Tetra Technologies Inc (TTI) 2025 Q3 法說會逐字稿

Hello and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Tetra Technologies Third quarter 2025 earnings conference call.

您好，感謝您的耐心等待。我叫蒂芬妮，今天我將擔任你們的會議接線生。在此，我謹代表 Tetra Technologies 公司歡迎各位參加 2025 年第三季財報電話會議。

(Operator Instructions). I would now like to turn the call over to Kurt Hallead, Treasurer and Investor Relations. Kurt, please go ahead.

（操作說明）現在我將把電話交給財務主管兼投資者關係負責人庫爾特·哈利德。庫爾特，請繼續。

Thank you, Tiffany. Good morning and thank you for joining Tetra's Third quarter of 2025 earnings call. The Speaker for the speakers for today will be Brady Murphy, Chief Executive Officer, and Elijio Serrano, Chief Financial Officer.

謝謝你，蒂芙尼。早安，感謝各位參加 Tetra 公司 2025 年第三季財報電話會議。今天的演講嘉賓是執行長 Brady Murphy 和財務長 Elijio Serrano。

Before we begin, I'd like to call your attention to the Safe Harbor statement in our Forum 10-Q. Some of the remarks we make today may be forward-looking and are subject to risks and uncertainties as outlined in our SEC filings.

在開始之前，我想提請大家注意我們論壇 10-Q 中的「安全港」聲明。我們今天發表的一些言論可能具有前瞻性，並受到我們在提交給美國證券交易委員會的文件中概述的風險和不確定性的影響。

Actual results may differ materially from those expressed or implied. In addition, we may refer to adjusted EBITDA and other non-GAAP financial measures. Please refer to our press release for reconciliation of GAAP and non-GAAP measures.

實際結果可能與明示或暗示的結果有重大差異。此外，我們也可能參考調整後的 EBITDA 和其他非公認會計準則財務指標。有關 GAAP 和非 GAAP 指標的調節，請參閱我們的新聞稿。

These reconciliations are not a substitute for GAAP Financials, and we encourage you to refer to our 10-Q that was filed yesterday. After Brady and Eli Hill provide their comments, we will open the line for Q&A. I will now turn the call over to Brady.

這些調節表不能取代 GAAP 財務報表，我們建議您參考我們昨天提交的 10-Q 表格。在布雷迪和伊萊·希爾發表演說後，我們將開放問答環節。現在我將把通話交給布雷迪。

Mm Thanks, Kurt, and good morning everyone. Welcome to Tetcha's Third quarter 2025 earnings call.

嗯，謝謝庫爾特，大家早安。歡迎參加 Tetcha 2025 年第三季財報電話會議。

Late last week, our colleague and good friend Elio announced that he will retire at the end of March next year.

上週晚些時候，我們的同事兼好友艾利歐宣布他將於明年三月底退休。

As part of Tetra's succession planning process, Matt Sanderson will replace Elihio as CFO. Matt is currently executive Vice President and Chief Commercial Officer, having joined Tetra in November of 2016.

作為 Tetra 繼任計劃的一部分，Matt Sanderson 將接替 Elihio 擔任財務長。Matt 目前擔任 Tetra 的執行副總裁兼首席商務官，他於 2016 年 11 月加入 Tetra。

Through the end of March 2026, both executives will continue in their existing duties and responsibilities to deliver and execute on the company's one Tetra 2030 objectives. Upon his retirement, Ely Hill will continue to serve in an advisory capacity for the company.

截至 2026 年 3 月底，兩位高階主管將繼續履行現有職責，以實現和執行公司統一的 Tetra 2030 目標。退休後，伊萊·希爾將繼續擔任公司的顧問。

Since I became CEO in May of 2019, Elio has played a key role in working with me and our executive team to refocus the company on our core fluid chemistry expertise, and the results speak for themselves.

自從我於 2019 年 5 月擔任執行長以來，Elio 一直與我及我們的管理團隊密切合作，使公司重新專注於我們核心的流體化學專業知識，而結果也證明了這一點。

From guiding the company through arguably the industry's most challenging period during the COVID-19 pandemic to the divestiture of our general partnership in CSI Comresco and shaping our one Tech of 2030 strategy, Lee has been a strong contributor to our current success and future outlook.

從帶領公司度過可以說是業內最具挑戰性的 COVID-19 疫情時期，到剝離我們在 CSI Comresco 的普通合夥權益，再到製定我們 2030 年的單一技術戰略，Lee 為我們目前的成功和未來前景做出了巨大貢獻。

The board of directors, and the rest of the executive team are very grateful for his contribution and are pleased he will continue to serve in a non-executive advisory role.

董事會和其餘執行團隊都非常感謝他的貢獻，並很高興他將繼續擔任非執行顧問角色。

Fortunately, we have a strong executive team that many of our investors had the chance to see and hear from at our recent investor day at the New York Stock Exchange in September. And as part of our succession planning process, Matt is well prepared for the transition to CFO.

幸運的是，我們擁有一支強大的管理團隊，許多投資者有機會在9月份於紐約證券交易所舉行的投資者日上見到並聽到他們的報告。作為繼任計畫的一部分，Matt 已為過渡到財務長一職做好了充分準備。

The recent addition of Kurt Howland as VP of Industrial Relations FTNA and Treasury, along with Catherine Kokinis as CAO has significantly strengthened our current and future financial organization. I'm confident there will be a smooth and seamless transition.

庫爾特·豪蘭德 (Kurt Howland) 近期加入公司擔任工業關係、FTNA 和財務副總裁，以及凱瑟琳·科基尼斯 (Catherine Kokinis) 擔任首席行政官，大大加強了我們當前和未來的財務組織。我相信過渡過程會非常順利、無縫。

Now I'll summarize some highlights for the quarter, provide an update on our strategic initiatives before turning the call over to Lehio to provide some more details about the financials and our guidance.

現在我將總結本季的一些亮點，介紹我們的策略舉措，然後將電話會議交給 Lehio，讓他提供更多關於財務狀況和我們未來展望的細節。

Our employees delivered a very strong Thirdrd quarter results against the backdrop of an ongoing challenging industry environment. Our Third quarter, combined with our first quarter, first half year results, allowed us to reach the highest revenue of $484 million and adjust to the EBITDA of $93 million in the past 10 years.

在持續充滿挑戰的產業環境下，我們的員工取得了非常強勁的第三季業績。第三季業績，加上第一季和上半年的業績，使我們實現了過去 10 年最高的收入 4.84 億美元，調整後的 EBITDA 為 9,300 萬美元。

Mainly driven by chemicals and deep water completion fluids, this 10 year record is further highlighted by the fact that the overall deepwater recount is 40% lower than it was 10 years ago, emphasizing the significant deepwater market penetration we have achieved.

主要得益於化學物質和深水完井液的推動，這一 10 年的記錄也因深水油氣田整體產量比 10 年前下降了 40% 而更加突出，這凸顯了我們在深水市場取得的顯著滲透率。

For the quarter, we achieved revenue of $153 million and adjusted the EBITDA of $25 million with adjusted EEA margins of 16%.

本季度，我們實現了 1.53 億美元的收入，調整後的 EBITDA 為 2,500 萬美元，調整後的 EEA 利潤率為 16%。

This represents an 8% year over year increase in revenue and 7% rise in adjusted EBITDA, driven by continued strength in our offshore completion fluids and industrial calcium chloride business.

這代表營收年增 8%，調整後 EBITDA 成長 7%，這主要得益於我們海上完井液和工業氯化鈣業務的持續強勁成長。

Third quarter completion fluids and products revenues increased 39% compared to the previous year period with adjusted EO margins rising by [6.9 EI] rising by $6.9 million.

第三季完井液和產品收入比去年同期成長了 39%，調整後的 EO 利潤率成長了 690 萬美元。

Through the first nine months of the year, completion of fluids and products suggest that even that margin reached 34.5%, a 500 basis points improvement compared to the same period in 2024.

今年前九個月的流體和產品完工情況表明，即使是這一利潤率也達到了 34.5%，比 2024 年同期提高了 500 個基點。

This was driven by a successful completion of three tetraneptune wells in the Gulf of America, increased demand for high density zinc bromide completion fluids, strong contributions from Brazil deep water projects, and robust calcium chloride results in Northern Europe.

這主要得益於美洲灣三口四海王星井的成功完工、對高密度溴化鋅完井液的需求增加、巴西深水計畫的強勁貢獻以及北歐氯化鈣的穩健成果。

Before year 2025, we believe completion fluids may reach a ten-year high.

我們認為，到 2025 年之前，完井液可能會達到十年來的最高水準。

As highlighted at our recent investor day, the long-term outlook for the completion fluids and products business remains strong, driven by deep water completion activity, exceptional performance in our industrial chemicals business, and a material increase in battery electrolyte revenue as our customer ramps up deliveries from its first automated production line.

正如我們在最近的投資者日上所強調的那樣，完井液和產品業務的長期前景依然強勁，這得益於深水完井活動、工業化學品業務的出色表現，以及隨著我們的客戶從其第一條自動化生產線提高交付量而導致的電池電解液收入的大幅增長。

Water and flowback services revenue declined 2% for the second quarter and 18% year over year. Adjusted rose 18% sequentially due to better cost controls.

第二季水務和回流服務收入下降了 2%，年減了 18%。經調整後，由於成本控制改善，較上季成長18%。

I fell 33% from the same period last year on lower activity. Sequential adjusted margins improved by 200 basis points to 12%, driven by higher utilization of our patented automated tetras sandstorm and auto drill out units, efficiency gains, and cost controls.

由於活動減少，我的收入比去年同期下降了33%。經過調整後的環比利潤率提高了 200 個基點，達到 12%，這主要得益於我們專利的自動化四面體沙塵暴和自動鑽井裝置的更高利用率、效率的提高以及成本控制。

This performance was achieved despite a 12% sequential decline in the US frac crew crew count and a 27% decrease compared to the second quarter of 2024.

儘管美國壓裂作業人員數量較上季下降 12%，與 2024 年第二季相比下降 27%，但仍取得了這一業績。

Despite a muted outlook for the US frac crude count, we expect our onshore testing and flowback business to benefit from three industry trends longer laterals, increased sand, and water usage, and a continuous rise in overall volumes of produced water.

儘管美國壓裂原油產量的前景黯淡，但我們預計，隨著三個行業趨勢的出現，我們的陸上測試和回流業務將受益於這三個趨勢：更長的水平井段、更多的砂和水的使用，以及產水總量的持續增長。

Outside of the US, we are seeing the benefit of material increase in overall unconventional activity in Argentina and the Middle East.

在美國以外，我們看到阿根廷和中東地區非常規活動整體大幅增加帶來的好處。

We're currently 100% utilized with our automated sandstorms units in Argentina. And have recently been awarded Tetris sandstorm work in the kingdom of Saudi Arabia.

目前我們在阿根廷的自動化沙塵暴防治裝置已100%投入使用。最近，我們獲得了沙烏地阿拉伯王國的俄羅斯方塊沙塵暴計畫。

In Argentina's Vercamorta region, we've been awarded 5 contracts related to production testing, sandstorms, and two production facilities, one of which is now operational, and the second is expected to go live in the first quarter of 2026.

在阿根廷韋爾卡莫爾塔地區，我們獲得了 5 份與生產測試、沙塵暴和兩個生產設施相關的合同，其中一個生產設施現已投入運營，第二個生產設施預計將於 2026 年第一季度投入使用。

These recent winds in Argentina.

阿根廷最近的這些風。

Utilizing the technology we've developed in the US on conventional shale plays are expected to almost double our revenue next year in Argentina, helping to minimize the uncertainty in the US onshore activity.

利用我們在美國開發的常規頁岩油氣開採技術，預計明年我們在阿根廷的收入將幾乎翻一番，這有助於最大限度地減少美國陸上活動的不確定性。

With respect to our Arkansas brooming plant, we've generated $58 million of business free cash flow and invested $28 million in the project through the first nine months of this year.

就我們在阿肯色州的掃帚廠而言，今年前九個月，我們已產生 5800 萬美元的業務自由現金流，並在該項目上投資了 2800 萬美元。

We are on schedule and under budget for phase one of the project and remain confident that the plant will be fully operational by the end of 2027.

專案第一階段進展順利，預算控制在合理範圍內，我們仍有信心工廠將於 2027 年底全面投入營運。

The plant will have a capacity to process 75 million pounds of roaming per year, which is more than double that of our current long-term third-party supply agreement. This will also enable Tetra to generate between $200 million to $250 million in additional revenue and between $90 million and $115 million of adjusted.

工廠每年可處理 7,500 萬磅的放養動物糞便，是我們目前長期第三方供應協議的兩倍多。這將使 Tetra 能夠產生 2 億至 2.5 億美元的額外收入，以及 9,000 萬至 1.15 億美元的調整後收入。

As noted in our definitive feasibility report.

正如我們在最終可行性報告中所述。

Adjusted to EA target contribution is underpinned by lower input costs and additional volumes for the battery, electrolyte and deep water completion fluids business.

經調整後，EA 目標貢獻主要得益於電池、電解液和深水完井液業務投入成本降低和產量增加。

At our investment date on September 25, 2025, we unveiled One Tetra 2030, a strategy focused on leveraging our core fluids chemistry expertise into new high growth and markets, notably delivering battery electrolytes for long duration energy storage, as well as oil and gas produced water desalination solutions.

在 2025 年 9 月 25 日的投資日，我們推出了 One Tetra 2030 策略，該策略專注於利用我們核心的流體化學專業知識進入新的高成長市場，特別是提供用於長時儲能的電池電解質以及石油和天然氣生產水淡化解決方案。

Elgas to more than double revenue to over $1.2 billion and triple adjust the EBITDA to over $300 million by 2030. We're very appreciative of the attendance and the interest in our investor day presentation. The feedback has been overwhelmingly positive and supportive of the strategy and the executive team that will deliver the one Tetra 2030 targets.

Elgas 預計到 2030 年，其營收將翻倍以上，達到 12 億美元以上，EBITDA 將調整兩倍以上，達到 3 億美元以上。我們非常感謝各位的出席和對我們投資者日報告的關注。回饋意見壓倒性地積極，大家對該策略以及將實現 Tetra 2030 目標的執行團隊表示支持。

On the electrolyte front, we're encouraged by the progress Eos Energy continues to make in automating their first manufacturing assembly line and its recent announcement that it will expand its manufacturing capacity in 2026.

在電解液方面，Eos Energy 在其第一條製造裝配線的自動化方面持續取得進展，並於近期宣布將在 2026 年擴大其生產能力，這令我們感到鼓舞。

As the AI push continues to drive increasing energy demand, the importance of power stability through zinc bromide long duration storage systems appears to be gaining traction, mainly due to its safety, scalability, and domestic sourcing.

隨著人工智慧的推動，能源需求不斷增長，透過溴化鋅長時儲能係統實現電力穩定性的重要性似乎正在受到重視，這主要是因為溴化鋅儲能係統具有安全性、可擴展性和國內採購的優勢。

To account for that, we have completed the installation of our bulk delivery system, which will significantly increase the electrolyte volumes in 2026.

為了解決這個問題，我們已經完成了大宗輸送系統的安裝，這將在 2026 年大幅增加電解液的供應量。

Moving to water treatment and desalination, the US oil and gas industry is facing an increasingly urgent challenge in managing produced water, particularly in the Permian Basin, where over 6 billion barrels of wastewater are injected into saltwater disposal wells annually.

隨著水處理和海水淡化技術的進步，美國石油和天然氣產業在管理採出水方面面臨日益緊迫的挑戰，尤其是在二疊紀盆地，那裡每年有超過 60 億桶廢水被注入鹽水處理井。

This traditional underground injection method is becoming less feasible as downhole formation pressures keep increasing and storage storage pore pressure fills up.

隨著井下地層壓力不斷增加，儲層孔隙壓力逐漸增大，這種傳統的地下注入方法變得越來越不可行。

With the commercial launch of Tetra Oasis and the engineering design of the Industry's 1st 25,000 barrels per day produced water treatment and recycling facility. Tech is well positioned to lead in solving this problem.

隨著 Tetra Oasis 的商業化推出以及業內首個日處理量 25,000 桶的生產水處理和回收設施的工程設計。科技在解決這個問題上有著得天獨厚的優勢。

The front end engineering and design has been completed and the estimated capital and operating expenses are within our initial projections for the project.

前端工程設計已經完成，預計的資本支出和營運支出均在專案最初的預測範圍內。

This step is facilitating commercial discussions with multiple customers, and we remain confident that we could sign our first commercial contract in the coming quarters.

這項措施有助於與多家客戶進行商業洽談，我們仍有信心在未來幾季簽署第一份商業合約。

We have a strong free cash flow generating based business and our one Tetra 2030 strategy will enable us to leverage our fluids chemistry expertise into new high growth and markets. We believe this transformation will enable Tetra to generate over $100 billion in annual adjust to free cash flow by 2030 and drive meaningful cash returns for our shareholders. I'll turn it over to Elio to discuss the financials.

我們擁有強大的自由現金流業務，我們的 Tetra 2030 策略將使我們能夠利用我們在流體化學方面的專業知識進入新的高成長市場。我們相信，這項轉型將使 Tetra 在 2030 年每年產生超過 1000 億美元的自由現金流，並為我們的股東帶來可觀的現金回報。我將把討論財務問題的任務交給埃利奧。

Thank you, Brady, and thank you for the kind words. I'm not going anywhere, nor slowing down between now and next March. We've got a job to do.

謝謝你，布雷迪，也謝謝你的好意。從現在到明年三月，我哪裡也不去，也不會放慢腳步。我們有任務在身。

We ended the third quarter with $67 million of cash on hand and net leverage ratio of 1.2 times.

第三季末，我們手頭現金為 6,700 萬美元，淨槓桿率為 1.2 倍。

Throughout the year, our focus has been on generating free cash flow from the base business to maintain a strong balance sheet and to self-fund as much of the roaming project as we can.

在過去一年中，我們的重點一直是利用基礎業務產生自由現金流，以維持強勁的資產負債表，並盡可能為漫遊項目提供自有資金。

We have accomplished this through aggressive cost reductions in our onshore business, carefully scrutinizing all capital expenditures, and remain very focused on managing our working capital.

我們透過在境內業務中大幅削減成本、仔細審查所有資本支出，並繼續高度重視營運資金管理，實現了這一目標。

Working capital was $113 million at the end of September, an increase of only $4 million from year end. As a comparison, third quarter revenue of $153 million was $19 million higher than the fourth quarter.

截至9月底，營運資金為1.13億美元，比上年末僅增加了400萬美元。相比之下，第三季營收為 1.53 億美元，比第四季高出 1,900 萬美元。

Yet working capital is only up $4 million. The ESO has improved two days from the fourthrthrthrth quarter. This highlights the focus we have on generating cash from the base business by managing inventory and receivables.

然而，營運資金僅增加了400萬美元。ESO 比第四季改善了兩天。這凸顯了我們透過管理庫存和應收帳款，從基礎業務中創造現金流的重點。

Since the end of September four weeks ago, our liquidity has further improved.

自9月底以來（四周前），我們的流動性進一步改善。

Increasing $10 million from $208 million to $218 million inclusive of the $75 million dollar delay drop feature.

將預算從 2.08 億美元增加到 2.18 億美元，其中包括 7,500 萬美元的延遲投放功能。

That is available to Tetra for the Broome project. In an effort to further reduce our cost structure and reduce corporate G&A expenses. We are expecting to relocate to a new corporate office later this quarter. The new office is a short distance from the current office in the Woodlands.

Tetra公司可以利用這些資源來開展佈魯姆計畫。為了進一步降低成本結構並減少公司一般及行政費用。我們預計將於本季稍後搬遷至新的公司辦公地點。新辦公室距離伍德蘭茲的現有辦公室很近。

Compared to our current lease, we expect to reduce lease expense by approximately $2 million per year. We updated our 2025 guidance. Income before taxes will reflect on a fourth quarter non-cash charge as we early terminate the existing lease and move to a new lease with significant lease concessions for the 1st 2 years.

與我們目前的租賃合約相比，我們預計每年可減少約 200 萬美元的租賃費用。我們更新了2025年發展指引。由於我們提前終止現有租賃協議並簽訂新的租賃協議，前兩年將獲得大幅租賃優惠，因此稅前收入將在第四季度反映為一項非現金支出。

With respect to the outlook, total year projected EBITDA is now expected to be between $107 million and $112 million.

展望未來，預計全年 EBITDA 將在 1.07 億美元至 1.12 億美元之間。

This compares to our prior total year estimate of between $100 million and $110 million. And this takes into account the stronger than expected Third quarter. They benefited once again by strong offshore activity.

這與我們先前全年總額 1 億美元至 1.1 億美元的估計值相比。而且這其中已經考慮到了強於預期的第三季。他們再次受益於強勁的海上活動。

The fourth quarter is expected to see continued weakness on the onshore site. The timing of deepwater projects in the fourth quarter will dictate whether we are near, nearer to the lower or the higher end of the guidance range.

預計第四季陸上業務將持續疲軟。第四季深水專案的進度將決定我們是接近、更接近指導範圍的下限還是上限。

We call that as deepwater activity improves, some projects moving between quarters can have a meaningful impact on this or the next quarter, and some of these projects are hard to predict exactly when they will be completed.

我們稱之為，隨著深水作業的改善，一些專案在季度之間進行調整可能會對本季或下一季產生重大影響，而其中一些專案很難準確預測何時完成。

US onshore remains challenging, but we continue to leverage automation. Technology and strong cost control to keep our margins in the double-digit range. The wind, the winds in in Argentina would, will be a tailwind for us next year and are expected to improve our onshore margins.

美國本土市場依然面臨挑戰，但我們將持續利用自動化技術。技術優勢和強有力的成本控制，使我們的利潤率保持在兩位數水準。明年阿根廷的風將對我們有利，並有望提高我們的陸上利潤率。

EOs in the deep water market will also be a tailwind for us next year. Let me close by summarizing what I believe to be the items everyone should focus upon. First, the Third quarter was another quarter where we outperform with stronger than expected revenue.

明年，深水市場的EO也將為我們帶來利多。最後，我想總結一下我認為大家應該要注意的幾個面向。首先，第三季我們再次表現出色，營收超出預期。

EBITDA and cash flow. We like the cadence that we're on. Second, we continue to wind work both offshore and now with the significant wins in Argentina that Brady mentioned. The base business is performing in a challenging market environment.

EBITDA 和現金流。我們喜歡現在的節奏。其次，我們繼續在海上開展風電項目，現在我們在阿根廷也取得了布雷迪提到的重大勝利。基礎業務在充滿挑戰的市場環境下表現良好。

Third, the immediate milestones we laid out is the road markers for 2030 are materializing. EO volumes are increasing and EOS is launching to build out their second line. The bromine plant remains on schedule and within budget, all self-funded.

第三，我們制定的近期里程碑是 2030 年的路線圖，這些路線圖正在逐步實現。EOS 的產量正在增加，EOS 正在啟動建造其第二條生產線。溴工廠的建設按計劃進行，且未超出預算，所有資金均來自自籌。

The front-end engineering study for the first decenthalation facility was completed on schedule and confirmed by cappex and OE numbers. Now we are changing terms and pricing with customers and we're ex expect and we're expanding our business internationally with the Argentina wins that Roy mentioned during the investor days as a goal.

首個脫氧設施的前端工程研究已按計劃完成，並透過資本支出和原始設備數據確認。現在我們正在與客戶改變條款和定價，我們非常期待，我們正在將業務拓展到國際市場，Roy 在投資者日上提到的在阿根廷取得成功就是我們的目標。

The journey towards one tetra 2030 remains on schedule.

邁向2030年一個四方地球的旅程仍在按計畫進行。

Brady, let me turn it back to you for closing comments.

布雷迪，現在把總結發言的機會交給你了。

Thanks, Leo.

謝謝你，Leo。

Despite the ongoing macroeconomic and energy market uncertainty, we have strong conviction in the longer-term outlook, our ability, proven ability to differentiate in the markets in which we operate and our one of 2030 strategy. With that, we'll turn it open for questions.

儘管宏觀經濟和能源市場持續存在不確定性，但我們對長期前景、我們自身能力、我們在所經營市場中脫穎而出的能力以及我們的 2030 年策略充滿信心。接下來，我們將開放提問環節。

(Operator Instructions)

（操作說明）

Your first question comes from the line of Bobby Brooks with Northland. Please go ahead.

你的第一個問題來自 Bobby Brooks 與 Northland 的淵源。請繼續。

Hey, good morning, guys. Thanks for taking the question and want to congrats lie on an incredible career.

嘿，大家早安。感謝您回答這個問題，並祝賀您擁有如此輝煌的職業生涯。

Just first on the Oasis commercial engineering, it's great to hear you completed the feed study, but I just wanted to understand. Are there any further engineering work that needs to be completed or just maybe more broadly, what are the next steps there?

首先，關於 Oasis 商業工程，很高興聽到你們完成了飼料研究，但我只是想了解一下。是否還有其他工程工作需要完成？或者更廣泛地說，下一步該怎麼做？

Yeah, no, certainly, Bobby.

是的，當然，鮑比。

Yeah, no, the feeds is an important milestone because it validates, what we had estimated in terms of the CapEx and the apex and the overall financials.

是的，沒錯，數據公佈是一個重要的里程碑，因為它驗證了我們先前對資本支出、高峰和整體財務狀況的估計。

For our desalination technology. 25,000K is still a relatively small scale commercial plant. We expect, in fact, the discussions we're having are, much larger facilities where the economics will even get improved from there, as we get higher volumes.

用於我們的海水淡化技術。25,000K 仍然是一個規模相對較小的商業工廠。事實上，我們預期我們正在討論的是規模更大的工廠，隨著產量的增加，經濟效益還會進一步提高。

But the next steps are really socializing, discussing these, the economics, financials with the customers that we're engaged with, as we've mentioned before, we've got seven NDAs in place, those customers have been waiting for us to get to a point where we could have commercial discussions and and those those discussions are initiated.

但接下來的步驟其實是與我們正在接觸的客戶進行社交，討論經濟、財務等問題。正如我們之前提到的，我們已經簽署了七份保密協議，這些客戶一直在等待我們達到可以進行商業討論的階段，現在這些討論已經開始了。

So as far as additional engineering, we have enough confidence in the engineering that's been done to this point to enter into commercial discussions and a contract, but there is still the, detailed engineering that has to be done in order to construct the final plan. So that, that'll be part of the next steps.

因此，就額外的工程設計而言，我們對目前為止完成的工程設計有足夠的信心進行商業洽談並簽訂合同，但為了構建最終方案，仍然需要進行詳細的工程設計。所以，這將是下一步工作的一部分。

Would that detail engineering to then construct the final plan would is it reasonable to think that that would.

詳細工程設計能否最終建構出完整的方案？這種想法合理嗎？

Be kicked off once a commercial agreement was signed or that maybe come before that that when.

一旦簽署商業協議，或在此之前，就可能被解僱。

Yeah, we'll most likely, I mean, we have high confidence in commercializing this technology, and so we're already getting a proposal together from the engineering firm that we're working with to start the detailed engineering ahead of any commercial contracts.

是的，我們很有可能，我的意思是，我們對這項技術的商業化非常有信心，所以我們已經在和我們合作的工程公司一起準備一份提案，以便在簽訂任何商業合約之前開始詳細的工程設計。

Very helpful color and then just on the CFP sales, so I'd step down about $19 million sequentially, but obviously it's more importantly up $15 million year over year and obviously a big factor on the sequential step down is the absence of Neptune jobs in the seasonal industrial industrial calcium chloride sales.

顏色非常有幫助，然後就 CFP 銷售額而言，我認為環比下降約 1900 萬美元，但顯然更重要的是同比增長 1500 萬美元，而環比下降的一個重要因素顯然是季節性工業氯化鈣銷售中缺少 Neptune 的工作。

What I was hoping to get a little bit more color on is. Thinking about that $90 million step down, is that all essentially the absence of those two factors and then reversely looking at the $15 million dollar year over year increase, could you maybe break down what were the different breakdown, what were the different factors that drove that growth? Thank.

我希望能夠更詳細地描述一下。考慮到9000萬美元的下滑，這是否主要是由於缺少這兩個因素造成的？反過來，再看看1500萬美元的年成長，您能否分析不同的構成因素，以及推動這一成長的不同因素是什麼？感謝。

You.

你。

Leo, you want to take.

利奧，你想拿。

That one? Yeah, so Bobby, the vast majority of it was the European calcium chloride seasonality, and recall that we also had a Neptune, a well and half of Neptune that we completed in the second quarter.

那個？是的，鮑比，絕大部分原因是歐洲氯化鈣的季節性波動，而且你還記得我們在第二季度完成了海王星一口半井的開採嗎？

So it was those two partially offset by the ramp up in activity in Brazil that we've been talking about.

所以，正是這兩個因素部分被我們一直在討論的巴西經濟活動的加速成長所抵銷。

Fair enough, thank you.

好的，謝謝。

Your next question comes from the line of Martin Malloy with Johnson Rice. Please go ahead.

你的下一個問題來自馬丁·馬洛伊和約翰遜·賴斯的系列文章。請繼續。

Good morning, Leo. Best of luck with your future endeavors upon retirement.

早上好，Leo。祝福您退休後的未來一切順利。

Thank you.

謝謝。

First question I wanted to ask about was just in terms of the offshore market, it seems like it's been strengthening for you all. And when you look at the subc preorders for the industry, they've been trending up.

我首先想問的是關於離岸市場的問題，看起來對你們來說，離岸市場一直在走強。當你觀察整個產業的子系列預購情況時，你會發現它們一直呈現上升趨勢。

Can you maybe talk about your confidence as you look forward to 26, 27, and any early indications as to whether Neptune projects are a possibility in 206?

能否談談您對 26 日、27 日的信心，以及 206 日海王星計畫是否有可能開展的早期跡象？

Yeah, sure. Thanks, Marty. Now, look, we have, we see the same thing you do with the offshore activity from our customers' discussions as well as the subtre subtre, subsea tree orders.

當然可以。謝謝你，馬蒂。現在，你看，我們從客戶的討論中也看到了與你們在海上活動以及海底採油樹訂單方面相同的情況。

So yes, we have a strong confidence in 26 and 27 and beyond, quite frankly, we think that the deep water market is going to be on a pretty nice long run.

所以，坦白說，我們對 26 年和 27 年以及以後的市場充滿信心，我們認為深水市場將會迎來一段相當不錯的長期發展期。

Certainly as the US shale play starts starts to plateau. But in terms of Neptune, I think our pipeline is as strong as it's ever been. So I would say we have a fairly high degree of confidence that we will be executing.

當然，隨著美國頁岩油氣開發開始趨於平穩，情況肯定會改變。但就海王星而言，我認為我們的管道建設一如既往地強大。所以我認為我們有相當高的信心能夠成功執行。

Work in 2026 and beyond with Neptune. Obviously, we don't want to give any specific, information on that until we have the well defined the project awarded, and then we can give more detail, but we have, we have a high confidence level.

與海王星一起展望 2026 年及以後的未來。顯然，在項目授予明確之前，我們不想透露任何具體信息，之後我們可以提供更多細節，但我們對此有很高的信心。

Great, thank you. And for my follow-up question, wanted to ask about on the desalinization side and very encouraging to see the you expect a first commercial project in the early 2026.

太好了，謝謝。我的後續問題是，我想問一下海水淡化方面的情況，非常令人鼓舞的是，你們預計第一個商業項目將在 2026 年初啟動。

Can you remind us of the the capital cost for one of these standard facilities and and maybe your outlook for initial couple commercial projects, whether they're going to be owned by the customer.

您能否提醒我們這些標準設施的資本成本，以及您對最初幾個商業項目的展望，這些項目是否會由客戶擁有？

The facilities that is are owned by Tetra, how that breaks down.

Tetra公司擁有的設施，其具體構成如下。

Yeah, I'll answer the commercial model, Marty, that we are utilizing. First of all, the core technology within the plant will always be owned by Tetra.

是的，馬蒂，我會回答我們正在使用的商業模式。首先，工廠的核心技術將始終歸 Tetra 所有。

We have a couple of different commercial models. One is a licensing model, a long-term licensing model, but what Tetra will continue to maintain ownership. We have a shared capital, a project. Financials as well as one where the customer funds the capital if they have a lower cost of capital and they prefer to do that.

我們有幾種不同的商業模式。一種是許可模式，一種長期許可模式，但 Tetra 將繼續保持所有權。我們擁有共同的資金，共同進行一個專案。財務方面，還有一種情況是，如果客戶的資金成本較低，而且他們更願意這樣做，那麼客戶就可以自己出資。

So we have a couple of different models with that type of flexibility, but in either case, Tetravv will maintain control and ownership of the of the core technology within within the plant itself.

因此，我們有幾個具有這種靈活性的不同模型，但無論哪種情況，Tetravv 都將保持對工廠內部核心技術的控制和所有權。

As far as the CapEx goes, I think general industry numbers that are out there are, a million dollars of CapEx for every 1,000 barrels of DSA.

至於資本支出方面，我認為目前已知的行業普遍數據是，每生產 1,000 桶 DSA 需要 100 萬美元的資本支出。

I would say that those numbers are are relative to the core technology that we bring to the equation. There's also Civil works and depending on, where power is derived for the project that would be an addition to that. But those those are order of magnitude type numbers that we're confident in.

我認為這些數字是相對於我們引入的核心技術而言的。此外還有土建工程，而且根據工程電力來源的不同，電力供應也會增加這部分費用。但這些都是數量級上的數字，我們有信心準確無誤。

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

太好了，謝謝。我會把它轉回去。

Your next question comes from the line of Steven Gingaro with Staple. Please go ahead.

你的下一個問題來自 Steven Gingaro 與 Staple 的對話。請繼續。

Thanks. Good morning, everybody.

謝謝。大家早安。

Good morning. Good morning, Stephen.

早安.早安，史蒂芬。

I apologize if you touched on this earlier, but at a high level when we think about 26 versus 25 and we think about the first half of 25 and the fluid side, can you outline the puts and takes into 26, maybe even off the back half of 25 if it's it's easier given what we know about.

如果您之前已經提到過這一點，我深表歉意。但是，從宏觀層面來說，當我們考慮 26 與 25 時，當我們考慮 25 的前半部分和其流動性方面時，您能否概述一下對 26 的買入和賣出策略，如果考慮到我們對 25 後半部分的了解，這樣做更容易的話，甚至可以概述一下對 26 的買入和賣出策略。

The deepwater fluid business in the first half and then and maybe along with that you you did mention confidence in the deep water business. What's the timing look like because it it sounds like the ramp recovering deep water is kind of a mid 26 event based on what some of the larger cap service guys are playing and how does that kind of fold into the timing of your process?

上半年深水流體業務，以及您可能也提到的對深水業務的信心。時間安排如何？因為根據一些大型油氣田服務公司的預測，深水區恢復營運似乎要到 26 年中期才會發生，這又如何融入你們的流程時間安排呢？

Yeah, I'll take that first, Steven, and then Elio let you add some additional.

好的，史蒂文，我先拿走這個，然後艾利歐會讓你再加一些。

Comments. So as we look forward to 2026, there's a couple of, really strong growth pieces of our business. We mentioned Argentina, the awards that we've recently received, as I mentioned, we should double our revenue. In Argentina in 2026/2025.

評論。展望 2026 年，我們業務中有幾個非常強勁的成長點。我們提到了阿根廷，以及我們最近獲得的獎項，正如我之前提到的，我們的收入應該會翻倍。2026/2025 年在阿根廷。

Even the Middle East with the recent sandstorm awards, that will be some additional growth for us. EOS will be, as anticipated to be a very large material ramp up from us.

即使是最近因沙塵暴而遭受損失的中東地區，也會為我們帶來一些額外的成長。正如預期的那樣，EOS 將是我們大幅增加材料產量的一個面向。

EOS activity for us in 2025. It's well up over 2024, but it's still, I would say it's not really, has not really been a material part of our business so far. It will, we believe it will be very much so material business for us in 2026.

EOS 2025 年的活動。雖然比 2024 年高得多，但我仍然認為，到目前為止，它還不是我們業務的實質組成部分。我們相信，到 2026 年，它將對我們的業務產生非常重要的影響。

As far as the deepwater work, the markets that we're strongest in the Gulf of America, Brazil, North Sea, particularly on the Norway side, we have good visibility into the projects and our customer plans for those markets in 26.

就深水作業而言，我們在美洲灣、巴西、北海，特別是挪威一側的市場實力最強，我們對這些市場的專案和客戶計畫有很好的了解。

And so we, that's why we have a confidence level and because of those markets and those customers for us in 26. Now, the Neptune can move the deal for us as you well know.

所以，這就是為什麼我們有信心，也是因為這些市場和這些客戶在 26 月為我們所做的一切。如你所知，海王星可以幫我們促成這筆交易。

Our confidence level, as I've mentioned, is high for 2026. Now whether those come in the first half of the year or second half of the year, we'll give a little more color as we get into, the start of the year, with a little bit there's a visibility on that, but those are all contributing factors to what we think will be a pretty strong 2026 for us on the deepwater side.

正如我之前提到的，我們對 2026 年充滿信心。至於這些進展是在今年上半年還是下半年，我們會在年初的時候給出更詳細的說明，目前已經有一些跡象表明情況會如何，但這些都是促成我們認為2026年我們在深水業務方面會取得相當強勁成績的因素。

Milli here, did you want to add anything?

我是米莉，你還有什麼要補充的嗎？

Kirk, hey Steven, you referenced an interesting point just on rig activity. Look, as right, the rig count doesn't necessarily, it underrepresents what our opportunity set is from the completion side.

柯克，嘿，史蒂文，你剛才提到的關於鑽井平台活動的一個觀點很有意思。如前面所說，鑽井平台數量不一定能反映我們在完井的機會。

So I would not necessarily take what you're hearing from the the drilling contractors about a little bit of a lull in contracting activity and suggest that there's any direct correlation to our outlook for the completion side of the business.

因此，我並不認為你從鑽井承包商那裡聽到的關於承包活動略有減少的說法與我們對完井業務前景的展望有任何直接關聯。

Yeah, and, even to add if you want to sequence the second half of this year to the first half of next year, Brady mentioned Argentina, we got a ramp up occurring there. Obviously we expect yield continues to increase volumes.

是的，而且，如果你想把今年下半年和明年上半年聯繫起來，布雷迪提到了阿根廷，我們在那裡正在逐步增加投入。顯然，我們預期產量將持續成長。

Every second quarter we we see around a $15 million dollar increase in our Europe calcium chloride business, and the Brazil market continues to perform quite nicely for us. So there's quite a few tailwinds that I think are going to benefit us in the first half of.

每兩個季度，我們歐洲氯化鈣業務的收入都會成長約 1,500 萬美元，而巴西市場也持續為我們帶來相當不錯的業績。所以我認為，上半年有很多利多因素會對我們有利。

Next year compared to the second half of this year.

明年與今年下半年相比。

I don't know if you'll answer this, but if we exclude EOS, does fluids grow 26/25?

我不知道你會不會回答這個問題，但如果我們排除EOS，流體是否會成長26/25？

We believe so because of the the water market and the activity that we're seeing out there.

我們認為這是因為水市場以及我們目前看到的市場活動。

Okay, great.

好的，太好了。

That is all for me. I appreciate all the.

這就是我全部的內容。我感謝所有人。

Color.

顏色。

Your next question comes from the line of Tim Moore with Clear Street. Please go ahead.

你的下一個問題來自 Clear Street 樂團的 Tim Moore。請繼續。

Thanks and congratulations to Leo for his retirement plan and he will be well missed. So.

感謝並祝賀Leo的退休計劃，我們會非常想念他的。所以。

Just maybe starting out on desalination.

或許可以先從海水淡化入手。

You maybe provide us with an update on the beneficial reuse, a growing season, for EOG, I can't remember if that needed maybe two growing seasons and then just on the topic, you talked about feed study and progress and everything.

您或許可以給我們一些關於有益再利用、生長季、EOG（我不記得是否需要兩個生長季）​​的最新信息，然後就這個話題而言，您談到了飼料研究和進展等等。

Can you just maybe remind us of any remaining regulatory related milestones that that first customer might have to do in Texas to get signed off to really start the construction.

您能否提醒我們一下，第一位客戶在德州還需要完成哪些監管相關的里程碑，才能獲得批准真正開始施工？

Yeah, I think that the regulatory side of that equation is, has really been constructive Tim over this past year. I mean we're again, a reminder that, we're not the ones that apply for the permit.

是的，我認為在過去一年裡，蒂姆在監管方面確實取得了巨大的建設性進展。我的意思是，我們再次提醒大家，我們不是申請許可證的人。

Our customers are, so they're the ones who will still own the water and will be responsible for the permitting, but all of the information that we have, tells us that is being. Well facilitated by the regulators these days, so no real concerns on that on that side of it.

我們的客戶是水的所有者，所以他們仍然擁有水的所有權，並負責辦理許可證，但我們掌握的所有資訊都表明，這種情況正在發生。如今監管機構提供了很好的便利，所以這方面沒什麼好擔心的。

As far as the program we have with EOG, we do have an NDA in place on that project, and so, we're limited to the details that we can give, we can say it's going very smoothly, very successfully, and very encouraged by the progress of the pilot.

至於我們與 EOG 的合作項目，我們與 EOG 簽署了保密協議，因此，我們能透露的細節有限，只能說項目進展非常順利、非常成功，試點項目的進展也讓我們非常鼓舞。

It is a grasslands studies as we've, it's actually a grasslands growth project. But that's really as much detail as we can share at this point other than it's going very well.

這是一項草原研究，實際上它是一個草原生長計畫。但目前除了進展非常順利之外，我們真的只能透露這麼多細節了。

Understood that that was helpful color and then just, switching gears to EOS Energy, they hold their quarterly earnings call next week on the 6th.

明白了那很有幫助的顏色，然後，我們換個話題，說說 EOS Energy，他們將於下週 6 號舉行季度收益電話會議。

Can you just give us a sense of maybe, Tetra's lead time visibility, rolling orders. I mean, is it kind of a rolling, 60 days or 90 days advanced planning period, for you to get the solutions ready for ure fillow plus and electrolytes, just kind of thinking about that, as we model out the fourth quarter and that probably ramps up for them and you benefit.

您能否簡要介紹一下 Tetra 的交貨週期可見度以及滾動訂單的情況？我的意思是，這是否是一個滾動式的、60 天或 90 天的提前規劃期，以便你們為 ure fillow plus 和電解質做好準備？我只是在考慮這個問題，因為我們正在模擬第四季度，這可能會對他們有利，你們也會從中受益。

Yeah.

是的。

So we're in constant dialogue with the, on a weekly basis between our manufacturing team and their procurement team at the executive level, appears to be almost like a weekly or every other week call.

因此，我們與他們保持著持續的對話，我們的製造團隊和他們的採購團隊在高層之間每週都會進行溝通，似乎幾乎每週或每隔一周都會進行一次電話會議。

Once we get the purchase orders, we can turn it around quite quickly. As we're producing the electrolyte out of our West Memphis facility. That facility is producing the the zinc bromide that is either used for the offshore market or we further purify it and increase the purity levels there to meet the EO's demands.

一旦收到採購訂單，我們就能很快完成生產。我們正在西孟菲斯工廠生產電解液。該工廠生產的溴化鋅要么用於海上市場，要么我們在那裡進一步提純，提高純度，以滿足EO的要求。

And all the incremental products that we buy are available on short orders, so we can turn around purchase orders within 30 days from you.

我們購買的所有增量產品都可以快速訂購，因此我們可以在收到您的採購訂單後 30 天內完成交付。

Great. That, that's really helpful, color, and then, my last question is because most of the others already asked.

偉大的。那真的很有幫助，顏色，然後，我的最後一個問題是，因為其他人已經問過了。

And my favorite thing in the last few years has been desalination, but you don't get asked a lot about your calcium chloride business, and you know we know there's seasonality drop in the third quarter every year. But how would you kind of quantify maybe that overall business, nine months year-to-date, does it grow more than 5% this year, the industrial accounting clients?

近年來我最喜歡的事情是海水淡化，但很少有人問起你的氯化鈣業務，而且你知道，我們都知道每年第三季都會出現季節性下滑。但是，如何量化今年前九個月的整體業務成長情況，例如工業會計客戶今年的成長是否超過 5%？

So Brady, I'll take that 111 of the things that we joke about is our the leader for our calcium chloride business, Tim Mo, every time he gets in front of the board, he talks about our record quarter, and they literally have been achieving a record quarter with the calcium chloride business.

所以，布雷迪，我同意你的說法，我們開玩笑的其中一件事是，我們氯化鈣業務的負責人蒂姆·莫，每次他出現在董事會面前，都會談到我們創紀錄的季度業績，而他們確實在氯化鈣業務方面取得了創紀錄的季度業績。

They have found, additional applications for the for the calcium chloride. They continue to expand and gain market share. So that business is one of our little crown jewels that probably isn't recognized and appreciated as much as it should, and they've been outperforming the consumer price index by a nice factor.

他們發現了氯化鈣的其他用途。它們持續擴張並不斷擴大市場份額。所以，這家企業是我們引以為傲的瑰寶之一，但它可能沒有得到應有的認可和讚賞，而且它的業績已經遠遠超過了消費者物價指數。

And if I could just add to that, Tim, if we look as we laid out in our investor day, that business tends to outpace the growth of GDP by something north of 300 basis points.

提姆，如果我可以補充一點，正如我們在投資者日上闡述的那樣，該行業的增速往往比 GDP 增速高出 300 個基點以上。

No, yeah, it's, I'm pretty familiar with that, I think the investors just really haven't caught on in the last few years that I mean it was something like I calculated, 35% to 40% or, you, last year or the year before, so I'm always curious of how that's going. It seems like it's going great, so that's it for my questions. Thank.

不，是的，我很熟悉這一點，我認為投資者在過去幾年裡還沒有真正意識到這一點，我的意思是，我計算過，去年或前年這個比例是 35% 到 40%，所以我一直很好奇現在的情況如何。看起來一切進展順利，我的問題就這些了。感謝。

You, Tim. I will add that we updated our investor deck and posted it on our website this morning to reflect Q3 numbers, and it includes TTM Q3 calcium chloride revenue and the trend. I encourage you to take a look at it to appreciate how that business is performing.

你，提姆。我還要補充一點，我們今天早上更新了投資者演示文稿，並將其發佈在我們的網站上，以反映第三季度的數據，其中包括第三季度過去12個月的氯化鈣收入及其趨勢。我建議您去看一下，以便了解這家企業的經營狀況。

Oh, that's great. That's good visibility. Thanks, Leo.

哦，那太好了。能見度很好。謝謝你，Leo。

Your next question comes from the line of Josh Jane with Daniel Energy Partners. Please go ahead.

你的下一個問題來自丹尼爾能源合作夥伴公司的喬許簡。請繼續。

Good morning. Thanks for taking my question. First, just as we think about offshore opportunities in the next year, you've hit on it a little bit. Maybe you could just talk through your key markets, Brazil, Gulf of America, North Sea, and in the event that we've seen this over the last couple of years.

早安.謝謝您回答我的問題。首先，正當我們思考明年海外發展機會的時候，您已經稍微提到了這一點。或許您可以談談您的主要市場，例如巴西、美洲灣、北海，以及我們在過去幾年所看到的市場狀況。

Things can slip to the right when thinking about offshore projects.

在考慮海外項目時，事情可能會朝著錯誤的方向發展。

Could you discuss which of those markets you may expect to hold up better than others in the event operators become increasingly cautious and just talk through those opportunities a bit more?

您能否談談，如果業者變得越來越謹慎，您認為哪些市場可能會比其他市場表現得更好，並更深入地探討一下這些機會？

Yeah, sure, Josh. I mean.

好的，當然，喬許。我是說。

I think, keep in mind the Brazil Awards that we were awarded, we, we've really only seen a half a year of benefit from Brazil this year. So next year we're expecting to see a full benefit and not really anticipating any.

我認為，請記住我們獲得的巴西獎項，但實際上，我們今年只從巴西獲得了半年的收益。所以明年我們預計會看到全部的收益，而不是真的期待任何收益。

Any change to that program, I would say the same for the Gulf of America we've mentioned in our investor day, as more and more operators start moving out to the lower tertiary, these wells are have have significant productivity.

對於該計劃的任何改變，我想說，就像我們在投資者日上提到的美洲灣一樣，隨著越來越多的運營商開始向下游三級層移動，這些油井的產量非常高。

And even in a lower cost environment we anticipate those projects to continue to move forward so no real change in our outlook for for Gulf of America and then North Sea, I'd say the same. Ecuador and the and the businesses in Norway continue a very strong pace again, we're not anticipating much change there.

即使在成本較低的環境下，我們也預計這些項目將繼續推進，因此我們對美洲灣和北海的展望不會發生真正的變化，我的看法也是如此。厄瓜多爾和挪威的商業活動繼續保持強勁勢頭，我們預計那裡不會有太大變化。

Now keep in mind the rest of the markets, even though we may not have a strong service operation in a lot of other markets around the world, we do sell our completion fluids through the major service providers. Since again, they don't manufacture their own completion fluids, they buy them from companies like Tetra.

現在請記住其他市場，儘管我們在世界許多其他市場可能沒有強大的服務運營，但我們確實透過主要服務提供者銷售我們的完井液。由於他們不自己生產完井液，所以他們從 Tetra 等公司購買。

So we actually have a pretty strong market presence around international markets around the world, but through the service providers that can probably be a little bit more volatile than the three key markets that I've mentioned and we'll see as we get into the 2026 planning process with our customers. But again, we're Everything we're hearing about the deep water market is is is a multi-year growth story for us.

因此，我們實際上在全球國際市場上擁有相當強大的市場地位，但透過服務供應商，這些市場可能比我提到的三個主要市場波動性更大，我們將在與客戶一起進入 2026 年規劃過程中看到這一點。但話說回來，我們聽到的所有關於深水市場的消息都表明，對我們來說，這是一個需要多年才能實現成長的故事。

Josh, the other thing I would add is if you look at our investor deck and our historical results for the completion fluids and product segment, those margins hold up in almost any cycle during COVID, we saw margins improved in 20 during the COVID years over the prior year.

Josh，我還要補充一點，如果你看看我們的投資者簡報以及完井液和產品部門的歷史業績，你會發現這些利潤率在幾乎任何週期內都能保持穩定，即使在新冠疫情期間，我們也看到20個年份的利潤率比上一年有所提高。

So that business has strong resilient margins even during slower periods.

因此，即使在業務低迷時期，該企業也能保持強勁且穩定的利潤率。

Absolutely, and then as the follow-up, I just wanted to, maybe you could talk about sandstorm and opportunities in Saudi just as a, how do you see that evolving as potentially a multi-year opportunity? Could you speak to that a bit more?

當然可以。接下來，我想問的是，您能否談談沙烏地阿拉伯的沙塵暴以及由此帶來的機遇，您認為這會如何發展成為一個可能持續多年的機會？能再詳細談談這方面嗎？

And is that the type of product and business that is ultimately going to consume more of your capital over the next two to three years? Thanks.

而這種產品和業務類型，最終會在未來兩到三年內消耗你更多的資金嗎？謝謝。

Yeah, absolutely. Yeah, I mean it's very exciting opportunity for us. I mean, we're starting to really see, unconventional activity outside of the US ramp up. As I've mentioned, our Argentina growth, which really was fueled by sandstorm, and our, production testing capabilities.

是的，絕對的。是的，這對我們來說是一個非常令人興奮的機會。我的意思是，我們開始真正看到，美國以外的非常規活動正在加劇。正如我之前提到的，我們在阿根廷的成長實際上是由沙塵暴和我們的生產測試能力所推動的。

Is going to double next year compared to this year. It's anticipated to double compared to this year. Now Saudi, we're not seeing that type of growth yet, but having our first award with Sandstorm is a great start because it typically leads to the, growth of other pieces of our business as we've seen in Argentina.

明年將比今年翻倍。預計今年將比今年翻倍。目前，我們在沙烏地阿拉伯還沒有看到那種成長，但是與 Sandstorm 達成的第一個合作協議是一個很好的開端，因為它通常會帶動我們其他業務的成長，就像我們在阿根廷看到的那樣。

So yeah, we're we're very excited about, getting a foothold into that market with such a key piece of technology that that will be a catalyst for growth force.

是的，我們非常興奮能夠憑藉這項關鍵技術在這個市場站穩腳跟，這將成為成長的催化劑。

Thanks, I'll turn it back.

謝謝，我會把它改回去。

Again, if you would like to ask a question, press star send the number one on your telephone keypad.

再次提醒，如果您想提問，請按星號鍵，然後按電話鍵盤上的數字 1。

There are no further questions at this time. I will now turn the call back over to Brady Murphy for closing remarks.

目前沒有其他問題了。現在我將把電話交還給布雷迪·墨菲，請他作總結發言。

Thank you. I appreciate everyone joining us for the call today. Again, despite the current, macro and energy markets on certainly, again, we have very strong convictions and our base business performing to the levels that it is as well as the future outlook, again related to our [12,030] strategy.

謝謝。感謝今天所有參加電話會議的各位。儘管當前宏觀經濟和能源市場確實存在問題，但我們仍然非常堅定地相信我們的基礎業務能夠達到目前的水平，並且對未來前景充滿信心，這與我們的[12,030]戰略有關。

So thank you very much for your participation.

非常感謝您的參與。

We conclude the call.

通話結束。

Ladies and gentlemen, this concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining. You may now disconnect.

感謝各位的參與。您現在可以斷開連線了。