Patterson-UTI Energy Inc (PTEN) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Rebecca, and I will be your conference operator today. At this time, I would like to welcome everyone to the Patterson UTI 3rd quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a Question-and-answer session. If you would like to ask a question during this time, simply press star, followed by the number one on your telephone keypad. If you would like to withdraw your question, press one again.

感謝您的支持。我叫麗貝卡，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 年第三季財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。如果您想在此期間提問，只需按下電話鍵盤上的星號，然後按下數字 1 即可。如果您想撤回您的問題，請再按 1。

Thank you. I will now turn the call over to Michael Sabella, Vice President of Investor Relations. Please go ahead.

謝謝。現在我將把電話轉給投資者關係副總裁 Michael Sabella。請繼續。

Thank you, Rebecca. Good morning and welcome to Patterson UTI's earnings conference call to discuss our third quarter of 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. 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 actual results to differ materially. The company takes no obligation to publicly update or revise any forward-looking statements.

謝謝你，麗貝卡。早安，歡迎參加 Patterson UTI 的收益電話會議，討論我們 2025 年第三季的業績。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有重大差異。本公司不承擔公開更新或修改任何前瞻性聲明的義務。

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

本次電話會議中的聲明包括非公認會計準則財務指標。所需的與 GAAP 財務指標的對帳資訊已包含在我們的網站 TATEnergy.com 以及本公司在本次電話會議之前發布的新聞稿中。現在我將電話轉交給 Patterson UTI 的執行長 Andy Hendrix。

Thank you, Mike, and welcome to our 3rd quarter earnings conference call.

謝謝你，麥克，歡迎參加我們的第三季財報電話會議。

The performance of Patterson UTI has continued to demonstrate resilience this year, and our teams have done a great job executing in a challenging environment and staying focused on optimizing our business in the areas that we can control.

今年，帕特森 UTI 的業績繼續展現出韌性，我們的團隊在充滿挑戰的環境中表現出色，並專注於優化我們能夠控制的領域的業務。

We are continuing to see success as we enhance our commercial strategies through additional service and product line integration and performance-based agreements while at the same time lowering our cost structure, which is helping us to lessen the impact from moderating industry activity this year.

我們透過額外的服務和產品線整合以及基於績效的協議來增強我們的商業策略，同時降低我們的成本結構，從而繼續取得成功，這有助於我們減輕今年行業活動放緩的影響。

Headlines over the past 6 months have highlighted cautionary signals, including oil supply growth from OpEx plus shifting demand patterns as trade policies evolve.

過去 6 個月的頭條新聞強調了警示信號，包括營運支出導致的石油供應成長以及貿易政策演變導致的需求模式轉變。

And overall global macroeconomic uncertainty.

以及全球宏觀經濟的整體不確定性。

But the US shale picture today is more constructive than many expected just a few months ago.

但如今美國頁岩油情勢比幾個月前許多人的預期更樂觀。

Oil prices have fallen, but overall have so far remained more resilient than many predicted, with long-term global demand growth continuing and anticipated supply additions slower to translate into physical barrels than headlines have suggested.

油價已經下跌，但總體而言，迄今為止油價仍比許多人預測的更具彈性，全球長期需求持續增長，預期的供應增加轉化為實物量的速度比頭條新聞所暗示的要慢。

At Patterson UTI, while the business environment this year has brought unique challenges, we are adapting with the market, both commercially and structurally, and we continue to generate healthy levels of free cash flow while still investing to expand our technology edge.

在 Patterson UTI，雖然今年的商業環境帶來了獨特的挑戰，但我們在商業和結構上都在適應市場，並且我們繼續產生健康的自由現金流水平，同時仍在投資擴大我們的技術優勢。

Our efforts and focus today center on driving improvements in our outlook for profitability and cash generation against a steady market backdrop, and each of our businesses are stepping up to this challenge.

我們今天的努力和重點集中在穩定的市場背景下推動盈利能力和現金創造前景的改善，我們的每項業務都在迎接這一挑戰。

In the US, oil production does not yet fully reflect the impact of activity reductions over the past 6 months, and we believe current industry activity is already below levels needed to hold US production flat.

在美國，石油產量尚未完全反映過去 6 個月活動減少的影響，我們認為目前的行業活動已經低於保持美國產量穩定所需的水平。

Any further activity reductions from current levels would likely result in additional pressure on future US output, which could negatively impact global oil supply in 2026.

如果石油生產活動在當前水準上進一步減少，可能會對美國未來的石油產量造成額外壓力，從而對 2026 年的全球石油供應產生負面影響。

On the natural gas side, the outlook as we move into 2026 appears to be favorable. Physical demand growth from LNG is now starting to come online, and our customers are beginning to make plans to satisfy the expected multi-year growth in demand, which is likely to require higher drilling and completion activity compared to current levels.

就天然氣方面而言，2026 年的前景似乎一片光明。液化天然氣的實體需求成長現已開始顯現，我們的客戶也開始製定計劃來滿足預期的多年需求成長，這可能需要比當前水平更高的鑽井和完井活動。

Even as US shale drilling and completion activity is moderated through 2025, our teams have delivered results that are far more resilient relative to prior periods of activity moderation.

即使到 2025 年美國頁岩鑽探和完井活動將有所放緩，我們的團隊仍取得了比先前活動放緩時期更具彈性的成果。

Our customers are sophisticated and they are demanding innovative technologies from both our drilling and completion businesses, which is widening the performance delta among service providers.

我們的客戶非常成熟，他們要求我們的鑽井和完井業務都採用創新技術，這擴大了服務提供者之間的績效差距。

The increasing reliance on differentiated technologies puts Patterson UTI in a strong position given the high-quality of our operations.

鑑於我們營運的高品質，對差異化技術的日益依賴使 Patterson UTI 處於有利地位。

We expect this relative margin resiliency to continue as customers rely more on high-end service providers.

隨著客戶越來越依賴高端服務供應商，我們預計這種相對利潤率彈性將會持續下去。

Operationally, our teams are functioning at a high level in a competitive market.

從營運角度來看，我們的團隊在競爭激烈的市場中發揮著高水準的作用。

Our drilling team has seen activity stabilize, and our recount today is slightly above where we were at the end of the 3rd quarter.

我們的鑽井隊已經看到鑽井活動趨於穩定，今天的重新統計結果略高於第三季末的水平。

Our completion activity continues today at a similar level relative to where we exited September, and we expect completion activity will remain steady for most of the quarter, although typical seasonality is likely to impact the segment during the holidays.

我們今天的完工活動繼續保持與 9 月類似的水平，我們預計完工活動將在本季度的大部分時間保持穩定，儘管典型的季節性可能會在假期期間影響該部門。

As the market studies, we see opportunities in both our drilling and completion businesses to invest in technologies that are in high demand and short supply, with our expectation that any incremental investments will earn strong returns.

透過市場研究，我們發現鑽井和完井業務都存在投資需求量大、供應短缺的技術的機會，我們預期任何增量投資都將獲得豐厚的回報。

As we prepare our 2026 budget, we are working with technology focused customers on opportunities to deploy new technologies in both drilling and completions, and expanding our competitive edge should widen the advantage we believe we have over much of the industry.

在製定 2026 年預算時，我們正在與專注於技術的客戶合作，尋找在鑽井和完井領域部署新技術的機會，擴大我們的競爭優勢應該會擴大我們認為我們在大部分行業中擁有的優勢。

As we approach 2026, while we are not ready to give specific guidance for what we expect next year to look like, we are comfortable saying that we do expect lower capital expenditures compared to 2025.

隨著 2026 年的臨近，雖然我們還沒有準備好對明年的預期給出具體的指導，但我們可以肯定地說，與 2025 年相比，我們預計資本支出將會降低。

Even on lower CapEx next year, we expect to fully maintain the high demand portion of our fleet as well as invest in new technologies across our businesses while still generating meaningful free cash flow for our investors. We remain committed to returning at least 50% of our annual free cash flow to shareholders through a combination of dividends and share repurchases.

即使明年資本支出較低，我們也有望完全維持機隊的高需求部分，並在我們的業務中投資新技術，同時仍為我們的投資者創造有意義的自由現金流。我們仍致力於透過股利和股票回購等方式將至少 50% 的年度自由現金流返還給股東。

Moving to capital allocation, we are operating with significant flexibility with the expectation for continued solid free cash flow and a strong balance sheet, giving us optionality for 2026 and beyond.

在資本配置方面，我們的營運具有很大的靈活性，預計將繼續保持穩健的自由現金流和強勁的資產負債表，為我們 2026 年及以後提供選擇權。

Our leverage remains low with net debt to IbiO just over one time. We closed the quarter with $187 million in cash and an undrawn $500 million dollar revolver, and the fourth quarter should deliver our strongest free cash flow quarter of the year. We should strengthen our capital flexibility as we head into 2026.

我們的槓桿率仍然很低，對 IbiO 的淨債務僅略高於一倍。本季結束時，我們擁有 1.87 億美元現金和 5 億美元未提取的循環信貸額度，第四季應該會成為我們今年最強勁的自由現金流季度。邁向2026年，我們應該增強資本彈性。

We will continue to deploy capital only towards opportunities we believe will deliver high long-term returns, including the option to further accelerate our share repurchase program.

我們將繼續將資本部署到我們認為能夠帶來長期高回報的機會上，包括進一步加快我們的股票回購計畫的選擇。

Our US contract drilling business saw activity stabilize as we exited the third quarter, and we expect the stability to continue through the rest of 2025.

隨著第三季的結束，我們的美國合約鑽井業務活動趨於穩定，我們預計這種穩定將持續到 2025 年剩餘時間。

Recent revenue per day for drilling rigs remains in the low to mid-30s range.

近期鑽井平台的日收入仍維持在 35 美元左右。

Our directional drilling business is performing exceptionally well, benefiting from strong surface quality and new technology deliveries, as well as further integrated offerings with both our drilling rigs and our drill bits.

我們的定向鑽井業務表現非常出色，得益於強大的表面品質和新技術交付，以及我們的鑽孔機和鑽頭的進一步整合產品。

Today we are focused on driving further improvement beyond relying simply on a recovery in industry activity. We are looking to expand our technology-driven commercial models by growing integration across our products and services.

今天，我們專注於推動進一步的改善，而不僅僅是依靠行業活動的復甦。我們希望透過加強產品和服務的整合來擴展我們的技術驅動的商業模式。

And through additional performance-based agreements as we also work to lower our costs.

我們也透過額外的基於績效的協議來努力降低成本。

Our drilling team is delivering strong operational performance for our customers by utilizing our tier one apex rigs and our suite of proprietary cortex digital services, including adaptive auto driller and predictive models which become platforms for future artificial intelligence to enhance the quality of the service we are delivering for all of our customers.

我們的鑽井團隊利用我們的一級頂點鑽機和專有皮質數位服務套件為客戶提供強大的營運績效，包括自適應自動鑽井機和預測模型，這些模型成為未來人工智慧的平台，以提高我們為所有客戶提供的服務品質。

Our customers are seeing the benefits of using a Patterson UTI rig in our suite of digital solutions and complementary services and products. The digital and technology package remains a key factor to delivering differentiated solutions for our customers, and the investments we have made have helped margins hold above what our drilling business has achieved in previous periods of activity moderation.

我們的客戶看到了在我們的數位解決方案套件和補充服務和產品中使用 Patterson UTI 鑽孔機的好處。數位和技術包仍然是我們為客戶提供差異化解決方案的關鍵因素，我們所做的投資幫助我們的鑽井業務的利潤率保持在先前活動放緩時期所取得的水平之上。

Our completion services segment demonstrated strong relative performance in Q3, with activity holding steady compared to the second quarter.

我們的完井服務部門在第三季表現相對強勁，與第二季相比活動保持穩定。

Our commercial team did an outstanding job managing the frac calendar and aligning us with high-quality customer base.

我們的商業團隊在管理壓裂日曆和使我們與高品質客戶群保持一致方面做得非常出色。

While our operations team executed at an exceptionally high level.

我們的營運團隊的執行水準非常高。

Pricing for horsepower our in our frac business was steady compared to the second quarter, with lower sequential revenue, mostly a function of less sales of low margin sand and chemical products.

與第二季相比，我們壓裂業務的馬力定價保持穩定，但收入環比下降，主要是由於低利潤的砂石和化學產品的銷售減少。

We also started to see benefit of cost reductions in the first half of the year.

我們也開始看到上半年成本降低的好處。

The completion market remains competitive, but our operational quality is proving to be a major differentiator. We recently set a record for continuous pumping for one of our customers in the Northeast, where we safely pumped 348 hours straight on a single fleet.

完井市場仍然競爭激烈，但我們的營運品質已被證明是一個主要的區別因素。我們最近為東北地區的一位客戶創造了連續抽水的記錄，我們在一個車隊上安全地連續抽水 348 小時。

This record highlights the capabilities of our digital performance center in Houston to implement new operating techniques with the support of our local field teams.

這項記錄凸顯了我們位於休士頓的數位效能中心在當地現場團隊的支持下實施新操作技術的能力。

Our new proprietary EOS completions platform is advancing our technology edge through 3 primary products.

我們新的專有 EOS 完成平台正在透過 3 種主要產品提升我們的技術優勢。

Vertex automation controls, Fleet stream, and IntelliSI.

Vertex 自動化控制、Fleet stream 和 IntelliSI。

This platform will allow us to further implement artificial intelligence and machine learning into the completion process.

該平台將使我們能夠進一步將人工智慧和機器學習應用到完成過程中。

After successful deployment in the 3rd quarter, we continue to deploy our Vertex automation controls across all company fleets with projection for full deployment by year end.

在第三季成功部署後，我們將繼續在所有公司車隊中部署 Vertex 自動化控制，預計將在年底全面部署。

This will allow us to implement closed loop automation for all pump types to improve our operating efficiency and asset management while delivering optimized completion designs for our customers based on real-time surface measurements.

這將使我們能夠為所有類型的泵浦實施閉環自動化，以提高我們的營運效率和資產管理，同時根據即時地面測量為我們的客戶提供最佳化的完井設計。

Fleet stream will provide data visualization and analytics, a platform to acquire and analyze reservoir measurements and streamline data workflows for our customers and provide a new revenue stream for our completion services segment.

Fleet stream 將提供資料視覺化和分析，這是一個獲取和分析油藏測量資料的平台，可以為我們的客戶簡化資料工作流程，並為我們的完井服務部門提供新的收入來源。

Finally, in combination we worked on our drilling rigs and through modern machine learning, our intelliTim reservoir technologies leverage artificial intelligence to provide real-time reservoir insights to better understand rock properties and optimize completion designs to maximize well performance.

最後，我們結合鑽孔機和現代機器學習，我們的智慧油藏技術利用人工智慧提供即時油藏洞察，以更好地了解岩石特性並優化完井設計，從而最大限度地提高油井性能。

We see multiple ways to monetize our digital investments. We are already seeing the investments lower operating and capital costs through higher asset turns.

我們看到了多種將數位投資貨幣化的方法。我們已經看到投資透過提高資產週轉率降低了營運和資本成本。

Additionally, on the revenue side, we've already signed two customers to commercial deals for 2026, specifically for our EOS platform, and we think there's significant revenue opportunity as well as a path to create closer and more integrated long-term relationships with our customers.

此外，在收入方面，我們與兩家客戶簽署了 2026 年的商業協議，特別是針對我們的 EOS 平台，我們認為這不僅有巨大的收入機會，而且可以與我們的客戶建立更緊密、更整合的長期關係。

Our Emerald fleet of 100% natural gas powered equipment remains in high demand, and we continue to strategically invest in new technologies that are driving accreted returns for the business.

我們的 Emerald 100% 天然氣驅動設備車隊仍需求旺盛，我們將繼續策略性地投資於新技術，為業務帶來累積回報。

We've recently taken delivery of our first commercial direct drive pumps which will allow us to deliver 100% natural gas powered solutions for our customers with significantly less capital deployed relative to electric frac fleets.

我們最近接收了第一批商用直驅泵，這將使我們能夠為客戶提供 100% 天然氣驅動的解決方案，與電動壓裂車隊相比，投入的資金要少得多。

The direct drive pumps are scheduled to begin long-term dedicated work in the 4th quarter.

直驅幫浦計劃於第四季開始長期專用工作。

We think recent advancements have been made in high horsepower, direct drive, natural gas engines have helped make this the most capital and cost efficient solution for our business.

我們認為，高馬力、直接驅動、天然氣引擎的最新進展有助於使其成為我們業務中最具資本和成本效益的解決方案。

Our drilling products business had another good quarter in North America, where our US revenue per US industry rig set another company record. Since we acquired ElTerra in 2023, we've seen a roughly 40% increase in US revenue for US industry rig, with a more than 10% increase in market share for our drill bit products on Patterson UTI rigs.

我們的鑽井產品業務在北美又取得了良好的季度業績，我們在美國每台工業鑽機的收入創下了公司新高。自 2023 年收購 ElTerra 以來，美國工業鑽機的美國收入成長了約 40%，而我們的鑽頭產品在 Patterson UTI 鑽機上的市佔率成長了 10% 以上。

In Canada, we saw a strong recovery in revenue coming out of spring breakup, even as total industry activity was slightly below expectations.

在加拿大，儘管整體行業活動略低於預期，但我們看到春假過後收入強勁復甦。

International revenue declined, mainly in Saudi Arabia as drilling activity in that country slowed.

國際收入下降，主要是因為沙烏地阿拉伯的鑽井活動放緩。

Outside of Saudi Arabia, revenue was strong internationally, and we expect international revenue to increase in the 4th quarter.

除沙烏地阿拉伯外，國際收入強勁，我們預計第四季度國際收入將會增加。

On the margin side, the quarter did see higher than normal bit repair expenses in July, which resulted in lower margins for the quarter, although margins recovered towards historical levels later in the quarter.

在利潤率方面，本季 7 月的鑽頭維修費用確實高於正常水平，導致本季的利潤率下降，儘管利潤率在本季後期回升至歷史水平。

Our fully integrated P10 Digital Performance Center located in Houston is the backbone for the entire company. The digital Center has been critical as we execute and optimize drilling and completion designs for our customers. The information that we can provide both our team and our customers has improved the efficiency of our operations and brought us closer to our customers as we strive to provide differentiated service.

我們位於休士頓的完全整合的 P10 數位效能中心是整個公司的支柱。當我們為客戶執行和優化鑽井和完井設計時，數位中心至關重要。我們為我們的團隊和客戶提供的資訊提高了我們的營運效率，並使我們更貼近客戶，努力提供差異化的服務。

While US shale activity is moderated this year, we have not.

儘管今年美國頁岩油活動有所放緩，但我們並沒有。

We are focused on finding ways to make our business more competitive even as industry activity appears likely to remain in a tight range for the foreseeable future.

儘管在可預見的未來，產業活動似乎仍將保持在一個狹窄的範圍內，但我們仍致力於尋找方法來提高我們的業務競爭力。

We're using this relative stability to prepare for what we think the industry will look like over the next several years commit capital to the right areas and execute our own strategy to maximize shareholder value. We will continue to target profitable technology investments that we believe will drive strong cash returns for our shareholders, and we intend to be a leader across all of our business as shale evolves.

我們正在利用這種相對的穩定性來為我們認為未來幾年行業的情況做準備，將資金投入到正確的領域並執行我們自己的策略以最大化股東價值。我們將繼續瞄準有利可圖的技術投資，我們相信這將為我們的股東帶來強勁的現金回報，並且我們打算隨著頁岩的發展成為我們所有業務的領導者。

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

現在我將把麥克風交給安迪史密斯，他將審查本季的財務結果。

Thanks, Andy.

謝謝，安迪。

Total reported revenue for the quarter was $1176 million.

本季度報告總收入為 11.76 億美元。

We reported a net loss attributable to common shareholders of $36 million or $0.10 per share, and an adjusted net loss of $21 million.

我們報告的普通股股東淨虧損為 3,600 萬美元或每股 0.10 美元，調整後淨虧損為 2,100 萬美元。

Adjusted EBITDA for the quarter totaled $219 million.

本季調整後的 EBITDA 總計 2.19 億美元。

Other operating expenses for the quarter totaled $23 million of which $20 million resulted from the accrual of expenses associated with personal injury-related claims for incidents that occurred several years ago, partially offset by a favorable contract dispute resolution.

本季其他營運費用總計 2,300 萬美元，其中 2,000 萬美元來自幾年前發生的事故人身傷害相關索賠的相關費用的累積，部分被有利的合約糾紛解決方案所抵消。

Our weighted average share count was 383 million shares during Q3, and we exited the quarter with 379 million shares outstanding.

第三季我們的加權平均股數為 3.83 億股，本季結束時流通股數為 3.79 億股。

During the 1st 3 quarters of the year, we generated $146 million of adjusted free cash flow.

今年前三個季度，我們產生了 1.46 億美元的調整後自由現金流。

As expected, during the third quarter, we saw working capital benefits and we expect working capital will be a tailwind again in the 4th quarter.

正如預期的那樣，在第三季度，我們看到了營運資本效益，我們預計營運資本將在第四季再次成為順風。

During the 3rd quarter, we returned $64 million to shareholders, including an $0.08 per share dividend and $34 million for share repurchases.

第三季度，我們向股東返還了 6,400 萬美元，其中包括每股 0.08 美元的股息和 3,400 萬美元的股票回購。

Over the two full years since we closed the next tier merger and Alterra acquisition through September 30, 2025, we have repurchased 44 million Patterson shares in the open market.

自我們完成下一階段合併和 Alterra 收購以來至 2025 年 9 月 30 日的整整兩年內，我們在公開市場上回購了 4,400 萬股 Patterson 股票。

We have reduced our share count by 9% 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.

自那時起，我們的股票數量已減少了 9%。除此之外，我們還將淨債務（包括租賃）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, 3rd quarter revenue was $380 million and adjusted gross profit totaled $134 million.

在我們的鑽井服務部門，第三季營收為 3.8 億美元，調整後毛利總計 1.34 億美元。

In US contract drilling, we totaled 8,737 operating days for an average operating rig count of 95 rigs.

在美國合約鑽井中，我們的總作業天數為 8,737 天，平均作業鑽機數量為 95 台。

Geographically compared to the second quarter, activity was flat outside the Permian Basin with permian activity responsible for the sequential decline in our rig count.

從地理位置來看，與第二季度相比，二疊紀盆地以外的活動持平，二疊紀活動導致我們的鑽機數量連續下降。

For the 4th quarter in drilling services, we expect an average recount to be similar to the 3rd quarter. We expect adjusted gross profit will be down approximately 5% from the 3rd quarter.

對於鑽井服務第四季度，我們預計平均重新統計結果將與第三季度相似。我們預計調整後的毛利將比第三季下降約 5%。

Revenue for the 3rd quarter in our completion services segment totaled $705 million with an adjusted gross profit of $111 million.

我們的完井服務部門第三季的營收總計 7.05 億美元，調整後的毛利為 1.11 億美元。

We saw flat activity on a pump hour basis compared to the second quarter with margins benefiting from improved operating efficiency and some cost reductions that were initiated in the segment during the first half of 2025.

與第二季相比，我們看到泵浦小時數基本持平，利潤率受益於 2025 年上半年該部門營運效率的提高和一些成本的降低。

We saw improved efficiency as several of our larger fleets that saw gaps in the second quarter had more consistent schedules. Additionally, our power solutions natural gas fueling business saw an improvement as natural gas demand in the Permian continues to grow as customers look to take advantage of weak regional natural gas prices by using more of the commodity as fuel.

由於我們的幾艘大型船隊在第二季度出現空檔，因此航班時刻表更加一致，因此我們的效率有所提高。此外，由於客戶希望利用疲軟的區域天然氣價格，使用更多天然氣作為燃料，二疊紀盆地的天然氣需求持續成長，我們的電力解決方案天然氣燃料業務也得到了改善。

Overall, completions revenue was lower on a decline in sales of low margin sand and chemicals products.

整體而言，由於低利潤砂石和化學品產品銷售額下降，完井收入較低。

For the 4th quarter, we expect completion services adjusted gross profit to be approximately $85 million with less seasonality compared to the 4th quarter last year.

對於第四季度，我們預計完井服務調整後的毛利約為 8,500 萬美元，與去年第四季相比，季節性影響較小。

Third quarter drilling products revenue totaled $86 million with an adjusted gross profit of $36 million.

第三季鑽井產品營收總計 8,600 萬美元，調整後毛利為 3,600 萬美元。

Performance was strong in our US and Canadian businesses, while international revenue was impacted by lower activity in Saudi Arabia, which is our largest international market.

我們在美國和加拿大的業務表現強勁，而國際收入則受到我們最大的國際市場沙烏地阿拉伯活動減少的影響。

Margins were affected by higher bit repair expense in July, although they returned closer to historical levels by the end of the quarter.

利潤率受到 7 月鑽頭維修費用增加的影響，但到本季末已恢復到接近歷史水準。

For the 4th quarter, we expect drilling products adjusted gross profit to improve slightly with relatively steady results in the US and Canada and higher revenue and gross profit internationally.

對於第四季度，我們預計鑽井產品調整後的毛利將略有改善，美國和加拿大的業績相對穩定，國際收入和毛利將增加。

As a reminder, roughly 70% of the revenue in our drilling product segment is generated in the US, with around 10% in Canada and 20% international.

提醒一下，我們鑽井產品部門約 70% 的收入來自美國，約 10% 來自加拿大，20% 來自國際。

Other revenue totaled $5 million for the quarter with $2 million in adjusted gross profit.

本季其他收入總計 500 萬美元，調整後毛利為 200 萬美元。

We expect other adjusted gross profit in the 4th quarter to be steady compared to the 3rd quarter.

我們預計第四季其他調整後的毛利將與第三季保持穩定。

Reported selling general administrative expenses in the 3rd quarter were $62 million. For Q4, we expect SG&A expenses will be relatively steady sequentially.

報告第三季銷售一般管理費用為 6,200 萬美元。對於第四季度，我們預期銷售、一般及行政費用將保持相對穩定。

On a consolidated basis for the 3rd quarter, depreciation, depletion, amortization, and impairment expense totaled $226 million and for the 4th quarter, we expected it will be approximately $225 million.

從合併口徑來看，第三季的折舊、耗竭、攤提和減損費用總計 2.26 億美元，而我們預期第四季的折舊、耗竭、攤提和減損費用總計約為 2.25 億美元。

During Q3, total CapEx was $144 million including $47 million in drilling services, $81 million in completion services, $13 million in drilling products, and $3 million in other and corporate.

第三季度，總資本支出為 1.44 億美元，其中包括 4,700 萬美元的鑽井服務、8,100 萬美元的完井服務、1,300 萬美元的鑽井產品以及 300 萬美元的其他和公司支出。

For the 4th quarter, we expect total CapEx of approximately $140 million.

對於第四季度，我們預計總資本支出約為 1.4 億美元。

Our full 2025 CapEx is now expected to be less than $600 million even before considering the benefit of $33 million in asset sales we have realized through the third quarter.

即使不考慮我們在第三季實現的 3,300 萬美元資產出售收益，我們預計 2025 年的全部資本支出將不到 6 億美元。

Our updated capital expenditure budget is lower than previously expected.

我們更新後的資本支出預算低於先前的預期。

We closed Q3 with $187 million in cash on hand, and we did not have anything drawn on our $500 million dollar revolving credit facility, and we did not have any senior note maturities until 2028.

我們在第三季結束時手頭上有 1.87 億美元現金，並且我們的 5 億美元循環信貸額度沒有動用，而且我們在 2028 年之前沒有任何優先票據到期。

Through the first three quarters of 2025, we have returned $162 million to shareholders through dividends and share repurchases.

截至 2025 年前三個季度，我們已透過股利和股票回購向股東返還了 1.62 億美元。

Free cash flow is likely to remain strong in the 4th quarter, which is expected to be our highest free cash flow quarter of the year.

第四季的自由現金流可能仍將保持強勁，預計這將是我們今年自由現金流最高的一個季度。

Our board has approved an $0.08 per share dividend for the fourth quarter of 2025 payable on December 15th to holders of record as of December 1st. I'll now turn it back to Andy Hendricks for closing remarks.

我們的董事會已批准 2025 年第四季每股 0.08 美元的股息，將於 12 月 15 日支付給 12 月 1 日登記在冊的股東。現在請安迪·亨德里克斯作結束語。

Thanks, Andy. I want to close the call with some comments on our company and the industry.

謝謝，安迪。最後，我想就我們公司和產業發表一些評論。

I'm very pleased with our team's execution in the 3rd quarter where we are outperforming our competitors in many areas of our market.

我對我們團隊在第三季的表現非常滿意，我們在市場的許多領域都超越了競爭對手。

As well, we continue to make the necessary cost reductions to align the company with the projected levels of activity and maximize long-term free cash flow.

此外，我們將繼續進行必要的成本削減，以使公司與預計的活動水平保持一致，並最大限度地提高長期自由現金流。

This past year has been one of the most unique years since shale emerged as a major source of oil and gas over a decade ago.

自十多年前頁岩成為主要石油和天然氣來源以來，過去的一年是最特別的一年。

In many ways, the US shale oil field services industry has outperformed each previous cycle. Our margins are holding up far better than what is typical in periods of activity moderation.

從許多方面來看，美國頁岩油田服務業的表現都優於之前的每個週期。我們的利潤率比活動放緩時期的典型水準好得多。

Equipment bifurcation and capital availability is leading to disciplined behavior across our industry, and customer consolidation is leading to a more constructive environment at the high end of the oil field services market relative to the overall market.

設備分叉和資本可用性正在導致整個行業的行為更加規範，而客戶整合正在導致油田服務市場相對於整體市場的高端環境更加積極。

Our 3rd quarter results reflected a stabilization of industry activity as we exited the period, and absent normal seasonality and our completions business, we expect activity to remain relatively steady through year end.

我們的第三季業績反映出，隨著我們退出該時期，行業活動趨於穩定，並且由於沒有正常的季節性因素和我們的完工業務，我們預計到年底活動將保持相對穩定。

We fully recognize and acknowledge that the macro outlook is a driving force in investment decisions. Lower commodity prices have slowed overall activity in the US for the past couple of years.

我們充分認識到並承認宏觀前景是投資決策的驅動力。過去幾年，大宗商品價格下跌導緻美國整體經濟活動放緩。

However, our business has remained resilient, and we are focused on investing in technology, maximizing our long-term free cash flow and, returning cash to shareholders, and we think our strategy will create the most value for Patterson UTI shareholders over the long-term.

然而，我們的業務仍然保持彈性，我們專注於投資技術，最大化我們的長期自由現金流，並向股東返還現金，我們認為我們的策略將在長期內為 Patterson UTI 股東創造最大的價值。

There's much to be proud of with the way our teams are operating, but even as the outlook is stabilized, we are not content to simply wait for a market recovery.

我們團隊的運作方式有很多值得驕傲的地方，但即使前景穩定，我們也不會滿足於只等待市場復甦。

We intend to stay focused on our plan to maximize the value of our unique commercial model and technology offerings across drilling and completion, and we see evidence that customers are becoming increasingly receptive to more integration and performance-based pricing as they too search for ways to improve their own returns. We are just at the beginning of realizing the benefits of that journey for the company.

我們打算繼續專注於我們的計劃，以最大限度地提高我們在鑽井和完井領域獨特的商業模式和技術產品的價值，我們看到的證據表明，客戶越來越容易接受更多的整合和基於績效的定價，因為他們也在尋找提高自身回報的方法。我們才剛開始意識到這趟旅程為公司帶來的好處。

The goal for our business leaders is clear. We need to improve our position in the markets where we operate. We are confident that our teams are focused and up to the challenge, and we look forward to proving that out over the next year.

我們的企業領導者的目標是明確的。我們需要提高我們在經營市場中的地位。我們相信我們的團隊能夠集中精力並迎接挑戰，我們期待在明年證明這一點。

As we start to prepare for 2026, what we see right now is another year of strong free cash flow. Our balance sheet is in great shape. Our liquidity is strong, and we are operating with an extreme degree of capital flexibility.

當我們開始為 2026 年做準備時，我們現在看到的是另一年強勁的自由現金流。我們的資產負債表狀況良好。我們的流動性很強，我們的營運具有極強的資本彈性。

Our focus on capital allocation should allow us plenty of opportunities to use our free cash flow to maximize the long-term value for our shareholders, including through a potential acceleration of our share repurchase program.

我們對資本配置的關注應該使我們有足夠的機會利用我們的自由現金流來最大化股東的長期價值，包括透過潛在加速我們的股票回購計畫。

We are pleased with the quality of our operations, and we are confident that we can make our business even better.

我們對我們的營運品質感到滿意，並且我們有信心讓我們的業務變得更好。

With that, I'd like to hand the call back to Rebecca and open up for Q&A.

說完這些，我想把電話交還給麗貝卡，開始問答環節。

At this time, I would like to remind everyone, in order to ask a question, press star, then the number one on your telephone keypad. We'll pause for just a moment to compile the Q&A roster.

此時，我想提醒大家，要提問，請按電話鍵盤上的星號，然後按數字 1。我們將暫停片刻來整理問答名單。

Your first question comes from the line of Aaron Jaaram with JP Morgan.

您的第一個問題來自摩根大通的 Aaron Jaaram。

Good morning team.

大家早安。

Andy, I wanted to talk a little bit about completion services.

安迪，我想談談完成服務。

One of the narratives we've heard from your peers is pricing trends continue to moderate even at the higher end of the market yet you highlighted how your your trends on a horsepower basis were relatively flat. I was wondering if you could maybe elaborate on what you think is maybe driving that differential performance there.

我們從您的同行那裡聽到的一個說法是，即使在高端市場，定價趨勢也繼續趨於緩和，但您強調了以馬力為基礎的趨勢相對平穩。我想知道您是否可以詳細說明您認為是什麼導致了這種差異化的表現。

Listen, I think our teams are just doing a great job out there and executing in the field. Some of the really high-end work that we've done with large simul fras and trimal fracs, we're burning significant amounts of natural gas. We're delivering that natural gas to location. We're maximizing, displacement of diesel in some cases or on full electric jobs or, full emerald jobs, providing significant amounts of natural gas and fuel savings. And everything that we have that can burn natural gas is out and working, and so we don't feel a lot of pressure to, reduce pricing from where we're at now, we, as the industry discussed there's been some big tenders over the last few months. Some of those are still in process, but I think overall, the industry is showing a lot of discipline from where we are right now as well.

聽著，我認為我們的團隊在實地工作和執行方面做得很好。我們在大型同步壓裂和三重壓裂中完成的一些真正高端的工作中，燃燒了大量的天然氣。我們正在將天然氣輸送到指定地點。在某些情況下，或在全電動作業或全綠色作業中，我們正在最大限度地減少柴油的排放量，從而節省大量的天然氣和燃料。我們擁有的所有可以燃燒天然氣的設備都已投入使用，因此我們並沒有感受到很大的壓力，需要降低目前的價格，正如業內所討論的那樣，過去幾個月我們已經進行了一些大型招標。其中一些仍在進行中，但我認為總體而言，從目前的狀況來看，該行業也表現出了很強的紀律性。

Great, and maybe, Andy, you could talk a little bit about your fleet renewal programs as we think about kind of 2026 you highlighted how you expect CapEx to be down at a corporal level, but talk to us about, planned investments and completion services, sounds like you're pretty. Excited about the direct drive pumps and that. So how should we think about fleet fleet replacement for for P10 on a on a go forward basis.

太好了，安迪，也許你可以談談你的車隊更新計劃，因為我們想到了 2026 年，你強調了你預計資本支出將在公司層面下降，但請和我們談談計劃中的投資和完工服務，聽起來你很漂亮。對直接驅動泵和它感到興奮。那麼，我們該如何考慮未來 P10 的車隊替換問題呢？

Yeah, the 100% natural gas director of Emerald Systems that we've just taken delivery of this quarter and just deploying. We're excited about what we believe is a better use of capital, a better allocation of capital, and trying to provide 100% natural gas services out in the field.

是的，Emerald Systems 的 100% 天然氣主管我們本季剛接手並開始部署。我們很高興能夠更好地利用資本、更好地配置資本，並嘗試在現場提供 100% 的天然氣服務。

And so we're excited to have, a number of those out working this quarter, after shaking that technology down for the last two years. When it comes to 2026, we certainly haven't finalized the budget yet, but what you've seen us do over the last several years is invest at the high end without investing at the low end and just letting the lower end of the equipment just move away from attrition, we've reduced. The overall horsepower we've had over the last year from 3.3 million at a peak down to 2.8 million just by letting that lower tier equipment go away. And so I think you know there's a chance we'll make some similar decisions next year. We haven't finalized that yet, but we're not investing at the low end, and I think that helps keep the market tight. And if we see more demand next year for more of the 100% natural gas equipment, we'll continue to invest because we're getting good returns on that technology.

因此，我們很高興看到，在過去兩年對該技術進行不斷改進之後，本季有許多人開始工作。說到 2026 年，我們當然還沒有最終確定預算，但正如您所見，我們在過去幾年所做的就是在高端進行投資，而不在低端進行投資，而只是讓低端設備遠離損耗，我們已經減少了。去年，我們僅透過淘汰低端設備，就將總馬力從高峰的 330 萬降至 280 萬。所以我想你知道我們明年有可能會做出一些類似的決定。我們還沒有最終確定，但我們不會在低端進行投資，我認為這有助於保持市場緊張。如果明年我們看到對 100% 天然氣設備的需求增加，我們將繼續投資，因為我們從該技術中獲得了良好的回報。

Great thanks a lot.

非常好，非常感謝。

Your next question comes from the line of Scott Gruber with Citigroup.

您的下一個問題來自花旗集團的斯科特·格魯伯。

Yes, good morning.

是的，早安。

Good morning.

早安.

Morning. So power is a hot topic, and Patterson has expertise in running microgrids for drilling.

早晨。因此，電力是一個熱門話題，而帕特森在運行鑽井微電網方面擁有專業知識。

So Andy, if we see the data center market pull more megawatts for on-site generation, do you think that opens an opportunity for Patterson then to the power market within the oil field? How are you viewing that opportunity today?

那麼安迪，如果我們看到資料中心市場為現場發電吸引更多的兆瓦電力，您是否認為這會為帕特森進入油田電力市場帶來機會？您今天如何看待這個機會？

We have significant technical expertise and power. We have our electrical engineering division that can engineer and manufacture microgrids on any given day right now we're producing around 500 megawatts of power across drilling and completions. We operate generators, from 1.1 megawatt resips all the way up to 35 megawatt turbines, and so we have a lot of technical expertise.

我們擁有豐富的技術專長和實力。我們擁有自己的電氣工程部門，可以在任何一天設計和製造微型電網，目前我們透過鑽井和完井生產約 500 兆瓦的電力。我們操作的發電機從 1.1 兆瓦的 resip 一直到 35 兆瓦的渦輪機，因此我們擁有大量的技術專長。

But when we look at, some of the opportunities as you get into the larger power structures that AI and data centers are demanding, you're at the 200 megawatt plus, and some they're up to a gigawatt of power. That's not a mobile power solution that starts to look more like an EPC contract where you've got a lot of big construction going on. So we, we're focused on what we can do and where we can bring value. We've discussed with some of our customers and still do from time to time to provide power for them in their own operations and production. And if we think that there's, a reasonable market there, then we'll provide power for them. But we're very focused on delivering free cash flow. We don't want to spend a lot of capital on on, things that we don't think are going to bring immediate value for shareholders right now.

但是，當我們觀察人工智慧和資料中心所要求的更大的電力結構時，我們發現其中一些機會的電力功率超過 200 兆瓦，有些甚至高達千兆瓦。這不是一個行動電源解決方案，它看起來更像是一個涉及大量大型建設的 EPC 合約。因此，我們專注於我們能做什麼以及我們能在哪裡帶來價值。我們已經與一些客戶進行了討論，並且仍然不時地為他們自己的營運和生產提供電力。如果我們認為那裡有合理的市場，那麼我們就會為他們提供電力。但我們非常注重實現自由現金流。我們不想在那些我們認為不會立即為股東帶來價值的事情上投入大量資金。

So the oil field production power opportunity for Patterson is still a kind of TBD. Is that the right way to frame it?

因此，帕特森的油田生產動力機會仍是一種有待確定的情況。這是正確的構圖方式嗎？

I would say we have discussions with our customers. These are customers that we're close to, but you know there's a number of companies that provide power for them already and have historically, so it's still a competitive market. If we think we can get a good return doing it, we'll do it.

我想說我們已經與客戶進行了討論。這些都是我們關係密切的客戶，但您知道，有許多公司已經為他們提供電力，而且歷史上也一直如此，所以這仍然是一個競爭激烈的市場。如果我們認為做某件事可以獲得良好的回報，我們就會去做。

Okay, and then I wanted to ask a question on the completion side. I know you guys have made some real strides in developing frac optimization software. Can you provide some more color on this, expanding opportunity, sorry, expanding offering, how many fleets are deploying optimization software today, and is this contributing, to the improvement in segment performance despite the the macro headwinds?

好的，然後我想問一個關於完成方面的問題。我知道你們在開發壓裂優化軟體方面取得了一些真正的進展。您能否對此提供更多細節，擴大機會，抱歉，擴大產品範圍，目前有多少車隊正在部署優化軟體，這是否有助於在宏觀逆風的情況下提高細分市場的表現？

Yeah, so we're excited about what the team has done in terms of digital on the completion side. So they rolled out the EOS platform, and that's an evolving platform that constitutes a large number of products both at the digital center here in Houston, but also in the field. And one of those products is Vertex Automation for the frac operations. And so we've already rolled that out in the field and we continue to deploy it.

是的，我們對團隊在數位化完成方面所做的工作感到非常興奮。因此他們推出了 EOS 平台，這是一個不斷發展的平台，不僅在休士頓的數位中心，而且在現場都包含大量產品。其中一款產品是用於壓裂作業的 Vertex Automation。因此，我們已經在現場推出了這項技術，並將繼續部署它。

And it's going to be on all fleets by the end of this year. And when we say all fleets, our automation can work on our Emerald electric, emerald 100% natural gas direct drive. It can work on our tier 4 dual fuel, so we're not limited as to where we deploy the automation. And as we discussed with a lot of you, sometimes we're running blended operations with tier 4 dual fuel and electric or 100% natural gas direct drive combined. And so, our automation. Control software allows us to be able to work across all those platforms and combined situations as well. We have a number of customers that that's what they want to do. And so we don't have any limitations on the type of equipment we're deploying automation on. I'm really excited about what that's going to do for us, it's certainly a product we'll be able to charge for, as I. And earlier, there's a number of products coming out of the platform that we believe we can monetize, and this is one of them, it's going to, probably provide some improvements to overall reliability of equipment. It's going to help us differentiate on how we deploy fracs in the well and excited about what we can do with it.

到今年年底，所有艦隊都將配備該設備。當我們說所有車隊時，我們的自動化可以在我們的 Emerald 電動、Emerald 100% 天然氣直接驅動上工作。它可以在我們的 4 級雙燃料上工作，因此我們在部署自動化方面不受限制。正如我們與許多人討論的那樣，有時我們會採用 4 級雙燃料和電力或 100% 天然氣直接驅動相結合的混合運營。這就是我們的自動化。控制軟體使我們能夠在所有這些平台和組合情況下開展工作。我們有很多客戶都希望這樣做。因此，我們對部署自動化的設備類型沒有任何限制。我真的很高興它能為我們帶來什麼，這肯定是一個我們可以收費的產品，正如我所說。先前，我們相信該平台已經推出了許多可以獲利的產品，而這是其中之一，它可能會提高設備的整體可靠性。它將幫助我們區分如何在井中部署壓裂技術，並對我們能用它做什麼感到興奮。

Great, I appreciate the color, Andy.

太好了，我很欣賞這個顏色，安迪。

Thank you.

謝謝。

Your next question comes from the line of Saurabh Pant with Bank of America.

您的下一個問題來自美國銀行的 Saurabh Pant。

Hi, good morning.

嗨，早安。

Andy and Andy. How are you?

安迪和安迪。你好嗎？

Good.

好的。

Good, Andy, maybe I'll start with a bigger picture question, right? You talked about macro uncertainty. Things seem to have stabilized a little bit we'll see where they go from your end, but as you talk to the customers, Andy, right, be on the drilling side on the completion side, how do, how does that uncertainty manifest? I'm just thinking on the drilling side, do they want shorter term contracts to give them more flexibility on the on the completion side, maybe just more frequent. Pricing reopeners as an example, right? How are these discussions going, just given the uncertainty in the environment.

很好，安迪，也許我應該從一個更大的問題開始，對嗎？您談到了宏觀不確定性。事情似乎已經穩定了一點，我們會看看從你的角度來看他們會走向何方，但是當你與客戶交談時，安迪，在鑽井方面，在完井方面，這種不確定性是如何表現出來的？我只是在考慮鑽井方面，他們是否希望簽訂短期合同，以便在完井方面給予他們更多的靈活性，也許只是更頻繁。以重新開放者的定價為例，對嗎？考慮到環境的不確定性，這些討論進展如何？

So yeah, as we mentioned, activity is stabilized where we're at right now. The rig count for us has come down this year, and but the pricing has held up pretty well. There is some pressure. It's a competitive market, but we're still in, the low 30s on average. And so if you compare that to what has happened in previous cycles of moderation, we're certainly in a better position today than we have been in the past as an industry. The industry is showing good discipline overall.

是的，正如我們所提到的，我們目前的活動已經穩定下來。今年我們的鑽機數量有所下降，但價格維持得相當好。有幾個壓力。這是一個競爭激烈的市場，但我們的平均利潤率仍處於 30% 出頭。因此，如果將其與前幾次緩和週期中發生的情況進行比較，我們今天的行業狀況肯定比過去要好。整個行業表現出良好的紀律。

In terms of what our customers are saying, our customers are trying to keep their production up, and the wells that we're drilling while they're becoming more efficient are also becoming more challenging. Both on the drilling side and the production side, we're drilling deeper wells, we're drilling longer laterals, and our customers are dealing, in the Permian with wells that, have a higher gas ratio. And so, all those things combined to where, our customers are trying to, keep up the production. And even though we're in a softer, commodity environment right now, they're trying to keep their production up for their shareholders, and I think that you're going to see continuing intensity for what we do grow, and we're getting requests to add more technology to be able to meet the needs.

就我們的客戶所說的而言，我們的客戶正在努力保持產量，而我們在提高效率的同時鑽探的油井也變得更具挑戰性。無論是在鑽井方面還是在生產方面，我們都在鑽探更深的井，鑽探更長的水平井，我們的客戶在二疊紀地區處理的是含氣量更高的井。因此，所有這些因素結合在一起，我們的客戶正在努力保持生產。儘管我們目前處於較為疲軟的大宗商品環境中，但他們仍在努力為股東保持產量，我認為你會看到我們的成長勢頭持續強勁，我們也收到了增加更多技術以滿足需求的要求。

Right, no, that makes sense. That makes sense, and I agree, by the way with your views on the activity levels they seem like they're right at or below maintenance level, right? So if you want to keep up your production, you're going to keep up your activities. Okay, makes sense. And then a quick follow-up maybe Andy Andy Smith for you on the 2026 shareholder return side. I know you'll give the framework over time, right? But, at this stage, how should we think about, share repurchases? It's good to see you set that up a little bit this quarter versus last quarter, but this just maybe refreshes on the framework as you think about 2026.

對，不，這很有道理。這很有道理，我同意，順便說一下，根據您對活動水平的看法，它們似乎正好處於或低於維護水平，對嗎？因此，如果你想保持生產力，你就必須繼續你的活動。好的，有道理。然後，也許安迪安迪史密斯 (Andy Andy Smith) 會就 2026 年股東回報方面向您進行快速跟進。我知道你會隨著時間的推移給出框架，對嗎？但是，現階段，我們該如何看待股票回購？很高興看到您本季度與上一季相比有所改進，但當您考慮 2026 年時，這可能只是對框架進行了刷新。

Yeah, I mean, look, it's a little early to be talking about 2026 and what our plans are. We're just on the beginning of our budget cycle and as we go through that, we'll finalize and, we'll get more color around that going forward, you know.

是的，我的意思是，現在談論 2026 年以及我們的計劃還為時過早。我們的預算週期才剛開始，隨著預算週期的推進，我們最終將確定預算，並在未來獲得更多細節。

Again, we've kind of given you the backdrop of the market we're very focused internally again on our performance and and making sure that we can be as efficient as we can be and that's really where our focus is today and we haven't really, focused yet on kind of what our buyback program might look like next year.

再次，我們已經向您介紹了市場背景，我們內部非常關注我們的業績，並確保我們能夠盡可能高效，這確實是我們今天的重點，我們還沒有真正關註明年我們的回購計劃會是什麼樣子。

Okay, so we'll Stay tuned for that, Andy. Okay, got it. Andy, thank you.

好的，我們會繼續關注，安迪。好的，明白了。安迪，謝謝你。

Your next question comes from the line of Atidrip Modak with Goldman Sachs.

您的下一個問題來自高盛的阿蒂德利普·莫達克 (Atidrip Modak)。

Hey, good morning guys. And you talked about the production impact of the activity changes, but I'm wondering if you've seen anything in the cycle times or efficiencies across the value chain that could potentially impact the response expectation you laid out.

嘿，大家早安。您談到了活動變化對生產的影響，但我想知道您是否看到整個價值鏈的週期時間或效率有任何可能影響您所提出的響應預期的因素。

Well, I think that what we're seeing where activity is right now, it has the potential to, negatively impact US production a little bit and just voicing that you know oil were to stay in the upper 50s for a little while, that'd probably bring US production down further. And if you're going to bring US production down further next year, well, the next reaction is you're going to have a commodity price reaction and I think there'd be nervousness in the market. So I think it'd be self adjusting and self correcting. So when I think about the long-term, I think we're in really good shape from a fundamental standpoint. We may have some, changes in commodity prices over the near term that may affect some activity levels, but over the long-term, I think the fundamentals are still good. We're still seeing long-term demand for oil growth over a multi-year period, and the US has to be part of that production as well. It has to be part of that equation. The discussion for OpEx plus to bring on physical barrels, they haven't really brought as much in terms of physical barrels as has been discussed, and I think, that's baked into what we're seeing too. So I think there's still a balance that we have right now between supply and demand. So, and we see that with some of some of the decisions that our customers are making too and like I mentioned before, we have customers that are trying to maintain production for their shareholders but also balance, capital spending in a little bit lower commodity environment, but we're staying relatively steady in our activity levels as a result of that, we have customers that are wanting to deploy more technology. They're willing to pay us for it. And to help them with their efficiencies in, how they drill wells and how they complete wells in order to maintain their production.

嗯，我認為，就我們目前所看到的活動而言，它有可能對美國產量產生一點負面影響，而且，如果油價在 50 多美元的水平上停留一段時間，美國的產量可能會進一步下降。如果明年美國產量進一步下降，那麼接下來的反應就是商品價格將會出現反應，我認為市場會出現緊張情緒。所以我認為它可以自我調整和自我修正。因此，當我考慮長期時，我認為從根本上來說我們的狀況非常好。短期內大宗商品價格可能會發生一些變化，從而影響一些活動水平，但從長遠來看，我認為基本面仍然良好。我們仍然看到多年來對石油的長期需求成長，美國也必須成為這項生產的一部分。它必須是這個等式的一部分。關於 OpEx plus 引入實體桶的討論，他們實際上並沒有像討論的那樣帶來那麼多實體桶，而且我認為，這也已經融入到我們所看到的情況中。所以我認為目前的供需之間仍然保持平衡。因此，我們看到客戶也在做出一些決定，就像我之前提到的那樣，我們的客戶試圖為股東維持生產，但也要平衡在商品價格略低的環境下的資本支出，但我們的活動水平保持相對穩定，因此，我們的客戶希望部署更多的技術。他們願意為此付錢給我們。並幫助他們提高鑽井和完井的效率，以維持產量。

Got It. So for 26, when you are guiding to steady activity levels but also highlighting that gas could drive some, is that, should we think about that as gas potentially driving upside to that steady expectation or is that offsetting some softness in oil?

知道了。因此，對於 26，當您引導穩定的活動水平，同時也強調天然氣可能會推動一些活動水平時，我們是否應該認為天然氣可能會推動穩定預期的上升，還是會抵消石油的一些疲軟？

I think there's an upside in gas activity next year. I don't think it's right away in the first quarter. I think that as we see more physical demand from LNG next year. That we've already been doing a lot of frac work in areas like the Hainesville, and there is, there are wells that have gas, behind the valves right now and ready to go. And so I think they're going to address the immediate physical needs in early 206, but eventually it's going to drive activity later in the year and I think that's upside for us, even if oil's holding steady next year.

我認為明年天然氣活動將會有所改善。我認為第一季不會馬上實現。我認為明年液化天然氣的實體需求將會增加。我們已經在海恩斯維爾等地區進行了大量壓裂工作，那裡有一些氣井，閥門已經打開，隨時可以開採。因此，我認為他們將在 206 年初解決迫切的物質需求，但最終這將推動今年稍後的活動，我認為這對我們來說是有利的，即使明年石油價格保持穩定。

Got it, appreciate it.

明白了，感激不盡。

Thank you.

謝謝。

Your next question comes from the line of Stephen Gengaro with a stifle.

您的下一個問題來自 Stephen Gengaro。

Thanks. Good morning, everybody. .

謝謝。大家早安。。

Two questions for me, maybe I'll I'll start with.

我有兩個問題，也許我會從這兩個問題開始。

When we think about sort of RFP seasons and thinking about what Es may or may not do next year, how are you guys thinking about pricing in the completion market next year as I'm just sort of thinking about what what margins may look like on a year over year basis, any color you can you can provide around that?

當我們考慮 RFP 季節並考慮 Es 明年可能會做什麼或不會做什麼時，你們如何考慮明年完成市場的定價，因為我只是在考慮利潤率在逐年基礎上會是什麼樣子，您能提供任何關於這方面的詳細信息嗎？

I think that what you'll see is that most of us have already gone through a lot of the tender that we're having to go through right now and so you know what we're saying we're, for projections in the 4th quarter have kind of already locked in some of that pricing. And there could be a little bit of movement in next year, but as I said, everything that we have that can burn natural gas today is sold out, and there's still demand for equipment that can burn natural gas because our customers are getting a good fuel savings out of that. So, I don't see pricing as a huge headwind. Are things still competitive? Sure, and if there's any white space in the calendar, which we all know happens from time to time, and we have to fill some dedicated work with some short-term spot work. Maybe we take a little bit lower price to do that in the Midland Basin or something like that, but overall, I don't see like a huge headwind on the pricing because I think that the work is relatively steady outside of, 4th quarter holiday slowdown.

我想你會看到，我們大多數人已經經歷了我們現在必須經歷的許多招標，所以你知道我們所說的，對於第四季度的預測，我們已經鎖定了部分價格。明年可能會有一些變化，但正如我所說，我們今天可以燃燒天然氣的所有設備都已售罄，但對可以燃燒天然氣的設備仍然有需求，因為我們的客戶從中獲得了可觀的燃料節省。所以，我並不認為定價是個巨大的阻力。競爭還激烈嗎？當然，如果日曆上有空白，我們都知道這種情況時有發生，我們必須用一些短期的現場工作來填補一些專門的工作。也許我們會在米德蘭盆地或類似地區採取稍微低一點的價格來做這件事，但總的來說，我認為定價不會面臨巨大的阻力，因為我認為除了第四季度假期放緩之外，工作相對穩定。

Great, thank you. And the other question just sort of ties into the capital allocation strategy.

太好了，謝謝。另一個問題與資本配置策略有關。

How do you think about, you obviously have a view on the market. Things seem to be stabilizing, but how do you think about capital returns versus balance sheet strength?

您怎麼看，您顯然對市場有自己的看法。情況似乎正在穩定下來，但您如何看待資本回報與資產負債表實力？

And what sort of signs do you look for to give you confidence in accelerating or continuing to return capital in a market that has kind of disappointed us for 6 or 7 straight quarters?

在連續 6 或 7 個季度令我們失望的市場中，您會尋找什麼樣的跡象讓您有信心加速或繼續回報資本？

Yeah, Steven, this is Andy Smith. So as we look at it.

是的，史蒂文，這是安迪史密斯。所以當我們看它的時候。

Again, our You, making sure that we have the equipment, in both in all three of our major lines of business.

再次，我們確保我們在所有三個主要業務線中都擁有設備。

That is top of the market is probably the most important thing that we think about when we're thinking about capital and then it really becomes, what is the cadence of adding that equipment, what is the cadence of making sure that we're right size for the op opportunity set that's out there, what are we looking at? Beyond that in terms of, our balance sheet leverage, I don't think that we have any issues right now with leverage, to be H1st. I'm very comfortable with where we are and so that hasn't been as much of a focus, but then we look at the return to shareholders and, whether or not we want to overstep kind of our 50% commitment to our shareholder base. So that's kind of the order of operations.

當我們考慮資本時，市場頂部可能是我們考慮的最重要的事情，然後它實際上變成了，添加設備的節奏是什麼，確保我們適合現有的營運機會集的節奏是什麼，我們在關注什麼？除此之外，就我們的資產負債表槓桿率而言，我認為我們現在沒有任何槓桿問題，首先是 H1st。我對我們現在的狀況非常滿意，因此這並不是我們關注的重點，但我們會考慮股東的回報，以及我們是否想超越對股東基礎 50% 的承諾。這就是操作的順序。

We will continue to high grade our fleet. I mean, look, there are technology changes in all of our businesses over time. They won't be super lumpy. I don't think they'll be pretty, I think they'll be sort of, pretty consistent over time, but we will continue to make sure that we're, providing the best equipment and the best services out there because, again we've had a lot of questions about pricing on this call and pricing is going to follow performance and you know we started the we started the call today with.

我們將繼續提高我們的船隊水平。我的意思是，隨著時間的推移，我們所有業務的技術都在改變。它們不會變得非常粗糙。我不認為它們會很漂亮，我認為它們會隨著時間的推移而保持一致，但我們將繼續確保提供最好的設備和最好的服務，因為，我們再次收到了很多關於這次電話會議定價的問題，而定價將遵循性能，你知道我們今天開始了電話會議。

A point that we're focusing on the things that we can focus on.

我們正在集中精力於我們可以集中精力的事情。

And really that's performance. And if we perform well in the field and we did very well, we have this quarter and we have for the past several quarters, and I think we will continue to, then pricing won't be quite the issue that it is if we were just thinking about this as a commoditized, equipment business, so. I really think that, we don't have concerns around our balance sheet if that's part of your question. I'm not concerned with where the leverage is from a capital allocation standpoint, and I think within our free cash flow we have lots of opportunities to make sure that we're still providing the best services and the best equipment to our customers that we can.

這確實就是表演。如果我們在該領域表現良好，並且做得很好，那麼我們這個季度和過去幾個季度都表現良好，我認為我們會繼續保持這種狀態，那麼定價就不會像我們將其視為商品化的設備業務那樣成為問題。我確實認為，如果這是您問題的一部分，我們並不擔心我們的資產負債表。從資本配置的角度來看，我並不關心槓桿在哪裡，我認為在我們的自由現金流中，我們有很多機會確保我們仍然能夠為客戶提供最好的服務和最好的設備。

That you know we've committed to give back 50% of our free cash flow to shareholders, and we're on track right now to where it's almost 60% for the year.

你知道，我們承諾將 50% 的自由現金流返還給股東，目前我們正朝著今年近 60% 的目標前進。

And when we look at these capital allocation decisions, as Andy mentioned, we have opportunities for new technology, and we'll look at each of those on a project by project basis and in some cases it makes more sense for us to invest in these new technologies and drilling and completions versus buying back the shares, but we're certainly committed to at least 50% to shareholders, and we're running ahead of that right now No, thank you for all the color. It's.

當我們審視這些資本配置決策時，正如安迪所提到的，我們有機會採用新技術，我們會根據每個項目逐一審視這些機會，在某些情況下，投資這些新技術、鑽井和完井比回購股票更有意義，但我們肯定致力於將至少 50% 的股份分配給股東，我們現在正領先於這個目標。不，謝謝你的所有顏色。它是。

Very helpful. Thanks.

非常有幫助。謝謝。

Your next question comes from the line of Derek Todd Haver with Piper Sandler.

您的下一個問題來自 Piper Sandler 的 Derek Todd Haver。

Hey, good morning, Andy. I just wanted to go back to Scott's question. I fully appreciate your views and discipline around power and what you can bring to the table currently, but just maybe can we have an ecocell update? I know typically that's replacing a diesel generator on the rig with the battery, but just given the outlook for this type of technology, are there potential opportunities outside of oil and gas for ecocell and within your subsidiary of current power?

嘿，早安，安迪。我只是想回到斯科特的問題。我非常欣賞您對權力的看法和紀律以及您目前可以提供的幫助，但也許我們可以更新 ecocell 嗎？我知道這通常是用電池取代鑽機上的柴油發電機，但考慮到這種技術的前景，除了石​​油和天然氣之外，ecocell 和您目前的電力子公司還有哪些潛在機會？

Hey, thanks. Good morning, Derek. So I think there could be, and we've had some of those discussions. I think for us though, the way you could sell is packaged. It's designed for hazardous environment operations and drilling. It could fit in a production environment, you don't need all those qualifications just to put it next to a data center or an industrial application. We're certainly open and our teams continue to explore those possibilities. Again, when you get into that space of EPC construction and you're over 200 megawatts and approaching a gigawatt of power, you're competing with a lot of different companies out there and sometimes, when it's an EPC project like that that's big, the winner is essentially the lowest bidder, and that doesn't necessarily bring value for us. And so we're going to focus on things that we think can produce strong free cash flow.

嘿，謝謝。早上好，德瑞克。所以我認為有可能，而且我們已經進行了一些這樣的討論。我認為對我們來說，銷售的方式就是包裝。它是為危險環境作業和鑽探而設計。它可以適用於生產環境，您不需要所有這些資格，只需將其放置在資料中心或工業應用旁邊即可。我們當然持開放態度，我們的團隊將繼續探索這些可能性。再說一次，當你進入 EPC 建設領域，你的發電量超過 200 兆瓦並接近 1 千兆瓦時，你要與許多不同的公司競爭，有時，當它是一個像這樣的大型 EPC 項目時，獲勝者基本上是出價最低的人，這並不一定會給我們帶來價值。因此，我們將專注於我們認為可以產生強勁自由現金流的事情。

You know very helpful designed for as well as a variable load because you know a drilling rig surges as you engage the draw works or you engage the pumps in ways that industrial applications don't see and so we've written custom software to manage that. So you know it's it's just a little bit of a different configuration and set up versus what you do for industrial applications.

您知道，這種設計對於可變負載非常有用，因為您知道，當您啟動絞車或啟動泵時，鑽機會發生激增，而這是工業應用所無法看到的，因此我們編寫了定制軟體來管理它。所以你知道，這與工業應用相比，配置和設定略有不同。

Got it, no, that, that's very helpful. Wanted to ask a question around drilling. So you talked about Permian being a soft spot here, but obviously pockets of strength specifically in the gas basin. So just think about the recount. It's up a little bit from where you are. You're going to be steady, but think about the upside to recount next year, whether that's gas or even the Permian recovering.

明白了，不，那，那非常有幫助。想問一個有關鑽井的問題。所以您說二疊紀是這裡的薄弱環節，但顯然在天然氣盆地中存在優勢。所以只需考慮重新計票即可。它比你現在的位置稍微高一點。你會保持穩定，但想想明年的上漲空間，無論是天然氣還是二疊紀的復甦。

How should we think about the the required OpEx or CapEx invested back into these rigs that have been sidelined and just thinking about what that could mean for, the future margin expansion once we roll through all this contractor and all this pricing and then you're actually having to reinvest back into these rigs that have been sidelined for quite some time now just maybe some updated thoughts how we should think about that with your recount today.

我們應該如何考慮將所需的營運支出或資本支出重新投資到這些被擱置的鑽機上，想想這對未來的利潤擴張意味著什麼，一旦我們完成所有這些承包商和所有這些定價，然後你實際上必須重新投資到這些已經被擱置了相當長一段時間的鑽機上，也許一些更新的想法，我們應該如何根據你今天的重新計算來考慮這個問題。

Yeah, and we haven't done any of that math recently, but I can tell you historically, when we reactivated a rig, it's been, several million dollars to get a rig reactivated from a capital standpoint. And so you know we would take that into account in any agreement that we're working out, but the other is that, as we have some of these discussions with EMPs for what they're going to need over the next couple of years, they're also wanting more technology on the rig, more capacity on the rig, longer laterals, deeper Haynesville gas, things like that. And so that that's going to drive some larger conversations, but it's also going to drive larger day rates. And so you know we will look at them on a project by project basis like we always do when we restart a rig and if we're adding more technology than we normally would or we're doing structural upgrades, then you know we'll get paid for that at a high return as well.

是的，我們最近沒有做過任何計算，但我可以告訴你，從歷史上看，當我們重新啟動一個鑽井平台時，從資本角度來看，重新啟動一個鑽井平台需要花費數百萬美元。因此，您知道，我們會在製定的任何協議中考慮到這一點，但另一方面，當我們與 EMP 討論他們未來幾年的需求時，他們還希望在鑽井平台上採用更多技術、提高鑽井平台的容量、增加水平井長度、在 Haynesville 更深的油氣藏中開採天然氣，諸如此類。這不僅會引發更廣泛的討論，還會推高日薪。所以你知道，我們會根據每個項目來審查它們，就像我們重新啟動鑽機時總是做的那樣，如果我們添加了比平常更多的技術，或者我們正在進行結構升級，那麼你知道我們也會獲得高回報。

Got it. Very helpful Andy.

知道了。安迪非常有幫助。

Thank you. I'll turn it back.

謝謝。我會把它轉回去。

Thanks.

謝謝。

Your next question comes from the line of Keith Mackey with RBC.

您的下一個問題來自 RBC 的 Keith Mackey。

Hi, good morning. I just wanted to start out first on the drilling services guide for Q4. I talk about a 5% decline in just a gross profit though on steady activity levels. So can you maybe just give us a little bit more color in terms of the drivers of that 5% decline? Is it more seasonal or is there a continued kind of lowering in average pricing on the rigs or something like that?

嗨，早安。我只是想先介紹一下第四季的鑽井服務指南。我所說的只是毛利下降了 5%，儘管活動水準穩定。那麼，您能否向我們詳細介紹一下導致 5% 下降的原因？這是季節性因素嗎？還是鑽孔機平均價格持續下降，或類似情況？

There's a little bit of decline in the pricing in general, it's relatively steady in terms of activity from where we are today, but we have seen, a decline in the overall industry recount and our recount since the beginning of the year, so a little bit of a softening in the market that we're dealing with, but my expectation is going forward after Q4 outside of, some seasonal things that we have in Q1 it'd be relatively steady.

總體而言，價格略有下降，從目前的活動情況來看，價格相對穩定，但我們看到，自今年年初以來，整個行業重新計價和我們的重新計價都在下降，因此，我們所面臨的市場略有疲軟，但我預計，除了第一季的一些季節性因素外，第四季度之後市場將相對穩定。

Got it. Okay, thanks for that. And Andy, just wanted to follow-up on on the last question about the rig technology and the incremental capacity that EPS are looking for.

知道了。好的，謝謝。安迪，我只是想繼續回答最後一個問題，關於鑽機技術和 EPS 所尋求的增量容量。

Can you give us a few examples of the types of things that your customers are asking you for as they look to drill longer wells in various areas across the US?

您能否給我們舉幾個例子，說明您的客戶在美國各地鑽探更長的井時向您提出哪些要求？

Yeah, we could talk about a few of those points. So, first, the easy one is structural. So as we drill deeper wells in the western Hainesville with the laterals that they're drilling, the casing loads are getting bigger, so the structural capacity is moving up from, say, what we've had over the last decade, which has been a 750,000 pound rig in general for the industry, up to a million pounds, and so we're seeing those requests for the structural upgrades, but We have EMPs that are wanting that as well for the Delaware where we're drilling, deeper and longer laterals, and they're using more drill pipe and they want to stay efficient, not have to lay down the drill pipe, so they want that structural capacity to be able to rack back more pipe just for those efficiencies in the Delaware. So it's a combination of the two and for those different plays, but it's a similar rig style and similar engineering engineering that we have to do for that as well.

是的，我們可以討論其中的幾點。因此，首先，簡單的是結構性的。因此，當我們在海恩斯維爾西部鑽探更深的井時，他們正在鑽探的水平井的套管負荷越來越大，因此結構容量正在上升，從過去十年的水平（一般為 750,000 磅，對於該行業來說，鑽機的重量最高可達 100 萬磅），因此我們看到了這些對結構升級的要求，但我們的 EMP也希望在我們正在鑽探的特拉華州進行同樣的升級，鑽探更深更長的水平井，他們正在使用更多的鑽桿，他們希望保持效率，而不必放下鑽桿，因此他們希望結構容量能夠收回更多的管道，以提高特拉華州的效率。因此，這是兩者的結合，適用於不同的情況，但我們必須採用類似的鑽孔機風格和類似的工程。

The other piece is automation. I'm really excited about what's happening in the areas of automation and what our teams are doing with artificial intelligence.

另一部分是自動化。我對自動化領域正在發生的事情以及我們的團隊在人工智慧方面所做的事情感到非常興奮。

I'll just let everybody know we had an update with the board this quarter on all the different artificial intelligence projects that we're doing in the company, and we've let those grow up from our engineering teams and drilling and completion and exciting. About the way they're looking at things, and when we say artificial intelligence for us, it's not necessarily, your traditional large language model that everybody uses on a daily basis. We do a lot with artificial intelligence and machine learning, and we feed data into our systems from our data science teams to allow our models to learn how wells have been drilled so. We can take that forward into the field and deploy those automation and machine learning models onto the equipment whether it's drilling or completion and so that you know the equipment can now function at a higher level with more efficiency which improves reliability, longevity of the equipment, and also brings benefit to the EMPs as well.

我只是想讓大家知道，本季我們向董事會通報了公司正在進行的所有不同的人工智慧項目，我們已經讓這些項目從我們的工程團隊、鑽井和完井中發展起來，令人興奮。關於他們看待事物的方式，當我們說人工智慧時，它不一定是每個人日常使用的傳統大型語言模型。我們在人工智慧和機器學習方面做了很多工作，我們將數據科學團隊的數據輸入到我們的系統中，以便我們的模型了解井是如何鑽探的。我們可以將其推廣到現場，並將這些自動化和機器學習模型部署到設備上，無論是鑽井還是完井，這樣您就知道設備現在可以以更高的水平和更高的效率運行，從而提高設備的可靠性和使用壽命，同時也為 EMP 帶來好處。

Got it.

知道了。

I appreciate the color, thanks very much.

我很欣賞這個顏色，非常感謝。

Your next question comes from the line of Jim Rollinson with Raymond James.

您的下一個問題來自 Raymond James 的 Jim Rollinson。

Hey, good morning, everyone.

嘿，大家早安。

Andy, you've been through a lot of cycles, and I think you've talked about a little bit on this call. This cycle's definitely been a bit different than than typical cycles, and in that I'm kind of curious as you think through 26, 27, historically we've come down in a pretty violent manner and when US land bounces, it kind of comes from both drilling and fracking and And you ultimately get pricing leverage again after you've had it going the wrong way for you, and this cycle's kind of played out differently in that pricing is held up better. There's a lot of techno technology you've kind of discussed and I'm just curious as you think through, once we hit the bottom and the gas rig count starts to go up and oil rig count eventually starts to recover to to replace production, how do you think about how this cycle unfolds because I'm assuming. Brack probably has a better chance of getting pricing sooner just be.

安迪，你已經經歷了很多周期，我想你在這次通話中已經談了一些。這個週期肯定與典型的周期有些不同，在這方面我有點好奇，想想 26、27 年，從歷史上看，我們的價格下跌得相當劇烈，而當美國土地反彈時，它既來自鑽探，也來自水力壓裂，而且在事情朝著不利的方向發展之後，你最終會再次獲得定價槓桿，而這個週期的表現有點不同，因為定價得到了更好的維持。您討論了很多技術，我很好奇，當您思考的時候，一旦我們觸底，天然氣鑽井數量開始上升，石油鑽井數量最終開始恢復以取代生產，您如何看待這個週期如何展開，因為我假設。布拉克可能有更好的機會更快獲得定價。

But then you've got the technology kind of benefits coming on both sides, so maybe lay out how you in your world, how you think this this plays out as we get to the other side of this kind of dip.

但是，這樣你就獲得了雙方都受益的技術優勢，所以也許你可以闡述一下在你的世界中，當我們到達這種低谷的另一邊時，你認為這將如何發揮作用。

Hey, thanks, Jim, and thanks for reminding me that I've seen a lot of cycles. Appreciate that this morning.

嘿，謝謝你，吉姆，謝謝你提醒我，我已經見過很多週期了。非常感謝今天早上的幫忙。

Yeah, this one has been an interesting one where it's really been about 2.5 years of activity coming down across drilling and completions for various commodity reasons.

是的，這是一個有趣的例子，由於各種商品原因，鑽井和完井活動已經持續了大約 2.5 年。

And so you know we've had to, look and say, okay, what's happening next? How do we adjust the company and the structure for where we are, where we think it's going, and we continue to do that. So even though we're saying, that we think activity is relatively steady from here, we continue to look at the structure of the company and make sure we're right size for where we are and where we're going, with it coming down and the pat. That it has this time, I think there's a chance that the reverse looks similar, but there could be a little bit quicker inflection on the gas side. But either way we see upside from where we are, whether it's continuing to adjust our company for where we are in the market or upside from gas activity later in 206 and 27, we still see upsides, so. We think we're in a great position. We've got strong balance sheet, lots of flexibility with the cash, and continue to deploy technology and get paid for it. And so, even though it's, we're in this, what do you want to call it a softening market or moderating market or however you want to describe it over the last period, we're still upbeat about where we are and where the company is in the market.

所以你知道我們必須看看並說，好吧，接下來會發生什麼？我們如何根據現狀和發展方向調整公司和結構，我們會繼續這樣做。因此，儘管我們說，我們認為從現在開始活動相對穩定，但我們仍會繼續關注公司的結構，並確保我們的規模適合我們現在的位置和未來發展方向，並隨之下降。這次，我認為反向看起來可能相似，但氣體方面的轉折點可能會更快一些。但無論如何，我們都看到了目前的優勢，無論是繼續調整我們公司在市場中的位置，還是 206 年和 27 年後期天然氣活動的上升空間，我們仍然看到了優勢，所以。我們認為我們處於非常有利的地位。我們擁有強大的資產負債表、大量的現金靈活性，並能持續部署技術並獲得回報。因此，儘管我們正處於這樣的境地，您想稱之為疲軟市場或緩和市場，或者無論您想如何描述過去一段時間的情況，我們仍然對我們所處的位置以及公司在市場中的位置感到樂觀。

Got it. That's helpful context and and then maybe lastly just on the kind of digital suite that you laid out, in the completion side that you've already started putting on and and I think you mentioned every fleet will have it by the end of the year maybe some goalposts around, what is like the revenue and and profit opportunity in that space if you get, a high rate of customer adoption just to, we can think about how that. Maybe offsets the general activity trend that we've seen as we go forward.

知道了。這是很有幫助的背景，然後也許最後只是關於您所佈置的數位套件類型，在您已經開始投入使用的完成方面，並且我認為您提到每個車隊都將在年底前擁有它，也許有一些目標，如果您獲得高客戶採用率，那麼該領域的收入和利潤機會是什麼，我們可以考慮一下。也許會抵消我們前進過程中看到的整體活動趨勢。

Well, I think it's still early days and on the completion side we're still, signing some contracts to do that and providing those digital services for next year. And on the drilling side, it's millions of dollars a year in revenue that we're generating off the digital. Rolled out our cortex operating system years ago and we continued to add applications to that on the drilling side and now those applications, through our data science team are incorporating artificial intelligence. It'll be layered in those as well. And so that's just going to enhance the productivity of those applications. So I think it's still early days and The technology journey we've built out the infrastructure for those of you that have come to see the, our P10 digital performance Center. You know we've made the investment. We've got the platform and so now we've got teams that are building on top of that, and we're talking software. This is not heavy capital in terms of an investment, but yet there's revenue upside for us.

嗯，我認為現在還為時過早，在完成方面，我們仍在簽署一些合同，為明年提供這些數字服務。在鑽探方面，我們每年透過數位化創造數百萬美元的收入。幾年前，我們推出了 Cortex 作業系統，並繼續在鑽井方面添加應用程序，現在，透過我們的資料科學團隊，這些應用程式正在融入人工智慧。它也會分層地分佈在其中。這只會提高這些應用程式的生產力。所以我認為現在還處於早期階段，在科技之旅中，我們已經為那些來參觀我們的 P10 數位表演中心的人們建造了基礎設施。你知道我們已經進行了投資。我們已經有了平台，現在我們有了在此基礎上進行構建的團隊，我們正在討論軟體。從投資角度來說，這並不是什麼大資本，但對我們來說，卻可以帶來收入的成長。

Got it.

知道了。

Thank you, sir I appreciate it.

謝謝您，先生，我很感激。

Your next question comes from the line of Daniel Simkowitz with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Daniel Simkowitz。

Hey, thanks. Good morning. Good morning.

嘿，謝謝。早安.早安.

So just wanted to ask on the kind of nameplate Emerald suit size. I think last quarter you guys said that you had over 225,000 horsepower of capacity and then you flagged the latest direct drive delivery at the end of this last quarter. Could you just update us on what kind of the emerald suit size is after that latest delivery?

所以只是想問那種銘牌上的翡翠西裝尺寸。我認為上個季度你們說過你們擁有超過 225,000 馬力的產能，然後你們在上個季度末標記了最新的直接驅動交付。您能否告訴我們最近一次送貨後翡翠套裝的尺寸是多少？

Thanks. It's around that 250,000 level right now. We've still got some more of those Emerald 100% natural gas that are being delivered this quarter. We're we're deploying them this quarter and still have some more coming in, but it's still around that level.

謝謝。目前約為 250,000 的水平。我們本季仍將交付一些 Emerald 100% 天然氣。我們正在本季度部署它們，並且還會有更多的部署，但仍在那個水平左右。

In the overall horsepower, which I think is even more interesting like I mentioned earlier, we had had as much as 3.3 million, but we brought that down to 2.8, and I think there's others in the market that are doing similar and that's why, I'm constructive on the market for completion and pressure pumping just because I think that overall horsepower continues to come down in the market.

在整體馬力方面，正如我之前提到的，我認為這更有趣，我們曾經擁有多達 330 萬馬力，但我們將其降至 280 萬馬力，而且我認為市場上還有其他公司也在做類似的事情，這就是為什麼我對完成和壓力泵送市場持建設性態度，因為我認為市場上的整體馬力繼續下降。

Right, maybe just to close that out, but after everything that is has been ordered or you're still waiting for delivery, after all that's delivered, but maybe by the end of this quarter, what's kind of the capacity of the emerald at that point.

好的，也許只是為了結束這一點，但是在所有東西都訂購完畢之後，或者您仍在等待交貨，在所有東西都交付之後，但也許到本季度末，那時祖母綠的產能是什麼樣的。

It'll be a little over 250,000 and we'll update you on the next call when we have all those numbers.

這個數字將略高於 250,000，當我們掌握了所有這些數字後，我們會在下次通話中向您通報最新情況。

Okay, great, understood and then maybe I I you guys have already shared.

好的，太好了，懂了，也許我你們已經分享過了。

A lot of this, but maybe just to kind of ask directly if you could juxtapose some of the differences between the Emerald electric fleets and the direct drive fleets just on a relative basis. The build cost and and and maintenance costs, kind of fuel and operating cost, operating efficiencies, and maybe a lot of that remains to be seen as you guys, deploy the direct drive fleet and actually, get the real, the real time data but yeah, wondering if you could just at this point, how are you thinking the two types of technology would perform and you know the relative kind of. Building maintenance costs between the two. Thanks.

有很多這樣的問題，但也許只是想直接問一下，您是否可以相對地並列比較 Emerald 電動車隊和直驅車隊之間的一些差異。建造成本和維護成本、燃料和營運成本、營運效率等等，可能還有很多有待觀察，因為你們部署了直接驅動車隊，實際上獲得了真實的即時數據，但是是的，想知道您是否可以在此時此刻，您認為這兩種技術的性能如何，您知道相對的類型。兩者之間的建築維護成本。謝謝。

Sure, let me just explain it this way, and I'll give you some high level round numbers on it.

當然，讓我這樣解釋一下，然後我會給你一些高級的整數。

So you know our Emerald Electric is performing really well in the field. We have customers that want to use that. We actually grew the amount of horsepower in our Emerald Electric this year because we had customers that wanted to move. From standard frac size to simul frac and trimal frac with the electric, when we do that, you also have to increase the power supply at the well site. And so we've gone from, for instance, on one job, a single 35 megawatt turbine up to a 35 megawatt turbine and combined it with some smaller turbines as well to generate enough power to run, larger frac spreads than what we would normally do with a 35 megawatt turbine.

所以您知道我們的 Emerald Electric 在該領域表現非常出色。我們有一些客戶想要使用它。事實上，今年我們增加了 Emerald Electric 的馬力，因為我們有客戶想要更換。從標準壓裂規模到電力同步壓裂和修剪壓裂，當我們這樣做時，我們也必須增加井場的電力供應。因此，我們在一項工作中從單個 35 兆瓦的渦輪機升級到 35 兆瓦的渦輪機，並將其與一些較小的渦輪機組合在一起，以產生足夠的電力來運行，比我們通常使用 35 兆瓦渦輪機時更大的壓裂範圍。

The turbines are expensive, 35 megawatt turbine in general, you're talking about capital costs deployed in the field, in the $40 to $45 million dollar range, and then when we put the smaller turbines out there as well, you're in the $15 to $20 million dollar range perturbine. So you're talking about a lot of capital costs tied up just on power and you're also competing in the market for that power with, everything that everybody else has talked about and where power is going to go over the next couple of years. So it's not just capital costs, but you're competing for those types of power generating devices as well.

這些渦輪機價格昂貴，一般來說，35 兆瓦的渦輪機，現場部署的資本成本在 4000 萬到 4500 萬美元之間，而當我們將較小的渦輪機也安裝到現場時，每台渦輪機的成本也在 1500 萬到 2000 萬美元之間。所以，您談論的是大量與電力相關的資本成本，而且您還在電力市場上與其他人討論的一切以及未來幾年電力的發展方向進行競爭。因此，這不僅是資本成本的競爭，而且還要爭奪這些類型的發電設備。

When we look at the 100% natural gas to drive engines, and these are high horsepower engines, 3,600 horsepower, so it's a new technology that's being deployed versus other techno technology that may have been deployed in the past couple of years, you know.

當我們看到 100% 天然氣驅動的發動機時，這些都是高馬力發動機，功率為 3,600 馬力，所以這是一項正在部署的新技術，與過去幾年可能已經部署的其他技術相比，你知道的。

We're excited about this. This is, a great supplier, well-known manufacturer of the of the engines and the transmissions, and then we spec out the rest of it.

我們對此感到很興奮。這是一家出色的供應商，也是知名的引擎和變速箱製造商，然後我們負責其餘部分的規格設計。

Including our own control systems on it, and we think that with our control systems on it we can help manage it.

包括我們自己的控制系統，我們認為透過我們的控制系統我們可以幫助管理它。

When you look at the overall capital cost, versus an electric with the turbines, I don't have the actual numbers and differentials in front of me, but it's certainly lower. Our teams have done all the work on that. When you look at the OpEx. The OpEx for a natural gas direct drive engine is going to be higher than a diesel, but the overall OpEx for 100% natural gas direct drive engine in our projections is lower than trying to maintain both electric pumps and the turbine generators at the same time. And so, overall when we look at the amount of capital deployed, you're talking about. 25%, maybe 30% reduction in some cases to get the same amount of horsepower at location where you're still burning 100% natural gas.

當你查看總體資本成本時，與帶有渦輪機的電力相比，我沒有實際的數字和差異，但它肯定較低。我們的團隊已經完成了所有相關工作。當您查看 OpEx 時。天然氣直驅發動機的運作成本將高於柴油發動機，但根據我們的預測，100% 天然氣直驅發動機的整體營運成本低於同時維護電動幫浦和渦輪發電機的營運成本。因此，總的來說，當我們查看所部署的資本數量時，您談到了這一點。在仍燃燒 100% 天然氣的地方，減少 25%、在某些情況下甚至減少 30% 即可獲得相同的馬力。

Does that help?

這樣有幫助嗎？

That was very helpful.

這非常有幫助。

Thank you very much, Andy. I'll turn it back.

非常感謝，安迪。我會把它轉回去。

Thanks.

謝謝。

Your next question comes from line comes from the line of Sean W. Mitchell with Daniel Energy Partners.

您的下一個問題來自 Daniel Energy Partners 的 Sean W. Mitchell。

Good morning guys. Can you.

大家早安。你可以嗎。

Hear me okay?

聽我說好嗎？

Yeah.

是的。

Hey, thanks for taking the question.

嘿，謝謝你回答這個問題。

But, he kind of hit it on the drilling guide, but I want to turn to the completion guide a little bit, trying to better understand the typical seasonal slowdown and budget shortfalls and hoping you guys might be able to offer some color on this. At this point, you have any fleets which have been idled, where you know that fleet will go back to its prior customer in the first half of 26 and maybe any way you can frame the magnitude that might be helpful.

但是，他有點觸及鑽井指南，但我想稍微轉向完成指南，試圖更好地理解典型的季節性放緩和預算短缺，並希望你們能夠對此提供一些說明。此時，您知道任何已閒置的車隊，並且您知道這些車隊將在 26 年上半年回到其之前的客戶手中，也許您可以用任何方式來確定其規模，這可能會有所幫助。

So we haven't idled any fleets per se, and the way I, the best way I can describe that is corner on quarter we're still working the same amount of horsepower pumping similar horsepower hours in the field, but we've grown some fleets to do more simul frac and tribal rack. So there's been, a shuffling of horsepower around to different places.

因此，我們本身並沒有閒置任何車隊，我能描述的最好方式是，我們仍然在現場以相同數量的馬力泵送類似的馬力小時，但我們已經增加了一些車隊來進行更多的同步壓裂和部落機架。因此，馬力被轉移到了不同​​的地方。

The fleet at the end of the day is really kind of hard to judge. It's not such a great metric because of the fluctuation in fleet size as we do more simul frac and trimal frac, and I think you'll see, companies like ourselves where the actual, horsepower per fleet grows a bit because we're doing, higher intensity fracs, we're doing more frac volumes on pads, things like that, so. But we, to sum it up, we were working the same amount of horsepower, pumping similar horsepower hours quarter on quarter, we didn't really any technology.

最終艦隊的狀況確實很難判斷。由於我們進行更多的同步壓裂和修剪壓裂，船隊規模會波動，因此這不是一個很好的指標，我想你會看到，像我們這樣的公司，每個船隊的實際馬力會有所增長，因為我們正在進行更高強度的壓裂，我們在平台上進行更多的壓裂量，諸如此類的事情，所以。但總而言之，我們使用的是相同數量的馬力，每季消耗的馬力小時數也差不多，我們實際上並沒有任何技術。

Yeah, Sean, I'll just added that, when we look out at the 4th quarter and TRY to predict seasonality, I mean, we're given a little bit of, we take an assumption around kind of what we think we'll see in terms of some downtime around the holidays, maybe potentially some downtime around some weather. And sometimes it's better, sometimes it's worse, and so it's, you just, as you go through the quarter, you just have to kind of play it as it comes.

是的，肖恩，我只是想補充一點，當我們展望第四季度並試圖預測季節性時，我的意思是，我們會給出一些假設，我們認為假期期間會出現一些停機時間，也許某些天氣可能會導致一些停機時間。有時情況會好一些，有時情況會更糟，所以，當你經歷這個季度時，你只需要隨機應變。

Yeah.

是的。

Maybe one more just as you talk about a lot of technology, some exciting stuff in the industry today, how much of the improvement initiatives that you're seeing are self-directed versus kind of maybe being requested or suggested by your customer.

也許還有一個問題，就像您談論很多技術、當今行業中的一些令人興奮的東西一樣，您所看到的改進舉措有多少是自我導向的，有多少可能是由客戶要求或建議的。

I think, it's kind of even balance. We've got customers that request certain things, but we've also got a lot of smart engineers in the company that say, hey, if I deploy machine learning in this way, then we can do this, and it's going to improve our ability to, drill a longer lateral or, manage how we pump, a stage into a well. And so, I think it's a mix of both.

我認為這是一種均衡。我們的客戶會提出某些要求，但公司裡也有很多聰明的工程師說，嘿，如果我以這種方式部署機器學習，那麼我們就可以做到這一點，而且它將提高我們鑽更長的水平井的能力，或者管理我們如何將一個階段泵入井中。所以，我認為兩者兼具。

Got it. Thanks for taking questions.

知道了。謝謝你們的提問。

Your next question comes from the line of Don Christ with Johnson Rice.

您的下一個問題來自約翰遜賴斯的唐克里斯特 (Don Christ)。

Morning guys.

大家早安。

Andy, I wanted to first applaud you for sticking to your guns and what y'all do as a core competency and and not chasing the latest flat fat as some of your competitors, including very large competitors are doing. But in that vein, I kind of wanted to ask a question about M&A. We've seen a lot through the ENP side, and investors keep on asking all the analysts, is there going to be another wave of of M&A on the oil field service side and a lot of us don't really see it, but do you see some of your larger competitors that are chasing the power side? Actually, freeing up some of that equipment that could be attractive to y'all in the future to where you could, number one, stick to your core competencies, but, go into another kind of M&A transaction that would be a creative in the future possibly Overseas.

安迪，首先我要讚揚你堅持自己的立場，將自己所做的事情作為核心競爭力，而不是像你的一些競爭對手，包括非常大的競爭對手那樣追逐最新的扁平脂肪。但從這個角度來說，我想問一個有關併購的問題。我們已經從 ENP 方面看到了很多，投資者不斷詢問所有分析師，油田服務方面是否會出現另一波併購浪潮，我們很多人並沒有真正看到這一點，但您是否看到一些較大的競爭對手正在追逐電力方面？實際上，釋放一些將來可能對你們有吸引力的設備，以便你們可以首先堅持自己的核心競爭力，但進入另一種類型的併購交易，這在未來可能是海外的創意。

Okay, there were several different questions in that one, but let me TRY to take some of that. So first off, I'll say. We don't have to do any of that. We're we're really happy with where the company is today, the cash production profile that we have with the company, the technology deployment that we're doing, so there's nothing that we need to do. We've got great segments that are doing great work and strong competitors in the market today and leading in a lot of areas, so happy with what we have, in terms of some consolidation, I think that. Let's say on the completion side there's probably still some room for some smaller companies to get together and I think that would shore up some of the completions market if that happens over time. When you look at drilling, it's already, a disciplined market and so not really anything to do there and so. We just don't see a lot and, we've looked at a lot of things. We TRY to see if there's anything out there similar to Altero. We really like the profile of that company where it's relatively low CapEx, compared to, our bigger businesses that are heavier in CapEx and we like what we've done there and that teams doing a fantastic job, but we're happy with what we have. We don't have to do anything.

好的，這個問題有幾個不同的問題，但讓我嘗試回答其中的一些。首先我要說的是。我們不需要做任何這些事。我們對公司目前的狀況、公司的現金生產狀況以及我們正在進行的技術部署感到非常滿意，所以我們不需要做任何事情。我們擁有出色的細分市場，它們在當今市場上表現出色，擁有強大的競爭對手，並在許多領域處於領先地位，因此，就整合而言，我們對所擁有的現狀感到滿意。假設在完工方面，一些小公司可能仍然有聚集的空間，我認為如果這種情況隨著時間的推移而發生，這將支撐一些完工市場。當你觀察鑽探時，它已經是一個有紀律的市場，所以實際上沒有什麼可做的。我們只是沒有看到很多，而且我們已經看過很多東西了。我們嘗試看看是否有類似 Altero 的東西。我們真的很喜歡這家公司的形象，與資本支出較大的大型企業相比，它的資本支出相對較低，我們喜歡我們在那裡所做的事情，而且團隊做得非常出色，但我們對我們所擁有的感到滿意。我們什麼都不用做。

Yeah, Don, I would just add as it relates to, some of our current competition or industry participants that would be pivoting away from maybe their core businesses. I kind of find that hard to.

是的，唐，我只想補充一點，因為我們目前的一些競爭對手或行業參與者可能會放棄他們的核心業務。我覺得這有點困難。

By today that there would be a wholesale pivot and so to the extent they would be selling anything out of their sort of fleet, it's probably not going to be at the level of technology that we'd want to participate in or want to buy. So I think probably the likelihood of that is pretty low.

到今天，批發業務將會發生轉變，因此，就他們出售其車隊的任何東西而言，其技術水平可能不會達到我們想要參與或想要購買的水平。所以我認為這種可能性很低。

Would that include some international operations? Like, I know Baker sold something to Cactus recently and there may be some other opportunities there. Would something to get a stranglehold on the Middle East be kind of attractive to you all?

這是否包括一些國際業務？例如，我知道 Baker 最近向 Cactus 出售了一些東西，那裡可能還有其他機會。控制中東的某些事情對你們大家來說有吸引力嗎？

Well, I mean, I think we'd certainly be interested in looking at it, but I don't, I don't put a high likelihood on anything being separated out in terms of our core businesses right now that would come across the.

嗯，我的意思是，我認為我們肯定會對此感興趣，但我認為，就我們目前的核心業務而言，任何被分離出來的事情都不太可能發生。

I agree.

我同意。

That probably look at.

那大概看一下。

I appreciate the color. Thanks.

我很欣賞這個顏色。謝謝。

At this time there are no further questions. I will now turn the call back over to Angie Hendricks for closing remarks.

目前沒有其他問題。現在我將把電話轉回給安吉·亨德里克斯 (Angie Hendricks) 做結束語。

Well, I want to thank everybody who dialed in this morning. It was a really strong 3rd quarter for us. I want to thank all the men and women at Patterson UTI across all of our segments for everything they're doing and all the great results they had in the 3rd quarter, and just want to say thanks. Appreciate it.

好吧，我想感謝今天早上打電話來的每個人。對我們來說，這是一個非常強勁的第三季。我要感謝 Patterson UTI 所有部門的所有員工，感謝他們所做的一切以及他們在第三季度取得的所有出色成績，我只想說謝謝。非常感謝。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining. You may now disconnect.

感謝大家的加入。您現在可以斷開連線。