Helmerich and Payne Inc (HP) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to today's H&P's fiscal second quarter earnings call. At this time, all participants are in listen-only mode. Later, you’ll have the opportunity to ask questions during the question-and-answer session. (Operator Instructions) Please note that this call is being recorded and I will be standing by should you need any assistance.

大家好，歡迎參加今天的 H&P 財務第二季財報電話會議。此時，所有參與者都處於只聽模式。稍後，您將有機會在問答環節提出問題。（操作員指示）請注意，此通話正在錄音，如果您需要任何協助，我將隨時待命。

It is now my pleasure to turn the conference over to Dave Wilson, Vice President of Investor Relations. Please go ahead.

現在我很高興將會議交給投資者關係副總裁戴夫威爾森 (Dave Wilson)。請繼續。

Thank you, Nicki, and welcome, everyone, to H&P's conference call and webcast for the second 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，Nicki，歡迎大家參加 H&P 2025 財年第二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。此類聲明是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. You should not place undue reliance on forward-looking statements and we undertake no obligation to publicly update these forward-looking statements.

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 表季度報告以及我們向美國證券交易委員會提交的其他文件中了解有關這些風險的更多資訊。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。

We also make reference to certain non-GAAP financial measures such as segment operating income, direct margin, adjusted EBITDA, and some other operating statistics. You'll find the GAAP reconciliation comments and calculations in yesterday's press release.

我們也參考了某些非 GAAP 財務指標，例如分部營業收入、直接利潤、調整後的 EBITDA 和一些其他營運統計數據。您可以在昨天的新聞稿中找到 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 thanks for joining us today. With the KCAD acquisition now complete, we believe H&P is well-positioned for the future. This acquisition results in H&P having the largest active rig count in the industry and establishes the company as a global leader with the scale and capabilities needed for future expansion into the premier international markets. It's been a little more than 100 days since the transaction closed and the integration is going well.

謝謝你，戴夫。大家好，感謝大家今天加入我們。隨著 KCAD 收購的完成，我們相信 H&P 已為未來做好了準備。此次收購使 H&P 擁有了業內最大的活躍鑽井數量，並確立了公司作為全球領導者的地位，具備了未來拓展至主要國際市場所需的規模和能力。交易完成至今已逾百天，整合工作進展順利。

Taking a long-term perspective, particularly considering the industry's current state, we are very well-positioned for the future. Now, we must demonstrate that we can execute on our international growth strategy, I want to assure you that is what we are focused on. I want to commend our people. Two legacy organizations have come together as one team and are delivering significant value for customers.

從長遠來看，特別是考慮到產業的現狀，我們對未來已經做好了充分的準備。現在，我們必須證明我們能夠執行我們的國際成長策略，我想向你們保證，這正是我們所關注的。我要讚揚我們的人民。兩個傳統組織已合併為一個團隊，並為客戶帶來巨大的價值。

There are some noteworthy headwinds facing the industry, stemming from several factors, including OPEC-plus production increases and US tariff initiatives that have created global economic uncertainty.

該行業面臨一些值得注意的阻力，這些阻力源於多種因素，包括歐佩克等國家的產量增加以及美國關稅措施造成的全球經濟不確定性。

Even so, we remain bullish about the long-term outlook for oil and gas markets and believe demand will continue to increase over time. The oil and gas production decline curve continues and the only way to maintain and grow production is by drilling more wells.

即便如此，我們仍然看好石油和天然氣市場的長期前景，並相信需求將隨著時間的推移而持續成長。石油和天然氣產量下降曲線仍在繼續，維持和增加產量的唯一方法是鑽更多的井。

H&P is the most efficient driller in the US, and we plan to demonstrate we can do the same in international markets. I believe that our rigs, technology, people, and commercial models drive the best outcomes for our customers and our differentiated solutions will drive our success in the future.

H&P 是美國最有效率的鑽井公司，我們計劃證明我們可以在國際市場上做到這一點。我相信我們的鑽孔機、技術、人員和商業模式將為我們的客戶帶來最好的結果，而我們差異化的解決方案將推動我們未來的成功。

Next, I'll spend a few minutes reviewing each of our operating segments. Our North America Solutions segment remains resilient as our customer and operational performance focus and best-in-class execution allowed us to maintain a steady rig count and realize margins that were better than our expectations going into the quarter.

接下來，我將花幾分鐘回顧我們的各個營運部門。我們的北美解決方案部門保持了韌性，因為我們對客戶和營運績效的關注以及一流的執行力使我們能夠保持穩定的鑽機數量，並實現比本季度預期更好的利潤率。

Looking ahead, we expect softer oil prices will lower the industry rig count as market volatility overrides any potential incremental demand. Over 50% of our customers continue to prefer performance-based contracts and technology solutions remain a critical component of our overall contracting strategy.

展望未來，我們預計油價走軟將降低產業鑽井數量，因為市場波動會超過任何潛在的增量需求。超過 50% 的客戶繼續青睞基於績效的合同，技術解決方案仍然是我們整體承包策略的關鍵組成部分。

Our technology solutions are focused on automating processes that were previously more manual operations. These technologies drive greater efficiency, safety, and reliability for our customers. The combination of performance-based contracts and technology solutions offer advantages for both our customers and H&P by providing a mutually beneficial value proposition. Kevin will give more details in his remarks about our North America Solutions financials.

我們的技術解決方案專注於實現以前需要更多手動操作的流程的自動化。這些技術為我們的客戶帶來了更高的效率、安全性和可靠性。基於績效的合約和技術解決方案的結合透過提供互惠互利的價值主張為我們的客戶和 H&P 帶來了優勢。凱文將在他的評論中提供更多有關我們北美解決方案財務狀況的細節。

Our International Solutions segment reflects the inclusion of the legacy KCA Deutag operations, and our team is working diligently to fully integrate international operations into a single cohesive business unit.

我們的國際解決方案部門反映了傳統 KCA Deutag 業務的納入，我們的團隊正在努力將國際業務完全整合為具有凝聚力的業務部門。

We believe the combined cultures of performance, discipline, and customer focus, coupled with learnings from our North America solutions experience, including our technology and commercial models, position us for success over the long-term.

我們相信，績效、紀律和客戶關注的綜合文化，加上我們從北美解決方案經驗（包括我們的技術和商業模式）中汲取的經驗，將使我們獲得長期的成功。

During the quarter, we experienced challenges in our Saudi operations with start-up delays with the legacy H&P Flex rigs, which we believe have now been mostly resolved. The additional rig suspensions in the legacy KCA fleet were impactful as well.

本季度，我們在沙烏地阿拉伯的業務中遇到了挑戰，傳統的 H&P Flex 鑽機啟動延遲，我們認為現在這些問題基本上已經解決。傳統 KCA 船隊中額外的鑽孔機懸吊裝置也產生了影響。

On the positive side, we have already started to reap the benefits of the expertise, infrastructure and scale of the legacy KCAD operations in Saudi. It is gratifying to see the strong partnerships with customers we have in our international solutions business.

從積極的一面來看，我們已經開始從沙烏地阿拉伯傳統 KCAD 業務的專業知識、基礎設施和規模中獲益。我們很高興看到我們在國際解決方案業務中與客戶建立了牢固的合作夥伴關係。

In my recent visits to rigs and the countries where we operate, I am confident that in the future, H&P can grow the business. In discussions with customers, it's become evident that there is a strong demand for the operational excellence, safety and technology solutions that H&P delivers despite near-term softening in the industry.

在我最近對鑽井平台和我們開展業務的國家進行訪問時，我相信未來 H&P 能夠擴大業務。在與客戶的討論中，很明顯，儘管行業近期出現疲軟，但對 H&P 提供的卓越營運、安全和技術解決方案的需求仍然強勁。

Given the current outlook, direct margins in the international solutions segment in the third fiscal quarter will fall short of where ultimately we want to be. Our teams are working closely with our customers, and we do expect to see improvement in the results on a sequential basis as we continue to progress our integration efforts, especially in Saudi. We have a laser-focus on getting this right, and Kevin will go into more details about what is driving our Q2 results and Q3 outlook.

鑑於目前的前景，第三財季國際解決方案部門的直接利潤率將達不到我們最終想要的水平。我們的團隊正在與客戶密切合作，隨著我們繼續推進整合工作，尤其是在沙特，我們確實希望看到業績逐年改善。我們全心全意地致力於做好這件事，Kevin 將詳細介紹推動我們第二季業績和第三季前景的因素。

Now, looking at our offshore solutions segment, which continues to produce strong and steady cash flows. H&P's legacy offshore experience dates back more than 50 years, and the inclusion of the legacy KCAD fleet has added significant scale and geographic expansion to our offshore segment.

現在，看看我們的離岸解決方案部門，它繼續產生強勁而穩定的現金流。H&P 的傳統海上經驗可以追溯到 50 多年前，而傳統 KCAD 船隊的加入為我們的海上部門增加了顯著的規模和地理擴展。

Together, we are the largest global offshore operation and maintenance partner in the world. Our offshore solutions segment deliver drilling solutions, workovers, P&A, and rig modifications and asset management on platforms and jack-ups.

我們共同成為全球最大的海上營運和維護合作夥伴。我們的海上解決方案部門提供鑽井解決方案、修井、P&A、鑽機改造以及平台和自升式鑽井平台上的資產管理。

ACA's first offshore contract started in 1972 in Norway. Our offshore business has low capital intensity and a blue-chip customer base that we are very familiar with. And it's encouraging to see the growth opportunities emerging again in this segment of our business.

ACA 的第一份海上合約於 1972 年在挪威開始簽訂。我們的離岸業務資本密集度較低，並且擁有我們非常熟悉的藍籌客戶群。令人鼓舞的是，我們業務的這一領域再次出現了成長機會。

In closing, having successfully accomplished the important strategic objective of expanding internationally, particularly to achieve scale in the Middle East, we are now entering the phase of enhancing value and performance for our customers and shareholders.

最後，在成功實現了國際擴張的重要策略目標，特別是在中東實現規模化之後，我們現在正進入為客戶和股東提升價值和績效的階段。

For our customers, this means prioritizing safety, drilling efficiency, and reliability, which in turn drive financial performance for our shareholders. The oil and gas industry has always been cyclical and likely will remain so, but H&P has always been adept at navigating these cycles and coming out stronger on the other side.

對於我們的客戶來說，這意味著優先考慮安全性、鑽井效率和可靠性，從而為我們的股東帶來財務表現。石油和天然氣行業一直具有週期性，並且很可能繼續如此，但 H&P 一直善於駕馭這些週期，並在週期的另一端變得更加強大。

Throughout our 105-year history, the company has faced many challenges in the industry and the enduring imperative is always to keep our core businesses performing well.

在我們 105 年的歷史中，公司面臨著行業中的許多挑戰，而我們始終堅持的當務之急是保持核心業務的良好表現。

In the upcoming quarters, we will focus on realigning our cost structures, securing value-add synergies and reducing debt on our balance sheet. We are extremely optimistic about the future and our ability to scale in the most prolific oil and gas producing regions in the world, while also acknowledging that there may be temporary growing pains. And as I said previously, now we must demonstrate that we can execute on our international growth strategy.

在接下來的幾個季度中，我們將專注於重新調整成本結構，確保增值綜效並減少資產負債表上的債務。我們對未來以及我們在世界上最豐富的石油和天然氣產區擴大規模的能力非常樂觀，同時也承認可能會有暫時的成長煩惱。正如我之前所說，現在我們必須證明我們能夠執行我們的國際成長策略。

Before turning the call over to Kevin, I want to express my gratitude for the effort our people have put forth over the past year. With the acquisition and continuing to run the day-to-day, everyone has worked very hard. The H&P organization is comprised of loyal and talented individuals whose dedication and support and focus on our customers are the key ingredients to our success, and I want to thank them.

在將電話轉給凱文之前，我想對我們的員工在過去一年中的努力表示感謝。從收購到繼續日常運營，每個人都非常努力。H&P 組織由忠誠而有才華的個人組成，他們的奉獻、支持和對客戶的關注是我們成功的關鍵因素，我要感謝他們。

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 second quarter 2025 operating results, which includes a partial quarter from our expanded international and offshore businesses, resulting from the close of our KCAD acquisition in January. provide guidance for the fiscal third quarter, update remaining full year 2025 guidance as appropriate, and finally, comment on our financial position.

\謝謝約翰。今天，我將回顧我們 2025 財年第二季度的經營業績，其中包括我們擴大的國際和離岸業務的部分季度，這是我們 1 月份完成 KCAD 收購的結果。提供第三財季的指導，酌情更新 2025 年全年剩餘的指導，最後對我們的財務狀況進行評論。

Let me start with a few highlights. The company generated quarterly revenues of just over $1 billion. Total direct operating costs were $702 million, and general and administrative expenses were approximately $81 million for the quarter.

讓我先講幾個重點。該公司季度營收略高於 10 億美元。本季直接營運成本總額為 7.02 億美元，一般及行政支出約 8,100 萬美元。

Our G&A costs include the one-time charges associated with the voluntary early retirement program. Gross capital expenditures for our second quarter were $159 million, which was in line with our expectations as the program was more heavily weighted to the front half of the year.

我們的一般及行政費用包括與自願提前退休計畫相關的一次性費用。我們第二季的總資本支出為 1.59 億美元，這符合我們的預期，因為該計劃更集中在上半年。

Second quarter cash flow from operations was $56 million, which was negatively impacted by significant non-recurring transaction-related one-time costs in addition to some working capital challenges with our unconventional start-up business in Saudi.

第二季的營運現金流為 5,600 萬美元，這受到與非經常性交易相關的大量一次性成本以及我們在沙烏地阿拉伯的非常規新創業務的一些營運資金挑戰的負面影響。

However, we expect future quarters' cash flows to be more reflective of our underlying business as those costs and issues have been substantially resolved. Turning to our three segments, beginning with North American Solutions, we averaged 149 contracted rigs during the quarter, which is right in line with the rig count for the quarter. The exit rig count was 150, which was within our guided range of 146 to 152. Revenues of $600 million were essentially unchanged since the first quarter.

然而，我們預計未來幾季的現金流將更能反映我們的基礎業務，因為這些成本和問題已基本解決。談到我們的三個部門，從北美解決方案開始，我們在本季平均簽約了 149 台鑽機，這與本季的鑽機數量一致。退出鑽機數量為 150 個，在我們指導的 146 至 152 個範圍內。6億美元的營收與第一季相比基本上沒有變化。

Segment direct margin was approximately $266 million, which was a bit stronger than the first quarter. The realization uplift from performance-based contracts continued to enhance our margins and provide additional value to our customers utilizing them. This alignment of customer incentives and our performance resulted in industry-leading margins. In addition, over half of the US active fleet is on a term contract.

分部直接利潤約 2.66 億美元，比第一季略有成長。基於績效的合約的實現提升繼續提高了我們的利潤率，並為使用它們的客戶提供了額外的價值。客戶激勵與我們的業績結合，帶來了業界領先的利潤率。此外，超過一半的美國現役艦隊都簽訂了定期合約。

Our international solutions activity ended the second fiscal quarter with 76 rigs working with approximately $4 billion of contracted drilling backlog. In Saudi, our FlexRig unconventional start-up is nearly complete as seven rigs are currently working, and the eighth should commence operations any day. As a whole, our international solutions business generated direct margin of $27 million.

我們的國際解決方案活動在第二財季結束時共有 76 個鑽機在運行，合約鑽井積壓金額約為 40 億美元。在沙特，我們的 FlexRig 非常規啟動工作已接近完成，目前有七台鑽機正在運行，第八台鑽機應該隨時可以開始運作。總體而言，我們的國際解決方案業務產生了 2700 萬美元的直接利潤。

As John indicated, the rig suspensions in Saudi had a large negative impact on the quarterly results. To that effect, we are aggressively reviewing and taking action to minimize our operational costs and to quickly and effectively integrate the resources, ideas, and expertise that we now share across KCAD and H&P operations.

正如約翰所指出的，沙烏地阿拉伯鑽井平台暫停對季度業績產生了很大的負面影響。為此，我們正在積極審查並採取行動，盡量降低營運成本，並快速有效地整合我們目前在 KCAD 和 H&P 營運中共享的資源、想法和專業知識。

Finally, to our offshore solutions segment, which generated $26 million in direct margins. We are very pleased with the performance of our steady and stable offshore business, which has current backlog of $2.5 billion. Much of this business was acquired through the KCAD acquisition, which included asset-light offshore management contract operations located in the North Sea, Angola, Azerbaijan, and Canada.

最後，我們的離岸解決方案部門創造了 2,600 萬美元的直接利潤。我們對穩定的離岸業務表現感到非常滿意，目前該業務的積壓訂單量為 25 億美元。大部分業務是透過收購 KCAD 獲得的，其中包括位於北海、安哥拉、亞塞拜然和加拿大的輕資產海上管理合約業務。

Looking ahead to the third quarter of fiscal 2025 for North American Solutions, we expect to average between 143 and 149 contracted rigs. Revenue backlog from our North American Solutions fleet is roughly $700 million for rigs under term contract, which is consistent with where we were at the end of the first quarter. $500 million of this total will be recognized in our fiscal year 2025 with the balance in 2026.

展望北美解決方案 2025 財年第三季度，我們預計平均簽約鑽機數量在 143 至 149 台之間。我們的北美解決方案船隊定期合約下的鑽機收入積壓約為 7 億美元，這與第一季末的水平一致。其中 5 億美元將在 2025 財年確認，餘額將在 2026 年確認。

Again, we are focused on providing customer-centric solutions and believe direct margins in fiscal Q3 to range between $235 million and $260 million. As the broader energy industry continues to face the near-term headwinds associated with commodity pricing and potential cost increases associated with tariffs, we will remain focused on providing our customers with mutually beneficial performance incentives and innovative technical solutions.

再次，我們專注於提供以客戶為中心的解決方案，並相信第三財季的直接利潤將在 2.35 億美元至 2.6 億美元之間。隨著整個能源產業繼續面臨與商品定價和關稅相關的潛在成本增加相關的短期阻力，我們將繼續專注於為客戶提供互惠互利的績效激勵和創新的技術解決方案。

As we look toward the third quarter of fiscal 2025 for international, as we mentioned in the press release, we expect direct margins from our international solutions to be between $25 million and $35 million, exclusive of any foreign exchange gains or losses.

正如我們在新聞稿中提到的那樣，展望 2025 財年第三季的國際業務，我們預計國際解決方案的直接利潤將在 2,500 萬美元至 3,500 萬美元之間，不包括任何外匯收益或損失。

Further, we expect the average rig count to be approximately 85 to 91 contracted rigs, of which 68 to 74 are expected to be generating revenue. Again, we are managing the impacts of the rig suspensions and believe the Saudi FlexRig start-up costs are substantially behind us now.

此外，我們預計平均鑽機數量約為 85 至 91 個合約鑽機，其中 68 至 74 個預計將產生收入。再次，我們正在應對鑽機暫停的影響，並相信沙烏地阿拉伯 FlexRig 的啟動成本現在已基本落後。

We are integrating the best possible outcomes associated with legacy KCAD operations and the unconventional start-up. This includes operations, people, processes, technology and systems. Coming out of these near-term headwinds, we will be positioned to be a leading provider of drilling services in the Middle East.

我們正在整合與傳統 KCAD 營運和非傳統新創企業相關的最佳成果。這包括操作、人員、流程、技術和系統。擺脫這些短期不利因素後，我們將成為中東地區領先的鑽井服務提供者。

Now, turning to guidance for our Offshore Solutions segment. We expect to generate between $22 million and $29 million in direct margin in the third quarter, with average management contracts and contracted platform rigs to be around 30 to 35.

現在，轉向我們的海上解決方案部門的指導。我們預計第三季的直接利潤將在 2,200 萬美元至 2,900 萬美元之間，平均管理合約和合約平台鑽機數量約為 30 至 35 個。

Outside of our core operating segments, we do have some businesses that generate direct margin and collectively, those are expected to contribute between $2 million and $5 million in the third quarter.

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直接利潤，預計這些業務將在第三季貢獻 200 萬至 500 萬美元。

Now, let me update full year fiscal -- full year 2025 guidance items. As I stated earlier, our CapEx spend was weighted to the front half of the year and fully expected to moderate now for the balance of the year. As such, we are still estimating capital expenditures for the full fiscal year to be between $360 million and $395 million.

現在，讓我更新全年財政年度—2025 年全年指導專案。正如我之前所說，我們的資本支出集中在今年上半年，預計今年剩餘時間的支出將會放緩。因此，我們仍估計整個財政年度的資本支出將在 3.6 億美元至 3.95 億美元之間。

Just to remind you that last quarter, we were unable to provide a good projection for depreciation expense as the initial allocation of purchase price for KCAD had not been completed. Now that the initial assessment has been finalized, we are projecting depreciation expense to be around $595 million for the full year.

只是提醒您，上個季度，我們無法提供良好的折舊費用預測，因為 KCAD 的初始購買價格分配尚未完成。現在初步評估已經完成，我們預計全年折舊費用約為 5.95 億美元。

For general and administrative expenses, with the addition of KCAD numbers, we still expect the full fiscal 2025 year to be approximately $280 million. As we have discussed, we are already capturing some synergies post close of acquisition and have identified additional cost savings that will put us in excess of the original $25 million by 2026.

對於一般和行政費用，加上 KCAD 數字，我們仍然預計 2025 財年全年費用約為 2.8 億美元。正如我們所討論的，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，到 2026 年，這將使我們的成本超過最初的 2500 萬美元。

As we get deeper into the integration, the opportunities not only for commercial opportunity expansion, but for cost reduction continues to materialize. We are also evaluating broader cost reductions across the enterprise and have a line of sight on $50 million to $75 million in total 2026 run rate savings between synergies and other permanent cost reductions.

隨著我們進一步深入整合，不僅商業機會擴大，而且成本降低的機會也不斷實現。我們也正在評估整個企業的更廣泛的成本削減，並預計到 2026 年，協同效應和其他永久性成本削減將帶來 5000 萬至 7500 萬美元的總運行率節省。

We are still 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. And lastly, nothing has really changed in regards to interest expense, and we are projecting around $50 million for the remainder of the fiscal year.

我們仍預測 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。最後，利息支出方面沒有任何變化，我們預計本財政年度剩餘時間的利息支出約為 5,000 萬美元。

Now, looking at our financial position. H&P had cash and short-term investments of $196 million at March 31st. 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 2025 operations, but continue to generate ample cash to fund our base dividend and pay back the $400 million term loan.

現在，看看我們的財務狀況。截至 3 月 31 日，H&P 擁有現金和短期投資 1.96 億美元。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 2025 年的運營提供資金，還可以繼續產生充足的現金來支付我們的基本股息並償還 4 億美元的定期貸款。

As a matter of fact, we are anticipating that by the end of this calendar year, we will have repaid at least $175 million on it. H&P maintains an investment-grade credit rating. We have a long history of responsibly managing our balance sheet and balancing the interest of debt and equity holders. We will continue to do so. Yes, the markets are murky right now.

事實上，我們預計到今年年底，我們將償還至少 1.75 億美元。H&P 維持投資等級信用評等。我們長期以來一直負責任地管理我們的資產負債表並平衡債務人和股東的利益。我們將繼續這樣做。是的，目前市場很混亂。

However, collectively, this leadership team has lived and managed through the turbulent energy markets for decades now. We won't let the grass grow under our feet watching them unfold around us.

然而，幾十年來，這個領導團隊一直共同應對動盪的能源市場。我們不會讓腳下的草生長，看著它們在我們周圍展開。

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

說完這些，我將把話題轉回給接線生，以便大家提問。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Keith Mackey, RBC.

基斯·麥基（RBC）。

Hi, good morning and thanks for taking my questions. Maybe just to start out on the international. What is your sense of the Saudi market today? I know there were some suspensions this quarter. Do you think that the suspension cycle is primarily complete? Or is there likely some additional actions to be taken there?

大家好，早安，感謝您回答我的問題。也許只是開始走向國際化。您對當今沙烏地阿拉伯市場有何看法？我知道本季有一些停職。您認為暫停週期基本上已經完成嗎？或者是否有可能採取一些額外的行動？

I wish I could say for certain what -- we don't have direct insight into that. I mean we have had some conversations. And at least at one point, it seems like that the suspensions were behind us. We just don't have any clear insight into that. I wish I could give you some better clarity into that.

我希望我可以肯定地說——我們對此沒有直接的了解。我的意思是我們已經進行了一些對話。至少在某一時刻，看起來停賽已經過去了。我們只是對此沒有任何清晰的認識。我希望我能給你更清楚地解釋這一點。

One of the things that we have seen in the past, and of course, we weren't working in Saudi then, but obviously, the KCA employees were. And if you just go back to 2015 timeframe, 2020 time frame with COVID, there were rig suspensions then. And again, I think just based upon how the market was then, it was a very dramatic drop in a much different environment than what we see today.

這是我們過去看到的事情之一，當然，當時我們還沒有在沙烏地阿拉伯工作，但顯然 KCA 員工在沙烏地阿拉伯工作。如果你回顧 2015 年和 2020 年 COVID 疫情的時間段，當時鑽井平台都處於暫停狀態。而且，我認為，僅根據當時的市場狀況來看，這是一個非常劇烈的下跌，而且當時的環境與我們今天看到的環境截然不同。

But nevertheless, still -- there was still a need to pull back on spending and rig count, particularly in the oil markets. So, I say that because what we do know is that there's a track record of having suspensions and then rigs going back to work. So obviously, that's no guarantee.

但儘管如此，仍需要減少支出和鑽井數量，特別是在石油市場。我之所以這麼說，是因為我們確實知道，鑽井平台有過暫停作業然後又恢復作業的記錄。顯然，這並不能保證。

But I do think that at least, again, what we hear from Aramco is that this has happened before. And over time, rigs will go back to work. We just don't know when at this particular time. And as far as additional, again, we've seen the same thing. We've seen one or two here along the way, different contractors, but really don't have a sense for if they're finished or not at this point.

但我確實認為，至少從沙烏地阿美公司的消息來看，這種情況以前也發生過。隨著時間的推移，鑽井平台將恢復工作。我們只是不知道這個具體時間是什麼時候。至於其他方面，我們又看到了同樣的事情。我們一路上見過一兩個不同的承包商，但真的不知道他們現在是否完成了工作。

Okay. Fair enough. And maybe just a follow-up on the international. You've given Q3 guidance, which looks like there's some impact of some more suspensions or the recent suspensions coming on, but also some of the legacy HP rigs starting up.

好的。很公平。或許只是對國際的後續行動。您已經給出了第三季度的指導，看起來這受到了更多暫停或最近暫停的影響，但同時也受到了一些傳統 HP 鑽機啟動的影響。

Can you just give us a bit of a sense of how that dynamic should play out for fiscal Q4? I would imagine that if the suspension impact -- full impact is felt in Q3 of what you know today and then you start to get the benefit of the legacy HP rigs, then Q4 should be set for a decent inflection in margins for the international. But can you just maybe give us a little bit more color on how we should think about those pieces?

您能否向我們簡單介紹一下第四季的財務動態將如何發展？我想，如果暫停的影響——在第三季度全面顯現出來，並且您開始從傳統的 HP 鑽機中獲益，那麼第四季度國際利潤率應該會出現一個相當大的拐點。但是您能否給我們稍微詳細地講一下我們該如何看待這些作品？

This is Kevin. And I think you're right. I think if you look at our legacy unconventional start-up operations in Saudi, again, as I mentioned earlier, we're still waiting on one rig to be operational any day. But if you think about the third quarter, not all -- some of those rigs were coming online.

這是凱文。我認為你是對的。我認為，如果你看看我們在沙烏地阿拉伯的傳統非常規啟動業務，正如我之前提到的，我們仍在等待一座鑽井平台投入營運。但如果你考慮一下第三季度，你會發現並不是全部——其中一些鑽井平台正在上線。

So, for the third quarter, you're really not going to see the full impact of full operational mode for those eight rigs until the fourth quarter. So to your point, you should see a pretty good positive inflection by the time we get to the fourth quarter and how much revenue per day those rigs are going to be contributing to the overall international kind of EBITDA stream.

因此，對於第三季來說，你實際上要到第四季才能看到這八個鑽井平台全面投入營運模式的全部影響。因此，正如您所說，到第四季度時，您應該會看到一個相當積極的拐點，以及這些鑽井平台每天將為整體國際 EBITDA 流貢獻多少收入。

And then on the rig suspensions, I believe at 3/31 at the end of the second quarter, we were still operating of the 17 total rigs that have been suspended to-date, five of those have -- we're still operating as of 3/31. So, you're going to see during the third quarter, that start to come down more.

關於鑽井平台暫停的情況，我相信截至第二季末的 3 月 31 日，我們仍在運營，迄今已暫停的 17 個鑽井平台中，有 5 個 - 截至 3 月 31 日我們仍在運營。因此，你會看到在第三季度，這個數字開始進一步下降。

But then again, assuming -- and again, obviously, as John said, it's a big assumption. But if there were no more rig suspensions, then you should see that kind of flatten out and see the full impact.

但話又說回來，假設——顯然，正如約翰所說，這是一個很大的假設。但如果沒有更多的鑽孔機暫停，那麼你就會看到這種情況逐漸平緩，並看到全部影響。

But offsetting some of the revenue reduction there, as we've mentioned a couple of times so far is that really the cohesiveness and the integration of the legacy KCAD operations team with the FlexRig, H&P legacy start-up team, we're starting to see that catch stride and minimize and reduce some of the cost and just how they navigate operating in country.

但是，正如我們迄今為止多次提到的那樣，抵消部分收入減少的實際上是傳統 KCAD 營運團隊與 FlexRig、H&P 傳統新創團隊的凝聚力和整合，我們開始看到他們取得進展並儘量減少和降低部分成本，以及他們如何在該國開展運營。

And I think by the fourth quarter, you'll really see us start to catch a stride there, too, not only on the FlexRig side, but just how we're managing costs and sharing resources.

我認為到第四季度，您會看到我們開始在該領域取得進展，不僅是在 FlexRig 方面，而且在我們如何管理成本和共享資源方面。

Yeah, I think that's really good comments, Kevin. And as you think about the delays, there's no doubt some of the delays have been in our control, but there's also been a lot of delays that have just been completely out of our control that have caused some of these later spud dates than what we were expecting. But the teams are definitely getting some momentum.

是的，我認為這是非常好的評論，凱文。當您考慮這些延誤時，毫無疑問，有些延誤是在我們的控制範圍內的，但也有很多延誤完全超出了我們的控制範圍，導致一些開挖日期比我們預期的要晚。但這些球隊確實正在獲得一些動力。

And as Kevin said, I feel good about where we are and where we're heading. And again, we're all pushing very hard, as I said in my comments, to make certain that we get those rigs earning at the level that they should.

正如凱文所說，我對我們目前的狀況和未來發展方向感到滿意。正如我在評論中所說，我們都在竭盡全力，以確保這些鑽機的收益達到應有的水平。

Marc Bianchi, TD Cowen.

馬克·比安奇（Marc Bianchi），TD Cowen。

Hey thanks. Maybe just quickly since we're talking about the FlexRigs in Saudi. Can you refresh us on what the ultimate contribution should be from the eight rigs once we're sort of behind all these start-up costs and what the run rate ought to be?

嘿，謝謝。也許很快，因為我​​們正在談論沙烏地阿拉伯的 FlexRigs。一旦我們支付了所有的啟動成本，您能否告訴我們這 8 台鑽機的最終貢獻應該是多少，以及運行率應該是多少？

Yes. And what we've historically told people is around, just call it, full year $25 million a year. I think that number could go up or should go up given, again, just some of the synergies operationally that we're going to be able to leverage from the historical legacy KCAD team.

是的。我們過去告訴人們，全年收入約為 2500 萬美元。我認為這個數字可能會上升或應該上升，因為我們可以從歷史遺產 KCAD 團隊中利用一些營運上的協同效應。

Again, we're going to -- we're already identifying other ways to kind of reduce some of the in-country overhead that's there. And so I think that number could go up, but what we've historic -- or what we've been telling people is somewhere around $25 million for those 8 rigs.

再說一次，我們已經在尋找其他方法來減少那裡的一些國內開銷。所以我認為這個數字可能會上升，但我們的歷史數據——或者我們一直告訴人們的數據是，這 8 台鑽機的價格大約是 2500 萬美元。

Great. And then I guess -- so Keith kind of asked the question on international and about sort of what the exit rate and how 4Q could look like. And if we talk about the other two segments for North America and for offshore, we've got average lower in fiscal 3Q, which would suggest that the exit might be even lower than that.

偉大的。然後我想──Keith 就國際狀況問了個問題，像是退出率是多少，第四季的情況會是如何。如果我們談論北美和離岸的另外兩個部門，那麼第三財季的平均水平會更低，這表明退出金額可能比這還要低。

Can you kind of talk about where the outlook is for June in those segments from an activity and margin perspective and how we should be thinking about that progressing beyond June?

您能否從活動和利潤的角度談談這些領域 6 月的前景，以及我們應該如何看待 6 月以後的進展？

Well, Marc, I'll start with North America Solutions. I mean, as you can imagine, we're in constant communication with our customers, trying to understand their needs. Obviously, oil prices are lower than what our expectations were three months ago.

好吧，馬克，我將從北美解決方案開始。我的意思是，正如你所想像的，我們一直與客戶保持溝通，試圖了解他們的需求。顯然，油價低於我們三個月前的預期。

And as you've seen, there have been releases from some customers or at least announced releases, rig here, two rigs there, just trying to balance budget. But I do think that what we see as a positive, again, depending on the macro is that our partnerships are strong. We continue to have very strong conversations with our customers.

如您所見，一些客戶已經發布了一些產品，或者至少宣布發布了一些產品，這裡有一台鑽機，那裡有兩台鑽機，只是為了平衡預算。但我確實認為，我們所看到的積極因素是，再次取決於宏觀因素，我們的合作關係是強大的。我們繼續與客戶進行非常深入的對話。

And we have a lot of belief that if the commodity price will hang in there, then we'll be in good position. But the reality of it is that's another one of those areas that we don't know. We know customers want to continue to reduce cost of their wells.

我們堅信，如果商品價格能夠維持下去，我們就會處於有利地位。但事實上，這是我們未知的領域之一。我們知道客戶希望繼續降低油井成本。

We're doing that with -- working very closely with our customers to help them do that. A lot of that is through performance-based contracts and deploying technology, and that's obviously delivering a lot of value. What would you add --

我們正在與客戶密切合作，幫助他們做到這一點。其中很多是透過基於績效的合約和部署技術來實現的，這顯然帶來了很多價值。你會添加什麼--

I think -- and you mentioned June. I mean, obviously, given that we're at May 8 now, we got a pretty good line of sight on what April and May are going to look like based upon our internal estimates. June for the third quarter is a little bit of the wildcard just because we'd be kind of silly not to at least moderate our expectations for June given everything that you're seeing, we're seeing the whole market is seeing in regards to what the potential impact is going to be on activity because of lower pricing, could be higher cost depending on all the uncertainty around tariffs.

我認為——你提到了六月。我的意思是，顯然，鑑於現在是 5 月 8 日，根據我們的內部估計，我們對 4 月和 5 月的情況有相當好的了解。第三季的 6 月表現有些難以預測，因為考慮到您所看到的一切，如果我們不至少調整一下對 6 月的預期，那就太愚蠢了，我們看到整個市場都在關注由於價格降低而對活動產生的潛在影響，成本可能會上升，這取決於關稅方面的所有不確定性。

And so we felt like it was the prudent thing to do is kind of moderate our guidance a little bit until some of this kind of clears the air. So, June -- again, as John mentioned, we're going to -- we're working with our customers to figure out what's the right solutions given their activity levels. But it's difficult for the E&Ps and our customers just to slam on the brakes immediately.

因此，我們覺得謹慎的做法是稍微調整我們的指導，直到一些情況得到澄清。因此，六月——正如約翰再次提到的，我們將——我們將與我們的客戶合作，根據他們的活動水平找出正確的解決方案。但對於勘探與生產公司和我們的客戶來說，立即踩剎車是很困難的。

But we're going to work with them on kind of what makes economic sense in their portfolio to make sure that they're meeting their objectives and allow us to meet our objectives as well. On the offshore front, we're still chasing new business. We really like that business. It's a little bit lower margin, but it's really steady. And we've got some, as John mentioned, blue-chip customers that we continue to have discussions with.

但我們將與他們合作，研究他們的投資組合在經濟上是否合理，以確保他們實現他們的目標，同時也讓我們實現我們的目標。在離岸方面，我們仍在尋求新業務。我們真的很喜歡那項業務。利潤率稍微低一點，但確實很穩定。正如約翰所提到的，我們有一些藍籌客戶，我們正在繼續與他們進行討論。

So, yes, it may be a little bit moderated toward the lower end of the -- of where we landed for the second quarter was a little bit toward the lower end of our guidance range. But we still think it's pretty healthy there.

所以，是的，它可能會稍微趨向於指導範圍的低端——第二季度的預期稍微趨向於指導範圍的低端。但我們仍然認為那裡相當健康。

But again, we're working with customers on where they might potentially add activity. But again, oil prices being another global oil prices being kind of another moderator until some of that clears through the system. We don't exactly know how all those contracts and new business might play out.

但我們正在與客戶合作，研究他們可能在哪裡增加活動。但是，石油價格作為另一種全球石油價格，在部分價格通過系統清除之前，會成為另一個調節因素。我們並不確切知道所有這些合約和新業務將會如何發展。

Eddie Kim, Barclays.

巴克萊銀行的 Eddie Kim。

Hi, good morning. John, you mentioned that softer oil prices will likely lower the industry rig count in the US land market. The rig count currently stands at about 570 rigs or so today.

嗨，早安。約翰，您提到油價走軟可能會降低美國陸地市場的產業鑽井數量。目前鑽井數量約 570 座左右。

If oil prices stay at this kind of $60 a barrel level for WTI through year-end, do you think we could maybe see about 20 or 30 rigs come out of the market? Just wanted to get your thoughts, your early estimates on kind of magnitude of rig count decline if oil prices stay at current levels?

如果到年底，WTI 油價一直保持在每桶 60 美元的水平，您認為我們可能會看到大約 20 或 30 個鑽井平台退出市場嗎？只是想聽聽您的想法，如果油價保持在當前水平，您對鑽井數量下降幅度的初步估計是什麼？

Well, Eddie, we were waiting for the OPEC-plus announcement. We got that. There have been at least some responses from some US E&Ps. Again, it sounded to me like that their release counts were very modest, very on the low end. And so it's very hard to say whether it's 20 or 30 rigs. I mean, I think your guess is as good as anyone's. At least in my experience, the oil price needs to be at a level for some period of time.

好吧，艾迪，我們正在等待 OPEC+ 的公告。我們明白了。一些美國勘探與生產公司至少已經做出了一些回應。再說一遍，在我看來，他們的發布數量非常少，非常低。因此很難說是 20 台還是 30 台鑽孔機。我的意思是，我認為你的猜測和任何人的一樣好。至少根據我的經驗，油價需要在某個水平維持一段時間。

So, if oil were to stay in the 50s for a period of time, I think we would have some -- a little bit longer-term implications. But right now, again, we talk about this internally. We've talked about it on previous calls. A few folks over time have said, hey, we're in a downturn. Well, we're really not. We haven't seen this. It's not a downturn environment.

因此，如果油價在一段時間內保持在 50 多美元，我認為我們會受到一些——稍微長期的影響。但現在，我們再次在內部討論這個問題。我們在之前的通話中已經討論過這個問題。隨著時間的推移，有些人說，嘿，我們正處於低迷時期。嗯，我們確實不是。我們還沒見過這種情況。這不是一個低迷的環境。

It's definitely -- we're seeing some correction and there's some volatility. We were hopeful that we would see more activity coming up on the gas side. I think there is some gas work that's upcoming. Most of the challenges are in the oil markets. But we are -- we don't have an actual number in mind on what we're modeling. I think it's very hard.

確實，我們看到了一些調整，並且存在一些波動。我們希望看到天然氣出現更多活動。我認為即將進行一些天然氣工作。大多數挑戰都來自石油市場。但是我們——對於我們所建模的內容，我們心中並沒有一個實際的數字。我認為這非常困難。

Obviously, what we're most focused on is our customers and our rig count and how we're maintaining our count and how we do that, of course, as we've said before, is through performance, being the safest contractor, the highest performing contractor and then deploying technology solutions that are really a differentiator.

顯然，我們最關注的是我們的客戶和鑽機數量，以及我們如何維持我們的數量，以及我們如何做到這一點，當然，正如我們之前所說的那樣，是透過績效，成為最安全的承包商，績效最高的承包商，然後部署真正的差異化技術解決方案。

So, I wish I'd give you a direct number, but I don't think anybody can. I think at this stage, it's too early to determine what that rig count number is going to be.

所以，我希望可以給你一個直接電話號碼，但我認為沒有人可以給你。我認為，目前確定鑽井數量還為時過早。

Yes, understood.

是的，明白了。

And I'll add just -- I mean, if you look at the forward oil curve, it's -- I think that's sending the market a message that they believe this -- and again, there's a lot of factors that will influence ultimately where 2026 ends up trading on a spot basis. But the forward oil curve being in contango tells you that how much of this is being driven in the short-term, but the fundamentals would still tell you that there is going to be -- that demand is going to be there for oil, and there needs to be -- basically the energy industry needs to be ready to supply that. I don't know, you look at what Saudi has done with these rig suspensions.

我還要補充一點——我的意思是，如果你看一下遠期石油曲線，我認為這向市場發出了一個信息，表明他們相信這一點——而且，有很多因素最終會影響 2026 年現貨交易的價格。但是，遠期石油曲線處於正價差狀態可以告訴你短期內這種趨勢的推動力有多大，但基本面仍然會告訴你，對石油的需求將會存在，而且需要有需求——基本上，能源行業需要做好準備來供應石油。我不知道，你看看沙烏地阿拉伯對這些鑽井平台暫停做了什麼。

At the same time, they're adding oil into the market. It's a little bit of a mixed message just in regards to how do we, as a drilling company, stand ready and poised to be able to respond to that.

同時，他們正在向市場注入石油。關於我們作為一家鑽井公司該如何做好準備並隨時應對這一問題，這是一個有點混亂的訊息。

But I think the market is telling us that at least right now, even though the oil prices are kind of at that inflection point where you're going to see some drop in activity, still seems to be that there is this right SKU perception that there's going to be that demand, and we need to be ready in order to deliver the demand -- deliver to meet the demand.

但我認為市場告訴我們，至少現在，儘管油價正處於拐點，你會看到活動有所下降，但似乎仍然有正確的 SKU 看法，即會有這種需求，我們需要做好準備來滿足需求——交付以滿足需求。

Understood. Thanks for that color. And yes, I fully appreciate that the crystal ball is a bit murky right now. Just shifting over to the KCA Deutag suspensions. And apologies if I missed this, but last quarter, you mentioned -- I mean, all these suspensions are one year in duration and the first rig was suspended back in August.

明白了。謝謝你這個顏色。是的，我完全明白現在水晶球有點模糊。剛剛轉向 KCA Deutag 懸吊。如果我錯過了這一點，我很抱歉，但是上個季度，您提到——我的意思是，所有這些暫停都持續了一年，第一個鑽井平台在八月份就暫停了。

At this point, do you expect that first rig that was suspended to resume work in about three months here? Or do you think it's probably more likely that, that suspension gets extended for a few more months just given where commodity prices are today?

目前，您是否預計第一座暫停營運的鑽井平台將在三個月左右後恢復工作？或者您認為，考慮到目前大宗商品的價格，更有可能的是，暫停期限將延長數月？

We don't have any indication that a rig that those first rigs are going to go back in that -- back to work in July, August time frame. We also don't know that it could happen. But we are not having discussions right now.

我們沒有任何跡象表明第一批鑽機將在七月、八月的時間內恢復工作。我們也不知道這是否會發生。但我們現在沒有進行討論。

I mentioned earlier, I don't know if you were on the call, but what we do know about the suspensions is that Saudi Aramco has done this before through the cycles. and they suspended rigs and suspended rigs went back to work.

我之前提到過，我不知道您是否參加了電話會議，但我們確實知道，沙特阿美公司此前在各個週期中都曾這樣做過。他們暫停了鑽孔機，然後暫停的鑽孔機又重新開始工作。

I don't know what the time frame was. I'm sure they were 1-year suspension periods in. I did not ask that question. But there is a track record for this process. And the rigs have gone back to work in the past. So, that's really our expectation and about the best we can do right now in terms of trying to understand what the future looks like in terms of reactivations.

我不知道時間框架是怎樣的。我確信他們的停職期是一年。我沒有問過這個問題。但這過程是有記錄的。這些鑽井平台過去也曾恢復工作。所以，這確實是我們的期望，也是我們目前在試圖了解未來重新激活的情況方面所能做的最好的事情。

David Smith, Pickering Energy Partners.

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

Hey good morning.

嘿，早安。

Good morning David.

早安，大衛。

I just had a quick housekeeping question. The full year guidance for SG&A at $280 million implies a decent step down in the fiscal second half. So, I just wanted to ask how you see the fiscal Q4 exit rate for SG&A? And maybe how we should think about the future run rate with the currently contemplated synergies?

我只是想問一個簡單的問題。全年銷售、一般及行政費用預計為 2.8 億美元，這意味著下半年的財務支出將大幅下降。所以，我只是想問一下，您如何看待第四季銷售、一般及行政費用的退出率？也許我們應該如何考慮當前設想的協同效應與未來的運行率？

Yeah, I'll contemplate on the future run rate. I mean, again, as I mentioned earlier, we have a pretty good line. Most of the synergies and permanent cost reductions that we have talked about are really in the form of SG&A. There's going to be other cost savings that come in the form of operating costs.

是的，我會考慮未來的運行率。我的意思是，正如我之前提到的，我們有一條非常好的生產線。我們談到的大多數協同效應和永久性成本削減實際上都是以銷售、一般和行政費用 (SG&A) 的形式實現的。還會有以營運成本形式出現的其他成本節省。

Given the tariffs, the supply chain synergies that we were once looking at they're a little -- with that fluid situation, they're a little bit more uncertain at this point. And so once that tariff -- once some of this tariff nomenclature clears the system, we'll be able to put our pencil back to the paper on supply chain synergies.

考慮到關稅，我們曾經關注的供應鏈協同效應有點——在這種不穩定的情況下，它們現在有點不確定。因此，一旦該關稅－一旦部分關稅術語在系統中明確，我們就能重新開始研究供應鏈綜效。

But most of the synergies that we're talking about now and permanent cost reductions, I think we'll be somewhere in that $50 million to $75 million for full year fiscal 2026 run rate, lower SG&A.

但我們現在談論的大多數協同效應和永久性成本削減，我認為我們將在 2026 財年全年運行率中降低 5000 萬至 7500 萬美元，降低銷售、一般和行政費用。

In terms of the run rate, kind of the exit rate for SG&A for the fourth quarter, let me do a little bit of math, and I can get back to you on that one, Dave.

就運行率而言，也就是第四季度銷售、一般及行政費用的退出率，讓我做一點計算，然後我就可以回复你，戴夫。

Very much appreciate it. But it sounds like it's fair to say the higher synergy estimate does not include savings from lower costs on the suspended Saudi rigs.

非常感謝。但聽起來，公平地說，更高的綜效估計並不包括沙烏地阿拉伯鑽井平台暫停作業所節省的成本。

That's correct.

沒錯。

Waqar Syed, ATB Capital Markets.

Waqar Syed，ATB 資本市場。

John, your goal is eventually to provide the same kind of operating performance on international rigs that you've been doing domestically in the US market. Now, as you proceed towards that goal, do you think that the rigs that you acquired from KCA Deutag, they are ready for that? Or would you need to apply some capital to that, make some changes, add some technology?

約翰，你的最終目標是讓國際鑽井平台達到與美國國內市場相同的營運績效。現在，當您朝著這個目標前進時，您是否認為從 KCA Deutag 獲得的鑽孔機已經準備好了？還是您需要投入一些資金、做出一些改變、增加一些技術？

Waqar, we're really talking about two completely different markets and starting points. You really have to go back -- let's think about FlexRig performance today. And where we were 10 years ago, 15 years ago in deploying the FlexRig capability.

瓦卡爾，我們實際上談論的是兩個完全不同的市場和起點。你真的必須回去——讓我們今天考慮一下 FlexRig 的性能。我們在 10 年前、15 年前就開始部署 FlexRig 功能。

And of course, that was in unconventional. Most of the work that we have internationally is conventional work. So, there are some differences. But I do believe that our performance culture, our process excellence, we're already working on ways to deploy some of our technologies to rigs.

當然，這是不尋常的。我們在國際上進行的大部分工作都是常規工作。因此，存在一些差異。但我確實相信，我們的績效文化、我們的流程卓越，我們已經在研究將我們的一些技術部署到鑽機上的方法。

The great news is we have customers that have interest in deploying technology and doing more. So, it's a long game. It's going to take a really long time, but I think there are some immediate benefits for customers that are going to position us to grow the business in the future. Hopefully, that helps.

好消息是，我們的客戶有興趣部署技術並做更多的事情。所以，這是一場持久戰。這將需要很長時間，但我認為客戶將立即受益，這將有利於我們未來的業務成長。希望這能有所幫助。

That helps. And then secondly, as we look -- I think the view that's developing is maybe you get like 30 to 40 net decline in rigs in the coming months. In that kind of environment, do you see some pressure on day rates in the domestic market?

這有幫助。其次，我們認為——我認為目前的觀點是，未來幾個月鑽井數量可能會淨減少 30% 到 40%。在這種環境下，您是否認為國內市場的日費率會面臨一些壓力？

And maybe if you could talk about some supply/demand fundamentals for super-spec rigs. You've got some neat data in the presentation. Maybe you could talk about that.

也許您可以談談超級規格鑽孔機的一些供需基本面。您在簡報中得到了一些簡潔的數據。也許你可以談論這個。

Well, on the -- if you just think about the super-spec market in general, it's very tight. And the rigs that have -- so it's one thing to say what's the total available super-spec fleet in the US Well, that's a much larger number than the rigs that are working today, but you have to consider the rigs that have been idle for really over two years, three years. So, the rigs that have been active recently is not much more than the 580 that you mentioned.

嗯，如果你只考慮整個超級規格市場，你會發現它非常緊張。至於那些已經停駛的鑽井平台——所以，要知道美國目前可用的超規格鑽井平台總數是多少，這是一回事。這個數字比目前正在運作的鑽井平台大得多，但你必須考慮那些已經閒置了兩年、三年的鑽井平台。所以，最近活躍的鑽機數量並不比您提到的 580 多多少。

So, I do think that it's a relatively tight market. I mean, let's face it. We continue to have conversations with customers. We've seen other drillers, and there's been some softness in pricing.

所以，我確實認為這是一個相對緊張的市場。我的意思是，讓我們面對現實吧。我們繼續與客戶進行對話。我們已經看到了其他鑽井商，他們的定價有些疲軟。

At the end of the day, we're having -- we're working very closely with our customers and trying to drive the best value proposition for them. Our belief is you don't get to lower costs with low day rates. You get to lower cost by having the most efficient rigs, the highest technology and delivering lower fewer well -- pardon me, fewer days per well, which really impacts the cost side of the equation.

歸根結底，我們正在與客戶密切合作，並努力為他們提供最佳的價值主張。我們相信，低日費率並不能降低成本。您可以透過擁有最高效的鑽機、最先進的技術和更少的井數（對不起，是更少的每口井的天數）來降低成本，這確實會影響等式的成本方面。

So, your reference to 30 or 40 rigs, I mean, as we said earlier, it's clearly possible. We don't see that right now. There have been, again, some publicly announced releases of rigs in the US with some of the E&Ps reducing their rig count for budgetary reasons, and that's all very understandable. I haven't heard of anything else past that.

所以，您提到的 30 或 40 個鑽機，我的意思是，正如我們之前所說的，這顯然是可能的。我們現在還沒有看到這一點。美國再次公開宣布釋放一些鑽井平台，一些勘探與生產公司由於預算原因減少了鑽井平台數量，這都是可以理解的。除此之外，我沒聽過其他事。

Kevin, do you have anything?

凱文，你有什麼事嗎？

No, I think that's -- I mean, again, most -- if you look at that -- I think you're referencing the slide that we have in our deck, and there's a high degree of utilization of super-spec rigs based upon the ones that are available to go into use. I forget what -- it's, call it, upper 80s in terms of the current utilization rate.

不，我認為那是——我的意思是，再說一次，大多數——如果你看一下——我認為你參考的是我們演示文稿中的幻燈片，並且根據可供投入使用的鑽機，超規格鑽機的利用率很高。我忘了是什麼了——就目前的利用率而言，可以說是 80 多歲了。

Yeah. So, it's -- this cycle, this one is very different than other cycles that we've had in the past in my career. And again, we've been flat activity. We at H&P have had in this range bound 145 to 155 for almost two years. And that historically hasn't happened. And so again, you've got a fleet of rigs that have been idle for some period of time that aren't going to be able to go back to work anytime soon.

是的。所以，這個週期與我職業生涯中經歷過的其他週期非常不同。而且，我們的活動一直很平淡。我們 H&P 公司已經將這一範圍維持在 145 至 155 之間近兩年了。但從歷史上看，這種情況並沒有發生過。因此，您再次擁有一批已閒置一段時間的鑽井平台，而這些鑽井平台近期內無法恢復工作。

So, that creates the working fleet being at that 80% plus activity level, utilization level, and that historically has supported stronger pricing, if you look at it from that perspective.

因此，如果從這個角度來看，這使得工作車隊的活動水準和利用率達到 80% 以上，從歷史上看，這支持了更高的定價。

Makes sense. Thank you. Appreciate the color.

有道理。謝謝。欣賞色彩。

Doug Becker, Capital One.

道格·貝克爾（Doug Becker），Capital One 公司。

Thank you. John, several of the offshore drilling contractors have moved their suspended jack-ups to other markets. There definitely seems to be pockets of some strength in the Middle East. Are there prospects to relocate some of the land rigs currently in Saudi Arabia to other markets in the Middle East?

謝謝。約翰，幾家海上鑽井承包商已將他們的懸吊式自升式鑽井平台轉移到其他市場。中東地區確實似乎存在一些實力雄厚的地區。是否有可能將目前位於沙烏地阿拉伯的部分陸地鑽機遷移到中東其他市場？

If you look at it on a longer term basis, absolutely. If there was a situation where some of these rigs don't go back to work and then yes, there would be the opportunity to move to other neighboring countries. And in the Middle East. And we've got a nice operation in Oman. We've got a nice operation in Kuwait.

如果從長遠來看，絕對是如此。如果出現一些鑽井平台無法恢復工作的情況，那麼就有機會轉移到其他鄰國。以及中東地區。我們在阿曼的業務開展得很好。我們在科威特的業務開展得很好。

There's some other potential opportunities. I mean we know it's possible. We're sure not making plans for that. But you're right, there have been offshore rigs that have left the region and have gone other places. We have that same capability.

還有一些其他的潛在機會。我的意思是我們知道這是可能的。我們肯定不會為此制定計劃。但您說得對，確實有一些海上鑽井平台已經離開該地區並前往其他地方。我們也有同樣的能力。

And switching to the US, curious if there's potential to see the percent of performance-based contracts increase. And just the thought being that if a customer wants to see a lower headline rate in a declining activity environment, that might be a win-win situation where you can provide a lower headline rate, but still maintain your margins. Do you see a potential for that? Or just kind of think about it as the 50% level it's been?

轉向美國，好奇是否有可能看到基於績效的合約的百分比增加。我們的想法是，如果客戶希望在活動減少的環境中看到較低的標題利率，那麼這可能是一個雙贏的局面，您可以提供較低的標題利率，但仍能保持利潤率。您認為這有潛力嗎？或只是將其視為 50% 的水平？

I think we've been in this 50% to 60% range for a couple of years now. The good news for us at H&P is we continue to have customers adopt performance-based contracts. And every customer is a little bit different in how they design their performance-based contract. But there's clearly a time element. There's other KPIs that are involved.

我認為幾年來我們的這一比例一直處於 50% 到 60% 的範圍內。對於 H&P 來說，好消息是我們的客戶繼續採用基於績效的合約。每個客戶在設計基於績效的合約時都略有不同。但顯然這其中存在時間因素。也涉及其他 KPI。

But at the end of the day, as I said a few minutes ago, if we can reduce a day on the job, then that's a large cost improvement. And so being able to do that is beneficial. And then I think even more important that we hear from customers day in and day out is what's most important is the reliability component, the ability to do that well after well after well, not having the outlier wells. And that's where technology solutions enhance that capability.

但最終，正如我幾分鐘前所說的那樣，如果我們可以減少一天的工作時間，那麼這將是一個巨大的成本改善。因此能夠做到這一點是有益的。然後我認為更重要的是，我們日復一日地聽取客戶的意見，最重要的是可靠性組件，能夠一口氣好一口氣地完成任務，而不會出現異常井。這就是技術解決方案增強這種能力的地方。

I talked about in my remarks, essentially, our technologies are removing some of the human element, the daily human interaction with directional drilling as an example, and we're using software to directionally drill as opposed to a human making a decision on guiding the well. And those sorts of things, as you can imagine, as a 24-hour operation, that provides some significant advantages to us and to our customers and the ability to do that.

我在我的演講中談到，從本質上講，我們的技術正在消除一些人為因素，以定向鑽井為例，我們使用軟體進行定向鑽井，而不是由人來決定如何引導鑽井。你可以想像，作為一項 24 小時營運的業務，這些事情為我們和我們的客戶提供了一些顯著的優勢和做到這一點的能力。

So, I think there's a lot of opportunities for that and you combine those technologies with a performance-based contract, you're driving greater reliability. Again, we've described it as being mutually beneficial for us and our customer. And that -- at the end of the day, that's what we want.

因此，我認為這方面有很多機會，將這些技術與基於績效的合約結合起來，就能提高可靠性。我們再次表示，這對我們和我們的客戶而言都是互惠互利的。而這 — — 最終，這就是我們想要的。

We're making big investments in our fleet. We're making big investments in our technologies. And we -- again, like our customers, we just want to get -- make a return on those investments.

我們正在對我們的船隊進行大量投資。我們正在對我們的技術進行大量投資。而且我們——再次強調，就像我們的客戶一樣，我們只是希望從這些投資中獲得回報。

But it sounds like no reason to expect a particular increase in those contracts more stable--

但聽起來沒有理由期望這些合約的特定成長會更加穩定——

We are always pushing to go that direction. So, don't hear me say it's not possible. I just don't have it clearly in sight. We don't -- we haven't -- we don't see that in the near-term outlook, but I wouldn't say that it wouldn't or couldn't happen.

我們一直在努力朝著這個方向前進。所以，不要聽我說這是不可能的。我只是沒有看清楚。我們沒有——我們沒有——我們沒有在短期內看到這種情況，但我不會說它不會或不可能發生。

But -- and I would add that H&P, since we've been doing performance-based contracts for several years now, the internal competency that we've developed across all various facets of the organization kind of -- it definitely differentiates us in regards to -- because these contracts aren't easy.

但是——我想補充一點，由於我們多年來一直在執行基於績效的合同，我們在組織的各個方面開發的內部能力——這絕對使我們與眾不同——因為這些合同並不容易。

They're not -- they require some negotiation. I say negotiation, it's working with our customers to figure out what's the right blend of KPIs and other things that they want, but then it's also being able to administer it from a back-office perspective, and we've got five years of doing it. So I think that's key.

他們不是——他們需要一些談判。我所說的談判，就是與我們的客戶合作，找出他們想要的 KPI 和其他東西的正確組合，但也能夠從後台角度進行管理，我們已經這樣做了五年。所以我認為這是關鍵。

Makes sense. Thank you.

有道理。謝謝。

Jeff LeBlanc, TPH.

傑夫·勒布朗，TPH。

Good morning John and team. Thank you for taking my question. I wanted to clarify, are you saying that you're making pricing concessions today? Or are you willing to cede market share to maintain margin?

早上好，約翰和團隊。感謝您回答我的問題。我想澄清一下，您是說今天做出了價格優惠嗎？還是您願意放棄市場佔有率來維持利潤？

Well, we're not -- well, our market share has grown. And our pricing is -- again, it's market-based pricing, and we're having discussions with customers every day. And so I think just by virtue of our guide, you can see that we're forecasting both fewer rigs and some pricing reduction just as a result of the market.

嗯，我們不是——我們的市佔率已經成長了。我們的定價是基於市場的定價，我們每天都在與客戶進行討論。因此，我認為僅憑我們的指南，您就會發現，由於市場原因，我們預測鑽機數量會減少，價格也會下降。

But again, at times, depending on the quarter, we'll have an increase in margins due to our performance-based contracts, and that's difficult to sometimes predict. Do you have any additional?

但同樣，有時，根據季度情況，我們的利潤率會因為我們基於績效的合約而增加，而這有時很難預測。您還有其他補充嗎？

No. And I think that's what -- if you look at the guidance we gave last quarter and where we came in with margins, it's a constant flu. Our sales and marketing team are in constant discussions with our customers about what makes sense. And again, we're going to continue to push for performance-based contracts where it makes sense for our customers.

不。我認為，如果你看一下我們上個季度給出的指導以及我們的利潤率，你會發現這是一種持續不斷的流感。我們的銷售和行銷團隊不斷與客戶討論什麼是有意義的。再次強調，我們將繼續推動對客戶有意義的基於績效的合約。

Because as John mentioned, it's not about the single well. It's about a 10-well program and making sure that you don't destroy the economics for the 10-well program because you have two really bad wells, but the other 8 could have been done cheaper if you were to be utilizing something other than a performance-based contract.

因為正如約翰所提到的，這與單口井無關。這是關於一個 10 井計劃，並確保你不會因為有兩口非常糟糕的井而破壞 10 井計劃的經濟效益，但如果你採用基於績效的合同以外的其他方式，其他 8 口井的完工成本可能會更低。

They're looking at the well economics across all 10 wells. And so it's fluid, but we've got a lot of headwinds right now that our sales team is working with our customers collectively as it's an industry -- energy industry problem and not just a drilling services problem that we just need to make sure that we're working with our customers as partners.

他們正在研究所有 10 口油井的經濟效益。所以它是不穩定的，但我們現在面臨很多阻力，我們的銷售團隊正在與我們的客戶共同合作，因為這是一個行業——能源行業的問題，而不僅僅是鑽井服務的問題，我們只需要確保我們作為合作夥伴與客戶合作。

Yeah, Jeff, we -- I mean, the reality is we acknowledge that there's pressure. I mean, there's pressure across the whole energy value chain to lower costs. We're going to continue to work very closely with our customers. We got to understand their needs.

是的，傑夫，我們——我的意思是，事實上我們承認存在壓力。我的意思是，整個能源價值鏈都面臨著降低成本的壓力。我們將繼續與客戶密切合作。我們必須了解他們的需求。

And Ken, it comes back to being customer-centric and making certain that we're helping them deliver on their goals. And that's one of the key elements of our differentiation, our differentiated offering.

肯，這又回到了以客戶為中心，並確保我們幫助他們實現他們的目標。這是我們差異化、差異化產品的關鍵要素之一。

And so again, we're going to continue to work very closely with our customers and try to continue to deliver the value proposition that we're delivering. But again, we recognize there's a lot of pressure in the industry. There has been now for a couple of months.

因此，我們將繼續與客戶密切合作，並努力繼續提供我們所提供價值主張。但我們再次認識到，該行業面臨很大壓力。現在已經存在幾個月了。

Thank you. And this will conclude our Q&A session. I will turn the call back to John Lindsay for closing remarks.

謝謝。我們的問答環節到此結束。我將把電話轉回給約翰·林賽，請他作最後發言。

Thank you. Again, thanks for joining us today. I've mentioned this, but just to reiterate, we believe the acquisition of KCA is a game changer for our business long-term.

謝謝。再次感謝您今天加入我們。我已經提到過這一點，但只是想重申一下，我們相信收購 KCA 將對我們的長期業務產生重大影響。

Overall, the integration has gone well. Of course, we're continuing down that path of integration. I have been very pleased to see customers' excitement about the future, both IOCs and NOCs that we're working with today. There are some macro headwinds that we've talked about that are slowing some of that progress. But we're bullish on energy long-term.

整體而言，整合進展順利。當然，我們將繼續沿著整合的道路前進。我很高興看到客戶對未來充滿期待，無論是我們今天合作的國際石油公司 (IOC) 還是國家石油公司 (NOC)。我們討論過的一些宏觀不利因素正在減緩部分進展。但從長遠來看，我們看好能源。

Obviously, there's a lot of predictions out there that energy demand is going to continue to grow. There's thousands and thousands of wells that are going to need to be drilled globally for years to come. And I believe that we're very well-positioned to take advantage of that opportunity globally.

顯然，有許多預測認為能源需求將持續成長。未來幾年全球將需要鑽探成千上萬口油井。我相信，我們已準備好在全球範圍內抓住這一機會。

As I said earlier, we're taking a long-term perspective, particularly considering the industry's current state, we think we're positioned well for the future. We also -- again, I want to stress it, we also must demonstrate that we can and will execute on our international growth strategy. That's our plan.

正如我之前所說，我們著眼於長遠，特別是考慮到產業的現狀，我們認為我們為未來做好了準備。我們也——我想再次強調，我們還必須證明我們能夠而且將會執行我們的國際成長策略。這就是我們的計劃。

We've deployed new technologies and new commercial models and all sorts of things over the years, and we've been very successful. I want to assure you that we are continuing our focus on that.

多年來，我們部署了新技術、新商業模式和各種各樣的東西，並且取得了巨大的成功。我想向你們保證，我們將繼續關注這一點。

So, thank you again for your interest, and have a great day.

所以，再次感謝您的關注，祝您有美好的一天。

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。