Helmerich and Payne Inc (HP) 2026 Q1 法說會逐字稿

Good day, everyone, and welcome to the Helmerich & Payne's fiscal first quarter earnings call. (Operator Instructions) Please note, this call is being recorded. It is now my pleasure to turn the conference over to Mr. Kris Nicol, Vice President of Investor Relations.

大家好，歡迎參加 Helmerich & Payne 公司第一財季財報電話會議。（操作員指示）請注意，本次通話正在錄音。現在我很高興將會議交給投資者關係副總裁克里斯·尼科爾先生。

Welcome, everyone, to Helmerich & Payne's conference call and webcast for the first fiscal quarter of 2026. On today's call, John Lindsay, our CEO, will be joined by Trey Adams, President Mike Lennox, Executive Vice President of the Western Hemisphere and Kevin Vann, our Chief Financial Officer. Before we begin our prepared remarks, I'd like to remind everyone that this call will include forward-looking statements as defined under securities laws.

歡迎各位參加 Helmerich & Payne 2026 財年第一季電話會議及網路直播。在今天的電話會議上，我們的執行長約翰·林賽將與總裁特雷·亞當斯、西半球執行副總裁邁克·倫諾克斯以及首席財務官凱文·范恩一同出席。在我們開始發言之前，我想提醒大家，本次電話會議將包含證券法定義的前瞻性陳述。

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

儘管管理階層認為此類前瞻性聲明中反映的預期是合理的，但無法保證這些預期最終會實現。請參閱我們向美國證券交易委員會提交的文件，其中列出了可能導致實際結果與本次電話會議中作出的前瞻性陳述有重大差異的因素。

Reconciliations of direct margin and certain GAAP to non-GAAP measures can be found in our earnings release. I also want to highlight that we will have a presentation, which will support the prepared remarks from the management team and can be found on the IR website.

有關直接利潤率和某些 GAAP 與非 GAAP 指標的調整表，請參閱我們的獲利報告。我還想強調，我們將進行一次演示，以補充管理團隊準備好的發言，演示內容可在投資者關係網站上找到。

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

接下來，我會把電話交給約翰。

Thank you, Kris. Hello, everyone. Thank you for joining us. As always, we appreciate your interest in H&P. I'll begin with an overview of our first quarter results, and then I'll turn it over to Trey and he will discuss the broader macro environment, current dynamics in the rig market and several key commercial developments from the quarter.

謝謝你，克里斯。大家好。感謝您的參與。一如既往，我們感謝您對 H&P 的關注。我將首先概述我們第一季的業績，然後交給 Trey，他將討論更廣泛的宏觀環境、鑽井平台市場的當前動態以及本季的幾項關鍵商業進展。

Including an update on our latest technology initiative, Flex Robotics. Kevin will then walk through our financial results and provide guidance for the second quarter and full fiscal year. To wrap up, trade will return to summarize the key takeaways before we open the line up for questions.

其中包括我們最新技術計劃—Flex Robotics 的最新進展。接下來，凱文將詳細介紹我們的財務業績，並對第二季和整個財年做出預測。最後，交易環節將總結重點，之後我們將開放提問環節。

Turning to slide 4 of the presentation, I'd like to begin by highlighting some of our key achievements for the fiscal first quarter. Execution continued to strengthen across our business. Driving solid operational and financial performance.

接下來請看簡報的第 4 張投影片，我想先重點介紹一下我們在第一財季取得的一些主要成就。我們各項業務的執行力持續增強。推動穩健的營運和財務表現。

Adjusted EBITDA exceeded expectations at $230 million, supported by resilient results in our North America Solutions and Offshore Solutions segments as well as the stronger-than-anticipated performance in International Solutions.

經調整的 EBITDA 超出預期，達到 2.3 億美元，這得益於北美解決方案和離岸解決方案部門的穩健業績，以及國際解決方案部門超出預期的表現。

I would note that the first quarter benefited from the timing of certain rig reactivation expenses, which will be more heavily reflected in the second quarter. Beyond the rig reactivations in Saudi Arabia, we also saw meaningful margin improvement from our FlexRig fleet operating in the vast Jafurah gas field.

需要指出的是，第一季受益於某些鑽井平台重新啟用費用的時機，這些費用將在第二季得到更明顯的體現。除了沙烏地阿拉伯的鑽井平台重新啟用外，我們在廣闊的賈夫拉天然氣田運營的 FlexRig 鑽井平台船隊也實現了顯著的利潤成長。

I'm encouraged by this progress and optimistic that we will continue to see further margin expansion throughout the remainder of the year. In North America Solutions, I want to recognize the team for another quarter of strong execution. We have reached 143 rigs working in our industry-leading technology and talented teams continue to deliver for customers, generating average margins of over $18,000 per day.

我對這一進展感到鼓舞，並樂觀地認為，在今年剩餘的時間裡，利潤率將繼續進一步擴大。在北美解決方案部門，我要表揚團隊在過去一個季度中表現出的出色執行力。我們擁有 143 台鑽孔機，採用業界領先的技術，我們才華橫溢的團隊繼續為客戶提供服務，平均每天創造超過 18,000 美元的利潤。

Our offshore segment also delivered another quarter of-robust operational performance. This business typically operates under long-term contracts, which provides a stabilizing counterbalance to the more cyclical land drilling market. As Trey will discuss during his remarks, Flex robotics, automated drilling and connections, represent the next step forward in rig safety and capability.

我們的海上業務板塊也連續第二季實現了強勁的營運業績。該業務通常以長期合約的形式運作，這為波動性較大的陸地鑽井市場提供了穩定的平衡。正如 Trey 將在演講中討論的那樣，Flex 機器人、自動化鑽井和連接代表了鑽井平台安全性和能力的下一個進步。

I am personally very excited about this development and view it as yet another example of how H&P continues to lead the industry in rig technology and drilling innovation. Now as this is my final earnings call as CEO for H&P, I want to take a step back for a moment and share a few reflections. I started my career at H&P 39 years ago. And while I don't have time to thank everyone at was instrumental in my career, there are many, and I am deeply grateful to all of them.

我個人對這項進展感到非常興奮，並認為這是 H&P 在鑽機技術和鑽井創新方面繼續引領業界的另一個例證。鑑於這是我擔任H&P執行長的最後一次財報電話會議，我想稍作停頓，分享一些感想。我39年前在H&P開始了我的職業生涯。雖然我沒有時間感謝所有對我的職業生涯起到重要作用的人，但這樣的人有很多，我深深地感謝他們所有人。

During my 12 years as CEO, we've navigated volatile cycles, shifting markets and rapid technological change. And H&P still leads. Our long-term success depends on discipline, the skill and commitment of our people and the company's willingness to invest through the cycles rather than just react. Durability matters, we don't chase a perfect quarter, but we would build with patients, rigor and people who do things the right way. We build for decades of performance.

在我擔任執行長的 12 年間，我們經歷了動盪的週期、不斷變化的市場和快速的技術變革。H&P 仍領先。我們的長期成功取決於紀律、員工的技能和奉獻精神，以及公司願意在周期中持續投資而不是被動應對。耐用性很重要，我們不追求完美的季度業績，但我們會以耐心、嚴謹的態度和做事方式正確的人來打造產品。我們打造的產品能夠經得起數十年的考驗。

Finally, I want to thank my exceptional leadership team and the many employees I've had the privilege to work with along the way. For your commitment, professionalism and support. For truly living the H&P way. I also want to thank our customers for their partnership over these many years and our shareholders for their long-term support of the company. It's been a privilege to lead H&P, and I'm excited about the future of the company under Trey's leadership. We have a strong team, a clear strategy and we are well positioned for the future. So thank you all.

最後，我要感謝我傑出的領導團隊以及我有幸一路共事的眾多員工。感謝您的敬業精神、專業素養與支持。真正實踐H&P之道。我還要感謝我們的客戶多年來的合作，以及股東們對公司的長期支持。能夠領導 H&P 是我的榮幸，我對 Trey 領導下公司的未來充滿期待。我們擁有一支強大的團隊，一個清晰的策略，我們為未來做好了充分的準備。所以，謝謝大家。

And now it's over to you, Trey.

現在輪到你了，特雷。

Thank you, John. I'd like to express my gratitude both on behalf of our whole organization and personally for your outstanding leadership, discipline and the example you've provided and especially for the mentorship and friendship.

謝謝你，約翰。我謹代表我們整個組織以及我個人，對您傑出的領導能力、嚴明的紀律和樹立的榜樣表示衷心的感謝，尤其感謝您的指導和友誼。

You've led this company with a long-term mindset, a steady hand through multiple cycles and a deep respect for the people and values that define H&P. The strength of the company today is a direct reflection of that leadership.

您以長遠的眼光領導這家公司，在多個發展週期中保持穩健的步伐，並對定義 H&P 的人員和價值觀抱有深深的尊重。公司如今的實力正是這種領導力的直接體現。

As I step into the role next month, I do so with a great deal of respect for what's been built and for real excitement about where we're headed. The foundation is strong, a global footprint, differentiated technology and the H&P Way, a culture that truly differentiates us.

下個月我將正式上任，我對已經取得的成就深表敬意，同時也對我們未來的發展方向感到無比興奮。我們擁有堅實的基礎、全球佈局、差異化的技術以及 H&P 之道——一種真正使我們與眾不同的企業文化。

Building on that foundation, our focus will be on continuing to evolve, leaning into innovation, advancing our capabilities and positioning the company to compete and create value at a global scale in what is a constantly changing energy landscape. I'm honored to take on the role of CEO and to lead the next chapter of Helmerich & Payne's alongside this team. I look forward to working with our employees customers and shareholders as we move forward together.

在此基礎上，我們將專注於發展，致力於創新，提升自身能力，使公司能夠在不斷變化的能源格局中在全球範圍內參與競爭並創造價值。我很榮幸能夠擔任執行長一職，並與這個團隊一起帶領 Helmerich & Payne's 開啟新的篇章。我期待與我們的員工、客戶和股東攜手共進。

Turning our attention to the current macro environment on slide 6. We firmly believe that in the future, the world will require significantly more energy than it consumes today, driven by expanding population and growing prosperity in emerging markets.

接下來，我們將注意力轉向投影片 6 中的當前宏觀環境。我們堅信，未來世界所需的能源將比現在消耗的能源多得多，這主要是由於人口增長和新興市場日益繁榮所致。

Along with the rising power needs from advancements in many developed nations. This dynamic supports our view that demand for oil and gas will persist and grow for many years to come, which in turn, bolsters the need for our global drilling solutions.

隨著許多已開發國家的發展，能源需求也不斷成長。這種動態支持了我們的觀點，即未來許多年對石油和天然氣的需求將持續增長，這反過來又增強了對我們全球鑽井解決方案的需求。

Looking at this year, the energy landscape appears cautiously positive but uneven as various macroeconomic and geopolitical factors continue to influence the market. While these developments have these concerns over an imminent fall in oil prices at the year's offset, the price rebound has not been sustained for long enough to influence a pickup in industry activity.

展望今年，能源市場情勢呈現謹慎樂觀態勢，但發展並不均衡，各種宏觀經濟和地緣政治因素持續影響市場。儘管這些事態發展引發了人們對年初油價即將下跌的擔憂，但油價反彈的時間還不夠長，不足以影響產業活動的復甦。

Operators remain focused on disciplined capital deployment, conserving inventory and prioritizing returns over volume expansion. Consequently, we anticipate oil-related investment will remain soft this year with greater upside potential likely to play out beyond this year.

營運商仍專注於有紀律的資本部署、節約庫存，並將回報置於銷售擴張之上。因此，我們預計今年與石油相關的投資將保持疲軟，更大的上漲潛力可能在今年以後顯現。

In contrast, the outlook for gas markets is more robust. Structural growth continues, fueled by demand for LNG and and surging AI-led power demand. As such, we expect 2026 global upstream investment levels to remain flattish overall, though with notable variations by region and market segment. North America is likely to remain most restrained market in the quarter ahead. This is evident in current activity levels and the recent behaviors of both customers and competitors.

相比之下，天然氣市場的前景更為穩健。結構性成長持續進行，這主要得益於對液化天然氣的需求以及人工智慧驅動的電力需求激增。因此，我們預計 2026 年全球上游投資水準將整體保持平穩，但各地區和市場區隔將出現顯著差異。未來一個季度，北美市場可能仍將保持最保守的狀態。這一點從當前的活躍度和客戶及競爭對手近期的行為中可見一斑。

We do, however, expect activity to gradually improve through the course of the year and strengthen into 2027. Internationally, the market demonstrates greater resilience. With a clear uptick in activity in the Middle East.

不過，我們預計今年的活動將逐步改善，並在 2027 年進一步加強。國際市場表現出更強的韌性。中東地區的活動明顯增加。

Our recent announcements regarding reactivations in Saudi Arabia highlight this growing momentum, and we are beginning to observe broader improvements across the region. South America is also on a more positive path. In this context, our strategic priorities remain unchanged. Maintaining our focus on pricing, making selective capital investments and positioning our business to capitalize when the market cycle strengthens.

我們最近發布的有關沙烏地阿拉伯重新開放的公告凸顯了這一不斷增長的勢頭，我們開始觀察到整個地區情況的普遍改善。南美洲也走上了更積極的發展道路。在此背景下，我們的策略重點保持不變。我們將繼續專注於定價，進行選擇性的資本投資，並使我們的業務做好準備，以便在市場週期走強時抓住機會。

Turning to Rig dynamics on slide 7. I want to provide a brief update on the operational front. Lower 48 rig demand moderated into the end of the year, with operators adjusting activity levels to align with market conditions. North America Solutions exited the first fiscal quarter with 139 rigs. A 4% decline from the prior quarter's exit rate.

接下來，請看第 7 張投影片，了解鑽機動力學。我想簡單匯報一下營運方面的情況。今年底，美國本土48州對鑽井平台的需求有所緩和，業者調整作業活動水準以適應市場狀況。北美解決方案公司在第一財季結束時擁有 139 台鑽孔機。與上一季相比，退出率下降了4%。

For the second quarter, we expect to average between 132 and 138 active rigs and currently have 135 rigs operating as of today. Although activity has softened, we remain optimistic for the full year outlook, supported by ongoing discussions with customers. Our expectation is that conditions will gradually improve over the course of the year with a pickup in both oil and gas focused activity.

第二季度，我們預計平均會有 132 至 138 台活躍鑽機，截至目前，已有 135 台鑽機正在運作。儘管市場活動有所放緩，但在與客戶的持續溝通支持下，我們對全年前景仍然保持樂觀。我們預計，隨著石油和天然氣行業的活動增加，情況將在今年內逐步改善。

Moving to our international operations. We continue to expect the phase reactivation of the suspended rigs in Saudi Arabia that we've been notified will return to service. We now have raised the mask on two rigs and anticipate completing reactivations by mid-2026. Offshore Solutions continues to perform well, reinforcing H&P's leadership in offshore operations and platform maintenance.

接下來介紹我們的國際業務。我們仍然期待沙烏地阿拉伯暫停營運的鑽井平台能夠分階段恢復運營，我們已經收到通知這些鑽井平台將恢復服務。我們現在已經拆除了兩個鑽井平台的面罩，預計將在 2026 年年中完成重新啟用。海上解決方案業務持續表現良好，鞏固了 H&P 在海上作業和平台維護領域的領先地位。

Currently, this segment has 3 active offshore rigs and 31 management contracts backed by long-standing customer relationships, creating a steady and reliable cash flow base. Our geographic footprint positions us well for anticipated offshore investment cycle and the continued integration of our land and offshore operating models and safety practices will strengthen our performance, both over the near and long term.

目前，該業務板塊擁有 3 個活躍的海上鑽井平台和 31 份管理合同，並擁有長期穩定的客戶關係，從而創造了穩定可靠的現金流基礎。我們的地理佈局使我們能夠很好地應對預期的海上投資週期，並且我們陸上和海上運營模式及安全實踐的持續整合將增強我們的業績，無論在短期還是長期。

Turning to slide 8, on the commercial front, we made progress in several areas during the quarter, most notably was the announcement of rig reactivations in Saudi Arabia, which commenced in November last year. This marks a turning point in activity levels in the Kingdom, and we remain hopeful that we will see further reactivations as well as the opportunity to further deploy our technology and performance capabilities over time.

翻到第 8 張投影片，在商業方面，本季我們在多個領域取得了進展，最值得注意的是宣佈在沙烏地阿拉伯重新啟用鑽井平台，該平台於去年 11 月開始營運。這標誌著王國活動水平的轉折點，我們仍然希望能夠看到進一步的復甦，並有機會隨著時間的推移進一步部署我們的技術和性能能力。

Our teams are working hard to redeploy these rigs in country with a focus on customer satisfaction, safety and operational performance. Elsewhere in our International Solutions business, we are pleased to deploy additional rigs in both Australia and Pakistan and continue to see a high level of engagement with host NOCs, IOCs and leading OFS service firms on opportunities to expand our presence in the Middle East and North Africa.

我們的團隊正努力在各國重新部署這些鑽井平台，並專注於客戶滿意度、安全性和營運績效。在我們的國際解決方案業務的其他方面，我們很高興在澳洲和巴基斯坦部署更多鑽井平台，並繼續與東道國國家石油公司、國際石油公司和領先的油田服務公司保持高度合作，尋求擴大我們在中東和北非的業務的機會。

The potential reopening of Venezuela could offer meaningful growth for H&P in the medium term. We have a long and distinguished heritage of operating in the country and with the right operator, commercial framework and returns profile in place, we can mobilize relatively quickly.

委內瑞拉重新開放的可能性，可能會在中期內為H&P帶來顯著成長。我們在該國擁有悠久而卓越的營運歷史，只要有合適的營運商、商業框架和回報模式，我們就能相對迅速地開展業務。

Furthermore, we are excited to note that geothermal rig interest remains high, both in Europe and North America. During the quarter, we received three contract awards for geothermal rigs in Germany, Denmark and the Netherlands.

此外，我們欣喜地註意到，無論是在歐洲還是在北美，人們對地熱鑽井平台的興趣仍然很高。本季度，我們獲得了德國、丹麥和荷蘭三處地熱鑽井平台的合約。

In January, we added another rig for a geothermal project in North America. Domestically, while the rig count remains soft, we are pleased to sign multiyear contract extensions for several of our rigs operating for key customers across the Lower 48. This strengthens our term backlog and provides greater visibility regarding activity levels and margin rates.

1月份，我們為北美的一個地熱計畫增加了一台鑽孔機。國內方面，雖然鑽井平台數量仍然疲軟，但我們很高興與在美國本土48州為主要客戶運營的幾座鑽井平台簽署了多年合約延期協議。這有助於增強我們的長期訂單儲備，並提高業務活動水準和利潤率的可見度。

Offshore Solutions saw continued commercial momentum during the quarter with progress on several multiyear offshore contract renewals and extensions under evolving commercial frameworks. These opportunities span multiple regions and reflect ongoing customer demand for H&P's operations maintenance and integrated service capabilities. While certain contracts remain subject to customer approvals and customary conditions, the company is encouraged by its potential to support long-term revenue visibility in the offshore portfolio.

本季度，海上解決方案業務繼續保持商業勢頭，在不斷發展的商業框架下，多個多年海上合約的續約和延期取得了進展。這些機會遍及多個地區，反映了客戶對 H&P 營運維護和綜合服務能力的持續需求。雖然某些合約仍需獲得客戶批准並滿足慣例條件，但該公司對其在離岸投資組合中支持長期收入可見性的潛力感到鼓舞。

As I mentioned, our Offshore Solutions business is differentiated from the more cyclical parts of our portfolio providing durability and longer-term visibility and is in an area we are actively looking to expand over time. Moving to the next slide, I would like to take this opportunity to discuss our latest advancement in rig technology. Flex Robotics. Our system has been successfully deployed on three pads for a super major customer in the Permian Basin, delivering results in line or better across several operational metrics.

正如我之前提到的，我們的離岸解決方案業務與我們投資組合中那些週期性較強的部分有所不同，它具有持久性和長期可見性，而且我們正在積極尋求隨著時間的推移擴大該領域的業務。接下來，我想藉此機會討論我們在鑽井技術方面的最新進展。Flex Robotics。我們的系統已成功部署在二疊紀盆地一家超級大客戶的三個平台上，在多個營運指標方面取得了符合或優於預期的結果。

Flex robotics is all about the automation of routine tasks so that crews can concentrate more on performance and safety. Flex Robotics fully automates drilling, drilling connections and tripping rig floor activities.

柔性機器人技術旨在實現日常任務的自動化，以便工作人員更專注於工作效率和安全。Flex Robotics 可實現鑽井、鑽井連接和起下鑽台作業的完全自動化。

This, in turn, helps improve safety and operational performance by helping move our recruits out of the rig floor red zone. We started our journey with Flex Robotics testing in 2024 on our R&D FlexRig 918 in Tulsa to help validate the system. But now Flex Robotics is successfully deployed and operational in the Permian Basin.

反過來，這有助於提高安全性和營運績效，幫助我們的新員工遠離鑽井平台危險區域。2024 年，我們在塔爾薩的研發中心 FlexRig 918 上開始了與 Flex Robotics 的合作測試，以協助驗證該系統。但現在 Flex Robotics 已在二疊紀盆地成功部署並投入營運。

The Flex Robotics system is designed with three off-the-shelf robotic arms used in many industries, allowing for a retrofit ready system to integrate seamlessly with any of our active rigs. We are excited about the potential to deploy more Flex robotic systems on our rigs in the future.

Flex Robotics 系統採用三款現成的機械手臂設計，這些機械手臂在許多行業中都有應用，因此該系統可以隨時進行改造，並與我們任何現有的設備無縫整合。我們對未來在我們的鑽井平台上部署更多 Flex 機器人系統的潛力感到興奮。

At the same time, customers are excited about its potential with several inbounds on our latest innovation. As John said, H&P continues to lead in rig technology innovation. We remain dedicated to developing solutions that both enhance customer experience and deliver superior returns for our business.

同時，客戶們對這項創新的潛力感到興奮，並收到了許多關於我們最新創新的諮詢。正如約翰所說，H&P 在鑽井技術創新方面繼續保持領先地位。我們將持續致力於開發既能提升客戶體驗又能為公司帶來卓越回報的解決方案。

With that, I will now turn the call over to Kevin, who will walk you through our financial results.

接下來，我會把電話交給凱文，他將為大家介紹我們的財務表現。

Thanks, Trey. I will start by reviewing our first quarter operating results and providing details on the performance of our operating segments. I will then spend some time walking through our capital allocation framework, include by outlining our guidance for the fiscal second quarter before handing it back back to Trey. Let me start with highlights for the recently completed quarter on slide 11 where we exceeded the midpoint of our direct margin guidance in all our operating regions despite the dynamic market environment.

謝謝你，特雷。我將先回顧我們第一季的經營業績，並詳細介紹我們各個經營部門的業績。接下來，我將花些時間詳細介紹我們的資本配置框架，包括概述我們對第二財季的指導意見，然後再將其交還給 Trey。首先，讓我從投影片 11 中重點介紹最近結束的季度，儘管市場環境瞬息萬變，但我們在所有營運區域都超過了直接利潤率預期的中點。

Alongside our continued operational and commercial success, we also made strong progress on the deleveraging front as we have paid off $260 million on our $400 million term loan as of the end of January, remaining significantly ahead of the debt reduction goals we laid out last year.

在持續的營運和商業成功之外，我們在去槓桿化方面也取得了顯著進展，截至 1 月底，我們已償還了 4 億美元定期貸款中的 2.6 億美元，遠遠領先於我們去年制定的債務削減目標。

During the quarter, the company generated revenues of $1 billion, which is the third consecutive quarter at that $1 billion mark. We generated $230 million of adjusted EBITDA coming in ahead of expectations. This was primarily led by stronger-than-anticipated margin performance in International Solutions as a result of the lower-than-expected reactivation cost in Saudi during the quarter.

該季度，該公司營收達到 10 億美元，這是連續第三個季度營收達到 10 億美元。我們實現了 2.3 億美元的調整後 EBITDA，超出預期。這主要是由於本季沙烏地阿拉伯的重新啟動成本低於預期，國際解決方案的利潤率表現強於預期。

The balance will now occur in the second fiscal quarter and is reflected in our 2Q international margin guidance. On EPS, we reported a net loss of $0.98 per diluted share. These results were negatively impacted by a noncash impairment charge and some unusual non-cash items of $103 million. Absent those items, we generated a loss of $0.15 per share. Capital expenditures for the first quarter were $68 million, trending below our sequential run rate.

平衡點將在第二財季實現，並反映在我們的第二財季國際利潤率預期中。每股盈餘方面，我們報告每股攤薄虧損0.98美元。1.03億美元的非現金減損支出和一些不尋常的非現金項目對這些業績產生了負面影響。剔除這些項目後，我們每股虧損 0.15 美元。第一季資本支出為 6,800 萬美元，低於我們先前的環比增速。

This outcome was primarily driven by slower-than-anticipated CapEx associated with the Saudi reactivation capital deployment in International Solutions, along with timing changes in some of our North American solutions spend.

這一結果主要是由於與沙烏地阿拉伯重啟專案相關的資本支出在國際解決方案領域的部署速度低於預期，以及我們在北美的一些解決方案支出的時間安排發生了變化。

In line with this, H&P free cash flow in the quarter came in strongly at $126 million. Our cash flow duration funded $25 million in base dividends in addition to the significant progress on paying down our term loan. Now turning to our three segments, beginning with North American Solutions on slide 12. We averaged 143 contracted rigs during the first quarter, which was up slightly from the levels we experienced in the fiscal fourth quarter of 2025 and consistent with the activity expectations we set on the prior call.

與此相符，H&P本季自由現金流強勁，達到1.26億美元。除了在償還定期貸款方面取得重大進展外，我們的現金流期限還為 2500 萬美元的基本股息提供了資金。現在讓我們進入三個部分，首先是第 12 頁的北美解決方案。第一季我們平均簽約鑽機數量為 143 台，略高於 2025 財年第四季的水平，與我們在上一次電話會議上設定的活動預期一致。

Segment direct margin for North American solutions was $239 million, which came in above the midpoint of our guidance range. This was driven by a higher rig count sequentially and our total gross margin holding in above 18,000 per day as we closed out the calendar year. This outcome is also evidence of our commitment to our customers.

北美解決方案業務的直接利潤為 2.39 億美元，高於我們預期範圍的中點。這主要得益於鑽井平台數量的環比增長，以及我們在日曆年結束時每日總毛利保持在 18,000 以上。這結果也證明了我們對客戶的承諾。

We benefit when they benefit via our performance-based contracts. Ultimately, our goal is to help them meet their objectives of drilling consistent and timely wells and setting them up for a clean and efficient completion and production process.

透過我們的績效合同，當他們受益時，我們也會受益。最終，我們的目標是幫助他們實現鑽井的目標，即持續、及時地鑽探油井，並為他們創造清潔且高效的完井和生產流程。

Turning to International Solutions on slide 13. The segment ended the first quarter with 59 rigs working and generated approximately $29 million in direct margins exceeding the high end of our guidance range of $13 million to $23 million. Again, the much higher than anticipated margin rate is primarily driven by the timing of reactivation costs, which were anticipated to occur in the first quarter but will now happen in the second fiscal quarter.

請看第 13 頁的國際解決方案。該業務板塊第一季末共有 59 台鑽機投入運營，直接利潤約為 2,900 萬美元，超過了我們先前預測的 1,300 萬美元至 2,300 萬美元的上限。再次強調，遠高於預期的利潤率主要是由於重新激活成本的時間安排所致，這些成本原本預計在第一季發生，但現在將在第二財季發生。

Underlying the lumpiness of our reactivation cost in Saudi Arabia we saw continued improvement in the margin performance of our FlexRig fleet and higher-than-anticipated rig utilization in the Middle East and in Colombia.

儘管我們在沙烏地阿拉伯的重新啟動成本波動較大，但我們FlexRig船隊的利潤率表現持續改善，而且我們在中東和哥倫比亞的鑽機利用率高於預期。

Finally, with our Offshore Solutions segment on slide 14, we generated a direct margin of approximately $31 million during the quarter, which came in slightly ahead of the midpoint of our guidance range. We had 3 active risks and 33 management contracts in operation during the quarter.

最後，關於幻燈片 14 中的離岸解決方案業務，我們本季實現了約 3,100 萬美元的直接利潤，略高於我們預期範圍的中點。本季我們有 3 個活躍風險和 33 份管理合約正在執行。

As with prior quarters, we are excited about this business and the consistent and stable results that it delivers. As Trey said, it requires minimal capital and generate steady cash flow, which is distinctive from the cyclical and more capital-dependent nature of our onshore portfolio.

與前幾季一樣，我們對這項業務及其持續穩定的業績感到興奮。正如 Trey 所說，它只需要極少的資本，就能產生穩定的現金流，這與我們境內投資組合的周期性和對資本的依賴性截然不同。

Turning to slide 15. I want to provide an update on our capital allocation framework. Our focus remains unchanged, with the top priority being continued deleveraging and maintaining our investment-grade status. In relatively short time, we've made meaningful progress to reduce our post-acquisition leverage and we remain committed to reaching our near-term goal of paying down our term loan of $400 million ahead of schedule by mid-2026.

翻到第15張投影片。我想就我們的資本配置框架提供最新情況報告。我們的重點依然不變，首要任務是持續降低槓桿率並維持投資等級信用評等。在相對較短的時間內，我們在降低收購後的槓桿率方面取得了實質進展，我們仍然致力於實現近期目標，即在 2026 年年中之前提前償還 4 億美元的定期貸款。

As I mentioned earlier, we have paid down $260 million on it as of the end of January. At the end of the fiscal first quarter, we had cash and short-term investments of approximately $269 million. Including the availability under our revolving credit facility, our total liquidity is approximately $1.2 billion. Beyond the term loan repayment, we are focused on driving leverage down to around 1 turn or 1 times net debt to EBITDA.

正如我之前提到的，截至1月底，我們已經支付了2.6億美元。截至本財年第一季末，我們擁有現金和短期投資約 2.69 億美元。包括我們循環信貸額度下的可用資金在內，我們的總流動資金約為 12 億美元。除了償還定期貸款外，我們還專注於將槓桿率降低到 1 倍左右，即淨債務與 EBITDA 的比率為 1 倍。

We continue to evaluate our asset base to ensure capital is directed towards the highest return opportunities while simplifying the portfolio where appropriate and driving structural cost improvements across the organization. Since we closed the sale of the transaction, we have been able to reduce our SG&A by over $50 million relative to premerger stand-alone run rates and we'll continue to align the cost structure with the level of activity.

我們持續評估資產基礎，以確保資本流向回報最高的投資機會，同時在適當情況下簡化投資組合，並推動整個組織的結構性成本改善。自我們完成此交易以來，與合併前的獨立營運水準相比，我們的銷售、管理及行政費用已減少了 5,000 多萬美元，我們將繼續使成本結構與業務活動水準保持一致。

Further, as I stated last quarter, we are harmonizing processes and systems across our Eastern and Western Hemisphere operations. These efforts will help in the longer term with the cost-conscious culture we have at H&P.

此外，正如我上個季度所說，我們正在協調東西半球業務的流程和系統。從長遠來看，這些努力將有助於 H&P 保持其註重成本的文化。

On portfolio optimization, we continue to work diligently to streamline the portfolio and have line of sight on over $100 million of divestments. Lastly, on shareholder returns, a key element is the dividend. We view the base dividend as a core commitment to shareholders, and we remain confident in its sustainability. The dividend is well covered by cash flow and our capital allocation decisions are structured to support it across commodity cycles.

在投資組合優化方面，我們繼續努力精簡投資組合，並有望剝離超過 1 億美元的資產。最後，就股東回報而言，股利是一個關鍵因素。我們認為基本股利是對股東的核心承諾，並且我們對基本股利的可持續性充滿信心。現金流足以覆蓋股息，我們的資本配置決策旨在支援股息在各種商品週期中持續發放。

Now I want to transition to our second quarter and full year guidance on slide 16. Looking ahead to the second quarter of fiscal 2026 for North American Solutions, we expect our margins and operated rig count to taper down in line with the typical seasonality and ongoing softness in US land activity levels.

現在我想過渡到第 16 頁投影片中介紹我們的第二季和全年業績指引。展望 2026 財年第二季北美解決方案業務，我們預期利潤率和營運鑽機數量將隨著美國陸上活動水準的季節性波動和持續疲軟而逐漸下降。

As a result, we expect direct margins in our second quarter to range between $205 million to $230 million based on anticipated rig count of between 132 rigs to 138 rigs in the second quarter. Importantly, as we look out to the fiscal third and fourth quarters, we do see signs of the market stabilizing and expect our rig count to pick up in the back half of the year, giving us a path to approach the midpoint of our full year rig count of 132 rigs to 148 rigs.

因此，根據第二季預計鑽機數量為 132 至 138 台的預測，我們預計第二季的直接利潤將在 2.05 億美元至 2.3 億美元之間。重要的是，展望第三和第四財季，我們確實看到了市場穩定的跡象，預計下半年鑽機數量將會增加，這將使我們有機會接近全年鑽機數量的中點，即 132 台至 148 台。

For international, we anticipate the rig count to average between 57 rigs to 63 rigs in the second quarter, which includes the rigs being reactivated in Saudi. As a reminder, this outlook also includes the expectation for some lower rig counts in noncore countries where the current EBITDA contribution is minimal.

對於國際市場，我們預計第二季鑽井平台數量平均在 57 至 63 台之間，其中包括沙烏地阿拉伯重新啟用的鑽井平台。需要提醒的是，這項展望也包括對一些非核心國家鑽井平台數量減少的預期，因為這些國家目前的 EBITDA 貢獻微乎其微。

When we think about core Middle East, the year-on-year trend is positive. We expect International Solutions to generate a direct margin between $12 million to $22 million. As previously mentioned, we did not incur as much reactivation costs in the first quarter as we anticipated. The balance will now fall in the second quarter, resulting in a step down in sequential margin rates.

當我們考慮中東核心地區時，同比趨勢是正面的。我們預計國際解決方案業務將產生 1,200 萬美元至 2,200 萬美元的直接利潤。如前所述，我們第一季的重新啟動成本並沒有我們預期的那麼多。第二季餘額將會下降，導致季後利潤率下降。

We are also experiencing some churn in Argentina, where rigs coming to the end of their term are returning to the yard to be fitted with additional technology packages before being redeployed. Despite this timing difference, we expect the direct margin in the fiscal third quarter and fourth quarter to be materially higher than the direct margin rate we achieved in the fiscal first quarter. All reactivations will be behind us, and we expect our FlexRig fleet margin to continue to improve.

我們在阿根廷也遇到了一些人員更迭的情況，一些即將到期的鑽井平台正在返回船廠，安裝額外的技術包，然後再重新部署。儘管存在時間上的差異，但我們預計第三財季和第四財季的直接利潤率將遠高於第一財季的直接利潤率。所有重新啟用工作都將完成，我們預計 FlexRig 船隊的利潤率將持續提高。

For offshore, we anticipate an average of 30 to 35 management contracts and operating rigs. We expect the margin rate in the fiscal second quarter to range between $20 million and $30 million. This step down is reflective of typical seasonality, lower revenue days and the roll-off of some higher-margin rig management contracts in Angola. As we progress through the remainder of the year, we anticipate the margin rate to step back up and remain confident in the $100 million to $115 million direct margin full year guidance we shared previously.

對於海上作業，我們預計平均會有 30 至 35 份管理合約和營運鑽井平台。我們預計第二財季的利潤率將在 2,000 萬美元至 3,000 萬美元之間。這一降幅反映了典型的季節性因素、收入較低的天數以及安哥拉一些高利潤鑽井平台管理合約的到期。隨著今年剩餘時間的推進，我們預計利潤率將回升，並對我們先前分享的全年直接利潤率 1 億美元至 1.15 億美元的預期目標仍然充滿信心。

We are also trimming our 2026 gross capital expenditure budget slightly to be between $270 million to $310 million as a result of activity levels and ongoing benefits of our optimization programs. All other full year guidance ranges remain the same.

由於業務活動水準和優化計畫的持續效益，我們將 2026 年的總資本支出預算略微削減至 2.7 億美元至 3.1 億美元之間。其他全年業績指引範圍維持不變。

To conclude, the timing difference of the cost associated with reactivations is creating some lumpiness in the direct margin between the first and second quarters. Beyond that, we remain optimistic about activity and direct margin progression in the third and fourth quarters and are comfortable with where external expectations lie for the full year.

總之，與重新活化相關的成本的時間差異導致第一季和第二季的直接利潤率出現一些波動。除此之外，我們對第三季和第四季的業務活動和直接利潤成長保持樂觀，並對全年的外部預期感到滿意。

I will now turn it back over to Trey for some closing remarks.

現在我將把發言權交還給特雷，請他作總結發言。

Thank you, Kevin. Turning to slide 18. I'd like to conclude by refocusing on our compelling investment thesis. H&P today is unrivaled in our scale, geographic diversity and portfolio to capture rising global onshore drilling activity. We are clearly the technology leader and see a significant opportunity over time to deploy our cutting-edge technology across our global fleet.

謝謝你，凱文。翻到第18張幻燈片。最後，我想再次強調我們引人注目的投資理念。如今，H&P 在規模、地理多樣性和產品組合方面無可匹敵，能夠抓住全球陸上鑽井活動不斷增長的機會。我們顯然是技術領域的領導者，並且看到了隨著時間的推移，將我們的尖端技術部署到我們全球艦隊中的巨大機會。

We believe we are only in the early stages of international shale development and are particularly excited about the prospects in the Middle East and North Africa. At the same time, we are embarking on a rewarding journey of enterprise optimization with several programs underway to streamline our portfolio, cost structure and deliver on the full potential of the KCA Deutag acquisition.

我們認為我們目前還處於國際頁岩油開發的早期階段，並且對中東和北非的前景尤其感到興奮。同時，我們正在開啟一段富有成效的企業優化之旅，目前正在進行多個項目，以精簡我們的產品組合、成本結構，並充分發揮 KCA Deutag 收購的潛力。

Our near-term commitment remains on deleveraging our balance sheet, and we are confident in repaying our term loan ahead of schedule. Beyond that, we believe we will have the financial strength and flexibility to enhance our attractive shareholder return profile and further differentiate our portfolio.

我們近期仍致力於降低資產負債比率，並且我們有信心提前償還定期貸款。除此之外，我們相信我們將擁有足夠的財務實力和靈活性來提升我們具有吸引力的股東回報水平，並進一步使我們的投資組合脫穎而出。

Lastly, I'm proud of the way we started the year with solid first quarter results. While we face some timing and market dynamics in the second quarter, we are optimistic about activity improving through our fiscal third and fourth quarters and remain confident in the guide we set out at the start of the year.

最後，我為我們年初第一季取得的穩健業績感到自豪。儘管我們在第二季度面臨一些時機和市場動態方面的問題，但我們對第三和第四財季的業務活動改善持樂觀態度，並對我們年初制定的業績指引充滿信心。

I want to thank the employees of H&P for all of their efforts and look forward to what we can achieve together this year and beyond. That concludes our prepared remarks for the quarter. And I will now turn it back to the operator for questions.

我要感謝 H&P 的全體員工所付出的努力，並期待著我們今年及以後能夠共同取得的成就。以上就是我們本季準備好的發言稿。現在我將把電話轉回給接線員，回答他們的問題。

(Operator Instructions)

（操作說明）

Scott Gruber, Citigroup.

史考特‧格魯伯，花旗集團。

Yes, good morning, everyone. And before I ask the question, I just want to thank you, John, for all the insights over the years. It's been a real pleasure and enjoy your next adventure.

是的，大家早安。在我提問之前，約翰，我想感謝你這些年來給我的所有真知灼見。非常榮幸能與您相伴，並祝您下次冒險之旅愉快。

Great. Thank you very much, Scott. I appreciate it.

偉大的。非常感謝你，斯科特。謝謝。

Yes, indeed. -- and [Trey], congrats on the promo to you as well.

沒錯。 ——還有，[Trey]，也祝賀你升職。

Thank you very much.

非常感謝。

So I want to ask about the moving parts incorporated into the fiscal 2Q guide. We got some color, which I appreciate -- it sounds like the start-up costs are going to increase in 2Q as you really push forward those reactivations in Saudi. Are you able to dimension the size of those start-up costs in fiscal Q2? And will there still be some reactivation costs continuing into fiscal 3Q? And then you mentioned the seasonal headwinds in the US business.

所以我想問第二季財報指南中包含的各項變動因素。我們得到了一些具體信息，我很感激——聽起來隨著你們在沙烏地阿拉伯大力推進這些重啟項目，第二季的啟動成本將會增加。能否估算一下第二財季的啟動成本規模？那麼，在第三財季是否還會存在一些重啟成本？然後您提到了美國商業面臨的季節性不利因素。

Outside of seasonality, is the underlying profit margin for the North American services business now is pretty stable or is there still some contractual headwind in that business. So just some color on those moving parts in the guide for 2Q and how some of those headwinds abate into the future.

撇開季節性因素不談，北美服務業務的潛在利潤率目前是否相當穩定，還是該業務仍存在一些合約上的阻力？所以，這裡就第二季業績指南中的一些動態因素進行一些闡述，以及未來一些不利因素將如何減弱。

Yeah. Thank you for the question. This is Trey. I'll start, and then Kevin and Mike may fill in some additional color as we go through this question. We definitely saw some lumpiness between Q1 and Q2, and we'll discuss the 3 primary drivers of the lumpiness between the quarters here in just a second.

是的。謝謝你的提問。這是特雷。我先開始，然後凱文和麥克可能會在我們討論這個問題的時候補充一些細節。我們確實看到第一季和第二季之間出現了一些波動，我們馬上將討論造成這兩個季度之間波動的 3 個主要因素。

I will firmly commit and say that we feel good on the forward guide. We feel good about our guided activity range in North America, as Kevin stated in his prepared remarks, we feel good about the international Solutions outlook.

我將堅定地表示，我們對前進方向感到滿意。正如凱文在事先準備好的演講稿中所說，我們對我們在北美的指導活動範圍感到滿意，我們對國際解決方案的前景也感到滿意。

As it relates to reactivation costs in Saudi, those costs we anticipated occurring in the first fiscal quarter now have moved into the second fiscal quarter. We will see some of those costs continue to move forward into the third quarter, but the vast majority of those will occur in the second fiscal quarter and within our guide. We did also the other kind of key driver was in our North American Solutions segment. As you guys are aware, on, we do expect fewer rigs in North America. This was largely driven by the end of the calendar year 2025 crude pricing.

就沙烏地阿拉伯的重新啟動成本而言，我們原本預計在第一財季發生的那些成本現在已經轉移到了第二財季。部分成本將延續到第三季度，但絕大部分成本將在第二財季發生，並符合我們的預期。我們在北美解決方案部門也採取了另一個關鍵驅動因素。如你們所知，我們預計北美地區的鑽井平台數量將會減少。這主要是由 2025 年底原油價格預測所驅動的。

Some of the churn rates and some of the private activity that we have traditionally seen as much more moderated. As we exited the calendar year 2025 and entered into our second fiscal quarter. Mike can get into some color later on the call about how we see that outlook as we progress through the year, but we feel like that's much more robust.

有些客戶流失率和一些私人活動，我們傳統上認為這些活動受到的抑制要小得多。2025 年即將結束，我們進入了第二個財政季度。稍後在電話會議上，Mike 可以詳細談談我們對今年未來發展前景的看法，但我們覺得這要穩健得多。

Private E&Ps compared to a couple of years ago, definitely didn't load to the wagon in the fourth quarter and into the first quarter like they had been over the past couple of years. Our public E&P customers remain very fiscally disciplined. Their capital returns programs remain very much firm and in place. So we feel pretty robust on that guide as we go forward. But it just all kind of occurred as we started this new year is a little bit light or a guide than we had initially anticipated in North America.

與幾年前相比，私人油氣勘探開發公司在第四季和第一季並沒有像過去幾年那樣大量購入石油。我們的上市油氣探勘開發客戶在財務方面依然保持著非常嚴格的紀律。他們的資本回報計劃依然非常穩固且有效。因此，我們認為該指南對我們未來的發展非常有信心。但這一切似乎都發生在我們開始新的一年之際，這比我們最初在北美預期的要輕鬆一些。

The last kind of component of some of the lumpiness was this offshore seasonality that Kevin referred to in some of his prepared remarks. We definitely had some rigs that moved from a drilling to a more maintenance mode. We had one rig that stopped working in soft activity in Africa. That is pretty seasonal, though. We expect those rigs to go back to drilling and off of maintenance mode.

造成這種波動性的最後一個因素是凱文在事先準備好的演講稿中提到的離岸季節性因素。我們確實有一些鑽孔機從鑽井模式轉為維護模式。我們在非洲的一次輕度作業中，有一台鑽孔機停止了工作。不過，這確實具有很強的季節性。我們預計這些鑽井平台將恢復鑽井作業，結束維護模式。

And so it just provided a little bit of lump in our quarter through the offshore segment. What we are, though, is very optimistic on the full year guide. The Saudi reactivations are putting a lot of wind in our sales. We feel like those are largely behind us and the start-up expenses are behind us.

因此，離岸業務部門為我們本季帶來了一些成長。不過，我們對全年的業績指引非常樂觀。沙烏地阿拉伯的重新開放極大地促進了我們的銷售。我們感覺那些困難和啟動費用都已經過去了。

We feel good about our forward guide on those as well as our FlexRig margins throughout the rest of this FY26 year. Our FlexRig margins continue to trend well and are moving in the right direction. In North American Solutions, the current expectations of activity improvement are being felt and seen. And so we still feel very good about our overall activity guide in North American solutions.

我們對未來業績指引以及 2026 財年剩餘時間內 FlexRig 的利潤率感到樂觀。我們的 FlexRig 利潤率持續保持良好趨勢，並朝著正確的方向發展。在北美解決方案公司，目前對業務改進的期望正在被感受到和看到。因此，我們仍然對北美解決方案的整體活動指南感到非常滿意。

And then lastly, I'll just touch on before I turn it over to Kevin for some additional color. I'll just touch on the optimization of costs and expenses throughout the company and portfolio will be a key focus area throughout the rest of FY26.

最後，在把話題交給凱文補充一些細節之前，我再簡單提一下。我將簡要介紹公司和投資組合在 2026 財年剩餘時間內的成本和費用優化情況，這將是我們重點關注的領域。

Kevin referenced in his prepared remarks and can add some additional color on our CapEx guide. We feel comfortable about that. So overall, I think we're feeling good about the second half of FY26 and believe that this second quarter bumpiness will abate and resolve itself.

Kevin 在他的準備好的演講稿中提到了這一點，他可以為我們的資本支出指南補充一些細節。我們對此感到放心。總的來說，我認為我們對 2026 財年下半年的前景感到樂觀，並相信第二季的波動將會緩解並自行解決。

Turning to you, Kevin?

凱文，你轉向我了嗎？

Yeah. Scott, yeah. And if you think about second quarter international guidance of $12 million to $22 million. We've got all of the additional start-up reactivation costs that are hitting margin. We've got them plugged into that quarter.

是的。斯科特，是的。如果你考慮到第二季國際業務預期為 1200 萬美元至 2200 萬美元的話。我們還得承擔所有額外的啟動和重啟成本，這些成本都會影響利潤。我們已經讓他們接入那個季度了。

We're pretty confident they'll all hit next quarter. But what you're going to see, without giving you third quarter guidance, you're going to see a material step-up in gross margin coming out of our International Solutions segment from the second to third quarter. So again, from an international solutions port perspective, it's really just kind of sliding some costs between quarters, but we still anticipate when you think about those reactivation or those reactivated rigs in Saudi.

我們很有信心他們下個季度都能達標。但恕我無法給出第三季的業績指引，但您可以看到，從第二季到第三季度，我們國際解決方案部門的毛利率將大幅提升。所以，從國際解決方案港口的角度來看，這實際上只是在季度之間轉移一些成本，但我們仍然預計，當你考慮到沙烏地阿拉伯的那些重新激活或重新激活的鑽井平台時，情況會有所改善。

We're anticipating a little over $5 million of EBITDA per year contribution out of those rigs. And then on top of that, with our FlexRig performance continuing to get better in Saudi. I think what we've talked about historically has been between $20 million and $25 million for that fleet, those rigs to contribute to annualized EBITDA.

我們預計這些鑽井平台每年將貢獻略高於 500 萬美元的 EBITDA。此外，我們在沙烏地阿拉伯的 FlexRig 效能也在不斷提升。我認為我們過去討論過的金額是在 2000 萬美元到 2500 萬美元之間，這些鑽井平台將為年度 EBITDA 做出貢獻。

So again, second quarter, kind of a lull -- some of that's activity driven, some of them, that's just getting ready to really ramp up our International Solutions segment. So -- and as Trey mentioned on cost, using all that as the opportunity from a capital perspective really to take a long hard in the mirror and make sure that we've got capital allocated to the best projects and the ones that are going to return the most value, the quickest. And so we're lowering our capital guidance a slight touch. But again, I think that's demonstrated just us keeping our eye on the ball.

所以，第二季度又是一個相對平靜的時期——其中一些是業務活動推動的結果，而另一些則是因為我們正在為真正擴大國際解決方案部門的業務做準備。所以——正如 Trey 提到的成本問題，從資本的角度來看，我們應該利用所有這些機會認真反思，確保我們將資金分配給最好的項目，以及那些能夠最快、最有價值回報的項目。因此，我們將資本預期略微下調。但我覺得這再次證明我們始終專注於目標。

Okay. I appreciate all the color. I'll turn it back. Thank you.

好的。我喜歡這些色彩。我會把它轉回去。謝謝。

Arun Jayaram, JPMorgan.

Arun Jayaram，摩根大通。

Yeah. Good morning, gentlemen. Trey, I wanted to start -- to see if we could start with your vision for H&P. You talked about this being a new chapter for the company as you take over for John next month. But I was wondering if you could talk about your vision for the company, including what you see as some of the opportunities internationally, particularly as we see growth in unconventionals and Geotherm?

是的。早安，先生們。Trey，我想先談談——看看我們能否從你對 H&P 的願景開始。你曾說過，你下個月接替約翰，這將是公司的新篇章。但我很想知道您能否談談您對公司的願景，包括您認為在國際上有哪些機遇，尤其是在非常規能源和地熱領域看到成長的情況下？

Yeah. Thank you. And first, I just want to take a moment to say how excited I am about the future and about where we're positioned today. John sitting here and his vision has been manifested in is coming to reality across the organization. The company is well founded. And our foundation is strong.

是的。謝謝。首先，我想花一點時間表達我對未來以及我們目前所處位置的興奮之情。約翰坐在這裡，他的願景已經在整個組織中逐步實現。這家公司根基穩固。我們的基礎很牢固。

If you think about where we were 14 months ago prior to the KCA Deutag acquisition and the true from two of H&P today versus where we were then, we're a truly different company in business today than we were 14 months ago.

想想我們在 14 個月前收購 KCA Deutag 之前所處的位置，再看看如今 H&P 的真實情況與當時相比，我們如今的業務與 14 個月前已截然不同。

We're the global leader in onshore drilling. We have a great base of operations in offshore, the leader in platform, operations and maintenance services globally and having an incredible customer base to be levered and build upon as we look into the future.

我們是陸上鑽井領域的全球領導者。我們在海上擁有強大的營運基地，是全球平台、營運和維護服務的領導者，並且擁有龐大的客戶群，我們可以利用這些優勢並在此基礎上發展壯大，展望未來。

In addition to that, if you think about the geographic diversity and talent we have at the organization today, it's just incredible. From an engineering resource, drilling expertise, our office-based employees, we just have an incredibly talented organization to build and leverage for a lot of future growth.

除此之外，想想我們公司如今的地域多樣性和人才儲備，簡直令人難以置信。從工程資源、鑽井技術到我們辦公室的員工，我們擁有一個才華橫溢的組織，可以為此進行建設和利用，以實現未來的快速發展。

When you think about the vision over the next three years to five years, obviously, this will continue to be dynamic and very iterative as we look forward. But it's really founded on four kind of key notes and nodes, if you will, right? And the first one being international growth and expansion that you referenced.

展望未來三到五年，很顯然，隨著我們不斷向前發展，我們的願景將繼續保持動態變化，並不斷迭代。但它實際上是建立在四種關鍵音符和節點之上的，對吧？首先是您提到的國際成長和擴張。

We are very, very focused on continuing to build our Eastern Hemisphere land exposure, the Middle East and North Africa, backed by our rig reactivations in Saudi, key IOC relationships. And then the transference of our models and technology from the North American business will really underpin what we believe is going to be a great growth story for the organization into the future.

我們非常非常專注於繼續擴大我們在東半球、中東和北非的陸地業務，這得益於我們在沙烏地阿拉伯的鑽井平台重新啟用以及與國際石油公司的重要合作關係。然後，我們將把北美業務的模式和技術轉移到其他地區，我們相信這將真正鞏固公司未來巨大成長的勢頭。

In addition to that, North American solutions and maintaining and continuing our leadership position in North America will be a key focus for us. Over the last decade, 1.5 decades, we've continued to accrete and grow our share position in North America. We've done that through our great people, processes, equipment, technology portfolio. Continuing to build and expand on that will be a big focus and we'll be right in our front window as we look forward through '26 and beyond.

除此之外，北美解決方案以及保持和繼續我們在北美的領先地位將是我們重點關注的領域。在過去的十幾年裡，我們在北美市場不斷累積和擴大市場份額。我們憑藉著優秀的人才、流程、設備和技術組合實現了這一目標。繼續發展和擴大這一領域將是我們的重點，我們將始終關注這一領域，並展望 2026 年及以後的發展。

And today, and we've talked about in some of our prepared remarks, some of our technology innovations, continuing its leadership position in the digital and automation space, flex robotics and continuing that progression in the North American show market will be very critical for us to maintain that leadership position and continue to grow share over time here in North America.

今天，正如我們在事先準備好的演講稿中提到的，我們的一些技術創新，包括繼續保持我們在數位和自動化領域的領先地位、柔性機器人技術，以及在北美展會市場繼續取得進展，對於我們保持領先地位並在北美市場持續成長份額至關重要。

A subcomponent that I will reference is offshore. It's not bullet 3, but offshore continues to be a very exciting space for us. It's a very capital-light and stable, very durable business. We look to expand and grow in '26 and beyond.

我將要提到的一個子組件是離岸的。雖然不是第三點，但離岸業務對我們來說仍然是一個非常令人興奮的領域。這是一個資本投入極少、營運穩定、永續發展能力強的產業。我們期待在 2026 年及以後發展壯大。

Bullet 3 really is what Kevin was talking about in his prepared remarks, and we'll continue to discuss that's deleveraging and maintaining our fiscal discipline at H&P for 106 years of our company's history, we've been very fiscally rooted and founded in very good stewards of capital.

第三點正是凱文在準備好的演講稿中提到的，我們將繼續討論如何降低槓桿率，以及如何在 H&P 公司保持財務紀律。在公司 106 年的歷史中，我們一直擁有非常穩健的財務基礎，並由非常優秀的資本管理者組成。

We're committed to shareholder returns, and we're committed to getting balance of one turn of leverage, and that will be a focus for us for the rest of this year and over the next three years to five years to really maintain that fiscal discipline.

我們致力於股東回報，並致力於實現槓桿率的平衡，這將是我們今年剩餘時間以及未來三到五年內的重點工作，以真正保持財政紀律。

The fourth bullet I'd like to discuss and really focus on here is this enterprise optimization. If you think about enterprise optimization, I'll break it into two pieces. One is on the field and front office focus for us and you think about the transference of the H&P business system, the transference of the H&P way outside of the North American market and into the international markets in a big way and in our offshore segments.

我想討論並重點關注的第四點是企業優化。如果要考慮企業優化，我會把它分成兩個部分。一方面，我們專注於現場和前台管理，另一方面，我們思考如何將 H&P 業務體系從北美市場轉移到國際市場，並大規模地擴展到我們的海外業務領域。

Our customer-centric culture and being able to see that through everything we do, everywhere we work, driving safety excellence every single day, everywhere we work and continuing to be the performance and technology leader that we are today. But we need to see that, and we will see that come through all of our operations across the globe.

我們以客戶為中心，並將這種理念融入我們所做的每一件事、我們工作的每一個地方，在每一天、每一個地方都追求卓越的安全，並繼續保持我們今天在績效和技術方面的領先地位。但我們需要看到這一點，而且我們將在全球各地的所有營運中看到這一點。

On the back office, we're committed to being a very lean and efficient organization. We're committed to being a very cost-conscious culture, as Kevin mentioned, and now leveraging our global scale and capabilities, there's ways to continue to optimize our customer delivery and everything we do as we're looking forward. Moving to international excitement. Yes, go ahead.

在後台方面，我們致力於成為一個非常精簡且有效率的組織。正如凱文所提到的，我們致力於打造一個非常注重成本控制的企業文化，現在，憑藉我們的全球規模和能力，我們將繼續優化客戶交付以及我們未來所做的一切。邁向國際舞台。好的，請繼續。

No, no, go ahead. Go ahead.

不，不，請繼續。前進。

Moving to international excitement, right? We sit here today, and we're talking about the reactivations in Saudi that are going to be foundational for our Eastern Hemisphere land growth. What we haven't referenced in a big way, I think Kevin touched on it a little bit earlier, but we are adding a second rig in Australia today, excited about that opportunity. In addition to that, we saw a little bit of activity moderation going from 1Q to 2Q in Argentina. We expect that activity to pick back up through the second half of the year.

接下來是國際矚目的話題，對吧？今天我們坐在這裡，討論沙烏地阿拉伯的復興計劃，這將為我們在東半球的土地擴張奠定基礎。我們還沒有詳細提及，我想凱文之前也稍微提到過，我們今天將在澳洲增設第二個鑽井平台，對此我們感到非常興奮。除此之外，我們也看到阿根廷的活動從第一季到第二季略有放緩。我們預計下半年該項活動將逐漸回升。

And what we're taking advantage of through that activity moderation period is we're investing in technology in Argentina. And so our digital applications and fleet we'll be able to be levered by our customers down there that's going to create exponential value for us as we look forward in Argentina.

而我們正利用這段活動調整期，在阿根廷投資科技。因此，我們的數位應用和車隊將能夠被我們在阿根廷的客戶所利用，這將為我們在阿根廷的未來發展創造指數級的價值。

Today, as we stand here on the call, we're rolling out technology and our digital solutions in Oman as well for some key IOC clients. We're excited about that progression. And so as we stated in prepared remarks, we believe we're in the early innings of a really long game year and a long great growth story in the international market. Outside of some of the rig reactivations in Saudi, there's continuing ongoing discussions with IOCs and NOCs in North Africa and in the Middle East. Those are great conversations.

今天，就在我們進行電話會議的同時，我們也在阿曼為一些重要的國際石油公司客戶推出技術和數位解決方案。我們對這項進展感到興奮。因此，正如我們在準備好的演講中所說，我們相信我們正處於一個漫長賽季的初期，也是國際市場一個漫長而偉大的成長故事的開端。除了沙烏地阿拉伯的一些鑽井平台重新啟用外，北非和中東的國際石油公司和國家石油公司仍在繼續討論。這些都是很棒的對話。

We look forward to providing more material updates as the quarters move through the year. But it's really, really exciting to see kind of where we're going. I think you mentioned geothermal. Geothermal, both in Europe and North America continue to be exciting for us.

隨著季度的推進，我們將提供更多實質的最新資訊。但看到我們未來的發展方向，真的非常令人興奮。我想你提到了地熱。歐洲和北美的地熱資源一直令我們感到興奮。

We've added a second rig in the North American market. We've signed an LOI for a third rig in North America. And then Europe, geothermal, we're proud to be over the most advanced extended-reach complex geothermal project in Europe today with more activity points that are coming in the near term. And so that's really starting to gain some good momentum.

我們在北美市場新增了第二套鑽孔機。我們已簽署意向書，將在北美建造第三座鑽井平台。然後是歐洲的地熱項目，我們很自豪地擁有目前歐洲最先進的延伸複雜地熱項目，並且近期還將有更多活動點。所以這件事真的開始獲得一些不錯的進展了。

Great. John, I wanted to wish you the best. John, I want to wish you the best as you joined Hans and George dots in retirement?

偉大的。約翰，祝你一切順利。約翰，祝你退休生活一切順利，與漢斯和喬治一起過得愉快！

Yeah. Thank you very much. I appreciate it. It's an exciting time for the company, and I'm looking forward to my next chapter as well. Thank you.

是的。非常感謝。謝謝。對公司來說，這是一個令人興奮的時刻，我也很期待開啟人生的下一個篇章。謝謝。

Saurabh Pant, Bank of America.

Saurabh Pant，美國銀行。

Good morning. Thank you. And John, I'll echo Arun, and Spotcongrats on your retirement. It's been a pleasure to hear your patient and reassuring voice overall this year, John, Thank you.

早安.謝謝。約翰，我同意阿倫的說法，恭喜你退休。約翰，今年能一直聽到你耐心又令人安心的聲音真是太好了，謝謝你。

You're welcome. Thank you very much. It's been a great journey.

不客氣。非常感謝。這是一段很棒的旅程。

Yeah. Sure you're looking forward to slowing down a little bit. But Trey, you will face a tougher questions now. So -- maybe I'll throw one at you. Maybe I want to dig in a little bit on the international outlook, Trey or Kevin, if you don't mind.

是的。你一定很期待能慢下來吧。但是特雷，你現在將面臨更棘手的問題。所以——也許我會朝你丟一個。Trey 或 Kevin，如果你們不介意的話，我想稍微深入探討一下國際視野的問題。

I know you alluded to this a little bit in your prepared remarks and in response to Scott's question, but how should we think about profitability when all eight Flex rigs are done fully ramping up and the seven rigs we are reactivating in Saudi.

我知道你在準備好的發言稿和對 Scott 問題的回答中稍微提到了這一點，但是當所有 8 台 Flex 鑽機都已全面投產，而我們在沙特阿拉伯重新啟用的 7 台鑽機也已投產時，我們應該如何考慮盈利能力呢？

I know activity moves up, right, but keeping everything else steady. How should we think about where margins can go, I think, let's say, perhaps by the fourth fiscal quarter of this year. Just some idea of where things might land.

我知道活動量會增加，對吧，但要保持其他一切穩定。我認為，我們應該如何看待利潤率的發展前景？比如說，或許到今年第四財季。只是事物可能落腳點的大致設想。

Yeah. And I'll start and then turn it over to Kevin for additional color on anything I miss. So we're excited today as we sit here on the call, we have two masks in the air of the planned reactivations and a third mass that's ready to be raised imminently. So we're making good progress on our rig reactivations, working closely with our customer there in the Kingdom to make sure that those startups move seamlessly and go really, really well.

是的。我先開始，然後把麥克風交給凱文，讓他補充我遺漏的內容。所以今天我們坐在這裡進行電話會議時感到很興奮，我們已經有了兩個計劃重啟的方案，還有第三個方案即將啟動。因此，我們在鑽井平台重新啟用方面取得了良好進展，我們與沙烏地阿拉伯王國的客戶密切合作，以確保這些啟動專案順利進行並取得非常好的成果。

Overall, we expect six of those seven reactivations to resume prior to the first half of calendar year 2026. The seventh rig, we're still working on timing for rig number 7, as it relates to some of the financials around those reactivations, our CapEx for those reactivations has been built into our CapEx side. So there's no additional CapEx that is being planned or will come out. It's based into our FY26 assumptions as we sit here today. Beyond that in Saudi Arabia, that being a really core and key area for us on Eastern Hemisphere growth.

總體而言，我們預計這七個重新激活項目中的六個將在 2026 年上半年之前恢復。關於第七台鑽機，我們仍在研究第七台鑽機的開工時間，因為這涉及到一些與這些鑽機重新啟用相關的財務問題，我們為這些重新啟用項目預留的資本支出已經納入了我們的資本支出預算。因此，目前沒有計劃或將要推出的額外資本支出。這是基於我們目前對2026財年的假設。除此之外，沙烏地阿拉伯是我們東半球成長的核心和關鍵地區。

We're continuing to have ongoing conversations with our primary NOC customer there in the Kingdom and I really think that there's plenty of opportunity as we look through '26 and '27. Nothing that we can comment on materially today, but a lot of encouraging conversations. It's all underpinned by safety and performance.

我們正在與我們在沙烏地阿拉伯王國的主要網路營運中心客戶繼續進行對話，我真的認為，展望 2026 年和 2027 年，有很多機會。今天沒有什麼實質內容可以評論，但有很多令人鼓舞的對話。這一切都以安全性和性能為基礎。

So we have great safe start-ups and our FlexRig performance has been moving in a direction that's providing a lot of tailwinds for us for incremental activity. That operations team continues to drill very safe and efficient wells. The more we do that, the more opportunities will be right there in front of us.

因此，我們擁有非常安全的啟動項目，而且我們的 FlexRig 效能一直朝著有利於我們開展增量業務的方向發展。此作業團隊持續進行非常安全且有效率的鑽井作業。我們越是這樣做，機會就會越多地出現在我們面前。

As the rigs come out of suspension, the seven reactivations, we anticipate annualized EBITDA of roughly $5 million per rig. And as you alluded to, we expect that to get there into full run rate by Q4 of our fiscal year. In addition to that, we referenced on some commentary earlier that our FlexRig margins continue to improve, and we expect those rigs to get to full annualized run rate numbers by the end of FY26 as well.

隨著鑽井平台從停工狀態恢復，七個鑽井平台重新投入使用，我們預計每個鑽井平台的年化 EBITDA 約為 500 萬美元。正如您所提到的，我們預計到本財年第四季度，這將達到全面運作水準。此外，我們先前在一些評論中提到，我們的 FlexRig 利潤率持續改善，我們預計這些鑽機到 2026 財年末也將達到完全年化運行率。

So it provides a pretty robust and well-founded business for us there in Saudi through this fiscal year. I will just hit more broadly on the international segment direct margin before turning it to Kevin to see if there's anything I missed here is once everything is reactivated in Saudi, and it's still -- obviously, there's still a lot more to happen and more opportunity in front of us, but these reactivations come online.

因此，在本財政年度，它為我們在沙烏地阿拉伯的業務提供了相當穩健且基礎紮實的支撐。在把問題交給凱文，看看我是否遺漏了什麼之前，我先更廣泛地談談國際業務的直接利潤。一旦沙烏地阿拉伯的一切恢復正常，情況就仍然如此——顯然，還有很多事情要做，還有很多機會擺在我們面前，但這些恢復工作已經上線了。

We expect our International Solutions segment, to be right around a direct margin rate exceeding $45 million per quarter. And so it's just a good testament to getting these reactivations behind us and we can get to a very stabilized run rate as we're looking beyond FY26.

我們預計國際解決方案部門的直接利潤率將超過每季 4,500 萬美元。因此，這很好地證明了我們已經完成了這些重啟工作，並且展望 2026 財年以後，我們可以達到非常穩定的運行速度。

No, this is Kevin. I don't really have much to add other than as Trey mentioned, getting gross margin above $45 million or hopefully relatively soon when I think about the big step-up that I mentioned earlier between the second and third quarter. But even more important to that, Trey mentioned all the potential new business and growth that we're going to see out of the Eastern Hemisphere.

不，這是凱文。除了 Trey 提到的毛利率要超過 4500 萬美元，或者希望在不久的將來能夠實現（考慮到我之前提到的第二季度和第三季度之間的大幅增長），我沒有什麼要補充的了。但更重要的是，特雷提到了我們將在東半球看到的所有潛在的新業務和成長。

The acquisition of CCAD basically enabled us to be in this position where now we have that footprint to continue to grow from it. And so $45 million is a good start, but I'm anticipating for years to come now that number to continue to grow.

收購 CCAD 使我們得以處於目前的局面，現在我們擁有了可以繼續成長的基礎。因此，4500萬美元是一個良好的開端，但我預計在未來幾年內，這個數字將繼續增長。

Okay. Now that's super helpful, Trey, Kevin. I'll turn it back.

好的。這真是太有幫助了，特雷，凱文。我會把它轉回去。

Eddie Kim, Barclays.

巴克萊銀行的艾迪金。

Hi, good morning. I wanted to circle back to a comment you made about North America likely remaining the most restrained market in the quarter ahead as evidenced by recent behaviors of competitors. Are you still seeing some bad actors out there in terms of pricing? And I know you expressed confidence in maintaining your full year rig count in North America, which does imply a ramp up as we move through the year. Does that same confidence apply to pricing as well? Or do you think that ramp-up will take a bit longer to materialize.

您好，早安。我想回到您之前提到的關於北美市場在未來一個季度可能仍將保持最克制狀態的評論，這可以從競爭對手最近的行為中看出。您是否仍看到一些不法商家在定價方面存在不正當行為？我知道您曾表示有信心維持北美全年鑽井平台數量，這意味著隨著時間的推移，鑽井平台數量會逐漸增加。這種自信是否也適用於定價？或者您認為這種成長動能還需要更長時間才能實現？

Hey, Eddie, I'll start. This is Mike. I appreciate the question. Yes. So let's start with the customers and kind of what we're seeing is there's kind of two camps out there, the ones that are just disciplined and staying true to what their plans are.

嘿，艾迪，我先來。這是麥克。感謝您的提問。是的。所以我們先從客戶說起，我們發現目前大致分為兩類人，一類人非常自律，堅持自己的計畫。

And then we have the ones that are more sensitive to the commodity prices. And so what we saw in the quarter, and we've already rebounded essentially, as I described it, where they had pulled back kind of a wait and see, but they still have plans to pick up, and we're starting to see those conversations pick up. And that's why in the back half of the year, we're very optimistic of picking up.

還有一些股票對大宗商品價格較為敏感。因此，正如我之前所描述的，我們在本季度已經基本反彈，他們之前採取了一種觀望態度，但他們仍然有復甦的計劃，我們也開始看到這些對話有所增加。也因為如此，我們對下半年業績回升非常樂觀。

Most of those players that were obviously sensitive are your smaller E&Ps, your independents. As far as pricing, we're still saying true. We're not wavering from the 45% to 50% direct margins that we've been on. We're not chasing market share.

那些明顯比較敏感的玩家大多是規模較小的油氣探勘開發公司和獨立公司。至於價格方面，我們仍然堅持先前的說法。我們不會動搖一直以來維持的 45% 到 50% 的直接利潤率。我們並不追求市場佔有率。

And really why 45% to 50% direct margins, it's what we need as an organization to continue to invest back in the organization and to achieve the outcomes that our customers are looking to achieve. Again, we're confident in our ability just to navigate the near term and we're very optimistic about the back half of the year.

而我們之所以需要 45% 到 50% 的直接利潤率，是因為作為一家企業，我們需要這樣的利潤率才能繼續投資於企業，並實現客戶期望達成的目標。再次重申，我們對應對短期挑戰的能力充滿信心，並且對下半年的前景非常樂觀。

Yeah, great. And just a quick follow-up. Do you think direct margins in North America you'll be able to hold around that $18,000 a day level for the full year? Or does that look more like an upside case based on pricing trends you're seeing right now?

好的，太棒了。還有一個後續問題。你認為北美地區的直接利潤率能夠全年維持在每天 18,000 美元左右嗎？或者，根據目前看到的價格趨勢來看，這更像是一個上漲的案例？

Yeah, kind of more short term, I'd call it flat. Yes, we're holding trying to hold on to that 18 roughly a day. The back half is kind of let's -- we'll see. We do think -- like I said, there's some opportunity there. And of course, that's on the revenue side, and then on the expense side, we're obviously working that. Just from a Trey mentioned just leveraging our scale -- we had some great opportunity there, and we continue to work on our expenses as well.

是的，短期來看，我覺得會比較平穩。是的，我們正在努力保持每天大約18個。後半部就先這樣吧——我們走著瞧。就像我說的，我們認為那裡存在一些機會。當然，這是收入方面的情況，至於支出方面，我們顯然也在努力控制。Trey 曾提到要利用我們的規模優勢——我們在這方面獲得了一些很好的機會，我們也繼續努力控製成本。

Understood. Great. Thanks for the color. I'll turn it back.

明白了。偉大的。謝謝你提供的色彩。我會把它轉回去。

Derek Podhaizer, Piper Sandler.

德里克·波德海澤，派珀·桑德勒。

Hey, good morning, all. I just wanted to discuss the opportunity for Flex robotics. I mean could you please explain the details around how much capital is required to retrofit an active rig? How many rigs you see being upgraded to Flixrobotics? Will this be customer-funded? How should we think about the payback? And how meaningful could this be for your earnings over the near to medium term?

嘿，大家早安。我只是想探討Flex機器人技術的發展機會。我的意思是，您能否詳細解釋一下改造一台正在運作的鑽井平台需要多少資金？你看到有多少機器人升級到了 Flixrobotics 系統？這會是由客戶出資的嗎？我們該如何看待回報？那麼，從中短期來看，這會對您的收入產生多大的影響呢？

Hey, Derek, this is Mike again. I'll start, and then Trey probably add in I'll just start bluntly. I think it is meaningful in the long term. There's a lot of excitement and really proud of the efforts we've made on our robotics so far. I think Trey mentioned in his earlier comments, we have a test rig that we've been testing this on for quite some time, and we're rolling it out.

嘿，德里克，我是麥克。我先開始，然後 Trey 可能會補充說，我就直說了。我認為從長遠來看，這是有意義的。我們感到非常興奮，也為我們迄今為止在機器人領域所取得的成就感到非常自豪。我想 Trey 在之前的評論中提到過，我們有一個測試平台，我們已經用它測試了一段時間，現在我們正在推廣它。

It's already proven I'll talk about the rigs that already deployed for a super major in the Permian. We work very closely with them to establish goals. We weren't just going to do robotics for robotics just for fun. it was going to have to at least perform at P50 zlevel. So the average level for that operator in the Permian Basin.

事實證明，我將談論已經在二疊紀盆地為大型油田部署的鑽井平台。我們與他們密切合作，共同設定目標。我們做機器人不是為了好玩而做機器人，它至少要達到 P50 z 軸水平。所以，這是該業者在二疊紀盆地的平均水準。

And after 10 wells, we've drilled and completed. We've moved the rig twice, so 2 pads we're roughly at P40. So we're exceeding that. And really, that's a lot of hard work by our employees, our rig crews, our customer working with us very closely as well as our vendors. It's taken some vendors interacting and setting that goal and going out and achieving. So very optimistic. The demand, the pipeline, the discussion around it. Yes, we think it's very optimistic and look forward to progressing that.

我們已經鑽探並完成了 10 口井。我們已經移動了兩次鑽孔機，所以現在距離 P40 大約還有 2 個墊子。所以我們已經超過這個目標了。這確實凝聚了我們員工、鑽井團隊、與我們密切合作的客戶以及供應商的大量辛勤努力。這需要一些供應商互動、設定目標並努力實現。真是太樂觀了。需求、專案儲備以及圍繞這些需求的討論。是的，我們認為這非常樂觀，並期待取得進展。

Yeah. This is Trey. I'll just share that on your question around pricing and commercial constructs, right, we intend to make these investments with appropriate returns. Obviously, we're focused on improving safety out at the edge. And then the performance related to robotics is going to be another step change in uplift for us and for our customers.

是的。這是特雷。關於您提出的定價和商業結構方面的問題，我只想說，我們打算進行這些投資以獲得適當的回報。顯然，我們專注於提高邊緣區域的安全性。然後，與機器人技術相關的性能提升將為我們和我們的客戶帶來另一個飛躍的進步。

So creative commercial constructs that we've levered throughout the rest of our business will be looked at and levered here as well. And we're not going to make this investment without an appropriate returns profile. But it's still early days. The conversations are moving with customers. There's great customer interest in entry in the Flex robotic system and look forward to providing additional color as we move forward.

因此，我們在業務其他方面所採用的創新商業模式，在這裡也將獲得借鏡與運用。如果沒有合適的投資回報，我們是不會進行這項投資的。但現在下結論還為時過早。與客戶的對話正在推進。客戶對 Flex 機器人系統的入門級產品表現出濃厚的興趣，我們期待在未來的發展中提供更多選擇。

Thank you.

謝謝。

Keith MacKey, RBC Capital Markets.

Keith MacKey，加拿大皇家銀行資本市場。

Hi, thanks, and good morning. Maybe just a question on free cash flow conversion, very strong for Q1. We have some of the pieces for how 2026 will unfold. But can you help us maybe fill in some of those gaps for how we should be thinking about free cash flow conversion for the full year?

您好，謝謝，早安。或許可以問一下自由現金流轉換率的問題，第一季非常強勁。我們已經掌握了一些關於2026年發展走向的線索。您能否幫助我們填補一些關於如何考慮全年自由現金流轉換率的空白？

Yeah. I mean, obviously, without giving full year guidance, when you think about how much cash we're going to be able to generate, as I mentioned earlier, and we've talked about in some of Trey's prepared remarks, we have a clear line of sight on the paying down of the remaining $140 million of our term loan, and that's just from organic cash flow. And that should happen by the end of our third quarter or right around the end of our fiscal year third quarter. So very optimistic about that. But that tells you that how much additional free cash flow, obviously, the dividend is still of primary importance to us.

是的。我的意思是，顯然，在不給出全年業績指引的情況下，考慮到我們能夠產生多少現金，正如我之前提到的，以及我們在 Trey 的一些準備好的發言稿中也談到的，我們清楚地看到了償還剩餘 1.4 億美元定期貸款的前景，而這僅僅是依靠內生現金流。這應該會在我們第三季末，或者說在我們財年第三季末前後實現。對此我非常樂觀。但這說明我們可以獲得多少額外的自由現金流，顯然，股利對我們來說仍然是最重要的。

And so we'll continue to obviously pay that. But then when you think about just the capital guidance that we're giving this quarter, obviously, a slight reduction, but or -- but again, just the free cash flow will continue to increase. This quarter was a little bit higher just because of the lower CapEx numbers. But again, for the full year, again, clear line of sight on being able to pay down just organically, the remaining balance on the term loan.

所以，我們顯然會繼續支付這筆費用。但是，如果你仔細想想我們本季給出的資本指引，顯然會略有減少，但是——但再說一遍，自由現金流將繼續增長。本季略高，主要是因為資本支出較低。但同樣地，在整整一年內，我們仍然清楚地看到，我們能夠透過自然的方式償還定期貸款的剩餘餘額。

And then on top of that, we haven't really talked about it, but we've got -- as we said on the call, we've got $100 million of clear or clarity around some portfolio optimization that we're doing coming out of the acquisition. Feel very strongly about our ability to execute and get those deals pulled across the line by the end of the year.

此外，我們還沒有真正討論過，但正如我們在電話會議上所說，我們已經明確了收購後的一些投資組合優化措施，金額高達 1 億美元。我非常有信心我們有能力在年底前完成這些交易。

Appreciate the color. Thank you.

欣賞這種顏色。謝謝。

Ati Modak, Goldman Sachs.

阿蒂·莫達克，高盛。

Yeah, hi, good morning, team. I guess on the rig rationalizations in the quarter, should we expect more? Can you talk about that? And can you give us any more color on what your thoughts are for market to reduce capacity?

嗨，早安，各位同事。我想，就本季鑽井平台合理化而言，我們是否應該期待更多？你能談談這個嗎？能否進一步闡述您對市場減少產能的看法？

Yeah. This is Kevin. I'll begin just in terms of rig rationalization and the impairments that we took for the quarter. It's very difficult. Accounting rules will drive a lot of those impairment decisions and impairment accruals that we have to take. But I'll let Mike touch a little bit on just kind of what those stem from in terms of the rigs that we've had on the sidelines for a while.

是的。這是凱文。我先從鑽井平台合理化和我們本季提列的減損損失談起。這非常困難。會計準則將影響我們必須做出的許多減損決定和減損提列。但我會讓麥克稍微談談這些設備究竟源自於我們一段時間以來一直閒置的那些裝備。

And if you look at the amount of capital that he was going to to be necessary in order to put those rigs back to work versus the rigs that, obviously, we're just continually trying to churn and get those back into our operating system. We just -- from an accounting perspective, we looked at that as too much of a hurdle. And so as a result of it, again, these impairments happen from time to time. But I'll let Mike touch on kind of the specific rigs.

如果你看看他需要投入多少資金才能讓這些鑽井平台重新投入使用，再對比一下我們顯然一直在努力讓這些鑽井平台重新投入運作的情況，就會發現差距有多大。從會計角度來看，我們認為這是一個太大的障礙。因此，這些損傷會不時發生。但我還是讓麥克來談談具體的設備吧。

Yeah, Ati, more on the details. So we're talking about 30 rigs. Most of them had already been decommissioned. We had been pulling a componentry reusing that across our fleet. These rigs had not worked since COVID prior to COVID.

是的，Ati，更多細節需要說明。所以我們說的是30台鑽孔機。它們中的大多數已經退役了。我們一直在拆卸組件，並在整個車隊中重複使用這些組件。在新冠疫情爆發之前，這些鑽井平台就已經停用了。

So they had been idle for quite some time. And some of the components that we're talking about, for example, on 42 of our rigs today, we have what I'd call Level 1 automation. So it's a rig floor automation that's removing people from the red zones on the floor.

所以他們已經閒置了相當長一段時間。例如，我們今天討論的一些組件，在我們 42 台鑽孔機上，我們擁有我稱之為 1 級自動化的組件。所以，這是一種鑽井平台自動化系統，可以將人員從鑽井平台上的危險區域轉移出去。

So as we've put new equipment on those rigs, the equipment that we've pulled off is what we're talking about that we've -- we're decommissioning and impairing. Another example would be, as we've upgraded our entire fleet, at least domestically. We've had to put new drillers cabins with new technology to run our full suite of tech on those rigs. So these drillers cabins we've used about as much as we can on them and it's time to clean the yards and dispose of that equipment. So that's kind of the nature of what we're talking about on equipment.

所以，隨著我們在鑽井平台上安裝了新設備，我們已經拆除的設備就是我們正在談論的——我們正在退役和損壞的設備。另一個例子是，我們已經升級了整個機隊，至少在國內是如此。我們不得不為這些鑽井平台安裝配備新技術的新型鑽井工人小屋，以便運行我們全套技術設備。所以這些鑽井工棚我們已經用盡了所有能用的東西，現在是時候清理場地並處理掉這些設備了。所以，這就是我們討論設備相關問題的本質。

Got it. Thank you. And congratulations, John.

知道了。謝謝。恭喜你，約翰。

Thank you. I appreciate it.

謝謝。謝謝。

And that does conclude our question-and-answer session for today. I would now like to turn the call back to John Lindsay for any additional or closing remarks.

今天的問答環節到此結束。現在我想把電話轉回給約翰·林賽，讓他補充一些內容或作總結發言。

I just want to thank everyone for joining us on the call today. It has truly been honored to lead the company as CEO, serving our shareholders, our Board of Directors and our amazing employees. It has really been the dream of a lifetime and we'll be forever thankful. I truly believe Trey and team will achieve great success. I have complete confidence in their ability to execute the strategy going forward.

我只想感謝今天參加我們電話會議的各位。能夠擔任公司首席執行官，為股東、董事會和我們優秀的員工服務，我深感榮幸。這真的是我們畢生的夢想，我們將永遠心懷感激。我堅信 Trey 和他的團隊一定會取得巨大的成功。我完全相信他們有能力執行未來的策略。

And with that, operator, you may now close the call.

好了，接線生，您可以結束通話了。

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

謝謝。今天的節目到此結束。感謝您的參與。您現在可以斷開連線了。