Patterson-UTI Energy Inc (PTEN) 2025 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Lacey, and I will be your conference operator today. At this time, I would like to welcome everyone to the Patterson-UTI second quarter 2025 earnings conference call. (Operator Instructions)

您好，感謝您的支持。我叫萊西 (Lacey)，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Patterson-UTI 2025 年第二季財報電話會議。（操作員指示）

I would now like to turn the call over to Michael Sabella. You may begin.

現在我想把電話轉給麥可·薩貝拉。你可以開始了。

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

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 年第二季的業績。今天與我一起的還有總裁兼執行長安迪·亨德里克斯 (Andy Hendricks) 和財務長安迪·史密斯 (Andy Smith)。提醒一下，本次電話會議中涉及公司或管理層對未來的計劃、意圖、目標、信念、期望或預測的陳述均被視為前瞻性陳述。

These forward-looking statements are subject to risks and uncertainties as disclosed in the company's SEC filings, which could cause the results -- the company's actual results to differ materially. The company takes 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.

這些前瞻性陳述受到公司美國證券交易委員會 (SEC) 文件中披露的風險和不確定性的影響，這可能會導致結果——公司的實際結果產生重大差異。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 second quarter earnings conference call. The second quarter saw several macro events take place that raised the volatility in the oil markets. At the start of the quarter, there were fears that evolving trade policies could start to negatively impact global oil demand. While at the same time, OPEC+ was signaling to the market that it would be raising oil production and looking to retake market share.

謝謝你，麥克，歡迎參加我們的第二季財報電話會議。第二季度發生的幾起宏觀事件加劇了石油市場的波動。本季初，人們擔心不斷變化的貿易政策可能會開始對全球石油需求產生負面影響。同時，OPEC+向市場發出訊號，表示將提高石油產量，並尋求重新奪回市場份額。

Elevated geopolitical risk emerged later in the quarter, which resulted in a wide range of oil prices between the mid-$50s and the mid-$70s per barrel that made it very difficult for our customers to forecast and make decisions. As we start the third quarter, the macro for oil remains unsettled. In a typical market, today's oil prices in the mid-$60 per barrel range would support higher drilling and completion activity than we are currently seeing. But customers have remained cautious as they look to better understand these macro events.

本季後期，地緣政治風險加劇，導致油價在每桶 50 美元左右至 70 美元左右之間波動，這讓我們的客戶很難預測和做出決策。進入第三季度，石油宏觀情勢依然不穩定。在典型的市場中，當今每桶 60 美元左右的油價將支持比我們目前看到的更高的鑽井和完井活動。但客戶仍保持謹慎，因為他們希望更了解這些宏觀事件。

Through all the noise in the markets over the past quarter, the fact that oil prices have stabilized in the mid-$60 per barrel range is encouraging. With regards to US oil production, we believe that until oil-directed activity recovers, we will likely see a larger negative impact on US oil production than we have seen so far, which is encouraging for a long-term outlook relative to current activity. On the natural gas side, we are starting to see early indications from customers that additional activity will start to be added as LNG facilities come online and begin to call for more US natural gas.

儘管過去一個季度市場波動很大，但油價已穩定在每桶 60 美元左右的區間，這一事實令人鼓舞。關於美國石油產量，我們認為，在石油導向活動恢復之前，我們可能會看到對美國石油產量的負面影響比迄今為止更大的，這對於相對於當前活動的長期前景來說是令人鼓舞的。在天然氣方面，我們開始看到來自客戶的早期跡象，隨著液化天然氣設施投入使用並開始需要更多的美國天然氣，額外的活動將開始增加。

While natural gas prices have at times this year supported higher levels of activity, the demand for new LNG facilities was further out and customers were hesitant to add additional natural gas volumes to the market while takeaway was still being built. We believe we are now approaching that physical call for higher US LNG volumes, and we expect we will see incremental demand for more drilling and completions activity in natural gas basins as we enter 2026.

雖然今年天然氣價格有時支持更高水準的活動，但對新液化天然氣設施的需求進一步增加，而且在外賣設施仍在建設中時，客戶不願向市場增加天然氣量。我們相信，我們現在已經接近對美國液化天然氣需求的實際需求，我們預計，到 2026 年，我們將看到對天然氣盆地鑽井和完井活動的需求增加。

As the market finds its footing, we expect that we will have opportunities to create value for our shareholders with our differentiated and leading-edge commercial strategy. Our operational footprint, growing technology portfolio and financial position should allow us to improve our position across our core markets. Volatility will create opportunities for companies like Patterson-UTI, and we are prepared to take advantage of these opportunities by prioritizing capital allocation decisions that create long-term value for PTEN shareholders.

隨著市場站穩腳跟，我們預計我們將有機會透過差異化和領先的商業策略為股東創造價值。我們的營運足跡、不斷增長的技術組合和財務狀況應該使我們能夠提高在核心市場中的地位。波動性將為 Patterson-UTI 等公司創造機會，我們準備好透過優先考慮為 PTEN 股東創造長期價值的資本配置決策來利用這些機會。

From a capital equipment perspective, we are operating high-quality fleets of drilling rigs and completions equipment. But it is the investments we have been making to support that equipment that create our long-term competitive edge. We are growing our digital portfolio, and it allows customers to take our top quality assets and layer in automation and machine learning to deliver a more efficient and cost-effective solution.

從資本設備角度來看，我們經營高品質的鑽井機和完井設備隊伍。但正是我們為支持這些設備而進行的投資創造了我們的長期競爭優勢。我們正在擴大我們的數位產品組合，它允許客戶利用我們最優質的資產，並結合自動化和機器學習來提供更有效率、更具成本效益的解決方案。

Our PTEN Digital Performance Center, which just opened this spring, is an integrated digital platform that our customers are using to help optimize their entire drilling and completion process, and the benefits of these investments are only just starting to emerge. As the shale market begins to look beyond the current volatility and prepare for the future, we see an oilfield services market that is poised for change.

我們今年春天剛開放的 PTEN 數位效能中心是一個整合的數位平台，我們的客戶正在使用它來幫助優化他們的整個鑽井和完井流程，這些投資的收益才剛開始顯現。隨著頁岩市場開始超越當前的波動並為未來做好準備，我們看到油田服務市場即將改變。

The companies that help drive this change stand to benefit, and we have positioned Patterson-UTI to lead the industry into the next phase of development. It has now been almost two years since we closed the merger of Patterson-UTI and NexTier and the acquisition of Ulterra. The operational integrations were completed in 2024, but the ultimate strategic vision for the company went far beyond simply being satisfied with the cost synergies that came from those transactions.

推動這項變革的公司將從中受益，我們已將 Patterson-UTI 定位為引領產業進入下一發展階段。距離我們完成 Patterson-UTI 與 NexTier 的合併以及對 Ulterra 的收購已經過去了將近兩年。營運整合於 2024 年完成，但公司的最終策略願景遠遠超出了僅僅滿足於這些交易所帶來的成本協同效應。

We are at the early stages of realizing the benefits of this strategic vision. Over the next several years, we see upside relative to the market as we move further down the path of more integration, automation, closer connectivity between the service provider and the customer and a smarter and savvier shale industry that relies more on data to create value.

我們正處於實現這一戰略願景的益處的早期階段。在接下來的幾年裡，隨著我們進一步走向更加一體化、自動化、服務提供者和客戶之間更加緊密的聯繫，以及更智慧、更精明的頁岩產業，我們將看到相對於市場的上漲空間，該產業更加依賴數據來創造價值。

We have built a company that can deliver value to the customers beyond just the capital equipment, which should allow us to continue to deliver strong free cash flow for our investors. Our strong balance sheet will allow us to be opportunistic as we navigate the market and should help us improve our returns. We closed the quarter with $186 million in cash and an undrawn $500 million revolver, low leverage and an investment-grade credit rating.

我們建立了一家能夠為客戶帶來不僅僅是資本設備價值的公司，這使我們能夠繼續為投資者帶來強勁的自由現金流。我們強勁的資產負債表將使我們能夠在市場中把握機會，並有助於我們提高回報。本季末，我們擁有 1.86 億美元現金和 5 億美元未提取的循環信貸額度，槓桿率較低，且具有投資級信用評級。

We are poised to see free cash flow in the second half of the year well beyond what it will take to fund our dividend, and we are exploring ways to best put that cash to work. Our US Contract Drilling business largely tracked industry activity during the quarter, and we continue to see margins hold at levels significantly higher than we have seen in previous periods of moderating activity. Our margins have remained resilient, which we believe shows the technology edge we have built as our customers sees improved efficiency with the Patterson-UTI rig and digital drilling platform.

我們預計下半年的自由現金流將遠遠超過支付股息所需的資金，我們正在探索如何最好地利用這些現金。我們的美國合約鑽井業務在本季度基本上追蹤了行業活動，我們繼續看到利潤率保持在比前幾期放緩活動期間更高的水平。我們的利潤率保持了彈性，我們相信這表明了我們所建立的技術優勢，因為我們的客戶看到了 Patterson-UTI 鑽機和數位鑽井平台效率的提高。

Even as industry activity moderated, we increased revenue from our drilling automation technologies. Customer demand remains strong for our proprietary products that enhance the drilling process, including our Cortex automation platform, which enables our advanced machine learning auto driller application and our REX cloud-based early alert field monitoring system, which we are using these technologies to support a broader customer base as we advance the use of artificial intelligence to improve the efficiency of our drilling operations.

即使產業活動放緩，我們的鑽井自動化技術收入仍然增加。客戶對我們增強鑽井過程的專有產品的需求仍然強勁，包括我們的 Cortex 自動化平台，它支援我們先進的機器學習自動鑽井應用程式和基於雲端的 REX 早期預警現場監控系統，我們正在使用這些技術來支援更廣泛的客戶群，同時我們推進人工智慧的使用，以提高鑽井作業的效率。

Increased acceptance of these technologies is creating a more sustainable customer relationship as we prove out the growing performance advantage of our high-performing rigs compared to other similar capital assets in the market that lack equivalent digital products. Moving on to Completions. Our Completion Services segment saw slightly reduced activity during the quarter, which was largely the function of some customer gaps in the calendar on several of our larger dedicated fleets.

隨著我們證明我們的高性能鑽機與市場上缺乏同等數位產品的其他類似資本資產相比具有日益增長的性能優勢，這些技術的接受度不斷提高，從而創造了更可持續的客戶關係。繼續完成。我們的完井服務部門在本季的活動略有減少，這主要是由於我們的幾個較大的專用船隊在日曆上存在一些客戶空白。

We filled most of these gaps with spot work for new customers, which helped to offset some of the changes in customer activity. Our Emerald fleet of 100% natural gas-powered equipment has grown to more than 225,000 horsepower. Our Emerald fleets and our Tier 4 dual fuel fleets remain fully utilized. Our Completions business achieved a key technology milestone on our automated hydraulic fracturing, which we call Vertex.

我們透過為新客戶進行現場工作填補了大部分空白，這有助於抵消客戶活動的一些變化。我們的 Emerald 車隊由 100% 天然氣驅動的設備組成，功率已增至 225,000 多匹馬力。我們的 Emerald 車隊和 Tier 4 雙燃料車隊仍處於充分利用狀態。我們的完井業務在自動化水力壓裂技術方面取得了關鍵的技術里程碑，我們稱之為 Vertex。

There is growing acceptance for automated frac pump controls, and we are already working in the Bakken and in Appalachia and are on track to complete fleet-wide deployment of this technology by the end of 2025. Through Vertex, we see the potential for our equipment to get to rate faster and run at the optimal rate for each pump, which should reduce costs, lower our maintenance capital and also improve the overall use of natural gas as a fuel.

人們對自動化壓裂泵控制的接受度越來越高，我們已經在巴肯和阿巴拉契亞地區開展工作，並預計在 2025 年底前完成該技術在整個機組的部署。透過 Vertex，我們看到了我們的設備能夠更快地達到額定值並以每個泵浦的最佳速率運行的潛力，這應該可以降低成本、降低維護成本並提高天然氣作為燃料的整體使用率。

Our PTEN Digital Performance Center is the backbone for the entire company as we make significant strides to uniquely help our customers better their plans, execute and optimize drilling and completions designs based on real-time information. Our Drilling Products segment had another very strong quarter with sequentially higher adjusted gross profit.

我們的 PTEN 數位性能中心是整個公司的支柱，我們取得了重大進展，以獨特的方式幫助我們的客戶改進他們的計劃，並根據即時資訊執行和優化鑽井和完井設計。我們的鑽井產品部門又度過了一個非常強勁的季度，調整後的毛利連續上升。

The US market saw revenue improve compared to the prior quarter even as the industry activity declined, delivering another quarter of record US revenue per US industry rig. The business made big strides as it grows its presence across the US. International revenue was steady, although we did see higher revenue in several key markets, including the Middle East. The Canadian market, which represents just under 10% of segment revenue, had a great quarter despite the impact of normal seasonal spring breakup.

儘管行業活動有所下降，但美國市場的收入與上一季相比仍有所提高，美國行業鑽機單價收入再創歷史新高。隨著其在美國的業務不斷擴大，該公司取得了長足的進步。國際收入保持穩定，儘管我們確實看到包括中東在內的幾個主要市場的收入增加。加拿大市場佔該部門總收入的 10% 以下，儘管受到春季休假的影響，但本季表現仍然出色。

One of our latest technology advancements, our Maverick drill bit continues to have significant traction in the market as we have had success in our Drilling Products business through constant innovation and through downhole tool technology. For Patterson-UTI, our businesses have come together to create what we believe is one of the most formidable companies in our industry. Our foundation remains our top quality, capital equipment and our breadth of offerings at the well site.

作為我們最新的技術進步之一，Maverick 鑽頭繼續在市場上具有顯著的吸引力，因為我們透過不斷創新和井下工具技術在鑽井產品業務中取得了成功。對於 Patterson-UTI 而言，我們的業務已整合在一起，創建了我們認為的業內最強大的公司之一。我們的基礎仍然是我們的頂級品質、資本設備和我們在井場提供的廣泛產品。

But the long-term strategic vision has been to build a company with an unmatched operational digital edge and the investments we have made are only just starting to bear fruit. It has been a multiyear journey for our company to execute the vision that we set out for at the time of the merger, and we believe the commercialization of these initiatives is perfectly timed as our customer base becomes larger and more sophisticated. We expect this should lead to continued strong free cash flow and better returns profile for our investors.

但長期策略願景是建立一家擁有無與倫比的數位營運優勢的公司，我們所做的投資才剛開始取得成果。我們公司經過多年的努力才實現合併時所製定的願景，我們相信，隨著我們的客戶群變得越來越大、越來越成熟，這些舉措的商業化時機恰到好處。我們預計這將為我們的投資者帶來持續強勁的自由現金流和更好的回報。

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

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

Thanks, Andy. Total reported revenue for the quarter was $1.219 billion. We reported a net loss attributable to common shareholders of $49 million or $0.13 per share, which included a $28 million impairment related to our drilling operations in Colombia. Adjusted EBITDA for the quarter totaled $231 million. Our weighted average share count was 385 million shares during Q2, and we exited the quarter with 385 million shares outstanding.

謝謝，安迪。本季度報告總收入為 12.19 億美元。我們報告的普通股股東淨虧損為 4,900 萬美元，即每股 0.13 美元，其中包括與我們在哥倫比亞的鑽井作業相關的 2,800 萬美元的減損。本季調整後的 EBITDA 總計 2.31 億美元。我們第二季的加權平均股數為 3.85 億股，本季結束時流通股數為 3.85 億股。

During the first half of the year, we generated $70 million of adjusted free cash flow. We saw a working capital headwind of roughly $119 million through the end of the second quarter, which is typical of our business in the first half. We expect working capital will be a tailwind in the second half of the year. During the second quarter, we returned $46 million to shareholders, including an $0.08 per share dividend and $16 million for share repurchases.

今年上半年，我們產生了 7,000 萬美元的調整後自由現金流。截至第二季末，我們的營運資金逆風約為 1.19 億美元，這是我們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。第二季度，我們向股東返還了 4,600 萬美元，其中包括每股 0.08 美元的股息和 1,600 萬美元的股票回購。

Since we closed the NexTier merger and Ulterra acquisition through June 30, 2025, we have repurchased more than 37 million PTEN shares in the open market, which exceeds the shares we issued for the Ulterra acquisition. Including the impact of dilution, we have reduced our share count by 8% since that time. This is in addition to reducing net debt, including leases, by nearly $200 million and paying a dividend that is currently an annualized 5% of our share price.

自從我們完成 NexTier 合併和 Ulterra 收購以來，截至 2025 年 6 月 30 日，我們已在公開市場上回購了超過 3700 萬股 PTEN 股票，超過了我們為收購 Ulterra 而發行的股票數量。包括稀釋的影響，自那時起，我們的股票數量已減少了 8%。除此之外，我們還將包括租賃在內的淨債務減少了近 2 億美元，並支付了目前相當於我們股價 5% 的年化股息。

In our Drilling Services segment, first quarter revenue was $404 million and adjusted gross profit totaled $149 million. In US Contract Drilling, we totaled 9,465 operating days for an average operating rig count of 104 rigs with our sequential change in activity roughly in line with the industry trend. On June 30, we had term contracts for drilling rigs in the US, providing for approximately $312 million of future day rate drilling revenue.

在我們的鑽井服務部門，第一季營收為 4.04 億美元，調整後毛利總計 1.49 億美元。在美國合約鑽井領域，我們的總作業天數為 9,465 天，平均作業鑽機數量為 104 台，我們的連續活動變化與產業趨勢大致一致。6 月 30 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 3.12 億美元。

Based on contracts currently in place, we expect an average of 48 rigs operating under term contracts during the third quarter of 2025 and an average of 27 rigs operating under term contracts over the four quarters ending June 30, 2026. For the third quarter, in Drilling Services, we expect an average rig count in the mid-90s. We expect adjusted gross profit of approximately $130 million. Revenue for the second quarter in our Completion Services segment totaled $719 million with an adjusted gross profit of $100 million.

根據目前簽訂的合同，我們預計 2025 年第三季平均有 48 座鑽井平台根據定期合約運營，2026 年 6 月 30 日結束的四個季度平均有 27 座鑽井平台根據定期合約運營。對於第三季的鑽井服務，我們預計平均鑽井數量將在 90 年代中期。我們預計調整後的毛利約為 1.3 億美元。我們的完井服務部門第二季的營收總計 7.19 億美元，調整後的毛利為 1 億美元。

We saw calendar gaps on multiple long-term dedicated fleets during the quarter, although we filled most of those gaps on spot pads for new customers. We also saw higher revenue from several of our key customers and saw improvements in natural gas basins relative to the first quarter. For the third quarter, we expect Completion Services adjusted gross profit to be relatively steady sequentially.

本季度，我們發現多個長期專用車隊存在日曆空白，儘管我們為新客戶填補了大部分現貨空白。我們還看到來自幾個主要客戶的收入增加，並且天然氣盆地相對於第一季有所改善。對於第三季度，我們預計完井服務調整後的毛利將比上季保持相對穩定。

Second quarter Drilling Products revenue totaled $88 million with an adjusted gross profit of $39 million. Drilling Products revenue improved in the US even as industry activity moderated, and we also made gains in several of our key international markets, including the Middle East. Our Canadian business saw typical seasonality from spring breakup, although sequential results were much better than the industry activity as we made gains in several key markets in the country.

第二季鑽井產品營收總計 8,800 萬美元，調整後毛利為 3,900 萬美元。儘管行業活動有所放緩，但美國的鑽井產品收入仍有所提高，而且我們在包括中東在內的幾個主要國際市場也取得了成長。我們的加拿大業務自春季休市以來經歷了典型的季節性，但由於我們在該國幾個主要市場取得了進展，連續業績遠優於行業活動。

For the third quarter, we expect Drilling Products adjusted gross profit to improve slightly sequentially, with our results in the US seeing some impact from the lower rig count. Our expected activity in Canada should benefit as that region comes out of normal spring breakup, while international revenue is expected to improve slightly.

對於第三季度，我們預計鑽井產品調整後的毛利將較上季略有改善，因為美國的業績將受到鑽井數量減少的一些影響。隨著加拿大地區結束正常的春假，我們預計該地區的業務將受益，而國際收入預計將略有改善。

Other revenue totaled $8 million for the quarter with $2 million in adjusted gross profit. We expect other adjusted gross profit in the third quarter to be steady compared to the second quarter. Reported selling, general and administrative expenses in the second quarter were $64 million. For Q3, we expect SG&A expenses will decline slightly sequentially. On a consolidated basis for the second quarter, total depreciation, depletion, amortization and impairment expense totaled $262 million, which included the previously mentioned $28 million impairment related to our Colombian drilling business.

本季其他收入總計 800 萬美元，調整後毛利為 200 萬美元。我們預計第三季其他調整後的毛利將與第二季持平。報告第二季的銷售、一般及行政開支為 6,400 萬美元。對於第三季度，我們預計銷售、一般及行政費用將較上季略有下降。根據第二季的合併數據，折舊、耗竭、攤銷和減損費用總額為 2.62 億美元，其中包括前面提到的與我們的哥倫比亞鑽井業務相關的 2,800 萬美元減損。

For the third quarter, we expect total depreciation, depletion, amortization and impairment expense of approximately $230 million. During Q2, total CapEx was $144 million, including $55 million in Drilling Services, $69 million in Completion Services, $15 million in Drilling Products and $5 million in other and corporate.

對於第三季度，我們預計折舊、耗竭、攤提和減損費用總額約為 2.3 億美元。第二季度，總資本支出為 1.44 億美元，其中包括鑽井服務 5,500 萬美元、完井服務 6,900 萬美元、鑽井產品 1,500 萬美元以及其他和公司 500 萬美元。

With regards to our capital budget for the remainder of the year, we expect capital expenditures net of proceeds from the sale of assets of less than $600 million in 2025. We are reducing our full year 2025 maintenance capital expenditures given slightly lower activity. However, we are still seeing strong demand for new technology in both our Drilling and Completions businesses related to digital and automation services and for advancements in technology to more cost effectively drill and complete longer laterals at higher temperatures and pressures.

關於今年剩餘時間的資本預算，我們預計 2025 年資本支出扣除資產出售收益後將低於 6 億美元。鑑於活動量略有下降，我們將減少 2025 年全年維護資本支出。然而，我們仍然看到鑽井和完井業務對與數位和自動化服務相關的新技術以及在更高溫度和壓力下更經濟有效地鑽探和完成更長水平井的技術進步有著強勁的需求。

These investments should improve our competitiveness over the next several years, and we expect these investments to earn a strong long-term return on capital. We believe that our level of integration will uniquely position us to capitalize on these investments. As we approach our 2026 capital budget process, we have significant flexibility within our future capital spend, and we'll reassess market dynamics later this year. We closed Q2 with $186 million in cash on hand. We do not have any senior note maturities until 2028, and we do not have anything drawn on our $500 million revolving credit facility.

這些投資應該會在未來幾年提高我們的競爭力，我們預計這些投資將獲得強勁的長期資本回報。我們相信，我們的整合程度將使我們處於獨特的地位，能夠充分利用這些投資。隨著我們接近 2026 年資本預算流程，我們在未來的資本支出方面擁有很大的靈活性，我們將在今年稍後重新評估市場動態。我們在第二季結束時持有 1.86 億美元現金。直到 2028 年，我們才有任何優先票據到期，而且我們的 5 億美元循環信貸額度也未動用任何資金。

Through the first half of 2025, we have already returned almost $100 million to shareholders through dividends and share repurchases. Free cash flow is likely to accelerate in the second half as working capital needs decrease. We expect free cash flow in the second half should significantly exceed our dividend, and we are continuing to explore the best use of cash to create the most long-term value for our shareholders. Our Board has approved an $0.08 per share dividend for the third quarter of 2025, payable on September 15 to holders of record as of September 2.

到 2025 年上半年，我們已經透過股利和股票回購向股東返還了近 1 億美元。隨著營運資金需求的減少，下半年自由現金流可能會加速成長。我們預計下半年的自由現金流將大大超過我們的股息，我們將繼續探索最佳的現金利用方式，為股東創造最大的長期價值。我們的董事會已批准 2025 年第三季每股 0.08 美元的股息，將於 9 月 15 日支付給截至 9 月 2 日登記在冊的股東。

I'll now turn it back over to Andy Hendricks for closing remarks.

現在我將把發言權交還給安迪·亨德里克斯，請他作最後發言。

Thanks, Andy. Our second quarter results reflected a moderation in activity across our core markets, and we are pleased with the way our business has responded to the changing macro. They are sometimes difficulty in delivering on the high expectations that we set across the entire company for our teams, but we're fully confident in our team's ability to rise to the challenge.

謝謝，安迪。我們第二季的業績反映了我們核心市場活動的放緩，我們對我們的業務對不斷變化的宏觀環境的反應方式感到滿意。他們有時很難實現我們整個公司對我們的團隊所設定的高期望，但我們完全相信我們的團隊有能力應對挑戰。

Operationally, we are seeing more opportunities to use our technology and unique operating footprint to enhance efficiency for our customers and deliver free cash flow to our investors. The volatility in the market will create long-term opportunities for the top-tier service providers like Patterson-UTI and the investments we have made over the past several years into our PTEN Digital Performance Center, combined with our top quality capital equipment will differentiate us relative to our peers.

在營運方面，我們看到了更多機會利用我們的技術和獨特的營運足跡來提高客戶效率並為我們的投資者提供自由現金流。市場的波動將為 Patterson-UTI 等頂級服務提供者創造長期機會，而我們過去幾年對 PTEN 數位效能中心的投資，加上我們最優質的資本設備，將使我們在同行中脫穎而出。

As the market settles and macro uncertainties subside, our suite of digital and automation products have positioned our company as a long-term leader. We are excited about the company we have built and believe we are just beginning to see the strategy play out. From a financial perspective, our balance sheet remains solid. We closed the quarter with a substantial cash balance and see the opportunity for significant free cash flow in the back half of the year. This is allowing us to reinvest in multiple leading-edge technologies that will extend our operational edge and create value for our shareholders long term.

隨著市場穩定和宏觀不確定性消退，我們的數位和自動化產品套件已使我們公司成為長期領導者。我們對自己所創建的公司感到興奮，並相信我們才剛開始看到這項策略的實施。從財務角度來看，我們的資產負債表依然穩健。我們在本季結束時擁有大量現金餘額，並看到了下半年實現大量自由現金流的機會。這使我們能夠重新投資於多項前沿技術，從而擴大我們的營運優勢並為我們的股東創造長期價值。

And finally, on the macro, current oil production has yet to see the impact of the latest round of activity moderation. While customers remain cautious, we also do not believe the current level of activity can be sustained without a larger negative impact to production volumes than we've seen so far. This gives us some encouragement on our long-term outlook relative to what we are seeing today.

最後，從宏觀角度來看，目前的石油產量尚未受到最新一輪活動放緩的影響。儘管客戶仍保持謹慎，但我們也不認為目前的活動水準能夠持續下去，否則會對產量產生比我們迄今為止所看到的更大的負面影響。相對於我們今天所看到的情況，這給了我們一些對長期前景的鼓勵。

On the natural gas side, we believe global LNG markets are nearing a higher call on US natural gas physical volumes, and we believe customers are already starting to make plans and partner with service companies that can most effectively help them satisfy that call.

在天然氣方面，我們認為全球液化天然氣市場對美國天然氣實體量的需求即將上升，我們相信客戶已經開始製定計劃並與能夠最有效地幫助他們滿足這一需求的服務公司合作。

Patterson-UTI has made investments over the past couple of years to prepare the business for what we saw as the next phase in shale development, where more digital services and automation will be used to drive further efficiency. We believe we are just at the beginning stage of realizing the benefit of those investments. We remain excited about the future of our industry and our company.

過去幾年，Patterson-UTI 進行了投資，為頁岩開發的下一階段做好準備，在這一階段，將使用更多的數位服務和自動化來進一步提高效率。我們相信，我們才剛開始實現這些投資的效益。我們對我們的行業和公司的未來仍然充滿興奮。

With that, I'd like to turn it over to Lacey to open the calls for Q&A.

接下來，我想將時間交給 Lacey 來開始問答環節。

(Operator Instructions) Scott Gruber, Citigroup.

（操作員指示）花旗集團的斯科特·格魯伯。

I want to start on the Completion side. The flat 3Q outlook is definitely solid in light of the macro here. What's your early look into 4Q telling you? Halliburton suggested a pretty steep year-end decline. You guys sound pretty booked up at least for 3Q. But how does that look for 4Q? Are you thinking it could be a pretty steep year-end decline or with weaker activity in 2Q, 3Q for the industry is kind of a more normal seasonal pattern in 4Q, the more likely result?

我想從完成方面開始。從宏觀角度來看，第三季的平穩前景無疑是穩固的。您對第四季的初步了解告訴了您什麼？哈里伯頓預計年底銷量將大幅下滑。聽起來你們至少在第三季的預訂已經很滿了。但第四季的情況如何？您是否認為年底的跌幅可能相當大，或者第二季和第三季的行業活動較弱，而第四季的季節性模式更為正常，這是更可能的結果？

Yes. First off, when it comes to Completion activity, I want to congratulate the team on what they were able to do in the second quarter. As we had said earlier in the quarter that we were going to have some white space in the calendar towards the end, and they did a great job filling that. And then also on what they're doing in the third quarter and really just keeping the calendar full. And so we're going to be relatively steady in the third quarter.

是的。首先，談到完成活動，我要祝賀團隊在第二季所取得的成就。正如我們在本季度早些時候所說的那樣，我們將在日曆的末尾留出一些空白，他們很好地填補了這些空白。然後還要考慮他們在第三季要做什麼，以及日程安排是否排得滿滿的。因此第三季我們的業績將相對穩定。

And so that bodes well for us for the year. I think it's too early to call what the fourth quarter looks like. But I would say based on some of the things that we're hearing from the customers for some of the long-term plans and even as we discuss LNG physical volume takeaways in '26, I think there could be moderation in Q4, but I'm not sure yet it's a steep decline for us. So I think it's a little early to call Q4. We do think it softens a little bit, but we're not sure to what degree yet in terms of completions.

這對我們今年來說是個好兆頭。我認為現在判斷第四季的情況還為時過早。但我想說，根據我們從客戶那裡聽到的一些關於長期計劃的消息，甚至當我們討論 26 年液化天然氣實物量外賣時，我認為第四季度可能會出現放緩，但我還不確定這對我們來說是否是一個急劇的下降。所以我認為現在預測第四季還為時過早。我們確實認為它會軟化一點，但我們還不確定完成度會軟化到什麼程度。

And because we operate a large fleet of drilling rigs, we have some visibility on the overall market. And I think that really kind of plays a key in how we look at things. And while our rig count is going to come down in the mid-90s in the third quarter, looking out farther in the year, I think it could stabilize after that as well, which will be encouraging for completions.

而且由於我們經營著龐大的鑽井平台隊伍，因此我們對整個市場有一定的了解。我認為這確實對我們看待事物的方式起著關鍵作用。雖然我們的鑽機數量在第三季將下降到 90 年代中期，但展望今年，我認為此後它也可能會穩定下來，這對完井來說是一個鼓舞。

Got it. And that -- I was going to ask about the rig count, too. So stabilization, it sounds like it's possible into 4Q. Is that some gas activity coming back or some oil activity coming back if oil stays here in the mid-60s? Kind of what's the complexion of the drilling work that could hold steady in 4Q?

知道了。而且——我也想問一下鑽孔機數量。因此，穩定下來，聽起來進入第四季是可能的。如果油價保持在 60 年代中期，那麼是否一些天然氣活動會恢復，或者一些石油活動會恢復？第四季鑽井工作情況如何，能否保持穩定？

Yes. And I'll caveat everything on today's commodity prices as well. But when we look at what we've got going forward, there's different movement in different basins across the US So you've got some rigs going up in some basins, some rigs going down in some basins. So we've got movement to deal with that aren't concurrent in the same basin.

是的。我也會對今天的商品價格提出警告。但當我們展望未來的發展時，我們會發現美國不同盆地的動向有所不同，有些鑽井平台在某些盆地上升，有些鑽井平台在某些盆地下降。因此，我們需要處理不是在同一盆地內同時發生的運動。

And so that's what we've got to work with. But it does have the potential to be steady in the fourth quarter, and it was steady in the fourth quarter last year as well. So we -- again, we'll have to see how that plays out. But I would say, overall, I'm encouraged for what we see for this year versus what we were trying to deal with back in May.

這就是我們要努力的方向。但它確實有可能在第四季保持穩定，去年第四季也保持了穩定。所以我們——再次，我們必須看看結果如何。但我想說，總的來說，與 5 月我們試圖應對的情況相比，我對今年看到的情況感到鼓舞。

Derek Podhaizer, Piper Sandler.

德里克波德海澤、派珀桑德勒。

Just wanted to follow up on Scott's question about third quarter specifically with the completion activity. You've obviously talked about steady here, which has a bit of converse from some of your peers. Maybe just if you could unpack that a little for us, Andy, the different puts and takes. Is that a gas versus oil comment? Is it spot versus dedicated? Just maybe a little bit more on the third quarter outlook for completions.

只是想跟進斯科特關於第三季度特別是完成活動的問題。您在這裡顯然談到了穩定，這與您的一些同行的觀點有些相反。安迪，也許你能夠為我們稍微解釋一下其中的差異。這是關於天然氣和石油的評論嗎？它是現場的還是專用的？關於第三季完工前景，也許還有更多內容。

For us right now, it's just kind of steady in the basins. We'll have a little bit of movement between some fleets moving to different places. But overall, just kind of steady. No real commentary on one basin for another on completions right now. We're working for some really solid customers, both in gas basins and oil basins. We're applying a lot of digital technology. The new Emerald fleets are out there burning 100% natural gas and we've grown that this year. And so we're in a good position there from a technology standpoint, and I think that's keeping us busy.

對我們來說，目前盆地的情況比較穩定。我們將在一些前往不同地方的艦隊之間進行一些調動。但整體來說，還是比較穩定。目前，還沒有關於一個盆地與另一個盆地之間完井情況的真正評論。我們正在為一些真正可靠的客戶服務，包括天然氣盆地和石油盆地。我們正在應用大量數位技術。新的 Emerald 船隊 100% 使用天然氣，今年我們的天然氣使用量已經擴大。因此，從技術角度來看，我們處於有利地位，我認為這讓我們很忙碌。

Got it. That's helpful. Maybe on a lot of digital commentary and technology commentary in the release, which was great to see. You talked about being strategic with your cash balance and how you can deliver long-term returns for your shareholder. Maybe can you talk to us about what we could potentially see with how you scale that, whether it's technology, bolt-on tuck-ins, you could bring these types of assets on to the Patterson platform and scale. Maybe just give us an idea of what you're thinking about growing your technology in digital and potentially some M&A related to that.

知道了。這很有幫助。也許在發布中有很多數位評論和技術評論，這很高興看到。您談到如何策略性地利用現金餘額以及如何為股東帶來長期回報。也許您能和我們談談，我們如何擴大這一規模，無論是技術還是附加功能，您都可以將這些類型的資產帶到帕特森平台上並擴大規模。也許只是告訴我們您對發展數位技術的想法以及與此相關的一些併購的可能性。

Yes. And it's technology across the board. In Drilling Services, we continue to roll out new technologies, especially on the digital platforms. When we talk about Cortex automation, there's -- the teams are writing more applications every week, every month to work on the drilling rigs, and we continue to expand our ability to be able to run those automation applications on the drilling rig fleet. And so we've seen the revenues -- direct revenues from those digital applications continue to move up.

是的。這是一項全方位的技術。在鑽井服務方面，我們不斷推出新技術，尤其是數位平台。當我們談論 Cortex 自動化時，團隊每週、每月都會編寫更多的應用程式來在鑽井平台上工作，並且我們將繼續擴展在鑽井平台上運行這些自動化應用程式的能力。因此，我們看到收入——來自這些數位應用的直接收入持續上升。

And all that gets supported by our digital performance center here where our REX alert system has advanced technology to be able to flag performance at different levels of the organization and even for our customers who sign in and use it. And so it's really improving our ability to perform for the customers overall and be more consistent on how we drill wells. On the Completion side, we've been testing and now running automated frac capabilities.

所有這些都得到了我們數位績效中心的支持，我們的 REX 警報系統擁有先進的技術，能夠標記組織不同級別的績效，甚至為登入並使用它的客戶標記績效。因此，它確實提高了我們為客戶提供服務的整體能力，並使我們的鑽井方式更加一致。在完井方面，我們一直在測試並且運行自動壓裂功能。

In Appalachia and the Bakken, and we're going to be expanding that across the US. And the interesting thing for us, it's not limited to any one particular technology. We can run automated frac systems on all of our technologies, and we'll have that out and deployed later in the year. And so we anticipate that, that improves our ability to compete in the markets, which we have to be able to do in a market like today, but also layer in some extra revenue at times with some customers as well for the benefits that they're seeing.

在阿巴拉契亞山脈和巴肯地區，我們將把這項計畫擴展到美國各地。對我們來說有趣的是，它並不局限於任何一種特定的技術。我們可以在所有的技術上運行自動壓裂系統，我們將在今年稍後推出並部署該系統。因此，我們預計，這將提高我們在市場上的競爭力，在當今這樣的市場中我們必須能夠做到這一點，但有時也會為一些客戶帶來一些額外的收入，因為他們看到了好處。

Atidrip Modak, Goldman Sachs.

高盛的 Atidrip Modak。

Andy, you noted increased conversations around gas-directed activity. Can you give us any more color on those conversations and the implied trajectory as we should think about maybe early thoughts into '26, maybe both on oil and gas then?

安迪，你注意到有關氣體導向活動的討論增加。您能否為我們提供更多關於這些對話和隱含軌蹟的詳細信息，因為我們應該考慮 26 年的早期想法，也許當時既考慮石油也考慮天然氣？

Yes. So the gas discussions have been interesting because I think this year, there was a lot of talk early in the year that there'd be some uptick in gas towards the end of the year. And we've seen some small increases in gas activity this year, and it's been material for us. But we're expecting more gas activity next year just based on the discussions that we're having. Now when you look at the overall physical LNG volume demands that we're going to see in 2026, '27, '28, some of that's initially going to come from wells that are already behind pipe, behind the valves, ready to go.

是的。因此，有關天然氣的討論很有趣，因為我認為今年年初有很多討論說，到年底天然氣價格會有所上漲。今年我們發現天然氣活動略有增加，這對我們來說意義重大。但根據我們正在進行的討論，我們預計明年的天然氣活動會更多。現在，當您查看我們將在 2026 年、2027 年、2028 年看到的整體液化天然氣物理量需求時，您會發現其中一些最初將來自已經在管道後面、閥門後面、隨時可用的油井。

But we have customers as well that want to increase their activity, and they're talking to us about drilling rigs. They're talking to us about completion equipment. They're talking to us about technologies and upgrades and additions and both digital equipment as well to be able to handle this. So we're in those discussions for 2026. And so I think we're going to see some further increase in the activity in '26.

但我們也有一些客戶希望增加他們的活動，他們正在與我們討論鑽井平台。他們正在和我們討論完井設備。他們正在與我們討論技術、升級、添加以及數位設備，以便能夠處理這個問題。所以我們正在討論 2026 年的事。因此我認為我們將會看到 26 年活動進一步增加。

The oil markets right now at today's oil prices are just kind of holding steady for us towards the end of the year. But I think that it will be gas that shows some uptick next year, and then we'll see what the oil markets do in terms of the price or if our oil-producing customers get more confident around where oil prices are today and the stability in that oil price. So we'll have to see how that plays out later this year and early next year.

就目前的油價而言，石油市場在年底前將保持穩定。但我認為明年天然氣價格會出現一些上漲，然後我們將觀察石油市場價格走勢，或者我們的石油生產客戶是否對目前的油價水準和油價的穩定性更有信心。因此，我們必須看看今年晚些時候和明年年初的情況如何。

And then on the private exposure, can you give us any color there, thoughts around what you're seeing? Because you're hearing, obviously, on the gas side, maybe frac engagements and rig engagements are probably stronger there, but private oil also matters a lot to you. So thoughts there on the private side?

那麼，關於私人曝光，您能否向我們透露一些細節，以及您對所看到的情況的看法？因為你聽到的顯然是，在天然氣方面，壓裂作業和鑽孔機作業可能更強勁，但私人石油對你來說也很重要。那麼從私人角度來說您有什麼想法嗎？

Sure. We don't necessarily work for some of the smaller privates that are private equity backed that are really focusing on cash flow or proving out some acreage for a flip. We tend to work for the larger companies and especially in oil privates, and that's been relatively steady for us. And so really pleased with what we do for those companies, the level of technology that they operate, the efficiencies they get.

當然。我們不一定為一些由私募股權支持的、真正關注現金流或證明有一定轉手潛力的小型私人企業工作。我們傾向於為大公司工作，尤其是石油私人公司，這對我們來說相對穩定。我們對我們為這些公司所做的工作、他們所採用的技術水平以及他們所獲得的效率感到非常滿意。

One very large private that we work for actually drills wells for large public operators as well because they're that efficient. And so that keeps us steady and pleased with our position in that part of the market. But again, you may hear different stories from what private equity-backed E&Ps are going to do, but that's a small exposure for us.

我們為之工作的一家大型私人公司實際上也為大型公共運營商鑽井，因為他們非常有效率。因此，這讓我們在該市場領域的地位保持穩定並讓我們感到滿意。但是，您可能會聽到與私募股權支持的 E&P 公司將要做的事情不同的故事，但這對我們來說只是一個小故事。

Stephen Gengaro, Stifel.

史蒂芬·根加羅（Stephen Gengaro），Stifel。

So I know it's probably early, Andy, and I was curious if you could kind of give me your thoughts. When you gave some guidance on the rig count for the third quarter, it seems like gas activity should start to get a little bit better, maybe late this year, early next year. Can you talk about where you think the rig count or maybe at least activity for you sort of bottoms on the drilling side?

所以我知道現在可能還為時過早，安迪，我很好奇你是否可以告訴我你的想法。當您對第三季度的鑽機數量給出一些指導時，似乎天然氣活動應該會開始好轉一些，也許是在今年年底或明年年初。您能否談談您認為鑽井平台數量或至少鑽井方面的活動底部在哪裡？

I'm really hesitant to call a bottom. It's always a little bit tough when you're trying to project out and determine what's happening. But our view for the year is that we're going to see some -- a little bit of decline in the rig count into the mid-90s, but it has the potential to stabilize in the fourth quarter. And we saw some stability in the rig count in the fourth quarter last year.

我實在不太願意稱之為底部。當你試圖預測並確定正在發生的事情時，總是會有點困難。但我們對今年的看法是，我們將會看到鑽井數量在 90 年代中期出現小幅下降，但有可能在第四季趨於穩定。我們看到去年第四季鑽井數量穩定。

So it may play out that way for us this year. And I think that's positive for the Completion industry as well and what we do on the Completion side. So I think that's just all based on our belief in discussions with customers at current oil prices. But some stability in the fourth quarter wouldn't be a bad thing at all. And so we would certainly welcome that. So we'll just have to see how it plays out.

所以今年我們的情況可能就是這樣。我認為這對完井產業以及我們在完井所做的工作也是有利的。所以我認為這完全是基於我們與客戶在當前油價下討論的信念。但第四季的某種穩定並不是一件壞事。因此我們當然會歡迎這一點。所以我們只需要看看結果如何。

And then the other question was on the Completion side. And you touched a little bit about this. But when we think about the makeup of the fleet and the percentage of assets that you and the industry have that are low emission gas burning assets, how is that pricing dynamic right now, sort of old versus new assets? Are the newer assets still getting -- it feels like you're still getting hit with the market. But what are you seeing? Are you seeing resiliency there? And how should we sort of think about the pricing dynamics for the clean burning fleets as we kind of go forward here?

另一個問題是關於完成方面的。您稍微談及了這一點。但是，當我們考慮船隊的組成以及您和行業擁有的低排放燃氣燃燒資產的百分比時，目前的定價動態如何，是舊資產還是新資產？較新的資產是否仍然受到——感覺你仍然受到市場的衝擊。但是你看到了什麼？您看到那裡有彈性嗎？那麼，當我們繼續前進時，我們應該如何考慮清潔燃燒車隊的定價動態？

Yes. So let me explain how we see that and how the market is actually reacting to that and why we're investing in what we're investing in. So when you look at our Emerald fleet that burns 100% natural gas, and that's a mixture of electric fleets. We have some turbine direct drive in there, and we have a growing fleet of natural gas recip direct drive in there as well, which we think is going to be more capital efficient over the longer term.

是的。那麼，讓我解釋一下我們如何看待這一點，市場實際上對此作何反應，以及我們為什麼要投資我們所投資的東西。因此，當您看到我們的 Emerald 車隊燃燒 100% 天然氣時，這就是電力車隊的混合。我們在那裡擁有一些渦輪機直接驅動裝置，我們在那裡也擁有越來越多的天然氣往復式直接驅動裝置，我們認為從長遠來看這將更具資本效率。

And so all of that because it can burn 100% natural gas is in high demand. And all these types of systems by the end of this year, and we'll have the ability to be part of the digital automation that we're implementing on the frac as well, which will improve their operational capabilities. And so all that's still getting premium pricing, and it's not being pulled down by lower-tier services in the sector.

由於它可以燃燒 100% 的天然氣，因此需求量很大。到今年年底，所有這些類型的系統都將能夠成為我們在壓裂中實施的數位自動化的一部分，這將提高它們的營運能力。因此，所有這些服務仍可享受高價，並且不會被該行業中較低級別的服務所拖累。

And so we still have a fleet of more of the Emerald 100% natural gas that we're going to receive later in the year and be deploying that towards the end of this year and early next year. And it gets a premium price and margin compared to everything else. Now there is some competition in the 100% natural gas area, and we have to compete in that area. But the good news is it's not being pulled down by the competition at the lower frac technologies. And so that's why we still continue to invest and plan to receive more of the Emerald 100% natural gas systems later this year.

因此，我們仍擁有一批更多的 Emerald 100% 天然氣，我們將在今年稍後接收這些天然氣，並在今年年底和明年年初部署這些天然氣。與其他產品相比，它具有更高的價格和利潤。現在在100%天然氣領域存在一些競爭，我們必須在該領域競爭。但好消息是，它並沒有受到較低壓裂技術的競爭的拖累。這就是為什麼我們仍然繼續投資並計劃在今年稍後接收更多的 Emerald 100% 天然氣系統。

Saurabh Pant, Bank of America.

美國銀行的 Saurabh Pant。

Andy, maybe I'll ask a big picture question, right? We've asked a lot of questions on activity and pricing. But before that, right, just looking big picture, spot oil price, like you said, looks attractive. Activity should have been higher, right, but it tells us that maybe operators are afraid oil prices may go down, right? So in that environment, Andy, look, in a few months, we'll be in the budgeting season, RFP season for 2026, right? So as you talk to customers right now, what are you hearing, Andy? What kind of oil price do you think they're going to plan at? Or do you think we are planning at right now?

安迪，也許我應該問一個宏觀問題，對嗎？我們詢問了很多有關活動和定價的問題。但在此之前，對，從總體來看，現貨油價，就像你說的，看起來很有吸引力。活動應該更高，對吧，但這告訴我們運營商可能擔心油價下跌，對吧？所以在那種環境下，安迪，你看，幾個月後，我們將進入 2026 年的預算季、RFP 季，對嗎？那麼，當您現在與客戶交談時，您聽到了什麼，安迪？您認為他們打算將油價定在多少呢？或者您認為我們現在正在計劃？

Yes. And so we think that at today's oil price activity can be higher than it is. But because of all the fluctuation in the markets, and I'm talking about the oil markets over the last couple of months, our customers are just looking for some stability. And if that stability remains, then I think it puts us in a better position to have some upside. But that's what our customers are really kind of looking for some stability and some certainty in what those oil markets look like. And those -- that's what we're hearing from the customers.

是的。因此我們認為，在今天的油價水平上，活動可能會更高。但由於市場波動，我指的是過去幾個月的石油市場，我們的客戶只是在尋求一些穩定性。如果這種穩定性能夠保持下去，那麼我認為這將使我們處於更有利的地位，從而獲得一些好處。但我們的客戶真正尋求的是石油市場的穩定性和確定性。這些就是我們從客戶那裡聽到的。

So I think that as we move through the year, we're certainly going to get more feedback and more comfort in whether or not oil prices are stable at this level. Now going into, say, the tender season, which a lot of it is on the completion side, which we see every fall, it's interesting that we're going to go into that season right now essentially sold out of our highest quality frac equipment. Our Emerald fleets and our Tier 4 DGBs are all working. And so we're going into that tender season with that position. And so I think that it will still be a competitive season, but we are sold out of that level of equipment today.

因此我認為，隨著時間的推移，我們肯定會得到更多的回饋，並且更加確信油價是否穩定在目前的水平。現在進入招標季節，其中許多是在完井方面，我們每年秋天都會看到這種情況，有趣的是，我們現在即將進入這個季節，我們最高品質的壓裂設備基本上已經售罄。我們的 Emerald 車隊和 Tier 4 DGB 均在正常運作。因此，我們將以這樣的姿態進入這個溫柔的季節。因此我認為這仍將是一個競爭激烈的賽季，但今天我們該級別的設備已經售罄。

Right, right. No, that's good color, Andy. And Andy Smith, maybe a couple of quick ones for you. One, Andy, if you can help us on CapEx. How should we think about '26 CapEx? I know maintenance CapEx is coming down this year, right? But maybe give us the big pieces in '25 CapEx budget to help us think about '26. And then a quick one on -- I see the, I think, $8 million and change in other operating income in the Drilling Services results in the second quarter. Can you just tell us what that is?

對，對。不，那是好顏色，安迪。安迪史密斯 (Andy Smith)，我可以問你幾個簡短的問題。第一，安迪，如果你能在資本支出上幫助我們。我們該如何看待26年的資本支出？我知道今年的維護資本支出會下降，對嗎？但也許可以給我們 25 年資本支出預算中的大部分內容，以幫助我們思考 26 年。然後快速看一下——我認為第二季鑽井服務業績的其他營業收入變化了 800 萬美元。你能告訴我們那是什麼嗎？

Yes, so on CapEx for '26, we're not ready to kind of give anything that's a guidance number out there yet. With activity coming down, obviously, you'll see maintenance come down, but we haven't gone through a budgeting cycle, so I don't want to get too far out ahead of that. So I'd prefer to maybe talk about that either at the next call or even in the fourth quarter. On the $8 million, there's a couple of things.

是的，關於 26 年的資本支出，我們還沒有準備好給出任何指導數字。隨著活動的減少，顯然你會看到維護費用也會減少，但我們還沒有經歷預算週期，所以我不想走太遠。所以我更願意在下次電話會議上或在第四季度談論這個問題。關於這 800 萬美元，有幾件事。

One, we had an insurance settlement on some equipment damage from -- to be honest, a couple of years ago. That -- and then we also -- that's where we account for income in some of our JVs goes through that line item as well. So that number will go through -- or that's what goes through that line item within our Drilling Services segment.

首先，我們曾經就一些設備損壞問題簽過保險賠償協議——說實話，那是幾年前的事了。這也是我們計算一些合資企業收入的地方，其中也包括這個項目。因此，這個數字將會通過 - 或者這就是我們鑽井服務部門中的那個項目。

Keith Mackey, RBC.

基斯·麥基（RBC）。

Just wanted to follow up on your comments, Andy, on the Emerald fleets. We recognize there's some different technologies built into there, and you mentioned the direct drive recip is starting to look more capital efficient relative to some of the other technologies. Can you just give us a little bit more color on what you're seeing with -- as you work -- as you build out that technology fleet? How does it compare in terms of capital efficiency or operational proficiency versus some of the more conventional technologies as well?

安迪，我只是想跟進一下你對翡翠艦隊的評論。我們認識到其中融入了一些不同的技術，您提到直接驅動往復式引擎相對於其他一些技術開始顯得更具資本效率。您能否向我們詳細介紹一下您在建立該技術團隊時所看到的情況？與一些更傳統的技術相比，它在資本效率或營運效率方面如何？

Sure. When we started down the path of 100% natural gas several years ago, even as a combined company, we were looking at different technologies, and we've tried different things because we've got customers that benefit from burning 100% natural gas for various reasons. And there are several different technologies that you can use to achieve that. And certainly, electric frac powered by 100% natural gas turbine is an effective way to do that from an operational standpoint, but it's also very expensive. It's very capital heavy.

當然。幾年前，當我們開始走 100% 天然氣之路時，即使作為一家合併後的公司，我們也在研究不同的技術，嘗試不同的方法，因為我們的客戶出於各種原因從燃燒 100% 天然氣中受益。您可以使用多種不同的技術來實現這一點。當然，從操作角度來看，採用 100% 天然氣渦輪機驅動的電力壓裂是一種有效的方法，但它也非常昂貴。它的資本投入非常大。

So you've got all the pumps on locations, but then you've got the power systems on location, you got the cable systems and you got switchgear. And when I say switchgear, you can say it quick and it sounds easy, but switchgear on a location with a 35-megawatt turbine can be one or two 18-wheeler trailers of breakers and switch and handling equipment to distribute the power.

因此，您已將所有幫浦都安置在現場，並且還安置了電力系統、電纜系統和開關設備。當我說開關設備時，您可以很快地說出來，聽起來也很容易，但是在配備 35 兆瓦渦輪機的位置上的開關設備可以是一輛或兩輛 18 輪拖車，其中裝有斷路器、開關和處理設備來分配電力。

And so this is all capital intensive when you get into the power system attached to the electric pumps on the trailers. 35-megawatt turbine capital out for that can be in the $40 million range. And with turbine technology and turbine power, you're also coming up against the demand for bigger systems for other industries as well, which everybody is talking about.

因此，當你進入連接到拖車上的電動幫浦的電力系統時，這一切都是資本密集的。 35兆瓦渦輪機的資本支出可能在4000萬美元左右。隨著渦輪機技術和渦輪機動力的發展，您還將面臨其他行業對更大系統的需求，這是每個人都在談論的。

Now when you move on into turbine direct drive, we run a little bit of that. We'll use that to boost natural gas demand on some of our Tier 4 dual fuel and boost that demand for the natural gas and improves the efficiency of how that operates with natural gas. So we'll do some of that. We also intermix some electric with Tier 4 dual fuel. So sometimes the electric is not deployed all by itself.

現在，當您轉向渦輪直接驅動時，我們會運行一點。我們將利用它來提高部分 Tier 4 雙燃料的天然氣需求，並提高天然氣的需求，並提高天然氣的運作效率。所以我們會做一些這樣的事。我們還將一些電力與 Tier 4 雙燃料混合。因此，有時電力不會自動投入使用。

But then we've also started moving to the 100% natural gas recip engine. So we've been testing that engine for a couple of years. It's a high-horsepower engine, 3,600 horsepower, which can drive a little bit higher horsepower overall than even some of the Tier 4 DGB systems that we run. And so you improve the amount of horsepower on the trailer. You don't have all the electrical handling equipment. You don't have to worry about a $40 million gas turbine on location.

但後來我們也開始轉向 100% 天然氣往復式引擎。我們已經測試該引擎好幾年了。這是一款高馬力發動機，功率為 3,600 馬力，其整體馬力甚至比我們運行的一些 Tier 4 DGB 系統還要高一點。這樣你就提高了拖車的馬力。您沒有所有的電氣處理設備。您不必擔心現場安裝價值 4000 萬美元的燃氣渦輪機。

And some of our frac fleets on the electric are even growing to the point where we're running 35-megawatt gas turbine at $40 million and then maybe another 6-megawatt gas turbine for another $20 million. And so that's a lot of capital on location. And so when you can package that the way we're doing now on the natural gas recip and it just becomes more capital efficient in deploying high horsepower, 100% natural gas operations.

我們的一些電力壓裂船隊甚至還在不斷擴大，我們以 4,000 萬美元的價格運行一台 35 兆瓦的燃氣渦輪機，然後可能再以 2,000 萬美元的價格運行另一台 6 兆瓦的燃氣渦輪機。因此，這需要大量的現場資本。因此，當您能夠像我們現在在天然氣往復系統中所做的那樣對其進行打包時，它在部署高馬力、 100％ 天然氣運營時就會變得更加資本高效。

And so we're excited about how that's working. Over the two-year period, sure, we've broken a few things on the system, but this is a great partner in Caterpillar, who we've been working with now for a couple of years to shake things down and they made some modifications to some transmission pieces and some other things.

因此，我們對它的運作感到非常興奮。當然，在這兩年的時間裡，我們在系統上損壞了一些東西，但卡特彼勒是一個很好的合作夥伴，我們已經與他們合作了幾年，以解決問題，他們對一些傳動部件和其他一些東西做了一些修改。

And so we're really confident in the ability to have a partner that's that big in the industry that has experience running these types of engines and the combination and how they're recommending it all be packaged and the reliability that we can potentially get out of this on top of the capital efficiency for deploying at the well site. And if we can be more capital efficient at deploying at the well site, then we can be more competitive in the market versus, say, the electrical systems. And I think this is where we're moving right now and excited about the potential for this.

因此，我們非常有信心能夠擁有一個行業內如此大的合作夥伴，他們在運行這些類型的發動機和組合方面擁有豐富的經驗，他們建議如何將所有設備打包，以及我們可以從中獲得的可靠性以及在井場部署的資本效率。如果我們能夠更有效率地部署油井現場，那麼我們在市場上就能夠比電力系統更具競爭力。我認為這就是我們現在正在努力的方向，我對此的潛力感到興奮。

Got it. Yes, very helpful. Are you able or ready at this point, I guess, to give us a bit of a -- a bit more color on the run rate of investment in Emerald? I know you mentioned you got some more equipment coming in. Can you just talk a little bit more about how much of your fleet do you think that this could or should make up over the next few years?

知道了。是的，非常有幫助。我想，您現在是否能夠或準備好向我們詳細介紹 Emerald 的投資運作率？我知道您提到您還會收到一些設備。您能否再多談談您認為未來幾年內這可以或應該占到您船隊的多大比例？

Yes. We'll take it on a year-by-year basis, but you can see that it's really been kind of a steady add to the fleet, steady investment over the last couple of years. This year, we added some more electric Emerald as we grew from normal frac to simul-frac and trimul-frac for some of our electric customers. And then we're going to add the -- some more of the natural gas direct drive systems this year. And there's a potential for us to add more next year, but we'll take it on a year-by-year basis and make sure we understand the demand and make sure we can understand we're still getting good returns on this.

是的。我們會逐年進行統計，但你可以看到，過去幾年來，它確實對船隊進行了穩步的補充，進行了穩定的投資。今年，我們為一些電力客戶從常規壓裂發展到同步壓裂和三重壓裂，增加了更多的電力 Emerald。然後，我們今年將增加一些天然氣直接驅動系統。明年我們有可能增加更多，但我們會逐年進行，確保我們了解需求，並確保我們仍然能夠獲得良好的回報。

Grant Hynes, JPMorgan.

摩根大通的格蘭特海因斯。

So on the call, you've talked a lot about sort of the different tech offerings, but maybe I was just interested in hearing some more about sort of the integrated advantage offering where you kind of bring the full suite of services. And just thinking about the potential uptick in gas activity. What customers do you think are most likely to adopt this offering from you guys?

因此，在電話中，您談了很多有關不同技術產品的內容，但也許我只是想聽聽您提供的全套服務的綜合優勢產品。並且只是考慮天然氣活動的潛在上升。您認為哪些客戶最有可能採用您們提供的這項產品？

Yes. So in general, over the last year or so since we've rolled this out and been doing this for customers, it's been more of the mid-tier customers who have acreage, who have runway in drilling and completions for wells, but at the same time, maybe they don't have large operational teams, and we can help work with them using our teams, they work in our performance center and our digital platform to pull data together and analyze their historical operations and make some recommendations on future operations to pull all this together.

是的。因此，總的來說，自從我們推出這項服務並為客戶服務以來，在過去一年左右的時間裡，我們更多的是服務於擁有土地、擁有鑽井和完井跑道的中型客戶，但與此同時，他們可能沒有大型運營團隊，我們可以通過我們的團隊幫助他們，他們在我們的性能中心和數字平台上工作，收集數據並分析他們的歷史運營情況，並對未來歷史提出一些建議。

And so when we've done this, it's been very successful on all fronts. And I think we'll see some continued demand at that sector of the market. But I think as we get into '26, there's potential for us to work for some of the bigger customers as well that have some bigger operational teams because definitely in the Permian Basin, the word is getting out with the ones that we're working with that we are making improvements.

因此，當我們這樣做時，各方面都取得了非常成功。我認為我們會看到該市場領域持續存在的需求。但我認為，隨著我們進入 26 年，我們也有可能為一些擁有更大營運團隊的大客戶工作，因為在二疊紀盆地，與我們合作的客戶已經知道我們正在進行改進。

And I think that there may be some of our bigger customers that might want to try it as well and see how it goes. But it's certainly gaining traction, and it's allowing us to even improve our own operational efficiencies and how we manage things on some of the other jobs as well. And so I'm upbeat about how that's going. In a market like this where it's -- we have softening activity, it doesn't show up as much. But I think over the next few years, you'll see that grow.

我認為我們的一些大客戶可能也想嘗試一下，看看效果如何。但它確實越來越受到關注，它甚至允許我們提高自己的營運效率以及我們管理其他一些工作的方式。因此我對事情的進展感到樂觀。在這樣的市場中——我們的活動正在走軟，但這種現象並不那麼明顯。但我認為在接下來的幾年裡，你會看到它的成長。

That's great. And just a follow-up. I think previously, you'd mentioned potentially 15% or so margin uplift from some of these projects and 20% or so higher revenue content. Do you see that being driven more by, I guess, higher sort of attachment rates of your technology offerings or also a combination of efficiencies just from the fully integrated project?

那太棒了。這只是後續行動。我認為之前您曾提到過，其中一些項目可能會帶來 15% 左右的利潤率提升和 20% 左右的收入提升。我猜，您是否認為這更多的是由您的技術產品的更高附加率推動的，還是僅僅由完全整合的專案帶來的效率組合推動的？

Yes, there's a couple of keys there. One is the pull-through of all the different segments and subsegments that we have when we go to work for these customers and then also the upside on the efficiency gains and helping them pull production forward.

是的，那裡有幾把鑰匙。一是當我們為這些客戶工作時，我們會帶動所有不同的細分市場和子細分市場，從而提高效率並幫助他們推動生產。

Eddie Kim, Barclays.

巴克萊銀行的 Eddie Kim。

So we've seen quite a few oil-directed rigs come out of the US onshore rig count, about 45 rigs or about 10%, which I think is contributing to your 3Q guidance in Drilling Services. But as others have mentioned, 3Q guide in Completion Services remain steady, was surprisingly resilient.

因此，我們看到美國陸上鑽井數量中出現了相當多的石油導向鑽井平台，大約有 45 個鑽井平台，約佔 10%，我認為這對您在鑽井服務方面的第三季指導有所貢獻。但正如其他人所提到的那樣，完井服務的第三季指南保持穩定，並且具有令人驚訝的彈性。

But do we start to see some of that -- the impact of the oil rig count decline show up in your completion services business in the fourth quarter? And so conceptually, should we think about the trajectory of completion services in the fourth quarter as kind of normal or typical seasonal decline? But on top of that, you layer in some of the impact of the oil rig count declines we've seen? Just curious if that is a reasonable assumption to make.

但是，我們是否開始看到其中的一些影響——石油鑽井數量下降的影響在第四季度的完井服務業務中顯現出來？那麼從概念上講，我們是否應該將第四季度完井服務的軌跡視為正常或典型的季節性下降？但除此之外，您是否也考慮了我們所看到的石油鑽井數量下降所帶來的一些影響？只是好奇這是否是一個合理的假設。

So I think let's start with the discussion on the overall industry rig count. And you've got to recognize that there's still some bifurcation in that rig count. So when you see the rig count decline like it has, and we talk about 40-plus oil rigs coming out of the market, a large number of those rigs that are coming out of the market are really the lower technology rigs and rigs that are working for maybe some of the smaller private equity-backed type private companies that are out there.

所以我認為我們應該先討論一下整個產業的鑽機數量。你必須認識到鑽機數量仍然存在一些分歧。因此，當你看到鑽井數量像現在這樣下降時，我們談論的是 40 多個石油鑽井平台退出市場，而退出市場的這些鑽井平台中，很大一部分實際上是技術水平較低的鑽井平台，這些鑽井平台可能正在為一些規模較小的私募股權支持的私營公司工作。

What you're seeing is our rig count is coming down a bit, but not to the extent necessarily as the overall market. And I think that the overall rig count could even come down further this year, but that doesn't necessarily line up with what we're seeing in the higher spec rig market. And so I think towards the end of the year, you could see some of the smaller private equity-backed companies want to conserve capital and slow down drilling and completion operations.

您所看到的是我們的鑽孔機數量正在下降，但不一定達到整體市場的水平。我認為今年鑽井總數甚至可能會進一步下降，但這並不一定與我們在高規格鑽井市場看到的情況一致。因此，我認為到今年年底，你可能會看到一些規模較小的私募股權支持的公司希望節省資本並放慢鑽井和完井作業的速度。

But we don't have much exposure to those companies. We're working for the larger companies that tend to have the longer runways, longer budget cycles and things like that and are running higher technology of both drilling and completions. And so that's why you're seeing us relatively steady in Completions in the third quarter. And I think it's the reason that even though our rig count is going to soften some more in the third quarter, that there's a higher likelihood that it stabilizes in the fourth quarter.

但我們對這些公司的了解並不多。我們為較大的公司工作，這些公司往往擁有更長的跑道、更長的預算週期等等，並且採用更先進的鑽井和完井技術。這就是為什麼你會看到我們第三季的完成量相對穩定。我認為這就是為什麼儘管我們的鑽井數量在第三季會進一步下降，但在第四季度穩定下來的可能性更大。

Now in terms of completion activity in the fourth quarter, it's certainly early to call. We always see some seasonal decline unless there's a really high spike in a commodity price that were to drive some different behaviors. So I think we will see some seasonal decline. But also looking at some of the customers that we work for, it may be a softening in the market for us. I'm not sure yet it's a steep a decline as we saw in Q4 last year. But again, it's still early to tell. And I'm caveating all this on today's commodity prices.

現在就第四季的完成活動而言，現在下結論還為時過早。我們總是會看到一些季節性的下降，除非商品價格真的大幅上漲，引發一些不同的行為。所以我認為我們會看到一些季節性的下降。但從我們服務的一些客戶來看，這對我們來說可能意味著市場疲軟。我還不確定這是否像去年第四季那樣大幅下降。但現在下結論還為時過早。我對今天的商品價格提出了警告。

Got it. That's very helpful. My follow-up is just on capital allocation. You highlighted in prepared remarks that you're focused on putting cash to work. So just based on the conversations around the various opportunities you're having today, would you be more likely at this stage to invest more in kind of bolt-on acquisitions in your core oil and gas services business? Or would you maybe be more inclined to perhaps purchase other nat gas resets or gas turbines for the distributed power market like some of your peers have announced in recent quarters. Just curious around your latest thoughts there?

知道了。這非常有幫助。我的後續問題只是關於資本配置。您在準備好的發言中強調，您專注於讓現金發揮作用。那麼，僅根據您今天所討論的各種機會，您是否更有可能在現階段對您的核心石油和天然氣服務業務進行更多的額外收購投資？或者您可能更傾向於為分散式電力市場購買其他天然氣重置或燃氣渦輪機，就像您的一些同行在最近幾季宣布的那樣。只是好奇您最近的想法？

Yes. So we're holding a good cash position right now. Really pleased with the cash flow of the company this year and what we're projecting for the second half. And we're really evaluating some organic technology growth. And some of it is associated with longer laterals and more efficiencies in the Delaware Basin, some of it associated with natural gas demand, physical demand in '26 and '27 and some of the discussions we're in.

是的。因此，我們目前的現金狀況良好。我們對公司今年的現金流以及下半年的預測非常滿意。我們確實正在評估一些有機技術的成長。其中一些與特拉華盆地更長的水平段和更高的效率有關，一些與天然氣需求、26 年和 27 年的實物需求以及我們正在進行的一些討論有關。

So we do get good returns on some of these technology investments that we make, whether it be upgrades on digital automation or structure on a rig or even some more of the Emerald 100% natural gas. And so we're evaluating that. We're also evaluating potential to buy back shares as well. When it comes to acquisition, I'll just say, and we've said this before, really pleased with the Ulterra acquisition. I think this helps change the profile of the company to a higher return basis as Ulterra is essentially a product and manufacturing business, and pleased with that.

因此，我們確實從這些技術投資中獲得了良好的回報，無論是數位自動化的升級還是鑽孔機結構的升級，甚至是更多的 Emerald 100% 天然氣。因此我們正在對此進行評估。我們也在評估回購股票的可能性。談到收購，我只想說，我們之前也說過，對 Ulterra 的收購感到非常高興。我認為這有助於將公司的形象轉變為更高的回報基礎，因為 Ulterra 本質上是一家產品和製造企業，我對此感到滿意。

We tried to acquire that company seven years ago, and we were successful a couple of years ago. But we think there's opportunities to expand what they do and expand some of the technologies in downhole solutions that they're coming up with not just drill bits, but some of the downhole tools that they're building as well. We may be injecting some more capital and then for growth in the international market. So I think we have a lot of things to choose from, and we're just trying to be careful about how we evaluate. But back to the cash position, really pleased with our cash position and the cash flow that we're looking at for the year.

七年前我們曾試圖收購該公司，幾年前我們成功了。但我們認為，他們有機會擴大業務範圍，並擴展他們正在提出的一些井下解決方案技術，不僅是鑽頭，還有他們正在建造的一些井下工具。我們可能會注入更多資本，以促進國際市場的成長。所以我認為我們有很多東西可供選擇，我們只是試著謹慎地評估。但回到現金狀況，我們對今年的現金狀況和現金流感到非常滿意。

Connor Jensen, Raymond James.

康納詹森、雷蒙詹姆斯。

Just building off what you said there, Ulterra seemed like a relative bright spot with solid results and guidance for further improvement. Can you just speak to some of the growth drivers there, maybe where it's gaining share internationally and some of the upcoming offshore prospects?

僅從您所說的內容來看，Ulterra 似乎是一個相對的亮點，具有可靠的結果和進一步改進的指導。您能否談談那裡的一些成長動力，例如它在國際上獲得份額的地方以及一些即將到來的離岸前景？

Yes. If you look back at Ulterra's history, which is hard for you all to do because it's been private for so long. But when we can see all the numbers and what they've accomplished as a team, they actually tend to gain a little bit of share sometimes in these activity softenings. And so what we're seeing in the market today is their customers getting focused on what can we do to improve even though we're trying to conserve capital, how can we be more efficient.

是的。如果回顧 Ulterra 的歷史，你會發現這對大家來說都很難，因為它已經保密很久了。但是，當我們看到所有的數字以及他們作為一個團隊所取得的成就時，他們實際上往往會在這些活動軟化中獲得一點份額。因此，我們今天在市場上看到的是，他們的客戶開始專注於我們可以做些什麼來改進，儘管我們正在努力節省資本，但我們怎麼能提高效率。

And that's when they start to employ more of Ulterra technology. And so we're seeing that today. And when they -- when it's higher technology, it's higher revenue per bit for rig that's operating in the industry in terms of our internal metrics, and they continue to improve on that. In international markets, in the Middle East, the position continues to improve.

從那時起，他們開始更多地採用 Ulterra 技術。這就是我們今天看到的。當他們——當技術水平更高時，根據我們的內部指標，行業內運營的鑽機每鑽頭的收入就會更高，而且他們會繼續改進。在國際市場，在中東地區的地位不斷提升。

In Saudi, we're in the process of expanding our remanufacturing center to do full manufacturing. And our drill bits are certainly popular in the Middle East region, and we've got a great team over there. And we see opportunities still to grow in offshore, North Africa and some other areas where we're just not very big in the market. So we still have upside in other markets, too. So they're in a great position for growth longer term outside of some of the cycles that we're seeing in the industry.

在沙特，我們正在擴建再製造中心以實現全面製造。我們的鑽頭在中東地區非常受歡迎，我們在那裡擁有一支優秀的團隊。我們看到，在近海、北非和其他一些我們市場份額還不是很大的地區，仍有成長機會。因此我們在其他市場也仍然有上漲空間。因此，在我們所看到的行業週期之外，他們處於長期成長的良好位置。

Got it. And then margins have held up pretty well across the whole company given the downturn in activity. Is there anything you're doing on the cost side to adjust to the softer market? Is it just general headcount reductions? Or is there other things you're working on there?

知道了。儘管經濟活動下滑，但整個公司的利潤率仍保持良好。你們在成本方面做了什麼來適應疲軟的市場？這只是一般性的裁員嗎？或者您在那裡正在做其他事情嗎？

Yes. So I'll address that. In all of our businesses, we're -- while we have seen some direct headcount reduction certainly with activity changes, we're also looking always at facility consolidations and other areas where we can take cost out of the system. We're even currently undergoing an ERP conversion where we're taking three that we operate in now and converting to one. So all of that kind of operates in the background and probably not very visible to you guys, but it's all designed to sort of make us more efficient and take cost out of the system. And so all of those efforts continue and will continue as sort of ordinary course stuff.

是的。所以我會解決這個問題。在我們所有的業務中，雖然我們看到隨著活動變化而直接裁減了一些員工，但我們也一直在關注設施整合和其他可以從系統中削減成本的領域。我們目前甚至正在進行 ERP 轉換，將現在運作的三個系統轉換為一個。所以所有這些都是在後台運行的，可能對你們來說不太明顯，但這一切的設計都是為了讓我們更有效率，並降低系統成本。因此，所有這些努力都將繼續下去，並將繼續作為一種正常的活動。

Doug Becker, Capital One.

道格·貝克爾（Doug Becker），Capital One 公司。

Andy, I was hoping you could provide a little more color on the moving parts in the Drilling Services guidance. I appreciate the reasons you're no longer reporting US drilling margin per day, but it really seems like guidance embeds a pretty sizable decline in that daily margin.

安迪，我希望你能對鑽井服務指南中的活動部件提供更多的說明。我理解您不再報告美國每日鑽井利潤的原因，但看起來指導確實在每日利潤中嵌入了相當大的下降。

Doug, some of that is, as we're seeing some movement in different basins in the third quarter, where we've got some rigs that may be coming down in one basin coming up in another basin. If that was all happening simultaneous in the same basin, it would be easier to manage from a cost standpoint, but it creates a little bit more cost challenge as we work through the third quarter and work through some of the movement of what we're seeing.

道格，部分原因是，我們在第三季度看到不同盆地的一些動向，一些鑽井平台可能在一個盆地下沉，然後在另一個盆地上浮。如果所有這些都在同一個盆地同時發生，從成本的角度來看，管理起來會更容易一些，但隨著我們進入第三季度並研究我們所看到的一些動向，這會帶來更多的成本挑戰。

So we've got some oil basins where some rigs may soften a little bit. We may have some natural gas basins where it's coming up a little bit. And so trying to work across those makes it tougher to get some of the cost efficiencies out. And so that's really kind of what's happening in the third quarter.

因此，我們的一些油盆地中的一些鑽井平台可能會稍微軟化一些。我們可能有一些天然氣盆地，其氣量正在稍微上升。因此，嘗試解決這些問題會使實現成本效率變得更加困難。這就是第三季真正發生的情況。

That makes sense. And then I guess, just how would you characterize pricing for super-spec rigs today?

這很有道理。那我想問一下，您現在要如何描述超規格鑽孔機的定價呢？

I'd say right now, pricing is still relatively steady. Leading edge is still around low to mid-30s in general. But the interesting thing is we're seeing higher demand for digital products on top of just the assets. And so yes, I mean, the asset is important, but it's what you can do with that asset and what you can layer on as well and how can you make that asset more efficient. And we're certainly getting more recognition from our customers and our ability to do that.

我想說，目前價格仍然相對穩定。總體而言，前沿仍然在 30 年代初期至中期左右。但有趣的是，我們發現除了資產之外，對數位產品的需求也更高。是的，我的意思是，資產很重要，但更重要的是你可以用該資產做什麼、你可以對其進行分層以及如何使該資產更有效率。我們的能力和客戶對我們的認可無疑正在不斷增強。

Jeff LeBlanc, TPH & Company.

傑夫‧勒布朗 (Jeff LeBlanc)，TPH & Company。

You mentioned that your Emerald and Tier 4 equipment is fully utilized, but how should we be thinking about the utilization for the balance of your fleet? And then additionally, how would the market have to evolve for you to consider idling this equipment or pushing it back into the broader fleet?

您提到您的 Emerald 和 Tier 4 設備已充分利用，但我們應該如何考慮這些設備對於您艦隊平衡的利用率？另外，市場需要如何發展才能讓您考慮閒置這些設備或將其重新納入更廣泛的設備隊伍中？

Well, let's talk about what we're doing in the CapEx budget. We continue to invest in maintenance and maintain all of the equipment with the exception of lower tier Tier 2 completion. And we have a little bit of Tier 2 equipment still mixed in with some of the fleets here and there, but we're really not putting any dollars into that. So you'll see Tier 2 diesel equipment continue to drop out of our fleet, but I think it's not just us.

好吧，讓我們談談我們在資本支出預算中做了什麼。我們繼續投資於維護並維護除較低級別的 2 級完工之外的所有設備。我們的一些艦隊中仍然混雜著一些 2 級設備，但我們實際上並沒有在這方面投入任何資金。因此，您會看到 Tier 2 柴油設備繼續從我們的車隊中退出，但我認為這不僅僅是我們的情況。

You'll see that continue to drop out of the industry as well because some of the smaller companies that run that in some of the more competitive basins like the Midland Basin probably are more challenged to even generate enough cash flow to maintain that equipment. So I think you'll see a combination for us of adding some horsepower at the higher tier but also letting horsepower come out at the lower tier. But across the industry, I think you'll see more of the lower-tier horsepower drop out over the next year as well.

您還將看到這些公司繼續退出該行業，因為在米德蘭盆地等競爭更激烈的盆地中運營這些業務的一些較小的公司可能面臨更大的挑戰，甚至無法產生足夠的現金流來維護這些設備。因此，我認為你會看到我們採用一種組合方式，即在較高層級增加一些馬力，同時讓較低層級的馬力釋放出來。但在整個產業中，我認為明年你還會看到更多低階馬力車型的下降。

Dan Kutz, Morgan Stanley.

摩根士丹利的丹·庫茨。

So maybe just staying on that line of questioning around frac supply, would love to dive in a little bit deeper there. I remember you guys had, at one point, put out, I think, a 400,000 diesel retirement at the end of last year, now you guys are up to 500,000. How do you think about capacity versus the 2.9 million horsepower you're at right now for Patterson going forward? Does roughly the diesel retirements or the diesel assets that you're not investing and maintaining, does that kind of offset any additions to the fleet, any Emerald investments? Like is 2.9 million the right number moving forward? Or how do you think about how that could change over time?

因此，也許只是圍繞著壓裂供應這個問題，希望能進行更深入的探討。我記得你們在去年年底曾一度淘汰了 40 萬輛柴油車，現在你們的淘汰量已經達到 50 萬輛。您如何看待帕特森未來的產能與目前的 290 萬馬力相比？大致來說，柴油引擎退役或您沒有投資和維護的柴油資產，是否會抵消車隊的任何新增部分，以及任何 Emerald 投資？那麼，290 萬是未來的正確數字呢？或者您認為這種情況會隨著時間的推移而發生怎樣的變化？

Yes. So yes, we're at 2.9 million now, as you mentioned. If you look at where we were 1.5 years ago, we were at about 3.3 million. We came down to 3 million. We came down to 2.9 million and that's really just by not investing in that older Tier 2 equipment. We were still running some, but we didn't invest and then eventually brought that number down from an accounting standpoint.

是的。是的，正如您所說，我們現在有 290 萬。如果你看看我們一年半前的情況，當時我們的人數約為 330 萬人。我們降到了300萬。我們降至 290 萬，而這實際上只是透過不再投資較舊的 Tier 2 設備來實現的。我們仍在經營一些業務，但我們沒有投資，最終從會計角度降低了這個數字。

As I mentioned, we're still adding at the higher end, and we'll have to wait and see how that balances out, but we could be lowering the overall horsepower as well. But I think the industry is tightening as well. So I think it bodes well longer term for the completions because I think people are being prudent about how they're investing. And we don't see a rush to overinvest in the completions across the industry right now.

正如我所提到的，我們仍在增加高端產品，我們必須拭目以待，看看如何實現平衡，但我們也可能會降低整體馬力。但我認為該行業也正在收緊。因此，我認為這對長期的完成來說是一個好兆頭，因為我認為人們對投資方式持謹慎態度。目前，我們還沒有看到整個產業對完井計畫進行過度投資的現象。

So I think it is balancing out the sector. As I mentioned earlier, we have all of our Emerald and our Tier 4 DGB working right now. And so with some of the horsepower continue to drop out over the next year or two, I think it keeps the industry relatively in balance. I mean there's -- we're still going to have the competitive tender processes from time to time, but it makes it less challenging when we go through those tender processes when the industry gets closer to balance.

所以我認為這正在平衡該行業。正如我之前提到的，我們所有的 Emerald 和 Tier 4 DGB 現在都在運行。因此，隨著未來一兩年內部分馬力的持續下降，我認為這將使行業保持相對平衡。我的意思是——我們仍然會不時地進行競爭性招標程序，但當行業接近平衡時，我們進行這些招標程序的挑戰性就會降低。

We've gotten a few anecdotes on this next question, but I wanted to just kind of ask it more directly. So on the bundled services and integration, Patterson has a lot of service lines and you've made clear that taking more kind of wallet share, more components of the overall drilling and completion process has been a considered initiative by the company.

關於下一個問題，我們已經聽到了一些軼事，但我想更直接地問一下。因此，在捆綁服務和整合方面，帕特森有很多服務線，而且您已經明確表示，獲取更多的錢包份額，獲取整個鑽井和完井過程的更多組成部分是公司經過深思熟慮的舉措。

How has the kind of prevailing macro backdrop made that process? Is it -- has kind of choppiness in the market created opportunities to kind of take more wallet share to push more Patterson services to your customers? Or has it made it more difficult? I know you flagged that digital demand has really been picking up in the rig space. But yes, just trying to think through how kind of pushing the bundled and integrated services has evolved as the macro has evolved.

目前的宏觀背景如何影響這一進程？是不是——市場的波動是否創造了機會，讓您獲得更多的錢包份額，從而向您的客戶推銷更多的帕特森服務？或者說這是否讓事情變得更困難？我知道您提到鑽井領域的數位需求確實在回升。但是的，只是試圖思考如何隨著宏觀的發展而推動捆綁和整合服務的發展。

Sure. So first, I'm going to start with the investments we've made in digital because it's really kind of the backbone of everything we do, whether it's individual operations or even the PTEN Advantage package that we offer. And that investment in digital is keeping us very competitive in a softening market, and that's really important.

當然。首先，我將從我們在數位領域所做的投資開始，因為它實際上是我們所做一切的支柱，無論是單獨的營運還是我們提供的 PTEN Advantage 套餐。對數位技術的投資使我們在疲軟的市場中保持極強的競爭力，這一點非常重要。

It's not just about the asset. It's not just about what we charge for the asset, but what you can do with the asset. And when you layer on some of the -- whether it's the Cortex automation apps on a drilling rig or the new Vertex automated frac system, it allows us to be more efficient, more competitive and even manage those assets better from a cost standpoint.

這不僅與資產有關。這不僅關乎我們對資產收取多少費用，還關乎您可以用資產做什麼。當您對其中一些進行分層時 - 無論是鑽機上的 Cortex 自動化應用程式還是新的 Vertex 自動化壓裂系統，它都可以讓我們更有效率、更具競爭力，甚至從成本角度更好地管理這些資產。

And so it's the digital that's really kind of the backbone that's going to help us out and continue to drive our competitiveness. Now that also helps out in the PTEN Advantage package. given the softening market, I would say that it's harder to show growth in those -- in the type of advantage package that we offer, but it's holding relatively steady and still having discussions with customers in that area.

因此，數位化才是真正的支柱，它將幫助我們並繼續提高我們的競爭力。這也對 PTEN Advantage 套餐有所幫助。考慮到市場疲軟，我想說，在我們提供的優勢套餐類型中，很難顯示出成長，但它保持相對穩定，並且仍在與該地區的客戶進行討論。

So still encouraged by that in a bit of a softening market right now and with the uncertainties we've seen over the last few months. And if the commodity prices stabilize and show stability for our customers as we get closer to the end of the year over the next few months, that allows them to have more confidence to take on some of the projects that they would take on, and that's positive for us as well.

因此，儘管目前市場略顯疲軟，而且過去幾個月我們看到了不確定性，但我們仍然對此感到鼓舞。如果在接下來的幾個月裡，隨著年底的臨近，大宗商品價格能夠穩定下來，並向我們的客戶展示出穩定性，那麼他們就會更有信心承擔一些他們願意承擔的項目，這對我們來說也是有利的。

John Daniel, Daniel Energy Partners.

約翰·丹尼爾，丹尼爾能源合作夥伴。

Andy, I know there's likely little upside for you to answer this question, but I'll try. As you think about '26, you noted you're sold out of the higher-quality frac assets, yet margins within the broader frac market remain relatively weak. I mean I'm sure your newer stuff is higher margin. But I think it's clear, returns for the industry need to go higher. So I'm curious at what point do you say to your team, hey, guys, let's raise rates and see where the chips fall?

安迪，我知道回答這個問題對你來說可能沒什麼好處，但我會盡力。當您想到 26 年時，您會注意到您已經賣光了高品質的壓裂資產，但更廣泛的壓裂市場的利潤率仍然相對較弱。我的意思是，我確信你們新產品的利潤更高。但我認為很明顯，該行業的回報需要更高。所以我很好奇，你會在什麼時候對你的團隊說，嘿，夥計們，讓我們提高利率，看看結果會怎樣？

Yes. John, this is Andy Smith. Look, I mean, that's a constant conversation, right? I mean it's not -- that's not something that is -- we don't just decide one day, hey, guys, let's try to push rates. We're always trying to push rates to get the most we can in a competitive market.

是的。約翰，這是安迪史密斯。你看，我的意思是，這是一個持續不斷的對話，對吧？我的意思是，這不是——這不是——我們不會在某一天突然決定，嘿，夥計們，讓我們試著提高利率。我們始終努力提高利率，以便在競爭激烈的市場中獲得最大利益。

Now as we invest in additional equipment, and look, I think we're uniquely positioned to be able to invest in technology and equipment that could really lead the industry given the strength of our financial profile, we will kind of be holding our team's feet to the fire on pricing and say we're not while there may be some element of spec to it, we're not doing this entirely on spec.

現在，隨著我們對更多設備的投資，而且，我認為，鑑於我們財務狀況的強勁，我們處於獨特的地位，能夠投資於真正引領行業的技術和設備，我們將在定價方面對我們的團隊施加壓力，並說我們不會，雖然其中可能有一些規格因素，但我們並不是完全按照規格來做的。

No. And I'm not trying to do a curveball because like if you step back and think about it, a lot of times you talk -- you hear from folks that it does -- like the spot market, it doesn't really make sense at current returns to reactivate stacked equipment. And if people are true to their words on that, if the industry -- again, not Patterson-UTI, right, let's just say the industry starts to -- were to try to change ways.

不。我並不是想做一些出人意料的事情，因為如果你退一步思考一下，很多時候你都會談論——你會聽到人們說確實如此——就像現貨市場一樣，以目前的回報重新激活堆疊的設備確實沒有任何意義。如果人們信守諾言，如果這個行業——再說一次，不是帕特森-UTI，對，我們只能說這個行業開始——嘗試改變方式。

I mean, I'm assuming you wouldn't want to reactivate a stacked fleet at the current pricing. So I'm just trying to reconcile like at some point, your pricing has to go up. I'm telling you what you know. But just who would take that work if someone tried to then displace you, I guess, is where I'm going.

我的意思是，我假設您不想以當前價格重新啟用堆積如山的車隊。所以我只是試著調和，就像在某個時候，你的定價必須上漲。我正在告訴你你所知道的事情。但我想說的是，如果有人試圖取代你，誰會承擔這份工作呢？

Well, I think it gets back to bifurcation in the market as well because we're essentially sold out right now, the Emerald 100% nat gas systems and a Tier 4 DGB. And there's really not anything that's going to cause me to want to activate a Tier 2 diesel, even though I might have some on the sideline right now. We haven't been investing in it. It's parked. We'll make some accounting judgments on that later.

嗯，我認為市場又回到了分叉狀態，因為我們現在基本上已經售罄了，Emerald 100% 天然氣系統和 Tier 4 DGB。而且實際上沒有什麼會讓我想要啟動 Tier 2 柴油機，儘管我現在可能有一些在場邊。我們還沒有對此進行投資。車停好了。我們稍後會對此做出一些會計判斷。

But we're working everything we've got essentially right now, which is also relatively positive as we get into the tender season, too. And so I think that the industry is relatively tight on the higher-end equipment working for the higher -- the more sophisticated larger E&Ps. And so I think that market is still relatively tight. I mean it's competitive. And yes, the high-spec rig count is coming down a little bit right now, but it's still a relatively tight market in Q3.

但我們現在正在盡一切努力，這也是相對積極的，因為我們已經進入了招標季節。因此，我認為該行業對於為更高級、更複雜的大型 E&P 服務的高端設備的需求相對較大。所以我認為市場仍然相對緊張。我的意思是它很有競爭力。是的，目前高規格鑽機數量正在下降，但第三季市場仍然相對緊張。

This concludes today's question-and-answer session. I would now like to turn the call back over to Andy Hendricks for closing remarks.

今天的問答環節到此結束。現在我想將電話轉回給安迪·亨德里克斯，請他做最後發言。

Thanks, Lacey. I want to thank everybody who dialed into the call today. I also want to thank the ladies and gentlemen of Patterson-UTI for everything you do every day to help our customers drill and complete wells, and that wraps it up for this quarter. Thank you very much.

謝謝，萊西。我要感謝今天撥打電話的所有人。我還要感謝 Patterson-UTI 的女士們、先生們，感謝你們每天為幫助我們的客戶鑽井和完井所做的一切，本季度就到此結束了。非常感謝。

This concludes today's conference call. You may disconnect.

今天的電話會議到此結束。您可以斷開連線。