Nine Energy Service Inc (NINE) 2024 Q3 法說會逐字稿

Greetings and welcome to the Q3 2024 9 Energy service earnings call at this time.

您好，歡迎此時參加 2024 年第三季 9 能源服務財報電話會議。

All participants are in listen-only mode.

所有參與者均處於僅監聽模式。

A brief question and answer session will follow the formal presentation.

正式演講後將舉行簡短的問答環節。

Should anyone require operator assistance during the conference?

會議期間是否有人需要操作員協助？

Please press star zero on your telephone keypad as a reminder, this conference call is being recorded.

請按電話鍵盤上的星號零作為提醒，本次電話會議正在錄音。

It is now my pleasure to introduce your host, Heather Schmidt, Vice President of Strategic Development and Investor Relations.

現在我很高興向您介紹主持人，策略發展和投資者關係副總裁希瑟·施密特(Heather Schmidt)。

Thank you.

謝謝。

You may begin.

你可以開始了。

Thank you.

謝謝。

Good morning, everyone and welcome to the nine-energy service earnings conference call to discuss our results for the third quarter, 2024.

大家早安，歡迎參加九能源服務財報電話會議，討論我們 2024 年第三季的業績。

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含前瞻性陳述，反映了九號集團對未來事件的看法。

Forward-looking statements are subject to a number of risks and uncertainties.

前瞻性陳述受到許多風險和不確定性的影響。

Many of which are beyond our control.

其中許多是我們無法控制的。

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, additional details and a reconciliation to the most directly comparable GAAP.

我們今天的評論還包括非公認會計原則財務指標、其他細節以及與最直接可比較的公認會計原則的調節。

Financial measures are also included in our third quarter press release and can be found in the investor relations section of our website.

財務指標也包含在我們的第三季新聞稿中，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 third quarter results for 2024 revenue for the quarter was $138.2 million which was above the range of our original guidance of 127 to $137 million.

感謝您今天加入我們討論我們 2024 年第三季的業績，該季度的收入為 1.382 億美元，高於我們最初指導的 127 至 1.37 億美元的範圍。

We generated adjusted EBITDA of $14.3 million.

我們的調整後 EBITDA 為 1,430 萬美元。

An increase of approximately 47% quarter per quarter and diluted EPS of negative $0.26 incremental adjusted EBITDA margins were approximately 79% overall.

每季成長約 47%，稀釋後每股收益為負 0.26 美元，調整後 EBITDA 利潤率增量約 79%。

The US land market was relatively stable this quarter with the average US rig count declining by approximately 3% from Q2.

本季美國土地市場相對穩定，美國平均鑽機數量較第二季下降約 3%。

The national gas price continues to be extremely challenging.

全國天然氣價格仍然極具挑戰性。

Averaging just above $2 for the year.

年平均收入略高於 2 美元。

Through the end of Q3, low natural gas prices have led to sustained lower activity levels in the Haynesville and northeast as well as completion delays and white space in the calendar.

截至第三季末，天然氣價格低廉導致海恩斯維爾和東北部的活動水準持續較低，以及竣工延誤和日曆上的空白。

Despite this, our total revenue grew by approximately 4% quarter over quarter, driven mostly by our cementing business where we increased market share by approximately 23% quarter over quarter, within the areas we operate.

儘管如此，我們的總收入環比增長了約 4%，這主要是由我們的固井業務推動的，在我們經營的領域內，我們的市場份額環比增加了約 23%。

The cementing team increased jobs completed by approximately 9% quarter over quarter and revenue by approximately 12%.

固井團隊完成的工作量較上季增加了約 9%，收入增加了約 12%。

Despite the rig count decreasing, our cementing team adopted a deliberate strategy to win market share, reevaluating our pricing versus market share balance while boosting sales efforts and they were able to execute.

儘管鑽機數量減少，我們的固井團隊採取了深思熟慮的策略來贏得市場份額，重新評估我們的定價與市場份額的平衡，同時加大銷售力度，他們能夠執行。

We also continue to offer the most advanced cement slurries coupled with excellent delivery and onsite execution and service, which continues to differentiate us in the market pricing for all service lines remained relatively stable this quarter.

我們還繼續提供最先進的水泥漿以及出色的交付和現場執行和服務，這繼續使我們在本季度所有服務線的市場定價中保持相對穩定。

However, in conjunction with the revenue increase, better utilization within cementing and coil higher international tool sales and supply chain efforts across service lines adjusted EBITA increased by approximately 47% quarter over quarter with incremental margins of approximately 79%.

然而，隨著收入的成長、固井和捲材利用率的提高、國際工具銷售的提高以及跨服務線供應鏈的努力，調整後的 EBITA 環比增長約 47%，增量利潤率約 79%。

We are always watching costs very closely.

我們總是非常密切地關注成本。

But starting in late Q2, we began to see our cost reduction and supply chain initiatives positively impact our profitability cost reductions have come through a number of strategies and programs including a reduction in the cost of our operating structure as well as vendor consolidation and rationalization across the organization which has helped reduce some of our largest material costs.

但從第二季末開始，我們開始看到我們的成本降低和供應鏈計劃對我們的盈利能力產生了積極影響。供應商的整合和合理化。

This is an ongoing effort and will continue to be a top priority as we look for sustainable ways to increase profitability revenue within our remaining service lines.

這是一項持續的努力，並將繼續成為我們尋找可持續方法來增加剩餘服務線獲利收入的首要任務。

Was relatively flat quarter over quarter.

季度環比相對持平。

Our international completion tool revenue increased quarter over quarter but was offset by lower activity levels specifically in the northeast and Haynesville, we have been extremely happy with the commercialization of our pincer hybrid frac plug as well as our FRT start.

我們的國際完井工具收入環比增長，但被活動水平較低所抵消，特別是在東北部和海恩斯維爾，我們對鉗式混合壓裂塞的商業化以及 FRT 的啟動感到非常滿意。

We are running our Pinter plug with some of the largest operators in the US and are quickly gaining market share across basins.

我們正在與美國一些最大的營運商一起運行 Pinter 插件，並迅速獲得跨流域的市場份額。

As a reminder, this product has approximately 50% less material than our current composite frock plug and allows for plug drill out times as low as two minutes per plug, saving significant time and meaningfully reducing bit wear for our customers.

需要提醒的是，該產品比我們目前的複合工裝塞減少了大約50% 的材料，並且每個塞的鑽孔時間低至兩分鐘，從而為我們的客戶節省了大量時間並有意義地減少了鑽頭磨損。

In some cases eliminating a bit trip.

在某些情況下，消除了位元跳閘。

The Scorpion with FRT art allows operators the chance to reinitiate pumpdown operations.

採用 FRT 技術的 Scorpion 使操作員有機會重新啟動抽氣操作。

If the guns do not fire post plug setting with the FRT start, operators can eliminate the need to pump down a ball saving time, water usage and money.

如果噴槍在 FRT 啟動時不發射柱塞設置，則操作員無需對球進行抽氣，從而節省時間、用水量和金錢。

Despite over 50% of our wireline revenue coming out of the northeast revenue remained flat this quarter and our team continues to hold steady in a very competitive market.

儘管我們超過 50% 的有線收入來自東北地區，但本季營收仍持平，我們的團隊在競爭非常激烈的市場中持續保持穩定。

Despite a very saturated and competitive landscape in the Permian Basin, we have been able to win market share in this region.

儘管二疊紀盆地已經非常飽和且競爭激烈，但我們仍然能夠贏得該地區的市場份額。

Supplementing work with our crews from the northeast to maximize efficiency.

與來自東北部的工作人員進行補充工作，以最大限度地提高效率。

Well, tubing revenue increased by approximately 5% this quarter due to better utilization with GS work increasing by approximately 8% this quarter, I would now like to turn the call over to guy to walk through detailed financial information.

好吧，由於本季度 GS 工作的利用率提高了約 8%，管道收入增加了約 5%，我現在想將電話轉給傢伙，讓他了解詳細的財務資訊。

Thank you, Ann as of September 30th, 2024, nine's cash and cash equivalents were $15.7 million with $27.6 million of availability under the revolving credit facility resulting in a total liquidity position of $43.3 million.

謝謝你，安，截至 2024 年 9 月 30 日，Nine 的現金和現金等價物為 1,570 萬美元，循環信貸安排下的可用金額為 2,760 萬美元，導致總流動性頭寸為 4,330 萬美元。

As of, 2024, on September 30th, we had $50 million of borrowings under the A BL credit facility.

截至 2024 年 9 月 30 日，我們在 A BL 信貸安排下擁有 5,000 萬美元的借款。

During Q3, we paid down approximately $5 million on our A bl credit facility.

第三季度，我們支付了 A bl 信貸額度約 500 萬美元。

And on October 10th, we paid down an additional $3 million making our current borrowings $47 million.

10 月 10 日，我們額外還清了 300 萬美元，使我們目前的借款達到 4700 萬美元。

During Q3, we also paid our interest payment of approximately $19.5 million.

第三季度，我們還支付了約 1,950 萬美元的利息。

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 Q3, we sold approximately $1.2 million shares under the ATM program which generated approximately $1.4 million of net proceeds for the nine months ended September 30th, 2024.

在第三季度，我們根據 ATM 計劃出售了約 120 萬美元的股票，截至 2024 年 9 月 30 日的九個月產生了約 140 萬美元的淨收益。

We have sold a total of approximately $5.4 million shares which has generated net proceeds of approximately $8.2 million as per the terms of the indenture governing nine Senior Secured Notes.

我們已出售總計約 540 萬美元的股票，根據管理九種優先擔保票據的契約條款，產生了約 820 萬美元的淨收益。

The company is required to periodically offer to repurchase such notes with a portion of any excess cash flow.

該公司需要定期以部分超額現金流回購此類票據。

Nine did not generate any excess cash flow as defined in the indenture in the most recently ended two fiscal quarters.

在最近結束的兩個財政季度中，九號沒有產生任何在契約中定義的超額現金流。

As a result, no excess cash flow offer will be made to noteholders this month during the second quarter revenue totaled $138.2 million with adjusted gross profit of $24.7 million.

因此，本月第二季營收總額為 1.382 億美元，調整後毛利為 2,470 萬美元，不會向票據持有人提供超額現金流要約。

During the third quarter, we completed 1,005 cementing jobs.

第三季度，我們完成了 1,005 項固井作業。

An increase of approximately 9%.

增幅約9%。

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

每個職位的平均混合收入增加了約 3%。

Cementing revenue for the quarter was $51.2 million.

該季度的固井收入為 5,120 萬美元。

An increase of approximately 12%.

增幅約12%。

During the third quarter, we completed 6,318 wireline stages.

第三季度，我們完成了 6,318 個有線階段。

A decrease of approximately 1%.

下降約1%。

The average blended revenue per stage was flat.

每個階段的平均混合收入持平。

Wireline revenue for the quarter was $27.9 million which was flat compared to Q2 for completion tools.

該季度的有線收入為 2,790 萬美元，與完井工具第二季持平。

We completed 24,770 stages.

我們完成了 24,770 個階段。

An increase of approximately 4% completion tool revenue was $31.4 million.

完井工具營收成長約 4%，達到 3,140 萬美元。

A decrease of approximately 3%.

下降約3%。

During the third quarter.

第三季期間。

Our coil tubing days work increased by approximately 8% with the average blended day rate decreasing by approximately 3%.

我們的連續油管工作天數增加了約 8%，平均混合工作天數減少了約 3%。

Coil tubing utilization was 52% with revenue of $27.7 million.

連續油管利用率為 52%，營收為 2,770 萬美元。

An increase of approximately 5% during the quarter.

本季成長約 5%。

The company reported general and administrative expense of $12.4 million depreciation and amortization expense was $9 million.

該公司報告的一般和管理費用為 1240 萬美元，折舊和攤提費用為 900 萬美元。

The company's tax provision was approximately $0.4 million year-to-date.

年初至今，該公司的稅收撥備約 40 萬美元。

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

2024 年的稅務撥備是我們在州和非美國稅收管轄區的稅務狀況的結果。

For the third quarter, the company reported net cash used in operating activities of $5.9 million.

第三季度，該公司報告經營活動使用的淨現金為 590 萬美元。

The average DSO for Q3 was 53.1 days CapEx spend for Q3 was $3.6 million.

第三季的平均 DSO 為 53.1 天，第三季的資本支出為 360 萬美元。

Bringing our total spent through September 30th to $11.7 million.

截至 9 月 30 日，我們的總支出達到 1,170 萬美元。

As a reminder, we decreased our full year 2024 CapEx range to 10 to $15 million.

謹此提醒，我們將 2024 年全年資本支出範圍降低至 1,000 至 1,500 萬美元。

Down from our original guidance of $15 to $25 million.

低於我們最初的 15 至 2500 萬美元指引。

I will now turn it back to am.

我現在將其轉回 am。

Thank you guy.

謝謝你。

It is a very dynamic time creating volatility and low visibility for commodity prices.

這是一個非常活躍的時期，造成大宗商品價格波動和低可見度。

We still believe the long term demand for natural gas will increase due in large part to power demands from A I as well as the rise of LNG exports as capacity expands.

我們仍然認為，天然氣的長期需求將會增加，這在很大程度上是由於人工智慧的電力需求以及隨著產能擴張而增加的液化天然氣出口。

It is too early to provide specifics on 2025 activity levels.

現在提供 2025 年活動水準的具體資訊還為時過早。

But assuming we see supportive commodity prices in conjunction with the resetting of customer budgets, we do anticipate a moderate activity pick up in 2025 over current levels.

但假設我們看到大宗商品價格具有支撐性，同時重新調整客戶預算，我們確實預期 2025 年的活動將在當前水準上溫和回升。

If natural gas prices average $3 or above, we believe natural gas lever operators will bring activity back online.

如果天然氣價格平均為 3 美元或以上，我們相信天然氣槓桿業者將使活動恢復正常。

We are very well positioned in these basins.

我們在這些盆地中處於非常有利的位置。

We have seen our earnings respond quickly and significantly in the past and we are ready and well positioned to capitalize on an improving market.

過去，我們的獲利做出了快速而顯著的反應，我們已做好充分準備，充分利用不斷改善的市場。

The northeast and Haynesville account for around 30 to 35% of our revenue.

東北部和海恩斯維爾約占我們收入的 30% 至 35%。

And we still believe this is a significant catalyst for growth.

我們仍然相信這是成長的重要催化劑。

If natural gas prices recover for Q4, we are anticipating a moderate slowdown due to budget exhaustion, weather and holidays as well as a decrease in international tool sales.

如果天然氣價格在第四季度回升，我們預計由於預算耗盡、天氣和假期以及國際工具銷售的減少，天然氣價格將適度放緩。

Because of this, we expect Q4 to be down compared with Q3 with projected revenue between $132 and $142 million.

因此，我們預計第四季度的營收將低於第三季度，預計營收在 132 至 1.42 億美元之間。

We also anticipate that adjusted EBITA and our adjusted EBIDA margin will be down as well.

我們也預期調整後的 EBITA 和調整後的 EBIDA 利潤率也將下降。

We typically see activity declines in Q4 versus Q3 with weather, seasonality and budget exhaustion.

我們通常會看到，由於天氣、季節性和預算耗盡，第四季度的活動比第三季度下降。

However, we view our Q3 results as repeatable in a similar rig count environment and do not see these results as an anomaly.

然而，我們認為第三季的結果在類似的鑽機數量環境中是可重複的，並且不認為這些結果是異常的。

Our team was purposeful and executed a strategy, implementing sustainable cost cutting measures and winning market share with sticky customers, increasing profitability in a declining market.

我們的團隊目標明確，執行策略，實施可持續的成本削減措施，贏得黏性客戶的市場份額，在下滑的市場中提高獲利能力。

I am extremely proud of this team who continues to innovate and differentiate within the market through our technology and service.

我為這個團隊感到非常自豪，他們透過我們的技術和服務不斷創新並在市場上脫穎而出。

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。

We will now be conducting a question and answer session.

我們現在將進行問答環節。

If you would like to ask a question, please press star one on your telephone keypad.

如果您想提問，請按電話鍵盤上的星號一。

A confirmation tone will indicate your line is in the question queue.

確認音將表示您的線路已在問題佇列中。

You may press star two.

您可以按星二號。

If you would like to remove your question from the queue for participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

如果您想從使用揚聲器裝置的參與者群組中刪除您的問題，可能需要在按星號鍵之前拿起聽筒。

One moment please.

請稍等一下。

While we pull for questions.

當我們提出問題時。

The first question is from Waqar Syed ATB Capital Markets.

第一個問題來自 Waqar Syed ATB Capital Markets。

Please go ahead.

請繼續。

Good morning and good morning.

早安，早安。

Thank you.

謝謝。

And what's leading to these market share gains and cementing especially, but also other businesses.

是什麼導致了這些市場份額的成長，尤其是鞏固了其他業務。

So I think we, we sat down and devised a very specific strategy with very specific customers.

所以我認為我們坐下來與非常具體的客戶制定了非常具體的策略。

And looked at kind of where we were in the market and we got the whole team together and we're very, very deliberate in this approach.

看看我們在市場上的位置，我們把整個團隊聚集在一起，我們對這種方法非常非常謹慎。

It yielded great results and we were specific on our KPIS and metrics and our performance and won the work.

它產生了很好的結果，我們對 KPIS 和指標以及我們的績效非常具體，並贏得了工作。

Very pleased with the team.

對團隊非常滿意。

I see, you know, market share gains.

我看到，你知道，市場佔有率有增加。

You can never be sure what car that they last forever.

你永遠無法確定什麼車能永遠持續下去。

But these feel very sticky because they were one on very solid previous performances.

但這些感覺非常粘，因為它們之前的表現非常出色。

And we also picked up some customers that we hadn't worked for for a while.

我們也接待了一些已經有一段時間沒有工作的客戶。

So incredibly pleased with the team here.

對這裡的團隊非常滿意。

Also in wireline, we've really differentiated on remedial wireline going after some significant remedial customers there.

同樣在有線方面，我們在補救有線方面確實有所區別，以追隨一些重要的補救客戶。

So really bringing awesome differentiation to the wireline business So this was a targeted strategy that we started to devise earlier on this year.

因此，確實為有線業務帶來了巨大的差異化，這是我們今年早些時候開始製定的一項有針對性的策略。

And you're just seeing the results of that execution in Q3 as well as a very significant cost reduction program that we looked at.

您剛剛看到第三季的執行結果以及我們研究的非常顯著的成本削減計劃。

Mostly targeting that supply chain.

主要針對該供應鏈。

So that can be through consolidation of vendors, repricing vendors create efficiencies internally and how we're thinking about product use, et cetera.

因此，這可以透過供應商的整合、對供應商的重新定價來提高內部效率以及我們如何考慮產品使用等。

So you saw a two pronged strategy, both attacking market share on the revenue side and then also simultaneously attacking the cost structure.

因此，您看到了雙管齊下的策略，既攻擊收入方面的市場份額，又同時攻擊成本結構。

So we do expect that this quarter is a repeatable and sustainable.

因此，我們確實預計本季是可重複且可持續的。

And I would be surprised if you didn't see a quarter like this or better coming out of the box in Q1.

如果您在第一季沒有看到這樣的季度或更好的開箱即用的季度，我會感到驚訝。

Yeah, great.

是的，太棒了。

Now, in terms of international sales, they picked up in the quarter.

現在，就國際銷售額而言，他們在本季度有所回升。

But when you compare like the first three quarters of this year versus the first three quarters of last year, how are they tracking?

但是，當你將今年前三個季度與去年前三個季度進行比較時，他們的表現如何？

Yeah, I think well, car we're actually, I'm set to head to the Middle East next week.

是的，我想好吧，我們實際上是汽車，我準備下週前往中東。

And we're also working on a strategy to be very deliberate in expanding that business.

我們也正在製定一項策略，以謹慎地擴展該業務。

You probably see them a bit lower this year.

今年你可能會看到它們有點低。

But that's just, you know, it's, these are small numbers frankly.

但坦白說，這只是一個很小的數字。

And so I think it's, it's just the law of small numbers more than anything but very excited about the success of our tool there.

所以我認為，這只是小數定律，但我們對我們的工具在那裡的成功感到非常興奮。

I won't be surprised if you see incremental awards come.

如果你看到增量獎勵到來，我不會感到驚訝。

But again, we're, we're going to sit down and be very deliberate about other regions that we plan to attack based on the run rate and the success of some of the tools that we've had recently.

但我們將再次坐下來，根據我們最近擁有的一些工具的運行率和成功情況，對我們計劃攻擊的其他區域進行深思熟慮。

Okay.

好的。

And then, you know, given the success that you've had with, with lowering your cost, what is still, now, what would you say is the, the run rate for IBI at which you can be free cash flow at least break even and then positive.

然後，你知道，考慮到你已經取得的成功，隨著成本的降低，現在你會說的是，IBI 的運行率，在這個運行率下你可以自由現金流至少打破甚至然後積極。

Yeah.

是的。

So I think you know, the entire team, if they were sitting here, they would say if you want to come up with a number, you're, you're sitting around cash flow, what I'll call neutral if you hit that, you know, and this is all obviously give or take what car, you know, cash moves, but around $15 million a quarter.

所以我想你知道，整個團隊，如果他們坐在這裡，他們會說，如果你想得出一個數字，你，你坐在現金流周圍，如果你擊中，我稱之為中立你知道，這顯然是現金流動的結果，但每季約1500 萬美元。

As a team, we're pounding the ground for that.

作為一個團隊，我們正在為此努力。

And obviously, as you know, this is a pretty depressed rig count environment.

顯然，如您所知，這是一個相當低迷的鑽機數量環境。

So, if you do see that incremental activity pick up even just based on budget refresh next year.

因此，如果您確實看到增量活動甚至僅基於明年的預算更新就會有所增加。

I think very, very achievable.

我認為非常非常可以實現。

We have more to come on the cost cuts which we're excited about.

我們在成本削減方面還有更多進展，對此我們感到很興奮。

So, we, we expect increased efficiencies there.

因此，我們預計那裡的效率會提高。

So, we're just we're at the start here.

所以，我們才剛開始。

Okay?

好的？

But now let's assume, you know, activity does pick up what some of these costs come back or these are like sticky where, you know, you don't have to, to raise your, your best cost if, you know, if activity picks up.

但現在讓我們假設，你知道，活動確實會收回其中一些成本，或者這些成本就像粘性的，你知道，你不必提高你的最佳成本，如果你知道，如果活動拾起。

Yeah, that's a great question.

是的，這是一個很好的問題。

I think we have fundamentally improved the incremental margin on that dollar revenue.

我認為我們已經從根本上提高了美元收入的增量利潤。

So I would say these are very sticky cost cuts that you'll see, going forward.

所以我想說，這些都是非常黏性的成本削減，你會在未來看到。

Okay.

好的。

And then, you know, what do you hear from your customers?

然後，你知道，你從客戶那裡聽到了什麼嗎？

Especially on the National Gas side?

特別是在國家天然氣方面？

You know, you've seen the Appalachia rig count actually come down quite hard recently. And then you know, what, what is the view of like next year?

您知道，您已經看到阿巴拉契亞的鑽機數量最近實際上大幅下降。然後你知道，明年的情況會是如何？

What they need to see both from a drilling rig perspective when the activity would pick up and you know, what would lead to activity pick up on the completion side and between, if you could differentiate between Palla and Hanes a little bit as well.

當活動開始時，他們需要從鑽孔機的角度看到什麼，以及什麼會導致完井側和之間的活動增加，如果您也能稍微區分 Palla 和 Hanes 的話。

Sure, you know, it's funny because obviously the EIA is projecting a gas price with a three handle on the front of it, which we like to see.

當然，你知道，這很有趣，因為顯然 EIA 正在預測汽油價格，其前面有一個三個手柄，這是我們希望看到的。

I think our customers are also like us, huge believers in the medium and long term natural gas demand.

我認為我們的客戶也像我們一樣，堅信中長期天然氣需求。

And as you know, we have on our, somebody from Microsoft who reinforces to us the need for power in those data centers.

如您所知，我們有來自微軟的人員向我們強調了這些資料中心的電力需求。

So we're all very, very comfortable with what the power demand curve looks like over the next 10 years.

因此，我們對未來 10 年的電力需求曲線非常非常滿意。

Specifically, up in the northeast.

具體來說，在東北部。

I think we would all love to see something with a three on the front of it.

我想我們都希望看到前面有一個「3」的東西。

Probably the Haynesville takes a little bit of a higher price for car because the temperatures and pressures are really extreme there.

海恩斯維爾的汽車價格可能會更高一些，因為那裡的溫度和壓力非常極端。

It's a very complicated and technical completion.

這是一個非常複雜和技術性的完成。

So, you know, you've, you probably need a little bit of a higher price there.

所以，你知道，你可能需要更高一點的價格。

I will say that the operators in the Northeast are just extraordinarily efficient.

我想說的是，東北的運營商效率非常高。

We too as a service sector are not giving up on trying to create incremental efficiencies and provide them with new technologies just like the P in the Frac dart.

作為服務業，我們也不會放棄提高效率的努力，並為他們提供新技術，就像壓裂飛鏢中的 P 一樣。

That, that help alleviate any potential issues in the well and also save them costs.

這有助於緩解油井中的任何潛在問題並節省成本。

So there's going to be more efficiencies that come from the service sector.

因此，服務業將會提高效率。

So I think, you know, again, if we could just see a three there, we believe that really spurs a lot of activity.

所以我想，你知道，如果我們能在那裡看到三分球，我們相信這確實會刺激很多活動。

I hope that answered your question.

我希望這回答了你的問題。

It does.

確實如此。

Well, thank you very much and best of luck.

嗯，非常感謝你，祝你好運。

Thank you.

謝謝。

The next question is from John Daniel from Daniel Energy Partners.

下一個問題來自 Daniel Energy Partners 的 John Daniel。

Please go ahead.

請繼續。

Hey, good morning team.

嘿，早上好，團隊。

Good morning.

早安.

I'm I'm just curious, it's, it's more of a theoretical question, I guess.

我只是好奇，我想這比較是一個理論問題。

But if you went to see your very best customers who value the service quality, who value the crews, let's just say, you know, during the Q1 time frame and said, hey, you know, something's got to give, we need a bit more, you know, price relief here.

但是，如果你去見最優秀的客戶，他們重視服務質量，重視工作人員，那麼我們就說，你知道，在第一季度的時間範圍內，然後說，嘿，你知道，必須給予一些東西，我們需要一點你知道，這裡還有更多的價格減免。

I use the term hat in hand, but just, you know, the market has been dicey.

我使用“帽子”這個詞，但你知道，市場一直很危險。

Do you think they'd work with you or do they think they kick you out of the office?

你認為他們會和你一起工作還是認為他們會把你趕出辦公室？

Like, what's your view there?

比如說，你對此有何看法？

Yeah, I mean, I think we take the view of, you know, we're asking for price increases in a market where crude is wobbling to stay at a $70.

是的，我的意思是，我認為我們的觀點是，你知道，我們要求在原油價格徘徊在 70 美元的市場上提高價格。

Price is really not where I have the team focused.

價格確實不是我團隊關注的重點。

It's, you know, as one of our teammates always say, like, how do you make the customer a hero?

正如我們的一位隊友經常說的那樣，如何讓客戶成為英雄？

And what we need to do is reduce our costs.

我們需要做的是降低成本。

We need to get more efficient.

我們需要提高效率。

As you see, with the pincer, take a ton of material out, obviously reduce the cost so that we're providing them the opportunity to tell the street that they're completing at a lower cost per lateral foot.

正如你所看到的，用鉗子取出大量材料，顯然降低了成本，這樣我們就為他們提供了告訴街道他們正在以更低的每側腳成本完成的機會。

As you know, the street is being relentless on our customers capital efficiency as well.

如您所知，華爾街對我們客戶的資本效率也毫不留情。

And as they move into less or acreage, their costs are naturally inflating.

隨著他們的面積減少或面積減少，他們的成本自然會膨脹。

So our job here is to get creative on the R&D side.

所以我們的工作就是在研發方面發揮創意。

And then also in the back offices to figure out how to do this cheaper and faster and better.

然後在後台思考如何以更便宜、更快、更好的方式做到這一點。

All right, fair enough.

好吧，很公平。

Well, I'm going to throw one more at you and I know no formal guidance.

好吧，我要再向你丟一個，但我不知道正式的指導。

For 25 which I get.

我得到了25。

But is it your sense that you've got some assets that might come off the fence in Q1 to go back to work or is it too early?

但您是否感覺自己擁有一些資產可能會在第一季脫離困境以重返工作崗位，還是現在還為時過早？

Yes, that's my sense.

是的，這就是我的感覺。

I sense that there's going to be some uplift here in 2025.

我感覺 2025 年這裡將會出現一些提升。

That's all I've got.

這就是我所擁有的一切。

Thank you for including me.

謝謝你把我包括在內。

Great.

偉大的。

Thank you.

謝謝。

This concludes the question and answer session.

問答環節到此結束。

I would like to turn the floor back over to Ann Fox President and CEO for closing comments.

我想請總裁兼執行長安福克斯 (Ann Fox) 發表結束評論。

Thank you for your participation in the call today.

感謝您參加今天的電話會議。

I want to thank our employees, our E&P partners and our investors.

我要感謝我們的員工、探勘與生產合作夥伴以及投資者。

Thank you.

謝謝。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。