Patterson-UTI Energy Inc (PTEN) 2025 Q1 法說會逐字稿

Ladies and gentlemen, this is the operator. Today's conference is scheduled to begin momentarily. Until that time, your line will be placed on music hold. Thank you for your patience. Thank you for standing by. My name is Dan, and I will be your conference operator today.

女士們、先生們，我是接線生。今天的會議即將開始。在此之前，您的線路將處於音樂保持狀態。感謝您的耐心。感謝您的支持。我叫丹，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the Patterson-UTI first quarter 2025 earnings conference call. (Operator Instructions) I would now like to turn the call over to Michael Sabella, Vice President of Investor Relations. Please go ahead.

現在，我歡迎大家參加 Patterson-UTI 2025 年第一季財報電話會議。（操作員指示）現在我想將電話轉給投資者關係副總裁 Michael Sabella。請繼續。

Thank you, operator. Good morning, and welcome to Patterson-UTI's earnings conference call to discuss our first quarter 2025 results. With me today are Andy Hendricks, President and Chief Executive Officer; and Andy Smith, Chief Financial Officer.

謝謝您，接線生。早安，歡迎參加 Patterson-UTI 的收益電話會議，討論我們 2025 年第一季的業績。今天與我一起的還有總裁兼執行長安迪‧亨德里克斯 (Andy Hendricks)；以及財務長安迪‧史密斯 (Andy Smith)。

As a reminder, statements that are made in this conference call that refer to the company's or management's plans, 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.

提醒一下，本次電話會議中涉及公司或管理層的計劃、意圖、目標、信念、期望或未來預測的陳述均被視為前瞻性陳述。這些前瞻性陳述受到公司美國證券交易委員會 (SEC) 文件中揭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。

The company undertakes no obligation to publicly update or revise any forward-looking statements. Statements made in this conference call include non-GAAP financial measures. The required reconciliation to GAAP financial measures are included on our website, patenergy.com and in the company's press release issued prior to this conference call.

該公司不承擔公開更新或修改任何前瞻性聲明的義務。本次電話會議中的聲明包括非公認會計準則財務指標。與 GAAP 財務指標所需的對帳資訊已包含在我們的網站 patenergy.com 以及本次電話會議之前發布的公司新聞稿中。

I will now turn the call over to Andy Hendricks, Patterson-UTI's, Chief Executive Officer.

現在我將把電話轉給 Patterson-UTI 的執行長 Andy Hendricks。

Thank you, Mike, and welcome to our first quarter earnings conference call. The first quarter of 2025 unfolded largely as anticipated, with steady drilling activity across US shale and a strong recovery in completions activity following fourth quarter E&P budget constraints. As the first quarter progressed, we started to see some positive momentum in the natural gas basins, and that momentum has carried into the second quarter.

謝謝你，麥克，歡迎參加我們的第一季財報電話會議。2025 年第一季的情況基本上符合預期，美國頁岩鑽探活動穩定，在第四季度勘探與生產預算限制之後，完井活動強勁復甦。隨著第一季的進展，我們開始看到天然氣盆地出現了一些積極的勢頭，而且這種勢頭一直延續到第二季​​度。

In oil basins, we have continued to see steady demand as our customers monitor recent macro events. At Patterson-UTI, our focus on optimizing our core operations and disciplined capital allocation is delivering results. Our scale, our strong customer relationships, and comprehensive service and product offering set us apart operationally, positioning us for sustained success.

在石油盆地，由於我們的客戶密切關注最近的宏觀事件，我們繼續看到穩定的需求。在 Patterson-UTI，我們專注於優化核心營運和嚴格的資本配置，並取得了成果。我們的規模、強大的客戶關係以及全面的服務和產品使我們在營運上脫穎而出，並為我們帶來持續的成功。

At the core of our strategy is our commercial offering that can deliver a suite of services and products that is unique to Patterson-UTI with an operational footprint that allows us to touch more of the well site than nearly any of our competitors. We believe this can enhance efficiency and unlock value for our customers while positioning us for relative market outperformance.

我們的策略核心是我們的商業產品，它可以提供 Patterson-UTI 獨有的一套服務和產品，其營運足跡使我們能夠比幾乎所有競爭對手觸及更多的井場。我們相信這可以提高效率並為我們的客戶釋放價值，同時讓我們獲得相對優異的市場表現。

All Patterson-UTI segments performed well in the first quarter, which is a testament to the quality of our assets as well as our people and our technology. Our integrated agreements in both the drilling and the completion businesses leverage our full capabilities and our commercial strategy is benefiting the entire company. We continue to believe that controlling more of the well site will allow us to drive greater efficiencies for our customers while also maximizing returns for our investors.

第一季度，Patterson-UTI 所有部門均表現良好，這證明了我們的資產、員工和技術的品質。我們在鑽井和完井業務方面的綜合協議充分發揮了我們的全部能力，我們的商業策略使整個公司受益。我們始終相信，控制更多的井場將使我們能夠為客戶提高效率，同時也為投資者實現最大回報。

The initial fully integrated PTEN Advantage project exceeded expectations, delivering performance bonuses and accretive margins for Patterson-UTI, while also delivering a better outcome for the customer, truly a win-win. We expect integrated work on both the drilling and completion side will continue to grow as a proportion of our overall business. For US shale, we believe that service companies that can deliver value-accretive services, not just the lowest price, will be positioned for sustainable returns.

最初的完全整合的 PTEN Advantage 專案超出了預期，為 Patterson-UTI 帶來了績效獎金和增值利潤，同時也為客戶帶來了更好的結果，真正實現了雙贏。我們預期鑽井和完井的綜合工作在我們整體業務中所佔的比例將持續成長。對於美國頁岩氣而言，我們相信，能夠提供增值服務（而不僅僅是最低價格）的服務公司將獲得可持續的回報。

Our differentiated position in the market is difficult to replicate, and we remain confident in our ability to drive long-term capital efficient value for both our customers and investors. Our size, scale and breadth of our offerings positions us favorably with larger, better capitalized customers that maintain a long-term strategic focus and are less reactive to short-term moves in commodity prices.

我們在市場上的差異化地位難以複製，我們仍然有信心為客戶和投資者創造長期資本高效價值。我們的規模、範圍和產品廣度使我們在與規模更大、資本更雄厚、保持長期戰略重點且對商品價格短期波動反應較小的客戶合作時佔據優勢。

We have an outsized exposure to the industry's largest and most stable operators relative to the broader market. Feedback from our largest customers so far has focused on goals for long-term value creation rather than short-term reactionary decisions. These objectives are fully aligned with our own, providing a strong foundation for collaborative, sustainable relationships.

相對於更廣泛的市場，我們對業界最大、最穩定的營運商的投資規模過大。到目前為止，我們最大客戶的回饋主要集中在長期價值創造的目標上，而不是短期的反應性決策。這些目標與我們自己的目標完全一致，為合作、永續的關係提供了堅實的基礎。

Financially, our strong balance sheet and liquidity provides the flexibility to pursue high-return opportunities, and we will remain targeted with our capital deployment and protect our capital structure. We closed the quarter with $225 million in cash and an undrawn $500 million revolver. Low leverage and investment-grade credit rating with an outlook that still sees significant uncommitted free cash flow in 2025.

從財務上講，我們強大的資產負債表和流動性為我們追求高回報機會提供了靈活性，我們將繼續有針對性地進行資本配置並保護我們的資本結構。本季末，我們擁有 2.25 億美元現金和 5 億美元未提取的循環信貸額度。低槓桿率和投資等級信用評級，預計 2025 年仍將有大量未承諾的自由現金流。

From a capital perspective, we are operating from a position of strength and using our capital to drive long-term shareholder value is our key priority. On the macro, external factors have created an uncertain outlook, although we have yet to see any impact to activity levels from recent commodity volatility.

從資本角度來看，我們擁有雄厚的實力，利用資本推動長期股東價值是我們的首要任務。宏觀方面，外部因素造成了前景的不確定性，儘管我們尚未看到近期大宗商品波動對活動水平產生任何影響。

Regardless of how the market develops, Patterson-UTI is prepared to adapt and execute our strategy across a range of commodity price environments. On the oil front, recent commodity softness created by macroeconomic concerns has introduced some uncertainty. If oil prices remain near current levels for an extended period, we could see some of our customers reevaluate their plans.

無論市場如何發展，Patterson-UTI 都準備好在各種商品價格環境中調整和執行我們的策略。在石油方面，近期宏觀經濟擔憂導致大宗商品價格疲軟，帶來了一些不確定性。如果油價長期保持在當前水平附近，我們可能會看到一些客戶重新評估他們的計劃。

At present, operations remained stable. On the natural gas side, the outlook is increasingly constructive. We have added multiple rigs and frac fleets in natural gas-focused basins already this year and we continue to believe that the industry needs higher natural gas drilling and completion activity over the next several years to satisfy a call for more US shale natural gas production to supply global LNG and domestic demand.

目前，生產經營保持穩定。天然氣方面，前景日益樂觀。我們今年已經在以天然氣為重點的盆地增加了多個鑽井平台和壓裂船隊，我們仍然相信，未來幾年該行業需要更多的天然氣鑽探和完井活動，以滿足對更多美國頁岩天然氣產量的需求，以滿足全球液化天然氣和國內需求。

Our US contract drilling business delivered another quarter of strong results with sequential improvements in average daily rig count and margins and higher returns. The performance is a testament to the quality of our drilling assets combined with the people and processes we have in place, allowing us to deliver for our customers and show them value over lower-priced options.

我們的美國合約鑽井業務再創佳績，日均鑽井數量和利潤率連續改善，回報率也更高。這項績效證明了我們鑽井資產的品質以及我們現有的人員和流程，使我們能夠為客戶提供服務，並向他們展示相對於低價選項的價值。

Patterson-UTI's Cortex automation platform is setting a new standard in drilling automation by integrating advanced data science throughout its applications. By leveraging real-time analytics, pattern recognition and intelligent control logic, Cortex delivers both high operational efficiency and an intuitive user experience. The platform automates key functions such as auto drilling and directional control, enabling drillers to focus more on critical safety and performance measures.

Patterson-UTI 的 Cortex 自動化平台透過在其應用程式中整合先進的資料科學，為鑽井自動化樹立了新標準。透過利用即時分析、模式識別和智慧控制邏輯，Cortex 既能提供高運作效率，又能提供直覺的使用者體驗。該平台實現了自動鑽井和定向控制等關鍵功能的自動化，使鑽井工人能夠更加專注於關鍵的安全和性能措施。

With Cortex, the operators benefit from greater repeatability and a scalable advantage that expands across multiple rigs and our investors are seeing the benefit through higher returns and margins. We believe our technology allows us to drill faster, better, and safer wells for our customers.

借助 Cortex，營運商可以獲得更高的可重複性和可擴展的優勢，擴展到多個鑽機，而我們的投資者則透過更高的回報和利潤看到了好處。我們相信，我們的技術可以讓我們為客戶鑽出更快、更好、更安全的井。

We believe that our Apex drilling rigs are the premier capital assets in the drilling market and that our people and our technology are critical to unlocking value for our customers and investors. We continue to deliver improved cycle times and the relative demand for our rigs and the stability of our margins confirms our customers are recognizing our unique capabilities.

我們相信，我們的 Apex 鑽孔機是鑽井市場上首屈一指的資本資產，我們的員工和技術對於為我們的客戶和投資者釋放價值至關重要。我們繼續提供改進的周期時間，對我們鑽機的相對需求以及我們利潤的穩定性證實了我們的客戶認可我們獨特的能力。

Our Completion Services segment experienced a strong rebound in the first quarter as expected. Demand for our frac services was healthy, supported by favorable commodity prices across both oil and natural gas basins. Notably, as the first quarter progressed and activity ramped up quickly, we saw growing demand in natural gas basins. The Haynesville was the biggest beneficiary so far. Although we would expect to see gains in other regions if macro conditions hold.

我們的完井服務部門在第一季出現了預期的強勁反彈。受石油和天然氣盆地商品價格利好支撐，我們的壓裂服務需求旺盛。值得注意的是，隨著第一季的進展和活動的快速增加，我們看到天然氣盆地的需求不斷增長。海恩斯維爾是迄今為止最大的受益者。儘管如果宏觀條件保持不變，我們預計其他地區也會有所成長。

With our solid footprint in the key natural gas plays, we are well positioned to benefit as demand improves. We continue to make technical strides in our Completions business. Our fleet of Emerald 100% natural gas-powered equipment is performing exceptionally well, delivering strong results, and receiving positive feedback from our customers. In the first quarter, we again saw our Emerald fleets grow as a proportion of our overall frac activity with increasing demand for larger Emerald simul frac operations.

憑藉我們在主要天然氣產區中穩固的影響力，我們完全有能力隨著需求的改善而獲益。我們在完井業務方面繼續取得技術進步。我們的 Emerald 100% 天然氣驅動設備性能出色，成果顯著，並獲得了客戶的正面回饋。在第一季度，我們再次看到 Emerald 船隊在我們整體壓裂活動中的比例有所增長，並且對更大規模 Emerald 模擬壓裂作業的需求也在不斷增加。

We believe we operate one of the highest quality fleets in the industry today. Importantly, we continue to high grade our asset base at a measured pace, remaining disciplined with our capital, generating significant free cash flow, and returning substantial cash to shareholders at the same time. Balancing between new technology investments and capital stewardship remains a cornerstone of our capital allocation strategy.

我們相信，我們經營著當今業內品質最高的車隊之一。重要的是，我們繼續以穩健的步伐提高我們的資產基礎，保持對資本的紀律性，產生大量自由現金流，同時向股東返還大量現金。新技術投資和資本管理之間的平衡仍然是我們資本配置策略的基石。

We expect our natural gas-powered equipment will continue delivering strong returns through the cycle, including our dual fuel equipment. More than 80% of our active fleet can be powered by natural gas. Across the industry, we believe equipment capable of running on natural gas is effectively sold out, a clear indicator of both current demand and the value of our investment in this technology.

我們預計，我們的天然氣動力設備（包括雙燃料設備）將在整個週期中繼續帶來強勁的回報。我們現役車隊中超過 80% 的車輛均可使用天然氣提供動力。我們認為，在整個行業中，能夠使用天然氣的設備實際上已經售罄，這清楚地表明了當前的需求以及我們對這項技術的投資價值。

Our Drilling Products segment continues to perform well in all regions, and the team has done a great job in anticipating customer needs by delivering the highest quality innovative products in areas where we see the best opportunities to improve efficiencies.

我們的鑽井產品部門在所有地區繼續表現良好，團隊透過在我們認為提高效率的最佳機會的領域提供最高品質的創新產品，在預測客戶需求方面做得非常出色。

Our new product innovation revenue has continued to grow at strong returns, partly driven by our new MAVERICK cutter and drill bit designs. Overall, we are pleased with the company's performance in the first quarter across all segments and remain focused on execution for our customers and investors while outperforming the market.

我們的新產品創新收入持續強勁成長，部分原因是我們新的 MAVERICK 刀具和鑽頭設計。總體而言，我們對公司第一季所有部門的業績感到滿意，並在超越市場表現的同時，繼續專注於為客戶和投資者提供服務。

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

現在我將把時間交給安迪史密斯 (Andy Smith)，他將審查第一季的財務結果。

Thanks, Andy. Total reported revenue for the quarter was $1.281 billion. We reported a net income attributable to common shareholders of $1 million. Adjusted EBITDA for the quarter totaled $251 million. Our weighted average share count was 387 million shares during Q1 and we exited the quarter with 386 million shares outstanding.

謝謝，安迪。本季度報告總收入為 12.81 億美元。我們報告的普通股股東淨利潤為 100 萬美元。本季調整後的 EBITDA 總計 2.51 億美元。第一季度，我們的加權平均股數為 3.87 億股，季末流通股數為 3.86 億股。

During the first quarter, we generated $51 million of adjusted free cash flow. We saw a working capital headwind of roughly $37 million in the first quarter, which is typical of our business in the first half as we come out of the fourth quarter slowdown. We expect working capital will be a tailwind in the second half of the year. During the first quarter, we returned $51 million to shareholders, including an $0.08 per share dividend and $20 million for share repurchases.

第一季度，我們產生了 5,100 萬美元的調整後自由現金流。我們在第一季遭遇了約 3700 萬美元的營運資金逆風，這是我們在走出第四季經濟放緩後上半年業務的典型情況。我們預計下半年營運資金將成為一個利好因素。第一季度，我們向股東返還了 5,100 萬美元，其中包括每股 0.08 美元的股息和 2,000 萬美元的股票回購。

Over the 18 months from September 30, 2023, which was the first reporting period following the close of the next year merger and (technical difficulty) acquisition through March 31, 2025, we have used approximately $387 million to repurchase shares and we have reduced our share count by 8% since we closed those transactions.

從 2023 年 9 月 30 日（即隔年合併和（技術難度）收購結束後的第一個報告期間）到 2025 年 3 月 31 日的 18 個月內，我們已使用約 3.87 億美元回購股票，自完成這些交易以來，我們的股票數量已減少 8%。

This is in addition to reducing net debt, including leases by over $200 million since that time and paying a dividend that is currently an annualized 5% of our share price. In our Drilling Services segment, first quarter revenue was $413 million and adjusted gross profit totaled $165 million. In US contract drilling, we totaled 9,573 operating days. Average rig revenue per day was $35,700 with an average rig operating cost per day of $19,600. The average adjusted rig gross profit per day was $16,200.

除此之外，我們還減少了淨債務，包括自那時以來超過 2 億美元的租賃債務，並支付了目前占我們股價年化 5% 的股息。在我們的鑽井服務部門，第一季營收為 4.13 億美元，調整後毛利總計 1.65 億美元。在美國合約鑽探中，我們的總作業天數為 9,573 天。鑽孔機平均每日收入為 35,700 美元，鑽孔機平均每日營運成本為 19,600 美元。調整後的鑽井平台日平均毛利為 16,200 美元。

On March 31, we had term contracts for drilling rigs in the US providing for approximately $407 million of future day rate drilling revenue. Based on contracts currently in place, we expect an average of 62 rigs operating under term contracts during the second quarter of 2025 and an average of 35 rigs operating under term contracts over the four quarters ending March 31, 2026.

3 月 31 日，我們與美國鑽井平台簽訂了定期合同，未來日費率鑽井收入約為 4.07 億美元。根據目前簽訂的合同，我們預計 2025 年第二季度平均有 62 個鑽井平台根據定期合約運營，截至 2026 年 3 月 31 日的四個季度平均有 35 個鑽井平台根據定期合約運營。

In our other drilling services businesses, which is mostly international contract drilling and directional drilling, first quarter revenue was $71 million, with an adjusted gross profit of (technical difficulty) million. Our US contract drilling business is the majority of our Drilling Services segment. And historically, we have disclosed revenue per day and adjusted gross profit per day specific to this business line.

在我們的其他鑽井服務業務中，主要是國際合約鑽井和定向鑽井，第一季收入為 7,100 萬美元，調整後毛利為（技術難度）百萬美元。我們的美國合約鑽井業務占我們鑽井服務部門的大部分。從歷史上看，我們已經揭露了該業務線特定的每日收入和每日調整後毛利。

Moving forward, while we continue to report US contract drilling operating days, we will no longer report revenue per day or adjusted gross profit per day. As we further integrate our drilling operations and shift more towards performance-based agreements, we no longer plan to isolate and report individual components of the segment. Instead, we will focus on providing details at the segment level to better reflect the integrated nature of our operations.

展望未來，雖然我們將繼續報告美國合約鑽井作業天數，但我們將不再報告每日收入或每日調整後毛利。隨著我們進一步整合鑽井作業並更多地轉向基於績效的協議，我們不再計劃隔離和報告該部門的各個組成部分。相反，我們將專注於提供細分層面的細節，以更好地反映我們營運的綜合性質。

For the second quarter, in Drilling Services, we expect a relatively steady rig count compared to the first quarter. We expect adjusted gross profit to decline slightly with the sequential change driven by a reduction in average contracted revenue as legacy contracts roll as well as some normal seasonal increase in costs. Revenue for the first quarter in our Completion Services segment totaled $766 million with an adjusted gross profit of $108 million.

對於第二季的鑽井服務，我們預計鑽井數量與第一季相比相對穩定。我們預計調整後的毛利將略有下降，原因是由於遺留合約的到期導致平均合約收入減少，以及一些正常的季節性成本增加。我們的完井服務部門第一季的營收總計 7.66 億美元，調整後的毛利為 1.08 億美元。

Activity increased from the fourth quarter slowdown, and we saw strong demand and high utilization with increased activity sequentially in both oil and natural gas basins. Average pricing was down compared to the fourth quarter although we partially offset lower pricing with some cost reduction initiatives. Pricing was mostly steady throughout the quarter, and we exited the quarter with roughly the same pricing as we entered.

活動從第四季度的放緩中開始增加，我們看到強勁的需求和高利用率，石油和天然氣盆地的活動均連續增加。儘管我們採取了一些成本削減舉措，部分抵消了較低的價格，但平均價格與第四季度相比有所下降。整個季度的價格基本上保持穩定，季度結束時的價格與季度開始時的價格大致相同。

For the second quarter, we expect completion services adjusted gross profit to decline slightly sequentially. Currently, activity levels are steady compared to where we exited the first quarter and we have not seen any change in strategy from our customers. However, if oil prices remain near current levels, we could see some white space later in the quarter.

對於第二季度，我們預計完井服務調整後的毛利將較上季略有下降。目前，與第一季結束時相比，活動水準保持穩定，我們尚未看到客戶的策略發生任何變化。然而，如果油價維持在當前水準附近，我們可能會在本季後期看到一些空白。

First quarter drilling products revenue totaled $86 million with an adjusted gross profit of $39 million. Drilling Products revenue was relatively steady in all major geographic regions compared to the fourth quarter. Segment adjusted gross profit improved on lower operating costs, which was driven by operational efficiencies. For the second quarter, we expect Drilling Products adjusted gross profit to be relatively steady sequentially with steady results in the US.

第一季鑽井產品營收總計 8,600 萬美元，調整後毛利為 3,900 萬美元。與第四季度相比，所有主要地理區域的鑽井產品收入相對穩定。由於營運成本降低，分部調整後毛利有所改善，而營運成本降低則得益於營運效率的提升。對於第二季度，我們預計鑽井產品調整後的毛利將相對保持穩定，美國業績也將保持穩定。

We expect normal seasonal activity declines from Canadian spring breakup to be mostly offset by increase in international on a sequential basis. Other revenue totaled $16 million for the quarter with $7 million in adjusted gross profit. Subsequent to the close of the first quarter, we absorbed a portion of the assets of our great Plains Oilfield Rental business into our other business units and divested the remainder of the business.

我們預計，加拿大春假期間正常的季節性活動下降將大部分被國際活動的持續成長所抵消。本季其他收入總計 1,600 萬美元，調整後毛利為 700 萬美元。第一季結束後，我們將平原油田租賃業務的部分資產併入我們的其他業務部門，並剝離了剩餘業務。

Great Plains comprise roughly 2/3 of the revenue and adjusted gross profit in our other businesses were in items on our income statement. As a result, we expect other adjusted gross profit in the second quarter to decline proportionately as compared to what we reported in the first quarter.

大平原公司約占我們其他業務收入的 2/3，調整後的毛利則計入了我們的損益表項目。因此，我們預計第二季其他調整後的毛利將與第一季報告的毛利相比相應下降。

Reported selling, general and administrative expenses in the first quarter were $67 million. For Q2, we expect SG&A expenses of approximately $65 million. On a consolidated basis for the first quarter, total depreciation, depletion, amortization, and impairment expense totaled $232 million.

第一季報告的銷售、一般及行政開支為 6,700 萬美元。對於第二季度，我們預計銷售、一般及行政費用約為 6,500 萬美元。第一季合併折舊、耗竭、攤提和減損費用總額為 2.32 億美元。

For the second quarter, we expect total depreciation, depletion, amortization, and impairment expense of approximately $230 million. During Q1, total CapEx was $162 million, including $73 million in drilling services, $62 million in completion services, $18 million in drilling products and $8 million in other and corporate.

對於第二季度，我們預計折舊、耗竭、攤提和減損費用總額約為 2.3 億美元。第一季度，總資本支出為 1.62 億美元，其中包括鑽井服務 7,300 萬美元、完井服務 6,200 萬美元、鑽井產品 1,800 萬美元以及其他和公司 800 萬美元。

As a reminder, our full year 2025 net capital budget was set at approximately $600 million. Based on what we see today, with our activity levels steady into the second quarter, and we are not revisiting our budget. However, we also feel it is important to point out the flexibility we showed last year in adjusting our budget to changes in our outlook.

提醒一下，我們 2025 年全年淨資本預算設定為約 6 億美元。根據我們今天看到的情況，我們的活動水平在第二季度保持穩定，我們不會重新審視我們的預算。然而，我們也認為有必要指出，去年我們在根據前景變化調整預算方面表現出了靈活性。

The lion's share of our CapEx budget is for maintenance and repair of our equipment. And if for some reason the activity outlook changes from our base case, we have the flexibility to decrease our budget just as we have done in the past. We closed Q1 with $225 million in cash on hand. We do not have any senior note maturities until 2028.

我們的資本支出預算的大部分用於設備的維護和維修。如果由於某種原因，活動前景與我們的基本情況不同，我們可以靈活地減少預算，就像我們過去所做的那樣。我們在第一季結束時持有 2.25 億美元現金。2028 年之前我們沒有任何優先票據到期。

We do not have anything drawn on our $500 million revolving credit facility. We still expect to generate significant free cash flow again in 2025, and we again expect to return at least half of our adjusted free cash flow to investors through share buybacks and dividends. Free cash flow is likely to be weighed to the second half as working capital needs decrease.

我們的 5 億美元循環信貸額度尚未提取任何款項。我們仍然預計 2025 年將再次產生大量自由現金流，我們再次預計透過股票回購和股息將至少一半的調整後自由現金流返還給投資者。由於營運資金需求減少，自由現金流可能會對下半年產生影響。

Our Board has approved an $0.08 per share dividend for the second quarter of 2025, payable on June 16 to holders of record as of June 2. I'll now turn it back to Andy Hendricks for closing remarks.

我們的董事會已批准 2025 年第二季每股 0.08 美元的股息，將於 6 月 16 日支付給 6 月 2 日登記在冊的股東。現在我請安迪·亨德里克斯作最後發言。

Thank you, Andy, and I want to close with a few key takeaways. We are very pleased with our performance in the first quarter, where each of our core businesses performed very well. As we enter the second quarter, we are operating at a high level. At Patterson-UTI, maintaining a strong balance sheet has always been central to our strategy. It has enabled us to navigate periods of uncertainty and positioned us to act decisively when opportunities arise.

謝謝你，安迪，最後我想分享幾個關鍵要點。我們對第一季的業績非常滿意，我們的各項核心業務都表現得非常好。進入第二季度，我們的營運處於高水準。在 Patterson-UTI，維持強勁的資產負債表一直是我們策略的核心。它使我們能夠度過不確定的時期，並使我們能夠在機會出現時果斷採取行動。

Today, we have an investment-grade credit rating and net debt, including any operational or financial leases is just one time trailing 12 months adjusted EBITDA. We have no material near-term debt maturities and robust liquidity with a sizable cash balance and an undrawn revolver. We expect to generate another year of solid adjusted free cash flow in 2025 and our capital allocation plans are flexible. We will look to use our capital to maximize our long-term returns.

今天，我們擁有投資等級信用評級，包括任何經營或金融租賃在內的淨債務僅僅是過去 12 個月調整後的 EBITDA。我們沒有重大的短期債務到期，流動性強勁，擁有大量現金餘額和未提取的循環信貸額度。我們預計 2025 年將再產生一年穩健的調整後自由現金流，並且我們的資本配置計劃具有靈活性。我們將尋求利用我們的資本來最大化我們的長期回報。

Operationally, we remain focused on enhancing our core businesses through capital-efficient initiatives. We believe we should outperform the broader market, driven by our differentiated product offering and unique commercial strategy. At the same time, we continue to pursue opportunities to right size costs and drive greater corporate level efficiency.

在營運方面，我們仍然專注於透過資本高效措施來增強我們的核心業務。我們相信，憑藉差異化的產品和獨特的商業策略，我們的表現應該優於大盤。同時，我們繼續尋求機會來合理控製成本並提高公司層面的效率。

And finally, on the macro. While the outlook in the oil markets remain somewhat uncertain, we are encouraged by early signs of recovery in the natural gas basins, with some activity increases that were greater than previously anticipated.

最後，關於宏觀。儘管石油市場的前景仍存在一些不確定性，但我們對天然氣盆地復甦的早期跡象感到鼓舞，一些活動的增長幅度超過了先前的預期。

While customers remain cautious, it is clear to us that meaningful increases in drilling and completions activity in natural gas basins will be required to meet growing commodity demand, particularly as US natural gas plays an expanding role in supporting global LNG needs. Overall, current activity levels remain steady and although oil commodity markets have been volatile in recent days, we remain optimistic about delivering another solid year of strong operational performance and robust adjusted free cash flow.

儘管客戶仍保持謹慎，但我們清楚地認識到，需要大幅增加天然氣盆地的鑽井和完井活動，以滿足日益增長的商品需求，特別是隨著美國天然氣在支持全球液化天然氣需求方面發揮著越來越大的作用。總體而言，目前的活動水平保持穩定，儘管石油商品市場最近幾天波動很大，但我們仍然對實現又一個強勁的營運業績和強勁的調整後自由現金流的穩健一年保持樂觀。

Patterson-UTI is in a great position for the current market and ready for any future activity increases in the natural gas basins. With that, we'd like to thank all of our employees for their hard work, their efforts and successes to drill and complete wells safely and efficiently each day. We'd now like to open the lines for Q&A.

Patterson-UTI 在當前市場中佔據有利地位，並為未來天然氣盆地活動的成長做好了準備。在此，我們要感謝所有員工的辛勤工作、努力和成功，他們每天都安全且有效率地鑽井和完井。我們現在開始問答環節。

Dan will hand it over to you.

丹會把它交給你。

(Operator Instructions) Arun Jayaram, JPMorgan.

（操作員指示）摩根大通的 Arun Jayaram。

Andy, first, I wanted to talk a little bit about the evolution of your commercial model and some of the integrated services you're offering. As you know, I cover the E&Ps as well and have noted how you are making some inroads with some of my key coverage. So I was wondering if you could maybe comment on what your kind of offering at the well site? And what are some of the benefits that you can give E&Ps as they're all focused on efficiency and lower cost, particularly in these times.

安迪，首先，我想談談你們的商業模式的演變以及你們提供的一些綜合服務。如您所知，我也報道了 E&P，並注意到您如何透過我的一些關鍵報導取得一些進展。所以我想知道您是否可以評論一下您在油井現場提供的服務？鑑於 E&P 都注重效率和降低成本，尤其是在當前情況下，您能為他們提供哪些好處呢？

Yes, it's been an evolution for us. It's also part of the evolution of the company as we've grown service lines and products as part of what we can offer to the E&Ps. So we now have a breadth of offering that's really unmatched in US shale today from drilling rigs to cementing services to directional drilling to drill bits during the drilling operations and then on the completion side, it's not just hydraulic fracturing, it's wireline. It's logistics to move sand and equipment.

是的，這對我們來說是一個進化的過程。這也是公司發展的一部分，因為我們已經擴大了服務線和產品，作為我們向 E&P 提供服務的一部分。因此，我們現在擁有在美國頁岩領域真正無與倫比的服務範圍，從鑽井平台到固井服務，從定向鑽井到鑽井作業過程中的鑽頭，然後在完井方面，它不僅僅是水力壓裂，還有電纜壓裂。搬運沙子和設備就是物流。

It's logistics to move natural gas from compression stations and bring it out to the field with fuel gas blending and so many different things.

將天然氣從壓縮站運送到現場，與燃氣混合並進行許多其他不同的事情，這都是物流工作。

And then when you connect the digital aspect across all of that, and we can look at all the data across everything we're doing, we can pull all of that together for the E&Ps and help them be more efficient at what they're doing.

然後，當你將所有這些數字方面連接起來時，我們就可以查看我們正在做的所有事情的所有數據，我們可以將所有這些數據整合在一起，供 E&P 使用，並幫助他們更有效率地完成工作。

And certainly, we have a number of E&Ps that recognize our ability to do that. And we've seen a growing number that have some interest to talk to us about doing more integrated type projects where we can take advantage of having all the digital data and systems that we can provide and then pull all that together into operations in the field.

當然，許多 E&P 公司都認可我們這樣做的能力。我們看到越來越多的人有興趣與我們討論進行更多綜合類型的項目，我們可以利用我們所能提供的所有數位數據和系統，然後將所有這些整合到現場操作中。

Great. And my follow-up is just a little bit, Andy, how are you thinking about replacement CapEx on the frac side, obviously, you're highlighting really strong demand trends for your natural gas burning equipment on the Emerald side, but how are you thinking about -- you're constantly in a bit of a replacement cycle, but how are you thinking about replacements? And then maybe as you ponder that question, any kind of impacts around tariffs as we think about component costs and things like that?

偉大的。我的後續問題是，安迪，您如何考慮壓裂方面的替代資本支出，顯然，您強調了 Emerald 方面對天然氣燃燒設備的需求趨勢非常強勁，但是您如何考慮 - 您一直處於更換週期中，但是您如何考慮替代品？然後，當您思考這個問題時，當我們考慮零件成本和諸如此類的事情時，關稅會產生什麼影響？

Yes, sure. So part of our CapEx budget includes more of the Emerald 100% natural gas-driven equipment. And so while we continue to maintain everything that we own, we certainly recognize that the older equipment that we've owned for a while is not necessarily going to be the most interesting. But what is interesting is the uptick and the uptake on our activity with the Emerald 100% natural gas systems.

是的，當然。因此，我們的資本支出預算中包含了更多 Emerald 100% 天然氣驅動的設備。因此，雖然我們繼續維護我們擁有的一切，但我們當然認識到，我們擁有的舊設備不一定是最有趣的。但有趣的是，我們在 Emerald 100% 天然氣系統的活動有所增加和發展。

And so you'll see us grow the amount of horsepower over the next few quarters and especially with an addition towards the end of the year full fleet of increased capability on the Emerald 100%. And that's still part of the CapEx budget.

因此，您將看到我們在接下來的幾個季度中增加馬力，特別是在年底前增加 Emerald 100% 容量的全部車隊。這仍然是資本支出預算的一部分。

So no change in that CapEx budget. And we expect even with the potential fluctuations in the market, that will still be the most attractive equipment to -- for the E&Ps to maintain their level of efficiencies that they're looking for, not just operational efficiencies but cost efficiencies as well. Andy, you want to add anything to that?

因此資本支出預算沒有改變。我們預計，即使市場可能出現波動，這仍然是最具吸引力的設備，以便 E&P 可以保持他們所追求的效率水平，不僅是營運效率，還有成本效率。安迪，你還有什麼要補充的嗎？

Yes, Arun, I would just say that, look, on kind of the replacement as you asked about, I would say that I would describe our paces going to be pretty measured over, again, the foreseeable future. And then on the tariff side, it's still pretty early to put too fine a point on it (technical difficulty) I won't, but I will say that we're trying to cultivate where we feel like we need to alternative suppliers.

是的，阿倫，我只想說，你看，關於你所問到的替代者，我想說，在可預見的未來，我們的步伐將會相當穩健。然後在關稅方面，現在就對此進行過細的論述還為時過早（技術難度），我不會，但我會說，我們正在努力培養我們認為需要替代供應商的地方。

And also, all of our groups are kind of keenly focused on the costs that ultimately, if they show up, we can pass through pricing. So I would say we're addressing it. But right now, it's probably a little bit soon to put a fine point on it.

而且，我們所有的團隊都非常關注成本，如果最終出現成本，我們可以透過定價來轉嫁。所以我想說我們正在解決這個問題。但現在就對此做出明確規定可能還為時過早。

Scott Gruber, Citigroup.

花旗集團的史考特‧格魯伯。

Yes, and nice quarter, especially in completion. But I guess I'm a bit confused about the completion guide. Typically, activity ramps up over 1Q such that you just hold the exit rate into the second quarter completion tends to rise a decent amount in mid-single digits historically, but you guys are forecasting a slight profit decline. Can you provide some color just on how much white space you're kind of baking into completion later this quarter?

是的，這是一個不錯的季度，尤其是完成度方面。但我想我對完成指南有點困惑。通常情況下，活動會在第一季度增加，這樣你就可以將退出率保持在第二季度，從歷史上看，第二季度的完成率往往會在中等個位數左右出現相當大的增長，但你們預測利潤會略有下降。您能否詳細說明本季後期您將完成多少空白？

And are you getting any indications that level will materialize? Is this just some conservatism that you're building in right now, just given the pullback in crude -- some color there would be great.

您是否發現任何跡象表明該水平將會實現？這是否只是您目前正在建立的一些保守主義，考慮到原油價格的回落——一些色彩會很棒。

Yes. So first, I mentioned that the first quarter actually ramped up probably faster than we thought it would. Hats off to our teams in the Completions segment that we're able to pull everything together from the -- basically the rapid slowdown we had in the fourth quarter when E&Ps were exercising budget constraint in. So things really, really ramped quickly in the first quarter. And so we hit a level of activity that I think at the end of the quarter even surprised us and even the first part of the second quarter.

是的。首先，我提到第一季的實際成長速度可能比我們想像的還要快。我們向完井部門的團隊致敬，我們能夠將所有事情整合在一起——基本上就是第四季度勘探與生產部門實施預算限制時出現的快速放緩。因此，第一季的情況確實發展得非常快。因此，我認為我們在本季末甚至在第二季上半場都達到了令我們感到驚訝的活動水平。

As we look across the quarter, it's relatively steady from an activity level standpoint although we are being a little bit conservative as to how we look at the end of the quarter. We might see a little bit of white space based on some decisions some of our customers make. But it's really kind of relatively steady at the same time.

縱觀整個季度，從活動水平的角度來看，情況相對穩定，儘管我們對季度末的看法有些保守。根據一些客戶做出的決定，我們可能會看到一些空白。但同時它確實相對穩定。

Got it. And then you mentioned pretty steady demand on the oil side here. But we do know that the E&Ps have been planning for a range of potential outcomes on the oil price side. And there seems to be that if the oil in the low 60s, there's probably some adjustments -- do you have a sense, Andy, for just how large that adjustment could be if oil is just call it flat from here? And I guess it's a two-part question.

知道了。然後您提到石油方面的需求相當穩定。但我們確實知道，勘探與生產部門一直在為油價方面的一系列可能結果做準備。而且似乎如果油價處於 60 年代初期，可能會有一些調整 - 安迪，如果油價從現在開始持平，您是否知道調整幅度會有多大？我想這是一個由兩個部分組成的問題。

One is, how large could that adjustment be for the market and then as we saw last downturn in the pandemic, you guys picked up a good amount of share. So two is what could that adjustment be for Patterson specifically?

一是，這種調整對市場的影響有多大？然後，正如我們在上次疫情中看到的那樣，你們獲得了相當多的份額。那麼，對帕特森來說，具體的調整是什麼呢？

Yes. So when we -- when you look at the portfolio of E&Ps that we work for, about 60% of our revenue comes from the 15 most active E&Ps in the US. And so we're heavily weighted to essentially people that have large programs in terms of multiyear plans for what they want to do. And so what we've seen is that really, almost every E&P customer that we have has been monitoring the situation.

是的。因此，當您查看我們所服務的 E&P 組合時，您會發現大約 60% 的收入來自美國最活躍的 15 家 E&P 公司。因此，我們非常重視那些擁有大型專案（即制定了多年期計劃）的人。因此，我們看到的是，幾乎我們的每位 E&P 客戶都在關注這一情況。

I think it's safe to say that what's happening in the market today is unlike some of the previous softening’s that we've had or changes in commodity prices and the executive teams from these companies are really kind of waiting to see what happens and if there is any recovery in oil to the upper 60s.

我認為可以肯定地說，今天市場的情況與我們之前經歷過的一些疲軟或大宗商品價格變化不同，這些公司的管理團隊確實在等待觀察會發生什麼，以及油價是否會回升至 60 多美元。

I think when we see oil in the upper 60s, that pretty much normalizes everything for what we're doing. In the lower 60s, we could see some softening if it stays in there. But I would still just refer to it as softening in the market and it doesn't change our ability to continue to produce strong free cash flow in the year. Certainly, there would be some E&Ps that make some decisions to reduce their budgets, but even in the low 60s, I wouldn't expect a drastic response from the customer base that we work for.

我認為，當油價達到 60 多美元時，我們所做的事情就基本上恢復正常了。如果溫度保持在華氏 60 度以下，我們可能會看到一些軟化現象。但我仍然認為這只是市場疲軟，並不會改變我們在今年繼續產生強勁自由現金流的能力。當然，有些 E&P 公司會做出削減預算的決定，但即使預算低於 60%，我也不會期望我們服務的客戶群做出激烈的反應。

Ati Modak, Goldman Sachs.

高盛的阿蒂·莫達克（Ati Modak）。

Andy, you noted you've started to see some momentum in the gas basins, but you also mentioned that some customers are cautious. So maybe help us understand that a little better? And how we should think about the incremental rigs or fleets or maybe utilization trends for the remainder of the year?

安迪，您指出您已經開始看到天然氣盆地的一些發展勢頭，但您也提到一些客戶持謹慎態度。那麼也許可以幫助我們更好地理解這一點？我們該如何看待今年剩餘時間的增量鑽孔機或船隊或利用趨勢？

Yes. I would say in the gas basins; our expectation right now is that things are going to remain relatively steady. I mean, we seem to be with the commodity prices and gas approaching the shoulder season and it still seems to be at a reasonable level to keep our E&P customers in gas relatively busy. So I don't expect any real change in what we're doing in natural gas at today's commodity price.

是的。我想說的是，在天然氣盆地中；我們現在的預期是情況將保持相對穩定。我的意思是，我們似乎正處於大宗商品價格和天然氣價格接近淡季的階段，而且似乎仍然處於合理水平，可以讓我們的天然氣勘探與生產客戶保持相對繁忙。因此，我預計以今天的商品價格，我們在天然氣方面的舉措不會發生任何真正的變化。

It did ramp up a little bit faster in the Haynesville than we thought, especially on the completion side. We did deliver a couple of rigs, but they were -- they had been in the plan on a longer-term plan where we have done some -- some customization to some specific specifications on those drilling rigs. But completions ramped up a little bit quicker. So we've been very busy out of our East Texas operations, covering the Haynesville more than we thought. So -- but at today's commodity, I would expect it to remain relatively steady.

海恩斯維爾的進度確實比我們想像的要快一些，特別是在完工方面。我們確實交付了幾台鑽孔機，但它們已經納入了長期計劃，我們對這些鑽孔機的一些特定規格進行了一些客製化。但完成度成長得更快一些。因此，我們在東德克薩斯州的業務非常繁忙，對海恩斯維爾的覆蓋範圍超出了我們的想像。所以——但就今天的商品而言，我預計它會保持相對穩定。

And of course, everybody had been watching the commodity price in that area. The forward strip on natural gas still looks good. And I think that a number of our customers also did some hedging earlier on in the year at higher natural gas prices. So financially, our customers in natural gas seems to be very healthy.

當然，每個人都在關注該地區的商品價格。天然氣的遠期走勢看起來仍然良好。我認為，我們的許多客戶在今年稍早也對天然氣價格上漲進行了對沖。因此從財務角度來看，我們的天然氣客戶似乎非常健康。

That's very helpful. And then you guys spoke about the flexibility around CapEx, but you also mentioned that you have the opportunity to right size costs and drive corporate efficiency. So maybe if you can provide any color on that depending on how the year plays out.

這非常有幫助。然後你們談到了資本支出的靈活性，但你們也提到，你們有機會調整成本規模並提高企業效率。因此，您是否可以根據今年的進展提供一些資訊？

Yes. On the cost side, I would say, look, all of our operating units are very focused on costs and particularly around support costs and not only out at the field level, but also corporately. So I think you'll see progress on that front ratably throughout the year. I don't want to give any targets right now. But certainly, I think you'll see our costs come in somewhat over the course of this year.

是的。在成本方面，我想說，我們所有的營運單位都非常關注成本，特別是支援成本，不僅是在現場層面，而且在公司層面。因此我認為您將會在全年看到這方面取得顯著進展。我現在不想給任何目標。但當然，我認為你會看到我們的成本在今年有所增加。

Saurabh Pant, Bank of America.

美國銀行的 Saurabh Pant。

Andy, I want to just maybe pass for your perspective on the drilling versus completion side of things because you're the only one who does both and both at scale. From your perspective, Andy, right, when you see tons like these uncertainties, some risks to E&P CapEx activity rate, how do you think drilling and completions would trend relative to each other? Is there a scenario under which take completions fall faster than drilling, and we see some E&P building docks, -- but just maybe your thoughts on how you think that is played out.

安迪，我只是想了解一下你對鑽井和完井的看法，因為你是唯一一個同時進行鑽井和完井作業並且規模化進行鑽井和完井作業的人。安迪，從您的角度來看，當您看到這些不確定性以及 E&P 資本支出活動率面臨的一些風險時，您認為鑽井和完井會如何相互關聯？是否存在一種情景，即完井速度下降得比鑽井速度更快，我們看到一些 E&P 正在建造碼頭——但也許您只是在思考這種情況會如何發展。

I think this is an interesting time in the industry, the way the commodity prices have been moving, and you've had this kind of separation between how oil is moving versus how natural gas is moving. So you really have to look at the two markets somewhat separate. I really believe that where natural gas is trading today, it will keep us steady in that market.

我認為這是行業中一個有趣的時期，大宗商品價格一直在變動，而且石油和天然氣的走勢之間存在著這種差異。所以你確實必須以不同的眼光來看待這兩個市場。我堅信，在當今天然氣交易的市場中，它將使我們保持穩定。

So I'm not expecting any real change there. And the things that are happening at the macro level and the economy don't really seem to be moving the natural gas number as much as it has on the oil, so I do expect relatively steady markets there. And we have a very large position in natural gas, not just the Haynesville, but of course, the Northeast.

所以我並不期待那裡會發生任何真正的改變。宏觀層面和經濟方面發生的事情似乎並沒有像對石油那樣對天然氣數量產生很大影響，所以我預計那裡的市場會相對穩定。我們在天然氣領域佔有很大的份額，不僅是在海恩斯維爾，當然還有東北部。

So with the increasing activity that we've had in that market in the first quarter. Our exposure to the gas has moved up from 25%, maybe closer to 30% now. And so we're well weighted to the natural gas and the steadiness of that market. On the oil side, of course, we see more fluctuation. We've seen it move around.

因此，我們在第一季在該市場的活動不斷增加。我們對天然氣的依賴程度已經從 25% 上升到現在可能接近 30%。因此，我們非常重視天然氣及其市場的穩定性。當然，在石油方面，我們看到了更多的波動。我們已經看到它四處移動。

We're in the low 60s right now for WTI. That could cause a slight softening in the market. And so if we see it trend that way as the softening, maybe there's a little bit of a slowdown in drilling and completion at the same time, but I wouldn't necessarily expect those to diverge much or see any duct building in that area. But again, where we are trading at WTI, potential for a softening, but I think we just have to wait for the macro and see how the commodities markets play out.

目前 WTI 價格在華氏 60 度以下。這可能會導致市場略微疲軟。因此，如果我們看到這種趨勢逐漸減弱，那麼鑽井和完井的速度可能會同時有所放緩，但我並不一定認為它們會出現太大的分歧，也不會在該地區看到任何管道建設。但是，就我們在 WTI 交易的情況來看，可能會出現走軟的跡象，但我認為我們只需要等待宏觀經濟形勢，看看大宗商品市場如何表現。

Right. No, very interesting dynamics for sure, on the gas versus also Andy. And then a second question from me, Andy, is on pricing, right? The industry has been really disciplined, done a really good job on pricing this cycle versus prior cycles, right? And we know pricing hurts profitability much more than activity that, right?

正確的。不，在與安迪的較量中，這無疑是非常有趣的動態。然後我的第二個問題，安迪，是關於定價的，對嗎？這個行業確實很自律，與之前的周期相比，這個週期的定價做得非常好，對嗎？我們知道定價對獲利能力的影響比活動的影響更大，對嗎？

So in this kind of environment in the $60, low $60 oil price, how should we as investors, think about pricing risks going forward through the remainder of the year?

那麼，在油價 60 美元或低於 60 美元的環境下，作為投資者，我們應該如何看待今年剩餘時間的定價風險？

Yes. On the drilling side, we did have some contracts that are going to roll and some adjustments in the market that we'll make there. So it's coming down just a little bit, but not much, low single-digit percentile. On the completion side, the majority of those agreements and contracts were all negotiated at the end of last year and it really kind of locked in place for where we are right now. So I'm not expecting any real change on the completion pricing.

是的。在鑽井方面，我們確實有一些合約即將到期，我們將對市場做出一些調整。所以它下降了一點點，但不是很多，低個位數百分位數。在完成方面，大多數協議和合約都是在去年年底談判達成的，並且對於我們目前的狀況來說已經基本確定。所以我並不期待完成定價會有任何真正的改變。

On drilling products, our product pricing has been inching up with the increased percentage of new technology that we're running there, especially with the Maverick cutters and drill bit design that's setting new records out in the field, especially in the Permian.

對於鑽井產品，隨著我們採用的新技術比例的增加，我們的產品定價也在緩慢上漲，尤其是 Maverick 切削刃和鑽頭設計在該領域（尤其是在二疊紀）創下了新紀錄。

And I'll even just mention our Directional Drilling subsegment, which has shown increased reliability and equipment over the last 1.5 years, and that's really being recognized in the market. We're getting premium prices for our high-performance drilling motors and the reliability of the MWD. We've actually increased market share and margin in that business over the last year.

我甚至還會提到我們的定向鑽井子部門，該部門在過去 1.5 年中表現出更高的可靠性和設備，並且確實得到了市場的認可。我們的高性能鑽井馬達和可靠的 MWD 獲得了優惠價格。去年我們實際上增加了該業務的市場份額和利潤率。

So I'm feeling really good about all of our businesses. I know there's some concern about the macro out there. But I think natural gas for us is steady. Maybe there's a little bit of softening in oil business. But I think we just have to wait and see.

所以我對我們所有的業務都感到非常滿意。我知道人們對宏觀經濟有些擔憂。但我認為天然氣對我們來說是穩定的。石油業務可能略有疲軟。但我認為我們只能拭目以待。

No, that sounds very resilient. Like Andy said, the 5% dividend yield and there's not that much downside, Clearly, the market may be looking for too much downside. But we will see. Okay. Andy has turned it back. Thank you.

不，這聽起來很有彈性。就像安迪所說的那樣，5% 的股息殖利率並沒有那麼大的下行空間，顯然，市場可能期待太多的下行空間。但我們會看到。好的。安迪已將其退回。謝謝。

Thanks.

謝謝。

Eddie Kim, Barclays.

巴克萊銀行的 Eddie Kim。

Just wanted to ask about potential activity declines in the second half of the year. You mentioned that if oil remains at current levels, customers could reduce activity in the oil basins. So current US land rig count stands at about 570 rigs or so today. Could you see maybe 20 or 30 rigs come out of the market by year-end if oil kind of holds in this low 60s level? Just wanted to get your thoughts there.

只是想問一下下半年潛在的活動下降。您提到，如果石油價格保持在當前水平，客戶可以減少油盆地的活動。因此，目前美國陸地鑽井平台數量約為 570 個左右。如果油價維持在 60 多美元的低位，到年底是否會看到 20 到 30 個鑽井平台退出市場？只是想了解你的想法。

Yes. So like I said, if oil stays at this level in the low 60s, I think you'll see a softening in the activity. But the other aspect of this is you're going to see a bifurcation in the market -- and what will happen is you'll see some of the lower spec rigs come down first even before ours have. We've seen this in previous years, previous quarters when we've had the softening in the market. And so while the overall rig count that everybody looks at that may come down, the high-spec rigs don't necessarily come down at the same rate.

是的。所以就像我說的，如果油價保持在 60 出頭的水平，我認為你會看到活動減弱。但另一方面，你會看到市場分化——你會看到一些規格較低的鑽機在我們的鑽機下降之前就先下降。我們在前幾年、前幾季就看到過這種情況，當時市場已經出現疲軟。因此，雖然大家關注的鑽機總數可能會下降，但高規格鑽機的數量不一定會以相同的速度下降。

And so as I mentioned, the majority of our revenue comes from the 15 most active operators who have multiyear programs. And so you may see some of the smaller private equity-backed E&Ps reduce their budgets quickly to protect cash, but that's not necessarily our customer. We don't work for a lot of those types of E&Ps. And so you're going to see this bifurcation in the market.

正如我所提到的，我們的大部分收入來自擁有多年期計劃的 15 家最活躍的營運商。因此，您可能會看到一些規模較小的私募股權支持的 E&P 公司迅速削減預算以保護現金，但這不一定是我們的客戶。我們不為許多這類 E&P 公司工作。所以你會看到市場出現這種分歧。

And for us, that's on the drilling and the completion side. So you'll see E&Ps in the Midland Basin maybe slow down quickly, but that's not where we do a lot of completion work. And so you'll see some of the smaller companies slow down, but the larger, higher tier companies will stay more relatively busy compared to them.

對我們來說，這是鑽井和完井的事。因此，你會看到米德蘭盆地的勘探與生產可能會迅速放緩，但那裡並不是我們進行大量完井工作的地方。因此，你會看到一些小公司的發展速度放緩，但與它們相比，規模較大、層次較高的公司將保持相對繁忙的狀態。

Got it. Thanks for that reminder. My follow-up is just on the distributed power market. Last quarter, you highlighted that you're prepared to deploy capital to satisfy growing power demand and the customers were increasingly looking towards electrifying compression systems and the production pad -- just in light of recent events, do you think there's maybe less urgency from the E&Ps to electrify those systems than there was three months ago? And has that kind of opportunity set in the distributed power market maybe been pushed out a bit?

知道了。謝謝你的提醒。我的後續關注點只是分散式電力市場。上個季度，您強調準備部署資本來滿足不斷增長的電力需求，並且客戶越來越關注電氣化的壓縮系統和生產平台——鑑於最近發生的事件，您是否認為 E&P 對這些系統的電氣化緊迫性可能比三個月前有所降低？分散式能源市場中的這種機會是否可能被推遲了一點？

So we've never earmarked any specific amount of capital for power. But what we do is we analyze each of the projects that come our way. And we've had a number of discussions with our E&P customers, both on looking at production facilities and midstream facilities and trying to see if there's something that we can provide that's differentiated in those markets. And in some cases, there is -- and so we'll continue to look at those projects. But again, we analyze those on a specific case-by-case basis.

因此，我們從未撥出任何特定金額的資金用於發電。但我們所做的是分析我們遇到的每一個項目。我們與 E&P 客戶進行了多次討論，既考察了生產設施，也考察了中游設施，並試圖了解我們是否可以在這些市場提供差異化的產品。在某些情況下，確實如此——所以我們將繼續關注這些項目。但同樣，我們會根據具體情況進行分析。

We very well understand our return of capital hurdle and our need to produce a return and we'll only earmark capital for those projects if we think it makes sense.

我們非常了解我們的資本回報障礙和產生回報的需求，並且我們只會在我們認為合理的情況下為這些項目撥出資金。

Keith Mackey, RBC Capital Markets.

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

First wanted to start out on the performance-based contracts. I know there's some commentary about focusing there. Can you just talk about the adoption of performance-based contracts? What type of uplift you're seeing -- and ultimately, how should the market assess the success of these given that you're not going to report the revenue per day anymore -- and finally, do you see the performance-based contracts extending maybe beyond drilling into completions and a larger adoption model. Any color around that stuff would be helpful.

首先想從基於績效的合約開始。我知道那裡有一些關於焦點的評論。您能談談基於績效的合約的採用情況嗎？您看到了什麼類型的提升？最終，鑑於您不再報告每日收入，市場應該如何評估這些成功？最後，您是否認為基於績效的合約可能會超越鑽探，延伸到完井和更大的採用模式。任何圍繞該物體的顏色都會有幫助。

Yes. We've been excited about the performance that we've been able to provide in running these types of operations where we've integrated the services. We've added services in some cases where an E&P might not have run the majority of our services and then using the digital aspect of everything we do to improve the efficiency and improve not just our chance of success, but the overall outcome for the E&P as well.

是的。我們對在運行這些整合服務的操作時能夠提供的效能感到非常興奮。在某些情況下，E&P 可能沒有運行我們的大部分服務，我們增加了一些服務，然後利用我們所做的一切的數位化方面來提高效率，不僅提高我們的成功機會，而且提高 E&P 的整體結果。

So we have seen that gain momentum in terms of discussions. We're up to around 10% of what we do has integration in it these days and performance basis on these types of contracts. I think that will continue to grow, but this is a multiyear process and also depends on a little bit of the macro and any headwinds that we have there.

因此，我們看到討論的動力正在增強。目前，我們所做的工作中大約有 10% 都與整合有關，並且是基於此類合約的績效。我認為這個數字將會繼續成長，但這是一個多年的過程，同時也取決於一些宏觀因素以及我們面臨的任何不利因素。

But we're thinking about this in terms of the long term. And we see our Drilling Products Group continue to set records with new technology, and that's at the front end of what we're trying to do with integrating things and proud to have them as part of what we do.

但我們是從長遠角度來考慮這個問題的。我們看到我們的鑽井產品集團繼續利用新技術創造記錄，而這正是我們試圖整合事物的前沿，我們很自豪能夠將它們作為我們工作的一部分。

Because if the industry is going to continue to drill faster and complete faster, we need to be at the leading edge of that, and that will help us maintain and increase our market share and improve our opportunity for improved margins as well as we can provide positive impacts to our customers.

因為如果產業要繼續更快地鑽探和完成，我們就需要處於領先地位，這將幫助我們維持和增加我們的市場份額，並提高我們提高利潤率的機會，同時也能為我們的客戶帶來正面的影響。

So I think that will continue to grow. It's hard to say exactly what pace that is. But again, we're taking a multiyear look at this.

所以我認為它將繼續增長。很難確切地說出那到底是什麼樣的速度。但再次強調，我們會用多年時間去審視這個問題。

Okay. That's helpful. And maybe just around the Q2 guide. I know you expect drilling and completion to be down slightly. Hoping you can put a little bit more of a goalpost around that in terms of the percentage decline that you'd expect slightly to approximate.

好的。這很有幫助。或許只是圍繞 Q2 指南。我知道您預計鑽井和完井量會略有下降。希望您能為您預期的略微接近的百分比下降幅度設定一個更高的目標。

Yes, Keith, I would say low single -- low to mid-single-digit declines.

是的，基思，我認為是低個位數到中等個位數的下降。

Okay. Got it.

好的。知道了。

Yes. Keith, in terms of drilling, it's really about just making some market adjustments with some contracts rolling and completions, it's just a little bit of uncertainty at the end of the quarter on how much white space we're going to have. But again, just a slight softening.

是的。基思，就鑽探而言，實際上只是透過一些合約的滾動和完成來做出一些市場調整，到本季末，我們將有多少空白空間存在一些不確定性。但同樣，只是稍微軟化了一點。

Stephen Gengaro, Stifel.

史蒂芬·根加羅（Stephen Gengaro），Stifel。

I guess just two quick ones for me. The first, when you talk about the legacy drilling contracts rolling off, can you give us a sense for kind of the price difference between where they are versus where the spot market is.

我想對我來說只需要簡單回答兩個問題。首先，當您談到傳統鑽井合約的終止時，您能否讓我們了解它們與現貨市場之間的價格差異。

I think that it really depends on when we sign some of these anything, of course, it's 1.5 years or more is going to be signed when the market was at a higher level of activity versus, say, six months ago. So it's hard to put a number just on that in general. But I'd say that it's less than a 10% adjustment.

我認為這實際上取決於我們何時簽署這些協議，當然，簽署協議的期限是 1.5 年或更長，當時市場活動水平將高於六個月前。因此，一般來說，很難對此給出一個數字。但我認為調整幅度不到 10%。

Okay. Great. No, that helps. And then the second question it has to do with sort of capital allocation and how you're sort of thinking about the world. As you look out to the second half, I mean, if we do see a reduction in activity.

好的。偉大的。不，這有幫助。第二個問題與資本配置以及您如何看待世界有關。當你展望下半年時，我的意思是，如果我們確實看到活動減少。

And it seems like a lot of the service companies are talking about US being down 10% to 15% this year, give or take. And I know your customer base sort of maybe helps mitigate some of that. But is there a -- how do you sort of balance buying back stock with sort of balance sheet strength over the next year. Have you guys sort of thought about how to balance that based on how the market evolves.

似乎很多服務公司都在談論今年美國經濟將下降 10% 至 15% 左右。我知道您的客戶群可能有助於緩解其中的一些問題。但是，明年你如何在回購股票和資產負債表實力之間取得平衡呢？你們有沒有想過，如何根據市場的發展來平衡這一點？

Yes, Stephen, I think as you get into that and look, as you become more certain about what not only the sort of magnitude and the longevity of any downturn is going to be, I think you can be pretty specific about what you want to allocate to which I think, right. I think the uncertainty is the tough thing and not knowing how long something will last and how deep it might go.

是的，史蒂芬，我認為，當你深入研究這個問題時，當你更確定經濟衰退的程度和持續時間時，你可以非常具體地確定你想要分配什麼，我想，對的。我認為不確定性是一件困難的事情，不知道某件事會持續多久，也不知道它會發展到什麼程度。

And so I think in times of uncertainty, people tend to maybe fall back and maybe protect their balance sheet a little bit more. But once you have a little bit more visibility, you can be pretty constructive about your capital allocation plans and again, I don't know what the second half is going to bring specifically yet, but if we get into something where the outlook is a little bit more certain, I think we can be pretty constructive.

因此，我認為在不確定的時期，人們可能會傾向於退縮並更多地保護他們的資產負債表。但是一旦你有了更多的了解，你就可以對你的資本配置計劃非常有建設性，而且，我不知道下半年具體會帶來什麼，但如果我們進入一個前景更加確定的階段，我認為我們可以非常有建設性。

We committed to returning 50% of our free cash flow to shareholders, and we certainly stand by that. We maybe have -- sitting on more cash than that this year. And if we don't have a need for that cash, we'll look to return that to shareholders as we've done in the past.

我們承諾將 50% 的自由現金流返還給股東，我們一定會堅持這一點。我們今年可能持有的現金比這還要多。如果我們不需要這筆現金，我們會像過去一樣將其回饋給股東。

Okay. Great. And then if you don't mind, one final one. The decision on the drilling side to stop breaking out some of the components, including revenue per day. Can you talk a little bit about kind of why that is? I kind of understand it at a high level, but it always sort of worries. I think people from our side when you disclose less. And I'm just kind of curious on best how you thought came to that conclusion, and now it's the right time to do that.

好的。偉大的。如果你不介意的話，還有最後一個問題。鑽井方面決定停止分解部分組成部分，包括每日收入。你能稍微講一下這是為什麼嗎？我從高層次理解這一點，但總是有點擔心。我認為從我們這邊來看你透露得少一些。我只是有點好奇您是如何得出這個結論的，現在是時候這樣做了。

I'll start it, and then I'll let Andy fill in some of this as well. We've looked at this for years. We've been disclosing more than our peers have for years. And as we've continued to add service lines and integrate things, it just doesn't make sense anymore just to break out a subsegment like we have. We're doing more integrated type work.

我先開始，然後請安迪也填寫一些內容。我們已經研究這個問題好幾年了。多年來，我們披露的資訊比同行更多。隨著我們不斷增加服務線並進行整合，僅僅像我們這樣劃分一個子部分已經沒有任何意義了。我們正在進行更綜合類型的工作。

The segment for drilling services contains more than one business line now. So we're just trying to align the reporting with how we're operating the business as well.

鑽井服務部門目前包含多條業務線。因此，我們只是試圖使報告與我們的業務運作方式保持一致。

Yes, I would just add to that. I think the more you focus on one individual metric, whether it's a day rate or something like that, it sort of undervalues the integrated offering and really the performance-based offering that we're trying to offer to our customers. So we think it's the right thing. And again, it aligns us a little bit more with what some of our competition is doing as well.

是的，我只是想補充一點。我認為，你越專注於一個單獨的指標，無論是日費率還是類似的東西，就越會低估我們試圖向客戶提供的綜合產品和基於績效的產品。所以我們認為這是正確的事。再次，它使我們與一些競爭對手的做法更加一致。

Dan Kutz, Morgan Stanley.

摩根士丹利的丹·庫茨。

So I wanted to -- Andy, you kind of made some comments earlier about the kind of relative resilience of the higher-spec assets that the Patterson fleet is comprised of both on the drilling side and the frac side. I wanted to dive in a little bit more on the drilling side.

所以我想——安迪，你之前對帕特森船隊在鑽井和壓裂方面所包含的高規格資產的相對彈性發表了一些評論。我想更深入地了解鑽探方面。

So I think that you guys have done a great job of highlighting the fact that there -- that potentially the old super-spec rig definition was perhaps a bit antiquated -- and you guys, I believe, calling the Tier 1 super spec and have kind of consistently updated us on the number of rigs that you have that meet that definition.

所以我認為你們已經很好地強調了這樣一個事實——舊的超級規格鑽機定義可能有點過時了——而且我相信你們稱之為 Tier 1 超級規格，並且一直在向我們更新符合該定義的鑽機數量。

I was hoping maybe you could if there's any chance you have an estimate of what maybe that Tier 1 super spec class would look like for the broader industry, maybe what supply and demand of what you guys define as Tier 1 super spec looks like at an industry level?

我希望你能評估一下 Tier 1 超級規格類別對整個產業的影響，以及你們所定義的 Tier 1 超級規格在產業層面的供需？

Yes. So over the last decade, that's just been a moving description that's gone from high spec to superspec to Tier 1 super spec is as the specifications on the rigs have gone up. And we've even deployed some rigs that we've customized for some key customers that I would say are even at a higher spec than what we've traditionally called is Tier 1 super spec. So I'm not sure we've got good definitions anymore that describe what we do. It's really about performance at the end of the day.

是的。因此，在過去的十年中，隨著鑽機規格的提高，這只是一個不斷變化的描述，從高規格到超規格再到一級超規格。我們甚至部署了一些為關鍵客戶量身定制的鑽孔機，我想說這些鑽孔機的規格甚至比我們傳統上所說的 Tier 1 超級規格還要高。所以我不確定我們是否還有好的定義來描述我們所做的事情。歸根結底，這確實與績效有關。

And it's about what our people do with that technology in the field and the operations and that's what matters at the end. And so I think as an industry, we're going to look less at trying to say it's a certain horsepower, a certain low capacity or pump sizes or anything like that and really look at the performance of the entire package and what we're doing.

最終重要的是我們的人員如何在現場和操作中運用這項技術。因此，我認為作為一個行業，我們將不再試圖說它是一定的馬力、一定的低容量或泵尺寸或諸如此類的東西，而是真正關注整個包裝的性能以及我們正在做的事情。

And you combine that with digital and what we do in our PTEN Performance Center, which we'll unveil the new one here soon to the public that we filled out on the entire third floor of the building. When you combine all that, at the end of the day, it's really about performance.

並將其與數位化以及我們在 PTEN 性能中心所做的工作結合起來，我們很快就會向公眾揭開新的面紗，我們已填滿整個大樓的三樓。當你將所有這些結合起來時，最終的結果就是效能。

And when I get back to talking about -- majority of our revenue comes from the largest operators in the US and that's for a reason because we're delivering performance for these operators. They know that we're going to be efficient. They know that we're going to continue to focus and work to improve what they do at the same time. And so I don't think we can really kind of break it down into a name on the specification anymore like we used to.

當我回過頭來談論時——我們的大部分收入來自美國最大的運營商，這是有原因的，因為我們正在為這些運營商提供性能。他們知道我們會很有效率。他們知道我們將繼續關注並努力改善他們的工作。因此，我認為我們不能再像以前那樣將其分解為規範中的名稱。

Yes. I think at the end of the day, the mechanical capability of the rig is still important, but I think what's becoming a bigger portion, maybe even more important, is the embedded technologies and the people that we have operating in the processes that we're operating with. So it sort of separates and again, it separates kind of across the board. But I do think that it's a little too easy just to break it down into the mechanical capabilities because that's maybe not the thing that's really the differentiator anymore.

是的。我認為，歸根結底，鑽孔機的機械能力仍然很重要，但我認為，嵌入式技術和我們在操作過程中操作的人員正在變得越來越重要，甚至可能更加重要。因此，它是一種分離，而且，它是一種全面的分離。但我確實認為，僅僅將其分解為機械能力有點太容易了，因為這可能不再是真正的區別因素了。

Yes. Sure. All fair enough and helpful color. Maybe just on the international components of your business. I think I caught a comment that you kind of -- in drilling products expect the normal spring breakup headwinds in Canada and then that you see growth across kind of rest of world.

是的。當然。一切都很公平，而且很有幫助。也許只是涉及您業務的國際部分。我想我聽到了這樣的評論——在鑽井產品方面，預計加拿大會出現正常的春季破裂逆風，然後你會看到世界其他地區的成長。

I was hoping you could maybe unpack the rest of world growth comment into maybe what regions you're kind of seeing growth versus, yes, just broadly the -- the kind of global activity trends you're seeing across the rest of the world?

我希望您能將世界其他地區的成長評論分解成您看到的哪些地區的成長，以及，是的，大致上——您在世界其他地區看到的全球活動趨勢？

Sure. So outside of the spring break up in Canada, really pleased about the performance in Canada. We were just talking about it our quarterly business reviews a week ago and commending the team for how well they're doing up there, that can be a challenging market, managing the fluctuations there, and they're doing a great job.

當然。因此，除了加拿大的春假之外，我對在加拿大的表現感到非常高興。我們一周前剛剛在季度業務評估中討論了這個問題，並讚揚了團隊在那裡的出色表現，這可能是一個充滿挑戰的市場，管理那裡的波動，他們做得很好。

When we look at the rest of the world outside of North America, our teams are very well positioned in various countries, the growing rig count that we're going to see in Argentina over the years, and I'm just going to start with Latin America. It's going to be beneficial and weighted towards us.

當我們看北美以外的世界其他地區時，我們的團隊在各個國家都處於非常有利的位置，我們將看到阿根廷的鑽井數量逐年增加，而我將從拉丁美洲開始。這對我們來說將是有益的，並且對我們有利。

We have a facility in Argentina that can do remanufacturing on the drill bits down there and repairs. And so we're well positioned for activity increase there on our product side. When you look at the Middle East, where -- our remanufacturing center in Saudi Arabia is being upgraded to a manufacturing center. So we'll be able to build some of our drill bit product lines, new there. That market is shifting over from a purchase market to a rental market, and that's where we excel in the US.

我們在阿根廷有一個工廠，可以對那裡的鑽頭進行再製造和維修。因此，我們在產品方面的活動增加方面處於有利地位。看看中東，我們在沙烏地阿拉伯的再製造中心正在升級為製造中心。因此我們將能夠在那裡建立一些新的鑽頭產品線。該市場正在從購買市場轉向租賃市場，而這正是我們在美國的優勢所在。

We know the rental market very well. We understand that model. Our teams do a great job here in the US, and I'm highly confident that they'll be able to transfer that process over to Saudi as well. If you go to Oman, we have a remanufacturing facility there.

我們非常了解租賃市場。我們了解該模型。我們的團隊在美國做得很好，我非常有信心他們也能夠將這項流程轉移到沙烏地阿拉伯。如果你去阿曼，我們在那裡有一個再製造工廠。

And I'll also add that we're going to put more focus on North Africa. We're going to see some longer-term not this year, but this is a multiyear outlook for us. We're going to see more investment in North Africa in terms of natural gas supply to Europe over the next few years and I think we'll be well positioned to take advantage of that as well.

我還要補充一點，我們將更關注北非。我們將會看到一些長期的展望，不是今年，而是多年的展望。未來幾年，我們將看到北非在向歐洲供應天然氣方面獲得更多投資，我認為我們也將處於有利地位，充分利用這一點。

Connor Jensen, Raymond James.

康納詹森、雷蒙詹姆斯。

You had -- you called for flat rig guidance for Q2. Saw the website has kind of been trending a little bit above that to start the quarter, but obviously, with oil prices down here, that might have some impact. Do you have any line of sight on rigs that might get idled or let go during the quarter?

您曾呼籲對第二季的鑽機業績進行平穩指導。看到該網站在本季度初的趨勢略高於這個水平，但顯然，隨著油價下跌，這可能會產生一些影響。您是否了解本季可能閒置或放棄的鑽孔機的情況？

We do have some line of sight on a small number of rigs that could be idled over the next quarter or so. But I would say that overall, we're going to be relatively steady here in the second quarter. Again, at this level of WTI, there could be some slight softening in the market, and we could see a little bit of a downward trend on our rig count, but I don't expect this to be a large downward trend.

我們確實了解到，未來一個季度左右，少數鑽孔機可能會處於閒置狀態。但我想說，總體而言，第二季我們將保持相對穩定。同樣，在 WTI 這一水平上，市場可能會出現一些小幅疲軟，我們可能會看到鑽井數量略有下降，但我預計這不會是一個大幅下降的趨勢。

Got it. That makes sense. And then you highlighted some cost controls in the business over the last couple of quarters, specifically in completions. Wondering if you could expand on what you're doing there on the cost side and some of the different levers you could pull given different activity scenarios?

知道了。這很有道理。然後您強調了過去幾季業務中的一些成本控制，特別是在完工方面。想知道您是否可以詳細說明您在成本方面所做的工作，以及在不同活動場景下您可以採取的一些不同措施？

Yes, sure. So from an operational standpoint in the field, our completions teams are doing a great job. As we work through integration last year, there were still some opportunities to take some more costs out of the system and you'll see that materialize in the numbers relatively speaking here in the first and second quarters this year. They did a great job getting some cost out in the first quarter, a little bit more in the second quarter. So on a relative basis, just looking at our cost line, they continue to improve, and the team is doing a great job.

是的，當然。因此，從現場營運的角度來看，我們的完井團隊做得非常出色。在我們去年進行整合的過程中，仍然有一些機會可以從系統中削減更多成本，而且你會看到，相對而言，今年第一季和第二季的數字將反映這一點。他們在第一季出色地削減了一些成本，在第二季度又削減了一點。因此，相對而言，僅從我們的成本線來看，他們就不斷改進，而且團隊做得很好。

It's all supported by the level of technology and performance that we offer in the field, and that's what keeps that business relatively steady outside of a little bit of white space that we could see towards the end of this quarter.

這一切都得益於我們在該領域提供的技術和性能水平，這也是為什麼除了本季度末我們可能看到的一點點空白之外，業務能夠保持相對穩定的原因。

Jeff LeBlanc, TPH & Co.

傑夫·勒布朗（Jeff LeBlanc），TPH & Co.

I just had one. You mentioned earlier that the majority of your CapEx is directed towards maintenance. Could you quantify the amount of maintenance CapEx for both drilling and completions a little bit more specifically?

我剛剛吃了一個。您之前提到，大部分資本支出都用於維護。您能否更具體地量化鑽井和完井的維護資本支出金額？

Yes. So let me -- I don't have it at my fingertips, but I can kind of give you an idea. On the drilling side, probably looking at maintenance CapEx approaching $175 million or so. And then on the completion side, I would say we're probably around probably $200 million or so of maintenance CapEx.

是的。所以讓我——我還沒有答案，但我可以給你一個想法。在鑽井方面，維護資本支出可能接近 1.75 億美元左右。然後在完成方面，我想說我們的維護資本支出大概是 2 億美元左右。

Okay. And could those numbers trend lower more downward scenario? Or are those relatively steady even at lower price.

好的。這些數字是否可能呈現進一步下降的趨勢？或者即使價格較低，它們也相對穩定。

They're very linear with activity, right? So as activity falls off, you'll see those numbers trend down. And in a severe downturn, you see them trend way down. So certainly, we adjust that kind of based on where the market is, but you're typically going to see it go pretty linear with activity.

它們與活動呈線性關係，對嗎？因此，隨著活動的減少，你會看到這些數字呈現下降趨勢。在經濟嚴重衰退時，你會看到它們的趨勢大幅下降。因此，我們當然會根據市場情況進行調整，但你通常會看到它與活動呈線性關係。

Don Crist, Johnson Rice.

唐克里斯特、約翰遜賴斯。

Just one quick one for me. And it's more on visibility than anything else. As I understand the business on the drilling side, you pretty much know two pads ahead of time when that rig is going to work. And I don't know if that's correct or not in today's market. But could you translate that into the fresh pumping side for us?

對我來說只有一個快速答案。它比任何其他東西都更注重可見性。據我了解，就鑽井業務而言，你幾乎可以提前知道鑽機何時開始工作。我不知道在當今市場上這是否正確。但是您能為我們將其轉化為新鮮的泵送方面嗎？

I mean, what I'm driving at is, can the pressure pumping side within two weeks' notice start dropping crews, I don't think that's the case, but just wanted to know if that was a clarification.

我的意思是，壓力泵送方是否可以在兩週的通知時間內開始派遣工作人員，我不認為是這樣，我只是想知道這是否是一種澄清。

As you mentioned, in drilling, we -- that's the part of our business it usually gets the first call or notification to pick up a rig or lay down a rig, and it's usually with a fair amount of notice, and we've got line of sight on that. And so we can work that into projections.

正如您所提到的，在鑽井過程中，這是我們業務的一部分，我們通常會第一個接到電話或通知來啟動或放下鑽機，而且通常會提前相當多的時間通知，我們對此有所了解。因此我們可以將其納入預測。

But I would say even today, completions is at that longer-term notice in a lot of cases, too, because of the quality of the E&Ps that we're working for, the longer-term programs that they're working on. We know their plans further in advance as well. And if there's going to be any changes, we typically have a fair amount of notice on that as well and can talk about that.

但我想說，即使在今天，在很多情況下，完井也是需要較長時間才能完成的，這是因為我們所從事的 E&P 的質量，以及他們所從事的長期計劃。我們也提前知道了他們的計劃。如果有任何變化，我們通常也會提前通知並討論。

So when we talk about what we think is going to happen in the upcoming quarter, we can talk with a relative degree of certainty around that outside of macroeconomics and any changes in the commodity.

因此，當我們談論我們認為下一季將會發生什麼時，我們可以相對確定地談論宏觀經濟和商品變化之外的事情。

Sean Mitchell, Daniel Energy Partners.

肖恩·米切爾，丹尼爾能源合作夥伴。

Andy, just -- you may have mentioned this earlier and I might have missed it, but how much of the completion fleet that is natural gas capable today is actually working in oil basins versus gas basins?

安迪，你可能之前提到過這一點，而我可能沒有註意到，但是目前能夠進行天然氣開採的完井船隊中，有多少實際上是在油盆地而不是天然氣盆地中作業的呢？

So yes, 80% of what we have out there today can burn natural gas. I would say it's probably -- it's the same kind of split as our overall split, roughly 70%, 30%. So we actually have a lot of equipment that burns natural gas working out in the Permian these days just because of the ability to get low-cost natural gas and truck it through our own systems. We have two compression stations for CNG. We have well over 100 trucks that can deliver CNG and blend it with field gas.

所以是的，我們今天所擁有的 80% 的能源都可以燃燒天然氣。我想說，這可能與我們的整體分割比例相同，大約是 70%、30%。因此，我們實際上現在在二疊紀盆地有很多燃燒天然氣的設備，因為我們能夠獲得低成本的天然氣，並透過我們自己的系統將其運輸出去。我們有兩個 CNG 壓縮站。我們擁有超過 100 輛卡車，可以運送 CNG 並將其與現場氣體混合。

So there's a huge opportunity for our customers out in West Texas and New Mexico to use natural gas. And so it's not just weighted to the gas basins, but we're using a lot out in the Permian, too.

因此，對於我們位於西德克薩斯州和新墨西哥州的客戶來說，使用天然氣有著巨大的機會。因此，我們不僅在天然氣盆地中佔有重要地位，而且在二疊紀盆地中也有很多天然氣的使用。

Yes. Look, I know drilling products is a little bit smaller, but that segment continues to grow with pretty strong returns. Are there any M&A opportunities there as we kind of head into a softer period here that you guys are thinking about? Or do you think there'll be opportunities there?

是的。我知道鑽井產品的規模稍微小一些，但該細分市場仍在持續成長，回報率相當高。當我們進入較為疲軟的時期時，你們考慮過那裡有併購機會嗎？或者您認為那裡會有機會嗎？

Yes, Sean. Look, I think that the drilling products platform is great, and they do a fantastic job and really, they market their products as well as anyone. And so I do think there are opportunities to push more through that if we can find something that fits right. We don't necessarily have anything in mind.

是的，肖恩。看，我認為鑽井產品平台很棒，他們做得非常出色，而且他們的產品行銷確實和其他人一樣好。因此，我確實認為，如果我們能找到合適的方法，我們就有機會取得更大的進步。我們不一定心裡有數。

But certainly, we see a lot of things and we think about a lot of things all the time. And if we are in a period where those things become one available and two priced right. Certainly, we would look at it and decide whether or not it makes sense for us to pull something in.

但可以肯定的是，我們一直在看到很多事情，思考很多事情。如果我們處在這樣一個時期，這些東西一有售，二有價位。當然，我們會對其進行研究並決定是否有必要採取某些措施。

The acquisition of Altera was part of a bigger plan to add a segment that was relatively low CapEx compared to everything else we do, and we're certainly pleased with that performance.

收購 Altera 是我們更大計劃的一部分，該計劃旨在增加一個與我們所做的其他業務相比資本支出相對較低的部門，我們對這一表現感到非常滿意。

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

現在我將把電話轉回給安迪·亨德里克斯，請他作最後發言。

Thanks, Ben. Listen, I just want to thank everybody that dialed into the call today, especially our employees. You guys are doing a great job out there. So thanks for everything, everybody does. Appreciate it.

謝謝，本。聽著，我只想感謝今天撥入電話的每個人，特別是我們的員工。你們做得非常好。所以感謝你們所做的一切，每個人都是如此。非常感謝。

Ladies and gentlemen, that concludes today's call. 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。