Nine Energy Service Inc (NINE) 2024 Q2 法說會逐字稿

(audio in progress) Nine Energy Service second-quarter 2024 earnings call.

（音訊正在進行中）九號能源服務公司 2024 年第二季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

I will now turn it over to Heather Schmidt.

我現在將其交給希瑟·施密特。

Thank you.

謝謝。

Good morning, everyone, and welcome to the Nine Energy Service earnings conference call to discuss our results for the second quarter of 2024.

大家早安，歡迎參加九號能源服務公司的收益電話會議，討論我們 2024 年第二季的業績。

With me today are Ann Fox, President and Chief Executive Officer; and Guy Sirkes, Chief Financial Officer.

今天與我在一起的有總裁兼執行長安福克斯 (Ann Fox)；和財務長蓋伊·瑟克斯 (Guy Sirkes)。

We appreciate your participation.

我們感謝您的參與。

Some of our comments today may include forward-looking statements reflecting Nine's views about future events.

我們今天的一些評論可能包括反映九號台對未來事件的看法的前瞻性陳述。

Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control goal.

前瞻性陳述受到許多風險和不確定性的影響，其中許多風險和不確定性超出了我們的控制目標。

These risks and uncertainties can cause actual results to differ materially from our current expectations.

這些風險和不確定性可能導致實際結果與我們目前的預期有重大差異。

We advise listeners to review our earnings release and the risk factors discussed in our filings with the SEC.

我們建議聽眾查看我們的財報以及我們向美國證券交易委員會提交的文件中討論的風險因素。

We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

我們不承擔以任何理由公開修改或更新任何前瞻性陳述的義務。

Our comments today also include non-GAAP financial measures.

我們今天的評論還包括非公認會計準則財務指標。

Additional details and a reconciliation to the most directly comparable GAAP financial measures are also included in our second-quarter press release and can be found in the Investor Relations section of our website.

我們的第二季新聞稿中還包含其他詳細資訊以及與最直接可比較的 GAAP 財務指標的調節，並且可以在我們網站的投資者關係部分找到。

I will now turn the call over to Ann.

我現在將把電話轉給安。

Thank you, Heather.

謝謝你，希瑟。

Good morning, everyone.

大家早安。

Thank you for joining us today to discuss our second-quarter results for 2024.

感謝您今天加入我們討論 2024 年第二季業績。

Revenue for the quarter was $132.4 million, which was within our original guidance of $130 million to $140 million.

本季營收為 1.324 億美元，在我們最初 1.3 億至 1.4 億美元的指導範圍內。

We generated adjusted EBITDA of $9.7 million and diluted EPS of negative $0.40. During Q2, we continued to see rig declines coming out of an already depressed market, which impacted both our revenue and earnings.

我們的調整後 EBITDA 為 970 萬美元，稀釋後每股收益為負 0.40 美元。在第二季度，我們繼續看到本已低迷的市場導致鑽機數量下降，這影響了我們的收入和收益。

Since the end of 2023, we have seen over 40 additional rigs come out of the market.

自 2023 年底以來，我們已經看到市場上新增了 40 多台鑽孔機。

This is following a year in which we had over 150 rigs come off the market, resulting in almost a 200-rig decline since the end of 2022.

前一年，我們有超過 150 台鑽機退出市場，導致自 2022 年底以來鑽機數量減少了近 200 台。

As a spot market business, our revenues and earnings are correlated very closely with the US land rig count, which drives volume and pricing for all of our service lines.

作為現貨市場業務，我們的收入和收益與美國陸地鑽機數量密切相關，這推動了我們所有服務線的數量和定價。

In addition to lower rig counts, we also had full-quarter realizations of lower pricing in our cementing business as well as increased white space across most of our service lines which negatively impacted margins.

除了鑽機數量減少外，我們的固井業務整個季度的定價也較低，而且我們大多數服務線的空白空間增加，這對利潤率產生了負面影響。

As anticipated, cementing revenue was down slightly this quarter due to both a decrease in activity and pricing.

正如預期的那樣，由於活動和定價的減少，本季的固井收入略有下降。

This service line has been significantly impacted by the continued rig declines, especially in the Haynesville and Eagle Ford basins.

該服務線受到鑽機持續減少的嚴重影響，特別是在海恩斯維爾和伊格爾福特盆地。

We have historically seen this business recover quickly and rapidly with the market, and it is one of our most differentiated service lines.

我們歷史上看到這項業務隨市場快速復甦，它是我們最具差異化的服務線之一。

Completion tool revenue was down single digits this quarter due to a reduction of tools sold related to US land activity as well as a decrease in international sales.

由於與美國土地活動相關的工具銷售減少以及國際銷售減少，本季完井工具收入下降了個位數。

Growing our international tools business continues to be an important part of our medium- to long-term strategy, but our international revenue will continue to be lumpy quarter over quarter.

發展我們的國際工具業務仍然是我們中長期策略的重要組成部分，但我們的國際收入將繼續逐季波動。

We had a strong quarter in our US refrac business.

我們的美國折射業務季度表現強勁。

We have run over 300 refrac jobs to date for some of the largest acreage holders in the US and have established ourselves as one of the top refrac providers.

迄今為止，我們已為美國一些最大的土地持有者開展了 300 多個折射作業，並已成為頂級折射供應商之一。

This will be an important niche market for Nine moving forward.

這將是九號台未來發展的重要利基市場。

Both our dissolvable and composite plugs continue to perform very well.

我們的可溶解插頭和複合插頭都繼續表現良好。

We are seeing more operators running dissolvables, especially in the toe of the well, as lateral lengths continue to extend.

隨著橫向長度的不斷延長，我們看到越來越多的作業者使用可溶解物質，尤其是在井趾處。

Our customers are getting bigger through consolidation, which often means bigger programs and more complex, difficult completions; as well as higher quality and ESG standards.

我們的客戶透過整合變得越來越大，這通常意味著更大的專案和更複雜、更困難的完成；以及更高的品質和 ESG 標準。

This is supportive for the adoption of dissolvables in the US market moving forward.

這有利於可溶解產品在美國市場的進一步採用。

Coil tubing revenue was down due mostly to white space and our customer completion schedules in the Permian and sustained activity declines in the Haynesville, which has historically accounted for over 50% of coiled tubing revenue for Nine.

連續油管收入下降的主要原因是二疊紀地區的空白區域和客戶完工計劃，以及海恩斯維爾的活動持續下降，而海恩斯維爾歷來佔九號連續油管收入的 50% 以上。

Despite low activity levels in the Northeast, our wireline team maintained flat revenue quarter over quarter.

儘管東北地區的活動水平較低，我們的有線團隊仍保持季度環比持平的收入。

Wireline is the most competitive service line in which we operate, yet our team continues to differentiate through superior well site execution and service.

有線是我們經營的最具競爭力的服務線，但我們的團隊透過卓越的井場執行和服務繼續保持差異化。

Additionally, our wireline team has been able to supplement pump-down revenue with remedial and gas storage revenue, which is typically more specialized than traditional pump down operations.

此外，我們的有線團隊已經能夠透過補救和儲氣收入來補充抽水收入，這通常比傳統的抽水作業更專業。

I would now like to turn the call over to Guy to walk through detailed financial information.

我現在想把電話轉給蓋伊，讓他了解詳細的財務資訊。

Thank you, Ann.

謝謝你，安。

As of June 30, 2024, Nine's cash and cash equivalents were $26 million with $24.8 million of availability under the revolving ABL credit facility, resulting in a total liquidity position of $50.8 million as of June 30, 2024.

截至 2024 年 6 月 30 日，Nine 的現金和現金等價物為 2,600 萬美元，循環 ABL 信貸安排下的可用金額為 2,480 萬美元，截至 2024 年 6 月 30 日，流動性頭額總額為 5,080 萬美元。

At June 30, we had $52 million of borrowings under the ABL credit facility.

截至 6 月 30 日，我們在 ABL 信貸安排下擁有 5,200 萬美元的借款。

On July 29, 2024, the company borrowed an additional $3 million under the ABL credit facility.

2024 年 7 月 29 日，該公司根據 ABL 信貸額度額外借款 300 萬美元。

At the end of last year, we put a $30 million ATM program in place to provide flexibility for the company.

去年年底，我們實施了一項價值 3000 萬美元的 ATM 計劃，為公司提供靈活性。

During Q2, we sold approximately 4.2 million shares under the ATM program, which generated approximately $6.8 million of net proceeds.

第二季度，我們根據 ATM 計劃出售了約 420 萬股股票，產生了約 680 萬美元的淨收益。

During the second quarter, revenue totaled $132.4 million with adjusted gross profit of $20.4 million.

第二季營收總額為 1.324 億美元，調整後毛利為 2,040 萬美元。

During the second quarter, we completed 926 cementing jobs, a decrease of approximately 2%.

第二季度，我們完成固井作業 926 項，減少約 2%。

The average blended revenue per job decreased by approximately 3%.

每份工作的平均綜合收入下降了約 3%。

Cementing revenue for the quarter was $45.8 million, a decrease of approximately 5%.

該季度固井營收為 4,580 萬美元，下降約 5%。

During the second quarter, we completed 6,353 wireline stages, a decrease of approximately 2%.

第二季度，我們完成了 6,353 個有線階段，減少了約 2%。

The average blended revenue per stage increased by approximately 2%.

每個階段的平均混合收入增加了約 2%。

Wireline revenue for the quarter was $28 million, which was flat compared to Q1.

本季有線營收為 2,800 萬美元，與第一季持平。

For completion tools, we completed 23,862 stages, a decrease of approximately 10%.

完井工具方面，完成了23,862級，減少了約10%。

Completion tool revenue was $32.4 million, a decrease of approximately 8%.

完井工具收入為 3,240 萬美元，下降約 8%。

During the second quarter, our coiled tubing days worked decreased by approximately 23%, with the average blended day rate increase some by approximately 10%.

第二季度，我們的連續油管工作天數減少了約 23%，平均混合工作天數增加了約 10%。

Coiled tubing utilization was 49% with revenue of $26.2 million, a decrease of approximately 15%.

連續油管利用率為 49%，營收為 2,620 萬美元，下降約 15%。

During the second quarter, the company reported general and administrative expense of $12.5 million.

第二季度，該公司公佈的一般及管理費用為 1,250 萬美元。

Depreciation and amortization expense was $9.4 million.

折舊和攤提費用為 940 萬美元。

The company's tax provision was approximately $0.3 million year to date.

年初至今，該公司的稅收撥備約 30 萬美元。

The provision for 2024 is the result of our tax position in state and non-US tax jurisdictions.

2024 年的準備金是我們在各州和非美國稅務管轄區的稅務狀況的結果。

The company reported net cash provided by operating activities of $12.9 million.

該公司報告經營活動提供的淨現金為 1,290 萬美元。

The average DSO for Q2 is 57.1 days.

第二季的平均 DSO 為 57.1 天。

CapEx spend for Q2 was $2.5 million, bringing our total spend through June 30 to $8.1 million.

第二季的資本支出為 250 萬美元，使截至 6 月 30 日的總支出達到 810 萬美元。

We have decreased our full-year 2024 CapEx range to $10 million to $15 million, down from our original guidance of $15 million to $25 million in conjunction with market declines and to preserve liquidity until the market returns to more normalized levels.

隨著市場下滑，我們已將 2024 年全年資本支出範圍從最初的 1500 萬美元至 2500 萬美元下調至 1000 萬美元至 1500 萬美元，以保持流動性，直到市場恢復到更加正常化的水平。

Our next interest payment of approximately $19.5 million will be paid during Q3, and our cash balance will continue to ebb and flow with our semi-annual interest payments.

我們的下一次利息支付約 1,950 萬美元將在第三季支付，我們的現金餘額將隨著半年利息支付而繼續波動。

I will now turn it back to Ann.

我現在將其轉回給安。

Thank you, Guy.

謝謝你，蓋伊。

Natural gas prices continue to linger around $2, which has led to delayed completions, rig declines, and overall more white space in the calendar.

天然氣價格繼續徘徊在 2 美元左右，這導致完工延遲、鑽機數量減少以及整體上更多的空白期。

The rig count thus far in Q3 is relatively flat and activity pricing levels are mostly stable.

迄今為止，第三季的鑽孔機數量相對平穩，活動定價水準也基本穩定。

Because of this, we expect Q3 to be relatively flat compared with Q2, with projected revenue between $127 million and $137 million.

因此，我們預計第三季與第二季相比將相對持平，預計營收在 1.27 億美元至 1.37 億美元之間。

We also anticipate that adjusted EBITDA and our adjusted EBITDA margin will be relatively flat as well.

我們也預計調整後的 EBITDA 和調整後的 EBITDA 利潤率也將相對持平。

It is extremely difficult to predict commodity prices, but we remain positive on the medium- and long-term outlook for the gas market.

預測大宗商品價格極為困難，但我們對天然氣市場的中長期前景仍持樂觀態度。

.

。

For the first time in many years, power demand in the US is projected to increase.

預計美國電力需求多年來首次出現成長。

Some are estimating that domestic power demand could grow by close to 40% over the next two decades versus approximately 9% over the preceding 20 years.

有些人估計，未來 20 年國內電力需求可能成長近 40%，而過去 20 年的增幅約為 9%。

Nine's exposure to the gas market is approximately 30% to 35% of revenue, and we still believe this is a significant catalyst for growth if natural gas price recovers.

Nine 的天然氣市場業務約佔收入的 30% 至 35%，我們仍然相信，如果天然氣價格回升，這將是成長的重要催化劑。

We have weathered difficult markets before and have maintained a very strong team across service lines and basins.

我們之前經歷過困難的市場，並在各個服務線和流域保持著非常強大的團隊。

Our asset-light business model allows us to shift quickly with the market.

我們的輕資產商業模式使我們能夠隨著市場快速轉變。

We are prepared and experienced in capitalizing on growing markets and believe we are differentiated in our service and technology offerings.

我們在利用不斷增長的市場方面做好了準備並擁有豐富的經驗，並相信我們在服務和技術產品方面具有差異化優勢。

We will now open up the call for Q&A.

我們現在將開放問答環節。

Thank you.

謝謝。

At this time, we'll be conducting a question-and-answer session.

此時，我們將進行問答環節。

(Operator Instructions) Waqar Syed, ATB Capital Markets.

（操作員指令）Waqar Syed，ATB 資本市場。

Thank you for taking my questions.

感謝您回答我的問題。

Ann, what service lines are being positively impacted by the refracs that you're doing?

安，哪些服務線受到了您正在進行的折射測試的正面影響？

Could you say the first part of the question?

你能說出問題的第一部分嗎？

Which is being positively impacted by refracs?

折射對哪些方面產生了正面影響？

I didn't hear the first part.

我沒聽到第一部分。

What service lines are being positively impacted?

哪些服務線受到了正面影響？

Yeah.

是的。

Thank you, Waqar.

謝謝你，瓦卡爾。

That's a great question.

這是一個很好的問題。

So we actually offer a full suite of services from our completion tools division, our cementing division, our wireline, and our coiled tubing division.

因此，我們實際上透過完井工具部門、固井部門、電纜部門和連續油管部門提供全套服務。

So all of those services, we can provide in that refrac.

因此，我們可以在該折射中提供所有這些服務。

So we're providing a very holistic solution there.

所以我們在那裡提供一個非常全面的解決方案。

Very, very excited about our partnership with NewGen and very excited about this market.

我們對與 NewGen 的合作非常非常興奮，對這個市場也非常興奮。

In fact, we anticipate that this market could experience very significant growth next year.

事實上，我們預計明年這個市場可能會出現非常顯著的成長。

And the callers should realize that there's really only a handful of folks participating in this market today, and we think we own the lion's share of the current market.

打電話的人應該意識到，今天參與這個市場的人實際上只有少數，而我們認為我們擁有當前市場的最大份額。

So pretty exciting for us to feel so strongly about a growing market, especially in this commodity price backdrop.

對我們來說，對不斷增長的市場有如此強烈的感覺是非常令人興奮的，尤其是在大宗商品價格背景下。

Okay, great.

好的，太好了。

And then you mentioned that you see relatively flattish revenues, Q3 versus Q2, and profitability as well.

然後您提到，第三季的營收與第二季相比相對持平，獲利能力也相對持平。

But when we look at the rig count, on average, it appears that rig count could be lower in Q3 versus Q2, especially in some of the areas where -- very are important to you, to Nine, like Haynesville and Permian, even Appalachia.

但是，當我們查看平均鑽孔機數量時，第三季度的鑽機數量可能會低於第二季度，特別是在一些對您、對九號來說非常重要的地區，例如海恩斯維爾和二疊紀，甚至阿巴拉契亞。

So is this the refrac business that's filling up the gap?

那麼，這是填補這一空白的折射業務嗎？

Or why is, relatively, your confidence in relatively flat revenues and profitability?

或者為什麼您對相對平穩的收入和盈利能力充滿信心？

Yeah, so it's another great question, Waqar.

是的，這是另一個很好的問題，Waqar。

I mean a lot of this is challenging, of course, to predict exactly.

當然，我的意思是要準確預測其中許多都具有挑戰性。

We are very pleased with the start to the quarter, and July did come in stronger than we had anticipated.

我們對本季的開始感到非常滿意，7 月的表現確實比我們預期的要強。

Of course, some of that is refracs.

當然，其中一些是折射。

It's also really seeing some very good traction in our cementing business, closing up some of the white space in the coiled tubing calendar, really being able to move lots of assets and work into West Texas successfully.

我們的固井業務也確實看到了一些非常好的牽引力，填補了連續油管日曆中的一些空白，真正能夠成功地將大量資產轉移到西德克薩斯州。

So a little bit of gaps that we're closing and also have really pushed into remedial markets inside of natural gas storage, which is helping us as well.

因此，我們正在縮小一些差距，並真正進入天然氣儲存內部的補救市場，這也對我們有幫助。

So again, very hard to predict these outlooks in such a volatile market, but July certainly is a good indicator.

再說一遍，在如此動盪的市場中很難預測這些前景，但 7 月無疑是一個很好的指標。

So we are remaining hopeful here.

所以我們在這裡仍然充滿希望。

Okay, great.

好的，太好了。

And then any early indications of where CapEx for Q3 would be?

那麼有任何關於第三季資本支出的早期跡象嗎？

Waqar, it's Guy.

瓦卡爾，是蓋伊。

So we've just guided for the year.

所以我們剛剛提供了今年的指導。

So we haven't given the exact guidance on the split between the quarters.

因此，我們還沒有給出有關季度分配的確切指導。

Okay.

好的。

And then

進而

--

--

I just also want to add one thing there, Waqar, is that one thing we do try to do in these challenging markets is just learn and make the company more efficient and better.

我還想補充一件事，Waqar，我們在這些充滿挑戰的市場中確實嘗試做的一件事就是學習並使公司變得更有效率和更好。

And my Chief Operating Officer and I have been together really since 2014, and he is doing some really unique things with in-house refurbs on equipment.

我和我的營運長自 2014 年以來就一直在一起，他正在透過內部設備翻新做一些非常獨特的事情。

So although our CapEx range is lowered, we're just getting leaner and leaner and more efficient in how we're maintaining this equipment.

因此，儘管我們的資本支出範圍降低了，但我們在維護設備方面變得越來越精簡和有效率。

And I think we've really developed an excellent system.

我認為我們確實開發了一個出色的系統。

So should the market return, I don't think you'll see CapEx come anywhere close to what it used to be.

因此，如果市場回歸，我認為您不會看到資本支出接近以前的水平。

So very, very pleased with that.

對此非常非常滿意。

So these are incremental improvements just to the efficiency of the business for the long term.

因此，這些都是企業長期效率的漸進式改善。

That's great, really good to know.

太好了，很高興知道。

And then -- and on the international side for completion tools, any -- how do you see that impacting Q3?

然後，在國際方面的完成工具方面，您如何看待這對第三季的影響？

Do you have anything built in into your guidance for international sales?

您的國際銷售指南中有什麼內建內容嗎？

International sales is baked into that guidance.

國際銷售已納入該指引。

And again, it's going to be lumpy.

再說一遍，它會變得凹凸不平。

We are really pleased with this multi-cycle barrier valve.

我們對這款多循環截止閥非常滿意。

If we were guessing people, we would say, for '25, we probably have more work with that, not less work.

如果我們猜測的是人，我們會說，對於 25 來說，我們可能有更多的工作，而不是更少的工作。

So we're pleased with that.

所以我們對此感到滿意。

But again, very lumpy and very challenging to predict how those markets go, especially, as you know, Waqar, when we're still a very small percentage of that.

但同樣，預測這些市場的走向非常不穩定，非常具有挑戰性，特別是，如你所知，Waqar，當我們在其中所佔的比例仍然很小時。

So -- but pleased with the trajectory.

所以——但對軌跡感到滿意。

Okay, good.

好的，很好。

And then overall pricing, has that stabilized now for your cementing and wireline, coil tubing, all these businesses?

然後，你們的固井和電纜、盤管以及所有這些業務的整體定價現在穩定了嗎？

We do feel like we've seen now stability in that.

我們確實覺得現在已經看到穩定性了。

That doesn't mean there won't be incremental pressures depending on what happens with commodity prices.

這並不意味著不會出現增量壓力，這取決於大宗商品價格的變動。

But yeah, I think it's very fair to say it's stable.

但是，是的，我認為說它穩定是非常公平的。

Okay, great.

好的，太好了。

Well, thank you very much.

嗯，非常感謝。

That's all I have.

這就是我所擁有的一切。

Appreciate all the color.

欣賞所有的顏色。

Thank you, Waqar.

謝謝你，瓦卡爾。

John Daniel, Daniel Energy.

約翰·丹尼爾，丹尼爾·能源。

Hey, Ann and Team.

嘿，安和團隊。

Hey.

嘿。

Good morning.

早安.

Good morning.

早安.

When you look at the 300 refrac jobs run to date, can you give a ballpark estimate what percent of those are in the Eagle Ford and Bakken?

當您查看迄今為止運行的 300 個折射作業時，您能否大致估計其中在 Eagle Ford 和 Bakken 的百分比是多少？

So the vast majority -- not 100%, but the vast majority because you've got acreage and you've got a lot of Tier 1 acreage in the Eagle Ford and the Bakken that just was understimulated.

所以絕大多數——不是 100%，但絕大多數是因為你有土地，而且你在 Eagle Ford 和 Bakken 有很多一級土地，但這些土地沒有受到充分的刺激。

And those well sites haven't been reclaimed.

而且那些井場還沒被回收。

So the economics there are really good, and we're just seeing some wonderful results from these refracs.

因此，那裡的經濟效益非常好，我們剛剛從這些折射中看到了一些美妙的結果。

So -- but to answer your question specifically, overwhelming majority so far.

所以——但要具體回答你的問題，到目前為止，絕大多數都是這樣。

We are starting in West Texas, so we'll see how that goes.

我們將從西德克薩斯州開始，所以我們會看看情況如何。

Okay.

好的。

And when you look at how many you all have done and eventually, as hopefully this spreads to other markets, how do you take that -- I mean, is there a consulting aspect that could be created here given the expertise?

當你看到你們都做了多少，最終，希望這會傳播到其他市場時，你如何看待這一點——我的意思是，考慮到專業知識，是否可以在這裡創建諮詢方面？

Like how do you educate operators who might not have done it in the other basins, if that makes any sense?

例如，你如何教育那些在其他盆地可能沒有這樣做過的操作員，如果這有意義的話？

Yeah.

是的。

No, it's -- there certainly could be -- I mean we've launched a massive refrac book, and we have sent that out to our customers.

不，它是 - 當然可能 - 我的意思是我們已經推出了一本大型折射書，並且我們已將其發送給我們的客戶。

Because there really is -- for us as well as our customers, there's a lot of learnings.

因為對我們以及我們的客戶來說，確實有很多值得學習的地方。

And we're seeing them approach refrac from a number of different angles.

我們看到他們從許多不同的角度進行折射。

So yes, we certainly could.

所以是的，我們當然可以。

It's very, as you know, actually quite technical.

如您所知，這實際上非常技術性。

The folks involved -- not only are the technologies wonderful, but the personnel involved are extremely talented.

所涉及的人員——不僅技術出色，而且所涉及的人員都非常有才華。

These are not easy jobs.

這些工作並不容易。

And so yes, I think certainly, that could be a development for us.

所以，是的，我想當然，這對我們來說可能是一個發展。

And we are just estimating -- I mean it's very hard to think about the size of market.

我們只是在估計——我的意思是很難考慮市場的規模。

There's been some analytics folks that say it's roughly 2% to 4% of the frac market today.

一些分析人員表示，它大約佔當今壓裂市場的 2% 到 4%。

I think the most important thing for us is that it's -- we fully see that this is a growing market.

我認為對我們來說最重要的是，我們充分看到這是一個不斷成長的市場。

So we're very excited about that.

所以我們對此感到非常興奮。

Okay.

好的。

My next -- it sounds (inaudible) my next question, Ann, is more of a 30,000-foot question.

我的下一個——聽起來（聽不清楚）我的下一個問題，安，更多的是一個 30,000 英尺的問題。

It might come across as a bit of a softball, but it's not meant to.

它可能看起來有點像壘球，但事實並非如此。

But if you think about the gas markets right now, it feels like it's going to be challenged for a few more quarters at least.

但如果你現在考慮天然氣市場，感覺至少還會在幾個季度內面臨挑戰。

But then, I think we and others could probably paint a pretty realistic scenario where back half of '25, there's a rush by E&Ps to start wanting to ramp activity.

但是，我認為我們和其他人可能會描繪一個非常現實的場景，即 25 世紀後半葉，勘探與生產公司急於開始想要擴大活動。

But in between now and then, it seems like we're hearing more and more each quarter from various companies and service, both public and private, dialing back exposure to the gas markets, closing facilities, or what have you.

但從現在到那時，我們似乎每個季度都會聽到越來越多的來自公共和私人公司和服務機構的消息，減少對天然氣市場的投資，關閉設施，或其他什麼。

And it just -- it feels like there could be like a bit of a train wreck late next year when there's that call on activity.

只是 - 感覺明年年底當有活動呼籲時可能會出現一些火車失事的情況。

I'm just curious your thoughts on how do we ramp quickly when they want to ramp quickly.

我只是好奇你對當他們想要快速提升時我們如何快速提升的想法。

Yeah.

是的。

Well, thank you for that question.

嗯，謝謝你提出這個問題。

It's important.

這很重要。

It's always tempting in markets like this to slash and burn if anyone, frankly, can do that.

坦白說，如果有人能做到的話，在這樣的市場上，大刀闊斧的做法總是很誘人的。

That's just the easy way out.

這只是簡單的出路。

And then you cut into the marrow of a company, and you actually have no spring back capability, right?

然後你切入了一個公司的精髓，你其實就沒有反彈能力了，對吧？

So if you look back at this company in Q1 of 2022 and you look at the EBITDA versus Q3 of '22, you can clearly see that the team preserved the flexibility to rebound and capture those earnings.

因此，如果您回顧一下這家公司 2022 年第一季的情況，並對比 22 年第三季的 EBITDA，您可以清楚地看到該團隊保留了反彈和獲取這些收益的靈活性。

We don't have a dissimilar view from you, John, in regards to the back half of '25.

約翰，我們對 25 年後半段的看法與你沒有什麼不同。

And so we are -- and we have done this before, and we have ways to do this where we might change people's positions.

我們以前也這麼做過，而且我們有辦法改變人們的立場。

We do hang on to our facilities because if we did not believe in the medium or long-term outlook for natural gas, well, that's a different answer entirely.

我們確實會保留我們的設施，因為如果我們不相信天然氣的中長期前景，那麼，這完全是一個不同的答案。

But we actually think that this is going to be a massive source to supply the power demand that's coming in the United States.

但我們實際上認為這將成為滿足美國電力需求的巨大來源。

So I think we're, as a country, beginning to realize that this is pending and it's here.

所以我認為，作為一個國家，我們已經開始意識到，這件事懸而未決，而且就在眼前。

So we think that it could be a train wreck.

所以我們認為這可能是一場火車失事。

We think we will be one of the few service providers in the Northeast that has retained excellent personnel, very good equipment.

我們認為我們將成為東北地區為數不多的保留優秀人員和良好設備的服務提供者之一。

And we'll be ready to service both the Haynesville and the Northeast markets.

我們將準備好為海恩斯維爾和東北市場提供服務。

And we're obviously very close to our customers there.

顯然我們與那裡的客戶非常接近。

So if it does rebound, you just are dealing with an entirely different competitive landscape than the Permian.

因此，如果它確實反彈，那麼您將面臨與二疊紀完全不同的競爭格局。

And the velocity of earnings both for our customers when that gas price moves as well as the velocity of pricing for us is excellent, and we have seen this before.

當天然氣價格變動時，我們客戶的獲利速度以及我們的定價速度都非常好，我們之前已經看到過這一點。

And we all remember 2012, where gas prices were, and then they rebounded.

我們都記得 2012 年，當時汽油價格上漲，然後又反彈。

So I think the only thing we can firmly say is gas prices won't stay right where they are.

所以我認為我們唯一可以堅定地說的是汽油價格不會保持在原位。

They could move down; they could move up.

他們可以向下移動；他們可以向上移動。

But these markets just don't remain flat.

但這些市場並沒有保持穩定。

So I'm actually tremendously hopeful for the back half of next year.

所以我其實對明年下半年充滿希望。

I'm also very confident in our team's ability to gurgle for as long as we need to.

我也對我們的團隊有能力在需要的時候咕咕咕地笑。

You've seen how we've reduced CapEx.

您已經看到我們如何降低資本支出。

We were pretty good at surviving these types of markets, so a lot of confidence there.

我們非常擅長在這些類型的市場中生存，所以對此充滿信心。

Okay.

好的。

Thank you for (inaudible)

謝謝你（聽不清楚）