MRC Global Inc (MRC) 2024 Q2 法說會逐字稿

Greetings, and welcome to MRC Global's second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 MRC Global 2024 年第二季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Monica Broughton. Thank you. You may begin.

現在我想將會議交給主持人莫妮卡·布勞頓。謝謝。你可以開始了。

Thank you, and good morning. Welcome to the MRC Global second-quarter 2024 conference call and webcast. We appreciate you joining us. On the call today, we have Rob Saltiel, President and CEO; and Kelly Youngblood, Executive Vice President and CFO.

謝謝你，早安。歡迎參加 MRC Global 2024 年第二季電話會議和網路廣播。我們感謝您加入我們。今天的電話會議由總裁兼執行長 Rob Saltiel 主持。執行副總裁兼財務長凱利楊布拉德 (Kelly Youngblood)。

There will be a replay of today's call available by webcast on our website, mrcglobal.com, as well as by phone until August 21, 2024. The dial-in information is in yesterday's release. We expect to file our quarterly report on Form 10-Q later today and it will also be available on our website. Please note that the information reported on this call speaks only as of today, August 7, 2024, and therefore, you are advised that information may no longer be accurate as of the time of replay.

2024 年 8 月 21 日之前，我們將透過我們的網站 mrcglobal.com 上的網路直播以及電話重播今天的電話會議。撥入訊息已在昨天發布。我們預計今天稍晚將提交 10-Q 表格的季度報告，該報告也將在我們的網站上發布。請注意，本次電話會議中報告的資訊僅截至今天（2024 年 8 月 7 日），因此，我們建議您，截至重播時，該資訊可能不再準確。

In our call today, we will discuss various non-GAAP measures. You are encouraged to read our earnings release and securities filings to learn more about the use of these non-GAAP measures and to see a reconciliation of these measures to the related GAAP items, all of which can be found on our website. Unless we specifically state otherwise, references in this call to EBITDA refer to adjusted EBITDA.

在今天的電話會議中，我們將討論各種非公認會計準則措施。我們鼓勵您閱讀我們的收益報告和證券備案文件，以了解有關這些非GAAP 衡量標準的使用的更多信息，並查看這些衡量標準與相關GAAP 項目的協調表，所有這些都可以在我們的網站上找到。除非我們另有明確說明，否則本次調用中提及的 EBITDA 均指調整後的 EBITDA。

In addition, the comments made by the management of MRC Global during this call may contain forward-looking statements within the meaning of the United States federal securities laws. These forward-looking statements reflect the current views of the management of MRC Global. However, actual results could differ materially from those expressed today. You are encouraged to read the company's SEC filings for a more in-depth review of the Risk Factors concerning these forward-looking statements.

此外，MRC Global 管理層在本次電話會議中發表的評論可能包含美國聯邦證券法含義內的前瞻性陳述。這些前瞻性陳述反映了 MRC Global 管理階層目前的觀點。然而，實際結果可能與今天所表達的結果有重大差異。我們鼓勵您閱讀該公司向 SEC 提交的文件，以更深入地審查有關這些前瞻性陳述的風險因素。

And now, I'd like to turn the call over to our CEO, Mr. Rob Saltiel.

現在，我想將電話轉給我們的執行長 Rob Saltiel 先生。

Thank you, Monica. Good morning, and welcome to everyone joining today's call. I will begin with a high-level review of our second-quarter results and then discuss two notable achievements, a promising macro trend, and our sector highlights before concluding with our 2024 outlook. Kelly will provide a detailed review of the quarter and 2024 guidance before I deliver a brief recap.

謝謝你，莫妮卡。早安，歡迎大家參加今天的電話會議。我將首先對我們第二季度的業績進行高層次回顧，然後討論兩項顯著的成就、有希望的宏觀趨勢和我們的行業亮點，最後對 2024 年的前景進行總結。在我進行簡短回顧之前，凱利將詳細回顧本季和 2024 年的指導。

Starting with our second-quarter highlights, we generated $63 million in operating cash flow in the second quarter and $101 million for the first half of the year. It was a solid quarter with cash generation coming in stronger than expected due in large part to efficient working capital management. We are on track to meet or exceed our guidance of generating $200 million of operating cash flow for the full year, and we remain very optimistic on the cash generation potential of our company going forward.

從第二季的亮點開始，我們第二季的營運現金流為 6,300 萬美元，上半年為 1.01 億美元。這是一個穩健的季度，現金產生量強於預期，這在很大程度上要歸功於高效率的營運資本管理。我們預計將達到或超過全年產生 2 億美元營運現金流的指導，我們對公司未來的現金產生潛力仍然非常樂觀。

Second-quarter revenue was $832 million, growing 3% over the first quarter with the increase driven by our gas utilities and PTI sectors. Gas utilities revenue improved 8% sequentially driven by increased customer spending due to seasonal increases and normalizing buying patterns by most of our customers. Our PTI sector grew by 5% led by the International segment due to increased project activity in the North Sea. Our DIET sector experienced a slight decline as the US segment experienced lower refinery turnaround and project activity than we had expected.

第二季營收為 8.32 億美元，較第一季成長 3%，成長由天然氣公用事業和 PTI 部門推動。由於季節性成長以及大多數客戶的購買模式正常化，客戶支出增加，天然氣公用事業收入較上季增加 8%。由於北海計畫活動的增加，我們的 PTI 部門在國際部門的帶動下成長了 5%。我們的飲食部門經歷了小幅下滑，因為美國部門的煉油廠週轉率和計畫活動低於我們的預期。

Adjusted gross margins were a robust 22.1%. This is a record high quarterly result for MRC Global due to product mix and a strong international contribution, both of which were accretive to overall company margins. Adjusted EBITDA margins were 7.8% for the second quarter, a 70-basis-point improvement over the first quarter. This is the result of higher adjusted gross margins coupled with strong cost discipline.

調整後毛利率高達 22.1%。由於產品組合和強大的國際貢獻，MRC Global 創下了創紀錄的季度業績，這兩者都增加了公司的整體利潤。第二季調整後 EBITDA 利潤率為 7.8%，比第一季提高 70 個基點。這是調整後毛利率提高和嚴格成本控制的結果。

We remain on track to reduce absolute SG&A in 2024 versus 2023 levels. Our SG&A as a percentage of sales remains best-in-class compared to our energy and industrial distributor peers.

我們仍有望在 2024 年相對 2023 年水準降低絕對銷售及管理費用。與我們的能源和工業分銷商同行相比，我們的銷售、管理費用佔銷售額的百分比仍然是同類中最好的。

Our balance sheet continues to improve and has never been stronger. During the second quarter, we repaid our term loan early as we had previously signaled using a combination of cash and our ABL facility. We ended the quarter with $103 million of net debt and with a leverage ratio of 0.4x a record low for our company. We expect these metrics to improve further in the coming quarters as we generate additional cash from operations.

我們的資產負債表持續改善且從未如此強勁。在第二季度，我們提前償還了定期貸款，正如我們之前所暗示的，使用現金和 ABL 融資相結合。本季結束時，我們的淨債務為 1.03 億美元，槓桿率為 0.4 倍，創公司歷史新低。隨著我們從營運中產生更多現金，我們預計這些指標將在未來幾季進一步改善。

And finally, our international business continues to have an excellent year. Second-quarter revenue grew 15% year over year and 11% sequentially, driven by growth in both the PTI and DIET sectors. The international business is poised for double-digit revenue improvement for the full year, supported by a backlog that is 32% higher than a year ago. Our growth has been enabled by multiple North Sea projects and MRO activity in the PTI sector and by multiple energy transition projects in the DIET sector.

最後，我們的國際業務繼續表現出色。在 PTI 和 DIET 產業成長的推動下，第二季營收年增 15%，季增 11%。在積壓訂單比一年前增加 32% 的支撐下，國際業務預計全年營收將實現兩位數成長。我們的成長得益於 PTI 領域的多個北海項目和 MRO 活動以及 DIET 領域的多個能源轉型項目。

I would now like to highlight a couple of noteworthy achievements and then comment on a positive macro trend. First, we were very pleased to have been recently chosen as the primary strategic supplier of PVF products and services to ExxonMobil in North America. We were selected for our breadth of product and service offerings, our technical expertise and our geographic footprint, all of which are industry-leading.

現在我想強調一些值得注意的成就，然後評論正面的宏觀趨勢。首先，我們非常高興最近被選為埃克森美孚在北美的 PVF 產品和服務的主要策略供應商。我們之所以被選中，是因為我們提供的產品和服務範圍廣泛、技術專長和地理分佈廣泛，所有這些都是領先業界的。

And our new agreement with ExxonMobil covers all upstream and downstream operations for both MRO and project activity. We've had a long-standing productive relationship with ExxonMobil and this agreement allows us to grow with them as they expand their North America business.

我們與埃克森美孚的新協議涵蓋了 MRO 和專案活動的所有上游和下游業務。我們與埃克森美孚建立了長期富有成效的關係，這項協議使我們能夠在他們拓展北美業務時與他們一起成長。

We are currently in the early stages of implementation and we expect activity levels to increase into next year, especially as ExxonMobil's recent acquisitions are fully integrated. We are now focused on delighting this important customer with outstanding service. I am proud of our MRC Global team for the hard work they are putting into this customer relationship and appreciative of ExxonMobil for entrusting us with their extensive North America PVF business.

我們目前正處於實施的早期階段，我們預計明年的活動水準將會增加，特別是隨著埃克森美孚最近的收購完全整合。我們現在專注於以卓越的服務取悅這位重要的客戶。我為我們的 MRC Global 團隊為這種客戶關係所付出的辛勤工作感到自豪，並感謝埃克森美孚將其廣泛的北美 PVF 業務委託給我們。

Second, I want to highlight our excellent progress with our chemicals growth strategy. We began this initiative in 2021 by hiring subject matter experts and refocusing our sales and marketing efforts on this attractive subsector. Through the end of 2023, we had seen approximately 30% growth in our chemicals subsector revenue and we expect it to increase upper single-digits this year.

其次，我想強調我們在化學品成長策略方面取得的出色進展。我們在 2021 年開始實施這項舉措，聘請了主題專家，並將我們的銷售和行銷工作重新集中在這個有吸引力的子行業。到 2023 年底，我們的化學品子產業收入成長了約 30%，我們預計今年將實現高個位數成長。

Much of our progress is due to our target growth accounts where we have seen more than a doubling in revenue, comparing the first half of this year with the first half of 2023. We also see significant opportunity for further growth in 2025.

我們的進展很大程度上歸功於我們的目標成長帳戶，與 2023 年上半年相比，我們的收入成長了一倍以上。我們也看到 2025 年進一步成長的重大機會。

Finally, I want to highlight a macro trend that we expect to play out over the coming years, strong demand growth for natural gas. It is well understood that the US has an extensive supply of natural gas in the unconventional plays. As a fuel, natural gas is clean, reliable and affordable. We expect demand for US natural gas to increase over the next decade, driven by four factors: growth in LNG export volumes, increased needs for gas fired power stations, increasing exports to Mexico, and growing industrial demand.

最後，我想強調我們預計未來幾年將出現的宏觀趨勢，即天然氣需求的強勁成長。眾所周知，美國在非常規領域擁有豐富的天然氣供應。作為燃料，天然氣清潔、可靠且價格實惠。我們預計未來十年對美國天然氣的需求將增加，這主要受到四個因素的推動：液化天然氣出口量的成長、燃氣發電站需求的增加、對墨西哥的出口增加以及工業需求的成長。

Demand growth for natural gas is very good for MRC Global. Higher gas production and consumption means more gathering and processing facilities, more pipelines for transportation and more related infrastructure down the entire value chain to consumers. This megatrend will benefit all three of our sectors and create new opportunities for the growth of our business.

天然氣需求成長對 MRC Global 來說非常有利。更高的天然氣產量和消費意味著更多的收集和加工設施、更多的運輸管道以及整個價值鏈上面向消費者的更多相關基礎設施。這一大趨勢將使我們的三個行業受益，並為我們的業務成長創造新的機會。

Moving now to our sector discussions, in our gas utility sector, we believe we are seeing stabilization compared to the sharp declines in revenue we experienced in the second half of last year. In fact, this was the second quarter in a row of increased revenue. Most of our customers are returning to more normal purchasing patterns while others continue to focus on destocking.

現在轉向我們的行業討論，在天然氣公用事業領域，我們相信與去年下半年收入的急劇下降相比，我們正在看到穩定。事實上，這是營收連續第二季成長。我們的大多數客戶正在恢復更正常的購買模式，而其他客戶則繼續專注於去庫存。

Project-related gas utilities work has slowed this year, but is expected to recover in 2025. Industry analysts and several of our largest customers have made public announcements regarding increasing their capital spending in 2025. In fact, the annual growth rates and capital expenditures for natural gas utilities that we serve are expected to range from 4% to 6% over the next five years. This is a healthy underlying growth rate for our gas utilities business.

與項目相關的天然氣公用事業工作今年有所放緩，但預計將於 2025 年恢復。產業分析師和我們的幾家最大的客戶已公開宣布將在 2025 年增加資本支出。事實上，未來五年我們所服務的天然氣公用事業公司的年增長率和資本支出預計將在 4% 至 6% 之間。對於我們的天然氣公用事業業務來說，這是一個健康的基本成長率。

In the DIET sector, our success with our chemical strategy has been accompanied by strong performance in our growing mining business. In fact, we are in the process of opening a new service center in Phoenix, Arizona, designed to serve mining and gas utility customers. On the flip side, several US projects and refinery turnarounds that we are involved in have been delayed into 2025 and US LNG related activity has been impacted by permitting delays for new projects. Our international business continues to do extremely well in the DIET space, especially with refinery work and energy transition projects.

在飲食領域，我們的化學策略取得了成功，同時我們不斷成長的採礦業務也取得了強勁的業績。事實上，我們正​​在亞利桑那州鳳凰城開設一個新的服務中心，旨在為採礦和天然氣公用事業客戶提供服務。另一方面，我們參與的幾個美國項目和煉油廠週轉已推遲到 2025 年，美國液化天然氣相關活動也因允許新項目延遲而受到影響。我們的國際業務在飲食領域持續表現出色，尤其是煉油廠工作和能源轉型計畫。

Turning to our PTI business. We continue to see sluggish rig counts in the US oilfield due in part to the widespread consolidation of producers, particularly in the Permian Basin, and also due to low natural gas prices. We continue to believe that the industry consolidation efforts by the larger oil and gas producers will have a net benefit for MRC Global.

轉向我們的 PTI 業務。我們繼續看到美國油田的鑽機數量低迷，部分原因是生產商的廣泛整合，特別是在二疊紀盆地，同時也是由於天然氣價格低廉。我們仍然相信，大型石油和天然氣生產商的行業整合努力將為 MRC Global 帶來淨收益。

Most industry surveys expect US oilfield spending to be slower in the second half of this year before picking up in 2025. Our international oil and gas business continues to be strong, led by our participation in several North Sea projects and our growing presence in the Middle East.

大多數產業調查預計，今年下半年美國油田支出將放緩，然後在 2025 年回升。我們的國際石油和天然氣業務持續強勁，這得益於我們參與了多個北海項目以及我們在中東不斷成長的業務。

In summary, we have had a very strong first half of the year with solid revenues, profitability and cash flow generation. That said our outlook for revenue in the second half of this year is expected to be a little softer than the first half, primarily due to delays in DIET projects and refinery turnarounds.

總而言之，我們上半年的業績非常強勁，收入、獲利能力和現金流量均穩定。也就是說，我們今年下半年的收入前景預計將比上半年略弱，這主要是由於 DIET 項目和煉油廠週轉的延遲。

We continue to believe that 2024 is a transitional year for MRC Global due to three issues we have discussed previously, gas utilities destocking; PTI activity inhibited by industry consolidation and low gas prices; and DIET sector project and turnaround delays. Although it is too early to give guidance for next year, we do expect 2025 to see improvement in these fundamentals that will benefit our company.

我們仍然認為 2024 年是 MRC Global 的過渡年，因為我們之前討論過三個問題：天然氣公用事業去庫存； PTI 活動因行業整合和低油價而受到抑制；飲食部門項目和周轉延遲。儘管現在給出明年的指導還為時過早，但我們確實預計 2025 年這些基本面將得到改善，這將使我們公司受益。

Importantly for our shareholders, our end market diversification, improved gross margins, lean cost structure and working capital efficiencies have positioned us to generate consistent cash flow across the business cycle. This year, we remain on track to generate $200 million or more in operating cash flow. Going forward, this cash generation capability should allow us significant flexibility to consider various capital allocation strategies for the benefit of our shareholders.

對於我們的股東來說，重要的是，我們的終端市場多元化、毛利率提高、精益成本結構和營運資金效率使我們能夠在整個商業週期中產生一致的現金流。今年，我們仍有望實現 2 億美元或更多的營運現金流。展望未來，這種現金產生能力將使我們能夠非常靈活地考慮各種資本配置策略，以造福股東。

And with that, I will now hand it over to Kelly.

現在，我將把它交給凱利。

Thanks, Rob, and good morning, everyone. My comments today will be primarily focused on sequential results comparing the second quarter of 2024 to the first quarter of 2024 unless otherwise stated.

謝謝羅布，大家早安。除非另有說明，我今天的評論將主要集中在 2024 年第二季與 2024 年第一季的連續結果比較。

Total company sales for the second quarter were $832 million, a 3% sequential increase and a 4% decline compared to the same quarter last year. From a sector perspective, gas utility sales were $287 million in the second quarter, a $21 million or 8% increase. The growth was driven by increased customer spending due to seasonal increases in normalizing buying patterns.

第二季公司總銷售額為 8.32 億美元，季增 3%，與去年同期相比下降 4%。從產業角度來看，第二季天然氣公用事業銷售額為 2.87 億美元，成長 2,100 萬美元，成長 8%。這一增長是由於購買模式正常化的季節性增加而增加的客戶支出所推動的。

While some customers continue to focus on reducing their levels of safety stock, we have seen stabilization in new order intake and average daily sales, which is encouraging. We continue to expect 2024 to be a transition year for our gas utility customers due to lower project activity, but as mentioned by Rob, we are expecting increased spending as we move into next year.

雖然有些客戶繼續專注於降低安全庫存水平，但我們看到新訂單量和每日平均銷售額趨於穩定，令人鼓舞。由於專案活動減少，我們仍然預計 2024 年將是我們的天然氣公用事業客戶的過渡年，但正如 Rob 所提到的，我們預計隨著明年的到來，支出將會增加。

The DIET sector second-quarter revenue was $268 million, a decrease of $8 million or 3% as a result of less turnaround activity in the US, partially offset by an increase in the International segment for North Sea offshore wind project activity as well as refining and chemical plant turnarounds.

DIET 產業第二季營收為 2.68 億美元，減少 800 萬美元，或 3%，原因是美國週轉活動減少，但部分被北海離岸風電計畫活動和煉油國際業務的成長所抵消和化工廠檢修。

The PTI sector revenue for the second quarter was $277 million, an increase of $13 million or 5% with growth in all segments driven by North Sea project activity, followed by an increase in North America for line pipe shipments and other project deliveries. While customer spending expectations in the US for the back half of this year have softened, we continue to be bullish on the US oilfield longer term and expect activity next year to improve, which is consistent with recent analyst mid-year spending projections. The recent E&P consolidation announcements are also expected to be positive for MRC Global as our customers finalized their integrations.

第二季 PTI 部門營收為 2.77 億美元，增加了 1,300 萬美元，即 5%，所有部門的成長均受北海專案活動的推動，其次是北美管線管出貨量和其他專案交付量的增加。儘管美國今年下半年的客戶支出預期有所疲軟，但我們繼續長期看好美國油田，並預計明年的活動將有所改善，這與最近分析師的年中支出預測一致。隨著我們的客戶完成了整合，最近的勘探與生產整合公告預計也將對 MRC Global 產生積極影響。

From a geographic segment perspective, US revenue was $677 million in the second quarter, a $10 million or 1% increase. Gas utilities led the growth with a $22 million increase, followed by the PTI sector, which increased $2 million, partially offset by the DIET sector, which was down $14 million.

從地理細分來看，第二季美國營收為 6.77 億美元，成長 1,000 萬美元，即 1%。天然氣公用事業以 2,200 萬美元的成長引領成長，其次是 PTI 產業，成長 200 萬美元，部分被 DIET 產業減少 1,400 萬美元所抵銷。

International revenue was $122 million in the second quarter, up $12 million or 11%, driven by improvement in the PTI sector related to projects in the North Sea followed by growth in our European DIET sector business. Our international business is having a phenomenal year and its outlook remains positive with expectations for double-digit revenue growth due to improvements in both the PTI and DIET sectors. Canada revenue was $33 million in the second quarter, up $4 million or 14%, with increases in both the DIET and PTI sectors.

第二季度國際收入為 1.22 億美元，成長 1,200 萬美元，即 11%，這得益於與北海項目相關的 PTI 部門的改善以及歐洲 DIET 部門業務的成長。我們的國際業務今年表現出色，前景依然樂觀，由於 PTI 和 DIET 行業的改善，預計收入將實現兩位數增長。加拿大第二季營收為 3,300 萬加元，成長 400 萬加元，即 14%，其中 DIET 和 PTI 產業均有所成長。

Now turning to margins, adjusted gross profit for the second quarter was $184 million or 22.1%, a new public company record and a 60-basis-point improvement over the same quarter a year ago and a 50-basis-point improvement sequentially. The elevated margin percentage this quarter was supported by product mix in the US with margins accretive to our typical company averages. We expect margins in the second half of the year to revert to our usual 21% average levels.

現在轉向利潤率，第二季調整後毛利為 1.84 億美元，即 22.1%，創下上市公司新紀錄，比去年同期提高 60 個基點，比上一季提高 50 個基點。本季利潤率的上升得益於美國產品組合的支持，其利潤率高於我們典型公司的平均水平。我們預計下半年的利潤率將恢復到通常的 21% 平均值。

Reported SG&A for the second quarter was $126 million, or 15.1% of sales as compared to $125 million, or 15.5% for the first quarter. This quarter included $1 million of pre-tax charges related to activism, response, legal and consulting costs, as well as $1 million of facility closure related costs for an international location. Excluding those costs, our adjusted SG&A for the second quarter of 2024 was $124 million, or 14.9% of sales.

第二季報告的 SG&A 為 1.26 億美元，佔銷售額的 15.1%，而第一季為 1.25 億美元，佔銷售額的 15.5%。本季包括 100 萬美元與行動、回應、法律和諮詢成本相關的稅前費用，以及 100 萬美元與國際地點設施關閉相關的費用。排除這些成本，我們 2024 年第二季調整後的 SG&A 為 1.24 億美元，佔銷售額的 14.9%。

Adjusted EBITDA for the second quarter was $65 million, or 7.8% of sales, a 70-basis-point increase from the first quarter due to higher sales and higher gross margins.

第二季調整後 EBITDA 為 6,500 萬美元，佔銷售額的 7.8%，由於銷售額增加和毛利率提高，較第一季成長 70 個基點。

Tax expense in the second quarter was $12 million with an effective tax rate of 29% as compared to $8 million of expense and a 30% effective tax rate in the first quarter. The effective tax rates for both quarters were higher than the US statutory rate due to foreign losses with no tax benefit.

第二季的稅務費用為 1,200 萬美元，有效稅率為 29%，而第一季的稅務費用為 800 萬美元，有效稅率為 30%。由於海外損失且沒有稅收優惠，兩個季度的有效稅率均高於美國法定稅率。

For the second quarter, we had net income attributable to common stockholders of $24 million or $0.28 per diluted share. Our adjusted net income attributable to common shareholders on an average cost basis normalizing for LIFO adjustments and other items was $27 million or $0.31 per diluted share.

第二季度，我們歸屬於普通股股東的淨利潤為 2,400 萬美元，即稀釋後每股收益 0.28 美元。根據後進先出調整和其他專案正常化的平均成本基礎，我們調整後的歸屬於普通股股東的淨利潤為 2,700 萬美元，或稀釋後每股 0.31 美元。

In the second quarter, we generated $63 million in cash from operations, primarily from increased EBITDA supported by efficient working capital metrics. We generated $101 million in the first half of the year and we are on track to meet or exceed our operating cash flow target of $200 million for the full year. We also expect to make more progress with our working capital efficiency in the second half of the year, further supporting our robust and consistent cash generation goals going forward.

第二季度，我們從營運中產生了 6,300 萬美元的現金，主要來自高效營運資本指標支持下的 EBITDA 增加。我們上半年創造了 1.01 億美元的收入，並且預計將達到或超過全年 2 億美元的營運現金流目標。我們也預期下半年我們的營運資本效率將取得更大進展，進一步支持我們未來強勁且一致的現金產生目標。

Turning to liquidity and capital structure, we repaid our Term Loan B at the end of May with a combination of cash and the use of our ABL facility. At the end of the second quarter, our total debt balance was $152 million. Our leverage ratio based on net debt of $103 million was 0.4x, a new record low for the company and our current availability on the ABL is $488 million and including cash, our total liquidity is $537 million.

談到流動性和資本結構，我們在 5 月底透過現金和 ABL 設施的組合償還了定期貸款 B。截至第二季末，我們的總債務餘額為 1.52 億美元。基於 1.03 億美元的淨債務，我們的槓桿率為 0.4 倍，創公司歷史新低，目前 ABL 的可用資金為 4.88 億美元，包括現金，我們的總流動資金為 5.37 億美元。

The lower debt balance along with the lower interest rate on the ABL results in reduced interest expense burden. Interest expense was $7 million in the second quarter of 2024 as compared to $10 million in the same quarter a year ago.

較低的債務餘額以及較低的 ABL 利率導致利息支出負擔減輕。2024 年第二季的利息支出為 700 萬美元，而去年同期為 1,000 萬美元。

Now, I'll cover our outlook for the second half of 2024. As mentioned by Rob, we continue to view 2024 as a transitional year with growth returning in 2025. First half of 2024 started off with stronger than expected financial performance. Our current expectations for the second half of 2024 is for revenue to moderate compared to the first half, primarily a function of project work schedule shifting into next year.

現在，我將介紹我們對 2024 年下半年的展望。正如 Rob 所提到的，我們仍然將 2024 年視為過渡年，成長將在 2025 年回歸。2024 年上半年伊始，財務表現強於預期。我們目前對 2024 年下半年的預期是收入較上半年放緩，這主要是由於專案工作進度移至明年。

The primary driver of the reduction is delayed DIET project activity and refining turnarounds in the US. We have also experienced what we believe is a temporary pullback in gas utilities project activity for the remainder of this year and PTI activity due to lower rig counts and E&P customer integrations that has impacted near-term spending. However, we believe all three sectors will experience a rebound in activity and a resurgence of projects in 2025.

減少的主要驅動因素是美國 DIET 計畫活動的延遲和煉油廠的周轉。我們也經歷了今年剩餘時間天然氣公用事業項目活動和 PTI 活動的暫時回落，原因是鑽機數量減少以及勘探與生產客戶整合影響了近期支出。然而，我們相信這三個行業都將在 2025 年經歷活動反彈和專案復甦。

As a result, we expect total company revenue for the back half of this year to be down low-single-digits compared to the first half of this year. Also, for the total company, third-quarter revenue is expected to decline mid-single-digits followed by the potential for a modest seasonal decline in the fourth quarter.

因此，我們預計今年下半年公司總收入將較上半年降低個位數。此外，對於整個公司而言，第三季營收預計將下降中個位數，隨後第四季可能出現小幅季節性下降。

We are also targeting the following key metrics for the remainder of 2024. First, we are reaffirming our previous guidance of operating cash flow generation for the full year of $200 million or more. For adjusted gross margins, we anticipate the second half of the year to average 21%.

我們也計劃在 2024 年剩餘時間內實現以下關鍵指標。首先，我們重申先前的全年營運現金流產生 2 億美元或更多的指導方針。對於調整後毛利率，我們預計下半年平均為 21%。

SG&A expense for the last two quarters of the year is each expected to be at similar levels as experienced in the second quarter, and capital expenditures are expected to be in the $36 million to $40 million range in 2024, a little lower than last quarter's estimate as some costs for the implementation of our North America ERP have shifted into next year. As a reminder, our normal annual CapEx run rate is approximately $15 million, but it is elevated this year and next due to our ERP implementation.

今年最後兩個季度的 SG&A 費用預計將與第二季度的水平相似，2024 年資本支出預計將在 3600 萬美元至 4000 萬美元之間，略低於上季度的估計因為我們北美ERP 實施的一些成本已轉移到明年。提醒一下，我們正常的年度資本支出運行率約為 1500 萬美元，但由於我們的 ERP 實施，今年和明年的資本支出率有所提高。

Regarding our ERP, I am pleased to report that we remain on budget and on schedule. We continue to make progress and we are excited about its potential to transform many aspects of our business. We expect to be fully implemented and running on the new system in the second half of 2025. We expect our effective tax rate in 2024 to be in the range of 26% to 28%. And finally, we expect to exit 2024 with minimal net debt, excluding our preferred stock, providing us with increased flexibility to pursue various strategic capital allocation options benefiting our shareholders.

關於我們的 ERP，我很高興地報告說，我們仍然按預算、按計劃進行。我們不斷取得進步，我們對它改變我們業務的許多方面的潛力感到興奮。我們預計新系統將於 2025 年下半年全面實施並運作。我們預計 2024 年的有效稅率將在 26% 至 28% 之間。最後，我們預計到 2024 年將以最低的淨債務退出（不包括我們的優先股），這為我們提供了更大的靈活性，以追求有利於股東的各種策略資本分配方案。

And with that, I'd like to turn it back to Rob for closing comments.

說到這裡，我想把它轉回給羅布以供結束評論。

Thanks, Kelly.

謝謝，凱利。

The first half of the year has started off with solid performance and we are in a very strong financial position. We have transformed MRC Global into a more efficient and consistently profitable company with a strong balance sheet that is poised for future success.

今年上半年的業績表現穩健，我們的財務狀況非常強勁。我們已將 MRC Global 轉型為一家效率更高、持續盈利的公司，擁有強大的資產負債表，為未來的成功做好了準備。

These are the highlights I want to summarize before opening for Q&A. We continue to target $200 million of cash from operations this year, and we are on track to meet or exceed this target. We also expect to consistently generate operating cash through the cycle. Our balance sheet has never been stronger, as evidenced by our Term Loan B repayment in the second quarter. We expect to exit 2024 with a minimal net debt position and to be in a positive net cash position in 2025. And while we expect a slightly weaker second half this year, we are optimistic based on analysis of the key drivers for each of our three sectors that 2025 will be a growth year for the company.

這些是我在開始問答之前想要總結的要點。我們今年的營運現金目標仍然是 2 億美元，並且有望實現或超過這一目標。我們也期望在整個週期內持續產生營運現金。我們的資產負債表從未如此強勁，第二季定期貸款 B 的償還就證明了這一點。我們預計到 2024 年退出時淨債務部位將達到最低水平，並在 2025 年達到正淨現金部位。雖然我們預計今年下半年會略有疲軟，但根據對三個部門的關鍵驅動因素的分析，我們樂觀地認為 2025 年將是公司的成長年。

And with that, we will now take your questions. Operator?

現在我們將回答你們的問題。操作員？

(Operator Instructions) Nathan Jones, Stifel.

（操作員說明）Nathan Jones，Stifel。

Rob and Kelly, you both talked in your prepared comments about project push-outs on -- in the DIET sector and in refinery turnarounds. Can you talk about the dynamics that are going on there, whether this is just a result of sustained higher interest rates, uncertainty around the election, anything else that's contributing to those push-outs, and it gives you confidence they'll actually be executed in 2025?

羅布和凱利，你們在準備好的評論中都談到了飲食業和煉油廠週轉方面的項目推出。你能談談那裡正在發生的動態嗎？ 這是否只是利率持續走高、選舉的不確定性以及其他導致這些退出的因素的結果，這讓你有信心他們實際上會被執行2025年？

Yes. Thanks, Nathan. Well, I think you've given a couple of reasons right there that others have cited for why project activity generally has been pushed to the right. Obviously, high interest rates are detrimental to project economics, and we've been living with that really since middle part of last year and continue to live with that here in 2024. I think the general consensus now is pretty clear that interest rates are going to be headed down, and absent any kind of major impact on the overall economy, that's going to be bullish for project activity in 2025 and beyond.

是的。謝謝，內森。好吧，我認為您已經給出了其他人引用的幾個原因，以解釋為什麼專案活動通常被推向右側。顯然，高利率不利於專案經濟效益，我們從去年中期開始就一直忍受這種情況，並在 2024 年繼續忍受這種情況。我認為現在的普遍共識非常明確，即利率將會下降，並且不會對整體經濟產生任何重大影響，這對於 2025 年及以後的專案活動將是樂觀的。

I think the other thing that gives us confidence here, Nathan is that, we're tracking these specific projects. We're tracking refinery turnarounds. We're tracking chemical projects. We're talking to the companies themselves about their timing, and they're in most cases assuring us that these are delays rather than cancellations. Sometimes projects do get canceled, but the vast majority of the things that we're tracking that we would have thought would have come to fruition in the second half of this year have been pushed to the right. And we've got timelines that correspond with that, that indicate that the projects will go forward, but on a delayed basis.

我認為內森給我們信心的另一件事是，我們正在追蹤這些具體項目。我們正在追蹤煉油廠的周轉情況。我們正在追蹤化學項目。我們正在與公司本身討論他們的時間安排，他們在大多數情況下向我們保證這些都是延誤而不是取消。有時專案確實會被取消，但我們正在追蹤的絕大多數原本以為會在今年下半年實現的事情都被推到了右邊。我們已經制定了與此相對應的時間表，表明這些項目將繼續推進，但會有所延遲。

So we continue to monitor these things very closely. Again, we've got a list of these that we track, and that's overall the consistent message for what's going to be happening in 2025. And while we have confidence that the projects themselves will come to fruition, but just on a delayed basis.

因此，我們將繼續密切關注這些事情。我們再次列出了我們追蹤的這些內容的列表，這總體上是 2025 年將要發生的事情的一致訊息。雖然我們有信心這些專案本身將會取得成果，但只是延遲了。

Thanks for that. I guess my follow-up question on gas utilities, you talked about some continued customer destocking. Would have expected that to maybe kind of reach a bottom now, also hearing talk about gas utilities reducing capital spending, but you guys are talking about increased capital spending specifically for your customers in 2025, maybe a little bit more color around the kind of information you're getting that gives you confidence that you're going to see that market increase next year?

謝謝你。我想我關於天然氣公用事業的後續問題，您談到了一些持續的客戶去庫存。本來預計現在可能會觸底，也聽到有關天然氣公用事業公司減少資本支出的討論，但你們正在談論專門為您的客戶在 2025 年增加資本支出，也許圍繞此類信息有更多的色彩您是否有信心明年會看到市場成長？

Yes. Look, we think our gas utilities business has definitely come off the bottom and recovered from where it was in the, let's say, the fourth quarter of last year. You were up 13% this quarter over the fourth quarter 2023, as we said in the prepared comments, two quarters in a row of sequential improvement in gas utilities revenue.

是的。看，我們認為我們的天然氣公用事業業務肯定已經走出谷底，並從去年第四季的水平中恢復過來。正如我們在準備好的評論中所說，本季較 2023 年第四季成長了 13%，天然氣公用事業收入連續兩季連續改善。

So we're certainly not in the same straits we were in, call it six months ago. But I think it's fair to say that the destocking is not complete, and it varies by customer. So some of our customers are mostly through it, and we have some other customers that are continuing to work through their destocking. And really, that's just something that we're going to have to continue to work through as we get through the end of this year and as we start next year, we think we're largely through it.

所以我們肯定不會陷入六個月前的困境。但我認為可以公平地說，去庫存並不徹底，而且因客戶而異。因此，我們的一些客戶大部分都在通過它，而我們還有一些其他客戶正在繼續進行去庫存工作。事實上，這只是我們在今年年底和明年開始時必須繼續努力解決的問題，我們認為我們基本上已經完成了。

Now, your question about why do we have confidence that spending will increase? Well, a number of our customers through the recent earnings calls, public announcements, analyst reports, they're indicating over significant time frame, sometimes three to five years, what the average increase is going to be. And they're talking about 2025 in even more detail.

現在，你的問題是為什麼我們有信心支出會增加？嗯，我們的許多客戶透過最近的財報電話會議、公開公告、分析師報告，他們表明在相當長的時間範圍內，有時是三到五年，平均成長率將會是多少。他們正在更詳細地討論 2025 年。

And as we look at our customer base, we're seeing generally that CapEx is expected to increase in that kind of 4% to 6% range over the long-term and call it mid-single-digits next year. Now, again, each utility is going to be different. And obviously, this could be subject to some modification depending on what happens with interest rates and rate cases and those sorts of things. But across the board, we're seeing for our customers robust spending projections for next year and beyond. And clearly that's more optimistic than the backdrop that we've been working ourselves through over the last 12 months.

當我們審視我們的客戶群時，我們普遍發現，長期來看，資本支出預計將成長 4% 至 6%，明年將達到中個位數。現在，每個實用程式都會有所不同。顯然，這可能會根據利率和利率案例等情況進行一些修改。但總的來說，我們為客戶看到了明年及以後的強勁支出預測。顯然，這比我們過去 12 個月所經歷的背景更樂觀。

And do you still expect to be able to outgrow that market, outgrow your customer spending with market share gains?

您是否仍期望能夠透過市場佔有率的成長來超越該市場、超越客戶支出？

We do. I will continue to caution that in gas utilities by their nature are conservative entities. They provide a public service, and in most cases, when we increase market share, we're displacing functions that they do themselves, that they in-source, that they realize that we can do much more efficiently given our scale and our capabilities, and so they outsource it to us.

我們做到了。我將繼續提醒大家，天然氣公用事業本質上是保守實體。他們提供公共服務，在大多數情況下，當我們增加市場份額時，我們正在取代他們自己做的、他們內包的職能，他們意識到，鑑於我們的規模和能力，我們可以做得更有效，所以他們將其外包給我們。

So that process by which we gain market share is by its nature a long process. And we are working on a number of opportunities to increase our market share with new utilities that we don't serve. We're also looking at service areas for utilities that we do serve. But in those service areas, we either have limited or no participation.

因此，我們獲得市場份額的過程本質上是一個漫長的過程。我們正在尋找許多機會，透過我們不提供服務的新公用事業公司來增加我們的市場份額。我們也正在尋找我們所服務的公用事業的服務區域。但在這些服務領域，我們要不是參與有限，就是根本沒有參與。

So we have a number of utility targets that we're working on, so that we can increase our market share. And of course, with existing customers, we look to increase wallet share by taking on more of the products and services that they're currently providing themselves. So we still feel good about our ability to outgrow the market as you term it. And we just need to continue to focus those efforts and bring those to fruition.

因此，我們正在努力實現許多公用事業目標，以便增加我們的市場份額。當然，對於現有客戶，我們希望透過接受他們目前自己提供的更多產品和服務來增加錢包份額。因此，我們仍然對我們超越市場成長的能力感到滿意。我們只需要繼續集中這些努力並取得成果。

Great. Thanks very much for taking my questions.

偉大的。非常感謝您回答我的問題。

Ken Newman, KeyBanc Capital Markets.

肯紐曼，KeyBanc 資本市場。

Good morning. Maybe just to touch on Nathan's question on gas utilities a little bit, I am curious if you could just talk about which inning you think we're in from a destocking perspective? Is it fair to think that you think the second quarter is trough or destocking? Or is that more of a 3Q phenomenon?

早安.也許只是想稍微談談內森關於天然氣公用事業的問題，我很好奇你是否能從去庫存的角度談談你認為我們處於哪一局？您認為第二季是低谷或去庫存是否公平？還是這更像是 3Q 現象？

I would say you ask what inning we're in, so I'd say we're in the sixth or seventh inning. We think most of it's behind us, but it's not over yet. And again, it really does vary by the utility and what our team does is we continue to keep close tabs on the inventory that we have for our customers, as well as the inventory that they have themselves, so we can get a better gauge about how long this destocking will endure.

我會說你問我們在第幾局，所以我會說我們在第六或第七局。我們認為大部分事情已經過去，但事情還沒結束。再說一次，它確實因公用事業而異，我們團隊所做的是，我們繼續密切關注我們為客戶擁有的庫存以及他們自己擁有的庫存，這樣我們就可以更好地衡量這次去庫存會持續多久。

And again, for a number of our customers, I would say the majority of our customers, they're going to be through this over the next quarter, maybe into the fourth quarter, but they're going to be some customers that are going to go into 2025 and still be facing some destocking issues, so again, sixth or seventh inning, if I had to pick an inning.

再說一次，對於我們的一些客戶，我想說的是我們的大多數客戶，他們將在下個季度，也許到第四季度經歷這個過程，但他們將是一些客戶進入2025 年，仍然面臨一些去庫存問題，所以，如果我必須選擇一局的話，還是第六局或第七局。

Okay. That's helpful. And I guess as a follow-on to that, I know you don't give margins by products that in that business, but just thinking about whenever that recovery starts to occur from an inventory's perspective, how do you view the recovery in the margin profile for that business because obviously that's typically been a margin accretive business. Would you start to see or expect a bit more of a gradual type of improvement in gross margins for gas utility specifically, or is there going to be a little bit of a time lag you think from a price/cost perspective?

好的。這很有幫助。我想作為這一點的後續，我知道你不會按該業務中的產品給出利潤，但只要從庫存的角度考慮每當復甦開始發生時，你如何看待利潤的複蘇該業務的概況，因為顯然這通常是利潤增值業務。您會開始看到或預期天然氣公用事業的毛利率會出現更多漸進式的改善，或者您認為從價格/成本的角度來看是否會存在一點時間滯後？

Yes. We don't give the breakdown specific to each of the sectors that we're in, but generally speaking, what we said is that gas utilities tends to be accretive on a net margin basis, but slightly dilutive on a gross margin basis. And that really, that pattern isn't going to change. We do a lot of high volume business in the gas utility space. We purchase very, very efficiently as well.

是的。我們不會具體說明我們所在的每個行業，但一般來說，我們所說的是天然氣公用事業公司的淨利潤往往會增加，但毛利率會稍微稀釋。事實上，這種模式不會改變。我們在天然氣公用事業領域開展了大量的業務。我們的採購也非常非常有效率。

And typically, we're able to drop more to the bottom line because of how we're dedicating our resources to serve these gas utilities. We have entire service centers dedicated to particular gas utilities, which can be really efficient in terms of cost to serve. So more drops to the bottom line, but that pattern is not really going to change. Again, the gross margin aspects of the gas utility business are slightly dilutive, but you'll see the net margins improve as we do more gas utilities business.

通常，由於我們如何將資源用於為這些天然氣公用事業提供服務，我們能夠降低更多的利潤。我們擁有專門針對特定天然氣公用事業的整個服務中心，這在服務成本方面非常有效率。因此，更多的利潤會下降，但這種模式不會真正改變。同樣，天然氣公用事業業務的毛利率略有稀釋，但隨著我們開展更多的天然氣公用事業業務，您會看到淨利潤有所改善。

Understood. If I could just squeeze one more in.

明白了。如果我能再擠一個進去就好了。

Sure.

當然。

Look, I know you've got a very strong balance sheet right now. Obviously, you feel very good about the free cash flow profile here for this year, next year. Is there any color on what you're planning to do or how to utilize the balance sheet here in coming quarters? Anything you kind of share with all the ongoing stuff that's kind of maybe behind the curtain, whether it's from consolidation or the portfolio review? Anything there?

聽著，我知道你們現在的資產負債表非常強勁。顯然，您對今年和明年的自由現金流狀況感覺非常好。您計劃在未來幾季做什麼或如何利用資產負債表，有什麼具體的資訊嗎？對於所有可能在幕後正在進行的事情，無論是來自整合還是投資組合審查，您有什麼分享的嗎？那裡有什麼嗎？

Yes, good question. And look, let me just start by saying, we are really excited about the fact that our balance sheet is stronger than ever. If you go back historically, this company has certainly been highly levered. Many would say we were over levered, and I think it was a disadvantage for the company in the public markets, as well as in the flexibility that we had previously for pursuit of either of various aspects of capital allocation.

是的，好問題。首先我要說的是，我們的資產負債表比以往任何時候都更強大，這一事實讓我們感到非常興奮。如果回顧歷史，這家公司的槓桿率肯定很高。許多人會說我們槓桿率過高，我認為這對公司在公開市場上以及我們之前追求資本配置各個方面的靈活性來說都是不利的。

And so where we are today with this 0.4x leverage ratio, and then really a robust confident outlook on our ability to generate significant amounts of cash over the business cycle, its -- we're in a really unusual and exciting place for MRC Global. Obviously, I can't share what's behind the curtain, as you term it, because any decisions we make that will be bold on capital allocation are going to have to be done in concert with the Board of Directors. And obviously, we want to make sure that whatever we do is to the benefit of our common shareholders.

因此，我們今天的槓桿率為 0.4 倍，而且對我們在商業週期內產生大量現金的能力充滿信心，對 MRC Global 來說，我們正處於一個非常不尋常且令人興奮的地方。顯然，我無法分享幕後的情況，正如您所說的那樣，因為我們在資本配置方面做出的任何大膽決定都必須與董事會協調一致。顯然，我們希望確保我們所做的一切都是為了我們普通股東的利益。

So we do have more flexibility than we've ever had. This is going to be something that we're going to be spending a lot more time on over the next year. And we're just really happy to be in the position we are to consider these opportunities, and our shareholders should be excited as well.

因此，我們確實擁有比以往更多的靈活性。這將是我們明年將花費更多時間的事情。我們真的很高興能夠考慮這些機會，我們的股東也應該感到興奮。

Very helpful. Thanks.

非常有幫助。謝謝。

(Operator Instructions) Sean Mitchell, Daniel Energy Partners.

（操作說明）Sean Mitchell，Daniel Energy Partners。

Hey guys, thanks for taking the question. Maybe to follow-on the kind of last question on the balance sheet, you guys have done an excellent job deleveraging here and understand you're going to be focused on shareholder returns going forward. But we've also hit kind of a soft patch in North America. I'm just curious if M&A is more attractive use of capital today than it was six months to nine months ago. And are there more opportunities you're seeing today?

嘿夥計們，感謝您提出問題。也許為了跟進資產負債表上的最後一個問題，你們在去槓桿化方面做得非常出色，並且了解你們將專注於未來的股東回報。但我們在北美也遇到了一些困難。我只是好奇今天的併購是否比六個月到九個月前更具吸引力。您今天看到的機會更多嗎？

Yes. Look, we're going to -- we continue to scan the market for opportunities to grow inorganically, if that makes sense for us. And as a practical matter, I'm not sure that we're seeing things too much differently than we saw previously. We are focused right now on making sure that we've got the balance sheet in a really good position. I will also mention that when we talk about capital structure, we believe that a simple capital structure makes sense for our shareholders.

是的。看，我們將繼續掃描市場，尋找無機成長的機會，如果這對我們有意義的話。實際上，我不確定我們現在看到的事情與以前看到的事情有多大不同。我們現在的重點是確保我們的資產負債表處於真正良好的位置。我還要提到，當我們談論資本結構時，我們相信簡單的資本結構對我們的股東來說是有意義的。

And we still do have our preferred shares out there. So at some point, we want to address the preferred shares, and likely that's going to be potentially a source of capital that we would use. So we want to factor all those things together, M&A, returns to common shareholders and simplifying our capital structure.

我們仍然擁有我們的優先股。因此，在某個時候，我們希望解決優先股問題，這可能會成為我們使用的潛在資本來源。因此，我們希望將所有這些因素綜合考慮，包括併購、普通股東回報以及簡化我們的資本結構。

And all those things really are part of the calculus that we do when we think about what we're going to do going forward. But specific to M&A, I wouldn't say there's anything radically different in terms of what we're seeing now in terms of opportunities than what we were seeing six months ago.

當我們思考未來要做什麼時，所有這些事情確實是我們所做的計算的一部分。但具體到併購，我不會說我們現在看到的機會與六個月前有什麼根本不同。

Okay. That's helpful. And then maybe one more. Just a lot of what we are focused on today is how the energy industry is trying to plan for the demand increases coming from power, not only in West Texas but really across the country. Can you speak to kind of your outlook for power gen demand and how MRC benefits kind of from the increased need going forward for this kind of build out we're seeing everyone talk about?

好的。這很有幫助。然後也許還有一個。我們今天關注的重點是能源產業如何努力規劃電力需求的成長，不僅是在西德州，而且是在全國範圍內。您能否談談您對發電需求的展望，以及 MRC 如何從我們看到每個人都在談論的這種建設的需求增加中受益？

Yes. We talked about a bit of this in our prepared comments, and there's been a lot written about the need for the many, many gigawatts of power that's going to be required to service demand growth in electricity. A lot of that demand coming through data centers. And of course, the vast majority of the power generation that you can really count on whether the sun is out or not or whether the wind is blowing is gas turbine combined cycle technology. So we're going to see -- we believe a lot of gas fired power stations get built. That's going to require infrastructure to gather, process and transport that gas.

是的。我們在準備好的評論中討論了這一點，並且有很多文章談到需要許多、許多吉瓦的電力來滿足電力需求的成長。許多需求來自資料中心。當然，無論是否有太陽或是否有風，您真正可以信賴的絕大多數發電都是燃氣渦輪機聯合循環技術。所以我們將會看到——我們相信會有很多燃氣發電廠建成。這將需要基礎設施來收集、處理和運輸這些天然氣。

In addition, we know that LNG exports are going to continue to increase and that's going to be a source of demand. And then we've also talked about exports to Mexico and growing industrial demand as being other sources of demand for natural gas. And obviously, when you have demand for the commodity, you've got to have demand for the infrastructure that moves that commodity around processes that commodity makes it available for consumption or for export.

此外，我們知道液化天然氣出口將繼續增加，這將成為需求來源。然後我們也討論了對墨西哥的出口和不斷增長的工業需求作為天然氣需求的其他來源。顯然，當你對商品有需求時，你必須對基礎設施有需求，這些基礎設施可以使商品圍繞著商品可供消費或出口的流程移動。

And we have an active business in the upstream and the midstream, and that's going to benefit from that additional growth in natural gas. So we're really excited about natural gas growth in this country. People are projecting that even by 2030 it could grow 15% to 20%, and that's going to be a nice catalyst for our PTI business going forward.

我們在上游和中游擁有活躍的業務，這將受益於天然氣的額外成長。因此，我們對這個國家的天然氣成長感到非常興奮。人們預測，即使到 2030 年，它也可能成長 15% 到 20%，這將成為我們 PTI 業務未來發展的良好催化劑。

Great color. Thank you.

顏色很棒。謝謝。

Chris Dankert, Loop Capital Markets.

Chris Dankert，Loop 資本市場。

Hey, good morning. Thanks for taking the questions. I guess, congrats on the PVF win with Exxon. Obviously maybe just bigger than a bread box, can you kind of size? Is this a nice incremental win or actually needle moving for that business? If you can give any color there, it would be great.

嘿，早安。感謝您提出問題。我想，恭喜埃克森美孚贏得 PVF。顯然可能比麵包盒大，你能知道尺寸嗎？這是一次不錯的增量勝利，還是對該業務的真正推動？如果你能給那裡任何顏色，那就太好了。

Yes, great question. First of all, let me just reiterate how excited we are to have landed this opportunity with ExxonMobil. I think everybody on the call understands what a commitment ExxonMobil has made to the North American oilfield and how they continue to grow both organically and through acquisitions, their presence here. And the fact that we are aligned with an industry leader like ExxonMobil, knowing their long-term growth prospects is extremely positive for MRC Global.

是的，很好的問題。首先，讓我重申我們對獲得埃克森美孚的這個機會感到多麼興奮。我認為參加電話會議的每個人都了解埃克森美孚對北美油田的承諾，以及他們如何繼續有機成長和透過收購以及他們在這裡的存在。事實上，我們與埃克森美孚這樣的行業領導者結盟，了解他們的長期成長前景，這對 MRC Global 來說是非常積極的。

We're not going to disclose specific numbers in terms of how we look at revenue with individual customers. But I will tell you that once the acquisitions that ExxonMobil has announced are fully integrated, our business with them is likely to grow between 75% and 100% from where it is today. So this is a really big opportunity for us. It's not just an incremental opportunity; it's a really big opportunity. And again, we're really excited to be aligned with ExxonMobil.

我們不會透露我們如何看待個人客戶收入的具體數字。但我會告訴你，一旦埃克森美孚宣布的收購完全整合，我們與他們的業務可能會比現在增長 75% 到 100%。所以這對我們來說是一個非常大的機會。這不僅僅是一個增量機會；這真是一個巨大的機會。再次，我們非常高興能夠與埃克森美孚結盟。

That's, that's phenomenal news. And then congrats again there. I guess, as a follow-up, obviously there's no rush or need to move on to preferred shares now. But I'm just curious, is there an active conversation with preferred shareholder in terms of what options are there, or is this more kind of a wait-and-see approach at the moment?

那是，這是一個驚人的消息。然後再次恭喜。我想，作為後續行動，顯然現在並不急於或需要轉向優先股。但我只是很好奇，是否與優先股股東就存在哪些選擇進行了積極的對話，或者目前這更像是一種觀望態度？

Well, keep in mind, the preferred shareholder occupies a seat on our Board, and so we have an active dialogue. And look, what we want to do is we want to do the right thing for our common shareholders. That's been our message throughout any dialogue relating to the preferred. There's obviously going to be a time when, first of all, we can afford to take it out. And secondly, we think it will make sense for our common shareholders.

好吧，請記住，優先股股東在我們的董事會中佔有一席之地，因此我們進行了積極的對話。看，我們想做的是為我們的普通股東做正確的事。這是我們在所有與首選相關的對話中傳達的訊息。顯然，總有一天，我們有能力把它拿出來。其次，我們認為這對我們的普通股東來說是有意義的。

We obviously haven't reached that point yet, but look, we recognize that it is a complication to our capital structure. And for those reasons, we want to make sure that we take it out at the right time and in the right way. And ideally, you take it out when it's accretive to our shareholders and we can do everything we can to minimize any dilution through share count. So we have some basic principles that we're thinking about. And I would just say stay tuned. Know that there's an active dialogue going on, but that we are thinking first and foremost about the common shareholders when we strike an agreement to do something with the preferred.

顯然我們還沒有達到這一點，但是我們意識到這對我們的資本結構來說是一個複雜的問題。基於這些原因，我們希望確保在正確的時間以正確的方式將其刪除。理想情況下，當它對我們的股東有利時，你就可以將其取出，並且我們可以盡一切努力最大程度地減少股份數量帶來的稀釋。因此，我們正在考慮一些基本原則。我只想說請繼續關注。要知道，我們正在進行積極的對話，但當我們與優先股達成某種協議時，我們首先考慮的是普通股股東。

Great color. Thanks so much for that and best of luck in the back half here, guys.

顏色很棒。非常感謝你們，祝你們後半段好運。

We have reached the end of the question-and-answer session. I would now like to turn the call back over to Monica Broughton for closing comments.

我們的問答環節已經結束。我現在想將電話轉回莫妮卡·布勞頓以徵求結束意見。

Thank you for joining us today and for your interest in MRC Global. We look forward to having you join us for our third-quarter conference call in November. Have a great day.

感謝您今天加入我們並感謝您對 MRC Global 的興趣。我們期待您參加 11 月的第三季電話會議。祝你有美好的一天。

This concludes today's conference. You may disconnect your lines at this time. And we thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。我們感謝您的參與。