ProPetro Holding Corp (PUMP) 2025 Q1 法說會逐字稿

Good day, and welcome to the ProPetro Holding Corp first-quarter 2025 conference call. Please note this event is being recorded. (Operator Instructions)

大家好，歡迎參加 ProPetro Holding Corp 2025 年第一季電話會議。請注意，此事件正在被記錄。（操作員指示）

I now I'll send the call over to Matt Augustine, Director of Corporate Development and Investor Relations for ProPetro Holding Corp. Please go ahead.

現在我將電話轉給 ProPetro Holding Corp 企業發展和投資者關係總監 Matt Augustine。請繼續。

Thank you and good morning. We appreciate your participation in today's call. With me today are Chief Executive Officer, Sam Sledge; Chief Accounting Officer and Principal Financial Officer, Celina Davila; and President and Chief Operating Officer, Adam Munoz.

謝謝，早安。感謝您參加今天的電話會議。今天與我一起出席的有執行長 Sam Sledge、首席會計長兼財務長 Celina Davila 以及總裁兼營運長 Adam Munoz。

This morning we released our earnings results for the first quarter of 2025. Please note that any comments we make on today's call regarding projections or our expectations for future events are forward-looking statements covered by the Private Securities Litigation Reform Act. Forward-looking statements are subject to several risks and uncertainties, many of which are beyond our control. These risks and uncertainties can cause actual results to differ materially from our current expectations. We advise listeners to review our earnings release and risk factors discussed in our filings with the SEC.

今天上午，我們發布了 2025 年第一季的獲利結果。請注意，我們在今天的電話會議上就未來事件的預測或預期所做的任何評論都是《私人證券訴訟改革法案》所涵蓋的前瞻性陳述。前瞻性陳述受多種風險和不確定性的影響，其中許多是我們無法控制的。這些風險和不確定性可能導致實際結果與我們目前的預期有重大差異。我們建議聽眾查看我們向美國證券交易委員會提交的收益報告和文件中討論的風險因素。

Also during today's call, we will reference certain non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in our earnings release. Finally, after our prepared remarks, we'll hold a question-and-answer session.

此外，在今天的電話會議中，我們將參考某些非公認會計準則財務指標。我們的收益報告中包含了這些非 GAAP 指標與最直接可比較的 GAAP 指標的對帳。最後，在我們準備好發言之後，我們將舉行問答環節。

With that, I would like to turn the call over to Sam.

說完這些，我想把電話轉給 Sam。

Thanks, Matt. Good morning, everyone, and thanks for joining us today. I'd like to start with an overview of our first-quarter performance and some perspective on the current market dynamics. We'll then turn it over to Celina Davila, our current Chief Accounting Officer, who is also serving as our Interim Principal Financial Officer until a new Chief Financial Officer is appointed.

謝謝，馬特。大家早安，感謝大家今天加入我們。我想先概述一下我們第一季的業績，並對當前的市場動態發表一些看法。然後，我們將把職責移交給我們現任的首席會計官 Celina Davila，她還將擔任我們的臨時首席財務官，直到任命新的首席財務官。

The first quarter was another great quarter for ProPetro both operationally and financially. Our performance underscores our commitment to strong execution and demonstrates that our strategy is working and continues to yield solid results. This strength is even more notable in light of recent macroeconomic volatility. In particular, the impact of tariffs and the OPEC+ production increases have placed significant pressure on the energy market and crude oil prices, a dynamic that creates uncertainty for the entire energy value chain.

第一季對於 ProPetro 來說，無論從營運還是財務角度來說，都是另一個輝煌的季度。我們的業績凸顯了我們對強有力執行的承諾，並表明我們的策略正在發揮作用並繼續產生堅實的成果。鑑於近期宏觀經濟的波動，此優勢更加引人注目。特別是關稅的影響和OPEC+增產給能源市場和原油價格帶來了巨大壓力，這種動態給整個能源價值鏈帶來了不確定性。

Despite the industry stagnation over the past couple of years, our focus on more capital efficient asset investments is generating resilient free cash flow, demonstrating the effectiveness of our industrialized model. The investments we have made over the last few years in disciplined M&A, our new ProPWR offering, and our forced electric fleet transition ensure ProPetro is built to withstand market turbulence and deliver durable returns over time.

儘管過去幾年產業停滯不前，但我們專注於更具資本效率的資產投資，從而產生了有彈性的自由現金流，證明了我們工業化模式的有效性。過去幾年，我們在嚴謹的併購、新推出的 ProPWR 產品以及強制電動車隊轉型方面所做的投資確保了 ProPetro 能夠抵禦市場動盪並隨著時間的推移帶來持久的回報。

We've created a strong company with low debt, first-class customers, a focused presence in the leading Permian Basin with hardworking and dedicated team mates, and we are confident that ProPetro will continue to perform in light of volatile market conditions.

我們創建了一家實力雄厚的公司，負債率低，客戶一流，專注於領先的二疊紀盆地，擁有勤奮敬業的團隊成員，我們相信，在動蕩的市場條件下，ProPetro 將繼續表現出色。

Demand for our next-generation services remains strong as it encompasses 75% of our fleet through our Tier IV DGB dual-fuel and electric offerings. We currently operate seven Tier IV DGB dual-fuel fleets with industry-leading diesel displacement, two of which are now recently under long-term contracts. Additionally, we have 4 FORCE fleets in the field under long-term contracts, with a 5th FORCE fleet expected to be deployed under contract this year. In total, we now have 6 fleets under contract, which represents approximately 50% of our active hydraulic horsepower today.

我們的下一代服務需求仍然強勁，因為它透過我們的 Tier IV DGB 雙燃料和電力產品覆蓋了我們 75% 的車隊。我們目前經營七支 Tier IV DGB 雙燃料車隊，擁有業界領先的柴油排氣量，其中兩支最近已簽訂長期合約。此外，我們擁有 4 支 FORCE 艦隊，並簽訂了長期合同，預計第 5 支 FORCE 艦隊將於今年根據合同部署。總體而言，我們現在有 6 個合約艦隊，約占我們目前活躍液壓馬力的 50%。

We plan to increase this number as we deploy more FORCE fleets over the next few years. Accordingly, we intend to continue to transition capital from legacy diesel equipment to FORCE electric equipment, which is in high demand and securing committed contracts that reduce our future earnings risk.

我們計劃在未來幾年部署更多的 FORCE 艦隊，從而增加這一數字。因此，我們打算繼續將資本從傳統柴油設備轉移到 FORCE 電動設備，該設備需求量很大，並且能夠確保簽訂承諾合同，從而降低我們未來的盈利風險。

Now to ProPWR. As a reminder, earlier this year, we reported an approximate total of 140 megawatts of mobile, natural-gas-fueled, power-generation equipment on order. Since then, we have placed additional orders for approximately 80 megawatts of natural gas reciprocating generators which are expected to be funded from our cash flow.

現在轉到 ProPWR。提醒一下，今年早些時候，我們報告了訂單總量約 140 兆瓦的行動天然氣發電設備。自那時起，我們又訂購了約 80 兆瓦的天然氣往復式發電機，預計這些發電機的資金將來自我們的現金流。

With this, our equipment type is split relatively evenly between turbines and natural gas reciprocating generators. We anticipate full delivery of all ordered ProPWR equipment, approximately 220 megawatts by mid-year 2026. Moreover, we are encouraged by the sustained robust demand for these assets and have secured letters of intent on approximately 75 megawatts of long-term ProPWR service capacity with two separate operators in the Permian Basin to support their infield power needs, with final contract execution expected soon.

這樣，我們的設備類型在渦輪機和天然氣往復式發電機之間相對均勻地分佈。我們預計到 2026 年中期將全面交付所有訂購的 ProPWR 設備，約 220 兆瓦。此外，我們對這些資產持續強勁的需求感到鼓舞，並已與二疊紀盆地的兩家獨立運營商簽署了約 75 兆瓦長期 ProPWR 服務容量的意向書，以滿足他們的內場電力需求，最終合約預計很快執行。

We're encouraged by these early results but believe this is truly just the beginning for ProPWR. We've made significant progress in obtaining additional customer commitments and are actively negotiating long-term contracts beyond what we have announced today. We believe the demand for reliable, low-emission power solutions is vast and increasing, and we are positioning ProPWR to capitalize on this high-growth vertical.

這些早期結果讓我們感到鼓舞，但我們相信這對 ProPWR 來說只是一個開始。我們在獲得更多客戶承諾方面取得了重大進展，並且正在積極談判今天宣布的合約以外的長期合約。我們相信，對可靠、低排放電力解決方案的需求巨大且不斷增長，我們正在定位 ProPWR 以利用這一高成長垂直領域。

Now I mentioned this earlier, but I want to touch on it once again given today's macro trends. We believe in a dynamic capital allocation strategy that allows us to pursue growth through M&A, our ProPWR offering, and our FORCE electric fleet transition, all of which drive opportunities for shareholder returns.

我之前提到過這一點，但考慮到今天的宏觀趨勢，我想再談一下。我們相信動態資本配置策略，該策略使我們能夠透過併購、我們的 ProPWR 產品和我們的 FORCE 電動車隊轉型來追求成長，所有這些都為股東帶來回報機會。

We expect to continue to execute on all of these moving forward. And I would like to underscore the fact that our financial improvements over the past two years are a result of the execution of this very strategy.

我們希望繼續執行所有這些措施。我想強調的是，我們過去兩年的財務狀況改善正是這項策略實施的結果。

Celina will review our first-quarter results shortly, but I would like to highlight a few things. As I shared at the beginning of the call, despite market headwinds, we generated strong free cash flow as well as solid adjusted EBITDA and lower-than-expected capital expenditures relative to guidance. This is due to a variety of factors including our higher utilization across all segments, stabilization of pricing, effective cost controls, operational excellence, and record efficiency. In addition to strong operational performance, we are benefiting from the resilience of our offering as both our Tier IV, DGB dual-fuel and electric equipment remain highly utilized.

Celina 很快就會審查我們的第一季業績，但我想強調幾點。正如我在電話會議開始時所分享的，儘管面臨市場逆風，我們仍然產生了強勁的自由現金流、穩健的調整後 EBITDA 以及低於預期的資本支出（相對於指引而言）。這是由於多種因素造成的，包括我們所有部門的利用率更高、價格穩定、成本控制有效、營運卓越以及記錄效率。除了強勁的營運業績外，我們還受益於產品的彈性，因為我們的 Tier IV、DGB 雙燃料和電動設備仍然得到高度利用。

Finally, in terms of our outlook and how our strategy will support us through current market uncertainty, we recognize that the near-term outlook is unclear. Due to the recent decline in oil prices influenced by tariffs and OPEC+ production increases, along with our discipline asset deployment strategy, we anticipate operating approximately between 13 and 14 fleets in the second quarter, a reduction from the 14 to 15 fleets we ran throughout the first quarter.

最後，就我們的前景以及我們的策略如何幫助我們度過當前的市場不確定性而言，我們認識到近期前景尚不明朗。由於近期油價受關稅和 OPEC+ 增產影響而下跌，加上我們嚴格的資產配置策略，我們預計第二季度運營的船隊數量約為 13 至 14 支，較第一季運營的 14 至 15 支有所減少。

I want to make it abundantly clear that we are committed to maintaining the health of our fleet and will not compromise it by operating assets at subeconomic levels. Our primary focus is on preserving our assets to be well positioned once the broader market stabilizes and the cycle turns back around.

我想非常明確地表明，我們致力於維護船隊的健康，並且不會透過在低於經濟水平的水平上運營資產來損害船隊的健康。我們的主要重點是保護我們的資產，以便在大盤穩定、週期迴轉後能夠處於有利地位。

That said, for all the reasons I've highlighted throughout these remarks, ProPetro's low debt, premier customer base, Permian focus, long-term service contracts, and flexible capital allocation program that safeguards free cash flow generation along with the earnings growth potential of ProPWR, we are confident that we will continue to maximize long-term value for our shareholders.

話雖如此，由於我在這些評論中強調的所有原因，ProPetro 的低債務、優質客戶群、二疊紀重點、長期服務合約和靈活的資本配置計劃，保障了自由現金流的產生以及 ProPWR 的盈利增長潛力，我們有信心繼續為股東實現長期價值最大化。

With that, I'll turn it over to Celina to discuss our financial results.

說完這些，我會把話題交給 Celina 來討論我們的財務表現。

Thanks, Sam, and good morning, everyone. I am pleased to be here. As you have just heard, we continue to advance our strategy in the first quarter of 2025 and in doing so, generated substantial free cash flow.

謝謝，山姆，大家早安。我很高興來到這裡。正如您剛才聽到的，我們在 2025 年第一季繼續推進我們的策略，並在此過程中產生了大量自由現金流。

In terms of results, financial performance for the quarter was strong and supported by our differentiated service offering, our loyal customer base, our Permian focus, and our operational excellence. ProPetro generated total revenue of $359 million, an increase of 12% as compared to the prior quarter.

從業績來看，本季的財務表現強勁，這得益於我們差異化的服務產品、忠實的客戶群、對二疊紀盆地的關注以及卓越的營運。ProPetro 總營收為 3.59 億美元，比上一季成長 12%。

Net income totaled $10 million or $0.09 per diluted share compared to a net loss of $17 million or $0.17 per diluted share for the fourth quarter of 2024. Net income for the first quarter was 2025, included a net loss on disposal of assets of $10 million, primarily related to the sale of certain Tier II hydraulic fracturing equipment.

淨收入總計 1,000 萬美元或每股攤薄收益 0.09 美元，而 2024 年第四季的淨虧損為 1,700 萬美元或每股攤薄收益 0.17 美元。2025 年第一季的淨收入包括 1,000 萬美元的資產處置淨損失，主要與出售某些 Tier II 水力壓裂設備有關。

Adjusted EBITDA totaled $73 million, which was 20% of revenue and an increase of 38% as compared to the prior quarter. Additionally, we incurred a lease expense related to our electric fleets of $15 million for the quarter. Net cash provided by operating activities and free cash flow were $55 million and $22 million respectively.

調整後的 EBITDA 總計 7,300 萬美元，佔營收的 20%，與上一季相比成長 38%。此外，本季我們發生了與電動車隊相關的租賃費用 1,500 萬美元。經營活動提供的淨現金和自由現金流分別為 5,500 萬美元和 2,200 萬美元。

Capital expenditures incurred for the first quarter were $39 million, most of which related to maintenance and our initial ProPWR orders. Net cash used in investing activities as shown on the statement of cash flows was $33 million for this quarter.

第一季的資本支出為 3,900 萬美元，其中大部分與維護和我們最初的 ProPWR 訂單有關。現金流量表顯示，本季投資活動所用淨現金為 3,300 萬美元。

We have demonstrated in the last few quarters that our lower CapEx is a strong tailwind for free cash flow generation. That rings true today and is a testament to our fleet transition and the industrialization of our business segments. As you are aware, we have already made significant investments in our assets and capabilities, and those investments are bearing fruit.

過去幾季我們已經證明，較低的資本支出對自由現金流的產生是強勁的推動力。今天這聽起來確實如此，證明了我們的機隊轉型和業務部門的工業化。如您所知，我們已經對我們的資產和能力進行了大量投資，而這些投資正在取得成果。

In terms of CapEx guidance, we will continue to evaluate the market and scale CapEx with activity realizations. But as we sit here today, we anticipate our full-year 2025 CapEx to be between $295 million and $345 million down from the $300 million to $400 million of CapEx we discussed last quarter. This represents a 9% reduction at the midpoint from our prior guidance. Of this, the completions business is expected to account for $125 million to $175 million, a reduction from the original guidance thanks to additional successful cost optimization efforts.

在資本支出指導方面，我們將繼續評估市場並根據活動實現來擴大資本支出。但今天我們坐在這裡，我們預計 2025 年全年資本支出將在 2.95 億美元至 3.45 億美元之間，低於上個季度討論的 3 億美元至 4 億美元。這比我們先前的預測中位數減少了 9%。其中，完井業務預計將佔 1.25 億美元至 1.75 億美元，由於額外的成功成本優化工作，比最初的指導減少。

Additionally, the company plans to allocate $170 million in 2025 and $60 million in 2026 to support current ProPWR equipment orders that Sam mentioned. As a reminder, $104 million of the ProPWR CapEx is financed.

此外，該公司計劃在 2025 年撥款 1.7 億美元，在 2026 年撥款 6,000 萬美元，以支持 Sam 提到的當前 ProPWR 設備訂單。提醒一下，ProPWR CapEx 中的 1.04 億美元已獲得融資。

Importantly, cash and liquidity remain strong, which is very important in today's uncertain market. As of March 30, 2025, total cash was $63 million and our borrowings under the ABL credit facility were $45 million. Total liquidity at the end of the first quarter of 2025 was $197 million including the cash and $134 million of available capacity under the ABL credit facility.

重要的是，現金和流動性仍然強勁，這在當今不確定的市場中非常重要。截至 2025 年 3 月 30 日，現金總額為 6,300 萬美元，我們在 ABL 信貸安排下的借款為 4,500 萬美元。2025 年第一季末的總流動資金為 1.97 億美元，其中包括現金和 ABL 信貸安排下的 1.34 億美元可用容量。

As for our share repurchase program, we have retired approximately 13 million shares, representing approximately 11% of our outstanding common stock since the inception of the program in May of 2023. We view share repurchases as an important part of our strategy, showing our conviction in the future of the company while creating value for shareholders, and it is a key pillar of our value proposition for investors. As such, we intend to extend the program for another year, subject to approval by the Board of Directors to enable us to continue to be opportunistic and deploying excess cash flow to share repurchases.

至於我們的股票回購計劃，我們已經回購了大約 1,300 萬股，約佔自 2023 年 5 月該計劃啟動以來我們已發行普通股的 11%。我們將股票回購視為我們策略的重要組成部分，它表明了我們對公司未來的信心，同時為股東創造了價值，也是我們為投資者提供價值主張的重要支柱。因此，我們打算將該計劃延長一年，但須經董事會批准，以使我們能夠繼續抓住機會並部署多餘的現金流來回購股票。

Finally, as we have underscored several times already, ProPetro's capital allocation strategy is balanced and key to maintaining flexibility and navigating uncertain conditions. Looking forward, we will remain focused on balancing investments between share repurchases, FORCE electric feet conversion, disciplined M&A, and ProPWR investments while maintaining a strong balance sheet and liquidity profile. We are fortunate to have a strong financial profile and free cash flow to pursue all these value-enhancing opportunities simultaneously.

最後，正如我們已經多次強調的那樣，ProPetro 的資本配置策略是平衡的，對於保持靈活性和應對不確定條件至關重要。展望未來，我們將繼續專注於平衡股票回購、FORCE 電腳轉換、嚴謹的併購和 ProPWR 投資之間的投資，同時保持強勁的資產負債表和流動性狀況。我們很幸運擁有強大的財務狀況和自由現金流，可以同時追求所有這些增值機會。

With that, Sam, back over to you.

好了，山姆，回到你這裡。

Thanks, Celina. In closing, we believe ProPetro is a resilient company that is built to withstand market volatility and thrive over the long term. We're prepared for the uncertain market that lies ahead and are confident in our ability to execute because we have built a business that has proven profitable through various market cycles.

謝謝，塞麗娜。最後，我們相信 ProPetro 是一家具有韌性的公司，能夠抵禦市場波動並實現長期繁榮。我們已經為未來不確定的市場做好了準備，並對我們的執行能力充滿信心，因為我們已經建立了一個在各種市場週期中都被證明是盈利的業務。

Our investments in discipline M&A, the FORCE electric fleet conversion, and our ProPWR offering position our company for sustainable growth and success. And our low debt, blue chip customers, contracted assets, and Permian Basin focus will all help us to keep moving forward even in the face of significant market volatility.

我們對學科併購、FORCE 電動車隊轉換以及 ProPWR 產品的投資使我們的公司能夠實現永續成長和成功。我們的低債務、藍籌客戶、合約資產以及對二疊紀盆地的關注都將幫助我們在面臨重大市場波動的情況下繼續前進。

I'm very proud of the work our team did to generate the strong performance in the first quarter. We have significant momentum that I am confident we will continue to build on. None of this would be possible without our ProPetro teammates, whose efforts and dedication to operating safely, efficiently, and responsibly give me and our management team that much more confidence in our ability to lead the company through this dynamic environment. Thank you for everything you do.

我對我們團隊在第一季取得的強勁業績感到非常自豪。我們擁有巨大的發展勢頭，我相信我們將繼續保持這一勢頭。如果沒有我們的 ProPetro 隊友，這一切都不可能實現，他們的努力和奉獻精神使得我和我們的管理團隊更有信心帶領公司度過這個充滿活力的環境。感謝您所做的一切。

With that, operator, we'd now like to open the call to questions.

接線員，我們現在想開始提問。

Yes. Thank you. We will now begin the question-and-answer session. (Operator Instructions)

是的。謝謝。我們現在開始問答環節。（操作員指示）

John Daniel, Daniel Energy Partners.

約翰·丹尼爾，丹尼爾能源合作夥伴。

Hey, guys. Thank you for including me. Sam, I've got two questions this morning. One is on power and one is on the traditional frac business.

嘿，大家好。謝謝你邀請我。山姆，今天早上我有兩個問題。一個是電力業務，一個是傳統壓裂業務。

I'll start with power. The opportunities that you're seeing with ProPWR -- I mean, you all are a Permian Basin company. Are you limiting -- or not the right way to say -- are you focused entirely on the Permian for the power side as well, or are you guys looking at opportunities outside the basin and just could you distinguish the opportunities that's both inside the basin and outside the basin?

我先從權力開始。你們在 ProPWR 中看到的機會——我的意思是，你們都是一家二疊紀盆地公司。您是否在限制——或者說不是正確的說法——您是否也完全專注於二疊紀盆地的電力方面，或者您是否正在尋找盆地以外的機會，您能否區分盆地內部和盆地外部的機會？

Yeah, John, good morning. Great question. I think, originally, when we set out to design the strategy for our ProPWR business, it was going to be very focused just on Permian oil and gas operations. It still very much is. So with these first two deals that we are very close to having contracts on; it's going to be just that. Those are deals to support production operations.

是的，約翰，早安。好問題。我認為，最初，當我們著手設計 ProPWR 業務策略時，我們將專注於二疊紀石油和天然氣業務。現在依然如此。因此，對於前兩筆交易，我們已經非常接近簽約了；就是這樣。這些都是支持生產營運的交易。

That said, the longer we're in the market, the more we see across different geographies and different industries. Part of our thesis was to get in the supply chain and to acquire power generators -- to acquire power capacity that we know is going to be needed just in this increasing demand environment that we see ourselves in.

也就是說，我們進入市場的時間越長，就越能了解不同地區和不同產業的情況。我們的論點之一是進入供應鏈並收購發電機——獲取我們知道在我們所處的這種不斷增長的需求環境中所需的電力容量。

So, I think our strategy and thesis is playing out that we're going to build a really strong foundation on Permian oil and gas, something we know very well, customers we know very well. But this is very soon going to create a platform that's going to be able to service potentially other areas and other industries. So, yes, we've sought some of those opportunities out ourselves.

因此，我認為我們的策略和論點是，我們將在二疊紀石油和天然氣領域建立一個真正堅實的基礎，這是我們非常了解的，也是我們非常了解的客戶。但這很快就會創建一個能夠服務其他領域和其他行業的平台。所以，是的，我們自己也找了一些機會。

Some of those have come in the door unsolicitedly, and we'll continue to hold an open ear to opportunities that are outside of oil and gas. All the meanwhile, we've got a very distinct focus plan to attack the Permian oil and gas operations.

其中一些是主動找上門來的，我們將繼續關注石油和天然氣以外的機會。同時，我們有一個非常明確的重點計畫來攻擊二疊紀石油和天然氣作業。

Pretty exciting, but we know that to get this business off the ground and for it to hold true to what we're known for from operational excellence standpoint, these first couple of steps we need to stick to what we know.

這非常令人興奮，但我們知道，要使這項業務起步並保持我們在卓越營運方面的聲譽，我們需要堅持我們所知道的最初幾個步驟。

Okay. Well, thank you for that. The second one is just on the traditional frac business. And recognizing a lot is in flux right now and there's no shortage of uncertainty, but when you look at you going from the 14 to 15 fleets down to say 13 to 14, is that a function of a customer reducing activity, or you choosing to walk away from lower prices or just the consequence of continued efficiency gains? Just a little bit of color around the change would be appreciated.

好的。嗯，謝謝你。第二個是關於傳統的壓裂業務。並且認識到現在很多事情都處於不斷變化之中，並且不乏不確定性，但是當您看到您的機隊數量從 14 到 15 個減少到 13 到 14 個時，這是由於客戶減少活動造成的，還是您選擇放棄降低價格，或者僅僅是持續提高效率的結果？只要周圍有一點點顏色變化就更好了。

Yeah. The simple answer is it's a little bit of both, John. As you and I both know, we all know that when oil price takes an aggressive dip like it did after the OPEC and tariff announcements, the customers maybe that have the most flexibility or the most hindered economics are some of the first ones you hear from. And it's really, thankfully, been a very small part of our customer portfolio that we've had those inbound calls from the almost half of our frac capacity as we state in the press release and in the scripted remarks is under what we call long-term, contracts more than a year.

是的。簡單的答案是兩者都有一點，約翰。如你我所知，我們都知道，當油價像歐佩克和關稅公告之後那樣大幅下跌時，你最先聽到消息的可能是那些擁有最大靈活性或經濟受阻最大的客戶。值得慶幸的是，這實際上只是我們客戶組合中很小的一部分，正如我們在新聞稿和腳本評論中所述，我們幾乎一半的壓裂產能都接到了這些來電，這些來電屬於我們所謂的長期合同，即超過一年的合同。

So you call it the traditional frac business, and it is, but 75% of our capacities burning natural gas is what we call next-generation equipment. And almost all of that equipment is garnering long-term contracts, and we think those are going to be very valuable and useful in any market volatility or downside fluctuations. And that's proving out as we sit here today.

所以你稱之為傳統的壓裂業務，事實也確實如此，但我們燃燒天然氣的產能的 75% 是我們所謂的下一代設備。幾乎所有設備都簽訂了長期合同，我們認為這些合約在任何市場波動或下行波動中都將非常有價值和有用。我們今天坐在這裡就證明了這一點。

[Alex Shegelhofer, Stifel].

[Alex Shegelhofer，Stifel]。

Hi. Good morning, everyone, and thanks for taking my question. So just to kick us off, kind of following up on that last question there, I just want to maybe put a finer point on what you're seeing in terms of pricing for pressure pumping equipment in the market. I think you said about 50% of your active horsepower is contracted. Just curious for you to provide some context on like what spot versus contract is doing. And exiting '24 and exiting the first quarter and naturally I assume that there's some benefits from your higher-quality assets or newer assets, so just any color that would be appreciated.

你好。大家早安，感謝您回答我的問題。因此，為了讓我們開始討論，為了繼續回答最後一個問題，我只是想更詳細地說明您所看到的市場上壓力幫浦設備的定價。我認為您說過大約 50% 的主動馬力是收縮的。我只是好奇，想請您提供一些背景信息，例如現貨和合約的區別。退出 24 年並退出第一季度，我自然認為您的高品質資產或新資產會帶來一些好處，因此任何顏色都會受到讚賞。

Yeah. I'd say that the benefits from the newer and high-quality assets, namely, I'll point out our FORCE electric offering. Efficiencies and economics on those fleets continue to be very attractive and valuable for us.

是的。我想說的是來自較新和高品質資產的好處，即我要指出的我們的 FORCE 電動產品。這些船隊的效率和經濟性對我們來說仍然非常有吸引力和價值。

And as it pertains to pricing in the contracted market, I'd say it's very steady. When you're having those contracted fleet discussions, it's with a certain type of E&P: one that has a very long view of the future that's trying to create a lot of consistency, continuity, both operationally, and financially in kind of their approach to executing on their acreage. So we still feel very confident about our thesis to continue to evolve into more electric, more dual-fuel fleet over time as a portion of our portfolio because that market seems very sturdy from a pricing standpoint.

至於合約市場的定價，我認為它非常穩定。當你進行這些合約船隊討論時，是與特定類型的 E&P 進行討論：他們對未來有非常長遠的眼光，並試圖在營運和財務上創造很大的一致性和連續性，以某種方式執行他們的土地使用權。因此，我們仍然對我們的論點非常有信心，隨著時間的推移，我們將繼續發展更多的電動、更多的雙燃料車隊作為我們投資組合的一部分，因為從定價的角度來看，這個市場似乎非常穩健。

It's also very sturdy from an activity standpoint. I mean these are customers where the plan is the plan, and a $5 dip or a $10 dip in oil prices out of nowhere like we've seen here just recently doesn't really make them blink. They just kind of continue on with their plan.

從活動角度來看，它也非常堅固。我的意思是，對於這些客戶來說，計劃就是計劃，就像我們最近看到的那樣，油價突然下跌 5 美元或 10 美元並不會讓他們感到驚訝。他們只是繼續執行他們的計劃。

On the other side of the market, call it diesel or spot, those aren't the same thing, but those markets overlap quite a bit. There's just a lot of -- it's very fluid right now. I'd say you're seeing a lot of price discipline, but you're seeing some very small areas where there are some people willing to price enough under us where we would be willing to turn the work away.

在市場的另一端，人們稱之為柴油或現貨，它們並不是一回事，但這些市場有相當大的重疊。有很多——現在情況非常不穩定。我想說的是，你看到了很多價格紀律，但你也看到一些非常小的領域，有些人願意按照我們的價格定價，而我們願意拒絕這項工作。

So we're seeing that happen on the fringes and I -- for a company like us that has the balance sheet that we do and the scale and density that we do, when that happens, we're happy to allow that to happen many times because pricing that's significantly below where we are, say, in the diesel or the spot market is extremely unsustainable.

所以我們看到這種情況發生在邊緣，對於像我們這樣擁有資產負債表以及規模和密度的公司來說，當這種情況發生時，我們很樂意允許這種情況多次發生，因為定價遠低於我們的水平，比如柴油或現貨市場的價格是極不可持續的。

It's not uncommon to see competitors pricing at negative free cash flow. So from a consolidation standpoint, we're happy for that to be consolidation via attrition when that -- when those parts of the market are willing to go that low -- really, as we sit here today, I think it's very important for anybody, especially if you're new to the space, listening to this call or maybe you're coming back from a hiatus, that part of the market, which is diesel and spot, is a very small part of the market as compared to prior cycles. You might only -- in the Permian Basin, you might only be talking about 20%-ish of the market that is playing in that game.

競爭對手以負自由現金流定價的情況並不少見。因此，從整合的角度來看，當市場中的那些部分願意降價時，我們很高興看到透過消耗進行整合，實際上，當我們今天坐在這裡時，我認為這對任何人來說都非常重要，特別是如果你是這個領域的新手，聽這個電話，或者你剛從中斷中回來，與之前的周期相比，柴油和現貨市場的那部分只佔市場的那部分。你可能只談論二疊紀盆地參與該遊戲的 20% 左右的市場。

So it's changed quite a bit from both an equipment makeup and kind of a contracted dedicated situation. That's why we're making it clear, calling out that 75% of our fleet is burning natural gas and 50% of our fleet is contracted, almost 100% of our fleet is on dedicated agreements that's not contracted.

因此，無論是從設備組成還是從合約專用情況來看，情況都發生了很大變化。這就是為什麼我們要明確指出，我們 75% 的船隊燃燒的是天然氣，50% 的船隊是簽訂了合約的，幾乎 100% 的船隊都是簽訂了未簽訂合約的專用協議。

So yes, I can give you some fringe commentary. We're talking about a very small part of the market here today.

是的，我可以給你一些邊緣評論。今天我們討論的是市場的一小部分。

Got it. Appreciate it. That's excellent color there. And then, kind of shifting gears a little bit here. I know you touched on this during the prepared remarks, but just some maybe added color on your capital allocation framework when you're thinking about funding the power business versus buybacks and any opportunities to maybe finance some of the spending like on the initial 110 megawatts with the incremental 80 or how you're thinking about that.

知道了。非常感謝。那裡的顏色真漂亮。然後，這裡稍微轉換一下話題。我知道您在準備好的發言中提到了這一點，但當您考慮為電力業務提供資金還是回購時，您的資本配置框架可能會增添一些色彩，以及任何可能為部分支出提供資金的機會，例如最初的 110 兆瓦和增量的 80 兆瓦，或者您是如何考慮這一點的。

Sure. Yeah. We're -- I think we're really proud of what we've been able to do. From a capital allocation standpoint, in the last couple of years, you've quite literally seen us do all the above without ever putting our balance sheet in question.

當然。是的。我們——我想我們對於我們所做的事情感到非常自豪。從資本配置的角度來看，在過去的幾年裡，你確實看到我們做了上述所有事情，從未對我們的資產負債表產生任何疑問。

At the top of the stack today -- and hopefully, this comes through clear in our communications -- is our power business and our FORCE electric offering. Probably, the main reason why those go to the top of the stack today is because of how known the returns are with those things in large part due to the contracts that we're able to obtain and the take or pay nature of those contracts, where when you're making -- when you're investing a dollar into one of those types of equipment or opportunities, you're all but guaranteed -- at least in an oil field services sense, you're all but guaranteed a specific return that is very attractive and frankly, transformational for a business like ours.

今天，最重要的是——希望這一點在我們的溝通中能夠清楚地表達出來——我們的電力業務和 FORCE 電力產品。可能，這些項目今天之所以被放在首位，主要原因是這些項目的回報眾所周知，這在很大程度上歸功於我們能夠獲得的合同以及這些合同的照付不議性質，當你投資一美元到這些類型的設備或機會中時，你幾乎可以保證——至少在油田服務的意義上，你幾乎可以保證獲得非常有吸引力的特定回報，坦率地說，對於我們這樣的變革性企業來說，這種回報具有變革性。

And then maybe go one layer deeper on the -- what we're seeing here recently on the power side and the and the contracts that we're obtaining, there's one of these contracts that's as long as 10 years. I could almost call them data center-like. So we're not just flippantly saying, these contracts are good; like I said, they're transformational if we can continue to execute on that model in a large way, and we think we can.

然後也許再深入一層——我們最近在電力方面看到的以及我們獲得的合同，其中一份合約長達 10 年。我幾乎可以稱它們為數據中心。因此，我們並不是輕率地說這些合約很好；就像我說的，如果我們能夠繼續大規模地執行該模式，它們將具有變革性，我們認為我們可以。

The other capital allocation opportunities, look, you've seen us do M&A, three bolt-on deals in the last couple years. You've seen us buy back more than 10% of our market cap, over the last 18 months or so. We've also kind of in the background continued to allocate capital to our smaller business lines like wireline and cementing that are two very well-positioned competitive businesses that have high free cash flow conversion.

其他資本配置機會，你看，你已經看到我們在過去幾年裡進行了併購，三筆附加交易。你已經看到，在過去 18 個月左右的時間裡，我們回購了超過 10% 的市值。我們也在幕後繼續將資金分配給我們的較小業務線，例如有線和水泥業務，這兩個業務線是兩個定位非常明確、競爭激烈、自由現金流轉換率較高的業務。

So that's quite literally five different categories that I just mentioned to you from a capital allocation standpoint. Power, e-fleets, M&A, wireline, cement, and buybacks and shareholder returns. And we will keep our optionality open to do all of those things moving forward.

所以，從資本配置的角度來看，我剛才提到的其實是五個不同的類別。電力、電子車隊、併購、有線、水泥、回購和股東回報。我們將保持開放的態度，繼續推進所有這些工作。

We have a framework that we move opportunities through that help us make that decision. But as we sit here today, the forces that exist in the market, we really like the power and the e-fleet opportunities. All the meanwhile, we're going to allocate capital in a manner that also protects our balance sheet.

我們有一個框架，透過這個框架我們可以獲得機會並做出決定。但今天我們坐在這裡，看到市場上存在的力量，我們真的很喜歡這種力量和電子車隊的機會。同時，我們將以保護資產負債表的方式分配資本。

Got it. Appreciate the color there, and I'll turn it back. Congrats on the quarter.

知道了。欣賞那裡的色彩，然後我會把它轉回來。恭喜本季取得佳績。

(Operator Instructions)

（操作員指示）

Waqar Syed, ATB Capital Markets.

Waqar Syed，ATB 資本市場。

Thank you for taking my question. Good morning. Sam, given where commodity prices are today, how many crews do you do you expect to be working in by, let's say, June in the Permian versus where they are maybe today or where they were a month ago?

感謝您回答我的問題。早安.薩姆，考慮到目前商品價格的水平，您預計到 6 月份，二疊紀盆地將有多少支作業隊在作業，而目前或一個月前他們的作業隊數量又是多少？

Yeah. I think June, Waqar, will probably -- for the Permian. Is that your question? The Permian in general?

是的。我認為六月，瓦卡爾，可能會——對於二疊紀來說。這是你的問題嗎？二疊紀整體狀況如何？

Right, yeah.

是的，是的。

I think you'll see a downtick in June. I don't think you've seen much come off in total yet here since the tariff and the OPEC announcements, but I think you might see a little bit come off in June. Part of our fleet guidance being down kind of one whole fleet at the midpoint is us looking at June saying, Matt, there could be a little bit of activity come out of the system for us in June. You might, this summer, be headed into a setup where the Permian's run 75 to 85 fleets, something like that. So, yeah.

我認為六月會出現下滑趨勢。我認為自從關稅和歐佩克聲明以來，總體上還沒有看到太大的下降，但我認為 6 月可能會看到一點下降。我們的船隊指導在中期下降了整整一船隊，因此我們展望 6 月時會說，馬特，6 月我們的系統可能會有一些活動。今年夏天，你可能會進入一個二疊紀擁有 75 至 85 個船隊的環境，諸如此類。是的。

So 75, 85 just -- is it versus 100 today?

那麼 75、85 只是——與今天的 100 相比嗎？

You're probably not running 100 today. You might be closer to 85 to 90 today.

您今天可能跑不了 100 公尺。今天你可能已經接近85到90歲了。

Yeah. So about 10 feet or so come out. Now just to be clear, so today you're still worth running around 14 crews or so?

是的。大約有 10 英尺左右的長度。現在只是想明確一點，那麼今天你仍然值得帶領 14 個左右的團隊嗎？

Correct. Yeah. Of which I think -- I think another thing interesting to note from an activity standpoint, Waqar, is that headed into May, we'll be running four simul-frac fleets as well. So that's -- I know we've traditionally given fleet guidance and things like that, but in the background, some of these fleets are twice the size of a -- say, a normal traditional fleet.

正確的。是的。瓦卡爾，我認為從活動角度來看，另一個值得注意的有趣事情是，進入 5 月份，我們還將運行四支同步壓裂船隊。所以那是——我知道我們傳統上會提供艦隊指導和諸如此類的事情，但在幕後，其中一些艦隊的規模是——比如說，普通傳統艦隊的兩倍。

I know that kind of might create a lot of noise when you're trying to fine tune a model, but these fleets on average continue to grow in size. I think that's not only true for us, I think that's true for the entire industry.

我知道，當你嘗試微調模型時，這可能會產生很大的噪音，但這些艦隊的平均規模仍在擴大。我認為這不僅適用於我們，也適用於整個產業。

Okay. So your guidance regarding a crew that just - being down is just an expectation that come June, you don't have any requests from a customer to release the rig or -- ?

好的。所以你對船員的指導只是預期到了 6 月份，你不會收到任何來自客戶的釋放鑽機的請求，或者-- ？

Yeah. There's just some one or two very small spots where we're getting some pricing pressure that we're probably not going to be willing to meet on the low side. So we're right now expecting to pull at least one fleet out of the mix in June, if kind of the broader circumstances don't change from a macro standpoint.

是的。只是在某些或兩個非常小的地方，我們面臨一些定價壓力，我們可能不願意以低價來滿足這些壓力。因此，如果從宏觀角度來看大局沒有改變的話，我們現在預計 6 月將至少撤出一支船隊。

Yeah. Secondly, on your CapEx cuts on the pumping side, is that mostly related to one fleet lower or -- you mentioned optimization and is that optimization benefits mostly on the e-fleet side, or are you seeing across your entire fleet, including your Tier IV DGBs and others?

是的。其次，關於您在泵送方面的資本支出削減，這主要與一個車隊的降低有關嗎？或者 - 您提到了優化，優化的好處主要體現在電子車隊方面，還是您看到的是整個車隊，包括您的 Tier IV DGB 和其他車隊？

It's almost all optimization, Waqar. I mean if you go back and look at our last several call scripts, and what my team and I have been communicating about, the continued wins on the optimization front, i.e., extending the life of equipment and the large components on that equipment has just been phenomenal. Adam and his team and the work that they've been doing every quarter just seems to continue to surprise to the upside in different ways.

這幾乎都是優化，瓦卡爾。我的意思是，如果你回過頭來看看我們最近的幾次通話腳本，以及我和我的團隊一直在溝通的內容，就會發現我們在優化方面持續取得的勝利，即延長設備和設備上大型部件的使用壽命，這是非常驚人的。亞當和他的團隊以及他們每季所做的工作似乎繼續以不同的方式帶來驚喜。

So we've continued to issue the challenge to our operations and maintenance teams, and they've continued to raise the bar, and knock it out of the park. So there's probably a very small bit of activity in that CapEx guide lower, but I'd say almost all of it is optimization. Matt, do you want to add to that?

因此，我們不斷向我們的營運和維護團隊發出挑戰，他們也不斷提高標準，並取得優異成績。因此，資本支出指南中可能只有極少量的活動較低，但我想說幾乎所有活動都是最佳化。馬特，你想補充一下嗎？

Waqar, this is Matt. I think the point on the activity is really indicative in the range we're providing on the completion side, the $125 million to $175 million. And that wider range is more an indication of our flexible CapEx program, depending on how activity flushes out through the rest of the year.

瓦卡爾，這是馬特。我認為活動點確實表明了我們在完成方面提供的範圍，即 1.25 億美元到 1.75 億美元。而這個更大的範圍更多地表明了我們的資本支出計劃是靈活的，取決於今年剩餘時間內活動的進展。

Okay. Great. And then in terms of your mobile power, you mentioned there's a mix between turbines and reciprocating engines. Why are you deciding between one versus the other? Or is it all the recent orders have been all reciprocating engines, and these turbines are mostly some of the legacy equipment that you have?

好的。偉大的。然後就您的行動電源而言，您提到了渦輪機和往復式引擎的混合。為什麼您要在這兩者之間做出選擇？或者最近的訂單都是往復式發動機，而這些渦輪機大多是你們的一些遺留設備？

No, these are all new. We have a team in our ProPWR leadership team that has vast experience in both. Our initial approach has also been one of flexibility and modularity. We want to be able to open ourselves to many different types of opportunities. These first couple of deals that we announced and communicated today are going to go to oil and gas production operations. But those assets will be usable across more than just that midstream frac industrial applications. That's a big part of our strategy.

不，這些都是新的。我們的 ProPWR 領導團隊中有一個在這兩方面都擁有豐富經驗的團隊。我們最初的方法也是靈活性和模組化的。我們希望能夠為自己帶來各種不同類型的機會。我們今天宣布和傳達的首幾筆交易將涉及石油和天然氣生產業務。但這些資產的用途不僅限於中游壓裂工業應用。這是我們策略的重要組成部分。

And another part is just availability, right? This is a crowded supply chain that we're continuing to compete in, and try and carve out our spot. And so, a very small part of this is what you can get your hands on. But what we've been able to get our hands on thus far has been very well fit to our strategy, to be able to do many different things.

另一部分只是可用性，對嗎？這是一個擁擠的供應鏈，我們將繼續參與競爭，並努力佔有一席之地。因此，您所能得到的只是其中很小的一部分。但到目前為止，我們所能做的已經非常適合我們的策略，能夠做很多不同的事情。

So and we will continue to evolve this portfolio over time. We're simply just getting started. And we expect this power business to be a very meaningful part of the overall business moving forward. So we'll look to grow from here.

因此，我們會隨著時間的推移不斷改進這個投資組合。我們才剛開始。我們預計電力業務將成為未來整體業務中非常重要的一部分。因此，我們期待從這裡開始成長。

Arun Jayaram, JPMorgan.

摩根大通的阿倫‧賈亞拉姆 (Arun Jayaram)。

Hey, Sam. Wanted to see if you could kind of elaborate on your longer-term ambitions on the FORCE new builds as we think about capital allocation over the balance of the year and into 2026?

嘿，山姆。當我們考慮今年餘下時間以及 2026 年的資本配置時，您是否可以詳細說明您對 FORCE 新建專案的長期目標？

I think you've always heard us say that we think electric frac is the future. If you just look long, long term, 10-, 20-plus years, we fully expect North America shale to continue to industrialize, and we think a huge part of that is electrification. So that's been the thesis for years frankly.

我想您一定經常聽到我們說，我們認為電動壓裂是未來。如果從長遠來看，10 年、20 多年，我們完全預期北美頁岩將繼續工業化，我們認為其中很大一部分是電氣化。坦白說，這多年來一直是我們的論點。

That said, you have to be able to carve out the right opportunities in the market. And we did that pretty aggressively with our first four fleets, because the e-fleet market was frankly just growing very quickly at that time, and opportunities were vast. I'd say we're kind of starting to trend from growth to maturation in the e-fleet market.

也就是說，你必須能夠在市場上找到正確的機會。我們在前四支車隊中採取了非常積極的舉措，因為當時電子車隊市場發展非常迅速，機會龐大。我想說，電子車隊市場正開始從成長走向成熟。

The first wave of e-fleets that were built even before ours are coming off of their initial contracts, and many of the largest E&P operators have gotten most of what they need. That doesn't mean that it's still growing. I think it's just growing at a slower rate. That's why I say it's kind of trending on maturation.

在我們之前建造的第一批電動車隊即將結束其初始合同，許多最大的 E&P 運營商已經獲得了他們所需的大部分東西。這並不意味著它仍在成長。我認為它只是成長速度較慢而已。這就是為什麼我說它有點趨於成熟。

So I think you should look for us to continue to transition into more e-fleets, maybe at a rate of one to two a year in perpetuity, because we think those opportunities are going to be there. We think it's the right thing to do for our financial returns and the consistency in those returns. And we'll be very tactical and picky about how we choose to do that and who we choose to do that with. So as we said in our remarks earlier, we've got a fifth coming this year.

因此，我認為您應該期待我們繼續向更多的電子車隊轉型，也許以每年一到兩輛的速度持續下去，因為我們認為這些機會將會存在。我們認為這對我們的財務回報以及回報的一致性來說是正確的做法。我們將非常謹慎和挑剔地選擇如何做以及與誰一起做。正如我們之前所說，今年我們將迎來第五次。

Another thing that I think is interesting to note, we have four running today, one of which is a 200 barrel a minute simul-frac. So that's basically two regular fleets. So however you want to slice and dice it, you could say we have technically a five worth of horsepower working today, going on six, but that's five. Four real profit centers as it pertains to crude fleets and customers going on five today. But we're going to stay in the market there.

我認為另一件值得注意的事情是，我們今天有四個井在運行，其中一個是每分鐘 200 桶的同步壓裂。所以這基本上是兩個常規艦隊。因此，無論你想如何細分它，你可以說我們今天在技術上擁有相當於五馬力的功率，達到六馬力，但那就是五馬力。目前，原油船隊和客戶有四個真正的利潤中心，其中五個是原油船隊。但我們會繼續留在該市場。

And look, I think we should expect the existing e-fleets we have, many of them to look to transition to simul in the future too. These e-fleets are really built for that type of work, and I think our customers that are running zipper e-fleets are starting to understand that. I think there's an interest to convert many existing e-fleets to simul as well.

而且，我認為我們應該期待我們現有的電子車隊，其中許多將來也會過渡到同步。這些電動車隊確實是為這類工作而打造的，我認為經營 Zipper 電動車隊的客戶開始明白這一點。我認為將許多現有的電子車隊轉換為同步車隊也是有興趣的。

So, sorry. That was a long-winded answer. Hopefully, I answered your question.

所以，很抱歉。這是一個冗長的回答。希望我回答了你的問題。

No, that was super helpful. You mentioned a couple of LOIs for 75 megawatts of power generation. Can you help us think about what type of returns you're seeing on these type of opportunities versus maybe some opportunities you have of reinvesting in the frac side of the business? How are the returns looking?

不，這非常有幫助。您提到了幾份關於 75 兆瓦發電的意向書。您能否幫助我們思考一下，您在這些類型的機會中看到了什麼樣的回報，或者您可能在業務的壓裂方面再投資的一些機會？回報看起來怎麼樣？

Yeah. I'd say we're executing on exactly what we've said previously that you're looking for four-year paybacks, if not a little bit better on those assets, cash-on-cash paybacks, which in turn ends up generating in the ballpark of $300,000 of EBITDA per megawatt per year. That will equate to that four-year payback pretty closely. So those -- that still holds true.

是的。我想說的是，我們正在按照我們之前所說的去做，即尋求四年的回報，如果不是對這些資產更好一點的話，現金對現金的回報，最終將產生大約每年每兆瓦 300,000 美元的 EBITDA。這與四年的回報相當接近。所以那些——仍然成立。

We'll keep it pretty tight. We'll hold our cards pretty tight in terms of other parts of those contracts, because we think we're doing kind of unique things in the market commercially. But we're super excited about this and the willingness and the openness of the E&Ps to contract with us is definitely there. This is not kind of a new thing that we have to be worried about them taking us up on.

我們會嚴格把關。對於這些合約的其他部分，我們會非常謹慎，因為我們認為我們在商業市場上所做的事情是獨一無二的。但我們對此感到非常興奮，而且 E&P 與我們簽訂合約的意願和開放態度是肯定存在的。這並不是什麼新鮮事，我們不必擔心他們會接受我們的建議。

This is - we're doing things that are frankly right now on the production operations side in E&P space that are just ensuring their operation in general, while at the same time we're helping them lower their OpEx significantly and lower their emissions significantly. So it's pretty exciting stuff. It's a real win-win opportunity.

坦白說，我們現在在勘探與生產領域的生產運營方面所做的事情只是為了確保他們的整體運營，同時我們正在幫助他們大幅降低營運成本並大幅降低排放。這是非常令人興奮的事情。這是一個真正的雙贏機會。

Thank you. And this does conclude the question-and-answer session. I would like to turn the conference back to Sam Sledge for any closing comments.

謝謝。問答環節到此結束。我想將會議交還給 Sam Sledge 來做最後的總結演講。

Thanks, everybody, for tuning in today. Thanks for your interest in the company. We look forward to talking to you again soon. Have a great day.

感謝大家今天的收看。感謝您對本公司的關注。我們期待很快再次與您交談。祝你有美好的一天。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

謝謝。會議現已結束。感謝您參加今天的演講。現在您可以斷開線路了。