Tenaris SA (TS) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Tenaris first-quarter 2025 earnings call.

您好，感謝您的支持。歡迎參加 Tenaris 2025 年第一季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

I would now like to turn the conference over to Giovanni Sardagna, Investor Relations Officer. Please go ahead.

現在，我想將會議交給投資者關係官 Giovanni Sardagna。請繼續。

Thank you, Liz, and welcome to Tenaris 2025 first-quarter conference call. Before we start, I would like to remind you that we will be discussing forward-looking information in the call and that the actual results may vary from those expressed or implied during this call.

謝謝你，Liz，歡迎參加 Tenaris 2025 第一季電話會議。在我們開始之前，我想提醒您，我們將在電話會議中討論前瞻性訊息，實際結果可能與本次電話會議中表達或暗示的結果有所不同。

With me on the call today are Paolo Rocca, our Chairman and CEO; Alicia Mondolo, our Chief Financial Officer; Gabriel Podskubka, our Chief Operating Officer; and Guillermo Moreno, newly appointed President of our US Operations.

今天與我一起參加電話會議的還有我們的董事長兼執行長 Paolo Rocca；我們的財務長 Alicia Mondolo；我們的營運長 Gabriel Podskubka；以及新任美國業務總裁 Guillermo Moreno。

Before passing over the call to Paolo for his opening remarks, I would like to briefly comment our quarterly results. Our first-quarter sales reached $2.9 billion, down 15% year on year, but up 3% sequentially due to higher seasonal volumes in Canada and higher onshore sales in the US, while our average selling price declined due to market and product mix effects with lower sales of OCTG premium products in Mexico, Turkey and Saudi Arabia, in addition to lower sales of seamless line pipe for offshore projects.

在將電話轉給 Paolo 聽取他的開場白之前，我想簡要評論一下我們的季度業績。我們第一季的銷售額達到 29 億美元，年減 15%，但由於加拿大季節性銷量增加以及美國陸上銷售額增加，銷售額比上一季度增長 3%，而我們的平均售價則因市場和產品組合效應而下降，其中墨西哥、土耳其和沙特阿拉伯的油井管優質產品銷售額下降，以及海上項目無縫管線管銷售額下降。

Average selling price in our Tubes operating segment decreased 11% compared to the corresponding quarter of 2024 and 5% sequentially. On a comparable basis, our EBITDA rose 6% and net income remained in line with the results of the previous quarter.

我們的管材營運部門的平均售價與 2024 年同期相比下降了 11%，與上一季相比下降了 5%。以可比較基礎計算，我們的 EBITDA 成長了 6%，淨收入與上一季的結果持平。

Our EBITDA margin increased slightly to 24% due to a good operating performance and better absorption of fixed and semi-fixed costs, thanks to higher volumes. With operating cash flow of $821 million and capital expenditure of $174 million, our free cash flow for the quarter was $647 million. Following share buybacks of $237 million during the quarter, our net cash position increased to $4 billion, up from $3.6 billion at the end of last year.

由於營運表現良好，且銷售增加導致固定成本和半固定成本吸收能力增強，我們的 EBITDA 利潤率小幅上升至 24%。本季我們的營運現金流為 8.21 億美元，資本支出為 1.74 億美元，自由現金流為 6.47 億美元。在本季回購了 2.37 億美元的股票後，我們的淨現金狀況從去年年底的 36 億美元增至 40 億美元。

Now I will ask Paolo to say a few words before we open the call to questions.

現在，在我們開始提問之前，我請保羅講幾句話。

Thank you, Giovanni, and good morning to all of you. I will start mentioning the change in our management team, Guillermo Moreno, who is with us on the call today, has taken the position of President of our US operation. Guillermo has more than 35 years of experience in Tenaris. He has led our US commercial operation over the last five and a half years, prior of which he was President of our Canadian operation. We wish him all the best in his new position.

謝謝你，喬瓦尼，大家早安。我要先提到我們管理團隊的變化，今天與我們一起參加電話會議的吉列爾莫·莫雷諾 (Guillermo Moreno) 已擔任我們美國業務的總裁。吉列爾莫在 Tenaris 擁有超過 35 年的工作經驗。過去五年半以來，他一直領導我們美國的商業運營，此前他曾擔任我們加拿大業務的總裁。我們祝福他在新的崗位上一切順利。

We began 2025 with a good performance in the first quarter. Not only did we deliver quarter-on-quarter increase in sales and EBITDA on a comparable basis, but our free cash flow rose to $647 million as we achieved a significant reduction in working capital.

我們以第一季的良好業績開啟了2025年。我們的銷售額和 EBITDA 不僅實現了環比成長，而且由於我們大幅減少了營運資本，我們的自由現金流也上升至 6.47 億美元。

In Canada, we've been consolidating our Rig Direct strategy with long-term agreements, which have given us more stability and visibility in our operation. This winter season, we shipped a record quarterly volume of OCTG.

在加拿大，我們一直在透過長期協議鞏固我們的 Rig Direct 策略，這使我們的營運更加穩定和透明。今年冬季，我們出貨的油井管數量創下了季度紀錄。

In the US, we have increased deliveries and continue to extend the range of services under our Rig Direct program. These results reflect the value perceived by our customers in working closely with us under long-term agreements as they seek further operational efficiencies. They include most of the largest shale operator, a longer backlog of Tier 1 acreage and the most resilient operation.

在美國，我們增加了交付量，並繼續擴大 Rig Direct 計劃下的服務範圍。這些結果反映了我們的客戶在尋求進一步提高營運效率的過程中，根據長期協議與我們密切合作所感受到的價值。其中包括大多數最大的頁岩油業者、長期積壓的一級油田和最具彈性的作業。

In Argentina, we began pipe deliveries for the new Vaca Muerta Sur pipeline, which will add 550,000 barrels a day of additional export capacity and is expected to come into operation next year. As local operators increased their investment in this highly productive shale play, we are expanding our new fracking and coiled tubing services -- service unit with an investment in a third set of equipment, which should come into operation next year.

在阿根廷，我們開始為新的 Vaca Muerta Sur 管道運送管道，該管道將增加每天 55 萬桶的額外出口能力，預計將於明年投入營運。隨著當地營運商加大對這一高產頁岩氣田的投資，我們正在擴大新的水力壓裂和連續油管服務——服務部門投資了第三套設備，預計將於明年投入營運。

Our project backlog for offshore project is solid. And we expect to have further opportunities with a new wave of FID that we expect to be sanctioned in 2026. This backlog is made up of highly differentiated OCTG, line pipe, connector and coating products.

我們的離岸專案積壓工程很充足。我們預計，隨著 2026 年新一輪 FID 的批准，我們將獲得更多機會。此訂單由高度差異化的油井管、管線管、連接器和塗層產品組成。

Here, our recent success in qualifying products for high-pressure 20K deepwater project in the US with Shell and BP. And the value we bring through the integration of Shawcor coating technology, give us an edge in tackling future challenges. In the coming months, we will supply line pipe for the Ndungu and Bonga North offshore project in West Africa.

這是我們最近與殼牌和英國石油公司合作在美國的高壓 20K 深水項目中成功獲得合格產品。透過整合 Shawcor 塗層技術所帶來的價值，使我們在應對未來挑戰時具有優勢。未來幾個月，我們將為西非的Ndungu和Bonga North海上計畫供應管線管。

In Australia, we received a multiyear award from Chevron to supply the backfill wells for Gorgon and Wheatstone projects in Australia. In the Middle East, we made a record quarterly level of shipment to ADNOC under our long-term service agreement as they started the new shale drilling operation.

在澳大利亞，我們獲得了雪佛龍的一項多年期合同，為澳大利亞的 Gorgon 和 Wheatstone 項目提供回填井。在中東，隨著阿布達比國家石油公司 (ADNOC) 開始新的頁岩鑽探作業，我們根據長期服務協議向其實現了創紀錄的季度發貨量。

We also commenced pipe shipment for a major gas processing facility in Algeria. The major NOCs in the region have long-term planning cycles, and we expect that their operation will remain relatively resilient through the year. The last conference call, we mentioned that we were heading for unchartered territories. Subsequent chain of announcement on tariff and counter tariff has not dispelled this uncertainty on the global situation, macroeconomic and geopolitical situation.

我們也開始向阿爾及利亞的一個大型天然氣處理設施運送管道。該地區的主要國家石油公司都有長期的規劃週期，我們預計它們的營運將全年保持相對的彈性。在上次電話會議中，我們提到我們正在前往未知領域。隨後一系列的關稅和反關稅公告並未消除全球局勢、宏觀經濟和地緣政治局勢的不確定性。

This has fueled the expectation for a lower level of economic activity and lower demand for oil. Price of oil has been additionally affected by the production increases announced by the OPEC+. If the price of oil remains near or below $60 per barrel, there will inevitably be slow down in North American shale drilling activity. While a long-cycle sanction product will likely continue and new project sanctioning may be subject to delays. As we face this less favorable macroeconomic and oil price environment, we are preparing for lower levels of activity ahead.

這加劇了人們對經濟活動水準下降和石油需求下降的預期。石油價格也受到 OPEC+ 宣布增產的影響。如果油價維持在每桶 60 美元左右或以下，北美頁岩鑽探活動將不可避免地放緩。雖然長週期的核准產品可能會繼續存在，但新項目的批准可能會受到延遲。面對不太有利的宏觀經濟和油價環境，我們正在為未來活動水準的降低做準備。

We do so from a position where we expect to demonstrate the resilience and the solidity of our customer portfolio, our flexible industrial and supply chain system and our solid balance sheet. The longer term, the outlook for our industry remains secure in a world where demand for reliable sources of affordable energy will continue to grow. I will stop here and open the floor for any questions you may have.

我們這樣做是為了展示我們的客戶組合、靈活的產業和供應鏈體係以及穩健的資產負債表的彈性和穩固性。從長遠來看，在全球對可靠且價格實惠的能源的需求持續增長的背景下，我們行業的前景仍然安全。我就講到這裡，歡迎大家提問。

(Operator Instructions)

（操作員指示）

Alessandra Pozzi, Mediobanca.

亞歷珊卓·波齊（Alessandra Pozzi），Mediobanca。

I think during your opening remarks, you mentioned a potential slowdown in activities in the US. I was wondering, are you really seeing companies pulling back on CapEx? And what sort of, let's say, level of rig count do you expect now by year-end?

我想您在開場白中提到了美國的經濟活動可能會放緩。我想知道，您是否真的看到公司削減資本支出？您預計到年底鑽井數量將達到什麼水準？

And you also mentioned that potentially ahead of what could be maybe a slower second half, you may be willing to take some cost-saving initiatives. I was wondering if you can maybe give us more color around that.

您也提到，在下半年可能發展較慢之前，您可能願意採取一些節省成本的措施。我想知道您是否可以為我們提供更多有關這方面的詳細資訊。

Effectively, as you mentioned, I think that the changes that are occurring at the geopolitical and macroeconomic level induce expectation of a lower level of economic activity and also the price of oil and the demand and the price of oil is reflecting this expectation and the announcement by the OPEC Plus of increasing production. The combined effect, as you can see is a reduction in the price of oil. If this situation has stabilized at the present level, and this is something that may or may not happen because everything has been moving very fast in the last couple of months. Action, counteraction and so on tariff and on different areas have moved many variable.

實際上，正如您所說，我認為地緣政治和宏觀經濟層面正在發生的變化導致人們對經濟活動水平下降的預期，石油價格和需求也反映了這種預期，石油輸出國組織+組織宣布增加產量。如您所見，綜合效應就是油價下降。如果這種情況已經穩定在目前的水平，這可能會發生也可能不會發生，因為過去幾個月一切都進展得非常快。關稅等行動、反行動在不同地區變動了許多變數。

So if this situation is stabilize and the price of oil remain in this range, the oil companies will have to adequate the level of CapEx to the reduced level of cash flow. So we expect that gradually, there will be a reduction in the level of operation and rig count, especially in the area and in the project like in the United States, that could be discontinued or postponed with less effort and change. How deep this could be? Well, as we mentioned in our outlook, we do not expect this to impact the second quarter of 2025.

因此，如果這種情況穩定下來並且油價保持在這個範圍內，石油公司將不得不將資本支出水準調整到適合減少的現金流水準。因此，我們預計，作業水平和鑽機數量將會逐漸減少，特別是在美國這樣的地區和項目中，這些項目可能會以較少的努力和變化被停止或推遲。這有多深？嗯，正如我們在展望中提到的那樣，我們預計這不會影響 2025 年第二季。

We have a pretty solid backlog. We do not expect, let's say, a major change, and we continue to maintain our estimate of the results in line or slightly better than what we had in the first quarter. But when we look at the second half, there is uncertainty, we may estimate the reduction in the level of drilling activity in the US.

我們有大量積壓訂單。我們並不期望發生重大變化，我們繼續維持對結果的估計，與第一季持平或略好於第一季。但當我們展望下半年時，存在不確定性，我們可能會估計美國的鑽井活動水準會下降。

But we are confident that the project worldwide, especially the offshore, but also some of the program of drilling of national oil company, will continue independently from the change in the price -- in the temporary short-term price of oil. These projects have a rise of 10, 15 years and are undertaken by a company with strong balance sheet and strong financial capability.

但我們確信，全球範圍內的項目，特別是海上項目，以及國家石油公司的一些鑽探計劃，將繼續進行，而不受油價變化的影響——即暫時的短期油價變化。這些項目的周期為10至15年，由資產負債表強勁、財務能力強的公司承擔。

So there is an effect of reduction in activity. We expect this in the world of shales -- to a larger extent in the US and especially in the US in the oil production because, as you know, the gas is supported by the LNG demand, we do not expect such a reduction in gas. The price of gas also has different dynamics.

因此有減少活動的效果。我們預計，在美國頁岩領域，尤其是在美國的石油生產領域，會發生這種情況，因為如你所知，天然氣是由液化天然氣需求支撐的，我們預計天然氣產量不會出現如此大的減少。天然氣價格也有不同的動態。

Canada, considering the drilling activity driven by gas has a larger share is stronger, more than 40%, 45% of the activity is driven by gas.

加拿大認為，天然氣驅動的鑽井活動佔有較大份額，超過40%，其中45%的活動是由天然氣驅動的。

There could be a reduction, but mostly driven by oil in the second half also. In the rest of the world, we will see if this level of price stabilize and the expectation of the economy remain at the level or get worst, there could be postponement of long-term projects that may be launched in 2026, but this is too early to say. So this is -- there is a high degree of uncertainty if we look at the second half on and into 2026.

可能會減少，但下半年主要還是受石油影響。在世界其他地區，我們將拭​​目以待，看看這一價格水平是否穩定下來，經濟預期是否保持在這一水平或變得更糟，2026 年可能啟動的長期項目可能會被推遲，但現在說還為時過早。因此，如果我們展望 2026 年下半年，就會發現存在高度的不確定性。

And I mean, if we look beyond the Q1 -- Q2 and is there any visibility at the moment for Q3? Do you think potentially, the lower oil prices could impact Q3? Or is it too early or do you have a view on how they could shape up?

我的意思是，如果我們看一下第一季和第二季之後的情況，那麼目前第三季的情況如何？您認為油價下跌可能會對第三季產生影響嗎？或者現在還為時過早，或者您對它們如何發展有什麼看法？

As I said before, if the price of oil remain at the present level, around or below $60. Gradually, the CapEx of the oil company may be reduced, and we will see the first effect in Q3. But as I say, still we have high uncertainty on the evolution of the main variable. Everything is on the move. But if the oil stay there, we will start to see reduction in activity, in my view in the third Q of 2025.

正如我之前所說，如果油價保持在目前的水平，即 60 美元左右或以下。石油公司的資本支出可能會逐漸減少，我們將在第三季看到第一個效果。但正如我所說，我們對於主要變數的演變仍然具有很大的不確定性。一切都在移動。但如果石油價格維持在目前的水平，我們將開始看到石油活動的減少，我認為是在 2025 年第三季。

Arun Jayaram, JPMorgan.

摩根大通的阿倫‧賈亞拉姆 (Arun Jayaram)。

Paolo, I was wondering if you could maybe give us your updated views on how the implementation of US tariffs and steel is impacting or will impact your operating results. Obviously, we've seen some improvement in price in terms of the Pipe Logix indices.

保羅，我想知道您是否可以向我們提供關於美國關稅和鋼鐵實施如何影響或將如何影響您的經營業績的最新看法。顯然，我們看到 Pipe Logix 指數的價格有所改善。

And maybe you could also highlight if you've seen any changes in imports to the US just as the Section 232, quotas have been removed as part of the implementation of US tariffs.

也許您也可以強調一下，如果您發現美國進口發生了任何變化，就像第 232 條一樣，作為美國關稅實施的一部分，配額已被取消。

Well, tariff, as you know, the 232 appliance to steel is today affecting in part our operation for our import of steel and some import of pipe into the US, even if we produce almost all of our pipes in the US, but we still are importing some of the steel bars that goes to our plant in Bay City and Ambridge. We estimate the impact of this in the range of $70 million per quarter of additional tariff on one side.

嗯，正如你所知，針對鋼鐵的 232 關稅如今在一定程度上影響了我們進口鋼鐵和部分管道到美國的業務，儘管我們幾乎所有的管道都是在美國生產的，但我們仍然進口一些鋼筋運往我們在貝城和安布里奇的工廠。我們估計，這項措施對一方的影響約為每季增加 7,000 萬美元關稅。

On the other side, as you mentioned, the Pipe Logix has been moving up, and we consider that all in all, the price increase that we will see reflect gradually in our contract in the US will offset this increase in tariff. I think this is basically the trend, what we can expect.

另一方面，正如您所提到的，Pipe Logix 的價格一直在上漲，我們認為，總的來說，我們在美國合約中逐漸反映的價格上漲將抵消關稅的上漲。我認為這基本上是趨勢，也是我們可以預料的。

I would like to have Guillermo that is living through this to add some comment before going a little more deep into this. One brief mention on import that you were asking for. In the first quarter, import, there has been a higher level of import compared to the previous quarter. Some of this has been in anticipation of the coming tariff by an importer. They decided to raise the level of input at this point.

我希望經歷過此事的吉列爾莫在深入探討這個問題之前能發表一些評論。簡要提及您所要求的進口事宜。一季進口量較上季有所回升。部分原因是進口商預期即將徵收的關稅。他們決定此時提高投入水準。

This happened not only in our sector but also in other areas of the economy. There has been an increase in the stocking -- in the stocks in the entire economy in the expectation of tariff. But we will see depending on the negotiation under way, also how this will evolve coming quarter. But I would ask to Guillermo some additional comment on the situation and the reaction of the client to this environment.

這不僅發生在我們的產業，也發生在經濟的其他領域。由於預期關稅，整個經濟體的庫存增加。但我們將根據正在進行的談判來觀察下個季度的情況將如何發展。但我想請吉列爾莫就目前的情況以及客戶對這種環境的反應提出一些額外的評論。

As you said, in the first quarter, we saw an increase of imports after four quarters of reduction of import and a destocking of the market. We were expecting a rebound and what this become effective in the first quarter. For the second quarter, we still expect similar level a little bit downwards. And I think that the second half will depend a lot on what happens with activity. However, we expect that the administration will focus on the purpose of the 232, where the objective is to increase the utilization of the domestic industry.

正如您所說，在經歷了連續四個季度的進口減少和市場去庫存之後，第一季進口出現了增長。我們預計會出現反彈，並且會在第一季產生效果。對於第二季度，我們仍然預計水準會略有下降。我認為下半年的情況很大程度取決於活動情況。然而，我們預期政府將重點關注232法案的目的，即提高國內產業的利用率。

With regards to, as you said, about activity, we have a good visibility with our clients because of our Rig Direct. Most of them have not so far announced any drops of rigs. However, they are in the process or analyzing, but we would expect that there will be some adjustments starting in the third half -- sorry, in the second half of the year.

關於活動，正如您所說，由於我們的 Rig Direct，我們與客戶之間具有良好的可見性。其中大多數公司迄今尚未宣布減少鑽孔機數量。然而，他們還在進行過程中或進行分析，但我們預計從第三半年開始會有一些調整——抱歉，是在下半年。

Great. And Paolo, just a clarification. You mentioned $70 million of potential tariff cost impact per quarter, but that would be reflected in your flat EBITDA margin guide already. So it's not affecting your margins per se.

偉大的。保羅，我只是想澄清一下。您提到每季 7000 萬美元的潛在關稅成本影響，但這已經反映在您的持平 EBITDA 利潤率指南中了。因此它本身不會影響您的利潤。

First of all, the $70 million per quarter that I mentioned will come in gradually during the coming three quarters. So this will be -- and then this is basically -- will also be reflected in the accounting due to the IFRS gradually. So for different reasons, this is the estimate the running cost that we will have, but we will arrive there gradually because this number are entering into our cost of sales gradually and also because it will depend from our ability to expand production in Koppel as much as we can reduce import of steel over time.

首先，我提到的每季7,000萬美元將會在未來三個季度內逐步到位。因此，這基本上也將逐漸反映在 IFRS 的會計計算中。因此，出於各種原因，這是我們對運行成本的估算，但我們會逐步達到這個數字，因為這個數字正在逐步計入我們的銷售成本，同時也取決於我們在 Koppel 擴大生產的能力，以及隨著時間的推移，我們能否減少鋼材進口。

So it's a broader estimate may materialize in the fourth quarter as an impact in our cost, provided that we are, let's say we are not able to strengthen local production or negotiate because we don't know where the negotiation with Mexico and with Europe may advance, if there are changes in this negotiation, this may turns out into a reduction -- potential reduction of the 25% of the 232 for this specific semis that we are bringing to the state.

因此，更廣泛的估計可能會在第四季度實現，對我們的成本產生影響，前提是我們不能加強本地生產或談判，因為我們不知道與墨西哥和歐洲的談判會取得什麼進展，如果談判發生變化，這可能會導致減少——我們帶到該州的 232 輛半掛卡車的潛在產量將減少 25%。

Great. And my second question is, Paolo, Giovanni mentioned how the net cash balance of the company has reached $4 billion. So I wanted to get your thoughts on reinvestment opportunities. I believe that you've exhausted your share buyback authorization and thoughts on potentially at the next annual meeting in May for the company to re-up the buyback authorization.

偉大的。我的第二個問題是，Paolo，Giovanni 提到公司的淨現金餘額如何達到 40 億美元。所以我想了解您對再投資機會的看法。我相信您已經用盡了股票回購授權，並考慮在 5 月的下次年度會議上讓公司重新獲得回購授權。

Yes. As you say, we completed the buyback under the authorization that the Board of Directors had in the assembly. One of the points of the agenda is exactly to renew the authorization for a buyback of up to 10% of the outstanding share. And then the new Board of Directors will consider what to do and if to proceed the program that has been carried on since last year.

是的。正如您所說，我們是在董事會大會的授權下完成回購的。議程的要點之一正是重新授權回購高達 10% 的流通股。然後，新董事會將考慮要做什麼以及是否繼續執行自去年以來一直在進行的計劃。

David Anderson, Barclays.

巴克萊銀行的大衛安德森。

Paolo, I certainly recognize all the uncertainty in the second half of the year. But if oil prices just stay where they are and if tariffs don't change from here, I'm just curious how you're seeing volumes in the second half progressing here? I certainly recognize the US is more sensitive to commodity prices. But your Rig Direct model encompasses most of the larger operators, who're probably not going to change the programs too much and then thinking about the rest of the world in that mix. I wouldn't think volume should fall too much in the second half, but could you potentially just give us a range of kind of outcomes that you think could happen?

保羅，我當然認識到下半年的所有不確定性。但如果油價維持現狀，關稅不會改變，我很好奇您認為下半年的產量會如何發展？我當然承認美國對大宗商品價格較為敏感。但是您的 Rig Direct 模型涵蓋了大多數大型運營商，他們可能不會對程式進行太多更改，而是考慮世界其他地區。我認為下半年交易量不會下降太多，但您能否為我們提供一系列您認為可能發生的結果？

I think it's too early to give a prediction of the decision of the oil company. But you are right, in the consideration that our portfolio of clients is mainly consisting of major oil company, company that has large assets in the shale, that are developing their assets on the basis of long-term program. They are taking the decision with medium and long-term horizon are not subject to, let's say, short-term input given by the level of cash flow. So they can plan.

我認為現在預測石油公司的決定還為時過早。但您說得對，考慮到我們的客戶組合主要由大型石油公司、在頁岩領域擁有大量資產的公司組成，這些公司正在根據長期計劃開發其資產。他們所做的決策具有中長期眼光，不受現金流水準等短期投入的影響。這樣他們就可以製定計劃。

So our portfolio is this: we have our own stock in-house to serve this as Rig Direct. So we expect that whatever decision they may take or whatever the trend in the market our portfolio or client should be more resilient to the rest of the market. This is also other factors that we need to consider. There are components of the supply metrics in the states like import, there may be subject to a renewal of quota or others changes in the negotiation with the different countries that are shipping their pipe to United States. It's true that with the new 232, they have no quota, but they pay the 25%.

因此，我們的投資組合是這樣的：我們有自己的內部庫存，可以作為 Rig Direct 提供服務。因此，我們預計，無論他們做出什麼決定或無論市場趨勢如何，我們的投資組合或客戶都應該對其他市場更具彈性。這也是我們需要考慮的其他因素。各州的供應指標包括進口等組成部分，在與向美國運送管道的不同國家進行談判時，可能會更新配額或其他變化。確實，在新的 232 計劃下，他們沒有配額，但他們支付了 25%。

But I think that the administration will keep a close look at the volume coming from these countries, and we'll consider this in the negotiation. So this is a factor.

但我認為政府將密切關注來自這些國家的出口量，我們將在談判中考慮這一點。所以這是一個因素。

The other component of the matrix, supply is also the welded pipe for a local producer. In this moment, the price of hot rolled coils increased very fast since the introduction of tariff. And the Pipe Logix is increasing, but not at the same pace. So there are other components of the supply chain that may be squeezed in this environment and reduce the pressure of supply in an environment of slightly reduced or strongly reducing demand. This we do not know.

矩陣的另一個組成部分是供應當地生產商的焊接管。目前，自關稅實施以來，熱軋捲板的價格上漲非常快。Pipe Logix 也在成長，但速度並不相同。因此，供應鏈中的其他環節可能會在這種環境下受到擠壓，並在需求略微減少或大幅減少的環境下減輕供應壓力。這一點我們不知道。

A separate question. You mentioned offshore a few times in your remarks. And I was just wondering, within your mix of volumes, should we expect that offshore component to start growing later this year into 2026. There's a number of offshore developments starting next year, talking about kind of longer programs that shouldn't be affected.

這是一個單獨的問題。您在發言中多次提到離岸。我只是想知道，在您的交易量組合中，我們是否應該預期海上部分將在今年晚些時候到 2026 年開始增長。明年將開始進行多項海上開發，討論一些不會受到影響的長期項目。

I wouldn't think offshore should be impacted here. But I was just wondering if you start to see those volumes coming through your numbers later this year into 2026 and just kind of what you're hearing from your customers in terms of that potential offshore activity in '26?

我認為離岸業務不會受到影響。但我只是想知道，您是否會從今年晚些時候到 2026 年的數據中看到這些交易量的增長，以及您從客戶那裡聽到的有關 2026 年潛在海上活動的情況？

Before passing to Gabriel, the question for the review of the offshore landscape, I think to tell you that the overall invoicing that we are getting from the sale of connectors, OCTG, line pipe and coating, is very, very, very relevant for Tenaris. So it's a very important component of our overall positioning. Gabriel, can you give a view?

在將關於海上景觀審查的問題轉交給加布里埃爾之前，我想告訴你，我們從連接器、油井管、管線管和塗層銷售中獲得的整體發票與 Tenaris 非常非常相關。所以這是我們整體定位的一個非常重要的組成部分。加布里埃爾，你能給出一個看法嗎？

Sure. Indeed, the offshore market, as Paolo was saying is very important for Tenaris. And I would say with a high degree of resilience in an environment of high uncertainty. Tenaris, absolute leader in this space. As we mentioned in some of the opening remarks, for example, we have been selected to be the supplier of choice for one of the FIDs -- most recent FIDs in deepwater, which is a Shell Bonga project in Nigeria.

當然。確實，正如 Paolo 所說，離岸市場對 Tenaris 來說非常重要。我想說的是，在高度不確定的環境中，我們有高度的適應力。Tenaris，該領域的絕對領導者。例如，正如我們在開場白中提到的那樣，我們已被選為其中一個最終投資決定的首選供應商——最近在深水領域做出的最終投資決定是殼牌在尼日利亞的 Bonga 項目。

Here, we're going to deliver a full supply of subsea pipeline and risers. We will also deliver insulation coating services that we will produce in our coating facility in Port Harcourt in Nigeria. And we're also going to be the leading supplier of OCTG for the 25 wells that are required for this development.

在這裡，我們將提供全套海底管道和立管。我們還將提供在尼日利亞哈科特港塗層工廠生產的絕緣塗層服務。我們也將成為此次開發所需的 25 口油井的油井專用管的主要供應商。

This is one of the main examples of the contracts of the backlog that we have for offshore, which is quite high. This has been an area of strength for Tenaris in 2024 and will be in 2025 and even some of these backlogs goes into 2026. We don't expect the short-term volatility in oil prices to affect the development of the projects that are already sanctioned. These projects have been sanctioned on a horizon of a long span a decade or more. And also, it is important to mention that many of this deepwater breakevens have been very competitive in the range of 30 or even lower than that.

這是我們離岸合約積壓的主要例子之一，積壓合約數量相當高。這是 Tenaris 在 2024 年的優勢領域，2025 年也將如此，甚至部分積壓訂單將延續到 2026 年。我們預計油價的短​​期波動不會影響已經批准的專案的進度。這些項目已獲批准，為期十年或更久。此外，值得一提的是，許多深水油田的損益平衡點價格在 30 甚至更低的範圍內都非常具有競爭力。

So we expect the offshore to be a very resilient segment for Tenaris into the rest of 2025 and even into 2026.

因此，我們預計，到 2025 年剩餘時間甚至到 2026 年，離岸風電將成為 Tenaris 極具彈性的領域。

Sebastian Erskine, Redburn Atlantic.

厄斯金 (Sebastian Erskine)，雷德伯恩大西洋公司 (Redburn Atlantic)。

The first one, I just had a question on the cost structure. I noticed in the first quarter kind of quite a large 9% sequential step down in unit labor costs and to a lesser extent on raw materials. Is there anything specific you can flag on that and kind of what we can expect in terms of a quarterly cadence going forward to the end of the year?

第一個問題，我只是想問成本結構。我注意到第一季單位勞動成本季減了 9%，原物料成本的下降幅度較小。您能否就此指出一些具體問題？從今年年底的季度節奏來看，我們可以預期什麼？

Thank you, Sebastian. I think that the -- we have seen a pretty stable evolution of key components, slightly down on the trend for iron ore, scrap went up slightly following the increase in the hot rolled coil in the US. But basically, in an environment in which economic growth or the dynamic of the economy is turning more sour, we do not see that we should have a cost impact. On the contrary, if there is an economy slow down some of the world, we should see some reduction from where we are today in our basic input.

謝謝你，賽巴斯蒂安。我認為——我們已經看到關鍵部件的相當穩定的演變，鐵礦石的趨勢略有下降，廢料隨著美國熱軋捲價格的上漲而略有上漲。但基本上，在經濟成長或經濟動態變得更加惡化的環境下，我們認為不應該產生成本影響。相反，如果世界某個地區的經濟放緩，我們的基本投入就會比現在減少。

And then you were mentioning the relevance of labor. As you know, we are in the process of restructuring of some of our operations to increase productivity and to continuously proceed in achieving savings and increasing productivity in our operations. This may have an impact gradually on our -- the overall labor cost in our operation.

然後你提到了勞動的相關性。如您所知，我們正在對部分業務進行重組，以提高生產力，並不斷實現節約並提高營運生產力。這可能會逐漸影響我們營運中的整體勞動成本。

And then just a second one on Mexico. I mean the situation sort of appears to have further deteriorated with Pemex sort of growing and supply debt. I mean, could you give us an update on sort of where you see some movement to the upside in that geography? And given some of the commentary of your peers being quite sort of sanguine and negative?

接下來是關於墨西哥的第二個問題。我的意思是，隨著 Pemex 不斷增長的供應債務，情況似乎進一步惡化。我的意思是，您能否向我們介紹一下您認為該地區哪些方面出現了上漲趨勢？鑑於您的一些同行的評論既樂觀又消極，您對此有何看法？

Well, two points. On one side, we've been able to reduce our exposure to Pemex to operations that allow us to substantially reduce our exposure and you will see this in the increase in the reduction in our working capital and in the cash flow.

嗯，有兩點。一方面，我們能夠減少對 Pemex 的營運敞口，從而大幅降低我們的風險敞口，您可以從我們的營運資本和現金流的減少中看到這一點。

On the other side, when we look at the operation of Pemex, I maintain the position that I told you in the last quarter, I mean, the situation of Pemex has been continuously deteriorating. Today, they are arriving at the level of rigs operation that is extremely low. I think we are in the range of 16 rigs and the level of production here in the range of 1,600,000 barrels going to 1 million even lower because there has been, for a few quarter reduction every month of production.

另一方面，當我們審視 Pemex 的營運情況時，我維持上個季度告訴你的立場，我的意思是，Pemex 的情況一直在持續惡化。如今，他們的鑽井作業水準已經到了極低的水準。我認為我們擁有 16 個鑽井平台，產量水準在 160 萬桶到 100 萬桶之間，甚至更低，因為每個月的產量都減少了幾個季度。

It may strive for a while, but it's there. So today, the situation is clearly very difficult, but in my view is unsustainable. The government come out and presented a plan for refinancing to some extent, Pemex and designing an energy plan that would bring back resources to Pemex and plan for getting back to drilling and the development of resources.

它可能需要努力一段時間，但它就在那裡。所以今天的情況顯然非常困難，但在我看來是不可持續的。政府出面提出了一項計劃，在一定程度上為 Pemex 提供再融資，並設計了一項能源計劃，將資源帶回 Pemex，併計劃恢復鑽探和資源開發。

But this is supposed to happen, but we do not know when this plan will materialize. For the time being, we have listened to the President of Mexico and exposing the lines of these plans but we do not see the action in Pemex to implement this yet. But I'm confident that, I mean, Mexico could not leave Pemex in the situation that it is now.

但這應該會發生，但我們不知道這個計劃何時會實現。目前，我們已經聽取了墨西哥總統的演講並闡述了這些計劃的具體內容，但我們尚未看到 Pemex 採取行動來實施這些計劃。但我確信，墨西哥不會讓 Pemex 處於現在的境地。

And there will be some moment in the coming quarter action following the planning that is being presented.

在接下來的一個季度中，我們將根據所提出的計劃採取行動。

Stephen Gengaro, Stifel.

史蒂芬·根加羅（Stephen Gengaro），Stifel。

So I had a question about the raw material costs in the US market versus the pricing. And I'm just sort of thinking back to prior periods where when the market was strong enough and raw material costs were higher, I think you generally more than offset the increase. And today, it's a little bit different with the potential for lower activity. How do you think those two items balance themselves out in the second half of the year?

所以我對美國市場的原物料成本與定價有一個疑問。我只是回想了一下以前的時期，當市場足夠強勁且原材料成本較高時，我認為你通常會抵消增加的成本。而今天，情況略有不同，活動可能較低。您認為下半年這兩個指標如何平衡？

Like do you think you can you can manage through it to hold margin? Or do you think the input costs in the face of potentially lower demand will be a headwind on margins in the second half of the year?

例如，您認為您可以透過它來保持保證金嗎？或者您認為，面對潛在較低的需求，投入成本將對下半年的利潤率造成不利影響？

Frankly, I do not think that our main concern in this moment should come from raw material. The tariff, the change, the retaliation and the uncertainty on the reciprocal tariffs are creating some gap between the price situation within the United States and the pricing in the international market. This is very true for the hot rolled coils to some extent also for the scrap and some raw material.

坦白說，我認為我們此刻的主要關注點不應該來自原材料。關稅、變化、報復以及互惠關稅的不確定性導緻美國國內價格狀況與國際市場定價之間存在一些差距。對於熱軋捲材來說確實如此，從某種程度上來說，對於廢料和一些原料來說也是如此。

But in this moment, I would say our concern is more the overall level of economic activity and the risk of a recession and some down trend in the overall level of activity. This is more of a concern.

但此時此刻，我想說我們更擔心的是整體經濟活動水準以及經濟衰退的風險和整體活動水準的下降趨勢。這更令人擔憂。

Also, we have five steel shop operating all over the world. Some operating in the states -- one in the States, the other in other regions in Latin America, in Europe. And I think we can manage this change in the value and these gaps from the prices internally in the States or outside in the rest of the world.

此外，我們在世界各地有五家鋼鐵廠。一些在美國運作——一個在美國，另一個在拉丁美洲和歐洲的其他地區。我認為我們可以控制這種價值變化以及美國國內和世界其他地區的價格差距。

Also, Tenaris has a highly differentiated product. The raw material have an impact on our overall cost. But it is not the same impact that you may have in companies that are focused on lower value-added product like long or flat product to some extent. So it´s important, but in this moment, I don't think this is our major concern.

此外，Tenaris 的產品具有高度差異化。原材料對我們的整體成本有影響。但在某種程度上，它與專注於低附加價值產品（如長材或扁平材）的公司所產生的影響並不相同。所以這很重要，但目前我認為這不是我們主要關心的問題。

And the other question I wanted to ask about is: given the Rig Direct model that's in place, can you just give us a sense for if we do see a reversal in price at all as a result of lower activity? What's sort of the timing on when we would see that start to show up in the numbers? Would it be third quarter? Would it be later just based on sort of the Rig Direct model and sort of the relationships you have with your key customers?

我想問的另一個問題是：鑑於現有的 Rig Direct 模型，您能否告訴我們，由於活動減少，我們是否確實看到價格逆轉？我們什麼時候才能在數字上看到這一點？是第三季嗎？以後是否僅基於 Rig Direct 模式以及您與主要客戶之間的關係？

Well, this is a question that is not easy to project in the second half also because of the change in tariffs, the uncertainty on quota, what will the US administration do to limit import into the states. This is a very important factor to determine the dynamic. Up to now, we have seen the Pipe Logix growing slowly, but moving on even this month. Here, maybe Guillermo, you can add some color on the factors that may influence pricing in the medium term.

嗯，這個問題在下半年也不容易預測，因為關稅的變化，配額的不確定性，美國政府將採取什麼措施來限制進口。這是決定動態的一個非常重要的因素。到目前為止，我們看到 Pipe Logix 增長緩慢，但本月仍在繼續前進。在這裡，也許吉列爾莫，你可以補充一些可能影響中期定價的因素。

Yes. As you said, I mean, since the beginning of the year, the prices in the market have increased like 10%. And as you know, and we have discussed in previous calls, because of the formulas of our Rig Direct long-term agreements, we have some inertia. So we don't expect any -- in case there is a reduction in the prices. We don't expect any impact in the third quarter.

是的。正如你所說，我的意思是，自今年年初以來，市場價格已經上漲了 10% 左右。如您所知，我們在先前的電話會議中也討論過，由於我們的 Rig Direct 長期協議的公式，我們有一些慣性。因此，我們並不期望有任何變化——以防價格下降。我們預計第三季不會受到任何影響。

And eventually, it could start to affect to go into our P&L in the fourth. However, I think it's too early to say. As we said before, still have not heard any of our clients a reduction in their activities, though we are expecting them to come out probably with some during maybe May. I think that in one month, we'll have a better visibility of their decisions about second half. But I don't see any impact on the contrary.

最終，它可能會在第四季開始影響我們的損益表。不過，我認為現在說還太早。正如我們之前所說，我們還沒有聽到任何客戶減少活動的消息，不過我們預計他們可能會在五月減少一些活動。我認為一個月後，我們將更了解他們關於下半年的決定。但我沒有看到任何相反的影響。

I mean, due to the inertia of our formulas, prices in third quarter should go up because so far, we have seen that increase.

我的意思是，由於我們的公式的慣性，第三季的價格應該會上漲，因為到目前為止，我們已經看到了這種上漲。

Derek Podhaizer, Piper Sandler.

德里克波德海澤、派珀桑德勒。

Just to kind of wrap up all the conversations around tariffs and the impact on pricing. And obviously, we have an activity outlook that has deteriorated over the last three months. But I remember last quarter, you discussed reaching a 25% margin target in the back half of the year. Obviously, we now have this potential activity role in the US. But considering the pricing increases, considering the tariffs, we're going to keep an eye on Section 232 quotas. Do you still think 25% EBITDA margin is to look at target for the second half of the year?

只是為了總結一下有關關稅及其對定價的影響的所有討論。顯然，過去三個月來，我們的活動前景已經惡化。但我記得上個季度，您討論過在下半年達到 25% 的利潤率目標。顯然，我們現在在美國擁有這種潛在的活動角色。但考慮到價格上漲和關稅，我們將密切關注第 232 條配額。您是否仍認為 25% 的 EBITDA 利潤率是下半年的目標？

Well, I think many things happened between that estimation and today, the changes have been substantial. Today, we are looking at the price of oil in the range of below $60. This, no doubt, will have an impact on us. Still, considering all the factors that we mentioned, stability of our portfolio differentiation in the market that could be most affected by slowdown.

嗯，我認為從那次估計到今天發生了很多事情，變化很大。今天，我們關注的油價在 60 美元以下。這無疑會對我們產生影響。儘管如此，考慮到我們提到的所有因素，我們的投資組合在市場中的差異化穩定性可能會受到經濟放緩的最大影響。

I think we should be able to maintain over time, our margin between the 20% and 25%. But will be difficult today to stay at the 25% margin rate with this environment in the second half of this year. But we will still stay, let's say, within, this range looking at the environment as it is today.

我認為我們應該能夠長期維持 20% 到 25% 之間的利潤率。但在目前的環境下，今年下半年維持25%的利潤率將會很困難。但我們仍然會停留在這個範圍內，觀察今天的環境。

And then just maybe if we can expand. So the North America revenue was up 10% quarter-over-quarter. I know that includes Mexico, obviously, which is a region that has clearly deteriorated. So surprised to see the strength there. You talked about Canada seasonal recovery, but you also mentioned the increased sales through US Rig Direct.

然後也許我們可以擴大。因此北美收入環比增長了 10%。我知道這顯然包括墨西哥，該地區的情況明顯惡化。看到那裡的力量真是太驚訝了。您談到了加拿大的季節性復甦，但您也提到了透過 US Rig Direct 實現的銷售額成長。

I just wanted to get your take, maybe if we can expand on that. Have you seen maybe a front-loading of budgets as your largest E&P operators look to order steel OCTG ahead of the tariff impact and potentially other impacts that could be coming throughout the year? Just maybe some thoughts on why you had such a strong quarter for North America driven by the US side, just considering Mexico was such a drag.

我只是想聽聽你的看法，也許我們可以進一步討論。由於貴公司最大的勘探與生產運營商希望在關稅影響以及全年可能出現的其他影響之前訂購鋼製油井管，您是否看到了預算的前期投入？也許有人會想，為什麼你們在美國的推動下，北美本季表現如此強勁，而墨西哥的表現卻如此糟糕。

No. Our business model, we sell in Rig Direct, we invoice directly when they use the pipe at the rig. And today, more than 95% of our clients are operating on this -- this way. So in the end, we are coping very precisely the exact level of operation. There is no room for anticipating stocks in most of our sales.

不。我們的商業模式是，我們在 Rig Direct 銷售，當他們在鑽孔機上使用管道時，我們直接開立發票。如今，我們 95% 以上的客戶都採用這種方式經營。所以最終，我們能夠非常精確地應對確切的營運水準。我們的大部分銷售都沒有預售庫存的空間。

There are maybe line pipe, but also in this, I don't think the company had the space for, let's say, anticipating order. So we are just following -- copying the curve of activity. Our clients have been resilient. I mean the level of their operation after consolidation by the different company has, to some extent, be solid.

也許有管線管道，但在這方面，我認為公司沒有空間來預測訂單。所以我們只是遵循——複製活動曲線。我們的客戶一直具有韌性。我的意思是，經過不同公司的合併之後，它們的營運水準在某種程度上已經很穩固了。

Now in Canada, we had a record season. I mean, for us, has been a record quarter and a record season also for Canada. In Canada, the level of drilling has been high. Our Rig Direct model in Canada is expanding. So also in Canada, we are coping the level of operation.

現在在加拿大，我們度過了一個創紀錄的賽季。我的意思是，對我們來說，這是一個創紀錄的季度，對加拿大來說，也是一個創紀錄的季節。在加拿大，鑽探水準一直很高。我們在加拿大的 Rig Direct 模式正在擴大。因此，在加拿大，我們也在應對營運水準。

We do not see any anticipation of sales. Now on this ground, we are making our forecast for the second Q and is a positive forecast because we have a portfolio, we have this stability. We can predict, we think, pretty well the combination of volume and price in that region.

我們沒有看到任何銷售預期。現在基於此，我們對第二季度做出了預測，這是一個積極的預測，因為我們有投資組合，我們有這種穩定性。我們認為，我們可以很好地預測該地區的銷售和價格組合。

When we look ahead in the second half of the year, this is much more difficult because the company will recalculate probably during the coming three, four months, and they will maybe reorganize, replan some of the development. And we will see this happening.

當我們展望下半年時，這會更加困難，因為公司可能會在未來三、四個月內重新計算，他們可能會重組，重新規劃一些發展。我們將會看到這一切發生。

But probably during the quarter, the second quarter -- at the end of the second quarter, we will understand better the perspective for the second quarter.

但可能在本季度，第二季度——第二季度末，我們將更了解第二季度的前景。

We will also better understand if the administration will limit import to some extent. And if the expectation of the economy and the oil will continue to be as they are today, which is let's say, pretty pessimistic point of view for the future.

我們也將更了解政府是否會在一定程度上限制進口。如果對經濟和石油的預期繼續像今天這樣，那麼可以說，對未來的看法相當悲觀。

Jamie Franklin, Jefferies.

傑米·富蘭克林，傑富瑞集團。

Just a couple of clarifications. So I wanted to come back on costs, firstly. And last year at 2Q results, you gave a target for $200 million cost savings to be realized by 1H '25. Can you please quantify approximately how much of that has already been recognized as of 1Q '25 results?

只需澄清幾點。因此，首先我想談談成本問題。在去年第二季的業績中，您設定的目標是到 2025 年上半年達到 2 億美元的成本節約。您能否量化一下截至 2025 年第一季的結果，其中有多少已經被確認？

Secondly, regarding the decline in sales in South America in the quarter. The press release mentions lower prices in Argentina. Could you please just elaborate on that? And any further color you could give us on possible timing of orders in Argentina later this year, please?

其次，關於本季南美地區銷量下滑。新聞稿中提到阿根廷的價格較低。能詳細說明一下嗎？您能否進一步透露今年稍後阿根廷訂單的可能時間？

Well, on the first point, I think we have been able to capture more than half of the $200 million savings that we planned in the middle of last year. This is coming from different sources, productivity increase, efficiency in our plant, some reorganization of our supply chain to also reduce the cost of input.

嗯，關於第一點，我認為我們已經實現了去年年中計劃的 2 億美元節省金額的一半以上。這是來自不同方面的，包括生產率的提高、工廠效率的提高、供應鏈的一些重組，從而降低了投入成本。

And we are proceeding, and we expect that this will contribute. In the end, it will contribute to our margin because these savings are getting into our IFRS cost of sales over time, not immediately because this is the logic of it. So we will proceed in this sense. And we think we will get the expected reduction by the second -- the end of the second quarter.

我們正在進行中，並期望這會有所貢獻。最終，它將會增加我們的利潤，因為這些節省將隨著時間的推移而進入我們的國際財務報告準則銷售成本，而不是立即進入，因為這是它的邏輯。因此我們將按照這個思路繼續前進。我們認為我們將在第二季末實現預期的減幅。

Talking about Argentina, the overall level of price, what is going down is the mix because we are combining line pipe project and OCTG and in the line pipe project, we have lower level of price for this. These are welded products like the new -- the VMOS line pipe project and so. In the case of the OCTG, we are reflecting the formulas in the majority of our contracts are considering the Pipe Logix as a key factor, one of the factors.

談到阿根廷，整體價格水平正在下降，因為我們將管線管項目和油井管結合在一起，而在管線管項目中，我們的價格水平較低。這些都是焊接產品，例如新的——VMOS管線專案等等。就油井管而言，我們在大多數合約中反映的公式都將管道邏輯視為關鍵因素，也是眾多因素之一。

There are other -- in some of the contracts, but mainly this will be Pipe Logix. And so for instance, we may see increase of some percentage points in this. There has been a change of mix in Argentina because the rigs in the Vaca Muerta space has been increasing are today in the range of above 43, 44, I think now as they were in the range of 30, 1.5 years ago, I mean two years ago.

在一些合約中還有其他內容，但主要是 Pipe Logix。例如，我們可能會看到這方面的一些百分點的增加。阿根廷的結構發生了變化，因為瓦卡穆埃爾塔地區的鑽井平台數量一直在增加，目前已達到 43、44 座以上，我認為現在的數量與 1.5 年前（我是說兩年前）的 30 座相當。

So the increase is there in the Vaca Muerta space. But in the southern part of the country, YPF and the other company has been selling asset, less productive assets to focus on Vaca Muerta, and this has reduced the number of rigs operating in the South.

因此，Vaca Muerta 空間存在增加。但在該國南部，YPF 和其他公司一直在出售資產，即生產率較低的資產，以專注於瓦卡穆埃爾塔，這減少了南部運營的鑽井數量。

So when you look at the overall number, you see an increase that appears to be more limited and probably also during the rest of 2025, we will see slight increase in the level of rigs. But in terms of price, I think overall, we will follow the Pipe Logix, and you will see this the price apart from the mix between welded and seamless.

因此，當你查看總體數字時，你會發現增幅似乎更為有限，並且可能在 2025 年剩餘時間內，我們將看到鑽機數量略有增加。但就價格而言，我認為總體而言，我們將遵循 Pipe Logix，您將看到除了焊接和無縫混合之外的價格。

Daniel Thompson, BNP Paribas.

法國巴黎銀行的丹尼爾湯普森。

Just a follow-up on the shareholder returns, comments, and thinking around the balance sheet. Obviously, the share price has taken a significant step down on the lower oil price environment already. And given your positive longer-term outlook, buybacks could represent one of the most attractive uses of cash here. So I just wondered how the lower share price factors into your thinking on repurchases and the pace of those repurchases that you've demonstrated under the existing program relative to maybe wanting to maintain a more defensive cash balance into the potentially weaker period?

只是股東回報、評論和資產負債表的思考的後續。顯然，在低油價環境下，股價已經大幅下跌。鑑於您對長期前景的樂觀看法，回購可能是最具吸引力的現金用途之一。所以我只是想知道較低的股價如何影響您對回購的想法以及您在現有計劃下展示的回購速度，相對於可能希望在潛在的較弱時期保持更具防禦性的現金餘額？

And second one is a bit more straightforward, just on the mechanics of any reauthorization. What is the time line between any reauthorization being issued in May and actually beginning with the implementation of the buyback? Are there any subsequent approvals required after that May meeting or not?

第二個問題比較直接一些，只涉及重新授權的機制。從 5 月發布重新授權到實際開始實施回購之間的時間間隔是怎樣的？五月的會議之後是否還需要任何後續批准？

Well, as I was saying before, the extension of the authorization of buyback is in the agenda of the General Assembly. We expect it to be approved. Then will be up to the new Board of Directors to consider the different factors, the situation perspective for eventual acquisition, possible use of cash and decide which course of action to take. We will bring all this evidence to the Board. And after the general assembly and the assumption of the new authority in the Board, the Board will consider this and see which is the best use of the cash that we have in the company.

嗯，正如我之前所說的，延長回購授權已列入大會議程。我們期待它能夠獲得批准。然後由新董事會考慮不同的因素、最終收購的情況、可能的現金使用情況並決定採取何種行動。我們將把所有這些證據提交給董事會。在股東大會和董事會新權力就任之後，董事會將考慮這一點，並看看如何最好地利用公司現有的現金。

That concludes today's question-and-answer session. I'd like to turn the call back to Giovanni Sardagna for closing remarks.

今天的問答環節到此結束。我想請喬瓦尼·薩達尼亞 (Giovanni Sardagna) 作最後發言。

Thank you, Liz. And well, we would like to thank you all for joining us today in our conference call. Thanks.

謝謝你，莉茲。好吧，我們想感謝大家今天參加我們的電話會議。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。