Ranger Energy Services Inc (RNGR) 2025 Q2 法說會逐字稿

Good day, and welcome to the Ranger Energy Services second quarter 2025 conference call. (Operator Instructions)

大家好，歡迎參加 Ranger Energy Services 2025 年第二季電話會議。（操作員指示）

Please note, this event is being recorded. I would now like to turn the call over to Joe Mease, Vice President of Finance. Please go ahead.

請注意，此事件正在被記錄。現在我想將電話轉交給財務副總裁喬‧米斯 (Joe Mease)。請繼續。

Thank you, and welcome to Ranger Energy Services Second Quarter 2025 Results Conference Call. Ranger has issued a press release outlining our operational and financial performance for the 3 months ended June 30, 2025. The press release and accompanying presentation materials are available in the Investor Relations section of our website at www.rangerenergy.com. Today's discussion may contain forward-looking statements about future business and financial expectations. Actual results may differ significantly from those projected in today's forward-looking statements due to various risks and uncertainties, including the risks described in our periodic reports filed with the Securities and Exchange Commission.

謝謝，歡迎參加 Ranger Energy Services 2025 年第二季業績電話會議。Ranger 發布了一份新聞稿，概述了我們截至 2025 年 6 月 30 日的三個月的營運和財務表現。新聞稿及隨附的簡報資料可在我們網站 www.rangerenergy.com 的「投資者關係」部分取得。今天的討論可能包含有關未來業務和財務預期的前瞻性陳述。由於各種風險和不確定性，包括我們向美國證券交易委員會提交的定期報告中所述的風險，實際結果可能與今天的前瞻性陳述中預測的結果有很大差異。

Except as required by law, we undertake no obligation to update our forward-looking statements. Further, please note that non-GAAP financial measures will be referenced during this call. A full reconciliation of GAAP to non-GAAP measurements is available in our latest quarterly earnings release and conference call presentation. With that, I would like to now turn the conference call over to our CEO, Stuart Bodden; and our CFO, Melissa Cougle, for their prepared remarks.

除法律要求外，我們不承擔更新前瞻性聲明的義務。此外，請注意，本次電話會議將參考非公認會計準則財務指標。我們最新的季度收益報告和電話會議報告中提供了 GAAP 與非 GAAP 衡量標準的完整對帳。現在，我想將電話會議交給我們的執行長 Stuart Bodden 和財務長 Melissa Cougle，請他們發表準備好的演講。

Thanks, Joe. Good morning, everyone. Today, I'm pleased to report another strong quarter for Ranger. Second quarter results reflect the resilience of our production-oriented strategy, the hard work of our field teams and our ongoing commitment to disciplined execution. We exited the winter with a strong pickup in activity early in the second quarter, which has continued into the summer months.

謝謝喬。大家早安。今天，我很高興地報告 Ranger 又一個強勁的季度。第二季的業績反映了我們以生產為導向的策略的韌性、我們現場團隊的辛勤工作以及我們對嚴格執行的持續承諾。我們在第二季初以強勁回升結束了冬季，這種勢頭一直持續到夏季。

We have seen higher-than-normal levels of asset turnover as certain customers adjusted their well programs in light of current market conditions. That said, demand in Ranger's core service lines remain strong, and Ranger's results showcased the consistent earnings power and resilience of our business model, our focus on capital discipline and our ability to lead the sector in innovation. For the second quarter, we reported $140.6 million in revenue, a year-over-year improvement that is impressive given the drilling rig and frac spread declines currently impacting drilling and completion exposed businesses. Ranger reported $20.6 million of adjusted EBITDA for the quarter, achieving 14.7% margins, consistent with last year's performance and sequentially stronger than Q1. All segments delivered sequentially improving results despite falling rig counts with company-wide Q2 revenue and adjusted EBITDA improving 4% and 33% quarter-over-quarter, respectively.

由於某些客戶根據當前市場狀況調整了他們的油井計劃，我們看到資產週轉率高於正常水平。儘管如此，Ranger 核心服務線的需求依然強勁，Ranger 的業績展示了我們商業模式的持續盈利能力和彈性、我們對資本紀律的關注以及我們引領行業創新的能力。我們報告第二季度的收入為 1.406 億美元，與去年同期相比有所改善，考慮到目前鑽井平台和壓裂價差下降對鑽井和完井業務造成的影響，這一增長令人印象深刻。Ranger 公佈本季調整後 EBITDA 為 2,060 萬美元，利潤率達到 14.7%，與去年同期表現一致，且較上季有所提升。儘管鑽機數量下降，但所有部門的業績均較上季改善，全公司第二季營收和調整後 EBITDA 分別較上季成長 4% 和 33%。

Our High Spec Rigs segment continued to be the cornerstone of our business, contributing $86.3 million of revenue and $17.6 million of adjusted EBITDA, with margins staying over 20%, again, demonstrating the stability and profitability of production-focused services. Activity levels in customer demand remained stable, although managing through recent white space has put some pressure on margins. We are encouraged by a consistent base of work heading into the second half of the year and the resilience in pricing stability we have seen thus far. Ancillary Services and Wireline both improved quarter-over-quarter, with Ancillary Services generating $32.2 million in revenue and $6.6 million in adjusted EBITDA. Our Coil Tubing service line saw a significant improvement quarter-over-quarter with consistent demand for our coil spreads as weather conditions improved in the spring while our Rentals and Torrent service lines saw continued strength and resiliency.

我們的高規格鑽機部門繼續成為我們業務的基石，貢獻了 8630 萬美元的收入和 1760 萬美元的調整後 EBITDA，利潤率保持在 20% 以上，再次證明了以生產為中心的服務的穩定性和盈利能力。儘管近期的空白區域管理給利潤率帶來了一些壓力，但客戶需求的活動水平仍然保持穩定。我們對下半年持續的工作基礎以及迄今為止所看到的價格穩定性感到鼓舞。輔助服務和有線服務均比上一季有所改善，其中輔助服務創造了 3,220 萬美元的收入和 660 萬美元的調整後 EBITDA。隨著春季天氣條件好轉，我們的盤管服務線環比有了顯著改善，對我們的盤管價差的需求保持穩定，而我們的租賃和 Torrent 服務線則繼續保持強勁和彈性。

Our P&A service line has seen a pullback in activity by some customers given the discretionary nature of these costs, although the long-term growth potential of this vital and environmentally sensitive work remains intact, while regulatory bodies and customers contend with an ever-aging population of wells in the Lower 48. Wireline achieved a meaningful turnaround this quarter with positive adjusted EBITDA of $1.6 million on $22.1 million of revenue. Once winter effects subsided and our restabilization efforts improve profitability, our work in this segment continues. With this quarter's result, we are also proud to announce a transformational milestone in well servicing, the launch of our ECHO rig, the industry's first hybrid double electric workover rig. This technology is the culmination of 2 years of engineering effort from trusted manufacturing partners, converting an existing Taylor rig design uniquely available to Ranger.

由於這些成本的可自由支配性，我們的 P&A 服務線已經看到一些客戶減少了活動，儘管這項重要且對環境敏感的工作的長期增長潛力仍然完好無損，而監管機構和客戶正在應對美國本土 48 個州的油井數量不斷老化的問題。本季度，Wireline 實現了顯著扭虧為盈，營收為 2,210 萬美元，調整後息稅折舊攤提前利潤 (EBITDA) 為 160 萬美元。一旦冬季影響消退並且我們的恢復努力提高了盈利能力，我們將繼續在這一領域的工作。憑藉本季度的業績，我們也自豪地宣布了油井服務領域的一個轉型里程碑，即推出業界首台混合雙電修井機 ECHO 鑽機。這項技術是值得信賴的製造合作夥伴兩年工程努力的成果，將現有的 Taylor 鑽機設計轉化為 Ranger 獨有的設計。

It borrows technologies from outside traditional oil and gas and applies electrification strategies from other industrial sectors that are truly differentiated from anything on the market today. It also utilizes Ranger's existing spare asset capacity for conversion to reduce construction costs and avoid further market saturation.

它藉鑒了傳統石油和天然氣以外的技術，並應用了其他工業領域的電氣化策略，這些策略與當今市場上的任何產品都有真正的區別。它還利用Ranger現有的閒置資產能力進行轉換，以降低建造成本並避免進一步的市場飽和。

These rigs bring a long list of enhanced benefits, but some of the key highlights of this hybrid rig solution include: a 0 emissions profile when wellsite power is available with a 90% reduction in emissions even in off-grid settings; operations that are stunningly quiet when compared to traditional conventional rigs, improving the ability of crews to communicate and coordinate activities; a fully electric drivetrain that utilizes regenerative braking with precision drawworks, remote safety lockouts and a digital interface capable of applying machine learning, which is a game changer in conducting safe and optimized operations; a plug-and-play modular construction design that will allow for major component maintenance and replacement without significant downtime; and a 30-minute recharge window that can be conducted during continuous operations.

這些鑽機具有許多增強優勢，但這種混合鑽機解決方案的一些主要亮點包括：當井場有電源時，排放為零，即使在離網環境下也能減少 90%的排放；與傳統常規鑽機相比，操作時非常安靜，提高了工作人員溝通和協調活動的能力；全電動傳動系統利用再生製動、精密絞車、遠程安全鎖定和能夠應用機器學習的數位接口，這對於進行安全和優化操作具有重大改變；即插即用的模組化結構設計，允許在不造成大量停機的情況下進行主要的操作和可在操作下進行主要的功能

Ranger committed to 2 ECHO rigs earlier this year with both currently under construction and anticipated to be delivered and tested before the end of Q3. The rigs have been contracted with 2 major U.S. operators with provisions ensuring capital return thresholds are met as well as options for future rig conversions. We spent time this past year ensuring that the ECHO platform is scalable and capital efficient with costs that are shared with our customers and/or captured in an uplifted rate. Simply stated, the ECHO rig is poised to reshape how well servicing work gets done in the Lower 48.

Ranger 今年稍早承諾購買 2 艘 ECHO 鑽孔機，目前均在建造中，預計將在第三季末之前交付並進行測試。這些鑽井平台已與美國兩家主要營運商簽訂了合同，其中規定確保滿足資本回報門檻，並提供未來鑽井平台改裝的選擇。去年，我們花了大量時間確保 ECHO 平台具有可擴展性和資本效率，並且成本與我們的客戶分擔和/或以更高的利率收取。簡而言之，ECHO 鑽孔機將重塑美國本土 48 個州的石油服務工作方式。

This is not innovation for its own sake. This is practical innovation that improves operations, enhances safety, reduces emissions and positions Ranger to lead the way as operator expectations continue to evolve. It also demonstrates our engineering leadership and our ability to bring forward-looking solutions to the market at the right moment. Before I turn the call over to Melissa, I'd also like to provide some thoughts on Ranger's current strategic priorities and our views as we look to the second half of the year. The past couple of years have brought newfound pressures in this space as new activity lows seem to be a recurrent theme each quarter.

這並不是為了創新而創新。這是一項實用的創新，它能夠改善營運、提高安全性、減少排放，並使 Ranger 在營運商期望不斷演變的過程中佔據領先地位。這也證明了我們的工程領導地位以及在適當時機向市場提供前瞻性解決方案的能力。在我將電話轉給梅麗莎之前，我還想就 Ranger 當前的戰略重點以及我們對下半年的看法發表一些看法。過去幾年，該領域面臨新的壓力，因為新的活動低點似乎成為每季反覆出現的主題。

Despite this market pressure, Ranger has been able to produce consistent, durable and strong cash flows and has shown the ability to put these cash flows to smart use, whether through buybacks or targeted CapEx investment. We have had some pressures in select service lines, but they remain isolated without affecting our core service lines. When we look towards the back half of the year, we see continued shuffling and rig deployment that can bring about some white space and schedules and margin pressures. That said, our base of work remains stable, and we feel the third quarter will show continued resilience. The fourth quarter has historically been unpredictable depending on customer budget exhaustion and general macro sentiment, and we feel this year will be no different.

儘管面臨市場壓力，Ranger 仍能產生持續、持久且強勁的現金流，並展現出能夠將這些現金流用於明智用途的能力，無論是透過回購還是有針對性的資本支出投資。我們在選定的服務線上遇到了一些壓力，但這些壓力仍然是孤立的，不會影響我們的核心服務線。展望下半年，我們看到持續的調整和鑽機部署可能會帶來一些空白、時間表和利潤壓力。話雖如此，我們的工作基礎仍然穩定，我們認為第三季將繼續保持韌性。從歷史上看，第四季度的表現難以預測，取決於客戶預算耗盡和整體宏觀情緒，我們認為今年也不會例外。

We will provide additional color as available during our third quarter earnings call. Ranger's strategic priorities remain the same. We will be disciplined capital allocators who look to maximize free cash flow and prioritize shareholder returns. We believe that further growth in the future will be key for Ranger, and in the same way we approached the basic asset acquisition in 2021 and in development of our new ECHO rig, we will be thoughtful and meticulous in our pursuit of accretive M&A and organic growth opportunities that create value for Ranger shareholders and ensure our balance sheet strength is protected. We remain a partner of choice to large consolidated E&Ps who prioritize safety, reliability and multi-basin reach.

我們將在第三季財報電話會議上提供更多詳細資訊。Ranger 的策略重點維持不變。我們將成為嚴謹的資本配置者，致力於最大化自由現金流並優先考慮股東回報。我們相信，未來的進一步成長對 Ranger 來說至關重要，就像我們在 2021 年進行基本資產收購和開發新 ECHO 鑽機時一樣，我們將深思熟慮、一絲不苟地尋求增值性併購和有機增長機會，為 Ranger 股東創造價值，並確保我們的資產負債表實力得到保護。我們仍然是優先考慮安全性、可靠性和多盆地覆蓋範圍的大型綜合 E&P 公司的首選合作夥伴。

That strength has allowed us to capture incremental market share this past couple of years during the most recent market contraction. Finally, I want to commend our field teams and support staff. Our people are Ranger's greatest assets, and their dedication and discipline are what makes these results possible. With that, I'll turn it over to our CFO, Melissa Cougle.

這種優勢使得我們在最近幾年的市場萎縮中獲得了增量的市場份額。最後，我要讚揚我們的現場團隊和支援人員。我們的員工是 Ranger 最寶貴的財富，正是他們的奉獻和紀律使得這些成果成為可能。說完這些，我將把麥克風交給我們的財務長 Melissa Cougle。

Thanks, Stuart, and good morning, everyone. As mentioned, Ranger showed up in the second quarter with another set of consistent results, further reinforcing our production-focused resiliency in the face of declining rig counts. Second quarter revenue was $140.6 million, up 4% sequentially from Q1 and up 2% year-over-year when comparing to the second quarter of 2024. Adjusted EBITDA for the second quarter was $20.6 million, a sequential increase of 33% from the first quarter and 2% lower than the prior year quarter due to both service line mix and some margin pressure from rig transitions between customers. Consolidated margins were 14.7%, a significant improvement from the first quarter and consistent to those seen in the second quarter of 2024.

謝謝，斯圖爾特，大家早安。如上所述，Ranger 在第二季度取得了另一組一致的業績，進一步增強了我們在鑽機數量下降的情況下以生產為中心的彈性。第二季營收為 1.406 億美元，季增 4%，與 2024 年第二季相比年增 2%。第二季調整後的 EBITDA 為 2,060 萬美元，較第一季較第一季成長 33%，比去年同期下降 2%，原因是服務線組合以及客戶之間鑽機轉換帶來的一些利潤壓力。綜合利潤率為 14.7%，較第一季有顯著改善，與 2024 年第二季的利潤率一致。

From a segment perspective, the High Specification Rigs segment reported $86.3 million in revenue and $17.6 million in adjusted EBITDA. Revenue slipped slightly quarter-over-quarter and improved year-over-year while adjusted EBITDA and associated margins improved quarter-over-quarter and decreased year-over-year. Rig hours have continued to improve and grow showing strong demand and utilization of the fleet. While pricing slipped 2% quarter-over-quarter, these declines were isolated and driven largely by adjustments to rig packaging profiles. Turning to Processing Solutions and Ancillary Services, revenues for the quarter were $32.2 million, an improvement of 6% from the prior quarter and 4% from the prior year quarter.

從細分市場來看，高規格鑽機部門報告的收入為 8,630 萬美元，調整後 EBITDA 為 1,760 萬美元。營收較上月略有下滑，較去年同期有所改善，而調整後的 EBITDA 和相關利潤率則是較去年同期有所改善，較去年同期有所下降。鑽機工作小時數持續改善和成長，顯示對鑽機船隊的強勁需求和利用率。雖然價格較上月下滑 2%，但這些下滑是個別現象，且主要受鑽機包裝配置調整的影響。談到處理解決方案和輔助服務，本季的營收為 3,220 萬美元，比上一季成長 6%，比去年同期成長 4%。

Adjusted EBITDA for the segment was $6.6 million with 20.5% margins for the second quarter, an improvement from the first quarter, but decreased from the prior year due to service line contribution mix. Wireline returned to profitability with positive EBITDA of $1.6 million on $22.1 million of revenue, a significant sequential improvement that we believe is repeatable in the third quarter. We remain focused on creating a more consistent activity profile and looking for ways to further drive down fixed costs. Ranger's balance sheet is stronger than ever. Free cash flow year-to-date totaled $17.8 million, up 45% from the prior year, and we exited June with $48.9 million of cash and $120.1 million of total liquidity.

該部門第二季調整後 EBITDA 為 660 萬美元，利潤率為 20.5%，較第一季度有所改善，但由於服務線貢獻組合而較上年同期有所下降。Wireline 恢復盈利，營收為 2,210 萬美元，息稅折舊攤銷前利潤為 160 萬美元，這是一個顯著的連續改善，我們相信第三季度也將繼續保持這一勢頭。我們仍然專注於創建更一致的活動概況並尋找進一步降低固定成本的方法。Ranger 的資產負債表比以往更強勁。年初至今的自由現金流總計 1,780 萬美元，比上年增長 45%，截至 6 月底，我們的現金總額為 4,890 萬美元，流動資金總額為 1.201 億美元。

We deployed a portion of our liquidity during the quarter, repurchasing 278,000 (sic) [ 278,100 ] shares of Ranger stock for a total spend of $3.3 million. These share repurchases have continued into the third quarter as we see the Ranger share price at current levels as an incredibly compelling investment and use of capital. We paid our quarterly dividend of $0.06 per share on May 23, and today, our Board approved the third quarter's dividend. That brings our capital returns to shareholders as of June 30 to well over $5 million, in line with our ongoing commitment to returning at least 25% of free cash flow to shareholders annually. Turning to the back half of the year, we expect continued stability in Q3.

我們在本季動用了部分流動資金，回購了 278,000 (原文如此) [ 278,100 ] 股 Ranger 股票，總支出為 330 萬美元。由於我們認為 Ranger 的股價在當前水準上是一項極具吸引力的投資和資本利用方式，因此這些股票回購一直持續到第三季。我們於 5 月 23 日支付了每股 0.06 美元的季度股息，今天，我們的董事會批准了第三季的股息。截至 6 月 30 日，我們向股東提供的資本回報已超過 500 萬美元，符合我們每年向股東返還至少 25% 自由現金流的持續承諾。展望下半年，我們預計第三季將持續保持穩定。

High Spec Rigs and Ancillary Services should continue to show steady performance, while Wireline's recovery is being closely managed. We are optimistic about third quarter performance while cautious once we enter the fourth quarter and winter weather arrives, which will likely slow activities once more. CapEx spending remains disciplined, and we are holding prior guidance having made select investments this year in the ECHO rigs Stuart discussed earlier. We have begun trimming CapEx whenever possible to give us maximum flexibility in responding to market conditions. We will remain focused on delivering high-quality service while investing in targeted innovation that supports long-term profitability and shareholder returns.

高規格鑽孔機和輔助服務應會繼續保持穩定的表現，而有線業務的復甦則受到嚴格管理。我們對第三季度的表現持樂觀態度，但一旦進入第四季度，冬季天氣到來，我們就會保持謹慎，因為這可能會再次減緩活動。資本支出仍然保持紀律，我們今年對史都華先前討論過的 ECHO 鑽機進行了選擇性投資，並保持先前的指導。我們已經開始盡可能地削減資本支出，以便最大限度地靈活地應對市場狀況。我們將繼續專注於提供高品質的服務，同時投資於支持長期獲利和股東回報的有針對性的創新。

With that, I'll turn the call back over to Stuart for closing comments.

說完這些，我將把電話轉回給斯圖爾特，請他發表最後評論。

Thanks, Melissa. To summarize, Q2 reflects the strength and consistency of our business model, strong cash conversion, resilient core segments and disciplined execution. Importantly, it also is the exciting start of something new with the launch of ECHO, a platform that showcases how Ranger can lead with innovation without sacrificing returns or reliability. We remain committed to generating free cash flow, returning capital to shareholders, maintaining balance sheet strength and delivering smart growth, both organically and through selective M&A. Thanks again to our employees, partners and shareholders for your continued support.

謝謝，梅麗莎。總而言之，第二季反映了我們商業模式的實力和一致性、強勁的現金轉換、有彈性的核心部門和嚴格的執行。重要的是，ECHO 的推出也是一個令人興奮的新開始，該平台展示了 Ranger 如何在不犧牲回報或可靠性的情況下引領創新。我們將繼續致力於創造自由現金流、向股東返還資本、保持資產負債表實力並透過有機成長和選擇性併購實現智慧成長。再次感謝我們的員工、合作夥伴和股東的持續支持。

With that, operator, I would like to open up the call for questions.

接線員，現在我想開始提問環節。

(Operator Instructions)

（操作員指示）

Don Crist, Johnson Rice.

唐克里斯特、約翰遜賴斯。

Good morning Stuart and Melissa. Hope you're all doing well.

早上好，史都華和梅麗莎。希望你們一切都好。

Good morning, Don. I wanted to start with the new ECHO rig contract. Congrats for getting this over the finish line after 2 years. But I'm assuming that these assets are going to cost to touch more. But on the contract, is it designed to have a similar payback as you would on a normal rig? I'm just assuming that these are going to be a little bit more expensive for the operator but save money in the long run from a diesel perspective.

早安，唐。我想從新的 ECHO 鑽機合約開始。恭喜您經過兩年的努力終於完成了這項工作。但我估計這些資產需要花費更多成本才能獲得。但根據合同，它的設計回報是否與普通鑽機的回報類似？我只是假設這些對操作員來說會稍微貴一點，但從柴油的角度來看，從長遠來看可以省錢。

Yes, I'll kick it off and then Melissa can chime in, Don. The short answer is, we do think they'll have very similar return profiles or maybe even better. We'll see how the market is. The way that we thought about it is, you're right. There's an incremental cost to doing these refurbs and making the ECHO rigs over and above what we would typically do in a complete refurb.

是的，我先開始，然後梅麗莎可以加入，唐。簡短的回答是，我們確實認為它們的回報率非常相似，甚至更好。我們將觀察市場情況。我們的想法是，你是對的。進行這些翻新和製造 ECHO 鑽機會產生額外的成本，超出我們通常在完整翻新中所做的成本。

The customers have -- the 2 contracts we referenced, the customers have spent a lot of time with us and they have a lot of faith in the technology. So they have actually through kind of a combination of down payments and agreements for increased rates over a defined set of hours to pay or to help share that incremental cost. And when you kind of put that all together, we get very similar return profiles as a typical refurb for us.

客戶有—我們提到的兩份合同，客戶與我們一起度過了很多時間，他們對這項技術非常有信心。因此，他們實際上是透過首付款和在規定時間內增加費率的協議來支付或幫助分擔增量成本。當你把所有這些放在一起時，我們會得到與我們典型的翻新產品非常相似的回報概況。

Okay. And I wanted to ask about Wireline Services. Obviously, that market has been challenged for quite a while, but there's been some M&A in the sector, some companies going away and others buying other companies. And in the second quarter, your results were much better than I would have expected. And I wanted to know if the market was tightening and some of those excess assets are going away through M&A?

好的。我想詢問有關有線服務的問題。顯然，該市場已經面臨挑戰很長一段時間了，但該行業也出現了一些併購，一些公司倒閉，其他公司收購了其他公司。而在第二季度，你們的業績比我預期的要好得多。我想知道市場是否正在收緊，並且一些過剩資產正在透過併購消失？

Or is it something more on your side that you're doing to control costs and boost margins?

或者您正在採取其他措施來控製成本並提高利潤率？

I think on the impact of potential consolidation in the Wireline, I think it's too early to tell, Don, or too early to really see the benefits of it. I think the improvements are really related to 2 things. One is the team really has done a great job of really getting incredibly focused on cost and managing labor costs and fixed costs. So a lot of that has been on the Ranger side. The second thing is, just as you move out of Q1 and into Q2, we do typically see kind of steadier activity in Q2, particularly in the North, and we did see that.

我認為，關於有線業務潛在整合的影響，我認為現在下結論還為時過早，唐，或者說，真正看到它的好處還為時過早。我認為改進實際上與兩件事有關。一是團隊確實在關注成本、管理勞動成本和固定成本方面做得非常出色。所以很多都是在 Ranger 方面。第二件事是，當你從第一季進入第二季時，我們通常會看到第二季的活動更加穩定，特別是在北方，我們確實看到了這一點。

So some benefit from the market but I would also say a lot of benefit from internal actions.

因此，有些人受益於市場，但我還要說，很多好處來自於內部行動。

Okay. And then one final one for me. You were not the first company this quarter to say that the fourth quarter is kind of uncertain at this time. But do you think there's an opportunity for some of the gas basins to pick up and kind of fill in some of those white spaces that may crop up in the fourth quarter through other actions in the gas -- in the oil basins?

好的。對我來說還有最後一個。你們並不是本季第一家表示第四季前景不確定的公司。但是，您是否認為，透過在天然氣和石油盆地中的其他行動，一些天然氣盆地有機會恢復並填補第四季度可能出現的一些空白？

I think we're certainly hopeful that, that could be the case, Don. We certainly saw that earlier this year when the forward curve firmed up in gas. We saw an increase in activity and then a little bit of a slowdown once the decline. But I think there is that -- I think also a lot will just depend on where people are as relative to their budgets and production profiles as you get into the back half of the year. It's just too early to say, but certainly, a strengthening gas market would help for sure.

我認為我們確實希望情況會是這樣，唐。我們在今年稍早就看到了這一點，當時天然氣的遠期曲線趨於堅挺。我們看到活動量先是增加，然後又下降，稍微放緩。但我認為，很大程度上還取決於人們在進入下半年時相對於預算和生產狀況的狀況。現在說還為時過早，但可以肯定的是，天然氣市場的走強肯定會有所幫助。

Exactly. All right, I'll turn it back to the operator. I appreciate the call.

確切地。好的，我會將其轉回給接線生。我很感謝你的來電。

All right, thanks, Don.

好的，謝謝，唐。

Derek Podhaizer, Piper Sandler.

德里克波德海澤、派珀桑德勒。

Hey, good morning. I wanted to ask a question around scaling the ECHO rig. Just how do we think about that, whether this is customer demand driven? Where do we go from 2 rigs to something greater than that? How should we -- is it a natural maintenance cycle or natural attrition of your legacy rigs? Maybe just some more help so we can understand what the total addressable market can be for the ECHO rig in the future.

嘿，早安。我想問一個有關擴展 ECHO 鑽孔機的問題。我們該如何看待這個問題，這是否是由客戶需求所驅動的？我們如何從 2 台鑽機發展到更大的規模？我們該怎麼做－這是自然的維修週期還是傳統鑽孔機的自然損耗？也許只是一些更多的幫助，以便我們能夠了解未來 ECHO 鑽機的整體可尋址市場是什麼。

Sure. Thanks for the question, Derek. I think right now, I think it's really related to customer demand. I think we are -- we don't want to build a number of these and build it and hope they will come. So I think it will really be tied to customer demand.

當然。謝謝你的提問，德里克。我認為現在，我認為這確實與客戶需求有關。我認為我們——我們不想建造許多這樣的建築並希望它們能夠建成。所以我認為這確實與客戶需求息息相關。

What I would say, though, is based on the conversations we've been having with the 2 customers in particular and some other customers that have looked at it as well, there appears to be significant demand for this. And I think it's hard to know exactly what the TAM is ultimately on this. But I do think that if we had in the next 3 to 5 years, 20-plus ECHO rigs out it, I don't think it would surprise us. But I think we do just want to make sure we're being really disciplined about how we spend the capital related to ECHO and make sure that they're tied to customer -- to a specific customer demand.

不過，我想說的是，根據我們與這兩位客戶以及其他一些也關注過該產品的客戶的對話，似乎對此有很大的需求。我認為很難確切知道 TAM 最終是什麼。但我確實認為，如果我們在未來 3 到 5 年內擁有 20 多套 ECHO 裝備，我認為這不會讓我們感到驚訝。但我認為，我們只是想確保我們在如何使用與 ECHO 相關的資金方面真正做到嚴謹，並確保它們與客戶——特定的客戶需求——緊密相連。

That makes sense. Is this basin agnostic? Can these go in every basin across the U S.?

這很有道理。這個盆地是不可知論的嗎？這些可以進入美國各地的盆地嗎？

They can. Interestingly, the 2 that are deploying, one is going to be deployed in the Permian Basin, one is going to be deployed in the North. So we are actually testing different kind of weather packages with the 2 different rigs that are going out. But yes, it will be weather agnostic or basin agnostic.

他們可以。有趣的是，正在部署的兩套系統，一套將部署在二疊紀盆地，一套將部署在北部。因此，我們實際上正在使用 2 種不同的鑽孔機測試不同類型的天氣套件。但是是的，它將與天氣或盆地無關。

Right, right. That makes sense. So sticking on High Spec Rigs. I noticed the rig hours obviously picked up here, so that's great to see. And looking back in the model, I mean we're at the highest level since 2022.

對，對。這很有道理。因此堅持使用高規格鑽孔機。我注意到這裡的鑽孔機工作時間明顯增加了，這真是太好了。回顧模型，我的意思是我們正處於 2022 年以來的最高水準。

Maybe could you just help us, again, understand holistically the primary drivers of that. Obviously, you're an efficient operator, safety and all that, you had some vendor consolidation. But what's helping you capture that market share? Or is it just this focus on production efficiencies from your customers? Maybe just help us understand what the big drivers are that we're seeing this rig hour increase despite kind of the deflationary market that we've been in, in U.S.

也許您能再次幫助我們全面地了解其主要驅動因素。顯然，您是一個高效的運營商，安全等等，您進行了一些供應商整合。但是什麼能幫助您佔領市場佔有率呢？或者這只是客戶對生產效率的關注？也許可以幫助我們理解，儘管我們身處美國通貨緊縮的市場，但鑽井小時數仍然增加的主要驅動因素是什麼。

land since 2022.

2022 年起登陸。

It really is a combination of the things that you just said. So one is, as you know, we have really worked hard to make sure we have strong relationships with the biggest players just because we think they have the most consistent profiles and that continues. So a lot of it has been driven by that. A lot of it has been, as we've talked about before, just on the back of consolidation generally and particularly in high-spec rigs, consolidation has helped us. I think the other thing I would say is when you kind of look at the customer mix, we are really having kind of increased success in deploying rigs for kind of not necessarily the majors, but other larger customers, but even some kind of mid-tier from a size perspective.

這確實是您剛才所說的內容的組合。因此，正如你所知，我們確實非常努力地確保與最大的參與者建立牢固的關係，因為我們認為他們擁有最一致的形象，而且這種情況會持續下去。很多事情都是由此推動的。正如我們之前所討論的，很大程度上只是在整合的基礎上，特別是在高規格鑽孔機方面，整合對我們有所幫助。我想說的另一件事是，當你看一下客戶組合時，我們在部署鑽機方面確實取得了更大的成功，這些鑽機不一定是大型客戶，而是其他較大的客戶，甚至從規模角度來看是某種中型客戶。

And I think the reason that we're getting that work really is around efficiency, safety, reliability, et cetera.

我認為我們進行這項工作的真正原因是效率、安全性、可靠性等等。

Got it. Okay. That's helpful. Just last one for me. Torrent, you guys mentioned it in the release.

知道了。好的。這很有幫助。對我來說這只是最後一個。Torrent，你們在發布中提到了這一點。

But maybe just an update there. I know that's an exciting growth avenue for you guys. I think you previously guided us doubling EBITDA in 2025. But maybe where does Torrent stand? And how do you think about it as we move through the rest of the year to next year?

但也許只是一次更新。我知道這對你們來說是一條令人興奮的成長途徑。我記得您之前曾指導我們在 2025 年實現 EBITDA 翻一番。但 Torrent 的立場又是什麼呢？當我們從今年剩餘時間過渡到明年時，您對此有何看法？

I think right now, it remains on track to double EBITDA. It's -- again, I think it's been pretty steady. The team has done a great job of kind of enhancing the customer base. I think as we look to the year, I think the big decision for us is what kind of capital do we want to deploy into that business. Again, it will need to be tied to customer demand.

我認為目前它仍有望實現 EBITDA 翻番。再次強調，我認為它一直都非常穩定。該團隊在擴大客戶群方面做得非常出色。我認為，展望今年，我們面臨的重大決定是我們想要將什麼樣的資本投入這項業務。再次，它需要與客戶需求結合。

I don't think we just want to do kind of spec builds. But again, right now, it looks to be kind of on track for the year.

我認為我們不只是想做一些規格構建。但就目前來看，今年的進展似乎還處於正軌上。

Great, that's all I got. Thanks, I'll send it back.

太好了，這就是我所得到的全部。謝謝，我會寄回。

John Daniel, Daniel Energy Partners.

約翰·丹尼爾，丹尼爾能源合作夥伴。

Hey guys, I guess I'm going to focus on ECHO as well. Stuart, when you -- some of your customers have like 50-plus rigs, workover rigs across the country at any given time. And I would assume that the people that are starting at the ECHO are the larger, higher quality names. I'm just curious like when someone adopts 1 or 2 of these rigs, how quickly will they -- would you expect or hope that they would really rapidly accelerate? Because if you're using one and you're having a good experience, it would seem like you'd want to have more than one, if that makes any sense.

嘿夥計們，我想我也要關注 ECHO。斯圖爾特，當您——您的一些客戶在任何時候在全國各地都有 50 多台鑽機、修井機。我認為在 ECHO 開始工作的人都是比較大、品質較高的人。我只是好奇，當有人採用 1 或 2 個這樣的鑽孔機時，它們的速度會有多快——您是否期望或希望它們能夠真正快速加速？因為如果您正在使用一個並且獲得了良好的體驗，那麼您似乎會想要擁有多個，如果這有任何意義的話。

So just let you pontificate.

所以就讓你發表意見吧。

Yes. It makes a lot of sense. What I would say is with both of the customers we're talking about, I think we mentioned in the press release and mentioned in the script that there's basically an option to build additional rigs for both of these customers. They are both indicating that they would like additional rigs. Again, they spend a lot of time with us.

是的。這很有道理。我想說的是，對於我們談論的兩個客戶，我想我們在新聞稿和腳本中都提到過，基本上可以選擇為這兩個客戶建造額外的鑽孔機。他們都表示希望能獲得更多鑽孔機。再次，他們花了很多時間與我們在一起。

They're very familiar with the technology where they have gotten themselves very familiar to the technology. So to that point, it wouldn't surprise us. We don't have anything firmed up yet, but we're having a lot of conversations, John. And it wouldn't surprise us that very quickly they come back and ask us for a number of additional ECHO rigs.

他們非常熟悉這項技術，並且已經非常熟悉這項技術。因此就這一點而言，我們並不會感到驚訝。我們還沒有確定任何事，但我們正在進行很多對話，約翰。如果他們很快回來並要求我們提供一些額外的 ECHO 鑽孔機，我們不會感到驚訝。

Okay. And then one more for me. I don't know if you want to disclose it. But from the time you started retrofitting ECHO rig one to the time it was completed. I'm curious like what that time frame was and then what's the optimal time frame, you could get it down to once you start seeing multiple repeating orders?

好的。然後我再加一個。我不知道您是否願意透露。但是從您開始改造 ECHO 鑽孔機到它完成的時間。我很好奇那個時間範圍是怎樣的，然後最佳時間範圍是怎樣的，當您開始看到多個重複訂單時，您可以將其縮短到什麼時間範圍？

How quickly can you improve the retrofit process?

您能多快改進改造過程？

Yes. We think that just given the demand that we think is going to come, we've been talking a lot with our vendors on this. The first ECHO rig has been, I think months, right? It's been a number of months. But I think that when we sit down and we talk with the vendors, we think that we can actually get it down significantly quicker than that.

是的。我們認為，鑑於我們認為即將出現的需求，我們已經與我們的供應商就此進行了大量討論。我認為第一台 ECHO 鑽孔機已經存在好幾個月了，對嗎？已經過去好幾個月了。但我認為，當我們坐下來與供應商交談時，我們認為我們實際上可以比這更快地完成它。

The one thing I will say is that there are a number of long lead time items, right? Particularly around batteries. And so I think that's one of the things that when we've been talking to customers is that if they say, "Hey, I want one and make it up March of 2026," well, that means we need to start sort of buying long lead time items now, right, or very quickly. So that's kind of the nature of the conversation. But assuming we have those items in place, the actual refurb process can be pretty quick.

我要說的是，有很多交貨期較長的項目，對嗎？特別是電池方面。因此，我認為，當我們與客戶交談時，如果他們說，“嘿，我想要一個，並在 2026 年 3 月之前完成”，那麼這意味著我們現在需要開始購買長交貨期的商品，對吧，或者非常快。這就是談話的本質。但假設我們已經準備好這些物品，實際的翻新過程會非常快。

Got it. Okay. That's all I got. Thanks for having me.

知道了。好的。這就是我所得到的全部。謝謝你的邀請。

(Operator Instructions)

（操作員指示）

Peter Sidoti from Sidoti & Company.

來自 Sidoti & Company 的 Peter Sidoti。

Hi, I wonder if you, gentlemen -- or you can give me a hand on capital spending this year and next year. And you seem to be building a fairly large cash forward here, a strong balance sheet. If you could provide a little more meat on what you'll be doing with that.

嗨，先生們，我想知道您是否能幫我解決今年和明年的資本支出問題。而且您似乎正在建立相當大的現金儲備和強勁的資產負債表。如果您可以提供更多細節來說明您將如何處理這個問題。

Peter, so I'll take that and give a start, and Stuart can tuck in behind it. So what we previously guided was year-over-year similar, so in the ballpark of low 30s, and we don't see that being particularly different this year. ECHO was included in that budget, if you will. So I think we see a steady state. We are looking at, hey, if the market got a lot worse, could we throttle it back a little bit in the back half of the year.

彼得，所以我會接受這個並開始，斯圖爾特可以躲在後面。因此，我們先前預測的同比增幅相似，大約在 30% 左右，我們認為今年不會有特別大的不同。如果你願意的話，ECHO 也包含在該預算中。所以我認為我們看到了一種穩定的狀態。我們正在考慮，如果市場變得更糟，我們能否在今年下半年稍微抑制它。

We'll see. The ECHO rigs are more than 50% paid or about 2/3 paid for at this point.

我們將拭目以待。目前，ECHO 鑽孔機已付款 50% 以上，約 2/3 已付款。

As far as the cash balance, we do have a cash balance. I think there is a lot of discussions we have internally around capital allocation. You saw us start to spend. We were a little bit hesitant at the beginning of the year when the market started to inflect. And part of it was just sort of some cautiousness.

就現金餘額而言，我們確實有現金餘額。我認為我們內部就資本配置進行了很多討論。你看到我們開始花錢了。今年年初，當市場開始改變時，我們有點猶豫。其中一部分只是出於某種謹慎。

We also saw a lot of support in the stock price at a much higher level. Then we had Liberation Day and we had OPEC come in behind. So we just thought it was prudent to kind of take a little bit of a step back.

我們也看到股價在更高水準上獲得了許多支撐。然後我們迎來了解放日，歐佩克也緊跟在後。因此，我們認為稍微退一步是明智之舉。

This summer, we actually saw the distribution of our largest shareholder. And you saw us kind of start to take a -- put our toe back in the water, so to speak. We've done repurchases. We intend to continue to do repurchases. They have continued into Q3 as I made in my comments.

今年夏天，我們實際上看到了我們最大股東的分佈。並且你看到我們開始嘗試——可以這麼說，重新將腳趾放回水中。我們已經進行了回購。我們打算繼續回購。正如我在評論中所說的那樣，它們已經持續進入第三季。

I think the balance remains wanting to hold on to a little bit. So to the extent the share price is a really compelling investment for us. I think you would see us continue to do that because we do have the 25% minimum commitment. I think what we also are measured by is as we think about ECHO and the potential demand in the future, the customer conversations are going in a few different directions. Some include some upfront sort of CapEx sharing.

我認為平衡仍然需要一點堅持。因此，就股價而言，這對我們來說是一項真正有吸引力的投資。我想你會看到我們繼續這樣做，因為我們確實有 25% 的最低承諾。我認為，我們衡量的標準是，當我們考慮 ECHO 和未來的潛在需求時，客戶對話會朝著幾個不同的方向發展。其中一些包括一些前期資本支出分攤。

Some include uplifted rates, just as Stuart said. So that's giving us some reflection and wanting to make sure we have cash on hand if it looks like we need to outlay for that. And I think there's always a little bit of holding on to a little bit of cash is never a bad thing because our M&A conversations, we really didn't touch on because we're so excited about ECHO. But our M&A conversations have been richer lately. So if that ever -- eventually, I think we do hold a lot of optimism and a belief that we will get additional M&A transactions done in due course.

正如斯圖爾特所說，其中一些包括提高利率。因此，這讓我們進行了一些思考，並希望確保我們手頭上有現金，以防我們需要為此支出。我認為，保留少量現金永遠不是壞事，因為我們對 ECHO 感到非常興奮，所以我們並沒有真正談論併購。但最近我們關於併購的討論變得更加豐富。因此，如果最終真的實現了這一點，我認為我們確實抱持著很大的樂觀態度，並相信我們將在適當的時候完成更多的併購交易。

And I think being able to support some of that capital would be constructive for us as well. So I think we view it as making sure we have enough cash to kind of go in a few different directions because there are several paths in front of us, and we want to make sure we can support all of them without levering up. Is that helpful?

我認為能夠支持部分資本對我們來說也是有建設性的。所以我認為我們認為這是為了確保我們有足夠的現金來用於幾個不同的方向，因為我們面前有幾條路，我們希望確保我們能夠在不增加槓桿的情況下支持所有這些方向。這樣有幫助嗎？

Yes. Peter, I don't have anything to add. Melissa said it exactly right. I mean I think the intention is through a combination of repurchases and potential M&A, those would all be good uses of cash. The only thing I would say is when we speak to investors, we're not out and specifically trying to build a war chest, right?

是的。彼得，我沒有什麼要補充的。梅麗莎說得非常正確。我的意思是，我認為其目的是透過回購和潛在的併購相結合的方式，這些都是現金的良好用途。我唯一想說的是，當我們與投資者交談時，我們並不是專門試圖籌集資金，對嗎？

I think that's just kind of how it's happened a little bit. But again, I think we see real opportunities both through capital returns and also M&A in the future.

我認為事情就是這樣發生的。但我再次認為，我們在未來透過資本回報和併購看到了真正的機會。

(Operator Instructions)

（操作員指示）

This concludes our question-and-answer session. I would like to turn the conference back to Stuart Bodden for closing remarks.

我們的問答環節到此結束。我想請史都華‧博登 (Stuart Bodden) 致閉幕詞。

Thanks, Steve. Again, thanks to everyone, to our employees, our partners, our investors for your continued interest in Ranger. We're very excited about ECHO. Please follow us and follow along social media. We'll have more things being announced in the coming months around ECHO.

謝謝，史蒂夫。再次感謝大家，感謝我們的員工、合作夥伴和投資者對 Ranger 的持續關注。我們對 ECHO 感到非常興奮。請關注我們並關注社交媒體。我們將在接下來的幾個月內宣布更多有關 ECHO 的消息。

So again, thank you very much, and I hope everyone has a great week.

再次感謝大家，祝福大家有個愉快的一週。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。