Precision Drilling Corp (PDS) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Precision Drilling Corporation 2025 third-quarter results conference call and webcast. I would now like to hand the conference over to Lavonne Zdunich, Vice President of Investor Relations. Please go ahead.

您好，感謝您的支持。歡迎參加 Precision Drilling Corporation 2025 年第三季業績電話會議和網路廣播。現在，我想將會議交給投資者關係副總裁 Lavonne Zdunich。請繼續。

Good morning, and thank you for joining Precision Drilling's third-quarter conference call and webcast. Earlier this month, we announced the retirement of Kevin Neveu and the appointment of Carey Ford to President and Chief Executive Officer, Gene Stahl to Chief Operating Officer, and Dustin Honing to Chief Financial Officer. Kevin retires after serving as President and CEO for one of the longest tenures of any oilfield service CEO. We would like to thank Kevin for his many contributions during his time with PD.

早安，感謝您參加 Precision Drilling 第三季電話會議和網路廣播。本月初，我們宣布 Kevin Neveu 退休，並任命 Carey Ford 為總裁兼首席執行官，Gene Stahl 為首席營運官，Dustin Honing 為財務長。凱文擔任總裁兼首席執行官，是油田服務公司中任期最長的首席執行官之一，之後他退休了。我們要感謝 Kevin 在 PD 任職期間所做的許多貢獻。

Before I pass the call over to Carey and Dustin today, I would like to recap some of our Q3 highlights. Precision Drilling activity outperformed industry and our US drilling activity continues to grow. Our operating margins are resilient and within guidance. We increased our 2025 capital budget by $20 million to allow for five additional contracted rig upgrades as several of our Canadian and US customers are taking a long-term view of demand for energy.

今天，在我將電話轉給 Carey 和 Dustin 之前，我想回顧一下我們第三季的一些亮點。精密鑽井活動表現優於業界，且我們的美國鑽井活動持續成長。我們的營業利潤率具有彈性且在指導範圍內。由於我們的幾位加拿大和美國客戶對能源需求有著長遠的考慮，我們將 2025 年的資本預算增加了 2000 萬美元，以便為另外五個合約鑽機升級提供資金。

And finally, we are on track to meet our 2025 capital allocation plans, having already achieved our debt reduction target. Please note that some 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 available on SEDAR and EDGAR.

最後，我們已實現債務削減目標，並有望實現 2025 年資本配置計畫。請注意，今天的一些評論將參考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 上提供的其他監管文件。

With that, I will turn it over to Dustin Honing, our new CFO.

接下來，我將把權力移交給我們的新任財務長達斯汀‧霍寧 (Dustin Honing)。

Thank you, Lavonne, and good morning or good afternoon, depending on where you're calling today. Our Q3 results demonstrate Precision's commitment to delivering on our strategic priorities in positioning the business for long-term success. We recorded adjusted EBITDA of $118 million, which equates to $129 million before share-based compensation expense, compared with prior-year EBITDA of $142 million.

謝謝你，拉沃恩，早安或下午好，這取決於你今天打電話到哪裡。我們的第三季業績顯示 Precision 致力於實現我們的策略重點，為業務的長期成功奠定基礎。我們記錄的調整後 EBITDA 為 1.18 億美元，相當於扣除股權激勵費用前的 1.29 億美元，而去年同期的 EBITDA 為 1.42 億美元。

In Canada, drilling activity averaged 63 active rigs, a decrease of nine rigs from Q3 2024, resulting from customer projects being deferred to the upcoming winter season. A report of Q3 daily operating margins were $13,007 a day, compared to $12,877 a day in the third quarter of 2024, well within our prior guidance range.

在加拿大，鑽井活動平均有 63 個活躍鑽機，比 2024 年第三季減少了 9 個，因為客戶專案被推遲到即將到來的冬季。報告顯示，第三季每日營業利潤率為 13,007 美元，而 2024 年第三季為 12,877 美元，遠低於我們先前的指導範圍。

In the US, we averaged 36 rigs, an increase of three rigs from the previous quarter, primarily due to Precision strength and gas-weighted basins. In Q3, daily operating margins for the quarter were steady at USD8,700 a day compared to USD9,026 a day in the second quarter, also within our prior guidance range. With favorable positioning in the US natural gas market, we continue to add to our US rig count, which has increased from a low of 27 rigs in Q1 to a high of 40 rigs today, a reflection of strong field performance recognized by our customers and the efforts of our sales team.

在美國，我們平均擁有 36 台鑽孔機，比上一季增加了 3 台，這主要歸功於 Precision 實力和天然氣加權盆地。第三季度，本季每日營業利潤率穩定在 8,700 美元，而第二季為 9,026 美元，也在我們先前的指導範圍內。憑藉在美國天然氣市場的有利地位，我們繼續增加美國鑽井平台數量，從第一季的 27 座低位增加到今天的 40 座高位，這反映了我們客戶認可的強勁現場表現以及我們銷售團隊的努力。

While contract churn continues to challenge activity levels, we are encouraged by the quantity and quality of conversations tied to future opportunities in all bases. Internationally, Precision's drilling activity averaged seven rigs, down from eight rigs in prior-year Q3. International day rates averaged USD53,811 a day, an increase of 14% from prior-year Q3 due to rigs recertification with non-billable days recognized in 2024.

雖然合約流失繼續對活動水平構成挑戰，但我們對所有基地與未來機會相關的對話的數量和質量感到鼓舞。在國際上，Precision 的鑽井活動平均有 7 個鑽井平台，低於去年第三季的 8 個鑽井平台。國際日費率平均為每天 53,811 美元，較去年第三季增長 14%，原因是鑽機重新認證，並在 2024 年確認了不可計費天數。

In our C&P segment, adjusted EBITDA was $19.3 million, which compares to $19.7 million from prior-year Q3. Our strong presence in Canada's heavy oil and unconventional natural gas markets, combined with our favorable positioning in the US, has provided us the ability to capitalize and rig upgrade opportunities, underpinned by firm customer contract commitments.

在我們的 C&P 部門，調整後的 EBITDA 為 1,930 萬美元，而去年同期第三季為 1,970 萬美元。我們在加拿大重油和非常規天然氣市場的強大影響力，加上我們在美國有利的市場定位，使我們有能力利用和升級鑽機的機會，並以堅定的客戶合約承諾為基礎。

During the quarter, we increased our planned 2025 capital expenditures from $240 million to $260 million, comprised of $151 million for sustaining and infrastructure and $109 million for upgrading and expansion. The plan is inclusive of five additional contract-backed upgrades added this quarter. Our added contracted backlog in the third quarter far exceeds the increase in our 2025 capital plan, ensuring strong financial returns as we strengthen both the marketability of our rig fleet and customer alignment in key regions.

在本季度，我們將計劃的 2025 年資本支出從 2.4 億美元增加到 2.6 億美元，其中 1.51 億美元用於維持和基礎設施建設，1.09 億美元用於升級和擴建。該計劃包括本季度新增的五項合約支援的升級。我們第三季新增的合約積壓訂單遠遠超過了我們2025年資本計畫的增幅，確保了強勁的財務回報，因為我們加強了鑽井船隊的適銷性和關鍵地區的客戶一致性。

Even with this increase in capital, we remain firmly committed to our strategic priorities. As of September 30, we've met our annual debt reduction target, reducing our debt by $101 million and are well on our way to allocating between 35% and 45% of our free cash flow to share buybacks. We have repurchased $54 million worth of shares during the first nine months of the year.

即使資本增加，我們仍然堅定地致力於我們的策略重點。截至 9 月 30 日，我們已實現年度債務削減目標，將債務減少了 1.01 億美元，並且正在順利將 35% 至 45% 的自由現金流分配給股票回購。今年前九個月，我們回購了價值 5,400 萬美元的股票。

Moving on to forward guidance, I will begin with our expectations for the fourth quarter. While our outlook for the remainder of the year remains positive, it will continue to be commodity price dependent. In Canada, we are expecting activity for this year's winter drilling season to meet or slightly exceed last year's winter activity. Q4 rig counts should be similar to Q4 2024, which averaged 65 rigs.

談到前瞻性指引，我將從我們對第四季的預期開始。儘管我們對今年剩餘時間的展望仍然樂觀，但它仍將取決於大宗商品價格。在加拿大，我們預計今年冬季鑽井季節的活動將達到或略超過去年冬季的活動。第四季鑽井數量應與 2024 年第四季相似，平均為 65 座鑽井。

Keep in mind, this includes the seasonal slowdown for Christmas holidays. Our operating margins in Canada are expected to range between $14,000 and $15,000 per day. In the US, we expect to sustain the momentum we have experienced in the last two quarters with an average active rig count in Q4 within the upper 30s. For the fourth quarter, we expect our margins to remain stable, ranging between USD8,000 and USD9,000 per day.

請記住，這包括聖誕節假期的季節性放緩。我們在加拿大的營業利潤預計在每天 14,000 美元至 15,000 美元之間。在美國，我們預計第四季的平均活躍鑽井數量將維持過去兩季的勢頭，達到 30 多座。對於第四季度，我們預計利潤率將保持穩定，在每天 8,000 美元至 9,000 美元之間。

Moving to guidance for the full year, we expect depreciation of approximately $300 million and cash interest expense of approximately $65 million remaining unchanged from prior guidance. Our effective tax rate will be approximately 45% to 50% due to increased deferred income tax expense related to the momentum of our US operations. Cash taxes are expected to remain low in 2025, and looking to 2026, we expect to return to our traditional effective tax range within 25% to 30% with cash taxes again remaining low.

對於全年指引，我們預計折舊約為 3 億美元，現金利息支出約為 6,500 萬美元，與先前的指引保持不變。由於與美國業務發展動能相關的遞延所得稅費用增加，我們的有效稅率將約為 45% 至 50%。預計 2025 年現金稅將保持在低位，展望 2026 年，我們預計現金稅將恢復到 25% 至 30% 的傳統有效稅率範圍，同時現金稅將再次保持在低位。

For 2025, we expect SG&A of approximately $90 million to $95 million before share-based compensation expense. We refined our share-based compensation guidance for the year and now expect to range in between $5 and $30 million, assuming a share price of $60 to $100.

到 2025 年，我們預計扣除股權激勵費用前的銷售、一般及行政費用約為 9,000 萬至 9,500 萬美元。我們調整了今年的股權激勵指導，目前預計薪酬範圍在 500 萬至 3,000 萬美元之間，假設股價為 6,000 至 100 美元。

Our long-term target to achieve net debt to adjusted EBITDA of less than 1 times remains firmly in place, as does our plan to increase our free cash flow allocated directly to shareholders towards 50%. Our net debt to trailing 12-month EBITDA ratio is approximately 1.3 times with an average cost of debt of 6.6%, and we have over $400 million in total liquidity today.

我們的長期目標是實現淨債務與調整後 EBITDA 比率低於 1 倍，同時我們的計劃是將直接分配給股東的自由現金流量提高至 50%。我們的淨負債與過去 12 個月 EBITDA 的比率約為 1.3 倍，平均負債成本為 6.6%，目前我們的總流動資金超過 4 億美元。

With that, I will pass it over to Carey.

說完這些，我就把它交給 Carey。

Thank you, Dustin, and good morning and good afternoon. First, I would also like to acknowledge Kevin for his accomplishments and contributions to Precision over his 18 years as CEO. His commitment to high performance and ability to grow the business while navigating industry cycles has certainly left a mark on the company. We wish him well in retirement.

謝謝你，達斯汀，早安，下午好。首先，我還要感謝 Kevin 在擔任執行長的 18 年裡為 Precision 所取得的成就和貢獻。他對高績效的承諾以及在行業週期中發展業務的能力無疑給公司留下了深刻的印象。我們祝福他退休後一切順利。

Precision is today the leading land driller in Canada, a leader in drilling technology, a high-performance driller in the Middle East, a leading driller in the US, and the largest and highest performing wealth service provider in Canada. The company has a multi-year track record of generating sizable cash flows and now has a strong balance sheet approaching 1 times leverage. In short, Precision is well positioned for its next phase of growth.

Precision 目前是加拿大領先的陸地鑽井公司、鑽井技術的領導者、中東地區的高性能鑽井公司、美國的領先鑽井公司以及加拿大規模最大、業績最高的財富服務提供商。該公司多年來一直保持著產生大量現金流的良好記錄，目前其資產負債表強勁，槓桿率接近 1 倍。簡而言之，Precision 已為下一階段的成長做好了準備。

Precision is undoubtedly one of the truly exceptional companies in the energy industry. What sets us apart is our culture, shared passion, commitment to supporting the field, enthusiasm for serving customers, and deep desire to be the best. Precision's culture, core values, and people will continue to be the foundation for our success.

Precision 無疑是能源產業真正傑出的公司之一。我們與眾不同之處在於我們的文化、共同的熱情、對支持該領域的承諾、為客戶服務的熱情以及對成為最好的強烈渴望。Precision 的文化、核心價值和員工將繼續成為我們成功的基礎。

For our investors, the Precision team will remain excellent stewards of capital and will follow through with our commitments, which include our plans for long-term debt reduction and increasing direct returns to shareholders. We will continue to be agile and run lean and will be prepared for whatever challenges the commodity market has in store for us. For our customers, we are committed to safety, consistency, reliability, and technology that drives performance, reduces cost, and delivers the highest quality wellbores.

對於我們的投資者來說，Precision 團隊將繼續出色地管理資本，並將履行我們的承諾，包括我們的長期債務削減計劃和增加股東的直接回報。我們將繼續保持敏捷和精益運營，並為商品市場為我們帶來的任何挑戰做好準備。對於我們的客戶，我們致力於安全性、一致性、可靠性和技術，以提高性能、降低成本並提供最高品質的井眼。

For our employees, Precision will continue to be a fantastic place to work, develop your career, and call home. Case in point, Persistent just completed a leadership transition in which the company filled three key positions, all with internal candidates, and our leadership team will not skip a beat. Gene, Shuja, Veronica, Tom, Darren, and I have been working together on the leadership team for nearly a decade, and I look forward to the success this team will accomplish over the next stretch.

對於我們的員工來說，Precision 將繼續成為一個絕佳的工作、職業發展和家。例如，Persistent 剛剛完成了領導層過渡，公司填補了三個關鍵職位，全部由內部候選人擔任，我們的領導團隊不會錯過任何一個機會。Gene、Shuja、Veronica、Tom、Darren 和我已經在領導團隊中合作了近十年，我期待這個團隊在接下來的一段時間裡取得成功。

I am pleased to welcome Dustin to the executive leadership team as he steps into the Chief Financial Officer role. Some in the call will remember Dustin when he oversaw our investor relations and corporate development efforts over the 2018 to 2020 period. And over the past five years, Dustin has been a key driver of our financial performance, working hand in hand with the sales and operations teams in both our contract drilling and completion and production services segments. I'm excited about Dustin's performance-driven mindset and its future contributions to Precision in his new role.

我很高興歡迎達斯汀加入執行領導團隊並擔任財務長一職。電話會議中的一些人會記得達斯汀在 2018 年至 2020 年期間負責監督我們的投資者關係和企業發展工作。在過去的五年裡，達斯汀一直是我們財務表現的關鍵推動者，與我們的合約鑽井和完井以及生產服務部門的銷售和營運團隊攜手合作。我對達斯汀以績效為導向的思維方式以及他在新職位上對 Precision 的未來貢獻感到非常興奮。

I also want to extend my congratulations to Gene Stahl on his new role as Chief Operating Officer. This is a well-deserved recognition of Gene's excellent leadership of Precision in the field, with customers, and within the industry. I'm truly honored to have the opportunity to lead such an outstanding team.

我還要向吉恩·斯塔爾 (Gene Stahl) 出任首席營運長表示祝賀。這是對 Gene 在 Precision 領域、客戶和行業內卓越領導力的當之無愧的認可。我真的很榮幸有機會領導這樣優秀的團隊。

As we dive into Precision's third-quarter performance, I want to make sure for the listener that I link together how our competitive strategy, execution, and capital deployment not only support the financial results which we publish but also position Precision Drilling for future success. Three pillars of our strategy that underpin our performance are leveraging our scale, utilizing technology to drive rig performance, and customer focus.

當我們深入了解 Precision 第三季的業績時，我想向聽眾保證，我將我們的競爭策略、執行和資本部署聯繫在一起，這不僅支持我們發布的財務業績，而且還為 Precision Drilling 未來的成功奠定基礎。支撐我們績效的策略三大支柱是利用我們的規模、利用技術推動鑽機性能以及以客戶為中心。

I'll start with leveraging our scale. Precision is running 115 drilling rigs and 80 wealth service rigs today with rig support systems and over 5,000 employees serving customers across North America and the Middle East. Our scale enables us to seize opportunities and secure attractive returns for our investors.

我將從利用我們的規模開始。Precision 目前擁有 115 台鑽井平台和 80 台財富服務鑽井平台，配備鑽井支援系統，並擁有 5,000 多名員工，為北美和中東的客戶提供服務。我們的規模使我們能夠抓住機會並為投資者獲得豐厚的回報。

For instance, during the quarter, we mobilized two super triple rigs from the US to Canada and performed major upgrades to prepare the rigs for the winter drilling programs. One of the rigs is already drilling, and the second rig should leave our Nisku yard next week. These rig mobilizations were part of a larger multi-year customer contract where we repositioned and reactivated five rigs in total. The creative contract structure, mobilization of assets and quality, and speed of the upgrades could not have been possible without Precision scale and vertically integrated support functions.

例如，在本季度，我們從美國調動了兩台超級三重鑽機到加拿大，並進行了重大升級，為鑽機的冬季鑽井計劃做好準備。其中一台鑽機已開始鑽探，第二台鑽機將於下週離開我們的尼斯庫船廠。這些鑽機調動是一份更大的多年期客戶合約的一部分，在該合約中，我們總共重新定位並重新啟動了五台鑽機。如果沒有 Precision 規模和垂直整合的支援功能，創造性的合約結構、資產和品質的調動以及升級的速度是不可能實現的。

We also demonstrated the benefits of scale and geographic positioning in the US market where our strength in gas basins positioned us to capitalize on attractive, contracted upgrade opportunities for long-reach drilling applications for customers. These rig upgrades added to our contract book, our customer list, and rig capabilities.

我們還展示了美國市場的規模和地理位置優勢，我們在美國天然氣盆地的優勢使我們能夠利用有吸引力的合約升級機會為客戶提供長距離鑽井應用。這些鑽機升級增加了我們的合約簿、客戶名單和鑽孔機能力。

During the quarter, and because of recent rig upgrades and the quality of our crews, we drove the longest well for a large customer in the Marcellus and the second-longest well for a large customer in the Haynesville with both wells approaching 30,000 feet. We also set footage per day records for separate customers in both the Marcellus and Eagle Ford.

在本季度，由於最近的鑽機升級和我們工作人員的素質，我們為馬塞勒斯的一位大客戶打出了最長的井，為海恩斯維爾的一位大客戶打出了第二長的井，這兩口井都接近 30,000 英尺。我們也為 Marcellus 和 Eagle Ford 的不同客戶創下了每日拍攝鏡頭的記錄。

Higher activity and scale in the US are supporting operating margins as well. Those of you who have listened to previous calls have heard me discuss the strategic rationale for committing to our geographic breadth in the US market, understanding that we experience some margin pressure in the short term to cover higher fixed costs.

美國更高的活動和規模也支撐了營業利潤率。那些聽過之前電話會議的人已經聽過我討論致力於美國市場地理廣度的戰略理由，我們了解到，為了彌補更高的固定成本，我們在短期內會面臨一些利潤壓力。

In the past two quarters, we have capitalized on several opportunities across the US and are minimizing the fixed cost burden as our rig count has moved from the high 20s earlier this year to 40 rigs active today. As we communicated in our guide for the fourth quarter, our margins are now stabilized.

在過去兩個季度中，我們利用了美國各地的多個機會，並將固定成本負擔降至最低，因為我們的鑽機數量已從今年早些時候的 20 多個增加到今天的 40 個活躍鑽機。正如我們在第四季度指南中所傳達的那樣，我們的利潤率現在已經穩定。

My final point on leveraging our scale addresses the performance of our completion and production services segment. The differentiated size and capabilities of our well-service fleet, which we have scaled through consolidation over the past three years, combined with our Precision rentals fleet, delivered a year-over-year revenue growth in a market that generally saw lower drilling and well-service activity.

關於利用我們的規模的最後一點，我談到了我們的完井和生產服務部門的表現。我們透過過去三年的整合擴大了油井服務船隊的規模和能力，再加上我們的精準租賃​​船隊，在鑽井和油井服務活動普遍較低的市場中實現了收入同比增長。

The second pillar I'll discuss is that technology continues to be a key driver of success, not only with our Alpha and EverGreen platforms, but also with real-time monitoring technology further supporting rig performance. We now have 90% of our active super triple rigs running Alpha technology and 93% of all active rigs with at least one EverGreen solution, reducing fuel consumption and emissions for our customers.

我要討論的第二個支柱是，技術仍然是成功的關鍵驅動力，不僅對於我們的 Alpha 和 EverGreen 平台而言，而且對於進一步支援鑽機性能的即時監控技術而言也是如此。目前，我們 90% 的現役超級三重鑽機都採用 Alpha 技術，93% 的現役鑽機都採用至少一種 EverGreen 解決方案，從而為我們的客戶降低了燃料消耗和排放。

Our automated robotics rig working for a major in the Montney continues to deliver faster tripping and drilling times for our customer, and interest in the robotics offering is broadening across our customer base. Our Clarity platform and Digital Twin initiatives deliver real-time monitoring of equipment and well performance, resulting in lower downtime, longer equipment lives, faster drilling speeds, and more collaborative and enduring customer relationships. Technology applications are ubiquitous within Precision operations and are clearly driving results for all our customers.

我們的自動化機器人鑽孔機正在蒙特尼的一家大型公司工作，繼續為我們的客戶提供更快的起下鑽和鑽井時間，而我們的客戶群對機器人產品的興趣正在擴大。我們的 Clarity 平台和 Digital Twin 計畫可即時監控設備和油井性能，從而減少停機時間、延長設備壽命、加快鑽井速度並建立更具協作性和持久的客戶關係。技術應用在精準營運中無所不在，顯然正在為我們所有的客戶帶來成果。

Finally, I cannot overstate how important customer focus is to our business. The success we have had with the upgrade program in 2025 is a direct result of our customer focus. We work hand-in-hand with our customers to deliver rig equipment and technology packages that we mutually agree will deliver the optimal results. This year, we expect to complete 27 major upgrades, and these upgrades are backed by customer contracts or upfront payments.

最後，我必須強調客戶關注對於我們業務的重要性。我們 2025 年升級計畫的成功直接歸功於我們以客戶為中心的理念。我們與客戶攜手合作，提供雙方一致認可的、能帶來最佳效果的鑽孔機設備和技術套件。今年，我們預計將完成27項重大升級，這些升級均由客戶合約或預付款支援。

Our strategic initiatives clearly supported our financial performance in the third quarter and will continue to drive results for Precision in the future. I'm personally excited about Precision's trajectory as we near the end of 2025 with our demonstrated ability to deliver on our shareholder capital return commitments while gaining market share, completing significant investments across our drilling fleet, building our contract book, and sustaining strong field margin. The future for Precision Drilling is promising.

我們的策略舉措明顯支持了我們第三季的財務業績，並將在未來繼續推動 Precision 的業績。我個人對 Precision 的發展軌跡感到非常興奮，因為我們即將在 2025 年底實現股東資本回報承諾，同時獲得市場份額，完成對鑽井船隊的重大投資，建立我們的合約簿，並保持強勁的油田利潤率。精密鑽井的前景光明。

That concludes my prepared remarks, and I will now turn the call back to the operator.

我的準備好的發言到此結束，現在我將把電話轉回給接線生。

Thank you. (Operator Instructions) Derek Podhaizer, Piper Sandler.

謝謝。（操作員指示）Derek Podhaizer、Piper Sandler。

Hey, good morning, Carey. Congratulations to you and Kevin. Great to see you in the seat.

嘿，早上好，凱裡。祝賀你和凱文。很高興見到你。

Yes. Thank you, Derek.

是的。謝謝你，德里克。

So just maybe a question around some of the comments you made for 2026, the limited visibility in the first part of the year. Obviously, you have some contract term, short-term duration contracts. When can we start seeing those extend a little bit here and get some term back into your contract? I'm just thinking about the interplay of a lot of the customer-funded upgrades that you've talked about and how that can then lead into extending the terms as we move through 2026.

所以也許我只是圍繞您對 2026 年的一些評論提出一個問題，即今年上半年的可見性有限。顯然，您有一些合約期限、短期合約。我們什麼時候可以看到這些條款稍微延長一點，並將一些條款重新納入您的合約中？我只是在思考您所談到的許多客戶資助升級之間的相互作用，以及在 2026 年之前這些相互作用如何導致期限延長。

I think if I was going to go around North America on customer contracts, we are seeing a bit more commitment to longer-term contracts in the Montney. That would be where our longest-duration contracts are. We're seeing some longer-term contracts in heavy oil, but not quite to the degree that we're seeing in the Montney. In the US, we're certainly seeing longer-term contracts in the Marcellus.

我想，如果我要去北美各地簽訂客戶合同，我們會看到蒙特尼地區對長期合約的承諾增加。那就是我們簽訂的期限最長的合約。我們看到了一些重油的長期合同，但還沒有達到我們在蒙特尼看到的程度。在美國，我們確實看到了馬塞勒斯的長期合約。

We have a couple two-year contracts that we've signed this year, a lot of one-year contracts, and then some shorter-term contracts. I think the contract duration is going to be the shortest in the oil basins, as there's been a bit more volatility in that commodity. And in the Haynesville, we're seeing some short-term and some slightly longer-term, maybe one-year to 18-month contracts.

我們今年簽署了幾份兩年合約、許多一年合約以及一些短期合約。我認為石油盆地的合約期限將會是最短的，因為該商品的波動性較大。在海恩斯維爾，我們看到一些短期合約和一些稍長期的合同，可能是一年到 18 個月的合約。

Okay, got it.

好的，明白了。

Yes, and I'll just add, I think it's Dustin made a comment here about some of the conversations we're having with customers. We don't have -- I think we have one contract in our book that starts -- that we've booked that starts in 2026. But we are having a number of constructive conversations with customers for both oil and gas targets in the US for work starting in 2026. But it's kind of yet to be seen how long those contract commitments are going to be.

是的，我只想補充一點，我認為達斯汀在這裡對我們與客戶的一些對話發表了評論。我們沒有——我認為我們的合約中有一份合約從 2026 年開始——我們已經預訂了。但我們正在與客戶就 2026 年開始的美國石油和天然氣專案目標進行一系列建設性對話。但這些合約承諾的期限還有待觀察。

Okay. That's helpful color. And then just on the rig upgrades, obviously you've done a lot here in 2025. I think the number's almost 30. We start thinking about 2026. And as you start thinking about your budget around for CapEx and what that means for free cash flow, how much more rig upgrades do you expect to do? I guess, what's the population that you have of your rigs that are available to be upgraded? Just want to start contextually thinking about what rig upgrades can look like for next year, what it means for CapEx.

好的。這是很有幫助的顏色。然後就鑽孔機升級而言，顯然你們在 2025 年已經做了很多工作。我認為這個數字接近 30。我們開始思考2026年。當您開始考慮資本支出預算以及這對自由現金流意味著什麼時，您預計還需要進行多少鑽機升級？我猜，你們有多少台鑽孔機可以升級？只是想開始從背景角度思考明年鑽孔機升級會是什麼樣子，這對資本支出意味著什麼。

Yes, I think we -- I would just start with the capital commitments that we made to investors on debt paydown and share repurchases. We will start with commitments, maybe similar levels next year. Hopefully, we raise the commitment to deliver returns directly to shareholders. So we'll start with that. And then we'll have our regular maintenance, which has been trending kind of in the $150 million a year range at this activity level.

是的，我認為我們——我將從我們在債務償還和股票回購方面向投資者做出的資本承諾開始。我們將從承諾開始，也許明年會達到類似的水平。希望我們能夠提高直接向股東提供回報的承諾。因此我們就從這裡開始。然後我們會進行定期維護，在這個活動水準下，每年的維護費用大約在 1.5 億美元左右。

And then beyond that, frankly, I hope we have a lot of upgrades. This is an excellent opportunity to generate a significant financial return for our customers. It's certainly the highest return opportunity we have out of all of our options. We have an embedded advantage on completing the upgrades with a 40-acre tech center in Nisku and a 20-acre tech center in in Houston that are fully staffed with experts on completing these upgrades. We have a cost advantage.

除此之外，坦白說，我希望我們能有很多升級。這是為我們的客戶創造豐厚財務回報的絕佳機會。在我們所有的選擇中，這無疑是我們獲得最高回報的機會。我們在完成升級方面具有內在優勢，在尼斯庫擁有一個佔地 40 英畝的技術中心，在休士頓擁有一個佔地 20 英畝的技術中心，配備了完成這些升級的專家。我們有成本優勢。

And then also, it usually comes with -- or I would say almost always comes with a contract that locks in the return. So I hope we have more. I think as we continue to see longer-reach horizontals in the US, that will drive demand from our customers for upgrades. We expect to see more pad configuration upgrades in the heavy oil in Canada. I think it'll be much more than zero. I don't know if we'll hit the same level that we do this year, but I don't think that these upgrade requests are going to stop.

而且，它通常附帶——或者我想說幾乎總是附帶一份鎖定回報的合約。所以我希望我們能有更多。我認為，隨著我們繼續看到美國更長距離的水平發展，這將推動我們客戶的升級需求。我們預計加拿大重油領域的平台配置將進一步升級。我認為它會遠大於零。我不知道我們是否會達到今年的水平，但我認為這些升級請求不會停止。

Okay, great. Thanks, Carey. Congrats again. I'll turn it back.

好的，太好了。謝謝，凱裡。再次恭喜。我會把它轉回去。

Yes, thank you.

是的，謝謝。

Keith Mackey, RBC Capital Markets.

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

Hi, thanks for taking my question and certainly echo Derek's comments on congrats to you, Carey, Dustin, and Gene. I think maybe, Carey, if we could just kind of start out with -- and you did discuss it in your prepared remarks. But I'm not at this point expecting wholesale strategy change from Precision, but certainly some tweaks from how you might see the business to how Kevin might have seen it. Can you just talk about some of those factors and sort of how your priorities will stand going forward as you take on the CEO role?

嗨，感謝您回答我的問題，我完全同意 Derek 的評論，恭喜您、Carey、Dustin 和 Gene。凱裡，我想也許我們可以從這裡開始——你在準備好的發言中確實討論過這個問題。但目前我並不期望 Precision 會改變批發策略，但肯定會根據您對業務的看法和 Kevin 的看法進行一些調整。您能否談談其中的一些因素，以及在您擔任執行長一職後的優先事項是什麼？

Yes, sure. I think that's a fair question, Keith, and certainly early days, but I have been with the company for 15 years. I would say that the strategy that we've been working with over my tenure as CFO for the past 10 years, I was heavily involved in developing it, particularly around cost control, capital allocation, returns to shareholders, and kind of hand-in-hand on how we look at operating the business and dealing with customers, where I think the initial focus will be on supporting field operations the best we can and proving to our field that we're delivering the best support we can; and then also with customers doing, I would say, a more thorough job of proving to customers that we are delivering the best performance in the industry.

是的，當然。基思，我認為這是一個公平的問題，當然現在還為時過早，但我已經在公司工作了 15 年。我想說的是，在我擔任財務長的十年間，我們一直在努力製定策略，我深度參與了策略的製定，特別是在成本控制、資本配置、股東回報，以及如何經營業務和與客戶打交道等方面。我認為，最初的重點將放在盡我們所能支持現場運營，並向我們的領域證明我們正在提供最好的支援；然後，我要說的是，我們也會與客戶進行更徹底的工作，向客戶證明我們正在提供業內最佳的業績。

And we've got lots of new tools to do that and a commitment by our sales and operations and technology teams to follow through on that. And beyond that, I would just say that there's a lot of things that are working for Precision right now, so I'm not looking to change the things that are working.

我們擁有許多新工具來實現這一目標，我們的銷售、營運和技術團隊也承諾將實現這一目標。除此之外，我只想說，現在有很多東西對 Precision 來說都很有效，所以我並不想改變它們。

You look at kind of the laundry list that I close my comments with about our contract book and market share. I think we had revenue decline of 3% year over year this quarter, which I think would be hard for us to find a service provider with a similar geographic footprint to us that had a similar resiliency and revenue. So there are a lot of things that are working, but I think there's a few areas where we can sharpen our focus.

您可以看一下我在評論結束時列出的有關我們的合約和市場份額的清單。我認為本季我們的營收年減了 3%，我認為我們很難找到與我們具有相似地理覆蓋範圍、具有類似彈性和收入的服務提供者。因此，有很多事情正在發揮作用，但我認為有幾個領域我們可以更加關注。

Okay, I appreciate the comments. And just one on the margin-per-day guidance, specifically speaking to any mobilization or activation costs. Looks like in the US, you had about $502 a day of impact in Q3. Can you just talk about what that might look like in Canada and the US for Q4, please?

好的，我很感謝你的評論。關於每日保證金指導，只有一個，具體涉及任何動員或激活成本。看起來在美國，第三季每天的影響約為 502 美元。能談談加拿大和美國第四季的情況嗎？

So Keith, this is Dustin here. In Canada, we'll have a little bit tied to the rigs we've mobilized out, but I wouldn't view it as substantial as one of those rigs has already been delivered. And then when you look in the US, we've kind of seen a little bit of a constant run rate with some of the reactivation following the momentum of staging all of these incremental breaks from Q1 into Q3. So I think that's a reasonable run rate you can expect kind of with the contract term that we've been absorbing so far in the short term.

基思，這是達斯汀。在加拿大，我們會與我們調動的鑽孔機有一點聯繫，但我認為這並不重要，因為其中一個鑽孔機已經交付了。然後，當你看美國時，我們可以看到，隨著從第一季到第三季的所有這些增量突破的勢頭，運行率有所穩定，並且有所恢復。因此，我認為，根據我們迄今為止在短期內吸收的合約條款，這是一個合理的運行率。

Okay, that's it for me. Thanks a lot.

好的，對我來說就這些了。多謝。

Okay, thank you, Keith.

好的，謝謝你，基斯。

Aaron MacNeil, TD Cowen.

亞倫·麥克尼爾 (Aaron MacNeil)，TD Cowen。

Hey, morning all, and congrats to everyone. I would certainly echo that and looking forward to seeing where you guys take things. Maybe I'll build on Keith's question, Carey. I was just hoping you could comment on a few specific items like performance-based contracts, your comfort with the operating regions or business lines, and your approach to M&A, and if those sort of factors differ from your predecessor.

大家早安，祝賀大家。我當然會贊同這一點，並期待看到你們的成果。也許我會繼續討論基斯的問題，凱裡。我只是希望您能對一些具體事項發表評論，例如基於績效的合約、您對經營區域或業務線的熟悉程度以及您對併購的態度，以及這些因素是否與您的前任不同。

Okay, so I would say with regards to M&A, no change. I was involved in every kind of M&A discussion we've had probably over the last 15 years. And I think there's nothing strategic that we see on the M&A front. I think there's some transactions we could complete if the price was right, but there's not a transaction out there that we would view as strategic that we would need to pay out for. So no change on that.

好的，我想說，關於併購，沒有改變。在過去的 15 年裡，我參與了我們進行過的各種併購討論。我認為我們在併購方面沒有看到任何策略性舉措。我認為，如果價格合適，我們可以完成一些交易，但沒有任何交易我們認為具有戰略意義，需要我們付出代價。因此這一點沒有改變。

The other thing I would say on M&A would be we're proving, this year in particular, that there are ways to grow our business organically without M&A. And we're doing that through high utilization of assets, improved pricing, rig upgrades, technology add-ons, EverGreen add-ons. And so I think there's a bit more runway on that growth avenue.

關於併購，我想說的另一件事是，我們正在證明，特別是今年，有辦法在不進行併購的情況下實現業務的有機成長。我們透過高效利用資產、改進定價、升級鑽機、技術附加組件、EverGreen 附加組件來實現這一目標。因此，我認為這條成長之路還有更長的路要走。

With regard to performance-based contracts, I think I might have a slightly different view on that, but it's not much different. I think there are good opportunities for performance-based contracts. The industry is certainly more prevalent in the industry than it would have been two or three years ago, and we're seeing more unique applications to insert performance clauses into our contracts in both the Canadian market and the US market.

關於基於績效的合同，我想我可能會有稍微不同的看法，但差別不大。我認為基於績效的合約有著很好的機會。與兩三年前相比，該行業肯定更加普遍，我們看到在加拿大市場和美國市場中，有更多獨特的應用程式將績效條款插入我們的合約中。

We're not opposed to them. We have several performance-based contracts, and they're working well on delivering financial returns as well as driving performance for our rigs. So I think that I don't think you're going to see a step change in how we look at performance-based contracts, but I would be surprised if we didn't see more of them in the future.

我們並不反對他們。我們簽訂了幾份基於績效的合同，這些合同在帶來財務回報和提高我們鑽機性能方面效果顯著。因此，我認為你不會看到我們對基於績效的合同的看法發生重大變化，但如果未來沒有看到更多這樣的合同，我會感到驚訝。

Okay. And then just, sorry, the last piece of the first question was just, presumably, you're comfortable with the operating regions and business lines you're currently in?

好的。然後，抱歉，第一個問題的最後一部分是，大概您對您目前的營運區域和業務線感到滿意嗎？

Correct. I think we're not looking at any service lines onto our current business lines. And when we look at expanding internationally, we've said it before, and I agree with it today, that the markets that we're in, Kuwait and Saudi Arabia, are very good markets in the Middle East.

正確的。我認為我們不會將任何服務線納入我們目前的業務線。當我們考慮國際擴張時，我們之前就說過，今天我也同意這一點，我們所處的市場，科威特和沙烏地阿拉伯，是中東非常好的市場。

It has been difficult to grow outside of those markets because the return profile of deploying new capital has been unattractive. And if we can make that change or find opportunities where that does change, we could grow in that region in the Middle East. And maybe there's another region or two that we grow in the future, but nothing to report or telegraph at this point.

在這些市場之外發展非常困難，因為部署新資本的回報狀況並不吸引人。如果我們能夠做出這種改變，或是找到改變的機會，我們就能在中東地區實現發展。也許未來我們會拓展另外一兩個地區，但目前還沒有什麼可報導或透露的。

Okay, and then for the follow up, I'm sure you guys gave this a lot of thought before moving additional rigs to Canada, but how did you sort of wrap your head around the downside mitigation in terms of adding supply to the market that's generally been pretty good for the last couple of years? And you also mentioned a unique customer contract structure in the prepared remarks. Can you elaborate on what you mean by that?

好的，然後是後續問題，我相信你們在將更多鑽井平台轉移到加拿大之前已經對此進行了深思熟慮，但是您是如何考慮在增加市場供應方面緩解下行風險的呢？過去幾年，市場供應總體上表現良好。而且您在準備好的評論中也提到了獨特的客戶合約結構。能詳細說明一下你的意思嗎？

Yes, I mean that this was a five-rig contract for a major customer in Canada, where we moved two rigs from the US market to Canada, but also were able to get long-term contracts on three other rigs in the Canadian market. So we were able to look at the contract package and the capital committed for that contract package and the contract term and the return that the contract delivered for all those rigs. And together as a package, it was a very attractive opportunity for us, and we were uniquely positioned to be able to capture it. So I think it was just a unique situation that allowed us to move two rigs to the Canadian market.

是的，我的意思是，這是與加拿大一個主要客戶簽訂的五台鑽機合同，其中我們將兩台鑽機從美國市場轉移到加拿大，同時還獲得了加拿大市場另外三台鑽機的長期合同。因此，我們能夠查看合約包、為該合約包承諾的資本、合約期限以及合約為所有這些鑽機帶來的回報。作為一個整體，這對我們來說是一個非常有吸引力的機會，而且我們具有獨特的優勢來抓住它。所以我認為這只是一種獨特的情況，使我們能夠將兩台鑽孔機轉移到加拿大市場。

Now your question about supplying more rigs to the market, and I just want to be clear on the comments that we delivered both in our press release and I believe Dustin delivered on his press release. We expect to be at 100% utilization on Super Triples this winter drilling season. So we are addressing higher demand for Precision Drilling Super Triples. And I don't know what that means for the rest of the market of triples in Canada, but certainly for our grade class, we expect to be at 100% utilization.

現在您的問題是關於向市場供應更多鑽機，我只是想清楚地說明我們在新聞稿中發表的評論，我相信達斯汀也在他的新聞稿中發表了評論。我們預計今年冬季鑽井季節 Super Triples 的使用率將達到 100%。因此，我們正在滿足對精密鑽孔超級三重鑽具的更高需求。我不知道這對加拿大其他三人間市場意味著什麼，但對於我們的年級來說，我們預計利用率將達到 100%。

Okay. Makes total sense. Thanks, everyone, and congrats again.

好的。完全有道理。謝謝大家，再次恭喜。

Yes. Thank you, Aaron.

是的。謝謝你，亞倫。

John Daniel, Daniel Energy Partners.

約翰·丹尼爾，丹尼爾能源合作夥伴。

Hey, guys. Thanks for having me. I guess, Carey, well, congrats. Everyone, congrats, by the way. This question is for Gene. I know it's too early to say how many rig upgrades you're going to do next year, but I'm curious if you could just speak to the demand for more upgrades next year.

嘿，大家好。謝謝你的邀請。我想，凱裡，嗯，恭喜你。順便說一句，祝賀大家。這個問題是問 Gene 的。我知道現在說明年要進行多少次鑽機升級還為時過早，但我很好奇您是否可以談談明年對更多升級的需求。

Yes. Hi, John. Thanks. So working closely with all of our customers here in the US and trying to understand what they need for rig requirements, what their drilling programs look like, and then we've got three classes of Super Triples. So our regular 1,500, our 1500 EDR, and our ST2000. And so, depending on what their drilling program looks like, they've got a steady program, and we've got a rig that we can upgrade for them at a reasonable price, and we can come to contract terms, and we'll go ahead and see if we can move forward with the upgrade.

是的。你好，約翰。謝謝。因此，我們與美國的所有客戶密切合作，試圖了解他們對鑽機的要求、他們的鑽井計劃是什麼樣的，然後我們就有了三類超級三重鑽機。因此，我們的常規型號有 1,500、1500 EDR 和 ST2000。因此，根據他們的鑽井計劃，他們有一個穩定的計劃，我們有一個可以以合理的價格為他們升級的鑽機，我們可以達成合約條款，我們將繼續看看是否可以推進升級。

Okay. But when I look at the five rigs that you're doing for Canada, can you just speak to how that evolved, the opportunity? How long were the discussions? And could you be surprised next year all of a sudden that you're going to have 5 to 10 more upgrades? So I'm just trying to get a feel for what the opportunity could be.

好的。但是當我看到您為加拿大建造的五座鑽井平台時，您能否談談它是如何演變的，以及這個機會是如何產生的？討論持續了多久？明年你會不會突然感到驚訝，你會有 5 到 10 次升級？所以我只是想了解這個機會是什麼。

Yes, so it's a blend of heavy oil rigs and a blend of triples. Obviously, Carey just spoke to the triples. You find in heavy oil with super single rigs. We have 48 of them. As the Clearwater starts to evolve and they expand their well design, they're looking for year-round operations. Typically, that can mean 100 more days of utilization for us as a drilling contractor. Converting those single-mode rigs to pad rigs is something that's of interest to our customers and to ourselves, and that's where the growth would come from.

是的，所以它是重型石油鑽井平台和三重鑽井平台的混合體。顯然，凱裡剛剛對三人組發表了講話。你會發現超級單體鑽孔機可以開採重油。我們有 48 個。隨著 Clearwater 開始發展並擴大其油井設計，他們正在尋求全年營運。通常，這意味著我們作為鑽井承包商可以多利用 100 天。將這些單模鑽孔機轉換為平台鑽孔機是我們的客戶和我們自己感興趣的事情，這也是成長的來源。

Got it. Apologies for what's going to be a drilling 101 question here. You did the 27 rig upgrades this year, or you'll do them. Can you remind me what a potential rig upgrade cycle could be? When would you have to bring those 27 back in?

知道了。抱歉，這是一個鑽井 101 問題。今年你已經完成了 27 次鑽孔機升級，否則就會繼續升級。您能提醒我潛在的鑽孔機升級週期是什麼樣的嗎？你什麼時候必須把那 27 個人帶回來？

You mean the time it takes to complete an upgrade?

您指的是完成升級所需的時間嗎？

Yes. I'm sorry for such a basic question, but I'm slow today.

是的。很抱歉問了這麼基礎的問題，但是我今天比較慢。

For what we're doing, some of the rig upgrades might be an in-basin upgrade where, in a rig move, we're installing a new piece of equipment, a wrench, or a high-core top drive. A longer-term upgrade might be doing a pad configuration for a super single, and that would be three to four months. The rigs that we moved up, the Super Triples, those were probably two- to three-month upgrades to get those rigs ready. So we're not looking at any kind of six- to nine-month upgrades. Most of them are going to be pretty quick, inside a week to three or four months.

對於我們正在做的事情，一些鑽孔機升級可能是盆地內升級，在鑽孔機移動中，我們正在安裝一件新設備、一把扳手或一個高芯頂驅。長期升級可能是對超級單層進行配置，這將需要三到四個月的時間。我們升級的鑽孔機，即超級三重鑽孔機，可能需要兩到三個月的升級才能準備好。因此，我們不會考慮任何形式的六到九個月的升級。大多數都會很快完成，一週到三、四個月內即可完成。

And it speaks to our rig design and our capability to use our inventories and upgrade to our specs. So I think a differentiator for Precision, certainly.

它說明了我們的鑽孔機設計以及我們使用庫存和升級到規格的能力。所以我認為這肯定是 Precision 的差異化因素。

All right. Fair enough. Thanks for indulging these questions.

好的。很公平。感謝您回答這些問題。

No problem, John.

沒問題，約翰。

Good luck, guys.

祝你們好運，夥計們。

Tim Monachello, ATB Capital Markets.

Tim Monachello，ATB 資本市場。

Hey, everybody. A long-time listener, first-time caller in a while. Congrats, Carey, Dustin, and Gene for much-deserved promotions and Kevin for a great career. First question is around Canada. Interesting to see a couple of rigs being moved out of the US into Canada, Super Triple market. And with your comment that you're fully utilized for -- expecting to be fully utilized for the winter drilling season, do you think there's more opportunity to move rigs out of the US into Canada?

嘿，大家好。一位長期聽眾，最近第一次打電話。恭喜 Carey、Dustin 和 Gene 獲得當之無愧的晉升，也恭喜 Kevin 取得輝煌的職業生涯。第一個問題是關於加拿大的。有趣的是，看到幾台鑽孔機從美國轉移到加拿大的超級三重市場。而且您說您已經充分利用了——預計冬季鑽井季節將充分利用，您是否認為有更多機會將鑽井平台從美國轉移到加拿大？

I think for this winter drilling season, no. And we don't currently have deep discussions with customers about moving more rigs. But over time, over the next couple of years, I mean, LNG Canada Phase 2, other LNG opportunities, there could be more demand for Super Triple rigs. And certainly, the rigs that we have in Canada are delivering good performance for our customers. So there may be opportunities in the future, but I would say it would be for next winter drilling season.

我認為，對於這個冬季鑽井季節來說，不會。目前我們還沒有與客戶就轉移更多鑽孔機進行深入討論。但隨著時間的推移，在接下來的幾年裡，我的意思是，加拿大液化天然氣第二階段和其他液化天然氣機會，對超級三重鑽井平台的需求可能會增加。當然，我們在加拿大的鑽孔機為我們的客戶提供了良好的性能。因此未來可能會有機會，但我認為那將是下一個冬季鑽井季節。

Okay, that makes sense. And then for the US, obviously the oil basins, the outlook is a little bit circumspect, I would think. And the gas basins, you've seen almost 20% rig activity growth in gas in the US year to date. And you have a unique footprint in the gas basins with a pretty fragmented customer base. So I expect you have a decent view from a lot of customers on what their expectations are going forward for activity. Could you talk a little bit about your expectations for US gas drilling activity over the next, I don't know, 6 to 12 months.

好的，這很有道理。對美國來說，顯然是石油盆地，我認為前景有點謹慎。至於天然氣盆地，今年迄今，美國天然氣鑽井活動增加了近 20%。你們在天然氣盆地擁有獨特的足跡，客戶群也相當分散。因此，我希望您能從許多客戶那裡了解他們對未來活動的期望。您能否談談對未來 6 到 12 個月美國天然氣鑽探活動的預期？

Yes, I think we have a decent viewpoint on where activity might be going on gas. I think the Marcellus is, I would say, steady to low growth. There might be some – what we've seen is there's been a bit of high grading within the basin, so as we've added more rigs to the basin, there's been a few instances where a rig has gone down. So our additions there haven't necessarily resulted in basin growth.

是的，我認為我們對天然氣活動可能發生在哪裡有一個不錯的看法。我認為馬塞勒斯的成長處於穩定到低速​​的狀態。可能存在一些——我們看到的是盆地內有一些高等級，因此，隨著我們向盆地添加更多鑽機，出現了一些鑽機故障的情況。因此，我們在那裡的增加並不一定會導致盆地增長。

In the Haynesville, I think most people look at the Haynesville as a swing producer for LNG exports and natural gas production in general. So we could see higher activity in the Haynesville over the next year if gas prices are supported. But I wouldn't say that we have a -- as we stated in our press release, we don't have much of a view on that demand beyond early 2026.

在海恩斯維爾，我認為大多數人都將海恩斯維爾視為液化天然氣出口和天然氣生產的搖擺產地。因此，如果天然氣價格得到支撐，我們明年可能會看到海恩斯維爾的活動更加活躍。但我不會說我們有——正如我們在新聞稿中所述，我們對 2026 年初之後的需求沒有太多看法。

What's the motivating factor behind, I guess, higher activity levels this year considering gas prices have been fairly uneconomic in the US? Is it just LNG export and building supply? Is that what you're seeing?

考慮到美國的汽油價格相當不經濟，我猜今年活動量較高的背後動機是什麼？只是液化天然氣出口和建築供應嗎？這就是你所看到的嗎？

Yes, I think there's a -- I think most people are seeing a wave of demand on both natural gas-fired generation for data centers and electrification of the economy, and then LNG exports. And so I think some customers are looking through any short-term volatility in gas prices and looking at the longer-term demand outlook.

是的，我認為大多數人都看到了資料中心對天然氣發電和經濟電氣化以及液化天然氣出口的需求浪潮。因此我認為有些客戶正在關注天然氣價格的短期波動以及長期需求前景。

Okay. That's helpful. And then could you just provide a quick overview of what the geographies, the 27 upgrades you're going to?

好的。這很有幫助。然後，您能否簡單概述一下您要進行的 27 項升級的地理位置？

So it's really a mix, Tim. But think of it, we obviously commented on the two Montney rigs that we're going to bring up from the US into Canada. Heavy oil is really a key area we've invested a lot, so this would be our Clearwater Basin and then more into the unconventional plays in SAGD.

所以這確實是一種混合，蒂姆。但想想看，我們顯然對將從美國運到加拿大的兩台 Montney 鑽機發表了評論。重油確實是我們投入大量資金的關鍵領域，因此這將是我們的清水盆地，然後更多地投入 SAGD 中的非常規油田。

One comment on that. We've seen a lot of enthusiasm with our customers on these upgrades where we have recognized a lot of upfront payments throughout the year to help support these upgrades as well. And then when you look down to the US, it's primarily weighted to the Haynesville and the Marcellus. But we have had some upgrade opportunities with high-torque equipment in the Rockies and even in the Permian.

對此有一則評論。我們看到客戶對這些升級表現出極大的熱情，我們全年都確認了大量預付款來幫助支持這些升級。然後當你看向美國時，它主要集中在海恩斯維爾和馬塞勒斯。但我們在落基山脈甚至二疊紀地區擁有一些高扭矩設備的升級機會。

And I would just add to that, Tim. I believe we said this in the press release, but the vast majority of the upgrades are going to areas in North America where we expect to have year-over-year increases in activity. So it's a little bit out of step with kind of the broader market. But in the Hainesville, in the Marcellus, heavy oil, and in the Montney, we expect that higher year-over-year activity, and that's what's driving these upgrades.

我只想補充一點，提姆。我相信我們在新聞稿中說過這一點，但絕大多數升級都將發生在北美地區，我們預計這些地區的活動將比去年同期成長。因此，它與大盤有點不同步。但在海恩斯維爾、馬塞勒斯、重油和蒙特尼，我們預計活動量將年增，這就是推動這些升級的動力。

Okay. That's very helpful. I'll turn it back. Thanks.

好的。這非常有幫助。我會把它轉回去。謝謝。

Okay. Thank you, Tim.

好的。謝謝你，提姆。

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

我現在不想再問任何問題。我會將電話轉回給 Lavonne，以便她進一步發表評論。

Thank you for taking the time to learn more about Precision Drilling today. And with that, we will sign off. Everyone, enjoy your day. Thank you.

感謝您今天花時間了解更多有關精密鑽孔的資訊。就這樣，我們就簽了。大家，祝你們今天過得愉快。謝謝。

Ladies and gentlemen, this concludes 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。