Helmerich and Payne Inc (HP) 2025 Q1 法說會逐字稿

Good day, everyone, and welcome to today's Helmerich & Payne's fiscal first-quarter earnings call. (Operator Instructions) Please note that this call is being recorded.

大家好，歡迎參加今天的 Helmerich & Payne 財政第一季財報電話會議。（操作員指示）請注意，此通話正在錄音。

(Operator Instructions) It is now my pleasure to turn the program over to Mr. Wilson, Dave Wilson, VP of Investor Relations.

（操作員指示）現在我很高興將該計劃移交給威爾遜先生，投資者關係副總裁戴夫威爾遜。

Thank you, Shana, and welcome, everyone, to Helmerich & Payne's conference call and webcast for the first quarter of fiscal year 2025. With us today are John Lindsay, President and CEO; and Kevin Vann, Senior Vice President and CFO. Both John and Kevin will be sharing some prepared comments with us, after which we'll open the call for questions.

謝謝你，莎娜，歡迎大家參加 Helmerich & Payne 2025 財年第一季電話會議和網路廣播。今天和我們在一起的是總裁兼首席執行官約翰·林賽 (John Lindsay)；以及高級副總裁兼首席財務官 Kevin Vann。約翰和凱文都將與我們分享一些準備好的評論，之後我們將開始提問。

Before we begin our prepared remarks, I'll remind everyone that this call includes forward-looking statements as defined under the securities laws. Such statements are based upon current information and management's expectations as of this date and are not guarantees of future performance.

在我們開始準備好的發言之前，我要提醒大家，本次電話會議包含證券法所定義的前瞻性陳述。此類聲明基於當前資訊和管理層截至目前為止的預期，並不保證未來的表現。

Forward-looking statements involve certain risks, uncertainties and assumptions that are difficult to predict. As such, our actual outcomes and results could differ materially. You can learn more about these risks in our annual report on Form 10-K, our quarterly reports on Form 10-Q and our other SEC filings.

前瞻性陳述涉及某些難以預測的風險、不確定性和假設。因此，我們的實際成果和結果可能會存在重大差異。您可以在我們的 10-K 表年度報告、10-Q 表季度報告以及其他 SEC 文件中了解有關這些風險的更多資訊。

You should not place undue reliance on forward-looking statements, and we undertake no obligation to publicly update these forward-looking statements. We also make reference to certain non-GAAP financial measures such as segment operating income, direct margin, adjusted EBITDA and other operating statistics. You'll find the GAAP reconciliation comments and calculations in yesterday's press release and earnings presentation.

您不應過度依賴前瞻性陳述，我們也不承擔公開更新這些前瞻性陳述的義務。我們也參考了某些非公認會計準則財務指標，例如分部營業收入、直接利潤、調整後的 EBITDA 和其他營運統計資料。您可以在昨天的新聞稿和收益報告中找到 GAAP 對帳評論和計算。

With that said, I'll turn the call over to John Lindsay.

話雖如此，我會把電話轉給約翰林賽。

Thank you, Dave. Hello, everyone, and thank you for joining us today and for your interest in H&P. During the first fiscal quarter of 2025, the company continued to execute at a high level. Operational and financial results in our North America Solutions segment remained the best in the industry, reflecting our relentless focus on providing value to our customers.

謝謝你，戴夫。大家好，感謝大家今天加入我們，並感謝你們對 H&P 的關注。2025財年第一季度，公司持續保持高水準的執行力。我們北美解決方案部門的營運和財務表現仍然是業內最好的，反映了我們堅持不懈地致力於為客戶提供價值。

We also made significant progress on two key fronts of our international growth strategy during the quarter. First, as part of our organic growth plan, we completed the exportation of eight FlexRigs into Saudi Arabia where they will be drilling in unconventional natural gas plays. Second, after receiving the final regulatory approvals for the KCA Deutag acquisition, we were able to close on the transaction a couple of weeks ago, which now makes H&P a global leader in providing onshore drilling solutions.

本季度，我們也在國際成長策略的兩個關鍵方面取得了重大進展。首先，作為我們有機成長計畫的一部分，我們完成了向沙烏地阿拉伯出口八台 FlexRig 的工作，這些鑽孔機將在沙烏地阿拉伯進行非常規天然氣鑽探。其次，在獲得 KCA Deutag 收購案的最終監管批准後，我們在幾週前完成了交易，這使得 H&P 成為提供陸上鑽井解決方案的全球領導者。

I'll talk more about the significant attributes of this transaction in a few minutes. But we believe this deal positions us as the premier global drilling company with global scale, industry-leading technology, a fantastic group of customers and best-in-class workforce.

我將在幾分鐘內詳細談論這筆交易的重要屬性。但我們相信，這筆交易將使我們成為全球首屈一指的鑽井公司，擁有全球規模、業界領先的技術、優秀的客戶群和一流的員工隊伍。

Collectively, these achievements in North America Solutions and international continue to demonstrate our ability to execute across multiple capital allocation goals, investing in the business for the long term, providing shareholder returns and maintaining a strong financial position, which prioritizes debt reduction.

總的來說，北美解決方案和國際業務的這些成就繼續證明了我們有能力執行多項資本配置目標，進行長期業務投資，提供股東回報並保持強勁的財務狀況，優先考慮減少債務。

Throughout its long history, H&P has differentiated itself from competitors by developing distinct competitive advantages. In many ways, those distinctives revolve around the attributes of our rigs, our people, our processes, and our technology. But importantly, scale and managing through the cycles are also crucial differentiators. We have long been known as an industry leader in the US with our super-spec FlexRig fleet having over 35% market share today.

在漫長的發展歷程中，H&P 透過打造獨特的競爭優勢，從眾多競爭對手中脫穎而出。在許多方面，這些特色都圍繞著我們的鑽孔機、我們的人員、我們的流程和我們的技術的屬性。但重要的是，規模和週期管理也是關鍵的區別因素。我們長期以來一直被譽為美國行業領導者，我們的超規格 FlexRig 機隊目前擁有超過 35% 的市場份額。

We have a strong presence in all major basins in the US, highlighted by our market-leading presence in the Permian, where we have around 100 rigs running today. The continued growth in market share of super-spec rigs also benefits H&P, and we remain the market share leader with public E&Ps by a very wide margin in addition to our leading position with private E&P operators.

我們在美國所有主要盆地都擁有強大的影響力，其中尤以二疊紀盆地的市場領先地位最為突出，目前我們在該盆地擁有約 100 個鑽井平台在運作。超規格鑽機市場份額的持續成長也使 H&P 受益，除了在私人 E&P 營運商中保持領先地位外，我們還以很大的優勢繼續保持公共 E&P 市場份額的領先地位。

Our market share leadership is a testament to our customer-centric approach, which allows us to align and execute in a manner that has all parties working together toward a common goal. Innovations like performance contracts have enabled the company to further accentuate its distinctive advantage by driving alignment around customer value creation while deploying cutting-edge performance technologies.

我們的市佔率領先地位證明了我們以客戶為中心的方法，這使我們能夠協調和執行，使各方共同努力實現共同目標。績效合約等創新使該公司能夠透過在部署尖端績效技術的同時推動圍繞客戶價值創造的協調，進一步突出其獨特的優勢。

This focus, coupled with our operating and technical performance is why I believe our customer partnerships are stronger than they have ever been. Through these efforts in North America Solutions, we continue to earn returns in line with our cost of capital and demonstrate our ability to realize these results through the cycle.

這種專注，加上我們的營運和技術表現，我相信我們的客戶夥伴關係比以往任何時候都更加牢固。透過在北美解決方案方面的這些努力，我們繼續獲得與資本成本相符的回報，並展示了我們在整個週期中實現這些成果的能力。

For example, in 2024, it was a second year in a row where our margins have remained at healthy levels, and we accreted market share despite industry rig count declines. Our disciplined approach will continue to provide us the opportunity to provide strong and consistent margin generation and serve our customers in the best way possible.

例如，2024 年，我們的利潤率連續第二年保持在健康水平，儘管行業鑽機數量下降，但我們的市場份額仍在增加。我們嚴謹的方法將繼續為我們提供機會，提供強勁而持續的利潤，並以最好的方式為客戶服務。

Turning attention towards our international solutions. For the past several years, we have spoken about the strategic importance of expanding our scale geographically, especially in the Middle East. The KCAD acquisition, along with the legacy H&P organic growth initiatives provides us with a market-leading position in the Middle East. Let me quickly reiterate the merits of the transaction.

將注意力轉向我們的國際解決方案。在過去幾年裡，我們一直在談論擴大地理規模的戰略重要性，特別是在中東地區。KCAD 的收購以及傳統的 H&P 有機成長計劃使我們在中東市場佔據領先地位。讓我快速重申一下這筆交易的優點。

First, the legacy KCAD's assets and operations will help accelerate that international growth strategy and establish H&P as a global leader in onshore drilling. Second, we will have a robust geographic and operational mix across the US and international crude oil and natural gas markets. This will diversify where and how we generate revenues. Third, we expect the transaction to generate attractive financial returns.

首先，KCAD 的原有資產和營運將有助於加速國際成長策略，並使 H&P 成為陸上鑽井領域的全球領導者。其次，我們將在美國和國際原油和天然氣市場擁有強大的地理和營運組合。這將使我們的收入來源和方式多樣化。第三，我們預期此交易將產生可觀的財務回報。

The legacy KCA has a solid backlog of work totaling approximately $5.5 billion, supported by blue-chip customers. Now that we've closed the acquisition, we will be a more financially resilient company with cash flow diversification across leading global markets. The combined company will share our customer-centric approach, safety focus and commitment to providing exceptional performance and value.

原有的 KCA 有大量積壓工作，總額約 55 億美元，並得到藍籌客戶的支持。現在我們已經完成收購，我們將成為一家財務上更具韌性的公司，在全球主要市場實現現金流多元化。合併後的公司將秉承我們以客戶為中心的理念、注重安全並致力於提供卓越的性能和價值。

I'm encouraged by the excitement from customers over the past few weeks. I've been in Saudi, in Oman and in Kuwait, and there is excitement to work with H&P. In addition, we're seeing multiple avenues of organic growth around these assets as we've heard from numerous customers that are looking forward to working with H&P in their markets. The new company will bring these values forward and continue to operate in the H&P way.

過去幾週顧客們的熱情令我感到鼓舞。我去過沙烏地阿拉伯、阿曼和科威特，很高興能與 H&P 合作。此外，我們看到圍繞這些資產的多種有機成長途徑，因為我們聽到許多客戶期待在其市場上與 H&P 合作。新公司將秉承這些價值觀，並繼續以 H&P 的方式運作。

Now turning to the outlook for 2025. Kevin is going to hit on these in more detail, but there are some near-term headwinds surrounding our international growth plans, namely the rig suspensions related to the KCA acquisition, and the start-up costs associated with our organic growth in Saudi. I want to stress that we believe these are temporary, short-term challenges often associated with this highly cyclical industry, and they don't reflect the significant value we believe will be created by H&P over time.

現在來展望 2025 年。凱文將更詳細地討論這些問題，但我們的國際成長計畫在短期內面臨一些阻力，即與 KCA 收購相關的鑽井暫停，以及與我們在沙烏地阿拉伯的有機成長相關的啟動成本。我想強調的是，我們認為這些都是暫時的、短期的挑戰，通常與這個高度週期性的行業有關，它們並不能反映出我們認為 H&P 隨著時間的推移將創造的巨大價值。

Specifically regarding KCA's legacy operations in Saudi, the first rig suspension was last August. And those are one-year duration suspensions. So as of now, we're not planning for a significant contribution in direct margin from those rigs in the near term. With regards to direct margins in Q2 of 2025 for the North America Solutions segment, we expect them to remain at healthy levels, but we do expect a modest decline due to fewer days in the quarter and the normal variability that we see with revenues and costs.

具體來說，就 KCA 在沙烏地阿拉伯的遺留業務而言，鑽井平台首次暫停是在去年 8 月。停職期限為一年。因此，截至目前，我們還沒有計劃在短期內從這些鑽井平台獲得顯著的直接利潤貢獻。對於 2025 年第二季北美解決方案部門的直接利潤率，我們預計將保持在健康水平，但由於本季天數較少以及收入和成本的正常波動，我們預計利潤率將略有下降。

One thing that strikes me as I look at our results across the last couple of years is the resilience of our margins in North America. Accomplished because of the hard work our sales and operations teams have delivered. And while we may see some quarterly variation, our disciplined and customer-centric approach continues to generate consistent margins and free cash flow.

當我回顧過去幾年的業績時，令我印象深刻的一件事是我們在北美的利潤率具有彈性。這是因為我們的銷售和營運團隊的辛勤工作而取得的成就。雖然我們可能會看到一些季度變化，但我們嚴謹的、以客戶為中心的方法將繼續產生穩定的利潤率和自由現金流。

In closing, we strongly believe there are transformational aspects of the KCAD acquisition. The new H&P has global scope and scale with exposure to the best hydrocarbon basins in the world and the ability to profitably grow in multiple markets around the world. North America Solutions is resilient and continues to deliver strong and consistent margin generation while providing innovative solutions for our customers.

最後，我們堅信收購 KCAD 具有變革性的意義。新的 H&P 具有全球視野和規模，覆蓋全球最佳碳氫化合物盆地，並有能力在全球多個市場實現獲利成長。北美解決方案具有韌性，在為客戶提供創新解決方案的同時，繼續提供強勁而穩定的利潤。

We have an achievable plan to delever and maintain our investment-grade credit rating, which is another financial differentiation between us and our peers. Our international business has the means to quickly grow revenues from this lower starting point, and we're already seeing numerous opportunities for synergies across the combined company. Our offshore and other business with manufacturing and technology solutions provide capital-efficient free cash flow.

我們有一個可行的去槓桿計劃，並維持我們的投資等級信用評級，這是我們與同行的另一個財務差異。我們的國際業務有能力從這個較低的起點快速增加收入，而且我們已經看到合併後的公司產生大量協同效應的機會。我們的離岸業務和其他涉及製造和技術解決方案的業務提供了資本高效的自由現金流。

Finally, the H&P team which now includes those from legacy KCA, remains committed to continue delivering the drilling outcomes our customers desire in a safe and efficient manner. H&P will also remain disciplined and committed to prudent capital allocation for our shareholders. Like we have for over 60 years as a public company with a focus on maintaining a strong financial position, balancing our significant free cash flow, growth CapEx opportunities and returns to shareholders.

最後，H&P 團隊（現在包括來自 KCA 的團隊成員）仍然致力於以安全和高效的方式繼續提供客戶期望的鑽井成果。H&P 也將保持紀律並致力於為股東進行審慎的資本配置。就像我們作為一家上市公司 60 多年來一直致力於保持強勁的財務狀況，平衡我們大量的自由現金流、成長資本支出機會和股東回報。

And now I'll turn the call over to Kevin.

現在我將把電話轉給凱文。

Thanks, John. Today, I will review our fiscal first quarter 2025 operating results, provide guidance for the second quarter, which will include a partial quarter of our expanded international business resulting from the closing of the KCAD acquisition, update remaining full year fiscal '25 guidance as appropriate and comment on our financial position.

謝謝，約翰。今天，我將回顧我們 2025 財年第一季的經營業績，為第二季度提供指導，其中將包括因完成 KCAD 收購而擴大的國際業務的部分季度，並根據需要更新 25 財年全年剩餘的指導，並對我們的財務狀況進行評論。

Let me start with a few highlights for the first fiscal quarter ended December 31, 2024. The company generated quarterly revenues of $677 million versus $693 million from the previous sequential quarter. The quarterly decrease in revenue was due primarily to slightly lower revenues in our North America Solutions segment. Total direct operating costs were $413 million for the first quarter versus $409 million for the previous quarter.

首先，我來介紹一下截至 2024 年 12 月 31 日的第一財季的一些亮點。該公司本季營收為 6.77 億美元，而上一季營收為 6.93 億美元。季度收入下降主要是由於北美解決方案部門收入略有下降。第一季直接營運成本總額為 4.13 億美元，上一季為 4.09 億美元。

This increase is primarily attributable to our start-up costs associated with our commencement of legacy unconventional operations in Saudi Arabia. General and administrative expenses were approximately $63 million for the first quarter, a decrease of approximately $4 million on a sequential basis. Still these costs were higher than expectations but primarily attributable to the payout on our annual incentive plan rather than a recurring increase. Our reported net income per diluted share during the quarter was $0.54 versus 76% in the previous quarter.

這一成長主要歸因於我們在沙烏地阿拉伯啟動傳統非常規業務的啟動成本。第一季的一般及行政開支約為 6,300 萬美元，比上一季減少約 400 萬美元。儘管這些成本高於預期，但主要歸因於我們年度激勵計劃的支出，而不是經常性的增加。我們報告的本季每股攤薄淨收益為 0.54 美元，而上一季為 76%。

As highlighted in our press release, first quarter earnings were negatively impacted by a net $0.17 loss per share of select items, consisting primarily of transaction and integration costs and the change in fair value of our equity investments during the quarter. Absent the select items, adjusted diluted earnings per share was $0.71 in the first quarter versus an adjusted $0.76 during the fourth fiscal quarter.

正如我們在新聞稿中所強調的，第一季收益受到部分項目每股淨虧損 0.17 美元的負面影響，主要包括交易和整合成本以及本季股權投資公允價值的變化。除去特定項目，第一季調整後每股攤薄收益為 0.71 美元，而第四季調整後每股攤薄收益為 0.76 美元。

Capital expenditures for our first quarter were $106 million, which was consistent with the spend in the previous quarter. This amount is in line with our original expectations with regards to timing and amounts for our historical legacy business. I will comment later on our new fiscal '25 capital guidance -- expenditure guidance, which will include guidance for our expected CapEx for expanded international business resulting from the closing of the acquisition. Q1 cash flow from operations remained strong and resilient at $158 million versus $169 million during our fiscal Q4.

我們第一季的資本支出為 1.06 億美元，與上一季的支出一致。這個金額符合我們對歷史遺留業務的時間和金額的最初預期。我稍後會對我們的新財年 25 資本指導——支出指導發表評論，其中將包括對收購完成後擴大國際業務的預期資本支出指導。第一季的經營現金流保持強勁且有彈性，為 1.58 億美元，而第四季的財務現金流為 1.69 億美元。

Now turning to our three segments, beginning with North America Solutions. We averaged 149 contracted rigs during the first quarter, which is down slightly from the fourth quarter of fiscal '24. The exit rig count was 148, which was within our guided range of 147 to 153. Revenues of $598 million were sequentially lower by $20 million, primarily due to the lower average rig count and a slight reduction in daily recognized rig revenue. Segment direct margin was approximately $266 million, down from the last quarter of $274 million.

現在轉向我們的三個部分，首先是北美解決方案。我們在第一季平均簽約了 149 座鑽機，較 24 財年第四季略有下降。退出鑽機數量為 148 台，在我們指導的 147 台至 153 台範圍內。收入 5.98 億美元，比上一季減少 2000 萬美元，主要原因是平均鑽機數量減少以及每日確認的鑽機收入略有減少。分部直接利潤約 2.66 億美元，低於上一季的 2.74 億美元。

As John mentioned earlier, our customer alignment through the utilization of performance-based contracts has never been stronger. These contracts continue to make up a large portion of our total contracted rigs. And total segment expenses were relatively flat at $19,300 per day. As of today, approximately half of the US active fleet is on a term contract.

正如約翰之前提到的，我們透過基於績效的合約與客戶的協調從未如此強大。這些合約繼續占我們總合約鑽機數量的很大一部分。該部門總開支相對持平，為每天 19,300 美元。截至目前，美國現役艦隊中約有一半簽訂了定期合約。

Now to our International Solutions activity during the first fiscal quarter. We ended the first fiscal quarter with 20 rigs on contract. Of those 20 rigs, 15 were generating revenue, and we have five rigs in Saudi that have yet to commence operations. The financial results of International Solutions were below our guided range as the new activity in Saudi was a little slower in catching its stride.

現在談談我們第一財季的國際解決方案活動。我們在第一財季結束時簽訂了 20 座鑽機的合約。在這 20 座鑽井平台中，有 15 座正在產生收入，我們在沙烏地阿拉伯還有 5 座鑽井平台尚未開始營運。由於沙烏地阿拉伯的新活動進展稍慢，國際解決方案的財務表現低於我們的預期範圍。

We expect that all of the lessons learned with the activation of these rigs will help expedite the remaining rigs that have yet to begin operations. We expect one more rig to come online before the end of the quarter with the remaining shortly thereafter.

我們期望，這些鑽井平台啟動過程中獲得的所有經驗教訓將有助於加快尚未開始營運的剩餘鑽井平台的運作。我們預計本季末將有另一個鑽井平台投入使用，其餘鑽井平台也將隨後投入使用。

Finally, to our Offshore Gulf of Mexico segment. We have three offshore platform rigs contracted. We also have management contracts on three customer-owned rigs. The offshore segment generated a direct margin of $6.5 million during the quarter, which was just below our guide range due in part to the timing of some material and supply expenses.

最後，我們來看看墨西哥灣近海部分。我們已簽訂了三座海上平台鑽井平台的合約。我們也與三座客戶擁有的鑽孔機簽訂了管理合約。本季度，離岸部門的直接利潤為 650 萬美元，略低於我們的指導範圍，部分原因是一些材料和供應費用的時間表。

Now looking ahead to the second quarter of fiscal 2025 for North America Solutions, we have 148 rigs contracted. We expect to end our second fiscal quarter with between 146 and 152 working rigs and revenue backlog from North America Solutions fleet -- from our North America Solutions fleet is roughly $700 million for rigs under term contract.

現在展望北美解決方案 2025 財年第二季度，我們已簽訂了 148 座鑽機的合約。我們預計，在第二財季結束時，我們將擁有 146 至 152 個正在運行的鑽機，來自北美解決方案船隊的積壓收入——來自我們北美解決方案船隊的定期合約鑽機收入約為 7 億美元。

Average pricing per day should remain relatively flat in North America Solutions, and we expect direct margin in fiscal Q2 to range between $240 million and $260 million. There are a few factors influencing the lower quarter-to-quarter expectation, including a couple less days during the quarter and the normal quarter-to-quarter variations on the amount of realized revenues from performance contracts.

北美解決方案的每日平均定價應保持相對平穩，我們預計第二財季的直接利潤將在 2.4 億美元至 2.6 億美元之間。有幾個因素影響了季度環比預期的降低，包括本季的天數減少了幾天，以及績效合約實現收入的正常季度環比變化。

Based on the current market conditions and the current commodity pricing environment, we expect North America Solutions to generate at least $1 billion of direct margin on an annual basis. As John mentioned, there are going to be some quarters that generate a little more or a little less based on that variability across the quarters. However, in the current economic environment, that rate is a good rule of thumb.

根據當前的市場狀況和當前的商品定價環境，我們預計北美解決方案每年將產生至少 10 億美元的直接利潤。正如約翰所提到的，根據季度間的差異，有些季度的產量會稍微多一些或更少。然而，在當前的經濟環境下，該利率是一個很好的經驗法則。

As we look toward the second quarter of fiscal '25 for international, as we had mentioned in the press release, we expect margins from our legacy H&P International Solutions to be between a loss of $7 million and $3 million. As I mentioned earlier, we currently have all eight FlexRigs in country and three have begun contributing revenue. Further, we have continued to improve our rig acceptance time for each rig as we move up the learning curve.

正如我們在新聞稿中提到的那樣，展望 25 財年第二季的國際業務，我們預計我們傳統的 H&P 國際解決方案的利潤率將在 700 萬美元至 300 萬美元之間。正如我之前提到的，我們目前在國內擁有全部八台 FlexRig，其中三台已經開始貢獻收入。此外，隨著學習曲線的上升，我們不斷縮短每個鑽孔機的驗收時間。

For KCAD's legacy land operations, we are estimating direct margin between $35 million and $50 million. Now recognize, we will not be adding a complete quarter of consolidated effect of the acquisition given the date of close. Also, as we expand our international scale and presence, we will be evaluating projects and returns based on our historical H&P approach of return hurdles and risk evaluation.

對於 KCAD 的遺留土地業務，我們估計直接利潤在 3,500 萬美元至 5,000 萬美元之間。現在認識到，考慮到收購日期，我們不會增加一個完整季度的合併效應。此外，隨著我們國際規模和影響力的擴大，我們將根據歷史 H&P 回報障礙和風險評估方法來評估專案和回報。

The opportunity set is promising, and we are looking forward to the increase in customer interest that we have heard post close from both IOC and NOCs. As we look toward the second quarter of fiscal 2025 for the offshore Gulf of Mexico segment. We expect to be roughly flat and generate between $6 million and $8 million in direct margin again. And for KCAD's legacy offshore solutions business, we believe it will contribute between $18 million and $25 million of direct margin.

這個機會前景光明，我們期待國際奧委會和國家奧委會在交易結束後能夠增加客戶的興趣。我們展望 2025 財年第二季墨西哥灣近海業務。我們預計直接利潤將基本持平，並再次產生 600 萬至 800 萬美元的直接利潤。對於 KCAD 的傳統離岸解決方案業務，我們相信它將貢獻 1800 萬至 2500 萬美元的直接利潤。

Collectively, we will exit the quarter between 35 and 39 management contracts and contracted rig platforms. Outside of our core operating segments, we do have some business that generates additional direct margin. Collectively, those businesses are expected to contribute between $4 million and $6 million of margin in the second fiscal quarter.

整體而言，本季我們將簽訂 35 至 39 份管理合約和合約鑽井平台。在我們的核心營運部門之外，我們確實有一些業務可以產生額外的直接利潤。預計這些業務將在第二財季貢獻 400 萬至 600 萬美元的利潤。

Now let me update full fiscal year 2025 guidance as appropriate. We expect the timing of our CapEx spend to vary from quarter-to-quarter with the inclusion of our expanded international business resulting from the close of the acquisition. Capital expenditures for the full fiscal 2025 year expected to be between $360 million and $395 million. As previously discussed, our historical guidance prior to the close of KCAD was substantially lower than 2024 as post-COVID maintenance costs descended to more normal ranges of approximately $1 million per rig.

現在，讓我根據需要更新 2025 財年全年指引。我們預計，隨著收購完成而擴大的國際業務的納入，我們的資本支出時間將每季有所不同。預計 2025 財年全年資本支出將在 3.6 億至 3.95 億美元之間。如前所述，由於新冠疫情後維護成本下降至每台鑽機約 100 萬美元的更正常範圍，我們在 KCAD 收盤前的歷史指引遠低於 2024 年。

In addition, the 2024 CapEx was heavily impacted by costs associated with converting idle US rigs to walking, recertifying certain equipment to like new and conducting required rig modifications and purchasing specific equipment for Middle East contract opportunities. Some cost associated with this activity was included in fiscal 2025.

此外，2024 年資本支出受到與將閒置的美國鑽機轉換為行走鑽機、重新認證某些設備以使其像新設備一樣、進行必要的鑽機改造以及為中東合約機會購買特定設備相關的成本的嚴重影響。與此活動相關的部分成本已包含在 2025 財政年度。

However, we believe that substantially all of the necessary capital for that project has been incurred. As far as expectations for general and administrative expenses, with the addition of the KCAD numbers, we now expect the full 2025 year to be approximately $280 million. We are already capturing some synergies post close of the acquisition and have identified additional cost savings that will put us in excess of the original $25 million by 2026 that we discussed in July last year.

然而，我們相信該項目所需的基本所有資金都已到位。至於一般和行政費用的預期，加上 KCAD 數字，我們現在預計 2025 年全年約為 2.8 億美元。我們在收購完成後已經獲得了一些協同效應，並確定了額外的成本節約，這將使我們在 2026 年之前的成本超過去年 7 月討論的最初 2500 萬美元。

As we get deeper into integration, the opportunities not only for commercial opportunity expansion, but for cost reduction continue to materialize. We are now projecting a fiscal year 2025 cash tax range of $190 million to $240 million, which includes the additional taxes resulting from the expanded international business.

隨著我們進一步深入整合，不僅商業機會擴大，成本降低的機會也不斷實現。我們現在預測 2025 財年的現金稅範圍為 1.9 億至 2.4 億美元，其中包括擴大國際業務所產生的額外稅金。

Depreciation expense for our legacy business is still projected to be around $400 million. We have not completed the allocation of the purchase price for the acquisition, which will impact the depreciation projected for the balance of the year. Lastly, the new debt incurred to pay for the expanded international footprint results in about $75 million of interest expense for the balance of 2025.

我們傳統業務的折舊費用預計仍約為 4 億美元。我們尚未完成收購的購買價格的分配，這將影響預計的年度餘額折舊。最後，為支付擴大的國際業務而產生的新債務導致 2025 年餘額的利息支出約為 7,500 萬美元。

This amount is inclusive of over $35 million in interest savings for the combined company because of the rates achieved in our bond deal versus those historically paid by KCAD. Now looking at our financial position. H&P had cash and short-term investments of approximately $526 million at December 31, 2024.

這筆金額包括合併後公司節省的超過 3500 萬美元的利息，因為我們在債券交易中實現的利率與 KCAD 過去支付的利率相比有所降低。現在來看看我們的財務狀況。截至 2024 年 12 月 31 日，H&P 的現金和短期投資約為 5.26 億美元。

As a reminder, we had sold our equity investment in ADNOC Drilling for proceeds of approximately $190 million. These proceeds, together with our September bond issuance and the incurrence of the two-year term loan funded the KCA acquisition. With our undrawn credit facility of $950 million and the remaining cash on hand, we have adequate liquidity to not only cash efficiently fund the 25 operations but continue to generate ample cash to fund our base dividend and pay back the term loan of $400 million over the next 18 months.

提醒一下，我們已經出售了對阿布達比國家石油公司鑽井公司的股權投資，收益約 1.9 億美元。這些收益加上我們 9 月發行的債券和兩年期貸款為 KCA 收購提供了資金。憑藉我們未提取的 9.5 億美元信貸額度和剩餘的庫存現金，我們擁有充足的流動性，不僅可以高效地為 25 項業務提供資金，還可以繼續產生充足的現金來支付我們的基本股息，並在未來 18 個月內償還 4 億美元的定期貸款。

H&P maintains an investment-grade credit rating as the rating agencies have stated, our rating is supported by our large-scale and globally diversified rig operations following the KCAD acquisition. In addition to a significant contracted backlog that provides stability in a cyclical industry and our long history of prudently balancing debt holder and shareholder interest.

正如評級機構所述，H&P 維持投資級信用評級，我們的評級受到收購 KCAD 後大規模和全球多元化鑽井業務的支持。除了大量的合約積壓訂單為週期性產業提供穩定性之外，我們長期以來也審慎地平衡債務持有人和股東的利益。

With the closing of the acquisition, we have significantly enhanced our scale, diversification and overall business risk profile. As we have stated previously, we are committed to quick debt reduction with the goal to reduce our long-term net leverage to or below one turn.

隨著收購的完成，我們的規模、多樣化和整體業務風險狀況得到了顯著提升。正如我們之前所說，我們致力於快速減少債務，目標是將我們的長期淨槓桿率降至一倍或以下。

And let me close with one other data point that I think is important as we think about our guidance for the expanded international opportunities. KCAD's last fully completed quarter, which results were made public, was the third calendar quarter of 2024. During this quarter, where there was minimal impact from Saudi rig suspensions, KCAD showed total EBITDA of right around $80 million, which equates to roughly $320 million on an annual basis.

最後，我想以另一個我認為很重要的數據點來結束我們關於擴大國際機會的指導。KCAD 上一個完整完成並公佈業績的季度是 2024 年第三季。本季度，沙烏地阿拉伯鑽井平台暫停的影響微乎其微，KCAD 的 EBITDA 總額約為 8,000 萬美元，相當於年化利潤約 3.2 億美元。

So although our second quarter guidance is experiencing a bit of an air pocket because of the full impact of the rig suspensions and some general softness in the market. It does not reflect our ability to fully optimize our pro forma cost structure, does not reflect any of the commercial upside we expect to see in the business going forward and is not inclusive of any material synergy capture.

因此，儘管由於鑽機暫停的全面影響和市場普遍疲軟，我們的第二季指引出現了一些波動。它沒有反映出我們充分優化準備成本結構的能力，沒有反映出我們期望在未來業務中看到的任何商業優勢，也不包括任何實質的協同效應。

And with that, I'd like to turn it back over to the operator to open it up for questions.

現在，我想將時間交還給操作員，以便回答問題。

(Operator instructions)

（操作員指示）

David Smith, Pickering Energy Partners.

大衛史密斯 (David Smith)，Pickering Energy Partners。

Wanted to start with -- regarding the preliminary guidance for KCA, can you talk about the range for that international onshore margin, maybe any key items that could drive it between 35 and 50.

首先，關於 KCA 的初步指導，您能否談談國際在岸利潤率的範圍，以及任何可能將其推高至 35 至 50 之間的關鍵項目。

Yes. David, this is Kevin. Between 35 and 50, obviously, there is the -- the general -- as I talked about, there's a general softness in the market related to areas outside of the rig suspensions in Saudi. But the team that we have over there, they're actively working on getting some of the rigs in some of the other countries back to work and getting that EBITDA back to a level that commensurates with kind of what we were seeing back at -- during the third calendar year of 2024 the amount of EBITDA that they were generating.

是的。大衛，這是凱文。在 35 到 50 之間，顯然存在 — — 總體情況 — — 正如我所說的那樣，除了沙烏地阿拉伯鑽井平台暫停之外，市場總體上處於疲軟狀態。但是我們在那裡的團隊正在積極努力讓其他一些國家的鑽井平台恢復工作，並使 EBITDA 恢復到與我們在 2024 年第三個日曆年看到的 EBITDA 金額相稱的水平。

Also, the timing of the close we still have to go back through and kind of do an allocation of how much margin was generated during those first 16 days of January. That's going to take a little bit of work. And then the rig suspension timing. The first quarter -- or our second quarter will bear the brunt. It's the first real quarter that we're seeing all of, but we still -- there still is one rig that's currently working.

此外，我們仍需要回顧收盤時間，並分配 1 月前 16 天產生的保證金金額。這需要一點工作。然後是鑽機懸掛時間。第一季——或者說我們的第二季將首當其衝。這是我們看到的第一個真正的季度，但我們仍然 - 仍然有一個鑽孔機正在運行。

And then also, as we think about just our operating cost and with these rig suspensions, we're going to start pulling some cost out of the system that is associated with those suspensions. And if we don't see those rigs coming back to work relatively soon, then we need to really be thinking about what kind of cost can we pull out of it.

而且，當我們考慮我們的營運成本和這些鑽孔機暫停時，我們將開始從與這些暫停相關的系統中提取一些成本。如果這些鑽井平台不能很快恢復工作，我們就需要認真考慮我們能從中節省多少成本。

Yes. No, I appreciate that. And if I'm doing the math right, I'm coming up with a quarterly run rate for the KCA addition at around $64 million of EBITDA, but round that up to $65 million and call it annualized $260 million. I recognize that's not a full year outlook, right? But I just wanted to compare that to that the calendar Q3 level annualized at $320 million.

是的。不，我很感激。如果我計算正確的話，我得出的 KCA 新增業務的季度運行率約為 6400 萬美元的 EBITDA，但將其湊整為 6500 萬美元，即年化利潤 2.6 億美元。我知道這不是全年的展望，對吧？但我只是想將其與日曆第三季的年化水準 3.2 億美元進行比較。

And just looking for any color you might provide on how much of that delta between the forward quarter outlook and last 3Q -- calendar 3Q results. How much of that relates to the Saudi suspensions?

只是想看看您能提供什麼顏色來表明未來季度展望和上一季（日曆第三季結果）之間的差異有多大。這與沙烏地阿拉伯的停賽有多少關係？

The vast majority of it relates to the rig suspensions. I mean I think on a full calendar year run basis based upon the work that we're able to do now that we're closed, we see those rig suspensions at about $7 million per rig per year. And as a result of it, I mean, you're really taking close to $80 million out of a full year -- on a full year basis. What it doesn't include is how much cost do we believe that we can save based upon our projections and anticipation of when those rigs may go back to work.

其中絕大部分與鑽孔機懸掛有關。我的意思是，我認為，以我們關閉後能夠完成的工作為基礎，以全年運行為基礎，我們看到這些鑽機暫停的成本約為每台鑽機每年 700 萬美元。因此，我的意思是，你實際上從全年中拿走了近 8000 萬美元——按全年計算。它沒有包括的是，根據我們對這些鑽孔機何時恢復工作的預測和預期，我們認為可以節省多少成本。

Perfect. Thank you very much.

完美的。非常感謝。

Doug Becker, Capital One.

道格·貝克爾（Doug Becker），Capital One 的創始人。

Thank you, John, you mentioned being in Oman, Kuwait as well as just some general area softness outside of Saudi Arabia. So I just wanted to get your thoughts on how the trajectory in those countries looks? And in particular, my recollection is that KCA was looking for delivery of a couple of rigs for Oman, specifically at the end of last calendar year.

謝謝你，約翰，你提到了阿曼、科威特以及沙烏地阿拉伯以外的一些地區的情況。所以我只是想了解一下您對這些國家的發展軌跡有何看法？具體來說，我記得 KCA 正在尋求為阿曼交付幾台鑽機，具體是在去年年底。

Yes, Doug, the feedback that I got was really positive, both in Oman and Kuwait. They do have a rig that -- well, I think one rig that actually was recently delivered and spud and all is going well there. I don't recall if there's another one coming up, but the conversations we were having, and this is one of the things that we're really excited about is just in general customers that we previously or E&Ps, both IOCs and NOCs that we haven't worked before with this new exposure to the Middle East really opens up opportunities for us.

是的，道格，我收到的回饋非常積極，無論是在阿曼還是科威特。他們確實有一台鑽孔機——嗯，我認為實際上最近已經交付了一台鑽孔機，並且一切進展順利。我不記得是否有其他合作，但我們正在進行對話，這是我們真正感到興奮的事情之一，那就是我們之前的一般客戶或 E&P，包括 IOC 和 NOC，我們之前沒有合作過，而這次進入中東的新機會確實為我們打開了機會。

So we're seeing some growth opportunities that those won't hit immediately, but there's definitely some opportunities. There are some opportunities in Oman for us to move some rigs into Oman to improve activity there. So again, we're pleased about that. I think Latin America will probably be relatively flat to down in some of the countries.

因此，我們看到一些成長機會，這些機會不會立即出現，但肯定會有一些機會。在阿曼，我們有機會將一些鑽孔機轉移到阿曼，以改善那裡的活動。因此，我們對此感到非常高興。我認為拉丁美洲的一些國家可能會相對持平甚至下降。

But in general, the feedback that we've gotten, it's been very, very positive related to H&P and our ability to work with again, with -- in some cases, IOCs that we do a lot of work with here in the states that we really haven't had the opportunity to work with internationally because we don't have that footprint. So we have the great partnership, great relationship here. Now we can take that same relationship and transfer that, like I said, into the Middle East or other opportunities, areas that we see ahead.

但總體而言，我們收到的回饋非常積極，這與 H&P 以及我們再次合作的能力有關——在某些情況下，我們與美國國內的國際石油公司 (IOC) 開展了大量合作，但我們實際上沒有機會與這些國際石油公司在國際上合作，因為我們沒有那樣的足跡。因此，我們在這裡建立了良好的夥伴關係和良好的關係。現在，我們可以利用同樣的關係，並將其轉移到中東或其他我們預見的機會地區。

Got it. And then maybe just switching to the US. I certainly appreciate there is fewer calendar days in the March quarter versus the December quarter. But would you expand some of the other moving parts driving the lower outlook for direct margin in North America Solutions. Particularly, is there anything changing in the performance-based contracts? Or is this really more a function of rig churn?

知道了。然後也許就轉向美國了。我當然知道三月季度的日曆天數比十二月季度少。但是，您能否進一步闡述導致北美解決方案直接利潤前景下降的其他一些因素？特別是，基於績效的合約有什麼變化嗎？或者這實際上更多的是鑽孔機流失的功能？

Doug, it's again, great question. There's going to continue to be a level of churn. And I mentioned it in my prepared remarks, our teams are continuing to do a great job, the sales force, the operations teams, in delivering tremendous value for our customers. And that is really a win for us. As I said, even with a flat to even slightly down overall industry rig count in North America Solutions, we still created a little bit of market share.

道格，這又是一個很好的問題。一定程度的流失仍將持續存在。我在準備好的演講中提到過，我們的團隊、銷售團隊、營運團隊正在繼續出色地工作，為我們的客戶提供巨大的價值。這對我們來說確實是一個勝利。正如我所說，即使北美解決方案行業整體鑽機數量持平或略有下降，我們仍然創造了一點市場份額。

Again, we believe that's fully responsible based on the safety and the performance and the value proposition. We've mentioned before about performance-based contracts, about 50% of our rigs are on performance base. So sometimes quarter-over-quarter, there's some give and take there, plus and minuses. Again, the teams continue to deliver really well. But a lot of it is just quarter-to-quarter churn.

再次強調，我們相信，從安全性、效能和價值主張的角度來說，這是完全負責任的。我們之前提到過基於績效的合同，我們大約 50% 的鑽機都是基於績效的。因此，有時季度與季度之間會存在一些差距，有好有壞。再次，團隊繼續表現出色。但其中很多只是季度間的流失。

Anything you would add, Kevin?

凱文，您還有什麼要補充的嗎？

Yes. I think, again, just some of that variability that we see across quarters and really the -- what we're projecting in terms of the margins is maybe slightly down, but it's because of really some dogs and cats stuff that moves them in pricing, but the pricing is coming down just slightly. It is not because we're giving really any room on day rate. It's some of the performance contracts or some of the tech revenue that we expect to receive.

是的。我認為，我們在各個季度中看到的一些變化以及我們預測的利潤率可能略有下降，但這確實是因為一些貓狗產品的價格發生了變化，但價格只是略有下降。這並不是因為我們真的在日費率上給予任何空間。這是我們期望收到的一些績效合約或一些技術收入。

And so, our sales team has been wonderful and pretty disciplined about kind of maintaining those leading margins. And again, they are the leading margins across the industry. But again, that's why I mentioned it's easy to say that on an annual basis, we're going to see margins that are going to be in excess of $1 billion, but you're going to see a little bit of kind of quarterly variation maybe as those margins move up 400 in one quarter and then down 400 the next quarter. So they're really hanging in there. It's just a little bit of variability across the quarter.

因此，我們的銷售團隊非常出色，並且非常自律，能夠保持領先的利潤率。而且，他們的利潤率在整個行業中處於領先地位。但是，我再次提到，我們很容易說，按年度計算，利潤率將超過 10 億美元，但你會看到季度間有一點變化，也許利潤率在一個季度上升 400%，然後在下個季度下降 400%。所以他們確實堅持了下來。這只是整個季度的一點變化。

Got it. Thank you very much.

知道了。非常感謝。

Thank you.

謝謝。

Saurabh Pant, Bank of America.

美國銀行的 Saurabh Pant。

Hi, good morning, John and Kevin. John, Kevin, maybe I want to go back to international and versus just KCA Deutag, if I just focus on the eight rigs that you deployed in Saudi. I know three have spud, five are in country, they're going to spud. But as these rigs get fully operational, John, Kevin and the operations, the profitability on that normalizes, right?

嗨，早上好，約翰和凱文。約翰，凱文，也許我想回到國際上，與 KCA Deutag 進行對比，如果我只專注於你們在沙烏地阿拉伯部署的八個鑽井平台。我知道有三個已經種了土豆，五個在鄉下，他們正準備種土豆。但是隨著這些鑽孔機全面投入運營，約翰、凱文和營運的獲利能力就會恢復正常，對嗎？

Maybe give us some color on first in the timing of that? When do we expect that to fully happen. And once that happens, can you just remind us of the earnings power and the free cash flow power of just that portion of your business?

也許可以先給我們一些有關時間的資訊？我們預計什麼時候能夠完全實現這一點。一旦發生這種情況，您能否提醒我們您業務中該部分的盈利能力和自由現金流能力？

Well, I'll just start and have Kevin chime in on some of the numbers. But we're really -- in terms of the timing of spud of the first three or four rigs we're really pretty much in line. I think the other rigs are going to come in closely behind, but we're really pleased with, first of all, just the performance on safety and the focus there. And then we've really seen some good performance in terms of drilling the wells. But we -- there is some strong earnings power there going forward.

好吧，我先開始，讓凱文談談一些數字。但就前三、四台鑽機的開鑽時間而言，我們確實基本上符合預期。我認為其他鑽機也會緊跟其後，但我們首先對安全性能和重點感到非常滿意。我們確實看到了鑽井方面的一些良好表現。但我們——未來仍具有強勁的獲利能力。

Yes. I think we're kind of in that -- once those are all fully operational, we're expecting probably close to $20 million of EBITDA and margin contribution through the year.

是的。我認為我們已經處於這種狀態——一旦這些都全面投入運營，我們預計全年的 EBITDA 和利潤貢獻可能會接近 2000 萬美元。

Okay. Perfect, Kevin. I got it. And then again, on the KCA Deutag side of things, I was thinking about -- I know David asked about the EBITDA side of the equation. If I just move on and think about free cash flow contribution.

好的。太好了，凱文。我得到了它。然後，再次就 KCA Deutag 方面的問題，我在思考——我知道 David 詢問了等式的 EBITDA 方面。如果我繼續思考自由現金流貢獻。

I know you raised your cash taxes guidance for the full year by $50 million, right? But how should we think about how much free cash flow comes out of the KCA Deutag side of the business, especially cash taxes? I know some of the DD&A stuff, you are still in the process of finalizing that, but maybe any preliminary color on thinking about free cash flow conversion?

我知道您將全年現金稅收預期提高了 5000 萬美元，對嗎？但是，我們應該如何看待 KCA Deutag 業務中有多少自由現金流，尤其是現金稅？我知道一些 DD&A 的事情，你們仍然在最終確定的過程中，但也許在考慮自由現金流轉換方面有什麼初步的進展嗎？

Yes. I mean the beauty of the KCAD acquisition, even in the short term where we're seeing a little -- as I mentioned, an air pocket kind of in this in the second quarter. Even with that lower guidance, I think, if you were to annualize it and factor all those costs, including the taxes and the interest rate -- the additional interest rate expense on that, you're still roughly breakeven on cash flow.

是的。我的意思是，收購 KCAD 的好處在於，即使在短期內，我們也看到一點——正如我所提到的，第二季出現了一種氣泡。即使有較低的指導，我認為，如果將其年化並考慮所有這些成本，包括稅收和利率 - 額外的利率支出，您的現金流量仍然可以大致保持收支平衡。

Now once we start to see some improvement in some of the business in the third and fourth quarter that we're anticipating and getting back to those levels that I talked about for the third quarter of last year that KCAD was contributing. I think you're going to see probably closer to -- if you get -- once you get back up to that third quarter level, you're probably looking at $100 million of contribution to the overall pie of free cash flow that could be generated by it.

現在，一旦我們開始看到我們預期的第三季和第四季部分業務有所改善，並回到我所說的去年第三季 KCAD 貢獻的水平。我認為，一旦回到第三季的水平，您可能會看到它對整體自由現金流產生 1 億美元的貢獻。

Okay, perfect. Okay, Kevin, I got it. Okay, John, Kevin, thanks a lot. I'll turn it back.

好的，完美。好的，凱文，我明白了。好的，約翰，凱文，非常感謝。我會把它轉回去。

Thank you.

謝謝。

Keith Mackey, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Keith Mackey。

Hey, good morning. Thanks for taking my questions. Can we maybe just circle back to the legacy HP International operations? Can you just maybe give us a little bit more context into what the start-up costs that you're incurring generally relate to?

嘿，早安。感謝您回答我的問題。我們能否重返惠普原有的國際業務？您能否向我們詳細介紹一下您產生的啟動成本通常與什麼有關？

Certainly, those would have all been much higher than we might have thought. So maybe just a little bit more context around there. And then to the extent you can, maybe just give us a little bit more color on the timing you expect that, that legacy division could be back to a breakeven or positive level of direct margin generation?

當然，這些數字都比我們想像的要高得多。因此，也許只需要多一點背景資訊即可。然後，在您力所能及的範圍內，也許可以給我們多一點關於您預計的時間的信息，即傳統部門何時可以恢復到盈虧平衡或直接利潤產生的正水平？

Yes, Keith, good question. I'll start by just saying, again, first time that we've had these -- the FlexRigs in country and just going through the acceptance and the process. Obviously, it's been a big learning curve for us. So we've learned a lot. Each rig comes out a little quicker.

是的，基思，問得好。首先我想說的是，這是我們第一次在國內推出這些 FlexRigs，並且正在經歷驗收和流程。顯然，這對我們來說是一個很大的學習過程。所以我們學到了很多。每個鑽孔機出來得更快一點。

But there are -- clearly are costs associated with that. On the positive side of the equation is the feedback that we're getting from the customer. And as we think about combining the legacy H&P and the legacy KCAD and the synergies that we're going to see there and the learnings that we're going to have, I think, are going to be significant. Kevin, do you want to?

但這顯然是有成本的。正面的一面是我們從客戶那裡得到的回饋。當我們考慮將傳統的 H&P 和傳統的 KCAD 結合時，我認為我們將看到的協同效應和我們將獲得的經驗將具有重大意義。凱文，你想嗎？

Yes. And I think one of the costs that we're incurring right now is a relationship to just labor and rentals. That's pretty much driving the cost side. And again, the sooner we're getting the remaining or we get the remaining five rigs working and online, we start to generate some revenues. And again, we're anticipating close to $15 million to $20 million of additional margin associated with those rigs once they're up and working.

是的。我認為我們目前產生的成本之一與勞動力和租金有關。這在很大程度上推動了成本方面。而且，我們越早讓剩下的五個鑽孔機開始運作並上線，我們就能開始產生一些收入。而且，我們預計這些鑽孔機一旦投入運行，將帶來近 1,500 萬至 2,000 萬美元的額外利潤。

But right now, it's primarily labor rentals. But that's -- those costs every time we step up to the plate now, we've learned and we're learning from KCAD. -- now that we're a combined company. And so those costs are just continuing to go down.

但目前，主要還是勞務租賃。但那是——每次我們承擔責任時，這些成本都是我們從 KCAD 學到的，而且還在不斷學習。 ——現在我們是一家合併後的公司。因此這些成本正在持續下降。

Yes. Understood. Okay. Maybe just turning back to North America. Some have thought maybe we'd see a bit of incremental natural gas-driven activity at some point in 2025. It seems like maybe that has moved a little bit to the right and now the talk is a little bit more centered around 2026.

是的。明白了。好的。也許只是返回北美。有些人認為，也許我們會在 2025 年的某個時候看到一些由天然氣驅動的增量活動。看起來，這個主題可能已經稍微向右移動了一點，現在討論的重點更多地集中在 2026 年。

Can you maybe just give us your thoughts on how you're seeing the market unfold because absent of that, it kind of feels like we're in certainly a flat year. But just curious on your thoughts for the impact of that and where you think rig counts in the US might go through '25 and into '26 to the extent you can?

您能否簡單地告訴我們您對市場發展的看法，因為如果沒有這些，我們感覺我們肯定會處於平淡的一年。但我只是好奇您對此的影響的看法，以及您認為美國的鑽井數量在 25 年至 26 年可能會達到何種程度？

Yes, Keith. Well, again, if we just look at the market in general, we're really bullish about energy, really bullish about oil and gas in general, obviously. As you know, we've all been challenged over time in predicting what the timing would be. But I think if you just look at the fundamentals and you look at the long-term fundamentals for natural gas, they're really, really positive.

是的，基斯。好吧，再說一次，如果我們只看一下整個市場，我們顯然非常看好能源，非常看好石油和天然氣。正如你們所知，我們一直面臨著預測時間的挑戰。但我認為，如果你只看基本面並看看天然氣的長期基本面，它們真的非常積極。

And obviously, there's an opportunity to grow production significantly. In that scenario, going to need super-spec capacity rigs, going to need more H&P rigs in the market. So we feel good about that and believe that there's a lot of opportunity for us to keep rigs running and to put additional rigs to work. It's really hard to call whether that's a 2025 or whether that's a 2026 phenomenon. But if you're looking at it through the long-term lens, we're really bullish.

顯然，這是一個大幅提高產量的機會。在這種情況下，將需要超規格容量的鑽孔機，將需要市場上更多的 H&P 鑽孔機。因此，我們對此感到高興，並相信我們有很多機會保持鑽機運轉並投入更多鑽機工作。很難說這是 2025 年的現象還是 2026 年的現象。但如果從長遠角度來看，我們確實非常樂觀。

Yes. And I think if you think about the projects that are going to lead to that additional demand to where the pricing signals start to -- you start to see those pricing signals in the market. Those are long lead time type of projects that take a while before you start to see that increase in demand.

是的。我認為，如果你考慮那些將會帶來額外需求的項目，那麼定價訊號就會開始出現——你就會開始在市場上看到這些定價訊號。這些都是長期準備期的項目，需要一段時間才能開始看到需求的成長。

And I mean, I'm a firm believer, we're a firm believer that it's going to happen, and it's just -- it's probably not going to be '25, and it's just how quickly in '26 or '27 that we start getting those signals.

我的意思是，我堅信，我們堅信這會發生，只是——這可能不會在 2025 年發生，只是我們會在 2026 年或 2027 年多快開始收到這些信號。

I'll tell you the other thing to think about in relation to activity in North America, in general, the rigs, for the most part, as you know, the rig count has been pretty flat. And you look at H&P's rig count, we've been range bound 145 to 155. If you just look at the industry rig count, it's been pretty range bound.

我會告訴你關於北美活動的另一件事，總的來說，鑽井平台的數量在很大程度上相當平穩。看看 H&P 的鑽孔機數量，我們的範圍一直在 145 到 155 之間。如果你只看行業鑽機數量，你會發現它的範圍相當廣泛。

And that's been going on for 18 months. So one way to think about that is the rigs that are idle have now been idle for a year to 18 months. In some cases, the rigs that were active prior to that have been down for two years. So as you think about the costs associated with reactivating, getting those rigs back out into the market, what that does is that creates a really strong market and one where it helps us maintain that pricing discipline that we've been talking about.

這種情況已經持續了18個月。因此，可以這樣想：閒置的鑽孔機已經閒置了一年到一年半的時間。在某些情況下，先前活躍的鑽井平台已經停駛兩年了。因此，當您考慮與重新啟動、將這些鑽機重新投入市場相關的成本時，這樣做會創建一個真正強大的市場，並幫助我們維持我們一直在談論的定價紀律。

And again, it's back to continuing to deliver great value for customers, utilizing performance-based contracts and being paid for that performance that we're driving. So the point I'm trying to drive home here is that there's not a lot of additional capacity in the market that's ready to go to work. It's going to take a significant amount of capital in order to reactivate those assets before they go to work.

再次，我們再次回到繼續為客戶提供巨大價值，利用基於績效的合同，並根據我們所推動的績效獲得報酬。所以我想強調的一點是，市場上沒有太多可供投入使用的額外產能。在這些資產投入使用之前，需要投入大量資金來重新啟動它們。

Understood. Appreciate the comments. Thanks.

明白了。感謝您的評論。謝謝。

Thank you.

謝謝。

Kurt Hallead, Benchmark.

哈勒德（Kurt Hallead），《基準》。

Hey, good morning, everybody. Thanks for letting me in. I guess from my standpoint, right, acquisitions are always a little bit choppy or sloppy or whatever. And clearly, you made a bet on the long-term opportunity set with respect to the acquisition of KCA Deutag. So '25 is going to be what it is, right?

嘿，大家早安。謝謝你讓我進來。我想從我的角度來看，收購總是有點不穩定或草率或其他什麼的。顯然，您對收購 KCA Deutag 的長期機會下了賭注。那麼 '25 就是它原本的樣子了，對嗎？

But I was just kind of curious in the context of as you're getting larger and getting more scale in the Middle East and in the markets that you haven't really operated before. What you take away from some of the more recent learnings?

但我只是有點好奇，因為你們在中東和以前從未真正經營過的市場中規模越來越大。您從最近的一些學習中獲得了什麼收穫？

I know it's been very recent with the close of the deal. But what have you taken away from some of the learnings that as you go forward, gives you the conviction and confidence that you're going to be able to substantially improve the operational efficiency, performance and profitability of what you have going in the Middle East.

我知道這筆交易剛剛結束。但是，您從這些經驗中獲得了什麼？隨著您不斷前進，這些經驗使您更加堅信並有信心大幅提高您在中東地區的營運效率、績效和獲利能力。

Yes, Kurt, that's a great comment and question. And again, we feel very, very good about the long-term fundamentals of the KCA acquisition. Obviously, this transaction accelerates our international growth strategy. You followed the company for a long time. You've seen that we have -- we've been working on the Saudi opportunity with these eight rigs for over five years.

是的，庫爾特，這是一個很好的評論和問題。再次強調，我們對 KCA 收購的長期基本面感到非常非常樂觀。顯然，這筆交易加速了我們的國際成長策略。您跟隨該公司已經很長時間了。你已經看到，我們已經利用這八個鑽井平台為沙烏地阿拉伯的勘探機會努力了五年多。

And so, to grow internationally takes some time. And so now we have global scope. We have scale -- we have exposure to the best hydrocarbon basins in the world, and it really gives H&P the ability to grow in multiple areas. I said it earlier, but I think just to reemphasize, the feedback that we're getting from IOCs and NOCs excited about H&P now being in the basins where they work or the countries where they work, they're very, very excited about that.

因此，國際化發展需要一些時間。所以現在我們有了全球範圍。我們擁有規模——我們在世界上最好的碳氫化合物盆地中佔有一席之地，這確實使 H&P 有能力在多個領域實現發展。我之前說過，但我想再次強調一下，我們從國際石油公司和國家石油公司那裡得到的反饋對 H&P 現在出現在他們工作的盆地或他們工作的國家感到興奮，他們對此非常非常興奮。

So again, it's unfortunate that the timing isn't great. But as you know, this is a cyclical business. It's always been cyclical. H&P has a great track record for being able to manage through the cycles. So I don't have any doubt that we're -- our teams are going to work very closely with our customers and work our way through this.

所以，再次說來，時機不太好，真是不幸。但正如你所知，這是一個週期性的業務。它總是周期性的。H&P 在管理週期方面有著出色的記錄。所以我毫不懷疑我們的團隊將與客戶密切合作，共同解決這個問題。

So we have a lot of excitement about the future. You just think about Saudi, Oman, Kuwait, the US, North Africa, Argentina, this -- we haven't talked at all about the offshore business. Obviously, we've had a legacy with H&P, a legacy offshore management contract business. That's been very successful. Now we're -- we've grown that. We're in four or five additional countries, over 30 contracts, very low capital-intensive business, really gives us a lot of opportunity. We see this as a multi-decade opportunity.

因此，我們對未來充滿期待。你只要想想沙烏地阿拉伯、阿曼、科威特、美國、北非、阿根廷——我們根本沒有談論離岸業務。顯然，我們與 H&P 有著深厚的淵源，這是一家傳統的離岸管理合約業務公司。這是非常成功的。現在我們——我們已經實現了這個目標。我們在另外四、五個國家有業務，簽訂了 30 多份合同，這些業務都是資本密集度非常低的業務，這確實給我們帶來了很多機會。我們認為這是一個長達數十年的機會。

Again, we're bullish. Oil and gas, you just look at the energy demand that we see globally. And I think we're positioned really well for the future. We know without a shadow of a doubt that it's very hard to grow in any quick timing on the international side. So this gives us an immediate footprint and an opportunity to grow.

我們再次表示樂觀。石油和天然氣，你只要看看我們在全球範圍內看到的能源需求。我認為我們已經為未來做好了充分的準備。我們毫無疑問地知道，在國際上快速發展是非常困難的。因此，這為我們提供了直接的足跡和成長的機會。

And I would just add, to your point, we're only a couple of weeks into the post-close work. We've been working on pre-close integration kind of planning work. But getting -- kind of unleashing the two workforces and being able to question each other, like why you do it this way or why do we do it that way.

我想補充一點，關於你的觀點，我們才剛開始收盤後工作幾週。我們一直在進行整合前的規劃工作。但是，這可以釋放兩支隊伍的潛力，讓他們能夠互相提問，例如為什麼你們要這樣做，或者為什麼我們要那樣做。

I think there's already some early learnings that are going to generate some significant cost savings across the combined company that, again, when I look back at the acquisition economics, we didn't plan for those. We didn't predicate the deal on those savings. And so -- but I know just that based on the learnings in the first couple of weeks, there's a lot of opportunity there that will be realized in the next 12 to 18 months.

我認為我們已經有了一些早期的經驗，這些經驗將為合併後的公司帶來顯著的成本節約，但當我回顧收購經濟學時，我們並沒有為此做好計劃。我們並沒有根據這些節省來預測這筆交易。所以——但我知道，根據最初幾週的經驗，未來 12 到 18 個月內將會有很多機會實現。

That's great. And if I can, just one follow-up on the shuffling of the cards or shuffling of the rigs in Saudi, right? So is that a situation, John, and not to put you on the spot too much here, but just kind of curious, right? You got a handful of rigs that you obviously brought in the country from the US, I don't know. Is there any risk of cannibalization, if you will, of the KCA fleet that's in Saudi. And again, just high-level type stuff. This kind of seems like either to coincidental on timing, right, that you guys got these contracts.

那太棒了。如果可以的話，我只想跟進沙烏地阿拉伯的洗牌或鑽井平台的洗牌，對嗎？那麼，約翰，情況就是這樣嗎？我不是想讓你太難，只是有點好奇，對嗎？你們顯然從美國引進了一些鑽孔機，我不知道。如果你願意的話，駐紮在沙烏地阿拉伯的 KCA 艦隊是否有被蠶食的風險。再說一遍，這只是高級類型的東西。你們獲得這些合約的時間似乎很巧合，對吧？

And at the same time, they released some of the KCA rigs. On the flip side of that, I just would have thought, given the dynamic that the incremental spend is going to unconventional gas land that the Saudis would want to keep as many land rigs running as possible to take advantage of that. So just how you're thinking about that?

同時，他們也發布了一些 KCA 鑽孔機。另一方面，我只是認為，考慮到增量支出將用於非常規天然氣田的動態，沙烏地阿拉伯人會希望盡可能保持陸地鑽井平台的運轉，以利用這一點。那麼您對此有何看法？

Yes, that's a great question. So let's kind of look at it more broadly, H&P or KCA but legacy KCA, now H&P. Those rigs, number one, have been suspended. They've not been released. H&P rigs are not the only rigs that have been suspended, both onshore and offshore, in Saudi, rigs have been suspended. So don't get the impression that the legacy KCA rigs have been treated any differently than others.

是的，這是一個很好的問題。因此，讓我們更廣泛地看一下，H＆P 或 KCA，但傳統的 KCA，現在是 H＆P。第一，這些鑽井平台已被暫停。他們尚未被釋放。H&P鑽井平台並不是唯一被暫停營運的鑽井平台，無論是在陸上或海上，在沙特，鑽井平台都已暫停營運。因此，不要以為傳統的 KCA 鑽孔機與其他鑽孔機的待遇有任何不同。

Secondly, I want to say three of the 12 or four of the 12 rigs were drilling gas. The others are drilling oil. I think that's an important aspect. Maybe one, actually, I don't think any of the rigs were really actually drilling unconventional gas. So that's another point. So we believe, and I think, we have evidence to prove that those rigs are built and designed for the type of work that's being done, mostly conventional work.

其次，我想說，這 12 座鑽井平台中有 3 座或 4 座正在鑽探天然氣。其餘的正在鑽探石油。我認為這是一個重要方面。也許有一個，實際上，我認為沒有任何一個鑽井平台真正在鑽探非常規天然氣。這是另一點。因此，我們相信，而且我認為，我們有證據證明這些鑽孔機是為正在進行的工作類型（主要是常規工作）而建造和設計的。

There are some of the rigs that have done some unconventional in the past, and I think there's some opportunities for us to do that. So I would not -- I'm sure there's conversations, people have talked about that, but the reality of it is, again, I was there two weeks ago, I had direct conversations with executives that basically said, this is -- this happens occasionally, it's budget driven. Everybody is being impacted.

有些鑽井平台過去曾做過一些非常規作業，我認為我們也有機會這樣做。所以我不會——我確信人們已經談論過這個問題，但事實是，兩週前我在那裡，我與高管們進行了直接對話，他們基本上說，這是——這種情況偶爾會發生，這是由預算驅動的。每個人都受到了影響。

All the contractors are being impacted. Obviously, legacy KCA was one of those. So I think looking at it longer term, to your point about performance and processes. We have a lot of respect for the legacy KCA. If you just look at it through a broader lens from a performance base, I think, H&P and our culture and our processes are going to be really welcomed from the customers.

所有承包商都受到影響。顯然，遺留的 KCA 就是其中之一。所以我認為從長遠來看，關於效能和流程的觀點是正確的。我們非常尊重 KCA 的傳統。如果只是從績效角度更廣泛地看待它，我認為 H&P 以及我們的文化和流程將會受到客戶的真正歡迎。

And I can tell you; we're getting a lot of positive feedback from the legacy KCA employees. They're learning a lot. Kevin said it a minute ago, we're both learning together. This is a situation where one plus one isn't going to equal two. It's going to equal three. And I think there's a lot of opportunity for us ahead with this new global footprint. And there's lots of opportunities.

我可以告訴你；我們從 KCA 原員工那裡得到了很多正面的回饋。他們學到了很多。凱文剛才說過，我們都在一起學習。在這種情況下，一加一不等於二。它將等於三。我認為，憑藉這項新的全球影響力，我們未來將面臨許多機會。並且有很多機會。

So again, we're excited about it, recognize again, unfortunate, we hate to see this. But again, cyclical business. I've been in this business for 38 years. I don't know how many up cycles and down cycles and sideways cycles I have been a part of, but I've been a part of a lot of them, and H&P knows how to manage through these cycles.

因此，我們對此感到非常興奮，再次認識到，不幸的是，我們不願意看到這種情況。但同樣，這是週期性業務。我從事這個行業已經38年了。我不知道自己經歷過多少個上升週期、下降週期和橫向週期，但我已經經歷過很多了，H&P 知道如何度過這些週期。

Yes. And the only thing I would add is that, as John mentioned that he was over there a couple of weeks ago in the Middle East. And the relationships with all of our -- all of the KCAD customers, all of our existing customers, it's strong. This is not a -- these rig suspensions are not as a result of historical poor performance or bad relationship. This is -- as John mentioned, this is part of the budgeting that normally occur or occurs every once in a while.

是的。我唯一想補充的是，正如約翰所提到的，他幾週前去過中東。我們與所有 KCAD 客戶、所有現有客戶的關係都很牢固。這不是——這些鑽機暫停並不是由於歷史上表現不佳或關係不好造成的。正如約翰所提到的，這是預算的一部分，通常會發生或偶爾發生。

And unfortunately, given the timing of the closing of the acquisition, we're right there in one of those air pockets where budget constraints are resulting in rig suspension. These won't last forever. Obviously, these rigs will go back to work, and we'll stand ready to meet the customers' needs when they do.

不幸的是，考慮到收購結束的時間，我們正處於預算限制導致鑽機暫停的困境之一。這些不會永遠持續下去。顯然，這些鑽孔機將恢復工作，屆時我們將隨時準備滿足客戶的需求。

The other thing I wanted to mention, too, is these rigs -- some of these rigs that have been suspended have actually had their contracts extended three, five, seven years. So I think that's an important element to keep into -- to take into account is, again, the rigs were not released, they're suspended, and some of the rigs, even while the suspension period, their contracts have been extended.

我還想提一下這些鑽井平台——其中一些被暫停的鑽井平台的合約實際上已經延長了三、五、七年。所以我認為這是一個需要關注的重要因素——再次考慮到，鑽井平台並沒有被釋放，而是被暫停了，而且有些鑽井平台即使在暫停期間，其合約也已經延長。

So I think that's really important. I think, the last thing to just -- we're excited about it, but this isn't going to happen in the next couple of quarters. The first rigs were suspended in August in their one-year suspension periods. So you're looking at August, September time frame before you would even begin to see rigs more than likely going back to work.

所以我認為這非常重要。我認為，最後要說的是——我們對此感到興奮，但這不會在接下來的幾個季度內發生。首批鑽井平台於八月開始暫停作業，暫停期為一年。因此，您需要觀察 8 月和 9 月的時間範圍，然後才有可能看到鑽孔機重新開始工作。

That's great. I really appreciate it. Thank you.

那太棒了。我真的很感激。謝謝。

Waqar Syed, ATB Capital Markets.

Waqar Syed，ATB 資本市場。

Thank you for taking my question and thanks John for a very detailed answer before. Just following up on the rigs, KCA Deutag, in the US, you're using -- putting in a lot of technology on the drilling rigs. Do you see that -- demand for that technology in the international markets as well? And if so, can that technology be put on the KCA Deutag rigs? And if so, does it require any upgrades to do that?

感謝您回答我的問題，也感謝約翰之前給予的非常詳細的回答。繼續關注鑽井平台，KCA Deutag，在美國，你們在鑽井平台上投入了大量技術。您是否也看到國際市場對該技術的需求？如果可以的話，這項技術可以應用在 KCA Deutag 鑽孔機上嗎？如果是這樣，是否需要進行任何升級才能實現？

Great question, Waqar. As a matter of fact, yes, we continue to have -- deploy technologies. We're starting to see more of that internationally. Of course, most of that is directly related to the unconventional plays, which is where our technologies were developed and really adding value to customers. We do believe that over time, we'll be able to deploy more of our technology in Saudi, obviously, the legacy FlexRigs, but also on the legacy KCA rigs.

問得好，瓦卡爾。事實上，是的，我們繼續部署技術。我們開始在國際上看到更多這樣的現象。當然，其中大部分與非常規遊戲直接相關，我們的技術就是在這些遊戲中開發出來的，並且真正為客戶增加了價值。我們確實相信，隨著時間的推移，我們將能夠在沙烏地阿拉伯部署更多的技術，顯然是傳統的 FlexRigs，但也可以在傳統的 KCA 鑽孔機上部署。

And that's something that internally we're working on, the two teams are working together on. We're really, really excited about that opportunity. And that -- and those technologies would be margin accretive. Those technologies would be additive to what we have -- what we've been doing up to this point. So yes, we think that there's a lot of opportunities ahead for technology.

這是我們內部正在進行的工作，兩個團隊正在共同努力。我們對這個機會真的非常興奮。而且這些技術將會提高利潤率。這些技術將對我們現有的技術——我們迄今為止所做的技術——起到補充作用。所以是的，我們認為科技未來還有很多機會。

And just a follow-up. The KCA Deutag backlog is about $5 billion, $5.5 billion. Could you maybe quantify like how much of -- what time period or what time period you could recognize that backlog? Is it -- or maybe just like 80% to 90% of that could be when could you -- could that be recognized?

這只是後續行動。KCA Deutag 的積壓訂單約為 50 億美元至 55 億美元。您能否量化一下－在什麼時段或什麼時間內您可以辨識出積壓的情況？是嗎——或者可能只有 80% 到 90% 是什麼時候——能被識別出來嗎？

Waqar, we don't have that in front of us. That's something that we can try to get to you later. But at this stage of the game, we don't have that level of detail. I did want to say that our finance teams have just done an amazing job, as you can imagine, closing on the 16th to be where we are right now, knowing what we know right now has been a herculean effort and just really do appreciate them and all the extra time that they've put in to make this happen.

瓦卡爾，我們沒有遇到這樣的情況。我們可以稍後嘗試向您提供這些資訊。但在遊戲的這個階段，我們還沒有那麼詳細的資訊。我確實想說，我們的財務團隊剛剛做了一項了不起的工作，正如你可以想像的那樣，從 16 日結束到現在，我們知道現在所知道的事情是一項艱鉅的努力，我真的很感謝他們以及他們為實現這一目標所投入的所有額外時間。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Thank you. I will now turn the program back over to John Lindsay.

謝謝。現在我將把節目交還給約翰林賽。

Thank you, Shana. Again, everybody, thank you for joining us today. As we've mentioned, we believe the potential of this acquisition is a game changer for our business at H&P. We see a lot of opportunities ahead. I mentioned it, but energy demand is rising.

謝謝你，莎娜。再次感謝大家今天的到來。正如我們所提到的，我們相信此次收購的潛力將徹底改變 H&P 的業務。我們看到未來有很多機會。我提到過，但能源需求正在上升。

It's going to continue. And we believe that we are positioned well to take advantage of this opportunity globally for decades to come. So thank you again for joining us and have a great day.

這種情況將會持續下去。我們相信，未來幾十年我們已做好準備，在全球範圍內充分利用這一機會。再次感謝您的參與，祝您有個愉快的一天。

This does conclude today's program. Thank you for your participation. You may disconnect at any time.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。