鷹灘頁岩油氣田（Eagle Ford）——不是乾氣，而是鷹灘頁岩油氣田殼牌公司——也將迎來增長復甦，液化天然氣出口未來應該主要由海恩斯維爾頁岩油田、二疊紀盆地和鷹灘頁岩油田支撐，但東北地區的數據中心應該主要由海恩斯維爾頁岩油田、二疊紀盆地和鷹灘頁岩油田支撐，但東北地區的數據中心也需要一些電力需求，特別是未來也需要一些電力需求，這將會有一些電力需求和一些電力需求增長，這將需要一些未來。我們就是這樣觀察其他戲劇的走向，以及某些動態可能會受到怎樣的影響。

I think in your prepared remarks, you noted that you'd finance the CapEx through internally generated cash flow and some potential asset sales. If you look across your portfolio, what is the potential for asset sales?

我認為您在事先準備好的演講稿中提到，您將透過內部產生的現金流和一些潛在的資產出售來為資本支出提供資金。縱觀您的投資組合，有哪些資產出售的潛力？

Thank you for the question. I think this is an area that's underappreciated in the dynamic of our business and how we run it today. When I look over the past five years, our asset sales on -- for five years have averaged more than $95 million per year. If I look back five years before that, our asset sales averaged still north of $40 million a year.

謝謝你的提問。我認為，在我們目前的業務動態和營運方式中，這一領域被低估了。回顧過去五年，我們的資產銷售額—五年來的平均年銷售額超過 9,500 萬美元。如果我回顧五年前，我們的資產銷售額平均每年仍超過 4000 萬美元。

In other words, when you have a fleet business the way, like we have, to keep it fresh and competitive and moving both through customers, through basins, through generations of equipment, having a prudent approach to asset sales is really critical to the business. I think you can snap the chalk line by saying in the low end is somewhere in that $40 million range and the higher end is more in the $90 million range with some variation off of both of those, but that's a way of thinking about how we attend to keeping our fleet as young and as competitive as we can keep it.

換句話說，對於像我們這樣擁有車隊業務的人來說，為了保持車隊的活力和競爭力，並不斷拓展客戶群、拓展水域、更新換代設備，謹慎對待資產出售對業務而言至關重要。我認為可以這樣劃分：低端大概在 4000 萬美元左右，高端大概在 9000 萬美元左右，兩者之間會有一些波動，但這是一種思考如何保持我們的船隊盡可能年輕和具有競爭力的方式。

If I can sneak in one more. You mentioned that lead times for the Cat engines are about 60 weeks. How does that compare to maybe where it was three months ago or six months ago?

如果我能再偷偷加一個的話。您提到卡特彼勒引擎的交貨週期約為 60 週。與三個月前或六個月前相比，情況如何？

I'm not sure I can keep track of all those time frames, Elvira, but six months ago, I think we were more in the 42-week time frame, and we've seen that increase out. That's the best collection I can offer on those time frames.

埃爾維拉，我不確定我能否記住所有這些時間框架，但六個月前，我認為我們更多的是在 42 週的時間框架內，而且我們已經看到這種增長。在那個時間段內，這是我能提供的最佳合集。

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

沒有其他問題了。現在我想把電話交還給查爾德斯先生，請他作最後總結發言。

Great. Thank you, everyone, for participating in our Q3 2025 earnings call. I look forward to updating you on our progress next quarter. Thank you.

偉大的。感謝各位參加我們2025年第三季財報電話會議。我期待在下個季度向您報告我們的進展。謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。