Patterson-UTI Energy Inc (PTEN) 2023 Q4 法說會逐字稿

Thank you for standing by. At this time. I'd like to welcome you to the Patterson-UTI Energy fourth quarter 2023 earnings conference call. (Operator Instructions)

謝謝你的支持。此時。歡迎您參加 Patterson-UTI Energy 2023 年第四季財報電話會議。（操作員說明）

Thank you. I'll now hand the floor over to Mike Sabella, VP of Investor Relations. Please go ahead.

謝謝。我現在將發言權交給投資者關係副總裁 Mike Sabella。請繼續。

Thank you, operator. Good morning and welcome to Patterson-UTI's earnings conference call to discuss our fourth quarter 2023 results. With me today are Andy Hendricks, President and Chief Executive Officer; and Andy Smith, Chief Financial Officer.

謝謝你，接線生。早安，歡迎參加 Patterson-UTI 的收益電話會議，討論我們 2023 年第四季的業績。今天與我在一起的有總裁兼執行長安迪‧亨德里克斯 (Andy Hendricks)；和財務長安迪史密斯。

As a reminder, statements that are made in this conference call that refer to the company's or management's intentions, targets, beliefs, expectations, or predictions for the future are considered forward-looking statements. These forward-looking statements are subject to risks and uncertainties as disclosed in the company's SEC filings, which could cause the company's actual results to differ materially and the company takes no obligation to publicly update or revise any forward-looking statements.

請注意，本次電話會議中涉及公司或管理層的意圖、目標、信念、期望或對未來的預測的聲明均被視為前瞻性聲明。這些前瞻性陳述受到公司向 SEC 文件中披露的風險和不確定性的影響，這可能導致公司的實際結果出現重大差異，並且公司沒有義務公開更新或修改任何前瞻性陳述。

Statements made in this conference call include non-GAAP financial measures. The required reconciliations to GAAP financial measures are included on our website at patenergy.com and in the company's press release issued prior to this conference call. And I will now turn the call over to Andy Hendricks, Patterson's Chief -- Patterson-UTI's Chief Executive Officer.

本次電話會議中的聲明包括非公認會計準則財務指標。我們的網站 patenergy.com 以及本次電話會議之前發布的公司新聞稿中包含了與 GAAP 財務措施所需的對帳資訊。我現在會把電話轉給帕特森公司的執行長——帕特森-UTI 的執行長安迪·亨德里克斯 (Andy Hendricks)。

Thank you, Mike, and welcome to Patterson UTI's fourth-quarter conference call. In the first full quarter, following our combination with NexTier and Ulterra, we showcased the earnings power of the new company and delivered a quarter of strong results for our investors. Our leadership position in both US onshore drilling and completions is allowing us to strengthen partnerships with the leading US shale operators that place a high value on our technology and on our top-tier assets, which in turn is allowing us to outperform the industry. We are very pleased with our results and the fourth quarter profitability and free cash flow highlights the benefit of the combined company.

謝謝麥克，歡迎參加帕特森 UTI 的第四季電話會議。在我們與 NexTier 和 Ulterra 合併後的第一個完整季度，我們展示了新公司的盈利能力，並為我們的投資者帶來了強勁的季度業績。我們在美國陸上鑽井和完井的領導地位使我們能夠加強與美國領先頁岩油業者的合作夥伴關係，這些業者高度重視我們的技術和頂級資產，這反過來又使我們能夠超越行業。我們對我們的業績非常滿意，第四季度的獲利能力和自由現金流凸顯了合併後公司的優勢。

As we reflect on this past year, we take great pride in our achievements. In US contract drilling, we outperformed our peer group, both in activity and adjusted gross profit per operating day. In completions, we maintained a focus on returns while actively contributing to the advancement of lower cost and emission reducing assets. We delivered extremely strong results while at the same time successfully closing and integrating two transactions.

當我們回顧過去的一年時，我們對我們所取得的成就感到非常自豪。在美國合約鑽井業務中，我們在活動量和每個工作日調整後毛利方面均優於同行。在完工過程中，我們始終注重回報，同時積極推動降低成本和減排資產的發展。我們取得了極其強勁的業績，同時成功完成並整合了兩項交易。

Our team performed at a very high level in what was a challenging year for the industry, which reflects our ability to successfully manage our business through the cycle and consistently create value for our shareholders. All that is to say our business is performing very well and we have high conviction that we have the right strategy in place.

在行業充滿挑戰的一年中，我們的團隊表現出了非常高的水平，這反映了我們在整個週期中成功管理業務並持續為股東創造價值的能力。所有這一切都表明我們的業務表現非常出色，我們堅信我們制定了正確的策略。

We anticipate 2024 will be another year of strong results and considerable free cash flow. And we remain committed to our policy of returning at least half of our free cash flow to our shareholders on an annual basis.

我們預計 2024 年將是另一個業績強勁、自由現金流可觀的一年。我們仍然致力於每年將至少一半的自由現金流返還給股東的政策。

As our customers look to maximize their own returns, they are consolidating their drilling and completions budgets to fewer to higher-quality service providers and the divergence in financial results in our sector last year's highlights the widening differential in service quality across the industry. This high-grading process positions Patterson-UTI favorably and aligns us with our customers as the industry transitions to manufacturing mode.

由於我們的客戶希望最大化自己的回報，他們正在將鑽井和完井預算整合到更少到更高品質的服務提供商，去年我們行業財務業績的差異凸顯了整個行業服務品質差異的擴大。隨著產業向製造模式的轉變，這種高等級流程使 Patterson-UTI 處於有利地位，並使我們與客戶保持一致。

The acquisitions of NexTier and Ulterra will significantly strengthen the Patterson-UTI's competitive position over the long term as we realize the benefits of our combined expertise and continue to advance our technology lead over much of the oilfield. This should offer a tailwind for our company as the entire industry looks to grow returns in a capital constrained environment.

從長遠來看，收購 NexTier 和 Ulterra 將顯著增強 Patterson-UTI 的競爭地位，因為我們認識到綜合專業知識的好處，並繼續推動我們在大部分油田的技術領先地位。這應該為我們公司帶來一股順風，因為整個產業都希望在資本有限的環境中增加回報。

We played a critical role in enhancing the efficiency of our customers. For Patterson-UTI, the benefit from that as these efficiency gains can largely be seen through our own improved capital efficiency, and we have worked to reduce our capital intensity even as we have improved operationally.

我們在提高客戶效率方面發揮了關鍵作用。對於 Patterson-UTI 來說，這些效率提升帶來的好處在很大程度上可以透過我們自己提高的資本效率來體現，即使我們的營運有所改善，我們也一直在努力降低資本密集度。

We expect total CapEx for Patterson-UTI to decline in 2024 relative to what the combined company spent in 2023. This reflects our commitment to optimize long-term financial performance as we navigate the evolving energy sector landscape.

我們預計 Patterson-UTI 2024 年的總資本支出相對於合併後公司 2023 年的支出將會下降。這反映了我們在應對不斷變化的能源產業格局時優化長期財務表現的承諾。

Over the near term, the outlook for US shale activity continues to reflect the expected reduced cyclicality in our sector. This steady outlook presents us with opportunities to enhance our returns and grow our profits in the most capital-efficient manner. While we do not see a benefit to adding drilling or completion capacity into the US shale market, we do have several levers that we will focus on this year that should help us improve our returns as the year progresses.

短期內，美國頁岩油活動的前景繼續反映出該行業週期性的預期減弱。這種穩定的前景為我們提供了以最具資本效率的方式提高回報和增加利潤的機會。雖然我們認為增加美國頁岩油市場的鑽探或完井能力不會帶來任何好處，但我們今年確實有幾個重點關注的槓桿，這些槓桿將有助於我們隨著今年的進展提高回報。

Our rig technology offerings have momentum with growing demand for our process and equipment automation packages. Alternative power solutions that use natural gas and high-line electricity to power our rigs and numerous other applications that improve efficiencies, minimize the environmental footprint and add value to the drilling process. Our customers value the uplift provided by these technology offerings and given the value that can be unlocked, we expect our rig count will continue to outperform the industry.

隨著對我們的製程和設備自動化套件的需求不斷增長，我們的鑽孔機技術產品不斷增長。替代能源解決方案使用天然氣和高線電力為我們的鑽機和許多其他應用提供動力，從而提高效率、最大限度地減少環境足跡並為鑽井過程增加價值。我們的客戶重視這些技術產品所帶來的提升，並考慮到可以釋放的價值，我們預計我們的鑽機數量將繼續優於行業。

In frac, we're investing to convert more of our fleet to electric and other natural gas powered technologies at a measured pace over the next several years. These new technologies consistently earn a higher return over the diesel equivalent that they are replacing, which should allow us to grow profits even at a steady activity level.

在壓裂方面，我們正在投資，在未來幾年內以適當的速度將更多的船隊轉換為電力和其他天然氣動力技術。這些新技術始終比它們所取代的柴油產品獲得更高的回報，這將使我們即使在穩定的活動水平下也能增加利潤。

By mid-2024, we expect to be operating around 140,000 electric horsepower with nearly 80% of our active fleets capable of using natural gas by then. We are making this transition to electric and other natural gas-powered assets, even as CapEx for the combined completions company is expected to be down significantly from 2023.

到 2024 年中期，我們預計將營運約 14 萬匹馬力的電力，屆時我們將有近 80% 的現役車隊能夠使用天然氣。我們正在向電力和其他天然氣驅動的資產過渡，儘管預計合併後的竣工公司的資本支出將比 2023 年大幅下降。

Also on the frac side, we still have considerable upside relative to where we are today as we capture synergies from the next two-year transaction. At the start of the year, we were roughly halfway to our $200 million annualized target, and we are confident we should be able to fully realize those synergies by the first quarter of 2025.

同樣在壓裂方面，由於我們從未來兩年的交易中獲得了協同效應，因此相對於今天的情況，我們仍然有相當大的上行空間。今年年初，我們大約完成了 2 億美元年化目標的一半，我們相信我們應該能夠在 2025 年第一季之前充分實現這些協同效應。

Internationally, Ulterra offers long-term growth potentials, expand our footprint. Ulterra is expected to grow revenue and EBITDA in 2024 compared to 2023 with potential for a record free cash flow generation that surpasses any period in the company's history prior to our acquisition.

在國際上，Ulterra 提供長期成長潛力，擴大我們的足跡。與 2023 年相比，Ulterra 預計 2024 年的營收和 EBITDA 將實現成長，並有可能創造創紀錄的自由現金流，超過我們收購之前該公司歷史上的任何時期。

Ulterra's drill bits were used to drill over 82 million feet in 2023 for more than 625 different operators across 25 countries. The presence in these global markets will be a long-term opportunity for our company and should offer our investors growth for the next several years or more.

2023 年，Ulterra 鑽頭已為 25 個國家超過 625 個不同的營運商鑽探了超過 8,200 萬英尺。這些全球市場的存在對我們公司來說將是一個長期機會，並應為我們的投資者提供未來幾年或更長時間的成長。

Non-US revenues accounted for roughly 30% of Ulterra's revenues since we closed the acquisition in August and for 2024. Ulterra's international revenue is expected to grow in the high-teens percent year over year, highlighting strong prospects in various global markets across the world. By 2024, Ulterra's revenue from the Middle East is likely to have doubled over the past three years with additional upside potential over the next several years.

自我們於 8 月完成收購以來以及 2024 年，非美國收入約佔 Ulterra 收入的 30%。Ulterra 的國際收入預計將以百分之十以上的速度同比增長，突顯了全球各個市場的強勁前景。到 2024 年，Ulterra 來自中東的收入可能會在過去三年中翻一番，並且在未來幾年還有額外的上升潛力。

In addition, to the international opportunities for Ulterra, in the US, revenue per industry rig was up more than 5% sequentially, a function of steady pricing and strong market share gains and reflecting our strong performance in the US, complementing the international opportunity. Aside from these operational growth opportunities, our capital allocation strategy should offer our investors an added benefit to earnings per share and return on capital.

此外，除了Ulterra 的國際機會之外，在美國，每個行業鑽機的收入環比增長了5% 以上，這是穩定的定價和強勁的市場份額增長的結果，反映了我們在美國的強勁表現，補充了國際機會。除了這些營運成長機會之外，我們的資本配置策略還應該為我們的投資者帶來每股盈餘和資本回報率的額外好處。

We are committed to returning at least 50% of our free cash flow to investors, including through stock buybacks, which should help grow earnings per share in the coming years as we reduce the share count, we have committed to return at least 50% of our free cash flow to shareholders on an annual basis. And given our current share price.

我們承諾將至少50% 的自由現金流返還給投資者，包括透過股票回購，這將有助於在未來幾年增加每股收益，因為我們減少了股票數量，我們承諾將至少50% 的自由現金流返還給投資者。我們每年向股東提供的自由現金流。考慮到我們目前的股價。

We are likely to exceed that commitment in 2024 as we believe investing in our own shares at this price is one of the most attractive opportunities available we expect to return at least $400 million to shareholders in 2024 through the combination of dividends and share repurchases, which would considerably lower our share count by the end of the year. Our Board of Directors just increased our stock repurchase authorization to a total of $1 billion.

我們很可能會在2024 年超越這項承諾，因為我們相信以這個價格投資我們自己的股票是最具吸引力的機會之一，我們預計將在2024 年透過股息和股票回購相結合的方式向股東回報至少4 億美元。到今年年底我們的股份數量將大大減少。我們的董事會剛剛將股票回購授權增加至 10 億美元。

As we said previously, the macro-outlook appears to be relatively stable through 2024. Current oil prices should support current oil basin activity, although we do see some potential downside in the natural gas basin.

正如我們之前所說，到 2024 年宏觀前景似乎相對穩定。目前的油價應該會支持目前石油盆地的活動，儘管我們確實看到天然氣盆地存在一些潛在的下坡趨勢。

On the oil front, according to various data sources, including the EIA, US shale oil production appears to have stabilized, a function of the decline in activity over the past year. We do not believe current commodity prices will prompt a reduction in activity to levels that result in production declines. Therefore, steady activity outlook in the oil basins seems reasonable.

在石油方面，根據包括 EIA 在內的各種數據來源，美國頁岩油產量似乎穩定，這是過去一年活動下降的結果。我們認為目前的大宗商品價格不會促使活動減少到導致產量下降的水平。因此，油盆地活動前景穩定似乎是合理的。

Given that 80% of the US rigs are targeting oil, this should contribute to a relatively stable outlook for the entire industry in the coming year. In the near term, the outlook for natural gas is less certain but we do not think the downside potential will have a material impact on our business over the long term.

鑑於美國 80% 的鑽井平台都針對石油，這應該有助於來年整個產業的前景相對穩定。短期內，天然氣的前景不太確定，但我們認為，從長遠來看，其下行潛力不會對我們的業務產生重大影響。

We are working for some of the best and steadiest operators in the natural gas basins, which should help limit the downside if activity slows. But it's also worth noting that the Patterson-UTI rig count in the Northeast and the Haynesville combined is down just five rigs total over the past year, even as the industry has reduced activity in those basins by more than 30 rigs over that same time.

我們正在為天然氣盆地中一些最好、最穩定的營運商工作，這應該有助於限制活動放緩時的負面影響。但同樣值得注意的是，東北部和海恩斯維爾的 Patterson-UTI 鑽機數量在過去一年中總共僅減少了 5 台，儘管該行業同期減少了這些盆地的活動超過 30 台。

Our resilience demonstrates our ability to navigate challenges in those basins, even in the face of declining industry activity. Further, even as our natural gas customers are slightly reducing activity in the near term, we are already having conversations with those same customers about the potential to add rigs possibly later this year, but also into next year as LNG demand comes closer into focus.

我們的韌性表明，即使面對產業活動下降，我們也有能力應對這些盆地的挑戰。此外，儘管我們的天然氣客戶在短期內略有減少活動，但我們已經在與這些客戶進行對話，討論可能在今年晚些時候增加鑽機的可能性，而且隨著液化天然氣需求越來越受到關注，明年也會增加鑽孔機。

Over the long term, we do not anticipate a material impact to our business from the near term softness in natural gas prices. In drilling, if natural gas activity does fall slightly, we would anticipate only a slight decline to our own activity levels, although we are halfway through this first quarter and we haven't seen much change from our customers.

從長遠來看，我們預計天然氣價格短期疲軟不會對我們的業務產生重大影響。在鑽探方面，如果天然氣活動確實略有下降，我們預計我們自己的活動水平只會略有下降，儘管第一季已經過半，而且我們還沒有看到客戶有太大變化。

In the US, we started the year operating 121 rigs, and we are currently operating 122 rigs. In 2023, our rig count significantly outperformed the industry, and we achieved this while still improving our margins. The industry rig count exited 2023 over 20% lower than historical. But in contrast, Patterson-UTI's rig count, we're down just 8%, while our average daily margins in the most recent quarter were up more than 20% compared to the fourth quarter last year.

在美國，我們年初營運了 121 台鑽機，目前正在運作 122 台鑽孔機。2023 年，我們的鑽機數量顯著優於產業，在實現這一目標的同時，我們的利潤率仍在提高。2023 年產業鑽機數量比歷史水準減少 20% 以上。但相較之下，Patterson-UTI 的鑽機數量僅下降了 8%，而最近一個季度的平均日利潤率與去年第四季相比增加了 20% 以上。

We are constantly aligning ourselves with partners that offer stable drilling programs and exhibit less sensitivity to commodity prices compared to smaller operators. Our customers benefit greatly from our Tier 1 drilling rigs, which can deliver 35% more lateral footage on average per year compared to standard super-spec rigs. More than 90% of our active rigs are Tier 1 with nearly 90% utilization for this category of rig.

我們持續與提供穩定鑽井計劃且與小型業者相比對商品價格不太敏感的合作夥伴進行合作。我們的客戶從我們的 Tier 1 鑽機中受益匪淺，與標準超規格鑽機相比，該鑽機每年平均可多提供 35% 的橫向進尺。我們超過 90% 的活躍鑽孔機屬於 1 級，而此類鑽孔機的利用率接近 90%。

Given the high demand and the significant value that this class of rig and technology add-ons create, average pricing on recent term contracts has been steady at close to the mid $30,000 per day. And we do not anticipate our rates changing in a flat activity market. We believe the trend towards Tier 1 rigs should continue through 2024.

鑑於此類鑽機和技術附加組件的高需求和巨大價值，近期合約的平均價格一直穩定在每天 30,000 美元左右。我們預計在活動市場平淡的情況下我們的費率不會改變。我們認為一級鑽孔機的趨勢應該會持續到 2024 年。

On the completions front, the business is performing well through the ongoing integration. In the fourth quarter, completion services revenues exceeded $1 billion and meaningfully outperform the completions industry average. We aligned ourselves with the right customers, which helped activity remained steady through the holidays and into the yearend.

在完工方面，透過持續的整合，業務表現良好。第四季度，完井服務收入超過 10 億美元，明顯高於完井產業平均。我們與合適的客戶保持一致，這有助於活動在假期和年底保持穩定。

Our natural gas dual fuel assets continue to have success in the market, and we are confident that these assets will maintain competitiveness over the long term, even with the increasing market share of natural gas powered electric equipment. Notably, on several recent occasions, we have displaced the third party 100% natural gas-powered electric fleet with one of our natural gas dual fuel fleets. We believe there are multiple technology winners, including natural gas dual fuel as the completions industry transitions.

我們的天然氣雙燃料資產繼續在市場上取得成功，我們有信心這些資產將長期保持競爭力，即使天然氣動力電力設備的市場份額不斷增加。值得注意的是，最近幾次，我們用我們的天然氣雙燃料車隊之一取代了第三方 100% 天然氣動力的電動車隊。我們相信，隨著完井產業的轉型，有多種技術獲勝者，包括天然氣雙燃料。

The market for horsepower remains relatively tight and (technical difficulty) equipment that can be powered by natural gas is effectively sold out. This should help limit potential downside from current natural gas prices. We are confident in our ability to achieve our goals for 2024 with a significantly reduced CapEx budget. We expect total company CapEx of $740 million for 2024. This represents a significant reduction compared to the combined CapEx budgets of Patterson-UTI, NexTier, and Ulterra that we all had in 2023.

馬力市場仍然相對緊張，並且可以由天然氣提供動力的（技術難度）設備實際上已售罄。這應該有助於限制當前天然氣價格的潛在下跌。我們有信心透過大幅減少資本支出預算來實現 2024 年的目標。我們預計 2024 年公司資本支出總額為 7.4 億美元。與 2023 年 Patterson-UTI、NexTier 和 Ulterra 的總資本支出預算相比，這意味著顯著減少。

We believe we can achieve this while still maintaining our activity throughout 2024 and building on the strong technological advantage that we have over many other players in our industry. This positions us to generate strong free cash flow for the year and return significant cash to shareholders while still building on our competitive advantage over the longer term.

我們相信，我們能夠實現這一目標，同時在 2024 年仍然保持我們的活動，並建立我們相對於行業許多其他參與者的強大技術優勢。這使我們能夠在今年產生強勁的自由現金流，並向股東返還大量現金，同時仍能增強我們的長期競爭優勢。

I'll now turn it over to Andy Smith, who will review the financial results for the fourth quarter.

我現在將其交給安迪史密斯，他將審查第四季度的財務表現。

Thanks, Andy. Total reported revenue for the quarter was $1,584 million. The reported net income attributable to common shareholders of $62 million or $0.15 per share in the fourth quarter, which included $20 million in merger and integration expenses. Our adjusted net income attributable to common shareholders, excluding the merger and integration expenses, was $78 million, or $0.19 per share. This adjustment excludes the previously mentioned merger and integration expense and assumes a 21% federal statutory tax rate on those charges.

謝謝，安迪。該季度報告的總收入為 15.84 億美元。第四季歸屬於普通股股東的淨利潤為 6,200 萬美元，即每股 0.15 美元，其中包括 2,000 萬美元的合併和整合費用。調整後歸屬於普通股股東的淨利潤（不包括合併和整合費用）為 7,800 萬美元，即每股 0.19 美元。此調整不包括前面提到的合併和整合費用，並假設這些費用的聯邦法定稅率為 21%。

Adjusted EBITDA for the quarter totaled $409 million, which also excludes the previously mentioned merger and integration expenses. Our weighted average share count was 416 million shares during Q4, and we exited the quarter with 411 million shares outstanding.

該季度調整後 EBITDA 總計 4.09 億美元，其中還不包括前面提到的合併和整合費用。第四季我們的加權平均股數為 4.16 億股，本季結束時流通股數為 4.11 億股。

Our free cash flow for the fourth quarter was $247 million. During the fourth quarter, we returned $110 million to shareholders, including an $0.08 per share dividend and $76 million to repurchase 7 million shares. Annualized, the shareholder return amounted to almost 10% of the market cap at the end of the fourth quarter.

我們第四季的自由現金流為 2.47 億美元。第四季度，我們向股東返還了 1.1 億美元，其中包括每股 0.08 美元的股息以及用於回購 700 萬股股票的 7,600 萬美元。截至第四季末，年化股東報酬率接近市值的 10%。

For the full year, we returned $301 million to shareholders, which was approximately 77% of our free cash flow. Our Board has approved an $0.08 per share dividend for Q1 and approved an increase in our stock repurchase authorization up to $1 billion.

全年，我們向股東返還 3.01 億美元，約占我們自由現金流的 77%。我們的董事會已批准第一季每股股息 0.08 美元，並批准將我們的股票回購授權增加至 10 億美元。

We expect to return over $100 million to shareholders again in the first quarter, including approximately $75 million to repurchase shares. For 2024, we expect to use at least $400 million to pay dividends and repurchase shares, which represents more than our commitment to return 50% of free cash flow to shareholders.

我們預計第一季將再次向股東返還超過 1 億美元，其中包括約 7,500 萬美元用於回購股票。到2024年，我們預計將使用至少4億美元來支付股利和回購股票，這超出了我們向股東返還50%自由現金流的承諾。

In our drilling services segment, fourth-quarter revenue was $464 million. Drilling services adjusted gross profit totaled $187 million during the quarter. In US contract drilling, operating days totaled 10,841 days. Average rig revenue per day was $36,280. A sequential decline of $1,830 per day was primarily attributable in the absence of the benefit of $2,630 per day from the recognition of previously deferred revenue in the prior quarter. Excluding the impact of this previously deferred revenue last quarter, average revenue per day would have increased $800 sequentially.

在我們的鑽井服務部門，第四季營收為 4.64 億美元。本季鑽井服務調整後毛利總計 1.87 億美元。在美國合約鑽井中，作業天數總計 10,841 天。每天平均鑽孔機收入為 36,280 美元。每天環比下降 1,830 美元，主要是由於沒有從上一季確認之前遞延收入中獲得每天 2,630 美元的收益。排除上季之前遞延收入的影響，每日平均收入將比上一季增加 800 美元。

Average rig operating costs per day were $19,940, which increased $70 sequentially. Although the prior quarter included $790 per day in insurance reserve adjustments and inventory write-down. The average adjusted rig gross profit per day was $16,330, a $1,910 per day decrease from the prior quarter. Excluding the previously mentioned revenue and costs in the prior quarter, adjusted rig gross profit per day would have declined just $70 from the prior quarter.

每天平均鑽機營運成本為 19,940 美元，比上一季增加 70 美元。儘管上一季包括每天 790 美元的保險準備金調整和庫存減記。調整後的鑽孔機日平均毛利為 16,330 美元，比上一季每天減少 1,910 美元。排除前面提到的上一季的收入和成本，調整後的鑽機每日毛利將比上一季僅下降 70 美元。

At December 31, we had term contracts for drilling rigs in the US, providing for approximately $700 million of future day rate drilling revenue. Based on contracts currently in place, we expect an average of 79 rigs operating under term contracts during the first quarter of 2024 and an average of 52 rigs operating under term contracts over the four quarters ending December 31, 2024. And our other drilling services businesses besides US contract drilling, which is mostly international contract drilling and directional drilling, fourth quarter revenue was $70 million with an adjusted gross profit of $10 million.

截至 12 月 31 日，我們在美國簽訂了鑽機定期合同，提供約 7 億美元的未來日費率鑽探收入。根據現有合同，我們預計 2024 年第一季平均有 79 台鑽機根據定期合約運營，截至 2024 年 12 月 31 日的四個季度平均有 52 台鑽機根據定期合約運作。而我們除了美國合約鑽井以外的其他鑽井服務業務，主要是國際合約鑽井和定向鑽井，第四季營收為7000萬美元，調整後毛利為1000萬美元。

For the first quarter in US contract drilling, we expect to average 120 active rigs compared to 118 active rigs in the fourth quarter. We expect drilling services adjusted gross profit to be relatively flat compared to the fourth quarter with relatively flat adjusted gross profit in US contract drilling.

我們預計第一季美國合約鑽井數量平均為 120 台，而第四季為 118 台。我們預計鑽井服務調整後毛利與第四季相比將相對持平，其中美國合約鑽井調整後毛利相對持平。

Reported revenue for the fourth quarter in our completions services segment totaled $1,014 million with an adjusted gross profit of $232 million. We saw improved returns in the quarter, even on slightly lower revenues, a function of the ongoing merger synergies as well as strong operations.

竣工服務部門第四季報告收入總計 10.14 億美元，調整後毛利為 2.32 億美元。我們看到本季的回報有所改善，即使收入略有下降，這是持續的合併協同效應以及強勁營運的結果。

Segment revenue was just 2% lower than the pro forma results for the segment in the third quarter, and notably outperformed the industry. Completion activity was relatively steady throughout the fourth quarter, with strong fundamentals for natural gas power equipment as well as strong demand for our wellsite integration services with good customer alignment that kept us working through more of the holidays than we anticipated.

第三季該部門的收入僅比該部門的預期業績低2%，且明顯優於同業。整個第四季度的完井活動相對穩定，天然氣發電設備的基本面強勁，對我們的井場整合服務的強勁需求以及良好的客戶配合使我們在假期中的工作時間比我們預期的要長。

So far in the first quarter, activity has been mostly steady, although we are seeing some white space as we strategically reposition our fleets in response to natural gas prices. After finishing a stronger than expected fourth quarter -- for the first quarter, we expect completion services revenue of $940 million to $950 million with an adjusted gross profit of $190 million to $200 million.

到目前為止，第一季的活動基本上穩定，儘管我們在根據天然氣價格策略性地重新定位我們的船隊時看到了一些空白。在第四季業績好於預期之後，我們預計第一季竣工服務收入將達到 9.4 億美元至 9.5 億美元，調整後毛利將達到 1.9 億美元至 2 億美元。

Fourth quarter drilling products revenue totaled $88 million, which was up 1% compared to the third quarter for that business. Adjusted gross profit was $39 million.

第四季鑽井產品營收總計 8,800 萬美元，較第三季成長 1%。調整後毛利為 3,900 萬美元。

In the US, drilling product revenue outperformed the rig count as the company continued to deliver strong results domestically. Internationally, revenue was relatively steady, sequentially.

在美國，由於該公司繼續在國內取得強勁業績，鑽井產品收入超過了鑽機數量。在國際範圍內，收入環比相對穩定。

Direct operating costs included a non-cash charge of $5 million associated with the step-up in asset value of the drill bits that were on the books at the time Ulterra transaction closed. The same purchase price accounting adjustment increased reported segment depreciation and amortization by $10 million during the quarter. We expect these non-cash charges will continue through 2024.

直接營運成本包括 500 萬美元的非現金費用，該費用與 Ulterra 交易結束時帳面上的鑽頭資產價值增加有關。同樣的購買價格會計調整使報告的部門折舊和攤提在本季度增加了 1000 萬美元。我們預計這些非現金費用將持續到 2024 年。

We continue to see growth potential for Ulterra even in a flattish US onshore market with opportunities to expand internationally. For the first quarter, we expect drilling products revenue of$ 90 million with an adjusted gross profit of $40 million. We expect $5 million in noncash direct operating costs associated with the step-up in drill bit value at Ulterra, without which the segment adjusted gross profit expectation would be $45 million.

即使美國陸上市場表現平淡，我們仍然看到 Ulterra 的成長潛力，並有機會進行國際擴張。我們預計第一季鑽井產品營收為 9,000 萬美元，調整後毛利為 4,000 萬美元。我們預計與 Ulterra 鑽頭價值提升相關的非現金直接營運成本為 500 萬美元，如果沒有這些成本，該部門調整後的毛利預期將為 4,500 萬美元。

Other revenue totaled $18 million for the quarter, with $8 million in adjusted gross profit. We expect other first quarter revenue and adjusted gross profit to be flat with the fourth quarter.

該季度其他收入總計 1,800 萬美元，調整後毛利為 800 萬美元。我們預計第一季其他收入和調整後毛利將與第四季持平。

Reported selling, general, and administrative expenses in the fourth quarter were $61 million. For Q1, we expect SG&A expenses of $65 million. On a consolidated basis for the fourth quarter, total depreciation, depletion, amortization, and impairment expense totaled $279 million. For the first quarter, we expect total depreciation, depletion, amortization, and impairment expense of approximately $280 million.

第四季報告的銷售、一般和管理費用為 6,100 萬美元。對於第一季度，我們預計 SG&A 費用為 6500 萬美元。第四季的綜合折舊、消耗、攤銷和減損費用總額為 2.79 億美元。我們預計第一季的折舊、消耗、攤提和減損費用總額約為 2.8 億美元。

For 2024, we expect an effective tax rate of 24% with annual cash taxes expected to be $35 million to $45 million after utilizing tax attributes to offset a portion of our taxable income. During Q4, total CapEx was $205 million, including $74 million in drilling services, $107 million in completion services, $17 million in drilling products and $8 million in other and corporate.

2024 年，我們預計有效稅率為 24%，在利用稅收屬性抵銷部分應稅收入後，年度現金稅預計為 3,500 萬至 4,500 萬美元。第四季度，總資本支出為 2.05 億美元，其中包括 7,400 萬美元的鑽井服務、1.07 億美元的完井服務、1,700 萬美元的鑽井產品以及 800 萬美元的其他和企業服務。

Our CapEx in 2024 is expected to be $740 million, comprised of $285 million for drilling services, $360 million for completion services, $55 million for drilling products, and $40 million for other and corporate.

2024 年我們的資本支出預計為 7.4 億美元，其中 2.85 億美元用於鑽井服務，3.6 億美元用於完井服務，5,500 萬美元用於鑽井產品，4,000 萬美元用於其他和企業。

On the drilling side, we expect to fund limited rig upgrade programs, which are for specific customers. On the completion side, we will continue to invest at a measured pace to expand our fleet of electric and natural gas powered assets with fleet additions serving as replacements for retired diesel assets.

在鑽井方面，我們預計將為特定客戶的有限鑽機升級計畫提供資金。在完工方面，我們將繼續以穩健的步伐進行投資，以擴大我們的電力和天然氣動力資產機隊，並透過增加機隊來取代退役的柴油資產。

Of the $360 million in completion services CapEx, we expect CapEx of roughly $220 million in the first half of the year as we fund investments in next-generation frac equipment as well as growth in our power solutions natural gas fueling business. We expect completions capex will largely focus on maintenance in the second half of the year.

在 3.6 億美元的完井服務資本支出中，我們預計今年上半年的資本支出約為 2.2 億美元，因為我們為下一代壓裂設備的投資以及電力解決方案天然氣加註業務的成長提供資金。我們預計下半年竣工資本支出將主要集中在維修上。

Next year, in our legacy universal pressure pumping business have now been consolidated into one legal entity and are operating as one completions business, which is a big step as we continue to move through the integration process. We entered 2024, having achieved approximately half of the anticipated$ 200 million in annualized synergies and remain highly confident that we will achieve at least $200 million in synergies by the first quarter of 2025.

明年，我們傳統的通用壓力泵業務現已合併為一個法人實體，並作為一個完井業務運營，這是我們繼續推進整合過程的一大步。進入 2024 年，我們已經實現了預期 2 億美元的年度協同效應的大約一半，並且仍然非常有信心到 2025 年第一季我們將實現至少 2 億美元的協同效應。

We closed Q4 with nothing drawn on our $600 million revolving credit facility as well as $193 million in cash on hand. We do not have any senior debt maturities until 2028. We expect to generate another quarter of strong free cash flow in the first quarter, although not quite at the same level we saw in the fourth quarter, firstly, as we need to fund seasonal working capital adjustments and cash merger and integration costs.

截至第四季度，我們的 6 億美元循環信貸額度和 1.93 億美元手頭現金並未動用。2028 年之前我們沒有任何優先債務到期。我們預計第一季將再產生一個強勁的自由現金流，儘管與第四季度的水平不太一樣，首先，因為我們需要為季節性營運資本調整以及現金合併和整合成本提供資金。

I'll now turn the call back to Andy Hendricks for closing remarks.

現在我將把電話轉回給安迪·亨德里克斯，讓其結束語。

Thanks, Andy. I want to close the call by quickly reiterating how we see 2024 unfolding. Macro conditions give us confidence for relatively stable near-term industry activity, considering both the oil and natural gas markets. US oil production is expected to have stabilized according to EIA and others, which should be a positive for global oil markets.

謝謝，安迪。在結束這場電話會議時，我想快速重申我們對 2024 年的展望。考慮到石油和天然氣市場，宏觀條件使我們對相對穩定的近期行業活動充滿信心。根據 EIA 和其他機構的數據，美國石油產量預計將趨於穩定，這對全球石油市場來說應該是一個利好。

At current oil prices, we do not anticipate much change in the oil rig count with oil-focused activity about 80% of the industry activity. On the natural gas side, yes, there could be some decline in industry activity in the near term, but we do not expect it will be material to our business over the long term. The outlook for natural gas activity could improve later this year and into next year as LNG demand comes closer into focus.

以目前的油價，我們預計石油鑽井平台數量不會發生太大變化，以石油為重點的活動約佔產業活動的 80%。在天然氣方面，是的，短期內行業活動可能會下降，但我們預計這不會對我們的長期業務產生重大影響。隨著液化天然氣需求越來越受到關注，今年稍後和明年天然氣活動的前景可能會有所改善。

For Patterson-UTI, this relatively steady industry environment in 2024 should give us opportunities to focus on high-return capital efficient ways to grow our profitability. We expect to enhance our technology offerings in both drilling and completions. We still have runway to benefit from the synergies associated with the next year merger and Ulterra's long-term growth prospects in the Middle East are very promising.

對於 Patterson-UTI 來說，2024 年相對穩定的產業環境應該讓我們有機會專注於高回報資本有效的方式來提高我們的獲利能力。我們希望增強我們在鑽井和完井方面的技術產品。我們仍然有機會從明年合併帶來的綜效中受益，而且 Ulterra 在中東的長期成長前景非常光明。

And our current expectations is that we will return at least $400 million to shareholders this year through dividends and share repurchases, which should improve our earnings per share and return on capital through a steady reduction in share count. We believe these profitability growth initiatives are achievable even in a steady recount environment. We're excited about the year ahead and expect to deliver another year of strong results for our investors.

我們目前的預期是，今年我們將透過股利和股票回購向股東回報至少 4 億美元，這將透過穩定減少股票數量來提高我們的每股盈餘和資本回報率。我們相信，即使在穩定的重新計票環境下，這些獲利成長措施也是可以實現的。我們對未來的一年感到興奮，並期望為我們的投資者帶來另一個強勁的業績。

Before we go to Q&A, I'd like to thank the women and men of Patterson-UTI for all of your hard work and all of your accomplishments. You had a record year performance in 2023. You transformed the company and you knocked it out of the park. So thank you.

在我們進行問答之前，我要感謝帕特森-UTI 的男女員工的辛勤工作和所取得的成就。2023 年，您的業績創下了歷史新高。你改變了公司並把它從公園裡淘汰了。所以謝謝。

With that, I'll turn it over to Adam for questions.

這樣，我將把它交給 Adam 來提問。

(Operator Instructions) Arun Jayaram, JPMorgan.

（操作員指令）Arun Jayaram，摩根大通。

Good morning, Andy. I wanted to maybe focus on the completion services segment. Your outlook is for $195 million of gross profit in 1Q. I was wondering as you think about the full year, do you think that as a good baseline for -- as you think about the full year with and you're adding some capacity by midyear. How should we think about kind of a baseline for that segment in relatively steady state environment in US shale?

早安，安迪。我想也許專注於竣工服務領域。您對第一季毛利的預期為 1.95 億美元。我想知道，當您考慮全年時，您是否認為這是一個很好的基準——當您考慮全年時，您會在年中之前增加一些產能。在美國頁岩相對穩定的環境下，我們應該如何考慮該細分市場的基線？

Yeah. We're really excited about how the completions business has been performing. I mean, you see it in the Q4 results. The teams who have had to integrate and come together are just doing a fantastic job. And it is one company today. It is next year. And they're just doing a great job. I can't say enough for the teams that are performing every day.

是的。我們對竣工業務的表現感到非常興奮。我的意思是，你可以在第四季的業績中看到這一點。必須整合並聚集在一起的團隊做得非常出色。今天它是一家公司。明年了。他們做得很好。對於每天都表現出色的球隊，我無法說太多。

When you look at Q1, what we're projecting on Q1 in terms of revenue and profitability is relatively steady activity, but also some whitespace in there as we move some fleets around. And so I think as I look out across 2024 for completions and it holds for drilling as well, we're seeing relatively steady. And I realize that natural gas is trading at a low level, and there's probably some concerns over that market. But I think we've shown that last year, whether it's drilling or completions that we're working for the right customers in these basins and that we can keep things relatively steady.

當你看第一季時，我們對第一季的收入和盈利能力的預測是相對穩定的活動，但當我們移動一些機隊時，也存在一些空白。因此，我認為，當我展望 2024 年的完井情況以及鑽探情況時，我們看到相對穩定。我意識到天然氣的交易水平較低，並且可能對該市場有一些擔憂。但我認為我們去年已經證明，無論是鑽探還是完井，我們都在為這些盆地的合適客戶服務，我們可以保持相對穩定。

So when it comes to the profitability on completions, I think as we continue to roll out some new technology, even in steady activity, there's some potential to improve the profitability as we work towards the end of the year. So we've got, as I mentioned earlier, we've got various levers that we can pull through both technologies, through integration, through performance. And I still think that we can still work to some higher profitability even in a steady environment.

因此，當談到完工時的盈利能力時，我認為，隨著我們繼續推出一些新技術，即使在穩定的活動中，隨著我們在年底的努力，盈利能力仍有一定的潛力。因此，正如我之前提到的，我們擁有各種槓桿，可以透過整合和性能來利用這兩種技術。我仍然認為，即使在穩定的環境下，我們仍然可以努力實現更高的獲利能力。

Great. Andy, my follow up is just kind of an industry question. One of your peers in earnings season highlighted how they expect to get caught 40% of their frac fleets to be e-fleets by the end of this year. Another of your peers mentioned that 25% of their fleets would be next-generation e-fleets and dual fuel by the end of the year. How does that influence your strategy? and talk to us maybe about the types of returns on capital you're seeing on some of the fleet horsepower you're expected deployed by midyear.

偉大的。安迪，我的後續行動只是一個產業問題。您的一位同行在財報季強調了他們預計到今年年底將 40% 的壓裂船隊轉變為電子船隊。另一位同行提到，到今年年底，他們 25% 的車隊將採用下一代電動車隊和雙燃料。這對你的策略有何影響？並與我們談談您預計在年中部署的一些艦隊馬力的資本回報類型。

So as we mentioned, we are deploying thee- fleets this year and we're going to start to grow our presence in that. But our strategy is more of a measured pace because our focus is returning cash to shareholders.

正如我們所提到的，我們今年將部署三支艦隊，並將開始擴大我們在這方面的影響力。但我們的策略更加謹慎，因為我們的重點是向股東返還現金。

We do see the opportunity to improve the profitability in the completions business by rolling out the e-fleets. But we also have other things we're doing in '24 to improve profitability, including integrating some of the vertical services that NexTier has been offering for years on some of the fleets that aren't currently operating those.

我們確實看到了透過推出電子車隊來提高竣工業務獲利能力的機會。但我們在 24 年也採取其他措施來提高獲利能力，包括整合 NexTier 多年來為一些目前尚未營運的車隊提供的一些垂直服務。

When you look at specifically at the e-fleets, there's also some other technologies that we're going to be looking at rolling out later this year too that are 100% natural gas, and there's just going to be a variety of solutions. So it's not a one size fits all. We don't think the entire industry converts over to electric. We think there's still solid markets for high-performing dual fuel natural gas-powered systems. But we will continue to push technology. We will continue to invest in both electric and other new technologies. But for us, it's going to be more of a measured pace as we focus on returns to shareholders.

當你專門關注電子車隊時，我們還將考慮在今年稍後推出一些其他 100% 天然氣技術，而且會有各種各樣的解決方案。所以它不是一刀切的。我們認為整個產業不會轉向電動化。我們認為高性能雙燃料天然氣動力系統仍存在穩固的市場。但我們將繼續推動技術發展。我們將繼續投資電力和其他新技術。但對我們來說，隨著我們專注於股東回報，這將更加謹慎。

Scott Gruber, Citigroup.

史考特‧格魯伯，花旗集團。

Yes, good morning. I want to come back to the completion outlook, if you don't mind. It's just the focal point today for folks. Within the white space, does that start to emerge early in the first quarter? Or is that more of a second half of the quarter impact? And then as you reposition fleet, those getting picked up in the oil basins.

是的，早安。如果你不介意的話，我想回到完成的前景。這只是今天人們關注的焦點。在空白區域內，這種情況是否會在第一季初開始出現？還是這更多的是本季下半年的影響？然後當你重新定位艦隊時，那些在石油盆地中被拾起的人。

Yeah. I'm just trying to think about the trend into the second quarter, assuming gas activity stays weak. Does the second quarter activity end up looking better than the first quarter? Can you get some more oil activity or is it potentially down versus the first because gas is weak and that's a full quarter impact? Are you able to provide some more color there?

是的。我只是想考慮一下第二季的趨勢，假設天然氣活動保持疲軟。第二季的活動最終看起來比第一季更好嗎？您能否獲得更多的石油活動，或者是否可能因為天然氣疲軟而與第一個活動相比有所下降，這是整個季度的影響？你能在那裡提供更多的顏色嗎？

I think, you know, there's given that natural gas has only recently dropped below [two]. We don't know the full impact of that yet, but we are working for some good customers in these gas basins, and we are repositioning some of our horsepower into more liquids, more oil.

我認為，你知道，鑑於天然氣最近才跌至低於[二]。我們還不知道這會產生什麼全面影響，但我們正在為這些天然氣盆地的一些優質客戶提供服務，並且我們正在將部分動力重新定位到更多的液體、更多的石油上。

So we're going to have some exposure to gas, but we had exposure to gas last year and we still had strong performance. So we still think that we're going to have some relatively steady activity. If I had to make a guess right now in Q2, I'd say just consider it relatively steady to what we're seeing in Q1, including the whitespace. I think there still is some uncertainty out there. But also, I think we have the potential to improve some profitability as we roll out some new technology and enhance some of the integration.

因此，我們將接觸一些天然氣，但去年我們接觸過天然氣，而且我們仍然表現強勁。因此，我們仍然認為我們將會有一些相對穩定的活動。如果我現在必須在第二季度做出猜測，我會說，只需考慮它與我們在第一季看到的情況相對穩定，包括空白。我認為仍然存在一些不確定性。而且，我認為，隨著我們推出一些新技術並加強一些集成，我們有潛力提高一些盈利能力。

That's great. And just on that point, wondered debating points post deal was your ability to secure revenue synergies and can do so in a timely fashion. Can you just speak to what you're seeing on that front? What type of revenue synergies you've already achieved? And then what do you think occurs in '24?

那太棒了。就這一點而言，交易後的爭論點在於您是否有能力確保收入協同效應並及時做到這一點。您能談談您在這方面看到的情況嗎？您已經實現了哪種類型的收入綜效？那麼你認為 24 世紀會發生什麼事？

Yeah, so if you go back to pre-closing, which go back to the summer of 2023, Patterson-UTI universal division was operating in a 12 frac fleets. And those frac fleets were performing well. But the market softened. But look at what next year was doing with vertical integration and all the other services they provide. They provide the wireline services. They're providing power solution CNG. Creating CNG, transporting to wellsite, blending it with natural gas that's available in the fuel gas. And look at the trucking and logistics operation that next year has. We're well over 600 people in that business alone.

是的，如果你回顧一下交割前的情況，即 2023 年夏天，Patterson-UTI 通用部門當時擁有 12 支壓裂船隊。這些壓裂船隊表現良好。但市場走軟。但看看明年的垂直整合和他們提供的所有其他服務會做什麼。他們提供有線服務。他們提供電力解決方案 CNG。製造壓縮天然氣，運送到井場，將其與燃氣中可用的天然氣混合。看看明年的卡車運輸和物流業務。光是從事該業務我們就有超過 600 名員工。

And so there's a lot of verticals that we didn't have at Patterson-UTI. So one of the first things that we did as part of the synergies will start to reach out to customers to say, look, we believe we can improve your service if we have control of some of these other services that are affecting logistics and efficiencies and performance at the wellsite.

因此，有許多垂直領域是我們 Patterson-UTI 所沒有的。因此，作為協同效應的一部分，我們所做的第一件事就是開始與客戶聯繫，他們說，我們相信，如果我們能夠控制影響物流和效率的其他一些服務，我們相信我們可以改善您的服務，井場表現。

And so we have added wireline. We have added trucking and logistics. We have added some power solutions onto some of those fleets that didn't have that pre-close. And so that's been progressing. And we had some quick early wins, but we think we'll have continued wins on that from a revenue and profitability standpoint throughout 2024. So that's really how it's playing out. And our teams are doing a great job working together to make this happen.

因此我們新增了有線線路。我們增加了卡車運輸和物流。我們已經為一些沒有預先關閉的車隊添加了一些電力解決方案。所以這一直在進步。我們在早期取得了一些快速的勝利，但我們認為從收入和盈利能力的角度來看，我們將在 2024 年繼續取得勝利。這就是事情的真相。我們的團隊正在共同努力，以實現這一目標。

Yeah, I would also point out on that one again and Andy mentioned but I would just highlight it that really the productivity gains that we're getting, again, kind of pushing that fully integrated wellsite offering onto the legacy EPP fleets is really improvement as well and overall profit.

是的，我還要再次指出這一點，安迪也提到過，但我只想強調一下，我們再次將完全整合的井場產品推向傳統 EPP 車隊，從而真正提高了生產力，因為良好的整體利潤。

Appreciate the color. I'll turn it back.

欣賞顏色。我會把它轉回來。

Derek Podhaizer, Barclays.

德里克·波德海澤，巴克萊銀行。

Hey, good morning, guys. I want to talk about your shareholder returns and maybe just how you're thinking about the remaining free cash flow over that 50%. Talk about maybe some of your M&A, whether it be tuck-ins or bolt-ons or what can we expect out of that debt? I know the maturities are far out to 2028, but a servicing of debt that you're looking at. And really just trying to get at what the upside to that return number could look like.

嘿，早上好，夥計們。我想談談你們的股東回報，也許只是你們如何看待這 50% 的剩餘自由現金流。談談您的一些併購，無論是合併還是補充，或者我們可以從這筆債務中得到什麼？我知道到期日距 2028 年還很遙遠，但你正在考慮償還債務。實際上只是想了解回報數字的好處。

Yeah, so look on the return to number that we've given the $400 million that we expect for the year, that's above our 50% commitment. I would say that right now, M&A is not a high priority. Again, it's hard to predict when it comes, and we'll certainly look at a lot of things, but it's not the highest priority for us right now, Neither is in this market just yet, I think in account of significant debt reduction, from time to time, we remain nimble with debt. If we think there's a good buy to buy some back on the open market, we'll do that. But I don't see anything right now that warrants us making any kind of a large debt reduction.

是的，看看我們今年預計投入 4 億美元的回報數字，這超出了我們 50% 的承諾。我想說，目前併購並不是當務之急。再說一次，很難預測它何時到來，我們肯定會考慮很多事情，但這不是我們現在的最高優先事項，我認為考慮到債務的大幅減少，現在也不是這個市場的首要任務，有時，我們對債務保持靈活。如果我們認為在公開市場買回一些股票是不錯的選擇，我們就會這麼做。但我現在看不到任何事情可以保證我們進行任何形式的大規模債務削減。

Okay. That's helpful.

好的。這很有幫助。

Switching over to the to the drilling side, can you just walk us through the daily margin trajectory that you're thinking about for first quarter and for the rest of the year? The cost per day had a big step up there. Could that come back a little bit? Just curious what's going on there.

轉向鑽探方面，您能否向我們介紹您正在考慮的第一季和今年剩餘時間的每日利潤軌跡？每天的費用有了很大的提高。能不能稍微回來一點？只是好奇那裡發生了什麼事。

And then how should we think about the revenue per day as you have some contract churn and you've talked about leading price in that mid-30s, but just little help to break apart those two, the revenue per day and the cost per day?

然後，我們應該如何考慮每天的收入，因為您有一些合約流失，並且您談到了 30 多歲左右的領先價格，但對區分這兩者（每天的收入和每天的成本）幾乎沒有幫助？

Yeah, so really pleased with this team on the drilling side. You know what they did year over year, '23 over '22, was huge in terms of improving our performance in the field to sustain the activity levels that we had and outperform the others, but also raised the profitability per rig at the same time. So that was just amazing what that team accomplished

是的，我對這個鑽井團隊非常滿意。你知道，他們在23 年與22 年之間所做的事情，對於提高我們在現場的表現以維持我們現有的活動水平並超越其他人來說是巨大的，同時也提高了每台鑽機的盈利能力。所以這個團隊所取得的成就真是令人驚奇

As we work through this year, there was some softening in leading edge in rigs towards the end of last year, in the second half, and we acknowledged that on some previous calls. So we will have some leading edge come down, but we're still running around the mid-30s for all the performance and ancillary technology options that we're offering on the rigs.

在我們今年的工作中，去年底下半年，鑽機的領先優勢有所減弱，我們在之前的一些電話會議中承認了這一點。因此，我們的一些領先優勢將會下降，但我們在鑽機上提供的所有性能和輔助技術選項仍處於 30 年代中期左右。

So I think that while the costs went up -- costs, I think you're going to be relatively steady, but I think margins will be relatively steady as well. And so our teams have done a great job. I don't think we're going to see this profitability increase that we saw '23 versus '22. But at the same time, I think it's steady and this business is going to throw off a lot of free cash.

因此，我認為，雖然成本上升，但我認為成本會相對穩定，但我認為利潤率也會相對穩定。所以我們的團隊做得很好。我認為我們不會看到 23 年與 22 年相比獲利能力的成長。但同時，我認為它是穩定的，這項業務將釋放大量的自由現金。

Yeah, I would reiterate that. I would just say that from this point forward through the year and we view it today, we look at both revenue and cost being relatively steady.

是的，我會重申這一點。我只想說，從這一點到今年，我們今天看到，我們認為收入和成本都相對穩定。

And maybe just a quick follow up. The cost per day, but what was the lead driver of that step up?

也許只是快速跟進。每天的成本，但這項進步的主要驅動因素是什麼？

Yeah, we have -- there's a lot of things going on at the end of the year, truing up some cost estimates and things like that. Nothing in particular that was significant. I mean, again from quarter to quarter, you can have a bunch of things bumping around in there, whether it's working capital or insurance reserves and all that stuff. That was our workers' comp. So you've got those items that come through in the fourth quarter. Sometimes it just causes a little bit of a change. But I would say nothing that I would point to that I would say is hugely significant.

是的，我們——年底會發生很多事情，調整一些成本估算之類的事情。沒有什麼特別重要的事。我的意思是，從一個季度到另一個季度，你可能會遇到很多東西，無論是營運資金還是保險準備金等等。那是我們的工人補償。所以你已經得到了第四季完成的專案。有時它只會引起一點點變化。但我不會說任何我認為非常重要的事。

Thanks for all the color, I'll turn it back.

謝謝你的所有顏色，我會把它轉回來。

Jim Rollyson, Raymond James.

吉姆·羅利森，雷蒙德·詹姆斯。

Good morning, guys, and great job on the quarter and free cash flow and returning free cash flow.

早上好，夥計們，本季度做得很好，自由現金流和返回自由現金流。

Andy, just a couple of questions around the rig side. So you're 122 in January or 122 today. We're halfway through the quarter. And obviously, guidance is for 120, so implying things come down. Is that -- just kind of curious what you're seeing on the rig side around the gassy basins, similar to what you're doing on completions, are you looking at moving any rigs around out of gassy basins into oily basins? Just maybe a little color on that.

安迪，有幾個關於鑽孔機方面的問題。所以您一月是 122 歲，或今天是 122 歲。本季已過半。顯然，指導值為 120，因此意味著情況會下降。是不是——只是有點好奇你在含氣盆地周圍的鑽井平台上看到的情況，類似於你在完井時所做的事情，你是否正在考慮將任何鑽井平台從含氣盆地移到含油盆地？也許只是一點點顏色而已。

Sure. I think for now, our view is that the oil basins are going to stay relatively steady. And so, you know, the rigs that we have working in those basins, which is really about 70% of our rigs are in oil basins. But even though 30% of our rigs are operating in gas basins, some of those rigs are on gas liquids and not dry gas. So it's not full 30%. It's probably closer to 20% to 25% that are drilling dry gas. So I think you're going to see a relatively steady in those oil and gas liquids basins for us.

當然。我認為目前我們的觀點是石油盆地將保持相對穩定。所以，你知道，我們在這些盆地工作的鑽井平台，實際上我們大約 70% 的鑽井平台都在油盆地。但儘管我們 30% 的鑽孔機在氣盆地作業，但其中一些鑽孔機使用的是液態天然氣而不是乾氣。所以還沒滿30%。可能接近 20% 到 25% 的人正在鑽探乾氣。所以我認為我們會看到這些石油和天然氣液體盆地相對穩定。

In natural gas, sure. We're anticipating some softness. We could be down maybe three rigs over the next few months, maybe five rigs, based on where natural gas is trading today. But again, that's off a base of 122 rigs. And then you've got a longer-term outlook as we get closer to LNG takeaway needs.

當然是天然氣。我們預計會出現一些疲軟。根據今天的天然氣交易情況，我們可能會在接下來的幾個月內關閉三座鑽井平台，甚至五座鑽井平台。但同樣，這還沒有達到 122 台鑽孔機的基礎。當我們越來越接近液化天然氣外送需求時，您就會有更長遠的前景。

So could there be some softening in natural gas? Sure. Is it going to be a big impact for the company? No. Is it going to change margin profitability? No. We're performing really well. We don't have a need to reduce rates. We're not likely to necessarily move those rigs out of the gas basins because if you look at the longer term, we're going to probably need them there in 2025. So I think it's still -- I'd still call that relatively steady, even with some potential softening in the gas base.

那麼天然氣會不會有所軟化呢？當然。對公司影響大嗎？不。它會改變利潤率嗎？不。我們的表現真的很好。我們沒有必要降低利率。我們不一定會將這些鑽井平台移出天然氣盆地，因為從長遠來看，我們可能會在 2025 年需要它們。所以我認為它仍然 - 我仍然認為相對穩定，即使天然氣基礎可能有所軟化。

Got it. That's helpful. And you mentioned rig upgrades. Normally when we're in an upward trajectory market, you guys are reactivating rigs, upgrading rigs and getting a lot of that covered or all of that covered on term contracts. Can you talk about what the specific rig upgrades you're doing for specific customers and kind of how you see capturing that capital back and the return on that capital in this kind of market where we're more steady instead of upward moving?

知道了。這很有幫助。你提到了裝備升級。通常，當我們處於上升軌蹟的市場時，你們會重新啟動鑽孔機、升級鑽孔機並獲得大量或全部包含在定期合約中的內容。您能否談談您正在為特定客戶進行哪些具體的鑽機升級，以及您如何看待在這種我們更加穩定而不是向上移動的市場中收回資本以及資本回報？

Yes. One of the upgrades I'm really excited about is some of the upgrades and latest technology in terms of process automation packages that we're putting on the rig. This is really a capital light upgrade. It had to do with electrical systems and software. And when we layer that onto a rig, we add automation capabilities to improve performance and consistency of the drilling operations. And so we're going to go through a steady pace of doing rigs and transforming that. And our customers are excited about that. They want this. This is something that they're asking for and in demand. But again, it's a capital light type upgrade.

是的。我真正興奮的升級之一是我們在鑽機上安裝的製程自動化包方面的一些升級和最新技術。這確實是一次資本之光的升級。它與電氣系統和軟體有關。當我們將其分層到鑽孔機上時，我們添加了自動化功能，以提高鑽井作業的效能和一致性。因此，我們將穩步進行鑽機製造和改造。我們的客戶對此感到興奮。他們想要這個。這是他們所要求和需要的。但同樣，這是一場資本輕型升級。

Got it. Thanks. I'll turn it back.

知道了。謝謝。我會把它轉回來。

Stephen Gengaro, Stifel.

史蒂芬·根加羅，斯蒂菲爾。

Thanks. Good morning, gentlemen. A couple of things for me, and it's probably a long question. So I apologize. But when we think about the wellsite integration on the frac side, I have got like two or three questions around that. And one is can you give us a sense for the percentage of assets that are kind of at the high end of integrated services versus the low end. And I'm not sure if there's a way to kind of give us any color around the profitability gap and I know legacy NexTier provided some color on that.

謝謝。早安，先生們。對我來說有幾件事，這可能是一個很長的問題。所以我道歉。但是，當我們考慮壓裂方面的井場整合時，我有兩三個問題。一是您能否讓我們了解綜合服務高端資產與低端資產的百分比。我不確定是否有一種方法可以為我們提供有關盈利能力差距的任何顏色，我知道傳統的 NexTier 對此提供了一些顏色。

And then just the final part of that long question, is that any impact on your ability to do that with the M&A of your customers or the larger customers more or less willing? And how should we think about that?

然後是這個長問題的最後一部分，這是否會對您的客戶或大客戶或多或少願意的併購能力產生影響？我們該如何思考這個問題？

Yeah, I'll answer the first part of that, and I'll let Andy talk to the customers. The harder question.

是的，我會回答第一部分，然後我會讓安迪與客戶交談。更難的問題。

Yeah, right now, in terms of the integrated wellsite offering and sort of how that works across our fleet, where you think about a heavy concentration versus [less], it's about 50-50 on the fleet. We saw a lot of opportunity to push more that integrated offering across our work in the pressure pumping space.

是的，現在，就綜合井場產品以及它在我們機隊中的運作方式而言，您會考慮高度集中與[較少]，機隊中大約有 50-50 個。我們看到了很多在壓力泵領域的工作中推動更多整合產品的機會。

Yeah, in terms of customers and M&A, we all can see that there's been huge wave of consolidation from the E&P customers. And when that happens, you're going to get a pause in activity. And for some customers that we're working for that might be a pause for us. For some other customers, it might be kind of a neutral for us in the near term. But you're going to get a pause until they decide what resources they want to use and what they want to do going forward from an operation standpoint.

是的，在客戶和併購方面，我們都可以看到勘探生產客戶出現了巨大的整合浪潮。當這種情況發生時，你的活動就會暫停。對於我們正在服務的一些客戶來說，這可能會讓我們暫停。對於其他一些客戶來說，短期內這對我們來說可能是中性的。但是，您將暫停一下，直到他們決定要使用哪些資源以及從操作的角度來看他們想要做什麼。

But when they evaluate that, I think, we are well positioned with our ability to integrate the necessary services to enhance performance on the completion side and even on the drilling side with the new technologies that we're rolling out. So I think we're in great shape for this wave of consolidation that's happening on the E&P side.

但當他們評估這一點時，我認為我們處於有利位置，有能力整合必要的服務，以透過我們正在推出的新技術來提高完井側甚至鑽井側的性能。因此，我認為我們對於勘探與生產方面正在發生的這波整合浪潮來說處於良好狀態。

Great. Thank you. And then just a quick follow-up to that. When we think about underlying price, not sort of a mix issue from increased offerings, but underlying frac prices, are -- if we modeled something that was kind of flattish from current levels for '24, is that something you're comfortable with? Or how do you think about that?

偉大的。謝謝。然後快速跟進。當我們考慮基礎價格時，不是增加產品的混合問題，而是基礎壓裂價格，如果我們對 24 年當前水平持平的模型進行建模，您對此感到滿意嗎？或者你對此有何看法？

Yeah, we acknowledge that there was softening in completions pricing and rig pricing in H2 last year. But I think from where we are this year, it's going to be relatively steady for us. And I want to qualify that for us because we are seeing some whitespace as we discussed earlier, and we are moving some assets. But part of that is just because we don't feel like we want to take lower rates. And so we're going to work to protect pricing in the markets and protect our margins in the markets. And so for us, I think it's relatively steady.

是的，我們承認去年下半年的完井定價和鑽機定價有所疲軟。但我認為從今年的情況來看，我們的情況將相對穩定。我想為我們限定這一點，因為正如我們之前討論的那樣，我們看到了一些空白，並且我們正在轉移一些資產。但部分原因是我們不想接受更低的利率。因此，我們將努力保護市場定價並保護我們在市場上的利潤。所以對我們來說，我認為它相對穩定。

Great. I appreciate all the color. Thank you.

偉大的。我欣賞所有的顏色。謝謝。

Saurabh Pant, Bank of America.

索拉布潘特，美國銀行。

Hi. Good morning, Andy and Andy. If you can spend, Andy, a little time on your e-fleet strategy. I'm thinking from the perspective of leasing versus buying and then also from a perspective of when you're buying something, how important it is in your mind to own that technology versus just buy it off the shelf from a window?

你好。早上好，安迪和安迪。安迪，如果你能花一點時間研究你的電子車隊策略。我從租賃與購買的角度思考，然後從您購買某物時的角度思考，在您看來，擁有該技術與從窗口購買現成的技術相比有多重要？

And then related to that, how should we think about power solutions in the context of that 80% of your fleet is going to be natural gas fired by the middle of '24? How much of that do you think is being supported by power solutions at that point?

與此相關的是，在 24 年中期 80% 的船隊將使用天然氣的情況下，我們應該如何考慮電力解決方案？您認為此時電源解決方案對其中的支援有多少？

So I'm going to I'm going to start, and then I'll let Andy Smith talk about this as well from a business growth profitability standpoint.

所以我要開始，然後我會讓安迪史密斯從業務成長獲利的角度來談論這個問題。

When you think about the e-fleets, we certainly realize there's customer demand out there. We want to have those technology offerings as well. There is improved profitability to be able to do that. And so we are investing in e but also some other technologies as well, not just the e.

當您想到電子車隊時，我們當然意識到有客戶需求。我們也希望擁有這些技術產品。能夠做到這一點可以提高獲利能力。因此，我們不僅投資電子技術，還投資其他一些技術。

So yes, we are working with a couple of different suppliers of electric frac equipment to look and see how the performance is on different types of equipment. And we've tested other equipment in the past. We do request some changes when we get some of this equipment delivered. So what we offer may be slightly different from others using similar equipment. But we have some experience and we're excited about this offering.

所以，是的，我們正在與幾個不同的電動壓裂設備供應商合作，以了解不同類型設備的性能。我們過去測試過其他設備。當我們交付部分設備時，我們確實要求進行一些更改。因此，我們提供的產品可能與其他使用類似設備的人略有不同。但我們有一些經驗，我們對這項產品感到興奮。

We'll continue to evaluate who our suppliers should be and who we want to work with going forward. But suffice to say that we are moving in that direction. And I'll add that we also have a drilling company that has a great history of operating over 1,000 AC induction motors. We also have electrical engineering company that has experienced building high voltage control systems for AC induction electric motors, including for electric frac. And so stay tuned. And we'll keep you posted on how this is going to evolve from a technology standpoint. But we're in it. That's for sure.

我們將繼續評估我們的供應商應該是誰以及我們未來希望與誰合作。但足以說明我們正在朝這個方向前進。我還要補充一點，我們還有一家鑽井公司，擁有營運 1,000 多台交流感應馬達的悠久歷史。我們也有電氣工程公司，在為交流感應電動機（包括電動壓裂）建構高壓控制系統方面擁有豐富的經驗。請繼續關注。我們將隨時向您通報從技術角度來看這將如何發展。但我們就在其中。這是肯定的。

Yeah, right now, in terms of power solutions supporting our own work, right, about 40% of our work out there is supported by power solutions, and we've got opportunities to grow that in the current year.

是的，目前，就支援我們自己工作的電源解決方案而言，我們大約 40% 的工作是由電源解決方案支援的，今年我們有機會擴大這一規模。

Okay. Fantastic, Andy, and thanks for joining us on the technology side. So we'll stay tuned on that.

好的。太棒了，安迪，感謝您加入我們的技術團隊。所以我們將繼續關注這一點。

And a quick unrelated follow-up for me on the synergy side. By the way, really good progress. I don't know if Kenny is on the call or not, but a shoutout to him. Definitely, doing a fantastic job.

在協同方面，我還有一個快速的、不相關的後續行動。順便說一句，進展確實不錯。我不知道肯尼是否在通話中，但我要向他致敬。當然，做得非常出色。

And I think Andy Smith, I think you said on the call in your prepared remarks that you expect at least $200 million. So I just want to emphasize the at least and see now that it's been five months, so a little more than five months since you closed the merger, how do you look at any potential upside to that $200 million or maybe accelerating that from 18 months to maybe you realize not sooner than 18 month?

我想安迪史密斯，我想你在電話會議上在你準備好的演講中說過你預計至少有 2 億美元。所以我只想強調至少，現在已經過去了五個月，自完成合併以來已經五個多月了，您如何看待這 2 億美元的潛在增長空間，或者可能從 18 個月開始加速增長也許您不會早於18 個月意識到？

Yeah, look, we've got -- as you can imagine, there's a whole range of items included in the bucket that we've been active in terms of synergies. And we've kind of gone through the market since we've closed and the market's been sideways to potentially down a little bit.

是的，你看，我們已經——正如你可以想像的那樣，我們在協同效應方面一直在積極主動地開展一系列的專案。自從我們收盤以來，我們已經經歷了整個市場，市場一直在橫盤整理，可能會稍微下跌。

Probably, when we first started talking, we said, look, there's a lot of synergies and we're going to get out of this business. Some of it can be a little obscured by the market pricing. We are not -- that's not how we're looking at it internally. Internally, we are -- there is lot of rigor around making sure that we prove out each one of these is actually hitting our income statement. So we feel very good about that $200 million.

也許，當我們第一次開始談話時，我們說，看，有很多協同效應，我們將退出這項業務。其中一些可能會被市場定價所掩蓋。我們不是——這不是我們內部看待它的方式。在內部，我們有許多嚴格的要求來確保我們證明每一項都確實達到了我們的損益表。所以我們對這 2 億美元感到非常滿意。

I think in an improving market, that number only goes up, but I don't want to guide to a higher number than that, right now. But I think as the market improves, the benefit of those synergies only increases over and above that $200 million.

我認為在不斷改善的市場中，這個數字只會上升，但我現在不想指導比這個數字更高的數字。但我認為，隨著市場的改善，這些綜效的收益只會增加到 2 億美元以上。

Saurabh, as you mentioned, Kenny and the team are doing a great job. There's a number of different teams that are looking at different aspects. We've talked about the different buckets in the past, whether it's increasing revenue, supply chain or some cost savings, and we still have levers to pull on all those and we'll continue to work at it.

Saurabh，正如您所提到的，肯尼和團隊做得很好。有許多不同的團隊正在研究不同的方面。我們過去討論過不同的目標，無論是增加收入、供應鏈還是節省一些成本，我們仍然有槓桿來拉動所有這些，我們將繼續努力。

No, that's fantastic. Okay, Andy and Andy, thank you. Thanks for those answers. I'll turn it back.

不，那太棒了。好的，安迪和安迪，謝謝你們。感謝您的回答。我會把它轉回來。

Ati Modak, Goldman Sachs.

阿蒂·莫達克，高盛。

Hi, good morning, team. You mentioned steady outlook. But as we think about the cadence through the rest of the year, maybe sounds like fleet count is steady in 2Q and 3Q, but do you anticipate risk of larger white spaces on the calendar as customers manage activity, particularly around gas prices. How should we think about that? And do you have anything that would offset that?

嗨，早上好，團隊。您提到了穩定的前景。但當我們考慮今年剩餘時間的節奏時，聽起來第二季和第三季的車隊數量可能會保持穩定，但您是否預計隨著客戶管理活動，特別是在汽油價格方面，日曆上會出現更大空白的風險。我們該如何思考這個問題？你有什麼可以抵消這一點嗎？

I think as we mentioned before, we're already transitioning some horsepower from gas to liquids. And so that's already in our Q1 projections. Maybe we could see some more softness in Q2. If the commodity prices hang in there for longer, I think we'll just have to wait and see how that plays out.

我認為正如我們之前提到的，我們已經將一些馬力從天然氣轉向液體。這已經包含在我們第一季的預測中。也許我們可以在第二季度看到更多的疲軟。如果大宗商品價格持續更長時間，我認為我們只能等待，看看結果如何。

But then if you think about the end of this year going into '25, we've actually been in some discussions with some operators about increasing activity at the end of this year and in 2025. So I take a longer-term view and I recognize there's going to be some softness. It's relatively steady longer-term.

但如果你考慮到今年年底進入 25 年，我們實際上已經與一些運營商就今年年底和 2025 年增加活動進行了一些討論。因此，我採取更長遠的觀點，並且我認識到將會出現一些疲軟的情況。長期來說相對穩定。

Got it. Appreciate that.

知道了。感謝。

And then on the repurchases, how should we think about the cadence? It sounds like it's going to be a little bit more opportunistic, but any thoughts around that, whether it's opportunistic or steady? And how should we think about it?

那麼在回購方面，我們該如何考慮節奏呢？聽起來似乎會更加機會主義，但是圍繞這一點有什麼想法，是機會主義的還是穩定的？而我們該如何思考呢？

Yeah, I mean, we've always kind of been opportunistic around the issue, prescriptive about how we're going to be in the market. We're doing all this through open market purchases. We're comfortable, given kind of that guidance for the full year, and I don't want to be too prescriptive about quarter to quarter.

是的，我的意思是，我們在這個問題上總是持機會主義態度，規定我們將如何進入市場。我們正在透過公開市場購買來完成這一切。考慮到全年的指導，我們感到很舒服，而且我不想對每個季度過於規範。

Sounds good. Thank you. Appreciate you taking the questions.

聽起來不錯。謝謝。感謝您提出問題。

Keith MacKey, RBC Capital Markets.

基思·麥基，加拿大皇家銀行資本市場。

Hi, good morning. Just wanted to start out on that 40% free cash flow conversion number that we saw in the press release. Can you talk about maybe the main drivers behind impacting where you've set that target, assuming e-frac build-out is certainly one of them.

早安.只是想從我們在新聞稿中看到的 40% 自由現金流轉換數字開始。您能否談談影響您設定目標的主要驅動因素，假設電子壓裂擴建肯定是其中之一。

And then a follow-up to that would be, do you see the 40%-plus as a good approximate longer-term target for the business? Or should we be thinking about that as a 35%, 40%, 45%, or 50% kind of number?

接下來的問題是，您是否認為 40% 以上是企業大致上的長期目標？或者我們應該將其視為 35%、40%、45% 或 50% 的數字？

Yes. Look, I think 40% is a pretty good target for the business. And as we look, we set our capital budget. We look at the opportunity set in front of us. We think about how can we balance all the competing priorities and competing calls on our capital, and that includes return to shareholders.

是的。看，我認為 40% 對於企業來說是一個相當不錯的目標。當我們觀察時，我們設定了資本預算。我們著眼於擺在我們面前的機會。我們思考如何平衡所有相互競爭的優先事項和對我們資本的相互競爭的要求，其中包括股東回報。

So as you think about our CapEx number, it's probably roughly two-thirds or so of maintenance capital with some additional what we would call either conversion capital and likely not really growth, not really incremental horsepower coming into our fleet. It would displace older stuff, but that's kind of how we approach it.

因此，當您考慮我們的資本支出數字時，它可能大約是維護資本的三分之二左右，還有一些我們稱之為轉換資本的額外資本，並且可能不是真正的增長，也不是真正增加我們機隊的馬力。它會取代舊的東西，但這就是我們處理它的方式。

And we kind of look at that 40% has a pretty good target, at least in the intermediate term as our fleet changes shape over the years, we'll sort of look at and reevaluate. But right now, we feel pretty comfortable that. It's a pretty good target going forward.

我們認為 40% 是一個相當不錯的目標，至少在中期，隨著我們的機隊多年來發生變化，我們會進行審視和重新評估。但現在，我們對此感到很舒服。這是一個非常好的未來目標。

I'd like to commend the team on the completion side for their efficient use of the capital. They've got a good plan in place this year to move us away from having to invest maintenance CapEx in diesel only type engines and pumps as we transition into newer technologies, whether it's electric or other. And so yes, we're investing in the newer technologies. We're also moving away from having to maintain the older technology at the same time.

我要讚揚完成方團隊對資金的有效運用。他們今年制定了一個很好的計劃，讓我們在轉向更新的技術（無論是電動技術還是其他技術）時不必在純柴油引擎和泵浦上投資維護資本支出。所以，是的，我們正在投資新技術。我們也不再需要同時維護舊的技術。

Got it. That's helpful. And just an unrelated follow-up. Certainly, there are quite a large number of rigs working in the US now that are subject to E&P consolidation on one side or the other. And you mentioned you're fairly comfortable with your positioning given the spec of your rigs. But can you talk about generally how you see that market unfolding, given the large amount of pending consolidation, do you think there will be a significant number of rigs that get reduced as part of this or do you think -- do you see any notable potential impacts on pricing as potentially some of those displaced rigs have to recompete for work? Or just any thoughts on how you see that unfolding would be helpful.

知道了。這很有幫助。只是一個不相關的後續行動。當然，現在有相當多的鑽井平台在美國運行，一側或另一側都受到勘探與生產整合的影響。您提到，考慮到您的裝備規格，您對自己的定位相當滿意。但是，您能否大體談談您對市場發展的看法，考慮到大量待定的整合，您是否認為會有大量鑽機因此而減少，或者您認為 - 您是否看到任何值得注意的情況？由於其中一些被取代的鑽井平台可能必須重新競爭工作，這對定價有何潛在影響？或者只是關於你如何看待這一展開的任何想法都會有所幫助。

Well, I'll start by saying there's a lot of different rigs in the market and where we operate are the Tier 1 super-spec rigs, the highest performing type rigs that are on the market. And you saw how we performed last year in a market where the overall Baker Hughes count went down. And yet while we were down as well, not nearly as much as the overall Baker Hughes count because there's still a large number of SCRs and mechanicals in that overall rig count. But I think you're going to see a similar trend this year. We're going to have some softening in the overall market. You're going to see the overall industry rig count go down, but I think you're going to see us in one or two other drilling contractors gain share because of the technologies that we operate, we're not immune to the softening, but at the same time, we're running the highest performing rigs that are out there.

好吧，我首先要說的是，市場上有很多不同的鑽機，我們運營的是 1 級超規格鑽機，這是市場上性能最高的類型鑽機。你也看到了我們去年在貝克休斯整體數量下降的市場中的表現。然而，雖然我們的數量也有所下降，但並不像貝克休斯的總數那麼多，因為總體鑽機數量中仍然有大量的 SCR 和機械設備。但我認為今年你會看到類似的趨勢。整個市場將會出現一些疲軟。你會看到整個行業的鑽機數量下降，但我認為你會看到我們在一兩個其他鑽井承包商中獲得份額，因為我們運營的技術，我們不能免受軟化的影響，但與此同時，我們正在運行目前性能最高的設備。

So it's going to be more about overall supply and demand. But I think that overall, you're going to see relatively steady activity from us, even if the market softens and I do think you're going to see the overall rig count have some downside swings with year based on commodity prices or based on some of these mergers and acquisitions and debt consolidation on the E&P side. But I think you're going to see high grading at the same time like we've seen over the last few years.

因此，這將更多地取決於整體供需。但我認為總體而言，即使市場疲軟，您也會看到我們的活動相對穩定，並且我確實認為您會看到總體鑽機數量根據大宗商品價格或基於其中一些是勘探與生產方面的併購和債務合併。但我認為你會同時看到高評分，就像我們過去幾年所看到的那樣。

Thanks very much. Appreciate it.

非常感謝。欣賞它。

Waqar Syed, ATB Capital Markets. .

Waqar Syed，ATB 資本市場。。

Thanks for taking my question, Andy, you mentioned the synergies -- $100 million of synergies come from different buckets. I just wanted to drill a little deeper into that. Could you maybe quantify which of the buckets are contributing more or maybe just give some numbers to what has been achieved from the different buckets and what's still remaining?

感謝您提出我的問題，安迪，您提到了協同效應——1 億美元的協同效應來自不同的領域。我只是想更深入地研究一下。您能否量化哪些儲存桶貢獻更多，或者只是給出一些數字來說明不同儲存桶已實現的目標以及尚未實現的目標？

Yeah. Hey, good morning, Waqar. So a month ago, we talked about three different buckets, one being revenue, one being supply chain, one being cost. I think that to the ones that went the fastest were probably related to supply chain and some savings that we picked up last year as the market softened as well. And we were able to accelerate some of those. You also had some quick wins on the revenue, but the revenue will still continue kind of a steady pace for the next four quarters.

是的。嘿，早上好，瓦卡爾。一個月前，我們討論了三個不同的方面，一是收入，一是供應鏈，一是成本。我認為速度最快的可能與供應鏈以及我們去年隨著市場疲軟而節省的一些費用有關。我們能夠加速其中一些。您在收入方面也取得了一些快速勝利，但在接下來的四個季度中，收入仍將保持穩定成長。

We saw some cost improvements last year, but we'll see some further cost improvements this year. But the early ones to move probably the fastest was on supply chain. So hats off to the team to pull that off.

去年我們看到了一些成本改進，但今年我們將看到一些進一步的成本改進。但最早行動最快的可能是供應鏈。因此，我們向團隊致敬，以實現這一目標。

Yeah, I would even say on the G&A side, so there is obvious things around again to larger corporate companies coming together. So you've got, you know, and a lot of savings in terms of overall top-level management. Those have been achieved, obviously. But then as you go through, there's still a lot of consolidation savings come from a lot of that some of that's from third party services, whether it's insurance, outside advisors, things like that. And then some of it is just over time as you continue to sort of rationalize systems and processes, things like that and you do achieve the same.

是的，我甚至會說在一般行政費用方面，所以對於較大的企業公司來說，明顯的事情再次聚集在一起。因此，您知道，在整體高階管理方面您已經節省了大量資金。顯然，這些已經實現了。但當你經歷過之後，仍然有很多整合節省來自許多第三方服務，無論是保險、外部顧問還是類似的東西。然後，隨著時間的推移，當你繼續對系統和流程進行合理化時，其中一些事情就會發生，你確實會實現同樣的目標。

Okay, great. And then just one unrelated follow up. In terms of your pressure pumping fleet, you mentioned that it could be at 80% of natural gas power to dual fuel. Could you may be further breakdown like what proportion would be like Tier 4 DGB versus Teir 2 natural gas dual fuel?

好的，太好了。然後只有一個不相關的後續行動。就您的壓力泵組而言，您提到可能將 80% 的天然氣動力改為雙燃料。您能否進一步細分，例如 Tier 4 DGB 與 Teir 2 天然氣雙燃料的比例是多少？

because we're just now stepping into more electric than we've been running in the past, the Tier 4 dual fuel is still going to make up the majority of that. But we also do some things to enhance that, especially through our power systems where with our power system, CNG systems and being able to blend CNG and fuel gas that we can enhance that.

因為我們現在才剛開始使用比過去更多的電力，所以 Tier 4 雙燃料仍將佔其中的大部分。但我們也做了一些事情來增強這一點，特別是透過我們的電力系統，透過我們的電力系統、CNG 系統以及能夠混合 CNG 和燃氣的能力，我們可以增強這一點。

The largest portion is still going to be Tier 4 DGB this year. But you'll see a continued transition as we move to more electric and other new 5% natural gas technologies going forward after this year.

今年最大的部分仍然是 Tier 4 DGB。但隨著今年之後我們轉向更多的電力和其他新的 5% 天然氣技術，您將看到持續的轉變。

And from a Tier 4 DGB, what kind of fuel switching -- percentage switching you're seeing from diesel to natural gas in DGB engines?

從 Tier 4 DGB 來看，您在 DGB 引擎中看到了從柴油到天然氣的哪種燃料轉換（百分比轉換）？

I'm sorry, what kind of what?

抱歉，什麼樣的？

The fuel switching percentage. Are you closer to 60%, 65% or higher than that from switching from diesel to gas in the Tier 4 DGB?

燃料轉換百分比。在 Tier 4 DGB 中，您是否比從柴油轉向天然氣更接近 60%、65% 或更高？

That depends on what we can offer because we can offer the combination of CNG and fuel gas blending through our power solutions business. We can get anywhere from 65%, but all the way up to 80% displacement on Tier 4 dual fuel, and that's a very popular solution. And so we also do some other things to enhance that that I think we'll explain in future dates.

這取決於我們能提供什麼，因為我們可以透過我們的電力解決方案業務提供壓縮天然氣和燃氣混合的組合。使用 Tier 4 雙燃料，我們可以實現 65% 到 80% 的排氣量，這是一個非常受歡迎的解決方案。因此，我們還做了一些其他事情來增強這一點，我想我們將在未來的日期中對此進行解釋。

But as I mentioned earlier today, we have also replaced 100% natural gas electric offerings with Tier 4 dual fuel because there are just some places that an operator can't operate. Obviously, natural gas, it not the right fit. So Tier 4 DGB will still be a large portion of the market, but we are moving towards more electric and more new technology at a measured pace.

但正如我今天早些時候提到的，我們也用 Tier 4 雙燃料取代了 100% 天然氣電力產品，因為有些地方營運商無法運作。顯然，天然氣並不合適。因此，Tier 4 DGB 仍將佔據市場的很大一部分，但我們正在以穩健的步伐向更電動化和更新技術的方向發展。

Thank you very much.

非常感謝。

Doug Becker, Capital One.

道格貝克爾，《第一資本》。

Thank you. Just wanted to quickly circle back on completion services. Is the repositioning expected to be fully completed during the first quarter or is there a chance it spills into the second quarter? And then what's allowing you whether it's the market or the technology that you bring to the table to really move this equipment without conceding price in an uncertain market.

謝謝。只是想快速回到完成服務。重新定位預計將在第一季完全完成，還是有可能延續到第二季​​？然後，是什麼讓您能夠在不確定的市場中真正移動該設備，無論是市場還是技術，而無需在價格上做出讓步。

Well, first off, the oil markets are still relatively steady. Second gets into performance and how we operate with not just providing pressure pumping but also wireline trucking and logistics moving sand power solutions with natural gas for the customers that are wanting dual fuel or full electric. And so when we offer all those together, we can enhance the performance of the operation. And so that provides efficiency and savings at the end.

首先，石油市場仍然相對穩定。其次是性能，以及我們如何運營，不僅提供壓力泵，還為需要雙燃料或全電動的客戶提供天然氣有線卡車運輸和物流移動沙子動力解決方案。因此，當我們將所有這些結合起來時，我們就可以提高營運績效。這樣最終可以提高效率並節省成本。

We also have very strong customer relationships at Patterson-UTI. We've talked about that for years, but it does matter and we work to protect those relationships too. But we're real excited about how well this completions team has performed, especially coming together through a merger and you saw that in the Q4 numbers, we do recognize related to with the natural gas that things are a little bit softer, but we expect the transition of the horsepower really just to happen in Q1. So those numbers are in our Q1 projections, but the performance is definitely there and the oil basins are steady.

我們在 Patterson-UTI 也擁有非常牢固的客戶關係。我們已經討論這個問題很多年了，但這確實很重要，我們也努力保護這些關係。但我們對這個完井團隊的表現感到非常興奮，特別是透過合併走到一起，你看到在第四季度的數據中，我們確實認識到與天然氣相關的情況有點軟，但我們預計馬力的轉變確實只發生在第一季。因此，這些數字是我們對第一季的預測，但表現肯定是存在的，油盆地也很穩定。

Fair point. And then just I just all the commentary suggests that share repurchases are going to be the primary, but maybe more explicitly a dividend bump this year doesn't seem likely based on the commentary you said. Is that right?

有道理。然後，我所有的評論都表明，股票回購將成為主要內容，但也許更明確的是，根據您所說的評論，今年似乎不太可能增加股息。是對的嗎？

Yeah, I think that's fair. We stand to that.

是的，我認為這是公平的。我們堅持這一點。

Thank you very much.

非常感謝。

Don Crist, Johnson Rice.

唐克里斯特、約翰遜賴斯。

Good morning, gentlemen. We've covered a lot of ground here today, but just wanted to ask one about the international markets. You know, Ulterra gives you an entry point into the Middle East in particular? Do you have aspirations to move either rigs and or pressure pumping or other service lines into the area? And what kind of opportunities are there for you?

早安，先生們。今天我們已經討論了很多內容，但只是想詢問有關國際市場的問題。您知道嗎，Ulterra 特別為您提供了進入中東的切入點？您是否希望將鑽孔機和/或壓力泵或其他服務線路移至該區域？您有什麼樣的機會？

Yeah, first, we're really excited about Ulterra and their ability to grow internationally. It's got the potential for double digit growth in these markets, not just with the activity level in these markets, but increasing share in these markets. And so that is our focus on the international.

是的，首先，我們對 Ulterra 及其國際化發展的能力感到非常興奮。它在這些市場上有兩位數成長的潛力，不僅是這些市場的活動水平，而且是這些市場份額的增加。這就是我們對國際化的關注。

You ask about moving rigs from the US to other market, typically, it takes a fairly significant capital upgrade to move a rig to a different market outside of the US because we become very specific about what we do here in the, US, right now, our focus is on returning cash to shareholders. So our international focus is growing Ulterra. And in overall, that's part of what we're trying to do to return cash to shareholders. So there could be an opportunity longer term, but this year, our focus is returning cash to shareholders.

您詢問有關將鑽機從美國轉移到其他市場的問題，通常需要相當大的資本升級才能將鑽機轉移到美國以外的其他市場，因為我們現在對我們在美國所做的事情變得非常具體，我們的重點是向股東返還現金。因此，我們的國際重點是發展 Ulterra。總的來說，這是我們努力向股東返還現金的一部分。因此，從長遠來看可能存在機會，但今年我們的重點是向股東返還現金。

And just a follow-up to that, is there a pressure pumping opportunity over there? I know national does a little bit but is there an opportunity given the gas shale drilling that they're commencing?

接下來，那裡是否有壓力泵送的機會？我知道國家石油公司做了一點，但考慮到他們正在開始的頁岩氣鑽探，是否有機會？

I would say that market is still very competitive. You've still got the big guys doing pressure pumping over in those markets, even the ones that no longer do it here in North America. So we're only going to move large assets to markets like that if we think it makes sense for us and we think it's positive for shareholders. But again, right now, our focus is on returning cash to shareholders.

我想說，市場競爭仍然非常激烈。仍然有大公司在這些市場上施加壓力，即使是那些在北美不再這樣做的公司。因此，只有當我們認為這對我們有意義並且對股東有利時，我們才會將大量資產轉移到這樣的市場。但同樣，現在我們的重點是向股東返還現金。

Kurt Hallead, Benchmark Company.

庫爾特·哈勒德，基準公司。

Hey, good morning, everybody. Thanks for just letting me in here. So, Andy Hendricks, you have definitely intrigued on me context of what's going on with the evolution of the land drilling fleet? And it seems like there's a seems like there's a new category super-duper spec rigs versus just plain super-spec rigs. So just kind of curious as to what the what the dynamics here are differentiating, you know, even the higher end assets or technologies you talked about automation, but kind of curious like what makes up this new class of rigs that everybody wants versus what they thought they wanted a year ago?

嘿，大家早安。謝謝你讓我進來。那麼，安迪·亨德里克斯（Andy Hendricks），您肯定對我陸地鑽探船隊演變的背景感興趣嗎？似乎有一個新類別的超級規格鑽孔機與普通的超級規格鑽孔機不同。因此，我有點好奇這裡的動態有何不同，你知道，甚至是你談到的自動化的高端資產或技術，但有點好奇是什麼構成了每個人都想要的這種新型裝備與他們想要的裝備以為他們一年前就想要？

You know, I don't know how much time we have on this call, but it's not one single thing you know, there's a number of different things that are happening and initiatives that our teams have been working on to improve overall performance. You know, there are various components that we upgrade on rigs, whether it's we're adding a pump for better hydraulics for longer laterals, which also includes adding a gen set transitioning to lithium battery hybrid for more than fuel efficiency and savings on the rigs, which is something that we manufacture and something that we charge for and or producing transformer stations for high-line power on the energy side.

你知道，我不知道我們在這次電話會議上花了多少時間，但這不是你知道的一件事，我們的團隊一直在努力提高整體績效，正在發生許多不同的事情和舉措。您知道，我們在鑽孔機上升級了各種組件，無論是添加泵以獲得更好的液壓以實現更長的橫向作業，還包括添加發電機組過渡到鋰電池混合動力，以提高鑽機的燃油效率和節省成本，這是我們製造的東西，也是我們收費的東西和/或生產能源方面高壓線電力變電站的東西。

On the performance side, it's how we run our real-time data centers and how we share data across the rigs and throughout the field. And the teams that we have that are looking at data analytics and performance and following up with the rigs to make sure that we're maximizing that performance or new software and automation technology that we're layering in where we're going to upgrade some of the electrics on some of these rigs in an asset type light type upgrade and add new software for automation. And we're doing it on a number of rigs today, but we're going to work at a steady pace to continue to roll that out. And it's got great traction in the market and really excited about how that's performing as well. So it's certainly not any one thing that you can point to our teams do a fantastic job, whether it's operations, engineering, technology, real-time performance, data analytics, you go down the list. And it's -- that's what's it's showing up in our numbers.

在效能方面，這就是我們運行即時資料中心的方式以及我們如何在鑽孔機和整個現場共享資料的方式。我們擁有的團隊正在研究數據分析和性能，並跟進鑽機，以確保我們最大限度地提高性能或新的軟體和自動化技術，我們將在其中升級一些設備對其中一些鑽機的電氣設備進行資產類型輕型升級，並添加新的自動化軟體。今天，我們正在許多鑽機上進行這項工作，但我們將穩步推進，繼續推出這項服務。它在市場上有很大的吸引力，對其表現也非常興奮。因此，您當然不能指出我們團隊在任何一件事上都做得非常出色，無論是營運、工程、技術、即時效能、數據分析，您都可以列出來。這就是我們的數據中所顯示的內容。

Dan Katz, Morgan Stanley.

丹‧卡茨，摩根士丹利。

Hey, thanks. Good morning. Thanks for squeezing me in on. So I just wanted to ask one more on the international space. And I think you guys mentioned that the Ulterra outlook is for high 10s growth this year on that kind of compares to what seems like the industry bogey for international growth being kind of high single digits, low double digits. I assume there's market share gains and pricing factored into your outlook. But I wanted to ask whether kind of Patterson or the Ulterra team would be more or less constructive on kind of the total addressable market growth in the international space versus that kind of 10% growth consensus view? Thanks.

嘿，謝謝。早安.謝謝你拉我一把。所以我只是想再問一個關於國際空間的問題。我想你們提到過，Ulterra 今年的成長前景是 10 多歲，而國際成長的產業忌諱是高個位數、低兩位數。我認為您的展望中考慮了市場份額的成長和定價因素。但我想問 Patterson 或 Ulterra 團隊對於國際領域的整體可尋址市場成長與 10% 成長共識觀點是否或多或少具有建設性？謝謝。

Well, we're excited about the double-digit growth. We're going to see, I think that you are. So there are some projections on double digit growth in the internationals. We'll see how that plays out in terms of activity. But I think whenever that is on activity, we'll outperform that in terms of growth on the Ontario side.

嗯，我們對兩位數的成長感到興奮。我們將會看到，我認為你是。因此，有一些關於國際球員將出現兩位數成長的預測。我們將看看這在活動方面如何發揮作用。但我認為，每當這種情況發生時，我們在安大略省的成長都會超過這一點。

In terms of product sales, I've got a big focus on the Middle East right now. We're still working on transitioning from just do a drill bit remanufacturing in Saudi to full manufacturing in Saudi. And that's going to increase our ability not only to support Ramco in Saudi Arabia but also be able to export from Saudi into some of the GCC countries nearby and so on. We are we're excited about that. But what drives this growth relative to others performance, and we've talked about this before. You know, Ulterra has a unique ability in the industry to turnaround designs and make the improvements that the operators ask for based on the type of formation and rock that they're drilling. And that team does a great job at that. And so as we start to do more and more work in countries outside of North America in those countries, you're going to experience those performance improvements as well. But so that's why we're really confident about our ability to grow.

在產品銷售方面，我現在主要關注中東地區。我們仍在努力從在沙烏地阿拉伯進行鑽頭再製造過渡到在沙烏地阿拉伯進行全面製造。這將提高我們不僅支持沙烏地阿拉伯 Ramco 的能力，而且能夠從沙烏地阿拉伯向附近的一些海灣合作委員會國家等出口。我們對此感到興奮。但相對於其他業績而言，是什麼推動了這種成長，我們之前已經討論過這一點。您知道，Ulterra 在業界擁有獨特的能力，可以扭轉設計並根據操作員所鑽探的地層和岩石類型進行所需的改進。團隊在這方面做得很好。因此，當我們開始在北美以外的國家/地區進行越來越多的工作時，您也將體驗到這些效能改進。但這就是為什麼我們對我們的成長能力充滿信心。

Great. Thank you. And then just a quick one on the completion services upgrades and investments. Are there any Tier 2 to Tier 4 upgrades contemplated or it's mainly just on the dual fuel upgrades and the electric frac investments and stuff.

偉大的。謝謝。然後快速介紹竣工服務升級和投資。是否考慮進行任何 2 級到 4 級升級，或主要只是雙燃料升級和電動壓裂投資等。

So we're not doing any Tier 2 to Tier 4 upgrades. Tier 2 is going to fade away. We're going to start to wind down maintenance investment on those older assets. We've got Tier 4 DGB in place. We still think there's a very strong market and that's going to go for years and Tier 4 DGB. But as some of the older technology rolls out, we're going to see more electric, but also other types of new technology come in different hundred percent natural gas. And so that's how we're making that transition. We're doing it at a measured pace that we think fits the capital allocation and meets the needs of our shareholders who are looking for returns right now. But we're still excited about these investments in technologies that we're making.

因此，我們不會進行任何 2 級到 4 級的升級。2 級將逐漸消失。我們將開始減少對這些舊資產的維護投資。我們已經部署了第 4 級 DGB。我們仍然認為市場非常強勁，並且會持續數年，而且 Tier 4 DGB 也將持續多年。但隨著一些舊技術的推出，我們將看到更多的電力，但其他類型的新技術也將採用不同的百分百天然氣。這就是我們進行轉變的方式。我們正在以我們認為適合資本配置並滿足目前尋求回報的股東的需求的謹慎節奏進行這件事。但我們仍然對我們正在進行的這些技術投資感到興奮。

Sean Mitchell, Daniel Energy Partners.

肖恩·米切爾，丹尼爾能源合夥人。

Thanks, guys, for squeezing me in. Andy, just one question on the electric equipment. The 140,000 horsepower by mid-year, is that going to come in the form of numerous -- a couple of spreads, full spreads or will that be horsepower that gets sprinkled in across your other fleets?

謝謝你們把我擠進去。安迪，只有一個關於電氣設備的問題。到年中時 140,000 馬力，這會以大量的形式出現——幾個分佈、全部分佈，還是會分散到您的其他車隊中？

Some of that's already out there working in the field, has been for a while. And this is a key addition to what we have out there. You're going to see more of it come in really kind of Q2 Q3. And so that's where you know, we'll get some improved profitability from that horsepower that's working in the field second and third quarters going forward. And so we're really going to it's going to add roughly a couple of more fleets to what we're already working in the field today.

其中一些已經在該領域工作了一段時間。這是我們現有產品的一個重要補充。你會在第二季、第三季看到更多這樣的內容。因此，這就是您知道的，我們將從第二季度和第三季度在該領域發揮作用的馬力中獲得一些更高的盈利能力。因此，我們真的打算在我們今天已經在該領域開展工作的基礎上再增加大約幾個機隊。

Okay. That's helpful. And then Andy Smith, maybe, I know you gave a lot of color on CapEx, $740 million in '24. Can you remind us what the combined company CapEx was for all the companies in 23, if you still remember?

好的。這很有幫助。然後安迪史密斯，也許，我知道你在資本支出上給了很多色彩，24 年 7.4 億美元。如果你還記得的話，你能否提醒我們 23 年所有公司合併後的資本支出是多少？

It's funny, I can't.

真有趣，我不能。

We can do it offline.

我們可以離線進行。

I think we got those numbers. We'll get them to you. I believe it was in excess of $900 million (multiple speaker)

我想我們得到了這些數字。我們會把它們送給您。我相信它的價值超過 9 億美元（多位發言者）

Yeah, I know your number is lower. You mentioned that. I was just trying to back into (multiple speakers) no worries.

是的，我知道你的數字更低。你提到過這一點。我只是想回到（多個發言者），不用擔心。

All right, guys. Thanks. Great quarter.

好吧，夥計們。謝謝。很棒的季度。

I will now turn the call back over to Andy Hendricks for closing remarks.

我現在將把電話轉回給安迪·亨德里克斯進行總結發言。

I want to thank everybody for dialing in today for the call. 2'3 was a great year for us. I want to thank our team at Patterson-UTI for everything they did in '23. It was a great year, and we're looking forward to another good year '24, especially free cash flow and returning cash to shareholders. So thanks for that.

我要感謝大家今天撥電話。 2'3 對我們來說是偉大的一年。我要感謝 Patterson-UTI 團隊在 23 年所做的一切。這是美好的一年，我們期待 24 年又一個美好的一年，尤其是自由現金流和向股東回饋現金。所以謝謝你。

Ladies and gentlemen, that concludes today's call and thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束，感謝大家的加入。您現在可以斷開連線。