ProPetro Holding Corp (PUMP) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the ProPetro Holdings 3rd quarter 2025 conference call. (operator instructions).

感謝您的耐心等待。我叫蒂娜，今天我將擔任你們的會議接線生。在此，我謹代表ProPetro Holdings歡迎各位參加2025年第三季電話會議。（操作說明）

It is now my pleasure to turn today's call over to Matt Augustine, Vice President of Finance and Investor relations. Please go ahead.

現在我很高興將今天的電話會議交給財務和投資者關係副總裁馬特·奧古斯丁。請繼續。

Thank you and good morning. We appreciate your participation in today's call. With me are Chief Executive Officer SAM Sledge, Chief Financial Officer Caleb Weatherall, President and Chief Operating Officer Adam Munoz, and President of Pro Power, Travis Simmeri. This morning we released our earnings results for the 3rd 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 that differ materially. From our current expectations, we advise listeners to review our earnings release and risk factors discussed in our filings with the SEC. 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.

謝謝，早安。感謝您參加今天的電話會議。與我同行的有執行長 SAM Sledge、財務長 Caleb Weatherall、總裁兼營運長 Adam Munoz 以及 Pro Power 總裁 Travis Simmeri。今天上午我們發布了2025年第三季的獲利報告。請注意，我們在今天的電話會議上對未來事件的預測或預期所做的任何評論均屬於《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因素的影響，其中許多因素是我們無法控制的。這些風險和不確定性可能導致實際結果與預期有重大差異。根據我們目前的預期，我們建議聽眾查看我們在提交給美國證券交易委員會的文件中討論的收益報告和風險因素。此外，在今天的電話會議中，我們也將提及一些非GAAP財務指標。我們的獲利報告中包含了這些非GAAP指標與最直接可比較的GAAP指標的調節表。

Finally, after our prepared remarks, we will hold a question-and-answer session. With that, I would like to turn the call over to Sam.

最後，在我們發言完畢後，我們將進行問答環節。接下來，我想把電話交給薩姆。

Thanks, Matt. Good morning, everyone. Thanks for joining us today.

謝謝你，馬特。各位早安。感謝您今天收看我們的節目。

In the 3rd quarter, Propetra once again demonstrated resilience despite continued uncertainty in the broader energy markets driven by tariffs and rising of OpEx plus production.

第三季度，儘管受關稅、營運成本上漲和生產成本增加等因素影響，能源市場整體仍存在不確定性，但 Propetra 再次展現了其韌性。

Our operational and financial results proved that the strategy we put in place is working. Our focus on capital life assets and investments in our company's industrialized operating model helped us achieve another quarter of free cash flow generation in our completions business and industry. That has experienced stagnation.

我們的營運和財務表現證明，我們所製定的策略是有效的。我們專注於資本生命週期資產和公司工業化營運模式的投資，這幫助我們在完井業務和產業中實現了另一個季度的自由現金流成長。這方面已經停滯不前。

To put this into perspective, we still believe that approximately 70 full-time frac fleets are currently operating in the Premium as compared to approximately 90fleets to 100 fleets at the beginning of this year.

為了更清楚地說明這一點，我們仍然認為，目前在高級油氣田運營的全職壓裂車隊大約有 70 支，而今年年初大約有 90 到 100 支。

This demonstrates the depressed activity levels in the completions market in the Permian Basin and is also indicative of a larger slowdown across energy markets. However, we are proud of the efforts we've made to implement a system focused on reactive cost reductions and flexible capital expenditures that allow our legacy completions business to generate sustainable free cash flow even during challenging periods like this With sustainable cash flow, ProPetro is able to support and help fuel growth in our pro power segment.

這顯示二疊紀盆地完井市場活動水準低迷，也預示著整個能源市場出現更大幅度的放緩。然而，我們為我們所做的努力感到自豪，我們實施了一套以被動成本削減和靈活資本支出為重點的系統，使我們的傳統完井業務即使在像現在這樣充滿挑戰的時期也能產生可持續的自由現金流。有了永續的現金流，ProPetro 就能支持並協助推動我們專業電力業務的成長。

As we stated last quarter, we expect the challenging operating environment to continue into at least the first half of next year as impacts from tariffs and OpEx plus production increases drive further uncertainty across the energy markets. That being said, we believe that Propetro is in a great position to continue to navigate the market as we execute on our plans and ensure we remain disciplined in our approach.

正如我們上個季度所述，我們預計充滿挑戰的經營環境將至少持續到明年上半年，因為關稅和營運成本的影響以及產量增加將進一步加劇能源市場的不確定性。儘管如此，我們相信，隨著我們執行計劃並確保我們保持嚴謹的態度，Propetro 處於非常有利的地位，能夠繼續駕馭市場。

We've built and continue to reinforce the foundation of our business by making strategic capital li investments in the future of ProPetro with pro-Power and our force electric fleets both taking priority. We're controlling what we can control and have rigorously analyzed our costs across the business and taken decisive action to implement reductions where needed.

我們已經建立並不斷加強業務基礎，透過對 ProPetro 的未來進行策略性資本投資，其中 pro-Power 和我們的電動車隊都是優先事項。我們正在控制我們能夠控制的因素，並嚴格分析了整個業務的成本，並在需要的地方採取果斷措施來削減成本。

We've also implemented measures to help us react quickly to any significant changes in activity levels as we continue to serve our first class customers. All these measures have put Propetro in a position of strength in the Permian, led and operated by our first class team.

我們也採取了措施，以幫助我們快速應對業務量的任何重大變化，從而繼續為我們一流的客戶提供服務。所有這些措施使 Propetro 在二疊紀盆地佔據了優勢地位，並由我們一流的團隊領導和營運。

We believe that even if the market further weakens, we'll continue our strong performance.

我們相信，即使市場進一步走弱，我們仍將持續保持強勁的業績。

As you are all aware, pricing discipline has softened at the lower end of the market, particularly among subscale frac providers. Fortunately, these operators now represent a much smaller portion of the market than in previous cycles. While we did have opportunities to keep virtually all of our fleets active, we proactively chose to idle certain fleets rather than run our fleets at subeconomic levels, preserving them for favorable market conditions in the future.

如大家所知，低端市場的定價紀律已經放鬆，尤其是在小型壓裂服務提供者。幸運的是，這些業者目前所佔的市場份額比以往週期小得多。雖然我們有機會讓幾乎所有車隊都保持運營，但我們主動選擇讓某些車隊閒置，而不是讓車隊以低於經濟效益的水平運營，以便在未來市場條件有利時能夠繼續運營。

The smaller and less disciplined companies are struggling to sustain returns at these undisciplined prices, which over time favors the well-capitalized providers like Propetro that have next generation assets and industry leading efficiencies. We are well positioned for this reality with a strong balance sheet, deep relationships with first class customers, and a culture anchored in safety and performance.

規模較小、紀律性較差的公司在這種不受約束的價格下難以維持收益，隨著時間的推移，這有利於像 Propetro 這樣擁有下一代資產和行業領先效率的資金雄厚的供應商。我們擁有穩健的資產負債表、與一流客戶建立的深厚關係，以及以安全和績效為核心的企業文化，因此我們完全有能力應對這一現實。

I firmly believe that market cycles present valuable opportunities, and we are committed to emerging from this period even stronger in a completions market that will be healthier and more balanced from a supply and demand perspective due to accelerated attrition among lower tier competitors.

我堅信市場週期蘊藏著寶貴的機遇，我們致力於從這段時期變得更加強大，因為低階競爭對手的加速淘汰將使完井市場在供需方面更加健康、更加平衡。

Before I dive into an overview of our results for the quarter, I want to discuss the strategic actions we're taking to support resilient financials. Recently, we secured an additional contract for one frac fleet increasing our total to 7 contracted fleets, which includes 2 large simul frac fleets. Approximately 75% of our fleet now consists of next generation gas burning equipment.

在深入分析本季業績之前，我想先討論一下我們為保持財務穩健而採取的策略行動。最近，我們又獲得了一份壓裂船隊的合同，使我們簽約船隊的總數達到 7 支，其中包括 2 支大型同步壓裂船隊。我們目前約有 75% 的設備是新一代瓦斯燃燒設備。

Of our active hydraulic horsepower, approximately 70% is committed under long-term contracts. Over time, we plan to continue to allocate capital to our force electric equipment, given its high demand, successful contracts, commercial leverage, which we expect.

在我們現有的液壓動力中，約有 70% 已簽訂長期合約。隨著時間的推移，鑑於市場對部隊電氣設備的需求旺盛、合約成功、商業槓桿效應良好（我們預計如此），我們計劃繼續向該領域投入資金。

Will further de-risk future earnings. That said, before ordering additional force equipment, we need additional visibility into customer demand and growth to justify those investments.

這將進一步降低未來收益的風險。也就是說，在訂購更多部隊裝備之前，我們需要更清楚地了解客戶需求和成長情況，以證明這些投資的合理性。

On the pro power front, we're very excited about the significant progress we've made over the past several months, including the deployment of our first assets in the field where we have observed excellent operational efficiency and reliability.

在專業電源方面，我們對過去幾個月的重大進展感到非常興奮，包括將我們的第一批資產部署到現場，我們觀察到了出色的運作效率和可靠性。

Furthermore, as announced earlier this week, we secured a long-term contract to commit approximately 60 megawatts to support a hyperscaler’s data center in the Midwest region of the United States, marking our entry into the data center power market.

此外，正如本週早些時候宣布的那樣，我們獲得了一項長期合同，承諾為美國中西部地區的一家超大規模數據中心提供約 60 兆瓦的電力，這標誌著我們進入了數據中心電力市場。

This builds on our previously announced inaugural con contract last quarter which committed 80 megawatts over a 10 year term to a distributed oil field microgrid micro grid installation.

這是建立在我們上個季度宣布的首個合約的基礎上，該合約承諾在 10 年期限內為分散式油田微電網安裝提供 80 兆瓦的電力。

Additionally, during the quarter, we signed another infield power contract to support production operations for a Permian E&P customer. We're also in advanced negotiations and deployment planning for a long-term 70 megawatt agreement with a large Permian E&P operator that is expected to include asset deployments before year end and will support a turnkey distributed microgrid installation.

此外，本季度我們還簽署了另一份油田電力合同，以支持二疊紀盆地油氣勘探開發客戶的生產營運。我們目前正與一家大型二疊紀盆地石油和天然氣勘探開發營運商就一項長期 70 兆瓦協議進行深入談判和部署規劃，預計該協議將在年底前完成資產部署，並將支援交鑰匙分散式微電網安裝。

In total, we now have over 150 megawatts contracted with expectations to reach at least 220 megawatts contracted by the end of the year. While we are pleased with both our current contracts and those nearing completion. We're even more optimistic about future growth.

目前，我們已簽訂超過 150 兆瓦的合同，預計到年底將達到至少 220 兆瓦的合約量。我們對目前的合約和即將完成的合約都感到滿意。我們對未來的成長前景更加樂觀。

Given the accelerating demand for power, our active commercial pipeline, and the expansion and extension opportunities available with our existing customers, we believe we are poised to deepen existing relationships, expand our reach to new partners, and drive substantial long-term growth.

鑑於電力需求不斷增長、我們積極的商業項目儲備以及與現有客戶合作拓展和延伸的機會，我們相信我們已做好準備，深化現有關係，拓展與新合作夥伴的聯繫，並推動長期的實質性增長。

To support our expanding commercial pipeline, we've placed orders for an additional 140 megawatts of equipment, bringing our total delivered or on order capacity to 360 megawatts. We expect all of these units to be delivered by early 2027, with contracts expected to be in place ahead of delivery.

為了支持我們不斷擴大的商業項目，我們訂購了 140 兆瓦的設備，使我們已交付或在訂購的總產能達到 360 兆瓦。我們預計所有這些單元將於 2027 年初交付，合約預計將在交付前簽訂。

Thanks to our strong relationships with supply chain partners, we are well positioned to order additional capacity and anticipate 750 megawatts delivered by year-end 2028. Notably, we've also included additional 5-year growth guidance for pro Power in our updated investor presentation deck.

由於我們與供應鏈合作夥伴建立了牢固的關係，我們有能力訂購額外的產能，並預計在 2028 年底交付 750 兆瓦的電力。值得注意的是，我們在更新後的投資者簡報中還加入了 pro Power 的額外 5 年成長預期。

We currently estimate that the total cost of this equipment, including the balance of plant, will average approximately $1.1 million per megawatt. To help fund this growth, we've executed a letter of intent for a $350 million leasing facility with an investment grade partner experienced in power generation financing.

我們目前估計，包括其他配套設施在內，該設備的總成本平均約為每兆瓦 110 萬美元。為了幫助實現這一成長，我們與一家在發電融資方面經驗豐富的投資級合作夥伴簽署了一份 3.5 億美元的租賃融資意向書。

In today's challenging completions market, access to external capital is critical for scaling our power business. We will utilize this facility judiciously, drawing funds only as necessary to accelerate or expand projects.

在當今充滿挑戰的完井市場中，獲得外部資金對於擴大我們的電力業務規模至關重要。我們將謹慎利用這項設施，僅在需要加速或擴大專案時才提取資金。

With long-term take or pay contracts, durable assets, and robust expected returns, we believe Pro Power is well positioned to leverage debt effectively in a disciplined as needed manner to pursue its growth objectives.

憑藉長期照付不議合約、耐用資產和穩健的預期回報，我們相信 Pro Power 有能力在必要時以自律的方式有效利用債務，以實現其成長目標。

This is still just the beginning for Pro Power. Our momentum in securing customer commitments continues, and we are actively negotiating additional long-term contracts. The demand for reliable low emission power solutions is accelerating, and we believe we are well positioned to capture this opportunity.

對Pro Power來說，這只是個開始。我們在確保客戶承諾方面勢頭強勁，並且正在積極洽談更多長期合約。對可靠的低排放電力解決方案的需求正在加速成長，我們相信我們已做好充分準備抓住這一機會。

Looking ahead, we intend to grow in our oil field power projects while also seeking to further expand in the data center arena given the significant build out underway in that sector. We see clear potential not just to grow but to multiply our install capacity with expectations of 1 gigawatt or greater by 2030.

展望未來，我們計劃在油田電力專案上實現成長，同時鑑於資料中心領域正在進行的大規模建設，我們也將尋求進一步拓展資料中心領域。我們看到了明顯的成長潛力，而且我們的裝置容量預計將成倍成長，預計到 2030 年將達到 1 吉瓦或更多。

Caleb will discuss our financial results in more detail in just a moment, but I wanted to highlight that despite the activity headwinds I've discussed, which led Propetra to idling 3 fleets from the second quarter.

Caleb 稍後會更詳細地討論我們的財務業績，但我想強調的是，儘管我之前討論過業務逆風，導致 Propetra 從第二季度開始停運了 3 支車隊。

Our team responded quickly and continued to set the standard for operational excellence and efficiency. We've taken a discipline and aggressive approach to cost controls, particularly regarding maintenance capital spending, which was a key factor sustaining free cash flow.

我們的團隊反應迅速，並繼續樹立卓越營運和效率的標竿。我們採取了嚴格的成本控制措施，尤其是在維護性資本支出方面，這是維持自由現金流的關鍵因素。

While we had to take steps to rationalize operating expense given lower activity levels, pricing remained relatively stable as we continued to be disciplined on price. Running our fleets at subeconomic levels would damage our ability to ensure we are best prepared to capitalize on future opportunities as market conditions improve and rapid deployment is needed. Therefore, we will remain disciplined. Going forward, and as I mentioned briefly Above near term demand visibility in the completion market remains limited, and we expect the challenging operating environment to persist into 2026.

儘管由於業務量下降，我們不得不採取措施來合理化營運費用，但由於我們繼續嚴格控制價格，價格仍然保持相對穩定。如果以低於經濟效益的水平運營我們的車隊，將會損害我們確保在市場條件改善和需要快速部署時，能夠做好充分準備抓住未來機會的能力。因此，我們將繼續保持紀律。展望未來，正如我上面簡要提到的，近期完井市場的需求可見度仍然有限​​，我們預期充滿挑戰的經營環境將持續到 2026 年。

That said, we like what we are seeing for our current active fleets and expect to maintain 10 to 11 active fleets in the fourth quarter with normal holiday seasonality effects. However, the company anticipates a sequential improvement in the pro power segment, which should help offset holiday impacts and bolster margins.

也就是說，我們對目前活躍機隊的表現感到滿意，預計在第四季度將保持 10 到 11 支活躍機隊，並受到正常的假期季節性影響。不過，該公司預計專業電源業務板塊將逐週改善，這將有助於抵消假日的影響並提高利潤率。

Looking ahead and under current market conditions, the company expects to sustain at least this level of frac activity into 2026. Fortunately, Propetro is in a great position with a strong balance sheet, a refreshed next generation asset base, and first class customers. We're excited to continue investing in Pro Power, our key growth engine, which is set to make a significant impact starting in 2026.

展望未來，在當前市場條件下，該公司預計至少可以維持這種壓裂活動水準到 2026 年。幸運的是，Propetro 擁有強勁的資產負債表、煥然一新的下一代資產基礎和一流的客戶，處於非常有利的地位。我們很高興能夠繼續投資 Pro Power，這是我們的關鍵成長引擎，它有望從 2026 年開始產生重大影響。

Our achievements are a direct result of our unwavering dedication and support of our outstanding team. With that I'll turn it over to Caleb.

我們的成就直接源自於我們對傑出團隊的堅定奉獻和支持。接下來，我將把麥克風交給卡萊布。

Thanks, Sam, and good morning everyone. As Sam mentioned, the 3rd quarter again demonstrated the industrialized and resilient nature of ProPetro We're proud of the work we did to generate free cash flow in our completion segment and the significant progress made in our pro power business, including securing a letter of intent for a flexible financing. Agreement that will help enable future growth and our pro-power business.

謝謝薩姆，大家早安。正如 Sam 所提到的，第三季再次證明了 ProPetro 的工業化和韌性。我們為在完井業務領域創造自由現金流所做的工作以及在專業電力業務領域取得的重大進展感到自豪，包括獲得了靈活融資的意向書。該協議將有助於實現未來的成長和我們的電力業務發展。

Through the quarter, we took targeted actions to optimize costs from legacy completions operations. This has helped us navigate challenging market dynamics and positions ProPetro for success in this part of the cycle. Looking at the income statement, financial performance across the 3rd quarter was buoyant despite overall activity levels decreasing from the second quarter.

本季度，我們採取了有針對性的措施，以優化傳統完井作業的成本。這有助於我們應對充滿挑戰的市場動態，並使 ProPetro 在此週期階段取得成功。從損益表來看，儘管整體業務活動水準較第二季有所下降，但第三季的財務業績依然強勁。

This strength is an indicator of our differentiated service offering, our strong customer base, focus on the Permian, operational excellence, and ability to quickly remove costs from the business. Propetro generated total revenue of $294 million a decrease of 10% as compared to the prior quarter. Net loss totaled $2 million for $0.02 cents lost per diluted share compared to a net loss of $7 million or $0.07 cents lost per diluted share for the second quarter of 2025. Adjusted even to total $35 million with 12% of revenue, and decreased 29% compared to the prior quarter. This includes the lease expense related to our electric fleets of $15 million.

這項優勢體現了我們差異化的服務產品、強大的客戶基礎、對二疊紀盆地的專注、卓越的營運以及快速降低業務成本的能力。Propetro 的總營收為 2.94 億美元，比上一季下降了 10%。淨虧損總計 200 萬美元，每股攤薄虧損 0.02 美分，而 2025 年第二季淨虧損為 700 萬美元，每股攤薄虧損 0.07 美分。經調整後總額為 3,500 萬美元，佔營收的 12%，較上一季下降 29%。這其中包括與我們的電動車隊相關的 1500 萬美元租賃費用。

Net cash provided by operating activities and net cash used in investing activities as shown on the statement of cash flows were $42 million and $0.43 cents million respectively.

現金流量表顯示，經營活動產生的現金淨額和投資活動所使用的現金淨額分別為 4,200 萬美元及 0.43 百萬美元。

Free cash flow for our completions business was $25 million. As Sam mentioned, our legacy completions business continues to generate sustainable free cash flow. Although activity and related revenue declined from the second to 3rd quarter, we effectively optimized our completion CapEx primarily because our completions business is expected to remain in maintenance mode for the foreseeable future with very disciplined allocation to growth CapEx.

我們竣工業務的自由現金流為 2500 萬美元。正如 Sam 所提到的，我們傳統的完井業務持續產生可持續的自由現金流。儘管業務活動和相關收入從第二季到第三季有所下降，但我們有效地優化了完井資本支出，主要是因為我們預計完井業務在可預見的未來將保持維護模式，並嚴格分配成長資本支出。

This demonstrates what we have consistently communicated over the past several years. Even in today's challenging market environment, we operate with the consistency and reliability expected of a mature industrialized enterprise.

這印證了我們過去幾年一直傳達的訊息。即使在當今充滿挑戰的市場環境下，我們也以成熟工業化企業應有的穩定性和可靠性運作。

During the third quarter, capital expenditures paid were $44 million and capital expenditures incurred were $98 million including approximately $20 million primarily supporting maintenance in the company's completions business and approximately $79. In dollars supporting its pro power orders during the quarter, some of the pro power spending was accelerated as our supply chain partners have consistently delivered equipment efficiently and on time or ahead of schedule, allowing us to meet customer demands sooner than expected.

第三季度，已支付的資本支出為 4,400 萬美元，已發生的資本支出為 9,800 萬美元，其中約 2,000 萬美元主要用於支援公司完井業務的維護，約 7,900 萬美元用於其他用途。本季度，為支持其專業電力訂單，部分專業電力支出有所加快，因為我​​們的供應鏈合作夥伴一直高效、準時甚至提前交付設備，使我們能夠比預期更快地滿足客戶需求。

Notably, the difference between incurred and paid capital expenditures is primarily comprised of pro-power related CapEx that has been financed and paid directly by the financing partner, and unpaid CapEx included in accounts payable and accrued liabilities.

值得注意的是，已發生資本支出與已支付資本支出之間的差額主要包括由融資夥伴直接融資和支付的與電力相關的資本支出，以及計入應付帳款和應計負債中的未支付資本支出。

We will continue to evaluate the market and scale cap as activity demands, but as we sit here right now, the company anticipates full year 2025 capital expenditures incurred to be between $270million and $290 million down from the $270million to $310 million range highlighted in the company's second quarter earnings report.

我們將繼續根據市場需求評估市場規模和上限，但就目前而言，公司預計 2025 年全年資本支出將在 2.7 億美元至 2.9 億美元之間，低於公司第二季財報中強調的 2.7 億美元至 3.1 億美元範圍。

Of this, the completion business is now expected to account for $80million to $100 million a reduction from last quarter's guidance given the realized decline in completion activity and the ongoing cost optimization efforts. Additionally, the company now expects to incur approximately $190 million in 2025 for its pro-powered business due to accelerated delivery schedules and down payments to support additional orders. In 2026, capital expenditures for pro Power are projected to be between $200million and $250 million depending on further accelerated delivery schedules and additional orders. This outlook is based on the current 360 megawatts of pro-power equipment on order, with plans to reach a total of 750 megawatts delivered by year-end 2028.

其中，由於完井活動實際下降以及持續的成本優化努力，完井業務預計將占到 8,000 萬美元至 1 億美元，比上一季的預期減少了 1 億美元。此外，由於加快交付進度和預付款以支持更多訂單，該公司預計到 2025 年，其專業動力業務將支出約 1.9 億美元。預計到 2026 年，pro Power 的資本支出將在 2 億美元至 2.5 億美元之間，具體取決於進一步加快的交付進度和額外的訂單。這項展望是基於目前已訂購的 360 兆瓦專業電力設備，並計劃在 2028 年底交付總量達到 750 兆瓦。

While these pro-ow capital expenditure estimates reflect the total cost of the equipment, they do not account for the impact of financing arrangements, which are expected to reduce the near term actual cash outflows or cash cap backs required from the company.

雖然這些自有資本支出估算反映了設備的總成本，但它們並未考慮融資安排的影響，而融資安排預計將減少公司近期實際現金流出或所需的現金回饋。

Cash and liquidity continue to remain healthy. As of September 30th, 2025. Total cash was $67 million and borrowings under the ABL credit facility were $45 million. Total liquidity at the end of the third quarter of 2025 was $158 million including cash and $91 million of available capacity under the ABL credit facility.

現金流和流動性仍然保持良好。截至2025年9月30日。現金總額為 6,700 萬美元，根據 ABL 信貸安排的借款為 4,500 萬美元。截至 2025 年第三季末，總流動資金為 1.58 億美元，其中包括現金和 ABL 信貸安排下的 9,100 萬美元可用額度。

Lastly, we'll continue to take a disciplined approach when it comes to deploying capital as we look to remain flexible and dynamic, providing us with the ability to pivot between our key priorities and allocate capital to the highest return opportunity.

最後，我們將繼續採取嚴謹的資本部署方式，力求保持靈活性和活力，使我們能夠在關鍵優先事項之間靈活調整，並將資本分配到回報最高的投資機會。

Regarding the $350 million lease financing facility, we have agreed to terms on via a letter of intent. I want to again reiterate that this facility is designed to maximize our financial flexibility, enabling us to draw funds only as needed to accelerate or scale pro power projects. We intend to be highly disciplined in how we utilize this facility, ensuring we preserve a healthy balance sheet while also supporting our continued growth in pro power. We expect that effective use of this facility will accelerate returns for shareholders and help us achieve our long-term growth objectives more rapidly. Sam, back over to you.

關於3.5億美元的租賃融資安排，我們已透過意向書就條款達成協議。我想再次重申，該設施旨在最大限度地提高我們的財務靈活性，使我們能夠僅在需要時提取資金，以加速或擴大電力項目。我們將嚴格自律地利用這項設施，確保保持健康的資產負債表，同時支持我們在專業電力領域的持續成長。我們預計，有效利用該設施將加快股東回報，並幫助我們更快實現長期成長目標。山姆，把鏡頭交還給你。

Thanks, Caleb. The work we've done and the investments we've made over the past few years have reshaped ProPetro.

謝謝你，卡萊布。過去幾年我們所做的工作和進行的投資已經重塑了 ProPetro。

Today we are a dynamic company well positioned not just to survive but to thrive. Resiliency is at the core of our business, as demonstrated our ability to successfully navigate market cycles throughout the company's 20 year history while continually evolving into the modern organization we are today.

如今，我們是一家充滿活力的公司，不僅有能力生存，而且有能力蓬勃發展。韌性是我們業務的核心，證明了我們在公司 20 年的發展歷程中，能夠成功應對市場週期，並不斷發展成為如今的現代化企業。

While we did report lower revenue this quarter, we also demonstrated our nimbleness in reacting to market conditions, successfully maintaining strong free cash flow in our completion business. We've proven that our business is sustainable through cycles as our legacy completions business helps fuel the growth of pro-power.

雖然本季我們的營收有所下降，但我們也展現了對市場狀況的靈活反應能力，成功地在完工業務中保持了強勁的自由現金流。我們已經證明，我們的業務能夠經受週期的考驗，因為我們傳統的完井業務有助於推動專業電力業務的成長。

As demand for power generation continues to ramp, Propetra will continue to benefit. We're already seeing strong commercial winds capitalizing on existing demand by ordering more generation capacity and positioning the business for future success by obtaining flexible financing that will enable future growth.

隨著發電需求持續成長，Propetra 將繼續受益。我們已經看到強勁的商業風潮正在利用現有需求，訂購更多發電容量，並透過獲得靈活的融資來為未來的成長奠定基礎，從而為未來的成功做好準備。

We will continue to execute on our strategy that has allowed us to proactively respond to changing market conditions in a decisive and effective way. The benefits of this approach are evident in our recent results. Despite the challenges currently facing our industry, we remain confident in our strategy and the future of Pro Petra. We have positioned ourselves for success through several key strengths, including our best in class team whose dedication and exceptional effort set us apart each and every day.

我們將繼續執行我們的策略，該策略使我們能夠以果斷有效的方式積極應對不斷變化的市場狀況。我們最近的研究結果已經證明了這種方法的優點。儘管我們行業目前面臨諸多挑戰，但我們對我們的策略和Pro Petra的未來仍然充滿信心。我們憑藉幾項關鍵優勢為成功做好了準備，其中包括我們一流的團隊，他們的奉獻精神和卓越努力使我們每天都脫穎而出。

I want to thank them for their performance. We delivered this quarter as they give me and the entirety of our leadership team the confidence to continue pursuing our strategy.

我要感謝他們的精彩表演。本季我們取得了預期成果，這讓我和我們整個領導團隊有信心繼續推行我們的策略。

Operator, we'd now like to open the call for questions.

接線員，現在我們開始接受提問。

Derek Podhaizer, Piper Sandler,

德里克波德海澤、派珀桑德勒

The 60 megawatts, just, hoping that you can expand on some of the details for us maybe first with what type of power solution you're deploying here. I know you have a mix of resets, turbines, and batteries and then just thinking about that 60 megawatts as your starting point. How do we think about this contract expanding over time both in capacity and duration, just thinking about the other comps that are out there that we've heard that that are up in that 1gigawatt to 2 gigawatt range.

60兆瓦，只是希望您能為我們詳細介紹一下，例如您在這裡部署的是哪種類型的電力解決方案。我知道你們混合使用了復位裝置、渦輪機和電池，然後就以 60 兆瓦作為你們的起點。我們該如何看待這份合約隨著時間推移在容量和期限上不斷擴大，想想我們聽說的其他一些同類合同，它們的容量都在 1 吉瓦到 2 吉瓦的範圍內。

Hi, Derek, Sam, I just want to make sure we got your question right. I think we missed the first part of your question, but you're, we caught most of the tail end, but you're, is it correct you're focused in on the announcement we made Monday around the data center?

嗨，德里克，山姆，我只是想確認我們是否理解了你們的問題。我想我們錯過了您問題的第一部分，但是，我們抓住了大部分的尾聲，但是，您關注的重點是我們週一發布的關於資料中心的公告，對嗎？

Yes, the 60 megawatt data center announcement, the type of kit that you're bring in there. I know you have resets, turbines, and batteries in your, in your portfolio, and then it just far as kind of scaling that over time into some of the deal comps that we've seen out there in that 1gigawatt to 2 gigawatt range.

是的，就是那個60兆瓦的資料中心，以及你要帶進去的設備類型。我知道你的投資組合裡有重置裝置、渦輪機和電池，然後隨著時間的推移，如何將這些規模擴展到我們看到的 1 吉瓦到 2 吉瓦範圍內的一些交易比較案例中呢？

Sure, yes, we actually, I don't know if you caught it earlier in Matt's introduction. We have Travis Simmering on the line with us this morning, the President of our pro power business to help answer some of these questions. So I'll let Travis talk a little bit about that.

當然，是的，實際上，我不知道你是否在馬特之前的介紹中註意到了這一點。今天早上我們連線了我們專業電力業務總裁特拉維斯·西默林，他將幫助我們回答其中的一些問題。那麼，就讓崔維斯來談談這個問題吧。

Hey Derek, this is Travis. So as far as the technology goes, we did mention that it's reciprocating engines and battery energy storage systems for this project. That was actually driven by a customer request. We feel really confident in both turbines and resits for these types of deployments, and we feel that the battery energy storage systems provide a differentiator for us, which I think is proven out by the customer, selecting us for this contract. As far as how this fits into the data center market, we feel like this is just the start for us. This site will have more capacity added. There will be more sites like this. This is just how the pro power, technology and our experience fits into the overall site, so we're excited to see, how we can grow with these existing partners in both term and capacity.

嘿，德瑞克，我是崔維斯。至於技術方面，我們確實提到過，這個專案將採用往復式引擎和電池儲能係統。這實際上是應客戶要求而提出的。我們對這類部署的渦輪機和儲能係統都非常有信心，我們認為電池儲能係統為我們提供了差異化優勢，我認為客戶選擇我們簽訂這份合約也證明了這一點。至於這項技術在資料中心市場的定位，我們覺得這只是個開始。該站點將增加更多容量。未來還會有更多類似的網站。這就是專業實力、技術和經驗如何融入整個網站的方式，因此我們很高興看到，我們如何在期限和能力上與這些現有合作夥伴共同成長。

And Derek, I'll just add something to that maybe more kind of high level and fundamental. We've learned and definitely I've learned being, mostly we're totally a full field service person my entire career, that one, the data center space is very quickly evolving, and I think things are changing and moving and flavors are changing very quickly. Also, secondly, there's a lot of different ways to play. This this this data center space and you know we presume there will continue to be more layers of opportunity moving forward. We're super excited for this to be our first entrance into this arena with, first class counterparties on the other side, so it's pretty exciting and more time.

德里克，我再補充一點，也許會更偏向高層次和基礎層面。我們已經了解到，而且我個人也深有體會，因為我的整個職業生涯幾乎都是一名全方位現場服務人員，數據中心領域正在飛速發展，我認為事物正在不斷變化和發展，各種趨勢也在快速變化。其次，玩法也多種多樣。這就是資料中心領域，我們預期未來還會出現更多層面的機會。我們非常興奮能首次進入這個領域，與一流的合作夥伴攜手，這令人激動不已，而且我們還有更多時間。

Yes, that's very helpful. Thanks, Travis. Second question, just want maybe some more details around, future funding structures. Obviously you've just implemented that $350 million facility, and that brings you with a 1.1 that kind of implies over 300 megawatts there that takes care of your initial in the next phase of that 140. But when you start targeting 750 megawatts and then Going over a gigawatt obviously we're going to need some more capital here. Can you just help us understand between, some of these long duration contracts, whether those are ESAs or PPAs, we've seen some peer financing whether it's converts or maybe some like high yield debt offerings. It just help us understand that, the liquidity runway and the funding gaps that you have and how you might be able to fill that with future sources of capital.

是的，這很有幫助。謝謝你，崔維斯。第二個問題，我想了解未來的融資結構方面的更多細節。顯然，你們剛剛實施了這項耗資 3.5 億美元的設施，這將帶來 1.1 兆瓦的發電量，這意味著超過 300 兆瓦的發電量，這可以滿足你們下一階段 140 兆瓦的初始需求。但是，當你開始以 750 兆瓦為目標，然後超過 1 吉瓦時，顯然我們需要更多的資金。您能否幫我們理解一下，在這些長期合約之間，無論是能源供應協議 (ESA) 還是購電協議 (PPA)，我們都看到了一些對等融資，無論是可轉換債券還是高收益債券發行。這有助於我們了解您的流動性儲備和資金缺口，以及您未來如何利用資金來源填補這些缺口。

Yes, great question. I'll make a comment and Caleb will probably want to opine further on it, but I think the first thing we want to do is prioritize the use of our own organic free cash flow in our business. So I think that's funding mechanism number one.

是的，問得好。我會發表一些看法，Caleb 可能也會對此發表更多意見，但我認為我們首先要做的是優先考慮在業務中使用我們自己的有機自由現金流。所以我認為這是第一條融資機制。

Even in a weak completions market, we still had our completions business spit off $25 million of free cash flow in the third quarter, and we're able to use that money to fund growth initiatives.

即使在完井市場疲軟的情況下，我們的完井業務在第三季度仍然產生了 2,500 萬美元的自由現金流，我們可以利用這筆錢來資助成長計畫。

And then there becomes a point where this business becomes of such significance and kind of compounds on itself where it starts to fund a lot more of its own growth. And I think that happens pretty quickly, maybe even. Into the back part of next year and we also have, a lot of other options of which you mentioned some Caleb, I don't know if you want to say anything about any of that.

然後，當這項業務發展到一定規模，並自我強化，開始為自身的更多成長提供資金時，它就會發展壯大。而且我認為這種情況發生得很快，甚至可能更快。到明年下半年，我們還有很多其他選擇，你也提到了一些，Caleb，我不知道你是否想談談這些。

Yes, Derek, this is Caleb. The thing about the leasing facility to keep in mind is that it's flexible and that we only draw on it as needed, unlike a bond where you immediately have all the cash up front. And so like SAM mentioned, even in this challenging market with the significant free cash flow that our completions business generated, we're going to fund as much of the caps out of cash flow as we can. It's also important to recognize that pro Power can support more leverage than a traditional oil field services business.

是的，德瑞克，這是卡萊布。租賃融資的優點在於其靈活性，我們可以根據需要動用這筆資金，這與債券不同，債券需要預先支付所有現金。正如 SAM 所提到的，即使在當前充滿挑戰的市場環境下，憑藉我們完井業務產生的可觀自由現金流，我們仍將盡可能利用現金流為封頂工程提供資金。同樣重要的是要認識到，專業電力公司能夠比傳統的油田服務公司提供更大的槓桿作用。

Like Sam mentioned, we're securing long-term take or pay contracts in this business, which is really more like contract compression than traditional frac and this contract compression businesses can support more leverage.

正如 Sam 所提到的，我們正在確保這項業務中的長期照付不議合同，這實際上更像是合同壓縮而不是傳統的壓裂，而這種合同壓縮業務可以支持更大的槓桿。

Also, I think putting this lease facility in place just solidifies our ability to fund the CapEx if needed. It doesn't take any other funding options off the table. It only ensures a funding option that we know is attractive with an investment grade partner that has a deep history and knowledge in the space.

此外，我認為設立這項租賃機制可以鞏固我們在需要時為資本支出提供資金的能力。這並不意味著排除其他融資方案。它確保了我們能夠獲得一種我們認為有吸引力的融資選擇，這種選擇來自一家在該領域擁有深厚歷史和知識的投資級合作夥伴。

Yes, I guess last thing I'll say is I think about it a little bit more, we're going to be in constant pursuit of flexibility like Caleb mentioned and low cost, low cost of capital. So what we're doing right now we think is the best thing to fit those categories, given the current state of our business. If we're able to achieve, which we're very confident in the kind of growth trajectory that we've talked about this morning.

是的，我想最後要說的是，我再仔細想想，我們會像 Caleb 提到的那樣，不斷追求靈活性和低成本，也就是低成本的資金。鑑於我們目前的業務狀況，我們認為我們現在所做的事情是符合這些類別的最佳選擇。如果我們能夠實現我們今天早上討論的那種成長軌跡，我們對此非常有信心。

The business looks different. The cost of capital can change, and the tools that we have access to at that point are much different. So this, is likely, kind of a changing funding approach as the business grows and scales in the future.

這家公司看起來不一樣了。資金成本可能會發生變化，屆時我們可使用的工具也會大不相同。因此，隨著業務的成長和規模的擴大，這很可能是一種不斷變化的融資方式。

Got it. Very helpful, guys. I'll turn it Back. Thanks

知道了。非常感謝各位的幫助。我會把它轉回去。謝謝

Eddie Kim, Barclays,

巴克萊銀行的埃迪金

Hi, good morning. Just wanted to circle back on the 60 megawatt data center contract. I don't believe there was a contract term or duration, disclosed with that. Would you be able to talk about, is it similar, longer, shorter than the 10 year contract you signed for the 80 megawatts for the Permian microgrid And just taking a step back, I mean, how are you thinking about term in this environment? Would you actually prefer shorter term in anticipation of pricing potentially moving higher over the next several years, or would you prefer as longer-term as the customer is willing to offer? Just any thoughts there would be great.

您好，早安。想再跟進一下那個60兆瓦資料中心的合約。我不認為當時披露了合約條款或期限。您能否談談，這份合約與您之前為二疊紀微電網簽署的 80 兆瓦 10 年合約是相似、更長還是更短？另外，退一步說，在當前環境下，您是如何考慮合約期限的？您是否更傾向於短期合同，以應對未來幾年價格可能上漲的情況，還是更傾向於客戶願意提供的長期合約？大家有什麼想法嗎？

Hey Eddie, this is Travis again. So we did say it's a long-term contract. That's all we're really going to say for competitive reasons on the 60 megawatt contract that we signed. As far as long-term versus short-term, we evaluate each one of the deals on a kind of case by case basis. I think it's a fair point to discuss, higher pricing that could happen. The future, but if we see strong partners that are willing to sign up at return thresholds we're comfortable with, then we're going to sign a long-term deal. And so we're really excited about having the optionality to be able to look at maybe shorter term deals with higher margin, but also these long-term partnerships that that we can really put sustainable contracts on the books for a long time.

嘿，艾迪，我是崔維斯。所以我們確實說過這是一份長期合約。出於競爭原因，對於我們簽署的60兆瓦合同，我們只能說這麼多。至於長期還是短期，我們會根據具體情況對每一筆交易進行評估。我認為這是一個值得討論的問題，價格上漲是有可能發生的。未來，如果我們看到有實力雄厚的合作夥伴願意以我們能夠接受的回報門檻簽約，那麼我們將簽署一份長期協議。因此，我們非常高興能夠擁有選擇權，既可以考慮利潤更高的短期交易，也可以考慮能夠長期維持永續合作關係的長期夥伴關係。

Understood, thank you. And then just, my follow-up is on the cost of the equipment you mentioned that the total cost of your equipment, including balance of plant is going to average about $1.1 million per megawatt. I'd imagine that for this data center contract I mean that that comes with battery storage solutions which I can't imagine are included for the Permian micro grid. So could you just maybe talk about the cost differential of the equipment on equipment going to data centers versus permian microgrids.

明白了，謝謝。然後，我的後續問題是，您提到設備的成本，包括輔助設備在內的設備總成本平均約為每兆瓦 110 萬美元。我猜想，對於這份資料中心合約而言，它應該包含電池儲能解決方案，而我無法想像二疊紀微電網會包含這些解決方案。那麼，您能否談談資料中心設備與二疊紀微電網設備的成本差異呢？

Yes, I don't think there's a huge delta between the two. I mean, the battery systems are kind of baked into our economics around that 60 megawatts, and the CapEx at 1.1 million as an average throughout kind of our portfolio of equipment. So we, we've done really a great job and I'm super proud of what we've done on the supply chain side so far, building out strong partnerships on the OEM side and the packaging side to be able to do what I think is near best in class on a cost of capital for this equipment.

是的，我認為兩者之間並沒有很大的差距。我的意思是，電池系統基本上已經融入我們圍繞 60 兆瓦的經濟計畫中，而我們整個設備組合的平均資本支出為 110 萬美元。所以，我們做得非常出色，我為我們迄今為止在供應鏈方面所做的工作感到非常自豪，我們在 OEM 方面和包裝方面建立了強大的合作夥伴關係，從而能夠在設備資本成本方面做到我認為接近一流的水平。

Got it, understood. Thanks for that. I'll turn it back.

明白了。謝謝。我會把它轉回去。

Scott Gruber, Citigroup.

史考特‧格魯伯，花旗集團。

Yes, good morning.

是的，早安。

Yes Scott.

是的，斯科特。

Sam. Great to see the penetration into the data center market. As you step back and kind of look at the op opportunity set. How do you think about deployment, of the of all your megawatts you're talking about here, whether it's the end of 28 or 30, how do you think about those being spread across oil field contracts, data center contracts, or other end markets by the time you kind of get out to the to the end of the growth period, you kind of. Talk us through how you envision the spread.

山姆。很高興看到資料中心市場的滲透。當你退後一步，審視一下機會集。您如何看待部署問題？您在這裡談到的所有兆瓦電力，無論是 28 兆瓦還是 30 兆瓦，您如何看待這些電力在增長期結束時如何分配到油田合約、資料中心合約或其他終端市場？請您詳細介紹一下您設想的佈局。

Sure, great question. I think that's something that we're talking about quite a bit as we dedicate, or Allocate resources and internal energy and attention. If you look at the kind of 220 megawatts or a little bit more than that that we talked about being contracted by year end, 60 of that, being data center and the balance being oil and gas, I think maybe in the immediate near term that kind of distribution might stay pretty similar.

當然，問得好。我認為這是我們在投入或分配資源、內在精力和注意力時經常討論的問題。如果你看看我們之前提到的到年底將簽訂的 220 兆瓦或略多一些的合同，其中 60 兆瓦是數據中心，其餘的是石油和天然氣，我認為在不久的將來，這種分配可能會保持相當相似。

But over time, as you've seen, with other announcements and other things going on in the data center space, Those are probably a bit more chunky in nature, to the larger side, so that could change that ratio very quickly as we kind of continue to pursue more of these data center contracts. Is that 50/50? Is it 60/40 1 way or the other, or is it 80/20 1 way or the other? I think right now it's tough to say.

但隨著時間的推移，正如你所看到的，數據中心領域還有其他公告和其他事情發生，這些事情的性質可能更複雜，規模更大，因此隨著我們繼續爭取更多數據中心合同，這一比例可能會很快發生變化。是五五開嗎？是 60/40 的一方，還是 80/20 的一方？我覺得現在很難說。

I can tell you, which has already kind of been mentioned. A couple of times here in our scripture remarks in our in our Q&A, we're in pursuit of what we believe the best return is coupled with what we think continues to help us produce long-term opportunities and stability in our business.

我可以告訴你，這一點前面已經提到過了。在我們的經文解讀和問答環節中，我們多次提到，我們追求的是我們認為能夠帶來最佳回報，並能持續幫助我們在業務中創造長期機會和穩定性的事物。

And as evidenced by what we've already accomplished in the oil and gas space with our inaugural contract being 80 megawatts in 10 years. It's hard to get even deals like that in certain data center applications. So, it's all about the economics and what projects and relationships help us, build kind of compounding relationships in the future.

正如我們在石油和天然氣領域已經取得的成就所證明的那樣，我們的第一份合約是在 10 年內提供 80 兆瓦的電力。在某些資料中心應用領域，即使是這樣的交易也很難達成。所以，這一切都與經濟有關，以及哪些計畫和關係能夠幫助我們在未來建立起不斷累積的關係。

So hard to give you, straight numbers, but it'll be a balance of both. We're building a team that can help us attack, kind of both of those categories and we're excited to be a player in both spaces in a really big way.

很難給出確切的數字，但會是兩者兼顧的結果。我們正在組建一支能夠幫助我們在進攻和防守這兩個方面都取得突破的隊伍，我們很高興能夠在這兩個領域都發揮重要作用。

You know the economics that you're seeing across the different verticals pretty similar. I mean, obviously the term you've gotten, the oil field is has been great and kind of matched, what we're hearing on the data center side. But he talked to us about paybacks and other T's and she's just kind of how do you view the economics of oil fields versus data center as you, start to see more contracts flow here.

你知道，不同垂直領域的經濟情勢都非常相似。我的意思是，很明顯，你聽到的這個詞，油田的情況非常好，而且與我們在資料中心方面聽到的情況有些吻合。但他跟我們談到了投資回報和其他一些問題，而她只是想知道，隨著越來越多的合約在這裡流出，你如何看待油田與資料中心的經濟效益。

Yes, right now we're seeing economics being pretty similar, the equipment footprint that we have in both areas is very similar and so the way we're deploying might be slightly different based on technology, but, in most cases it's relatively similar and so therefore that the return that we're looking at on both sides, based on the contract term is about the same.

是的，目前我們看到經濟效益非常相似，我們在這兩個領域的設備規模也非常相似，因此，根據技術的不同，我們的部署方式可能會略有不同，但在大多數情況下，情況都相對相似，因此，根據合約期限，雙方的預期回報也大致相同。

Great. I appreciate the call. Thank you.

偉大的。感謝您的來電。謝謝。

Steven Gengaro, Stifel.

Steven Gengaro，Stifel。

Thanks. Good morning, everybody. I think too for me following, I think on Scott's question a bit, when you think about the sort of, I guess the cost of power for you on the frac side.

謝謝。大家早安。我也覺得，就我而言，關於 Scott 的問題，我想，當你考慮壓裂方面的電力成本時，就會明白我的意思。

Do you get concerned that you're going to get power bid away or you're going to, how do you work that arbitrage if data centers are willing to pay more for power and how do you think that ultimately impacts the frac business?

您是否擔心電力競標失敗？如果資料中心願意為電力支付更高的價格，您該如何進行套利？您認為這最終會對壓裂業務產生怎樣的影響？

Yes, it's a good question. And we've thought a bit about that. I think right now as we sit here today, we feel pretty good about where we sit, especially on, our existing electric fleets, who and how those are being powered the commercial agreements.

是的，這是個好問題。我們對此也考慮過一些。我認為就目前而言，我們對我們所處的狀況感到非常滿意，尤其是在我們現有的電動車隊、這些車隊的動力來源以及商業協議方面。

For those, I think the returns for our power providers and ourselves are pretty good in that arena back to kind of my comment earlier about, being in pursuit of the best economic return, I think others are, I wouldn't say that's unique to us. I think power providers in the frac space are the same. We'll see what happens in the long-term, but I think in the short-term, we feel really good about how we're positioned there. There's also is Travis has kind of mentioned and talked a little bit about equipment. Not all the frac equipment can go do some of the data center stuff and vice versa. So there's a bit of an equipment makeup, GAAP there that I think kind of helps keep some of that where it is.

對於這些方面，我認為我們的電力供應商和我們自身在這個領域的收益都相當不錯。回到我之前關於追求最佳經濟回報的評論，我認為其他人也在這樣做，我不會說這是我們獨有的。我認為壓裂領域的電力供應商都是一樣的。長遠來看會發生什麼，我們拭目以待，但我認為短期內，我們對目前的情況感到非常滿意。崔維斯也稍微提到和談論過設備。並非所有壓裂設備都能用於資料中心的一些工作，反之亦然。所以，設備組成和 GAAP 方面有一些規定，我認為這在某種程度上有助於維持現狀。

Great, thanks. And my other question is when we think about what's going on in the power jam business, one of the things that I struggle with a little bit is obviously now the demand growth is excellent and the supply chain is tight. How do you think about, and you do both, so you have a good perspective on the differentiation you bring to customers on frac versus PowerGen.

太好了，謝謝。我的另一個問題是，當我們思考電力果醬產業正在發生的事情時，我有點困惑的一點是，顯然現在需求成長非常旺盛，但供應鏈卻很緊張。你如何思考並同時實踐這兩種方法，從而對你為客戶帶來的壓裂和發電差異化優勢有一個很好的認識。

I don't know if I understand your question. Like how are how are we different in those two service lines.

我不太明白你的問題。例如，我們在這兩個服務領域有哪些不同？

I guess which product line do you think is ultimately more differentiated and where you can bring an advantage to your customers.

我想問您認為哪條產品線最終更具差異化優勢，以及您可以在哪條產品線上為客戶帶來優勢？

I think My quick answer to that is both. And I think it comes down to a focus on the customer and we've always tried to build and grow our business with that very intense focus on the customer and what their needs are. The inverse of that is that just, building whatever we think is cool and trying to push it into the market. That's not the strategy here and what we think is just running our business in that fashion and very like a normal in a logical way is A bit unique,

我的簡短回答是兩者兼具。我認為關鍵在於專注於客戶，我們一直以來都非常注重客戶及其需求，以發展壯大我們的業務。反過來就是，我們只是製造我們認為很酷的東西，然後試著把它推向市場。這不是我們的策略，我們認為以這種方式經營業務，並且以一種非常正常、合乎邏輯的方式進行，這有點獨特。

I think as we bump into competitors, In both of those arenas and I think what we learned is that it's not just unique from like say an operational perspective where you're trying to make sure the customer's getting a very high-quality of service, safe, and when they want to make tweaks or adjustments to how we work, that we're there to meet them for that conversation and to help them with that. I think that's important and that is at the core of being a successful service company is understanding your role.

我認為，當我們遇到競爭對手時，在這兩個領域，我們都會發現，這不僅僅是從營運角度來看的獨特之處，例如你要確保客戶獲得非常高品質的服務，安全可靠，而且當他們想要對我們的工作方式進行調整或改進時，我們也會與他們進行溝通，並幫助他們。我認為這一點很重要，而理解自身角色是成為一家成功的服務型公司的核心所在。

In understanding the relationship with the customer and how that benefits, call us unique in that, but I mean either way that's a focus of ours. The other part of this is how we approach customers commercially that I do not think can be overstated really and taking that kind of listening ear, open mind, and basket of creative solutions to each customer individually.

在了解與客戶的關係以及這種關係如何使我們受益方面，可以說我們在這方面是獨一無二的，但我的意思是，無論如何，這都是我們關注的重點。另一方面，我們在商業上對待客戶的方式，我認為怎麼強調都不為過，那就是認真傾聽，保持開放的心態，並為每位客戶提供一系列創意的解決方案。

Has benefited both us and our customers significantly in both sides of that business. It's already benefiting us in the power business, where we constantly hear our approach to that business is a bit unique and different. So, we're pretty proud of that, I, I'd say you need to maybe go ask a 5 or 10 E&P operators in the in the Permian, what makes companies like us different, but as we see it, I think those are kind of the two main things that make us different. I don't know.

這在業務的各個方面都使我們和我們的客戶都受益匪淺。這已經為我們的電力業務帶來了好處，我們經常聽到人們說我們處理這項業務的方式有點獨特和與眾不同。所以，我們對此感到非常自豪。我想說，你或許應該去問問二疊紀盆地的 5 到 10 家油氣勘探開發運營商，是什麼讓我們這樣的公司與眾不同。但就我們而言，我認為這兩點是我們與眾不同的主要原因。我不知道。

If I'd add. To that. The only thing I'd add on the power side is I think what's unique in this sector is the requirement of having the technology expertise and flexible assets. To be able to compete in various sectors. And so we've done a really good job building out a really strong engineering team to support technologies like battery energy storage systems, which might be, unique in the oil field, but actually we've got some experience with that. We're going to use those on both, production applications as well. As data center applications to reach high efficiencies and help manage the technology side of it. So I think, that's something a little bit unique, but as far as, the customer approach and the service excellence at its core, I think that differentiation on both sides, is there for sure.

如果我補充的話。正是如此。關於電力方面，我唯一要補充的是，我認為這個行業的獨特之處在於需要技術專長和靈活的資產。能夠在各個領域參與競爭。因此，我們組建了一支非常強大的工程團隊，為電池儲能係統等技術提供支持，這在石油領域可能是獨一無二的，但實際上我們在這方面有一些經驗。我們將在生產應用中使用這些技術。作為資料中心應用程序，旨在實現高效率並幫助管理其技術方面。所以我覺得這有點獨特，但就客戶至上和卓越服務的核心而言，我認為雙方的差異化是肯定存在的。

Now that that's helpful. We get the question a lot, so I'm glad to get your perspective. I appreciate that.

這很有幫助。我們常被問到這個問題，所以我很高興能聽到你的看法。我很感激。

John Daniel, Daniel Energy Partners.

約翰‧丹尼爾，丹尼爾能源合夥公司。

Hey, good morning and thanks for including me. I guess I'll show my age and comfort zone and stick to the oil service business, but First, a clarification on fleet counts. I'm going back to the basics here. When you, when you're reporting your average fleet count, are you counting the simul frac fleet as one or is that two fleets?

嘿，早上好，謝謝邀請我。我想我還是會暴露我的年齡和舒適區，繼續從事石油服務業，但首先，需要澄清一下車隊數量的問題。我決定回歸基本原則。當你報告平均艦隊數量時，你是將模擬分岔艦隊算作一支艦隊，還是算是兩支艦隊？

Yes, we're still just counting that as one.

是的，我們仍然只把它算作一個。

Okay, and then your event margins and frac were about 17% in Q3, and I, I'm assuming there is a Noticeable GAAP between, say, your contracted force fleets versus the other fleets, and I guess first, is that a fair assessment? And if it is, at what point would you look to maybe park those that lowest one or two fleets that is not contracted.

好的，那麼你們第三季的事件利潤率和分餾係數約為 17%，我假設你們的合約艦隊與其他艦隊之間存在明顯的 GAAP 差異，我想首先，這樣的評估是否公平？如果是這樣，您會在什麼情況下考慮停用那些沒有合約的最低級別的一兩支車隊？

Yes, I think you're, Your assessment of, the difference between contracted and non-contracted is accurate. We did, in fact, I mean, what you're kind of alluding to, when would you decide to park more fleets? I think we did a very good disciplined job of that in Q3 is evidenced by the 3 fleets that we took out of the system. We could be fully utilized today easily, and I think that's kind of an obvious statement.

是的，我認為你對合約制和非合約制之間區別的評估是準確的。事實上，我們確實這麼做了，我的意思是，你剛才暗示的那個問題，你們什麼時候會決定停放更多車隊？我認為我們在第三季在這方面做得非常出色，紀律嚴明，這一點從我們從系統中移除的 3 個艦隊就可以看出。我們今天完全可以充分利用自身能力，我認為這是一個顯而易見的說法。

We chose not to be because the lower end of the market is just in a spot where we think is unsustainable. So we'll let others kind of play in that area and preserve our equipment, for better times and better pricing. We have the balance sheet and the stability, and I think the position here in the Permian to be able to do that, so we're thankful for that.

我們選擇不進入低端市場，因為我們認為低端市場目前的位置是不可持續的。所以我們會讓其他人去那個領域發展，而我們則保留自己的設備，以便在未來更好的時期和更優惠的價格下繼續運作。我們擁有良好的資產負債表和穩定性，而且我認為我們在二疊紀盆地的地位也使我們能夠做到這一點，所以我們對此感到欣慰。

Another part of this is, especially on the almost exclusively on the like the tier 2 diesel portion of our fleet, which is, a shrinking and smaller part of our fleet than it ever has been, we referenced that 75% of our fleet of gas burning next generation today. And so we're able to, kind of harvest that diesel equipment and look at economics and a little, economics and operations in a little bit of a different way to make sure that we're both staying in the market being competitive. Servicing what we think are top category customers, and at the same time, bolster the economics of those operations.

另一方面，尤其是在我們車隊中幾乎完全是二級柴油車的那部分（這部分車在我們車隊中所佔的比例比以往任何時候都要小），我們提到，如今我們車隊中 75% 的車輛都是下一代汽油車。因此，我們能夠對這些柴油設備進行某種程度的回收利用，並以稍微不同的方式審視其經濟效益和營運情況，以確保我們雙方都能在市場上保持競爭力。服務我們認為的頂級客戶，同時提升這些業務的經濟效益。

Okay. I've got 2 more. They're both quick, I promise. This one is for Caleb. If activity levels stay where they are, 10 they call it maybe 12 weeks, what is your preliminary guess on CapEx for the OFS businesses in 26? Are you willing to give some sort of a range?

好的。我還有2個。我保證，他們倆速度都很快。這是給卡萊布的。如果業務活動水準保持不變，大約 10 週（他們稱之為 12 週），您初步估計 2026 年 OFS 業務的資本支出是多少？您能否給出一個大概的範圍？

Yes, so we're not providing official 2026 guidance at this time, but I'll make the high level comment that we're in maintenance mode in the completions business, and you know we've worked to industrialize our business we mentioned several times over the past year that we're not expecting massive growth CapEx cycles in the frac business as we've just worked to create steadiness and consistency in that business. So high level I just say maintenance mode, but I don't want to get too much beyond that.

是的，所以我們目前不提供 2026 年的官方指導，但我可以概括地說，我們在完井業務方面處於維護模式，而且你知道，我們一直在努力實現業務的工業化。在過去一年中，我們多次提到，我們預計壓裂業務不會出現大規模的資本支出成長週期，因為我們一直在努力使業務保持穩定和一致性。所以，從宏觀層面來說，我只能說目前處於維護模式，但我不想透露太多。

Fair enough. Final question, and hopefully one day becomes a trend, but according to my I always write stock quote app on my phone. It shows in the 1st 13 minutes of trading you guys are up about 28%, 29%, which I'm guessing, so congratulations if that's right, but I'm guessing that's the function of your comments on power. And when you see this type, so when you see this type of reaction. And the price how will that impact your views on maybe tactical consolidation and OFS if the markets to stick with power? What does that make you think about for strategy on the OFS side, and that's it for me.

很公平。最後一個問題，希望有一天能成為趨勢，但根據我的觀察，我總是會在手機上使用股票報價應用程式。數據顯示，在交易的前 13 分鐘內，你們的漲幅約為 28%、29%，這是我的猜測，如果猜對了，那就恭喜你們。但我猜這與你們對權力的評論有關。當你看到這種類型的反應。如果市場堅持電力市場，那麼價格將如何影響您對戰術性整合和OFS的看法？這讓你對OFS方面的策略思考什麼？我的問題就這些了。

Yes, I, I'll. Just say high level and to reiterate some things we've said over the last couple of years, M&A is a part of our overall strategy. We've done that mostly via what I call horizontal integration with things like wireline, wet sand, a little bit of growth with the cementing acquisition over the last few years here. We've been very pleased with all of those. We've used a mix of equity and cash to do those deals. So yes, I mean I think a higher stock price Is Better than a lower stock price. That said, I think we're most interested in just doing the next right thing.

是的，我會的。簡單來說，並重申我們過去幾年說過的一些話，併購是我們整體策略的一部分。我們主要透過我所謂的橫向整合來實現這一目標，例如電纜測井、濕砂作業，以及過去幾年透過收購水泥公司實現的小幅成長。我們對所有這些都非常滿意。我們採用股權和現金結合的方式完成了這些交易。所以，是的，我的意思是，我認為股價越高越好。也就是說，我認為我們最關心的還是做接下來該做的事。

Kind of to tie that back to the comment I made earlier about what are the competitive pressures in the size of the business and the margins in our business and at any given point in time, what's the op opportunity set in the circumstances? We know what those things are today. What are those things a month or 6 months or 5 years from now is a little bit. A little bit harder to say, but I think we kind of stay true to our main strategy of trying to be a high-quality, cost-effective service company in all the service lines that we're in.

這有點像是我之前提到的，我們業務的規模和利潤率面臨的競爭壓力是什麼，以及在任何特定時間點，在特定情況下存在的機會是什麼？如今我們知道那些東西是什麼了。一個月後、六個月後或五年後會發生什麼，這有點遙遠。雖然有點難說，但我認為我們始終堅持我們的主要策略，即在我們涉足的所有服務領域，努力成為一家高品質、高性價比的服務公司。

And to add to that in a disciplined manner that allows us to remain as competitive as possible with the top tier customers here in the Permian Basin and possibly in other places. So, if our if our equity strengthens and some of those opportunities present themselves and that's helps us do things to increase the competitiveness of our business, then we're open-minded, but we don't have anything, on the table right now that we're depending on an equity price to help us with. I think we've got a solid sturdy business that we're just trying to make the next right decision with.

此外，我們還要以嚴謹的態度，盡可能地與二疊紀盆地乃至其他地區的頂級客戶保持競爭力。所以，如果我們的股權增強，並且出現一些機會，這有助於我們採取措施提高業務競爭力，那麼我們持開放態度，但目前我們沒有任何計劃需要依靠股權價格來幫助我們。我認為我們擁有一個穩固的業務，我們現在只是在努力做出下一個正確的決定。

Fair enough, but I was thinking more just from the standpoint that More, I mean, what you're doing what Cale said most of your CapEx for next year is going to be maintenance on the OS side based off what you would note today, right?

好吧，但我更多的是從另一個角度考慮，我的意思是，正如 Cale 所說，根據你今天所了解到的情況，你明年的大部分資本支出將用於操作系統方面的維護，對嗎？

And it just seems like the market's paying is interested in power, as you can see from all the questions you and others have had this earnings season. So anyway, congratulations and thank you very much for me.

看來市場對權力很感興趣，正如你和其他人在本財報季所提出的所有問題所顯示的。總之，恭喜你，也非常感謝你（替我表達我的謝意）。

Yes, John, and one last thing before we go to the next question. On the line and you know this well, John, but attrition continues, especially in the completion business and the pressure pumping business where it is in fact the most equipment intensive a service line in oil field services. So, there's consolidation happening via attrition every day. So, I think staying power, high quality services, high-quality customers.

是的，約翰，在我們討論下一個問題之前，還有最後一件事。約翰，你很清楚這一點，人員損耗仍在繼續，尤其是在完井業務和壓力泵送業務中，事實上，這些業務是油田服務中設備最密集的服務線。所以，每天都在透過自然減員進行整合。所以，我認為是持久力、高品質的服務和高品質的客戶。

And kind of the structure of the business as we have it today and on the completion side is in fact playing in consolidation without even playing an M&A. So that I think is tailwinds long-term. You've written about that, we've talked about that, but you just want to make sure everybody understands that consolidation via attrition on the bottom end of the market is significant and will play a part in the supply and demand balance Moving forward.

而我們目前的業務結構，以及在完成交易方面，實際上是在進行整合，甚至沒有進行併購。所以我認為這從長遠來看是有利因素。您寫過這方面的內容，我們也討論過這方面的內容，但您只是想確保每個人都明白，市場底部透過自然減員實現的整合意義重大，並將對未來的供需平衡產生影響。

Got it. Okay. Thanks, guys.

知道了。好的。謝謝各位。

Jeff LeBlanc with TPH.

Jeff LeBlanc 與 TPH 合作。

Good morning, SAM and team. Thanks for taking my questions. I just had 2.

早上好，SAM和各位同事。謝謝您回答我的問題。我剛吃了兩個。

On the first one, I was just curious if you talk about the equipment mix moving forward given that you've been more techno technology agnostic than your peers. As you continue, excuse me, to move the data center market, do you anticipate moving to larger turbines or are you comfortable with the current fleet mix or equipment mix you have right now?

關於第一個問題，我只是好奇你是否會談到未來設備組合方面的問題，因為你比你的同行對科技更不拘泥於形式。隨著您繼續（恕我直言）推動資料中心市場的發展，您是否計劃轉向更大的渦輪機，還是對目前的機組組合或設備組合感到滿意？

Hey Jeff, this is Travis. So we're comfortable with where we're at right now. We're likely going to do more of the same, but are always looking at new technologies. The door is always open to look at larger power blocks, more efficient power blocks, and as we enter into different sectors within the data center space, we are certainly excited to, use the team that we have to evaluate these technologies and come up with what we think is, the lowest cost, most efficient solution for those types of projects.

嘿，傑夫，我是崔維斯。所以我們對現狀感到滿意。我們可能會繼續做同樣的事情，但也會不斷關注新技術。我們始終對更大功率的電源模組、更有效率的電源模組持開放態度。隨著我們進入資料中心領域的不同細分市場，我們非常興奮地利用我們現有的團隊來評估這些技術，並提出我們認為成本最低、效率最高的解決方案，以用於這些類型的專案。

Yes, and then on the data center opportunities specifically, do you see a greater opportunity in prime power applications or do you also see applications for bridge and backup? Thank you.

是的，那麼具體到資料中心領域，您認為主電源應用方面的機會更大，還是橋接和備用電源應用方面的機會也更大？謝謝。

Yes, we're only participating in prime power type applications. We built our team and our operational structure to support prime power, and that's really difficult to Make work economically as a backup provider. So those are really the only opportunities we're looking at. That's what we do in the oil field. That's what we're going to do in the data center space. So we're really a prime power player.

是的，我們只參與主電源類型的應用。我們組建團隊和建立營運結構是為了支援主電源，但要作為備用電源提供者在經濟上取得成功，這真的很難。所以，這些真的是我們目前唯一關注的機會。這就是我們在油田裡做的事情。這就是我們將在資料中心領域要做的事情。所以我們確實是實力強勁的重要力量。

Okay, thank you very much. I'll hand the call back to the operator. Thank you.

好的，非常感謝。我會把電話轉回給接線生。謝謝。

Again, to ask a question, simply press 1 on your telephone keypad. And with no further questions, thank you. I will now turn the call back over to SAM Sledge, Chief Executive Officer, for closing remarks.

再次提醒，要問，只需按電話鍵盤上的 1 即可。我沒有其他問題了，謝謝。現在我將把電話轉回給執行長 SAM Sledge，請他作總結發言。

Thanks everyone for joining us on today's call. Before we finish the call, I'd like to just reiterate a couple simple things. As it pertains to our power Business. I Think we're super proud to show the progress we've made in really less than a year since launching the business.

感謝各位參加今天的電話會議。在結束通話之前，我想重申幾件簡單的事情。就我們的電力業務而言。我認為我們非常自豪地展示，自公司成立以來不到一年時間，我們取得瞭如此大的進步。

Last December, we, hired a team, announced the launch of the business. We quickly then started to acquire assets and obtain con contracts and as noted in our materials, We're already in the field generating revenue. It's been just a top to bottom across the board when, all of which has been supported by an existing platform and completions business that's providing operational support and free cash flow to fund that business. So a huge team effort, but real wins, not just, blue sky. So all of that, I think has been supported and founded by the entrepreneurial spirit that exists.

去年12月，我們組建了一個團隊，並宣佈公司正式成立。我們隨後迅速開始購買資產並獲得合同，正如我們在資料中所述，我們已經在現場創造收入。從上到下，各個方面都發生了翻天覆地的變化，而這一切都得到了現有平台和完井業務的支持，這些業務提供了營運支援和自由現金流來為該業務提供資金。所以這是一次巨大的團隊努力，但也是實實在在的勝利，而不僅僅是空想。我認為，所有這一切，都得益於現有的創業精神，並由此發展壯大。

Inside the company today, it's been a little bit tough to show that entrepreneurial spirit the last few years, but with the opportunities that we see today and moving forward, we think that that's going to shine through here at Propetro. Thanks again for joining us on today's call, and we look forward to talking to you soon.

在當今公司內部，過去幾年裡，展現創業精神有點困難，但憑藉我們今天看到的機會以及未來的發展前景，我們認為這種精神將在 Propetro 大放異彩。再次感謝您參加今天的電話會議，我們期待盡快與您再次交流。

Thank you again for joining us today. This does conclude today's conference call. You may now disconnect.

再次感謝您今天蒞臨。今天的電話會議到此結束。您現在可以斷開連線了。