Liberty Energy Inc (LBRT) 2025 Q4 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的財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Anjali Voria, Vice President of Investor Relations. Please go ahead.

現在我將把會議交給投資者關係副總裁安賈莉沃里亞 (Anjali Voria) 主持。請繼續。

Thank you, Dave. Good morning, and welcome to the Liberty Energy fourth-quarter 2025 and full-year 2025 earnings conference call. Joining us on the call are Ron Gusek, Chief Executive Officer; and Michael Stock, Chief Financial Officer. 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 view 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.

謝謝你，戴夫。早安，歡迎參加 Liberty Energy 2025 年第四季及全年業績電話會議。參加本次電話會議的有執行長 Ron Gusek 和財務長 Michael Stock。在開始之前，我想提醒各位參與者，我們今天的一些演講可能包含前瞻性陳述，反映了公司對未來前景、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聲明有重大差異。

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 release and other public filings. Our comments today also include non-GAAP financial and operational measures. These non-GAAP measures, including EBITDA, adjusted EBITDA, adjusted net income, adjusted net income per diluted share, adjusted pre-tax return on capital employed, and cash return on capital invested are not a substitute for GAAP measures and may not be comfortable to similar measures of other companies.

這些聲明反映了公司基於當前情況的看法，但存在某些風險和不確定性，這些風險和不確定性已在我們的獲利報告和其他公開文件中詳細說明。我們今天的評論還包括非GAAP財務和營運指標。這些非GAAP指標，包括EBITDA、調整後EBITDA、調整後淨利潤、調整後每股攤薄淨利潤、調整後稅前資本回報率和投資資本現金回報率，不能取代GAAP指標，並且可能與其他公司的類似指標不一致。

A reconciliation of net income to EBITDA and adjusted EBITDA, 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 capital invested as discussed on the call are available on our Investor Relations website.

淨利潤與 EBITDA 和調整後 EBITDA 的調節表、淨利潤與調整後淨利潤的調節表、調整後攤薄股份淨利潤的調節表，以及調整後稅前資本回報率和投資資本現金回報率的計算方法（如電話會議中所討論的）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.

現在我將把通話交給榮恩。

Good morning, everyone. And thank you for joining us to discuss our full-year and fourth-quarter 2025 operational and financial results. Liberty's strong fourth-quarter results capped a year marked by heightened oil market uncertainty and softer industry completions activity. Our team's focus on technological innovation and strong operational execution drove superior performance and a resilient CROCI of 13% during a volatile year. We delivered revenue of $4 billion, adjusted EBITDA of $634 million, and a return of capital of $77 million from cash dividends and early year share buybacks all while investing for growth and long-term value creation.

各位早安。感謝各位蒞臨，與我們共同探討我們 2025 年全年及第四季的營運與財務表現。Liberty 強勁的第四季業績為石油市場不確定性加劇和行業完井活動疲軟的一年畫上了句號。在動盪的一年中，我們團隊專注於技術創新和強大的營運執行力，從而取得了卓越的業績，並實現了 13% 的穩健 CROCI。我們實現了 40 億美元的收入，調整後的 EBITDA 為 6.34 億美元，並透過現金股利和年初股票回購返還了 7,700 萬美元的資本，同時也投資於成長和長期價值創造。

We strengthened our customer relationships by expanding our simulfrac offering with strategic dedicated customers and delivered meaningful efficiencies. Leveraging Liberty-developed AI-driven asset optimization software and our digiTechnologies transition, we reduced total maintenance cost per unit of work by approximately 14%. Concurrently, we built the LPI execution platform for earnings growth with strategic partnerships and targeted investments. We have been strong commercial traction capitalizing on the revolutionary transformation of power supply and delivering that is redefining the energy landscape.

我們透過擴大與策略性專屬客戶的同步壓裂服務範圍，加強了與客戶的關係，並實現了顯著的效率提升。利用 Liberty 開發的 AI 驅動資產優化軟體和我們的 digiTechnologies 轉型，我們將每單位工作的總維護成本降低了約 14%。同時，我們透過策略合作和有針對性的投資，建立了 LPI 執行平台，以實現獲利成長。我們利用電力供應的革命性變革，取得了強勁的商業成功，並正在重新定義能源格局。

We are at the forefront of a seismic shift in how data centers and other large loads are sourceing power. Onsite generation has emerged as the preferred long-term energy strategy for large consumers of power due to evolving grid dynamics and market pressures. Our robust power execution platform is built upon 15 years of industry-leading experience in the design, manufactured, engineering, and operation of complex industrial scale assets, leveraging our broad North American geographic footprint, expansive supply chain, and AI-enhanced operations and maintenance systems.

我們正處於資料中心和其他大型負載供電方式發生巨大變革的前沿。由於電網動態變化和市場壓力，現場發電已成為大型電力用戶首選的長期能源策略。我們強大的電力執行平台建立在 15 年行業領先的複雜工業規模資產的設計、製造、工程和運營經驗之上，並充分利用了我們在北美廣泛的地域佈局、龐大的供應鏈以及人工智能增強的運營和維護系統。

Our comprehensive power solution is designed to address our customers' top priorities: rapid, scalable deployment with uninterrupted operations and predictable power costs. LPI's power as a service offering underpinned by the Forte generation platform, Tempo power quality management system and our midstream services, delivers resilience, economic efficiency, and operational flexibility. Our core solution could further unlock power cost advantages through grid integration while also transforming our customers into active contributors to grid reliability for local communities. LPI's distributed power solutions are a strategic cornerstone of resilient, future-proof energy planning for our customers.

我們全面的電力解決方案旨在滿足客戶的首要需求：快速、可擴展的部署，不間斷運作和可預測的電力成本。LPI 的電力即服務產品以 Forte 發電平台、Tempo 電力品質管理系統和我們的中游服務為基礎，提供彈性、經濟效率和營運彈性。我們的核心解決方案可以透過併網進一步釋放電力成本優勢，同時將我們的客戶轉變為當地社區電網可靠性的積極貢獻者。LPI 的分散式電力解決方案是我們客戶面向未來、具韌性的能源規劃的策略基石。

Earlier this year, we announced an agreement with Vantage Data Centers to develop and deliver at least 1 gigawatt of utility-scale high-efficiency power solutions, supporting the energization of Vantage Data Center projects for hyperscale end users. The agreement is anchored by a firm reservation of 400 megawatts delivered during 2027, with a contracted payment structure that aligns with the expected returns under an ESA with end users. This agreement creates a collaborative framework to accelerate the deployment of power solutions for Vantage's data centers, preserving flexible execution to meet customer needs across a broad portfolio of data center sites.

今年早些時候，我們宣布與 Vantage 資料中心達成協議，開發和交付至少 1 吉瓦的公用事業規模高效電力解決方案，以支援 Vantage 資料中心專案為超大規模終端用戶供電。該協議以2027年交付的400兆瓦電力的固定預訂為基礎，並採用與最終用戶簽訂的能源服務協議(ESA)下預期收益相一致的合約支付結構。該協議創建了一個協作框架，以加速 Vantage 資料中心的電力解決方案部署，同時保持靈活的執行方式，以滿足客戶在廣泛的資料中心站點組合中的需求。

We also entered into a power reservation and preliminary ESA with another leading data center developer for a 330-megawatt data center expansion in Texas. The project is currently expected to begin operations in two phases, with the first half online in Q4 2027 and the second half in Q2 2028. The agreement defines the economic terms of the expected ESA, as well as the construction schedule, cost recovery, and termination payment provisions in the event the final agreement is not executed.

我們還與另一家領先的資料中心開發商簽訂了電力預留協議和初步環境場地評估協議，計劃在德州擴建一個 330 兆瓦的資料中心。該專案目前預計分兩個階段投入運營，第一階段將於 2027 年第四季上線，第二階段將於 2028 年第二季上線。該協議規定了預期 ESA 的經濟條款，以及施工進度、成本回收和最終協議未能執行時的終止付款條款。

Our project portfolio is both deep and diverse, which reflects the breadth of the LPI distributed power solution. We are working with clients that want a pure behind-the-meter solution for the life of their project clients that want to interconnect the project to the grid as soon as possible and all flavors in between. LPI is one of the only companies that can scale effectively between 100 megawatts to multi-gigawatt power plants and have the geographic footprint to own and operate generation across North America.

我們的專案組合既深入又多樣化，這反映了 LPI 分散式電源解決方案的廣度。我們正在與以下客戶合作：希望在專案生命週期內採用純粹的表後解決方案的客戶；希望盡快將專案併入電網的客戶；以及介於兩者之間的各種客戶。LPI 是為數不多的能夠有效擴展 100 兆瓦到數吉瓦發電廠規模，並擁有在北美擁有和營運發電設施的地理佈局的公司之一。

Our projects will be developed using LPI's Forte modular standardized construction approach, designed to derisk project execution and will include the tempo power quality system to manage the high amplitude cyclical load variations of AI workloads. These customers could also benefit from the core solution with a potential grid integration, optimizing power costs and providing access to grid attributes that they value.

我們的專案將採用 LPI 的 Forte 模組化標準化施工方法進行開發，旨在降低專案執行風險，並將包括 Tempo 電力品質系統，以管理 AI 工作負載的高振幅週期性負載變化。這些客戶還可以透過潛在的電網集成，從核心解決方案中受益，從而優化電力成本，並獲得他們重視的電網屬性。

As we enter the new year, Liberty's premier completions business and rapidly scaling power infrastructure platform position the company to lead through market cycles and capitalize on power growth potential. During 2025, we strengthened our core oilfield service operations, while aggressively expanding our reach into the growing power market.

隨著新年的到來，Liberty 的頂級完井業務和快速擴張的電力基礎設施平台使公司能夠引領市場週期並充分利用電力成長潛力。2025年，我們加強了核心油田服務業務，同時積極拓展在不斷成長的電力市場的業務。

US power demand is rising at the fastest pace in decades. The convergence of AI-driven data center expansion, the onshoring of domestic manufacturing, and increasing industrial electrification has created structural demand growth for power. Under investment in grid infrastructure, transmission constraints, and evolving commercial realities and utility reforms, driven in part by public concerns have catalyzed broader market recognition of the inherent strategic value of distributed power solutions.

美國電力需求正以數十年來最快的速度成長。人工智慧驅動的資料中心擴張、國內製造業回流以及工業電氣化程度的提高，共同推動了電力需求的結構性成長。在電網基礎設施投資、輸電限制、不斷變化的商業現實以及公用事業改革（部分原因是公眾的擔憂）的推動下，市場對分散式電力解決方案固有的戰略價值有了更廣泛的認識。

Against this backdrop, data center demand for power is projected to grow threefold by 2030 and already long interconnection queues continue to lengthen, highlighting the urgent need for flexible, scalable capacity to meet rapidly evolving energy requirements. LPI is well positioned to support this call, providing power consumers with predictable, long-term power prices. Our platform is designed to be economically competitive with today's grid prices at our targeted returns and is increasingly advantaged as grid power prices rise over time.

在此背景下，預計到 2030 年資料中心的電力需求將成長三倍，而已經很長的互連隊列仍在不斷延長，這凸顯了對靈活、可擴展容量的迫切需求，以滿足快速變化的能源需求。LPI 完全有能力支持這項呼籲，為電力消費者提供可預測的長期電力價格。我們的平台旨在以我們設定的目標回報，在經濟上與當前的電網價格競爭，隨著電網電力價格的上漲，其優勢將越來越大。

Within North American oil and gas markets, conditions have now stabilized after a protracted period of softening activity as the industry has largely adjusted to last year's OPEC+ supply concerns, and tariff-related volatility. Fourth-quarter completions activity defied normal seasonal sequential declines surpassing expectations. Completions demand is projected to hold firm in 2026. North American producers are responding to global oil and gas dynamics with flat oil production targets and modest growth in gas-directed activity.

在北美石油和天然氣市場，經過一段漫長的疲軟期後，市場狀況目前已經趨於穩定，因為該行業已基本適應了去年歐佩克+的供應擔憂和關稅相關的波動。第四季竣工活動反常地沒有出現季節性季減，反而超出了預期。預計2026年竣工需求將維持穩定。北美生產商對全球油氣市場動態的回應是：石油產量目標不變，天然氣相關業務活動也僅達到小幅成長。

Global oil markets are currently balancing a structural oil surplus, elevated geopolitical risk, and an OPEC+ production pause, keeping oil prices largely range bound. Natural gas markets are supported by significant expansion in LNG export capacity and multiyear growth in power consumption. Industry fundamentals are expected to improve over time as supply side dynamics gradually rebalance with completions demand. Recent pricing pressures on completion services, combined with the slowdown in activity have driven an acceleration in equipment cannibalization and attrition, while underinvestment in next-generation technology has limited the replacement of lost capacity.

目前全球石油市場正處於結構性石油過剩、地緣政治風險加劇以及歐佩克+停產的三重壓力之下，導致油價基本上維持在一定範圍內波動。天然氣市場受到液化天然氣出口能力大幅擴張和電力消費多年成長的支撐。隨著供應側動態與完井需求逐漸重新平衡，產業基本面可望逐步改善。近期完井服務價格承壓，加上業務活動放緩，導致設備損耗和淘汰加速，而對下一代技術的投資不足限制了損失產能的補充。

As the market recalibrated at the start of the year, fewer crews are available to meet any incremental completions demand. E&Ps remain focused on harnessing efficiency gains and engineering solutions to lower the total cost per unit of energy, driving the bar higher for technologically superior services, and operational success to achieve these results. Few service providers are positioned to meet the increasing demand for multifrac jobs, 24-hour continuous operations, and AI optimized automation and real-time operational transparency that enhances completions execution and data-driven decision-making.

年初市場重新調整後，能夠滿足新增完工需求的施工隊伍減少了。勘探與生產企業仍然專注於利用效率提升和工程解決方案來降低單位能源總成本，從而提高技術領先的服務和營運成功的標準，以實現這些目標。很少有服務供應商能夠滿足日益增長的多點壓裂作業、24 小時連續作業、人工智慧優化自動化以及即時營運透明度的需求，從而增強完井執行和數據驅動的決策。

This ongoing flight to quality is fundamentally reinforcing Liberty's market leadership as producers rely on our total service platform, seamlessly aligning our integrated services to deliver a superior service and drive relative outperformance. This quarter, we launched Atlas and Atlas IQ, a unified technology platform that transforms real-time data into actionable insights, enabling faster decision-making and improved operational efficiency for both our customers and Liberty's operations.

這種對品質的持續追求從根本上鞏固了 Liberty 的市場領導地位，因為生產商依靠我們的一站式服務平台，無縫地整合我們的綜合服務，以提供卓越的服務並推動相對優異的業績。本季度，我們推出了 Atlas 和 Atlas IQ，這是一個統一的技術平台，將即時數據轉化為可操作的見解，從而加快決策速度，並提高我們客戶和 Liberty 營運的營運效率。

Atlas is a cloud-based completions data platform that automatically deploys with every Liberty crew, delivering subsecond operational equipment and performance data without requiring additional customer infrastructure. By consolidating live and historical field data, documents, and automated reporting into a single secure portal, Atlas gives customers immediate visibility into their operations. Atlas IQ extends this capability with an AI-powered assistant that enables natural language queries across operational data and technical knowledge, delivering fast context-aware insights while keeping all data private within Liberty's environment.

Atlas 是一個基於雲端的完井數據平台，可隨每個 Liberty 作業團隊自動部署，提供亞秒級的運行設備和效能數據，而無需額外的客戶基礎設施。Atlas 將即時和歷史現場資料、文件和自動報告整合到安全的入口網站中，使客戶能夠立即了解其營運情況。Atlas IQ 透過人工智慧助理擴展了這項功能，該助理支援對營運資料和技術知識進行自然語言查詢，從而提供快速的上下文感知洞察，同時將所有資料保持在 Liberty 環境中的隱私。

Together, these platforms enhance data visualization, improved decision-making, and enable both Liberty teams and customers to respond more effectively in a dynamic operating environment. Liberty has evolved from a premier North American completions company into a diversified energy technology and power infrastructure platform. We invested in our technology and culture while growing our oilfield market share and developing LPI. This proactive stance has left us well positioned to capitalize on the dual tailwinds of a potential completions inflection and the generational surge in US power demand.

這些平台共同增強了數據視覺化，改善了決策制定，使 Liberty 團隊和客戶能夠在動態的營運環境中更有效地做出回應。Liberty 已從一家北美領先的完井公司發展成為多元化的能源技術和電力基礎設施平台。我們在擴大油田市場份額和發展LPI的同時，也對技術和企業文化進行了投資。這種積極主動的態度使我們能夠充分利用潛在的完工量拐點和美國電力需求世代激增的雙重利多因素。

Our differentiated power execution platform and a robust pipeline of power projects position us to capture structural growth in power demand. We now plan to deploy approximately 3 gigawatts of power projects by 2029 to deliver sustained long-duration earnings and high returns for our investors. Our first quarter is expected to reflect the full realization of pricing headwinds and winter weather disruption to drive lower sequential revenue and adjusted EBITDA.

我們差異化的電力執行平台和強大的電力項目儲備使我們能夠抓住電力需求結構性成長的機會。我們現在計劃在 2029 年部署約 3 吉瓦的電力項目，為我們的投資者帶來持續的長期收益和高回報。預計第一季將全面反映價格逆風和冬季天氣幹擾的影響，導致 EBITDA 環比收入和調整後下降。

While the precise timing of a broader oil market recovery remains uncertain, we are anticipating stabilization in completions markets, significant demand for our digiTechnologies platform had improved economics, and a powerful growth engine with AI and cloud data center power demand. We are focused on driving value creation, prioritizing long-term returns with our industry-leading completions business and our power growth platform. Our success is fueled by the combination of cutting-edge technology, a dedicated workforce, and strategic partners across the energy ecosystem, powering innovation today to shape the future of the industry.

儘管更廣泛的石油市場復甦的具體時間仍不確定，但我們預計完井市場將趨於穩定，對我們 digiTechnologies 平台的顯著需求將改善經濟效益，人工智慧和雲端資料中心電力需求將成為強大的成長引擎。我們專注於創造價值，透過我們行業領先的完井業務和電力成長平台，優先考慮長期回報。我們的成功源自於尖端技術、敬業的員工隊伍以及能源生態系統中的策略合作夥伴的共同努力，這些力量推動著當今的創新，塑造著產業的未來。

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

現在我將把電話交給邁克爾，讓他來討論我們的財務表現和展望。

Good morning, everyone. I'd like to begin by first echoing Ron's sentiments. Congratulations to the entire Liberty team for navigating such a volatile year with strong results. We drove this achievement by delivering operational and safety records quarter after quarter, leveraging our vertical integration to deliver superior service and capture a larger part of our customers' spend, and advancing our industry-leading AI enhanced digital solutions to not only optimize our performance but also provide customers with enhanced visibility into our operations.

各位早安。首先，我想表達我對羅恩的看法。恭喜Liberty團隊全體成員在如此動盪的一年中取得了優異的成績。我們透過連續幾季創造營運和安全記錄、利用垂直整合提供卓越的服務並贏得客戶更大份額的支出，以及推進業界領先的人工智慧增強數位解決方案，不僅優化了我們的績效，還讓客戶更好地了解我們的營運情況，從而取得了這一成就。

New technologies and AI-driven software development are making a fundamental difference in driving margin enhancement and differentiating our service offering to customers. As we look ahead, we're using the full resources of the Liberty platform to drive success in our distributed power solutions business. LPI's durable competitive advantages are built upon our differential culture and exceptional people and are structured to deliver strong cash returns from disciplined organic investments in technology and equipment over the long term.

新技術和人工智慧驅動的軟體開發正在從根本上改變我們提高利潤率和為客戶提供差異化服務的方式。展望未來，我們將充分利用 Liberty 平台的資源，推動分散式電源解決方案業務成功。LPI 的持久競爭優勢建立在我們獨特的企業文化和傑出的人才之上，並透過對技術和設備的長期審慎的有機投資，實現強勁的現金回報。

Our most recent announcements with two leading data center developers represent important milestones in our journey. These contracts reflect the strength of our strategy of investing in differential technology and assets that provide sustainable long-term commercial advantages, engineering sophisticated power quality systems to meet complex and evolving load requirements, and unlocking price optimization through opportunities through grid participation.

我們最近與兩家領先的資料中心開發人員發布的公告，標誌著我們發展歷程中的重要里程碑。這些合約體現了我們策略的優勢，即投資於差異化技術和資產，以提供可持續的長期商業優勢；設計精密的電力品質系統，以滿足複雜且不斷變化的負載需求；並透過參與電網來釋放價格優化潛力。

Over the next three years, we have a variety of projects within our pipeline that we expect to execute with underpinning our goal of monetizing 3 gigawatts of power by 2029. These projects are expected to carry the same economics we have discussed in the past, approximating a high-teens (inaudible) returns profile with long duration ESAs.

在接下來的三年裡，我們有許多專案正在籌備中，我們期望透過這些專案來實現我們的目標，即在 2029 年實現 3 吉瓦電力貨幣化。預計這些項目將具有我們過去討論過的相同經濟效益，接近十幾（聽不清楚）的回報率，且具有較長的ESA期限。

Let's turn to our earnings results. For the full year, revenue was $4 billion compared to $4.3 billion in 2024. Net income totaled $148 million, and adjusted net income was $25 million, excluding $123 million of tax-effected gains on investments. Fully diluted net income per share was $0.89. Adjusted net income per fully diluted share was $0.13, and full-year adjusted EBITDA was $634 million compared to $922 million in the prior year. In the fourth quarter of 2025, revenue was $1 billion, representing a sequential increase of 10%, driven by activity levels that meaningfully exceeded the industry.

讓我們來看看我們的獲利情況。全年營收為 40 億美元，而 2024 年預計為 43 億美元。淨收入總計 1.48 億美元，調整後淨收入為 2,500 萬美元，不包括 1.23 億美元的投資稅收益。完全稀釋後每股淨收益為 0.89 美元。調整後完全稀釋後每股淨收益為 0.13 美元，全年調整後 EBITDA 為 6.34 億美元，而上年為 9.22 億美元。2025 年第四季度，營收達到 10 億美元，季增 10%，主要得益於業務活動水準顯著高於產業平均。

Fourth-quarter net income of $14 million compared to $43 million in the prior quarter, adjusted net income of $8 million compared to a loss of $10 million in the prior quarter and excludes $6 million of tax-affected gains on investments. Fully diluted net income per share in the fourth quarter was $0.08 compared to $0.26 in the prior quarter. Adjusted net income per diluted share was $0.05 compared to a loss of $0.06 in the prior quarter. Fourth-quarter adjusted EBITDA was $158 million, increasing from $128 million in the prior quarter.

第四季淨利為 1,400 萬美元，而上一季為 4,300 萬美元；調整後淨利為 800 萬美元，而上一季虧損 1,000 萬美元，但不包括 600 萬美元的投資稅收益。第四季完全稀釋後每股淨收益為 0.08 美元，而上一季為 0.26 美元。調整後每股攤薄淨收益為 0.05 美元，而上一季虧損 0.06 美元。第四季調整後 EBITDA 為 1.58 億美元，高於上一季的 1.28 億美元。

General and administrative expenses totaled $65 million in the fourth quarter compared to $58 million in the prior quarter and included noncash stock-based compensation of $6 million. Excluding stock-based compensation, G&A increased $6 million, primarily due to higher variable compensation costs associated with better-than-expected full-year financial results. Other than expense items totaling $3 million for the quarter, inclusive of $7 million of gains on investments, offset by interest expense approximately $10 million.

第四季一般及行政費用總計 6,500 萬美元，而上一季為 5,800 萬美元，其中包括 600 萬美元的非現金股票補償。除股票選擇權激勵外，一般及行政費用增加了 600 萬美元，主要原因是全年財務表現優於預期，導致可變薪酬成本增加。除了本季總計 300 萬美元的費用項目外，還包括 700 萬美元的投資收益，但被約 1,000 萬美元的利息支出所抵銷。

Fourth-quarter tax expense was $3 million, approximately 20% pretax income. We expect the tax expense rate in 2026 to be approximately 25% of pretax income and do not expect to pay material cash taxes in the year. We ended the year with a cash balance of $28 million and net debt of $219 million. Net debt increased by $49 million from the prior year. In 2025, cash flows were used to fund capital expenditures, $53 million in cash dividends, and $24 million in share buybacks.

第四季稅項支出為 300 萬美元，約佔稅前利潤的 20%。我們預計 2026 年的稅收支出率約為稅前收入的 25%，並且預計當年不會支付重大的現金稅款。年底時，我們的現金餘額為 2,800 萬美元，淨債務為 2.19 億美元。淨債務比上年增加4900萬美元。2025 年，現金流用於資本支出、5,300 萬美元現金股利和 2,400 萬美元股票回購。

Total liquidity at the end of the year, including availability under the credit facility, was $281 million. Net capital expenditures and long-term deposits were $203 million in the fourth quarter and $571 million for the full year, which included investments in digi fleets, capitalized maintenance spending, LPI infrastructure, power generation, and other projects.

截至年底，包括信貸額度在內，總流動資金為 2.81 億美元。第四季淨資本支出和長期存款為 2.03 億美元，全年為 5.71 億美元，其中包括對數位車隊、資本化維護支出、LPI 基礎設施、發電和其他項目的投資。

Fourth-quarter capital expenditures included $79 million in deposits for long lead time power generation equipment. In 2025, we returned $77 million to shareholders, primarily through quarterly cash dividends and modest share repurchases in the first quarter. We also invested $15 million in acquisitions and monetized $151 million of investments.

第四季資本支出包括為交貨週期長的發電設備支付的 7,900 萬美元定金。2025 年，我們向股東返還了 7,700 萬美元，主要透過季度現金分紅和第一季的少量股票回購來實現。我們還投資了 1500 萬美元用於收購，並實現了 1.51 億美元的投資收益。

Looking forward in 2029, we anticipate revenue will be approximately flat year over year, as we expect higher fleet utilization will be offset by industry-driven pricing. We anticipate increased development and overhead costs for the expansion of our LPI Distributed Power Solutions business of approximately $15 million to $20 million. Together, these will drive lower adjusted EBITDA year over year.

展望 2029 年，我們預計收入將與上年基本持平，因為我們預計更高的車隊利用率將被行業驅動的價格所抵消。我們預計，LPI分散式電源解決方案業務擴張的開發和管理費用將增加約1500萬美元至2000萬美元。這些因素加在一起將導致調整後 EBITDA 年比下降。

Over time, we expect frac fleet supply attrition as any demand will tighten markets, driving opportunity for fracs improvement. We also anticipate strong contribution from the distributed power solutions projects in the coming years. Our completions capital expenditure moderated in 2026 to approximately $250 million, including $175 million in maintenance capital expenditures.

隨著時間的推移，我們預計壓裂船隊供應將會減少，因為任何需求都會使市場趨緊，從而為壓裂技術的改進創造機會。我們也預計，未來幾年分散式電源解決方案專案將做出重大貢獻。2026 年，我們的竣工資本支出有所放緩，約 2.5 億美元，其中包括 1.75 億美元的維護資本支出。

The remaining related to the approximately three to four digi fleets. We (inaudible) build. We continue to see strong demand for our digi offering and investment is further underscored by superior economic profile from lower maintenance costs related to other fleet technologies.

其餘部分與大約三到四個數位艦隊有關。我們（聽不清楚）建造。我們持續看到市場對我們數位化產品的需求強勁，與其他車隊技術相比，其更低的維護成本也進一步凸顯了其卓越的經濟效益，從而更加凸顯了投資的價值。

Looking at our Power business, we expect to take delivery of approximately 500 megawatts of power generation equipment to 2026. Our capital expenditures are expected to be split between approximately $275 million to $350 million in long lead time deposits, and approximately $450 million to $550 million of project-related expenditures. The latter of which are expected to be funded by project financing as we discussed on our last earnings call.

從我們的電力業務來看，我們預計到 2026 年將接收約 500 兆瓦的發電設備。我們的資本支出預計將分為兩部分：約 2.75 億美元至 3.5 億美元的長期預付款，以及約 4.5 億美元至 5.5 億美元的專案相關支出。後者預計將透過專案融資來籌集資金，正如我們在上次財報電話會議上所討論的那樣。

The LPI distributed power solutions business inherently carries a longer duration time horizon with multiyear execution cycle for projects and long duration in earnings profile. We have a diverse portfolio of projects in our pipeline and an execution plan to position us to reach 3 gigawatts deployed plants by 2029. These opportunities are at different stages of the development cycle, from early planning and design to near-term ESA execution.

LPI分散式電力解決方案業務本身俱有較長的時間跨度，專案執行週期長達數年，且獲利狀況也較為長期。我們目前有多個專案正在籌備中，並製定了執行計劃，目標是在 2029 年前實現 3 吉瓦的裝置容量。這些機會處於開發週期的不同階段，從早期規劃和設計到近期 ESA 執行。

The (inaudible) solutions we've engineered and the strong partnerships across developers, hyperscalers, and OEMs position us well to achieve these targets. Our capital is focused on investments to create lasting competitive advantages. We continue to reinforce our leadership in completions while building a differentiated power business with diverse end markets, less cyclicality in targeting strong long-term returns. By combining advanced technology, strong partnerships, and advantaged assets, we are creating an enduring business for decades to come and aiming to be the partner of choice for all of our customers.

我們精心打造的解決方案以及與開發者、超大規模資料中心營運商和原始設備製造商建立的牢固合作關係，使我們能夠很好地實現這些目標。我們的資金重點用於投資，以創造持久的競爭優勢。我們將繼續鞏固在完井領域的領先地位，同時打造差異化的電力業務，擁有多元化的終端市場，減少週期性波動，以實現強勁的長期回報。透過結合先進技術、強大的合作夥伴關係和優勢資產，我們正在打造一個能夠持續發展數十年的企業，並努力成為所有客戶的首選合作夥伴。

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

我們對未來充滿期待。現在我將把電話轉回給接線員進行問答環節，之後 Ron 將在通話結束時做一些總結發言。

(Operator Instructions) Stephen Gengaro, Stifel.

（操作說明）Stephen Gengaro，Stifel。

Two questions for me. First, last quarter, you talked about the pipeline of opportunities and how it has significantly strengthened over the prior three-month period. Can you talk a little bit -- I mean, given your comments about expanding the 3 gigawatts and what you're seeing in the market commercially right now?

我有兩個問題。首先，上個季度，您談到了各種機會管道，以及這些管道在過去三個月中是如何顯著增強的。能稍微談談嗎？我的意思是，考慮到您之前關於擴大 3 吉瓦裝置容量的評論，以及您目前在市場上看到的商業情況？

Yes. I'll add some comments and maybe Michael will have some to add on after me. But I would say we seen a continued trend in what we saw over even the middle months of last year, which was this idea that rather than co-located behind the meter power being a bridge idea, transition towards co-located behind-the-meter power representing the best solution for long-term power provision at a data center site. They've recognized that not only does it check the boxes you continue to hear about like speed to market and concerns around grid stability and public concerns around the what it's going to mean for the price of power, but also from a commercial standpoint, recognize that if you're looking for surety of power price over the long term, we have the best ability to provide that with a co-located behind-the-meter solution.

是的。我會補充一些評論，也許邁克爾之後也會補充一些。但我認為，我們看到了一種延續的趨勢，這種趨勢甚至延續到了去年年中幾個月，那就是：與其說是共用電錶後供電是一種過渡方案，不如說是向共用電錶後供電過渡才是數據中心長期供電的最佳解決方案。他們認識到，這不僅滿足了人們不斷聽到的各種需求，例如快速上市、電網穩定性以及公眾對電價影響的擔憂，而且從商業角度來看，如果您希望長期獲得穩定的電價，我們通過表後併網解決方案，能夠提供最佳的解決方案。

And then we can, of course, layer on top of that, the potential attributes that come with any grid interaction should that be of interest to them. So we have that commercial strategy available to them. to leverage the grid to the extent it makes sense. As that snowball has continued to roll down hill and get bigger and bigger and bigger, the interest in having partners like Liberty alongside you for power provision has just gotten greater and greater and greater. What you've seen then as a result of that is some real urgency to lock up power to have surety of that supply, and you've seen that in these 2 most recent agreements we've announced, first with Vantage and then with this subsequent data center fabricator that they wanted to be able to guarantee to their end use customer.

當然，如果他們有興趣，我們也可以在此基礎上添加任何網格互動可能帶來的屬性。因此，我們可以為他們提供這種商業策略，讓他們在合理範圍內充分利用電網。隨著這股浪潮不斷向下蔓延，越滾越大，人們對與 Liberty 這樣的合作夥伴一起提供電力供應的興趣也越來越濃厚。因此，你們看到的是，各方迫切需要鎖定電力供應，以確保電力供應的穩定性。你們也看到了，在我們最近宣布的兩項協議中，首先是與 Vantage 達成的協議，然後是與另一家數據中心製造商達成的協議，他們希望能夠向其最終用戶保證電力供應。

We have the power. We can show that to you. We know where it's coming from and we've got it locked up with a reliable partner. That continues to gain momentum. And as a result, the gigawatts we had talked about can (inaudible) --

我們擁有這種力量。我們可以向你證明這一點。我們知道它的來源，並且已經透過可靠的合作夥伴將其鎖定。這種趨勢仍在持續增強。因此，我們之前討論過的千兆瓦電力可以（聽不清楚）——

What Ron said. I mean for the large tech companies, their business growth and what is going to change the world is driven off the surety of being able to expand their data center volume and AI growth. And the key about that is having surety of when you can bring these billions of capital to bear and organizing that supply chain. As you've seen with sort of the investments from the big 6 deep into their supply chain. And the key -- one of the key factors of that is surety of power and surety of time when the compute can come online because there is a long supply chain that they have to organize to make sure that happens.

榮恩說的話。我的意思是，對於大型科技公司而言，它們的業務成長以及未來將改變世界的因素，都取決於它們能否確保擴大資料中心容量和人工智慧的發展。關鍵在於要有把握何時能夠調動這數十億美元的資金，並組織好供應鏈。正如你所看到的，六大巨頭已經對其供應鏈進行了深入投資。關鍵在於——其中一個關鍵因素是電力供應的保障以及計算資源上線時間的保障，因為他們需要組織一條漫長的供應鏈來確保這一點。

And we provide that security and that is valuable to the big 6.

我們提供的這種安全保障對六大巨頭來說非常寶貴。

And when you think about the expansion to 3 gigawatts and maybe also like what does the customer kind a preference. So how do you -- do you see your mix evolving? And do the customers care? Or are they just really focused on securing power?

當你考慮擴容到 3 吉瓦時，或許還會想到顧客會有什麼偏好。那麼，你覺得你的混音風格會如何演變？顧客會在意嗎？或者他們只是真正專注於鞏固權力？

I would say a couple of things to that, Stephen. First of all, we can absolutely achieve that 3 gigawatts entirely with RESIP in our supply chain today. We've got line of sight to that as we sit here right now. So absolutely confident we could do that. To the extent it made sense to have turbines as a part of that mix for a particular project.

史蒂芬，我想就此說幾點。首先，我們完全可以依靠現有的供應鏈中的 RESIP 來實現 3 吉瓦的發電量。我們現在坐在這裡就能看到它。我們絕對有信心能做到這一點。在特定項目中，將渦輪機作為能源組合的一部分是合理的。

That's absolutely a possibility as well. If you think specific to the technology, and this is something we've certainly talked about in the past. The value of RESIPs is really inherent in a couple of factors. Number one, efficiency of capital deployment. When you think about the plus equation for achieving the sort of reliability that data center providers desire on their site, that's very efficiently achieved with a modular approach using gas reset.

這絕對也是一種可能性。如果你具體考慮技術方面的問題，而這正是我們過去也討論過的話題。RESIPs 的價值實際上體現在以下幾個因素中。第一，資本部署效率。當你思考如何實現資料中心提供者在其網站上所期望的那種可靠性時，你會發現使用氣體重置的模組化方法可以非常有效地實現這一點。

Layered on top of that is the heat rate or efficiency of that asset, and we've talked about that as well. If you think about the platform of gas RESIPs that we're going to use the First of all, the high-speed smaller, more modular engines, 2.5 and 4.3 megawatts, but then layered on top of that, these larger medium-speed assets. You're talking about an asset that has a -- particularly in the case of the medium-speed engines, a heat rate that's competitive with many of the earlier generation combined cycle plants think '90s through 2010 time frame in a simple cycle environment and under challenging operating conditions, not far (inaudible) even modern combined cycle plants today. So you have a very, very efficient asset in terms of converting natural gas into electricity meaning a very, very competitive power price, not just today, but tomorrow and well into the future.

在此基礎上，也要考慮該資產的熱效率或熱耗率，我們也討論過這一點。如果你考慮我們將要使用的燃氣可再生能源平台，首先是高速、小型、模組化的發動機，功率為 2.5 和 4.3 兆瓦，然後在這些發動機之上疊加這些更大的中速資產。你說的這種資產，特別是對於中速發動機而言，其熱效率與許多早期的聯合循環電廠（想想 90 年代到 2010 年期間的電廠）在簡單循環環境和具有挑戰性的運行條件下相比，甚至與當今的現代聯合循環電廠也相差無幾。因此，你們擁有將天然氣轉化為電力的非常高效的資產，這意味著不僅在今天，而且明天以及未來很長一段時間內，電力價格都將非常有競爭力。

So I think from that standpoint, operators recognize the value that gas recip brings to the of choice for deployment.

所以我認為從這個角度來看，營運商認識到氣體往復運動為部署選擇帶來的價值。

And I think that has recognized customers Stephen the construct to the gas reset, which probably a year ago was more unfamiliar to the power teams that were being built inside the big 6. Now there is a lot of familiarity about the efficiency of the N-plus equation and the inherent benefits of the execution and the ability of putting those to work. And I think that is a key factor. If you think about the fact that we will use 1/3 less fuel than a simple cycle turbine. Just when you -- we think about the emissions profile, it is significant.

我認為這讓客戶 Stephen 意識到了天然氣重置的構建，而這可能在一年前對於六大汽車製造商內部組建的動力團隊來說還比較陌生。現在人們對 N+ 方程式的效率、執行的內在優勢以及運用這些優勢的能力已經有了很多了解。我認為這是一個關鍵因素。想想看，我們消耗的燃料將比簡單循環渦輪機少三分之一。就在我們思考排放情況的時候，它就顯得非常重要了。

So therefore, we believe that we have -- we are having the right technical solution for our clients.

因此，我們相信我們已經——我們正在為我們的客戶提供正確的技術解決方案。

Very like when we built -- started building and electrifying our digital assets, digiFrac assets. We did this -- we did -- we looked at all of the technologies technology-agnostic company, and we are a team that is based around an engineering -- excellent engineering leadership that focuses on what is the right solution, not the easy button.

就像我們當初開始建立和電氣化我們的數位資產（digiFrac 資產）一樣。我們做到了——我們確實做到了——我們考察了所有技術，我們是一家技術中立的公司，我們是一個以工程為基礎的團隊——優秀的工程領導團隊專注於正確的解決方案，而不是簡單的解決方案。

Keith MacKey, RBC Capital Markets.

Keith MacKey，加拿大皇家銀行資本市場。

Just wondering if you can comment on the delivery of equipment, where you are in the process there with respect to delivery packaging and ultimately, what underpins your 1 being able to meet the time lines for the upcoming deals that you've got to commit to?

我想問一下您能否談談設備交付方面的情況，例如交付包裝的進展，以及最終是什麼確保您能夠按時完成即將到來的交易？

Yes, Keith, I'll take a lot of that. In reality, we've spent a lot of the last 6 months developing -- expanding our deep relationships with our supply chain. And when you think about it, we always had very, very strong relationships in the high-speed arena with the Enbarker and Caterpillar, and we've expanded those relationships to all of the large medium-speed engine manufacturers. And we have been -- we spent some time in Europe. We spent a lot of time on their factories, their factory floors with their production planning and have shored up the delivery schedules out as far as through the end of '29 in some cases, for the ability to execute on these long lead projects for our customers.

是的，基思，我非常需要那個。事實上，在過去的 6 個月裡，我們投入了大量時間來發展——拓展我們與供應鏈的深厚關係。仔細想想，我們在高速領域一直與 Enbarker 和 Caterpillar 保持著非常非常牢固的關係，而且我們已經將這些關係擴展到了所有大型中速引擎製造商。我們確實去過歐洲——我們在歐洲待了一段時間。我們花了很多時間在他們的工廠、生產車間，了解他們的生產計劃，並在某些情況下將交貨時間表延長至 2029 年底，以便能夠為我們的客戶執行這些長週期項目。

When you think about it, these projects are going to start with initial implementations and it is much more capital efficient, cost-efficient and better to expand a data center in an existing current data center than it is to build greenfield. So as we build these initial campuses, those campuses will continue to expand right through the (inaudible) to hit the compute levels that are being demanded by our ultimate end users.

仔細想想，這些專案都將從初步實施開始，在現有資料中心內進行擴建比新建資料中心更具資本效率、成本效益和優勢。因此，隨著我們建造這些初始園區，這些園區將繼續擴展，直至（聽不清楚），以達到我們最終用戶所要求的計算水平。

Okay. And just one more question, if I could. So 3 gigawatts by 2029. Can you just comment on will that likely be more deals (inaudible).

好的。如果可以的話，我再問一個問題。所以到2029年將達到3吉瓦。您能否就此發表一下看法，看看這是否可能促成更多交易？（聽不清楚）

A combination of both of those, Keith. We certainly expect that with our current customers, those will be growing opportunities together as we continue you to expand those not only starting initial facilities but additional facilities beyond that. And certainly, we expect to add additional customers in that mix as well. We've got ongoing conversations with a number of different partners in that space. So expect to have a number of legs on that stool, ultimately down the road.

兩者兼而有之，基思。我們當然期望與現有客戶共同創造更多發展機遇，我們將繼續拓展業務，不僅包括最初的設施，還包括後續的更多設施。當然，我們也希望吸引更多其他客戶加入其中。我們正在與該領域的許多不同合作夥伴進行持續的對話。所以，預計從長遠來看，這張凳子上會有很多人。

Marc Bianchi, TD Cowen.

馬克·比安奇，TD Cowen。

I guess maybe, Michael, this is probably 1 for you. So if I heard you right, it sounded like you talked about $1 billion worth of spending for 2026 and maybe half of that, talk a little bit more precisely about how you're thinking about EBITDA for '26?

我想，邁克爾，這或許是你的菜。如果我理解沒錯，你剛才說的是2026年支出10億美元，也許還有一半的支出，能不能更具體地談談你對2026年EBITDA的看法？

So Marc, the -- while I talked -- I split the spending into a long lead time to put and specific project spending that we funded by project finance those long lead time deposits are really for long-lead ton generation that as soon as that generation is assigned to a project that will then move into the project financing roll. That is all being sourced, package, manufactured engineered through our Liberty Advanced Equipment Technologies group, which is a registered manufacturer and purchasing company. That will eventually be sold to the project companies and then there will be project financing -- structural funding at the project level that will support that spend. See -- I would expect to see those deposits that I've talked about for the year '26 actually move into project financing runs within the majority of that within that year.

所以馬克，在我說話的時候，我把支出分成了長期儲備金和我們透過專案融資資助的特定專案支出。這些長期儲備金實際上是用於長期資金的籌集，一旦這些資金被分配給某個項目，該項目就會進入項目融資流程。所有這些零件都是由我們 Liberty Advanced Equipment Technologies 集團採購、包裝、製造和設計的，該集團是一家註冊的製造商和採購公司。最終這些資產將出售給專案公司，然後會有專案融資——在專案層級提供結構性資金來支持這些支出。你看——我預計我之前提到的那些2026年的存款，實際上會在該年的大部分時間內轉化為專案融資。

So there will be a movement between those 2 categories. But I wanted to give you kind of a split on that. So there will be more project finance the capability that is given by those numbers. The rest of the spending, we believe that we will easily handle with very, very fortress-like balance sheet that we have now and our ability to fund that through free cash flow and debt availability.

因此，這兩種類別之間會有轉換。但我希望就此給你一個不同的答案。因此，這些數字所賦予的專案融資能力將會更強。我們相信，憑藉我們目前非常非常穩健的資產負債表以及透過自由現金流和債務融資的能力，其餘的支出將很容易應對。

Okay. And how should we think about the level of EBITDA? I mean, I think if I sort of read back what I heard, revenue is flat in '26 higher utilization, offset by pricing, EBITDA down, but just any steer on sort of the magnitude there? Things were quite strong in 4Q, so you're starting from a nice level?

好的。我們應該如何看待 EBITDA 水準？我的意思是，如果我回顧一下我聽到的內容，2026 年收入持平，利用率提高，但價格上漲抵消了這一增長，EBITDA 下降，但能否提供一些關於影響程度的信息？第四季業績相當強勁，所以你們的起點很高？

Right. Yes, I think 4Q was an anomaly. We had almost the opposite effect of the seasonal swing -- we had, I think, what was some people finishing our programs they had may be delayed from the beginning part of the year due to economic uncertainty of geopolitical worries. So that was -- I think I would look at somewhat of that bounce up in Q4 was a bit of an anomaly. And so yes, so the EBITDA will be down, which is, as you would imagine, but virtually all driven by the completions business, as EBITDA will start to kick in for the power business in a significant way in '27.

正確的。是的，我認為第四季是個異常情況。我們幾乎受到了與季節性波動相反的影響——我認為，由於經濟不確定性和地緣政治擔憂，一些人完成我們課程的時間可能會從年初開始推遲。所以，我認為第四季的那次反彈有點反常。所以，是的，EBITDA 將會下降，正如你所想，但這幾乎完全是由完井業務造成的，因為電力業務的 EBITDA 將在 2027 年開始顯著增長。

Marc, I would say just -- I'll just add a little more color to that and maybe a few things to keep in your mind about this year. I would say we probably got pricing off low to mid-single digits as rough order of magnitude to give you some sense of how that will impact us on the EBITDA line. And then I would also keep in mind that whether we've also had a pretty meaningful weather event already this year. We -- over the course of this past weekend prioritize safety for our crews and the subcontractors that work with us out in the field.

馬克，我想說的是──我再補充一些細節，也許還有一些關於今年你需要記住的事情。我想說，我們大概把價格降到了個位數低到中段，這樣可以讓你大致了解這會對我們的 EBITDA 產生怎樣的影響。此外，我還要考慮到今年我們是否已經經歷過一次影響較大的極端天氣事件。在過去的這個週末，我們始終將員工和與我們一起在現場工作的分包商的安全放在首位。

Obviously, road conditions very, very challenging in Texas and Louisiana. And as a result, through close communication with our customers, made appropriate decisions around activity levels out in the field that probably impacted close to 2/3 of our capacity. The majority of the equipment operating in Texas and Louisiana, over a period of maybe as long as [5] is probably a bit early to tell exactly what the true impact of that is going to be, but it was a meaningful event for sure.

顯然，德克薩斯州和路易斯安那州的道路狀況非常非常具有挑戰性。因此，透過與客戶的密切溝通，我們針對現場活動水平做出了適當的決定，這可能影響了我們近三分之二的產能。在德克薩斯州和路易斯安那州運行的大部分設備，可能在長達[5]的時間內，現在判斷其真正的影響可能還為時過早，但這肯定是一件意義重大的事情。

Jeff Leblanc, TPH.

Jeff Leblanc，TPH。

I believe in the past, you've mentioned that LPI intends to help their hyperscaler partners secure the fuel source. And I want to make sure this is still the case. And if so, has there been a greater urgency from your partners on securing these agreements as demand continues to increase does it make the LPI platform more attractive to your customers?

我相信您之前曾提到過，LPI 打算幫助他們的超大規模合作夥伴確保燃料來源。我想確認情況仍然如此。如果是這樣，隨著需求的不斷增長，您的合作夥伴是否更迫切地需要達成這些協議？這是否使 LPI 平台對您的客戶更具吸引力？

Jeff, I think you described it perfectly. Certainly, just like in our completions business, we aim to building an LPI a business that really is a full-service business, power-as-a-service from beginning to end. And so that includes, of course, the midstream side of things. We've got a very capable team under Richard Bradsby that is absolutely capable of going out and making arrangements for interconnect pipeline. We can interact on behalf of the customer with respect to natural gas and the supply of that we're not going to take on any risk in that regard.

傑夫，我覺得你描述得非常到位。當然，就像我們在竣工業務中一樣，我們的目標是將 LPI 打造成一家真正的全方位服務企業，從頭到尾提供電力即服務的企業。當然，這其中也包括中間環節。我們擁有一支由理查德·布拉德斯比領導的非常有能力的團隊，他們完全有能力出去安排互聯管道事宜。我們可以代表客戶處理天然氣及其供應事宜，但我們不會承擔這方面的任何風險。

But we absolutely have the capability and expertise to play a significant role in that.

但我們絕對有能力和專業知識在這方面發揮重要作用。

And I would say it's 1 of the things that makes us a very, very valuable partner in this space is not only that midstream capability, but all of the other pieces of the puzzle we bring to the table. I think you've heard from us that we've been very thoughtful around the construction of that business and the capabilities that we have built within it beyond the midstream side of things, the commercial interaction with the grid, the packaging capabilities, the engineering solutions around power quality services, all of these things are assets that we think differentiate us from somebody who might be able to bring generation to the table.

我認為，我們之所以能成為這個領域非常非常有價值的合作夥伴，不僅是因為我們擁有中游能力，還因為我們能帶來其他各方面的優勢。我想你們已經從我們這裡了解到，我們在建立這項業務以及我們在其中游業務之外所建立的能力方面，都經過了深思熟慮。這些能力包括與電網的商業互動、包裝能力、圍繞電力品質服務的工程解決方案等等。我們認為，所有這些資產都使我們有別於那些可能只提供發電服務的公司。

Josh Silverstein, UBS.

瑞銀集團的 Josh Silverstein。

So you mentioned that you have confidence in getting the 3 gigawatts delivered -- or sorry, deployed in 2029. Can you just talk about how this additional 2 gigawatts may change from a cost relative to the first gigawatt? Or is there additional cost because of the tightness in the market or similar economics to what you were paying before?

所以你提到你有信心在 2029 年交付（或抱歉，是部署）3 吉瓦的電力。您能否談談這新增的 2 吉瓦的成本相對於第一吉瓦的成本會有怎樣的變化？或者，由於市場供不應求或其他與您之前支付的費用類似的經濟因素，是否會產生額外的費用？

No, I would say you wouldn't you shouldn't expect meaningful change in economics at all. One of the great things about having strong partners on the supply chain side, a strong relationship with those counterparties that we're doing business with. -- is that those relationships don't change. And we are not -- we're not finding ourselves in a position where the wins of the market are impacting our ability to procure the equipment we need at costs in line with our expectations.

不，我認為你不應該指望經濟領域會發生任何實質的變化。擁有強大的供應鏈合作夥伴，與我們的貿易夥伴建立牢固的關係，其一大好處就是這些關係不會改變。我們並沒有——我們並沒有發現自己處於這樣的境地：市場的勝利影響了我們以符合預期的成本採購所需設備的能力。

And so we've suggested in the past about $1 million a megawatt of the generation as a nice round number. And then maybe $1.5 million, $1.6 million, depending on complexity of the load case for all-in with balance of plant. And at this point in time, I would tell you that our expectations around those costs have not changed.

因此，我們過去曾建議每兆瓦發電成本約 100 萬美元，這是一個比較合適的整數。然後，根據包含輔助設備在內的全部負載情況的複雜程度，可能需要 150 萬美元、160 萬美元。就目前而言，我可以告訴大家，我們對這些成本的預期並沒有改變。

Got it. And then when you're having discussions with data centers or other operators, are they still interested in signing these 10-, 15-year agreements? Or is there some sort of out that they're trying to get and maybe 5- to 10-year window, assuming that there's going to be an improvement in grid connectivity then?

知道了。那麼，當你與資料中心或其他業者進行洽談時，他們是否仍有興趣簽署這些 10 年、15 年的協議呢？或者他們是否想尋求某種脫身之計，並設想一個 5 到 10 年的窗口期，假設屆時電網連接狀況會有所改善？

No, definitely not. I would say, if anything, the pendulum swinging the other way with more openness to the idea of distributed go located behind the meter power is the right long-term answer. I think we've been able to demonstrate and the market has recognized over the last 12 months that this solution is the better long-term solution for a whole host of reasons reliability, economics, the commercial optionality that the grid brings, addressing public concerns around cost of energy and the list goes on.

不，絕對不是。我認為，如果有什麼變化的話，那就是人們越來越開放地接受分散式能源（位於電錶後方）的理念，這才是正確的長期解決方案。我認為我們已經證明，並且在過去 12 個月中市場也認識到，從長遠來看，這種解決方案是更好的解決方案，原因有很多，包括可靠性、經濟性、電網帶來的商業選擇權、解決公眾對能源成本的擔憂等等。

So I would say that the willingness to enter into a 15-year ESA with a distributed power generation company like Liberty is absolutely getting greater and greater and greater. My guess is that you're going to see how we think about power systems evolve over the coming years with the recognition that distributed power is going to play a much, much bigger role in our world. that we're going to build these data centers, as Michael alluded to, they will continue to expand. But that in the event the grid arrives, we are not going to be there as backup but actually is the primary supply for the data center and then additional resilience for the grid. I think we can bring a story to the community that says we are a benefit to that community and their cost of power over the long term, not a detriment as a presence there.

因此，我認為，與像 Liberty 這樣的分散式發電公司簽訂 15 年能源服務協議的意願絕對越來越強烈。我猜想，未來幾年，隨著人們意識到分散式能源將在我們的世界中扮演越來越重要的角色，我們對電力系統的思考方式將會轉變。正如麥可所提到的，我們將建造這些資料中心，而且它們將繼續擴張。但是，一旦電網恢復運行，我們不會只是作為備用電源，而是資料中心的主要電源，並為電網提供額外的彈性。我認為我們可以向社區講述一個故事，說明從長遠來看，我們的存在對社區及其電力成本是有益的，而不是有害的。

Let me give us just a little bit of color to Ron's comments here as well, I think you have to remember the underlying economics that drive everything in the industry. We are bringing a solution to that provides power at grid parity now. That grid parity has a much lower -- that power has a much lower inflationary (inaudible) power prices in the next 15 years are very, very different. Gas prices will rain relatively range-bound. Grid power prices, everybody expects to increase significantly because we are rebuilding a 50-year-old transmission system, and that is going to be passed along either directly to the large loads or as part of a general upgrade to the system.

我也想對 Ron 的評論稍作補充，我認為你必須記住驅動這個行業一切的基本經濟因素。我們正在提供一種解決方案，可以立即提供與電網價格持平的電力。電網平價的通膨率要低得多——未來 15 年的電力價格通膨率要低得多（聽不清楚）未來 15 年的電力價格將非常非常不同。汽油價格將相對穩定波動。由於我們正在重建一個使用了 50 年的輸電系統，因此大家都預計電網電力價格將大幅上漲，而這部分成本要么直接轉嫁給大負載用戶，要么作為系統整體升級的一部分。

So we are grid parity now with and 5, 10, 15 years from now, we're going to be significantly lower than the grid price right now we can, with our Corus system and the team that we're building there that we have built there provide you integration with (inaudible) are other attributes that you wish to take advantage of or the ability to actually bring your sort of peak power price down by taking where there is oscillations where there is cheap power available, we're providing you a machine heat rate guarantee, and we will never go above this power price.

所以我們現在與電網價格持平，5年、10年、15年後，我們的價格將遠低於目前的電網價格。憑藉我們的Corus系統和我們正在組建的團隊，我們可以為您提供與（聽不清）的集成，以及您希望利用的其他功能，或者通過利用波動中廉價電力來降低您的峰值電價的能力。我們為您提供機器熱率保證，並且我們永遠不會超過這個電價。

But if the power price in certain parts of the day or certain seasons, where it's very sunny in the winds blowing all the time, and therefore, there's a little bit of excess kind of that renewable power. We can buy that power when we get integrate it and bring down your costs significantly below the grid on average pricing. So we have a solution that works economically for the next 15 years -- and that is what's driving our customers. They are incredibly, incredibly financially focused business people, and we bring them an economically winning solution.

但是，如果在一天中的某些時段或某些季節，陽光充足、風力強勁，因此再生能源略有過剩，那麼電價就會有所波動。我們可以在整合電力後購買這些電力，並使你們的成本遠低於電網平均價格。因此，我們擁有一個在未來 15 年內經濟有效的解決方案——而這正是我們客戶所追求的。他們是極度注重財務利益的商人，我們為他們帶來了一個經濟上成功的解決方案。

Derek Podhaizer, Piper Sandler.

德里克·波德海澤，派珀·桑德勒。

Just wanted to get your take on the supply side for power generation assets. Obviously, it feels like every day, we're hearing a number of OEMs entering this recip and turbine space, talk about converting and repurposing older jet engines to power data centers. So obviously, this creates a bit of an oversupply concern that's emerging in the market. but it really sounds like you're creating this integrated power services infrastructure solution to defend this mode.

想聽聽您對發電資產供應的看法。顯然，我們幾乎每天都能聽到許多原始設備製造商 (OEM) 進入往復式和渦輪機領域，談論改造和重新利用舊噴氣發動機為數據中心供電。顯然，這在市場上造成了一些供應過剩的擔憂。但聽起來你們正在打造一個綜合電力服務基礎設施解決方案來應對這種模式。

Just could you help us understand a bit more about -- we hear about all the supply potentially coming into the market -- but what makes it different for you guys in building that moat and why you really should -- we shouldn't have any concerns as far as this excess or flood of supply or the perception of that supply coming into the market?

您能否幫我們多了解一下——我們聽說市場上可能會有大量供應——但你們在建造護城河方面有何不同之處？為什麼我們不應該擔心供應過剩或供應過剩，或擔心市場會出現供應過剩的情況？

Thanks for the question, Derek. Of course, it's not as straightforward as just bringing supply to the table. If you think about the complexity of the load and the other components that have to be brought to bear to be successful in the power generation space, particularly for a data center. It's a lot more than showing up with a used turbine repurpose to run generation. I think we have talked about all the components that we have built into the LPI platform.

謝謝你的提問，德里克。當然，事情並非像提供原料那麼簡單。如果你想想發電領域（特別是資料中心）要取得成功所必須考慮的負載複雜性和其他元件。這遠不止是把一台舊渦輪機改造後用來發電這麼簡單。我想我們已經討論了LPI平台中建構的所有元件。

And I think a real testament to the success we've had there and the belief that people have in that are these recent deals that we have announced. Vantage has vetted the LPI platform, the capabilities we bring to the table that range from the midstream capabilities, the packaging and supply chain capabilities, our power quality systems and the technology that we will deploy there. And with respect to that technology, the specificity of that with regards to the type of load that we are going to be addressing the grid interaction capabilities that Michael just spent some time talking about and our commercial optionality there.

我認為，我們最近宣布的這些交易，真正證明了我們在那裡取得的成功以及人們對我們的信任。Vantage 已經對 LPI 平台進行了審查，我們具備的能力涵蓋了中游能力、包裝和供應鏈能力、我們的電力品質系統以及我們將部署的技術。至於這項技術，它的特殊性在於我們將要解決的負載類型，麥可剛才花了一些時間談論的電網互動能力，以及我們在那裡的商業選擇。

As you bring -- as you think about that entire portfolio of services really our LPI Power as a Service platform, that stands far apart from somebody who could bring a gray market turbine to the table and some generation attached to that. As a result, I think we remain extremely confident in our space in the market and our ability to continue to grow this business despite the fact that you're going to see abundant supply there. I'd argue that's beneficial maybe from a time line standpoint that will potentially enable us to get these projects across the finish line quicker rather than worrying about a stretched out supply chain, that maybe adds a little bit of flexibility there. But in terms of displacing LPI and our place in that market, absolutely not.

當你考慮到我們 LPI 的整個服務組合，也就是我們的電力即服務平台時，你會發現它與那些只能提供灰色市場渦輪機和一些相關發電設備的人截然不同。因此，我認為我們仍然對我們在市場中的地位以及我們繼續發展這項業務的能力充滿信心，儘管你會看到市場供應充足。我認為從時間安排的角度來看，這可能是有益的，它有可能使我們能夠更快地完成這些項目，而不用擔心供應鏈的延長，這或許能帶來一些靈活性。但就取代 LPI 以及我們在該市場中的地位而言，絕對不可能。

Yes. I think the only thing that it will do, when you think by the time you take a gray market turbine and refurbish it to 0 hours, you're really not talking much difference in total costs. from the brand new version of it. And then obviously, that all that does is actually speed up the supply time line from the delays of expanding the turbine factories themselves. So that really just changes that.

是的。我認為這樣做的唯一好處是，當你考慮到從灰色市場購買渦輪機並將其翻新至全新狀態後，總成本與全新版本相比其實相差不大。顯然，這樣做實際上只是加快了渦輪機工廠擴建本身所造成的延誤的供應時間線。所以情況就完全改變了。

And the only thing that they will do with our partners and our ability to put generation into sources of generation into our Power Solutions group will just enable us to speed our growth rather than slow it down.

他們唯一能做的，就是利用我們的合作夥伴以及我們把發電資源整合到我們電力解決方案集團的能力，這將使我們能夠加快成長速度，而不是減緩成長速度。

Right. No, that makes sense. -- is very helpful color. And I mean clearly recreating the integrated solutions that you've done in frac in the power side and the position that you've been able to build with frac. So it's exciting to see.

正確的。沒錯，這很有道理。 ——顏色確實很有幫助。我的意思是，要清楚重現你們在電力領域分餾所實現的整合解決方案，以及你們利用分餾技術所建立的地位。所以看到這些真是令人興奮。

I guess on the follow-up side, sticking with the Power 3. Maybe just talk about M&A, not necessarily from buying power generation assets. But as far as supporting Forte, Tempo, Corus. These are the clear pillars to your integration strategy. What could we potentially see from Liberty, whether it's bolt-on tuck-in to support the build-out of this integrated solution?

我想後續方面，還是會繼續使用 Power 3。或許可以談併購，不一定要收購發電資產。但就支援 Forte、Tempo 和 Corus 而言。這些是您整合策略的明確支柱。Liberty可能會帶來哪些潛在變化，例如作為附加元件嵌入以支援建構這種整合解決方案？

I think I'll take this well,. As you know, we're organic builders, right? That is our focus. We will develop partnerships where we've got very, very close partnerships. But very much along as we've built the frac business, look to us to add technology or things over time that make sense that really that increase our vertical stack and increase our technological heft.

我想我能夠接受這件事。如你所知，我們是有機建築商，對吧？這是我們的重點。我們將發展與我們已有非常非常緊密合作關係的夥伴關係。但隨著我們不斷發展壓裂業務，我們將隨著時間的推移，不斷增加技術或其他能夠真正提升我們垂直整合能力和技術實力的事物。

So as we add things like that, those are the key things that will be small additions where they bring and they expand and they fit nicely within the puzzle that we have built.

所以，當我們添加類似的東西時，這些都是關鍵的補充，它們會帶來、擴展，並且能夠很好地融入我們已經建立的拼圖中。

We've always been thoughtful about making sure we understand the things that are have significant implications in terms of our ability to execute. So if you think about on the oilfield services side, we recognize that in the transition of natural gas, we had to control the CNG supply that when we transition to an electric fleet, we wanted to control power generation. that we've recognized we had to have some manufacturing capability in-house that it made sense to have some sand production capabilities to support our business.

我們一直非常重視確保我們了解那些對我們的執行能力有重大影響的事情。因此，從油田服務的角度來看，我們認識到，在天然氣轉型過程中，我們必須控制壓縮天然氣的供應；在向電動車隊轉型時，我們希望控制發電。我們也認識到，我們必須擁有一定的內部製造能力，因此擁有一定的砂石生產能力來支持我們的業務是合理的。

We find those things that are key inputs critical to our success. And those are the things you should expect us to focus on to the extent those show themselves on the power generation side.

我們發現，那些關鍵投入對我們的成功至關重要。而這些正是您應該期待我們重點關注的方面，尤其是在發電方面。

Long lead items that you can make sure that you have access that allows you to derisk execution are also valuable to us.

能夠確保獲得交貨週期長的物料，從而降低執行風險，對我們來說也很有價值。

Dan Kutz, Morgan Stanley.

丹‧庫茨，摩根士丹利。

Ron, I just wanted to put a finer point on the pricing comment that you shared earlier, I think you said that track was down maybe in the low single digit, mid-single-digit range. And I was just wondering if you could share what the time frame was for that comment, whether it was kind of like a year-over-year or expected in 1Q or kind of cumulative in 4Q through 1Q, just so we can think about how much of those kind of pricing decrementals we should flow through our estimates for 2026?

羅恩，我只是想就你之前分享的價格評論補充一點，我想你說過那條軌道的價格可能下降了個位數低段或個位數中段。我只是想問一下，您能否分享一下您那條評論的時間範圍，是同比數據，還是第一季的預期數據，還是第四季度到第一季的累積數據？這樣我們就可以考慮多少此類價格遞減因素應該納入我們對 2026 年的預測中？

Dan, I think you want to think about that as really relative to the second half of '25. The pricing that we're going to see in '26 is really a reflection of RFP season, that's taking place against a second half '25 backdrop as we're going through that. In some cases, in Q3, some of that stretching out into Q4. But that's really the time frame against which you want to measure that going forward.

丹，我認為你應該把它看作是相對於 2025 年下半年而言的。我們將在 2026 年看到的定價實際上反映了 RFP 季節的情況，而 RFP 季節是在 2025 年下半年的背景下進行的。在某些情況下，第三季的部分工作可能會延續到第四季。但這正是你未來要衡量其發展趨勢的真正時間框架。

Understood -- and then -- go ahead.

明白了——那麼——請繼續。

No, sorry, go ahead.

不，不好意思，請繼續。

And then maybe just on the improved utilization comment in 2026. I guess just ballpark, should we think about normal incrementals on the higher utilization? And maybe if you could kind of unpack some of the good drivers in a little bit more detail, whether it's just demand resilience versus further increases in horsepower per fleet from more final frac and continuous frac or if a big factor is the kind of like the quality that you flagged and the associated by market share gains?

然後或許可以就 2026 年提高利用率的評論進行討論。我猜只是大概估算一下，我們是否應該考慮在高使用率下進行正常的增量調整？或許您可以更詳細地分析一些好的驅動因素，例如，是需求的韌性，還是由於最終壓裂和連續壓裂的增加而導致的每支車隊馬力的進一步提升，又或者，您提到的質量以及由此帶來的市場份額增長是否是一個重要因素？

Yes, that's a very good question. And to your point, there is a lot to -- there are a lot of pieces of the puzzle there that are moving in some cases, counter to 1 another, in some cases, supportive of 1 another. I would say that in terms of utilization, it's probably fair to think about that from a normal incremental standpoint. But there are some puts and takes to that. We continue to be asked for that drive towards continuous pumping.

是的，這是一個很好的問題。正如你所說，這裡面有很多因素——有很多因素在相互作用，有些因素相互抵消，有些因素相互支持。我認為，就利用率而言，從正常的增量角度來考慮這個問題可能是合理的。但對此也有一些看法和異議。我們不斷被要求保持持續抽水的動力。

And so that remains a very specific goal for some of our customers, and we are working hard alongside of them to plot a path to accomplishing that outcome. As you noted, intensity continues to climb and fleets continue to get larger.

因此，這仍然是我們部分客戶的一個非常具體的目標，我們正在與他們一起努力，制定實現這一目標的途徑。正如你所指出的，戰鬥強度持續上升，艦隊規模也持續擴大。

As you think about an environment, I'll can out the Western Haynesville as an example. That will be the deepest, highest-pressure work we do, I think, anywhere in North America and will require the largest amount of horsepower on any given location that we would have any place. So as we continue to see people operators trend into those sorts of environments. Our fleets are going to continue to get bigger. The amount of intensity on the well site going to continue to climb.

說到環境，我可以舉個例子來說明西海恩斯維爾的狀況。我認為，這將是我們北美地區所從事的最深入、壓力最大的工作，也是我們在任何地方都無法比擬的，需要投入最大馬力的工作。因此，我們看到越來越多的人力資源從業人員湧入這類環境。我們的船隊規模將會繼續擴大。井場強度將持續上升。

Alongside of that, we'll continue to push for that 24-hour a day, 7-day a week pumping environment that will be offset to the extent we can manage it by efficiencies that we gain in our operations through the use of AI. We've alluded to some of the savings that have come through the implementation of our software platform, what that's meant from a maintenance standpoint.

同時，我們將繼續努力實現每週 7 天、每天 24 小時的泵送環境，並透過人工智慧在營運中提高效率來盡可能地抵消這種環境帶來的影響。我們已經提到過，實施我們的軟體平台帶來了一些節省，以及從維護角度來看這意味著什麼。

And in parallel with that, the deployment of the digiTechnologies and the impact -- the positive impact that they have had from an operations standpoint. So there's a lot of things moving there, and as a result, probably makes it a little difficult to get to exactly the puts and takes, but you're thinking about all of the right variables in the math.

同時，數位技術的部署及其影響——從營運角度來看，它們產生了積極的影響。所以有很多事情在變化，因此，可能很難準確地得出買賣結果，但你在數學中考慮了所有正確的變數。

Eddie Kim, Barclays.

巴克萊銀行的艾迪金。

I just wanted to ask about the end markets for your power generation equipment. In the past, you've talked about commercial and industrial and potentially even deploying equipment for Permian micro grids. But at this point in time, is it fair to say the vast majority of the 2 gigawatts incremental 2 gigawatts you plan to deploy by 2029 are likely all -- most, if not all, going to be deployed for data center operators? Or just curious on your thoughts on the end markets for your power gen equipment.

我只是想了解一下貴公司發電設備的終端市場狀況。過去，您曾談到商業和工業領域，甚至可能談到為二疊紀微電網部署設備。但就目前而言，是否可以公平地說，您計劃在 2029 年部署的 2 吉瓦新增電力中，絕大多數（如果不是全部）都將部署給資料中心營運商？或者只是好奇您對發電設備終端市場的看法。

I would certainly say, Eddie, that relative to my comments on this call last year, where I said I thought we'd probably be primarily C&I opportunities, maybe some oilfield electrification as the largest slice of the pie ultimately growing into data centers. The reverse is true today. Certainly, the large percentage of the assets that we will deploy projects that we will take on will be in the data center space. But we are absolutely still pursuing a number of C&I opportunities. There still continues to be the dire to electrify operations in the oilfield and we are at the table for a number of those conversations as well.

艾迪，我當然要說，相對於我去年在這次電話會議上的評論，我當時說，我認為我們可能主要會面臨工商業機會，也許油田電氣化會佔據最大的份額，最終發展到資料中心。如今情況恰恰相反。當然，我們將部署的項目，以及我們將承擔的項目，其中很大一部分資產都將集中在資料中心領域。但我們仍在積極尋求一些工商業領域的合作機會。油田作業電氣化的迫切需求依然存在，我們也參與了其中的一些討論。

So I don't want to suggest that those have gone away by any stretch of the imagination. But to your point, they will represent the smaller piece of the pie relative to the data center opportunities in front of us.

所以我絕不想暗示這些問題已經消失了。但正如你所說，相對於我們面前的資料中心機會而言，它們所佔的份額較小。

Understood. Understood. That makes sense. And then shifting over to pricing. In the past, you've talked about for some kind of the longer-term opportunities, like, say, 10 or 15 years maybe a 5, 6 year payback on the upfront cost of the equipment was appropriate.

明白了。明白了。這很有道理。然後話題轉向定價。過去，您曾談到一些長期機會，比如說 10 年或 15 年，也許 5 年或 6 年就能收回設備的前期成本。

Is that still your expectation? Or have your thoughts on pricing and payback changed at all?

你仍然抱持這樣的期望嗎？或者您對定價和投資回報的看法是否有所改變？

No, no changes there at all. I think we still believe that a 5 to 6 year payback is very, very reasonable that we should expect unlevered returns in the high teens. So no changes from what we've guided to in the past.

不，那方面沒有任何變化。我認為我們仍然相信 5 到 6 年的投資回收期是非常非常合理的，我們應該預期無槓桿回報率能達到十幾個百分點。所以，和我們過去採取的指導方針一樣，沒有任何改變。

Caitlin Donahue, Goldman Sachs.

Caitlin Donahue，高盛集團。

Can you provide some color in terms of different size megawatt units as a packaging solution for your customers. I know we've been seeing some of these units come in at 2.5 and 5.5 megawatt units, but there's the possibility of megawatt units coming into the market over time. What is the customer interest in this? And how do you see Liberty potentially offering this over the longer term?

您能否提供一些不同規格兆瓦單位的顏色信息，作為您為客戶提供的包裝解決方案？我知道我們已經看到一些機組的功率為 2.5 兆瓦和 5.5 兆瓦，但隨著時間的推移，兆瓦級機組也有可能進入市場。顧客對此有何興趣？您認為從長遠來看，Liberty大學有可能提供這種服務嗎？

You're going to see a mix of both of those technologies in our world for sure. We absolutely have a good amount of the smaller high-speed gas engines, the 2.5 and 4.3-megawatt assets that will be a part of our world. The wonderful advantage to those assets is that as a high-speed asset, they're very, very responsive to load dynamics and so they can play a very, very important role in a complex load use situation. They also remove a lot of the EPC risk on location in that we prepackage those assets.

可以肯定的是，這兩種技術將在我們的世界中融合運用。我們絕對擁有相當數量的小型高速燃氣發動機，即 2.5 兆瓦和 4.3 兆瓦的資產，它們將成為我們世界的一部分。這些資產的巨大優勢在於，作為高速資產，它們對負載動態變化反應非常非常迅速，因此可以在複雜的負載使用下發揮非常非常重要的作用。由於我們預先打包了這些資產，因此也消除了現場許多EPC風險。

So they come into the Liberty Advanced Equipment Technologies group. We're packaging those up. And that results in relatively minimal construction required on location. They show up in a container. We do a little bit of interconnection work with the central control facility, some plumbing and wiring and whatnot, and you have a power plant ready to go.

所以他們加入了 Liberty Advanced Equipment Technologies 集團。我們正在打包這些物品。這樣一來，現場所需的施工量就相對較少。它們裝在一個容器裡出現。我們只需與中央控制設施進行一些互連工作，一些管道和線路等等，一個發電廠就可以投入使用了。

You transition to that larger medium-speed asset in the 10 to 12 megawatt range. You get some inherent advantages there in that. You have a large, stable platform, a lot of rotating inertia there and incredible efficiencies.

你過渡到功率在 10 到 12 兆瓦範圍內的大型中速資產。這樣一來，你就擁有了一些固有的優勢。你擁有一個龐大而穩定的平台，它具有很大的旋轉慣性，而且效率極高。

You're talking about an asset with a heat rate that's probably sub-7,000, not exactly in line with modern combined cycle but very, very close to modern combined cycle for a fraction of the cost. And so -- to the point Michael was making earlier around the economics of our power generation, effectively the efficiency of the conversion from natural gas into electricity and the reduced emissions footprint that comes with that efficient conversion. These large assets play an important role in that. You can expect to see on these larger installations I think the gigawatt type scale campuses, power hauls, 200-megawatt blocks of these large medium-speed engines that are going to be a key piece of that.

你說的這個設備的熱效率可能低於 7,000，雖然不完全符合現代聯合循環的標準，但非常非常接近現代聯合循環，而且成本只有現代聯合循環的一小部分。因此——回到邁克爾之前提到的關於我們發電經濟性的觀點，實際上是天然氣轉化為電力的效率以及高效轉換帶來的減少排放足跡。這些大型資產在其中扮演重要角色。我認為，在這些大型設施中，你會看到千兆瓦規模的園區、電力運輸、200兆瓦的大型中速引擎模組，這將是其中的關鍵部分。

Depending on the end use case potentially paired with some amount of smaller high-speed engines and then, of course, our power quality system to go along with that to deliver that load. But both of those technologies critical to the path forward, and you're going to see both of them play a very, very important role in Liberty's supply chain and execution going forward.

根據最終用途，可能會搭配一些較小的高速發動機，當然，還有我們的電力品質系統來提供該負載。但這兩項技術對於未來的發展至關重要，你會看到它們在 Liberty 未來的供應鏈和執行中發揮非常非常重要的作用。

That makes sense. And then just 1 last quick one. In terms of that 3 gigawatt number deployment by 2029, is there a cadence that we should be looking for in terms of that deployment over the next few years? Or can we expect it to be a little bit more lumpy as contracts or signed over time? .

這很有道理。最後再來一個簡短的。就 2029 年實現 3 吉瓦的裝置容量目標而言，未來幾年內我們應該關注的部署節奏是什麼？或者我們可以預期，隨著合約的簽訂，合約的簽署時間會逐漸延長，因此合約的執行情況可能會略有波動？。

Yes. As far as contracts are signed over time, but it will accelerate from now through to the end of '28 with the and service. That's the way you should think about it. The contract -- you'll hear the contract amounts when the contract announcements are made, but really, that will be defined by the accelerating speed of our supply chain and then our ability to install those in the field. Obviously, when we talk about that 3 gigawatts by 2029, given the time frame of our shipments arriving, you take you take ownership in Europe, you've got to ship them to the U.S., you've got to move them to side.

是的。合約的簽訂是逐步進行的，但從現在到 2028 年底，隨著服務和業務的推進，這一進程將會加快。你應該這樣想。合約—你會在合約公佈時聽到合約金額，但實際上，這將取決於我們供應鏈的加速運作以及我們在現場安裝這些設備的能力。顯然，當我們談到到 2029 年達到 3 吉瓦的目標時，考慮到我們的貨物到達的時間，你在歐洲取得所有權，你必須將它們運到美國，你必須將它們轉移到旁邊。

We will have -- it's not like we are stopping in 2029. So 2029 will continue to accelerate beyond in the year we've just had our '29 announcement.

我們會繼續下去——我們不會止步於 2029 年。因此，在我們剛剛宣布「2029」之後，2029 年的進程將繼續加速。

I will now turn it back to Ron for closing remarks.

現在我將把發言權交還給羅恩，請他作總結發言。

I received an unexpected letter this past Friday. It was from a woman named Nancy, and it came to me through a bit of mistaken identity. As it turns out, the local utility provider where Nancy lives in Massachusetts is also called Liberty and she was writing to the CEO of Liberty to express her concerns with the cost of heating their home. We've since sent the letter off to the correct Liberty with the hope that they will address her concerns. But in her letter, she raises an important issue that I want to close with today.

上週五我收到了一封意想不到的信。郵件是一位名叫南希的女士寄來的，我收到郵件是因為有點認錯人的情況。原來，南希在馬薩諸塞州居住的地方的公用事業供應商也叫 Liberty，她寫信給 Liberty 的首席執行官，表達了她對家中取暖費用的擔憂。我們已將信件寄往正確的自由大學，希望他們能解決她提出的問題。但在她的信中，她提出了一個重要的問題，這也是我今天想以這個問題作為結尾的地方。

Nancy wrote the she and her husband are in their 70s and living on social security, she went on to say that last month, their gas bill was $226, of which $68 was the gas and $158 was the delivery charge. This month's bill was $319, of which $102 was the gas and $217 was the delivery charge. She pointed out that the delivery charge is more than 2x the cost of the gas and wanted to know why. One in 3 American households today experiences energy poverty or the inability to access sufficient amounts of electricity and other energy sources due to financial constraints.

南希寫道，她和丈夫都已年過七旬，靠著社會安全金過活。她接著說，上個月他們的瓦斯費是 226 美元，其中 68 美元是瓦斯費，158 美元是送貨費。本月帳單總額為 319 美元，其中 102 美元為瓦斯費，217 美元為送貨費。她指出送貨費是天然氣價格的兩倍多，並想知道為什麼。如今，三分之一的美國家庭面臨能源貧困，也就是由於經濟拮据而無法獲得足夠的電力和其他能源。

And yet, States like Massachusetts continue to settle their residents with additional financial burden in the pursuit of net 0 targets and other similar energy initiatives, a program called Mass Save in this case which is an integral part of the state's plan to become carbon neutral by 2050. The cost of this program is carried by the rate payers, people like Nancy and her husband through a fee added on to their cost of delivery for natural gas. People in Massachusetts have seen their gas bills climb by as much as 20% or out $60 this month in Nancy's case directly because of this program. Net 0 policies raise energy costs for American families and businesses threaten the reliability of our energy system and undermine energy and national security. They have also achieved precious little in reducing global greenhouse gas emissions.

然而，像馬薩諸塞州這樣的州為了實現淨零排放目標和其他類似的能源計劃，繼續給居民增加額外的財政負擔。例如，馬薩諸塞州實施了一項名為「Mass Save」的計劃，這是該州到 2050 年實現碳中和計劃的重要組成部分。該項目的成本由天然氣用戶承擔，例如南希和她丈夫，這筆費用會加到他們的天然氣輸送費用中。由於這項計劃，馬薩諸塞州居民的燃氣費上漲了高達 20%，南希本月就因此多花了 60 美元。淨零排放政策會增加美國家庭和企業的能源成本，威脅到我們能源系統的可靠性，並損害能源和國家安全。他們在減少全球溫室氣體排放方面也幾乎沒有任何成就。

The fact is that energy matters. It's what keeps people alive on weekends like this past one, putting families in a position where they are forced to choose between a comfortable or even safe indoor temperature and putting food on the table is simply unacceptable. And state mandates like Mass Save are only amplifying this issue. Liberty turns 15 this year. I am incredibly proud of the Liberty team for the significant contributions we've made over those years to enable and advance the shale revolution a step change in U.S.

事實是，能源很重要。正是它讓人們在像上個週末這樣的日子裡得以生存，讓家庭被迫在舒適甚至安全的室內溫度和吃飯之間做出選擇，這是完全不可接受的。而像 Mass Save 這樣的州級強制規定只會加劇這個問題。自由女神像今年迎來15週年。我為 Liberty 團隊多年來為推動和促進頁岩氣革命所做的重大貢獻感到無比自豪，這給美國帶來了翻天覆地的變化。

energy supply that ensures abundant, affordable, reliable energy for families like Nancy and her husband.

為像南希和她丈夫這樣的家庭提供充足、價格合理、可靠的能源供應。

I am equally energized by the opportunities ahead to carry on this important work. continuing to service this business while also expanding our new and growing LPI business to provide the necessary power for growing data center demand. Helping ensure American families also have abundant, affordable and reliable electricity to meet their daily needs without hardship. Thank you, everyone, for joining us today.

我對未來繼續這項重要工作的機會同樣充滿熱情。我們將繼續服務這項業務，同時拓展我們新興且不斷發展的LPI業務，以滿足日益增長的資料中心電力需求。幫助確保美國家庭也能獲得充足、價格合理、可靠的電力，以滿足他們的日常需求，而不會感到困難。謝謝各位今天蒞臨。

This conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。