ProPetro Holding Corp (PUMP) 2025 Q2 法說會逐字稿

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

大家好，歡迎參加 ProPetro Holding Corp 2025 年第二季電話會議。請注意，此事件正在被記錄。（操作員指示）

I would now like to turn the conference back over to Matt Augustine, Vice President of Finance and Investor Relations for ProPetro Holding Corp. Please go ahead.

現在，我想將會議交還給 ProPetro Holding Corp 財務和投資者關係副總裁 Matt Augustine。請繼續。

Thank you, and good morning. We appreciate your participation in today's call. With me are Chief Executive Officer, Sam Sledge; President and Chief Operating Officer, Adam Munoz; Chief Accounting Officer and Principal Financial Officer, Celina Davila; and our new Chief Financial Officer, Caleb Weatherl. Caleb will introduce himself later in the call. But given he's new to the company and wasn't with us for the second quarter, he will not be participating in the question and answer session today.

謝謝，早安。感謝您參加今天的電話會議。與我一起的還有執行長 Sam Sledge、總裁兼營運長 Adam Munoz、首席會計長兼財務長 Celina Davila 以及我們新任財務長 Caleb Weatherl。Caleb 稍後會在通話中介紹自己。但考慮到他是公司新人，第二季還沒有加入我們，所以他今天不會參加問答環節。

This morning, we released our earnings results for the second 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.

今天上午，我們發布了2025年第二季的獲利結果。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。

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.

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文件中討論的收益報告和風險因素。

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 will 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，在我們準備好的發言之後，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, and good morning, everyone. Thanks for joining us today. Before I discuss our results this quarter, I'd like to take a moment and introduce you to Caleb Weatherl, our new Chief Financial Officer. We're excited to have him on board as his wealth of experience in the energy and financial sectors is a perfect match for us here at ProPetro. We are confident that he will be instrumental in helping us drive long-term shareholder value, and I look forward to having him as part of the team.

謝謝，馬特，大家早安。感謝您今天加入我們。在討論本季的業績之前，我想花點時間向您介紹我們的新財務長 Caleb Weatherl。我們很高興他能加入我們，因為他在能源和金融領域的豐富經驗與我們 ProPetro 非常契合。我們相信他將幫助我們提高長期股東價值，我期待他成為團隊的一員。

Caleb, would you like to say a few words?

卡萊布，你想說幾句話嗎？

Thanks, Sam, for the warm welcome. I am truly thrilled to join the incredible team at ProPetro. Having grown up and built my career in Midland, I've long admired ProPetro's reputation for excellence and its deep roots in the community. It's an honor to join such a respected first-class organization. While I just joined the company a few weeks ago, I've hit the ground running and I'm enjoying working closely with Sam and the rest of the leadership team.

謝謝薩姆的熱情歡迎。我真的很高興能夠加入 ProPetro 這個出色的團隊。我在米德蘭長大並建立了自己的事業，一直以來我都欽佩 ProPetro 的卓越聲譽及其在社區的深厚根基。我很榮幸能夠加入這樣一個受人尊敬的一流組織。雖然我幾週前才加入公司，但我已經投入工作，並且很高興與 Sam 和其他領導團隊成員密切合作。

With a clear focus on capital discipline and efficiency, I'm excited to help advance ProPetro's next chapter of success as we build on its strong financial and operational foundation. I want to assure you that the company's disciplined approach to capital allocation and commitment to maintaining a strong balance sheet while investing for growth will not change. I'm looking forward to getting to know you all better in the coming quarters.

我明確關注資本紀律和效率，很高興能夠在強大的財務和營運基礎上，幫助 ProPetro 開創下一個成功篇章。我想向你們保證，公司嚴謹的資本配置方法以及在投資成長的同時保持強勁資產負債表的承諾不會改變。我期待在接下來的幾季裡更了解你們。

And with that, I'll turn it back to Sam.

說完這些，我就把話題轉回給 Sam。

Thanks, Caleb. Now I'd like to share some thoughts on the environment we're operating in and provide an overview of our performance in the second quarter. Despite recent macroeconomic uncertainty, ProPetro delivered a resilient quarter, both operationally and financially.

謝謝，Caleb。現在我想分享一些關於我們經營環境的想法，並概述我們第二季的表現。儘管近期宏觀經濟存在不確定性，但 ProPetro 在營運和財務方面均實現了強勁成長。

Our strategy is proving effective, driven by our emphasis on capital-light assets and disciplined investments as well as our continued implementation of our industrialized business model. Our legacy completions business continues to generate sustainable free cash flow, supported by ongoing cost optimization and targeted capital programs.

我們的策略被證明是有效的，這得益於我們強調輕資本資產和有紀律的投資，以及我們繼續實施工業化商業模式。在持續的成本優化和有針對性的資本計劃的支持下，我們的傳統完井業務繼續產生可持續的自由現金流。

These efforts are fueling our growth trajectory, including new initiatives like PROPWR, which I'll discuss further in a moment. With regard to the current operating environment, both the broader energy markets and more specifically, the completions market in the Permian Basin continue to face challenges.

這些努力正在推動我們的成長軌跡，包括 PROPWR 等新舉措，我稍後將進一步討論。就當前的營運環境而言，更廣泛的能源市場，更具體地說，二疊紀盆地的完井市場繼續面臨挑戰。

We believe the Permian frac fleet counts are likely approaching 70 compared to approximately 90 to 100 fleets operating at the start of this year. Increased market uncertainty driven by tariffs and rising OPEC plus production has resulted in more idle capacity than anticipated. Furthermore, price discipline has weakened at the lower end of the market, particularly among subscale frac providers.

我們認為，二疊紀壓裂船隊數量可能接近 70 艘，而今年年初營運的船隊數量約為 90 至 100 艘。關稅和歐佩克產量增加導致市場不確定性增加，閒置產能超出預期。此外，低端市場的價格紀律已經減弱，特別是對於規模較小的壓裂供應商。

While we've had the opportunity to keep virtually all of our fleets active, we have proactively chosen to idle certain fleets rather than run our fleets at subeconomic levels, therefore, preserving them for more favorable market conditions in the future. That said, we are prepared to navigate this market by controlling what we can control, our everyday behaviors inside of ProPetro. Our strategic investments, including past M&A activity, PROPWR growth and FORCE electric fleet transition have strengthened the company's foundation so that we can withstand market turbulence.

雖然我們有機會讓幾乎所有的車隊保持活躍，但我們主動選擇閒置某些車隊，而不是以低於經濟水平的水平運行我們的車隊，因此，保留它們以備將來更有利的市場條件。也就是說，我們準備好透過控制我們能夠控制的事情，即我們在 ProPetro 內部的日常行為來駕馭這個市場。我們的策略性投資，包括過去的併購活動、PROPWR 成長和 FORCE 電動車隊轉型，加強了公司的基礎，使我們能夠抵禦市場動盪。

ProPetro is a strong business, led and operated by an experienced team with low debt and first-class customers in one of the world's leading regions for hydrocarbon production, the Permian Basin. Regardless of market conditions, we are confident that these strengths and our resilient capital-light cash flow generative business model will enable us to continue delivering shareholder value.

ProPetro 是一家實力雄厚的企業，由經驗豐富的團隊領導和運營，負債率低，擁有一流的客戶，位於世界領先的碳氫化合物生產區之一——二疊紀盆地。無論市場狀況如何，我們都相信這些優勢以及我們富有彈性的輕資本現金流生成業務模式將使我們能夠繼續為股東創造價值。

Market cycles like this create opportunity as changes in the environment can offer up new ways for companies like ProPetro to profitably grow and better serve our clients, allowing us to emerge on the other side of the cycle healthier than before and well positioned to operate in a market that has improved with respect to both supply and demand.

這樣的市場週期創造了機會，因為環境的變化可以為 ProPetro 這樣的公司提供新的盈利增長方式和更好地服務客戶的方式，使我們能夠比以前更健康地度過週期的另一端，並在供需狀況均有所改善的市場中佔據有利地位。

In contrast, many of our smaller peers, often the less disciplined competitors in the market and those who have not invested in next-generation technology may struggle to withstand a downturn for as long, given their limited ability to earn returns on their deployed assets.

相較之下，我們的許多規模較小的同行，通常是市場上紀律性較差的競爭對手，以及那些沒有投資下一代技術的公司，由於其部署資產的收益能力有限，可能難以承受長期的經濟低迷。

With that, I'd now like to discuss our capital-light investments. I'm pleased to report that demand for our next-generation services, particularly our FORCE electric fleet remains very strong. Approximately 75% of our fleet is next generation between the Tier 4 DGB dual-fuel and FORCE electric fleets. Moreover, as we reported last quarter, over 50% of ProPetro's active hydraulic horsepower is now under long-term contracts. This is inclusive of two Tier 4 DGB dual fuel fleets and four electric fleets.

有了這些，我現在想討論我們的輕資本投資。我很高興地報告，對我們的下一代服務，特別是我們的 FORCE 電動車隊的需求仍然非常強勁。我們的車隊中約有 75% 是 Tier 4 DGB 雙燃料和 FORCE 電動車隊之間的新一代車型。此外，正如我們上個季度報告的那樣，ProPetro 超過 50% 的活躍液壓馬力目前都處於長期合約之下。其中包括兩支 Tier 4 DGB 雙燃料車隊和四支電動車隊。

Notably, one of the FORCE fleets is a very large simul-frac fleet utilizing equipment equivalent to two standard zipper fleets. As a result, we currently have five fleets worth of FORCE equipment supporting four deployed fleets. Importantly, we plan to continue and potentially accelerate the transition from our Tier 2 diesel equipment to our FORCE electric equipment, given its high demand, successful contracts and commercial leverage, which we expect to offer lower risk for future earnings.

值得注意的是，其中一支 FORCE 船隊是一支非常龐大的同步壓裂船隊，其使用的設備相當於兩支標準拉鍊船隊的設備。因此，我們目前擁有相當於五個艦隊的 FORCE 裝備，支援四個已部署的艦隊。重要的是，鑑於其高需求、成功的合約和商業槓桿，我們計劃繼續並可能加速從我們的 Tier 2 柴油設備到我們的 FORCE 電動設備的過渡，我們預計這將降低未來收益的風險。

On the PROPWR side, we currently have approximately 220 megawatts on order with deliveries that began recently and are expected to be completed by midyear 2026. We are especially proud to announce our inaugural contract during the quarter, which was executed in collaboration with a Permian-focused E&P operator and commits 80 megawatts of power generation capacity to deliver turnkey power to a distributed microgrid installation.

在 PROPWR 方面，我們目前已訂購約 220 兆瓦，最近開始交付，預計將於 2026 年中期完成。我們特別自豪地宣布我們在本季度簽訂的首份合同，該合同是與專注於二疊紀的 E&P 運營商合作執行的，並承諾提供 80 兆瓦的發電能力，為分佈式微電網裝置提供交鑰匙電力。

Asset deployment is scheduled to begin in the third quarter of this year and continue throughout 2026. This 10-year midstream-like agreement marks a major milestone for our PROPWR and serves as a future blueprint and a testament to our commitment to innovation and long-term growth. Furthermore, over the coming weeks and months, we anticipate announcing multiple long-term contracts with oil and gas customers to meet their infield power requirements.

資產部署計劃於今年第三季開始，並持續整個2026年。這項為期 10 年的中游協議標誌著我們 PROPWR 的一個重要里程碑，也是未來藍圖和我們對創新和長期成長承諾的證明。此外，在未來幾週和幾個月內，我們預計將與石油和天然氣客戶簽訂多份長期合同，以滿足他們的內場電力需求。

Based on our ongoing discussions, we are confident that we will secure long-term agreements for all 220 megawatts of currently ordered equipment by the end of 2025. Additionally, we are actively engaging with our power generation suppliers regarding our next equipment orders. While these developments are exciting, we believe this is still just the beginning for this business.

根據我們正在進行的討論，我們有信心在 2025 年底為所有 220 兆瓦的當前訂購設備達成長期協議。此外，我們正積極與發電供應商就下一批設備訂單進行溝通。雖然這些發展令人興奮，但我們相信這對這項業務來說仍然只是一個開始。

We will continue to align our actions with PROPWR's mission to rethink the grid, therefore, unlocking more exciting opportunities to serve our existing and prospective clients, both in oil and gas and other industries to create long-term value for ProPetro shareholders.

我們將繼續使我們的行動與 PROPWR 的使命保持一致，重新思考電網，從而釋放更多令人興奮的機會，為石油、天然氣和其他行業的現有和潛在客戶提供服務，為 ProPetro 股東創造長期價值。

Now turning to capital allocation, which is more important than ever in an environment like this. Our dynamic capital allocation strategy allows us to continue to grow PROPWR and our FORCE electric fleets while also pursuing disciplined M&A and focusing on shareholder returns. We have been taking and will continue to take a balanced approach to executing this strategy to maximize value.

現在談談資本配置，在這樣的環境下，資本配置比以往任何時候都更重要。我們的動態資本配置策略使我們能夠繼續發展 PROPWR 和 FORCE 電動車隊，同時進行有紀律的併購並專注於股東回報。我們一直採取並將繼續採取平衡的方法來執行這項策略，以實現價值最大化。

In fact, our financial improvements and the value we have created over the past two years are a direct result of this very approach. Celina will share more details about our financial results in a moment, but I wanted to highlight that in the second quarter, we generated resilient free cash flow in our Completions business.

事實上，我們過去兩年的財務狀況改善和創造的價值正是這種方法的直接結果。Celina 稍後會分享更多有關我們財務業績的細節，但我想強調的是，在第二季度，我們的完井業務產生了有彈性的自由現金流。

Utilization across all segments was down due to larger macro impacts, including lower commodity prices, heightened uncertainty and weather downtime. However, our pricing remained largely stable and our operational excellence and cost controls remain strong, particularly as it relates to maintenance capital expenses.

由於商品價格下跌、不確定性加劇和天氣停工等宏觀影響較大，所有部門的使用率均下降。然而，我們的定價基本上保持穩定，我們的卓越營運和成本控制仍然強勁，特別是與維護資本支出相關的方面。

Looking ahead, our visibility into our activity outlook remains somewhat limited. As I touched on earlier, the impacts of tariffs and OPEC plus production increases have caused ongoing uncertainty in the back half of this year, and we expect that to persist into 2026, even with the recent stability of oil prices. Accordingly, in the third quarter, we expect to see a reduction in activity, particularly with our more conventional equipment, and we anticipate normal seasonal patterns in the fourth quarter.

展望未來，我們對活動前景的了解仍然有限。正如我之前提到的，關稅、歐佩克以及產量增加的影響導致今年下半年持續存在不確定性，即使最近油價穩定，我們預計這種情況仍將持續到 2026 年。因此，我們預計第三季的活動將會減少，特別是我們更傳統的設備，我們預計第四季將出現正常的季節性模式。

As a result, we expect to operate an average of 10 to 11 fleets in the third quarter with the possibility of running fewer fleets in the fourth quarter. That said, as we navigate a fluid and uncertain environment, ProPetro remains in a solid position supported by our strong balance sheet, first-class customers, refreshed next-generation asset base, growth through PROPWR, sustainable cash generation and long-term contractual stability. Most importantly, these results and strengths are made possible by and due to our outstanding team.

因此，我們預計第三季平均營運 10 至 11 個車隊，第四季營運的車隊數量可能會減少。儘管如此，當我們在動盪和不確定的環境中前進時，ProPetro 仍然保持穩固的地位，這得益於我們強大的資產負債表、一流的客戶、更新的下一代資產基礎、透過 PROPWR 實現的成長、可持續的現金產生和長期合約穩定性。最重要的是，這些成果和優勢都歸功於我們優秀的團隊。

On that note, Celina, I'll turn it over to you.

關於這一點，塞莉娜，我將把它交給你。

Thanks, Sam, and good morning, all. In terms of the numbers, ProPetro generated total revenue of $326 million, a decrease of 9% as compared to the prior quarter. Net loss totaled $7 million or $0.07 loss per diluted share compared to net income of $10 million or $0.09 income per diluted share for the first quarter of 2025. Adjusted EBITDA totaled $50 million was 15% of revenue and decreased 32% compared to the prior quarter. This includes the lease expense related to our electric fleets of $14 million.

謝謝，山姆，大家早安。具體來看，ProPetro 總營收為 3.26 億美元，與上一季相比下降了 9%。淨虧損總計 700 萬美元，即每股攤薄虧損 0.07 美元，而 2025 年第一季的淨收入為 1,000 萬美元，即每股攤薄收入 0.09 美元。調整後的 EBITDA 總計 5,000 萬美元，佔營收的 15%，與上一季相比下降了 32%。其中包括與我們的電動車隊相關的 1400 萬美元的租賃費用。

Importantly, one attributable factor for lower financial performance this quarter was and is our strategic decision to maintain our idle fleets in optimal working conditions. This ensures preparation for rapid deployment once market conditions improve and that we are best positioned to capitalize on future opportunities as they arise.

重要的是，本季財務表現較低的一個可歸因因素是，我們做出了維持閒置車隊處於最佳工作狀態的策略決策。這確保了一旦市場條件改善，我們就能迅速部署，並且能夠更好地利用未來出現的機會。

Net cash provided by operating activities and net cash used in investing activities, as shown on the statement of cash flows were $54 million and $36 million, respectively. Free cash flow for our Completions business was $26 million. As Sam mentioned, our legacy Completions business continues to generate sustainable free cash flow.

現金流量表顯示，經營活動提供的淨現金和投資活動所使用的淨現金分別為 5,400 萬美元和 3,600 萬美元。我們的完井業務的自由現金流為 2,600 萬美元。正如 Sam 所提到的，我們傳統的完井業務繼續產生可持續的自由現金流。

Even in today's challenging market environment, we are operating with the consistency and reliability of a mature industrialized enterprise. Capital expenditures paid were $37 million and capital expenditures incurred were $73 million, including $30 million primarily supporting maintenance in our Completions business and $43 million supporting our PROPWR orders.

即使在當今充滿挑戰的市場環境中，我們仍以成熟工業化企業的一致性和可靠性開展營運。支付的資本支出為 3,700 萬美元，發生的資本支出為 7,300 萬美元，其中 3,000 萬美元主要用於支援完井業務的維護，4,300 萬美元用於支持我們的 PROPWR 訂單。

The difference between incurred and paid capital expenditures is primarily comprised of PROPWR-related capital expenditures that have been financed and paid directly by our financing partner and unpaid capital expenditures included in accounts payable and accrued liabilities.

已發生資本支出和已支付資本支出之間的差額主要包括由我們的融資合作夥伴直接融資和支付的 PROPWR 相關資本支出以及應付帳款和應計負債中包含的未支付資本支出。

In terms of CapEx incurred guidance, we will continue to evaluate the market and scale CapEx with activity realizations. But as we sit here today, given what Sam shared around our activity outlook, we now anticipate our 2025 CapEx for our Completions business to be between $100 million and $140 million. We do still expect to spend approximately $170 million for our PROPWR business, inclusive of finance CapEx.

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，考慮到 Sam 分享的我們的活動前景，我們現在預計 2025 年完井業務的資本支出將在 1 億美元至 1.4 億美元之間。我們仍預計將為 PROPWR 業務花費約 1.7 億美元，其中包括財務資本支出。

So our total range will be between $270 million and $310 million, down from $295 million to $345 million on last quarter's call. Importantly, cash and liquidity remains strong, which is very important in today's uncertain market. As of June 30, 2025, total cash was $75 million and total liquidity at the end of the second quarter of 2025 was $178 million, including cash and $103 million of available capacity under the ABL credit facility.

因此，我們的總範圍將在 2.7 億美元至 3.1 億美元之間，低於上一季電話會議中的 2.95 億美元至 3.45 億美元。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 6 月 30 日，現金總額為 7,500 萬美元，2025 年第二季末的總流動資金為 1.78 億美元，其中包括現金和 ABL 信貸額度下的 1.03 億美元可用容量。

As for our share repurchase program in May of 2025, the company extended its $200 million share repurchase program to December of 2026. Since the program's inception in May of 2023, the company has repurchased 13 million shares, representing approximately 11% of outstanding common stock.

至於我們 2025 年 5 月的股票回購計劃，公司將其 2 億美元的股票回購計劃延長至 2026 年 12 月。自 2023 年 5 月該計畫啟動以來，該公司已回購 1,300 萬股，約佔已發行普通股的 11%。

In the second quarter of 2025, the company did not repurchase any shares as it prioritized the launch and scaling of the PROPWR business. In terms of approach, our capital allocation strategy continues to be and will continue to be centered on remaining flexible and dynamic so we can pivot as needed between FORCE electric fleet conversions, PROPWR growth, disciplined M&A investments and share repurchases, while also maintaining a strong balance sheet and commitment to capital discipline.

2025 年第二季度，該公司沒有回購任何股票，因為它優先考慮啟動和擴大 PROPWR 業務。在方法方面，我們的資本配置策略繼續並將繼續以保持靈活性和動態性為中心，以便我們可以根據需要在 FORCE 電動車隊轉換、PROPWR 成長、嚴格的併購投資和股票回購之間進行調整，同時保持強勁的資產負債表和對資本紀律的承諾。

With that, Sam, back over to you.

好了，山姆，回到你這裡。

Thanks, Celina. I'm proud of how our company and team have navigated recent market volatility and position ProPetro to thrive in any environment. Our resilience is a direct result of several things, namely a legacy completions business that is profitable through various cycles and will continue to fuel our growth in PROPWR, as well as our investments, including FORCE electric fleets, PROPWR and a thoughtful M&A approach that together provide us with a rock-solid foundation to withstand market turbulence.

謝謝，塞莉娜。我為我們公司和團隊如何應對最近的市場波動並使 ProPetro 在任何環境下蓬勃發展感到自豪。我們的韌性直接源於幾件事，即傳統的完井業務，該業務在各個週期中都保持盈利，並將繼續推動我們在 PROPWR 方面的增長，以及我們的投資，包括 FORCE 電動車隊、PROPWR 和深思熟慮的併購方法，這些共同為我們提供了抵禦市場動蕩的堅實基礎。

And lastly, our core strengths of our strong balance sheet with low debt, first-class customers and a first-class team, a team that's proactive and quick on its feet, for which I'm immensely thankful. At the end of the day, we're well prepared for what lies ahead and remain confident in both our strategy and the future of our company.

最後，我們的核心優勢在於我們強大的資產負債表、低負債、一流的客戶和一流的團隊，這是一支積極主動、行動迅速的團隊，對此我深表感謝。總而言之，我們已經為未來做好了充分的準備，並對我們的策略和公司的未來充滿信心。

We've built significant momentum and a strong foundation, and I'm certain we will continue to build on this progress. None of our achievements would be possible without the dedication and hard work of our ProPetro teammates. Your commitment to operating safely, efficiently and responsibly inspires confidence in our ability to navigate this dynamic environment.

我們已經建立了巨大的勢頭和堅實的基礎，我相信我們將繼續在此基礎上取得進展。如果沒有 ProPetro 隊友的奉獻和辛勤工作，我們的任何成就都不可能實現。您對安全、高效和負責任營運的承諾激發了我們對駕馭這一動態環境的能力的信心。

Thanks for everything you do. With that, operator, we'd now like to open the line to questions.

感謝您所做的一切。接線員，現在我們開始回答問題。

We will now begin the question and answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指示）

Derek Podhaizer, Piper Sandler.

德里克波德海澤、派珀桑德勒。

Hey, good morning, Sam. I just wanted to start off with more of a bigger picture question on the Permian Basin. So we talked about approaching 70 fleets from the 90 to 100 at the start of the year. This means 20 to 30 idle fleets, and you talked about potential for persistent uncertainty moving into 2026. Just how much of an overhang do you think this will be on the Permian Basin? How can we think about the industry working through this big oversupply with the frac equipment and how it will impact ProPetro going forward?

嘿，早上好，山姆。我只是想從二疊紀盆地的一個更宏觀的問題開始。因此，我們談到將船隊數量從年初的 90 到 100 艘增加到 70 艘。這意味著有 20 到 30 艘船隊閒置，而且您談到了 2026 年仍存在持續不確定性的可能性。您認為這會對二疊紀盆地造成多大的懸垂？我們如何看待業界利用壓裂設備解決這一嚴重供應過剩問題，以及這將如何影響 ProPetro 的未來發展？

It's a great question, Derek. I think it's -- I mean, it kind of boils down to traditional supply and demand. And you've heard us talk a lot about the kind of tiering or stacking of frac supply with electric and all gas offerings at the top and all diesel offerings at the bottom. It's very obvious that the most disrupted part of that supply stack is the diesel equipment. That's been exactly what's happened to us as well.

這是一個很好的問題，德瑞克。我認為——我的意思是，這可以歸結為傳統的供需關係。您可能已經聽過我們多次談論壓裂供應的分層或堆疊，其中電力和所有天然氣供應位於頂部，所有柴油供應位於底部。很明顯，供應體系中最受干擾的部分是柴油設備。這也正是我們所遭遇的事情。

We think because of the looseness in the market and some of the lack of disciplined pricing we've seen at that lower end of the market, it likely is a long-term tailwind via attrition. So we're just choosing not to play in that loose part of the market right now.

我們認為，由於市場鬆散，以及我們在低端市場看到的一些缺乏紀律的定價，這很可能透過消耗形成長期的順風。因此，我們現在選擇不參與這個鬆散的市場部分。

All the meanwhile, the top end of our stack, several of our dual fuel fleets as well as all of our electric fleets are humming along nicely with absolutely no disruptions to pricing or activity. So I'd hate to be a player in the market that hasn't invested in some of this next-generation equipment and it's just sitting on the lower end of that stack.

同時，我們的頂級設備、多輛雙燃料車隊以及所有電動車隊都運作良好，價格或活動完全沒有受到干擾。因此，我不願意成為市場上沒有投資某些下一代設備而只是處於低端的參與者。

How long does the looseness last? Hard to see. But as you could see by our guidance and kind of our outlook in the back half of the year, we think that, that kind of looseness in the market is here to stay for at least 2025, possibly into the first part of 2026.

鬆弛會持續多久？很難看清楚。但正如您從我們下半年的指導和展望中看到的那樣，我們認為，市場這種寬鬆的局面至少會持續到 2025 年，甚至可能持續到 2026 年上半年。

Beyond that, if and when the market does turn up a little bit, we're -- I don't know if there's going to be anybody better positioned in the Permian Basin than us to play into a recovering market sometime next year.

除此之外，如果市場確實出現一些好轉，我不知道在明年某個時候，二疊紀盆地是否會有比我們更適合參與復甦市場的公司。

Got it. That makes sense. I guess turning over to PROPWR, excited to see the inaugural contract there. You mentioned you're kind of honing in on your next equipment orders. I'm just curious if you'll -- any thoughts around continue to go with the recips or the smaller turbines or maybe you step into the larger turbines? And also, are you still going to be focused in on the oil and gas industry? Or do you think we'll see any potential to expand in more industrial applications and potentially even data centers?

知道了。這很有道理。我想轉向 PROPWR，很高興看到那裡的首份合約。您提到您正在考慮下一個設備訂單。我只是好奇您是否會——有任何想法繼續使用往復式渦輪機或較小的渦輪機，或者您會進入較大的渦輪機？另外，您還會專注於石油和天然氣產業嗎？或者您認為我們會看到在更多工業應用甚至資料中心中擴展的潛力嗎？

Yeah. Look, I mean, we're really happy with the flexibility of the gas recips and the smaller turbines that we have on order right now. It's giving us a lot of optionality in the market from a contracting standpoint and the type of work.

是的。看，我的意思是，我們對現在訂購的燃氣往復式渦輪機和小型渦輪機的靈活性感到非常滿意。從承包角度和工作類型來看，它為我們提供了很大的市場選擇權。

So beyond the 220 megawatts that we've ordered, you'll likely see some of the same. But beyond that, we're probably going to hold kind of our cards pretty tight to the best in terms of any other types of power sources that we're getting into, given that that's pretty competitive from a supply chain standpoint.

因此，除了我們訂購的 220 兆瓦之外，您可能會看到一些相同的情況。但除此之外，考慮到從供應鏈的角度來看競爭非常激烈，我們可能會在進入任何其他類型的電源方面保持謹慎。

Remind me of the second part of your question?

提醒我你問題的第二部分嗎？

Just the end markets staying in oil and gas or potentially looking into industrial, yeah.

只是終端市場停留在石油和天然氣領域，或者可能進入工業領域，是的。

Really strong demand pull in oil and gas right now, mainly production and midstream. We -- in our scripted remarks in our press release, hinted at more announcements coming in the near future, things that we have in the pipeline that are very close to the finish line. Those deals are likely very similar, maybe varying in size, but very similar in structure to what you saw with the first contract that we recently announced.

目前，石油和天然氣的需求確實強勁，主要是生產和中游。我們在新聞稿中的事先準備好的發言中暗示，不久的將來我們會發布更多公告，我們正在籌備的事情已經非常接近尾聲。這些交易可能非常相似，規模可能有所不同，但結構與我們最近宣布的第一份合約非常相似。

And demand is really good in oil and gas. So here initially, we're really going to stick to and hammer what we know right here in our backyard. Beyond that, look, we're having some really interesting exploratory conversations about non-oil and gas opportunities.

石油和天然氣的需求確實很好。因此，最初，我們確實會堅持並鞏固我們在後院所知道的知識。除此之外，我們正在就非石油和天然氣領域的機會進行一些非常有趣的探索性對話。

Remains to be seen how quickly some of those can materialize. But look, if you're in the power supply chain and you're an operator of megawatts of scale, which we are, your opportunities, frankly, just show up at your doorstep. So we're sifting through a lot of different things from a long-term strategic standpoint that leave us really, really excited about the future prospects of PROPWR.

其中一些目標能夠多快實現還有待觀察。但是，如果你處於電力供應鏈中，並且你是一個兆瓦規模的運營商，就像我們一樣，那麼坦白說，你的機會就會出現在你家門口。因此，我們從長期策略角度篩選了許多不同的東西，這讓我們對 PROPWR 的未來前景感到非常興奮。

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

知道了。謝謝。山姆。我會把它轉回去。

Eddie Kim, Barclays.

巴克萊銀行的 Eddie Kim。

Hi, good morning. Thanks for all the commentary about the market conditions. Just wanted to ask about how we should think about the trajectory for 4Q. You mentioned in prepared remarks kind of normal seasonal patterns. But looking at the past two years, your revenue in 4Q had a double-digit sequential decline. Is that the level of decline sort of consistent with how you typically think about normal 4Q seasonality? And just -- I mean, in particular, this year, should we potentially expect maybe some incremental softness on top of normal seasonality, just given the market conditions currently? Any thoughts there would be great.

嗨，早安。感謝大家對市場狀況的評論。只是想問我們應該如何看待第四季的發展軌跡。您在準備好的評論中提到了正常的季節性模式。但回顧過去兩年，你們第四季的營收出現了兩位數的連續下降。這種下降程度是否與您通常認為的正常的第四季季節性一致？而且——我的意思是，特別是今年，考慮到目前的市場狀況，我們是否應該預期在正常的季節性因素基礎上，可能會出現一些漸進的疲軟？任何想法都很好。

Yeah. Look, I mean, to be honest, it's a little bit hard to see into 4Q right now. We're very confident about our 3Q guide that we gave, 10 to 11 fleet. That said, I mean, look, there's -- your numbers are correct on the last year or two from like a 3Q to 4Q, but we've also seen quarters that have gone the opposite direction as well.

是的。聽著，我的意思是，說實話，現在有點難以看清第四季的情況。我們對我們給出的第三季指導（10 到 11 個機隊）非常有信心。話雖如此，我的意思是，你看，你的數字在過去一兩年從第三季到第四季是正確的，但我們也看到了相反方向的季度。

So I think it kind of all depends on what the commodity price does and what the forward look looks like for the E&P space if they can gain more certainty around their plans going into 2026 and do they want to secure some of that work earlier rather than later.

因此，我認為這完全取決於大宗商品價格的走勢，以及 E&P 領域的前景如何，他們是否能夠對 2026 年的計劃更加確定，以及他們是否希望儘早完成部分工作。

Also, when we talk about seasonality, just to clarify, it's usually off of that 3Q mark. So our 10 to 11 fleet guide -- so would there be regular holiday white space on top of the 10 to 11 fleets, which we expect to be active through the end of the year.

另外，當我們談論季節性時，需要澄清的是，它通常與第三季無關。因此，我們的 10 到 11 個機隊指南 - 因此在 10 到 11 個機隊之上是否會有定期的假期空白，我們預計這些機隊將在年底前活躍起來。

I think we just right now are being conservative with some holiday white space. But look, we're also -- here we sit with a pretty pessimistic near-term market view. But at the same time, we continue to have conversations with our customers and prospective customers about projects that could change that outlook pretty drastically and pretty quickly. We just don't have any certainty of that right now. So we're going to be pretty conservative and realistic as we look into the back half of the year.

我認為我們現在對一些假期空白持保守態度。但是，看看我們，我們對近期市場的看法也相當悲觀。但同時，我們繼續與客戶和潛在客戶討論可能迅速徹底改變這種前景的項目。我們現在對此還不確定。因此，展望下半年，我們將採取相當保守和現實的態度。

Got it. Great. That's helpful. Thank you. Just shifting to PROPWR. It's great to hear your confidence in securing long-term contracts for that entire 220 megawatts by year-end. I'm a little surprised just given the challenging market conditions in oil and gas currently.

知道了。偉大的。這很有幫助。謝謝。剛剛轉向 PROPWR。很高興聽到您有信心在年底前獲得全部 220 兆瓦的長期合約。考慮到目前石油和天然氣市場的嚴峻形勢，我感到有點驚訝。

But I mean, does that just suggest that power demand even for microgrids is almost independent of, I guess, drilling and completions activity and I guess it's more tied to midstream and production. Or are operators kind of looking past kind of near-term weakness maybe in anticipation of market conditions kind of rebounding next year? Any thoughts there would be great.

但我的意思是，這是否僅僅表明，即使是微電網的電力需求也幾乎與鑽井和完井活動無關，而與中游和生產更相關。或者營運商是否正在忽略近期的疲軟，預計明年市場狀況將反彈？任何想法都很好。

Yeah. These first few steps from a power standpoint for us as it pertains to our entrance into the market are noncompletions related. So production in midstream, like you mentioned and like we've mentioned in the last couple of calls here. So that is -- that's quite bifurcated or maybe disconnected from some of the volatility that we see in the drilling and completions market. And it's really aimed at, at the end of the day, cost savings for our customers.

是的。對我們來說，從實力角度來看，進入市場的最初幾步都與未完成有關。因此，正如您所提到的以及我們在最近幾次通話中提到的那樣，生產處於中期。所以，這與我們在鑽井和完井市場看到的一些波動有很大不同，或者可能沒有關聯。最終，它的目的實際上是為了幫助我們的客戶節省成本。

So even if they cycle down, overall, the space cycles down on the drilling and completion side, it doesn't mean that they quit producing their wells and that they're not continuing to look for ways to lift that production and move it in a less expensive manner.

因此，即使他們減少產量，總體而言，鑽井和完井的空間減少，但這並不意味著他們停止生產油井，也不意味著他們不會繼續尋找提高產量並以更便宜的方式轉移產量的方法。

And that's right what we're aimed at right now. So as the Permian continues to have power demand needs, then on the -- mainly on the production side, we think we're really well positioned to create quite a bit of stability in our business long term by being a bit separated from the completions and drilling space with our power offering.

這正是我們現在的目標。因此，隨著二疊紀盆地繼續存在電力需求，那麼在——主要是在生產方面，我們認為，透過將我們的電力供應與完井和鑽井領域稍微分開，我們確實處於有利地位，可以在長期內為我們的業務創造相當大的穩定性。

Great, thank you. I'll turn it back.

太好了，謝謝。我會把它轉回去。

Grant Hynes, JP Morgan.

格蘭特·海因斯，摩根大通。

Hey, good morning. So you guys messaged 10 to 11 fleets kind of in 3Q, down about 20% from the 13, 14 in the second quarter. But in your prepared remarks, highlighted some of the simul-frac work, particularly on the FORCE fleet side. Could you maybe give us some color, I guess, on how much more simul-frac might be working kind of in the second half versus the first half and perhaps utilization on a horsepower basis when we just think about sequential change kind of versus the 20% reduction in fleet count?

嘿，早安。所以你們在第三季向 10 到 11 個艦隊發送了訊息，比第二季的 13、14 個艦隊下降了約 20%。但在您準備好的發言中，強調了一些同步壓裂工作，特別是在 FORCE 船隊方面。我想，您能否給我們講講，與上半年相比，下半年的同步壓裂可能會發揮多大作用，以及當我們只考慮連續變化而不是減少 20% 的車隊數量時，按馬力計算的利用率是多少？

Yeah. I don't know how much we want to detail we want to give there. I'd say proportionally, it's pretty similar. Simul-frac continues to be a big part of our business, especially on the electric side. We don't think there's any better safety, cost efficiency way to approach completing your wells other than with an electric simul-frac setup. So more of that probably going into next year as we continue to expand our FORCE offering. But kind of quarter-over-quarter, it's pretty proportional from a simul zipper standpoint.

是的。我不知道我們想提供多少詳細資訊。我想說，從比例上來說，這是非常相似的。同步壓裂仍然是我們業務的重要組成部分，特別是在電力方面。我們認為，除了使用電動模擬壓裂裝置之外，沒有其他更安全、更經濟有效的方法來完成您的油井完井。隨著我們繼續擴大 FORCE 產品範圍，明年我們可能會推出更多此類產品。但從同步拉鍊的角度來看，季度環比成長相當均衡。

Got you. And then maybe transitioning to power. You mentioned sort of the initial deployment for that 80-megawatt contract starting in 3Q of '25 and into 2026. How should we think about sort of the lead time on the asset deployment and anything in terms of sort of start-up costs and the deployment there?

明白了。然後也許就會過渡到權力。您提到了 80 兆瓦合約的初始部署，從 2025 年第三季開始到 2026 年。我們應該如何考慮資產部署的準備時間以及啟動成本和部署方面的任何事情？

Yeah. I mean you'll see a little bit of start-up costs that are being beared in our numbers that we disclosed in our press release information. So there will be a little bit of that. It's really not much. I mean this business is much more personnel light than our legacy completions businesses.

是的。我的意思是，您會在我們新聞稿資訊中披露的數字中看到一些啟動成本。所以會有一點點這樣的情況。確實不多。我的意思是，這項業務比我們傳統的完井業務人員少得多。

And that equipment will deploy in a pretty linear manner from 3Q through midyear next year. As I -- as we mentioned in our remarks, we mentioned earlier, we're also in very developed discussions with our suppliers on our next orders that likely we could take delivery of in 2026 -- inside of 2026 as well if those orders are placed fairly soon.

從第三季到明年年中，這些設備將以相當線性的方式部署。正如我 - 正如我們在評論中提到的那樣，我們之前提到過，我們還在與供應商就下一批訂單進行非常深入的討論，這些訂單很可能在 2026 年交付 - 如果這些訂單很快下達，那麼也可能在 2026 年內交付。

So that could even be a tailwind to estimates and expectations as it pertains to our power business in 2026. I'll also say as it pertains to whatever that next order may look like, we'll be pretty quiet on what type of equipment that's going to be. But in terms of size, we think each one of our orders in the power space will likely be very meaningful.

因此，這甚至可能對我們 2026 年的電力業務的估計和預期產生推動作用。我還要說的是，無論下一個訂單是什麼樣的，我們都會對它將是什麼類型的設備保持沉默。但就規模而言，我們認為我們在電力領域的每份訂單都可能非常有意義。

We don't have any interest in kind of trickling out the size of PROPWR. We have every interest in multiplying the size of this business as quickly as possible given the pipeline of opportunities that we're seeing. So we're quite serious and focused about scaling that business as quickly as possible into the opportunity set that we're seeing.

我們對 PROPWR 的規模沒有任何興趣。鑑於我們所看到的眾多機遇，我們非常有興趣盡快擴大這項業務的規模。因此，我們非常認真並專注於盡快將業務擴展到我們所看到的機會。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Waqar Syyed, ATB Capital Markets.

Waqar Syyed，ATB 資本市場。

Thanks for taking my question, Sam, a big picture question. We're all trying to figure out like how this decline in completion activity in the Permian, how it's going to impact the production in the basin. But from your perspective, as this activity declines in the number of crews decline, it is likely -- a lot of that is being offset by the simul-fracs. So do you have a sense that if activity -- your completion crews is down like by 25%, then in terms of the total footage that is fracked, how much lower that is?

謝謝你回答我的問題，山姆，這是一個宏觀問題。我們都在試圖弄清楚二疊紀完井活動的減少將如何影響盆地的產量。但從您的角度來看，隨著這項活動的減少和作業人員數量的減少，很可能其中很大一部分會被同步壓裂所抵消。那麼，您是否覺得，如果活動——您的完井減少了 25%，那麼就水力壓裂的總長度而言，會減少多少？

Yeah. Hard to say, Waqar, I can tell you just -- and this is my personal opinion, viewpoint on this. It's been quite surprising to me that we haven't seen production, at least in the Permian Basin, but domestically in the US roll more than it has. I think it's starting to plateau and show signs of potentially developing an early downward trend.

是的。很難說，瓦卡爾，我只能告訴你──這是我個人對此的看法和看法。令我相當驚訝的是，我們至少在二疊紀盆地沒有看到產量增加，但美國國內的產量卻比現在多。我認為它開始趨於平穩，並顯示出可能出現早期下降趨勢的跡象。

But I -- as we sit here boots on the ground, counting every crew that we know of working and counting up the simul-frac crews that we know of here in the Permian Basin across the whole space, it's really, really hard for me to believe that we are at an activity level that's going to sustain Permian production today.

但是，當我們腳踏實地地坐在這裡，清點我們所知道的每一支工作隊伍，並統計我們所知道的整個二疊紀盆地的同步壓裂隊伍時，我真的很難相信我們現在的活動水平能夠維持二疊紀的產量。

There has -- as you mentioned, there's been several efficiency developments over the last few years, things like simul-frac that have increased maybe completed footage per crew. I do not think at all that we are outrunning that right now. So I would expect sometime in the future Permian production to roll just from our point of view, kind of in the completion services space.

正如您所提到的，在過去幾年中，效率方面取得了一些進步，例如同步壓裂技術可能增加了每個作業團隊的完成鏡頭數。我根本不認為我們現在能夠超越這一點。因此，從我們的角度來看，我預計未來二疊紀的生產將在完井服務領域發展。

Great, thank you. And then by my calculations, you've got like seven Tier 4 DGB fleets, let's say, four FORCE fleets. So should we assume that everything that's working is for you, those 11 fleets, all of them are the next-generation fleets? Or do you have any one of the Tier 4 DGB fleets being down and a Tier 2 working?

太好了，謝謝。然後根據我的計算，你有七支 4 級 DGB 艦隊，也就是四支 FORCE 艦隊。那麼，我們是否應該假設，所有正在運作的事物都是為了你們，這 11 個艦隊，都是下一代艦隊？或者您是否有任何一輛 Tier 4 DGB 車隊停運，而 Tier 2 車隊正在運行？

There's a little bit of diesel still in the system right now. But as I mentioned earlier, when I kind of described the supply stack, the dual fuel and electric have been far more resilient.

目前系統中仍有少量柴油。但正如我之前提到的，當我描述供應堆疊時，雙燃料和電力的彈性要大得多。

So you do have a Tier 4 DGB fleet down?

那麼，你們確實有 4 級 DGB 艦隊嗎？

We have some Tier 4 DGB equipment down right now. We'll not say much more than that.

我們現在有一些 Tier 4 DGB 設備故障。我們不會再多說了。

Okay. And like if I look at your quarter-over-quarter EBITDA progression for the different business lines, it seems like wireline is tracking the fracking business relatively closely. So as we look into Q3, again, does it track -- wireline track has the same trajectory as fracking?

好的。如果我查看不同業務線的季度環比 EBITDA 進展，似乎有線業務正在相對緊密地追蹤水力壓裂業務。那麼，當我們再次研究第三季時，它的軌跡——有線軌跡是否與水力壓裂具有相同的軌跡？

Yeah. it's going to track pretty closely with everything else as is cementing has tracked kind of rig count -- kind of the changes in rig count fairly closely as well.

是的，它將與其他一切密切相關，就像固井追蹤鑽機數量一樣——鑽機數量的變化也相當密切。

No, I noticed that in cementing, EBITDA quarter-over-quarter was down about almost 42%, 43% versus 24%, 25% declines for wireline and cementing. It's just -- is there anything in particular going on with cementing? Or it's just the scale thing small -- so a small change makes a bigger difference?

不，我注意到，在水泥領域，EBITDA 環比下降了約 42%、43%，而電纜和水泥領域的 EBITDA 則是環比下降了 24%、25%。只是——水泥灌漿方面有什麼特別的事情發生嗎？或者這只是規模很小的事——所以小小的改變會帶來更大的影響？

That and a full quarter effect of drilling rigs, parking, that always happens ahead of frac fleets and wireline units. So we started to see cementing deteriorate in really towards the end of the first quarter. So you're seeing a full quarter effect of some of that.

這與鑽井平台停車的整整一個季​​度效應有關，這總是發生在壓裂船隊和電纜作業裝置之前。因此，我們開始看到第一季末水泥情況確實惡化。因此，您會看到其中一些因素對整個季度的影響。

Thank you, sir. I appreciate all the color.

謝謝您，先生。我欣賞所有的色彩。

Jeff LeBlanc, TPH.

傑夫·勒布朗，TPH。

Good morning, Sam and team. Thank you for taking my question. Regarding your contracting capacity long term, should we be aware of any price reopeners? Or I guess, more broadly, how should we think about the stability of the pricing given that historically, you've expressed a willingness to work with your long-term customers? Thank you.

早上好，山姆和團隊。感謝您回答我的問題。關於您長期的承包能力，我們是否應該了解任何價格重新調整的情況？或者我想，更廣泛地說，鑑於您過去曾表示願意與長期客戶合作，我們應該如何看待定價的穩定性？謝謝。

Yeah. The contracts are pretty set on the contracts that we've talked about that we have on the dual fuel and electric side. There's -- on average, there's some semiannual adjustments to those prices, but they're pretty formulaic and passive, usually resulting in low single-digit changes that are pretty hard to see probably from the outside point of view. So pretty stable.

是的。我們所討論的雙燃料和電力方面的合約已經基本確定。平均而言，這些價格每半年都會進行一些調整，但這些調整相當公式化且被動，通常會導致從外部角度很難看到的個位數低變化。所以相當穩定。

That works. Thank you for the color. I'll hand the call back to the operator.

有效。謝謝你的顏色。我會把電話轉回給接線生。

(Operator Instructions)

（操作員指示）

Don Crist, Johnson Rice.

唐克里斯特、約翰遜賴斯。

Morning, Sam. Most of my questions have been answered, but I did want to ask one kind of more macro question, and it relates to just the broader equipment out in the space today. You've seen some of your smaller competitors sell their equipment and that equipment is going overseas. And then NOV talked about five or six different countries around the world that are exporting unconventional technology to go frac their wells.

早上好，山姆。我的大部分問題都得到了解答，但我確實想問一個更宏觀的問題，它與當今太空中更廣泛的設備有關。您已經看到一些較小的競爭對手出售他們的設備，而這些設備正在銷往海外。然後，NOV 談到了世界上五到六個不同的國家正在出口非常規技術來壓裂油井。

And just a broader question as to are you seeing demands for the sale of your kind of diesel stuff to go overseas? And do you think that can more balance the market as we kind of look out a year or two as more of this equipment moves overseas?

還有一個更廣泛的問題，您是否看到了將柴油產品銷往海外的需求？您是否認為，隨著我們展望未來一兩年，越來越多的設備轉移到海外，這是否可以進一步平衡市場？

Look, I think the demand is there. And I think there's a lot of different places globally that are taking notice of how we do what we do over here as an industry. No surprise, but America innovates and works harder to figure out how to do more with less than any other country of the world, and that is maybe more evident in the energy space than any other place. And we have fielded inquiries from other countries about not only equipment, but expertise and services as well.

看，我認為需求是存在的。我認為全球有很多地方都在關注我們作為一個產業所做的事情。這並不奇怪，但美國比世界上任何其他國家都更加創新和努力地尋找如何用更少的資源做更多的事情，這一點在能源領域可能比其他任何地方都更為明顯。我們不僅回答了來自其他國家關於設備的詢問，還詢問了專業知識和服務。

It's hard to say if that's like a meaningful variable in what happens domestically to supply and demand, but I think it definitely helps. So we'll watch that closely. And we've been a pure Permian pressure pumping frac provider for the history of our company. But it doesn't mean that we don't answer some of those phone calls and entertain some of those ideas because there are some instances where that could make a lot of economic sense because of some of these other areas across the globe being so interested in what we do and how we do what we do. So I think it could be a help, Don. I think it will likely improve the supply and demand equation a little bit. Hard to say how much.

很難說這是否會對國內供需產生重大影響，但我認為它肯定有幫助。因此我們會密切注意。在我們公司的歷史中，我們一直是純粹的二疊紀壓力泵壓裂供應商。但這並不意味著我們不接聽這些電話、不考慮這些想法，因為在某些情況下，這樣做可能具有很大的經濟意義，因為全球其他一些地區對我們的工作內容以及我們的工作方式非常感興趣。所以我認為這可能會有幫助，唐。我認為這可能會稍微改善供需狀況。很難說有多少。

I appreciate that color. And if I could sneak in one more. If you were going to order some new solar turbines today, what would the lead time on that be? We're hearing it's extended out pretty far.

我很欣賞那個顏色。如果我能再偷偷溜進去一次。如果您今天要訂購一些新的太陽能渦輪機，那麼交貨時間是多久？我們聽說它延伸得相當遠。

It's not getting any shorter. And I'll probably stop quoting an exact number, but we've got a great relationship in that part of the supply chain, and we're pretty confident that we'll be utilizing those relationships to continue to scale our power business in a meaningful way.

它不會變短。我可能不會再引用確切的數字，但我們在供應鏈的這一部分建立了良好的關係，我們非常有信心，我們將利用這些關係繼續以有意義的方式擴大我們的電力業務。

I appreciate the color. Thanks, Sam.

我很欣賞這個顏色。謝謝，山姆。

(Operator Instructions)

（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 Sam, sort of a big picture question. Your -- on the release, you note the market in the Permian has gone from, call it, 90 to 100 and maybe down to the 70 range. I'm just curious like -- if no one had reduced pricing six to nine months ago, would the frac fleet be 60? Or would it still be 70? What do you think it would be?

嘿，山姆，這是一個宏觀問題。您在發表會上註意到，二疊紀的市場價格已經從 90 漲到了 100，甚至可能跌到了 70 左右。我只是好奇——如果六到九個月前沒有人降低價格，那麼壓裂船隊的數量會是 60 艘嗎？還是仍是 70？您認為它會是什麼？

I don't know. I mean, I don't -- six to nine months ago, I don't know if there was a ton of pricing change in the market. I think the activity disruptions we at ProPetro have seen most recently have been due to pricing movements in the last 30 to 60 days.

我不知道。我的意思是，我不知道六到九個月前市場是否發生了巨大的價格變化。我認為 ProPetro 最近看到的活動中斷是由於過去 30 到 60 天內的價格變動造成的。

And that's fine. call it, 90 days ago. I just -- my question is, what's the right level of demand you follow me? And is service pricing really having an influence on whether they keep or release the fleet? I guess that's what I'm getting at.

這很好。稱之為 90 天前。我只是──我的問題是，你關注我的正確需求水準是多少？服務定價真的會影響他們是否保留或釋放車隊嗎？我想這就是我要表達的意思。

I don't know. There's probably 10 to 20 fleets in the market that are doing what I just frankly call stupid stuff right now. So could it be lower? And look, I have to commonly remind ourselves and remind others discipline in the frac space is either saying no to work that doesn't make a return or saying no to building the next piece of equipment in a way, we're doing both right now.

我不知道。目前市場上可能有 10 到 20 個車隊正在做我坦率稱之為愚蠢的事情。那麼還能更低嗎？瞧，我必須經常提醒自己並提醒其他人，壓裂領域的紀律要么是對沒有回報的工作說不，要么是對建造下一件設備說不，我們現在正在做這兩件事。

It would encourage others at the bottom end of the market to do the same because it doesn't turn out well when you're making decisions that don't cover your cash cost to operate your fleets. Another thing, I think, in this that maybe has lost a little bit that we've recently talked about is if fleets have moved from, say, 90 to 70, and we've moved from 15 fleets to 10.5 fleets at the midpoint of our guidance, we've not lost any market share at all.

這會鼓勵市場底端的其他人也這樣做，因為當你做出的決策無法覆蓋營運車隊的現金成本時，結果就不會好。我認為，我們最近談到的另一件事可能有所損失，那就是如果車隊數量從 90 輛減少到 70 輛，而我們的車隊數量從 15 輛減少到指導中點的 10.5 輛，那麼我們的市場份額就不會損失。

And that's the same market share of the activity that exists in the Permian right now. And we're prioritizing protecting our margins and protecting our equipment because we think that, that's the rational right business decision for us.

這與目前二疊紀盆地的開採活動所佔的市場份額相同。我們優先考慮保護我們的利潤和設備，因為我們認為，這對我們來說是合理的正確商業決策。

Fair enough. And then, Sam, I guess another one, if you'll entertain this one, but like the guys that -- when you go from, say, 15 down to 10.5%, the customers that are using those four fleets, do you have any indication from them whether this is budget related, just pure price competition? Do they come back next year? Just some thoughts on maybe where the Permian frac market might be normalized if there's ever a word in this business, but for next year.

很公平。然後，山姆，我想還有一個問題，如果你願意考慮這個問題，但是就像那些人一樣 - 當你從 15% 下降到 10.5% 時，使用這四個車隊的客戶，你是否從他們那裡得到任何跡象表明這是否與預算有關，只是純粹的價格競爭？他們明年會回來嗎？只是一些關於二疊紀水力壓裂市場可能恢復正常化的想法，如果這個產業真的有消息的話，但要等到明年。

Yeah. This is an interesting question, John. I'm glad you asked that. It's -- to be candid with you, this is mainly one customer of ours that we're talking about that's had a fairly frantic response to changes in commodity prices and outlook. So we then -- back to my kind of description of what discipline looks like, we then have to make our own voluntary decisions. Do we want to help them with that issue? Or do we want to save our equipment and our margins for a better day? We've chosen the latter.

是的。這是一個有趣的問題，約翰。我很高興你問了這個問題。坦白說，我們談論的主要是我們的一位客戶，他對商品價格和前景的變化做出了相當瘋狂的反應。因此，我們——回到我對紀律的描述，我們必須做出自己的自願決定。我們願意幫助他們解決這個問題嗎？或者我們想保存我們的設備和利潤以備將來之需？我們選擇了後者。

Fair enough. Okay. Well, thanks for keeping the call going and let me on. I appreciate it.

很公平。好的。好吧，謝謝你繼續通話並讓我繼續。我很感激。

Stephan Gengaro, Stifel.

史蒂芬·根加羅 (Stephan Gengaro)，Stifel。

Thanks. Good morning, everybody. I joined late, so I apologize, Sam, if you answered this. But when we think about the efficiency gains across the drilling and completion life cycle of a well. Is there a way -- or have you guys thought about how do we get the fair value we're extracting, right? So to the extent you're more efficient than you were a year or two ago, like is it just not possible? Or is there a way to drive value for you or the high-end pressure pumpers for the efficiencies you bring to the table?

謝謝。大家早安。我加入得晚了，所以如果你回答了這個問題，我深表歉意，山姆。但是當我們考慮整個鑽井和完井生命週期的效率提升時。有沒有辦法——或者你們有沒有想過我們如何獲得我們所提取的公平價值，對嗎？那麼，從某種程度上來說，你比一兩年前更有效率，這是否是不可能的？或者有沒有辦法為您或高端壓力幫浦帶來價值，從而提高您的效率？

I can tell you this much pretty plainly. When you have next-generation equipment, you're able to contract that equipment. We're doing that inside of those contracts. I don't want to say too much more about kind of our commercial model and architecture because we're pretty proud of how creative and innovative we've been on that end. But there is light at the end of that tunnel, Stephen, and we are doing that in some instances.

我可以非常清楚地告訴你這一點。當您擁有下一代設備時，您就可以簽訂該設備的合約。我們在這些合約中這樣做。我不想對我們的商業模式和架構說太多，因為我們對這方面的創造力和創新感到非常自豪。但是隧道的盡頭有光亮，史蒂芬，在某些情況下，我們正在這樣做。

It's mainly around our electric equipment. That's another reason why given kind of our bullish long-term outlook and our confidence in things like our electric equipment, we start to discuss should we accelerate investment and deployment of more equipment like that. We really like that idea, and we're kind of working through how we can do that going into next year so that we can capitalize on those efficiency gains and the other benefits that things like electric equipment bring to bear.

主要圍繞我們的電氣設備。這就是為什麼鑑於我們對長期前景的樂觀以及對電氣設備等方面的信心，我們開始討論是否應該加快投資和部署更多此類設備。我們真的很喜歡這個想法，我們正在研究如何在明年實現這一目標，以便我們可以利用這些效率提升以及電氣設備等帶來的其他好處。

Great. Okay, that was all for me. Thank you.

偉大的。好的，我的就這些了。謝謝。

Ladies and gentlemen, this was our last question, and this concludes our Q&A session. I would now like to turn the conference back over to CEO, Sam Sledge, for closing remarks.

女士們，先生們，這是我們的最後一個問題，我們的問答環節到此結束。現在，我想將會議交還給執行長 Sam Sledge，請他致閉幕詞。

Thanks, everyone, for joining us today. Thanks for your interest in ProPetro. We look forward to talking to you again soon. Have a great day.

感謝大家今天加入我們。感謝您對 ProPetro 的關注。我們期待很快再次與您交談。祝你有美好的一天。

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

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。再見。