Intrepid Potash Inc (IPI) 2025 Q3 法說會逐字稿

Thank you for standing by. This is your conference operator. Welcome to the Intrepid Potash, Inc. third quarter 2025 results conference call. (Operator Instructions) The conference is being recorded.

感謝您的耐心等待。這是您的會議接線生。歡迎參加 Intrepid Potash, Inc. 2025 年第三季業績電話會議。（操作員指示）會議正在錄音。

(Operator Instructions) I would now like to turn the conference over to Evan Mapes, Investor Relations. Please go ahead.

（操作員指示）現在我將把會議交給投資者關係部門的埃文·梅普斯。請繼續。

Good morning, everyone. Thank you for joining us to discuss and review Intrepid's third quarter 2025 results. With me today is Intrepid's CEO, Kevin Crutchfield; and CFO, Matt Preston. During the Q&A session, our VP of Sales and Marketing, Zachry Adams will also be available.

各位早安。感謝您參加本次會議，共同探討並回顧 Intrepid 公司 2025 年第三季業績。今天陪同我的是 Intrepid 的執行長 Kevin Crutchfield 和財務長 Matt Preston。在問答環節，我們的銷售和行銷副總裁扎克里·亞當斯也將出席。

Please be advised that comments we'll make today include forward-looking statements as defined by US securities laws. These are based upon information available to us today and are subject to risks and uncertainties that are more fully described in the reports we file with the SEC. These risks and uncertainties could cause Intrepid's actual results to be different from those currently anticipated, and we assume no obligation to update them. During today's call, we will also refer to certain non-GAAP financial and operational measures. Reconciliations to the most directly comparable GAAP measures are included in yesterday's press release and are available at intrepidpotash.com.

請注意，我們今天發表的評論包含美國證券法定義的前瞻性陳述。這些預測是基於我們目前掌握的信息，但存在風險和不確定性，這些風險和不確定性在我們向美國證券交易委員會提交的報告中進行了更詳細的描述。這些風險和不確定性可能導致 Intrepid 的實際業績與目前預期的業績有所不同，我們不承擔更新這些業績的義務。在今天的電話會議中，我們也將提及一些非GAAP財務和營運指標。與最直接可比較的 GAAP 指標的調整表已包含在昨天的新聞稿中，也可在 intrepidpotash.com 上查閱。

I'll now turn the call over to our CEO, Kevin Crutchfield.

現在我將把電話交給我們的執行長凱文·克拉奇菲爾德。

Thank you, Evan, and good morning, everyone. We appreciate your interest and attendance for today's earnings call. I'm pleased to report that Intrepid sustained its strong financial performance in the third quarter. This was highlighted by a net income of $3.7 million and adjusted EBITDA of $12 million, which compares to a net loss of $1.8 million and adjusted EBITDA of $10 million last year.

謝謝你，埃文，大家早安。感謝您對今天財報電話會議的關注與出席。我很高興地報告，Intrepid 在第三季保持了強勁的財務表現。其中最引人注目的是淨收入 370 萬美元和調整後 EBITDA 1,200 萬美元，而去年同期淨虧損 180 萬美元，調整後 EBITDA 為 1,000 萬美元。

Outside of the record pricing we saw in 2022, our year-to-date adjusted EBITDA of $45 million represents our best start since 2015. I'd like to take the time on our call to specifically recognize all of our employees and congratulate them on this excellent set of results, both for this quarter and year-to-date.

除了 2022 年創紀錄的價格之外，我們今年迄今為止的調整後 EBITDA 為 4500 萬美元，是自 2015 年以來最好的開局。我想藉此機會特別表揚我們所有的員工，並祝賀他們在本季和今年迄今取得的優異成績。

Our strong results were primarily driven by two key factors: first, higher pricing in Potash and Trio as we realize the entirety of the first half increases in both segments in quarter 3. And second, our higher production over the past year has led to better unit economics.

我們強勁的業績主要得益於兩個關鍵因素：首先，鉀肥和三元鉀肥的價格上漲，因為我們在第三季度實現了上半年這兩個業務板塊的全部增長。其次，過去一年我們更高的產量帶來了更好的單位經濟效益。

Both Potash and Trio improved our cost of goods sold per ton by low-single-digit percentages during the quarter and year-to-date our Potash cost of goods sold improved by 9% to $327 per ton, while in Trio, the same figure improved by 15% to $238 per ton.

本季度，鉀肥和 Trio 的每噸銷售成本均以個位數百分比的低位改善，年初至今，鉀肥的每噸銷售成本改善了 9%，達到 327 美元，而 Trio 的每噸銷售成本改善了 15%，達到 238 美元。

For Trio, specifically, our production has been consistently exceeding our expectations quarter after quarter, and we're confident we can continue to sustain these higher run rates, which should further improve our unit economics in 2026.

具體來說，就 Trio 而言，我們的產量每季都持續超出預期，我們有信心能夠繼續保持較高的生產力，這將進一步改善我們在 2026 年的單位經濟效益。

Turning to market commentary. While sentiment in US agriculture had softened over the past few months, there are some green shoots emerging. This was, of course, highlighted by last week's trade deal with China, which included soybean purchase commitments and yesterday's follow-through where they also confirmed they would remove retaliatory tariffs on certain US farm goods including soybeans.

接下來是市場評論。儘管過去幾個月美國農業市場情緒有所疲軟，但一些復甦的跡像已經顯現。當然，上週與中國達成的貿易協議突顯了這一點，該協議包括大豆購買承諾，而昨天雙方的後續行動也證實，他們將取消對包括大豆在內的某些美國農產品徵收的報復性關稅。

While China soybean purchase commitments essentially put our exports back to historical levels, when those are combined with much higher recent domestic soybean crush, the total domestic soybean use has the potential to again reach recent historical highs. This, in turn, could also provide some relief for corn if we get lower planted acres next spring although corn exports have remained very strong regardless.

雖然中國的大豆採購承諾基本上使我們的出口恢復到歷史水平，但如果再加上近期國內大豆壓榨量大幅增加，國內大豆總消費量有可能再次達到近期歷史高點。如果明年春天玉米種植面積減少，這反過來也可能緩解玉米價格上漲的壓力，儘管玉米出口仍然非常強勁。

In summary, the US agriculture landscape is certainly looking better, which is also evidenced by corn and soybean futures, both now being up by 15% since August lows. For the broader Potash market, global supply and demand remains relatively balanced where demand in key international markets has been resilient throughout the year.

總而言之，美國農業情況無疑正在好轉，玉米和大豆期貨價格也證明了這一點，兩者自 8 月低點以來均上漲了 15%。就更廣泛的鉀肥市場而言，全球供需仍然相對平衡，主要國際市場的需求全年都保持韌性。

Given the lack of significant additional potash supply until mid-2027, we think the market will continue to see pricing support for the foreseeable future. Furthermore, potash is currently trading at similar levels to where it was this time in 2023, offering good relative value compared to other fertilizers.

鑑於到 2027 年年中之前鉀肥供應量不會大幅增加，我們認為在可預見的未來，鉀肥市場價格將繼續得到支撐。此外，鉀肥目前的交易價格與 2023 年同期水準相近，與其他化肥相比具有良好的相對價值。

Putting this together, we remain constructive on our sales volumes and pricing as we wrap up the year, and we'll continue to prioritize selling into our highest netback markets. Before passing the call on to Matt, I'll end my remarks with a couple of operational highlights.

綜上所述，我們對今年的銷售量和定價仍然保持樂觀，並將繼續優先考慮向淨收益最高的市場銷售產品。在將電話轉給馬特之前，我以幾個操作亮點作為我發言的結尾。

In potash, we're still working on the permitting and evaluation process for the AMAX Cavern at our HB facility and hope to have our permitting efforts wrapped up in the first quarter of 2026, which is consistent with the time line we outlined in the last earnings call.

在鉀肥方面，我們仍在推動位於 HB 工廠的 AMAX Cavern 的許可和評估流程，並希望在 2026 年第一季完成許可工作，這與我們上次財報電話會議中概述的時間表一致。

In Trio, as I alluded to earlier, our financial and operating performance continues to exceed expectations. This has largely been driven by the two new continuous miners we placed into service in the second half of '23 as well as the restart of our fine langbeinite recovery circuit.

正如我之前提到的，在 Trio，我們的財務和營運表現持續超出預期。這主要得益於我們在 2023 年下半年投入使用的兩台新的連續採礦機，以及我們精細鉀鎂礬回收迴路的重啟。

In addition, in January 2026, we expect to take delivery of another continuous miner, which will further improve our mining rates and continue our trend of year-over-year production increases.

此外，我們預計將於 2026 年 1 月接收另一台連續採礦機，這將進一步提高我們的採礦效率，並延續我們逐年提高產量的趨勢。

Accordingly, we now forecast our quarterly Trio production will be in the range of 70,000 to 75,000 tons for 2026, and our team is continuing to challenge itself to find even more tons through improved mining efficiencies and increased mill recoveries.

因此，我們現在預測，到 2026 年，我們的 Trio 季度產量將在 70,000 至 75,000 噸之間，我們的團隊正在不斷挑戰自我，透過提高採礦效率和提高選礦廠回收率來尋找更多的噸位。

Higher production should drive another year of record Trio sales volumes for Intrepid. And given that Trio pricing is close to parity with potash, this will also help to offset the modestly lower 2026 potash production guidance we gave on the last earnings call.

更高的產量應該會推動 Intrepid 公司今年的 Trio 銷售再創紀錄。鑑於 Trio 的價格與鉀肥的價格接近，這也將有助於抵消我們在上次財報電話會議上給出的略微下調的 2026 年鉀肥產量預期。

Overall, Intrepid continues to deliver solid financial results and the recent improvements in US ag markets is certainly a positive development. Looking ahead, we'll remain focused on strong operational execution, improving our margins and free cash flow through the cycle. As the only domestic producer of potash, we'll prioritize our investments into our core business to fully capitalize on our multi-decade reserve lives.

總體而言，Intrepid 繼續取得穩健的財務業績，而美國農業市場近期的改善無疑是一個積極的進展。展望未來，我們將繼續專注於強有力的營運執行，在整個週期內提高利潤率和自由現金流。作為國內唯一的鉀肥生產商，我們將優先投資於核心業務，以充分利用我們長達數十年的儲量壽命。

So with that, I'll now turn the call over to Matt. So please go ahead.

那麼，接下來我將把電話交給馬特。請繼續。

Thank you, Kevin. Starting with our Potash segment. We delivered another quarter of solid results, primarily underpinned by improved pricing and higher sales volumes. Our Q3 average net realized sales price for potash totaled $381 per ton as we fully capture the approximately $60 per ton increase for sales into agriculture markets compared to the first quarter.

謝謝你，凱文。首先從鉀肥部分開始。我們又取得了一季穩健的業績，這主要得益於價格的改善和銷售量的成長。由於與第一季相比，我們充分獲得了農業市場銷售價格每噸約 60 美元的成長，因此我們第三季鉀肥的平均淨實現銷售價格總計為每噸 381 美元。

Compared to the prior year, our higher sales volumes of 62,000 tons in the third quarter were driven by the increase in production over the past 12 months.

與去年同期相比，第三季銷量成長至 62,000 噸，這主要得益於過去 12 個月產量的增加。

As we noted on last quarter's call, during the third quarter, we did delay our production at HB with the goal of maximizing late season evaporation, which was the reason for our third quarter potash production decreasing to 41,000 tons.

正如我們在上個季度電話會議上提到的那樣，在第三季度，我們推遲了HB的生產，目的是最大限度地利用季末蒸發，這也是我們第三季度鉀肥產量下降到41000噸的原因。

Despite the reduced production, we're still experiencing solid year in economics in potash particularly when you consider the other revenue streams of salt, magnesium chloride, and brine that enhance our cash flows.

儘管鉀肥產量有所下降，但今年鉀肥業務的經濟效益依然穩健，尤其是考慮到鹽、氯化鎂和鹽水等其他收入來源能夠增強我們的現金流。

In terms of segment gross margin, our Q3 figure of $6.3 million was approximately $2.2 million higher than last year. And year-to-date, our segment gross margin totaled $13.6 million, which compares to $13 million in the same prior year period. Due to the above average rain at HB in the summer of 2025, we expect our annual potash production next year to be in the range of 270,000 to 280,000 tons.

就業務部門毛利率而言，我們第三季的毛利率為 630 萬美元，比去年同期高出約 220 萬美元。今年迄今為止，我們部門的毛利總額為 1,360 萬美元，而去年同期為 1,300 萬美元。由於 2025 年夏季 HB 的降雨量高於平均水平，我們預計明年鉀肥年產量將在 27 萬至 28 萬噸之間。

Moving on to Trio. In the third quarter, we sold 36,000 tons at an average net realized sales price of $402 per ton. The strong pricing was driven by the continuation of supportive potash values and improved realization of low chloride pricing premiums in key markets and also reflects realization of first half price increases which totaled approximately $60 per ton since the start of the year.

接下來是三重奏。第三季度，我們售出了 36,000 噸，平均淨實現售價為每噸 402 美元。鉀肥價格持續走強，主要市場低氯化物價格溢價改善，同時，今年上半年價格上漲的成果也得以實現，自年初以來，價格累計上漲約 60 美元/噸。

As for the lower Q3 Trio sales volumes, that was driven by two factors. First, our Trio demand was heavily weighted to the first half of 2025 and where we sold a record 181,000 tons and second, normal seasonality as customers focus exclusively on third quarter application needs.

第三季 Trio 銷售量下降，主要受兩個因素影響。首先，我們的 Trio 需求主要集中在 2025 年上半年，我們創紀錄地售出了 181,000 噸；其次，由於客戶只關注第三季度的應用需求，因此存在正常的季節性因素。

Last week, we announced the Trio fill program, where we reduced our reference pricing by $35 per ton for orders placed through the end of October, with pricing after the order period back up $25 to match levels seen during the spring season. We saw a very good subscription from our customers in the fill and expect to end the year with good sales momentum.

上週，我們宣布了 Trio 填充計劃，將 10 月底前下的訂單的參考價格每噸降低了 35 美元，訂單期結束後價格將回升 25 美元，以達到春季的水平。我們看到客戶訂閱量非常可觀，預計年底銷售動能。

Our East mine production rates and mill recoveries continue to exceed expectations in the quarter with Trio production of 70,000 tons, again driving solid unit economics. Trio's COGS per ton totaled $257 in Q3, which compares to $272 per ton last year and $235 per ton in the second quarter of 2025, with the sequential increase in Q3 attributable to a higher mix of premium Trio sales, which have a higher carrying cost relative to our other products.

本季度，我們東部礦山的生產率和選礦廠的回收率繼續超出預期，其中 Trio 礦山的產量為 7 萬噸，再次推動了穩健的單位經濟效益。Trio 第三季每噸的銷售成本總計為 257 美元，而去年同期為每噸 272 美元，2025 年第二季為每噸 235 美元。第三季較上季成長的原因是高階 Trio 銷售佔比更高，而高階 Trio 的持有成本相對於其他產品而言更高。

Overall, a combination of operational efficiencies, improving unit economics, and higher pricing have driven a significant improvement in our Trio results. Our Q3 gross margin of $4.4 million was approximately $4 million higher than last year. And through the first three quarters, our gross margin totaled approximately $23 million, which compares to $1.6 million in the same prior year period.

總體而言，營運效率的提高、單位經濟效益的改善以及價格的上漲，共同推動了我們 Trio 業績的顯著提升。我們第三季的毛利為 440 萬美元，比去年同期高出約 400 萬美元。前三個季度，我們的毛利總計約為 2,300 萬美元，而去年同期為 160 萬美元。

This is truly a step change in operating performance that we expect to not only maintain but continue to improve upon in 2026. For next year, we expect our Trio production to be in the range of 285,000 to 295,000 tons, which we expect will also drive a 5% to 7% improvement in our per unit costs and deliver another year of very solid margins.

這確實是營運績效的重大變革，我們預計在 2026 年不僅能夠維持，而且還能繼續改進。預計明年我們的 Trio 產量將在 285,000 至 295,000 噸之間，預計這將使我們的單位成本降低 5% 至 7%，並帶來另一年非常穩健的利潤率。

In Oilfield Solutions, lower water sales and oilfield activity reduced our gross margin in the quarter with water significantly lower, mostly due to last year's Q3 having the largest frac job in company history. Despite the dip in Q3, our year-to-date revenues and profitability on the South Ranch have mostly been consistent with recent historical performance. While not included in our segment results, I want to highlight another strategic sale of land on our South Ranch in the third quarter, where we sold approximately 95 fee acres for a gain of $2.2 million.

在油田解決方案方面，由於水銷售量和油田活動減少，導致本季毛利率下降，其中水銷售量大幅下降，這主要是因為去年第三季公司史上最大的壓裂作業。儘管第三季有所下滑，但我們今年迄今在南牧場的收入和盈利能力與近期的歷史業績基本保持一致。雖然這筆交易並未計入我們的分部業績，但我還是要重點介紹一下我們在第三季度對南牧場進行的另一筆戰略性土地出售，我們出售了約 95 英畝的土地，獲利 220 萬美元。

These sales, while infrequent, highlight the strategic value of our ranch in New Mexico, and we will continue to pursue options to monetize our land position in the Delaware Basin. As for fourth quarter sales and pricing guidance, in Potash, we expect our sales volumes to be between 50,000 to 60,000 tons at an average net realized sales price in the range of $385 to $395 per ton.

雖然此類交易並不頻繁，但凸顯了我們在新墨西哥州的牧場的戰略價值，我們將繼續尋求各種途徑，將我們在特拉華盆地的土地資產變現。至於第四季的銷售和定價預期，鉀肥方面，我們預計銷售量將在 5 萬至 6 萬噸之間，平均淨實現銷售價格在每噸 385 至 395 美元之間。

Compared to last year's fourth quarter, our Q4 volume should be roughly in line with pricing up approximately $45 per ton as our geographic advantage, diverse sales mix, and limited sales into the corn belt are expected to insulate us from a potential slower start to the fall season.

與去年第四季相比，我們的第四季銷量應該大致持平，價格上漲約 45 美元/噸，因為我們的地理優勢、多樣化的銷售組合以及對玉米帶有限的銷售預計將使我們免受秋季開局放緩的影響。

For Trio, we expect our fourth quarter sales volumes to be between 80,000 to 90,000 tons at an average net realized sales price in the range of $372 to $382 per ton.

對於 Trio，我們預計第四季銷售將在 8 萬至 9 萬噸之間，平均淨實現銷售價格在每噸 372 至 382 美元之間。

Compared to last year's fourth quarter, our Trio volumes are expected to be almost 60% higher after the very good subscription to the fill program with pricing up roughly $45 per ton, and we expect this sales momentum will again carry into the spring season.

與去年第四季度相比，由於填充計劃的良好響應，價格上漲了約 45 美元/噸，我們的 Trio 銷量預計將增長近 60%，我們預計這種銷售勢頭將再次延續到春季。

For our 2025 capital program, we expect our spend will be in the range of $30 million to $34 million. Our 2025 spend includes approximately $5 million related to the HB AMAX Cavern with the balance directed to other sustaining projects across our Potash and Trio operations.

對於我們的 2025 年資本計劃，我們預計支出將在 3,000 萬美元至 3,400 萬美元之間。我們 2025 年的支出包括與 HB AMAX 洞穴相關的約 500 萬美元，其餘部分將用於我們鉀肥和 Trio 業務的其他維持性項目。

Overall, we're pleased with our year-to-date results and encouraged by the outlook. While we've had some pricing tailwinds this year in both Potash and Trio, much of the success has also been driven by the operational improvements we put into place, particularly at our East mine.

總體而言，我們對今年迄今的業績感到滿意，並對前景感到鼓舞。雖然今年鉀肥和三元鉀肥的價格都出現了一些利好因素，但大部分成功也得益於我們實施的營運改善措施，尤其是在我們的東部礦區。

Moreover, our debt-free balance sheet and cash position of roughly $74 million continues to put Intrepid in a position of strength and we're looking forward to a very strong finish to the year. Operator, we're now ready for the Q&A portion of the call.

此外，我們無債務的資產負債表和約 7,400 萬美元的現金儲備繼續使 Intrepid 處於強勁的地位，我們期待今年能取得非常強勁的業績。接線員，我們現在準備進入問答環節。

(Operator Instructions) Vincent Andrews, Morgan Stanley.

（操作說明）文森特·安德魯斯，摩根士丹利。

This is Justin Pellegrino on for Vincent. I just wanted to touch on the AMAX Cavern and the permits. Can you give us an idea of what the CapEx would be associated with the injection well in the pipeline should those permits be obtained?

這是賈斯汀·佩萊格里諾替補文森特上場。我只想簡單談談 AMAX 洞穴和許可證的問題。如果獲得相關許可，您能否大致估算一下管道中註入井的資本支出是多少？

And then within the overall capital allocation priorities for next year, I imagine this is impacting your decisions and how you're planning on going forward. But can you just give us an idea of where that falls within the potential for returning any other excess cash back to shareholders or any other projects that you might be taking on?

然後，在明年的整體資本配置優先事項中，我認為這會影響您的決策以及您未來的計劃。但您能否簡要說明一下，這筆資金在向股東返還其他盈餘現金或您可能正在進行的其他項目中處於什麼位置？

Yes. Thanks for the question, Justin. As we continue to evaluate the HB AMAX Cavern, if you recall, that capital will be spread out over a couple of years. Certainly disappointed that the cavern didn't have brine when we got the injection well or the extraction well, excuse me, drilled in the summer of '25. But as we evaluate it, I mean, the capital spend, it will really just kind of like I said, I mean, be over a couple of years.

是的。謝謝你的提問，賈斯汀。當我們繼續評估 HB AMAX Cavern 計畫時，如果您還記得的話，這筆資金將分幾年投入。1925 年夏天，當我們鑽探注水井或抽水井時，發現洞穴裡沒有鹽水，這讓我們非常失望。但當我們評估它時，我的意思是，資本支出，就像我剛才說的，真的會持續幾年時間。

And kind of how that plays out is something we'll have a little more color on here as we get to the first part of the year. I mean, Kevin, I'll let you touch on the capital.

至於事情最終會如何發展，我們將在今年上半年進行更詳細的探討。我的意思是，凱文，我會讓你談談首都的事。

Yes. Yes, Justin. Thanks for your question on capital returns. I mean, I think the answer is consistent with the past. What we're really aimed at doing is continuing to reinvest in these core assets like we talked about before, to establish a position of resiliency, consistency, predictability, et cetera.

是的。是的，賈斯汀。感謝您提出關於資本回報的問題。我的意思是，我認為這個答案與以往的判斷是一致的。我們真正的目標是繼續像之前討論的那樣，對這些核心資產進行再投資，以建立韌性、穩定性、可預測性等等。

So you've got repeatable results year-over-year-over-year. I think once we get to that point and are generating predictable steady free cash flows and cash flows, then that's when we can enter a period of what does a capital return policy begin to look like.

這樣一來，你就能獲得年復一年可重複的結果。我認為，一旦我們達到那個階段，能夠產生可預測的穩定自由現金流和現金流，那麼我們就可以進入一個時期，探討資本回報政策應該是什麼樣子。

And as we've said before, it's something that the Board registers very clearly and squarely with them, and it's something we talk about routinely. So I hate to give you the same answer, but it is the same answer. And we're kind of on the path as we begin to examine that going forward.

正如我們之前所說，董事會對此有非常明確和堅定的認識，這也是我們經常談論的事情。我很不想給你同樣的答案，但答案確實是一樣的。我們現在正走在這條路上，開始著手研究這個問題。

Lucas Beaumont, UBS.

盧卡斯·博蒙特，瑞銀集團。

So farmer economics has sort of been pressured in the US. There have been concerns around demand destruction kind of across some of the nutrients. So I just wanted get your view on sort of how your order book is looking for both Potash and Trio and if you're seeing any indications of that at all? Or it seems like a nonissue in terms of cost cutting from the growers so far?

因此，美國的農民經濟狀況受到了一定壓力。有人擔心某些營養素的需求會受到抑制。所以我想了解一下您對鉀肥和三元鉀肥的訂單情況有什麼看法，以及您是否觀察到任何相關跡象？或者說，就目前來看，種植者削減成本似乎不是個問題？

Lucas, this is Zachry. I appreciate the question. I think first on Trio, as Matt noted in his remarks, we saw a really good response to the fill program we released last week there. So order book looks really strong on that front, and we're really fully committed for fourth quarter at this point there.

盧卡斯，這是紮克里。感謝您的提問。我認為首先在 Trio 頻道，正如 Matt 在他的發言中所提到的，我們上週發布的填充程序得到了非常好的反響。因此，這方面的訂單情況看起來非常強勁，目前我們已經完全投入第四季的訂單。

And then on the potash side, a similar story. Order book looks good. We're almost fully committed here for the fourth quarter versus our guidance values. And -- and the one thing I'll highlight is just the diversity of our potash mix between our feed sales, industrial, and the geographies that we focus on. So that insulates us a bit if there is a slower start, as Matt said, to demand for fall in the Corn Belt, for example, and we feel good about where we're sitting today.

鉀肥方面的情況也類似。訂單情況良好。我們第四季的業績幾乎完全達到了預期目標。還有一點我要重點強調的是，我們的鉀肥產品組合非常多樣化，涵蓋了飼料銷售、工業用途以及我們重點關注的地區。因此，如果像馬特所說的那樣，秋季玉米帶的需求開始放緩，這可以為我們帶來一些緩衝，例如，我們對目前的處境感到滿意。

Great. And I guess just as a follow-up then on the new well at AMAX. So I guess, could you maybe just give us a bit more detail around I guess, what the pathway forward would be. So if you get kind of -- if you get the permit in the first quarter, like when would you kind of look to sort of execute on that? And then what would sort of be the next steps if that's either successful or sort of not successful to then continue kind of moving the project forward?

偉大的。那麼，我想就 AMAX 的新井做個後續跟進。所以我想，您能否再詳細地給我們介紹一下，未來的發展方向是什麼？所以，如果你在第一季就拿到了許可證，你會什麼時候開始著手執行呢？那麼，如果成功或不成功，下一步該怎麼做才能繼續推進專案呢？

Yes. I look to provide a little more color, Lucas. I mean depending on the permitting, we did the extraction well. It's about $5 million we spent on that. There's certainly a little more work to completely put that in service with pipeline.

是的。盧卡斯，我想增添一些色彩。我的意思是，在獲得許可的情況下，我們的開採工作做得很好。我們在那上面花了大約500萬美元。當然，要完全透過管道投入使用，還需要做一些工作。

It'll only depend on timing of permitting and when we want to put the injection well in and what that time looks like to get that cavern full. When it comes to an injection well, it's about $5 million to $6 million for the well, a few million dollars for injection pipeline.

這完全取決於許可證的審批時間，以及我們何時想要打入註水井，以及需要多長時間才能將洞穴注滿。就注水井而言，井本身造價約 500 萬至 600 萬美元，注水管造價約數百萬美元。

But as far as exact timing of when that will spend and when that final completion capital around the extraction well will happen, that's something that I just will have more color on here as we get a little more clarity on permitting into the first part of 2026.

但至於何時支出以及何時完成油井開採的最終收尾資金的具體時間安排，隨著 2026 年上半年許可審批情況的逐漸明朗，我將在此提供更多詳細信息。

Great. And then just, I guess, while the potash volumes are kind of going to be impacted and be a bit lower heading into '26 in the near term, when should we sort of start to see the negative kind of cost absorption there flowing through? I don't know if you can kind of give us a view on sort of what portion of your cost base there in potash, you sort of view as fixed versus durable maybe to kind of help with that as well.

偉大的。然後，我想，雖然鉀肥產量在短期內會受到影響，到 2026 年會略有下降，但我們什麼時候才能開始看到負面成本吸收的跡象呢？我不知道您能否大致談談您認為鉀肥成本中固定成本和耐用成本的比例，這或許也能對我們有所幫助。

Yes. I mean given the slightly lower production guide here in '26, we'll start to see, all else equal, some higher cost per ton here in the first quarter as we start to start harvesting the tons that were laid down in our ponds in the summer of '25. I think it's probably 5% to 7% increase for the full year cost per ton for potash compared to '25, which we're pleased is kind of offset by that improvement in our Trio segment.

是的。我的意思是，鑑於 2026 年的產量預期略有下降，在其他條件相同的情況下，我們將在第一季看到每噸成本上升，因為我們開始收穫 2025 年夏天沉積在池塘中的噸數。我認為與 2025 年相比，全年每噸鉀肥成本可能會上漲 5% 到 7%，但我們很高興 Trio 板塊的改善在一定程度上抵消了這一漲幅。

All right. And then I guess just in Trio, I mean you mentioned at the start that the pricing there has continued to be very attractive and they're sort of trading kind of in line with potash at the moment. How do you kind of see that dynamic that are playing out as we sort of move through 2026?

好的。然後我想，就 Trio 而言，我的意思是，你一開始就提到，那裡的價格一直非常有吸引力，而且它們目前的交易價格與鉀肥的價格大致相同。您如何看待我們邁入 2026 年之際，這種動態將如何發展？

Yes. Lucas, I think we continue to see strength on Trio, and it's really due to the components of that product. Obviously, kind of year-to-date, we've seen strength across the potassium markets. And not just on the potash side as well on the SOP side, too, where we're seeing a greater realization of that low chloride K value in the Trio.

是的。Lucas，我​​認為Trio繼續保持強勁勢頭，這完全歸功於該產品的成分。顯然，今年以來，鉀肥市場整體表現強勁。不僅在鉀肥方面，在硫酸鉀方面也是如此，我們在三合一肥料中也看到了低氯化物 K 值的更大實現。

And then kind of pivoting over to the sulfate component of Trio, we did see a bit of a seasonal adjustment in the summer as expected. But just looking at sulfur values overall, they're starting to trend back up here in the fall, and we think that provides support going into Trio into 2026 as well.

然後，我們稍微轉向 Trio 的硫酸鹽成分，正如預期的那樣，我們在夏季看到了一些季節性調整。但從整體上看硫含量，它們在秋季開始呈現回升趨勢，我們認為這也為 Trio 在 2026 年的發展提供了支撐。

Great. And then just lastly on Oilfield Services, I mean, it's sort of in a tough water sales environment there that you called out with the low activity levels in the quarter. So how is kind of -- is the fourth quarter kind of tracking the same?

偉大的。最後，關於油田服務，我的意思是，正如你所說，該季度的水務銷售環境比較艱難，業務活動水準較低。那麼第四季的情況如何？ ——第四季的情況是否與第一季基本相同？

And I guess, how should we kind of think about the outlook there for that business into '26, both on the sale side and I mean like you saw, you saw a fair bit of margin pressure there in the quarter as well, which I'm assuming the bulk of that is probably tied to the sales decline.

那麼，我們該如何看待該業務到 2026 年的前景呢？無論是銷售方面，還是正如你所看到的，本季利潤率也面臨相當大的壓力，我估計這其中大部分壓力可能與銷售額下降有關。

But I mean, if there's anything else there to maybe roll out for us to kind of just help frame how we should think about the potential earnings if we're sort of running at a lower sort of sales level kind of going into next year?

但我的意思是，如果還有其他什麼可以推出來幫助我們思考，如果我們明年的銷售水準較低，我們該如何看待潛在的收益，那會怎麼樣呢？

Yes. I mean Q3 was certainly quite a bit lower, particularly when we compare it against last year's record frac. I mean, we're very exposed to kind of the drilling activity that's on our feed land there, and it's really kind of feast or famine with some of those bigger drilling jobs.

是的。我的意思是，第三季肯定要低很多，特別是與去年創紀錄的分數相比。我的意思是，我們很容易受到飼料地上鑽探活動的影響，而一些大型鑽探計畫真的會帶來豐收或歉收。

As we look into Q4, we certainly expect it to be down a bit compared to what we saw in the first half of the year, where we were pretty consistent margins around $1.3 million and $1.6 million. So some improvement over Q3, but we see still a slower water environment here in the fourth quarter and likely into the first part of '26.

展望第四季度，我們預期其利潤率肯定會比上半年有所下降，上半年我們的利潤率一直穩定在 130 萬美元到 160 萬美元之間。所以比第三季有所改善，但我們認為第四季水環境仍然較為緩慢，而且這種情況可能會持續到 2026 年上半年。

Jason Ursaner, Bumbershoot Holdings.

Jason Ursaner，Bumbershoot Holdings。

Just for Kevin, it's been, I guess, nearly a role since your were -- nearly a year since you were announced in the CEO role. But I think you've been pretty clear on the priority in terms of consistency of earnings, sustainability.

對凱文來說，我想，自從你被任命為執行長以來，已經差不多一年了。但我認為你已經非常明確地表明了盈利穩定性和可持續性的優先事項。

Just looking at the results, it does feel like a lot of that work to get back to structural profitability, at least the heavy lifting is kind of either done or kind of on the path. So I guess, in your mind, what else sort of -- what are the big steps that you're looking for to kind of get you there?

僅從結果來看，感覺要恢復結構性獲利能力，很多工作已經完成，或至少朝著這個方向努力。所以我想，在你看來，你還希望透過哪些重大步驟來實現這個目標？

Well, I mean, the focus has been intense just around the core assets. And look, I'll tell you that while we're posting more consistent, more reliable results, we're still not pleased with where we are. We think there's more work to be done, and we're going to continue that work because what we'd like to do is continue to take costs out of the system move ourselves down the cost curve. Some of that comes from the removal of cost that you can avoid because some of that comes through tweaking the volumes.

我的意思是，我們一直非常重視核心資產。而且，我必須告訴你，雖然我們發布的數據越來越穩定、越來越可靠，但我們對現狀仍然不滿意。我們認為還有更多工作要做，我們將繼續這項工作，因為我們想做的是繼續降低系統成本，使我們自身的成本曲線向下移動。部分節省來自於成本的降低，而部分節省來自於音量的調整。

And I'd like to just specifically recognize the Trio team for the work that they're doing at our East mine, have been dramatic improvements there over the last year. And I think they'll continue to outperform going into next year.

我還要特別表揚 Trio 團隊，感謝他們在過去一年為我們東部礦區所做的工作，那裡的情況有了顯著改善。我認為他們明年仍將繼續保持優異表現。

We've still got some work to do on the potash side. We had the AMAX disappointment and then the weather at the end of the year that kind of threw a little bit of a ranch into early part of next year, but we'd like to get that back on track and kind of get back over that magic 300,000 ton mark and even a little higher.

我們在鉀肥方面還有一些工作要做。我們遭遇了 AMAX 的挫折，然後年底的天氣又把一些牧場的運營推遲到了明年年初，但我們希望能夠重回正軌，重新突破 30 萬噸的里程碑，甚至更高一些。

So while we're pleased with what has been done, there still is more work to do to achieve that resilient, predictable, as you just said, structural reliability.

所以，雖然我們對已經取得的成就感到滿意，但要實現您剛才所說的具有韌性、可預測性的結構可靠性，還有更多的工作要做。

So that continues to be job one. And once we feel reasonably satisfied that we've accomplished that, then we can start to think about where we go from here. So bottom line is pleased with progress to date, but we still have more work to do and look forward to reporting out on those results in the coming quarters.

所以，這仍然是首要任務。一旦我們對已經完成這個目標感到相當滿意，那麼我們就可以開始考慮下一步該怎麼做了。總的來說，我們對迄今為止的進展感到滿意，但我們還有更多的工作要做，期待在接下來的幾季中報告這些結果。

And in terms of the capital allocation stuff, I mean, is it waiting to see it? Or is it kind of a linear thing where, I guess, or is it -- at what point you kind of feel like it's in the works sort of, I guess, is where I'm trying to go, is it just obviously sitting with a pretty big percentage of your market cap in cash. So the commentary on waiting for capital returns, just sort of how does that go together?

至於資本配置方面，我的意思是，是不是要觀望一下？或者說，這是一個線性過程，我想，或者說——當你感覺它正在醞釀之中的時候，我想，這就是我想表達的，它顯然是以相當大比例的市值持有現金。那麼關於等待資本回報的評論，究竟是如何連結起來的呢？

Yes, the nature of this business and a lot of businesses, you can make a capital investment and see the result in a week. Here, it can take a year or two before that stuff starts to play out, just given the long-dated nature of largely the evaporation seasons and our -- the impact that weather can have on us.

是的，這個行業的性質以及許多其他行業的性質都是如此，你可以投入資金，並在一周內看到回報。在這裡，由於蒸發季節的長期性以及天氣對我們造成的影響，這些事情可能需要一到兩年的時間才能開始出現。

But I would say that a lot of that's in flight. We still have more work to do, specifically around Carlsbad and Wendover and frankly, Moab as well, making sure that those assets are performing at what we believe to be sort of their entitled level of performance. So we've sort of done a couple of years of catch-up capital.

但我認為其中很多都發生在飛行過程中。我們還有更多工作要做，尤其是在卡爾斯巴德、溫多弗以及坦率地說還有摩押地區，確保這些資產的績效達到我們認為它們應有的水平。所以，我們算是花了兩年時間追趕資金。

I think next year will be another one of those years. And you'll start to see the benefits of those manifest themselves late next year and moving into 2027, I think.

我認為明年又會是那樣的一年。我認為，從明年年底到 2027 年，你會開始看到這些措施帶來的好處顯現出來。

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

問答環節到此結束。我謹將會議交還給凱文·克拉奇菲爾德，請他作總結發言。

Again, I'd like to take just another moment to thank our team for their hard work and dedication this year and posting solid results year-to-date and look forward to continuing to work with them in the coming quarters. And thank you all for attending today's call, and we look forward to keeping you posted in the coming quarters. Everybody, have a good day. Thank you. .

再次感謝我們的團隊今年以來的辛勤工作和奉獻精神，以及迄今為止的穩健業績，我期待在接下來的幾個季度繼續與他們合作。感謝各位參加今天的電話會議，我們期待在接下來的幾季繼續向大家報告最新情況。祝大家今天過得愉快。謝謝。。

This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。