Liberty Energy Inc (LBRT) 2025 Q1 法說會逐字稿

Welcome to the Liberty Energy earnings conference call. (Operator Instructions) Please note this event is being recorded.

歡迎參加 Liberty Energy 收益電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Anjali Voria, Director of Investor Relations.

現在，我想將會議交給投資者關係總監 Anjali Voria。

Thank you, Allison. Good morning and welcome to the Liberty Energy first quarter 2025 earnings conference call. Joining us on the call are Ron Gusek, Chief Executive Officer, and Michael Stock, Chief Financial Officer.

謝謝你，艾莉森。早安，歡迎參加 Liberty Energy 2025 年第一季財報電話會議。參加電話會議的還有執行長 Ron Gusek 和財務長 Michael Stock。

Before we begin, I would like to remind all participants that some of our comments today may include forward-looking statements reflecting the company's views about future prospects, revenues, expenses, or profits. These matters involve risks and uncertainties that could cause actual results to differ materially from our forward-looking statements.

在我們開始之前，我想提醒所有參與者，我們今天的一些評論可能包括前瞻性陳述，反映公司對未來前景、收入、支出或利潤的看法。這些事項涉及風險和不確定性，可能導致實際結果與我們的前瞻性陳述有重大差異。

These statements reflect the company's beliefs based on current conditions that are subject to certain risks and uncertainties that are detailed in our earnings relief and other public filings. Our comments today also include non-GAAP financial and operational measures.

這些聲明反映了公司基於當前狀況的信念，這些信念受到我們收益減免和其他公開文件中詳細說明的某些風險和不確定性的影響。我們今天的評論還包括非公認會計準則財務和營運指標。

These non-GAAP measures, including EBITDA, adjusted EBITDA, adjusted net income for diluted share, adjusted pre-tax return on capital employed, and cash return on capital investors are not a substitute for GAAP measures may not be comparable to similar measures of other companies.

這些非 GAAP 指標，包括 EBITDA、調整後的 EBITDA、調整後的稀釋後淨收益、調整後的稅前資本使用回報率以及資本投資者現金回報率，不能取代 GAAP 指標，也可能無法與其他公司的類似指標進行比較。

A reconciliation of net income to EBITDA and adjusted EBITDA net income to adjusted net income and adjusted net income per diluted share, and the calculation of adjusted pre-tax return on capital employed and cash return on capital invested as discussed on this call, are available on our investor relations website.

淨收入與 EBITDA 以及調整後 EBITDA 淨收入與調整後淨收入以及調整後每股攤薄淨收入的對賬，以及本次電話會議中討論的調整後稅前資本使用回報率和現金投資資本回報率的計算，可在我們的投資者關係網站上查閱。

I will now turn the call over to Ron.

現在我將電話轉給羅恩。

Good morning everyone and thank you for joining us to discuss our first quarter 2025 operational and financial results.

大家早安，感謝您加入我們討論 2025 年第一季的營運和財務表現。

Liberty delivered a solid first quarter with revenue of $977 million net income of $20 million and adjusted EBITDA of $168 million and distributed $37 million to shareholders through opportunistic share repurchases and dividends.

Liberty 第一季業績穩健，營收 9.77 億美元，淨收入 2,000 萬美元，調整後 EBITDA 為 1.68 億美元，並透過機會性股票回購和股息向股東發放 3,700 萬美元。

We saw strong sequential improvement in utilization across our fleet, reached new heights in operational efficiencies and safety performance, and set a new high water mark in asset life span for equipment components.

我們看到整個船隊的利用率連續大幅提升，營運效率和安全性能達到了新的高度，設備零件的資產壽命也創下了新的高點。

Our early year results demonstrate a positive rebound from the fourth quarter of 2024, a trend that has continued into the second quarter. In recent weeks, tariff announcements and a more aggressive OPEC+ production strategy have sent ripples across the energy sector.

我們的年初業績顯示，從 2024 年第四季開始出現積極反彈，這一趨勢一直持續到第二季​​。最近幾週，關稅公告和更積極的 OPEC+ 生產策略為能源產業帶來了連鎖反應。

Today we have excess demand for Liberty services as our customers align themselves with top tier providers in a clear industry flight to quality. While North American producers have not yet meaningfully changed development plans, we expect our customers to assess a range of scenarios in anticipation of commodity price pressure, and we are staying close to our partners in this dynamic market.

如今，隨著我們的客戶在行業內明顯追求品質的趨勢下與頂級供應商結盟，我們對 Liberty 服務的需求過剩。雖然北美生產商尚未對開發計劃做出重大改變，但我們預計客戶將評估一系列情景以應對大宗商品價格壓力，並且我們將在這個充滿活力的市場中與合作夥伴保持密切聯繫。

As we all know well, the oil and gas industry is cyclical in nature, and periods of uncertainty test the strength and resilience of players across the value chain. The outcome of tariff negotiations, as well as forward production plans for OPEC+ could yield a wide range of outcomes in the future.

眾所周知，石油和天然氣產業具有週期性，不確定時期會考驗整個價值鏈參與者的實力和韌性。關稅談判的結果以及 OPEC+ 的未來生產計劃可能會在未來產生廣泛的影響。

In the face of these potential outcomes, we are applying our core tenants to guide our team in charting a course to meet any potential challenges, support our customers, suppliers, and our employees, and build an even better business with enduring advantages.

面對這些潛在的結果，我們正在運用我們的核心原則來指導我們的團隊制定應對任何潛在挑戰的路線圖，支持我們的客戶、供應商和員工，並建立一個具有持久優勢的更好的業務。

Today, we are better positioned than ever to navigate market uncertainties with greater scale, vertical integration, technological advancements, and a fortress balance sheet. Over the past few weeks we have stayed in constant dialogue with our customers and suppliers, collaborating on ways to expand efficiencies and actively engaging on tariff mitigation strategies.

今天，憑藉更大的規模、垂直整合、技術進步和穩健的資產負債表，我們比以往任何時候都更有能力應對市場不確定性。過去幾週，我們一直與客戶和供應商保持對話，共同探討提高效率的方法，並積極參與關稅減免策略。

Our engineering teams are having more dialogue with customers on optimizing completion practices using our comprehensive completions and production database and multivariate analysis tools to make more informed decisions.

我們的工程團隊正在與客戶進行更多對話，利用我們全面的完井和生產資料庫以及多元分析工具來優化完井實踐，從而做出更明智的決策。

Our operations team is leveraging real-time data analytics using over $1 billion data points collected daily to maximize efficiencies and drive lowest total cost of delivery. These insights further extend to our ongoing collaboration with our supplier partners, and this visibility allows our collective teams to react quickly and decisively in a rapidly evolving environment.

我們的營運團隊正在利用即時數據分析，每天收集超過 10 億美元的數據點，以最大限度地提高效率並降低總交付成本。這些見解進一步擴展到我們與供應商合作夥伴的持續合作，這種可見性使我們的集體團隊能夠在快速變化的環境中快速果斷地做出反應。

Prior cycles have proved the resilience of our strategy of leading the industry with discipline while strategically enhancing our competitive edge. As global oil markets contend with tariff impacts, geopolitical tensions, and oil supply concerns, North American producers are evaluating a range of macroeconomic scenarios.

先前的周期已經證明了我們以紀律引領產業同時從策略上增強競爭優勢的策略的彈性。隨著全球石油市場面臨關稅影響、地緣政治緊張局勢和石油供應問題，北美生產商正在評估一系列宏觀經濟情境。

The recent pause on tariffs has momentarily eased pressure on the global economy and in turn global oil demand concerns. However, markets remain focused on supply side dynamics, including the evolving OPEC+ production strategy and potential constraints on Iranian, Russian, and Venezuelan oil exports.

近期關稅暫停暫時緩解了全球經濟壓力，進而緩解了全球石油需求擔憂。然而，市場仍然關注供應方面的動態，包括不斷發展的 OPEC+ 生產策略以及對伊朗、俄羅斯和委內瑞拉石油出口的潛在限制。

Natural gas fundamentals are more favorable on rising LNG export capacity demand in support of global energy security. While the current tumult in commodity prices is not immediately driving changes in North American activity, we expect oil producers are evaluating a range of scenarios in anticipation of oil price pressure. Concurrently, gas producers could prove to be beneficiaries of potentially lower associated gas production in oily basins.

為了支持全球能源安全，液化天然氣出口能力需求增加，天然氣基本面更加有利。雖然目前大宗商品價格的動盪並未立即推動北美經濟活動的變化，但我們預計石油生產商正在評估一系列情景，以應對油價壓力。同時，天然氣生產商可能會從含油盆地伴生氣產量的潛在降低中受益。

Today, we have not seen significant change in oily customer activity. However, we are optimizing our fleet schedule to accommodate additional activity for our gas customers. In contrast to prior oil and gas cycles, recent years have seen steadier activity in both higher and lower commodity price environments.

今天，我們還沒有看到油性客戶活動的明顯變化。然而，我們正在優化我們的車隊時間表，以適應我們的天然氣客戶的額外活動。與以往的石油和天然氣週期相比，近年來，無論是在商品價格較高或較低的環境下，石油和天然氣的活動都更加穩定。

Larger, well capitalized producers that comprise a larger portion of shale production today are better able to withstand a broader range of commodity prices, while smaller producers may be more reactive to market swings.

目前，規模較大、資本雄厚的生產商在頁岩氣生產中所佔比例較大，能夠更好地承受更大範圍的商品價格波動，而規模較小的生產商可能對市場波動反應更為敏感。

Since the pandemic-driven downturn, the energy sector has seen significant consolidation, as well as a strong focus on capital discipline and balance sheet strength. And most producers have targeted flat to modest production growth.

自疫情引發的經濟衰退以來，能源產業經歷了顯著的整合，同時也高度重視資本紀律和資產負債表實力。大多數生產商都將產量成長目標定為持平或適度成長。

Today's frac activity simply supports maintenance of current oil production levels, mitigating the possibility of steep declines experienced by the service industry in past cycles. While macroeconomic risk could lead to lower oil production in North America, the industry is operating from a higher base of production today than in prior cycles, implying a decline in service activity would likely be less pronounced than in the past.

今天的壓裂活動僅僅支持維持當前的石油產量水平，減輕了服務業在過去週期中經歷的產量急劇下降的可能性。雖然宏觀經濟風險可能導致北美石油產量下降，但目前該產業的生產基礎比前幾個週期要高，這意味著服務活動的下降可能不會像過去那麼明顯。

Liberty's differential service platform is stronger today than at any point in the last 14 years. Our unmatched scale, integrated services, robust supply chain, and advanced technology systems uniquely enable us to deliver more value, lowering the total cost to produce a barrel of oil.

如今，Liberty 的差異化服務平台比過去 14 年中的任何時候都更加強大。我們無與倫比的規模、綜合的服務、強大的供應鏈和先進的技術系統使我們能夠提供更多價值，降低生產一桶石油的總成本。

Fleet modernization with advanced sensors, real-time data capture, and enhanced data visualization tools is driving tangible benefits and improving decision making, allowing our teams and customers to respond faster and more effectively in a dynamic market.

透過先進的傳感器、即時數據採集和增強的數據視覺化工具實現車隊現代化，正在帶來切實的利益並改善決策，使我們的團隊和客戶能夠在動態市場中更快、更有效地做出反應。

We are also working closely with our customers to bring innovative engineering and designs to their completion strategies. This integrated high-performance model reinforces our position as the service provider of choice in a competitive market.

我們也與客戶密切合作，為他們的完井策略帶來創新的工程和設計。這種整合的高性能模型鞏固了我們在競爭激烈的市場中作為首選服務提供者的地位。

Strategic investments in equipment technology, digitization, and power generation has positioned us to deliver safer and more efficient operations with reduced fuel and parts consumption and improved reliability. These advancements in equipment component longevity demonstrate these benefits.

對設備技術、數位化和發電的策略性投資使我們能夠提供更安全、更有效率的運營，減少燃料和零件消耗，提高可靠性。設備零件壽命的提高證明了這些好處。

In the last three years, the average life expectancy has increased 27% for engines, 40% for fluid ends, and an impressive 37% for power ends over the last two years, in part through the implementation of AI-driven predictive maintenance strategies and continuous machine learning.

在過去三年中，引擎的平均預期壽命增加了 27%，流體端的平均預期壽命增加了 40%，而在過去兩年中，動力端的平均預期壽命增加了 37%，部分原因是實施了人工智慧驅動的預測性維護策略和持續的機器學習。

Furthering these efforts in the first quarter, we launched the Hive, our next generation digital intelligence hub, a centralized platform right here in Colorado that monitors frac operations with 24/7 oversight, enabling the Hive tech team to provide real-time solutions to the teams in the field.

為了進一步推進第一季的這些努力，我們推出了下一代數位智慧中心 Hive，這是一個位於科羅拉多州的集中式平台，可全天候監控壓裂作業，使 Hive 技術團隊能夠為現場團隊提供即時解決方案。

These are only a few of many technology initiatives driving real tangible value to our operations and our customers alike. As we look ahead, we are currently anticipating sequential growth in revenue and profitability in the second quarter from higher utilization.

這些只是為我們的營運和客戶帶來真正有形價值的眾多技術舉措中的一小部分。展望未來，我們目前預期第二季營收和獲利將因利用率提高而連續成長。

Our priority is to maintain a strong balance sheet which will allow us to navigate in any environment while executing on our long-term strategic plan. We are actively assessing the implication of tariffs across our business and have already begun mitigation efforts. Michael will expand further on this.

我們的首要任務是保持強勁的資產負債表，這將使我們能夠在任何環境中導航，同時執行我們的長期策略計劃。我們正在積極評估關稅對我們業務的影響，並已開始採取緩解措施。麥可將對此作進一步闡述。

Strategic investment has allowed us to develop new markets and lead technology, innovation and operational efficiency in the industry. Growing power demand from data centers, manufacturing, mining, and industrial electrification is enabling us to expand our power services beyond the oil field.

策略投資使我們能夠開拓新市場並引領產業技術、創新和營運效率。資料中心、製造業、採礦業和工業電氣化不斷增長的電力需求使我們能夠將電力服務擴展到油田之外。

The acquisition of IMG, a leader in distributed power systems, opportunistically augments LPI with power plant EPC management and PJM utility market operations and expertise that we would otherwise have built over a period of time, accelerating our entry into the PJM market. We also cultivated bench strength with key leadership in the 1st quarter.

收購分散式電力系統領域的領導者 IMG，為 LPI 提供了機會，使其能夠獲得發電廠 EPC 管理和 PJM 公用事業市場運營及專業知識（否則這些需要我們花一段時間才能積累起來），從而加速我們進入 PJM 市場。我們也在第一季培養了核心領導層的後備力量。

Our pipeline of power opportunities across North America continues to grow, including projects in oil and gas, the commercial and industrial space, and smaller data centers up to 250 megawatts in size. We recently announced an MOU with Range Resources and Imperial Land Corporation for potential industrial development that would be anchored by a cutting edge LPI power generation facility. Conversations with two other partners for similar agreements are underway.

我們在北美的電力機會管道不斷擴大，包括石油和天然氣、商業和工業領域的項目以及規模高達 250 兆瓦的小型資料中心。我們最近宣布與 Range Resources 和 Imperial Land Corporation 簽署諒解備忘錄，以進行潛在的工業開發，並以先進的 LPI 發電設施為基礎。目前正與另外兩個合作夥伴商談類似的協議。

We still anticipate delivery of our first-generation capacity in the third quarter, with packaging to be completed in the fourth quarter and operations beginning in Q1 of 2026. We are excited by the opportunity ahead to expand in these key growth areas.

我們仍預計在第三季交付第一代產能，並在第四季完成包裝，並於 2026 年第一季開始營運。我們對未來在這些關鍵成長領域擴張的機會感到非常興奮。

Before I turn the call over to Michael, I want to highlight distinct advantages we have in a potentially changing market. Top tier customers who are well capitalized and less sensitive to commodity swings.

在我將電話轉給邁克爾之前，我想強調一下我們在潛在變化的市場中所擁有的獨特優勢。頂級客戶資金充足，對商品波動較不敏感。

Loyal and committed suppliers and partners, a strong balance sheet, technological achievements that place us in an even better position today than prior cycles, and a strong culture that binds our teams to deliver at the highest level.

忠誠而盡職的供應商和合作夥伴、強勁的資產負債表、使我們今天的地位比前幾個週期更加優越的技術成就，以及將我們的團隊凝聚在一起以達到最高水平的強大文化。

I will now turn the call over to Michael to discuss our financial results and outlook.

現在我將把電話轉給邁克爾，討論我們的財務表現和前景。

Good morning everyone. We kicked off 2025 with a solid start to the year. I'm proud of the team for executing at the highest levels, especially coming off a challenging close to the 2024 year. Let's take a moment to celebrate the team's achievements. In the first quarter of 2025, revenue was $977 million compared to $944 in the prior quarter. Our results increased 4% sequentially at higher activity levels, more than offset pricings.

大家早安。我們以良好的開局開啟了 2025 年。我為團隊在最高水準上的執行感到自豪，特別是在 2024 年面臨挑戰的情況下。讓我們花點時間來慶祝球隊所取得的成就。2025 年第一季度，營收為 9.77 億美元，而上一季為 9.44 億美元。在更高的活動水準下，我們的業績環比成長了 4%，超過了抵銷定價的影響。

We saw improvements across all of our businesses from high utilization of frac and wireline fleets, [permian] sand mines that were fully utilized despite weather disruptions and an oversupplied market conditions, additional next gen sand systems that increase simul frac efficiency, and a growth in CNG fuel delivery.

我們所有業務均有所改善，包括壓裂和電纜作業船隊的高利用率、儘管受到天氣幹擾和市場供過於求的影響但二疊紀砂礦仍得到充分利用、增加了可提高同步壓裂效率的下一代砂系統，以及 CNG 燃料輸送量的增長。

First quarter net income of $20 million compared to $52 million in the prior quarter. Adjusted net income of $7 million compared to $17 million in the prior quarter and excludes $15 million of tax-fed gains on investments.

第一季淨收入為 2,000 萬美元，而上一季為 5,200 萬美元。調整後淨收入為 700 萬美元，而上一季為 1700 萬美元，不包括 1500 萬美元的投資稅收收益。

Fully diluted net income per share was $0.12 compared to $0.31 in the prior quarter, and adjusted net income per diluted share was $0.04 compared to $0.10 in the prior quarter. Fourth quarter adjusted EBITDA. First quarter of $168 million compared to $156 million in the prior quarter, and 8% sequential increase.

每股完全攤薄淨收益為 0.12 美元，而上一季為 0.31 美元；調整後每股攤薄淨收益為 0.04 美元，而上一季為 0.10 美元。第四季調整後的 EBITDA。第一季為 1.68 億美元，而上一季為 1.56 億美元，季增 8%。

General administrative expenses totaled $66 million in the fourth quarter. In the first quarter compared to $56 million in the prior quarter and included non-cash stock-based compensation of $15 million. G&A increased $10 million primarily due to accelerated and modified stock-based compensation associated with Chris's departure.

第四季一般管理費用總計 6,600 萬美元。第一季與上一季相比為 5,600 萬美元，其中包括 1,500 萬美元的非現金股票薪酬。一般及行政開支增加了 1000 萬美元，主要原因是克里斯離職導致的股票薪酬加速和調整。

Other income items total of $10 million for the quarter, inclusive of $19 million of gains on investments, and interest expense of approximately $10 million. First quarter tax expense was $8 million. Approximately 28% of pre-tax income, and cash taxes were $9 million. We expect the tax expense rate in 2025 to be approximately 28% of pre-tax income.

本季其他收入項目總計 1,000 萬美元，其中包括 1,900 萬美元的投資收益和約 1,000 萬美元的利息支出。第一季稅費為800萬美元。約佔稅前收入的28%，現金稅為900萬美元。我們預計2025年的稅費率約為稅前收入的28%。

And cash taxes to be approximately half of our effective book tax rate. We ended the year with a cash balance of $24 million and net debt of $186 million. Net debt increased by $15 million from the prior quarter. First quarter uses of cash included capital expenditures, $24 million in share buybacks, $13 million in cash dividends. Total liquidity at the end of the quarter, including availability under the credit facility was $164 million.

現金稅約為我們有效帳面稅率的一半。截至年底，我們的現金餘額為 2,400 萬美元，淨債務為 1.86 億美元。淨債務較上一季增加了 1500 萬美元。第一季的現金使用包括資本支出、2,400 萬美元的股票回購、1,300 萬美元的現金股利。本季末的總流動資金（包括信貸額度下的可用資金）為 1.64 億美元。

Net capital expenditures were $119 million in the first quarter, which included investments in digiFleet, capitalized maintenance spending, LPI gas compression and delivery infrastructure, and other projects.

第一季淨資本支出為 1.19 億美元，其中包括對 digiFleet 的投資、資本化維護支出、LPI 氣體壓縮和輸送基礎設施以及其他項目。

We had approximately $13 million of proceeds from asset sales in the quarter, and as a reminder, our 2025 plan cap completion business CapEx moderates $450 million in the plan. That captures maintenance and digit technologies, and we have another $all200 millionocated for power assets. We have significant flexibility in adjusting our capital spending though and are well prepared to adjust these targets should the macroeconomic environment meaningfully change.

本季我們從資產出售中獲得了大約 1300 萬美元的收益，提醒一下，我們的 2025 年計劃上限完成業務資本支出在計劃中佔 4.5 億美元。這涵蓋了維護和數位技術，另外我們還為電力資產分配了 2 億美元。我們在調整資本支出方面具有很大的靈活性，如果宏觀經濟環境發生重大變化，我們已經做好調整這些目標的充分準備。

In spite of the market turmoil, the strong momentum we exited the first quarter has continued into the second quarter. We are expecting sequential growth in revenue in EBITDA, reflecting stronger utilization across all of our basins. Given the uncertain market backdrop, we are closely monitoring the market and are evaluating a range of macroeconomic scenarios to stay ahead of any potential changes in activity.

儘管市場動盪，但我們第一季的強勁勢頭仍延續到了第二季。我們預計 EBITDA 收入將連續成長，這反映出我們所有盆地的使用率都將提高。鑑於不確定的市場背景，我們正在密切關注市場並評估一系列宏觀經濟情景，以便在任何潛在的活動變化之前保持領先。

Our teams have been working diligently to assess tariff implications and mitigation strategies for the benefit of both us and our customers. Tariff announcements continue to evolve, which makes it a challenging exercise.

我們的團隊一直在努力評估關稅影響和緩解策略，以使我們和我們的客戶都受益。關稅公告不斷變化，這使得它成為一項具有挑戰性的工作。

Right now we're expecting modest tariff-related inflationary impacts on engines and other equipment components, some of which are being offset by lower prices or volume discounts. We are also redirecting internationally sourced chemicals to either domestic sources or countries that are less impacted by global tariffs. All said, we don't anticipate a significant direct impact from tariffs at the moment.

目前，我們預計關稅相關的通膨對引擎和其他設備零件的影響將較為溫和，其中一些影響將被較低的價格或批量折扣所抵消。我們也將國際採購的化學品重新導向國內來源或受全球關稅影響較小的國家。總的來說，我們目前預計關稅不會產生重大的直接影響。

Transform transformative work in the years since the pandemic of leading the industry with technology innovation, strengthening our customer and supply partnerships, and expanding the scale and integrated platform to deliver greater value for our customers allows us to thrive in any demand environment.

疫情以來，我們透過技術創新引領產業變革，加強與客戶和供應方的合作夥伴關係，擴大規模和整合平台，為客戶提供更大的價值，這使我們能夠在任何需求環境中蓬勃發展。

In a rapidly evolving market, our goal is to maintain margins, execute on disciplined capital deployment, and protect our balance sheet against an uncertain backdrop.

在快速發展的市場中，我們的目標是保持利潤率、執行嚴格的資本配置並在充滿不確定性的背景下保護我們的資產負債表。

I will now turn it back to the operator for Q&A, after which Ron will have closing comments at the end of the call.

我現在將把時間交還給接線員進行問答，之後 Ron 將在通話結束時發表結束語。

(Operator Instructions)

（操作員指示）

Stephen Gengaro, Stifel.

史蒂芬·根加羅（Stephen Gengaro），Stifel。

Thanks and good morning, everybody.

謝謝大家，早安。

Good morning. So, Ron, you mentioned in the press release on the call, the sort of the high demand for your high-quality assets. And so kind of when I think back historically over many years, I've always kind of remembered like the larger companies talking about the flight to quality, but, in years past, they would have to give up.

早安.那麼，羅恩，您在電話新聞稿中提到，對您的高品質資產的需求很高。因此，當我回顧多年來的歷史時，我總是記得大公司都在談論追求質量，但在過去的幾年裡，他們不得不放棄。

Material price despite the demand staying high and utilization staying high. What are you seeing now in terms of sort of the flight, the quality, the desire for the gas burning assets and kind of how those price discussions go relative to sort of the demand for your assets?

儘管需求和利用率都保持高位，但材料價格仍然上漲。就航班、品質、對燃氣資產的需求以及價格討論相對於對資產的需求而言如何而言，您現在看到了什麼？

Yeah, Stephen, I would say that.

是的，史蒂芬，我會這麼說。

Of course we talked about on the fourth quarter call that downward trend that we had experienced in price through kind of the back half of '23 and all the way through '24 and certainly as we headed into RFP season we were having price reset modestly lower again into 2025. But that's been the end of that price conversation at least at this point in time, utilization and the work that we are doing today is based on the pricing we set in RFP seasons there.

當然，我們在第四季度談到了價格在 23 年下半年和整個 24 年經歷的下降趨勢，當然，當我們進入 RFP 季節時，我們的價格將在 2025 年再次適度走低。但至少目前為止，價格討論已經結束，利用率和我們今天所做的工作是基於我們在 RFP 季節設定的價格。

And I would say that the additional inbound inquiries we are getting are in most cases customers who already have liberty working for them in some way, shape, or form, and we're looking for additional liberty capacity and to the extent we have white space on our calendar or are able to juggle things around are working to accommodate that additional work now, but at the same pricing that we were we entered into this year planning to do that work at.

我想說的是，我們收到的額外入站查詢大多數情況下是那些已經以某種方式、形式為他們自由工作的客戶，我們正在尋找額外的自由能力，並且在我們的日曆上有空白空間或能夠調整事情的範圍內，我們正在努力適應現在的額外工作，但價格與我們今年計劃開展這項工作的價格相同。

As for the next generation assets, I would say that pricing remains very resilient there. You know that we've announced CapEx and a commitment around building some additional digiFleet this year, and those fleets are going to work under expectations that are in line with our requirements for deploying next generation technology to the field.

至於下一代資產，我想說其定價仍然非常有彈性。您知道，我們已經宣布了資本支出，並承諾今年將建造一些額外的 digiFleet，這些艦隊將按照符合我們對現場部署下一代技術的要求的預期運行。

Great, thank you. And then the follow up maybe from Michael, have you thought at all about kind of any impact on the raw material costs on sort of your ongoing maintenance cap back for the year it's still sort of too early to sort of think about any material changes to that?

太好了，謝謝。然後邁克爾可能會問，您是否考慮過原材料成本對您今年的持續維護上限的任何影響？現在考慮對此進行任何重大改變還為時過早？

No, Stephen, yeah, well, I mean, our supply chain team is working with our suppliers on that, as we speak, for the moment, as I said, we're not expecting to have significant amounts of, change on that pricing, so it will be offset by volume discounts and suppliers working on efficiency, moving some of the supply onshore into the US.

不，史蒂芬，是的，嗯，我的意思是，我們的供應鏈團隊正在與我們的供應商就此進行合作，正如我所說，目前，我們預計價格不會有太大的變化，因此它將通過批量折扣和供應商提高效率來抵消，將部分供應轉移到美國境內。

Obviously there's, kind of inflationary pressure on some of the raw steel and iron that comes into the country that was already in place up until this point, so we're not expecting to see particularly major changes in those prices at the moment.

顯然，目前進口到我國的一些原鋼和鐵存在著某種通膨壓力，因此我們預期目前這些產品的價格不會發生特別大的變化。

Thanks. It sounds like the longevity of the equipment that you mentioned earlier could also help mitigate that. Is that reasonable?

謝謝。聽起來您之前提到的設備的使用壽命也可以幫助緩解這種情況。這樣合理嗎？

That's a very reasonable thought.

這是一個非常合理的想法。

Okay. Thank you both.

好的。謝謝你們兩位。

Dan Kutz, Morgan Stanley.

摩根士丹利的丹·庫茨。

Hey, thanks. Good morning.

嘿，謝謝。早安.

So I just wanted to check in on the power gen business kind of from a contracting or a customer conversation perspective, is there anything you could share in terms of the pipeline of opportunities for that business, appreciating that? I'm sure you can't be too explicit, but just, directionally or broadly was hoping that you could kind of, share any updates or thoughts on the contracting efforts for those assets?

因此，我只是想從承包或客戶對話的角度來了解發電業務，您是否可以分享一些有關該業務機會的資訊？我相信您不能說得太明確，但只是從方向或廣義上希望您能夠分享有關這些資產的承包工作的任何最新進展或想法？

Yeah, Dan, to the extent we're prepared to talk about it today, I'd say we remain extremely excited about the opportunity, quite positive on the outlook. I would tell you that our pipeline of opportunities today significantly exceeds the capacity that we have ordered and have or have announced.

是的，丹，就我們今天準備談論的程度而言，我想說我們對這個機會仍然感到非常興奮，對前景也非常樂觀。我想告訴你們，我們今天的機會管道大大超出了我們已經訂購和已經宣布的容量。

So we continue to work on those conversations, and they're taking place in a number of areas that I identified in my opening remarks. We have some a very advanced conversations with a number of our ENP partners around the electrification of their acreage. We have a number of conversations going on the in the data center space and also along the lines of that MOU we announced where it would be a greenfield development around effectively an industrial complex that would house a data center.

因此，我們將繼續進行這些對話，這些對話將涉及我在開場白中提到的多個領域。我們與一些 ENP 合作夥伴就其土地電氣化問題進行了一些非常深入的對話。我們在資料中心領域進行了多次討論，根據諒解備忘錄，我們宣布將圍繞一個可以容納資料中心的工業綜合體進行綠地開發。

And then of course some other commercial and industrial opportunities, but I would tell you we're quite excited about where those things are in some cases we're in the air permitting phase already, so we have some things moving along there, but at this point in time not prepared to say too much more than that.

當然還有一些其他商業和工業機會，但我想告訴你，我們對這些事情的進展感到非常興奮，在某些情況下，我們已經處於空中許可階段，所以我們有一些事情正在推進，但目前還不准備透露太多。

[Say] for saying that we remain very confident that as we deploy those assets in the first quarter of 2026 and put them to work, that that will be under contract and in line with the I guess broad guidance we've given around contract term length and return profile.

[例如] 我們仍然非常有信心，當我們在 2026 年第一季部署這些資產並使其投入使用時，這將符合合約規定，並符合我們在合約期限和回報狀況方面給出的廣泛指導。

Great, yeah, understood and that's all helpful. And I guess, appreciating that there's a lot of uncertainty and that you guys are being mindful of different macro scenarios, but is kind of the, at this point to read that the full year guidance you guys laid out.

太好了，是的，明白了，而且都很有幫助。我想，我們意識到存在著許多不確定性，而且你們正在關注不同的宏觀情景，但現在讀到的是你們所製定的全年指導。

I know Michael reiterated the CapEx guidance but for I think it was the [$700 million] to $750 million of consolidated even after for the full year is kind of the take away that that is still intact today or are there any put some takes there that you would kind of highlight at this point.

我知道邁克爾重申了資本支出指引，但我認為全年合併後資本支出仍為 [7 億美元] 至 7.5 億美元，這表明這一數字今天仍然保持不變，或者您現在有什麼要強調的嗎？

I would say that at this point in time, certainly we're not going to make any changes to that. It's far too early to do so, as we've indicated, our outlook in the Q2 is very strong. We have a great line of sight through the quarter, and it looks quite robust, and we expect it to be up over Q1. It's too early to say what the back half of the year holds. I think there's a range of possible outcomes there.

我想說的是，目前我們肯定不會對此做出任何改變。現在下結論還為時過早，正如我們所指出的，我們對第二季的前景非常樂觀。我們對本季的前景非常樂觀，它看起來相當強勁，我們預計它會比第一季上升。現在談論下半年的情況還為時過早。我認為那裡有多種可能的結果。

As our customers begin to maybe as the industry more broadly begins to get some clarity around what the future holds from a tariff standpoint and OPEC+ production strategy, we'll see our customers lay out their plans for the back half of the year and we'll be able to adjust accordingly if that's necessary.

隨著我們的客戶開始或許隨著整個行業開始從關稅角度和 OPEC+ 生產策略更廣泛地了解未來前景，我們將看到我們的客戶制定下半年的計劃，如果有必要，我們將能夠做出相應的調整。

Yeah, fair enough, that's helpful. Thanks guys, I'll turn it back.

是的，很公平，這很有幫助。謝謝大家，我會把它退回去。

Arun Jayaram, J.P. Morgan.

摩根大通的阿倫·賈亞拉姆（Arun Jayaram）。

Yeah, good morning.

是的，早安。

Gentleman, since 2018, US shale, oil supply is up $2.5 million barrels looking at the 9/14 data. So one of the plausible scenarios is if OPEC brings back, some of the $2 million barrels offline that, we could see, lower US oil production as, potentially if OPEC muscles in a little bit.

先生，根據 9 月 14 日的數據，自 2018 年以來，美國頁岩油供應量增加了 250 萬桶。因此，一個可能的情況是，如果 OPEC 恢復部分價值 200 萬桶的石油供應，我們可以看到，如果 OPEC 稍微加強力度，美國的石油產量就會下降。

So I wanted to get your thoughts on how you would view a more normalized frac fleet count? I think we're roughly at 200 fleets today. If the US oil supply went down by a million barrels to call it, the low $12 million barrel range, and how do you think about Liberty's earnings power in that type of scenario?

所以我想聽聽您對更規範化的壓裂船隊數量的看法？我認為我們今天大約有 200 支艦隊。如果美國石油供應量下降 100 萬桶，即每桶價格低至 1,200 萬美元，您如何看待這種情況下 Liberty 的獲利能力？

Yeah, I guess I would say that if you thought about where production stands today and you probably want to be more specifically focused on unconventional production, so the share of that $13.5 million barrels that comes out of the tight oil world, if you thought about that world today, our active frac fleet count in the industry is basically focused on holding production flat.

是的，我想說的是，如果您考慮過今天的產量狀況，並且您可能想更具體地關注非常規生產，那麼來自緻密油世界的 1,350 萬桶石油中的份額，如果您考慮過今天的世界，我們行業中活躍的壓裂船隊數量基本上集中在保持產量平穩上。

So we have a frac crew count of call it 220 crews today that are basically working to hold us flat at $13.5 million barrels and really the subset of that being I think round numbers $9 million barrels a day of unconventional production.

因此，我們目前有 220 名壓裂人員，他們基本上在努力將產量保持在 1,350 萬美元的水平，而我認為其中非常規產量的數額實際上是每天 900 萬美元。

And so if you thought about a rough ratio there and you knocked a million barrels off to a little more than 10% of the production in unconventional, you'd probably get approximate reset in frac crew count needed frac crew count to sustain that production level. So maybe we come off from 220 to 190 or something like that, but I don't think it would lead to a catastrophic situation in pressure pumping.

因此，如果您考慮那裡的粗略比例，並將一百萬桶產量削減至非常規產量的 10% 多一點，那麼您可能會得到維持該生產水平所需的壓裂人員數量的大致重置。因此，也許我們會從 220 降至 190 或類似的水平，但我不認為這會導致壓力泵出現災難性的情況。

That's very helpful. Thanks for that and I wanted to, you made some interesting comments on the gas side that you're gearing up, maybe to support a little bit more gas activity. Could you maybe just elaborate on some of the comments and what you're seeing in some of the natural gas basins?

這非常有幫助。謝謝你，我想，你對你正在準備的天然氣方面發表了一些有趣的評論，也許是為了支持更多的天然氣活動。您能否詳細說明一下這些評論以及您在一些天然氣盆地中看到的情況？

Sure, of course, the gas market had been in a pretty challenged spot for the last couple of years. We've seen gas prices relatively depressed, but we've seen some real strength in them of late, supported by both reshoring of manufacturing and anticipated growth in power demand here onshore in North America and also more significantly LNG export capacity and even a bit of early growth in expectations around that for the broader global market.

當然，過去幾年天然氣市場一直處於相當困難的境地。我們看到天然氣價格相對低迷，但最近我們看到了真正的強勢，這得益於製造業回流和北美陸上電力需求的預期增長，更重要的是液化天然氣出口能力，甚至還有對全球市場整體前景的早期增長預期。

And so we've got a situation now where even with a bit of volatility in gas prices, the pro price and forward strip have been strong enough that we've seen people in the gas basins look to bring additional capital to bear, put incremental rates to work, and ultimately as a result require additional frac equipment. And so, for us, of course, we feel that primarily in the Haynesville, given that's where we have frac equipment based.

因此，我們現在面臨的情況是，即使天然氣價格出現一些波動，但專業價格和遠期價格已經足夠強勁，我們已經看到天然氣盆地的人們希望投入更多資本，提高產量，並最終需要額外的壓裂設備。因此，對我們來說，當然，我們認為這主要發生在海恩斯維爾，因為我們的壓裂設備就駐紮在那裡。

But we are actively working today with customers to fit additional work onto our calendar as we head through Q2 and out into Q3. So I would say positive shoots there and we'll of course we never know what the future holds, but it looks pretty good right now.

但是，隨著我們進入第二季度和第三季度，我們今天正在積極與客戶合作，在我們的日程表上安排額外的工作。所以我想說那裡有積極的發展，我們當然永遠不知道未來會發生什麼，但現在看起來相當不錯。

Great, thanks.

太好了，謝謝。

Saurabh, Bank of America.

索拉布，美國銀行。

Hi, good morning, Ron and Michael.

嗨，早上好，羅恩和邁克爾。

Ones are maybe I want to touch on the power side of the business a little bit, on Michael, especially the MOU you announced with the range and Imperial. Just help us think about how that would work commercially. Who is the contracting party, right? I mean, where do we get the visibility on the earnings for liberty on the power side of things, right?

也許我想稍微談談業務的權力方面，關於邁克爾，特別是你與該系列和帝國公司宣布的諒解備忘錄。只需幫助我們思考這在商業上如何實現。發包方是誰啊，對吧？我的意思是，我們如何才能了解權力方面的自由利益？對嗎？

So maybe just help us understand the contractual, output as that, MOU progresses.

因此也許只是幫助我們理解合約、產出以及諒解備忘錄的進展。

So I'm going to let Michael talk to that, but before he answers that question, I want to give you a shout out for best title on note yesterday, so I love the headline.

所以我會讓邁克爾談論這個問題，但在他回答這個問題之前，我想向你大聲宣布昨天最好的標題，所以我喜歡這個標題。

Yes, so there is a lot of this is a good example of partnerships that are, that is being drawn to liberty. This is a well-known industrial developer in the Northeast looking to looking to develop an industrial park on 875 acres of land. Looking to anchor it with a data center in conjunction with liberty building a power plant and range resources providing the gas.

是的，這其中有許多是合作關係的很好例子，這些合作關係正在被自由所吸引。這是東北一家知名的工業開發商，計劃在875英畝的土地上開發一個工業園區。希望將其與資料中心結合起來，同時自由建造發電廠和提供天然氣的範圍資源。

So we've got sort of fiber running nearby, we've got the ability to build it. So, this is long term development plans. This is part of what you think about the things that you know you will hear out of Washington about reshoring of industry and the reshoring of sort of industrial capacity into America and the combination of building that off of the backbone of the great natural gas resources that we have in conjunction with the right players, right, sort of liberty on the power side, your range being sort of a great gas provider on that.

所以我們在附近有某種光纖，我們有能力建造它。所以，這是長期發展計畫。這是您對華盛頓即將談到的有關工業回流和工業產能回流美國的看法的一部分，以及在我們擁有的大量天然氣資源的基礎上與合適的參與者合作進行建設，在電力方面享有某種自由，而您的公司在這方面是一家優秀的天然氣供應商。

And then obviously industrial development. Now these are long heading projects. These are things that are going to take a while. You're talking probably two plus years by the time you get through sort of your anchor tenants development, starting into construction, etc.

然後顯然是工業發展。這些都是長期專案。這些事情需要一段時間。你說的大概是需要兩年以上的時間才能完成主力租戶的開發，開始施工等。

But this is where you're developing this business a sort of pipeline of large, long, tenanted projects that are going to support business, far into the future. And so this is a great example of sort of the way that American business is coming back together to reshore sort of industrial capacity into America.

但這就是你開發這項業務的地方，這是一種大型、長期、租賃專案的管道，它將在遙遠的未來為業務提供支援。所以，這是美國企業重新團結起來將工業產能轉移回美國的一個很好的例子。

I maybe just add one thing to that, and it's this idea around confidence about the cost of energy, of course people would always say that ideally they would be on the grid, but the challenge with being on the grid is that you don't know what the power price is going to be next year or the year after that.

我可能只想補充一點，那就是對能源成本的信心，當然人們總是說理想情況下他們會加入電網，但加入電網的挑戰是你不知道明年或後年的電價會是多少。

And I think if you look back in history, evidence would suggest that power prices on the grid continue to get more and more expensive on an annual basis. In a situation like this where we have a strong partner on the gas side, and LPI on the power generation side, our ability to provide confidence to the end user of that power of that electricity around their long term cost of energy in a facility like this is differential to what the grid could possibly provide.

我認為，如果回顧歷史，就會有證據顯示電網電價每年都在上漲。在這種情況下，我們在天然氣方面擁有強大的合作夥伴，在發電方面擁有 LPI，我們有能力讓最終用戶對此類設施的長期能源成本充滿信心，這與電網可能提供的能源成本有所不同。

And so these environments where we have that gas partner and power generation together offer a very unique and differential scenario for the end users that ultimately find themselves home in this data center.

因此，我們擁有天然氣合作夥伴和發電廠的這些環境為最終落腳該資料中心的最終用戶提供了一個非常獨特且差異化的場景。

Right, now that makes sense. That's super useful, Ron. I know you talked about heat rate and obviously now that you have gas supply visibility, so that comment makes a lot of sense.

好的，現在說得通了。這非常有用，羅恩。我知道您談到了熱耗率，顯然現在您已經了解了天然氣供應情況，所以這個評論非常有意義。

And then just very quick follow up on just that, I think, that's about wrong maybe you or Michael made the comment on focusing on smaller data centers up to 250 megawatts. Can you walk us through the rationale behind that? Why you focus on that is that because of the amount of capital you're willing to deploy, or is there some other factors that are going into that decision?

然後只是非常快速地跟進一下，我認為，那是錯誤的，也許你或邁克爾的評論是關注高達 250 兆瓦的小型數據中心。您能向我們解釋一下這背後的原因嗎？您關注這一點的原因在於您願意投入的資本數量，還是有其他因素影響您的決定？

I would say that it's really just a function of the of who we're talking with today. That's not to say that down the road we wouldn't be looking towards some larger projects, but the projects that are in our pipeline today are primarily on that smaller size.

我想說這實際上只是我們今天與誰交談的功能。這並不是說我們將來不會考慮一些更大的項目，而是我們目前正在進行的項目主要都是規模較小的項目。

I think they represent a great opportunity and a strong fit for the capabilities and assets that we bring to the table and are focused on at least early on in our growth of LPI, but that's not to say that we wouldn't down the road have some conversations around much bigger data centers. That was more a comment around the current pipeline of opportunities that we're focused on.

我認為它們代表著一個很好的機會，並且非常適合我們所提供的功能和資產，並且至少在我們 LPI 發展初期就關注這些功能和資產，但這並不是說我們將來不會圍繞更大的數據中心進行一些討論。這更多的是針對我們目前關注的機會管道的評論。

It's also the customer base where you've got customers that are really looking for time to market, they need that compute space relatively quickly. And so they are now looking at building out these data centers in a modular fashion.

這也是您的客戶群，其中的客戶確實在尋求上市時間，他們需要相對較快的運算空間。因此他們現在正在考慮以模組化的方式建構這些資料中心。

So whether or not we're building out sort of, 100 to 150 megawatts first or 250 megawatts, the plans they have are to be able to expand that over time, but ideally what they're trying to do is then get sort of, compute power to market as quickly as possible, to meet the demand of their customers.

因此，無論我們首先建造 100 到 150 兆瓦還是 250 兆瓦，他們的計劃都是能夠隨著時間的推移進行擴展，但理想情況下，他們試圖做的是盡快將運算能力推向市場，以滿足客戶的需求。

Okay, perfect. No that makes sense. And then one quick unrelated one on, like you said you've had a good start to the second quarter, right?

好的，完美。不，這沒有道理。然後快速問一個不相關的問題，就像你說的，第二季有一個好的開端，對嗎？

I know the future remains a certain uncertain at this point, but, how quickly do you think you would get visibility on that, Ron, Michael, right? if I'm thinking about to you specifically at this point. It seems like the run rate you're at; you might be doing the comfortably better than consensus that, forecast right now. But how quickly can that change? How quickly do you get visibility whenever things change, if they change?

我知道目前未來仍然存在一定的不確定性，但是，羅恩、邁克爾，你們認為你們多久能看清這一點呢？如果我現在特別想到你。這看起來像是你目前的運行率；你現在的表現可能比普遍預期的要好得多。但這種變化能多快發生呢？如果情況發生變化，您能多快獲得可見性？

So I don't think things are going to change rapidly. I'm relatively confident that our Q2 will play out very close to how we see it today. I think it's unlikely that we're going to have any of our customers remove a pad in the next month or two. It's my expectation that to the extent we do see some changes, that's going to be back half of the year waited.

所以我不認為事情會迅速改變。我相對有信心，我們的第二季的表現將與我們今天看到的情況非常接近。我認為，在接下來的一兩個月內，我們的任何一位顧客都不太可能會取下護墊。我的預期是，如果我們確實看到一些變化，那將是等待半年後的回歸。

As to when we find out, I think that ultimately depends on when people feel they have some clarity around what the future holds. We're in the middle of a 90 day pause for most of the world today, of course, the back and forth with China continues unabated, at least at this point in time, as we begin to get some confidence around how that plays out and what OPEC+ strategy is going to be.

至於我們何時能找到答案，我認為這最終取決於人們何時對未來有了更清晰的認識。今天，世界大部分地區正處於為期 90 天的停擺期，當然，與中國的來回交鋒仍在繼續，至少目前是這樣，因為我們開始對形勢如何發展以及 OPEC+ 戰略將如何發展有了一些信心。

I think you're going to see our customers, the ENPs, begin to settle in on their guidance. We're going to get WTI settle in at a place that reflects what that global economic environment is going to look like at that point we'll have some clarity around what the future will hold, but there's still some moving pieces there yet, so I don't think it's happening in the next week or two.

我認為你會看到我們的客戶，ENP，開始適應他們的指導。我們將讓 WTI 穩定在一個能夠反映全球經濟環境的水平，到那時，我們將對未來趨勢有一定的了解，但仍有一些不確定的因素，所以我認為這不會在未來一兩週內發生。

Okay, perfect. Now I got it. The market is focusing on the present perfect right now, Ron. So, with that I turn it back, Ron, Michael.

好的，完美。現在我明白了。羅恩，現在市場關注的是現在完成式。因此，我將其轉回，羅恩，邁克爾。

Scott Gruber, Citigroup.

花旗集團的史考特‧格魯伯。

Yes, good morning. I want to stay on that. Good morning. I want to stay on that same line of questioning. So if the second half activity is call it modestly weaker, would you look to adjust your digiPrime deliveries this year?

是的，早安。我想繼續保持這個狀態。早安.我想繼續同樣的提問。因此，如果下半年的活動稍微減弱，您是否會考慮調整今年的 digiPrime 交付量？

Are you able to defer some of those and what conditions are you looking to, looking at to make that decision, or would you just simply take deliveries this year and then potentially look to adjust the '26 program?

您是否能夠推遲其中的一些，以及您正在考慮什麼條件來做出這個決定，或者您是否只是在今年進行交付，然後可能考慮調整'26 計劃？

Well, Scott, we certainly have flexibility to make adjustments in the back half of the year if that became necessary. We're certainly in conversation with our suppliers around what adjustments we could make and what that would look like, how we might think about that headed out into 2026, and certainly could make adjustments there as necessary as well.

好吧，斯科特，如果有必要，我們當然可以在下半年靈活地做出調整。我們當然正在與我們的供應商討論我們可以做出哪些調整、調整會是什麼樣子、我們如何考慮在 2026 年實現這些調整，當然也可以根據需要做出調整。

There is a there is a counter piece to that as well, and that is the customer on the other side of that digiFleet. We will deliver a digiFleet in the back half of this year that quite frankly the customer couldn't operate without.

還有一個與此相反的觀點，就是 digiFleet 另一端的客戶。我們將在今年下半年交付 digiFleet，坦白說，沒有它客戶就無法運作。

And so there are some puts and takes there for some of that capacity, but we do have flexibility there and are absolutely willing to make adjustments as necessary given a potential change in our outlook for the year.

因此，對於部分產能，存在一些利弊，但我們確實具有靈活性，並且考慮到今年前景的潛在變化，我們絕對願意根據需要做出調整。

I got it.

我得到了它。

And then thinking about buybacks from here, your stock is up nicely today, but it's still down here today along with everybody else. Would you be willing to use the revolver to continue buybacks or will free cash flow really govern, the pace of buybacks from here?

然後考慮從這裡回購，你的股票今天上漲不錯，但今天仍然和其他股票一樣下跌。您是否願意使用循環信貸來繼續回購，或者自由現金流真的會決定從現在開始的回購步伐？

Yes, obviously we have what we would consider a very depressed stock price today and as a result looks pretty opportunistic from a buyback standpoint and certainly we were active in Q1 as a result of that. But as we look forward, of course there are some storm clouds on the horizon. We don't know if that storm is going to roll in here or not, but I think a prudent approach to the rest of the year would have us focused on not only just the buyback opportunity but also the strength of the balance sheet and how that plays in.

是的，顯然我們認為今天的股價非常低迷，因此從回購的角度來看，這是一個相當有利的機會，因此我們在第一季表現活躍。但當我們展望未來時，當然會發現地平線上有一些烏雲。我們不知道這場風暴是否會席捲而來，但我認為，對今年剩餘時間採取謹慎的態度不僅會讓我們關注回購機會，還會讓我們關注資產負債表的實力及其發揮的作用。

So if we think about best setting up liberty for whatever the future might hold, you can know that we will be keenly focused on a fortress-like balance sheet that will enable us to navigate whatever is coming our way.

因此，如果我們考慮如何為未來可能發生的一切建立最好的自由，你就會知道，我們將密切關注堡壘般的資產負債表，這將使我們能夠應對未來可能發生的一切。

And but in consideration with that, of course our CapEx expenditures and also share buybacks to the extent we think that makes sense. But know that know that with uncertainty in front of us, priority number one will always be the balance sheet, and so that would likely, in fact, I'll say certainly preclude using debt for buybacks.

但考慮到這一點，當然我們的資本支出和股票回購也會在我們認為合理的範圍內進行。但要知道，面對眼前的不確定性，首要任務永遠是資產負債表，因此，事實上，我肯定會說，這肯定會阻止使用債務進行回購。

Well, I appreciate the call around. I'll take it back.

嗯，我很感謝你的來電。我會把它收回。

Waqar Syed, ATB Capital Markets.

Waqar Syed，ATB 資本市場。

Thank you, congrats in a good quarter, Ron. If WTI stays at like let's say $60 a barrel or so this year and next, like how do you see activity kind of trend, both on the drilling side and the pumping side?

謝謝，恭喜你在本季取得了良好的成績，羅恩。如果 WTI 價格今年和明年保持在每桶 60 美元左右，那麼您如何看待鑽井和抽油的活動趨勢？

And then maybe if you could provide, you've done some sensitivity analysis, maybe you know if you could provide some guidance on like what a $5 move in either direction would entail on the activity side and then perhaps maybe on some pricing side as well.

然後也許如果您可以提供，您已經做了一些敏感性分析，也許您知道您是否可以提供一些指導，例如在活動方面，向任何一個方向移動 5 美元會帶來什麼影響，然後也許在某些定價方面也會帶來什麼影響。

Yeah, I, well, car, I think if oil stayed in the low 60s, well, that's not an exciting environment for us by any stretch of the imagination. I think at most we probably feel modest ripples in activity levels. We're going to see some smaller.

是的，我認為，如果油價保持在 60 度以下，那麼，無論如何，這對我們來說都不是一個令人興奮的環境。我認為我們最多只能感受到活動量的適度波動。我們將會看到一些更小的。

Likely private companies react to that with probably a pullback in activity, but I think for the vast majority of folks and certainly the larger public, they're going to carry through with their announced CapEx budget for the year in that environment.

私人公司可能會對此做出反應，減少活動，但我認為，對於絕大多數人，當然還有廣大公眾來說，在這種環境下，他們都會完成今年宣布的資本支出預算。

I don't think that's a low enough price to have them meaningfully change activity and so I think for us we would expect that while there we maybe have a modest amount more white space on the calendar looking out through the rest of the year than we might have anticipated, it wouldn't be significant.

我認為這個價格還不夠低，不足以讓他們對活動做出有意義的改變，所以我認為，對於我們來說，雖然今年剩餘時間的日曆上可能會有比我們預期更多的空白期，但這並不重要。

Now if we saw to your point, a $5 move on oil upwards, I don't think that changes things really at all downwards to the point where we get a five handle in front of WTI, I would certainly expect a pullback in rig count.

現在，如果我們按照你的觀點來看，油價上漲 5 美元，我認為這根本不會對情況產生任何改變，但如果油價下跌到 WTI 前面出現 5 美元的水平，我肯定會預計鑽井數量會回落。

I don't know exactly what that number would be. It would be speculation at best to tell you where I think that would have us head, but as I indicated a little earlier, of course, basically our rig counts and frac crew count today is working the whole production flat and so you know if you any reduction for sure is going to result in a reduction in oil prices and or reduction in production level here and so I just don't know how far we'd see that go.

我不知道這個數字到底是多少。我只能透過猜測來告訴你我認為這將會帶來什麼結果，但正如我之前指出的那樣，基本上我們今天的鑽機數量和壓裂人員數量使整個生產保持平穩，所以你知道，如果減少產量，肯定會導致油價下跌或產量水平下降，所以我只是不知道這種情況會持續到什麼程度。

Again, I don't think we feel it's going to be huge. I think goals in North America to hold production relatively flat over the long term, we probably see a modest reduction in service activity, maybe it's 10% or 15%, but I just can't see a path to something significantly greater than that, at least at this point in time.

再說一次，我不認為它會有太大的影響。我認為北美的目標是長期保持生產相對平穩，我們可能會看到服務活動適度減少，可能是 10% 或 15%，但我看不到有比這更大幅度的減少，至少在目前這個階段。

Sure, and then is your Q2, guidance, are you seeing any impact of price declines that were implemented back in Q4? Have they all rolled through in Q1 or they still to come in Q2 as well?

當然，那麼，您對第二季的預測是，您是否看到了第四季度實施的價格下降的任何影響？他們是否已經在第一季取得成功，還是在第二季度仍會取得成功？

No, any price adjustments we have made are already in place today. They've all been, they were all put in either right at the start of the year or partway into Q1, so we're already feeling the full impact of those.

不，我們所做的任何價格調整今天都已經生效。它們都是在年初或第一季中期投入使用的，所以我們已經感受到了它們的全部影響。

Yeah, and then just a quick follow up on that then, but your customers have seen almost, 20%, 15% to-20% kind of cut in their cash, revenues, with this oil price change. Do you think they're okay with the price pricing that was settled back in 4 or are they asking for additional costs?

是的，然後快速跟進一下，但隨著油價的變化，您的客戶的現金、收入幾乎減少了 20%、15% 到 20%。您認為他們對 4 中確定的價格滿意嗎，還是他們要求額外的費用？

I think our customers recognize that their service pricing has already gotten to a pretty good spot. It's been declining for a couple of years now, and I think they recognize that having a sustainable service platform is important to their activity levels, not only today but also going forward and so I think there's a recognition that you have to be careful about how far you ask a service provider to go.

我認為我們的客戶認識到他們的服務定價已經達到了相當不錯的水平。這種趨勢已經持續了幾年，我認為他們認識到擁有一個可持續的服務平台對他們的活動水平很重要，不僅在今天，而且在未來也是如此，所以我認為他們認識到，你必須謹慎考慮要求服務提供者走多遠。

Sure, well, thank you very much.

當然，非常感謝。

Ati Modak, Goldman Sachs.

高盛的阿蒂·莫達克（Ati Modak）。

Yeah, hi, good morning, Ron, you spoke about the busy fleet commitments and Michael, you talked about the flexibility in the CapEx, so maybe can you provide a little bit more color around where the flexibility is more broadly and how you are thinking about the low end of CapEx should you need to rechange that floor?

是的，嗨，早上好，羅恩，你談到了繁忙的機隊承諾，邁克爾，你談到了資本支出的靈活性，所以也許你能否提供更多關於靈活性在哪里以及你如何考慮資本支出的低端，你是否需要重新改變那個底線？

So Ati, we have a good amount of flexibility in deliveries in the fourth quarter and it's obviously a huge amount of flexibility in what we spend in the early part of '26 and the full part of 2026. So I think that's where we can adjust at that point.

因此，對於 Ati 來說，我們在第四季度的交付方面具有很大的靈活性，而且顯然我們在 26 年初和 2026 年全年的支出方面也具有很大的靈活性。所以我認為我們可以就此做出調整。

So yeah, we can delay some of the engine deliveries, we can delay some of the packaging, we can move that out, we can slip it out within a period of time and then offset what would have been new builds in 2026. So Yeah, we have a lot of flexibility to manage cash flow, as we get into the back half of the year.

所以是的，我們可以推遲部分引擎的交付，我們可以推遲部分包裝，我們可以將其移出，我們可以在一段時間內將其推出，然後抵消 2026 年的新建量。是的，隨著我們進入下半年，我們在管理現金流方面擁有很大的靈活性。

Okay, and then, anything incremental you can share on the power contract for later in the year, around how those conversations are going or strategies, anything you can share at this point?

好的，然後，您可以分享有關今年稍後的電力合約的任何增量信息，關於這些對話的進展或策略，您現在可以分享什麼嗎？

No, I think Ron, I think was very, erudite about how he put it, and I think they're going very well. We're excited about where the business is going. As there, with any sort of large, commercial and industrial facility, there are a number of players at the table that you need to come together, from, sort of EPC, hyper scales, the final customer, the permitting around that, the air permitting around that, etc.

不，我認為羅恩，我認為他對此的表達非常博學，而且我認為他們進展得很好。我們對業務的發展方向感到興奮。正如任何類型的大型商業和工業設施一樣，需要聚集許多參與者，包括 EPC、超大規模、最終客戶、相關許可、相關空氣許可等。

So there is a lot of moving parts as these projects move forward and they get to FID.

因此，隨著這些項目的推進和最終投資決定的做出，會出現許多變動。

Great. Thank you.

偉大的。謝謝。

Tom Curran, Seaport Research Partners.

湯姆‧柯倫 (Tom Curran)，海港研究夥伴。

Good morning. Two-part question to start on the portfolio that you've inherited with the IGM acquisition. First, I believe IGM had a pipeline of potential solar PV or solar PD plus thermal opportunities. Could you expound on that project set and whether we might see LPI move forward with any of those? And then second, when it comes to IGM's position and advantages within PGM.

早安.問題分為兩部分，首先討論您在 IGM 收購中繼承的投資組合。首先，我相信 IGM 擁有一系列潛在的太陽能光伏或太陽能光伏加熱機會。您能否詳細說明一下該專案集以及我們是否可以看到 LPI 推進其中任何一個專案？其次，談到IGM在PGM中的地位和優勢。

Did Mike's team set up sort of expedited access or lock up certain interconnects just wondering if that came into play either with the range and imperial deal or you know do you expect to have a certain advantage when it comes to accessing securing interconnects as a result of you know the work IGM has already done?

麥克的團隊是否設置了某種快速訪問或鎖定了某些互連，只是想知道這是否與範圍和帝國交易有關，或者您是否知道，由於 IGM 已經完成的工作，您是否期望在訪問安全互連方面具有一定的優勢？

Right, so, let's take a little bit of that if you like. So IMG, sort of just the other way around, I was originally the original name, but IMG, the team, yeah, they've got about 10, sole projects that are in that are being studied at the moment in the queue.

好的，如果您願意的話，我們可以稍微討論一下。所以 IMG，有點像反過來，我最初是原來的名字，但是 IMG，這個團隊，是的，他們有大約 10 個唯一的項目正在排隊研究中。

These historical from there, sort of the pushing from the European backed P/E fund before, as we move forward, then those projects as they get reviewed, will have some value, and we will most likely either partner or sell those to another developer to develop those and if we develop them with that interconnect in conjunction with thermal do the thermal generation.

從歷史角度來看，之前受到歐洲支持的 P/E 基金的推動，隨著我們的前進，這些項目在經過審查後將具有一定的價值，我們很可能會與另一家開發商合作或將其出售給其他開發商進行開發，如果我們將它們與熱能相結合進行互連開發，則可以進行熱能發電。

So that is something that we will look at. As we go through, as the PJM Interconnection queue, these are projects that were put in the queue, I think probably nearly three years ago. They're just, some of them are just getting reviewed this year, so it is a very slow process.

這就是我們要研究的事情。正如我們所經歷的，作為 PJM 互連隊列，這些項目被列入隊列，我想大概是三年前了。其中一些只是今年才接受審查，所以這是一個非常緩慢的過程。

The IMG team, are a network provider and have a market provider into the PJM market, and at one point just over a year ago we were selling power from seven separate power plants into the PJM market, managed through the network operating control center in Pittsburgh.

IMG 團隊是一家網路供應商，也是 PJM 市場的市場供應商，一年多前，我們將來自七個獨立發電廠的電力出售到 PJM 市場，並透過匹茲堡的網路營運控制中心進行管理。

So they bring a lot of expertise in that part of the world and in that market, which I think is great, which is definitely something a market, when along with if you think about us and our historical relationship with Texas and the market now, adding PJM and that sort of close relationship is a real benefit for us on that side of the world.

因此，他們為世界那個地區和市場帶來了很多專業知識，我認為這很棒，這絕對是一個市場，如果你考慮到我們和德克薩斯州的歷史關係以及現在的市場，那麼增加 PJM 和這種密切的關係對我們在世界那邊來說是真正的好處。

Very helpful. Sorry about the temporary dyslexia there, Michael, and then, I wanted to know where you're at with of the latest update you gave us all for LPI for the distributed power fleet it still was entirely natural gas reciprocating gen sets where are you at on the timeline for ordering your first gas turbine package and you know, when you do pull the trigger on that what what's the earliest delivery time frame you know you think you could manage?

非常有幫助。很抱歉讓您暫時出現閱讀障礙，邁克爾，然後，我想知道您為我們提供的有關分佈式電源車隊的 LPI 的最新更新情況，它仍然是完全天然氣往復式發電機組，您在訂購第一個燃氣渦輪機套件的時間表上處於什麼位置，您知道，當您確實扣動扳機時，您認為您可以管理的最早交貨時間是什麼時候？

We're definitely focused on the high thermally efficient gas reciprocating engine, for our production for our power generation at the moment, whether that be our Caterpillar and NTU partnerships or our new partnerships with EEO Yambaka at the moment on that side of the world, we think that has the modular reciprocating engines with their high thermal efficiency is a great product.

我們目前生產的發電設備絕對專注於高熱效率的燃氣往復式發動機，無論是與卡特彼勒和 NTU 的合作夥伴關係，還是與地球另一端的 EEO Yambaka 建立的新合作夥伴關係，我們都認為具有高熱效率的模組化往復式發動機是一款出色的產品。

Obviously, if you have a space constraint, gas turbines makes, a lot of sense in certain areas at certain times and depending on whether or not you're working in the oil and gas areas where you may or may not have gas quality issues, you may want to use a gas turbine.

顯然，如果空間有限，燃氣渦輪機在某些特定時間的特定區域非常有意義，並且取決於您是否在可能存在或不存在天然氣品質問題的石油和天然氣區域工作，您可能需要使用燃氣渦輪機。

Generally, I would say, sort of the smaller solar, turbines are probably about one and half year, two years is the earliest delivery you can take. I'm going to guess the aero derivatives now are probably in the three plus years. It's about where, turbine delivery. I think in general in the market, and we are not looking at ordering any of those at this present point in time.

一般來說，我想說，小型太陽能渦輪機最快可能需要一年半到兩年才能交付。我猜測現在的航空衍生產品可能還要三年以上的時間。這和渦輪機的交付地點有關。我認為就市場總體而言，我們目前不打算訂購任何此類產品。

Got it. I appreciate you taking my questions.

知道了。感謝您回答我的問題。

Jeff LeBlanc, TPH.

傑夫·勒布朗，TPH。

Good morning, Ron and team.

早上好，羅恩和團隊。

Thank you for taking my question. I wanted to see if you could talk about liberty's attrition rate and what level of reinvestment is required to offset this attrition beyond normal maintenance. I guess phrase another way, how long could you pause the digiFleet new build program without, impacting your deployable horsepower?

感謝您回答我的問題。我想看看您是否可以談談自由的流失率，以及除了正常維護之外，需要什麼程度的再投資來抵消這種流失。我想換一種說法，您可以暫停 digiFleet 新建計劃多長時間而不影響您的可部署馬力？

Yeah, Jeff, well, we use 10% as a as a round number on an annual basis. It's certainly possible to extend the life of a pump out beyond that.

是的，傑夫，我們每年使用 10% 作為整數。當然，延長泵浦的使用壽命是可能的。

Adding two or three or four years is not an impossibility by any stretch of the imagination. There's a cost that comes with that, of course, from a maintenance CapEx standpoint, but it absolutely is possible could we in the most extreme case, go through 2026 without building a single new pump and still be comfortable with the deployment of our fleet as it stands today, we certainly could.

無論如何，增加兩年、三年或四年並非不可能。當然，從維護資本支出的角度來看，這會產生成本，但在最極端的情況下，我們絕對有可能在 2026 年之前不建造一台新泵，並且仍然對我們目前的車隊部署感到滿意，我們當然可以。

Thank you for the call. I'll hand the call back to the operator.

謝謝您的來電。我會把電話轉回給接線生。

Marc Bianchi, TD Cowen.

馬克·比安奇 (Marc Bianchi)，TD Cowen。

Hi, thanks. I was hoping you could put some bookends around the magnitude of revenue increase that you're expecting for the second quarter.

你好，謝謝。我希望您能對第二季預期的營收成長幅度做出一些預測。

I think we're comfortable with the guidance we've given out publicly at this point in time, and we've seen positive momentum coming into the quarter.

我認為我們對目前公開發布的指導感到滿意，並且我們已經看到本季度出現了積極的勢頭。

Obviously you sort of given where we are in the market, you are not going to see a massive sort of hockey stick going into the quarter, so slow and steady progress is what we expected for the year.

顯然，考慮到我們所處的市場狀況，你不會看到本季出現大規模的曲棍球棒式增長，因此我們預計今年將出現緩慢而穩定的進展。

Okay, thanks for that Michael and maybe within that as we think about the moving pieces that are driving the improvement, I think there's maybe some benefit from Australia in 2Q that wasn't present in 1Q, but then you have Canada that that might be down a little bit in two.

好的，謝謝邁克爾，也許在我們思考推動改善的因素時，我認為澳洲在第二季度可能有一些在第一季度沒有出現的好處，但加拿大在第二季度可能會略有下降。

Can you just sort of talk about the moving pieces because what I'm really curious about is like what's happening with the frac service part of your business as we go from 1Q to 2Q. Is that is that improving as well or is that maybe more flat with these other things taken into consideration?

您能否簡單談談其中的變化，因為我真正好奇的是，從第一季到第二季度，您們業務的壓裂服務部分發生了什麼變化。這是否也是一種進步呢？或者考慮到其他因素後，情況可能會更加平穩？

I think basically what we're feeling is pretty normal seasonality, of course, we as we progress through Q1 for let's talk about our lower 48 fleet. Well, some of the basins get out of the get out of the new year with a pretty quick start the further north you get, kind of the slower that ramp is and so if you looked at the progression through Q1, we came out in a very strong position.

我認為基本上我們所感受到的是非常正常的季節性，當然，隨著我們進入第一季度，我們來談談我們的下 48 個機隊。嗯，有些盆地在新年伊始就表現得相當迅速，越往北走，坡度就越慢，所以如果你看一下第一季度的進展，就會發現我們處於非常有利的位置。

March from a utilization standpoint was the strongest month in the quarter and that carries on into Q2 for the most part across the board. To your point, Canada has a little bit of seasonality during the second quarter that just comes with breakup there, but even up there are operators, customers are getting better and better and better at being able to work through that, about getting assets out into the field on a longer path and working through most of breakups, so. Even there people are working hard to mitigate some of that seasonality effect.

從利用率的角度來看，三月是本季最強勁的月份，而這種勢頭在很大程度上延續到了第二季。正如您所說，加拿大第二季度有一點季節性，只是那裡的分手現象隨之而來，但即使在那裡，運營商和客戶也越來越善於解決這個問題，能夠將資產以更長的路徑運送到現場，並解決大多數分手問題，所以。即使在那裡，人們也在努力減輕季節性的影響。

And so if you think about going from Q1 to Q2 in the frac business, it's not hugely different than we might have anticipated in a regular year absent all this background noise that we're dealing with today.

因此，如果您考慮壓裂業務從第一季到第二季度的情況，那麼與我們在正常年份預期的情況並沒有太大不同，因為沒有我們今天要處理的所有這些背景噪音。

Slightly less weather affecting Q2, slightly longer daylight hours, makes life easier to be a little bit efficient. So in general, that's why it always generally updates.

受第二季影響的天氣稍微少一些，白天時間稍微長一些，使得生活變得更輕鬆、更有效率。所以總的來說，這就是它總是更新的原因。

Yes, great, thanks for that caller guys and then the other one I had was just on the on the power business as you kind of prepare for the delivery of these gen sets, should we see some incremental cost creep in, before you've got revenue and what does that look like are we talking about, single digit millions of EBITDA.

是的，太好了，謝謝各位來電，然後我的另一個問題是有關電力業務的，當您準備交付這些發電機組時，在您獲得收入之前，我們是否應該看到一些增量成本的增加，我們談論的 EBITDA 是幾百萬？

Kind of hit in the third or fourth quarter or is it, is that not something that we should be trying to plug into our model at this point?

在第三季或第四季受到某種打擊，這不是我們現在應該嘗試插入我們的模型中的東西嗎？

Yeah, there'll be small amounts of revenue sort of appearing from that from some of the equipment that we have on the ground, but yeah, you'll see CapEx starting to roll in at the back end of the year as we package these gen sets and get them ready to go out for, revenue generation at the beginning of the first quarter.

是的，我們地面上的一些設備會產生少量的收入，但是，是的，你會看到資本支出在年底開始滾滾而來，因為我們會打包這些發電機組並準備好在第一季初產生收入。

So, yeah, you always see, as with any heavy equipment. Provide, sort of heavy equipment business, you're always going to see CapEx lead, earnings just as the pretty much exactly the same way you see it when we build a digiFleet, digiFleet CapEx comes in the six months before the Digi that digiFleet start to. So it's really not a lot different to the historical, trends that Liberty has, always had.

所以，是的，你總是能看到，就像任何重型設備一樣。提供某種重型設備業務，您總是會看到資本支出領先，收益就像我們建立 digiFleet 時看到的那樣，digiFleet 資本支出在 DigiFleet 開始之前的六個月內出現。因此，這與 Liberty 一直以來的歷史趨勢並沒有太大不同。

And I would say that if you think about it from a people standpoint, of course it's not near the same intensity as our frac business is, when we are when we're preparing to stand up a frac crew, we've got 100 people on board as part of that takes, the better part of a quarter to get through something like that.

我想說的是，如果你從人員的角度來考慮這個問題，它當然不會像我們的壓裂業務那樣緊張，當我們準備組建一個壓裂團隊時，船上有 100 個人，這需要大部分時間，用一個季度的時間才能完成這樣的工作。

You're not going to see that same sort of upfront impact in this environment when we're going to be when we're going to be operating a power plant. We just don't have to attach the same sort of intensity to that from a personnel standpoint.

當我們要營運發電廠時，你不會在這種環境下看到同樣的前期影響。從人員角度來看，我們沒必要為此投入同樣的精力。

Yeah, that, that's a good point. Thanks for that, Ron. I appreciate it guys.

是的，這是一個很好的觀點。謝謝你，羅恩。我很感謝你們。

Keith Mackey, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Keith Mackey。

Hey, good morning and thanks. Just to, just maybe to try to summarize some of the other questions and answers around the outlook, Ron, Michael, would it be roughly fair to say that if we stay in this low $60 range for WTI for the rest of the year that your guidance range of $700 to $750 should hold, but if we go below that, then maybe there's some adjustments that that would need to be made. Is that a fair way to think about it?

嘿，早上好，謝謝。只是為了，也許只是為了嘗試總結一些有關前景的其他問題和答案，羅恩，邁克爾，是否可以粗略地說，如果 WTI 價格在今年剩餘時間內保持在 60 美元的低位範圍內，那麼您預測的 700 美元至 750 美元的範圍應該會保持不變，但如果低於這個水平，那麼可能需要進行一些調整。這是一種公平的思考方式嗎？

I think that's a fair way to think about it as best as we can see today.

我認為這是我們今天所能想到的最佳思考方式。

Yeah, got it, thanks for that and just on the buyback was the amount done in Q1 representative of what you think you'll do for the rest of the year or should we be lowering or raising that a little bit?

是的，明白了，謝謝你，關於回購，您認為第一季的回購金額是否代表了您在今年剩餘時間內的回購金額，還是我們應該稍微降低或提高一點？

As Ron pointed out, we will be focused on the, over the last two weeks, obviously, we've had a significant amount of macroeconomic news that the industry is trying to digest. And as far as that goes, we are working in real time with our customers to see what effect that may have if it had any effect.

正如羅恩指出的那樣，我們將重點關注過去兩週內我們顯然獲得的大量宏觀經濟新聞，業界正在努力消化這些新聞。就此而言，我們正在與客戶即時合作，看看這會產生什麼效果（如果有的話）。

So I would say a little similar to your last question. If we had outlook into the steady oil price where we put our plan together at the beginning of part of this year, as you said, sort of mid-60s, going forward, your assumption on buybacks would be correct as we look at the macroeconomic outlook and we look at the clouds on the horizon, we will obviously take a very prudent approach to the balance sheet and spending money.

所以我想說的和你最後一個問題有點類似。如果我們對穩定的油價有預期，就像您所說的那樣，在今年初制定計劃時，油價大概在 60 年代中期，那麼展望未來，您對回購的假設是正確的，因為我們看宏觀經濟前景，看地平線上的烏雲，我們顯然會對資產負債表和支出採取非常謹慎的態度。

Okay, thanks very much. I'll turn it back.

好的，非常感謝。我會把它轉回去。

Roger Read, Wells Fargo.

富國銀行的羅傑‧里德 (Roger Read)。

Yeah, thanks. Good morning.

是的，謝謝。早安.

Maybe come back to the power grid option or opportunity here, the collaboration in the early next year. What's the right way for us to think about the pace of CapEx? Is there, all the key items have already been ordered? Is there anything that we do have to watch out here, in terms of, a critical item?

也許明年年初再回到電網選項或機會的合作。我們該如何正確思考資本支出的速度？有沒有，關鍵物品都已經訂購了？就關鍵項目而言，我們在這裡需要注意什麼嗎？

I would say, a slow and steady, as we think about this business, we're going to build this business very much like we built the frac business, right, slowly, steadily, and organically.

我想說，當我們考慮這項業務時，我們會慢慢地、穩定地、有組織地建立這項業務，就像我們建立壓裂業務一樣。

Right, and I think that's the way you look at it. This, we look upon this as, a decades-long opportunity and so building the right expertise, getting the right partners, getting the right initial projects, doing that is going to be key. So slow and steady increase over the next three years, I think is the way you should think about it for us.

對，我認為這就是你的看法。我們認為這是一個長達數十年的機遇，因此建立正確的專業知識、獲得正確的合作夥伴、獲得正確的初始專案將是關鍵。因此，我認為您應該為我們考慮未來三年緩慢而穩定的成長。

Yeah, the only color I would add to that is probably certainly if you think about generator delivery, they come at a pretty steady cadence and we'll be packaging them at a pretty steady cadence. Ultimately we'll get to a position where we have to deploy the balance of plants and you may see a modest uptick in CapEx there as we go through that construction phase on an individual project and then settle back down to that steady cadence that Michael alluded to.

是的，我唯一想補充的是，如果你考慮發電機的交付，它們會以相當穩定的節奏出現，我們也會以相當穩定的節奏包裝它們。最終，我們將達到必須部署平衡工廠的位置，並且隨著我們經歷單一專案的建設階段，您可能會看到資本支出適度上升，然後重新回到邁克爾提到的穩定節奏。

And very low maintenance capital after that's the other view of this business, right? Once the initial capital is in place, unlike with the freight business where you're running in very harsh conditions, where you're wearing out, fluid ends, power ends, etc. Of that variety, the maintenance capital on the ongoing maintenance capital beyond the initial capital is relatively low, very low.

之後的維護資本非常低，這是對這個業務的另一種看法，對嗎？一旦初始資本到位，與貨運業務不同，貨運業務需要在非常惡劣的條件下運行，流體端、動力端等都會磨損。對於這類業務而言，初始資本以外的持續維護資本的維護資本相對較低，非常低。

Yeah I appreciate that and then as a follow up to the earlier comments about maybe a little better activity or at least some signs that customers want to get more active in the gas areas, how does that affect how we should think about the cost structure over the next two quarters, right?

是的，我很感激這一點，然後作為對先前評論的後續，關於可能會有更好的活動，或者至少有一些跡象表明客戶希望在天然氣領域更加活躍，這將如何影響我們應該如何考慮未來兩個季度的成本結構，對嗎？

I mean if pricing is relatively flat, activity call it seasonally up a little bit and in most places would generally, kind of help margins out, but if you are moving equipment around or doing some hiring in some local areas. What's the right way for us to think about that on the cost slash margin structure.

我的意思是，如果價格相對平穩，那麼根據季節性活動會稍微上漲，在大多數地方，這通常會對利潤率有所幫助，但如果你在一些地方移動設備或進行招聘。我們該如何正確思考成本削減利潤結構呢？

I would say that you're not going to see anything meaningful there at all. We're when I say we're optimizing the calendar, yes, occasionally it might mean a fleet move, but we aim to make sure that happens over for a period of time such as that's absorbed over a number of jobs, maybe a quarter or more in terms of people we're able to do that with the headcount that we have available today, so I don't think you're going to see anything there that would really show up.

我想說你根本不會在那裡看到任何有意義的東西。當我說我們正在優化日程表時，是的，有時這可能意味著艦隊調動，但我們的目標是確保這種情況在一段時間內發生，比如在一系列工作崗位上進行，就我們今天擁有的員工人數而言，可能需要四分之一或更多的時間來完成，所以我想你不會看到任何真正出現的情況。

Okay great thanks guys.

好的，非常感謝大家。

Eddie Kim, Barclays.

巴克萊銀行的 Eddie Kim。

Hey, good morning. Thanks for squeezing me in here. I'll try to ask Marc's question a different way, but in terms of kind of the magnitude growth you're expecting and even down the second quarter, I mean, if I take a look at last year EBITDA, your second quarter, EBITDA was up 12% sequentially, but obviously you had a very strong quarter here in the first quarter, so. Is mid, single digits, growth in EBITDA fair to assume, from a modeling perspective or would even that be a bit aggressive just given the market, uncertainty we're facing?

嘿，早安。謝謝你把我擠到這裡。我會嘗試以不同的方式回答馬克的問題，但就您預期的增長幅度以及第二季度的增長而言，我的意思是，如果我看一下去年的 EBITDA，您的第二季度 EBITDA 環比增長了 12%，但顯然您在第一季度的表現非常強勁，所以。從建模角度來看，EBITDA 的中位數成長是否合理？或者，考慮到我們面臨的市場不確定性，這種假設是否有點激進？

No, I think our standards, if we think about our standard seasonality, a normal sort of activity incrementals, coming on from there. So yeah, I mean, I think that kind of the single digits is a safe number as we see at the moment.

不，我認為我們的標準，如果我們考慮我們的標準季節性，一種正常的活動增量，從那裡開始。是的，我的意思是，我認為就我們目前所見，這種個位數是安全的數字。

Okay, great. I just, my follow up is on the CapEx for the 400 megawatts power the down. So $200 million this year on the 1,150 megawatts, but you did highlight, some potential inflation due to tariffs.

好的，太好了。我只是在跟進 400 兆瓦電力的資本支出。因此，今年將在 1,150 兆瓦上投入 2 億美元，但您確實強調了關稅可能導致的一些通膨。

So is it fair to assume that the cap that's on the remaining 250 megawatts will be higher on a per megawatt basis as a result of the tariffs, or were those costs sort of locked in at the time that they were ordered?

那麼，是否可以公平地假設，由於關稅的影響，剩餘 250 兆瓦的上限每兆瓦的成本將會更高，或者這些成本在下達命令時就已經鎖定了？

Yeah, there is. I mean, obviously, Eddie, it's a moving target at this present point in time, right? The tariffs are changing at the stroke of a pen.

是的，有。我的意思是，顯然，埃迪，目前這是一個移動的目標，對吧？關稅隨時都在改變。

So when we're talking about deliveries that are 969 months from now, we are managing that sort of on a day to day basis, right? There are, the vast majority of the caps that we have on order, for the power generation is actually US content and US based. There is some that is coming in from Europe and we will see how that plays out over the balance of the year.

因此，當我們談論 969 個月後的交付時，我們每天都在進行管理，對嗎？我們訂購的用於發電的絕大多數上限實際上都是美國製造且以美國為基地的。其中一些來自歐洲，我們將觀察其在今年餘下時間的表現。

Got it. Perfect, thanks for that color. I'll turn it back.

知道了。完美，謝謝這個顏色。我會把它轉回去。

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

我們的問答環節到此結束。我想將會議交還給 Ron Gusek 來做結束語。

While we are experiencing some turbulence at present, it does not change the immutable fact that the world needs more energy, lots more energy, and so I remain incredibly bullish on the long term outlook for oil and natural gas, and more specifically North American oil and natural gas. Over the past decade, our industry has gotten stronger, more resilient in the face of headwinds.

雖然我們目前正在經歷一些動盪，但這並不能改變世界需要更多能源、更多能源的不變事實，因此我仍然非常看好石油和天然氣的長期前景，尤其是北美石油和天然氣的前景。在過去的十年裡，我們的產業變得更加強大，在逆境中也更具韌性。

This is in no small part due to the hardworking people in the oil field services sector. They have brought technology and innovation in all facets of drilling and completions, driving up efficiency and driving down the cost of producing a barrel of oil or MCF of gas, helping ensure North America remains highly competitive in the global market.

這在很大程度上要歸功於油田服務業辛勤工作的人們。他們為鑽井和完井的各個方面帶來了技術和創新，提高了效率，並降低了生產每桶石油或每立方英尺天然氣的成本，有助於確保北美在全球市場上保持高度競爭力。

And so to all of you in the service sector, I say thank you. Thank you for the work you do that ensures even when we are staring into the face of uncertainty, we can do so confident in the fact that this too shall pass and our industry will come through it stronger than ever.

因此，我要向服務業的所有人表示感謝。感謝你們所做的工作，即使我們面臨不確定性，我們仍然可以充滿信心地相信這一切都將過去，我們的產業將比以往任何時候都更強大。

Thank you all for joining us on the call this morning. Enjoy the rest of your day.

感謝大家今天上午參加我們的電話會議。享受剩餘的一天。

The conference is now concluded.

會議現已結束。

Thank you for attending today's presentation, and you may now disconnect.

感謝您參加今天的演示，現在您可以斷開連接了。