Liberty Energy Inc (LBRT) 2025 Q2 法說會逐字稿

Welcome to the Liberty Energy Earnings Conference Call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Angeli Voria, Vice President of Investor Relations. Please go ahead.

歡迎參加自由能源收益電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給投資者關係副總裁 Angeli Voria。請繼續。

Thank you, Wyatt. Good morning, and welcome to the Liberty Energy Second Quarter 2025 Earnings Call. Joining us on the call are Ron Gusek, Chief Executive Officer; and Michael Stock, Chief Financial Officer.

謝謝你，懷亞特。早安，歡迎參加 Liberty Energy 2025 年第二季財報電話會議。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 my comments today may include forward-looking statements reflecting the company's view about future prospects, revenues, expenses, or profits.

在我們開始之前，我想提醒所有參與者，我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。

These matters involve risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These statements reflected 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.

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。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。

Our comments today also include non-GAAP financial, and operational measures. 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 invested capital are not a substitute for GAAP measures, and may not be comparable to similar measures of other companies.

我們今天的評論還包括非公認會計準則財務和營運指標。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投資資本現金回報率，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 EBITA and adjusted EBITA net income to adjusted net income and adjusted net income for diluted share, and the calculation of adjusted pre-tax return on capital employed and cash return on invested capital, as discussed on this call, are available on our Investor Relations website.

本次電話會議中討論的淨收入與 EBITA 以及調整後 EBITA 淨收入與調整後淨收入以及調整後稀釋股份淨收入的對賬，以及調整後稅前資本使用回報率和投資資本現金回報率的計算，均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 second quarter 2025 operational and financial results. Liberty delivered an exceptional second quarter amidst increased macroeconomic uncertainty, and energy sector volatility.

大家早安，感謝您加入我們討論 2025 年第二季的營運和財務表現。在宏觀經濟不確定性增加和能源產業波動的背景下，Liberty 在第二季度表現出色。

Revenue and adjusted EBITDA increased 7% and 8% sequentially, respectively against an industry backdrop of softening completions activity.

在產業完井活動疲軟的背景下，營收和調整後 EBITDA 分別較上季成長 7% 和 8%。

This strong performance is a direct reflection of the outstanding contributions of our team, safely driving record efficiencies and increased utilization that more than offset industry pricing headwinds. Our outstanding performance builds lasting customer loyalty and reinforces our position as the fleet of choice in a competitive market.

這一強勁表現直接反映了我們團隊的傑出貢獻，安全地推動了創紀錄的效率和利用率的提高，足以抵消行業定價阻力。我們出色的表現贏得了持久的客戶忠誠度，並鞏固了我們在競爭激烈的市場中作為首選車隊的地位。

Tariff policies, the accelerated unwind of OPEC plus production, and geopolitical tension drove renewed uncertainty in the energy sector.

關稅政策、石油輸出國組織加速減產以及地緣政治緊張局勢導致能源產業再次出現不確定性。

During the quarter, we collaborated as partners with our customers to drive greater efficiencies, which is likely to grow our market share as activity pulls back in the second half of 2025.

在本季度，我們與客戶合作以提高效率，隨著 2025 年下半年活動的減少，這可能會增加我們的市場份額。

Amidst market pressures and near term reductions in customer activity, we are planning to modestly reduce our deployed fleet count and reposition this horsepower to support expanded demand from long-term partners for our simulfrac offering.

在市場壓力和短期客戶活動減少的情況下，我們計劃適度減少已部署的船隊數量並重新定位馬力，以支持長期合作夥伴對我們的模擬壓裂產品的擴大需求。

We are leveraging our full suite of completion products and services including frac, wireline, sand, chemicals, logistics, fuelling services, and top tier engineering and diagnostic tools to drive increased engagement with our customers. We have created a unique competitive position that allows us to stay agile in dynamic markets.

我們正在利用全套完井產品和服務，包括壓裂、電纜、沙子、化學品、物流、加油服務以及頂級工程和診斷工具，以加強與客戶的互動。我們創造了獨特的競爭地位，使我們能夠在動態市場中保持敏捷。

We are excited to bolster our technology leadership with rapid progress on our cutting edge digiPrime enhancement with the industry's first variable speed natural gas reciprocating engine.

我們很高興能夠透過業界首款變速天然氣往復式引擎在尖端 digiPrime 增強技術方面取得快速進展，從而鞏固我們的技術領先地位。

This is truly the next wave of technology in frac fleet design. We now have two variable speed digiPrime units pumping in the field that have together completed over 1,700 hours of testing in the high pressure environment of West Texas.

這確實是壓裂機組設計的下一波科技浪潮。目前，我們擁有兩台變速 digiPrime 泵組在現場運行，它們已經在西德克薩斯州的高壓環境中共同完成了超過 1,700 小時的測試。

These units provide precision rate control and increased torque, increasing both operational and capital efficiency. This latest technology advancement expands our ability to offer a 100% natural gas solution.

這些裝置提供精確的速率控制和增加的扭矩，從而提高營運和資本效率。這項最新的技術進步擴展了我們提供 100% 天然氣解決方案的能力。

Our successful development and field testing during the second quarter reflect our commitment to continued innovation in high efficiency, low emission technologies. Three years on from our first digiFleets deployment, the results continue to exceed expectations.

我們在第二季度的成功開發和現場測試反映了我們致力於在高效、低排放技術方面持續創新的承諾。從我們首次部署 digiFleets 以來已經過去了三年，其結果繼續超出預期。

The platform is delivering substantial measurable benefits, most notably in the durability and performance of key components. One of the core advantages of operating on 100% natural gas is the reduced wear and tear on engine components compared to diesel.

該平台正在帶來顯著的可衡量效益，最顯著的是關鍵部件的耐用性和性能。100% 使用天然氣的核心優勢之一是與柴油相比，引擎零件的磨損減少。

Natural gas combustion produces fewer particulates, extends oil life, and significantly reduces engine stress factors that contribute to engine life spans expected to be 2times to 3 times longer than conventional diesel and dual fuel powered systems. We are already seeing this play out in the field.

天然氣燃燒產生的顆粒物更少，延長了油的壽命，並顯著降低了引擎的壓力因素，從而使引擎的壽命預計比傳統的柴油和雙燃料動力系統長 2 倍到 3 倍。我們已經在實地看到了這現象。

DigiFleets power ends are lasting twice as long as conventional power ends while managing significantly higher load. Similarly, fluid ends are achieving twice the horsepower hours of their conventional counterparts. These early results are clear evidence of the operational and capital efficiency gains enabled by our digiFleets.

DigiFleets 電源端的使用壽命是傳統電源端的兩倍，同時可承受的負載也高得多。同樣，流體端的馬力小時數也是傳統端的兩倍。這些早期結果清楚地證明了我們的 digiFleets 所帶來的營運和資本效率的提高。

They directly support our mission to deliver the lowest total cost of service to our customers while setting a new standard for sustainable performance in the field.

它們直接支持我們的使命，即為客戶提供最低的總服務成本，同時為該領域的可持續發展樹立新的標準。

We also completed a successful field trial of the industry's first last mile sand slurry system. The system performed as designed, consistently exceeding delivery volumes in conjunction with our proprietary water handling system. By transporting sand slurry via pipe, it is expected to reduce costs, improve delivery reliability, and decrease dust, emissions, and road maintenance for our customers.

我們也成功完成了業界首個最後一哩砂漿系統的現場試驗。該系統按照設計運行，與我們專有的水處理系統相結合，輸送量持續超出預期。透過管道輸送砂漿，可望為客戶降低成本、提高運輸可靠性、減少灰塵、排放和道路維護。

Growing demand from data centres and industrial users necessitates a collaborative approach to address power service requirements that increasingly surpass the traditional utility offering. During the second quarter, we announced two strategic alliances for the development of power facilities.

資料中心和工業用戶日益增長的需求需要採取協作的方式來滿足日益超越傳統公用事業提供的電力服務需求。第二季度，我們宣布了兩項電力設施開發策略聯盟。

In Pennsylvania, we are collaborating with Range Resources and Imperial Land Corporation to provide power services to anchor a strategically located industrial park tailored for scalable development with advantaged access to Marcellus natural gas.

在賓州，我們正與 Range Resources 和 Imperial Land Corporation 合作提供電力服務，以鞏固一個地理位置優越的工業園區，該園區適合可擴展開發，並擁有獲取馬塞勒斯天然氣的優勢。

In Colorado, our strategic alliance with Altitude X Aviation Group will support a proposed development at the Colorado Air and Spaceport powered by a Liberty Microgrid. These partnerships address the barriers that commercial and industrial developers face, including access to suitable land, integrated power management solutions, and reliable fuel supply.

在科羅拉多州，我們與 Altitude X 航空集團的策略聯盟將支持由 Liberty Microgrid 供電的科羅拉多航空航天港的擬議開發項目。這些合作關係解決了商業和工業開發商面臨的障礙，包括獲得合適的土地、綜合電力管理解決方案和可靠的燃料供應。

Together we offer a turnkey solution that combines on-site generation, market integration, and infrastructure readiness to meet the evolving needs of high demand users.

我們共同提供結合現場發電、市場整合和基礎設施準備的交鑰匙解決方案，以滿足高需求用戶不斷變化的需求。

Our recently announced collaboration with Oklo represents an exciting path towards delivering integrated next generation power solutions for sophisticated large load customers. This comprehensive approach combines the speed to market of Liberty's forte distributed natural gas power and high performance load management solution to meet immediate demand with a path to integrate grid power management and base load small modular nuclear reactors with Oklo's Aurora powerhouses.

我們最近宣布與 Oklo 合作，這代表著我們朝著為複雜的大負載客戶提供整合的下一代電源解決方案邁出了令人興奮的一步。這種綜合方法將 Liberty 強項分散式天然氣電力和高效能負載管理解決方案的上市速度與滿足即時需求相結合，並將電網電力管理和基載小型模組化核反應器與 Oklo 的 Aurora 發電站相結合。

This complete solution is designed for data centres, industrial sites, and utility scale facilities, providing rapid deployment, enhanced grid optimization, and long-term price stability. This ultimately enables a seamless path to reduce carbon intensity without sacrificing reliability and flexibility.

此完整的解決方案專為資料中心、工業場所和公用事業規模設施而設計，提供快速部署、增強電網優化和長期價格穩定性。這最終實現了在不犧牲可靠性和靈活性的情況下降低碳強度的無縫途徑。

Liberty was an early investor in Oklo, committing $10 million in 2023. After evaluating companies and technologies across the advanced nuclear space, we identified Oklo's innovative business model, small and scalable design, and differentiated technology as an important strategic solution to meet the growing power demands of large scale energy users.

Liberty 是 Oklo 的早期投資者，於 2023 年承諾投資 1,000 萬美元。在評估了先進核能領域的公司和技術之後，我們認為 Oklo 的創新商業模式、小型可擴展設計以及差異化技術是滿足大型能源用戶日益增長的電力需求的重要策略解決方案。

We are thrilled to be aligned at a pivotal moment where collaboration can drive meaningful impact. Together, we will deliver an unprecedented fully integrated power and grid management solution offering large scale energy users a new level of reliability, scalability, and flexibility that simply hasn't existed before.

我們很高興能夠在關鍵時刻達成一致，透過合作產生有意義的影響。我們將共同提供前所未有的完全整合的電力和電網管理解決方案，為大規模能源用戶提供前所未有的全新水準的可靠性、可擴展性和靈活性。

While oil markets continue to evolve in response to dynamic global economic and geopolitical developments, North American production has remained relatively stable.

儘管石油市場隨著全球經濟和地緣政治的動態發展而不斷發展，但北美的石油產量仍保持相對穩定。

As the world's largest supplier of oil and natural gas, US producers continue to play a vital role in delivering reliable energy to global markets, supporting domestic industrial activity and power demand, and providing strategic leverage in the geopolitical landscape.

作為世界上最大的石油和天然氣供應國，美國生產商繼續在向全球市場提供可靠能源、支持國內工業活動和電力需求以及在地緣政治格局中提供戰略槓桿方面發揮著至關重要的作用。

Recent events ranging from shifting tariff policies to rising regional hostilities and mixed economic signals affecting global oil demand have not yet driven a meaningful North American production response. Larger, well-capitalized producers with strong balance sheets and highly efficient operations enjoy healthy well economics, enabling them to weather commodity price volatility.

最近發生的事件，從關稅政策的變化到地區敵對情緒的加劇，再到影響全球石油需求的混合經濟訊號，尚未引發北美生產方面的有意義的反應。規模較大、資本充足、資產負債表強勁、營運高效的生產商享有健康的油井經濟效益，使他們能夠抵禦商品價格波動。

Intra quarter price fluctuations created hedging opportunities, further tempering supply side reactions. Producers are targeting a relatively flat production profile, sustaining a baseline of frac activity to offset the natural decline of producing wells.

季度內價格波動創造了對沖機會，進一步緩和了供應方的反應。生產商的目標是實現相對平穩的生產狀況，維持壓裂活動的基線，以抵消生產井的自然衰退。

Completion activity is anticipated to gradually slow during the second half of the year, reflecting disciplined capital deployment and contributing to market pricing pressures on services.

預計下半年竣工活動將逐漸放緩，反映出嚴格的資本配置，並導致服務市場定價壓力。

This slowdown in activity is expected to accelerate equipment cannibalization and attrition, which fundamentally improves the supply and demand dynamics within the services industry over the cycle.

預計這種活動放緩將加速設備拆解和損耗，從根本上改善服務業週期內的供需動態。

Today's larger producers require a technically superior offering to meet the rising demand for efficiencies and engineering support that few service companies are positioned to deliver.

現今的大型生產商需要技術上更先進的產品來滿足日益增長的效率和工程支援需求，但很少有服務公司能夠提供這樣的產品。

Liberty's unmatched portfolio breadth, integrated services, and technical innovation uniquely enable us to deliver greater value to our customers and drive out performance. As we look ahead, the strategic investments we have made in completion through cycles enhances our ability to support customers in an evolving landscape.

Liberty 無與倫比的產品組合廣度、綜合服務和技術創新使我們能夠為客戶提供更大的價值並提高績效。展望未來，我們在週期完成方面所做的策略投資增強了我們在不斷變化的環境中支援客戶的能力。

We are leveraging our integrated suite of completion services, cutting edge technologies, industry leading partnerships, and the dedication of our exceptional team to navigate market uncertainties within our power business.

我們正在利用我們的綜合完井服務、尖端技術、行業領先的合作夥伴關係以及我們優秀團隊的奉獻精神來應對電力業務中的市場不確定性。

LPI delivers a robustly engineered end to end energy solution. Uniquely integrating on-site generation and load management, ISO market participation, and advantage retail supply, creating a comprehensive flexible approach that redefines reliability and cost efficiency in deregulated regions.

LPI 提供精心設計的端到端能源解決方案。獨特地整合現場發電和負載管理、ISO 市場參與和優勢零售供應，創造一種全面且靈活的方法，重新定義放鬆管制地區的可靠性和成本效率。

We're excited by LPI's future growth and its ability to contribute to our track record of delivering superior long-term returns while balancing disciplined investment with a strong balance sheet through cycles.

我們對 LPI 的未來成長及其為我們提供卓越長期回報的業績記錄做出貢獻的能力感到興奮，同時在周期內平衡嚴謹的投資和強勁的資產負債表。

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. I'm pleased to share that we achieved solid financial results despite the ever-changing macro landscape of the second quarter. Liberty's activity levels climbed.

大家早安。我很高興地告訴大家，儘管第二季宏觀情勢不斷變化，我們仍然取得了穩健的財務表現。自由的活躍程度不斷攀升。

Quarter over quarter, despite industry-wide frac activity declines reserved during the period. We saw we saw a resulting increase in our market share, a trend we expect to continue in the back half of the year, given our differential service offering and expected relative outperformance. We also made significant progress in our power business, cultivating long-term relationships that will drive future successes.

儘管本季全行業的壓裂活動有所減少，但環比成長。我們看到我們的市場份額隨之增加，考慮到我們提供的差異化服務和預期的相對優異表現，我們預計這一趨勢將在下半年繼續保持。我們也在電力業務方面取得了重大進展，建立了推動未來成功的長期關係。

In the second quarter, revenue of 2025 revenue was $1 billion compared to $977 million in the prior quarter. Our results increased 7% sequentially as higher activity in nearly all our business lines, more than offset pricing headwinds and softer conditions in the Permian Basin markets.

第二季度，2025 年營收為 10 億美元，而上一季為 9.77 億美元。由於我們幾乎所有業務線的活動增加，我們的業績環比增長了 7%，遠遠抵消了二疊紀盆地市場定價阻力和疲軟狀況的影響。

Second quarter net income of $71 million compared to $20 million in the prior quarter. Adjusted net income of $20 million compared to $7 million in the prior quarter and excludes $51 million of tax affected gains on investments. Fully diluted net income per share was $0.43 compared to $0.12 in the prior quarter.

第二季淨收入為 7,100 萬美元，而上一季為 2,000 萬美元。調整後淨收入為 2,000 萬美元，而上一季為 700 萬美元，不包括 5,100 萬美元的投資稅收益。每股完全攤薄淨收益為 0.43 美元，而上一季為 0.12 美元。

Adjusted net income per diluted share was $0.12 compared to $0.04 in the prior quarter. Second quarter adjusted EBITDA was at 181 million compared to $168 million in the prior quarter, an 8% sequential increase. General administrative expenses totalled $58 million in the second quarter compared to $66 million in the prior quarter, which included a non-cash stock-based compensation of $6 million.

調整後每股攤薄淨收益為 0.12 美元，而上一季為 0.04 美元。第二季調整後的 EBITDA 為 1.81 億美元，而上一季為 1.68 億美元，季增 8%。第二季一般管理費用總計 5,800 萬美元，而上一季為 6,600 萬美元，其中包括 600 萬美元的非現金股票薪資。

G&A decreased $7 million from the prior quarter primarily due to accelerated modified. Stock-based compensation associated with Christmas's departure in the first quarter. Other income items totalled $58 million for the quarter, inclusive of $68 million on gains of investments offset by interest expense of approximately $10 million.

一般及行政開支較上一季減少 700 萬美元，主要原因是加速修改。與第一季克里斯馬斯離職相關的股票薪資。本季其他收入項目總計 5,800 萬美元，其中包括 6,800 萬美元的投資收益，抵銷了約 1,000 萬美元的利息支出。

Second quarter tax expense was $24 million. Approximately 25% of pre-tax income. Cash taxes were [$2120 million]. In the second half of 2025, we now expect tax expense rates to be approximately 25% of pre-tax income and approximately no payment on cash taxes in the second half of the year.

第二季稅費為2400萬美元。約佔稅前收入的25%。現金稅為[21.2億美元]。我們現在預計，2025 年下半年的稅費率約為稅前收入的 25%，且下半年幾乎不需要支付現金稅。

We ended the quarter with a cash balance of $20 million and a net debt of $140 million. Net debt decreased by $46 million from the prior quarter. Second quarter uses of cash included capital expenditures and $13 million of cash dividends. Amidst market uncertainties, we elected to refrain from share buybacks to allow a period of assessment while focusing on the execution of our long-term strategic plans. We will continuously monitor evolving macroeconomic conditions and remain flexible and value-focused in our buyback approach.

本季末，我們的現金餘額為 2,000 萬美元，淨債務為 1.4 億美元。淨債務較上一季減少4,600萬美元。第二季的現金使用包括資本支出和 1,300 萬美元的現金股利。在市場不確定的情況下，我們選擇不回購股票，以便進行一段時間的評估，同時專注於執行我們的長期策略計畫。我們將持續監測不斷變化的宏觀經濟狀況，並在回購方式上保持靈活性和價值導向。

Total liquidity at the end of the quarter, including availability under the credit facility was $276 million. Subsequently, in July 2025, Liberty expanded its credit facility in support of strategic growth and power generation. With a 2020 $225 million increase in their aggregate commitments to $750 million subject to borrowing-based limitations.

本季末的總流動資金（包括信貸額度下的可用資金）為 2.76 億美元。隨後，在 2025 年 7 月，Liberty 擴大了信貸額度，以支持策略成長和發電。2020 年，其總承諾額將增加 2.25 億美元，達到 7.5 億美元，但須遵守基於借貸的限制。

Net capital expenditures were $134 million in the second quarter, which included investments in digiFleets. Capitalized maintenance spending, LPI Infrastructure, and other products. We had approximately $3 million of proceeds from asset sales in the quarter and $51 million of proceeds from the sale of equity securities.

第二季淨資本支出為 1.34 億美元，其中包括對 digiFleets 的投資。資本化維護支出、LPI 基礎設施和其他產品。本季我們從資產出售中獲得了約 300 萬美元的收益，從股權證券出售中獲得了 5,100 萬美元的收益。

We now expect total capital expenditures for 2025 of approximately $575 million approximately $75 million less than planned, roughly evenly distributed between reduced completion of CapEx and delays in delivery of power generation relative to expectations in January.

我們現在預計 2025 年的總資本支出約為 5.75 億美元，比計劃減少約 7500 萬美元，這大致平均分佈在資本支出完成減少和發電交付相對於 1 月份預期的延遲之間。

As we approach 2026, we will assess market volatility and implications for completion CapEx while continuing to lean into the growth potential of our power business.

隨著 2026 年的臨近，我們將評估市場波動及其對完成資本支出的影響，同時繼續挖掘電力業務的成長潛力。

After a strong uptick in the second quarter, we expect third quarter revenue in EBITDA to soften sequentially. Many service providers that had already experienced whitespace during the second quarter were quick to respond unconstructively, resulting in pricing headwinds.

在第二季強勁上漲之後，我們預計第三季 EBITDA 營收將季減。許多在第二季度已經遭遇空白的服務提供者迅速做出了非建設性的反應，導致定價出現阻力。

As a result, the macroeconomic developments over the last three months. We are withdrawing our full year EBITDA target range provided in January and will provide additional color on our fourth quarter expectations on our next earnings update.

因此，過去三個月的宏觀經濟發展。我們將撤回 1 月份提供的全年 EBITDA 目標範圍，並將在下一次收益更新中提供有關第四季度預期的更多說明。

In spite of the anticipated frac Market softness, we're encouraged by the opportunities ahead and our ability to create value. We are confident in our ability to demonstrate continued outperformance. We are working diligently alongside our customers to provide best in class service and engineered solutions to respond to evolving well economics and drive more intense entrenched relationships with these customers.

儘管預計壓裂市場將疲軟，但我們對未來的機會和創造價值的能力感到鼓舞。我們有信心我們能夠繼續保持優異的表現。我們正與客戶一起努力，提供一流的服務和工程解決方案，以應對不斷發展的經濟形勢，並與這些客戶建立更緊密的根深蒂固的關係。

Our power opportunities continue to expand. And we're excited by the relationships we are building will position us to deliver comprehensive, integrated long-term solutions.

我們的電力機會不斷擴大。我們對正在建立的關係感到興奮，這將使我們能夠提供全面、全面的長期解決方案。

We are deeply committed to generating superior returns for our shareholders over the cycles. I will now turn the call back to the operator for Q&A after which Ron will have some closing comments.

我們堅定地致力於在各個週期內為股東創造豐厚的回報。我現在將把電話轉回給接線員進行問答，之後羅恩將發表一些結束語。

(Operator Instructions) Stephen Gengaro, Stifel.

（操作員指示）Stephen Gengaro，Stifel。

Thanks, and good morning, everybody. So, two for me that are probably connected and we get asked this a lot, so I'll ask you the, when we think about the power generation side of the business, can you talk about one sort of what the current sort of supply chain looks like for incremental capacity and then then the other question is sort of around your kind of the potential for some of these assets to be contracted over the next couple of quarters.

謝謝，大家早安。所以，對我來說，這兩個問題可能有所關聯，我們也經常被問到這個問題，所以我會問您，當我們考慮業務的發電方面時，您能否談談當前的增量產能供應鏈是什麼樣的？然後，另一個問題是關於您認為這些資產在未來幾季內簽約的可能性。

Yeah, Steven, so let me tackle the first one, on a, from a supply chain standpoint, there definitely is, particularly on the gas resit side, incremental capacity available beyond. For example, what we have already procured, we have had conversations with our supply base, and certainly I think this is specific to liberty and our relationships there have identified availability of meaningful additional capacity.

是的，史蒂文，讓我來談談第一個問題，從供應鏈的角度來看，特別是在天然氣儲備方面，肯定存在可用的增量產能。例如，我們已經採購了一些東西，我們已經與我們的供應基地進行了對話，當然我認為這是針對自由的，而且我們在那裡的關係已經確定了有意義的額外產能的可用性。

We could significantly expand our order book for 2026 if we so desire to. And have that have those assets delivered over the latter part of '26 and headed into early 2027. So, we have that opportunity there. I think realistically if we wanted to we could probably more than double our order book for 2026 if we chose to.

如果我們願意的話，我們可以大幅擴大 2026 年的訂單量。並且這些資產將在 2026 年下半年和 2027 年初交付。所以，我們有這樣的機會。我認為，實際上，如果我們願意，到 2026 年，我們的訂單量可能會增加一倍以上。

With respect to the second part of your question, maybe I'll tackle it, and then if Michael has anything to tack on from his standpoint, he certainly can.

關於你問題的第二部分，也許我會解決它，然後如果邁克爾從他的角度有什麼要補充的，他當然可以。

We've announced a number of larger partnerships and of course those are bigger development efforts and so as you think about things like permitting and whatnot, there's a timeline involved in that sort of stuff. And so those ones are going to be a little longer as we think about asset deployment for something like that. You're probably talking about into 2027 for those for those types of bigger partnerships.

我們已經宣布了一些更大規模的合作夥伴關係，當然這些都是更大的發展努力，所以當你考慮諸如許可之類的事情時，這類事情都有一個時間表。因此，當我們考慮對此類事情進行資產部署時，這些流程將會持續更長時間。您可能正在談論 2027 年那些類型的更大合作關係。

We are going to start deploying power generation assets this fall, so we have three sites, one in Colorado and two in Texas, that we will begin to deploy assets on here in the back half of the year, and I'd expect we'll begin generation for that sometime in 2026.

我們將於今年秋天開始部署發電資產，因此我們有三個站點，一個在科羅拉多州，兩個在德克薩斯州，我們將在今年下半年開始在這裡部署資產，我預計我們將在 2026 年某個時候開始發電。

Right, thanks. And then just as a follow on, given the Oklo announcement, it sounds like one of the things that Wall Street is trying to figure out is kind of this this sort of bridge to something down the road, whether it's grid power or SMR's or whatever it might be. But your relationship with Oklo, it seems like it's at least partially centred around creating this kind of long term power solution until some of these SMR's are more active, which is probably five to seven plus years. How do we think about that? Is that a long term relationship as base load, or could some of what you're doing be kind of included as backup power as some SMR's come on longer term?

好的，謝謝。接下來，鑑於奧克洛核電廠的公告，華爾街似乎正在試圖弄清楚的事情之一就是如何為未來搭建橋樑，無論是電網電力還是 SMR 還是其他什麼。但您與 Oklo 的關係似乎至少部分集中在創建這種長期電力解決方案上，直到其中一些 SMR 更加活躍，這大概需要五到七年以上的時間。我們對此有何看法？這是作為基本負荷的長期關係嗎？或者，隨著一些 SMR 的長期使用，您所做的一些工作是否可以作為備用電源？

I think you're generally thinking about that in the right direction, but I'd say even broader than that, Stephen. Of course we have this timeline delta. We have customers who desire to bring their facility, industrial complex, whatever it might be online sooner than might be possible if they were going to wait for an SMR.

我認為你總體上朝著正確的方向思考這個問題，但我想說，你的思考範圍要比這更廣泛，史蒂芬。當然我們有這個時間軸增量。我們的客戶希望他們的設施、工業複合體等能夠比等待 SMR 更快地上線。

And so in the first phase of this, we do provide that bridge for startup and continuous operations until we can deploy an SMR to the site. Once we get an SMR there though, you have to remember that nuclear is best suited to base load power, to long term steady supply of a continuous amount of kilowatts or megawatts.

因此，在第一階段，我們確實提供了啟動和持續營運的橋樑，直到我們能夠將 SMR 部署到站點。然而，一旦我們在那裡建成 SMR，你必須記住，核能最適合基載電力，能夠長期穩定地供應連續的千瓦或兆瓦電力。

If you think about a data centre, you have there an asset that has highly variable load demand, loads that can fluctuate by a significant percentage of total load over fractions of a second. And so, you need a mechanism for response to that the partnership with natural gas [resci] and ultimately some more advanced technology think capacitance super capacitance it enables that variability in a and but as a partnership, not as one or the other.

如果您考慮一下資料中心，您會發現那裡的資產具有高度可變的負載需求，負載可能會在幾分之一秒內波動總負載的很大一部分。因此，您需要一種機制來應對與天然氣 [resci] 的合作關係，並最終採用一些更先進的技術，例如電容超級電容，它可以實現這種可變性，但作為一種合作關係，而不是其中之一。

The other advantage is with gas on top of nuclear, you rely on the nuclear for that base load capacity, but when and if the grid arrives, it also allows some flexibility in that regard. You can think about our ability with fast response gas to be able to keep an eye on prices available on the grid to the extent there's abundant wind and solar that day and power prices are quite low. We could ramp down the gas and take advantage of that opportunistic pricing to the extent the inverse is true, and we have very high grid prices.

另一個優點是，天然氣發電優於核能發電，可以依靠核能來滿足基本負載能力，但一旦電網接入，也可以提供一定的彈性。您可以考慮我們快速響應天然氣的能力，能夠密切注意電網上的價格，因為當天風能和太陽能充足，電價也相當低。我們可以減少天然氣用量，並利用這種機會定價，反之亦然，而且我們的電網價格非常高。

We have the ability to start up all of that gas capacity, make sure we're taking care of the core customer, but also putting some of that power out on the grid. So I think if you view this as a very long term partnership, you can see that there are some real economic opportunities with nuclear paired together with gas, not just in the near term but over decades to come.

我們有能力啟動所有的天然氣產能，確保我們照顧到核心客戶，同時也將部分電力輸送到電網。因此，我認為，如果你將此視為一種長期合作關係，你會發現，核能與天然氣相結合將帶來一些真正的經濟機會，不僅是在短期內，而且在未來幾十年內。

Great, thank you for all the details.

太好了，謝謝你提供的所有詳細資訊。

Of course.

當然。

Scott Gruber, Citigroup.

花旗集團的史考特‧格魯伯。

Yes, good morning, to realize, good morning, realize all the moving pieces on the completion because it makes it makes it tough, but just want to get some more color, on the second half, activity is down, but you're redeploying some capacity. You're taking share, but pricing is a headwind. So just can you provide some more color on, the revenue trajectory and EBITDA trajectory in 3Q?

是的，早上好，意識到，早上好，意識到完成的所有移動部分，因為它使它變得艱難，但只是想得到更多的顏色，在下半年，活動減少了，但你正在重新部署一些能力。你正在佔領市場份額，但定價卻是個阻力。那麼您能否提供一些有關第三季營收走勢和 EBITDA 趨勢的更多資訊？

And what's the early look for 4Q, will the seasonality be worse than normal or are we in a situation where because customers are slowing today, that may moderate the 4Q decline. So just some color there would be great.

那麼第四季的早期前景如何？季節性因素是否會比正常情況更糟？或者我們是否處於這樣一種情況：由於目前客戶數量減少，這可能會緩解第四季度的下滑。所以只要有一點顏色就很好了。

Yeah, good question, Scott. Certainly, we're coming off of an incredible high in Q2. We had a tremendous quarter this past quarter, but as you've noted, we've seen activity start to come down.

是的，斯科特，問得好。當然，我們在第二季取得了令人難以置信的高點。上個季度我們的業績非常出色，但正如您所注意到的，我們的業務活動開始減少。

That's predicated by rig count falling, and we've seen that happen over this quarter and continue into the start of the third quarter. We always from a completion standpoint lag that by three or four or five months and so we're expecting to see that impact on the completion world over the back half of the quarter and so while we had very strong utilization in Q2 relative to that, we are starting to see more white space appear on the calendar.

這是由鑽井數量下降所決定的，我們已經看到這種情況在本季度發生，並持續到第三季初。從完成的角度來看，我們總是滯後三到五個月，因此我們預計在本季度後半段會看到對完成世界的影響，因此，儘管我們在第二季度的利用率非常高，但我們開始看到日曆上出現更多的空白。

I think it's our expectation that we're going to see an activity reduction maybe of order mid-single digits or thereabouts in terms of our utilization of the asset base as we noted, we're repurposing assets a little bit.

我認為，我們預計，就資產基礎利用率而言，活動可能會減少大約個位數，正如我們所指出的，我們正在重新利用資產。

We are taking down our fleet count, but with a desire to get to increased efficiency, our customers are seeking more simulfrac work, and so we're repurposing that horsepower, lowering overall fleet count, maintaining effectively our horsepower utilization, and running fewer larger fleets to meet that demand to drive efficiency in these environments.

我們正在減少車隊數量，但為了提高效率，我們的客戶正在尋求更多的模擬壓裂工作，因此我們正在重新利用這些馬力，降低整體車隊數量，有效地保持我們的馬力利用率，並運行更少的大型車隊以滿足在這些環境中提高效率的需求。

Now of course with that additional white space as we look out in the back half of the year we're going to see some pricing headwinds, as you noted. And certainly we expect that to be a piece of the puzzle as well. At this point in time, I think we'd say probably low single digits, pricing headwinds, and there's a little bit of context to that, of course. We have relatively firm pricing with our leading edge technology.

當然，正如您所說，隨著這些額外的空白空間的出現，展望下半年，我們將看到一些定價阻力。當然，我們也希望這能成為難題的一部分。目前，我認為我們可能會說價格處於低個位數，面臨阻力，當然，這其中也有一些背景。憑藉我們領先的技術，我們的定價相對穩定。

I think that digiFrac and digiPrime assets that are out there, a little more challenged pricing with the older assets, particularly the diesel equipment, but averaged across the asset base, probably something in the low single digits range. As for '24, probably a little early to tell at this point in time. I, certainly appreciate your thinking there and I hope that's how it plays out. But I think for us, just given how bumpy the market has been, and we're probably going to take a bit of a wait and see on Q4 and as we get a bit closer to that, we'll be able to provide some probably a clear outlook there. Michael, anything to add?

我認為，現有的 digiFrac 和 digiPrime 資產的定價與舊資產（尤其是柴油設備）相比更具挑戰性，但從整個資產基礎的平均水平來看，可能處於個位數的低位範圍內。至於‘24’，現在談論它可能還為時過早。我當然很欣賞你的想法，我希望事情能得到解決。但我認為，對我們來說，考慮到市場一直以來的波動，我們可能會對第四季稍作觀望，隨著第四季的臨近，我們將能夠提供一些清晰的前景。邁克爾，還有什麼要補充的嗎？

No, I think you covered it well there I, think you know at least normal seasonality for Q4 coming off Q3, but we'll have some more clarity as we get as we get closer.

不，我認為你已經很好地涵蓋了這一點，我認為你至少知道第四季度與第三季度之間的正常季節性，但隨著我們越來越接近這一點，我們會更加清楚。

I appreciate it. And I wanted to come back to the Oklo alliance. It's certainly an interesting alliance. Now Oklo, I believe has a bunch of MOUs for their reactors. So with the alliance, will you be targeting, customers with MOUs? Are they clamouring for a kind of faster time to first power, or will the alliance be mainly targeting, new customers?

我很感激。我想回到奧克洛聯盟。這確實是一個有趣的聯盟。我相信，現在奧克洛已經為其反應爐簽署了一系列諒解備忘錄。那麼，透過聯盟，你們的目標客戶是已簽署諒解備忘錄的客戶嗎？他們是否要求更快地獲得首次動力，或者聯盟主要針對新客戶？

No, so when you think about it, the, for, with the Oklo Powerhouses, these are large loads, sort of, very large customers, right? And so these are multi-year developments [MOUs] they have. So, when you think about it, sort of how that customer wants to develop power over the next 5 to 10 years.

不，所以當你考慮這一點時，對於奧克洛發電站來說，這些都是大負荷，可以說是非常大的客戶，對吧？這些都是他們多年的發展成果 [MOU]。所以，當你考慮這個問題時，你就會知道客戶希望在未來 5 到 10 年內如何發展電力。

So yeah, so definitely the Liberty Oklo alliance will be working on with those customer relationships. This allows the ability to bring power forward and having a more integrated and grid interconnected long term solution which sort of solves a lot of the problems when you think about.

是的，Liberty Oklo 聯盟肯定會與這些客戶建立良好的關係。這使得我們能夠將電力向前輸送，並擁有一個更整合和電網互聯的長期解決方案，這可以解決許多問題。

You want to get to a long term nuclear solution where people are still focused on a low carbon solution. And but you want to be able to get to that point where we want to win the AI race now. And right, so the bringing of liberty's forte generation and load management solution which allows us to manage those incredible variable loads that are driven.

您希望獲得長期的核子解決方案，而人們仍然關注低碳解決方案。但你希望能夠達到我們現在想要贏得人工智慧競賽的程度。是的，自由的強項生成和負載管理解決方案的引入使我們能夠管理那些驅動的令人難以置信的可變負載。

By the AI data centres that they want to be able to want to deal with. Also, the seasonal variability due to the significant parasitic load of cooling of data centres. Right, so therefore, the Oklo powerhouses are great for the base load portion of it, and the Liberty Gas will be a 20 plus year generating asset as part of that integrated solution.

他們希望能夠透過人工智慧資料中心來處理。此外，由於資料中心冷卻的寄生負荷很大，也導致了季節變化。是的，因此，奧克洛發電站非常適合其基本負載部分，而自由天然氣將作為該綜合解決方案的一部分成為 20 多年的發電資產。

So yeah, so we will be working diligently to bring forward a lot of this data centre development that has been talked about over the last year.

是的，我們將努力推進去年討論的資料中心開發工作。

I appreciate it, Michael. Thank you. I'll turn it back.

我很感激，麥可。謝謝。我會把它轉回去。

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. Just maybe first start out on the sand slurry pipe system you talked about in the release. Can you just give us a sense of the operational advantages or cost differential that that type of sand transportation provides versus the traditional methods?

嘿，早安。也許首先從您在發布中談到的砂漿管道系統開始。您能否向我們介紹一下這種沙子運輸方式與傳統方法相比具有哪些操作優勢或成本差異？

Yeah, good question, Keith. It's, I won't get into the weeds on the numbers, but to give you some sense of how that difference might play out, I'll give you a very simplistic scenario. You can imagine an environment where there is an existing proximity mine, so effectively a wet sand mine located in the middle of somebody's contiguous acreage.

是的，基思，問得好。我不會深入討論數字，但為了讓你了解這種差異可能如何產生，我會給你一個非常簡單的場景。你可以想像一個有近炸地雷的環境，因此實際上這是一個位於某人相鄰土地中間的濕沙雷。

The sand slurry system allows us today we're using a number of around 10 miles to never put that sand in a truck, to have that leave of proximity mine in a slurry pipe and be pumped all the way to location.

砂漿系統使我們能夠將大約 10 英里範圍內的沙子放入卡車中，然後將附近的礦渣放入泥漿管道中，然後一路泵送到指定位置。

Once we get to location, we remove the water from it. We stack it in a wet pile just like you would see with any other pile system and have that sand ready to go for use on location. So in that extreme case, we actually never put a truck on the road to handle sand.

一旦我們到達目的地，我們就會將水排出。我們將其堆放在濕堆中，就像您在任何其他堆放系統中看到的那樣，並準備好沙子以供現場使用。因此，在這種極端情況下，我們實際上從未派卡車上路處理沙子。

In maybe a slightly different example, probably one of the biggest challenges we have when you think about the logistics for is the last portion of the last mile of delivery. So if you think about West Texas, the Permian area, we might go and get sand from one of the mines in the Kermit Monaghan's trend.

舉一個稍微不同的例子，當我們考慮物流時，我們面臨的最大挑戰之一可能是最後一英里交付的最後一部分。所以如果你想想西德克薩斯州、二疊紀地區，我們可能會去 Kermit Monaghan 趨勢中的一座礦場獲取沙子。

We'll load that on a truck. We'll drive down a highway for a good portion of the way, but then ultimately, we end up on a ranch road that will have a speed limit of 10 miles an hour that is relatively well maintained, might have some cattle gates along the way. That's a significant use of time for a truck, it might be half of the driving time, even though it's only a fraction of the distance that they have to travel.

我們會把它裝上卡車。我們會沿著高速公路行駛很長一段路，但最終，我們會開上一條牧場道路，這條道路的限速為每小時 10 英里，維護得相對較好，沿途可能會有一些牛欄。對於卡車來說，這是非常耗時的，可能佔了駕駛時間的一半，儘管這只是他們必須行駛的距離的一小部分。

There's also a significant cost to the E&P to maintain that road when we have to deliver hundreds of trucks of sand up and down that each and every day.

當我們每天要運送數百卡車的沙子來回運輸這條道路時，E&P 也要花費大量成本來維護這條道路。

You can appreciate that that's the most volume from a vehicle standpoint going in and out of location for the operation of the frac. The slurry system allows us the opportunity to remove that entirely. We could have the sand trucks deliver only on pavement. And thus maintain their round trip efficiency, maximizing the number of loads they get in a day and minimizing our per ton mile cost for that.

您可以意識到，從車輛的角度來看，這是壓裂作業中進出位置的最大流量。泥漿系統使我們有機會將其徹底清除。我們可以讓沙車只在人行道上運送沙子。從而保持他們的往返效率，最大限度地增加他們一天的裝載量，並最大限度地降低我們每噸英里的成本。

And then transfer that sand into a slurry system to deliver the rest of the way to location. We eliminate the truck traffic, the dust, the noise that comes with that. We give the truckers a more efficient time frame and we basically remove all the road maintenance costs that come with all of that traffic on the road. And so we view that as the economic opportunity. For the customers in this, it's not going to be a, it's not going to be an application that works every place, but I think there are going to be a lot of opportunities in basins where it's going to make a lot of sense.

然後將沙子轉移到泥漿系統中，運送到剩餘的位置。我們消除了卡車交通、灰塵和隨之而來的噪音。我們為卡車司機提供了更有效率的時間框架，並且基本上消除了道路上所有交通帶來的道路維護成本。因此，我們認為這是一個經濟機會。對於這方面的客戶來說，它不會是一個適用於所有地方的應用程序，但我認為在盆地中會有很多機會，它將非常有意義。

Got it. I appreciate that color appreciate the comments on the utilization softening and the pricing as well, across the asset base. Can you just give us a sense of how the, active, consolidating some of your horsepower into fewer fleets. Might change the earnings power of the business on a like for like basis. So would you expect that the simul frac operations to have higher earnings power or lower earnings power relative to your prior asset footprint without any of these additional changes?

知道了。我很欣賞顏色對整個資產基礎上的利用率軟化和定價的評論。您能否向我們介紹如何將部分馬力整合到更少的車隊中？可能會以類似的方式改變企業的獲利能力。那麼，在沒有任何這些額外變化的情況下，您是否認為同步壓裂作業相對於您先前的資產足跡具有更高的獲利能力或更低的獲利能力？

Yeah, there's a small change there, Keith, but in relative terms, we services are priced on the basis of a return on the assets themselves right? So whereas, we'll have less fleets, each fleet will be slightly more profitable on a fleet basis, but on a per horsepower basis you're going to see some similarities and you're going to see some reduced average cost per la for the clients. So it's a bit of a win-win for everybody.

是的，這裡有一個小的變化，基思，但相對而言，我們服務的定價是根據資產本身的回報來定價的，對嗎？因此，儘管我們的車隊數量會減少，但每個車隊的利潤在車隊基礎上會略高一些，但以每馬力計算，你會看到一些相似之處，而且你會看到客戶每英里的平均成本有所降低。所以這對每個人來說都是雙贏的。

Okay, thanks very much.

好的，非常感謝。

Marc Bianchi, TD Cowen.

馬克·比安奇 (Marc Bianchi)，TD Cowen。

Hey, thank you. I wanted to ask a couple clarifications around sort of the outlook for the second half here. Ron, you were talking about the drawdown in activity, maybe something in the order of mid single digits and then add a few percentage points of price to that. So you know it would appear maybe we're talking about something like 7% or 8%. Is that what you expect for third quarter, or is that, kind of a mix of third quarter and 4th quarter and then. I don't know, Michael, if you want to try to help us with how to think about the operating leverage, the decremental that we would see on that type of a revenue decline.

嘿，謝謝你。我想就下半年的前景問幾個問題。羅恩，你剛才談到了活動的減少，可能是個位數的中間值，然後再增加幾個百分點的價格。所以你知道看起來我們可能談論的是 7% 或 8% 之類的數字。這是您對第三季的預期嗎，或者是第三季和第四季的混合預期。邁克爾，我不知道您是否想嘗試幫助我們思考如何看待經營槓桿，以及在這種收入下降的情況下我們會看到的遞減。

I sort of, you broke up just a bit in the middle there on this end. Sorry, Mark, can you just, repeat the question?

我有點覺得，你們在這邊中間有點分手了。抱歉，馬克，你能重複這個問題嗎？

Sure, it seems like between the activity and price that you talked about, it sounds like maybe it's something like a 7% or 8% decline. The question was, is that All in 3Q or is it sort of spread over the second half and then how much of a decremental margin should we be looking at recognizing, there's some price and some mix and lots of lots of moving pieces.

當然，您談到的活動和價格之間似乎出現了 7% 或 8% 的下降。問題是，這全部發生在第三季度，還是會分散到下半年，然後我們應該考慮多大的降幅，因為這涉及到一些價格、一些組合以及很多很多的變動因素。

So yeah, Michael's doing some quick math for you there, Mark, but I think I don't think I'd have those two things together necessarily to get to 7%or 8%. I think you want to think about those things independent of one another, and that will get you to probably some slightly different numbers than just the sum total of the two. Michael, do you want some?

是的，馬克，邁克爾正在為你做一些快速的計算，但我認為沒有必要將這兩件事結合起來才能達到 7% 或 8% 的目標。我認為您需要獨立地考慮這些事情，這樣您得到的數字可能與兩者的總和略有不同。邁克爾，你想要一些嗎？

I think you're right. I mean, I think if you look at those numbers, you get a mid single digit activity where you've got decremental that are a little elevated to your usual sort of, 35% because of as we are changing out our fleet count and then you've got, as Ron said some single digit pricing decline on average across the whole fleet I think you can get to the map. I'm getting into the numbers with that.

我認為你是對的。我的意思是，我認為如果你看一下這些數字，你會發現一個中等個位數的活動，其中的遞減率略高於通常的 35%，因為我們正在改變我們的船隊數量，然後你會看到，正如羅恩所說的那樣，整個船隊的平均價格出現了個位數的下降，我想你可以從地圖上看到。我正在研究這些數字。

Got it. And that's all happening in third quarter like this is essentially what you think for the calendar third quarter.

知道了。這一切都發生在第三季度，基本上就是您所認為的日曆第三季度的情況。

The general assumption is pricing stays relatively flat through, sort of we're seeing those drops now as best we know it stays relatively flat through the 4th quarter and you'll see some seasonality, but again, we'll have a lot more clarity on that when we get to the next earnings release.

一般的假設是價格保持相對平穩，我們現在看到的是這些下降，據我們所知，它在第四季度保持相對平穩，你會看到一些季節性，但同樣，當我們發布下一份收益報告時，我們會對此有更清晰的認識。

Yes, okay, it makes sense. And then the other one I had was on the CapEx reduction you mentioned some of it was frac and some of it was some sort of slower delivery for the power equipment I guess. Could you help us understand how much is each and then with the power piece was that your decision or the vendor's decision and what's the what's the chance of seeing further delays there?

是的，好的，這很有道理。然後，我提到的另一個問題是資本支出的減少，您提到其中一些是壓裂，還有一些是電力設備交付速度較慢。您能否幫助我們了解每種情況的費用是多少，然後對於電源部分，這是您的決定還是供應商的決定，以及進一步延遲的可能性有多大？

It's about split fifty-fifty. You've got to remember, on the power side, really, that's just a firming up of delivery times. Remember we gave you some numbers at the beginning of the year in January, right? So, things sort of be as far as those delivery times firming up between sort of November, December. January and February of next year. So, it's just affirming up of the actual delivery times out of the factory.

大約是各佔一半。你必須記住，從電力方面來說，這實際上只是交貨時間的確定。還記得我們在一月年初給過你們一些數字嗎？因此，交貨時間將在 11 月或 12 月之間確定。明年一月、二月。因此，這只是確認工廠實際交貨時間。

So not a big number, but you've got an artificial, 12 month period we're talking about here. And then on the frac side, yeah, about 50% of that reduction comes out of the frac side as we start to taper down CapEx.

所以這不是一個很大的數字，但我們在這裡討論的是人為的 12 個月的時間段。然後在壓裂方面，是的，隨著我們開始減少資本支出，大約 50% 的減少來自壓裂方面。

On the completion side of the business as we move towards, when we see the market changing as we continue to drive strong free cash flow out of that business as we go forward.

在業務完成方面，隨著我們看到市場發生變化，我們將繼續從該業務中推動強勁的自由現金流。

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

好的，非常感謝。我會把它轉回去。

Thanks, Mark.

謝謝，馬克。

Saurabh Pant, Bank of America.

美國銀行的 Saurabh Pant。

Hey, good morning, Ron and Mike.

嘿，早上好，羅恩和麥克。

Good morning.

早安.

Ron, maybe I'll start with a big picture question like you said in your prepared remarks, right? It seems like EPS are solving for flat production, right? So if we think about that you frac, I think, close to 20% of the world in North America, right, as you look forward and have your discussions, with your customers, Mike, how do you think customers, might budget for 2026, right just do not know any high level thoughts on that.

羅恩，也許我應該像你在準備好的發言中所說的那樣，從一個大問題開始，對嗎？看起來 EPS 正在解決平板生產的問題，對嗎？因此，如果我們考慮到這一點，我認為北美佔全球的 20%，對吧，當您展望未來並與您的客戶進行討論時，麥克，您認為客戶可能會如何制定 2026 年的預算，對吧，只是不知道對此有任何高層想法。

Yeah, I'm certainly happy to provide my speculation on that. Of course, I would love to be in the boardroom with them when they're making those decisions, but my suspicion is that we are going to see the E&Ts Onshore North America generally try to hold production at levels somewhere close to where they are today.

是的，我非常樂意對此提出我的猜測。當然，當他們做出這些決定時，我很樂意和他們一起坐在董事會會議室裡，但我懷疑我們會看到北美陸上 E&T 公司通常會試圖將產量維持在接近目前的水平。

It's my opinion that it would be difficult to regain that market share in the foreseeable future. And so my sense is barring some meaningful economic dislocation, we're going to see them with a budget. That has sufficient activity to hold production close to where it is right now. We may see a modest decline. Maybe it's maybe we'll see production come off 100,000, and I think at the outside 200,000 barrels a day, but I'm of the opinion that they will plan a budget accordingly that supports levels at that point and We'll see what actually happens going forward, but that's my expectation.

我認為，在可預見的未來，重新獲得這一市場份額將會很困難。因此我的感覺是，除非出現嚴重的經濟混亂，否則我們將看到他們有預算。其生產活動足以使產量保持在目前的水平附近。我們可能會看到適度的下降。也許我們會看到產量減少 10 萬桶，我認為每天最多減少 20 萬桶，但我認為他們會相應地制定預算以支持當時的產量水平，我們將拭目以待未來的實際情況，但這是我的預期。

Right, no, I know it's too early to speculate, but I appreciate the thoughts on, and then one question I had a follow up on Mark's question on, the power deliveries, right? I understand, you're foaming up the schedule. But I'm just trying to extrapolate what we heard on the baker call earlier this week. They're booking a lot of orders. It seems like they're booking more orders than they have capacity right now, right?

好的，不，我知道現在推測還為時過早，但我很欣賞您的想法，然後我還有一個問題想跟進馬克的問題，即電力輸送，對嗎？我明白，你正在把日程安排得滿滿噹噹。但我只是想推斷一下本週早些時候我們在麵包師電話中聽到的內容。他們正在接受很多訂單。看起來他們現在的訂單量已經超出了他們的產能，對嗎？

So I'm just trying to wonder if you at some point think about, okay, should we at least get a slot, if not, a firm order for deliveries beyond 400 megawatt? Any thoughts on what lead times might look like on that?

所以我只是想知道您是否在某個時候想過，好吧，我們至少應該獲得一個時段，如果沒有，那麼獲得一個超過 400 兆瓦交付的確定訂單？您認為這方面的交貨時間大概是怎麼樣的？

I think we're pretty comfortable saying that today with our partners on the power generation side we can still expect deliveries in a 12 month time frame without any concern. In fact, we had a conversation literally the first part. This week to confirm what our additional opportunities would be for 2026. And so I'm quite confident telling you that if we were looking to add meaningful capacity to our order for next year, we could do that and expect deliveries in the same time frame that we are getting them today.

我想我們可以很放心地說，今天與我們的發電合作夥伴一起，我們仍然可以毫無顧慮地期待在 12 個月的時間內交貨。事實上，我們確實就第一部分進行了交談。本週我們將確認 2026 年我們還有哪些其他機會。因此，我可以非常自信地告訴您，如果我們希望為明年的訂單增加有意義的產能，我們可以做到這一點，並期望在與今天相同的時間內交貨。

Okay, I got it. And very quickly, Michael, of that [$575] and CapEx that you gave us, how much of that is maintenance?

好的，我明白了。邁克爾，您快說，您給我們的 [575 美元] 資本支出中，有多少是維護費用？

Oh, so a little bit, it's a bit below [$200].

哦，稍微有點，稍微低一點[200美元]。

Yes, okay, I got it. Okay, on my thanks. I'll send it back.

是的，好的，我明白了。好的，謝謝。我會把它寄回去。

Thank you.

謝謝。

Grant Hynes, JP Morgan.

格蘭特·海因斯，摩根大通。

Hey, morning [game].

嘿，早安[遊戲]。

Hey, Grant. Nice to have you on board.

嘿，格蘭特。很高興您能加入我們。

Thank you. So despite, some of the sort of pricing pressure, that you kind of mentioned release in the in the lower part of the market seems like still kind of getting strong economics on the digiFleets rolling out. Maybe how should we just think of sort of go forward cadence on digiFleets as we think about, power CapEx largely, spoken for here and I guess any flexibility kind of on that side.

謝謝。因此，儘管存在您提到的在低端市場推出的某種定價壓力，但 digiFleets 的推出似乎仍然具有強勁的經濟效益。也許我們應該如何思考 digiFleets 的前進節奏，就像我們思考電力資本支出一樣，我想這方面也存在一些彈性。

So I think grant based on what we know today, we're going to finish out our digiPrime program for 2025. Those fleets are committed to customers. They have a home to go to at contractual terms that we are very happy with. But as we look out into 2026, I think given our outlook today.

因此我認為，根據我們今天所了解的情況，我們將在 2025 年完成我們的 digiPrime 計劃。這些車隊致力於服務客戶。他們按照合約條款找到了一個家，我們對此非常滿意。但當我們展望 2026 年時，我認為根據我們今天的展望。

There's a reasonable chance that we will retrench to effectively maintenance CapEx on the completion side of the business, that we would not deploy any additional digit capacity next year. Subject to change if market conditions change and we see we see a reason to make a move there, but at this point in time, I think we'd say that's our most likely outlook.

我們很有可能會縮減開支，以有效維持業務完成方面的資本支出，明年我們不會部署任何額外的數位容量。如果市場條件發生變化並且我們發現有理由採取行動，那麼情況可能會發生變化，但目前，我認為這是我們最有可能的前景。

Got it. And then also we've heard from some peers just on, some that gas activity being relatively stable, obviously I think some mixed signals, but maybe, with LNG facilities coming online, maybe seeing some early demand signals, I guess. Can you just speak to this and maybe provide color if any of the real equipment you were speaking about is kind of leverage to gas stations. Thanks.

知道了。而且我們也聽到一些同行說，天然氣活動相對穩定，顯然我認為有些混合訊號，但也許隨著液化天然氣設施上線，也許會看到一些早期的需求訊號。您能否簡單談談這個問題並提供具體信息，說明您所說的任何實際設備是否對加油站有影響力。謝謝。

That's a great point. Certainly not something we had mentioned, but we are in the fortunate position of being underweight permanent relative to rig count there and overweight Haynesville relative to rig count there today. So we are doing a good amount of work in the in the Haynesville. We're seeing strong support there and expect to see that continue through the latter part of the year, at least as best as we can tell today, so. It has been it has been a tailwind relative to the other parts of our operating platform.

這是一個很好的觀點。當然不是我們之前提到過的事情，但是我們很幸運，相對於那裡的鑽井數量，我們永久性資產的持股比例偏低，而相對於那裡的鑽井數量，我們海恩斯維爾資產的持股比例偏高。所以我們在海恩斯維爾做了大量的工作。我們看到了那裡的強勁支持，並預計這種支持將持續到今年下半年，至少就我們今天所知是如此。與我們營運平台的其他部分相比，它一直是一個順風。

Derek Podhaizer, Piper Sandler.

德里克波德海澤、派珀桑德勒。

Hey, good morning, Ron and Mike.

嘿，早上好，羅恩和麥克。

Good morning.

早安.

Hey Derek.

嘿，德里克。

I guess I just want to ask on the attrition comments you guys had in the in your opening statement, maybe could you help us out, understand, what you guys expect as far as removing diesel from the market? I just answer the last question, not replacing much more digiPrime if we look into next year, but maybe just help us understand the supply and demand dynamics of the industry and what you expect as far as diesel being removed and how that can help the supply and demand picture moving forward.

我想我只是想問一下你們在開場白中提到的損耗評論，也許你能幫我們一下，了解一下，你們對於從市場上撤出柴油有什麼期望？我只回答最後一個問題，如果我們展望明年，不會更換更多的 digiPrime，但也許只是幫助我們了解行業的供需動態，以及您對柴油淘汰的期望，以及這將如何幫助未來的供需狀況。

Yeah, I think if you think about the market and even the commentary you've heard up to this point in time, I think you'll hear very consistently that there is strong demand for next generation capacity and even the latest in dual fuel technology, specifically Tier 4, and then demand starts to fall off as you work your way down there. So when we think about capacity that's going to end up with meaningful white space and ultimately probably sidelined.

是的，我認為如果你考慮市場，甚至是你到目前為止聽到的評論，我認為你會非常一致地聽到，對下一代產能甚至最新的雙燃料技術（特別是 Tier 4）的需求強勁，然後當你向那裡走下去時，需求開始下降。因此，當我們考慮容量時，最終會出現有意義的空白，並且最終可能會被擱置一旁。

Over the back half of this year and maybe even headed into next year, that's primarily going to be Tier 2 diesel capacity, maybe even a little bit of Tier 2 older Tier 2 dual fuel stuff. But I think the way you want to think about that is As that stuff ends up on the sideline, particularly given a challenged economic environment like this, for those who are Maybe finding themselves in a challenged cash flow position.

今年下半年，甚至可能到明年，主要將是 Tier 2 柴油產能，甚至可能是少量 Tier 2 較舊的 Tier 2 雙燃料產能。但我認為你應該這樣想，因為這些東西最終都會被擱置一邊，特別是在像這樣充滿挑戰的經濟環境下，對於那些可能發現自己處於現金流困境的人來說。

The easy answer there is to cannibalize those assets for components to keep the core of the fleet running. You use the transmission, you use the power, you use the fluid end, you use whatever might be helpful on there, and ultimately you get to a place where that asset really just isn't worth bringing back into service. And so while we use 10% as kind of the average attrition rate on an annual basis.

最簡單的答案就是拆掉這些資產的零件，以維持船隊核心的運作。您使用變速箱、使用動力、使用液力端，使用任何可能有用的東西，最終您會發現該資產確實不值得重新投入使用。因此，我們使用 10% 作為年度平均流失率。

You go through years with really compelling economics where that number probably falls down into the mid single digits maybe even, and then you get to years like this where the economics are certainly more challenged, and it's our position that that number will climb up probably into the mid-teens and that we're going to see an accelerated rate of attrition over the back half of this year and into '26. That ultimately sets up sets us up for a much stronger rebound, a much tighter market, much quicker than. You might anticipate when things start to turn around.

在經歷了經濟狀況十分樂觀的幾年後，這個數字可能會下降到個位數左右，但到了今年這樣的年份，經濟情勢肯定會面臨更大的挑戰，我們認為這個數字可能會上升到十幾歲左右，而且我們將在今年下半年和 2026 年看到員工流失率加速上升。這最終為我們帶來了更強勁的反彈、更緊縮的市場和更快的速度。您可能預料到事情何時會開始好轉。

Margaret, that's helpful and encouraging. Maybe just going back to this to the slurry pipe, pretty interesting technology. Can you help us understand maybe the total addressable market there? Is that just a Midland solution in the Permian given where the, mobile mini mines are, the wet sand, or could you move over to the Delaware, or could there be anything outside of the Permian that we should be thinking about?

瑪格麗特，這很有幫助，也很鼓舞人心。也許只是回到這個泥漿管道，相當有趣的技術。您能幫助我們了解那裡的整體潛在市場嗎？考慮到移動小型礦井和濕沙的位置，這僅僅是米德蘭在二疊紀盆地的解決方案嗎？或者您可以轉移到特拉華州，或者二疊紀盆地以外還有什麼值得我們考慮的嗎？

I think all of the above are certainly true. There's no reason we couldn't deploy it in the Delaware as well. There's definitely proximity mines over there. There might be advantages in terms of crossing state lines or whatever the case might be. I think there are opportunities across the Permian Basin. I wouldn't rule out a place like the Haynesville as a potential opportunity. We use wet sand there and there may be a case where it makes sense in that environment as well. Certainly not something you're going to run in the dead of winter, of course, so that probably removes some amount of the geography, but outside of that, it's got real application over the right sort of distances.

我認為以上所有說法都是正確的。我們沒有理由不在特拉華州部署它。那裡肯定有近炸地雷。跨越州界或其他任何情況都可能有優勢。我認為二疊紀盆地周圍充滿機會。我不會排除像海恩斯維爾這樣的地方作為潛在的機會。我們在那裡使用濕沙，在那種環境下使用濕沙也可能是有意義的。當然，這肯定不是你在隆冬時節要跑的項目，所以這可能會消除一些地理因素的影響，但除此之外，它在適當的距離內有實際的應用。

Got it, no, that makes sense. Great, thank you. I'll talk it back.

明白了，不，這很有道理。太好了，謝謝。我會回覆的。

Thanks.

謝謝。

Eddie Kim, Barclays.

巴克萊銀行的 Eddie Kim。

Hi, good morning. Just wanted to ask about the decision to reduce your fleet counter and redeploy some of those fleets to larger customers with the simulfrac operations. Is that because customers right now or certain customers are just kind of stopping completions activity altogether maybe in response to the decline in the oil directed recount we've seen over the past two months or is it more because they're asking for pricing concessions at levels that are maybe unsustainable for your return thresholds, just any color there would be great.

嗨，早安。只是想詢問一下減少船隊數量並將部分船隊重新部署給具有同步壓裂作業的較大客戶的決定。這是因為現在的客戶或某些客戶完全停止了完井活動，也許是對過去兩個月我們看到的石油定向重新計價的下降做出了反應，還是因為他們要求以可能無法達到您的回報門檻的水平進行價格優惠，任何顏色都很好。

There's probably a little bit of both of those. I think you could definitely find some smaller operators who are choosing to just stand down completion activity at this point in time, and there has been some reductions in activity, but there's also a real pricing challenge. I think we had some we had some folks in the space who were facing already a calendar with a bit of white space on it into Q2, and they responded, we would argue unconstructively in that regard.

可能兩種情況都有一點。我認為你肯定會發現一些規模較小的運營商選擇在此時停止完井活動，並且活動有所減少，但也存在真正的定價挑戰。我認為我們這個領域的一些人已經面臨著第二季度還有一些空白的日曆，他們回應說，我們將在這方面進行不具建設性的爭論。

With respect to price and so we've seen some real degradation from a pricing standpoint in the market and in some cases that has us choosing not to participate in that. And so we would rather relocate those resources in support of our strong long term partners and help them drive efficiencies through things like simulfrac that are ultimately a win for both of us in this time.

關於價格，我們從市場定價的角度看到了一些真正的下降，在某些情況下，我們選擇不參與其中。因此，我們寧願將這些資源轉移到支持我們強大的長期合作夥伴上，並幫助他們透過類似模擬壓裂的技術來提高效率，這最終對我們雙方來說都是雙贏的。

Understood. And then just shifting over to the [Oakwe] strategic Alliance you announced earlier this week. I know it's really early days, but just based on your understanding of their sort of project timeline today, when do you think is the earliest you could see revenue from this partnership? Is it 2028 or maybe 2030? Just curious on your best estimate there.

明白了。然後轉到您本週早些時候宣布的 [Oakwe] 策略聯盟。我知道現在還為時過早，但根據您對他們目前專案時間表的了解，您認為最早什麼時候可以從這項合作中獲得收入？是 2028 年還是 2030 年？我只是好奇你對此的最佳估計。

Really, when you think about this one, Eddie, it's the same with any data centre development, right? What this does is it allows the rollout of power early generation power to data centres as they build out in stages, right? And so I think you probably would see revenue on any of these large data centres.

真的，艾迪，當你想到這一點時，它與任何資料中心開發都是一樣的，對嗎？這樣做的目的是允許在資料中心分階段建設時向其提供早期發電電力，對嗎？因此我認為你可能會看到這些大型資料中心中的任何一個的收入。

Coming into '27 being anything of significance, right, and then from the nuclear powerhouses, you're probably in the early 30s when they're also generating, right? So you're going to build out your initial natural gas generation first, think of it in stages, and then add in your nuclear baseload over time.

進入 27 年，這是一件重要的事情，對吧，然後從核電廠來看，你可能在 1930 年代初期，它們也在發電，對吧？因此，您要先建造最初的天然氣發電廠，分階段考慮，然後隨著時間的推移添加核能基載。

At the same time that the nuclear base load arrives, we'll probably, on average get close to having grid interconnection, which is then where we can then do the Liberty Chorus solution will kick in and we'll manage the grid interconnection and the interaction between these large loads and the grid. So it's a combination of that. So that's sort of like the time frame in general.

在核能基載到來的同時，我們可能平均接近實現電網互聯，然後我們就可以啟動 Liberty Chorus 解決方案，我們將管理電網互聯以及這些大負載與電網之間的相互作用。所以這是這些的結合。這有點像是一般的時間框架。

What it will do is it will bring forward this ability, so you'll be able to have these large load customers commit and have a roadmap to get to some nuclear power but without able to actually execute within an 18 month period from the first from signing a contract to powering a data house.

它的作用是將這種能力提前，這樣你就可以讓這些大負載客戶做出承諾，並製定使用核電的路線圖，但無法在從簽訂合約到為資料庫供電的 18 個月內真正執行。

Got it, understood very helpful. Thank you very much. I'll turn it back.

明白了，理解很有幫助。非常感謝。我會把它轉回去。

Thanks, Eddie.

謝謝，埃迪。

Jeff LeBlanc, TPH.

傑夫·勒布朗，TPH。

Good morning, Ron and team. Thank you for taking my caution. The only question, good morning. The one question I did have is on mechanically, these fleet repositioning’s, are you taking diesel assets to support gas burning assets, or will the assets be upgraded before being redeployed or I guess separately? Are you redeploying some of your natural gas burning assets to the simulfrac?

早上好，羅恩和團隊。感謝您對我的警告。唯一的問題，早安。我確實有一個問題，從機械角度來看，這些車隊的重新定位，您是否會用柴油資產來支援燃氣資產，或者在重新部署之前是否會對資產進行升級，或者我猜是單獨部署？您是否正在將部分天然氣燃燒資產重新部署到類比壓裂中？

So we're not upgrading any assets at this point in time. Any of the older diesel equipment is headed for retirement at some point in time when that makes the most sense or potentially, I think ultimately if there's a home for that overseas, there's It may it may find its way there, but for us, we're not taking any of the Tier 2 diesel and turning that into Tier 2 dual fuel at this point in time.

因此我們目前不會升級任何資產。任何舊款柴油設備都會在最合理或最有可能的時間點退役，我認為，如果這些設備最終在海外有歸宿，那麼它可能會找到出路，但對我們來說，目前我們不會將任何 Tier 2 柴油轉化為 Tier 2 雙燃料。

Our expectation is that our asset base over the long term will consist primarily of digiPrime with some tier 4 DGB backstopping that. And so as we think about the asset redeployment, that's just looking at the needs of our customers and making sure that we have the right assets in the right place to support their long term needs and so the operations team, the sales team working closely together to make sure that as we do this in a fashion that sets us up for the best possible success over the coming months and years.

我們的預期是，從長遠來看，我們的資產基礎將主要由 digiPrime 組成，並由一些 4 級 DGB 提供支援。因此，當我們考慮資產重新部署時，我們只是專注於客戶的需求，並確保我們在正確的位置擁有正確的資產來支持他們的長期需求，因此營運團隊和銷售團隊緊密合作，以確保我們以一種在未來幾個月和幾年內取得最佳成功的方式做到這一點。

As a speed to move to the simul frac as well. They'll be supporting in the short term as some of the digiFleet the rest of the digiFleet gets rolled out of the balance of this year. So it allows us to get to the simul frac quicker, but ultimately that's a temporary solution that will be replaced by the digiFleet that come out in the second half of the year.

以同樣的速度移動到同步壓裂。他們將短期內為部分 digiFleet 提供支持，其餘的 digiFleet 將從今年的餘額中推出。因此，它使我們能夠更快地實現同步壓裂，但最終這只是一個臨時解決方案，將被今年下半年推出的 digiFleet 所取代。

Okay, thank you very much for the call. I'll hand the call back to the operator.

好的，非常感謝您的來電。我會把電話轉回給接線生。

Thank you.

謝謝。

Tom Curran, Seaport.

湯姆·柯倫，海港。

Good morning, everyone. On the CS side when it comes to the track operations engineering and diagnostic tools, which offerings seem to be making the most difference when it comes to share gain traction or, your ability to defend pricing here and there.

大家早安。在 CS 方面，當涉及軌道運營工程和診斷工具時，哪些產品似乎在提高市場份額或維護定價的能力方面發揮最大的作用。

Oh, well, there's a, there's a few things that play into that, and it really depends who the customer is that you're talking about. We have a range of customers who all have different end goals or different places where they need support or desire technology. In some cases, and I'd say particularly for the larger portion of our customer base, think those majors and large independents, it is generally a drive towards next generation technology on location.

哦，好吧，有幾件事會影響到這一點，這實際上取決於你談論的客戶是誰。我們擁有一系列的客戶，他們都有各自的最終目標或需要支援或技術的不同面向。在某些情況下，我想說，特別是對於我們大部分的客戶群來說，想想那些主要公司和大型獨立公司，這通常是推動下一代現場技術的動力。

Backstopped by a strong safety record, great supply chain, and some real innovations around the software side of things. So as we continue to advance our master rate control system, which we've been running in the field for more than a few years now, these things all are driving efficiency on location, getting jobs done quicker, and just enabling them to get to a lower cost for a barrel of oil produced or an MCF of gas produced.

憑藉強大的安全記錄、卓越的供應鏈以及軟體方面的一些真正創新。因此，隨著我們繼續推進我們的主速率控制系統（該系統已在現場運行了好幾年），所有這些都在提高現場效率，更快地完成工作，並使他們能夠以更低的成本生產一桶石油或一百萬立方英尺天然氣。

We have other partners though who lean heavily on us for our engineering support. So if you think about some of the smaller operators that are out there that maybe don't have all of that a frac design expertise and capability inside of their shop.

不過，我們還有其他合作夥伴，他們非常依賴我們的工程支援。因此，如果你想想一些規模較小的營運商，他們可能沒有壓裂設計專業知識和車間內部能力。

They are leaning very heavily on us, particularly in a time like this. One thing we always like to remind customers is that frac designs do not remain steady. The best possible frac design to put in a well changes depending on the economic conditions of the day.

他們非常依賴我們，特別是在這樣的時刻。我們總是想提醒客戶的一件事是，壓裂設計並不是保持穩定的。井中最佳的壓裂設計會根據當時的經濟狀況而改變。

It might be that it makes more sense to pump a little more sand, particularly given where sand prices are today, and it might have 24 months ago that there's a better return on that. And so we have customers who lean heavily on us from an engineering standpoint to work through that optimization effort with them. As one of the only companies frac companies left that still maintains a strong engineering and geosciences team, we're the go to partner for things like that.

可能多抽一點沙子更有意義，特別是考慮到現在的沙子價格，而且 24 個月前這樣做的回報可能更高。因此，我們的客戶從工程角度非常依賴我們與他們一起完成優化工作。作為僅存的幾家仍擁有強大的工程和地球科學團隊的壓裂公司之一，我們是此類事務的首選合作夥伴。

So it varies by customer what enables us to retain that strong partnership and ultimately earn a bit of a premium working with that customer.

因此，我們能否保持牢固的合作關係並最終透過與客戶合作獲得一定的收益取決於不同的客戶。

That was awful on thanks, and then kind of shifting to the PS side, two questions about the partnership with Altitude X for the past project. Would you expect the eventual contract structure for LPI to allow for the sale of excess electricity into the wholesale market and then compared to ING's legacy pit [micer] good, I know that this past proposal vis is, a system that.

謝謝，這真是太糟糕了，然後轉到 PS 方面，關於過去專案與 Altitude X 合作的兩個問題。您是否希望 LPI 的最終合約結構允許將多餘的電力出售到批發市場，然後與 ING 的傳統市場 [micer] 相比，好，我知道過去的提案是，一個系統。

Initially will be nearly twice the size of 45 megawatts versus pits 23 cognizant of how early it is on the timeline, but what are some of the major similarities and contrast you would anticipate relative to the pit micro grid and in part where I'm going with this is there an effort to move towards it and be able to demonstrate some degree of standardization that LPI will be able to offer.

最初的規模將幾乎是 45 兆瓦的兩倍，而 23 號坑的規模則要大得多，考慮到時間線的早期階段，但您預計與礦坑微電網相比有哪些主要相似之處和對比，我部分地談到這一點，是否有努力朝著這個方向發展，並能夠展示 LPI 能夠提供的某種程度的標準化。

Yeah, I mean, so the, if you think about the pit micro grid, right, that is based around a modular power generation solution, right? Each one of those powerhouses comes on three different trucks and within a 24 hour period that will be craned into position.

是的，我的意思是，如果您考慮一下坑微電網，對吧，它是基於模組化發電解決方案的，對吧？每個發電站都由三輛不同的卡車運送，並在 24 小時內用起重機吊運到位。

And so, and then there's about six weeks of, total commissioning after that. So you could get to the fact of about a two week once you've done all your site work and your footings, etc. You can get to about a sort of an offload situation where you're sort of about two to three weeks of construction and connection with all the quick connects and then you get to sort of about a six week to eight week commissioning cycle, right?

之後大約需要六週的時間才能完成全部調試。因此，在完成所有現場工作和地基等工作後，您可以獲得大約兩週的時間。您可以獲得一種卸載情況，大約需要兩到三週的時間進行施工和連接所有快速連接，然後您就會得到大約六到八週的調試週期，對嗎？

So it's a very standardized modular process. We're bringing that to all of the products we do. And so very much about the cast product will be based around that similar sort of solution. Now there could be a combination of different generating technologies, right?

所以這是一個非常標準化的模組化過程。我們將把這一點融入我們生產的所有產品中。因此，演員陣容的大部分內容都將基於類似的解決方案。現在可以組合不同的發電技術了，對嗎？

Whether it's the Yenboker or the CAD, the Yenbokers that we run at the pit solution or the caterpillar ones, which are a slightly smaller one that we've used as a base for our frac, which are about a 2.5 megawatt.

無論是 Yenboker 還是 CAD，我們在礦井解決方案中運行的 Yenboker 還是卡特彼勒，後者稍小一些，我們將其用作壓裂的基礎，功率約為 2.5 兆瓦。

As a base load, but very much the same modular construction which takes a lot of the risk out of the construction a lot of everything is done and tested in a factory and therefore you take a lot of the need for trades out of the field, so it also reduces significantly reduces the cost.

作為基本負載，但非常相似的模組化結構消除了施工中的許多風險，許多工作都是在工廠完成和測試的，因此您無需進行現場交易，因此也大大降低了成本。

The cost and time of implementation so very much, the cash product project or even the data centre projects that we are that we are bidding, at the moment very much based around that solution. Think of it as like, modular Lego blocks, and we can build you a power plant of any given size right now as we get up into the larger and larger projects, we may use a slightly larger power generation unit than the [4.3] or the [2.5] [cap], we may move up to the, a sort of a 10 megawatt and then eventually we will use packaged turbines depending on your fuel source and power density requirements, but ultimately the philosophy is very much what you see at the Pittsburgh airport that very much as much as possible packaged in a factory and brought to side to speed.

實施的成本和時間非常多，我們正在競標的現金產品項目甚至資料中心專案目前都基於該解決方案。可以把它想像成模組化的樂高積木，我們現在就可以為您建造任何大小的發電廠，隨著我們開始開展越來越大的項目，我們可能會使用比 [4.3] 或 [2.5] [cap] 稍大的發電機組，我們可能會升級到 10兆瓦的發電機組，最終我們將根據您的燃料來源和功率密度要求使用封裝的渦輪機，但最終的理念與您在匹茲堡機場看到的非常相似，即盡可能在工廠中封裝並加速運輸。

The implementation integrated with the grid most definitely the OctaAs will actually be most likely a sort of a sort of local utility, part of the Adams County side of that of that organization. And so yes, we will be able to for all of our industrial sites that we're developing, we will be able to wheel power onto the grid and provide local grid support into the wholesale market.

與電網整合的實施最有可能的是 OctaAs 實際上很可能是一種當地公用事業，是該組織亞當斯縣的一部分。是的，對於我們正在開發的所有工業場所，我們將能夠將電力輸送到電網並為批發市場提供本地電網支援。

Got it. I appreciate that coming Michael.

知道了。我很感謝麥可的到來。

John Daniel, Daniel Energy Partners.

約翰·丹尼爾，丹尼爾能源合作夥伴。

Please go ahead. Hey guys, thanks for keeping the call open for me. Ron, sort of an ops question for you. Historically, we always thought of the Haysville as being like terrible wear and tear on the frac equipment, and I'm just curious, does that same wear and tear effect apply to the new generation technology like your digiFleets?

請繼續。嘿夥伴們，謝謝你們幫我保持通話暢通。羅恩，我想問你一個操作方面的問題。從歷史上看，我們一直認為 Haysville 對壓裂設備有嚴重的磨損，我只是好奇，同樣的磨損效應是否也適用於像你們的 digiFleets 這樣的新一代技術？

John, you're absolutely right. That is a very high intensity environment. It is high rate, high pressure work and there are only some who are successful in deploying technology there and being a successful partner. We have made tremendous stride there and certainly we have seen to this point in time with our next generation assets. Just a real change in in asset life and that's true in high pressure, high intensity environments as well. I would say there are probably a couple of reasons for that. One is that we've designed the assets specifically for that type of workload.

約翰，你完全正確。那是一個非常高強度的環境。這是一項高效率、高壓力的工作，只有少數人能夠成功地在那裡部署技術並成為成功的合作夥伴。我們在那裡取得了巨大的進步，當然，我們已經看到了我們的下一代資產的這一刻。這只是資產壽命的真正變化，在高壓、高強度的環境中也是如此。我想說這可能有幾個原因。一是我們專門針對此類工作負載設計了資產。

It's designed to handle the flow rates that we're putting through that and digiPrime in eighth gear we're delivering 12 barrels a minute out of a single pump, so probably twice the rate we typically send out of a more traditional pump, but you have a you have a pump that was designed with that very idea in mind. It's not like we took some existing technology and then tried to cram some more through its instead we have from the ground up an asset designed to handle that rate and pressure.

它的設計目的是處理我們通過的流速，在第八檔的 digiPrime 中，我們每分鐘可以通過單個泵輸送 12 桶，所以可能是我們通常使用更傳統的泵輸送速率的兩倍，但你有一個專為此想法而設計的泵。這並不是說我們採用了一些現有技術，然後試圖強行塞入更多的技術，而是我們從頭開始設計一種資產來處理這種速度和壓力。

And then in parallel with that, of course we've been working very hard on the Asset monitoring, digital twin and AI oversight of our entire asset base, and I think that has also played significantly into our ability to extend the life of these components.

同時，我們當然一直在努力對整個資產基礎進行資產監控、數位孿生和人工智慧監督，我認為這也對我們延長這些組件的使用壽命的能力發揮了重要作用。

We have the hive here in just northeast of Denver, staff with a team 24 hours a day and maybe more importantly than that, they are supported by a Sophisticated set of algorithms that's monitoring the second derivative of every data stream that we collect off of an engine transmission power end or pump and all the other components that are out there, and we are finding things before they become an issue.

我們在丹佛東北部設有一個蜂巢，全天 24 小時都有工作人員和團隊工作，也許更重要的是，他們得到了一套複雜的演算法的支持，這些演算法監控我們從發動機傳動動力端或泵以及所有其他部件上收集的每個數據流的二階導數，我們在問題出現之前就發現了它們。

We are able to see that change in a trend, identify that to the crew in the field, make a minor repair instead of a major repair, and that really has gone a long way in terms of extending asset life as well. So I'd say. You layer that on top of a next generation fit for purpose asset and you get these incredible performance improvements that we have seen.

我們能夠看到趨勢的變化，並向現場工作人員指出這一點，進行小修而不是大修，這對於延長資產壽命確實也有很大的幫助。所以我才會這麼說。將其疊加到下一代適用資產之上，您將獲得我們所看到的令人難以置信的性能改進。

Okay. That's all I had. Thanks for including me.

好的。這就是我所擁有的一切。謝謝你邀請我。

Alright, thanks John.

好的，謝謝約翰。

Dan Kutz, Morgan Stanley.

摩根士丹利的丹·庫茨。

Hey, thanks. Good morning. Thanks for squeezing me in. So maybe just on the going back to the international opportunities, I know you guys are doing work in Australia, for any of kind of the future international deployments of some of the Tier 2 assets, as you think about those opportunities, is Australia the only market that you guys are looking at or looking at some of the other unconventional basins like?

嘿，謝謝。早安.謝謝你把我擠進來。所以也許只是回到國際機會，我知道你們正在澳洲開展工作，對於某些二級資產的未來國際部署，當你考慮這些機會時，澳洲是你們唯一關注的市場嗎？或正在關注其他一些非常規盆地？

Argentina or Middle East and then I'm not sure if you quantified this before, but anything you could share on kind of the cost to ship a fleet internationally and kind of staff up and deploy that fleet and I guess any kind of associated upgrade cost, just wanted to check in and get a better picture on the international opportunities. Thanks.

阿根廷或中東，然後我不確定您是否之前量化過這一點，但您可以分享有關在國際上運送一支艦隊的成本以及為該艦隊配備人員和部署該艦隊的成本，我想任何相關的升級成本，只是想檢查一下並更好地了解國際機會。謝謝。

Yeah, of course we continue to look at all the opportunities around the world, and we get inbounds from all over the place as you can imagine. The Middle East is a common spot where we get inquiries from. Argentina has been on the radar screen of late given the change in government there and the success that has that has brought in the country and as a result, an expected real expected uptick in activity in the Vaca mora.

是的，當然，我們會繼續關注世界各地的所有機會，正如您所想像的，我們會從世界各地獲得資訊。中東是我們經常收到詢問的地方。鑑於阿根廷政府的更迭及其為該國帶來的成功，阿根廷最近一直受到關注，因此，預計瓦卡莫拉的活動將出現實際增長。

So we continue to keep our eyes on all of these opportunities, and I would say even over and above that opportunities for growth in Australia as another place. So we're on the ground there, of course we've got our fleet there. We're doing the work in the Beet aloo Basin, but Australia is recognizing that they need more gas and they need more gas onshore Australia.

因此，我們將繼續關注所有這些機會，我想說，甚至超越這些機會的是澳大利亞作為另一個地方的成長機會。所以我們就在那裡，當然我們的艦隊也在那裡。我們正在甜菜盆地開展工作，但澳洲意識到他們需要更多的天然氣，需要更多的澳洲陸上天然氣。

That's leading to Some support for unconventional work not only in the Beet aloo but elsewhere, particularly in the Queensland area. So we are engaged in all of those conversations and when we see opportunities that make sense, we are certainly prepared to take some of that capacity and go to work there.

這不僅導致甜菜根地區而且導致其他地方，特別是昆士蘭地區對非常規工作的支持。因此，我們參與了所有這些對話，當我們看到有意義的機會時，我們當然準備好利用其中的一些能力來進行工作。

I'd say as to the cost, obviously that's going to depend on where we go. Going to a country like Australia comes with very stringent requirements around importing an asset there. You are not allowed to have a speck of dust on a piece of equipment to get through customs when you arrive in Australia, and so.

至於成本，我想說，這顯然取決於我們去哪裡。前往澳洲這樣的國家對於進口資產有著非常嚴格的要求。當你抵達澳洲時，你的設備上不允許有一絲灰塵來通過海關，等等。

Those assets were completely refurbished. They were scrubbed down effectively with a toothbrush to make sure that they were absolutely spotless when we arrived in Australia and that we ran into no customs issues there. Of course that's not the same case in all the environments we might visit, so you're going to see that number vary a fair bit.

這些資產已被徹底翻新。我們用牙刷對它們進行了徹底的擦洗，以確保我們抵達澳洲時它們一塵不染，並且不會遇到任何海關問題。當然，我們所訪問的所有環境中的情況並不都是相同的，所以你會看到這個數字會有相當大的差異。

But you can be rest assured that we are not a company that's going to send a substandard fleet of equipment someplace to do work. We go there to be the best at what we do. We go there to excel at what we deliver and so we're going to make sure that we put a fleet on the water that that is up to the standards of the work we're going to be doing there. So there's an investment that goes with that for sure. Obviously not the cost of a new fleet, but there's a there's a refurbishment cost that's attached to that.

但您可以放心，我們不會將不合格的設備送到某個地方去工作。我們去那裡是為了在我們所做的事情上做到最好。我們去那裡是為了更好地完成我們提供的服務，所以我們要確保我們派遣的船隊能夠達到我們將在那裡進行的工作的標準。因此這肯定需要投資。顯然這不是新車隊的成本，但其中還有一筆翻新成本。

Got it. Understood. It's all really helpful. And then maybe just went on shareholder returns and apologies but it's kind of the read now that I know you guys didn't do any buybacks and two is how do you think about weighing, potentially picking up some shares that an attractive evaluation and the other. Capital allocation priorities that you have or is maybe kind of the balance sheet a governor on shareholder returns like you guys are open to it if there's some excess cash after the other, capital calls have been satisfied, just how do you think about share buybacks at this point?

知道了。明白了。這一切都非常有幫助。然後可能只是繼續股東回報和道歉，但現在我知道你們沒有進行任何回購，其次是您如何考慮權衡，可能選擇一些具有吸引力評估的股票，另一方面。你們的資本配置優先事項，或者可能是資產負債表對股東回報的影響，就像你們對股東回報持開放態度一樣，如果之後有一些過剩現金，資本需求已經得到滿足，那麼您現在如何看待股票回購？

Yeah, of course we think about share buybacks the same way all the time, which is an op opportunistic approach to them. When the greater the dislocation between our stock price and what we view as the intrinsic value of the company, the more apt we are to be involved in the market.

是的，我們當然始終以同樣的方式考慮股票回購，這是一種機會主義的方法。當我們的股價與我們所認為的公司內在價值之間的差距越大時，我們就越傾向於參與市場。

The last quarter, of course, a pretty volatile one, and we wanted to make sure that we had our feet underneath the bus, that we had a good look ahead as to what was coming and that we were well set up and well positioned to navigate that whatever it might be and to take advantage of any opportunities that might come in front of us of course we've been opportunistic both in the [15,16] downturn and in the COVID downturn.

當然，上個季度是相當動蕩的，我們希望確保自己能夠做好準備，對即將發生的事情有很好的預見性，並且做好充分的準備，以應對任何可能的情況，並利用可能出現的任何機會。當然，無論是在[15,16]經濟低迷時期還是在新冠疫情造成的低迷時期，我們都抓住了機會。

We had tremendous opportunities there that really took the company to another level. We want to be ready for those such that they might appear and so yeah, we took a we took a short GAAP in the second quarter just to stand back and understand the landscape, make sure that the balance sheet was well set up for whatever the future would hold, and as we look forward, of course we'll continue to look at our stock price and whether or not that is the best use of some cash as we move through the balance of the year Michael.

我們在那裡獲得了巨大的機遇，真正將公司提升到了一個新的水平。我們希望為可能出現的情況做好準備，所以，是的，我們在第二季度採取了簡短的 GAAP 措施，只是為了退一步了解形勢，確保資產負債表能夠為未來可能發生的情況做好充分的準備，展望未來，我們當然會繼續關注我們的股價，以及這是否是我們在今年餘下時間裡對一些現金的最佳利用方式，邁克爾。

One of the key things there is that investing in growth has really got a great potential to increase our long-term EPS power of Liberty's earnings, and that really drives the greatest value over time, and we've got some great and exciting growth opportunities in front of us.

其中最關鍵的一點是，投資成長確實具有巨大的潛力，可以提高 Liberty 的長期每股收益，隨著時間的推移，這確實會帶來最大的價值，而且我們面前有一些巨大而令人興奮的成長機會。

Great, thank you both. I'll turn it back.

太好了，謝謝你們兩位。我會把它轉回去。

Thank you.

謝謝。

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

我們的問答環節到此結束。我想將會議交還給羅恩，請他做最後發言。

Thank you. Global oil demand grew by 0.7% last year, supplying 34% of global energy needs global natural gas demand grew by 2.5% last year, supplying 25% of global energy needs.

謝謝。去年全球石油需求成長了 0.7%，滿足了全球能源需求的 34%；去年全球天然氣需求成長了 2.5%，滿足了全球能源需求的 25%。

Electricity demand grew by 4%, outpacing total energy system demand growth. We have a similar power story unfolding here in the United States driven by growth in AI and a reshoring of manufacturing.

電力需求成長了4%，超過了整個能源系統需求的成長。在美國，我們也看到了類似的強國故事，這得益於人工智慧的發展和製造業的回流。

Recognizing that we had a bigger role to play in delivering on our mission to better human lives, we changed our name from Liberty Oil Field Services to Liberty Energy in April of 2022. We subsequently made investments in small modular nuclear through Oklo, in enhanced geothermal through [Fervo], and in batteries through [netron].

我們認識到，在履行改善人類生活的使命方面，我們可以發揮更大的作用，因此，我們在 2022 年 4 月將公司名稱從 Liberty Oil Field Services 更改為 Liberty Energy。隨後，我們透過 Oklo 投資了小型模組化核能，透過 Fervo 投資了增強型地熱能，並透過[內爆]。

We have worked hard to ensure that the critical role oil and natural gas play in the global energy stack is recognized and that their continued development is supported by the regulators, the public, and the financial community, and we are committed to continuing that important work. Unfortunately, our electricity grid has suffered due to similar challenges, misguided policy, market distorting financial incentives, and push back against major infrastructure build. But with that comes opportunity.

我們一直努力確保石油和天然氣在全球能源結構中發揮的關鍵作用得到認可，並確保其持續發展得到監管機構、公眾和金融界的支持，我們致力於繼續這項重要工作。不幸的是，我們的電網也因類似的挑戰、錯誤的政策、扭曲市場的財政誘因以及對主要基礎設施建設的阻力而受到影響。但隨之而來的是機會。

We're energized by this next chapter of the Liberty Energy story and as a champion of abundant, reliable power to meet the growing needs for electricity in the US and as a key provider to consumers of the advanced distributed power services necessary to support their business. We look forward to the years ahead. Thank you for joining us on the call today.

自由能源故事的下一篇章為我們帶來了活力，作為充足、可靠電力的倡導者，我們能夠滿足美國日益增長的電力需求，並成為消費者支持其業務所需的先進分散式電力服務的主要提供者。我們期待未來。感謝您今天參加我們的電話會議。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。