Independence Contract Drilling Inc (ICD) 2023 Q1 法說會逐字稿

Good day and welcome to the Independence Contract Drilling Inc. first quarter 2023 financial results conference call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加獨立合同鑽井公司 2023 年第一季度財務業績電話會議。 （操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Philip Choyce, Executive Vice President and Chief Financial Officer. Please go ahead.

現在我想將會議交給執行副總裁兼首席財務官 Philip Choyce。請繼續。

Good morning, everyone, and thank you for joining us today to discuss ICD's first quarter 2023 results. With me today is Anthony Gallegos, our President and Chief Executive Officer.

大家早上好，感謝您今天加入我們討論 ICD 2023 年第一季度的業績。今天和我在一起的是我們的總裁兼首席執行官安東尼·加列戈斯。

Before we begin, I would like to remind all participants that our comments today will include forward-looking statements, which are subject to certain risks and uncertainties. A number of factors and uncertainties could cause actual results in future periods to differ materially from what we talk about today.

在開始之前，我想提醒所有參與者，我們今天的評論將包括前瞻性陳述，這些陳述存在一定的風險和不確定性。許多因素和不確定性可能導致未來時期的實際結果與我們今天談論的結果存在重大差異。

For a complete discussion of these risks, we encourage you to read the company's earnings release and our documents on file with the SEC. In addition, we refer to non-GAAP measures during the call. Please refer to the earnings release and our public filings for a full reconciliation of net income to adjusted net income, EBITDA, and adjusted EBITDA, and for definitions of our non-GAAP measures.

為了全面討論這些風險，我們鼓勵您閱讀公司的收益報告以及我們向 SEC 備案的文件。此外，我們在電話會議中提到了非公認會計原則措施。請參閱收益發布和我們的公開文件，了解淨利潤與調整後淨利潤、EBITDA 和調整後 EBITDA 的全面對賬，以及我們的非 GAAP 指標的定義。

With that, I'll turn it over to Anthony for opening remarks.

接下來，我將把它交給安東尼致開幕詞。

Hello, everyone, and thank you for joining us for our first quarter 2023 earnings conference call. During my prepared remarks today, I want to talk about four items. First, I want to highlight our first quarter 2023 results; second, I want to talk about the current market for super spec pad-optimal rigs; third, I want to update you on the transition efforts around our Haynesville fleet; and I want to close out with how all of this is impacting ICD from a financial perspective and where our focus will be.

大家好，感謝您參加我們的 2023 年第一季度收益電話會議。在我今天準備的發言中，我想談四點。首先，我想強調一下我們 2023 年第一季度的業績；其次，我想談談目前超規格墊優化鑽機的市場；第三，我想向您介紹我們海恩斯維爾機隊的過渡工作的最新情況；最後，我想從財務角度闡述所有這些對 ICD 的影響以及我們的重點。

But first, just a few comments on the quarter. Overall, ICD's first quarter results came in ahead of expectations in terms of adjusted net income, revenues, margin per day, and adjusted EBITDA. Philip will go through the detail, but I want to point out that our reported revenue per day, margin per day, and quarterly adjusted EBITDA were again, all records for ICD. This is the third quarter in a row we produced record results in one or more of these areas and provides another data point regarding ICD's operating and financial transformation since exiting the pandemic.

但首先，我想對本季度發表一些評論。總體而言，ICD 第一季度的業績在調整後淨利潤、收入、每日利潤率和調整後 EBITDA 方面均超出預期。菲利普將詳細說明，但我想指出的是，我們報告的每日收入、每日利潤率和季度調整後的 EBITDA 再次都是 ICD 的所有記錄。這是我們連續第三個季度在一個或多個領域取得創紀錄的業績，並提供了自疫情結束以來 ICD 的運營和財務轉型的另一個數據點。

Overall, adjusted net income came in at $2.4 million, buoyed by sequential margin per day improvements of 8% that drove sequential improvements in adjusted EBITDA of 16%. In addition to being a record quarter financially, the end of the first quarter also marks an important pivotal milestone and transition for ICD when it comes to strategic focus and capital allocation priorities.

總體而言，調整後淨利潤為 240 萬美元，得益於每日利潤率環比提高 8%，調整後 EBITDA 環比提高 16%。除了創紀錄的財務季度外，第一季度末還標誌著 ICD 在戰略重點和資本配置優先事項方面的一個重要的關鍵里程碑和過渡。

Since August of 2020, our focus in capital allocation decisions were driven by the need to increase operating scale. As signaled in our last conference call, the delivery of our 21st rig will be the last rig we reactivate until market conditions improve, which means meaningfully reducing our overall net debt and related financial ratios will be our highest priority from a strategic and capital allocation perspective.

自2020年8月以來，我們對資本配置決策的關注重點是擴大經營規模的需要。正如我們在上次電話會議中所表示的那樣，第 21 台鑽機的交付將是我們在市場狀況改善之前重新啟用的最後一台鑽機，這意味著從戰略和資本配置的角度來看，有意義地降低我們的總體淨債務和相關財務比率將是我們的首要任務。

In fact, we improved our net working capital position by $11.7 million, and as of today, we have already repaid $3 million of revolver debt since the end of the first quarter. And we'll look to steadily reduce net debt going forward. Philip will go through more details in his prepared remarks regarding our plans around this very important initiative for ICD and our stockholders.

事實上，我們的淨營運資本狀況改善了 1170 萬美元，截至今天，我們已經償還了自第一季度末以來的 300 萬美元的循環債務。我們將尋求穩步減少未來的淨債務。菲利普將在他準備好的發言中詳細介紹我們圍繞這一對 ICD 和我們的股東來說非常重要的舉措的計劃。

Now, turning to the market. In terms of the overall market and outlook for pad-optimal super spec rigs in our target markets of Texas and the contiguous states, demand for pad-optimal super spec rigs remains strong in the Permian Basin.

現在，轉向市場。就德克薩斯州和鄰近州的目標市場的整體市場和最佳超規格鑽機的前景而言，二疊紀盆地對最佳超規格鑽機的需求仍然強勁。

While the overall Baker Hughes rig count for US land shows a rig reduction since the end of the fourth quarter 2022, most of that reduction occurred in unconventional oil basins outside of the Permian. In fact, the Permian Basin added rigs since beginning of the year, while the Haynesville has seen a drop. But there will be more rig count reductions coming in the Haynesville, which I'll address in a minute.

儘管自 2022 年第四季度末以來，美國陸地貝克休斯鑽機總數有所減少，但大部分減少發生在二疊紀以外的非常規石油盆地。事實上，二疊紀盆地自今年年初以來就增加了鑽機數量，而海恩斯維爾則有所下降。但海恩斯維爾的鑽機數量將會減少，我稍後會談到這一點。

We are witnessing some churn in the Permian rig market. And what we're seeing is lower spec rigs, including some AC rigs being replaced with higher specification AC rigs being made available by some Permian and Eagle Ford E&Ps trimming the rig count or being displaced by higher specification rigs relocating into the basin from the Haynesville and other basins.

我們目睹了二疊紀鑽機市場的一些動盪。我們看到的是較低規格的鑽機，包括一些交流鑽機被一些二疊紀和伊格爾福特勘探與生產公司提供的更高規格的交流鑽機所取代，這些鑽機正在減少鑽機數量，或者被從海恩斯維爾遷入盆地的更高規格的鑽機所取代及其他盆地。

As a consequence, we are seeing a little more rig-on-rig competition where rig additions are occurring or a rig replacement opportunity exists. As we indicated last quarter, we expected to see dayrate momentum slow, and that expectation is playing out.

因此，我們看到更多的鑽機競爭，其中正在發生鑽機添加或存在鑽機更換機會。正如我們上季度表示的那樣，我們預計日費增長勢頭將會放緩，而這種預期正在發揮作用。

While margin per day remains robust, we expect it will flatten for the next few quarters and could be choppy for us during the second and third quarters, in particular on the cost line as rigs transition from the Haynesville to the Permian. Still not a bad situation for ICD, given current levels and what those levels will allow us to do in terms of pursuing our corporate goals around deleveraging.

雖然每日利潤率仍然強勁，但我們預計未來幾個季度的利潤率將趨於平緩，並且在第二季度和第三季度可能會出現波動，特別是隨著鑽井平台從海恩斯維爾過渡到二疊紀，在成本線上。考慮到目前的水平以及這些水平將允許我們在實現去槓桿化企業目標方面做些什麼，對於 ICD 來說，情況仍然不錯。

We remain optimistic about market momentum accelerating again in the back part of the year, primarily in the Permian, based on our expectation that WTI will remain elevated in the back half of 2023 rolling into 2024. We believe the Haynesville rig market will remain challenging for at least the rest of this year.

基於我們對 WTI 原油價格在 2023 年下半年到 2024 年將保持高位的預期，我們對今年下半年市場勢頭再次加速（主要是二疊紀盆地）保持樂觀。我們認為，海恩斯維爾鑽井平台市場仍將面臨挑戰至少在今年剩下的時間裡。

In spite of the choppiness in the Permian rig market, I mentioned earlier that we were successful in securing a contract for our 21st operating rig which went to work in the Permian Basin early in the second quarter. This 21st rig was a reactivation project that we started back in October of last year and would be our last reactivation for a while.

儘管二疊紀鑽機市場動盪，但我之前提到，我們成功獲得了第 21 台作業鑽機的合同，該鑽機已於第二季度初在二疊紀盆地投入使用。這第 21 台鑽機是我們去年 10 月開始的重新啟動項目，也是我們一段時間內最後一次重新啟動。

Like our other 300 Series rigs, this rig brings to bear the technical capabilities that our target customers prefer today, including being super spec, pad-optimal, three by four mud pump to generator configuration, and enhanced setback and racking capacity. The rig went to work for an existing customer, which happens to be one of the largest private E&P companies operating in the Permian Basin.

與我們的其他 300 系列鑽機一樣，該鑽機具有我們今天的目標客戶喜歡的技術能力，包括超規格、墊優化、三乘四泥漿泵到發電機配置，以及增強的後退和機架能力。該鑽機為現有客戶工作，該客戶恰好是二疊紀盆地最大的私營勘探與生產公司之一。

Now, I'd like to provide a quick update regarding the transition efforts involving our Haynesville rig fleet. During our last earnings call, I described what we expected the impact of low natural gas prices would be in the Haynesville drilling rig market. For reference, natural gas prices had declined significantly in the prior couple of quarters, and we were anticipating a significant decline in the number of working rigs in the Haynesville as E&P companies scaled back drilling activities, aligning to an oversupplied US natural gas market.

現在，我想提供有關我們海恩斯維爾鑽機隊的過渡工作的快速更新。在我們上次的財報電話會議上，我描述了我們對低天然氣價格對海恩斯維爾鑽機市場的影響的預期。作為參考，天然氣價格在前幾個季度大幅下跌，我們預計，隨著勘探與生產公司縮減鑽井活動，以適應美國天然氣市場供應過剩，海恩斯維爾的工作鑽機數量將大幅下降。

You can see that reduction has commenced in earnest here in the second quarter as drilling contractors are finishing up the pads that they were on during the first quarter when those rig count trimming decisions were made by Haynesville E&P companies.

您可以看到，第二季度鑽機數量的減少已經開始認真進行，因為鑽井承包商正在完成第一季度海恩斯維爾勘探與生產公司做出鑽機數量削減決定時所使用的平台。

ICD started 2023 with approximately 50% of our working fleet, 10 rigs deployed in the Haynesville market. And for us, the decision to relocate rigs from the Haynesville to the Permian was obvious. In response to the impending Haynesville rig count decline on our prior earnings call, we set forth our plans to relocate a portion of our Haynesville rig fleet to the Permian Basin with a goal to reach effective utilization of 21 operating rigs by the end of the year following this rebalancing.

2023 年伊始，ICD 約 50% 的工作船隊、10 台鑽機部署在海恩斯維爾市場。對於我們來說，將鑽井平台從海恩斯維爾遷移到二疊紀的決定是顯而易見的。為了應對我們之前的財報電話會議上海恩斯維爾鑽機數量即將下降的情況，我們制定了將部分海恩斯維爾鑽機隊遷移到二疊紀盆地的計劃，目標是在今年年底前實現 21 座運營鑽機的有效利用在這次重新平衡之後。

At that time, we estimated relocation costs could range between $3 million to $4 million. Today, I'm pleased to report that we remain on schedule to achieve these goals with the caveat that we are still in the early stages of the process right now. And we have seen some recent choppiness in oil prices, which, if this trend continues, could slow the pace of ICD reaching 21 operating rigs by the end of the [year end].

當時，我們估計搬遷成本可能在 300 萬至 400 萬美元之間。今天，我很高興地向大家報告，我們仍然按計劃實現這些目標，但需要注意的是，我們目前仍處於該過程的早期階段。我們已經看到近期油價波動，如果這種趨勢持續下去，可能會減緩 ICD 在[年底]年底達到 21 座運營鑽井平台的步伐。

Two rigs have already been relocated and are drilling in the Permian with minimal transitional idle time and I'm pleased that our out-of-pocket transition costs for both of these rigs were primarily absorbed by our customers. Three additional rigs have been physically relocated. Out-of-pocket trucking costs for these relocations also were not material and below our budgeted estimates.

兩台鑽機已經搬遷，正在二疊紀鑽井，過渡閒置時間最短，我很高興我們為這兩台鑽機支付的自付費用主要由我們的客戶承擔。另外三個鑽機已實際搬遷。這些搬遷的自付費用卡車運輸成本也並不重要，並且低於我們的預算估計。

One of these three rigs is earning early term revenue and we would not expect it to recommence operations until the third quarter, while we are marketing the other two rigs into opportunities with customers who currently plan for late May and mid-June start dates. Overall, we believe market demand and strength in the Permian for pad-optimal super-spec rigs as well as our customer base will be strong enough to absorb rig additions to the basin.

這三個鑽機中的一個正在賺取早期收入，我們預計它要到第三季度才能重新開始運營，而我們正在向目前計劃在 5 月下旬和 6 月中旬開始日期的客戶推銷另外兩個鑽機，以尋找機會。總體而言，我們相信二疊紀盆地對最佳超規格鑽機的市場需求和實力以及我們的客戶群將足以吸收盆地新增的鑽機。

That leaves us with five rigs remaining in the Haynesville at this time. For those rigs, as of today, we have successfully re-contracted or signed extensions for two rigs which had contract expirations occurring during the first quarter or early second quarter. For the other three rigs, which we have contract terms extending in the third and fourth quarters, we expect those rigs to continue operating or earning standby revenue during their terms depending on customer requirements. Depending on market conditions in the Haynesville later this year, any of these rigs also could be candidates to move west depending on the interplay between the two rig markets.

目前，我們在海恩斯維爾還剩下五台鑽機。對於這些鑽機，截至今天，我們已經成功地為兩台在第一季度或第二季度初合同到期的鑽機重新簽訂了合同或簽署了延期合同。對於其他三台鑽機，我們的合同期限將在第三季度和第四季度延長，我們預計這些鑽機將根據客戶要求在其期限內繼續運營或賺取備用收入。根據今年晚些時候海恩斯維爾的市場狀況，這些鑽井平台也可能會向西移動，具體取決於兩個鑽井平台市場之間的相互作用。

The big picture, we're on track with our rig relocation plans and overall transition costs are coming in better than expected at this time. Again, we are still in the early process, but we feel confident in our outlook so long as oil prices remain constructive.

總體而言，我們的鑽機搬遷計劃正在按計劃進行，目前總體過渡成本比預期要好。同樣，我們仍處於早期階段，但只要油價保持建設性，我們對前景充滿信心。

I am pleased that today all of our strategic and financial goals around generating significant free cash flow and reducing overall leverage remain intact. We expect 2023 to be a record year for ICD from a revenue per day, margin per day, EBITDA, and free cash flow perspective. I'm excited that in the near term, our free cash flow and net debt reduction plans have commenced and will accelerate as we improve our working capital position by paying down debt and putting cash on the balance sheet as we slow our capital investments and additional rig reactivations.

我很高興今天我們圍繞產生大量自由現金流和降低整體槓桿率的所有戰略和財務目標都保持不變。從每日收入、每日利潤率、EBITDA 和自由現金流角度來看，我們預計 2023 年 ICD 將創紀錄的一年。我很高興，在短期內，我們的自由現金流和淨債務削減計劃已經開始，並將隨著我們通過償還債務和將現金放在資產負債表上來改善我們的營運資本狀況而加速，因為我們放慢了資本投資和額外的資金投入。鑽機重新激活。

Strategically, we remain laser focused on creating a pathway toward generating free cash flow and steadily decreasing our net debt position as we move towards the refinancing window for our convertible notes. In fact, here in the second quarter, we must offer to repurchase $5 million worth of our convertible notes at par. The offer is at the lender's option, so if they don't accept that offer, the cash will remain on our balance sheet.

從戰略上講，隨著我們邁向可轉換票據的再融資窗口，我們仍然專注於創造一條產生自由現金流的途徑，並穩步減少我們的淨債務頭寸。事實上，在第二季度，我們必須按面值回購價值 500 萬美元的可轉換票據。該要約由貸方選擇，因此如果他們不接受該要約，現金將保留在我們的資產負債表上。

Overall, we must make offers over the next seven quarters, which, if accepted by our lenders, will total $15 million over the balance of 2023 and $14 million in 2024. In addition, depending upon market conditions, we may also be in a position to stop picking interest sooner than we've previously indicated, which also is likely dependent upon the elections of our lenders relating to the mandatory offers I just outlined.

總體而言，我們必須在未來七個季度提出要約，如果我們的貸方接受，2023 年剩餘時間的報價總額將達到 1500 萬美元，2024 年將達到 1400 萬美元。此外，根據市場狀況，我們也可能處於有利地位比我們之前表示的更早停止提取利息，這也可能取決於我們的貸款人對我剛才概述的強制性要約的選擇。

As we have discussed, one of our long-term goals is to reduce our net debt to adjusted EBITDA ratio meaningfully towards a range of less than 1 to 1.5 times during the refinancing window involving our convertible notes which begins in early 2025.

正如我們所討論的，我們的長期目標之一是在 2025 年初開始的涉及可轉換票據的再融資窗口期間，將淨債務與調整後 EBITDA 比率大幅降低至 1 至 1.5 倍以下。

For reference, we are currently 2.27 times levered on an annualized basis using our first quarter results, which, even with the completion of rig reactivation CapEx and seasonal first quarter working capital investments, represented an improvement over the same metric of 2.5 times at year end. As I mentioned earlier, we've already begun the process of paying down debt. Everything's in place for ICD to achieve its short and long-term financial and strategic goals.

作為參考，使用我們第一季度的業績，我們目前的年化槓桿率為 2.27 倍，即使完成了鑽機重新激活資本支出和第一季度季節性營運資本投資，也比年底時的相同指標提高了 2.5 倍。正如我之前提到的，我們已經開始償還債務的過程。 ICD 實現其短期和長期財務及戰略目標的一切都已就緒。

Before I hand the call over to Philip, as I'm sure everyone is aware Danny McNease retired from our Board a few weeks ago, I wanted to thank Danny for his many years of service to ICD's board. I'll make some additional concluding remarks, but right now, I want to turn the call over to Philip to discuss our financial results and outlook in a little more detail.

在我將電話轉交給 Philip 之前，我確信每個人都知道 Dan​​ny McNease 幾週前從我們的董事會退休，我想感謝 Danny 多年來為 ICD 董事會提供的服務。我將做一些額外的總結髮言，但現在，我想將電話轉給菲利普，更詳細地討論我們的財務業績和前景。

Thanks, Anthony. During the quarter, we reported an adjusted net income of $2.4 million or $0.14 per fully diluted share and adjusted EBITDA of $21.4 million. We operated 19.4 average rigs during the quarter. Our 21st rig commenced operations early April and did not benefit the quarter.

謝謝，安東尼。本季度，我們報告調整後淨利潤為 240 萬美元，即每股完全攤薄收益 0.14 美元，調整後 EBITDA 為 2140 萬美元。本季度我們平均運營 19.4 台鑽機。我們的第 21 座鑽井平台於 4 月初開始運營，但本季度並未受益。

Revenue per day during the quarter was $34,870 and margin per day was $15,665, all sequential improvements. Cost per day of $19,205 increased sequentially, primarily due to higher R&M expense. First quarter costs also include seasonal increases for payroll taxes. In the quarter, we incurred $600,000 of unreimbursed costs related to our Haynesville to Permian relocation program, which are excluded from our cost per day metrics.

本季度每天的收入為 34,870 美元，每天的利潤為 15,665 美元，所有這些都連續改善。每日成本環比增加 19,205 美元，主要是由於 R&M 費用增加。第一季度成本還包括工資稅的季節性增長。本季度，我們產生了 600,000 美元與海恩斯維爾到二疊紀搬遷計劃相關的未報銷成本，這些成本不包括在我們的每日成本指標中。

Selling, general and administrative costs were $6.7 million during the quarter, which included approximately $1.8 million of stock-based and deferred compensation expense, sequential decreases in cash SG&A over the fourth quarter primarily relate to lower incentive compensation accruals compared to the prior quarter.

本季度的銷售、一般和管理成本為 670 萬美元，其中包括約 180 萬美元的股票和遞延薪酬費用，第四季度現金 SG&A 的連續減少主要與應計激勵薪酬較上一季度較低有關。

Interest expense during the quarter aggregated $8.7 million. This included $2.4 million associated with non-cash amortization of deferred issuance and debt discount, which we've excluded when presenting adjusted net income. We paid accrued interest on our convertible notes in-kind at the end of the quarter.

本季度利息支出總計 870 萬美元。其中包括與遞延發行和債務折扣的非現金攤銷相關的 240 萬美元，我們在列報調整後淨利潤時已將其排除。我們在季度末以實物形式支付了可轉換票據的應計利息。

Tax benefit for the quarter was de minimis. During the quarter, cash payments for capital expenditures net of disposals was approximately $18.1 million, approximately $16.2 million related to payment of prior year CapEx accrued at year end. Breaking these cash payments out, approximately 75% related to rig reactivations and 200 to 300 Series conversions, which included payments associated with our 20th rig, which has commenced operations in late December; as well as our 21st rig, which we completed during the quarter; 20% related to maintenance CapEx; and 5% related to investments in drill pipe, capital inventory, and spares.

本季度的稅收優惠微乎其微。本季度，扣除處置後的資本支出現金支付約為 1,810 萬美元，其中約 1,620 萬美元與年末應計的上一年資本支出支付相關。按這些現金付款計算，大約 75% 與鑽機重新激活和 200 至 300 系列轉換有關，其中包括與我們的第 20 台鑽機相關的付款，該鑽機已於 12 月底開始運營；以及我們在本季度完成的第 21 個鑽機； 20% 與維護資本支出相關； 5% 與鑽桿、資本庫存和備件投資相關。

As Anthony mentioned, we have paused our rig reactivation program. So for the time being, going forward, CapEx will principally relate to maintenance CapEx and tubular purchases. Overall, we have not adjusted our CapEx budget for 2023, which was front-end weighted. As Anthony mentioned, we currently remain on schedule with our rig relocation program and currently do not expect any major adjustment to our rig operating assumptions for the year that would impact our maintenance CapEx assumptions.

正如安東尼提到的，我們已經暫停了鑽機重新激活計劃。因此，就目前而言，未來，資本支出將主要與維護資本支出和管狀採購有關。總體而言，我們尚未調整 2023 年的資本支出預算，該預算是前端加權的。正如安東尼提到的，我們目前仍按計劃進行鑽機搬遷計劃，目前預計我們今年的鑽機運營假設不會發生任何重大調整，從而影響我們的維護資本支出假設。

Moving onto our balance sheet, from a working capital perspective in addition to payments on prior year CapEx deliveries, our first quarter balance sheet reflects the normal seasonal impacts from the payments of year-end incentive compensation, ad valorem taxes, and related payments. Those payments aggregated $5.5 million during the quarter. And overall, as a result of these payments and the payments on the CapEx, net working capital increased approximately $11.7 million during the quarter.

轉向我們的資產負債表，從營運資本的角度來看，除了上一年資本支出交付的付款之外，我們第一季度的資產負債表還反映了年終激勵補償、從價稅和相關付款的正常季節性影響。該季度這些付款總計 550 萬美元。總體而言，由於這些付款和資本支出付款，本季度淨營運資本增加了約 1170 萬美元。

Adjusted net debt at quarter end was $194 million. This amount represents the face amount of our convertible notes and borrowings under our ABL net of cash and ignores impacts from debt discounts, deferred financing costs, and finance leases. As Anthony mentioned, following reactivation of our 21st rig, our capital allocation focus has now pivoted away from reactivations towards debt reduction. And since quarter end, we have already paid down $3 million of debt.

季末調整後淨債務為 1.94 億美元。該金額代表我們的可轉換票據和 ABL 下的借款扣除現金後的面額，並忽略了債務貼現、遞延融資成本和融資租賃的影響。正如安東尼提到的，在我們的第 21 座鑽井平台重新啟動後，我們的資本配置重點現已從重新啟動轉向減少債務。自季度末以來，我們已經償還了 300 萬美元的債務。

Financial liquidity at quarter end was $22.1 million, comprised of cash on hand and $15.4 million of availability on our revolving credit facility. And this is in addition to the working capital improvement I just mentioned.

季度末的財務流動性為 2,210 萬美元，包括手頭現金和 1,540 萬美元的循環信貸額度。這是我剛才提到的營運資金改善的補充。

Now, moving on to second quarter guidance. The operating days were approximate 1,632 days, representing 17.9 average rigs earning revenue during the quarter, which assumes several of our recently idle rigs commence operations late May to mid-June on contracted opportunities we are currently pursuing. Those projects slid to the right or did not materialize. Exposure to the quarter was approximately 60 operating days.

現在，轉向第二季度指導。運營天數約為 1,632 天，相當於本季度平均有 17.9 個鑽機賺取收入，假設我們最近閒置的幾台鑽機在我們目前正在尋求的合同機會上於 5 月底至 6 月中旬開始運營。這些項目滑向右側或沒有實現。本季度的風險敞口約為 60 個工作日。

We expect margin per day to come in generally flat with the first quarter but with some cost inefficiencies associated with higher contractual churn, given the number of rigs moving between basins. And overall, we estimate margins come in between $15,000 and $15,500 per day.

我們預計每日利潤率將與第一季度基本持平，但考慮到在盆地之間移動的鑽機數量，合同流失率較高會帶來一些成本效率低下的情況。總體而言，我們估計每天的利潤在 15,000 美元到 15,500 美元之間。

Unabsorbed overhead expenses will be about $600,000 during the quarter and also not included in our cost per day guidance. And then unreimbursed costs associated with our Haynesville to Permian relocation program are expected to be approximately $2 million during the quarter and are not included in our cost per day guidance.

本季度未吸收的管理費用約為 600,000 美元，也不包含在我們的每日成本指導中。本季度與我們的海恩斯維爾到二疊紀搬遷計劃相關的未報銷成本預計約為 200 萬美元，並且不包含在我們的每日成本指導中。

We expect second-quarter cash SG&A expense to be approximately $5 million and stock-based compensation expense to be approximately $1.9 million. We expect interest expense to be approximately $9.8 million; of this amount, approximately $2.6 million relate to non-cash amortization of deferred financing costs and debt discounts. And depreciation expense for the second quarter is expected to be relatively flat with the first quarter. And finally, we expect tax expense to be de minimis for the second quarter.

我們預計第二季度現金 SG&A 費用約為 500 萬美元，股票補償費用約為 190 萬美元。我們預計利息支出約為 980 萬美元；其中，約260萬美元用於遞延融資成本和債務折扣的非現金攤銷。第二季度的折舊費用預計將與第一季度相對持平。最後，我們預計第二季度的稅收支出將微乎其微。

And with that, I will turn the call back over to Anthony.

這樣，我會將電話轉回給安東尼。

Thanks, Philip. Before opening up the call for questions, I want to briefly summarize ICD's strategic positioning and what it all means for ICD's stockholders. Here are a couple of points for you to consider. First, our utilization and margin growth since August of 2020 has been best-in-class. This speaks to the quality of our people, our assets, and our performance.

謝謝，菲利普。在開始提問之前，我想簡要總結一下 ICD 的戰略定位以及這對 ICD 股東意味著什麼。以下是您需要考慮的幾點。首先，自 2020 年 8 月以來，我們的利用率和利潤率增長一直是同類中最好的。這體現了我們員工的素質、我們的資產和我們的績效。

Also, today, our daily rig margins are the best in ICD's history and on par with, and exceeding, some of our larger company peers as we continue to earn recognition from our customers for industry-leading customer service and professionalism. The company has never performed better, and I believe all of this will be on display over the remainder of 2023 as we navigate transitioning a large part of our rig fleet from the Haynesville to the Permian.

此外，今天，我們的每日鑽機利潤是 ICD 歷史上最好的，與我們的一些較大公司同行持平甚至超過，因為我們繼續以行業領先的客戶服務和專業精神贏得客戶的認可。該公司的表現從未如此出色，我相信，隨著我們將大部分鑽井船隊從海恩斯維爾轉移到二疊紀，所有這些都將在 2023 年剩餘時間內展現出來。

Second, we have the youngest and we believe best-in-class rig fleet. The market for pad-optimal super-spec rigs remains strong outside of the gas driven basis. We continue to demonstrate our fiscal discipline by deferring further investments and additional reactivations beyond the 21st rig, which came out early second quarter. And finally, we have substantially improved our liquidity and balance sheet and expect continued progress as we move through 2023 and beyond.

其次，我們擁有最年輕且我們相信是一流的鑽機隊。除了氣體驅動基礎之外，針對平台優化的超規格鑽機市場仍然強勁。我們繼續通過推遲第二季度初推出的 21 號鑽機之後的進一步投資和額外重新啟動來展示我們的財政紀律。最後，我們大幅改善了流動性和資產負債表，並預計在 2023 年及以後繼續取得進展。

Although softness in gas drilling markets will impact the pace of rig reactivations and is requiring us to reposition some rigs, ICD has never been in a better position to navigate these types of short-term challenges. Our operational strength and reputation with our customers has never been stronger, our fleet, which has been transformed by the market penetration of our 300 Series rigs, has never been more valuable.

儘管天然氣鑽井市場的疲軟將影響鑽機重新啟動的速度，並要求我們重新定位一些鑽機，但 ICD 從未處於更好的位置來應對這些類型的短期挑戰。我們的運營實力和在客戶中的聲譽從未如此強大，我們的船隊因 300 系列鑽機的市場滲透而發生了轉變，其價值也前所未有。

I'd like to thank our many operations, support, and corporate team members, which work hard every day to deliver high levels of safety, performance, customer service, and professionalism, which our customers expect from ICD.

我要感謝我們的眾多運營、支持和公司團隊成員，他們每天都在努力工作，以提供高水平的安全性、性能、客戶服務和專業精神，這正是我們的客戶對 ICD 的期望。

With that, operator, let's go ahead and open up the line for questions.

那麼，接線員，讓我們繼續開放提問線路。

Thank you. (Operator Instructions) Don Crist, Johnson Rice.

謝謝。 （操作員說明）Don Crist、Johnson Rice。

Good morning, gentleman. How are you all today?

早上好，先生。今天大家好嗎？

Good.

好的。

Doing good, Don.

幹得好，唐。

I wanted to start with rig demand. One of the other companies that reported today offered up a rig count assumption that kind of surprised me and I thought was very aggressive of another 50 to 75 rigs coming off the market by late summer. Are you seeing any significant reduction in demand because that would imply that you would see some softness in the oil markets as well? And just curious, if you're seeing anything of that magnitude out there?

我想從鑽機需求開始。今天發布報告的另一家公司提出了鑽機數量假設，這讓我有點驚訝，我認為夏末之前將有 50 到 75 台鑽機退出市場，這一假設非常激進。您是否看到需求大幅減少，因為這意味著石油市場也會出現一些疲軟？只是好奇，你是否看到過如此巨大的東西？

Don, thanks for the question. 50 to 75 rigs by the end of the summer feels extreme to me. But as you know, I don't have a lot of visibility into the conventional oil or conventional gas markets or markets outside of our target markets. I think we've been pretty clear on what we expect is going to happen in the Haynesville. We see another 15 to 20 rigs coming out of the Haynesville. That's in motion.

唐，謝謝你的提問。到夏末擁有 50 到 75 台鑽機對我來說感覺太極端了。但如您所知，我對傳統石油或傳統天然氣市場或目標市場之外的市場沒有太多了解。我認為我們已經非常清楚我們期望在海恩斯維爾會發生什麼。我們看到另外 15 到 20 個鑽機從 Haynesville 出來。那是在運動中。

I know there's been some questions on why we haven't seen it up until now and I think that's really a function of when decisions were made to scale back activity and just how long the wells take to drill and how many wells there are in a pad in the Haynesville. So I think here in the second quarter, you've started to see that deceleration. We expect that's going to continue.

我知道有人質疑為什麼我們到現在為止還沒有看到這一點，我認為這實際上取決於何時做出縮減活動的決定、鑽探井需要多長時間以及一個井中有多少口。墊在海恩斯維爾。所以我認為在第二季度，你已經開始看到這種減速。我們預計這種情況將會持續下去。

Again, staying within our target market, Eagle Ford has given up some rigs as well. I think since the beginning of the year, that market's down about 10 rigs. That's -- call it, 15%. Could be a little bit more trimming down there, especially in the gas [vendor.] But I would just point out, about three-quarters of the rigs working in the Lower 48 today are in the US unconventional oil basins.

同樣，為了保持我們的目標市場，Eagle Ford 也放棄了一些鑽機。我認為自今年年初以來，該市場下降了約 10 台鑽機。也就是說，15%。那裡可能需要進行更多的調整，尤其是天然氣[供應商]。但我只想指出，目前在 Lower 48 州作業的鑽井平台中約有四分之三位於美國非常規石油盆地。

And while we've seen some softness on oil prices, it has moved back up [here] recently. I think the actions that Opec+ took a couple of weekends ago is helpful certainly. When we're talking to customers about activity; Q3, Q4, this year, most of them are talking about not just flat activity but in some cases, actually adding rigs. So that feels extreme to me, 50 to 75 rigs. But I do think it is going to drop a little more from here in our target markets and that's going to principally be in the Haynesville.

雖然我們看到油價有些疲軟，但最近它又回升了。我認為歐佩克+幾個週末前採取的行動肯定是有幫助的。當我們與客戶談論活動時；今年第三季度、第四季度，他們中的大多數人不僅談論的是平淡的活動，而且在某些情況下，實際上還增加了鑽機。所以這對我來說感覺很極端，50 到 75 個鑽機。但我確實認為，在我們的目標市場上，它會比現在下降更多一點，而且主要是在海恩斯維爾。

Okay. And to just follow on to that, obviously, there's a lot of discussion around LNG and filling up the pipes before that LNG comes on in call it, late '24, early '25. Are you seeing any early discussions, particularly in the gas basins on putting rigs back to work in the third, fourth quarter or early '24?

好的。顯然，在 24 年底、25 年初 LNG 出現之前，圍繞 LNG 和填充管道進行了很多討論。您是否看到任何關於在第三、第四季度或 24 年初恢復鑽井平台的早期討論，特別是在天然氣盆地？

Not a lot, Don. The takeaway issues are going to be there for a little bit. We've got to get the infrastructure built out along the Gulf Coast. There are a few customers that have started talking to us about, hey, we're going to need a high spec rig sometime in 2024. And they're concerned that a lot of that capacity will have moved out of the market by then. So I do know that's on their minds, but we're certainly not aware of a lot of people planning to recommence activity here in 2023.

不多，唐。外賣問題將會持續一段時間。我們必須沿著墨西哥灣沿岸建設基礎設施。有一些客戶已經開始與我們討論，嘿，我們將在 2024 年的某個時候需要一台高規格的鑽機。他們擔心到那時，大部分產能將退出市場。所以我確實知道他們有這個想法，但我們當然不知道有很多人計劃在 2023 年在這裡重新開始活動。

Okay. And just one final one from me. Obviously, you bought back a little bit of debt, and you have the $5 million that you're required to offer in the second quarter. But what about cash taxes -- I mean cash interest versus payment in-kind, are you contemplating that decision now for the fall?

好的。最後一張是我寫的。顯然，您回購了一些債務，並且您有第二季度需要提供的 500 萬美元。但是現金稅呢？我的意思是現金利息與實物支付，您現在正在考慮秋季的決定嗎？

So we'll make the next decision, Don, end of September. And whether we would pick that next six interest payments, we'll have to see where we're at that point in time, where the market is. That may depend on whether the lenders have elected to take the buydown, the $5 million, at the end of June -- at the end of September. That could impact it as well.

所以我們將在九月底做出下一個決定，唐。無論我們是否選擇接下來的六次利息支付，我們都必須看看當時我們處於什麼位置，市場處於什麼位置。這可能取決於貸方是否選擇在 6 月底或 9 月底接受 500 萬美元的收購。這也可能會影響它。

And we'll make that decision at the end of September for whether we pick that six-month interest payment up until March. And our plan would be not to pick any interest after March of 2024. And hopefully, we're not taking interest after September.

我們將在 9 月底做出決定，決定是否選擇 3 月份之前的 6 個月利息支付。我們的計劃是 2024 年 3 月之後不再產生任何興趣。希望 9 月之後我們不再產生興趣。

Okay. And can you remind me exactly what that cash would be if you paid it in cash?

好的。您能具體提醒我一下，如果您用現金支付的話，這筆現金會是什麼？

Yes, it's going to be SOFR plus 12.5%. So it's going to be close to 17%.

是的，SOFR 加 12.5%。所以它將接近 17%。

Okay. I appreciate it. Thank you.

好的。我很感激。謝謝。

Steve Ferazani, Sidoti.

史蒂夫·費拉扎尼，西多蒂。

Good morning, everyone. Appreciate all the detail on the call. You're obviously not the only contractor looking to move rigs into the Permian. So I guess this is kind of a two-part question. One, how many rigs do you really think that can be absorbed, specifically on the super-spec, whether you'd be able to replace enough lower spec rigs? And then what's your anticipation for pressure on dayrates knowing that multiple contractors are looking to move rigs there?

大家，早安。欣賞通話中的所有細節。顯然，您不是唯一一個希望將鑽機移至二疊紀盆地的承包商。所以我想這是一個由兩部分組成的問題。一，您真正認為可以吸收多少裝備，特別是在超級規格上，您是否能夠更換足夠的較低規格裝備？那麼，您對日費率壓力的預期是什麼，因為您知道多個承包商正在考慮將鑽機移至那裡？

Great. Thank you, Steve. We do think there is capacity in the Permian market to receive incremental super-spec supply. You have to remember, if you dial back in to say, Q3 last year, things were still pretty good. It was hard for some operators to get their hands on the latest, greatest technology. So there are some immediate opportunities for us to displace rigs that are lower spec.

偉大的。謝謝你，史蒂夫。我們確實認為二疊紀市場有能力接收增量超規格供應。你必須記住，如果你回撥過去說，去年第三季度，情況仍然相當不錯。對於一些運營商來說，獲得最新、最先進的技術非常困難。因此，我們有一些直接的機會來取代較低規格的鑽機。

There's more SCR rigs running than you might realize out there, for example. And then there are some AC rigs that are outfitted with only two mud pumps or maybe they only had three generators. And of course, the equipment that we're looking to move into the basin has all of that. Three mud pumps, four gens. We have the ability and a pathway toward enhanced setback capacity and stuff like that. So even in a flat environment in the Permian, we think there are opportunities to put these rigs in.

例如，正在運行的 SCR 鑽機比您想像的要多。還有一些交流鑽機只配備了兩個泥漿泵，或者可能只配備了三個發電機。當然，我們希望搬入盆地的設備具備所有這些功能。三台泥漿泵，四代。我們有能力和途徑來增強抗挫折能力和類似的東西。因此，即使在二疊紀地勢平坦的環境中，我們也認為有機會安裝這些鑽機。

I would point out that since the beginning of the year, the Permian has added almost a dozen rigs. So it may feel choppier, but we're pretty confident that we'll be able to move these rigs from the Haynesville and put them to work in the Permian.

我想指出的是，自今年年初以來，二疊紀已經增加了近十幾個鑽井平台。因此，可能會感覺更加不穩定，但我們非常有信心能夠將這些鑽機從海恩斯維爾移走，並讓它們在二疊紀工作。

Your other question regarding dayrate. It's interesting, the lower spec rig that is facing the threat of being displaced, in many cases, that's the only way he can compete is on that lower dayrate. But as we get deeper into this, especially as we begin to deploy technology across the industries, super-spec rig fleet, customers are seeing the value that those rigs can provide, and that value can be reduced days versus depth. It could be in better hole geometry.

您關於日費率的其他問題。有趣的是，較低規格的鑽機面臨著被取代的威脅，在很多情況下，這是他能夠競爭的唯一方法就是在較低的日費率上。但隨著我們深入研究這一點，特別是當我們開始在整個行業、超規格鑽機隊部署技術時，客戶就會看到這些鑽機可以提供的價值，而且這種價值可以隨著深度的增加而減少。它可能具有更好的孔幾何形狀。

But those are things that it's going to be really, really tough for that lower spec rig to compete against even at a much lower dayrate. So we feel pretty confident that the market will be able to absorb the equipment coming in. We think that there will be some pressure on dayrates, but nothing extreme.

但對於那些較低規格的設備來說，即使在日費率低得多的情況下，也很難與之競爭。因此，我們對市場能夠吸收進來的設備非常有信心。我們認為日費率將會受到一些壓力，但不會是極端的。

And I'll just close with, we're not aware of a lot of rigs moving into the basin. We've said what we're going to do and we're in the process of doing that. I think there's been a couple that have come out of the Eagle Ford as well, but certainly not aware of a bunch of rigs heading out to the Permian Basin from these other [place]. (inaudible)

最後我要說的是，我們不知道有很多鑽機移入盆地。我們已經說過我們要做什麼，並且正在這樣做。我認為也有一些鑽井平台從鷹福特出來，但肯定不知道有一堆鑽井平台從這些其他[地方]前往二疊紀盆地。 （聽不清）

That's helpful. Right. That's helpful. So I guess the biggest question mark on 2Q will really be the timing of the three rigs you've moved; when they might begin drilling again. Do you have any -- can you provide any color on that?

這很有幫助。正確的。這很有幫助。所以我想第二季度最大的問號實際上是你移動的三個鑽機的時間；當他們可能再次開始鑽探時。你有嗎——你能提供任何顏色嗎？

Yes, I think what we've said is we have a goal of getting back to 21 rigs operating by the end of the year. Steve, obviously that's going to require a supportive market, which we believe is going to be out there. Lot of balls in the air right now. The first step was getting the rigs out there with minimal financial impact to ICD. And I think we've done a great job at getting that done. Now, it's finding the right contracting opportunities for them.

是的，我認為我們所說的是我們的目標是在今年年底前恢復 21 台鑽機的運行。史蒂夫，顯然這需要一個支持性的市場，我們相信市場將會存在。現在空中有很多球。第一步是在對 ICD 造成最小財務影響的情況下將鑽機投入使用。我認為我們在這方面做得很好。現在，它正在為他們尋找合適的承包機會。

We've been pretty vocal and told people, expect to see a rig or two idle any given quarter for the next two quarters, which was Q2 and Q3. So pretty optimistic that during the fourth quarter, we're able to get back to the 21 rigs operating, assuming that WTI and Brent react the way that we expect it to.

我們一直直言不諱地告訴人們，預計在接下來的兩個季度（即第二季度和第三季度）的任何特定季度都會看到一兩個鑽機閒置。非常樂觀的是，假設 WTI 和布倫特原油的反應符合我們的預期，我們將能夠在第四季度恢復 21 座鑽井平台的運行。

So the assumption for us should be to assume -- it would be safer to assume those three rigs are not drilling this quarter.

因此，我們的假設應該是假設——假設這三個鑽機本季度不進行鑽探會更安全。

They'll be in and out. There's a lot of --

他們會進進出出。有很多——

Okay.

好的。

Steve, there's a lot of churn within the fleet. So at any given point in time, when you think about those -- some of those rigs have drilled actually in the second quarter and then we relocated them. And they're looking for their next opportunity and the timing of those opportunities are late May, mid-June type opportunities. If they move to the left for whatever reason, then obviously those rigs wouldn't be working in the last part of June. And we talked about the 60 days.

史蒂夫，艦隊內部有很多人員流失。因此，在任何給定的時間點，當你想到這些時，其中一些鑽機實際上已經在第二季度進行了鑽探，然後我們重新安置了它們。他們正在尋找下一個機會，這些機會的時機是五月下旬、六月中旬類型的機會。如果他們出於某種原因向左移動，那麼顯然這些鑽機在六月下旬將無法工作。我們討論了 60 天。

There's probably -- if you think about moving into the third quarter, there's really 19 rigs that we think can operate during the quarter, but they're not all going to operate every single day as we have to reposition the fleet. So that will give you a little bit of an idea of what we might be dealing with in the third quarter. And then we think, the fourth quarter, we've really got -- all the rigs have a chance to operate during the quarter. Now, whether they all operate the full quarter, that's a different question.

如果你考慮進入第三季度，我們認為確實有 19 個鑽機可以在本季度運行，但它們不會每天都運行，因為我們必須重新定位機隊。這將使您對我們在第三季度可能處理的問題有一些了解。然後我們認為，第四季度，我們真的得到了——所有鑽機都有機會在該季度運行。現在，他們是否都在整個季度運營，這是一個不同的問題。

Of course. That's helpful. Thanks. And just again, one last in. You did mention that the potential for some of the remaining Haynesville rigs going out to standby terms at different points in the second half. How do you weigh moving them versus what you can get staying there? And I know things change, so.

當然。這很有幫助。謝謝。再說一次，最後一個。你確實提到了海恩斯維爾剩餘的一些鑽機有可能在下半場的不同時刻進入待命狀態。您如何權衡搬遷他們與留在那裡可以獲得的好處？我知道事情會發生變化，所以。

Yeah, so some of that's going to be decided by our customer whether they choose to pay standby rate and have a stay on location. A couple of those rigs are -- once contracted into the fourth quarter this year, for example. And as long as they're willing to continue to pay the standby rate, obviously, we wouldn't be able to market that rig. So they would drive that.

是的，所以其中一些將由我們的客戶決定，他們是否選擇支付待機費用並留在現場。例如，其中一些鑽井平台曾經簽約到今年第四季度。顯然，只要他們願意繼續支付備用費，我們就無法銷售該設備。所以他們會推動這一點。

I guess where I was trying to go with my comments is for the balance of the fleet where we have optionality and can make a decision, if we see strengthening in the Permian market in the back part of this year rolling into next year the way that we expect, obviously that contracting opportunity is probably going to pull that rig west, is how we're thinking about things.

我想我的評論是為了平衡船隊，如果我們看到今年下半年二疊紀市場的走強進入明年，我們有選擇權並且可以做出決定我們預計，顯然，承包機會可能會將鑽井平台向西拉動，這就是我們的想法。

That's helpful. Thanks, Anthony. Thanks, Philip.

這很有幫助。謝謝，安東尼。謝謝，菲利普。

Thanks, Steve.

謝謝，史蒂夫。

Dave Storms, Stonegate Capital Markets.

戴夫·斯托姆斯 (Dave Storms)，Stonegate 資本市場。

Morning.

早晨。

Good morning.

早上好。

Just wanted to touch on the backlog a bit. I saw it come down quarter over quarter. Was this by design as you're signing contracts -- new contracts? Or is this an -- is there another story here?

只是想談談積壓的問題。我看到它逐季下降。這是你在簽署新合同時故意設計的嗎？或者這是一個——這裡還有另一個故事嗎？

I'll start. I think it's really just a function of the market, Dave, and maybe some of the pressure that we've seen around dayrates. Again, our outlook is for a much stronger contracting environment in the back part of this year. And most of the fleet, except for the term contracts we signed in the back half of last year, is working pad to pad right now. So we -- for us, something won't show up in our backlog unless it's six months or longer. And a lot of the contracts that we signed recently have been shorter than that.

我開始吧。我認為這實際上只是市場的一個功能，戴夫，也許還有我們在日費率方面看到的一些壓力。同樣，我們的前景是今年下半年的合同環境會更加強勁。除了我們去年下半年簽署的定期合同外，大多數船隊現在都在逐個工作。因此，對我們來說，除非是六個月或更長時間，否則不會出現在我們的積壓工作中。我們最近簽署的很多合同都比這個短。

Yeah, we had five rigs move -- already move from the Haynesville to Permian. They were all rolling off term contracts, so. And when they renewed -- and obviously, there's a couple of them we just talked about, we're actually trying to renegotiate -- enter into new contracts with those. Now, those are all contracts pad to pad that won't actually hit our backlog numbers.

是的，我們有五個鑽井平台搬遷——已經從海恩斯維爾搬到了二疊紀。他們都在終止定期合同，所以。當他們續約時——顯然，我們剛才談到了其中一些，我們實際上正在嘗試重新談判——與他們簽訂新合同。現在，這些都是逐一簽訂的合同，實際上不會達到我們的積壓數量。

So I think our backlog could decline a little bit more. Reported backlog. As we move from first quarter to second quarter for the same reason. I think most of the contracts we're looking to sign are going to be pad to pad. There could be some six-month contracts or longer, but it just remains to be seen.

所以我認為我們的積壓可能會減少一點。報告積壓。出於同樣的原因，我們從第一季度轉向第二季度。我認為我們希望簽署的大部分合同都是逐個簽訂的。可能會有一些六個月或更長時間的合同，但這還有待觀察。

Understood. Very helpful. And then I know you mentioned in your prepared remarks that you're still on pace for the $3 million to $4 million worth of relocation costs, but you're still in the early stages of that. What factors are you looking at that might maybe leave that to be more in the $3 million range as opposed to the $4 million range?

明白了。很有幫助。然後我知道您在準備好的發言中提到，您仍在按計劃支付價值 300 萬至 400 萬美元的搬遷費用，但仍處於早期階段。您認為哪些因素可能會使該金額更多地落在 300 萬美元的範圍內，而不是 400 萬美元的範圍內？

So the bucket of costs that you're talking about are transportation costs to move the rig from the Haynesville to the Permian. We've done very well on that. We've -- for the most part, we've had our customers absorb the lion's share of all of those costs.

因此，您所說的成本是將鑽井平台從海恩斯維爾移至二疊紀的運輸成本。我們在這方面做得很好。在很大程度上，我們已經讓我們的客戶承擔了所有這些成本的大部分。

The other portion of it is, because we're in a -- it is a choppy situation when you're moving rigs, we've worked really hard to maintain our crews and our people. And so there are some inefficiencies there that are part of that number. And what will help that go lower than the [other] will be just how quickly these rigs get re-contracted.

另一方面，因為我們在移動鑽機時處於一種不穩定的情況，我們非常努力地維護我們的工作人員和員工。因此，這個數字中存在一些效率低下的情況。而有助於其價格低於[其他]的因素將是這些鑽機重新簽訂合同的速度。

So if we're able to execute upon what we just talked about in our second quarter goals as far as these couple of rigs coming up here at the end of May and June, then that's going to be very helpful on having a more positive impact on those costs. But the big variable is going to be just how quickly the rigs get re-contracted and the cost of maintaining the crews during that period of time.

因此，如果我們能夠執行我們剛才在第二季度目標中談到的目標，就這幾台鑽機在五月底和六月到達這里而言，那麼這對於產生更積極的影響將非常有幫助關於這些費用。但最大的變量將是鑽井平台重新簽訂合同的速度以及在此期間維持船員的成本。

That's very helpful. Thank you.

這非常有幫助。謝謝。

Thank you, Dave.

謝謝你，戴夫。

David Marsh, Singular.

大衛·馬什，單數。

Yes, hi. Thanks for taking the questions. So I'm just trying to work through the comments with regard to margin projection for the second quarter. Is there an implication that dayrates are going to be sequentially flattish in that? Or is it more of a cost side that's driving the more conservative outlook on margin.

是的，嗨。感謝您提出問題。因此，我只是想整理一下有關第二季度利潤預測的評論。這是否意味著日費率將依次持平？或者更多的是成本方面推動了利潤率前景變得更加保守。

Well, when you compare first quarter margins to our guidance, the guidance is slightly lower. There were some capital equipment revenues in the first quarter that we won't have in the second quarter, which really has nothing to do with dayrate, it had to do with customers paying for certain upgrades to the rigs.

好吧，當您將第一季度的利潤率與我們的指導進行比較時，指導會略低。第一季度有一些資本設備收入，第二季度我們不會有，這實際上與日費率無關，它與客戶支付某些鑽機升級費用有關。

I don't think we're going to have -- we aren't forecasting that as much in the second quarter. As Anthony mentioned, there is some pressure on dayrates. So when you think about the margin going forward, it's not going to grow above that number, we think, for the third quarter either. I think it's going to be flat.

我認為我們不會——我們對第二季度的預測不會那麼多。正如安東尼提到的，日費率存在一些壓力。因此，當你考慮未來的利潤率時，我們認為第三季度的利潤率也不會超過這個數字。我認為它會持平。

Could there be pressure on it? Potentially. There could be around the cost line, is probably where I'd be most concerned about it. But it really just depends on the cost line and really depends on how quickly we get the rigs back to work so that our overhead and things like that get fully absorbed.

會不會有壓力？有潛力。可能在成本線附近，這可能是我最關心的地方。但這實際上只取決於成本線，並且實際上取決於我們以多快的速度讓鑽機恢復工作，以便我們的管理費用和類似的事情得到充分吸收。

Okay. That's helpful. And then just on the commodity side, could you guys talk about generally at a high-level what types of price levels for nat gas and what types of price levels for oil do you believe that you need to have to have kind of a stabilized fleet and with the ability to make good dayrates and good margins for everybody involved?

好的。這很有幫助。然後就大宗商品而言，你們能否在高層普遍談論一下你們認為需要什麼樣的天然氣價格水平和什麼樣的石油價格水平需要擁有一支穩定的船隊並有能力為每個參與者創造良好的日費率和良好的利潤？

Yeah. Again, we're drillers, David, as you know. So we don't make our living calculating that. But we've been in the business long enough to get a feel for how our customers might react in different environments. And to me, when you think about the gas business, I think gas needs to be above $3. I think oil needs to be above $70, right? I think what's also as important is trajectory. And $70 to $75 with bias going lower is going to feel different than stable environment where everybody feels like oil is going to stay in the $70 to $75 range.

是的。再說一次，我們是司鑽，大衛，如你所知。所以我們不是靠計算來謀生的。但我們在這個行業已經經營了足夠長的時間，能夠了解我們的客戶在不同環境中的反應。對我來說，當你想到天然氣業務時，我認為天然氣價格需要高於 3 美元。我認為油價需要高於 70 美元，對嗎？我認為同樣重要的是軌跡。 70 至 75 美元的偏向走低，與穩定環境的感覺會有所不同，在穩定環境中，每個人都認為石油將保持在 70 至 75 美元的範圍內。

And the issue you've got now is gas -- as you know, nat gas is very, very low. I think most people expect it's going to stay in that sub $3 range. If you just -- you think about where we are in the year, you think about the buildout of infrastructure to export LNG, takeaway constraints in the basin, all that just signals to me that -- like I said in my remarks, that Haynesville is going to be challenging for the rest of this year and I think a good part of next year as well.

現在的問題是天然氣——如你所知，天然氣的含量非常非常低。我認為大多數人預計價格將保持在 3 美元以下的範圍內。如果你——你想想我們今年的處境，你想想出口液化天然氣的基礎設施建設，盆地的外賣限制，所有這些都向我發出信號——就像我在發言中所說的那樣，海恩斯維爾今年剩下的時間將充滿挑戰，我認為明年的大部分時間也是如此。

Oil on the other hand, as you know, is a global commodity. There's been a -- you just look at this year and what we've dealt with, a couple of times we thought that the banking situation was going to get much worse. Are we going into a recession or not? You've seen oil dip into the 60s twice since the beginning of the year. There's been a lot of headlines here.

另一方面，如您所知，石油是一種全球商品。你只要看看今年以及我們所處理的事情，有幾次我們認為銀行業的情況會變得更糟。我們是否會陷入衰退？自今年年初以來，油價曾兩次跌至 60 多度。這裡有很多頭條新聞。

But as you look out in the back part of the year whether the US is in a recession officially or not, the expectation is -- like it does every year, is global demand for oil is going to increase by at least 2% on a year-over-year basis. [China]. And the real reopening of the economy and getting the industrial machine going, all of that is going to be very, very positive for the oil markets. And these are the reasons why we're so optimistic about the back part of this year and 2024, is we think it's a really strong setup for the commodity in terms of WTI and Brent. And that's what's going to drive our customers' activity, especially out in the Permian.

但當你在今年下半年觀察美國是否正式陷入衰退時，人們的預期是——就像每年一樣，全球石油需求將至少增長 2%逐年計算。 [中國]。經濟的真正重新開放和工業機器的運轉，所有這一切都將對石油市場非常非常有利。這就是我們對今年下半年和 2024 年如此樂觀的原因，因為我們認為就 WTI 和布倫特原油而言，這是該商品的一個非常強勁的設置。這將推動我們客戶的活動，尤其是在二疊紀地區。

That's really helpful. Really appreciate the comments, guys. Thanks. Congrats on the quarter and best luck going forward here.

這真的很有幫助。真的很感謝你們的評論。謝謝。恭喜本季度，祝您未來好運。

Thank you, David.

謝謝你，大衛。

Dick Ryan, Oak Ridge Financial.

迪克·瑞安，橡樹嶺金融公司。

Thank you. So Anthony, just from a marketing perspective, as you look at re-contracting, how is your marketing team doing when you look at absorbing your rigs coming back to the Permian? Are you seeing that with existing customers or they're making headway into new customers?

謝謝。那麼安東尼，從營銷的角度來看，當你考慮重新簽訂合同時，當你考慮吸收你的鑽機回到二疊紀時，你的營銷團隊做得怎麼樣？您是否在現有客戶中看到了這一點，或者他們正在向新客戶方面取得進展？

First, Dick, they do a fantastic job. Of course, they're only as good as the service and the equipment that we put into the market. So it's just a really good effort on the part of the whole company.

首先，迪克，他們做得非常出色。當然，它們的好壞取決於我們投入市場的服務和設備。所以這只是整個公司的一個非常好的努力。

But to answer your question, it's really both of those. You look at, for example, the 21st rig that came out at the beginning of April, that went to work for our biggest customer. We've slid another rig in with that same customer here since the beginning of the year as well. And then we've gone to work for some E&Ps that we had to work for in the past or we've never had a chance to work for. So it really is a mixture of both of those.

但要回答你的問題，實際上是兩者兼而有之。例如，您看一下 4 月初推出的第 21 台鑽機，它為我們最大的客戶提供服務。自今年年初以來，我們也為同一位客戶安裝了另一台鑽機。然後我們去一些勘探與生產公司工作，我們過去必須為這些公司工作，或者我們從未有過機會為這些公司工作。所以它確實是兩者的混合體。

But they do a really good job. The company has, I believe, a really strong reputation out there for having great people, very good equipment, and a heavy focus on high levels of customer satisfaction. And then so all of that together, that's what'll -- what's allowed ICD to bring these rigs over. And there's a lot of re-contracting that goes on, too, within the basin that we don't talk a lot about on these calls. So hopefully, that answers your question.

但他們做得非常好。我相信，該公司因擁有優秀的人才、非常好的設備以及對高水平客戶滿意度的高度重視而享有很高的聲譽。然後所有這些加在一起，這就是 ICD 能夠將這些鑽機帶過來的原因。流域內也正在進行大量的重新承包工作，但我們在這些電話會議上並未過多討論。希望這能回答你的問題。

Sure. And with the retransition -- or the transitioning of these rigs, are you keeping labor levels constant during this pause period?

當然。隨著重新轉換，或者這些鑽機的轉換，您在這段暫停期間是否保持勞動力水平不變？

Yes. So far, we've been able to do that. It's -- that's some of the inefficiencies that you hear Philip talk about when we talk about our cost per day and margin per day expectations over the next couple of quarters. It's just -- it's choppy.

是的。到目前為止，我們已經能夠做到這一點。當我們談論未來幾個季度的每日成本和每日利潤預期時，你會聽到菲利普談論的一些低效率問題。只是——很不穩定。

And look, if we felt like the market was going to be tough for a longer period of time, then maybe we would have taken some actions we haven't taken up until now. But given that we see this as a transitory situation, that's -- we're rebalancing should it occur over a couple of quarters. And the fact that we've been able to recontract rigs on a relatively quick basis, those are the reasons why we've made the decisions that we've made. And I think our company and our stockholders, in the long run, are going to get benefits because of that.

看，如果我們覺得市場將在較長一段時間內保持艱難，那麼也許我們會採取一些迄今為止尚未採取的行動。但考慮到我們認為這是暫時的情況，如果這種情況在幾個季度內發生，我們就會重新平衡。事實上，我們能夠以相對較快的速度重新承包鑽機，這就是我們做出這些決定的原因。我認為從長遠來看，我們的公司和我們的股東將因此而受益。

Great. Thank you. Congratulations.

偉大的。謝謝。恭喜。

Thank you.

謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Anthony Gallegos for any closing remarks.

我們的問答環節到此結束。我想將會議轉回安東尼·加列戈斯（Anthony Gallegos）發表閉幕詞。

We just want to say thank you to everybody for making time to hear our first quarter 2023 earnings call. I do wish you all safety and prosperity and look forward to talking to you again soon. Thank you.

我們只想對大家抽出時間聆聽我們的 2023 年第一季度財報電話會議表示感謝。我衷心祝愿您一切安全和繁榮，並期待很快再次與您交談。謝謝。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。