Helmerich & Payne, Inc. (HP) 2026 Q3 法說會逐字稿

Good day, everyone, and welcome to the H&P Fiscal third-quarter earnings call. (Operator Instructions) Please note this call is being recorded. stand.

各位大家好，歡迎參加 H&P 會計年度第三季財報電話會議。(接線員指示) 請注意，本通話將被錄音。stand.

It is now my pleasure to turn the conference over to Kris Nicol, Vice President of Investor Relations.

現在我很榮幸將會議交給投資人關係副總裁 Kris Nicol。

Welcome, everyone to Helmerich & Payne's conference call and webcast for the third fiscal quarter of 2026. On today's call, Frey Adams, our President and CEO, will be joined by Todd Skrugs, our Chief Financial Officer; and Mike Lennox, Executive Vice President of the Western Hemisphere. 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.

各位好，歡迎參加 Helmerich & Payne 2026 會計年度第三季的電話會議與網路直播。今天的會議中，我們的總裁兼執行長 Frey Adams 將與財務長 Todd Skrugs，以及西半球執行副總裁 Mike Lennox 一同出席。在開始管理團隊的事先準備發言之前，我想提醒各位，本通話將包含依證券法規定義的前瞻性陳述。

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.

儘管管理層認為此等前瞻性陳述所反映之預期屬合理，但無法保證該等預期將被證實為正確。請參閱我們向美國證券交易委員會（SEC）提交的文件，其中列示可能導致實際結果與本次通話中前瞻性陳述所述結果出現重大差異的因素。

Adjusted EBITDA, direct margin, adjusted EPS and free cash flow are non-GAAP measures. The most directly comparable GAAP measures and reconciliations are included in our earnings release and investor materials on our Investor Relations website. I also want to highlight that we have a presentation which supports the prepared remarks from the management team and can be found on the IR website.

調整後 EBITDA、直接利潤（direct margin）、調整後每股盈餘（adjusted EPS）與自由現金流為非 GAAP 指標。與其最直接可比的 GAAP 指標及調節表已包含於我們的財報新聞稿與投資人資料中，並可於投資人關係網站取得。我也想強調，我們備有一份簡報用以支援管理團隊的事先準備發言，可在投資人關係網站上找到。

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

接下來，我把電話交給 Trey。

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 fiscal quarter results. I will then turn to discuss the broader macro environment, current rig market dynamics and several key commercial developments, including a specific update on our activities in the Vaca Muerta in Argentina.

謝謝你，Kris。各位好。感謝各位加入我們。一如既往，我們感謝各位對 H&P 的關注。我將先概述本會計季度的業績表現。接著我會談談更廣泛的總體環境、目前鑽機市場動態，以及幾項重要的商業進展，包括我們在阿根廷 Vaca Muerta 的活動最新進度。

Todd will then walk through our financial results, share details on our financial framework and discuss additional cost optimization actions we are initiating. He will then provide guidance for the fourth fiscal quarter and full year. To wrap up, I will then return to summarize the key takeaways before opening the line for questions.

接著 Todd 將說明我們的財務結果，分享我們的財務框架，並討論我們正在啟動的額外成本最佳化措施。之後他將提供第四會計季度與全年指引。最後，我會回來總結關鍵重點，並開放提問。

Turning to slide 4 of the presentation. I'd like to begin by walking through some of our key highlights from the fiscal third-quarter. We delivered strong financial and operational performance during the quarter, led by our operations in the US. Adjusted EBITDA was $236 million, coming in comfortably ahead of the implied midpoint of our guidance. We also generated strong free cash flows during the quarter.

請看簡報第 4 頁。我想先帶各位回顧本會計年度第三季的一些關鍵亮點。本季我們在財務與營運方面皆交出強勁表現，主要由美國業務帶動。調整後 EBITDA 為 2.36 億美元，明顯優於我們指引所隱含的中位數。本季我們也產生了強勁的自由現金流。

One of the most pleasing aspects was exceeding the midpoint of our direct margin guidance in all operating segments despite ongoing disruption in the Middle East and recent market volatility. We experienced a strong rebound in activity in North America Solutions, averaging 142 rigs during the quarter and direct margins of $241 million, coming in at the high end of the guidance range.

最令人欣慰的一點是，儘管中東持續受干擾且近期市場波動，我們所有營運部門的直接利潤皆超越指引中位數。北美解決方案（North America Solutions）業務活動強勁反彈，本季平均 142 部鑽機運轉，直接利潤為 2.41 億美元，落在指引區間的高端。

Our talented teams and leading technology continue to deliver for our customers, generating industry-leading margins of $18,700 per day, up over $1,000 a day sequentially. Being able to deliver this margin growth across the largest fleet in the Lower 48 while reactivating 10 rigs during the quarter demonstrates our differentiated capability to efficiently and economically reactivate rigs.

我們優秀的團隊與領先技術持續為客戶創造價值，帶來業界領先的利潤水準：每日 18,700 美元，較前一季增加逾 1,000 美元/日。在美國本土 48 州（Lower 48）最大規模的機隊中，我們一邊於本季重新啟用 10 部鑽機，一邊仍能實現此一利潤成長，展現我們在高效率、具經濟性地重新啟用鑽機方面的差異化能力。

Despite recent commodity price volatility, we have continued to experience strong customer demand and exited the quarter with 147 rigs running in the Lower 48. The combination of a stronger activity landscape and pricing environment has enabled us to increase our fiscal fourth-quarter and full year guidance for North America Solutions.

儘管近期大宗商品價格波動，我們仍持續感受到客戶需求強勁，並在季度末於美國本土 48 州有 147 部鑽機運轉。更強的活動景氣與定價環境，使我們得以上調北美解決方案業務的第四會計季度與全年指引。

In international solutions, we saw a significant sequential increase in direct margins. During the quarter, we delivered a direct margin of $31 million, aligning with the high-end of our guidance range. This was led by strong performance in our Latin America region as well as slightly less-than-expected impacts from the ongoing conflict in the Middle East.

在國際解決方案（International Solutions）方面，我們的直接利潤較前一季顯著增加。本季我們達成 3,100 萬美元的直接利潤，符合指引區間的高端。這主要由拉丁美洲地區的強勁表現帶動，同時中東持續衝突所造成的影響也略低於預期。

We continue to closely monitor developments in the region, and I have just returned from a trip to Saudi Arabia last week. I spent time in the field with our teams and met with our customer and partners in the Kingdom. Despite the ongoing conflict, we continue to do an exceptional job in maintaining continuity of operations and navigating supply chain constraints.

我們持續密切關注該地區的發展，而我上週剛從沙烏地阿拉伯出差返國。我在現場與我們的團隊共事，並與王國內的客戶與合作夥伴會面。儘管衝突仍在持續，我們在維持營運連續性與因應供應鏈限制方面，仍持續表現出色。

I look encouraged by our customer interactions, and we're seeing ongoing commercial momentum despite the conflict as we look ahead to 2027. During the quarter, operational activity remained stable in the region. We continued rig reactivations in Saudi, although at a slower pace than planned. We closed the quarter with four rigs fully reactivated and our fifth rig began drilling early this quarter.

從與客戶的互動來看，我感到受到鼓舞；展望 2027 年，儘管衝突仍在，我們仍看到持續的商業動能。本季該地區的營運活動維持穩定。我們在沙烏地持續進行鑽機重新啟用，但速度較原先規劃更慢。季度末我們已有四部鑽機完成全面重新啟用，第五部鑽機於本季初開始鑽井。

This takes us to a total of 22 rigs operating in the Kingdom, and we expect to maintain this level of activity through the fiscal fourth-quarter. Even with these delays, the broader portfolio continues to perform as expected. We remain confident in achieving the midpoint of the annual rig guidance range we set out at the start of the year.

這使我們在王國內的營運鑽機總數達到 22 部，且我們預期在第四會計季度將維持此一活動水準。即使有這些延遲，整體投資組合仍如預期運作。我們仍有信心達成今年年初所設定年度鑽機指引區間的中位數。

We also remain on course to get the quarterly direct margin run rate to at least $45 million with strong growth in Argentina, offsetting some of the near-term conflict-related activity changes in the Middle East. Our Offshore segment delivered another quarter of strong operational and financial results, coming in above the high end of our guidance range.

我們也仍按計畫推進，目標將季度直接利潤的運行率提升至至少 4,500 萬美元；其中阿根廷的強勁成長將抵銷中東因衝突導致的部分短期活動變化。我們的離岸（Offshore）部門再度交出強勁的營運與財務成果，表現高於指引區間的高端。

This was again driven by the achievement of several performance-related bonuses during the quarter. In addition to our robust operational performance, we have maintained a clear emphasis on strengthening our balance sheet and optimizing our enterprise. As we begin preparing for 2027, we are implementing several new initiatives to accelerate debt repayment, optimize our cost structure and position our portfolio to support the anticipated multiyear growth cycle. Todd will elaborate on these efforts shortly.

這同樣主要來自本季達成多項與績效相關的獎金。除強勁的營運表現外，我們也持續明確聚焦於強化資產負債表並最佳化企業營運。在開始為 2027 年做準備之際，我們正推動數項新措施，以加速償還債務、最佳化成本結構，並使我們的投資組合定位得以支援預期的多年成長循環。Todd 稍後將進一步說明這些工作。

Looking at the broader macro environment on slide 5. The Middle East conflict continues to dominate the direction of travel of commodity prices. Over the past three months, we have navigated a highly volatile pricing environment with prices initially retreating to pre-conflict levels before rebounding as geopolitical tensions once again intensified. Given the volatile situation, visibility remains somewhat limited.

請看第 5 頁，關於更廣泛的總體環境。中東衝突仍持續主導大宗商品價格的走向。過去三個月，我們在高度波動的定價環境中前行：價格起初回落至衝突前水準，之後隨著地緣政治緊張再度升高而反彈。鑑於情勢多變，可見度仍相對有限。

Regardless, with the 12-month strip remaining around $70 per barrel WTI, we are confident that our customers will be using higher planning price assumptions this budget season compared to what they used last year, pointing to upstream spending growth in 2027. Beyond the short-term market dynamics, what has not changed is that our belief that the world will require significantly more energy than it consumes today, driven by expanding populations and growing prosperity in emerging markets, along with rising power needs from AI advancements in many developed nations.

即便如此，隨著 12 個月期貨曲線（strip）仍維持在每桶約 70 美元的 WTI 水準，我們有信心客戶在本預算季將採用較去年更高的規劃價格假設，這指向 2027 年上游支出將成長。除短期市場動態外，不變的是我們的看法：在新興市場人口擴張與繁榮提升，以及許多已開發國家因 AI 進展而帶動電力需求上升的推動下，全球所需能源將顯著高於今日的消耗量。

At the same time, the potential bifurcation of supply and energy security concerns caused by this shock support a view that we may now need even more energy supply. This dynamic strengthens our view that demand for oil and gas will persist and grow for many years to come and therefore increases the need for our global drilling solutions and will now likely bring forward activity sooner than we anticipated.

同時，這次衝擊可能造成供給的分化以及能源安全疑慮，支持一種觀點：我們現在可能需要更多的能源供給。此一動態強化了我們的看法：石油與天然氣需求將在未來多年持續並成長，因此對我們全球鑽井解決方案的需求也將增加，且活動很可能比我們原先預期更早到來。

Looking at the rest of this calendar year, we have not seen any deviation from the recent ramp-up in drilling activity from private operators. We are on track to surpass 150 rigs during the quarter, which is at least 17 more than we were operating at a recent trough in February. We are confident that our rig activity will persist at these levels throughout the remainder of the year and is likely to continue into 2027, assuming commodity prices remain supportive.

就今年剩餘的日曆年度而言，我們尚未看到民營業者近期鑽井活動加速有任何偏離。我們正朝著本季超過 150 部鑽機的目標前進，至少比 2 月近期低點時的運轉數多出 17 部。我們有信心鑽機活動將在今年剩餘期間維持在這些水準，且在大宗商品價格持續具支撐的前提下，可能延續至 2027 年。

The majority of these additions have originated from private and small independent operators who typically are more price sensitive. Larger operators have so far focused on adding term and additional technology to existing rigs. We are encouraged by this dynamic heading into 2027 as we believe all operators will need to increase drilling programs to maintain, if not grow production.

這些新增項目多數來自民營及小型獨立營運商，這些客戶通常對價格更為敏感。較大型的營運商迄今則著重於為既有鑽機增加合約期與額外技術。展望邁向2027年，我們對此趨勢感到鼓舞，因為我們相信所有營運商都需要提高鑽井計畫，以維持產量，甚至實現增產。

With utilization of the super-spec fleet already trending at 95%, we see further tightening of the market, which will be supportive of direct margins. As of today, we have around 10 rigs remaining that can go back to work relatively quickly for maintenance CapEx levels or less. Importantly, we are not solely reliant on operators in the Lower 48 picking up these rigs.

在超規格（super-spec）機隊的使用率已呈現95%趨勢之下，我們預期市場將進一步收緊，這將有利於直接利潤率。截至目前，我們仍有約10座鑽機可在相對短時間內復工，所需投入約為維護性資本支出（maintenance CapEx）水準或更低。重要的是，我們並非僅仰賴美國本土48州（Lower 48）的營運商來承接這些鑽機。

We are seeing strong demand in the Vaca Muerta, Geothermal continues to grow, and we are in several discussions to strengthen our FlexRig footprint in the Middle East and Australia. More specifically in the Middle East, as was the case last quarter, the uptick in activity remains less defined as the conflict continues to create disruption.

我們在Vaca Muerta看到強勁需求，地熱業務持續成長，同時我們也正就強化FlexRig在中東與澳洲的布局進行多項洽談。更具體而言，在中東地區，如同上季所述，隨著衝突持續造成干擾，活動回升的幅度仍較不明確。

However, we remain hopeful that more rigs will be required in 2027 with several of the NOCs stating plans to grow production. Lastly, offshore continues to be an area of strength for us and the market more broadly with several projects progressing. We are hopeful that we can continue to capture increasing scopes of work as operators seek to maximize output from existing assets.

然而，我們仍抱持希望，因為多家國家石油公司（NOC）已表態計畫擴大產量，2027年可能需要更多鑽機。最後，離岸業務對我們以及整體市場而言仍是強項，已有多個專案持續推進。隨著營運商尋求最大化既有資產的產出，我們希望能持續取得更大範圍的工作內容。

In summary, we remain positive on the outlook despite the market volatility created by the ongoing conflict. This will be led by North American Solutions, our most important market, and supplemented by growth in Argentina and the ongoing recovery in the Middle East. Importantly, we believe this is the early innings of a multi-year upstream growth cycle.

總結而言，儘管持續中的衝突帶來市場波動，我們對前景仍維持正向看法。成長將由北美解決方案（North American Solutions）帶動——這是我們最重要的市場——並由阿根廷的成長以及中東持續復甦所補強。重要的是，我們認為這只是多年期上游成長循環的初期階段。

Turning to slide 6. On the commercial front, we continue to make progress during the third fiscal quarter. And while market conditions remain dynamic, we are encouraged by the level of customer engagement and the opportunities developing across our diversified portfolio. These opportunities are taking shape in North America Solutions, where demand for private operators drove 10 incremental rig additions during the quarter.

接著看第6頁。在商務面，我們於本財年第三季持續取得進展。儘管市場狀況仍具動態性，我們對客戶互動程度以及在多元化投資組合中逐步成形的機會感到鼓舞。這些機會正在北美解決方案中成形，其中民營營運商的需求在本季帶動新增10座鑽機。

That activity reflects the constructive industry outlook that we discussed earlier as operators continue to advance development programs despite commodity price volatility. We also continue to advance the deployment of Flex Robotics with a second package now operating on a rig for a super major customer in the Permian Basin, marking another key milestone in the rollout of this innovative technology.

該等活動反映了我們先前討論的建設性產業展望：即便大宗商品價格波動，營運商仍持續推進開發計畫。我們也持續推動Flex Robotics的部署，目前第二套系統已在二疊紀盆地（Permian Basin）為一家超大型客戶（super major）於鑽機上運行，這標誌著此創新技術推廣的另一項重要里程碑。

As these systems transition from initial commitment to field deployment, they are demonstrating the effectiveness of our automation strategy and strengthening the competitive advantage of our super-spec fleet. Beyond traditional oil and gas, geothermal activity continues to expand, representing an exciting opportunity to leverage our drilling expertise and technology in a growing adjacent market.

隨著這些系統從初始承諾轉入現場部署，它們正展現我們自動化策略的有效性，並強化我們超規格機隊的競爭優勢。除傳統油氣之外，地熱活動持續擴張，這代表一項令人振奮的機會，可在成長中的相鄰市場中運用我們的鑽井專業與技術。

We recently signed agreements for three additional rigs to work on geothermal projects in the US Combined with our existing projects in the US and Europe, we are well on our way to hitting a double-digit rig count. That commercial momentum extends across our international operations. We're encouraged by the progress in Argentina, where activity levels and customer engagement continue to increase.

我們近期簽署協議，新增三座鑽機投入美國地熱專案；結合我們在美國與歐洲既有的專案，我們正穩步邁向兩位數的鑽機數量。這股商務動能也延伸至我們的國際營運。我們對阿根廷的進展感到鼓舞，當地活動水準與客戶互動持續提升。

We are nearing 100% utilization, securing multiyear contracts for our remaining idle flex rigs available in country as well as contracts for an additional three rigs, which will be exported from the United States. Operational performance remains a key differentiator for us in the basin, and we are particularly pleased with the results being delivered through our technology portfolio.

我們的使用率正接近100%，已為國內剩餘閒置且可用的Flex鑽機取得多年期合約，同時也簽下另外三座鑽機的合約，這些鑽機將自美國出口。在該盆地，營運表現仍是我們的關鍵差異化優勢，我們對技術產品組合所帶來的成果尤其滿意。

In the Middle East, activity remained stable as conflict-related disruptions began to ease. As a result, we have now resumed operations on the two suspended rigs in Bahrain during the fourth-quarter. Elsewhere internationally, Australia continues to gain momentum. We are pleased to announce the award for a third rig, which we'll be exporting from the US as development activity continues to build in the Beetaloo Basin.

在中東，隨著與衝突相關的干擾開始緩解，活動維持穩定。因此，我們已於第四季在巴林恢復兩座先前暫停的鑽機作業。在其他國際市場方面，澳洲持續增溫。我們很高興宣布取得第三座鑽機的授標，該鑽機將自美國出口，因Beetaloo盆地的開發活動持續升溫。

Lastly, in Offshore Solutions, we secured a multimillion-dollar four-year contract renewal with an operator in Norway, strengthening the durability of our offshore backlog. We also continue to advance several opportunities, including potential multiyear contract renewals and possible rig mobilizations in the Gulf of America, which could further enhance the resilience and growth prospects of our offshore portfolio.

最後，在離岸解決方案（Offshore Solutions）方面，我們在挪威與一家營運商完成一份為期四年的數百萬美元合約續約，強化我們離岸在手訂單（backlog）的耐久性。我們也持續推進多項機會，包括潛在的多年期合約續約，以及在美洲灣（Gulf of America）可能進行的鑽機動員，這些都可能進一步提升我們離岸投資組合的韌性與成長前景。

Taken together, these developments reinforce our confidence in the competitive position of our business. We continue to see opportunities to expand our technology footprint, deepen customer relationships and create long-term value for our shareholders. Turning to the next slide. I want to spend some time on our operations in the Vaca Muerta.

綜合而言，這些進展強化了我們對公司競爭地位的信心。我們持續看到擴大技術布局、深化客戶關係並為股東創造長期價值的機會。接著看下一頁。我想花一些時間談談我們在Vaca Muerta的營運。

We have been in Argentina since 1998 and currently have nine rigs operating, which represents approximately 25% market share, making H&P one of the region's leading drilling contractors. The Vaca Muerta continues to gain momentum and is quickly transitioning into one of the most attractive and advanced shale basins outside the Lower 48.

我們自1998年起即在阿根廷營運，目前有九座鑽機在運作，約占25%的市占率，使H&P成為該地區領先的鑽井承包商之一。Vaca Muerta持續增溫，並正快速轉型為美國本土48州（Lower 48）以外最具吸引力且最先進的頁岩盆地之一。

Production growth continues to accelerate with Argentina's oil output recently reaching its highest level in more than two decades. The quality of the resource has never been in doubt, but several changes led by the Mile government, including the Rigy investment framework, are providing greater fiscal and regulatory stability.

產量成長持續加速，阿根廷的原油產出近期達到逾二十年來最高水準。資源品質從未受到質疑，但在Mile政府主導下的多項變革（包括Rigy投資框架）正提供更高的財政與監管穩定性。

Combined with large-scale infrastructure investments, including several pipeline and LNG projects, the strengthening long-term demand visibility is influencing not only domestic operators, but several IOC to deploy capital across the basin. Looking ahead, the rig demand outlook remains favorable. Welligence Energy Analytics forecasts Vaca Muerta production could grow by more than 50% between 2026 and 2030, supported by an approximately $60 billion of investment in unconventional resource development and infrastructure projects.

再加上多項大型基礎建設投資（包括數條管線與LNG專案），長期需求能見度的提升正影響的不僅是本土營運商，也促使多家國際石油公司（IOC）在整個盆地投入資本。展望未來，鑽機需求前景仍然有利。Welligence Energy Analytics預測，Vaca Muerta產量在2026年至2030年間可能成長逾50%，並將由約600億美元的非常規資源開發與基礎建設專案投資所支撐。

Growing operator focus on reducing well costs and maximizing drilling efficiency continues to reinforce the value proposition of super-spec rigs and advanced technology solutions. Recently, H&P drilled a record-setting well in the Vaca Muerta, completing the well 13% faster than the operator's previous record, while coming in 15% below the operator's budget. The project was executed under a performance-based contract, demonstrating our ability to translate operational excellence into tangible customer value.

營運商日益聚焦於降低單井成本並最大化鑽井效率，持續強化超規格鑽機與先進技術解決方案的價值主張。近期，H&P在Vaca Muerta鑽出一口創紀錄的井，完井速度較該營運商先前紀錄快13%，同時成本較其預算低15%。該專案採績效導向合約執行，展現我們能將卓越營運轉化為可量化的客戶價值。

We also continue to extend our technology leadership in the basin, recently deploying Autoslide drilling automation that enabled zero manual slides. This success is creating opportunities to expand adoption of H&P's broader automation and drilling technology suite across customer programs. As operators shift to larger pads, longer laterals and more repeatable drilling programs, the importance of reliable execution continues to increase.

我們也持續在該盆地延伸技術領先地位，近期部署Autoslide鑽井自動化，使人工滑動（manual slides）降至零。這項成功正創造機會，推動客戶計畫更廣泛採用H&P更完整的自動化與鑽井技術套件。隨著營運商轉向更大的井場（pads）、更長的水平段（laterals）以及更可複製的鑽井計畫，可靠執行的重要性持續提升。

These dynamics play directly into H&P's core strengths, particularly as the region remains in the early stages of its evolution. In addition to the nine FlexRigs we are currently operating in Vaca Muerta, we expect to activate our 10th and 11th rigs by the end of August. We have contracted our last Flex rig that is in Argentina and then plan to export three more from the US later this year. This will take our total to 15 FlexRigs, which we expect to all be drilling by this time next year with potential to deploy more rigs through 2027.

這些動態正好直接契合H&P的核心優勢，尤其在該地區仍處於發展早期階段之際。除目前在Vaca Muerta運作的九座FlexRig外，我們預期在8月底前啟用第10與第11座鑽機。我們已為阿根廷境內最後一座Flex鑽機簽約，並計畫於今年稍晚自美國再出口三座。這將使我們的FlexRig總數達到15座；我們預期到明年此時將全數投入鑽井，並有機會在2027年前部署更多鑽機。

As well as the strong growth, the most important aspect for us is the healthy margin rates we're able to achieve on longer duration contracts in country, adding further strength and diversity to our International Drilling Solutions portfolio. Overall, we view the Vaca Muerta as a basin with substantial long-term potential. With proven drilling performance and growing customer demand for Super-Spec rigs, we believe H&P is well positioned to expand alongside the basin.

除了強勁成長之外，對我們而言最重要的是：我們能在當地較長期間的合約上取得健康的利潤率，進一步強化並多元化我們的國際鑽井解決方案（International Drilling Solutions）投資組合。整體而言，我們認為Vaca Muerta是一個具備可觀長期潛力的盆地。憑藉已驗證的鑽井表現，以及客戶對超規格（Super-Spec）鑽機日益增加的需求，我們相信H&P已做好準備，能與該盆地一同擴張。

To close, let me briefly recap. Our third-quarter performance highlights the momentum we're building across H&P. We delivered a strong set of results, led by our operations in the Lower 48, where we gained share and increased margins. Latin America and offshore also made strong contributions alongside ongoing resilience in the Middle East. This strong performance is a testament to our teams around the world, and I want to thank them for their dedication and commitment to H&P and to our customers. We appreciate the continued partnership.

最後，讓我簡要回顧一下。我們第三季的表現突顯了我們在 H&P 全面推進所累積的動能。我們交出一組強勁的成果，主要由美國本土 48 州（Lower 48）的營運帶動，我們在該區提升市占並擴大利潤率。拉丁美洲與離岸業務也有強勁貢獻，同時中東展現持續韌性。這樣的強勁表現是全球團隊努力的明證，我要感謝他們對 H&P 以及對客戶的投入與承諾。我們感謝各位持續的合作夥伴關係。

On that positive note, I will now hand it over to our new CFO, Todd Scruggs, to walk you through our financial results, our updated financial framework and our guidance for the fiscal fourth-quarter and full year.

在這樣正面的基調下，我現在把時間交給我們的新任財務長 Todd Scruggs，請他帶各位回顧我們的財務結果、更新後的財務框架，以及我們對第四財季與全年之指引。

Thank you, Trey. I'll start by reviewing our third-quarter financial results and share details on the performance of our segments. As this is my first earnings call after stepping into the CFO role, I also want to provide an update on our financial framework as well as several projects we'll be embarking on across finance and the broader organization to accelerate our enterprise optimization initiative.

謝謝你，Trey。我將先回顧第三季的財務結果，並分享各事業部門的表現細節。由於這是我接任財務長後的首次法說會，我也想更新我們的財務框架，以及我們將在財務部門與更廣泛的組織內推動的幾項專案，以加速我們的企業最佳化計畫。

I'll conclude by outlining our guidance for the fiscal fourth-quarter and full year before handing it back to Trey. Turning to slide 9. We delivered strong financial and operating results in the quarter while continuing to navigate the dynamic situation in the Middle East. During the quarter, the company generated revenues of over $1 billion, up 11% sequentially. We generated $236 million of adjusted EBITDA and exceeded the midpoint of our direct margin guidance in all operating segments.

最後，我會在把時間交還給 Trey 之前，說明我們對第四財季與全年的指引。請看第 9 頁投影片。本季我們在持續因應中東局勢動態變化的同時，仍交出強勁的財務與營運成果。本季公司營收超過 10 億美元，較前一季成長 11%。我們創造了 2.36 億美元的調整後 EBITDA，且所有營運部門的直接利潤率（direct margin）皆高於我們指引區間的中點。

On EPS, we reported a net profit of $0.74 per diluted share. These results were supplemented by the gain from the sale of Utica Square. Absent this and other select items, we recorded a loss of $0.11 per share. Gross capital expenditures for the third-quarter were $70 million, which continued to trend below anticipated spending levels. This was attributable to the reordering of capital expenditures from the third to the fourth-quarter in NAS as well as delayed expenditure on rig reactivations in the Middle East.

在每股盈餘方面，我們報告稀釋後每股淨利 0.74 美元。這些結果亦受益於出售 Utica Square 的處分利益。若排除該項及其他特定項目，我們錄得每股虧損 0.11 美元。第三季資本支出總額為 7,000 萬美元，持續低於原先預期的支出水準。這主要是因為北美解決方案（NAS）將部分資本支出由第三季調整至第四季，以及中東鑽機重新啟用相關支出延後。

Free cash flow during the quarter came in strong at $98 million. Let me now turn to our North American Solutions segment on slide 10, which was a particular highlight this quarter. We experienced a stronger-than-anticipated ramp-up in activity, averaging 142 contracted rigs during the third-quarter, coming in above the midpoint of our activity expectations.

本季自由現金流表現強勁，達 9,800 萬美元。接著請看第 10 頁投影片的北美解決方案事業部，這是本季的一大亮點。我們的活動量提升速度高於預期，第三季平均有 142 座簽約鑽機（contracted rigs），高於我們對活動量預期的中點。

Segment direct margin for North America Solutions was $241 million, also exceeding the high end of our guidance range. The most impressive aspect of this result was our direct margin of $18,700 per day, up over $1,000 per day sequentially, led by strong pricing and performance-related bonuses during the quarter. We also saw operating cost per day improve despite absorbing the recommissioning cost of 10 rigs.

北美解決方案的部門直接利潤為 2.41 億美元，也超出我們指引區間的上緣。其中最令人印象深刻的是，我們的每日直接利潤達 18,700 美元，較前一季每日增加逾 1,000 美元，主要受惠於本季強勁的定價與績效相關獎金。儘管吸收了 10 座鑽機重新投用（recommissioning）的成本，我們仍看到每日營運成本改善。

We added back more rigs at higher margins for a lower cost than anyone else in the industry. In addition to the 10 rigs I just mentioned, we still have enough capacity that can be reactivated at or below our $1 million maintenance capital level to reach 160 rigs operating in the Lower 48. But as Trey pointed out, some of these rigs could also go to Argentina or beyond. Turning to International Solutions on slide 11.

我們以低於產業任何同業的成本，讓更多鑽機回到市場，且取得更高的利潤率。除了我剛提到的 10 座鑽機之外，我們仍有足夠的產能可在不高於 100 萬美元維護性資本（maintenance capital）水準下重新啟用，使 Lower 48 的運轉鑽機數達到 160 座。但如 Trey 所指出，其中部分鑽機也可能調往阿根廷或其他地區。接著請看第 11 頁投影片的國際解決方案。

The segment generated $31 million in direct margins, coming in at the high end of our guidance range. The Vaca Muerta, in particular, was an area of strength during the quarter. In the Middle East, we continue to navigate the dynamics around the ongoing conflict. During the quarter, our rigs in Iraq and Bahrain remain suspended, and we faced further delays in the reactivation of our rigs in Saudi.

該部門創造 3,100 萬美元的直接利潤，落在我們指引區間的上緣。其中，Vaca Muerta 在本季表現尤其強勁。在中東，我們持續因應持續衝突所帶來的各項變化。本季期間，我們在伊拉克與巴林的鑽機仍處於停工狀態，且我們在沙烏地的鑽機重新啟用也遭遇進一步延遲。

As of today, we have five of the reactivated rigs turning to the right, taking us to a total of 22 rigs operating in the country. As Trey mentioned, we now expect to maintain that average throughout the balance of the fiscal year. Despite these challenges, we experienced a lower impact from the conflict on our direct margins than we expected as travel routes and logistical challenges incrementally eased throughout the quarter.

截至今日，我們已有 5 座重新啟用的鑽機開始作業，使該國運轉鑽機總數達到 22 座。如 Trey 所提及，我們目前預期在本財年剩餘期間將維持該平均水準。儘管面臨這些挑戰，隨著本季旅行路線與物流挑戰逐步緩解，衝突對我們直接利潤的影響低於原先預期。

Lastly, with our Offshore Solutions segment on slide 12, we generated a direct margin of $29 million during the quarter, which also came in ahead of the high end of our guidance range. We had three active rigs and 30 management contracts in operation during the quarter. The strong performance of our Offshore segment was led by several performance-related bonuses that the teams achieved across our offshore fleet.

最後，請看第 12 頁投影片的離岸解決方案事業部，本季我們創造 2,900 萬美元的直接利潤，同樣高於我們指引區間的上緣。本季我們有 3 座活躍鑽機以及 30 份管理合約在運作中。離岸部門的強勁表現主要來自團隊在離岸船隊中達成的多項績效相關獎金。

We remain excited about this business and the consistent and stable results that it delivers. It requires minimal capital, generates steady cash flow and continues to provide strong diversification in our portfolio. Turning to slide 13. I want to provide an update on our financial framework and some of the details around our enterprise optimization initiatives, which include several projects we're working on across our global organization.

我們對這項業務以及其帶來的一致且穩定的成果仍感到振奮。它所需資本極少、能產生穩定現金流，並持續為我們的投資組合提供強而有力的分散效果。接著請看第 13 頁投影片。我想更新我們的財務框架，以及企業最佳化計畫的一些細節；該計畫包含我們在全球組織內推動的多項專案。

This includes a broad spectrum of initiatives with the aim of making H&P a simpler and more profitable business. Many of you will welcome the news that we will also be examining ways in which we can simplify the way we report as well as the timing of our fiscal year-end. With regard to our balance sheet, our focus remains unchanged. My top priority is to continue to drive our leverage towards one turn of net debt to EBITDA. In a relatively short time, we've made great progress, paying off our term loan of $400 million ahead of schedule, and we're now focused on retiring our $350 million bond due at the end of 2027.

這涵蓋廣泛的措施，目標是讓 H&P 成為更精簡且更具獲利能力的企業。許多人會樂見我們也將檢視如何簡化我們的財務揭露方式，以及財政年度結束時間點的安排。就資產負債表而言，我們的重點維持不變。我的首要任務是持續推動槓桿比率朝向淨負債對 EBITDA 1 倍（one turn）的目標。在相對短的時間內，我們已取得顯著進展，提前償還 4 億美元的定期貸款，並且目前聚焦於償還 2027 年底到期的 3.5 億美元債券。

I'm eager to accelerate this program wherever possible. Over the coming quarters, we will be streamlining our central functions, reducing duplication and deploying a standard operating model for all regions as well as harmonizing our ERP systems. We expect to see significant operational and financial benefits from this exercise and anticipate reducing our corporate costs by an annualized $40 million by the end of 2027.

我希望在可行之處加速推進這項計畫。在接下來幾個季度，我們將精簡中央職能、降低重複作業，並在所有地區導入標準營運模式，同時整合（harmonize）我們的 ERP 系統。我們預期此舉將帶來顯著的營運與財務效益，並預計在 2027 年底前將公司成本以年化基礎降低 4,000 萬美元。

We're also looking at ways to further reduce our overhead costs, which will have a positive impact on our direct margins. Additionally, there are several remaining areas of our portfolio and operations that we are looking to streamline and simplify. We will continue to exit noncore geographies and monetize assets where possible. Collectively, these initiatives will now help us raise over $160 million from asset sales, which we're targeting to complete by the end of fiscal 2027, if not sooner.

我們也在尋找進一步降低間接費用的方法，這將對我們的直接利潤率帶來正面影響。此外，我們也在檢視投資組合與營運中若干仍可精簡與簡化的領域。我們將持續退出非核心地理市場，並在可行之處將資產變現。綜合而言，這些措施將協助我們透過資產出售募集超過 1.6 億美元，我們目標在 2027 財年結束前完成，若能更早則更佳。

Finally, we're also conducting a thorough review of our working capital and inventory management practices to unify processes and enhance our free cash flow generation. All of these actions, when coupled with growing EBITDA and free cash flows in an improving market backdrop will enable us to quickly delever and reach our one turn of net debt-to-EBITDA target.

最後，我們也正對營運資金與存貨管理作法進行全面檢視，以統一流程並提升自由現金流的創造能力。在市場環境改善的背景下，這些行動若再搭配 EBITDA 與自由現金流的成長，將使我們能快速去槓桿，並達成淨負債對 EBITDA 1 倍的目標。

At that point, our optionality to maximize shareholder value through effective capital allocation increases significantly. Turning to slide 14, I want to provide a bit more detail on how we think about our capital allocation evolution, particularly related to shareholder returns and capital expenditures. On the left-hand side of the slide, we're showing the current state, which will take us through the end of 2027.

屆時，我們透過有效的資本配置來最大化股東價值的選擇性將顯著提升。請看第 14 頁投影片，我想更進一步說明我們如何看待資本配置的演進，特別是與股東報酬與資本支出相關的部分。在投影片左側，我們展示的是目前的狀態，這將延續至 2027 年底。

Our base dividend is a core element of our shareholder return strategy, and we are very proud that we've been able to consistently pay a dividend for 34 years. During this deleveraging phase, we'll maintain our dividend, which accounts for around $100 million per year of spending. Beyond the dividend, our capital allocation is focused on the balance between capital investment and debt repayment in the near term. As illustrated on the chart, we break out our capital investment into three categories.

我們的基本股利是股東報酬策略的核心要素，我們也非常自豪能夠連續 34 年穩定發放股利。在此去槓桿階段，我們將維持股利發放，該項支出每年約為 1 億美元。除股利之外，短期內我們的資本配置將著重於資本投資與償還債務之間的平衡。如圖表所示，我們將資本投資分為三大類。

Maintenance CapEx is the minimum amount of capital we need to allocate to keep our rigs running in the field. Based on today's activity levels and average maintenance CapEx costs, our total spend amounts to around $250 million annually for maintenance capital. Importantly, we feel confident that we can maintain this level of spend for several years.

維護性資本支出（Maintenance CapEx）是我們為了讓鑽機在現場持續運轉所需配置的最低資本金額。以目前的活動水準與平均維護性資本支出成本計算，我們每年在維護資本上的總支出約為 2.5 億美元。重要的是，我們有信心在未來數年維持此一支出水準。

Beyond that, we have what we call sustained CapEx. These are investments we consistently make to our rig fleet to maintain their technology and performance leadership. Examples of this type of expenditure include walking conversions, larger setbacks, heavier hook loads and rig floor automation packages. We plan to invest around $50 million every year in these enhancements.

再往上，我們有所謂的持續性資本支出（sustained CapEx）。這些是我們持續投入於鑽機機隊的投資，以維持其技術與性能的領先地位。此類支出的例子包括步行系統改裝（walking conversions）、更大的 setback（鑽台後移距）、更高的吊鉤載重（hook loads）以及鑽台自動化套件。我們計畫每年在這些強化項目上投資約 5,000 萬美元。

The last category considers growth projects, which may include new country entries or the expansion of fleets in key growth markets. We also include flex robotics within this category. To start with, all these investments must meet a return threshold. Beyond that, we assess the duration, scalability and durability of the geography and customer relationship.

最後一類是成長專案，可能包括進入新國家或在關鍵成長市場擴充機隊。我們也將 Flex Robotics 納入此類別。首先，所有這些投資都必須達到報酬門檻。此外，我們也會評估該地區與客戶關係的期間長度、可擴展性與持久性。

Lastly, our ability to drive technology adoption and performance-based contracts are also key considerations. As we approach our deleveraging target, we expect to have significantly more financial flexibility from 2028 onwards, which we highlight on the right-hand side of the chart. This will be achieved through the discipline of our capital investment programs, higher cash flow from operations and the retirement of our $350 million bond.

最後，我們推動技術採用的能力以及以績效為基礎的合約，也是關鍵考量。隨著我們接近去槓桿目標，我們預期自 2028 年起將擁有顯著更高的財務彈性，這點在圖表右側有所標示。這將透過我們資本投資計畫的紀律、更高的營運現金流，以及償還我們 3.5 億美元債券來達成。

This frees up significant capital, which can be deployed most effectively to maximize shareholder value through a balanced combination of dividends and buybacks, further strengthening the balance sheet and disciplined investment in growth projects. Now I want to transition to our fourth-quarter and full year guidance on slide 15.

這將釋放大量資本，使我們能以最有效的方式部署，透過股利與庫藏股回購的均衡組合來最大化股東價值、進一步強化資產負債表，並以嚴謹的方式投資於成長專案。接下來我想轉到第 15 頁，說明我們第四季與全年指引。

Looking ahead to the fourth-quarter for North America Solutions, we expect our operating rig count to show solid sequential growth as we see no deviation from the activity ramp we experienced in the Lower 48 in the third-quarter. As a result, we expect direct margins in our fourth-quarter to average between $245 million and $255 million based on an anticipated rig count of between 145 and 151 rigs during the quarter.

展望北美解決方案（North America Solutions）第四季，我們預期營運鑽機數將呈現穩健的季增，因為我們在第三季於美國本土 48 州（Lower 48）所經歷的活動爬坡並未出現偏離。因此，基於本季預期鑽機數介於 145 至 151 座，我們預期第四季直接利潤（direct margins）平均將介於 2.45 億至 2.55 億美元。

Given the better-than-expected result in the third-quarter and our upgraded guidance for the fourth-quarter, we're also raising our full year rig count range to 140 to 144 rigs. As we have said, we see continued momentum for the US Lower 48 into 2027 and feel comfortable at least maintaining similar levels of activity and margins across the portfolio, assuming commodity pricing remains supportive.

鑑於第三季結果優於預期，以及我們上調第四季指引，我們也將全年鑽機數區間上調至 140 至 144 座。如同我們所說，只要商品價格仍具支撐，我們看好美國 Lower 48 的動能將延續至 2027 年，並有信心至少能在整體組合中維持相近的活動水準與利潤率。

For International, we anticipate the rig count to average between 60 to 70 rigs in the fourth-quarter, and we remain confident in achieving the midpoint of the annual rig guidance range we set out at the start of the year. We are seeing increased levels of activity in Latin America as we move towards full utilization of the fleet in Argentina, offsetting some of the activity changes we've experienced in the Middle East.

就國際業務而言，我們預期第四季鑽機數平均介於 60 至 70 座，且我們仍有信心達成我們在年初所設定的全年鑽機指引區間之中位數。隨著我們在阿根廷朝向機隊滿載利用率邁進，我們看到拉丁美洲的活動水準提升，抵銷了我們在中東所經歷的部分活動變化。

We expect International Solutions to generate a direct margin between $25 million and $45 million. The wider range captures the spectrum of potential outcomes regarding the ongoing conflict in the Middle East. For offshore, we anticipate an average of 30 to 35 management contracts and operating rigs. We expect the direct margin rate in the fiscal fourth-quarter to range between $26 million and $30 million.

我們預期國際解決方案（International Solutions）的直接利潤將介於 2,500 萬至 4,500 萬美元。較寬的區間反映了中東持續衝突可能帶來的各種結果範圍。就離岸業務而言，我們預期平均將有 30 至 35 份管理合約與營運鑽機。我們預期會計年度第四季的直接利潤將介於 2,600 萬至 3,000 萬美元。

Given the strong performance year-to-date, we're also upgrading the full year guidance range to $113 million to $117 million. CapEx came in lighter than expected during the quarter, largely due to the timing of spending on several projects across the business. This variance primarily reflects deferred spending rather than any change in project scope, and we, therefore, expect capital expenditures to increase sequentially in the fourth-quarter.

鑑於年初至今的強勁表現，我們也將全年指引區間上調至 1.13 億至 1.17 億美元。本季資本支出（CapEx）低於預期，主要是因為公司多個專案的支出時點安排所致。此一差異主要反映支出遞延，而非專案範疇的任何變動，因此我們預期第四季資本支出將呈現季增。

Importantly, we expect to remain within our guidance range of $270 million to $310 million for the full year. Reflecting the tax impact of the Utica Square sale and stronger financial performance in North America Solutions, we have increased our cash tax outlook and now expect payments to range between $150 million to $180 million.

重要的是，我們預期全年仍將落在 2.7 億至 3.1 億美元的指引區間內。反映 Utica Square 出售的稅務影響，以及北美解決方案更強勁的財務表現，我們已上調現金稅（cash tax）展望，並預期支付金額將介於 1.5 億至 1.8 億美元。

In summary, the positive tailwinds from activity and direct margins from the third-quarter are expected to carry forward into the fiscal fourth-quarter. Despite some project timing shifts, which impact capital expenditures, the fundamentals of the business remain strong. We continue to believe we are well positioned to capitalize on continued customer demand and carry this momentum into fiscal 2027.

總結而言，第三季活動與直接利潤帶來的正向順風，預期將延續至會計年度第四季。儘管部分專案時程調整影響資本支出，但業務基本面仍然強勁。我們仍相信自身具備良好定位，可把握客戶需求持續成長的機會，並將此動能延續至會計年度 2027 年。

And with that, I'll hand it back to Trey for some closing remarks.

接下來，我把時間交回給 Trey 做一些結語。

Thank you, Todd. Before we open the line for questions, I'd like to leave you with a few key takeaways. We delivered a strong third-quarter, exceeding the midpoint across all three operating segments and demonstrating the strength of our people, technology and diversified portfolio. Activity in the US Lower 48 continues to build.

謝謝你，Todd。在我們開放提問之前，我想先留下幾個重點摘要。我們交出強勁的第三季成績，三個營運部門皆超越中位數，展現我們的人才、技術與多元化組合的實力。美國 Lower 48 的活動持續增溫。

Our international business is benefiting from growing opportunities in Latin America and offshore remains a consistent source of value and cash flow. While calendar 2026 got off to a slow start, we were confident that we had the discipline, the portfolio and the customers to make up the lost ground. Despite all the challenges and volatility created by the conflict in the Middle East, we are well positioned to deliver full year results, which exceed original expectations.

我們的國際業務受惠於拉丁美洲日益增加的機會，而離岸業務仍是穩定的價值與現金流來源。雖然 2026 年曆年開局偏慢，但我們有信心憑藉紀律、投資組合與客戶基礎，彌補落後的進度。儘管中東衝突帶來各種挑戰與波動，我們仍具備良好定位，可交出超越原先預期的全年成果。

Looking ahead, we remain optimistic on the outlook for our business in 2027 and beyond. supported by our advanced technologies and strong operational execution. At the same time, we are excited by the value we can unlock from our enterprise optimization initiatives, all with the aim of simplifying our business, increasing profitability and maximizing the long-term value we create for shareholders.

展望未來，在先進技術與強勁營運執行的支撐下，我們對 2027 年及更長期的業務前景仍保持樂觀。同時，我們也對企業最佳化計畫可釋放的價值感到振奮，目標是簡化業務、提升獲利能力，並最大化我們為股東創造的長期價值。

Building upon this positive momentum, we hope to see you at our Technology Day on October 8, which we are hosting here in Tulsa. We will be providing a deeper look at our Flex Robotics technology as well as showcasing some of the critical technologies and solutions that truly differentiate H&P.

在這股正向動能之上，我們希望能在 10 月 8 日於塔爾薩（Tulsa）舉辦的 Technology Day 與各位見面。我們將更深入介紹我們的 Flex Robotics 技術，並展示一些真正讓 H&P 脫穎而出的關鍵技術與解決方案。

That concludes our prepared remarks, and we'll now turn it back to the operator for questions.

以上是我們準備好的發言內容，接下來我們把時間交回給接線員進行提問。

(Operator Instructions) Derek Podheiser, Piper Sandler.

(接線員指示) Derek Podheiser，Piper Sandler。

Just wanted to start things off here with maybe walking through the different puts and takes for your fiscal 4Q guide and how you expect to sustain this momentum that you're building into fiscal 2027. If you can hit on NAS, international and offshore, I think that would be great.

我想先從你們會計年度第四季指引的各項增減因素談起，以及你們預期如何把正在建立的這股動能延續到會計年度 2027 年。如果可以涵蓋 NAS、國際與離岸，我想會很棒。

Thank you for the question. I'll start and then turn it over to Todd to give a bit more color on the full year and 4Q guide. But in general, the sequential improvement that we're seeing from Q3 to Q4 and our implied EBITDA guide, which is approximately 5% Q-over-Q is really underpinned by activity growth across the business.

謝謝你的提問。我先回答，接著再交給 Todd，請他就全年與第四季指引補充更多細節。但整體而言，我們從第三季到第四季所看到的逐季改善，以及我們隱含的 EBITDA 指引（約季增 5%），主要是由全公司範圍的活動成長所支撐。

And we talked a lot about North America Solutions and the activity adds that we've seen throughout that segment through Q3, and we're continuing to see rig count grow and be additive into Q4. But it's also the same story across International Solutions today. We've seen great growth in LatAm and really proud of the rig reactivation journey we've been on in the Middle East.

我們也花了很多時間討論北美解決方案（North America Solutions），以及我們在該業務板塊截至第三季（Q3）所看到的各項活動增量；而我們也持續看到鑽機數（rig count）成長，並在第四季（Q4）帶來正向貢獻。但今天在國際解決方案（International Solutions）方面也是同樣的故事。我們在拉丁美洲（LatAm）看到很好的成長，也對我們在中東推動鑽機重新啟用（reactivation）的歷程感到非常自豪。

And then the third segment, our offshore segment, just provides such stability and durability to our portfolio. And so really proud of the performance contract journey and customer partnerships we have across that segment. All three of the segments together are what's guiding us up as we look through Q3 into Q4 and have been fairly constructive.

接著第三個板塊，也就是我們的離岸（offshore）板塊，為我們的投資組合提供了如此強的穩定性與耐久性。因此，我們對該板塊的績效合約（performance contract）推進歷程以及與客戶的合作夥伴關係感到非常自豪。這三個板塊合在一起，正是我們在從第三季（Q3）展望到第四季（Q4）時持續向上的指引來源，而且整體而言一直相當正向。

Before I turn to Todd, just broadly across the market, I would say that customer conversations have been constructive. We're feeling very confident in our Q4. And then obviously, as we look beyond into FY27, customer conversations constructive and a good backdrop for us.

在我把時間交給Todd之前，若從市場整體來看，我會說與客戶的對話是正向且具建設性的。我們對第四季（Q4）非常有信心。而且很明顯地，當我們把視野放到2027財年（FY27）之後，與客戶的對話同樣具建設性，對我們而言也是良好的大環境背景。

Yes. And thanks, Eric. This is Todd. I don't have a ton to add, but I do think there are a couple of things that are worth pointing out here. We feel like we can really grow our EBITDA over the next few quarters and into the next couple of years. And our fourth-quarter guide is kind of emblematic of that, where we see continued organic growth in our International Solutions portfolio. That's going to be the fastest-growing part of the company.

是的。謝謝你，Eric。我是Todd。我沒有太多要補充的，但我認為有幾點值得在這裡指出。我們覺得在接下來幾個季度以及未來一兩年內，我們確實能夠提升EBITDA。而我們對第四季的指引某種程度上就體現了這一點：我們看到國際解決方案（International Solutions）投資組合持續的有機成長。那將會是公司成長最快的部分。

And in this case, we're seeing some increased activity in Argentina. We're seeing increased activity in the Middle East. And we think that will continue for a little while until we get to our $45 million quarterly run rate, which we still have a lot of confidence in getting to. And then similarly, you continue to see sequential improvement in North America. And I think of the $250 million per quarter level as a really good level of profitability for us to benchmark.

在這個情況下，我們看到阿根廷的活動增加。我們也看到中東的活動增加。我們認為這樣的趨勢還會持續一段時間，直到我們達到每季4,500萬美元的運行率（quarterly run rate）；我們對達成這個目標仍然非常有信心。同時，你也會看到北美業務持續逐季改善。我把每季2.5億美元的水準視為一個非常好的獲利能力基準，供我們對照。

We are probably a bit less focused on the exact rig count or things like that and more focused on just making that aggregate dollar amount go up every quarter. And then you continue to see offshore as a very steady, very ratable piece of business for us that we think is going to continue. And then Trey mentioned this in his prepared remarks, but it is interesting to think about the trajectory into '27 -- kind of going into '26, things felt relatively bearish, but I do think it's quite a different story right now.

我們可能比較不會把焦點放在精確的鑽機數（rig count）或類似指標上，而是更專注於讓整體的美元金額每一季都往上走。同時，你也會看到離岸（offshore）對我們而言是一塊非常穩定、非常可預期（ratable）的業務，我們認為它會持續如此。另外，Trey在事先準備的講稿中提到這點：思考走向2027年的軌跡很有意思——大概在進入2026年時，情緒相對偏空，但我確實認為現在的情況已經很不一樣了。

And we think this fourth-quarter is a pretty good marker for where we're going to be in '27. We actually think we'll be improving from this base into '27, but it's a good place to kind of start thinking about where EBITDA levels are going to be next year.

我們認為這個第四季是一個相當好的指標，代表我們在2027年大致會處於什麼位置。我們其實認為從這個基礎到2027年還會持續改善，但這是一個很好的起點，讓大家開始思考明年EBITDA水準會落在哪裡。

Scott Gruber, Citi.

Citi的Scott Gruber。

A lot of good trends going on here for HP. So good to hear. I want to unpack the outlook for NAS a bit more. You beat on fiscal 3Q NAS margins, but then 4Q is down a bit. How much are activation -- reactivation costs went on margins? How did you -- how much of the performance bonuses contribute to 3Q and how you think about those for 4Q? And then obviously, rates are rising.

HP這邊有很多不錯的趨勢正在發生。所以聽到這些很不錯。我想再更深入拆解一下對NAS的展望。你們在第三財季（fiscal 3Q）NAS毛利率/利潤率表現優於預期，但第四財季（4Q）卻稍微下滑。啟用——重新啟用（activation—reactivation）成本對利潤率影響有多大？第三季的績效獎金（performance bonuses）貢獻了多少？你們對第四季的績效獎金又是怎麼看？另外很明顯，費率正在上升。

So I'd expect that to be a bit of a tailwind. What I'm really trying to understand is if we stabilize, let's call it, around 150 rigs, where can margins get to as we start calendar year '27 here. So maybe unpack the kind of near-term trends and a little bit of color on kind of where you think you can get margins to in a couple of quarters.

所以我預期那會帶來一些順風。我真正想理解的是：如果我們把鑽機數穩定在大約150座左右，那麼當我們進入曆年2027年時，利潤率可以提升到什麼程度？所以也許請你們拆解一下短期趨勢，並提供一些顏色，談談你們認為在接下來幾個季度利潤率大概能走到哪裡。

Yes. Thank you for the question. This is Trey. I'll start, and then I'll hand it over to our Executive Vice President of Western Hemisphere and Head of Global Ops Support, Michael Lennox, to add in some further detail and more specificity to what we're seeing here in North America. But what I'd start with is just really proud of the team and really proud of the H&P enterprise overall.

好的。謝謝你的問題。我是Trey。我先回答，接著我會把時間交給我們西半球執行副總裁、同時也是全球營運支援負責人Michael Lennox，請他補充更多細節，並更具體說明我們在北美看到的情況。不過我首先要說的是：我對團隊、也對整個H&P企業的表現感到非常自豪。

Our ability to reactivate 10 rigs in Q3 and sequentially grow margins $1,000 a day is a huge testament to what we've been building towards here at the company for the past two decades. And it's been really, really encouraging to see. And obviously, we knew the machine was in place, but to see it really hitting top dead center was fantastic in Q3.

我們在第三季（Q3）重新啟用10座鑽機，並且利潤率逐季提升、每天增加1,000美元，這充分證明了過去二十年來我們在公司內部所打造的一切。看到這樣的成果真的非常令人振奮。而且很明顯，我們知道這套機制已經到位，但在第三季看到它真正運轉到最佳狀態，確實非常精彩。

More broadly with the market, I'll touch on the market more broadly in North America and then Mike can talk about reactivations, pricing and other aspects. But more broadly across US Lower 48, our rig count and rig additions have been mostly underpinned by private E&Ps up to this point in time. As the forward strip has improved and looks more constructive, those private E&Ps have been able to really use risk management tools and hedge positions to be more confident in their forward approach.

就市場更廣泛的層面，我先談一下北美整體市場，接著Mike可以談重新啟用、定價以及其他面向。更廣泛來看，在美國本土48州（US Lower 48），截至目前我們的鑽機數以及新增鑽機，主要是由民營E&P公司（private E&Ps）所支撐。隨著遠期價格帶（forward strip）改善、看起來更具建設性，這些民營E&P能夠更有效運用風險管理工具與避險部位（hedge positions），對其前瞻性規劃更有信心。

And so that's been a real positive movement. We've seen similar and kind of consistent behavior from the public side of the fence up to this point in time. We're very disciplined, focused on capital returns frameworks, very focused on their budgets. And we've actually seen some churn from public E&Ps through the summer months.

因此這是一個非常正向的變化。截至目前，我們也看到上市公司端（public side of the fence）呈現類似且相對一致的行為。他們非常自律，聚焦於資本回饋框架（capital returns frameworks），也非常聚焦於預算。而且在夏季期間，我們確實看到上市E&P出現一些更替/流動（churn）。

But we're -- as we touched on in our prepared remarks, we're very confident as we look into FY27 and the calendar '27 that the underlying elements and the base price points that our public E&Ps are going to be utilizing for budgets as they go into their budget season are just dramatically different in calendar '27 than they were in '26.

但正如我們在事先準備的講稿中提到的，當我們展望2027財年（FY27）與曆年2027年時，我們非常有信心：上市E&P在進入預算季、用來編列預算的那些基本要素與基礎價格假設，在曆年2027年將與曆年2026年相比有顯著不同。

I know I don't need to remind everyone on the call, but crude was in the 50s towards the end of calendar '25. And so from a budget standpoint, there wasn't the same backdrop that there is today. The service intensity that's going to be required and continue to require to maintain production, much less grow it in calendar '27 is going to require more rigs.

我想我不需要提醒電話會議上的各位，但原油在曆年2025年末曾落在50多美元。因此從預算角度來看，當時並沒有像今天這樣的背景條件。為了維持產量、甚至更不用說在曆年2027年要成長產量，所需要且將持續需要的服務強度（service intensity）會更高，也就需要更多鑽機。

And I just highlight that we're 95% utilized today from super-specs. And so the market is tight. We'll touch on more about why the market is tight, but the market continues to be tight just based on US demand points, much less the international demand points for those similar assets. So I'll turn it over to Mike to provide a bit more specificity on pricing and some of the reactivations.

我也要強調，我們的超規格（super-spec）鑽機目前使用率達到95%。因此市場是緊俏的。我們會再多談為什麼市場緊俏，但市場之所以持續緊俏，主要是基於美國的需求點，更不用說國際市場對類似資產的需求點。所以我把時間交給Mike，請他更具體說明定價以及部分重新啟用的情況。

Scott, yes, thank you for the question. But before I answer it, I do want to thank our teams who have taken part in recommissioning all these rigs. And of course, that goes from the sales team to the operational team, to the crews as we train and bring these rigs out and do it safely. And then lastly, to our customers just for believing in H&P and just recognizing the value -- as Trey said, in Q3, we've reactivated 10 rigs.

Scott，是的，謝謝你的問題。不過在我回答之前，我確實想先感謝參與這些鑽機重新投運（recommissioning）的團隊。當然，這涵蓋從銷售團隊到營運團隊，再到我們的現場班組（crews），因為我們需要訓練並把這些鑽機重新投入運作，而且要安全地完成。最後，也要感謝我們的客戶，謝謝他們信任H&P，並且認可其價值——正如Trey所說，在第三季（Q3）我們重新啟用了10座鑽機。

But since our trough in March, it's actually been 17 rigs. And doing that while also having improved margins is just fantastic work by the leadership and team that we have in our Lower 48. So, to answer your question, maybe a little more direct, a lot of it is due to the lumpiness in our bonuses. And some of its conservatism that's in there, but over half of our rigs are on performance-based contracts.

但自從我們在3月觸底以來，實際上已經是17座鑽機。而且在提升利潤率的同時做到這一點，對我們在美國本土48州（Lower 48）的領導團隊與同仁而言，真的是非常出色的成果。所以，為了更直接地回答你的問題，其中很大一部分是因為我們獎金的發放具有不均勻性（lumpy）。其中也包含一些保守性因素，但我們超過一半的鑽機是採用績效型合約。

And as we perform, some of those bonuses come in, again, lumpy. And so that's where you see some of the fluctuation. -- rig reactivations has been a small component of changing and affecting the margins -- we have about 10 more roughly that we could bring out at CapEx-related cost. And then once we get past that, we hit another tranche. As Trey had mentioned, our high-spec rigs are in demand.

而隨著我們的表現達標，其中一些獎金會進來，但同樣是分段、不均勻地發生。因此你會看到一些波動。——鑽機重新啟用（reactivations）一直只是改變並影響利潤率的一個小部分——我們大約還有10座左右可以在與資本支出（CapEx）相關的成本下拉出來投入。然後一旦我們跨過那個階段，就會進入下一個區間（tranche）。正如Trey提到的，我們的高規格鑽機需求旺盛。

We have been upgrading rigs for additional setback, additional hook load to drill longer and more complex wells for quite some time. And so, we're going to continue that trend. And as a result of that, we're very well positioned. We've also invested significantly in technology and technology matters as we drill these more complex wells -- it helps keep the bid on bottom and helps our customers as we add value.

我們為了增加後移距離（setback）、提高鉤載（hook load），以便鑽更長、更複雜的井，已經升級鑽機相當長一段時間了。因此，我們會持續這個趨勢。也因此，我們的布局非常有利。我們也在科技上投入了大量資金，而在鑽這些更複雜的井時，科技非常重要——它有助於保持鑽頭在井底（keep the bit on bottom），並在我們創造附加價值時協助客戶。

Maybe to end it, we've talked before, and it's not a question you asked, but I do want to highlight it. So, we've talked about the robotics. We have one rig that's deployed or running a robotic system. Our second one is rigging up and should start drilling probably this weekend. But that rig is performing very, very well. And as we talked about on previous earnings calls, we brought that rig out with the expectation that it would perform at P50. And what we mean by that is at least as well as what our people are performing.

最後補充一下，我們之前談過，這不是你問的問題，但我確實想強調。我們談過機器人技術。我們已有一座鑽機部署或正在運行機器人系統。第二座正在安裝（rigging up），應該會在本週末左右開始鑽井。但那座鑽機的表現非常、非常好。而且如同我們在先前的法說會所提到的，我們把那座鑽機推出時，預期它能達到P50的表現。我們的意思是，至少要跟我們的人員目前的表現一樣好。

And out of the gate, it has exceeded that average. And today, for that customer, it is their top rigs, and they're running high 20s rig fleet, and it is their number one rig in the fleet. And we're going to continue to see demand in that robotic space up to by February, having five robotic rigs deployed to the field.

而它一開始就超過了那個平均水準。而且今天，對那位客戶而言，它是他們最頂尖的鑽機之一；他們的鑽機隊伍規模在20多座，而它是整個隊伍中的第一名鑽機。我們也將持續看到機器人領域的需求增加，目標是在2月前讓五座機器人鑽機部署到現場。

Arun Jayaram, JPMorgan.

Arun Jayaram，摩根大通（JPMorgan）。

I wanted to dig in a little bit on your financial framework. You've kind of given us some interesting views on how you see capital progressing beyond 2026, you highlight, you call it a $300 million maintenance plus sustaining kind of program. Perhaps for you, Todd, I was wondering how you think about maintaining that level of CapEx just in an environment where your international activity will be growing.

我想更深入了解一下你們的財務框架。你們對於2026年之後資本如何推進提出了一些有意思的看法；你們強調並稱之為每年3億美元的維護加持續性（maintenance plus sustaining）計畫。Todd，或許我想請教你：在國際業務活動將成長的環境下，你如何看待仍維持這樣的資本支出（CapEx）水準？

Obviously, Trey highlighted all of the growth opportunities in Argentina. But talk to us a little bit about that kind of confidence on that because that could unlock a lot of free cash flow if you're able to keep capital that relatively low.

顯然，Trey已經強調了阿根廷的所有成長機會。但請再多談談你們對此的信心，因為如果你們能把資本維持在相對低的水準，這可能會釋放出大量自由現金流。

Yes. Thanks for the question. And we thought it was important to lay this out just kind of right now as there's been some change at the company and as the company is evolving, it's good to just remind everybody of how we're thinking about these things and what our framework is. Let me talk about capital in just a second, but equally important to us in the near term are some of the enterprise initiatives we laid out.

是的。謝謝你的提問。我們認為現在把這些說清楚很重要，因為公司近期有一些變動、也在演進；提醒大家我們如何思考這些事情以及我們的框架是什麼，會很有幫助。我等一下再談資本，但同樣重要的是，我們近期也很重視我們提出的一些企業層級（enterprise）的倡議。

I think we've got a lot of work to do internally on cost reductions, realigning internally as a global organization, finding ways to operate differently, think about where our core activity areas are going to be. And that all ultimately translates to the amount of capital spending and to the way we can return capital back to our shareholders. So I don't want to lose sight of that.

我認為我們在內部還有很多工作要做，包括降低成本、以全球組織的角度重新調整內部、找出不同的營運方式，並思考我們的核心活動區域將會在哪裡。而這些最終都會反映在資本支出的金額，以及我們能如何把資本回饋給股東。所以我不希望忽略這一點。

But on slide 14, where we talk about our capital framework, I think the first observation I would make is that -- if you think about what H&P has done over the years, we have invested a lot of dollars in creating a uniform fleet with strong operating practices that are safe and efficient and that meet our customers' needs. And we feel like that's a really durable advantage for us.

不過在第14頁投影片，我們談到資本框架時，我想先指出的第一個觀察是——如果你回顧H&P多年來的作為，我們投入了大量資金，打造一支一致化（uniform）的機隊，並建立強健的營運作法，安全且高效率，並能滿足客戶需求。我們認為這對我們而言是一項非常持久的優勢。

And so as we think about capital allocation, we don't want our capital allocation to mask the underlying efficiency that our assets have. And so, the two big takeaways here, number one, we're going to remain committed to debt reduction in the near term. We have to hit our one times net debt-to-EBITDA target. But number two, over the longer term is that we're going to remain very, very disciplined with our overall spending.

因此在思考資本配置時，我們不希望資本配置掩蓋了我們資產本身的效率。所以這裡有兩個重點：第一，短期內我們會持續致力於降低負債。我們必須達成淨負債對EBITDA為1倍的目標。第二，長期而言，我們會在整體支出上保持非常、非常嚴謹的紀律。

We think that we can unlock a lot of growth in the current portfolio without spending a lot of capital. We think there's a lot of areas that we can drive cash flow that don't really require incremental rig counts and rig adds. And so therefore, don't really require incremental capital. So that would be one thing I would say. Secondly, I think it's important to remember, if you kind of zoom back a couple of years, part of the reason we've made the changes to the company we've made and we've made the acquisitions we made would be to have a global platform where we could grow without having to do major capital spending projects.

我們認為在現有投資組合中，不需要花很多資本就能釋放大量成長。我們認為有很多領域可以推動現金流，而不一定需要增加鑽機數量或新增鑽機。因此，也不太需要額外的資本投入。這是我想說的第一點。第二點，我認為也很重要的是要記得：如果你把時間拉回兩三年前，我們之所以對公司做出這些改變、以及進行這些併購，其中一部分原因就是要建立一個全球平台，讓我們能在不必進行重大資本支出專案的情況下成長。

So, if you think about the stuff that Mike's team is doing an amazing job on right now with moving these rigs to Argentina, that doesn't really look that different than recommissioning a rig in North America and then effectively putting it on the boat. We're not spending tens of millions of dollars on those rigs. So I feel like we're really at a point now where we are set up to generate a substantial amount of free cash flow.

所以，如果你看Mike團隊目前做得非常出色、把這些鑽機移往阿根廷的工作，其實跟在北美重新整備（recommissioning）一座鑽機、然後基本上把它送上船並沒有太大不同。我們並沒有在那些鑽機上花費數千萬美元。所以我覺得我們現在真的已經處在一個能夠產生可觀自由現金流的狀態。

And then on the right side of the page, what we're trying to illustrate is that we don't look at that free cash flow as just a new way to spend money. We look at it as a way that we can potentially return more capital to our shareholders. And we want that return of capital to be perceived as sustainable and durable. And so what that means by definition is that we can't just ramp up the spending because there's additional cash there.

然後在頁面右側，我們想說明的是：我們不把那個自由現金流視為一種新的花錢方式。我們把它視為一種可能把更多資本回饋給股東的方式。而且我們希望這種資本回饋被視為可持續且具韌性。因此，按定義來說，我們不能因為多了現金就把支出大幅拉高。

So I mean, we want to take advantage of opportunities as they come up, and we're going to. But the point here is that we do think we're pretty differentiated amongst oil and gas companies in terms of our ability to generate that cash, and we're going to make sure that we stay disciplined and true to that, not only over the next year when we need to reduce debt, but over the longer term when we have a little bit more flexibility.

也就是說，我們希望在機會出現時加以把握，而且我們也會這麼做。但這裡的重點是：就我們產生現金的能力而言，我們確實認為自己在油氣公司之中相當具差異化；我們會確保保持紀律並忠於這一點——不僅是在未來一年需要降負債的期間，也包括在更長期、當我們有更大彈性時。

Saurabh Pant, Bank of America.

Saurabh Pant，美國銀行（Bank of America）。

Yes, Trey, I think you talked about your recent visit to Saudi. I saw some good pictures of that on LinkedIn. So thanks for sharing. But just quickly reflecting on that, Trey, can you talk to what you are seeing in the region, Middle East in general, Saudi, in particular, in terms of current operations, new opportunities? I see you have successfully got to five of the seven Saudi rigs that you were supposed to bring back after the suspension.

是的，Trey，我想你談到你最近去沙烏地的拜訪。我在LinkedIn上看到一些很棒的照片。謝謝你分享。不過快速回顧一下，Trey，你能談談你在該地區——中東整體、以及特別是沙烏地——所看到的情況嗎？就目前營運、新的機會而言。我看到你們在停工（suspension）之後，原本要恢復的七座沙烏地鑽機中，已成功恢復了五座。

But can you talk to the time line on the other two, Trey? And then how should we think about opportunities for more rigs beyond the seven that are coming off suspension?

但你能談談另外兩座的時間表嗎，Trey？另外，對於除了即將解除停工的那七座之外，還有更多鑽機的機會，我們應該如何看待？

Yes. Thank you for the question. And yes, it was great to spend time in Saudi Arabia last week with our teams, our partners and our customers in the Kingdom, I left really encouraged, and I'll share kind of one that I thought was funny last week is someone who spent most of their oil and gas career in the US. Lower 48 and from the state of Texas to be told that now I'm a real oil man and we're a real oil company because we're present in Saudi Arabia. It was a big crowd marker for us as we really grow and become fully fledged there in the Kingdom.

是的。謝謝你的提問。是的，上週能在沙烏地阿拉伯與我們在王國的團隊、合作夥伴與客戶共度時間非常棒；我離開時真的很受鼓舞。我分享一個我覺得上週很有趣的事：有個人，他的油氣職涯大多在美國。在美國本土48州、而且來自德州，卻跟我說，因為我們在沙烏地阿拉伯有布局，現在我才算是真正的石油人，而我們也才算是真正的石油公司。這對我們而言是一個很大的里程碑，因為我們確實在王國持續成長並逐步成為成熟完整的在地營運。

But what I want to highlight is just the strength and resilience of our team throughout the GCC in Saudi Arabia. You think about reactivating five rigs, you touched on reactivating five of the seven rigs, reactivating five rigs. And I think outside of maybe one or two, all of them were reactivated since March in the midst of the conflict. It's really a testament to our great teams and our customers' ability to be very stable and reliable, think long term and provide a great backdrop for us to reactivate those rigs on.

但我想強調的是，我們在海灣阿拉伯國家合作委員會（GCC）地區、尤其在沙烏地阿拉伯的團隊所展現的強韌與韌性。你想想看，重啟五座鑽機——你提到重啟七座中的五座——重啟五座鑽機。我想除了可能一到兩座之外，其餘幾乎都是自三月以來、在衝突期間完成重啟。這充分證明了我們優秀的團隊，以及我們客戶能夠非常穩定可靠、以長期思維行事，並為我們重啟這些鑽機提供了很好的環境背景。

The overall environment there, and I'll hit kind of conventional and our rig reactivations first, and then I'll talk about Jafurah and our unconventional story. But the five rigs we've reactivated right now is a great baseload for us. We're at 22 rigs in the Kingdom, very happy with the 22 rigs we have. Obviously, the other two rigs, we're not adding to our forecast or our guide into Q4.

那邊的整體環境，我先談傳統業務與我們的鑽機重啟，接著再談Jafurah以及我們的非常規故事。但我們目前已重啟的五座鑽機，對我們而言是一個很好的基礎負載。我們在王國目前有22座鑽機，對這22座鑽機的配置非常滿意。顯然，另外兩座鑽機，我們並沒有把它們納入到第四季的預測或指引之中。

And right now, we're really focused on the number that Todd had shared as it relates to our financial framework of getting our International Solutions segment to $45 million a quarter. We believe we have all the cards that we need to play in front of us to achieve that. And so when we think about discipline, simplification and a focus on our core business, that's where our heads are right now. We're at 22 rigs. We want to get stability.

而目前，我們真正聚焦的是Todd所分享、與我們財務框架相關的那個數字：讓我們的International Solutions事業部每季達到4,500萬美元。我們相信，為了達成這個目標，我們手上需要打的牌都已經在眼前。因此，當我們談到紀律、簡化，以及聚焦核心業務時，這就是我們目前的思考重點。我們有22座鑽機。我們希望先把穩定性建立起來。

We want to create economic viability there in Saudi Arabia. And as timelines manifest and improve on rigs six and seven, we'll be certain to update everyone on those timelines. The Jafurah story in Saudi unconventionals is a really positive one. We have eight FlexRigs running in Jafurah today. I was able to spend time in the field last week with our team members and see the direct application and some of the mirroring elements to our story, whether it's in the US Lower 48 or Vaca Muerta in Argentina.

我們希望在沙烏地阿拉伯建立經濟可行性。而當第六與第七座鑽機的時間表逐步明朗並改善時，我們一定會向各位更新這些時間表。沙國非常規的Jafurah故事非常正面。我們目前在Jafurah有八座FlexRig在運行。上週我能到現場與團隊成員共度時間，並看到其直接應用，以及與我們在美國本土48州或阿根廷Vaca Muerta的故事之間一些相互呼應的元素。

And it provided a lot of tailwinds for me coming off the trip because we're not starting from 0 there. We're adding and layering in a lot of benefit, accelerating well programs. And our rigs are just so well suited for that environment to unlock efficiencies and do them safely that I believe it's going to position us very uniquely going forward as that resource base continues to expand and grow.

這趟行程結束後，對我而言帶來了很多順風，因為我們在那裡不是從零開始。我們是在既有基礎上持續增加並疊加許多效益，加速井的作業計畫。而我們的鑽機非常適合那樣的環境，能在確保安全的前提下釋放效率；我相信，隨著該資源基礎持續擴張與成長，這將使我們在未來具備非常獨特的定位。

I was thinking about an analog for my trip last week and I was reflecting on early days and some time spent in the Permian Basin. And it reminded me of being in the Permian not too long ago, where every single day, there's some new 22-inch or 16-inch whole section well record being broken. And production section record being broken. And obviously, we're a huge part of that story and will be continually as we look forward.

我在想上週那趟行程的一個類比，也回想起早期在二疊紀盆地（Permian Basin）待過的一些時光。這讓我想起不久前在二疊紀時的情景：幾乎每天都有新的22吋或16吋全段井紀錄被打破。產量段的紀錄也不斷被刷新。而顯然，我們是這個故事的重要一部分，展望未來也會持續如此。

Beyond Saudi across the broader Middle East, we see obviously, stability today. We've been very encouraged to bring back our two rigs in Bahrain. So those have been reactivated as of this summer. And then our customers in the region don't think short cycle. They're thinking long term. There's been production increase targets that have played out. We're active in those geographies. We're active in those markets, having really constructive conversations with customers.

除了沙烏地阿拉伯之外，放眼更廣泛的中東地區，我們目前也明顯看到穩定性。我們很受鼓舞能把在巴林的兩座鑽機重新帶回來。因此，這兩座已在今年夏天完成重啟。而且該區域的客戶不以短週期思維行事。他們以長期為考量。也有一些增產目標已逐步落地。我們在這些地理區域有業務。我們在這些市場也很活躍，並與客戶進行非常具建設性的對話。

And you layer all that into this unconventional story and outside of Jafurah, there's a lot of great unconventional stories manifesting across the region. You look at those key IOCs that are participating in those exploration programs, there's a desire and a need for them to draw out exact parallels to what's going on here in the Lower 48, and they're going to require a similar set of services and service contractors.

再把這些與非常規的故事疊加起來，除了Jafurah之外，整個區域也有許多很好的非常規故事正在成形。你看看那些參與勘探計畫的主要國際石油公司（IOC），他們有意願也有需求，去精準對照美國本土48州正在發生的事情，而他們也將需要一套類似的服務與服務承包商。

So I think it positions us well as we look into FY27 and into calendar '27. I left very encouraged. But I would just love to reroute us back to our focus is $45 million plus per quarter for our International Solutions segment. And there's a lot that we can do that's right in front of us to increase the economic viability of our current assets that are operating today.

所以我認為，當我們展望FY27以及曆年2027年時，這讓我們處於有利位置。我離開時非常受鼓舞。但我也想把大家拉回到我們的重點：International Solutions事業部每季4,500萬美元以上。而我們眼前就有很多事情可以做，來提升目前正在運作的既有資產的經濟可行性。

Keith MacKey, RBC.

Keith MacKey，RBC。

Just on Argentina, in your presentation, you quoted a 25% market share in the Vaca Muerta with nine rigs today expanding to 15. With that significant expected unconventional investment in the basin through 2030, how do you see the competitive landscape evolving? And as you export those three rigs from the US, can you help us understand the reactivation timelines and margin economics you're writing on those contracts relative to, say, the international average?

關於阿根廷，你在簡報中提到目前在Vaca Muerta以九座鑽機取得25%的市占率，並將擴增到15座。在該盆地到2030年預期會有相當可觀的非常規投資之下，你如何看待競爭格局的演變？另外，當你把那三座鑽機從美國出口過去時，能否協助我們了解重啟的時間表，以及你在這些合約上所預期的利潤經濟性，相較於例如國際平均水準如何？

Yes, I would be happy to, Keith. This is Trey. I'll start before turning it over to Mike, who will dive into much more detail and color. Overall, Argentina has been a real positive for us. I touched on the tightness of the super-spec supply earlier today. And I just want to reinforce that, that the assets we're talking about going to the Vaca Muerta, the assets we have in country today are very much alike and very similar to what we run and operate here in the US Lower 48.

是的，Keith，我很樂意回答。我是Trey。我先開頭，接著再交給Mike，他會提供更多細節與補充說明。整體而言，阿根廷對我們來說一直是非常正面的。我今天稍早提到過超規格（super-spec）供給的緊俏。我想再次強調：我們談到要前往Vaca Muerta的那些資產，以及我們目前在當地國內的資產，與我們在美國本土48州運行與操作的設備非常相近、也非常類似。

And so, it puts us at a great spot when you think about the fleet optimization that we're able to apply, the operational expertise, the technology. And so, I'm very encouraged by it. The customers down there are not wanting to start at 0. They're wanting to come in with automation apps and technology. So I feel like we're in a great spot, and I'll turn it to Mike to add additional color.

因此，當你考量我們能夠套用的機隊最佳化、營運專業能力與技術時，這讓我們處於非常好的位置。所以我對此非常受鼓舞。那邊的客戶不希望從零開始。他們希望一開始就導入自動化應用程式與技術。因此我覺得我們的位置很好，接下來我把時間交給Mike補充更多說明。

Yes. Keith, thanks for the question. I've been spending a lot more time in country and just really the opportunity as the infrastructure is being built out and it's coming online, it's created more and more opportunity for us -- and so as a result of that, as we've said, yes, we have line of sight to have 15 rigs down there. I will tell you, there are a lot of discussions about more. And so, I don't know that we have to stop at 15.

是的。Keith，謝謝你的提問。我在當地投入了更多時間；隨著基礎建設逐步建置並上線，確實為我們創造了越來越多的機會——因此也因為如此，正如我們所說，是的，我們對在那裡達到15座鑽機有清晰的可見度。我可以告訴你，關於更多鑽機的討論也很多。所以，我不確定我們是否必須停在15座。

I think, obviously, we're going to be disciplined and understand the economics before continuing to send more, but it's pretty bright for down there. As far as the time line, within the next six to eight months, those rigs will be sent down there. As far as the margins on those, they're very much in line with really what we're seeing here, and they have the opportunity for that because of the technology expansion.

我認為，很明顯地，在繼續派出更多設備之前，我們會保持紀律、先把經濟性弄清楚，但那邊的前景相當光明。就時間表而言，在接下來六到八個月內，這些鑽機會被送到那邊。至於那些的利潤率，基本上與我們在這裡看到的非常一致，而且由於技術擴張，他們也有機會做到這一點。

They're early innings in using technology down there. And so, we have a great opportunity to continue to send more and do more with technology down there. On the cost front, I know Todd had mentioned that in his comments earlier on the question. But you think about -- it's rigs that are similar here. So, the cost to bring them out in the US is similar with the exception of -- you obviously have to truck it to the port, has to be packs and on the boats and on the ship to Argentina and then truck to Nkana and the Vaca Muerta.

他們在那邊使用技術還在很早期的階段。因此，我們有很好的機會持續再送更多過去，並在那邊用技術做更多事情。在成本方面，我知道 Todd 先前在回答這個問題時提到過。但你想想——那些鑽機跟這裡的類似。所以，把它們從美國運出去的成本也差不多，差別在於——你顯然得用卡車運到港口，必須打包並裝船，海運到阿根廷，然後再用卡車運到 Nkana 和 Vaca Muerta。

So those costs are added. And then when you think about the -- some of the equipment, top drives, well control equipment, those have API requirements and timelines of five years, which, again, these contracts are on five years. We are going ahead and changing out top drives well control equipment, so we don't have to replace it two years in. And the beauty of that is the equipment that we're taking off can be repurposed and used domestically.

所以這些成本會額外增加。然後當你再考慮——部分設備，例如頂驅（top drives）、井控設備，這些有 API 的要求與五年的時限；而且同樣地，這些合約也是五年期。我們正在提前更換頂驅與井控設備，這樣就不必在兩年後再更換一次。而這樣做的好處是，我們拆下來的設備可以重新配置並在美國國內再利用。

Eddie Kam, Barclays.

Eddie Kam，巴克萊。

Just wanted to touch on your involvement and opportunity in geothermal. You mentioned you recently signed agreements for three rigs on geothermal projects in the US and said you have some other projects in the US and Europe. So, with these three rig adds, how many rigs will you have on geothermal projects in total?

我想談一下你們在地熱方面的參與與機會。你提到你們最近在美國的地熱專案簽了三座鑽機的協議，並表示在美國與歐洲還有其他一些專案。那麼，隨著這三座鑽機加入後，你們總共有多少座鑽機會投入地熱專案？

And do you expect you'll get to double digits maybe by sometime next year? And just in terms of the return profile, just curious how the returns of your geothermal rigs compared to oil and gas, sort of similar, worse or better? I know there's a lot in there, but any color on that would be great.

你們是否預期到明年某個時點能達到兩位數？另外就報酬輪廓而言，我也好奇你們的地熱鑽機回報相較於油氣是類似、較差還是更好？我知道問題很多，但如果能提供一些補充說明就太好了。

Yes. Thank you for the question. And I'll start and Mike can touch on just more of the details around counts and pricing and why there's a great transference of the expertise and technology that we have on our rigs. But yes, geothermal has been a great story for us. We've learned in pretty hard into enhanced geothermal projects across the globe.

是的。謝謝你的提問。我先回答，Mike 也可以補充更多關於數量與定價的細節，以及為什麼我們在鑽機上的專業與技術有很好的可移轉性。不過是的，地熱對我們來說一直是個很好的故事。我們已經相當積極投入全球的增強型地熱（enhanced geothermal）專案。

And so we have a good covey of geothermal projects going in Europe today. Several of those have bounced between different countries in Europe and have been a great stable part of our business. In addition to that, enhanced geothermal here in the US. Lower 48 has continued to expand. But the great thing about geothermal is the fact that there's an efficiency angle and cycle to this that we're able to apply that is directly transferable from our US.

因此，我們目前在歐洲有一批不錯的地熱專案在進行。其中有幾個在歐洲不同國家之間輪轉，並一直是我們業務中相當穩定的一部分。除此之外，在美國這邊也有增強型地熱。美國本土 48 州（Lower 48）持續擴張。但地熱最棒的一點是，我們能把效率的角度與循環（cycle）應用進去，而這些是可以直接從我們美國本土 48 州的

Lower 48 fleet. And so we've been encouraged by the growth. I'm going to say a similar line that I said earlier is that this geothermal demand is continuing to pull on the same supply base that the US Lower 48 and the Vaca Muerta is. And so when we talk about tightness of supply, this is all very additive to the tightness story that we've been projecting, and we do believe that the market is very tight with super-specs right now for Lower 48 adds, geothermal adds and the Vaca Muerta pool.

鑽機隊（fleet）移轉過來的。因此，我們對這樣的成長感到鼓舞。我會重申我先前說過的一句話：這個地熱需求正持續拉動與美國本土 48 州以及 Vaca Muerta 相同的供給基礎。所以當我們談到供給吃緊時，這些都會進一步強化我們一直在預期的「供給緊俏」論述；我們確實相信，目前市場在超規格（super-spec）鑽機方面非常緊——不論是本土 48 州新增、地熱新增，或是 Vaca Muerta 的鑽機池。

Yes, Eddie, maybe to layer in, just six rigs in the US operations is kind of what we're thinking. There's obviously discussions for more. And really, that's exciting for us just as you have a concentration of rigs in an area. Obviously, the efficiencies on our side will continue to improve. As Trey mentioned, the application of our rigs is very similar to other basins with technology.

是的，Eddie，我再補充一下：我們目前的想法是，美國營運大概是六座鑽機。當然也還在討論更多的可能。這對我們來說真的很令人振奮，因為當你在某個區域有鑽機的集中度時，我們這邊的效率顯然會持續提升。如 Trey 提到的，我們鑽機的應用在技術上與其他盆地非常相似。

Again, it's very, very hot rock, obviously, as well as very hard rock. And so keeping that bit on bottom with some of the technology that we have is very helpful and meaningful for our customers. As far as the margins, again, they're very much in line with the rest of our Lower 48 margins.

同樣地，那裡是非常、非常高溫的岩層，顯然也是非常硬的岩層。因此，透過我們的一些技術讓鑽頭持續在井底有效作業（keep that bit on bottom），對客戶非常有幫助且意義重大。至於利潤率，同樣地，它們與我們本土 48 州其他業務的利潤率非常一致。

Got it. And just a clarification. So how many rigs do you have currently in geothermal across both the US and Europe? I think you said six in the US. How many Europe currently do you have?

了解。再確認一下。所以你們目前在地熱（涵蓋美國與歐洲）總共有多少座鑽機？我想你說美國是六座。那歐洲目前有多少座？

It's still below the double-digit mark. But we think that, that double-digit marker is a good one for us to project towards. We're not guiding exactly to that number today. But we think that this geothermal story for us could be, call it, a mid-Continent middle of America, Oklahoma style rig activity baseload for us. And it's a key part of what we believe we do well, right, expertise, technology, accelerating well programs, delivering high levels of customer value.

目前仍低於兩位數。但我們認為，兩位數是一個很好的目標，值得我們朝那個方向去預估與規劃。我們今天不會精確指引到那個數字。但我們認為，對我們而言，這個地熱故事可能會成為一種「美國中部（mid-Continent）、類似奧克拉荷馬風格」的鑽機活動基載（baseload）。而這也是我們相信自己擅長的關鍵部分：專業、技術、加速井計畫、交付高水準的客戶價值。

Due to time constraints, this concludes our question-and-answer session. I will now turn the call back to Trey Adams for closing remarks.

由於時間限制，我們的問答環節到此結束。我現在把電話交回給 Trey Adams 作結語。

Yes. Thank you to everyone for joining the call today. Operator, you may now close the line.

是的。感謝各位今天參與本次電話會議。接線員，您現在可以關閉線路。

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

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。