Archrock, Inc. (AROC) 2026 Q2 法說會逐字稿

Good morning. Welcome to the Archrock second quarter 2026 conference call. Your host for today's call is Meighan Repine, Vice President of Investor Relations at Archrock. I will now turn the call over to Ms. Repine. You may begin.

早安。歡迎參加 Archrock 2026 年第二季財報電話會議。今天會議的主持人是 Archrock 投資人關係副總裁 Meighan Repine。現在我把電話交給 Repine 女士。您可以開始了。

Thank you, Erica. Hello, everyone, appreciate you joining us on today's call. With me today are Brad Childers, President and Chief Executive Officer of Archrock, and Mohit Singh, Chief Financial Officer of Archrock.

謝謝你，Erica。各位好，感謝大家參加今天的電話會議。今天與我一同出席的有 Archrock 總裁兼執行長 Brad Childers，以及 Archrock 財務長 Mohit Singh。

Yesterday, we released our financial and operating results for the second quarter of 2026. If you have not received a copy, you can find the information on the company's website at www.archrock.com.

昨天，我們公布了 2026 年第二季的財務與營運結果。若您尚未收到副本，可至公司網站 www.archrock.com 查閱相關資訊。

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.

在本次電話會議中，我們將依據 1934 年《證券交易法》第 21E 條之定義，發表前瞻性陳述；該等陳述係基於我們目前的信念與預期，以及 Archrock 管理團隊所作之假設與目前可得之資訊。

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.

儘管管理層認為此等前瞻性陳述所反映之預期屬合理，但無法保證該等預期將被證實為正確。

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.

請參閱我們近期向美國證券交易委員會（SEC）提交的申報文件，其中列示可能導致實際結果與本次電話會議所作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 EBITDA, adjusted EPS, adjusted net income, adjusted free cash flow, and adjusted free cash flow after dividend.

此外，我們今天的討論將提及若干非 GAAP 財務衡量指標，包括調整後 EBITDA、調整後 EPS、調整後淨利、調整後自由現金流，以及股利後調整後自由現金流。

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.

關於上述非 GAAP 財務衡量指標與我們 GAAP 財務結果之調節，請參閱昨天的新聞稿以及我們提交給 SEC 的 Form 8-K（提供）。

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

接下來我把電話交給 Brad，請他說明 Archrock 第二季業績並更新我們的業務進展。

Thank you, Meighan, good morning, everyone. Before we get into the quarter and our performance, I want to welcome Mohit Singh to Archrock as our Senior Vice President and Chief Financial Officer. Mohit joined our team in July and brings more than 25 years of experience across the energy value chain.

謝謝你，Meighan，各位早安。在進入本季與我們的表現之前，我想先歡迎 Mohit Singh 加入 Archrock，擔任資深副總裁暨財務長。Mohit 於 7 月加入我們團隊，並在能源價值鏈各環節擁有超過 25 年的經驗。

Mohit's public company experience, deep understanding of natural gas fundamentals, and strategic perspective will be valuable as we position Archrock for its next phase of growth. Mohit, we're excited to have you on board. Now let me turn to our second quarter results.

Mohit 的上市公司經驗、對天然氣基本面的深刻理解，以及策略視角，將在我們為 Archrock 下一階段成長進行布局時帶來重要價值。Mohit，我們很高興你加入。接下來我談談第二季業績。

Against a constructive market backdrop, the quarter was outstanding and showcased the quality of our platform with excellent contract operations profitability, high utilization, significant free cash flow, low leverage, and continued dividend growth.

在具建設性的市場背景下，本季表現非常出色，展現了我們平台的高品質：合約營運獲利能力優異、稼動率高、自由現金流可觀、槓桿偏低，且股利持續成長。

These results demonstrate the resilience of our business model and the flexibility we have to balance high return growth while returning capital to shareholders.

這些結果展現了我們商業模式的韌性，以及我們在追求高報酬成長與回饋股東資本之間取得平衡的彈性。

Let me share a few highlights from the quarter. We delivered EPS of $0.38 and adjusted EBITDA of $213 million in the second quarter, supported by solid contract operations fundamentals and disciplined execution across the business.

我分享幾項本季重點。第二季我們每股盈餘（EPS）為 0.38 美元，調整後 EBITDA 為 2.13 億美元，主要受惠於穩健的合約營運基本面，以及全公司範圍內的紀律執行。

Customer demand remains healthy, as evidenced by our continued high utilization, strong bookings for new starts, low unit stop activity, and a long term agreement we signed with an existing strategic customer covering approximately 665,000 horsepower for midstream applications.

客戶需求仍然健康，反映在我們持續維持高稼動率、新啟動專案的強勁訂單、低機組停機活動，以及我們與既有策略性客戶簽署的一項長期協議（涵蓋約 665,000 馬力、用於中游應用）。

We again delivered outstanding operating performance and profitability in contract operations, including utilization of 94.4% and our seventh consecutive quarter of adjusted gross margin above 70%, with adjusted gross margin at 71% in the quarter.

我們再次在合約營運方面交出卓越的營運表現與獲利能力，包括稼動率 94.4%，以及連續第七季調整後毛利率高於 70%；本季調整後毛利率為 71%。

We translated this performance into adjusted free cash flow of $67 million in the quarter, of which we returned $39 million to shareholders through dividends.

我們將此表現轉化為本季 6,700 萬美元的調整後自由現金流，其中 3,900 萬美元透過股利回饋給股東。

Our Board recently approved our fifth dividend increase in two years, underscoring the earnings and cash flow strength of our business.

我們董事會近期核准在兩年內第五次調升股利，凸顯我們業務的獲利與現金流實力。

We ended the quarter with leverage of 2.6 times and dividend coverage of 3.1 times, both underscoring our continued financial strength and ability to balance investing in growth while returning capital to shareholders.

本季結束時，我們槓桿倍數為 2.6 倍，股利覆蓋倍數為 3.1 倍，兩者皆凸顯我們持續的財務實力，以及在投資成長與回饋股東資本之間取得平衡的能力。

Overall, we're very pleased with our second quarter performance and remain confident in the strength of our core business and long term outlook.

整體而言，我們對第二季表現非常滿意，並對核心業務的強勁動能與長期展望持續充滿信心。

Last night with our earnings release, we tightened our full year 2026 adjusted EBITDA guidance range to reflect changes in assumptions for several largely external or timing related factors, including near term lube oil and make ready cost pressures, AMS customer deferrals, and higher long term incentive compensation driven by our increasing stock price. This does not reflect a change in demand fundamentals.

昨晚隨著財報發布，我們收斂了 2026 全年調整後 EBITDA 指引區間，以反映若干主要屬外部或時點相關因素之假設變動，包括短期潤滑油與整備（make ready）成本壓力、AMS 客戶遞延，以及因股價上升而帶動的較高長期激勵薪酬。這並不代表需求基本面出現變化。

As a result of these factors, our updated full year 2026 adjusted EBITDA guidance range is $865 million to $885 million, compared to our prior guidance range of $865 million to $915 million.

因此，我們更新後的 2026 全年調整後 EBITDA 指引區間為 8.65 億至 8.85 億美元，相較於先前的 8.65 億至 9.15 億美元。

Stepping back, our long term confidence is supported by three key advantages: the right market, the right platform, and the right balance sheet.

從更長期角度來看，我們的信心來自三項關鍵優勢：正確的市場、正確的平台，以及正確的資產負債表。

First, we're in the right market. Natural gas remains essential to powering economic growth, supporting energy security, and meeting rising demand from LNG exports, industrial activity, and power generation.

第一，我們身處正確的市場。天然氣仍是推動經濟成長、支撐能源安全，並滿足 LNG 出口、工業活動與發電需求上升的關鍵能源。

These growth drivers for natural gas correlate directly with strong demand for compression over the long term.

這些天然氣的成長驅動因素，與長期對壓縮服務的強勁需求直接相關。

Second, we have the right platform. Archrock has the scale, fleet quality, operating discipline, and customer relationships that we have built over time to capture that opportunity profitably. Our track record of reliable execution and strong customer service positions us to grow alongside our customers.

第二，我們擁有正確的平台。Archrock 具備規模、機隊品質、營運紀律，以及我們長期建立的客戶關係，能夠把握此一機會並實現具獲利性的成長。我們可靠的執行紀錄與優質客戶服務，使我們能與客戶一同成長。

Third, we have the right balance sheet with low leverage, significant liquidity, and strong free cash flow generation.

第三，我們擁有正確的資產負債表：低槓桿、充足流動性，以及強勁的自由現金流創造能力。

Taken together, these advantages reinforce our confidence in our ability to compound earnings and free cash flow and deliver sustainable superior returns on capital.

綜合而言，這些優勢強化了我們的信心：我們有能力持續複利式提升獲利與自由現金流，並帶來可持續的優異資本報酬。

Looking ahead, favorable long term fundamentals support robust growth in natural gas and compression demand. In the Permian, associated gas volumes continue to outpace oil growth as gas to oil ratios are expected to increase approximately 21% by 2030.

展望未來，有利的長期基本面支撐天然氣與壓縮需求的強勁成長。在二疊紀盆地（Permian），伴生氣產量持續超越原油成長，預期至 2030 年氣油比將提高約 21%。

This trend is increasing compression intensity across the basin and should continue to support demand for our services.

此一趨勢正提升整個盆地的壓縮強度，並應可持續支撐對我們服務的需求。

Infrastructure additions provide further support with approximately 4.6 Bcf a day of Permian takeaway capacity expected to come online in the second half of 2026, and another 6.7 Bcf a day anticipated between 2027 and the end of the decade.

基礎設施新增亦提供進一步支撐：預計 2026 年下半年將有約每日 4.6 Bcf 的二疊紀外運（takeaway）能力上線，另有每日 6.7 Bcf 預計在 2027 年至本十年末期間投入。

These projects should improve basin economics and facilitate continued natural gas production growth. Longer term, LNG remains one of the most visible drivers of demand growth.

這些專案應可改善盆地經濟性，並促進天然氣產量持續成長。更長期而言，LNG 仍是最明確的需求成長驅動因素之一。

Industry forecasts point to LNG related natural gas demand reaching approximately 35 Bcf a day by 2030 and 40 Bcf a day by 2035, up from approximately 20 Bcf a day in 2026.

產業預測指出，LNG 相關的天然氣需求將在 2030 年達到約每日 35 Bcf，並在 2035 年達到每日 40 Bcf；相較之下，2026 年約為每日 20 Bcf。

At the same time, data center and AI related power demand represent an additional source of upside, with natural gas fired generation expected to play an important role in meeting growing electricity needs.

同時，資料中心與 AI 相關的用電需求亦代表額外的上行來源；預期天然氣發電將在滿足日益成長的用電需求方面扮演重要角色。

Simply put, we believe the combination of growing natural gas production, expanding takeaway infrastructure, increasing LNG exports, and rising power demand create a favorable backdrop for compression demand.

簡而言之，我們相信：天然氣產量成長、外運基礎設施擴張、LNG 出口增加，以及用電需求上升的組合，將為壓縮需求創造有利的背景。

We stand ready to support our customers in meeting this demand growth and creating value for our shareholders.

我們已準備好支持客戶滿足這一需求成長，並為股東創造價值。

Moving to our segments.

接下來談我們的各業務部門。

Contract operations delivered a strong performance supported by excellent execution and high utilization. Customer demand remains robust across our fleet, particularly for large horsepower, and demand remains broad based and geographically diverse across multiple operating areas.

合約營運在卓越執行與高稼動率的支撐下，交出強勁表現。我們整體機隊的客戶需求仍然強勁，尤其是大馬力機組；需求亦呈現廣泛分布，並在多個營運區域具備地理多元性。

During the quarter, we signed a long term contract with an existing strategic customer covering approximately 665,000 horsepower for midstream applications.

本季期間，我們與一位既有的策略性客戶簽訂長期合約，涵蓋約665,000馬力，用於中游應用。

This agreement includes an eight year base term and a two year extension option, underscoring the value of our fleet, the strength of customer demand, and the importance of partnering with strategic customers over multi year development cycles.

該協議包含八年基本合約期與兩年延長選擇權，凸顯我們機隊的價值、客戶需求的強勁，以及在多年期開發週期中與策略性客戶合作的重要性。

The market remains tight, with Cat engine lead times still extended at just under 200 weeks. This reflects the strength of natural gas demand, the production growth outlook, and the compression equipment required to support that growth.

市場仍然吃緊，Cat引擎交期仍延長至接近200週。這反映天然氣需求的強勁、生產成長展望，以及支撐該成長所需的壓縮設備。

It also underscores the importance of securing equipment and remaining well positioned to grow with customers, supported by our financial strength and market position.

這也凸顯確保設備並保持良好成長布局的重要性；我們的財務實力與市場地位為此提供支撐。

In this environment, excellent execution by Archrock and the compression industry continued to support attractive returns, constructive commercial arrangements, and disciplined capital deployment.

在此環境下，Archrock與壓縮產業的卓越執行持續支撐具吸引力的報酬、建設性的商業安排，以及審慎的資本投放。

We exited the quarter at 94.4% utilization, reflecting continued high demand and the quality of our fleet. We are also seeing recent wins that are putting idle equipment back to work in the second half of the year.

我們在季末的稼動率為94.4%，反映需求持續高檔以及我們機隊的品質。我們也看到近期的得標，正使閒置設備在下半年重新投入運作。

At quarter end, operating horsepower was 4.5 million, compared to 4.7 million at the end of the second quarter of 2025, with the largest driver of that change being the sale of approximately 165,000 non strategic operating horsepower year over year.

季末營運馬力為450萬，相較於2025年第二季末的470萬；造成該變動的最大因素，是我們年對年出售約165,000馬力的非策略性營運資產。

On a sequential basis, net operating horsepower was relatively flat, down approximately 7,500 horsepower, excluding active asset sales. Revenue per horsepower per month was higher sequentially and year over year, supported by solid utilization.

以季對季來看，若排除進行中的資產出售，淨營運馬力大致持平，約減少7,500馬力。每馬力每月營收較前一季及去年同期提高，主要受穩健稼動率支撐。

Contract operations adjusted gross margin remained excellent at over 71%. As we look to the back half of the year, we expect to manage near term cost pressures.

合約營運調整後毛利率仍維持優異，超過71%。展望下半年，我們預期將管理短期成本壓力。

First, we are seeing a higher make ready cost as we put idle units back to work to meet customer demand. Second, we anticipate low oil cost pressure related to the Iran conflict that has driven oil prices higher.

第一，隨著我們將閒置機組重新投入運作以滿足客戶需求，我們看到更高的整備成本。第二，我們預期因伊朗衝突推升油價而帶來燃油成本壓力。

Even with these pressures, margins should remain around 70% in the second half of the year, reflecting the strong profitability of our business.

即使面臨這些壓力，下半年毛利率仍應維持在約70%，反映我們業務的強勁獲利能力。

Moving to our Aftermarket Services segment.

接下來談我們的售後市場服務（Aftermarket Services）部門。

Activity has been softer than expected as some customers defer major maintenance to keep equipment operating in the current high crude price environment.

由於部分客戶在目前原油價格高檔的環境下延後重大維修以維持設備運轉，相關活動量較預期疲弱。

While AMS can be lumpy and is a smaller part of our overall business, Adjusted gross margin percentage has significantly improved, reflecting disciplined execution and our focus on higher quality, higher margin work.

雖然AMS業務可能呈現波動，且在我們整體業務中占比較小，但調整後毛利率已顯著改善，反映我們嚴謹的執行力，以及聚焦於更高品質、更高毛利工作的策略。

AMS remains an attractive contributor to returns because it is less capital intensive and it enhances the ROIC profile of the company.

AMS仍是具吸引力的報酬貢獻來源，因其資本密集度較低，並可提升公司的投資資本報酬率（ROIC）輪廓。

Turning to capital allocation.

接著談資本配置。

We remain disciplined and returns focused with a framework designed to balance high return growth investment, durable shareholder returns, and continued balance sheet strength.

我們仍維持紀律並以報酬為核心，透過一套架構在高報酬成長投資、穩健的股東回饋，以及持續的資產負債表強度之間取得平衡。

For 2026, we're reaffirming growth capital expenditures of $250 million to $275 million, reflecting continued investment in growth horsepower to meet customer demand and extend the growth of our profitable platform.

針對2026年，我們重申成長型資本支出為2.5億至2.75億美元，反映持續投資於成長馬力以滿足客戶需求，並延續我們高獲利平台的成長。

Looking beyond 2026, we're introducing a long term capital allocation framework supported by the strong market backdrop for natural gas and compression demand. This framework reflects an all of the above approach to capital allocation with three components.

展望2026年之後，我們提出一套長期資本配置架構，並由天然氣與壓縮需求的強勁市場背景所支撐。此架構採取「多管齊下」的資本配置方式，包含三個組成部分。

First, we expect to prioritize high return, organic growth investments that add the new build horsepower needed to meet customer demand.

第一，我們預期將優先投入高報酬的有機成長投資，以新增新建馬力來滿足客戶需求。

Based on forecasted natural gas demand growth, we estimate that we will require new horsepower additions totalling approximately one million horsepower from 2027 through 2030.

根據預測的天然氣需求成長，我們估計自2027年至2030年將需要新增合計約100萬馬力。

To meet that demand, we expect to invest $1.4 billion to $1.6 billion of growth capital cumulatively over that four year timeframe in high return organic growth opportunities, predominantly in large horsepower and electric motor drive new compression.

為滿足該需求，我們預期在這四年期間累計投入14億至16億美元的成長資本於高報酬的有機成長機會，主要集中在大馬力與電動馬達驅動的新型壓縮設備。

Second, we expect substantial free cash flow to support increasing shareholder returns. We plan to return 25% to 35% of operating cash flow to shareholders through continued dividend growth and opportunistic share repurchases.

第二，我們預期可觀的自由現金流將支撐股東回饋的提升。我們計畫透過持續提高股利與機動性的庫藏股回購，將營運現金流的25%至35%回饋給股東。

Our Board recently increased our quarterly dividend to $0.23 per share, up from $0.22 per share and up approximately 10% year over year, marking our fifth dividend increase in two years, all while maintaining robust dividend coverage.

董事會近期將季度股利提高至每股0.23美元，高於每股0.22美元，且年對年增加約10%，這是我們兩年內第五次調升股利，同時仍維持穩健的股利覆蓋率。

We have flexibility for additional shareholder returns, including $113 million of remaining authorization under our share repurchase program as of quarter end, which we view as a tool within our returns based framework and may opportunistically use more actively during periods of market dislocation.

我們在額外股東回饋方面具備彈性；截至季末，我們的庫藏股回購計畫尚餘1.13億美元的核准額度。我們將其視為以報酬為基礎架構中的一項工具，並可能在市場失衡期間更積極地把握機會運用。

Third, even after these robust investment levels, and with meaningful capital returns to shareholders, we expect to continue generating significant free cash flow.

第三，即使在上述強勁投資水準之後，並在對股東進行具規模的資本回饋下，我們仍預期將持續產生可觀的自由現金流。

We exited the quarter with a leverage ratio of 2.6 times, comfortably below our long term leverage target range of 3 times to 3.5 times. This financial position, free cash flow, and low leverage preserve flexibility to also pursue inorganic growth opportunities in the future.

我們在季末的槓桿比率為2.6倍，明顯低於我們長期槓桿目標區間的3倍至3.5倍。此財務狀況、自由現金流與低槓桿，保留了未來亦可追求非有機成長機會的彈性。

Simply put, our strong balance sheet and cash flow generation give us flexibility to fund robust organic growth, increase shareholder returns, and pursue additional strategic options. In summary, Archrock delivered strong second quarter results and remains well positioned.

簡而言之，我們強健的資產負債表與現金流創造能力，使我們能靈活地資助強勁的有機成長、提高股東回饋，並追求更多策略選項。總結來說，Archrock交出強勁的第二季成果，且仍具備良好布局。

The underlying demand fundamentals for long term growth remain robust. We are confident in our ability to grow profitably, invest in attractive opportunities, and increase shareholder returns and create sustainable long term value.

支撐長期成長的基本需求面仍然強勁。我們對於以獲利方式成長、投資於具吸引力的機會、提高股東回饋並創造可持續的長期價值充滿信心。

With that, I'll turn the call over to Mohit to walk through our second quarter and 2026 outlook.

接下來我把電話會議交給Mohit，請他說明我們第二季表現以及2026年的展望。

Good morning, everyone. I would like to start by thanking Brad for the warm welcome Archrock is exceptionally well positioned with an industry leading operating platform, a healthy order book, a highly motivated team, and a peer leading balance sheet.

各位早安。我想先感謝Brad的熱情歡迎。Archrock具備產業領先的營運平台、健康的訂單能見度、一支高度投入的團隊，以及同業領先的資產負債表，因此處於極佳的位置。

I have really enjoyed meeting our impressive finance team as we continue to execute on our priorities. With that, let's review our second quarter results.

在我們持續落實各項優先事項的同時，我非常享受與我們令人印象深刻的財務團隊交流。接下來，讓我們回顧第二季業績。

Then cover our current financial outlook for 2026. Second quarter net income and adjusted net income were both $67 million.

接著說明我們目前對2026年的財務展望。第二季淨利與調整後淨利皆為6,700萬美元。

Adjusted EPS was $0.38. We delivered strong adjusted EBITDA of $213 million for the second quarter of 2026, essentially flat year over year.

調整後每股盈餘（EPS）為0.38美元。我們在2026年第二季達成2.13億美元的強勁調整後EBITDA，年對年基本持平。

Higher adjusted gross margin dollars in contract operations were offset by lower aftermarket services gross margin dollars and higher SG&A expense.

合約營運的調整後毛利金額增加，被售後市場服務毛利金額下降以及較高的銷售、一般及管理費用（SG&A）所抵銷。

In the second quarter, total CapEx was $98 million, including $51 million of Growth CapEx, $39 million of Maintenance CapEx, and $8 million of other CapEx.

第二季總資本支出為9,800萬美元，其中包含5,100萬美元的成長型資本支出、3,900萬美元的維護型資本支出，以及800萬美元的其他資本支出。

That performance translated into adjusted free cash flow of $67 million and adjusted free cash flow after dividends of $28 million in the quarter, driven by durable operating cash flow and supporting our ongoing commitment to return capital to shareholders.

該表現使本季調整後自由現金流為6,700萬美元，扣除股利後的調整後自由現金流為2,800萬美元，主要由穩健的營運現金流所帶動，並支撐我們持續將資本回饋給股東的承諾。

Turning to our business segments.

接下來談談我們的業務分部。

Contract Operations revenue came in at $329 million for the second quarter, up 3% compared to the second quarter of 2025.

合約營運（Contract Operations）第二季營收為3.29億美元，較2025年第二季成長3%。

The year over year increase reflected higher rates, an additional month of contribution from the NGCS acquisition, and revenue from horsepower additions. Those benefits were partially offset by active horsepower sales to high grade our fleet.

年增主要反映費率提高、NGCS收購案多貢獻一個月，以及新增馬力所帶來的營收。上述效益部分被我們為提升車隊品質而出售在用馬力所抵銷。

Contract operations adjusted gross margin was 71% in the second quarter, up from 70% in the year ago quarter, reflecting continued pricing strength and disciplined cost management.

合約營運調整後毛利率第二季為71%，高於去年同期的70%，反映持續的定價力道與嚴謹的成本管理。

In our aftermarket services segment, second quarter 2026 revenue was $42 million compared to $65 million in the year ago quarter.

在售後服務（aftermarket services）分部，2026年第二季營收為4,200萬美元，去年同期為6,500萬美元。

The decline was driven primarily by lower part sales and reduced customer demand for major maintenance activity as some customers deferred work to keep equipment operating in the current high crude oil price environment.

下滑主要由零件銷售減少，以及客戶對大型維修活動需求降低所致；在目前原油價格高企的環境下，部分客戶延後作業以維持設備持續運轉。

The year over year comparison was also affected by an unusually strong second quarter of 2025, which included higher parts sales and non recurring sales of overhauled engines.

年對年比較亦受到2025年第二季異常強勁的影響，當季包含較高的零件銷售，以及翻修引擎的非經常性銷售。

Adjusted gross margin was 24% in the quarter, up from 23% in the year ago period, reflecting disciplined execution and our continued focus on higher quality, higher margin work.

本季調整後毛利率為24%，高於去年同期的23%，反映嚴謹的執行力，以及我們持續聚焦於更高品質、更高毛利的工作。

Turning to the balance sheet.

接下來談談資產負債表。

We ended the quarter in a strong financial position with long term debt of $2.3 billion at June 30th. Our leverage ratio was 2.6 times at quarter end, down meaningfully from 3.3 times a year ago. That improvement reflects the strength of our earnings growth and cash flow profile.

截至6月30日，我們以強健的財務狀況結束本季，長期負債為23億美元。季末槓桿比率為2.6倍，較一年前的3.3倍明顯下降。此改善反映我們獲利成長與現金流結構的強勁表現。

It keeps us comfortably below our long term target range. Consistent with that progress, both Moody's and S&P recently reaffirmed our credit ratings and revised their outlooks to positive.

這使我們維持在長期目標區間之下且相當寬裕。與此進展一致，穆迪（Moody's）與標普（S&P）近期皆重申我們的信用評等，並將展望調升為正向。

We now have positive outlooks from all three rating agencies, reflecting our consistent cash generation, financial strength, and strong business outlook.

目前三家評等機構皆給予我們正向展望，反映我們穩定的現金創造能力、財務實力，以及強勁的業務前景。

During the quarter, we also completed the repurchase of our $800 million six and a quarter senior notes due April 2028. We redeemed those notes at par plus accrued interest using borrowings under our revolving credit facility.

本季期間，我們也完成回購8億美元、票息6又1/4%的2028年4月到期優先票據。我們以循環信用額度（revolving credit facility）項下借款，按面額加計應計利息贖回該等票據。

The transaction was straightforward from a balance sheet perspective and resulted in a modest debt extinguishment gain in the quarter.

從資產負債表角度來看，此交易相當直接，並使本季產生小幅的債務清償利益（debt extinguishment gain）。

This has cleared the runway for us with the first debt maturity out in 2032. After that activity, we ended June with $631 million of available liquidity, preserving flexibility to invest in the business, pursue high return growth opportunities, and return capital to shareholders.

這也為我們清出跑道，使下一個到期的債務落在2032年。完成上述作業後，我們於6月底擁有6.31億美元的可用流動性，保留彈性以投資業務、追求高報酬成長機會，並回饋股東。

Turning to shareholder returns.

接下來談談股東報酬。

Our Board recently declared a quarterly dividend of $0.23 per share, up from the prior quarterly dividend of $0.22 per share or $0.92 per share annualized.

董事會近期宣告每股0.23美元的季度股利，高於前一季每股0.22美元（年化每股0.92美元）。

This is up approximately 10% from the second quarter of last year and represents our fifth dividend increase in two years, reflecting our continued confidence in the strength and durability of our cash flow.

這較去年第二季約增加10%，並且是我們兩年內第五次調升股利，反映我們對現金流強度與持久性的持續信心。

Dividend coverage remains strong at 3.1 times in the second quarter, underscoring the sustainability of our return of capital framework.

第二季股利覆蓋倍數仍維持強勁，達3.1倍，凸顯我們資本回饋架構的可持續性。

The second quarter dividend is payable August 11 to shareholders of record at the close of business on August 4. On repurchases, we ended June with $113.2 million of remaining capacity under our authorization.

第二季股利將於8月11日支付給截至8月4日營業結束時的登記股東。在庫藏股回購方面，我們於6月底在核准額度下仍有1.132億美元的剩餘可用額度。

That gives us meaningful flexibility to be disciplined and opportunistic using buybacks alongside the dividend and growth investments to enhance long term shareholder returns when market conditions are attractive.

這讓我們在市場條件具吸引力時，能在股利與成長投資之外，透過回購以更具紀律且把握時機的方式，提升長期股東報酬。

Since the inception of the share repurchase program in April 2023, we have repurchased approximately 4.6 million shares at an average price of $20.91 per share, for a total of $96.9 million.

自2023年4月啟動股票回購計畫以來，我們已以每股平均20.91美元回購約460萬股，總金額為9,690萬美元。

Turning to capital guidance.

接下來談談資本支出指引。

On a full year basis, our 2026 total CapEx remains unchanged at approximately $400 million to $445 million. Within that total, we continue to expect growth CapEx of $250 million to $275 million support investment in new build horsepower and repackage CapEx to meet continued customer demands.

以全年計，2026年總資本支出（CapEx）維持不變，約為4億至4.45億美元。在此總額中，我們仍預期成長型資本支出為2.5億至2.75億美元，用以支持新建馬力投資，以及為滿足持續的客戶需求所需的重新封裝（repackage）資本支出。

Growth is expected to be funded by operations with additional support from non strategic asset sale proceeds as we continue to high grade our fleet, including year to date proceeds totaling approximately $21 million.

成長預期將由營運資金支應，並由非策略性資產出售所得提供額外支持；我們持續汰弱留強（high grade）車隊，截至目前為止的出售所得合計約2,100萬美元。

Maintenance CapEx is still expected to be approximately $125 million to $135 million, up versus 2025 due to increased planned overhaul activity.

維護型資本支出仍預期約為1.25億至1.35億美元，較2025年增加，主因計畫性翻修活動增加。

Other CapEx remains in the range of approximately $25 million to $35 million, primarily for new vehicles. In summary, our business remains well positioned, and we remain focused on disciplined execution, our capital plan, and long term value creation.

其他資本支出維持在約2,500萬至3,500萬美元區間，主要用於新車輛。總結而言，我們的業務仍具良好定位，我們將持續聚焦於嚴謹執行、資本計畫與長期價值創造。

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

以上，Erica，我們準備開放提問。

(Operator Instructions) [Jim] (technical difficulty)

(接線員指示) [Jim]（技術問題）

(multiple speakers) you are putting your money where your mouth is with regards to your long term bullish gas view and the new multi year CapEx plan.

(多位發言者) 你們在長期看多天然氣的觀點以及新的多年期資本支出計畫上，確實是言行一致、拿真金白銀來支持。

I guess my question is, I am not surprised, given the market outlook and our views and all that, which coincide, but I am a little surprised to see you actually announce that today.

我想我的問題是，考量市場展望與我們的看法等都一致，我並不意外，但我有點意外你們今天就直接宣布。

Would love to just hear the genesis of why you decided to announce that, and maybe a little color around what my math is. That kind of implies about a 40% to 45% hike in average annual spend over what you are spending this year. Maybe a little color around the drivers behind the CapEx release.

想聽聽你們決定宣布的起源原因，也希望你們能補充一些我計算結果的背景。那似乎意味著相較於你們今年的支出，平均年度支出將提高約40%到45%。也請談談這次發布資本支出（CapEx）的背後驅動因素。

Sure. A couple of thoughts. Number one, you may remember, this quarter last year, we announced preliminary CapEx for 2026 also. This is the time when, as we see the CapEx demand for the prior year solidify, we shared that with our investors.

好的。我有幾點想法。第一，你可能記得去年同一季，我們也公布了2026年的初步資本支出。每當我們看到前一年的資本支出需求趨於明朗時，就會與投資人分享。

This year, with the amazing lead times that we are seeing for compression equipment, for power equipment as well, it is the case that we are definitely booking ahead. Since we see that super tight market, long lead times, and our expectations for what is required going forward, that drove the timing, really, of sharing that information with our investors.

今年，鑑於我們看到壓縮設備以及電力設備都出現驚人的交期，我們確實在提前下單預訂。由於我們看到市場極度緊俏、交期拉長，以及我們對未來需求的預期，這些因素驅動了我們在此時點與投資人分享資訊。

Stepping back and thinking about the market overall, 2026, it has felt a bit like the calm before the storm. Even with tight industry conditions, the high utilization we are experiencing, strong revenue performance, power pricing, clearly long lead times and backlogs.

退一步看整體市場，2026年給人的感覺有點像暴風雨前的寧靜。即便產業狀況緊俏、我們的稼動率很高、營收表現強勁、電力定價走強，且交期明顯拉長並形成積壓訂單。

The amount of demand for nat gas and for compression that we see for 2027 through 2030 and beyond is about to incline sharply higher.

我們看到2027年至2030年及更長期對天然氣與壓縮服務的需求，即將大幅加速上升。

As we see a significant amount of LNG come online, as I shared in my prepared remarks, as well as expanded pipeline capacity out of the Permian, all of this being fueled by LNG and by data center power demand. We can see that the industry is really preparing for this onslaught of growth that we are going to experience. We see it pretty clearly. I think most forecasts are in alignment on what this is going to look like.

隨著大量LNG產能上線（如我在事先準備的談話中所提），以及二疊紀盆地（Permian）外運管線容量擴增，而這一切都由LNG與資料中心用電需求所驅動。我們可以看到整個產業正在為即將到來的這波成長衝擊做準備。我們看得相當清楚。我認為多數預測對其樣貌也大致一致。

What we are pointing out is just like the amount of pipeline capacity expansion that you are seeing, the amount of compression required by the market to meet this demand, it is going to be robust, and we expect to be there for our customers with the equipment to provide that growth. That was the market reason for sharing it.

我們要指出的是，就像你所看到的管線輸送能力擴建規模一樣，市場為了滿足這項需求所需要的壓縮能力也會相當強勁，而我們預期會以設備到位，陪伴客戶一起成長、提供這些增量。這就是我們分享這件事的市場面原因。

Appreciate that. It's certainly a pretty bullish outlook for sure. Maybe switching gears just to AMS. You mentioned the softer than expected ramp was deferral of major maintenance, given where oil prices are. I imagine that can only persist for so long. As you think about this over time going into next year and beyond, I presume this eventually comes back around and maybe sets up a better 2027 outlook as those guys actually have to hit the maintenance?

了解，謝謝。這確實是相當偏多的展望。也許換個話題談一下 AMS。你提到在油價所處水準下，低於預期的爬坡主要是因為大型維護被延後。我想這種情況不可能一直持續太久。當你從時間維度看、進入明年及之後，我猜這終究會回來，並且當那些客戶實際必須做維護時，可能會讓 2027 年的展望更好？

Yeah. We've said this in the past. AMS is notoriously difficult to forecast. This unexpectedly high oil price in the current quarters, in 2026, primarily driven by the Iran conflict, we believe is driving significant deferrals by our customer base. We said in the past, too, that this is a business that's pay us now or pay us later.

是的。我們過去也說過。AMS 一向非常難以預測。目前幾個季度、在 2026 年出現的意外高油價，主要由伊朗衝突所驅動，我們認為這正促使我們的客戶群大幅延後相關作業。我們以前也說過，這門生意就是「現在付」或「以後付」。

The equipment is going to require the maintenance. It's going to require the parts. The market is just not taking that right now. It's a not yet scenario. We believe we will see this work come back. We absolutely will see the work come back. I'll also point out that profitability remains solid in that segment. It's a signal that the high quality work is there, just a bunch of it's being deferred.

設備終究需要維護。也需要零件。只是市場現在不買單。這是「還沒」的情境。我們相信這些工作會回來。這些工作絕對會回來。我也要指出，該分部的獲利能力仍然穩健。這代表高品質的工作需求仍在，只是有相當一部分被延後了。

Absolutely, appreciate the answers, Brad.

完全同意，Brad，謝謝你的回答。

Nate Pendleton, Texas capital.

Nate Pendleton，Texas Capital。

Good morning. Perhaps.

早安。或許。

Good morning.

早安。

Mohit. Now that you're getting settled in the CFO role, can you talk through your key strategic priorities and maybe if there are any areas that you're looking to address really in the near term?

Mohit。現在你已逐漸適應 CFO 的角色，能否談談你的關鍵策略優先事項？以及是否有任何你希望在短期內就著手處理的領域？

Yeah. Thanks, Nate. Thanks for the warm welcome. As Brad was alluding to, one of the big reasons why I joined the company is it's a very, very unique opportunity where when I look at the macro setup, there's a huge amount of demand pull that's coming from LNG and from the AI data center driven power demand.

好的。謝謝你，Nate。也謝謝大家熱情歡迎。如同 Brad 剛才提到的，我加入公司的重要原因之一，是這是一個非常、非常獨特的機會；從總體環境來看，LNG 以及 AI 資料中心帶動的電力需求，正在帶來非常強勁的需求拉動。

Understanding the natural gas macro dynamics and trying to couple it with the fleet strategy, which Archrock has been very, very phenomenal historically in terms of high grading and standardizing the fleet itself.

理解天然氣的總體動態，並嘗試把它與機組（fleet）策略結合；而 Archrock 在提升機組品質（high grading）與機組標準化方面，歷來表現非常、非常出色。

Translating that into great financial outcomes is at a very high level how I would describe what the priorities are. Stating that very, very simply, it's more about my focus has been coming in and trying to make the transition be as seamless as possible, because the team has done a phenomenal job.

把這些轉化為優異的財務成果，從高層次來說，這就是我對優先事項的描述。更簡單地說，我目前的重點是加入後讓交接盡可能無縫，因為團隊已經做得非常出色。

I alluded to earlier the finance leadership team and the overall finance team is very capable and performing at a very high level. My intention is to continue to deliver on the priorities that the board and Brad have set together for the company.

我先前也提到，財務領導團隊以及整體財務團隊能力很強，且表現維持在很高水準。我的目標是持續推進董事會與 Brad 共同為公司設定的優先事項。

It's essentially figuring out what role do we play within this setup as we look out into the end of the decade. The demand is coming. Natural gas is a must run service.

本質上，是在我們展望到本十年末時，釐清我們在這個格局中扮演什麼角色。需求正在到來。天然氣是一項必須運行（must run）的服務。

We need to be there to support our customers. We have very deep, long relationships with strategic customers, which again, as we announced that 665,000 horsepower contract, it's a testament to that deep relationships that we have.

我們需要在那裡支持客戶。我們與策略性客戶有非常深厚、長期的關係；同樣地，正如我們宣布的 665,000 馬力合約，這也證明了我們所擁有的深厚關係。

Then we have longstanding partnerships. It's more about execution, Nate, is what we are focused on. I'm very encouraged and excited about the overall setup over the next coming years.

此外我們也有長期的合作夥伴關係。Nate，我們聚焦的更多是執行力。我對未來幾年的整體格局感到非常受鼓舞，也很期待。

That's great. Really appreciate all that detail. I wanted to touch on the updated guidance for a moment. Looking at the updated guidance in the second half of 2026, it would imply an average quarterly EBITDA above what you just announced this past quarter, despite the lube oil and make ready cost headwinds that you talked about. Maybe can you talk about some of the sequential improvements that you expect to see versus that 2Q run rate that more than offset those costs?

很好。非常感謝你提供這麼多細節。我想稍微談一下更新後的財測指引。看更新後 2026 年下半年的指引，意味著平均每季 EBITDA 會高於你們剛公布的這一季，儘管你們提到潤滑油與 make ready 成本的逆風。能否談談相較於 2Q 的 run rate，你們預期有哪些逐季改善，足以抵消並超過這些成本？

Yes. We do see the opportunity for horsepower growth in the back half of the year because we're taking delivery of more horsepower in the second half of 2026 than we took in the first half. We also see some pricing opportunities that are going to come in later in the year that are going to impact overall gross margin dollars in contract operations.

可以。我們確實看到今年下半年有馬力成長的機會，因為 2026 年下半年我們將交付的新增馬力會多於上半年。我們也看到一些定價機會會在今年稍晚出現，並將影響合約營運（contract operations）的整體毛利金額。

Then I'll point out that the amount of recovery in AMS, it remains an opportunity that we're working for. Finally, because we hit these headwinds with lube oil pricing and AMS, you can be assured that the team is working really hard to mitigate with other cost initiatives that will have impact in the back half of the year as well.

另外我也要指出，AMS 的回升幅度仍是一個我們正在努力爭取的機會。最後，因為我們遭遇潤滑油價格與 AMS 的逆風，你可以確信團隊正非常努力透過其他成本措施來緩解，而這些措施也會在今年下半年產生影響。

When we hit this lube oil pricing and AMS headwind, it wasn't without a response internally, and that's going to impact our performance in the back half of the year as well.

當我們遇到潤滑油價格與 AMS 的逆風時，內部並非沒有採取對策，而這也會影響我們今年下半年的表現。

Got it. Thanks for taking my questions.

了解。謝謝回答我的問題。

Thank you.

謝謝。

Elvira Scotto, RBC Capital Markets.

Elvira Scotto，RBC Capital Markets。

Hi. Great. Thanks, good morning, and welcome, Mohit. The new 665,000 horsepower eight year contract with the existing strategic customer is significant. Can you provide any details around the genesis of that deal? Are you looking for other contracts of this tenor, or are customers asking to increase the tenor of their contracts?

嗨。很好。謝謝，早安，也歡迎你，Mohit。與既有策略性客戶簽下新的 665,000 馬力、為期八年的合約相當重要。你能否提供一些關於這筆交易起源的細節？你們是否在尋找其他同等規模／期限的合約？或者客戶是否正在要求拉長合約期限？

Thanks, Elvira. Well, look, we're not going to go into the details of the contract as you can imagine, just for commercial reasons. What this does signify is that with this customer, and we have other customers with longer term contracts as well, it does signify a longstanding, highly valued partnership that we have with this customer.

謝謝你，Elvira。你也能理解，基於商業因素，我們不會深入合約細節。但這確實意味著：對於這位客戶（而且我們也有其他客戶簽有較長期合約），這反映出我們與該客戶之間長期且高度重視的合作夥伴關係。

We really like the recognition that it provides of an integral and integrated operating partnership that we have with our customer base. I think these longer term tenors may be more in the future, as we've expressed and shared, that our units are simply staying on location longer.

我們很樂見這份合約所帶來的肯定：我們與客戶群之間擁有不可或缺、且高度整合的營運合作關係。我認為未來可能會出現更多這類較長期限的合約；正如我們所表達與分享的，我們的機組只是停留在現場的時間更長了。

Large horsepower stay on location an average of eight years, and all horsepower an average of six years. I think our customer base wants to ensure that they can both obtain and retain the horsepower that we bring to help grow with our operations.

大馬力機組平均在現場停留八年，而所有馬力合計平均為六年。我認為我們的客戶群希望確保他們既能取得、也能留住我們所提供的馬力，以協助其營運成長。

We really like the signal that this has and really very proud of the organization and of our team for the recognition this suggests as to the strength of our operations and our customers' willingness to partner with us so closely.

我們非常喜歡這所釋放出的訊號，也為公司與團隊感到非常自豪；這項肯定所反映的是我們營運實力的強勁，以及客戶願意與我們如此緊密合作。

Thank you for that. Then just my next question, are you seeing any demand shifts across basins? Especially as we start to see more LNG export capacity come online, there may be a greater call on Haynesville. Then also, have you seen an uptick in the Permian as the new gas takeaway capacity has come online?

謝謝。那我下一個問題是，您是否看到各盆地之間的需求出現任何變化？特別是隨著更多LNG出口產能開始上線，Haynesville可能會有更大的需求拉動。另外，隨著新的天然氣外運（takeaway）產能上線，您是否看到Permian的需求有所回升？

We're starting to see an uptick in activity in the Permian compared to the prior quarters. That's for sure. A lot of it does have to do with the fact that export capacity is starting to come online, and some of the negative economics that have been predominant in the Permian should be alleviated with this pipeline capacity expansion.

相較於前幾季，我們開始看到Permian的活動量有所回升。這是肯定的。其中很大一部分確實與出口產能開始上線有關，而先前在Permian較為普遍的不利經濟性，應可透過這次管線輸送能力擴張而獲得緩解。

We are seeing some nice growth opportunities in other basins right now as well. When we look at the diversified footprint that Archrock has, less than half of our recent bookings have come from the Permian and about half of our bookings are in other plays. We like that a lot because it's nice to see that diversified portfolio pay off in growth opportunities in other basins.

我們也在其他盆地看到一些不錯的成長機會。從Archrock多元化的布局來看，我們近期的接單中，來自Permian的不到一半，約有一半的接單來自其他區塊（plays）。我們很喜歡這點，因為看到多元化投資組合在其他盆地帶來成長機會的回報，這是很好的現象。

Great. Thank you.

很好。謝謝。

Thank you.

謝謝。

Your next question comes from the line of Doug Irwin, Citi. (Operator Instructions) Eli Joson, JP Morgan.

下一個問題來自Citi的Doug Irwin。（接線員指示）JP Morgan的Eli Joson。

Hey, good morning, everyone. If we think about the CapEx guidance through 2030, just wanted to understand the role of higher input costs versus more fleet additions than we would have previously anticipated. How much are higher overall costs factoring into that equation versus the historical precedent we've seen for horsepower?

各位早安。如果我們看2030年前的資本支出（CapEx）指引，我想了解相較於我們先前預期的更多機隊新增，較高的投入成本在其中扮演的角色。在這個方程式中，整體成本上升的影響有多大？相較於我們過去對每馬力（horsepower）的歷史慣例來看又如何？

Thanks, Eli. We've included in our forecast the impact of inflation for new unit acquisition. We've included it at the rate that we've been experiencing, which is a very normalized level of inflation. We have not seen sharp price increases overall from the OEMs or from the packagers. It's included at a more normalized rate of inflationary increase.

謝謝你，Eli。我們在預測中已納入新機組採購的通膨影響。我們採用的是我們目前所經歷的通膨水準，也就是相當正常化的通膨程度。我們並未看到OEM或整機整合商（packagers）整體出現劇烈的漲價。我們納入的是較為正常化的通膨增幅。

Got it. If we think about more broadly across the industry, we're seeing structurally longer contracts, what appears to be a really tight supply demand backdrop. If the contemplated CapEx guide is just passing through historical inflation trends, how should we also think about the kind of pricing going forward? It would seem that this is a pretty favorable environment for pricing, but we also understand the kind of fairness with which you approach your customer contracts.

了解。如果更廣泛地看整個產業，我們看到合約結構性地變得更長，供需看起來也非常吃緊。如果這份CapEx指引只是反映歷史通膨趨勢的轉嫁，那我們應該如何看待未來的定價？看起來這是相當有利於定價的環境，但我們也理解你們在客戶合約上所採取的公平原則。

It's a very supportive environment for pricing and profitability in contract operations in our business. You're seeing that come through with the 71% gross margin we delivered in the quarter and our forecast that even with the headwinds we articulated, we're going to be at 70% in this current environment.

就我們業務中的合約營運而言，這是一個非常有利於定價與獲利能力的環境。你可以從我們本季交出的71%毛利率看出來，也可以從我們的預測看出來：即便有我們所提到的逆風，在目前環境下我們仍將維持在70%。

As we see this growth ramp, we expect to continue to generate great profitability on a margin basis and robust returns for investors. We think that this environment is going to be very constructive and very supportive for price increases in the future.

隨著我們看到這波成長加速，我們預期將持續在毛利率層面創造很好的獲利能力，並為投資人帶來強勁的報酬。我們認為這個環境未來將非常有利且非常支持價格上調。

I will point out, it's a competitive market, however, including with our customers. We do approach this incredible business to generate great returns for our investors, but we are responsible in how we have those negotiations with our, and drive that pricing with our customers.

我也要指出，這仍然是一個競爭激烈的市場，包括我們的客戶在內。我們經營這門很棒的生意是為了替投資人創造優異報酬，但在與客戶進行談判、並推動定價時，我們也會以負責任的方式來進行。

Great. Thanks.

很好。謝謝。

Nick Amicucci, Evercore ISI.

Evercore ISI的Nick Amicucci。

Hey, good morning, Mohit and Brad. Just a quick one from me. Just as we kind of think about the bifurcation or I guess just the bookings in the current order book, just if we could kind of break out LNG exports kind of like the LNG feed gas versus gas on just the behind the meter side.

Mohit和Brad，早安。我這邊一個簡短問題。在思考目前訂單簿中的分化，或說目前訂單預訂（bookings）的結構時，能否把LNG出口相關的部分拆分一下，例如LNG進料氣（feed gas）與僅在表後端（behind the meter）用氣的部分？

Nick, thanks for the question. I really wish I had a great answer for you that could quantify the spread and the difference between what gas that we're compressing is going to which end market. That's really not data that's available to us. I would just pause and point out that regardless of where the gas is going to go, the robust demand that we expect ahead is going to be really solid for the industry, candidly, and for our business overall.

Nick，謝謝你的問題。我真希望我能給你一個很好的答案，量化我們所壓縮的天然氣分別流向哪些終端市場，以及它們之間的差異。但坦白說，這不是我們能取得的資料。我只想先強調，不論天然氣最終流向哪裡，我們預期未來的強勁需求，對整個產業以及我們的整體業務而言都會非常有利。

Got it. That makes sense. Then, I'm sorry if I missed this in the prepared remarks, how should we think about just kind of the free cash flow with the growth CapEx kind of scaling up in 2027 through 2030? Just as we think about kind of the free cash flow, and obviously it seems like you're able to underwrite it with kind of these longer term contracts or at least one longer term contract, just if we could kind of level set on that.

了解。這樣說得通。另外，如果我在事先準備的講稿中漏聽了，想請教在2027到2030年成長型CapEx逐步放大之際，我們應該如何看待自由現金流？在思考自由現金流時，顯然你們似乎能用較長期的合約（或至少一份較長期合約）來承作/支撐這些投資，想請你們幫我們把基準講清楚。

Even after our capital allocation framework, which is sharing and returning capital to shareholders at the level of 25% to 35% of our operating cash flow After investing in the level of growth that we articulated, we still expect to have net free cash flow after that return of capital and those investments.

即便依照我們的資本配置框架——在投入我們所說明的成長投資之後，仍以營運現金流的25%到35%回饋並返還資本給股東——我們預期在完成這些資本返還與投資之後，仍將有淨自由現金流。

And we believe that, with our strong balance sheet, positions us exceptionally well to pursue other strategic.

我們也相信，憑藉我們強健的資產負債表，這讓我們在追求其他策略性（機會）方面具備非常好的條件。

[Gabe Marine], Mizuho. (Operator Instructions) Josh Jayne, Daniel Energy Partners.

Mizuho的[Gabe Marine]。（接線員指示）Daniel Energy Partners的Josh Jayne。

Thanks. Good morning. Thanks for taking my questions. I just wanted to follow up on the lead time question for Caterpillar and where they stand. I believe you said less than 200 weeks. Actually sounds like some slight level of release. Maybe you could just offer your thoughts on if you think that they've peaked and just your discussions with them and into line of sight and how you see that going longer term, if we've seen sort of the peak of lead times.

謝謝。早安。謝謝讓我提問。我想追問一下關於Caterpillar交期（lead time）以及他們目前的狀況。我記得你們說少於200週。聽起來交期似乎有些微釋放。也許你們可以分享一下，你們是否認為交期已經見頂，以及你們與他們的討論、可視度（line of sight），以及長期來看你們如何看待這件事：我們是否已經看到交期的高峰？

Thank you, Josh. We say often we don't speak for Caterpillar, and I still don't speak for Caterpillar, and I cannot predict what's going to happen with their lead times.

謝謝你，Josh。我們常說我們不代表Caterpillar發言，我現在仍然不代表Caterpillar發言，也無法預測他們的交期接下來會如何變化。

For the equipment we require, their lead times are now out where we're ordering for 2029. It's right at 195 weeks, I think, is the most recent announcement or quotes that we're getting back for equipment. We do not see these long lead times abating or improving.

就我們所需的設備而言，他們的交期目前已經拉長到我們下單是為了2029年的交付。我想最新公告或我們收到的報價顯示，交期大約是195週。我們沒有看到這些長交期會緩解或改善。

We see no indication that there's a reason for them to improve. The market remains poised for growth. I think that Caterpillar being one of the key suppliers to the power market as well as to oil and gas and the compression market, as they had their call yesterday, they see a robust backlog going into the future. We expect the market to remain very tight.

我們也看不到有任何理由會讓交期改善的跡象。市場仍然蓄勢待發、準備成長。我認為Caterpillar作為電力市場、油氣以及壓縮市場的關鍵供應商之一，正如他們昨天的電話會議所提到的，他們看到未來仍有強勁的在手訂單（backlog）。我們預期市場將持續非常吃緊。

On the good news front, it portends that those of us that are in a position to deploy capital and have the equipment for our customers are going to be able to drive and participate in that growth that we see ahead. Our investments are intended for us to do exactly that to support the growth of our customer base.

在好消息方面，這預示著我們這些有能力部署資本、並為客戶提供設備的人，將能夠推動並參與我們所看到的未來成長。我們的投資旨在讓我們正是做到這一點，以支持客戶群的成長。

Thanks for that. As the follow up, just another piece of the puzzle is just space and availability at equipment packagers. Could you just talk about that a bit today? Is there adequate space to piece all this together? Is that one of the reasons that you were also out in front of going ahead and ordering or committing to this level of CapEx? Maybe just some details around what you're seeing there would be helpful, and then I'll turn it back. Thanks.

謝謝。作為追問，拼圖中的另一塊是設備封裝商的場地與產能可用性。你能否談談今天這方面的情況？是否有足夠的空間把這一切組裝起來？這是否也是你們提前下單或承諾投入這個規模資本支出（CapEx）的原因之一？也許分享一些你們看到的細節會很有幫助，然後我就把問題交回去。謝謝。

Floor space at the packagers definitely has tightened up over the last year and a half. We have not, however, had a challenge in getting the equipment that we require through the shops. We don't expect to have it, but it is absolutely, along with the Caterpillar lead times, one of the drivers for our overall CapEx approach and what we see in the market today and our willingness to share that outlook and forecast with the market. It's a robust, it's a tight time, and we expect we will have the equipment that we require to meet need. There is, however, incrementally some available space with the packagers, but it's definitely tight.

封裝商的廠房空間在過去一年半確實變得更吃緊。不過，我們在讓所需設備通過各家工廠（shops）方面，並沒有遇到挑戰。我們也不預期會有，但這確實是——連同卡特彼勒（Caterpillar）的交期——推動我們整體資本支出策略的因素之一，也影響我們對當前市場的看法，以及我們願意與市場分享這個展望與預測。這是一段需求強勁、供給吃緊的時期，我們預期將能取得滿足需求所需的設備。不過，封裝商那邊仍有一些增量可用空間，但確實很緊。

Thanks. I'll turn it back.

謝謝。我把問題交回去。

Steve Ferazani, Sidoti.

Steve Ferazani，Sidoti。

Morning, Brad, welcome, Mohit. Brad, you did raise the dividend again a couple of weeks ago, showing your confidence in market demand. It's been multiple raises over three years. Over this run up, you've had fleet expansion, you've lowered leverage, and you've raised the dividend. You've sort of provided for everyone here. Given that massive growth CapEx you're outlying for the next four years, does that have to shift your capital allocation plans?

早安，Brad，歡迎你，Mohit。Brad，你在幾週前再次提高股息，顯示你對市場需求的信心。三年內已多次調升。在這段上行期間，你們擴充了機隊、降低了槓桿，並提高了股息。你們幾乎照顧到了在座每一方。鑑於你們為未來四年所勾勒的龐大成長型資本支出，這是否必須改變你們的資本配置計畫？

Steve, thanks for the question. We don't believe so. As I put in my prepared remarks, we think that this is an all of the above approach. We expect to continue returning capital to investors. We expect to make this investment through this cycle.

Steve，謝謝你的問題。我們不這麼認為。正如我在事先準備的發言中提到的，我們認為這是一個「以上皆是」的策略。我們預期將持續向投資人回饋資本。我們也預期會在這個景氣循環中完成這些投資。

We expect to grow the business, and we expect to be in a position to generate free cash flow after all of that as well. We think that the market is just positioned and poised.

我們預期會擴大業務，同時也預期在完成這一切之後，仍能產生自由現金流。我們認為市場正處於一個非常有利、蓄勢待發的位置。

I shared a minute ago in one of my comments that 2026 has felt a little bit like a pause before the storm. What we've seen, especially in the Permian, is I think a lot of companies into the last year, into the beginning of this year, were ambivalent with a lower oil price environment.

我剛才在其中一則評論中分享過，2026 年給人的感覺有點像暴風雨前的短暫停頓。我們看到的情況，特別是在二疊紀盆地（Permian），是許多公司在去年到今年年初，在較低油價環境下態度較為觀望。

The war has changed that. The longer term outlook for that oil price is something that keeps the market just a bit ambivalent. We're seeing a steady increase in activity, which we think is promising. We're seeing a nice increase in the gas to oil ratio, which we think is very promising.

戰爭改變了這一點。油價的長期展望仍讓市場保持些許觀望。我們看到活動量穩步增加，我們認為這很令人鼓舞。我們也看到氣油比（gas to oil ratio）有不錯的提升，我們認為這非常正面。

We expect that the market, the LNG demand, and the power demand is going to require all of this equipment to go to work very profitably for very attractive returns to support the growth that we see in the market going ahead. Overall, we're still going to be generating free cash flow, and it puts us in a great position to consider other strategic options.

我們預期市場、LNG 需求以及電力需求，將需要所有這些設備投入運作，並以非常可觀的報酬率、非常有吸引力的回報來獲利，以支持我們所看到的未來市場成長。整體而言，我們仍將產生自由現金流，並使我們處於一個很好的位置去考慮其他策略性選項。

Steve, Brad covered well. One thing I would add, when we debated internally whether to go out with the long term capital guide, we don't take a decision like that lightly. The fact that we are giving the long term outlook should signal our confidence in the outlook.

Steve，Brad 已經說得很完整了。我想補充一點：當我們在內部討論是否要提出長期資本指引時，我們不會輕率做出這樣的決定。我們之所以提供長期展望，應該能傳達我們對前景的信心。

For all the reasons that Brad mentioned, we feel very good about the trajectory and the direction of travel here in terms of utilizations, in terms of profitability and margins, in terms of free cash flow generation. From our perspective, we are trying to balance shareholder returns, which is a core tenet, but at the same time, reinvesting it back into the business because those investments at these margins are most value accretive for the investors.

基於 Brad 提到的所有原因，我們對這裡的走勢與前進方向感到非常樂觀——無論是就稼動率、獲利能力與利潤率，或是自由現金流的產生而言。從我們的角度，我們試圖在股東報酬（這是核心原則）與同時再投資於業務之間取得平衡，因為在目前這樣的利潤率下，這些投資對投資人最具增值效果。

Very helpful. If I follow up, just in terms of, I know the high grading of the fleet is an ongoing process. We can see you've gotten rid of a significant portion of the lower horsepower. We can see how it's contributing to margins, even beyond just the market demand. How are you approaching high grading as we enter an even faster growth period? Is it less important given that demand is so overwhelming?

非常有幫助。我再追問一下：就機隊汰弱留強（high grading）而言，我知道這是一個持續進行的流程。我們看到你們已處置了相當大一部分低馬力設備。我們也看到它對利潤率的貢獻，甚至不僅僅是市場需求帶來的影響。當我們進入更快速的成長期時，你們如何看待汰弱留強？在需求如此強勁的情況下，這是否變得沒那麼重要？

Interesting question. The truth is, it's both less important, but more importantly, maybe it's less available. We've made such strides in high grading the fleets that we have a fleet that is very competitive, meeting our customers' needs, and the amount of available non strategic horsepower that could be a part of that has reduced over time.

很有意思的問題。事實是：它既變得沒那麼重要，但更重要的是，可能也沒那麼容易做了。我們在機隊汰弱留強方面已取得很大進展，現在的機隊競爭力很強、能滿足客戶需求，而可供處置的非策略性馬力資產，隨著時間推移已逐漸減少。

While we'll always have disciplined asset management practices that will take into account the standardization of the fleet, continuing to improve the standardization of the fleet, it's less available to us in the future than it was in the past.

雖然我們一向會維持嚴謹的資產管理做法，並將機隊標準化、以及持續提升機隊標準化納入考量，但未來可供我們進一步汰弱留強的空間，會比過去更少。

Got it. Thanks, Brad. Thanks, Mohit.

了解。謝謝你，Brad。謝謝你，Mohit。

Thank you.

謝謝。

Thank you.

謝謝。

We have reached the end of the Q&A session. Now, I would like to turn the call over to Mr. Childers for final remarks.

問答環節到此結束。現在我想把電話會議交給 Childers 先生作結語。

Thank you, Erica. Thank you everyone for joining us today. We're pleased with our second quarter performance and remain confident in the strength of our business, healthy customer demand, and the long term opportunity ahead. We appreciate your continued interest in Archrock and look forward to updating you next quarter. Thank you, everyone.

謝謝你，Erica。謝謝各位今天加入我們。我們對第二季表現感到滿意，並對我們業務的韌性、健康的客戶需求以及未來的長期機會仍充滿信心。感謝各位持續關注 Archrock，我們期待在下個季度向各位更新進展。謝謝大家。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。