Independence Contract Drilling Inc (ICD) 2023 Q2 法說會逐字稿

Good day and welcome to the Independence Contract Drilling's second-quarter 2023 financial results conference call. (Operator Instructions) Please note today's event is being recorded. I would now like to turn the conference over to Philip Choyce, EVP and CFO. Please go ahead.

美好的一天，歡迎參加獨立合同鑽井公司 2023 年第二季度財務業績電話會議。 （操作員說明）請注意今天的活動正在錄製中。我現在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 second-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 年第二季度業績。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 period 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。

But for 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 our full reconciliation of net income and loss to adjusted net income and loss, EBITDA and adjusted EBITDA, and for definitions of our non-GAAP measures.

但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，了解我們的淨收入和虧損與調整後淨收入和虧損、EBITDA 和調整後 EBITDA 的全面對賬，以及我們的非 GAAP 指標的定義。

And 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. Thank you for joining us for our second-quarter 2023 earnings conference call. During my prepared remarks today, I want to talk about the following. First, I want to highlight some significant steps we took during the second quarter toward important strategic initiatives. Second, I want to update you on the transition efforts around our Haynesville fleet, which is essentially complete.

大家好。感謝您參加我們的 2023 年第二季度收益電話會議。在我今天準備好的發言中，我想談談以下內容。首先，我想強調我們在第二季度為實現重要戰略舉措所採取的一些重要步驟。其次，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，該工作已基本完成。

Third, I want to talk about the current market for super-spec, pad-optimal rigs and how ICD is performing. Lastly, I want to close out talking about some things we're doing to position ICD for the future.

第三，我想談談當前超規格、墊優化鑽機的市場以及 ICD 的表現。最後，我想結束我們為未來定位 ICD 所做的一些事情。

First, just a few comments on the quarter. Overall, ICD's second-quarter results came in ahead of expectations in terms of revenues, margin per day, and adjusted EBITDA. I'm particularly pleased with how reported margin per day held up in the face of market headwinds, driven primarily with our Haynesville market, buoyed by sequential improvement in reported cost per day. Overall, adjusted EBITDA came in at $18.7 million.

首先，對本季度進行一些評論。總體而言，ICD 第二季度業績在收入、每日利潤率和調整後 EBITDA 方面均超出預期。我對報告的每日利潤率在市場逆風下的表現感到特別滿意，這主要是受到我們的海恩斯維爾市場的推動，並受到報告的每日成本的連續改善的推動。總體而言，調整後 EBITDA 為 1,870 萬美元。

During the second quarter, we took the first step in the most important strategic initiative for our company, which is de-levering our balance sheet. I feel this way because in addition to delivering industry-leading service and professionalism to our customers, reducing the debt level of our company is the most impactful action we can undertake.

第二季度，我們邁出了公司最重要戰略舉措的第一步，即去槓桿化資產負債表。我之所以有這樣的感覺，是因為除了為客戶提供行業領先的服務和專業精神之外，降低公司的債務水平是我們可以採取的最有影響力的行動。

During the quarter, we redeemed $5 million of convertible notes at par and also reduced revolver borrowings, while at the same time, improving our net working capital position. I'm pleased that we were in a position for our lenders to accept our offer to redeem $5 million of our convertible notes at par at the end of the second quarter.

本季度，我們按面值贖回了 500 萬美元的可轉換票據，並減少了循環借款，同時改善了我們的淨營運資本狀況。我很高興我們的貸方能夠接受我們在第二季度末按面值贖回 500 萬美元可轉換票據的要約。

Also during the second quarter, we essentially completed our fleet geographic rebalancing process. As a reminder, ICD started 2023 with 10 rigs working in the Haynesville market and 10 rigs working in the Permian. We were more levered than any other drilling contractor to the Haynesville. And in light of the softening we saw early this year, we made the decision to relocate several rigs from the Haynesville to the Permian.

同樣在第二季度，我們基本上完成了機隊地理重新平衡過程。提醒一下，ICD 從 2023 年開始，有 10 台鑽機在海恩斯維爾市場作業，10 台鑽機在二疊紀作業。我們比海恩斯維爾的任何其他鑽井承包商都擁有更多的槓桿。鑑於今年年初我們看到的經濟疲軟，我們決定將多個鑽井平台從海恩斯維爾遷移到二疊紀。

The choppier Permian market we experienced in the second quarter impacted the pace at which we were able to recontract ICD rigs relocated from the Haynesville. As of today, we have four rigs remaining in the Haynesville, and three of those are currently contracted. Although it is possible that we relocate additional rigs from the Haynesville, depending on how the markets develop over the next 12 months. For the time being, our rig transition program is complete.

我們在第二季度經歷的二疊紀市場波動影響了我們重新承包從海恩斯維爾搬遷的 ICD 鑽井平台的速度。截至今天，我們在海恩斯維爾還剩下四台鑽機，其中三台目前已簽訂合同。儘管我們有可能從海恩斯維爾遷出更多鑽機，具體取決於未來 12 個月市場的發展情況。目前，我們的鑽機過渡計劃已經完成。

Overall transition cost, including trucking and crew transition cost, totaled approximately $2.8 million during the second quarter and $3.4 million in aggregate, below our initial estimates of 4 million total.

第二季度的總體過渡成本（包括卡車運輸和船員過渡成本）總計約為 280 萬美元，總計 340 萬美元，低於我們最初估計的 400 萬美元。

Now turning to market conditions in our target markets. The overall US land rig count is down 105 rigs year to date through the end of the second quarter. Although the Permian market has remained strong, consistent with our expectations at the beginning of this year, we have seen some softness resulting in an overall Permian rig count decline of about 11 rigs caused by weaker commodity prices early in the second quarter and the recent banking issues.

現在轉向我們目標市場的市場狀況。截至今年第二季度末，美國陸地鑽機總數減少了 105 台。儘管二疊紀市場依然強勁，與我們今年年初的預期一致，但我們看到了一些疲軟，導致二疊紀鑽機總數下降約11 台，這是由於第二季度初大宗商品價格疲軟以及近期銀行業的影響所致。問題。

These factors resulted in some reshuffling of rigs by E&P operators and more rig-on-rig competition. In spite of all this, ICD increased its Permian contracted rig count by 20% year to date in the face of numerous competitive pressures. I think that speaks to the quality of our people and equipment and our strong brand.

這些因素導致勘探與生產運營商對鑽機進行了一些重組，並導致鑽機之間的競爭加劇。儘管如此，面對眾多競爭壓力，ICD 今年迄今將二疊紀盆地合同鑽機數量增加了 20%。我認為這說明了我們的人員和設備的質量以及我們強大的品牌。

We remain optimistic about market momentum reaccelerating in the back part of this year, primarily in the Permian, based on recent moves in commodity prices, our customers having better access to credit, current customer inquiries and discussions we are having, and our expectation that WTI will continue to strengthen in the back half of 2023 rolling into 2024. Also think the effects of recharged E&P capital budgets next year will provide additional boost to our Permian market.

我們對今年下半年市場勢頭重新加速仍然持樂觀態度，主要是在二疊紀盆地，這是基於近期大宗商品價格的走勢、我們的客戶獲得更好的信貸機會、當前的客戶詢問和我們正在進行的討論，以及我們對WTI 的預期。 2023 年下半年到 2024 年將繼續走強。此外，明年勘探與生產資本預算補充的影響將為我們的二疊紀市場提供額外的推動力。

While we expect some rigs to go back to work in the Haynesville, we believe that gas-driven gas markets will remain challenged for at least the rest of this year. We have, however, seen inquiries for work in the Haynesville pickup over the last couple of weeks.

雖然我們預計海恩斯維爾的一些鑽井平台將恢復工作，但我們相信至少在今年剩餘時間內，天然氣驅動的天然氣市場仍將面臨挑戰。然而，在過去的幾周里，我們看到了對海恩斯維爾皮卡車的工作詢問。

In addition, Permian -- permitting activity for the Permian in June increased 25% month to month. And overall permits for US land year to date compared to 2022, you're up slightly in spite of the softer commodity prices we saw early second quarter. Based on all this, we believe US land rig count is finding a bottom as we speak and will begin increasing in the coming months.

此外，二疊紀——六月份二疊紀的許可活動環比增加了 25%。與 2022 年相比，今年迄今為止的美國土地許可總量略有上升，儘管我們看到第二季度初的大宗商品價格走軟。基於這一切，我們相信美國陸地鑽機數量正在見底，並將在未來幾個月開始增加。

On the day rate front, current leading edge, super-spec day rates in the Permian are coalescing in the low- to mid-$30,000 range, including adders. Right now, there are minimal data points for spot day rates in the Haynesville. But I would expect that you're just a little bit lower, maybe $1,000 to $2,000 a day compared to the Permian.

在日費方面，二疊紀盆地當前領先的超規格日費正在 30,000 美元的低至中範圍內集中，包括加價者。目前，海恩斯維爾的現貨日費率數據點很少。但我預計，與二疊紀相比，你的價格會低一點，也許每天 1,000 到 2,000 美元。

In terms of enhancing our fleet, we are planning some 200 to 300 series conversions in the back half of this year, one of which is in process in connection with a contract extension into mid-2024, which we just executed for a rig working in the Permian Basin at a mid-$30,000 day rate and including the adders. In this arena, we are seeing customer interest in high-torque top drives, iron roughnecks, and drill strings increase as a function of E&P's increasing well lateral length and their unrelenting focus on drilling efficiencies.

在增強我們的機隊方面，我們計劃在今年下半年進行約 200 至 300 台系列改裝，其中一項正在進行中，將合同延長至 2024 年中期，我們剛剛為在二疊紀盆地的日費中段為30,000 美元（包括蝰蛇）。在這個領域，我們看到客戶對高扭矩頂驅、鐵鉆工和鑽柱的興趣隨著 E&P 井橫向長度的增加以及對鑽井效率的不懈關注而增加。

These are trends we expect will continue and our vestors should feel good knowing that the majority of our working rigs already have these capabilities embedded and the rest can be outfitted to have these capabilities with very modest amounts of CapEx.

我們預計這些趨勢將持續下去，我們的投資者應該感到高興，因為我們知道我們的大多數工作平台已經嵌入了這些功能，其餘的可以通過非常少量的資本支出來配備這些功能。

As I close out my prepared remarks, I want to mention our efforts regarding our technology rollout, which we call ICD impact, which accelerated during the second quarter. Our strategy in this arena has been to leverage ICD as youngest rig fleet in the industry and the years of effort and investment made by our third-party partners by working with their professionals, collaborating with our customers, and applying the knowledge, skills, and insight of our employees.

在結束我準備好的發言時，我想提及我們在技術推廣方面所做的努力，我們稱之為 ICD 影響，這種影響在第二季度加速了。我們在這一領域的戰略是利用ICD 作為業內最年輕的鑽機隊，以及我們的第三方合作夥伴多年來的努力和投資，與他們的專業人員合作，與我們的客戶合作，並應用知識、技能和我們員工的洞察力。

We have technology systems deployed on approximately 30% of our active rigs today with objectives to improve this percentage over time as customer demand warrant. We are excited about what ICD impact means for our customers and other stakeholders going forward. I'll make some additional concluding remarks before opening the call up for questions. But right now, I'd like to turn the call over to Philip to discuss our financial results and outlook in a little more detail.

目前，我們在大約 30% 的活躍鑽機上部署了技術系統，目標是根據客戶需求隨著時間的推移提高這一比例。我們對 ICD 的影響對我們的客戶和其他利益相關者的未來意味著什麼感到興奮。在開始提問之前，我將做一些補充總結。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 loss of $1 million or $0.07 per share and adjusted EBITDA of $18.7 million. We operated 15 average rigs during the quarter. This excludes two average rigs' earning revenue on an early termination basis during the quarter, and early termination revenues during the quarter were $5.1 million.

謝謝，安東尼。本季度，我們報告調整後淨虧損為 100 萬美元，即每股 0.07 美元，調整後 EBITDA 為 1870 萬美元。本季度我們運營了 15 台普通鑽機。這不包括兩個平均鑽機在本季度提前終止的收入，本季度提前終止的收入為 510 萬美元。

Moving on to our per-day statistics, these statistics exclude both the early termination revenues and transition expenses. Although we had a number of rigs moving between customers and locations and our overall operating days fell by an average of 4.4 rigs compared to Q1, we're pleased we saw only minimal degradation in our revenue, cost per -- cost and margin per day statistics.

繼續我們的每日統計數據，這些統計數據不包括提前終止收入和過渡費用。儘管我們有許多鑽機在客戶和地點之間移動，並且與第一季度相比，我們的總體運營天數平均減少了4.4 個鑽機，但我們很高興看到我們的收入、單位成本和每日利潤僅略有下降統計數據。

Revenue per day during the quarter was $34,467, representing a slight decrease from the first quarter. Cost per day during the quarter was $19,005, representing sequential improvement. Overall margin per day was $15,462, representing only a 1% sequential decline compared to the first quarter.

該季度每日收入為 34,467 美元，較第一季度略有下降。本季度每天的成本為 19,005 美元，環比有所改善。每日總利潤率為 15,462 美元，與第一季度相比僅環比下降 1%。

SG&A cost were $5.2 million during the quarter, which included $1.3 million of stock-based and deferred compensation expense. These costs declined sequentially by 22% overall. Breaking out the components, cash SG&A expenses decreased sequentially by 21% compared to Q1 due to lower incentive compensation accruals and cost cutting efforts implemented during the quarter.

本季度的 SG&A 成本為 520 萬美元，其中包括 130 萬美元的股票和遞延薪酬費用。這些成本總體下降了 22%。按組成部分劃分，由於本季度實施的激勵性薪酬下降和成本削減措施，現金銷售、管理及行政費用較第一季度環比下降了 21%。

Non-cash stock-based compensation expense also decreased sequentially in this case by 27% due to lower -- due to the effect of a lower quarter and stock price and variable accounting on performance-based stock awards. Interest expense during the quarter aggregated $8.3 million. This included $1.2 million associated with non-cash amortization of debt discount and deferred issuance cost, which we excluded when presenting adjusted net income.

在這種情況下，非現金股票薪酬費用也環比下降了 27%，原因是季度業績下降、股價和可變會計對基於業績的股票獎勵的影響。本季度利息支出總計 830 萬美元。其中包括與債務折扣和遞延發行成本的非現金攤銷相關的 120 萬美元，我們在列報調整後淨利潤時將其排除在外。

Tax benefit for the quarter was de minimus. During the quarter, cash payments for capital expenditures, net of disposals, were approximately $11.5 million. This includes final payment of capital expenditures on rig react -- on our rig reactivation program, including our 21st rig that reactivated at the beginning of the quarter. It was approximately 5.1 million of CapEx accrued in accounts payable at quarter end.

本季度的稅收優惠微乎其微。本季度資本支出現金支付（扣除處置費用）約為 1,150 萬美元。這包括鑽機反應資本支出的最終支付——我們的鑽機重新激活計劃，包括我們在本季度初重新激活的第 21 台鑽機。季度末應付賬款中應計的資本支出約為 510 萬美元。

Breaking out $11.5 million cash payments on CapEx during the quarter, approximately 53% related to rig reactivations and 200 to 300 series conversions, 35% related to maintenance CapEx, and 12% related investment in drill pipe capital inventory and spares. For the remainder of the year, so when we move forward towards 18 or so working rigs by yearend, we expect capital expenditures during the back half of the year to aggregate approximately $9.5 million, which assumes 200 to 300 series conversions and approximately $1.5 million in tubular purchases.

本季度資本支出現金支付額突破 1150 萬美元，其中約 53% 與鑽機重新啟動和 200 至 300 系列轉換相關，35% 與維護資本支出相關，12% 與鑽桿資本庫存和備件投資相關。在今年剩下的時間裡，當我們在年底前建造18 座左右的工作鑽機時，我們預計今年下半年的資本支出總計約為950 萬美元，其中假設進行200 至300 個系列轉換，以及大約150萬美元的管狀採購。

Moving on to our balance sheet. As Anthony mentioned, our strategic focus has shifted from rig reactivations to overall debt reduction. This also includes steady improvements in our working capital position as well. We made progress towards both of these goals during the quarter. We repaid $5 million of convertible notes at par and also reduce revolver borrowings by $5.3 million during the quarter.

繼續我們的資產負債表。正如安東尼提到的，我們的戰略重點已從鑽井平台重新啟動轉向整體債務削減。這還包括我們的營運資金狀況的穩步改善。本季度我們在實現這兩個目標方面都取得了進展。我們按面值償還了 500 萬美元的可轉換票據，並在本季度減少了 530 萬美元的循環借款。

We were do -- we are able to do this while slightly improving our net working capital position as well. Adjusted net debt at quarter end was approximately $191.2 million, also decreased from March. I want to point out our adjusted net debt statistics include accrued interest we have elected to pay in-kind on September 30, of this year.

我們做到了——我們能夠做到這一點，同時也略微改善我們的淨營運資本狀況。季度末調整後淨債務約為 1.912 億美元，也較 3 月份有所下降。我想指出的是，我們調整後的淨債務統計數據包括我們選擇在今年 9 月 30 日以實物形式支付的應計利息。

Our financial liquidity at quarter end was $19.1 million, comprised of cash on hand of $5.6 million and $13.5 million of availability on our revolving line of credit. This is in addition to the net working capital improvement I just mentioned.

季度末我們的財務流動性為 1,910 萬美元，其中包括 560 萬美元的手頭現金和 1,350 萬美元的循環信貸額度。這是我剛才提到的淨營運資本改善的補充。

Now moving on third-quarter guidance. We expect operating days to approximate 1,240 to 1,250 days, representing approximately 13.5 average rigs earning revenue during the quarter. Let's exclude rigs earning revenue on an early termination basis, which will be minimal during the third quarter. But margin per day to come in between $14,250 and $14,750 was the sequential decline related to lower day rates on contract renewals.

現在轉向第三季度指導。我們預計作業天數約為 1,240 至 1,250 天，相當於本季度平均有 13.5 個鑽機賺取收入。讓我們排除提前終止的鑽機收入，這在第三季度將是最小的。但每日保證金在 14,250 美元至 14,750 美元之間，是由於合同續簽日費率較低而連續下降。

We also expect some sequential cost inefficiencies during the quarter associated with a lower operating base and reduced operating days. From a contract mix standpoint, the vast majority of our rigs are now operating on short-term pad-to-pad contracts and reflect the current day rate environment. For example, during the third quarter, we expect only 25% to 30% of our revenue days to be earned on contracts that were entered into prior to March 31, of this year.

我們還預計本季度會出現一些與運營基礎較低和運營天數減少相關的連續成本效率低下的情況。從合同組合的角度來看，我們絕大多數的鑽機現在都在短期合同上運行，反映了當前的日費率環境。例如，在第三季度，我們預計只有 25% 到 30% 的收入天數是通過今年 3 月 31 日之前簽訂的合同獲得的。

Unabsorbed overhead expenses will be about $600,000 and also not included in our cost per day guidance. And as Anthony mentioned, our Haynesville, the Permian transition program is complete. We do not expect to incur any transition expenses during the third quarter.

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。正如安東尼提到的，我們的海恩斯維爾、二疊紀過渡計劃已經完成。我們預計第三季度不會產生任何過渡費用。

We expect third-quarter cash SG&A expense to be approximately $4.3 million with a small sequential increase primarily tied to expected increases in recruiting and onboarding cost because we began staffing up for expected reactivations in late third quarter and early fourth quarter. Stock-based compensation expense is expected to be approximately $1.9 million, assuming no material changes to our stock price as of today, that would further impact variable awards.

我們預計第三季度現金 SG&A 費用約為 430 萬美元，環比小幅增長主要與招聘和入職成本的預期增長有關，因為我們在第三季度末和第四季度初開始為預期的重新啟動而準備人員。假設截至今天我們的股價沒有重大變化，基於股票的薪酬費用預計約為 190 萬美元，這將進一步影響可變獎勵。

We expect interest expense to be approximately $9.5 million. And of this amount, approximately $2.4 million will relate to non-cash amortization of debt discount and deferred financing cost. Depreciation expense for the third quarter is expected to be flat with the second quarter. We expect tax benefit to be flat with the second quarter.

我們預計利息支出約為 950 萬美元。其中，約 240 萬美元將用於債務折扣和遞延融資成本的非現金攤銷。第三季度的折舊費用預計將與第二季度持平。我們預計稅收優惠將與第二季度持平。

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

這樣，我會把電話轉回給安東尼。

Thanks, Philip. Before opening the call up for questions, I want to briefly summarize where we are as we enter the second half of 2023. While this may not be the year that we thought it would be, 2023 is proving to be a very important year for ICD, initiating our efforts to delever our balance sheet, repositioning our rigs to a more appropriate geographic positioning and balance, and executing on our technology pathway are all very strategic initiatives which are happening. And these initiatives will provide value to the stockholders, customers, and employees of ICD in the coming years.

謝謝，菲利普。在開始提問之前，我想簡要總結一下我們進入 2023 年下半年的情況。雖然這可能不是我們想像的一年，但事實證明 2023 年對於 ICD 來說是非常重要的一年，開始努力去槓桿化我們的資產負債表，將我們的鑽機重新定位到更合適的地理位置和平衡，以及執行我們的技術路線都是正在發生的非常戰略性的舉措。這些舉措將在未來幾年為 ICD 的股東、客戶和員工提供價值。

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

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

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。

(Operator Instructions) Don Crist, Johnson Rice.

（操作員說明）Don Crist、Johnson Rice。

Good morning, gentlemen. How are you all today?

早上好，先生們。今天大家好嗎？

Doing good.

做得很好。

Doing well.

做得好。

I wanted to explore the topic of adding rigs back in late third quarter, fourth quarter, and possibly into '24. We've heard several anecdotes from other companies and just wanted to get your take on what gives you confidence. Are there significant tenders that are out there today? Or they just conversations today?

我想探討在第三季度末、第四季度甚至可能到 24 年增加鑽機的話題。我們聽過其他公司的一些軼事，只是想听聽您對什麼給您帶來信心的看法。今天有重要的招標嗎？或者他們只是今天的談話？

Certainly, Don, the nature of the discussions with customers has changed over the last couple of months. I think obviously, strengthening commodity prices helped the macro picture in the US and what's happening there, I think, it help. I think those things along with some others have given some customers some confidence that they can step back in.

當然，唐，過去幾個月與客戶討論的性質已經發生了變化。我認為顯然，大宗商品價格的走強有助於美國的宏觀形勢，我認為，那裡正在發生的事情也有幫助。我認為這些事情以及其他一些事情給了一些客戶一些信心，讓他們相信他們可以重新介入。

And just to give you a little transparency, we're not doing a lot of work today for the supermajors. We do work for the independents, and we do a lot of work for privates as well. And it's in that last bucket where we've probably seen the most change over the last couple of months with the private E&Ps.

為了給大家帶來一點透明度，我們今天並沒有為超級巨頭做很多工作。我們為獨立人士工作，也為私人人士做很多工作。在最後一個階段，我們可能看到了過去幾個月私人勘探與生產發生的最大變化。

Remember also, they were the first ones about a year ago to start laying down rigs that sat on the sidelines the last few quarters. And I think as we look out over third and fourth quarter, for us at least, that's where we see opportunities to bring rigs up.

還請記住，大約一年前，他們是第一批開始鋪設過去幾個季度閒置的鑽機的公司。我認為，當我們展望第三季度和第四季度時，至少對我們來說，這就是我們看到增加鑽機的機會的地方。

And just to take that a step further, in the Haynesville arm, are you getting into conversations now, given that the [24] strip is over $3, to actually add some rigs back in the Haynesville? I know that's not going to be a priority since you moved a lot of rigs out of the area, but is that market starting to see some tightening versus loosening over the past several quarters?

更進一步，考慮到 [24] 條帶的價格超過 3 美元，在 Haynesville 部門，你們現在是否正在討論是否要在 Haynesville 重新添加一些設備？我知道這不會成為優先事項，因為您將大量鑽機移出該地區，但在過去的幾個季度中，該市場是否開始出現一些緊縮與放鬆的情況？

Yes, certainly over the last couple of weeks, Don, again, those discussions have also picked up as well. We bottomed out at two of the four rigs that we had earning revenue there. We're three today. Pretty optimistic. The fourth one want to go back to work before we talk to you guys again. And the rig count over there has bottomed out around 44 rigs. That's down from mid-70, so quite a drop.

是的，當然在過去幾週，唐，這些討論也有所增加。我們在那裡賺取收入的四台鑽機中的兩台觸底。今天我們三歲了相當樂觀。第四位想在我們再次和你們交談之前回去工作。那裡的鑽機數量已降至最低點，約為 44 台。這比 70 左右下降了，下降幅度相當大。

Strip has moved. I was looking at it earlier this week, and you look out past October this year, it's above $3. And in January, it's over $3.70. And that -- what we hear from customers, $3.25, $3.5; they're thinking about growing. And we're pretty optimistic about being able to put that fourth rig to work probably in the third quarter.

地帶已移動。我本週早些時候看過它，今年 10 月過去了，它已經超過 3 美元了。一月份的價格超過 3.70 美元。我們從客戶那裡聽到的，3.25 美元，3.5 美元；他們正在考慮成長。我們對能夠在第三季度投入使用第四台鑽機非常樂觀。

I appreciate that color. And just one final one for me on the conversions. Are those customer-driven conversions from 200 series, the 300 series? And how many more of those do you think you could do over the next couple -- several quarters?

我很欣賞那種顏色。對於我來說，這只是關於轉換的最後一件事。這些客戶驅動的轉換是 200 系列還是 300 系列？您認為在接下來的幾個季度（幾個季度）中您還可以做多少這樣的事情？

Yeah, it's been great. I'm really proud that we were able to sign this second one up. In both of the instances, they were customers that were using our 200 series rig. It's doing a great job for them. Obviously, they were very happy. Our customers would like maximum flexibility as they look out over the coming quarters and coming years to be able to take a rig and work across the spectrum of projects which they have.

是的，這太棒了。我真的很自豪我們能夠簽下第二個。在這兩個實例中，他們都是使用我們 200 系列設備的客戶。這對他們來說做得很好。顯然，他們非常高興。我們的客戶希望獲得最大的靈活性，因為他們希望在未來幾個季度和未來幾年能夠使用鑽機並在他們擁有的各種項目中開展工作。

So in both cases, the operators -- customers were very supportive of the conversion to 300 series capability. And I would point out in both cases, we were able to -- we're going to earn a premium day rate relative to what that rig would have earned, had we not converted it. So as we've -- this will be the second one that's in motion as we speak. We have a handful more that we can do.

因此，在這兩種情況下，運營商（客戶）都非常支持轉換為 300 系列功能。我想指出，在這兩種情況下，我們都能夠——如果我們不轉換它的話，我們將獲得相對於該鑽機本應賺取的溢價日費率。正如我們所說，這將是我們說話時正在進行的第二個行動。我們還有很多事情可以做。

We have some kits on the ground. Our strategy is to use those kits when there's opportunities to earn that incremental payback over the course of the contract. And we've been able to do that now twice. So it's flexibility for us. Are those -- when we talk about our 200 series rigs, they're super-spec, they're pad-optimal. They have all the bells and whistles that the standard super-spec, pad-optimal rig has.

我們在地面上有一些工具包。我們的策略是在合同期內有機會獲得增量回報時使用這些套件。現在我們已經能夠做到兩次了。所以這對我們來說很靈活。當我們談論我們的 200 系列鑽機時，它們是超級規格，是墊優化的。它們具有標準超規格、墊優化裝備所具有的所有功能。

But as the unconventional play continues to play out, as the laterals continue to get longer, as our -- if our customers need that added capability, we have the flexibility to be able to offer it.

但隨著非常規遊戲的繼續上演，隨著支線繼續變得更長，如果我們的客戶需要這種附加功能，我們可以靈活地提供它。

I appreciate all the color. I'll turn it back. Thanks.

我欣賞所有的顏色。我會把它轉回來。謝謝。

Thank you, Don.

謝謝你，唐。

Steve Ferazani, Sidoti.

史蒂夫·費拉扎尼，西多蒂。

Afternoon, Anthony, Philip. Regarding your commentary around day rates in the Permian and then your guidance for margins going into 3Q, it sounds like day rates might be coming down a little bit, but certainly not necessarily significant, given how much rig count has dropped. What are you seeing in day rates? And are the conversations getting harder?

下午好，安東尼，菲利普。關於您對二疊紀盆地日費率的評論以及對進入第三季度的利潤率的指導，聽起來日費率可能會略有下降，但考慮到鑽機數量下降了多少，肯定不一定顯著。您在日費率中看到了什麼？對話是否變得越來越困難？

Yeah, day rates have softened some, Steve. But just to put it into perspective, when you look at what's happened year to date, the Permian market is only off a dozen or so rigs and 4% since the beginning of the year. So there has been some trimming as you guys know, but there's been some people that have added some rigs as well. There's a lot of churn in the background that you probably don't have the insight into. But regardless, day rates have obviously held up pretty nicely.

是的，日費率有所下降，史蒂夫。但從長遠來看，當你看看今年迄今為止發生的情況時，二疊紀市場僅減少了十幾個鑽機，自年初以來減少了 4%。正如你們所知，我們進行了一些調整，但也有人添加了一些裝備。背景中有很多你可能無法洞察的混亂。但無論如何，日費率顯然保持得相當不錯。

When you look at the margin per day that we just reported, very proud of that. We're guiding down a little bit as we think about Q3, and we're saying Q4 is going to be flat with Q3. And if you think about that, especially on a historical basis, for these kind of margins, that's really good. And it's another reason why we're very optimistic about what the next several quarters are going to allow ICD to do on those big, important strategic initiatives that we have underway.

當您查看我們剛剛報告的每日利潤時，您會感到非常自豪。當我們考慮第三季度時，我們的指引會稍微下調，我們說第四季度將與第三季度持平。如果你考慮一下這一點，特別是在歷史基礎上，對於這種利潤率來說，這真的很好。這也是我們對未來幾個季度 ICD 在我們正在進行的重大戰略舉措上的表現非常樂觀的另一個原因。

What's your confidence level now in getting some rigs back to work in Q4?

您現在對第四季度讓一些鑽機恢復工作的信心有多大？

Very high.

很高。

Okay.

好的。

Very high. We're going bring out -- I think, it's three minimum, before the end of the year.

很高。我們將在年底前推出——我想，至少是三個。

Really? Okay.

真的嗎？好的。

Yeah, that probably happens sooner rather than later.

是的，這可能發生得宜早不宜遲。

Excellent. Any kind of color you can give around the early termination with those rigs in the Haynesville? And did they have a lot of term left given the $5 million?

出色的。對於海恩斯維爾的這些裝備的提前終止，您可以給出任何顏色嗎？考慮到 500 萬美元，他們還有很多任期嗎？

Yeah, one is still on contract, on standby, but through November of this year. The other one, it's early term. Provision ended here about 10 days ago. So the three rigs that we have working in the Haynesville today, only one is sitting there earning standby. The other two are on day work basis.

是的，其中一名仍在合同期內待命，但要到今年 11 月為止。另一個是早期階段。大約10天前這裡的供應就結束了。因此，我們今天在海恩斯維爾工作的三台鑽機中，只有一台處於待命狀態。另外兩個是按日工作。

Yeah, so the $5.1 million. it was really three rigs and pretty much all of it ended at -- by the end of the second quarter.

是的，所以 510 萬美元。實際上是三台設備，幾乎所有設備都在第二季度末結束。

Okay, great. You took a lot of costs out here, obviously, helped out a lot. How much of that do you think comes back with getting those rigs back to work? Was that a lot of very temporary cuts? Or was there anything you took out that could be permanent?

好的，太好了。顯然，你在這里花費了很多成本，幫了很多忙。您認為讓這些鑽機恢復工作後能帶來多少回報？是不是有很多臨時性的削減？或者有什麼東西你拿出來可以永久保存嗎？

On the SG&A side, some of it in the second quarter clearly was -- we weren't in hiring mode. We'll go back to that. And so when you think about the sequential guide up from the second quarter to third quarter, that's what we're really talking about there. There's probably about $1 million in SG&A that I would consider permanent, which is really some headcount type of things that we've done and some other efficiency things that we've put in as -- and then on the operating side, that's really temporary from the standpoint of operating cost. That isn't going to go up and down as the rig count went up and down.

在SG&A方面，第二季度的一些情況顯然是——我們沒有處於招聘模式。我們會回到那個。因此，當您考慮從第二季度到第三季度的順序指南時，這就是我們真正討論的內容。我認為大約有 100 萬美元的 SG&A 是永久性的，這實際上是我們所做的一些人員數量類型的事情以及我們投入的其他一些效率事情 - 然後在運營方面，這實際上是臨時的從運營成本的角度來看。這個數字不會隨著鑽機數量的增減而增減。

We will have some choppy -- when you talk -- the earlier question on margins, part of the guide downs, not debt all day rat. Some of it, we're going to be -- it's going to be a choppier third quarter as we put rigs back to work and things like that. There's going to be some churn, and that does affect your cost per day statistics.

當你談論時，我們會遇到一些波動——之前關於利潤率的問題，部分指導性下降，而不是全天債務。其中一些，我們將會——隨著我們讓鑽機恢復工作以及類似的事情，第三季度將會更加動盪。將會出現一些流失，這確實會影響您的每日費用統計數據。

Understood. Perfect. Thanks, Anthony. Thanks, Philip.

明白了。完美的。謝謝，安東尼。謝謝，菲利普。

Yes sir, Thank you.

是的，先生，謝謝您。

Dave Storms, Stonegate Capital Markets.

戴夫·斯托姆斯 (Dave Storms)，Stonegate 資本市場。

Good morning.

早上好。

Good morning, Dave.

早上好，戴夫。

Morning. Just hoping you could touch on some of the banking issues that you mentioned that were seen in the quarter and looks like most of them have copied her up. Do you see any potential for any of that to rear its head again either the next quarter or further on down the line?

早晨。只是希望你能談談你提到的一些銀行問題，這些問題在本季度出現，看起來大多數都抄襲了她的做法。您是否認為這些因素有可能在下個季度或更長時間後再次出現？

Yeah, so what I was referring to was really access to credit on the part of our customers. And we think and you guys know better than I do, you think back to what was playing out in the second quarter with -- especially around the regional banking crisis, redeterminations around credit lines, and stuff like that. Just -- we think those issues, while they're -- may not be completely resolved, we think they're better today than they were in early second quarter.

是的，所以我指的是我們的客戶真正獲得信貸的機會。我們認為，你們比我更清楚，你們回想一下第二季度發生的事情——特別是圍繞地區銀行危機、信貸額度重新確定等問題。只是 - 我們認為這些問題雖然可能沒有完全解決，但我們認為今天的情況比第二季度初要好。

One anecdote I would give you guys is we were awarded -- verbally awarded a program back in March. It's a big program out in the Permian as a private E&P operator. And March or a May start, will May slip to June, slip to July, well, now we're in the process of papering that up. And what's changed is the financing side of the project for the customer, and that's an antidote that I would share with you guys. But it is my understanding and view that I think our customers will have more access to capital, which -- we talked about the reasons why. Commodity prices, other things like that, that are going to help drive that.

我想告訴你們的一件事是，我們在三月份獲得了一個項目的口頭獎勵。作為一家私營勘探與生產運營商，這是二疊紀盆地的一個大型項目。從三月或五月開始，五月會滑到六月，滑到七月，好吧，現在我們正在把它寫下來。改變的是客戶項目的融資方面，這是我將與大家分享的解決方案。但我的理解和觀點是，我認為我們的客戶將有更多機會獲得資本，我們討論了原因。大宗商品價格以及其他類似因素將有助於推動這一趨勢。

That's very helpful. Thank you. And then the other thing you mentioned just found free counts, finding a bottom with the increase expected in the coming months, can you just help us get a sense of -- when that demand does come back, the breakout between the demand for 300 series rigs versus 200 series rigs?

這非常有幫助。謝謝。然後你提到的另一件事剛剛發現了免費計數，找到了未來幾個月預期增長的底部，你能否幫助我們了解一下——當需求確實回來時，300 系列需求之間的突破鑽機與200 系列鑽機對比？

Yeah. [Where you] bottomed out in this, I think, 660s. Where we are right now, maybe it goes to 650. When you look at where the rig count -- rigs are working and rig count, about half the rigs are working out in the Permian. We would expect that percentage to continue and even grow. In the Permian, there's the Midland Basin work, there's the Delaware Basin work. I think you would expect to see some adds in the Delaware Basin just because of the productivity that you're hearing E&P's talk about out there.

是的。我認為，[你]在 660 年代觸底了。我們現在的情況，也許會達到 650 個。當你查看鑽機數量時——正在工作的鑽機和鑽機數量，大約一半的鑽機在二疊紀工作。我們預計這一比例將持續甚至增長。在二疊紀，有米德蘭盆地的工作，有特拉華盆地的工作。我認為您會期望在特拉華盆地看到一些新增產量，只是因為您聽到勘探與生產公司談論那裡的生產力。

So what's important for us is that if -- and we're not making a call and saying the entire market is going to move to 300 series specification. But what's important for us and our stockholders, if that's where it were to go, we have a very clear pathway toward being able to meet those opportunities through that incremental demand.

因此，對我們來說重要的是，如果 - 我們不會打電話說整個市場將轉向 300 系列規格。但對我們和我們的股東來說重要的是，如果這就是發展方向，我們有一條非常明確的途徑，能夠通過增量需求來滿足這些機會。

That's perfect. Thank you for taking my question. And congrats on the quarter.

那很完美。感謝您回答我的問題。祝賀本季度。

Thank you, Dave.

謝謝你，戴夫。

David Marsh, Singular Research.

大衛·馬什，奇異研究。

Hey, guys. Thanks for taking the questions. First, Phil, if I could, I just wanted to ask a question about this convertible note repurchase. Looked like cash flow statement, it has been $5 million exactly the repurchase, but then you said par plus accrued, so this was -- wanting to get a little color like to make sure I understood. Did you retire $5 million in principle of this note?

大家好。感謝您提出問題。首先，菲爾，如果可以的話，我只是想問一個有關本次可轉換票據回購的問題。看起來像現金流量表，正好是回購的 500 萬美元，但後來你說票面加應計，所以這是 - 想要得到一點顏色，以確保我理解。您是否根據這張票據原則性地退還了 500 萬美元？

Yeah, so it's $5 million and accrued interest was probably a couple of hundred thousand dollars higher, and that would be up in the other part of the cash flow statement and the operating piece. So it's $5 million pay down at par, yes.

是的，所以它是 500 萬美元，應計利息可能要高出幾十萬美元，這將在現金流量表和運營部分的其他部分中增加。所以按面值支付 500 萬美元，是的。

Got it. And are they continuously callable at par at this point?

知道了。此時它們是否可以連續按面值贖回？

There is a mandatory offer provision where we make an offer at the end of each quarter through 2024 to pay down at par. And so it's $5 million each quarter till the end of this year. Then, it's $3.5 million each quarter through next year. And this was the first quarter. June 30, this was the first -- under the [NDA], this was the first offer that we made and then they accepted it.

有一項強制性要約條款，我們在 2024 年之前的每個季度末提出按面值付款的要約。因此，截至今年年底，每個季度的支出為 500 萬美元。那麼，到明年每個季度的支出為 350 萬美元。這是第一季度。 6 月 30 日，這是第一個——根據 [NDA]，這是我們提出的第一個要約，然後他們接受了。

Got it. Got it. I understand. And then, are you guys still picking at this point or/and could you kind of update us on plan to possibly transition to cash interest payment on this?

知道了。知道了。我明白。然後，你們現在還在選擇嗎？或者/並且你們能否向我們介紹一下可能過渡到現金利息支付的計劃？

Yeah. So I think what we've said publicly is our plan was to pick through March of -- through March '24, certainly with the opportunity to seize picking at September, where we sit here today, assuming the mandatory offers are being accepted. And that's what we think is the most likely scenario. Though, that's up to our lenders. Then we probably would be funding the mandatory offers, but we probably go ahead and pick through March '24. And then, we would -- our plan would be to stop picking at that point in time.

是的。因此，我認為我們已經公開表示，我們的計劃是在 2024 年 3 月之前進行採摘，當然還有機會在 9 月進行採摘，假設強制報價已被接受，我們今天坐在這裡。這就是我們認為最有可能發生的情況。不過，這取決於我們的貸方。然後我們可能會為強制性報價提供資金，但我們可能會繼續選擇 24 年 3 月之前的情況。然後，我們的計劃是在那個時間點停止採摘。

Got it. I'm guessing that the refinancing market is still not quite favorable enough for you guys to consider some type of an open-market refinance at this point.

知道了。我猜測，再融資市場目前還不夠有利，不足以讓你們考慮某種類型的公開市場再融資。

So the refinancing window under the indenture doesn't open up until September of next year. We obviously want a little bit of a down market here as far as our EBITDA and reported EBITDA. So it wouldn't be ideal for us to do something now, in my opinion, just because it's a negotiation. It's pretty early as far as when that window opens up. And I think with the opportunity to get some more rigs out, I think that there's probably some better opportunities and discussions we can have next year.

因此，契約下的再融資窗口要到明年九月才會開放。就我們的 EBITDA 和報告的 EBITDA 而言，我們顯然希望市場有一點下跌。因此，我認為，僅僅因為這是一場談判，我們現在就採取行動並不理想。那個窗口打開的時候還很早。我認為，有了獲得更多鑽機的機會，我認為明年我們可能會有一些更好的機會和討論。

Yeah, yeah, I would absolutely agree. I just trying to put a finger on the pulse of it. You guys moved -- you guys called out some cost in the press release with regard to moving rigs from the Haynesville to Permian, $600,000 in Q1, $2.8 million in Q2. How many rigs were moved in total?

是的，是的，我絕對同意。我只是想了解一下它的脈搏。你們搬家了——你們在新聞稿中提到了將鑽機從海恩斯維爾搬到二疊紀的一些成本，第一季度為 60 萬美元，第二季度為 280 萬美元。總共移動了多少台鑽機？

Six rigs in total.

總共六台。

Okay, perfect. That just helps understand -- helps in understand the cost of moving one. So that's really helpful. Appreciate it. That's all I have. Let me yield to someone else here.

好的，完美。這只是有助於理解——有助於理解搬家的成本。這真的很有幫助。欣賞它。這就是我的全部。讓我在這裡屈服於別人。

Thank you, David.

謝謝你，大衛。

Jeff Robertson, Water Tower Research.

傑夫·羅伯遜，水塔研究。

Thank you. Good morning. Anthony, is -- has the churn maybe slows down in the Permian Basin? Do you expected that point that day rates will start to firm up and margins start to improve as you put rigs back to work late this year and heading into '24?

謝謝。早上好。安東尼，二疊紀盆地的攪動是否可能減慢？您是否預計到今年晚些時候，隨著您將鑽機重新投入使用並進入 24 世紀，日費率將開始堅挺且利潤率開始改善？

Yeah, I think it's going to be a little -- a quarter later than what people may expect, Jeff, and that's the reason is (inaudible) the rig laid down, lots of big players in the business maintain a good discipline in pricing. As there are opportunities presented for people to step into the bearish box, they're going to be aggressive in trying to get their rigs out. The good news is I think it's a relatively limited number of rigs that we're talking about. So because of that dynamic, the margin probably lags the uptick and utilization by quarter.

是的，我認為這會比人們預期的要晚一點，傑夫，這就是原因（聽不清）鋪設的設備，業內的許多大公司在定價方面都保持著良好的紀律。由於人們有機會進入看跌盒子，他們將積極嘗試擺脫困境。好消息是我認為我們正在談論的鑽機數量相對有限。因此，由於這種動態，利潤率可能落後於季度的增長和利用率。

That's why we're laying out for you guys, a slight decrease in the third quarter and then sideways for the fourth quarter. But very optimistic about 2024. There's only been a 100-rig decline throughout the United States over this year, as you know. And very few of those have been in the Permian. So the inflection to get back to pricing increases, I think, is probably sooner than people may realize, but it's going to be a little longer or a little later than we would like.

這就是為什麼我們為你們安排的，第三季度略有下降，然後第四季度橫向下滑。但對 2024 年非常樂觀。如您所知，今年美國各地的鑽機數量僅減少了 100 台。其中很少有在二疊紀的。因此，我認為，價格上漲的拐點可能比人們意識到的要早，但會比我們希望的要長一點或晚一點。

Do you get the sense that any customers are starting to worry about how they might get a rig back today? And so if they start to look at the back half of '24 and maybe a more optimistic view of gas markets then into '25?

您是否感覺到任何客戶今天開始擔心如何取回設備？因此，如果他們開始關注 24 世紀後半段，也許對 25 世紀天然氣市場持更樂觀的看法？

Yeah, absolutely, Jeff. We've had guys actually have that conversation with us as they're starting to think about 2024. It likely becomes a challenge for them. I think one of the biggest reasons is we talked I think on the last call about how activity in the Haynesville is drifting south and west.

是的，絕對是，傑夫。當人們開始思考 2024 年時，我們確實與我們進行了這樣的對話。這可能對他們來說是一個挑戰。我認為最大的原因之一是我們在上次通話中談到了海恩斯維爾的活動如何向南和向西轉移。

And what's important to note from an equipment standpoint is as it does, it's typically deeper push. All the laterals are getting longer, and that just requires a bigger rig. And if you want to look at some extreme examples, look at what -- I think it's the Comstock that made an announcement earlier this week and what they're doing in the extreme western edge of the Haynesville. This is the stuff over in Texas in Robertson County in that area.

從設備的角度來看，值得注意的是，它通常是更深的推動。所有支管都變得越來越長，這只需要更大的裝備。如果你想看一些極端的例子，看看——我認為是康斯托克本週早些時候宣布的，以及他們在海恩斯維爾最西端所做的事情。這是德克薩斯州羅伯遜縣該地區的情況。

The well results that were published earlier this week, I think, it was 34 million cubic feet a day of gas. That's very similar to what a lot of the E&Ps are seeing in the Haynesville. And then as exciting as that, now they're going to test the deeper [Bolger] bench over there as well. And the reason I point that out is, like I said, remember, the Haynesville as it moves west, it gets deeper, the hook loads get higher. You're talking big equipment, and there's a limited number of those in the industry. Million-pound-type rigs, big setback capacity, things like that. And I think that bodes -- that dynamic along with just the general Haynesville picking up is going to bode really well for contractors that have that kind of equipment. And of course, we're one of them.

我認為本週早些時候發布的油井結果是每天 3400 萬立方英尺的天然氣。這與許多勘探與生產公司在海恩斯維爾看到的情況非常相似。令人興奮的是，現在他們也將測試那邊更深的 [Bolger] 板凳。我指出這一點的原因是，就像我說的，記住，海恩斯維爾號向西移動時，它會變得更深，鉤載荷會更高。你說的是大型設備，而業內的此類設備數量有限。百萬磅級的鑽機，大的挫折能力，諸如此類的東西。我認為這預示著——這種動態以及海恩斯維爾的總體復甦對於擁有此類設備的承包商來說是個好兆頭。當然，我們也是其中之一。

So that plays migrating toward your rigs in terms of the specifications needed.

因此，根據所需的規格，可以向您的鑽機遷移。

Absolutely. The 300 series. Yes, sir.

絕對地。 300系列。是的先生。

So if you mentioned that you anticipate that the lenders will accept the redemption offers. So that really drives or should allow ICD to naturally delever between producing the principal amount of those convertible notes, which also I guess, ultimately decreases the refinancing burden. But also, it appears you should still be able to add cash to the balance sheet. So your leverage profile is that refinance window opens up. It should mention late next year the company's just natural leverage ratio starts to look a lot better and maybe have more opportunities. Is that a fair way to think about it?

因此，如果您提到您預計貸方將接受贖回要約。因此，這確實推動或應該允許 ICD 在生產這些可轉換票據的本金之間自然地去槓桿化，我猜這最終會減輕再融資負擔。而且，看來您仍然應該能夠在資產負債表中添加現金。因此，您的槓桿情況是再融資窗口打開。應該提到的是，明年年底，公司的自然槓桿率開始看起來好多了，也許有更多的機會。這是一個公平的思考方式嗎？

Yeah, I think, certainly, compared to the guidance that we've provided in the past because I think in the past, we had not really spoken much about your and then accept because we didn't know until -- what their plans would be until we saw what they did this quarter and was then accepting those mandatory offers that certainly accelerates kind of the debt paydown that's beginning now as opposed to really in March of next year so.

是的，我認為，當然，與我們過去提供的指導相比，因為我認為過去，我們並沒有真正談論過你的情況，然後接受，因為我們不知道直到 - 他們的計劃會是什麼直到我們看到他們本季度所做的事情，然後接受那些強制性報價，這肯定會加速現在開始的債務償還，而不是明年三月。

Thank you very much.

非常感謝。

Thank you, Jeff.

謝謝你，傑夫。

John Daniel, Daniel Energy Partners.

約翰·丹尼爾，丹尼爾能源合夥人。

Hey, guys. Thank you. Anthony, I apologize. I missed part of the prepared remarks. Can you tell me what the working rig count is today?

大家好。謝謝。安東尼，我道歉。我錯過了部分準備好的發言。您能告訴我今天的工作鑽機數量是多少嗎？

We have 14 rigs today earning revenue at ICD.

目前，我們有 14 台鑽機在 ICD 賺取收入。

Okay. And then, --

好的。進而， -

One of them, it's on their early term -- or on standby rather.

其中之一，是在他們的早期任期——或者說是待命狀態。

Okay, so 14 are turning to the right or 13?

好的，那麼 14 號向右轉還是 13 號向右轉？

13 are turning to the right.

13 正在向右轉向。

Perfect. Okay. And Don asked some pretty good questions. I'm going to follow up with -- add on to his, but I know you mentioned some of the incremental rigs that you're going to deploy likely go to private operators. But I'm curious, you guys are probably pretty busy getting ready for earnings and all that. But if you listen to all of the E&P earnings calls last week and so far this week, the majority of them are saying flat activity, maybe bleeds a little bit lower. And so I'm curious as your sales guys are getting inquiries from customers, how often -- are you catching any disconnects where the E&P's are publicly saying one thing, but they're calling you and asking something else? And obviously, you don't want to give names, but I'm just curious. Your thoughts?

完美的。好的。唐問了一些很好的問題。我將跟進 - 添加他的內容，但我知道您提到了您將要部署的一些增量鑽機可能會交給私人運營商。但我很好奇，你們可能正忙著為收入等做準備。但如果你聽了上周和本週迄今為止所有的勘探與生產財報電話會議，他們中的大多數都表示活動平淡，可能會略有下降。因此，我很好奇，當您的銷售人員收到客戶的詢問時，您是否發現勘探與生產公司公開說一件事，但他們打電話給您並詢問其他事情的情況是否存在任何脫節？顯然，你不想透露姓名，但我只是很好奇。你的想法？

Yeah. No problem, John. I wouldn't say it's a disconnect. I think it's just more of the perspective into the market. We're not working for any of the supermajors today, although we have in the past. And so when we're into these discussions is with large independents and especially on the private side. And the opportunities that we're pursuing with the large independents, for the most part are high-grade opportunities where they have an underperforming rig or a rig that may have lesser capability than a rig that we have we can offer.

是的。沒問題，約翰。我不會說這是一種脫節。我認為這更多的是對市場的看法。儘管過去我們曾為任何一家超級巨頭工作過，但今天我們不再為任何一家超級巨頭工作。因此，當我們進行這些討論時，我們是與大型獨立人士，尤其是私人方面進行討論。我們與大型獨立公司尋求的機會，在大多數情況下都是高級機會，他們擁有表現不佳的鑽機或性能可能低於我們可以提供的鑽機的鑽機。

And those are the opportunities with the independents. Where we do see or where we are seeing the incremental adds is more with the privates, and we talked about that earlier in the call. As I look out over third quarter and certainly by the end of the year where I see three rigs going back to work. Two of those are 300 series rigs that we have that we're working just a couple of months ago.

這些都是獨立人士的機會。我們確實看到或看到增量添加更多的是私人用戶，我們在電話會議的早些時候討論過這一點。展望第三季度，當然到年底，我看到三台鑽機將恢復工作。其中兩台是我們幾個月前才使用的 300 系列鑽機。

We probably put another 200 series out. The question is do we upgrade it or not to 300 series capability, and that's going to depend on the requirement that we're pursuing and whether or not we think we can get paid for it, right? So I wouldn't say there is much of a disconnect. It's just that where we fit into the market with those three classes of customers.

我們可能會再推出 200 系列。問題是我們是否將其升級到 300 系列功能，這將取決於我們追求的要求以及我們是否認為我們可以為此獲得報酬，對嗎？所以我不會說有很大的脫節。這正是我們適應這三類客戶的市場的地方。

Okay. If you go back the last several months, you were probably more clairvoyant than others with respect to the Haynesville rig count where it might trough and if you use [Baker] as your proxy, I think it's low-40s right now and I think it was in the last seven days that, you know, when times were hopping. Where do you think we hit in '24? What would the increase suggest we could be at at '24?

好的。如果你回顧過去幾個月，你可能比其他人更有洞察力，了解海恩斯維爾的鑽機數量可能會觸底，如果你使用[Baker] 作為你的代理，我認為現在是40 左右，我認為你知道，在過去的 7 天裡，時間跳躍著。你認為 24​​ 年我們會打到哪裡？增長表明我們在 24 歲時會達到什麼水平？

Look, if you look at the strip, you listen to what customers say their -- what price they need to stimulate activity. And I can see a dozen rigs easy over there. And that's really ignoring what's happening in that extreme western part of the play, which I described a second ago but just looking at the Haynesville proper that we've all known. I see a dozen (inaudible)

瞧，如果你看一下地帶，你就會聽到顧客怎麼說——他們需要什麼價格來刺激活動。我可以輕鬆地看到那邊有十幾台鑽機。這確實忽略了劇中極端西部部分所發生的事情，我剛才描述過，但只是看看我們都知道的海恩斯維爾本身。我看到十幾個（聽不清）

Okay. And I mean, obviously, that happens if we have a cold winter, things change pretty fast. But the inquiries today don't necessarily put us back to where we were in Q4 '22. That's a fair statement. It's knowing the store early.

好的。我的意思是，顯然，如果我們有一個寒冷的冬天，就會發生這種情況，事情變化得很快。但今天的詢問並不一定會讓我們回到 22 年第四季度的水平。這是一個公平的說法。早知道這家店了。

Correct. But remember your available supply is lower than it was too, so you probably see a bigger pricing response at a lower rig count in the Haynesville than you needed before.

正確的。但請記住，您的可用供應量也比以前要低，因此您可能會在海恩斯維爾的鑽機數量較少的情況下看到比您以前需要的更大的價格反應。

Yeah, awesome. Thank you for very granular answers.

是啊，太棒了。感謝您提供非常詳細的答案。

Thank you, John.

謝謝你，約翰。

Dick Ryan, Colliers.

迪克·瑞安，高力公司。

Thank you. So Anthony, on your strategic initiatives, the technology pathways, where are you in that rollout? Can you provide a little commentary? What's your ultimate goal? Will that help you be in a better position to take some share in the market? Can you just provide a little more commentary on that.

謝謝。那麼，安東尼，關於您的戰略舉措、技術路徑，您在該部署中處於什麼位置？您能提供一點評論嗎？你的最終目標是什麼？這會幫助您更好地佔據市場份額嗎？您能否對此提供更多評論？

Yes, great. I appreciate you let me talk about, Dick. We haven't talked a whole lot about that. Look, like all other industries out there, I mean, we've expected the technology and demands for technology and appreciation for what it's going to do would make its way into oil and gas. And I think it is in a big way. We've chosen over the last couple of years to not get into the arms race of trying to develop this technology ourselves.

對，很好。我很感激你讓我談談，迪克。我們還沒有對此進行太多討論。看起來，就像所有其他行業一樣，我的意思是，我們預計技術和對技術的需求以及對其將要做的事情的欣賞將進入石油和天然氣領域。我認為這是一個很大的問題。在過去的幾年裡，我們選擇不參與自行開發這項技術的軍備競賽。

Part of that just some of the limitations that we have, but we also felt that over time, this would -- there would be a shakeout phase. So our strategy -- stated strategy is that we wanted to be a very fast second mover on this front. But in the meantime, make sure that we have the right platform in place to be able to deploy technology and we do with the AC rigs that we have, especially the control systems over half of our rigs are precise controlled rigs.

部分原因只是我們所面臨的一些限制，但我們也認為，隨著時間的推移，將會出現一個洗牌階段。因此，我們的戰略——明確的戰略是，我們希望成為這方面非常快的第二推動者。但與此同時，請確保我們擁有合適的平台來部署技術，並且我們使用我們擁有的交流鑽機，特別是超過一半的鑽機的控制系統是精確控制的鑽機。

So think about your operating system on your iPhone, you've got to make sure that you have a platform in place to be able to deploy this technology. So as we rolled into 2023, as we were thinking about the business and talking to customers, it was pretty apparent to us that going forward, they are meant to have a technological offering and be able to add to our customers' efforts to be productive, that those are going to increase over the coming years. So we wanted to spend time in 2023 proving what I just described, which was to deploy third-parties technology on our rigs and demonstrate we can create value. Not just for our customers, but also for ICD and our stockholders.

因此，考慮一下 iPhone 上的操作系統，您必須確保擁有一個能夠部署此技術的平台。因此，當我們進入 2023 年時，當我們思考業務並與客戶交談時，我們很明顯地認為，展望未來，他們應該提供技術產品，並能夠幫助我們的客戶提高生產力。 ，這些在未來幾年將會增加。因此，我們希望在 2023 年花時間證明我剛才描述的內容，即在我們的鑽機上部署第三方技術並證明我們可以創造價值。不僅為了我們的客戶，也為了 ICD 和我們的股東。

So I guess the point that I'm trying to make is that that's happening now. We have four of these systems deployed. We've been very lucky because our biggest customer in the Permian Basin has been very supportive of these efforts. So we have a couple of systems that are -- being used on a trial basis. We've got some things around the edges where we are getting paid for this stuff.

所以我想我想要表達的觀點是現在正在發生的事情。我們部署了四個這樣的系統。我們非常幸運，因為我們在二疊紀盆地的最大客戶一直非常支持這些努力。因此，我們有幾個系統正在試用。我們有一些邊緣的東西，我們可以通過這些東西獲得報酬。

Very positive results so far. We have a drill string oscillator. We have some stick/slip mitigation software, back to bottom sequencing. What we're seeing is that all of those things are being mitigated. Trip times are being improved. Where do we think this can go?

到目前為止，結果非常積極。我們有一個鑽柱振盪器。我們有一些粘/滑緩解軟件，從頭到尾排序。我們看到的是所有這些問題都在得到緩解。出行時間正在改善。我們認為這可以去哪裡？

Philip and I sat around and thought about this. Look, we think they're somewhere between $500 and $1,500 a day of the incremental margin that could come to us. Now just like with all contractors, it may not get deployed on every rig that we have operating. But obviously over time, if this thing can prove its value, then customers are going to be willing to pay for it.

菲利普和我坐在一起思考這個問題。看，我們認為我們每天可以獲得的增量利潤在 500 美元到 1,500 美元之間。現在就像所有承包商一樣，它可能不會部署在我們運營的每台鑽機上。但顯然隨著時間的推移，如果這個東西能夠證明它的價值，那麼客戶就會願意為它買單。

And I'm really pleased and proud of the third-party partners that we're working with. I appreciate the customer that we have working with us. We just haven't talked a lot about this over the last couple of years. I didn't want people to think we're not doing anything about it because we have been. It's been very quiet, but it's been very deliberate, but really pleased with what we've been able to show year to date on this front.

我對與我們合作的第三方合作夥伴感到非常高興和自豪。我很感謝與我們合作的客戶。在過去的幾年裡，我們只是沒有過多談論這個問題。我不想讓人們認為我們沒有採取任何行動，因為我們已經採取了行動。雖然很安靜，但也是經過深思熟慮的，但我們對今年迄今為止在這方面所展示的成果感到非常滿意。

Sir, I appreciate the color. Thank you,

先生，我很欣賞這個顏色。謝謝你，

Yes, sir. Thank you, Dick.

是的先生。謝謝你，迪克。

Thank you. And ladies and gentlemen, this concludes your question-and-answer session. I would like to turn the conference back over to the management team for any final remarks.

謝謝。女士們、先生們，問答環節到此結束。我想將會議轉回給管理團隊以發表最後的評論。

We appreciate that. I want to thank everybody for making time to participate in today's call and giving us the opportunity to update you and talk about the exciting things going on here. Best wishes to all of you for safety and prosperity until we talk again. With that, we'll close out. Thank you.

我們對此表示讚賞。我要感謝大家抽出時間參加今天的電話會議，讓我們有機會向您介紹最新情況並談論這裡發生的令人興奮的事情。祝愿大家安全、繁榮，直到我們再次交談。這樣，我們就結束了。謝謝。

Thank you, sir. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.

謝謝你，先生。今天的電話會議到此結束。我們感謝大家參加今天的演講。您現在可以斷開線路並度過美好的一天。