Precision Drilling Corp (PDS) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Precision Drilling Corporation 2025 first-quarter results conference call and webcast.

您好，感謝您的支持。歡迎參加 Precision Drilling Corporation 2025 年第一季業績電話會議和網路廣播。

I would now like to hand the conference over to Lavonne Zdunich, Vice President of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁 Lavonne Zdunich。請繼續。

Thank you, operator, and welcome everyone to our first-quarter conference call. Today, I'm joined by Kevin Neveu, Precision's President and CEO; and Carey Ford, our CFO. Yesterday, we reported our first-quarter results. To begin the call, Carey will review these results, and then Kevin will provide an operational update and outlook commentary. Once we have finished our prepared comments, we will open the call for questions.

謝謝接線員，歡迎大家參加我們的第一季電話會議。今天，與我一起出席的還有 Precision 總裁兼執行長 Kevin Neveu 和財務長 Carey Ford。昨天，我們報告了第一季的業績。通話開始時，Carey 將回顧這些結果，然後 Kevin 將提供營運更新和展望評論。一旦我們完成準備好的評論，我們就會開始提問。

Please note some of the comments today will refer to non-IFRS financial measures and include forward-looking statements which are subject to a number of risks and uncertainties. For more information on financial measures, forward-looking statements, and risk factors, please refer to our news release and other regulatory filings on SEDAR and EDGAR. As a reminder, we express our financial results in Canadian dollars unless otherwise stated.

請注意，今天的一些評論將涉及非國際財務報告準則的財務指標，並包括前瞻性陳述，這些陳述受許多風險和不確定性的影響。有關財務指標、前瞻性聲明和風險因素的更多信息，請參閱我們的新聞稿以及 SEDAR 和 EDGAR 上的其他監管文件。提醒一下，除非另有說明，否則我們的財務結果都是以加幣表示的。

With that, I'll turn it over to you, Carey.

有了這個，我就把話題交給你了，凱裡。

Thank you, Lavonne. Precision's Q1 financial results met our expectations for adjusted EBITDA, earnings, and cash flow. Adjusted EBITDA $137 million was driven by strong drilling activity in Canada and steady cash flow generation from our drilling operations in the US and Middle East, as well as our completion production services business. Our Q1 adjusted EBITDA included a share-based compensation charge of $3 million and restructuring charges of $3 million. Without these charges, the adjusted EBITDA would have been $143 million.

謝謝你，拉沃恩。Precision 第一季的財務表現符合我們對調整後 EBITDA、收益和現金流量的預期。調整後的 EBITDA 達到 1.37 億美元，這得益於加拿大強勁的鑽井活動以及我們在美國和中東的鑽井業務以及完井生產服務業務產生的穩定現金流。我們第一季調整後的 EBITDA 包括 300 萬美元的股權激勵費用和 300 萬美元的重組費用。如果不計這些費用，調整後的 EBITDA 將達到 1.43 億美元。

Revenue for the quarter was $496 million, a decrease of 6% from Q1 2024. Net earnings were $35 million or $2.52 per share, representing Precision's 11th consecutive quarter of positive earnings. Funds and cash provided by operations were $110 million and $63 million dollars respectively. And in the US, Precision's drilling activity averaged 30 rigs in Q1, a decrease of 4 rigs from the previous quarter.

本季營收為 4.96 億美元，較 2024 年第一季下降 6%。淨收益為 3500 萬美元，即每股 2.52 美元，這是 Precision 連續第 11 個季度實現正收益。營運提供的資金和現金分別為 1.1 億美元和 6,300 萬美元。在美國，Precision 公司第一季的鑽井活動平均有 30 台鑽孔機，比上一季減少了 4 台。

Daily operating margins in Q1, excluding the impacts of turnkey and IBC were USD8,360, a decrease of USD787 from Q4. For Q2, we expect normalized margins to be between USD7,000 and USD8,000. Daily operating costs in the US were unusually high this quarter due to rig activations, rig mobilizations, severance costs, and standby labor. Without these items, daily operating costs would have been approximately $22,000 per day, which is still above where I would like to see.

第一季的每日營業利潤率（不包括交鑰匙和IBC的影響）為8,360美元，比第四季減少787美元。對於第二季度，我們預計標準化利潤率將在 7,000 美元至 8,000 美元之間。由於鑽機啟動、鑽孔機調動、遣散費和待命勞動力，本季美國的日常營運成本異常高。如果沒有這些項目，每天的營運成本約為 22,000 美元，但這仍然高於我希望看到的水平。

As previously mentioned, we are carrying higher fixed costs in the US to support future activity increases. We maintain active rigs in the Rockies, West Texas, South Texas, Louisiana, and the Northeast. We intend to maintain a strong presence in all these regions, but that presence comes with a cost. Our US team is demonstrating its ability to increase activity levels, ultimately driving down the per rig fixed cost burden.

如前所述，我們在美國承擔了更高的固定成本以支持未來活動的成長。我們在落基山脈、西德克薩斯州、南德克薩斯州、路易斯安那州和東北部擁有活躍的鑽井平台。我們打算在所有這些地區保持強大的影響力，但這種影響力是有代價的。我們的美國團隊正在展示其提高活動水準的能力，最終降低每個鑽孔機的固定成本負擔。

As the activity increase will not happen immediately and should evolve over several quarters, I will continue to push our team on every aspect of our cost structure to drive down operating costs as we work through the year. Also, with planned activity increases, I'll be closely monitoring costs associated with rig reactivations and mobilizations later this year as these costs may introduce some variability in reported daily cost in future periods. Our goal will be to continue to drive down normalized operating costs throughout 2025.

由於活動的增加不會立即發生，而應該在幾個季度內逐漸顯現，因此我將繼續推動我們的團隊在成本結構的各個方面，以在全年工作中降低營運成本。此外，隨著計劃活動的增加，我將密切監控今年稍後與鑽機重新啟動和動員相關的成本，因為這些成本可能會在未來期間對報告的每日成本造成一些變化。我們的目標是在 2025 年繼續降低正常營運成本。

Moving to Canada, Precision's drilling activity averaged 74 rigs, an increase of 1 rig from Q1 2024. Our daily operating margins for the quarter were $14,779, a decrease of $858 from Q1 2024. For Q2, our daily operating margins are expected to be between $13,500 and $14,500.

在加拿大，Precision 的鑽井活動平均有 74 台鑽孔機，比 2024 年第一季增加了 1 台。本季我們的每日營業利潤率為 14,779 美元，比 2024 年第一季減少 858 美元。對於第二季度，我們的每日營業利潤率預計在 13,500 美元至 14,500 美元之間。

Internationally, Precision's drilling activity in the quarter averaged 8 rigs. International average day rates were USD49,419, a decrease of 6% from the prior year due to fewer rig moves. In our C&P segment, adjusted EBITDA this quarter was $18 million, down 8% compared to the prior-year quarter. Adjusted EBITDA was negatively impacted by a 10% decrease in well service hours, slightly offset by higher margins. Well abandonment work represented approximately 27% of well service operating hours in the quarter.

在國際上，Precision 公司本季的鑽井活動平均有 8 個鑽井平台。國際平均日費率為 49,419 美元，由於鑽機移動次數減少，比前一年下降 6%。在我們的 C&P 部門，本季調整後的 EBITDA 為 1800 萬美元，較去年同期下降 8%。調整後的 EBITDA 受到油井服務小時數減少 10% 的負面影響，但利潤率的提高略微抵消了這一影響。油井廢棄工作約佔本季油井服務作業時間的 27%。

Capital expenditures for the quarter were $60 million including $20 million for upgrade and expansion and $40 million for maintenance and infrastructure. Our full-year 2025 capital plan has been reduced from $225 million to $200 million, and it is comprised of $158 million for sustaining infrastructure and $42 million for upgrade and expansion. As of April 23rd, we had an average of 41 contracts in hand for the second quarter and an average of 38 contracts for the full-year 2025.

本季資本支出為 6,000 萬美元，其中 2,000 萬美元用於升級和擴建，4,000 萬美元用於維護和基礎設施。我們的 2025 年全年資本計畫已從 2.25 億美元減少到 2 億美元，其中包括 1.58 億美元用於維持基礎設施，4,200 萬美元用於升級和擴建。截至 4 月 23 日，我們第二季平均手握 41 份合同，2025 年全年平均手握 38 份合約。

Moving to the balance sheet, our Q1 cash flow performance was better than expected with neutral cash flow despite a quarter with working capital increases, semi-annual interest payments, and typical year-end payments. In fact, the $46 million dollar decrease in cash from year-end was applied almost entirely to debt reduction of $17 million and share repurchases of $31 million in the quarter.

轉向資產負債表，儘管本季營運資本增加、半年利息支付和典型的年終支付，但我們第一季的現金流表現優於預期，現金流為中立。事實上，自年底以來現金減少的 4,600 萬美元幾乎全部用於本季減少 1,700 萬美元的債務和回購 3,100 萬美元的股票。

As of March 31st, our long-term debt position net of cash was approximately $778 million, and our total liquidity position was approximately $570 million excluding letters of credit. Our net debt to trailing 12-month EBITDA ratio is approximately 1.5 times, and our average cost of debt is 6.9%. We expect our net debt to adjusted EBITDA before share-based compensation expense to continue to decline throughout the year.

截至 3 月 31 日，我們的長期債務淨額約為 7.78 億美元，我們的總流動資金淨額（不包括信用證）約為 5.7 億美元。我們的淨債務與過去 12 個月 EBITDA 的比率約為 1.5 倍，平均債務成本為 6.9%。我們預計，扣除股權激勵費用前的淨債務與調整後 EBITDA 比率將在全年持續下降。

This quarter on our balance sheet, we recognized the $230 million balance on our 2026 note as current debt. We plan to reduce this balance by at least $80 million in the last three quarters of the year with cash flow and cash on hand during the year and use our undrawn revolving credit facility to address the remaining balance. Our plan to reduce our revolver balance continues significantly during 2026, where we expect to reduce the majority of the balance. Our revolving credit facility, as a reminder, matures in the middle of 2027.

本季度，在我們的資產負債表上，我們將 2026 年票據的 2.3 億美元餘額確認為流動債務。我們計劃在今年最後三個季度利用年內現金流和庫存現金將該餘額減少至少 8000 萬美元，並使用未提取的循環信貸額度來解決剩餘餘額。我們減少循環信貸餘額的計畫將在 2026 年繼續大幅推進，我們預計這一年將減少大部分餘額。提醒一下，我們的循環信貸額度將於 2027 年中期到期。

We are committed to reducing debt by $700 million between 2022 and 2027 and achieving a normalized leverage level below 1 times. Since 2022, we have reduced debt by $452 million. Conveniently, the $248 million remaining on our target debt reduction nearly matches the remaining balance on the 2026 notes. Our debt reduction target for 2025 is $100 million, and we plan to allocate 35% to 45% of free cash flow before debt principal payments towards share repurchases.

我們致力於在2022年至2027年期間減少7億美元的債務，並實現低於1倍的正常化槓桿率水準。自 2022 年以來，我們已減少了 4.52 億美元的債務。巧的是，我們目標債務削減額剩下的 2.48 億美元幾乎與 2026 年票據的剩餘餘額相符。我們 2025 年的債務削減目標是 1 億美元，我們計劃將償還債務本金前的 35% 至 45% 的自由現金流用於股票回購。

Moving on to guidance for 2025, strong cash flow for the year, depreciation of approximately $300 million, cash interest expense of approximately $65 million. Cash taxes we expect to remain low and our effective tax rate to be approximately 25% to 30%. We expect SG&A of approximately $95 million before share-based compensation expense, and we expect share-based compensation charges for the year to range between $15 million and $35 million dollars at a share price range of $60 to $100, and the charge may increase or decrease based on share price performance and the performance of our shares relative to Precision's peer group.

展望 2025 年的預期，全年現金流強勁，折舊約 3 億美元，現金利息支出約 6,500 萬美元。我們預計現金稅將保持在低位，有效稅率約為 25% 至 30%。我們預計，扣除股權激勵費用前的銷售、一般及行政費用 (SG&A) 約為 9500 萬美元，我們預計，當股價在 60 美元至 100 美元之間時，今年的股權激勵費用將在 1500 萬美元至 3500 萬美元之間，並且該費用可能會根據股價表現以及我們股票相對於 Precision 的表現而減少。

With that, I will turn the call over to Kevin.

說完這些，我會把電話轉給凱文。

Thank you, Carey. Good morning, and thank you for joining our first-quarter earnings call. So I'll begin by saying that I'm feeling very good about our first-quarter financial results and the momentum we're carrying into the second quarter. While macro events and economic uncertainty are somewhat obscuring forward visibility, I'm comforted that capital discipline across the upstream oil and gas industry has dampened the traditional knee jerk reaction to commodity price volatility.

謝謝你，凱裡。早安，感謝您參加我們的第一季財報電話會議。因此，首先我想說，我對我們的第一季的財務表現以及我們在第二季所保持的勢頭感到非常滿意。儘管宏觀事件和經濟不確定性在一定程度上影響了未來的可見性，但讓我感到欣慰的是，整個上游石油和天然氣行業的資本紀律已經抑制了對大宗商品價格波動的傳統下意識反應。

Our customers in both the United States and Canada are telling us that they are cautiously watching the macro events and the impact on oil prices, while they remain optimistic about LNG and gas opportunities. And while our customers are closely monitoring these trends, oil-targeted drilling plans remain largely unaffected by the current commodity price range, and our customer discussions regarding gas drilling opportunities continue to have a positive tone. Now, as Carey mentioned, we've taken steps to tightly control aspects of our business and strictly manage our spending. And the organization is well focused on free cash flow while we remain poised and well positioned for any and all emerging opportunities.

我們在美國和加拿大的客戶告訴我們，他們正在謹慎關注宏觀事件及其對油價的影響，同時他們對液化天然氣和天然氣機會保持樂觀。雖然我們的客戶正在密切關注這些趨勢，但以石油為目標的鑽探計劃在很大程度上不受當前商品價格範圍的影響，而且我們與客戶關於天然氣鑽探機會的討論仍然保持積極基調。現在，正如 Carey 所提到的，我們已經採取措施嚴格控制業務的各個方面並嚴格管理支出。公司高度重視自由現金流，同時我們始終保持鎮定，為所有新興機會做好充分準備。

So beginning in Canada, after a strong winter, we're rolling into spring break period with our most active fleet in over a decade. Today, we have 47 rigs operating that are essentially at the seasonal low. In this mix, we have 24 super triples and 23 super singles running straight through breakup, about 10% above last year's level. We expect to begin adding rigs in the first week of May. It should climb back up into the mid-60s by early July in line or slightly ahead of last year's trend.

因此，從加拿大開始，在經歷了一個寒冷的冬天之後，我們將迎來春假期間，擁有十多年來最活躍的船隊。目前，我們有 47 個鑽井平台在運行，基本上處於季節性低谷。在這個組合中，我們有 24 個超級三壘打和 23 個超級單壘打直接穿過分手區，比去年的水平高出約 10%。我們預計將於五月的第一周開始增加鑽機。到 7 月初，該數字應該會回升至 65 左右，與去年的趨勢一致或略高於去年的趨勢。

The rig mix will remain in the same proportions as this last winter with approximately 40% of our rigs in the Montney, Duvernay, Deep Basin, drilling gas and condensate targets, and those should be relatively unaffected by any WTI volatility. I remind the listeners that for many of our customers, the condensate volumes these wells produce more than covers the drilling and completion costs, and the Canadian market remains short condensate.

鑽機組合將保持與去年冬季相同的比例，其中約 40% 的鑽機位於蒙特尼、迪韋奈、深盆地，鑽探天然氣和凝析油目標，這些鑽機應該不會受到 WTI 波動的影響。我提醒聽眾，對於我們的許多客戶來說，這些油井生產的凝析油量足以覆蓋鑽井和完井成本，而加拿大市場仍然缺乏凝析油。

With LNG Canada's first shipments imminent and the potential for Phase 2 approval later this year, we expect long-term stability in the Montney with additional rigs likely required when the first phase is at full capacity early next year and with further rig additions if Phase 2 achieves FID. The balance of our Canadian activity will be almost all heavy oil related, and that is Clearwater, Mannville, Marten Hills, SAGD, and conventional heavy oil.

隨著 LNG Canada 首批貨物即將裝運以及第二階段可能在今年稍後獲得批准，我們預計 Montney 將保持長期穩定，當第一階段明年初滿負荷運轉時，可能需要更多鑽井平台，如果第二階段實現 FID，則可能需要進一步增加鑽井平台。我們在加拿大的業務平衡幾乎都與重油有關，即 Clearwater、Mannville、Marten Hills、SAGD 和常規重油。

During the first quarter, we upgraded and we activated an additional super single, increasing our fleet of 46 rigs available, with all of these committed for work through the summer and the fall. We have two remaining super singles cold stacked that are ready to reactivate, and we believe there are several good opportunities which may lead to firing up these rigs before next winter.

在第一季度，我們進行了升級，並啟動了另一台超級單機，使我們的可用鑽機隊伍增加到 46 台，所有這些鑽機都將在夏季和秋季投入工作。我們還有兩台剩餘的超級單機冷堆準備重新啟動，我們相信有幾個好機會可以在明年冬天之前啟動這些鑽孔機。

Despite the macro uncertainties, our Canadian customer base has learned to operate in a lean market with historically wider differentials, exercising capital discipline and operating efficiency as a prime strategy, and they've been doing this for a decade. Our customers' balance sheets are in the best shape they've been in since the early 2000s. The Trans Mountain pipe has narrowed their oil differentials. The drilling and completion costs are tightly managed, and our customers are well positioned to continue their programs through periods of market uncertainty.

儘管存在宏觀不確定性，我們的加拿大客戶群已經學會在歷史上差異較大的精益市場中運營，將資本紀律和營運效率作為主要策略，並且他們已經這樣做了十年。我們客戶的資產負債表處於 21 世紀初以來的最佳狀態。跨山輸油管已經縮小了石油價差。鑽井和完井成本受到嚴格管理，我們的客戶能夠很好地在市場不確定時期繼續他們的專案。

LNG Canada will be the first LNG export facility for Canada, and this new capacity will drive stable Montney gas activity for a very long time. My enthusiasm for our Canadian segment is well supported by these fundamentals, and I see a good runway for the next several years.

LNG Canada 將成為加拿大第一個液化天然氣出口設施，這項新產能將在很長一段時間內推動蒙特尼天然氣活動的穩定。這些基本面很好地支持了我對我們加拿大市場的熱情，並且我看到了未來幾年的良好發展勢頭。

So shifting gears for a moment, I'll discuss our Canadian well service segment which is also experiencing strong, although slightly lower than expected customer demand. It seems that during the first quarter, our customers prioritized spending on drilling programs and perhaps held back a little on abandonments and delayed some prospective workovers. Despite the 10% reduction in activity this year versus last, rig mix was focused on higher margin projects, and net cash flows were almost flat last year. Our customers continue to give us indications that this activity -- that the activity this summer should be in line with last year, and we will have no problem responding with available rigs and crews.

因此，讓我們暫時換個話題，我將討論一下我們的加拿大油井服務部門，該部門的客戶需求雖然略低於預期，但同樣表現強勁。看來，在第一季度，我們的客戶優先考慮鑽井項目的支出，並可能在廢棄項目上有所保留，並推遲了一些潛在的修井項目。儘管今年的活動量與去年相比減少了 10%，但鑽機組合主要集中在利潤率更高的項目上，去年的淨現金流幾乎持平。我們的客戶不斷向我們表示，今年夏天的活動應該與去年一致，我們將毫無問題地用可用的鑽孔機和工作人員做出回應。

Now we mentioned in our press release that we're exiting -- that we've exited North Dakota where we operated a fleet of 10 service rigs. We originally entered this market to provide services to Canadian customers operating in North America -- in North Dakota. And for several years, this business performed well.

我們在新聞稿中提到，我們將退出北達科他州，在那裡我們經營一支由 10 艘服務鑽井平台組成的船隊。我們最初進入這個市場是為了向在北美北達科他州營運的加拿大客戶提供服務。並且幾年來，這項業務表現良好。

When our Canadian customers exited the market, we were left competing with local mom and pop service providers for highly price sensitive customers. And although last year was a positive cash flow year for this segment, we did not achieve our targeted return on capital, and we decided to exit the market. We are moving six of the rigs back to Canada, and we'll sell the balance of the assets in the market.

當我們的加拿大客戶退出市場時，我們只能與當地的夫妻店服務提供者競爭對價格高度敏感的客戶。儘管去年該部門的現金流為正，但我們未能實現目標資本回報率，因此決定退出市場。我們正在將其中六個鑽井平台運回加拿大，並將在市場上出售剩餘的資產。

In our US drilling business, as Carey mentioned in his comments, we remain challenged by low utilization and sub-scale activity levels, with an average of 30 rigs operating in the first quarter. As mentioned in our press release and in Carey's comments, we've restructured our US sales and operations group to better focus on our customers' needs, their key performance metrics, and enhance our customer relationships. These changes included flattening the organization, eliminating several management positions, aligning sales, operations, and technology with collaborative customer objectives, and streamlining decision making and internal communication chain.

在我們的美國鑽井業務中，正如 Carey 在評論中提到的那樣，我們仍然面臨著利用率低和活動水平不達標的挑戰，第一季平均有 30 個鑽井平台在運作。正如我們的新聞稿和 Carey 的評論中所提到的，我們已經重組了美國銷售和營運團隊，以便更好地專注於客戶的需求和關鍵績效指標，並增強我們的客戶關係。這些變化包括簡化組織架構、取消多個管理職位、使銷售、營運和技術與協作客戶目標保持一致，以及簡化決策和內部溝通鏈。

Early indications are that a restructured organization is working very well, as our current activity level is now 34 rigs, up from 30 in the first quarter. And while contract churn will continue, we see a path to increase our US activity back to a level of appropriate scale.

早期跡象表明，重組後的組織運作良好，因為我們目前的活動水平是 34 個鑽機，高於第一季的 30 個。儘管合約流失仍將繼續，但我們看到了將美國業務活動恢復到適當規模的途徑。

In my opening comments, I mentioned that our customers remain cautious regarding oil-directed drilling, yet drilling plans remain in place. How we've seen this play out in one case is where a customer is indicating that our rigs will continue to operate through the year, but they will suspend completion activities for a period until they have more confidence in the oil price. I remain cautiously optimistic that our Permian, our DJ, and South Texas activity will remain stable through the summer and into the fall.

我在開場白中提到，我們的客戶對石油導向鑽井仍持謹慎態度，但鑽井計畫仍在實施。我們在一個案例中看到的情況是，一位客戶表示，我們的鑽井平台將在全年繼續運行，但他們將暫停完井活動一段時間，直到他們對油價更有信心為止。我仍然謹慎樂觀地認為，我們的二疊紀、 DJ 和南德克薩斯活動將在整個夏季和秋季保持穩定。

Now we continue to see a lot of interest in gas-directed drilling both in the Haynesville and Marcellus, and we currently expect to mobilize an additional ST 1500 rig to the Marcellus later this quarter. Now we continue to experience very active bidding activity in the Haynesville and expect reactivations later this quarter into the summer. With 10 precision super triple rigs stacked in Haughton, Louisiana, we believe we are very well positioned as our customers begin to pick up more rigs.

現在，我們繼續看到人們對海恩斯維爾和馬塞勒斯的氣體導向鑽井有著濃厚的興趣，我們目前預計將在本季度晚些時候向馬塞勒斯調動一台額外的 ST 1500 鑽機。現在，我們繼續在海恩斯維爾經歷非常活躍的競標活動，並預計本季晚些時候到夏季將重新活躍起來。透過在路易斯安那州霍頓堆放 10 台精密超級三重鑽孔機，我們相信，隨著我們的客戶開始購買更多鑽孔機，我們處於非常有利的地位。

Regarding leading-edge pricing, with customer demand firm and rig supply tight in the gas basins, we are seeing stronger pricing in the Haynesville and Appalachia than in the Permian, where contract churn is prevalent, and most of the price competition seems to be focused. I'll also add that customer interest and plans in these gas plays seems to be relatively unaffected by the macro uncertainties pressing on commodity prices.

至於前沿定價，由於客戶需求堅挺，且天然氣盆地鑽機供應緊張，我們看到海恩斯維爾和阿巴拉契亞地區的定價比二疊紀地區更高，而二疊紀地區的合約流失現象普遍存在，而且大多數價格競爭似乎都集中在那裡。我還要補充一點，客戶對這些天然氣項目的興趣和計劃似乎相對不受大宗商品價格受到的宏觀不確定性的影響。

Now turning to international business. In Kuwait, we continue to operate five rigs. Precision Rig 906, which was due to expire during the third quarter, has been extended and will continue to work through the end of this year. We believe it will either be extended further or recontracted after that. The remaining four rigs in Kuwait are contracted well into 2028.

現在轉向國際業務。在科威特，我們繼續經營五座鑽井平台。Precision Rig 906 原定於第三季到期，現已延長，並將持續工作至今年年底。我們相信此後該協議要么會進一步延長，要么會重新簽訂。科威特剩餘的四座鑽井平台的合約將持續到 2028 年。

We have one idle rig in Kuwait, but we'll continue to bid for projects in Kuwait and other areas in the region. However, contract awards have slowed, and we do not expect this rig to be contracted this year.

我們在科威特有一台閒置鑽孔機，但我們將繼續競標科威特和該地區其他地區的專案。然而，合約授予速度已經放緩，我們預計今年不會簽訂該鑽井平台的合約。

In Saudi Arabia, we are currently operating three rigs, but we have received a suspension notice for one rig, which will take effect in May and reduce our activity for two rigs likely for the balance of this year. Now we have no indications from our customer that either of the two remaining rigs will be affected, and they should continue working for the balance of the year.

在沙烏地阿拉伯，我們目前正在運作三個鑽井平台，但我們已收到一個鑽井平台的暫停通知，該通知將於 5 月生效，並可能在今年剩餘時間內減少兩個鑽井平台的活動。目前，我們沒有從客戶那裡得到任何跡象表明剩下的兩台鑽孔機將受到影響，它們應該會在今年剩餘時間內繼續工作。

So turning back to our planned reduction in capital spending, as Carey mentioned, we reduced our capital spending from $225 million down to $200 million. Let me break this down to $8 million dollar reduction in upgrade capital and $17 million dollar reduction in our maintenance or sustaining capital.

因此，回到我們計劃削減的資本支出，正如 Carey 所提到的，我們將資本支出從 2.25 億美元削減至 2 億美元。我將其細分為升級資本減少 800 萬美元和維護或維持資本減少 1700 萬美元。

So first on the sustaining capital reduction, I'll point out that we usually take advantage of year-end vendor discounts and pre-buy drill pipe and other rig components for the coming year. We did that in 2023. We did that again in 2024. And in our 2025 budget, we anticipated a similar year-end investment.

因此，首先關於持續的資本減少，我要指出的是，我們通常會利用年終供應商折扣並預先購買來年的鑽桿和其他鑽機零件。我們在 2023 年做到了這一點。2024 年我們又一次做到了這一點。在我們的 2025 年預算中，我們預期年底的投資額也會類似。

At this point, we removed that from our budget and comment that the remaining $158 million is in line with our initial activity estimates for the year. Regarding the $8 million reduction in upgrade capital, this was a budgeted placeholder for unidentified projects primarily in the United States and international markets. Should either of these markets rebound in 2025, we'll consider additional upgrade spending but only if the financial returns and contract terms meet our financial thresholds.

此時，我們從預算中刪除了這筆款項，並表示剩餘的 1.58 億美元與我們對今年的初步活動估計相符。關於減少 800 萬美元的升級資本，這是主要在美國和國際市場為未確定的項目預留的預算佔位符。如果這兩個市場中的任何一個在 2025 年反彈，我們會考慮增加升級支出，但前提是財務回報和合約條款符合我們的財務門檻。

Now regarding the steps we are taking to reduce our fixed costs to restructure our US operations team. These are very difficult steps for the Precision organization, and certainly we will miss the dedicated folks who are no longer on our team, and I thank them for their many contributions.

現在我們正在採取措施降低固定成本，重組我們的美國營運團隊。對於 Precision 組織來說，這些都是非常艱難的步驟，當然，我們會懷念那些不再留在我們團隊中的敬業人士，我感謝他們的許多貢獻。

That said, we believe it's essential to be sized and organized with the market that we see. It's also a key component of our core strategy to have tight control over every element of our business and our hand on every lever we control. This gives me confidence that we'll continue to deliver on our three strategic objectives despite whatever macro events impact our industry. We'll continue to provide high-value, high-performance services to our customers and remain well positioned for any market opportunities we uncover.

話雖如此，我們認為根據我們所看到的市場來確定規模和組織是至關重要的。嚴格控制業務的每個要素並掌控我們控制的每一個槓桿也是我們核心策略的關鍵組成部分。這讓我有信心，無論宏觀事件如何影響我們的產業，我們都將繼續實現我們的三大策略目標。我們將繼續為客戶提供高價值、高效能的服務，並為我們發現的任何市場機會保持有利地位。

So I'll conclude by thanking the employees of Precision for their dedication, their loyalty and hard work, and the strong safety, operational, financial results our team continues to deliver.

最後，我要感謝 Precision 員工的奉獻、忠誠和辛勤工作，以及我們團隊繼續提供的強大的安全、營運和財務表現。

With that, I'll now turn the call back to the operator for questions.

說完這些，我現在將電話轉回給接線員以回答問題。

(Operator Instructions) Aaron McNeil, TD Cowen.

（操作員指示）Aaron McNeil，TD Cowen。

Kevin, you spoke to the restructuring of the US sales and operations team that operations are subscale. Some of your peers have moved to a performance model. You've stuck with the day rate model. I know you're comfortable with the operational performance of your rigs just given all the investments you've made in automation. I can also appreciate that you've got visibility to adding rigs, so maybe this is off the mark, but I guess I'm just curious to hear what your prevailing view is on the performance model versus the day rate model and if you think the reluctance to move to a performance model is a headwind.

凱文，您談到了美國銷售和營運團隊的重組，營運規模不大。您的一些同行已經轉向績效模型。您堅持採用日費率模式。我知道，考慮到您在自動化方面所做的所有投資，您對鑽孔機的運作表現感到滿意。我也很欣賞您對增加鑽機的了解，所以這可能有點偏離主題，但我想我只是好奇想听聽您對性能模型與日費率模型的主流看法，以及您是否認為不願轉向性能模型是一種阻力。

Aaron, great question, and I didn't give a lot of guidance to our contract structure in the US right now. I would tell you that I still like the a la carte style of base rate for the rig plus add-on prices. It gives us lots of room to enhance our margins. But I comment that we do have right now, I think, about a third of our US rigs are operating under some form of performance contract where we receive an incentive to offer our customers better performance.

亞倫，這個問題問得很好，我目前還沒有對我們在美國的合約結構給予很多指導。我想告訴你，我仍然喜歡鑽孔機基本價格加上附加價格的點菜式。這給我們提供了很大的提高利潤的空間。但我想說的是，目前我們確實有大約三分之一的美國鑽井平台是在某種形式的性能合約下運作的，在這種合約下，我們可以獲得激勵，為客戶提供更好的性能。

The performance could be related to move times, could be related to drilling performance, or even fuel consumption. So I feel good about how we're being rewarded for any enhancements we can provide our customers for better performance right now. I don't think it's going to permeate across our entire fleet, but we're certainly open to the idea of having rewards linked to things we can control and deliver better performance.

此性能可能與移動時間有關，可能與鑽井性能有關，甚至與燃料消耗有關。因此，我很高興看到我們因能夠為客戶提供更好的性能而獲得的任何改進而獲得回報。我不認為它會滲透到我們的整個車隊，但我們當然願意接受將獎勵與我們能夠控制並提供更好表現的事物掛鉤的想法。

Okay, and I know I was oversimplifying there, but thanks for that. I'm not sure if the next one is for Kevin or Carey, but both of you have done an admirable job of fixing the balance sheet over many, many years and have much better insights into the business from the inside than we do from the outside. So I guess with all that in mind, what's the rationale to continue to pay down debt here instead of maybe focusing more free cash flow on meaningfully buying back the stock?

好的，我知道我把事情過於簡化了，但還是謝謝你。我不確定下一個是凱文還是凱裡，但你們倆多年來在修復資產負債表方面做得非常出色，而且你們從內部對業務的了解比我們從外部了解的要深入得多。因此，我想，考慮到所有這些，繼續償還債務而不是將更多的自由現金流集中用於有意義地回購股票的理由是什麼？

Yeah, Aaron, I mean, I think part of the success we've had is just a commitment to delever. We set out targets every year, and we stick to them. And so we have investors all the time asking us to adjust one way or the other, and we think that planning this capital structure for the long term with annual commitments is going to generate the most success for our shareholders.

是的，亞倫，我的意思是，我認為我們所取得的成功部分源自於我們對去槓桿的承諾。我們每年都會設定目標，並堅持實現這些目標。因此，投資者一直要求我們做出這樣或那樣的調整，我們認為，透過年度承諾來規劃長期資本結構將為我們的股東帶來最大的成功。

So I think for this year we're sticking with our guidance of $100 million of debt reduction and allocating maybe a little bit less than that to share repurchases, and we want to get to the 1 times level. I mean, we've got a really good capital structure in place with a lot of liquidity and termed out debt that's at good coupons, but we made a commitment to get to below 1 times, and we're going to stick with it.

因此我認為，今年我們將堅持 1 億美元債務削減的指導方針，並分配略少於該數額的資金用於股票回購，我們希望達到 1 倍的水平。我的意思是，我們有一個非常好的資本結構，擁有大量流動性和具有良好票面利率的定期債務，但我們承諾將利率降至 1 倍以下，而且我們會堅持下去。

Fair enough.

很公平。

Yeah, Aaron, I'll add to that. I don't think 1 is a magic number, but I do think that between a combination of being low leverage and having kind of long-term maturity gives us more confidence to weather through periods of uncertainty and also focus on maximizing liquidity so that we can fund the business when it rebounds after these periods of uncertainty. So I feel good about our direction right now.

是的，Aaron，我會補充這一點。我不認為 1 是一個神奇的數字，但我確實認為，低槓桿率和長期成熟度的結合讓我們更有信心度過不確定時期，同時也專注於最大化流動性，以便我們能夠在這些不確定時期後業務反彈時為業務提供資金。所以我現在對我們的方向感到很滿意。

You might notice that during the first quarter we actually applied a little more cash to share repurchases than debt reduction. I think we'll try to be intelligent with how we apply capital, but we'll stay inside the guidelines we put forward.

您可能會注意到，在第一季度，我們用於股票回購的現金實際上比用於削減債務的現金要多一些。我認為我們會盡力明智地運用資本，但我們會遵循我們提出的指導方針。

Keith MacKey, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Keith MacKey。

Just a point of clarification to start out, so the $25 million dollar capital reduction, understand what that's all for, but technically does that mean you end up with more excess free cash flow or are you anticipating that you're going to see a decrease in cash from operations and this is a way to even it out? Or are you ultimately expecting to have more free cash flow from spending less capital?

首先需要澄清一點，2500 萬美元的資本減少，明白這是為什麼嗎，但從技術上講，這是否意味著您最終會獲得更多的自由現金流，或者您是否預計經營現金流會減少，而這是一種平衡的方法？或者您最終期望透過花費更少的資本來獲得更多的自由現金流？

Yeah, Keith, I would just say that we are fully confident that we're going to meet our meet our capital allocation guidance whether the capital expenditures were $225 million or $200 million. Meeting that guidance was not a driver for reducing capital. I think it's just running all of our cash outflows as tightly as we can, whether that's operating cost or capital expenditures. That's what we're doing.

是的，基思，我只想說，無論資本支出是 2.25 億美元還是 2 億美元，我們都完全有信心實現我們的資本配置指引。滿足該指導並不是減少資本的驅動因素。我認為我們只是盡可能嚴格地控制所有現金流出，無論是營運成本還是資本支出。這就是我們正在做的事情。

Yeah, understood. And just on the changes you've made in the US, Carey. The normalized day margin for Q2 is a little bit lower than what we had in our model. I'm not saying our model is the one that's correct, but nevertheless, you've made some changes in the US, and yet we see margins below where we would have had them before these changes. So can you just walk us through a little bit more about the impact of the changes you've made and how you see that flowing through margins in Q2 and beyond?

是的，明白了。凱裡，談談你在美國所做的改變。第二季的標準化日利潤率比我們模型中的略低。我並不是說我們的模型是正確的，但儘管如此，你們在美國做出了一些改變，但我們看到的利潤率低於這些改變之前的水平。那麼，您能否向我們詳細介紹您所做改變的影響，以及您認為這些改變將如何影響第二季及以後的利潤率？

Yeah, so the margins on balance will reduce our fixed cost, our overall fixed cost, and then our fixed cost per day will be a function of the total fixed cost and activity. So as we have more rigs, that fixed cost per day will go down and margins should go up based on the lower fixed cost per day. But there are going to be, as I mentioned in my comments, there's going to be a little bit of noise in those margins as we increase the number of rigs running with rig mobilizations and rig reactivations that kind of come up when you don't have a steadier rig count. And so I think as we are adding rigs throughout the year, we're going to see kind of some bumps on the operating cost. But when we get to, as Kevin said, in a kind of an appropriate scale level, you should see those margins continue to go up.

是的，因此，平衡利潤將降低我們的固定成本，我們的總固定成本，然後我們每天的固定成本將是總固定成本和活動的函數。因此，隨著我們擁有更多的鑽機，每日固定成本將會下降，利潤率應該會根據較低的每日固定成本而上升。但是，正如我在評論中提到的那樣，當我們增加鑽機運行數量時，這些利潤率中會出現一些噪音，而當鑽機數量不穩定時，鑽機調動和鑽機重新啟動就會出現這種情況。因此我認為，隨著我們全年增加鑽機數量，我們將會看到營運成本上升。但正如凱文所說，當我們達到適當的規模水平時，你應該會看到這些利潤率繼續上升。

Okay, got it.

好的，明白了。

Keith, I'll add to that. And I did -- my comments included the mention of a likely rig mobilization from Texas to the Marcellus. That's obviously covered by the contract value, but it's lumpy. We'll pay for that move upfront, and then recover it through the contract.

基思，我要補充一點。我確實這麼做了——我的評論中提到了從德克薩斯州到馬塞勒斯的鑽井平台調動的可能性。這顯然包含在合約價值中，但數額卻很大。我們將預先支付搬家費用，然後透過合約收回。

Got it. Maybe just to follow up on that a little bit. So you're doing some rig reactivations based on natural gas space and demand. Sounds like there could be a couple there, but there's also a lot of uncertainty on the oil front. So just what really gives you the confidence to be able to activate new rigs for gas basins instead of just kind of looking to see if you have some spare rigs, spare hot rigs from oil basins that you could just move over, or is it really just not realistic to work it that way?

知道了。也許只是稍微跟進一下這一點。因此，您要根據天然氣空間和需求重新啟動一些鑽孔機。聽起來可能有幾個，但石油方面也存在著許多不確定性。那麼，究竟是什麼讓您有信心為天然氣盆地啟動新的鑽井平台，而不是僅僅看看您是否有一些備用鑽井平台、來自油盆地的備用熱鑽井平台可以轉移過來，還是說這樣做真的不現實？

Well, no, actually it's exactly what we're doing, but if the rig is moving to the Marcellus, likely we have a rig move tied to that that we'll be recovering in the contract, but we still have to pay for that rig move upfront. In the Haynesville, if you noticed my comments, I think we have nine idle rigs in the Haynesville that are not active right now. It is less expensive to activate those rigs than mobilize rigs from their idle in -- or they may even be hot in the Permian back to the Haynesville.

嗯，不，實際上這正是我們正在做的事情，但如果鑽井平台要移至馬塞勒斯，我們很可能有一個與之相關的鑽井平台移動，我們將在合約中恢復，但我們仍然必須預先支付鑽井平台移動的費用。在海恩斯維爾，如果你注意到我的評論，我認為我們在海恩斯維爾有九個閒置的鑽孔機，目前沒有投入使用。啟動這些鑽孔機比調動閒置的鑽孔機成本更低——或者它們甚至可能在二疊紀盆地熱起來並返回海恩斯維爾。

Okay, got it. Thanks for that.

好的，明白了。謝謝。

So we always make the decision that has the minimum cash impact and utilize the closest best available rig.

因此，我們總是做出對現金影響最小的決策，並利用最近的最佳可用鑽孔機。

Waqar Syed, ATB Capital Markets.

Waqar Syed，ATB 資本市場。

Kevin, Carey, is there a rule of thumb that we can use for rig mobilization or rig reactivation costs for rig pick-up in the Haynesville and Appalachia?

凱文、凱裡，在海恩斯維爾和阿巴拉契亞地區，對於鑽孔機的調動或重新啟用成本，我們可以使用什麼經驗法則呢？

It depends on which rig you're picking up and when it's happening, but it's typically between $500,000 and $1 million dollars to either reactivate or remobilize a rig, something in that range.

這取決於您要選擇哪種鑽孔機以及何時發生，但重新啟動或重新調動鑽孔機的費用通常在 50 萬至 100 萬美元之間，大約在這個範圍內。

Yeah. And are you seeing that --

是的。你看到了嗎--

That's just a pure reactivation -- To give you a little more clarity, those rigs in the Haynesville have been down now for approaching two years. So if we reactivate a rig, we have to change the fluids, change some of the rubber products. That's probably something in the $500,000 range. If we're moving an active rig, the mobilization cost will be more than that, but the rig doesn't require that start-up cost.

這只是一次純粹的重新啟動——為了讓您更清楚地了解，海恩斯維爾的那些鑽井平台已經停駛了將近兩年。因此，如果我們重新啟動鑽孔機，我們必須更換液體，更換一些橡膠產品。這可能在 50 萬美元左右。如果我們移動一台活躍的鑽孔機，動員成本將會高於這個數字，但鑽孔機不需要啟動成本。

It doesn't -- it feels that if a rig is down for two years, $0.5 million or $1 million reactivation cost may be at the lower end? Are you comfortable with those numbers?

事實並非如此——如果鑽井平台停工兩年，50 萬美元或 100 萬美元的重新啟動成本可能處於較低水準？您對這些數字滿意嗎？

Yeah, we are. It really is just rubber products. I mean, what the industry often does when it has been down for a long time is not -- specifically, the industry will sometimes take drill pipe off a rig and borrow some spare parts off the rig, so reactivation costs can be higher if you're backfilling borrowed drill pipe or backfilling spare parts on the rig. I don't expect we'll have much of that.

是的，我們是。它實際上只是橡膠製品。我的意思是，當這個行業長期處於停工狀態時，它經常會做的事情並不是——具體來說，這個行業有時會從鑽機上取下鑽桿，並從鑽機上借用一些備件，因此，如果你回填借來的鑽桿或在鑽機上回填備件，重新啟動的成本可能會更高。我並不認為我們會有太多這樣的情況。

Okay. And what's the impact on your CapEx and maybe also on OpEx of these tariffs both in the US and Canada?

好的。這些關稅對美國和加拿大的資本支出和營運支出有何影響？

Waqar, could you repeat that question?

瓦卡爾，你能重複這個問題嗎？

So the impact on your capital budget as well as on your operating costs of these tariffs and counter tariffs?

那麼這些關稅和反關稅對您的資本預算以及營運成本有何影響？

Oh, tariffs. Okay. Sorry, I was just missing that one word there. The big part for -- the big impact for drilling contractors is on drill pipe. That's the kind of the highest dollar consumable item.

哦，關稅。好的。抱歉，我剛才漏掉了一個字。對鑽井承包商來說，影響最大的是鑽桿。這是價值最高的消費品。

So there's going to be a little bit of impact on new drill pipe that we purchased. I mean, if you've been following our story for the past couple of years, we've gotten well ahead of drill pipe needs in bulk purchases. But I think there will be a little bit of increased cost on drill pipe. Drill pipe prices regardless of tariffs, move around quite a bit. And I think even with tariffs, drill pipe wouldn't be as expensive as it was a couple of years ago.

因此，我們購買的新鑽桿會受到一點影響。我的意思是，如果您過去幾年一直在關注我們的故事，您會發現我們在大量採購鑽桿方面已經遠遠超過了需求。但我認為鑽桿的成本會稍微增加一點。無論關稅如何，鑽桿價格都會有很大波動。我認為即使加上關稅，鑽桿也不會像幾年前那麼貴。

So I think it's a cost that we're going to be able to manage. Absent -- aside from drill pipe, we have some tariff exposure on consumable parts, but we have alternate supply sources in alternate domestic supply sources. So we don't anticipate a big problem on either equipment deliveries or cost. And I think we're a bit fortunate as drilling contractors in that we're running machines that are already in place, and the cost is really just repair and maintaining them and then paying the people to run them. So it's not nearly as big of an impact for our business as it would be for some other companies.

所以我認為這是我們能夠負擔的成本。缺失－除了鑽桿之外，我們在消耗品零件上也面臨一些關稅風險，但我們在國內替代供應源方面有替代供應源。因此，我們預計設備交付或成本不會有大問題。我認為，作為鑽井承包商，我們很幸運，因為我們運行的是已經到位的機器，成本實際上只是維修和保養牠們，然後支付人員操作它們的費用。因此，它對我們業務的影響並不像對其他一些公司那麼大。

Carey, maybe it's worth mentioning some of the work you've done with the IADC on trying to communicate to policymakers around tariffs.

凱裡，也許值得一提的是，您與 IADC 合作開展的一些工作，試圖就關稅問題與政策制定者進行溝通。

Yeah. I'll just mention a few weeks ago, the IADC hosted a group of drilling contractor representatives to have meetings with US Congress people about the impact of these tariffs on drilling contractors and our customers and really just the benefit of the oil and gas industry for the United States. And I think it was positive to see the support from Congress people for the industry and their openness to hearing maybe the impact some of these tariffs would have on the industry in general.

是的。我只想提一下，幾週前，IADC 接待了一批鑽井承包商代表，與美國國會議員舉行會議，討論這些關稅對鑽井承包商和我們的客戶的影響，以及石油和天然氣行業對美國的實際利益。我認為，看到國會議員對該行業的支持以及他們願意聽取部分關稅對整個行業的影響是積極的。

And would you explain to us, what those impacts could be beyond the drill pipe costs that you mentioned?

您能否向我們解釋一下，除了您提到的鑽桿成本之外，還會產生哪些影響？

Yeah. I mean, I think it's just probably the same squaring that everybody else is trying to do, where the administration is trying to get oil prices lower. But if you have tariffs on products that are used by the oil and gas industry, it could make operating costs a bit higher for our customers. So just making sure that everybody understood the implications that tariffs may have on the industry at large.

是的。我的意思是，我認為這可能和其他人試圖做的一樣，政府正在試圖降低油價。但如果對石油和天然氣行業使用的產品徵收關稅，這可能會使我們的客戶的營運成本更高一些。因此，要確保每個人都了解關稅可能對整個產業產生的影響。

And Kevin, one of your E&P customers in Canada talked about cost deflation in Canada, up to about 10%. Are you seeing any pressure on price for services in Canada?

你們在加拿大的一位 E&P 客戶 Kevin 談到了加拿大的成本通貨緊縮，最高可達 10% 左右。您是否發現加拿大的服務價格面臨壓力？

Thank you for the question. I was waiting for that one. So I would tell you that we always have that pressure on pricing in our face. It only eases back when the industry is in a real growth mode, and we haven't seen that real growth mode for a long time. So there's always cost pressures or price pressures back from our customers.

謝謝你的提問。我正在等待那個。所以我想告訴你，我們總是面臨定價的壓力。只有當產業處於真正的成長模式時，這種趨勢才會減緩，而我們已經很久沒有看到這種真正的成長模式了。因此，我們的客戶總是面臨成本壓力或價格壓力。

Even in Canada, where we're almost fully utilized and there might not be many other rigs in the market. Our customers continually try to push back on price. And certainly, those negotiations are ongoing. No question, when you're in a period of kind of broader uncertainty, they ramp up that work to try to cut their costs. What I'd tell you is that I think we're focused on managing our margins very effectively here, likely trying to raise our margins, working with our customers to find ways to be more efficient, but being paid for that efficiency.

即使在加拿大，我們的鑽孔機也幾乎被充分利用，而且市場上可能也沒有太多其他鑽孔機。我們的客戶不斷試圖壓低價格。當然，這些談判仍在進行中。毫無疑問，當你處於更廣泛的不確定時期時，他們會加強工作力度，試圖削減成本。我想告訴你的是，我認為我們專注於非常有效地管理我們的利潤，可能會試圖提高我們的利潤，並與我們的客戶合作尋找更有效的方法，但我們也會為這種效率付費。

So we're certainly not projecting a 10% reduction in margins or pricing in this market.

因此，我們當然不會預測這個市場的利潤率或價格會下降 10%。

And is the pressure more on the super singles versus super triples or is it the same in those asset classes?

超級單筆交易的壓力是否比超級三筆交易更大，還是這些資產類別的壓力相同？

Yeah. So first of all, I'd guide you that I don't expect margins in either product line to be reduced. In fact, we expect to see margins rise. We probably have less third-party competition or peer group competition on super singles than we do on super triples. But we have really strong market positions in both and great performance in both. So it's not one of the high risks right now that we're weighing as we think about our business for the balance of this year.

是的。因此首先我要告訴大家，我預計這兩條產品線的利潤率都不會降低。事實上，我們預期利潤率將會上升。在超級單打比賽中，我們面臨的第三方競爭或同儕的競爭可能比在超級三重比賽中要少。但我們在這兩個領域都擁有非常強大的市場地位，並且表現出色。因此，當我們考慮今年剩餘的業務時，這並不是我們正在權衡的高風險之一。

Waqar, just to add that, if you heard my guidance for Q2 margins, they're effectively the same as last year, potentially higher than last year.

瓦卡爾，我補充一點，如果你聽過我對第二季利潤率的預測，你會發現它們實際上與去年相同，甚至可能高於去年。

With more super singles in the mix.

混合了更多超級單曲。

Correct.

正確的。

And then just one final question, Carey, shortfall revenues, should we be expecting some in Q2 or for the second half of 2025?

然後最後一個問題，Carey，我們是否應該預期收入缺口會在第二季或 2025 年下半年出現？

We may have some. We typically don't guide for that.

我們可能有一些。我們通常不對此進行指導。

John Gibson, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的約翰吉布森 (John Gibson)。

I just had one generally sort of a broader question. What are your conversations like with producers in this environment in both Canada and the US? Is there a specific commodity price, be it oil or gas, where we could see a significant change in capital spending plans for the year? I'm just wondering what your expectations are obviously in a lower commodity environment here.

我只是想問一個比較廣泛的問題。在這種環境下，您與加拿大和美國的生產商的對話是怎樣的？是否有特定的商品價格（無論是石油還是天然氣），我們可以看到今年的資本支出計畫發生重大變化？我只是想知道，在商品環境較低的情況下，您的期望是什麼。

Yeah. So often the information you get from our customers is designed to create pricing tension with us. So we don't get the cleanest information about what their thresholds are generally. We don't get that great information. But it does feel like in the US and the oily basins, low 60s, high 50s is probably stable. Get below kind of high 50s and the uncertainty level increases.

是的。因此，您從我們的客戶那裡獲得的資訊通常是為了與我們產生價格緊張關係。因此，我們無法獲得有關它們的閾值通常是多少的最清晰的資訊。我們沒有得到那麼好的信息。但感覺在美國和油田，60 度以下、50 度以上可能比較穩定。低於 50 多度時，不確定性水準就會增加。

In Canada, because we have an exchange rate advantage and the WCS discounts narrowed with the Trans Mountain pipeline, that number might be a little lower. It might be more like low 50s or 50-ish before our customers get too nervous about activity. Now that's a sense from us. No customers give us a hard line or a hard threshold. They're continually trying to press us for lower rates. And so I'd say it's not necessarily hardline numbers that we can stand on.

在加拿大，由於我們擁有匯率優勢，而且隨著跨山輸油管的開通，WCS 折扣縮小，這個數字可能會略低一些。在我們的客戶對活動感到過於緊張之前，這個比例可能更像是 50 出頭或 50 左右。這是我們的感覺。沒有客戶會給我們設定硬性界線或硬性門檻。他們不斷向我們施壓，要求降低利率。所以我想說，我們不一定能堅持強硬的數字。

John Daniel, Daniel Energy Partners.

約翰·丹尼爾，丹尼爾能源合作夥伴。

Kevin, I know this question is not -- the well service business is not -- wasn't material to you guys in the US. But I'm just curious of the decision to move out, was that a customer consolidation because of that lack of scale, bad behavior from your local well service peers? Just what kind of drove that? And then is there a read-through to maybe some of the similar sub-10 rig businesses in Canada that might see the same thing, if you will? Just your thoughts.

凱文，我知道這個問題不是——油井服務業務不是——對你們美國人來說並不重要。但我只是對搬遷的決定感到好奇，這是由於缺乏規模、當地油井服務同行的不良行為而進行的客戶整合嗎？究竟是什麼原因導致了這種情況？那麼，您是否可以看看加拿大一些類似的 10 以下鑽機企業是否也會出現同樣的情況？只是你的想法。

John, first thing I'll say is you've been around the well service business darn near as long as I have been. So you understand the dynamics really well. And your question demonstrates that. The number one reason is that our Canadian customers that were pressing into North Dakota sold their assets.

約翰，首先我要說的是，你從事油井服務業的時間幾乎和我一樣長。所以你非常了解其中的動態。您的問題就證明了這一點。首要原因是，我們那些進軍北達科他州的加拿大客戶出售了他們的資產。

And then we are faced with, I'd say, that more price-sensitive customers that are happy with the service quality and safety offered by local mom and pops. And we have a hard time competing in that kind of an environment. So it was price sensitivity. If safety quality and crew capability was at a higher value, we might still be there.

然後，我想說，我們面臨的是更多對價格敏感的顧客，他們對當地夫妻店提供的服務品質和安全性感到滿意。在這樣的環境下我們很難競爭。所以這是價格敏感度。如果安全品質和機組人員能力更高，我們可能還會在那裡。

Aaron Rosenthal, JPMorgan.

摩根大通的亞倫羅森塔爾。

Just wanted to touch on a quick clarifying point. On the international front, the rig drop that was called out in the release, and then you had mentioned that there was some moving pieces on the international front in the prepared remarks. Just wanted to confirm that there was only one international rig drop and the suspension that was referenced in the release was the rig in Kingdom. Is that correct?

我只是想簡單澄清一下。在國際方面，新聞稿中提到了鑽井數量下降，然後您在準備好的發言中提到了國際方面出現了一些令人興奮的事情。只是想確認只有一個國際鑽機下降，並且發布中提到的暫停是王國中的鑽機。對嗎？

That's correct.

沒錯。

Okay. And then I think you also mentioned that no expectations for impact for the other two rigs in the region. Any kind of broader comments you could provide on activity levels or anything you're hearing from a broader macro landscape in that region that you're able to provide?

好的。然後我想您也提到了預計不會對該地區另外兩座鑽井平台產生影響。您能否就活動水平提供任何更廣泛的評論，或者您能提供任何關於該地區更廣泛的宏觀形勢的信息？

Yeah. Well, certainly, in Saudi Arabia, it's a single customer market, and they don't broadly communicate their drilling strategy across their fleet of rigs. But we do hear that our rig that has been suspended will be among a large group of rigs that are being suspended. And how large that group is, we don't know. But we understand there'll be a number of suspensions occurring or that already have occurred that maybe haven't made it to the market yet.

是的。嗯，當然，沙烏地阿拉伯是一個單一客戶市場，他們不會在其鑽井隊伍中廣泛傳達其鑽井策略。但我們確實聽說，我們暫停營運的鑽井平台將成為一大批暫停營運的鑽井平台之一。我們不知道這個群體到底有多大。但我們知道，將會有一系列暫停措施發生，或者已經發生過一些可能尚未進入市場的情況。

And then on the Haynesville basin, sorry if I missed this, the work that you alluded to coming up in 2Q or in the summer, I guess, relative to the 9 to 10 rigs that you have, I guess, idle in the region. Are you able to quantify the level of rig demand in that timeframe?

然後關於海恩斯維爾盆地，如果我錯過了這一點，我很抱歉，您提到的工作將在第二季度或夏天進行，我想，相對於您在該地區閒置的 9 到 10 個鑽井平台而言。您能量化該時間範圍內的鑽孔機需求水準嗎？

Yeah. I'll stop short of doing that because I'd say the bid intensity right now is quite high. So lots of bids, but it's still hard for us to determine how many of those bids will turn into rigs rotating to the right. Bidding activity is up. Our customers are converting more of those contracts now, which is clear.

是的。我不會這麼做，因為我認為目前的出價強度相當高。出價很多，但我們仍然很難確定其中有多少出價會變成向右旋轉的鑽孔機。競標活動正在增加。很明顯，我們的客戶現在正在轉換更多的合約。

I think both us and some of our in-basin peers are seeing increasing activity. But it's still hard to handicap how many of those bids will actually turn into rigs and how soon that will happen. So I think for us, we're talking about one, two, three, four rigs in the next couple of months, not 10 rigs in the next couple of months.

我認為我們和我們的一些盆地同行都看到了日益增加的活動。但仍很難預測這些投標中有多少會真正轉化為鑽井平台，以及這種情況會在多快的時間內發生。所以我認為，對我們來說，我們談論的是未來幾個月內一、二、三、四座鑽井平台，而不是未來幾個月內十座鑽井平台。

And I'm not showing any further questions at this time. I'd like to turn the call back over to Lavonne for any closing remarks.

我現在不想再問任何問題。我想將電話轉回給 Lavonne，請她做最後發言。

Thank you, everyone, for taking the time to listen to our first-quarter earnings call and wishing you a good day. If you have any follow-up questions, please feel free to send an email to myself or give me a call. Thank you.

感謝大家抽空聆聽我們的第一季財報電話會議，並祝大家有個美好的一天。如果您有任何後續問題，請隨時給我發送電子郵件或致電我。謝謝。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

女士們、先生們，今天的演講到此結束。現在您可以斷開連接，享受美好的一天。