TETRA Technologies, Inc. (TTI) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is Carly, and I will be your conference operator today. At this time, I would like to welcome everyone to the TETRA Technologies, Inc.'s 1Q 2026 earnings conference call. (Operator Instructions)

感謝您耐心等候。我叫 Carly，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 TETRA Technologies, Inc. 2026 年第一季（1Q 2026）財報電話會議。(接線員指示)

Thank you. I would now like to turn the call over to Kurt Hallead. Please go ahead.

謝謝。接下來我想把電話交給 Kurt Hallead。請開始。

Good morning and thank you for joining TETRA's first-quarter 2026 earnings call. Speakers on today's call will be Brady Murphy, President and Chief Executive Officer; and Matt Sanderson, Chief Financial Officer.

各位早安，感謝您參加 TETRA 2026 年第一季財報電話會議。今天的與會講者包括總裁兼執行長 Brady Murphy，以及財務長 Matt Sanderson。

Before we begin, I'd like to call your attention to the Safe Harbor statement in our Form 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. Actual results may differ materially from those expressed or implied. In addition, we may refer to adjusted EBITDA, free cash flow and other non-GAAP financial measures. Please refer to our press release for GAAP reconciliations and note that these reconciliations are not a substitute for GAAP financials.

在開始之前，我想請各位留意我們 10-Q 表格中的「安全港」聲明。我們今天所做的部分評論可能屬於前瞻性陳述，並受我們向 SEC 申報文件中所列之風險與不確定性影響。實際結果可能與所明示或暗示者有重大差異。此外，我們可能會提及調整後 EBITDA、自由現金流及其他非 GAAP 財務衡量指標。請參閱我們的新聞稿以取得 GAAP 對帳資訊，並請注意，這些對帳並不能取代 GAAP 財務報表。

As such, we encourage you to refer to our 10-Q that was filed yesterday. After Brady and Matt provide their comments, we will open the line for Q&A.

因此，我們鼓勵各位參閱我們於昨日提交的 10-Q。在 Brady 與 Matt 發表評論後，我們將開放問答。

I'll now turn the call over to Brady.

現在我把電話交給 Brady。

Thank you, Kurt, and good morning, everyone. Welcome to TETRA's first-quarter 2026 earnings call. I'll walk through the very positive first-quarter highlights, how TETRA is positioned in this uniquely uncertain time, and the progress towards our 2030 targets before turning it over to Matt to cover more detailed financials and the balance sheet.

謝謝你，Kurt，各位早安。歡迎參加 TETRA 2026 年第一季財報電話會議。我將先說明第一季非常亮眼的重點、在這個高度不確定的特殊時期 TETRA 的定位，以及我們朝 2030 年目標推進的進展，之後再交給 Matt 說明更詳細的財務數據與資產負債表。

Despite the backdrop of one of the most tumultuous periods in the history of the oil and gas industry, we started 2026 with one of the strongest first-quarter performances in the company's past 10 years. If we exclude the benefit of the Gulf of America Neptune project in the first quarter of last year, revenue of $156 million and adjusted EBITDA of $26 million were 10-year highs as were the first quarter results for both Brazil and Gulf of America.

儘管油氣產業正處於史上最動盪的時期之一，我們在 2026 年開局即繳出公司過去 10 年中最強勁的第一季表現之一。若排除去年第一季「美洲灣（Gulf of America）」Neptune 專案帶來的貢獻，營收 1.56 億美元與調整後 EBITDA 2,600 萬美元皆創 10 年新高；巴西與美洲灣兩地的第一季表現亦同創 10 年新高。

In addition, the Industrial Chemicals and Production Testing subsegments each delivered 10-year high revenues with strong margin contributions. What encourages us most -- encourages most about our results is that the operational and financial fundamentals for each of our segments and many of our subsegments are improving even before the benefit of current elevated oil prices and potential increased customer spending activity.

此外，工業化學品（Industrial Chemicals）與生產測試（Production Testing）兩個次分部的營收也各自創下 10 年新高，並帶來強勁的毛利貢獻。最令我們振奮的是——我們的成果最令人鼓舞之處在於：即使尚未受惠於目前偏高的油價與客戶支出活動可能增加，我們各事業部以及多個次分部的營運與財務基本面已在改善。

At current oil prices, we anticipate offshore projects could be pulled forward and unconventional activity in the US will eventually respond. Combine this with the significant growth opportunities laid out in our ONE TETRA 2030 strategy, which I will update later on our call, we feel very good about how TETRA is positioned for 2026 in the coming years.

在目前油價水準下，我們預期離岸專案可能提前推進，而美國的非常規活動最終也將做出反應。再結合我們 ONE TETRA 2030 策略中所揭示的重大成長機會（我稍後會在電話會議中更新），我們對 TETRA 在 2026 年及未來幾年的定位感到非常有信心。

Regarding the ongoing conflict in the Middle East and given that this region has historically accounted for about 5% of the company's revenue, we do not expect an overall negative impact on our financial results. That is because what we have seen so far is activity in our core business regions of the US, Europe, and Latin America will likely offset any reductions that may occur in our Middle East business. This applies to our supply chain as well since all of our chemical manufacturing plants are located in the United States and Europe, and our elemental bromine is sourced from Arkansas, which is also a location of our critical minerals resources.

關於中東持續的衝突，鑑於該地區歷來約占公司營收 5%，我們不預期對整體財務結果造成負面影響。原因在於，截至目前我們所見，美國、歐洲與拉丁美洲等核心業務區域的活動，可能足以抵銷中東業務可能出現的任何下滑。供應鏈亦同樣如此，因為我們所有化學品製造工廠皆位於美國與歐洲，而我們的元素溴（elemental bromine）來源於阿肯色州；該地亦是我們關鍵礦物資源的所在地。

Over the longer term, it remains to be seen how the developments in the Persian Gulf, the Middle East will impact the global oil and gas markets and our business. But in general, we believe it could boost investment in the US and international unconventional activity and provide tailwinds to an already robust offshore and deepwater outlook.

從較長期來看，波斯灣與中東局勢的發展將如何影響全球油氣市場及我們的業務，仍有待觀察。但整體而言，我們認為這可能推升對美國與國際非常規活動的投資，並為本已強勁的離岸與深水前景帶來順風。

For Completion Fluids and Products, our Industrial Chemicals business had a record-setting first quarter with revenue up 15% year over year and 13% quarter over quarter. For the first time since 2021, when energy services were suppressed due to COVID-19, it accounted for over 50% of total first-quarter segment revenue. Higher pressure gas plays in South Texas and the Western Haynesville supporting Gulf Coast LNG plants are driving higher volumes of higher-value completion fluids.

在完井液與產品（Completion Fluids and Products）方面，我們的工業化學品業務第一季創下紀錄：營收年增 15%、季增 13%。自 2021 年以來（當時因 COVID-19 使能源服務活動受抑），這是首次其占第一季分部總營收超過 50%。南德州與西部 Haynesville 的高壓天然氣區塊（支援墨西哥灣沿岸 LNG 工廠）正帶動更高量、且更高價值的完井液需求。

Increasing pressures in West Texas due to disposal well pore space are also contributing to higher density fluids for well workovers. Looking forward, we're well positioned heading into our traditional European seasonal second-quarter peak.

由於處置井孔隙空間因素導致西德州壓力上升，也推動修井作業（well workovers）對更高密度流體的需求。展望未來，在我們傳統的歐洲季節性第二季旺季到來之前，我們已具備良好布局。

For Completion Fluids Energy Services, Q1 revenue and adjusted EBITDA in Brazil were at a 10-year high. Although we did not execute any Neptune jobs, our first-quarter Fluids business in the Gulf of America, excluding Neptune work in the first quarter of last year, also recorded a 10-year high in revenue and adjusted EBITDA.

在完井液能源服務（Completion Fluids Energy Services）方面，第一季巴西的營收與調整後 EBITDA 皆創 10 年新高。雖然我們未執行任何 Neptune 作業，但我們在美洲灣的第一季完井液業務（排除去年第一季的 Neptune 作業）同樣在營收與調整後 EBITDA 方面創下 10 年新高。

Regarding Neptune projects, we're very encouraged by the growing pipeline. The trend toward deeper, hotter wells in the Gulf of America continues as evidenced by very strong first-quarter revenues for our highest density Zinc Bromide Completion Fluid. For the Water and Flowback business, despite US frac fleets down 24% year over year and a slow January due to freezing weather, our overall revenue was up 1% year over year and 3% quarter over quarter.

關於 Neptune 專案，我們對持續增加的案源管線感到非常振奮。美洲灣朝向更深、更高溫井的趨勢仍在延續，從我們最高密度的溴化鋅完井液（Zinc Bromide Completion Fluid）第一季營收表現非常強勁即可見一斑。在水處理與返排（Water and Flowback）業務方面，儘管美國壓裂車隊數量年減 24%，且 1 月因冰凍天氣導致進度緩慢，我們整體營收仍年增 1%、季增 3%。

Our Production Testing subsegment reached a 10-year high in the Q1 revenue as our automated SandStorm technology continues to gain market share across the unconventional land operations in the US, Argentina, and the Middle East. Our strategy to grow this segment internationally has been successful. And for the first time in the last 10 years, International Production Testing revenue was over 50% of the total PT subsegment revenue.

我們的生產測試（Production Testing）次分部第一季營收創 10 年新高，因為我們的自動化 SandStorm 技術持續在美國、阿根廷與中東的非常規陸上作業中擴大市占。我們推動該分部國際化成長的策略已證明成功。而且在過去 10 年中首次，國際生產測試營收占整體 PT 次分部營收超過 50%。

Looking ahead to the rest of '26, significant uncertainty remains for oil and gas prices. However, given our geographic footprint, we believe any headwinds from the Middle East will be offset by the strength of our other geo markets. We expect to gain further clarity on customer activity offshore and outside of the Middle East as we move through the second quarter. For now, we are maintaining our prior '26 guidance of single-digit revenue growth over 2025 with Completion Fluid margins between 25% and 30% and Water Flowback in the mid-teens.

展望 2026 年剩餘期間，油氣價格仍存在顯著不確定性。然而，鑑於我們的地理布局，我們認為中東帶來的任何逆風將可由其他地區市場的強勁表現所抵銷。隨著第二季推進，我們預期將對離岸及中東以外地區的客戶活動獲得更清晰的能見度。目前，我們維持先前對 2026 年的指引：相較 2025 年營收呈個位數成長；完井液毛利率介於 25% 至 30%；水處理與返排（Water Flowback）毛利率約在 10% 中段水準。

Turning to our strategic progress towards our ONE TETRA 2030 objectives. At our Investor Day last September, we outlined a clear strategic path for the company. Although much has changed in the world since that event, our view of the company's key growth trajectories across deepwater, specialty chemicals, electrolytes for battery energy storage, critical minerals and desalination of produced water has strengthened. We expect bromine demand to support our deepwater completion fluids and battery storage electrolytes to double by 2030, driving the need for and reliable access to cost-effective elemental bromine, a critical feedstock.

接著談我們朝 ONE TETRA 2030 目標的策略進展。在去年 9 月的投資人日上，我們為公司勾勒出清晰的策略路徑。儘管自那次活動以來世界局勢已有許多變化，但我們對公司在深水、特用化學品（specialty chemicals）、電池儲能用電解液、關鍵礦物，以及產出水淡化等關鍵成長軌跡的看法反而更加堅定。我們預期到 2030 年，溴需求將支撐我們的深水完井液與電池儲能電解液業務並成長至兩倍，進而帶動對具成本效益之元素溴（關鍵原料）需求，以及對其可靠取得能力的需求。

This has become more evident with the current events in the Middle East as well over 50% of the global bromine supply comes from that region. Our bromine plant project in Southwest Arkansas continues to proceed on time and on budget. Phase 2 of the project is underway with Phase 3 slated for 2027 and first production at the start of 2028. The plant is designed to have an annual capacity of up to 75 million pounds, more than double our existing long-term third-party supply agreement.

隨著目前中東局勢的發展，這一點變得更加明顯，因為全球超過 50% 的溴供應來自該地區。我們位於阿肯色州西南部的溴工廠專案持續按期、按預算推進。專案第 2 階段正在進行中，第 3 階段預計於 2027 年展開，並於 2028 年初開始首次投產。該工廠設計年產能最高可達 7,500 萬磅，超過我們現有長期第三方供應協議的兩倍。

TETRA's Electrolyte revenue grew meaningfully in 2025 as US energy information administration reports that a record 15 gigawatts of utility scale battery storage was added to the grid in '25. The EIA projects that another record 24 gigawatts is planned for 2026, representing a 16% growth rate.

TETRA 的電解液營收在 2025 年顯著成長，因為美國能源資訊署（EIA）報告指出，2025 年電網新增公用事業規模電池儲能達到創紀錄的 15 吉瓦。EIA 預測 2026 年還計畫新增另一個創紀錄的 24 吉瓦，代表 16% 的成長率。

As artificial intelligence and cloud computing drive rapid growth in data center power demand, scalable long-duration energy storage is becoming increasingly critical. TETRA's proprietary PureFlow zinc bromide is a key input for these systems, supporting safe, nonflammable performance at utility scale.

隨著人工智慧與雲端運算推動資料中心用電需求快速成長，可擴展的長時儲能變得愈發關鍵。TETRA 專有的 PureFlow 溴化鋅是這些系統的關鍵投入材料，可在公用事業規模下支援安全、不可燃的性能表現。

TETRA's Oasis TDS end-to-end desalination of produced water for beneficial reuse continues to gain momentum with multiple engineering efforts and customer commercial engagements. Since achieving 24/7 steady-state operations 60 days ago (sic - see press release, "50 days"), our Permian Basin pilot project has operated at over 96% uptime and continues to meet our performance specifications.

TETRA 的 Oasis TDS 端到端採出水淡化並用於有益再利用的方案，正透過多項工程推進與客戶商業洽談持續累積動能。自 60 天前達成 24/7 穩態運轉以來（原文如此——見新聞稿「50 天」），我們在二疊紀盆地的試點專案運轉時間（uptime）超過 96%，並持續符合我們的性能規格。

We believe that behind-the-meter power generation, access to affordable natural gas and land, and other factors will drive significant data center growth in West Texas and accelerate the produced water desalination market well ahead of our 2030 targets.

我們相信，表後（behind-the-meter）發電、取得可負擔的天然氣與土地，以及其他因素，將推動西德州資料中心大幅成長，並使採出水淡化市場的發展速度遠超我們 2030 年目標所預期。

Regulatory agencies continue to focus on understanding the technology, setting permitting standards, and encouraging the industry to bring solutions to the produced water disposal challenge. TETRA is honored to participate in the National Petroleum Council Produced Water Committee and to support the recently announced US Environmental Protection Agency Reuse Action Plan 2.0.

監管機構持續聚焦於理解該技術、制定許可標準，並鼓勵產業提出解決採出水處置挑戰的方案。TETRA 很榮幸能參與美國國家石油委員會（National Petroleum Council）採出水委員會，並支持近期公布的美國環境保護署（EPA）再利用行動計畫 2.0。

Regarding TETRA's lithium and magnesium critical mineral resources in Arkansas, we continue to advance relationships with technology providers and conduct engineering studies. We have formed a joint venture with Magrathea Metals to advance domestic magnesium metal production and monetize this asset. The JV will leverage our specialty chemical processing expertise and large-scale magnesium resource base, combined with Magrathea's proprietary electrolytic magnesium production technology, which has been partially underwritten by the US Department of War.

關於 TETRA 在阿肯色州的鋰與鎂關鍵礦物資源，我們持續推進與技術供應商的合作關係並進行工程研究。我們已與 Magrathea Metals 成立合資企業，以推動美國本土鎂金屬生產並將此資產變現。該合資企業將結合我們在特用化學品加工方面的專業與大規模鎂資源基礎，以及 Magrathea 專有的電解鎂生產技術；該技術已部分獲美國戰爭部（US Department of War）資助承擔。

In April, Magrathea successfully converted TETRA Smackover brine, rich in magnesium, into a high-purity magnesium metal at its small pilot operation in the San Francisco Bay Area. The JV named Arkansas Magnesium is currently conducting engineering studies for a first-of-a-kind demonstration plant planned for co-location at the Evergreen bromine site in Arkansas.

4 月，Magrathea 在其位於舊金山灣區的小型試點裝置中，成功將富含鎂的 TETRA Smackover 鹵水轉化為高純度鎂金屬。名為 Arkansas Magnesium 的合資企業目前正就一座同類首創（first-of-a-kind）的示範工廠進行工程研究，該工廠計畫與阿肯色州 Evergreen 溴廠址共址設置。

For lithium, a strong rebound in lithium carbonate prices over the past six months has led us to look at options to accelerate the development of our Evergreen 585,000 metric ton lithium carbonate resources. As a reminder, Evergreen is a 6,900 acre brine unit in Southwest Arkansas on which TETRA owns 65% of the brine mineral rights, and ExxonMobil owns 35%.

就鋰而言，過去六個月碳酸鋰價格強勁反彈，使我們開始評估加速開發 Evergreen 58.5 萬公噸碳酸鋰資源的選項。提醒一下，Evergreen 是位於阿肯色州西南部、面積 6,900 英畝的鹵水單元，TETRA 擁有其中 65% 的鹵水礦權，ExxonMobil 擁有 35%。

The combination of current LCE prices of around $25,000 per metric ton and efficiency advances in direct lithium extraction technology are making this a very attractive option to accelerate. More to come as we look at ways to advance this opportunity.

目前約每公噸 25,000 美元的 LCE 價格，加上直接鋰萃取（DLE）技術在效率上的進展，使得加速推進成為非常具吸引力的選項。隨著我們尋找推動此機會的方式，後續將有更多更新。

With that, I'll turn the call over to Matt.

接下來，我把電話交給 Matt。

Thank you, Brady. Good morning, everybody. Completion Fluids and Products revenue of $92 million and adjusted EBITDA of $26 million increased 10% and 12%, respectively, relative to Q4 2025. The sequential increase was driven by higher sales volumes in our industrial chemicals business and ongoing deepwater projects in the Gulf of America and Brazil that Brady referenced earlier.

謝謝你，Brady。各位早安。完井液與產品（Completion Fluids and Products）營收為 9,200 萬美元，調整後 EBITDA 為 2,600 萬美元，較 2025 年第 4 季分別成長 10% 與 12%。此一季比季的成長，主要由我們工業化學品業務銷售量增加，以及 Brady 先前提到的美洲灣與巴西持續進行的深水專案所帶動。

Year over year, Completion Fluids and Products revenue and adjusted EBITDA decreased 1% and 23%, respectively. As a reminder, our first half 2025 results included high-impact TETRA Neptune projects, which we previously noted, we do not expect to repeat in the first half of this year. That said, the pipeline of deepwater and high-pressure, high-temperature completion opportunities continues to grow. With our best-in-class service delivery and unique fluid chemistry solutions, we are well positioned to participate in the forecasted growth in offshore deepwater activity.

年比年而言，完井液與產品營收與調整後 EBITDA 分別下降 1% 與 23%。提醒一下，我們 2025 年上半年業績包含高影響力的 TETRA Neptune 專案；如我們先前所述，我們預期今年上半年不會重複出現。即便如此，深水以及高壓高溫（HPHT）完井機會的案源仍持續增加。憑藉我們同級最佳的服務交付能力與獨特的流體化學解決方案，我們具備良好條件參與預期中的離岸深水活動成長。

As Brady mentioned earlier, geopolitical unrest in Europe and the Middle East has led to a rapid shift in global market dynamics. As a result, offshore activity in the Middle East has slowed, and logistics into the region continue to face higher costs and shipping delays. Our exposure in the region is relatively small compared with our overall business, but some of our Q2 2026 completion fluid sales in the Middle East could be delayed.

如 Brady 先前提到，歐洲與中東的地緣政治動盪導致全球市場動態快速轉變。因此，中東的離岸活動已放緩，且進入該地區的物流仍面臨更高成本與運輸延誤。相較於我們整體業務，我們在該地區的曝險相對較小，但我們 2026 年第 2 季在中東的部分完井液銷售可能會延後。

However, as mentioned, our calcium chloride and bromine-based completion fluids are manufactured outside the Middle East. As such, our fluid production has been unaffected, and we are seeing an increased number of spot sales inquiries from regions and customers we have not historically supported, which could more than offset any delays.

不過，如前所述，我們的氯化鈣與溴基完井液是在中東以外地區製造。因此，我們的流體生產未受影響；同時，我們也看到來自過去並非我們主要服務的地區與客戶，對現貨銷售的詢問數量增加，這可能足以抵銷任何延遲的影響，甚至有餘。

For Water and Flowback Services, revenue of $65 million increased 3% sequentially and 1% year over year. To put our performance in context, during the same 12-month period, US frac activity declined more than 24% year over year. Adjusted EBITDA of $9 million increased 20% sequentially and 9% from the prior year. The improvement in profitability was driven by cost reduction initiatives and continued market penetration of higher-margin automation technology.

就水務與返排服務（Water and Flowback Services）而言，營收為 6,500 萬美元，季比季成長 3%，年比年成長 1%。為了將我們的表現置於脈絡中，在同一個 12 個月期間，美國壓裂活動年比年下降超過 24%。調整後 EBITDA 為 900 萬美元，季比季成長 20%，較去年同期成長 9%。獲利能力改善主要由成本削減措施，以及高毛利自動化技術持續提升市場滲透率所帶動。

Outside the US, project start-ups in the Vaca Muerta Basin will enable us to double revenue in Argentina in 2026 at margins that are overall accretive to the segment. Compared with the broader market conditions, our outperformance highlights the strength of our service delivery, our differentiated technology, and our geographical diversification.

在美國以外，Vaca Muerta 盆地的專案啟動將使我們 2026 年在阿根廷的營收翻倍，且其利潤率整體上對該事業部門具增益（accretive）。相較於更廣泛的市場環境，我們的優於同業表現凸顯了我們服務交付的實力、差異化技術，以及地理分散布局。

As commodity prices have increased and a 12-month strip price remains above what the market projected at the start of this year, we are seeing our customers consider increasing their activity plans for 2026. Should this occur, we are well-positioned to incrementally benefit from any increase in activity in US shale basins that may result from higher oil and gas prices.

隨著大宗商品價格上升，且 12 個月期貨價格帶（strip price）仍高於市場在今年初的預期，我們看到客戶正在考慮提高其 2026 年的活動計畫。若確實發生，我們具備良好條件，可因油氣價格上漲可能帶動的美國頁岩盆地活動增加而逐步受益。

Regarding our capital structure, we had $36 million in cash and a total debt of $182 million at the end of the quarter, resulting in a net leverage ratio of 1.5 times. Cash used in operating activities was $12 million. Total CapEx was $19 million, including $8.4 million for our Arkansas bromine project. Total adjusted free cash flow was a use of $32 million, and base business adjusted free cash flow was a use of $23.5 million.

關於我們的資本結構，本季末我們持有現金 3,600 萬美元，總負債 1.82 億美元，淨槓桿比率為 1.5 倍。營運活動使用現金為 1,200 萬美元。資本支出（CapEx）合計 1,900 萬美元，其中 840 萬美元用於我們阿肯色州溴專案。調整後自由現金流合計為淨流出 3,200 萬美元，而基礎業務調整後自由現金流為淨流出 2,350 萬美元。

The use of cash was driven by higher incentive compensation tied to our strong 2025 financial results, our three-year return on net capital invested, and our exceptional total shareholder return performance. Cash use also reflected a build in AR balance at the end of the quarter and the seasonal inventory build in Europe, which will be monetized in Q2. We expect to generate positive base business free cash flow in 2026, with that cash being reinvested in our Arkansas bromine plant.

現金的使用主要是因與我們強勁的 2025 年財務表現、三年期投入淨資本報酬率，以及卓越的股東總報酬表現相連結的較高激勵性薪酬所帶動。現金使用也反映了本季末應收帳款（AR）餘額的增加，以及歐洲季節性的庫存增加，該部分將於第二季變現。我們預期在 2026 年將產生正向的基礎業務自由現金流，並將該現金再投資於我們阿肯色州的溴素工廠。

Overall, we are off to a strong start and remain confident in our ability to deliver solid financial results this year while continuing to advance towards our 2030 targets. The global market conditions continue to evolve, but overall, they are providing modest tailwinds for the markets that we serve.

整體而言，我們開局強勁，並仍對今年交出穩健財務成果、同時持續朝 2030 年目標邁進的能力充滿信心。全球市場狀況持續演變，但整體而言，對我們所服務的市場提供了溫和的順風。

I'll now turn the call back to Brady for his closing comments.

我現在把電話交回給 Brady，請他做結語。

Well, thanks, Matt. And again, despite the continued uncertainty caused by the conflict in the Persian Gulf, the long-term outlook for our business appears to be even better than when we had started the year in 2026. So overall, very confident in TETRA's ability to execute in these market conditions that we see, make prudent financial decisions to support our growth, and continue to make progress towards our 2030 targets.

好的，謝謝你，Matt。再次強調，儘管波斯灣衝突帶來的持續不確定性仍在，但我們業務的長期展望看起來甚至比我們在 2026 年年初時更好。因此整體而言，我們非常有信心 TETRA 能在我們所見的市場環境下有效執行，做出審慎的財務決策以支持成長，並持續朝 2030 年目標取得進展。

So with that, let's open it up to questions and answers.

那麼，接下來我們開放問答。

(Operator Instructions) Bobby Brooks, Northland Capital Markets.

（接線員指示）Bobby Brooks，Northland Capital Markets。

It seems like the Oasis commercial discussions are progressing well. And what really stuck out to me in the script was the quote, multiple engineering efforts and customer commercial engagements. Could you just pull back the curtain a little bit more about what that looks like and add some comparison to what that looked like, say, at the start of the year or six months ago?

看起來 Oasis 的商業洽談進展順利。而在逐字稿中最讓我注意的是這句話：「多項工程作業與客戶商務接洽」。你們能否再多揭露一些這實際上是什麼樣子，並與例如年初或六個月前的情況做個比較？

Sure, Bobby. I appreciate the question. So yeah, we are very encouraged by the ongoing dialogues that we have. Remember, we mentioned in our last call that we were engaging in a 100,000-barrel-per-day plant. We actually now have several parallel engineering studies going on for a smaller-sized plant as well as a 100,000-barrel-per-day plant.

當然可以，Bobby。謝謝你的提問。是的，我們對目前持續進行的對話感到非常振奮。請記得，我們在上次電話會議提到，我們正在推進一座日處理量 10 萬桶的工廠。實際上，我們現在也同時針對較小規模的工廠以及日處理量 10 萬桶的工廠，進行數個並行的工程研究。

And those engineering studies, they take time, and we're still on progress. We feel that we have what we need from those projects to at least get into more commercial discussions with our customers before the end of the second quarter.

這些工程研究需要時間，我們仍在推進中。我們認為，從這些專案中我們至少能在第二季末之前取得所需內容，以便與客戶展開更多商業討論。

We're encouraged by what we see from the preliminary engineering studies in terms of the OpEx and the CapEx, and socializing some of those discussions with customers, but we still have a ways to go to finish those efforts, and we'll continue to do so. So that's really kind of an update. Again, we're in the middle of engineering studies -- engineering work that we'll need to complete before we can really get into any long-term contracts, Bobby.

就營運支出（OpEx）與資本支出（CapEx）而言，我們對初步工程研究所看到的結果感到鼓舞，也正在把其中一些討論與客戶分享，但我們仍有一段路要走才能完成這些工作，並會持續推進。以上算是最新進度。再次說明，我們正處於工程研究——也就是工程作業——的進行階段，在我們真正能進入任何長期合約之前，仍需要先完成這些工作，Bobby。

Got it. And then maybe just on the customer discussion side. It seems like over the past, like since the Investor Day, specifically, there's probably been more folks entering, reaching out, wanting to hear about the technology and learn more. Is that trend still continuing? Or maybe I'm off base? Just any color on the kind of that dynamic?

了解。那再談談客戶討論這一端。看起來在過去一段時間——尤其自投資人日以來——可能有更多人加入、主動聯繫，想了解這項技術並進一步認識。這個趨勢還在持續嗎？或者可能是我判斷有誤？能否分享一下這方面的動態？

Yeah, Bobby, this is Matt. So absolutely. I said we cannot disclose the customers that we're engaged with. But certainly, those engagements, those dialogues, those engineering studies like Brady referenced, that's increased. And as you say, you picked up on the fact that it's not one engineering effort. This is with different customers, multiple opportunities.

是的，Bobby，我是 Matt。完全正確。如我所說，我們無法揭露正在接洽的客戶。但可以確定的是，這些接洽、這些對話，以及 Brady 提到的工程研究，都在增加。而且如你所觀察到的，這不只是一項工程作業。這是與不同客戶合作、存在多個機會。

So we're very encouraged. We're also very encouraged by the performance of our technology, of our patented Oasis offering and the economics associated with that, I think also are only continuing to improve. I think as you're well aware, some of the challenges with disposal, some of the costs associated with disposal -- those costs continue to rise. And as we continue to go through our engineering efforts, we're able to demonstrate that the TETRA Oasis solution is -- in our view, very cost competitive with alternatives.

因此我們非常受到鼓舞。我們也對技術表現、我們具專利的 Oasis 方案，以及其相關經濟性同樣感到非常振奮，而且我認為這些只會持續改善。我想你也很清楚，處置方面的一些挑戰、以及與處置相關的一些成本——這些成本仍在上升。而隨著我們持續推進工程作業，我們能夠證明 TETRA Oasis 解決方案——在我們看來——在成本上相較替代方案非常具有競爭力。

Martin Malloy, Johnson Rice.

Martin Malloy，Johnson Rice。

Congratulations on a solid quarter. Question was on the -- my first question was on the deepwater side. And any indications that -- I know there's no Neptune projects in your '26 guidance. But can you talk about what you're seeing in terms of your -- the conversations with customers for deepwater completion fluids and particularly with respect to Neptune potential projects second half this year or next year?

恭喜本季表現穩健。我的第一個問題是關於深水業務。是否有任何跡象——我知道你們的 2026 年指引中沒有納入 Neptune 專案。但你能否談談你們在深水完井液方面與客戶的對話情況，特別是今年下半年或明年可能的 Neptune 專案？

Yeah. Sure, Marty. I mean we've been feeling good about the deepwater outlook really going all the way back to at our Investor Day when we outlined some pretty strong compound annual growth as we march towards 2030. And I would say the recent events have only strengthened that outlook. As you look at cutting off the amount of oil that's currently happening in the Middle East, these projects that already were looking very strong financially for our customers.

好的。當然可以，Marty。我的意思是，我們對深水展望一直感覺良好，甚至可以追溯到投資人日，當時我們在邁向 2030 的過程中，概述了相當強勁的複合年成長。而我會說，近期事件只讓這個展望更為強化。當你看到目前中東地區正在發生的供油中斷，這些原本對我們客戶而言在財務上就非常強勁的專案——

As you can imagine, they're looking at what they can pull forward, what makes sense to pull forward. And we're hearing some of that churn. We've actually picked up, as we've mentioned, the work outside of the Middle East that we've seen already will offset whatever impact that we see from our Middle East business, even though it's roughly 5% of our revenue, we've seen opportunities already well overcompensate that potential loss.

如你所想像，他們正在評估哪些可以提前、哪些提前是合理的。我們也聽到一些這方面的動態變化。而且我們確實如先前所提到，已經承接到中東以外的工作，這些工作將抵消我們中東業務可能受到的任何影響；即使中東約占我們營收的 5%，我們已看到的機會已足以大幅補償那個潛在損失。

So yes, we're seeing some churn in that regard, but it's already been a strong outlook, at least in terms of our base business, deepwater completion fluids.

所以是的，我們在這方面看到一些變動，但至少就我們的基礎業務——深水完井液——而言，展望本來就很強勁。

With regards to Neptune, as we said, the pipeline continues to grow. The wells are getting hotter, more challenging. Zinc is still an option in the Gulf of America, but it has its own challenges as you get hotter with corrosion, as you deal with production facilities. So we're seeing that pipeline continue to grow. And we're also seeing opportunities outside of the Gulf of America continue to build.

至於 Neptune，如我們所說，案源管線持續成長。井況越來越高溫、挑戰更大。鋅在美洲灣仍是一個選項，但當溫度更高、面臨腐蝕，以及處理生產設施時，它也有其自身的挑戰。因此我們看到該案源管線持續擴大。同時，我們也看到美洲灣以外的機會持續累積。

So may or may not see a Neptune project in this year, but I would say the probabilities for next year are continuing to increase pretty significantly.

因此今年可能會、也可能不會看到 Neptune 專案，但我會說，明年的機率正在相當顯著地提高。

Great. Very helpful. And then for a follow-up question, I just wanted to ask in your -- you commented on it a little bit, but in your press release, you did talk about evaluating options to accelerate lithium and magnesium development. And I don't know if there's more you can share with us now. Is that -- would that be in conjunction with perhaps accelerating the bromine project? Or is that -- is it dependent on that? Or is this separate related to the Exxon joint venture?

很好。非常有幫助。接著追問一題，我想請教你們——你剛才稍微提到，但在新聞稿中你們確實談到正在評估加速鋰與鎂開發的選項。我不確定你們現在是否能分享更多。那是否會與例如加速溴素專案一併進行？或者是否取決於該專案？還是這是與 Exxon 合資案相關、但相對獨立的事項？

Yeah. We're accelerating the bromine project really at the pace -- at the fastest pace we can. That project is our priority. And we will definitely prioritize that project to have them completion by the end of '27 and start in 2028.

是的。我們正在以——在我們能力所及的最快速度——加速推進溴項目。該項目是我們的優先事項。而且我們一定會優先推進該項目，目標是在 2027 年底前完成，並於 2028 年開始投產。

Now the benefit of that is that all the upstream that we -- if you want, the brine wells that we put in place, the pipelines, some of the pretreatment plant capabilities to take out H2S from the brine field, those types of things will be in place for whatever additional plants we put on that site.

這樣做的好處是，我們所有的上游——如果你願意這麼說，包含我們建置的鹵水井、管線，以及一些用於從鹵水場去除 H2S 的預處理廠能力——這類設施都會就位，供我們在該場址上新增的任何其他工廠使用。

As we've mentioned on the call, we're currently doing engineering studies and plan to put a demonstration plant for -- with Magrathea for the magnesium demonstration plant. And also, we've already done quite a bit of engineering for a lithium plant that will be on that same site that, again, will benefit from a lot of the infrastructure and investments that we have already made -- for the bromine project.

正如我們在電話會議中提到的，我們目前正在進行工程研究，並計畫與 Magrathea 一起建置一座鎂示範工廠。此外，我們也已經為一座將建在同一場址的鋰工廠完成了相當多的工程工作；同樣地，它也將受益於我們已經為溴項目投入的大量基礎設施與投資。

So a lot of synergies related to that. We're not ready to publish any financial information on those projects yet. But as we move forward, you can anticipate we will be at the appropriate time.

因此在這方面會有很多協同效益。我們目前還沒準備好公布這些項目的任何財務資訊。但隨著我們持續推進，你可以預期我們會在適當的時間點對外發布。

Tim Moore, Clear Street.

Tim Moore，Clear Street。

My first question is about battery energy storage. We all know that EOS has some supply manufacturing hiccups, which seem temporary. So I'm just kind of curious, do you get a rolling update on that? It seems like you have enough feed supply for electrolytes to quickly maybe get it to them if they start ramping up more seriously after the summer. Just kind of curious about how you're thinking about that logistically and the supply side.

我的第一個問題是關於電池儲能。我們都知道 EOS 在供應製造方面有一些小插曲，看起來是暫時性的。所以我有點好奇，你們是否會收到他們的滾動式更新？看起來你們有足夠的電解液原料供應，如果他們在夏季之後開始更認真地加速擴產，你們或許可以很快供貨給他們。想請教你們在物流與供應端是如何思考的。

Yeah. Tim, we don't want to comment on kind of forecasting anything, obviously, ahead of EOS. But obviously, we're very plugged into their forecast so we can plan for not only the bromine, but the full electrolyte production that we need to produce. So we do have good visibility into that, but we really can't talk about any specifics.

是的。Tim，我們不想在 EOS 之前對任何預測做評論，這點很明顯。但我們確實與他們的預測高度連結，以便我們能規劃不僅是溴的供應，還包括我們需要生產的完整電解液產量。所以我們對此有良好的能見度，但確實無法談任何細節。

We have -- as we've mentioned before, in addition to our long-term supply agreement, we have secured additional third-party bromine supply that is in place to meet the forecast that we are getting from EOS. That's really not a concern. And of course, once we have our own plant operating in 2028, if they continue their path to the 8 gigawatt hours of production that they've stated publicly they're striving for, we'll be in a great position to not only supply their requirements, but also the deepwater growth that we have projected.

正如我們之前提到的，除了我們的長期供應協議之外，我們也已確保額外的第三方溴供應，足以滿足我們從 EOS 收到的需求預測。這真的不是問題。當然，一旦我們自有工廠在 2028 年投運，如果他們持續朝其公開表示的 8 GWh 產能目標邁進，我們將處於非常有利的位置，不僅能滿足他們的需求，也能支援我們所預估的深水業務成長。

That's helpful, Brady. I'm sure we'll get an update on in two weeks from them when they report, but it seems like it's feasible on their end. The other question, just switching gears. I don't know if this is more for Matt and you, Brady, but for the Arkansas bromine project, I mean, it was nice to hear Brady, your prepared remarks on production still expected early 2028.

這很有幫助，Brady。我相信兩週後他們公布財報時我們會得到更新，但看起來他們那邊是可行的。另一個問題，換個話題。我不確定這是否更適合問 Matt 或你，Brady，但就阿肯色溴項目而言，Brady，你在事先準備的發言中提到仍預期在 2028 年初投產，聽起來很不錯。

Can you just maybe just walk us through maybe some of the next construction milestones? And I'd anticipate CapEx to uptick pretty meaningfully, I guess, in the coming quarters. I think it was only $7 million in the March quarter. If Matt could just share some color on that.

你能否帶我們走一遍接下來的一些施工里程碑？我預期未來幾季資本支出（CapEx）會相當明顯地上升。我記得 3 月那一季只有 700 萬美元。如果 Matt 能分享一些補充說明就太好了。

Sure. Yeah, I'll take that one and if Matt wants to add anything, I'm sure he will. So yes, the project is on schedule. We've completed Phase 1. Phase 1 was important because standing the bromine tower up -- the tower up on site was a logistics challenge.

當然。是的，我來回答這題；如果 Matt 想補充，我相信他會。所以是的，項目按計畫進行。我們已完成第一階段。第一階段很重要，因為把溴塔立起來——在現場把塔架設起來——在物流上是一項挑戰。

It's a large 130-foot titanium structure. Having that up and secured was a really important milestone. But again, a lot of the actual on-site construction around the bromine tower, the pipelines from the upstream, all of that, the pretreatment, all that has to still be constructed. And so yes, there will be more construction activity in '27 and '28.

那是一個高達 130 英尺的鈦金屬大型結構。把它立起來並固定好是一個非常重要的里程碑。但同樣地，溴塔周邊的許多實際現場施工、從上游引入的管線、所有這些、預處理等，都仍需要建造。因此是的，2027 年與 2028 年會有更多施工活動。

Again, we're projecting good cash flows for the rest of this year and 2027. So we are looking to finance as much of that as we can from our free cash flow. And if we do need additional capital, we have very good options available to us if we have to go that direction. But for right now, we're funding from our cash flow, and that's the plan.

同樣地，我們預期今年剩餘時間以及 2027 年將有良好的現金流。因此我們希望盡可能以自由現金流來為這些支出融資。如果我們確實需要額外資金，我們也有非常好的選項可用，若必須走那條路的話。但就目前而言，我們以現金流來支應，這就是計畫。

Patrick Ouellette, Stifel.

Patrick Ouellette，Stifel。

It's Pat on for Stephen Gengaro. Thanks for taking the questions. Could you talk about the opportunity you have for magnesium production, maybe including any sense you have for demand and any color on the joint venture? I believe I saw the JV partner referenced 7,000 tons per year by 2029.

我是 Pat，代替 Stephen Gengaro 提問。謝謝讓我提問。你能談談你們在鎂生產方面的機會嗎？也許可以包含你們對需求的看法，以及合資企業的一些細節。我想我看到合資夥伴提到到 2029 年每年 7,000 噸。

Yeah. So we're having ongoing discussions. We have finalized the joint venture, which is great. We had our first formal Board meeting a week or so ago. We really like this technology.

是的。所以我們正在持續討論中。我們已完成合資企業的最終定案，這很棒。大約一週前我們開了第一次正式的董事會會議。我們非常喜歡這項技術。

As you're probably aware, the US really doesn't produce any magnesium. The world is heavily dependent on China production for magnesium. And so as you can imagine, it's being on the critical minerals list, it's got the attention of the current administration, the Department of War.

如你可能知道的，美國幾乎不生產任何鎂。全球對中國的鎂產量高度依賴。因此你可以想像，鎂被列入關鍵礦物清單後，已引起現任政府與戰爭部的關注。

So I would say it's a little premature to start saying how large the first commercial plant will be that we are having some discussions along those lines. We will have plenty of brine flow to make the plant as large as we want to make it, but there are some other considerations that we want to take into account what type of offtake agreements we can have well ahead of time, what type of support we may or may not get from government funding.

所以我會說，現在就開始談我們正在討論的第一座商業工廠會有多大，還有點言之過早。我們會有充足的鹵水流量，讓工廠規模想做多大就能做多大，但我們還有一些其他考量需要納入，例如我們能否提前很久就取得何種包銷／承購（offtake）協議，以及我們可能或不可能獲得何種政府資金支持。

So there are considerations that will still be taken into account. But the demonstration plant, obviously, will be a small scale to prove out the technology. But as far as the commercial scale, we have not made any final determinations on that yet.

所以仍有一些因素需要納入考量。但示範工廠顯然會是小規模，用來驗證技術。至於商業規模方面，我們目前尚未做出任何最終決定。

Okay. Thanks for the color. It seems like a great opportunity. Just shifting gears a little bit. Thinking about fluids, it seems like the timing of completions versus rig activity in deepwater would lead to maybe sharply higher 2027 fluids demand. Is that reasonable? And any way you'd maybe translate deepwater rig additions to demand?

好的。謝謝補充說明。看起來是個很好的機會。再稍微換個話題。談到流體業務，深水市場的完井時點相對於鑽機活動的節奏，似乎會導致 2027 年流體需求可能大幅提高。這樣的推論合理嗎？以及你們是否有方法把深水鑽機增加數量轉換成需求？

Yeah, Patrick, on the earnings call back in -- this is Matt, back in February, we mentioned and gave some soft guidance around what to expect in our completion fluids and products this year, highlighting that we came off a very strong performance in 2025 where a lot of the rigs in the markets that we serve were in completion activity. And then we guided that we expected those rigs to move into more drilling activity in '26. But then again, of course, shifting back to 2027 and seeing some of that higher completion activity like what you referenced.

是的，Patrick，在 2 月的財報電話會議上——我是 Matt——我們提到並給了一些偏軟性的指引，說明今年我們的完井流體與產品大概會如何表現，並強調我們在 2025 年有非常強勁的表現，因為我們所服務市場中的許多鑽機當時處於完井活動階段。接著我們指引說，我們預期這些鑽機在 2026 年會轉向更多鑽井活動。但當然，到了 2027 年又會再度轉回，出現你所提到的較高完井活動。

As Brady touched on, certainly, the geopolitical events that are going on in the world today have really highlighted global demand in terms of -- and where that demand is fulfilled. So we are seeing projects coming online, FID. If you look at some of the leasing activity that's been going on, again, as Brady touched on, it tends to be deeper, hotter, a little more challenging environment, requiring higher density brines and more exotic chemistries, which again plays into the strength of TETRA.

正如 Brady 提到的，當然，當今世界正在發生的地緣政治事件，確實凸顯了全球需求——以及這些需求由何處、如何被滿足。因此我們看到一些專案正在上線、並做出最終投資決策（FID）。如果你看看近期的租賃活動，同樣如 Brady 所說，整體趨勢是更深、更熱、環境更具挑戰性，需要更高密度的鹵水以及更特殊的化學配方，而這也再次體現了 TETRA 的優勢。

So we're very pleased by what we're seeing already in 2026. We said some modest tailwinds, quite a strong performance in Q1. And then as we guided to earlier on our call back in February, we expect that 2027, some of that completion activity, but also the type of completion activity that will be going on really benefits TETRA.

因此，對於我們在 2026 年已經看到的情況，我們感到非常滿意。我們提到有一些溫和的順風，而第一季表現相當強勁。接著，如同我們在 2 月那次電話會議較早時所給出的指引，我們預期 2027 年，部分完井活動——以及將要進行的完井活動類型——都會真正讓 TETRA 受益。

John Tanwanteng, CJS.

John Tanwanteng，CJS。

My first one is could you talk about your partners' lithium project FID status? And one, if you may need to pursue your own roll investments there to keep the bromine project on time? And then second part of that is, if you do decide to drill your own wells, would that be feeding into your own lithium production endeavors if you want to accelerate that?

我的第一個問題是，你能談談你們合作方的鋰專案 FID 進度嗎？另外，你們是否可能需要在那裡進行自有的追加投資，以確保溴專案按期推進？第二部分是，如果你們決定自己鑽井，這是否會為你們自身的鋰生產計畫提供供給，從而在你們想加速時派上用場？

Let me make sure I understood the question that came across a little bit, right. The question was status of lithium FID was the first part of the question? Right.

我先確認一下我是否理解了這個問題，剛剛訊號有點不太清楚。問題的第一部分是鋰專案的 FID 進度狀態？對嗎。

Your partners who are drilling the lithium wells, what's the status there? And do you think you'll need to be -- you'll have to drill your own lithium or your own well to get the brine for the bromine?

你們那些正在鑽鋰井的合作方，目前進度如何？以及你是否認為你們需要——你們將不得不自己鑽鋰井或自有井，來取得用於溴的鹵水？

Yeah. So let me clarify that a little bit. The wells that we drill in the upstream for the brine contain both lithium bromine and magnesium. All three minerals are within the same brine. So what I mentioned earlier, the wells that we will be drilling for our bromine project that will feed the bromine tower, those wells already have lithium and magnesium in it.

是的。我先稍微澄清一下。我們在上游鑽的那些取鹵水井，鹵水同時含有鋰、溴和鎂。這三種礦物都在同一份鹵水裡。所以我先前提到，我們為溴專案所鑽、用來供應溴塔的那些井，本身就已經含有鋰和鎂。

So we don't really need to drill additional wells in order to extract the lithium or even the magnesium. That's the real benefit of this project. We're getting three really critical minerals for us out of the same upstream investment.

因此，我們其實不需要為了提取鋰、甚至鎂而再額外鑽井。這正是這個專案的真正優勢。我們用同一筆上游投資，就能取得對我們而言非常關鍵的三種礦物。

Now the plant itself is a different issue. As you know, we're building the bromine plant right now. The lithium plant will come later. We're not at a point where we're ready to FID a lithium plant. There's still some more technology evaluation and engineering studies to be done before we are ready to do that. But as I said, the current economics of lithium make it attractive enough for us to put some accelerated time into that.

不過，工廠本身是另一個議題。如你所知，我們目前正在興建溴工廠。鋰工廠會在之後才建。我們還沒到可以對鋰工廠做出最終投資決策（FID）的階段。在我們準備好之前，仍需要進一步的技術評估與工程研究。但如我所說，鋰目前的經濟性已經足夠具吸引力，讓我們願意在這方面投入一些加速的時間。

Right. I guess my question was, are you expecting your partners to drill the wells? Or are you expecting to drill your own wells?

了解。我想我的問題是，你們預期會由你們的合作方來鑽井嗎？還是你們預期會自己鑽井？

When you say our partners, who are you referring to in that case?

你說的合作方，是指哪一方？

Standard Lithium and Equinor.

Standard Lithium 和 Equinor。

Okay. So they have their own projects, Standard Lithium and Equinor, on our brine leases. That's a separate project from our brine leases. They have the Reynolds unit that has been approved.

好的。Standard Lithium 和 Equinor 在我們的鹵水租賃區上有他們自己的專案。那是與我們的鹵水租賃區（專案）分開的另一個專案。他們的 Reynolds 單元已經獲得核准。

We get a royalty of the lithium off of that production. So they're not -- technically, they're really not our partners. They are partners themselves. Equinor and Standard Lithium have a joint venture. But we have -- we own the brine leases and we get a royalty off of that production.

我們會從那部分產量中的鋰取得權利金（royalty）。所以嚴格來說，他們並不是我們的合作夥伴。他們彼此才是合作夥伴。Equinor 和 Standard Lithium 有一家合資企業。但我們擁有鹵水租賃權，並從其產量中取得權利金。

So there are separate units in discussion. Our Evergreen unit is where we will be drilling -- producing brine for bromine and future lithium and magnesium. They will be drilling on their own unit, the Reynolds unit, where we get a royalty off the lithium, but still -- and then we get the tail brine from that production when we need it in the future. And we also get the other mineral rights within that brine. Hopefully, that clarifies a bit.

因此，目前正在討論的是不同的單元。我們的 Evergreen 單元是我們將鑽井——生產鹵水以供溴、以及未來的鋰與鎂之用的地方。他們會在他們自己的單元，也就是 Reynolds 單元鑽井；我們從那裡的鋰取得權利金，但同時——未來當我們需要時，我們也會取得該生產所產生的尾端鹵水（tail brine）。而且我們也擁有該鹵水中其他礦物的權利。希望這樣能更清楚一些。

It does. Appreciate it. And then another question, if I could. What's happening in calcium chloride markets? And is that being impacted by the conflict you're seeing in Iran and how that flows through supply chains and industrial demand?

有的。謝謝。如果可以的話，我還有一個問題。氯化鈣市場目前情況如何？而你們是否看到伊朗的衝突，以及其對供應鏈與工業需求的傳導，正在影響這個市場？

Calcium chloride business for us continues to perform extremely strong. As I've mentioned, it's a big part of our Chemicals -- Industrial Chemicals business that had a record first quarter, up pretty significantly over last year and quarter to quarter. We're not -- I wouldn't say we're seeing any material change due to the current conflict. We really don't have any supply chain issues related to that for that market. We don't have a large presence selling calcium chloride into the Middle East.

我們的氯化鈣業務持續表現非常強勁。如我提到的，它是我們化學品——工業化學品業務的重要組成部分，而該業務第一季創下紀錄，較去年同期以及較上一季都有相當顯著的成長。我們不會說因為目前的衝突而看到任何實質性的變化。就這個市場而言，我們也沒有任何與此相關的供應鏈問題。我們在中東地區銷售氯化鈣的比重並不高。

But our European business is very strong. Our US business is very strong. We mentioned on our last call, we saw some new emerging markets as it relates to chip manufacturing requirements. So that business is performing very well for us, and we fully expect it to into the future.

但我們的歐洲業務非常強勁。我們的美國業務也非常強勁。我們在上次電話會議中提到，隨著晶片製造需求的出現，我們看到一些新興市場。因此，這項業務對我們而言表現非常好，我們也完全預期未來會持續如此。

Josh Jayne, Daniel Energy Partners.

Josh Jayne，Daniel Energy Partners。

First one is just on international production testing. You talked about revenues being greater than 50% internationally. Where do you see that going overtime? And could you walk through some of the markets where you're seeing strength today and how the recent events have potentially changed your outlook there?

第一個問題是關於國際產能測試（production testing）。你提到國際營收占比超過 50%。你認為這個占比隨時間會如何變化？另外，你能否帶我們看一下目前你們在哪些市場看到強勁需求，以及近期事件可能如何改變你們對這些市場的展望？

Yeah. Thanks, Josh. As mentioned, we're seeing some and we guided towards at the beginning of the year, strong performance in the Argentina business. As we mentioned in our prepared remarks, we're seeing that continue throughout the quarter and expect that we'll more than double our revenue in 2026.

好的。謝謝，Josh。如前所述，我們在年初就看到並給出指引：阿根廷業務表現強勁。正如我們在事先準備的發言中提到的，我們看到這個趨勢在整個季度持續，並預期 2026 年我們的營收將會超過倍增。

Other markets, we've obviously touched on a little bit, the Middle East where we have some exposure there, although it's relatively small. But we also see opportunities in some of those markets, those regions to continue to deploy technology and automation.

其他市場方面，我們也稍微提到過中東，我們在那裡有一些曝險，雖然相對不大。但我們也在那些市場、那些地區看到機會，可以持續導入技術與自動化。

We've been, as we touched on, very successful in terms of North America, automating and bringing differentiated technologies such as SandStorm, automated drill-out and things like that to our North American customers. And these are technologies that can be exported and used and deliver value in those international markets.

我們一直以來——如我們提到的——在北美非常成功，透過自動化並導入差異化技術，例如 SandStorm、自動鑽塞（automated drill-out）等，提供給北美客戶。而這些技術也可以輸出到國際市場使用，並在那些國際市場交付價值。

So as we touched on, we're quite pleased with our geographical diversification. Again, as we see the world in terms of where energy is produced, having that diversification is getting a lot of focus right now. And so it's not just US land, but other markets are looking at how they secure their own energy, and we're pleased to participate in that.

因此，如我們所提到的，我們對自身的地域多元化感到相當滿意。同樣地，當我們從能源生產分布的角度看世界時，擁有這種多元化目前正受到高度關注。因此不僅是美國陸上，其他市場也在思考如何確保自身能源供應，而我們很高興能參與其中。

And on that point, could you just expand? I mean, what has the game changed when we think about energy security longer term and the opportunity set across multiple of your business lines, international and offshore for just a broader opportunity set as a result of what's happened over the last eight weeks. Are you starting to see that? Are you having incremental conversations with customers you may not have been having 8 to 12 weeks ago? Maybe just elaborate on that a little bit more.

關於這一點，您能否再多延伸說明一下？我的意思是，當我們從更長期的能源安全角度來看，以及在你們多條業務線（國際與離岸）上的機會組合時，過去八週發生的事情，究竟如何改變了局勢，並帶來更廣泛的機會集合。你們開始看到這些變化了嗎？你們是否開始與一些客戶進行增量的對話，而這些對話在 8 到 12 週前可能還沒有發生？也請再多闡述一點。

Yeah. I think when you look at the current situation and the future energy markets where you want to be positioned, offshore deepwater is clearly a key market for future barrels, right? And then also unconventional activity in the US and Argentina because relatively speaking, it's a short cycle time to get additional production as you put more rigs and frac crews into the unconventional markets.

是的。我認為，當你看目前的情勢以及未來的能源市場、你希望如何布局時，離岸深水顯然是未來原油供給的關鍵市場，對吧？另外，美國與阿根廷的非常規活動也很重要，因為相對而言，當你在非常規市場投入更多鑽機與壓裂隊伍時，增加產量的週期更短。

So as Matt said, we're also seeing unconventional activities start to grow in the Middle East. We'll see how that -- how this current environment impacts may or may not impact that activity going forward. But the markets where we want to be right now, strong position in Europe, strong position in the US, strong position in Latin America, offshore deepwater, unconventional, we think these are the markets that we really want to be in to, as you speak about security of future supply.

因此，如 Matt 所說，我們也看到中東的非常規活動開始成長。我們將觀察目前這個環境，未來會如何影響或不影響該活動。但就我們現在希望布局的市場而言：在歐洲有強勢地位、在美國有強勢地位、在拉丁美洲有強勢地位；離岸深水、非常規——我們認為這些就是我們真正想要參與的市場，以回應你所提到的未來供應安全。

Yeah. And I think the other aspect, which we touched on in our remarks as well is that we are seeing an increased inquiry of spot sale from different customers into different regions than we've historically served in terms of our completion fluids. As Brady mentioned, more than half of the world's bromine is derived from -- in the Middle East. Obviously, some of the challenges of that region are well publicized.

是的。我認為另一個面向——我們在發言中也提到——是我們看到不同客戶對現貨銷售的詢問增加，且就完井液而言，詢問來自一些我們過去在區域服務上較少涉足的地區。如 Brady 提到，全球超過一半的溴來源於——中東。顯然，該地區的一些挑戰已廣為人知。

And so some customers, we are having those conversations and again, spot sale inquiries around being able to support their business with all of our fluids in terms of the bromine-based fluids being manufactured in North America from Arkansas. So we're pleased with some of that.

因此，對於一些客戶，我們正在進行這些對話；同樣也有關於現貨銷售的詢問，討論我們如何以全系列流體來支援他們的業務——其中溴基流體是在北美由阿肯色州製造。所以我們對其中一些進展感到滿意。

Obviously, I think as well in terms of energy security, you highlighted it, right? The current situation, I think everyone is appreciating that the world needs all forms of energy and is going to need all forms of energy for a long time.

另外，顯然就能源安全而言，你也點出了這一點，對吧？我認為在目前情勢下，大家都更能體會到：世界需要各種形式的能源，而且在很長一段時間內都將需要各種形式的能源。

Bobby Brooks, Northland Capital Markets.

Bobby Brooks，Northland Capital Markets。

Just turning to domestic onshore completion fluids market. What are you hearing from customers on their back half of this year activity outlook? Are they sort of in a wait-and-see mode if these higher oil prices are here to stay? Just wanted to hear your perspective from -- on that.

我想把話題轉到美國國內陸上完井液市場。你們從客戶那裡聽到他們對今年下半年活動展望的看法是什麼？如果油價維持在較高水準，他們是否仍處於觀望模式？想聽聽你們對此的觀點。

So Bobby, you were asking about our US land completion fluids business? Is that what I understood you're asking about?

所以 Bobby，你是在問我們的美國陸上完井液業務嗎？我理解你問的是這個嗎？

Yeah.

是的。

So completion fluids is largely an offshore business for us. We do have some land business for our completion fluids but generally speaking, it's small relative to our offshore and deepwater markets. But we're seeing some interesting trends as it relates to land opportunities. I've mentioned them on my comments, some very high-pressure Western Haynesville, South Texas gas wells that are feeding LNG projects require a -- heavier density brine fluid for completion work. So that trend is working in our favor.

對我們而言，完井液主要是離岸業務。我們確實有一些陸上完井液業務，但一般來說，相較於我們的離岸與深水市場，規模較小。不過，就陸上機會而言，我們看到一些有趣的趨勢。我在評論中提過，一些超高壓的西部 Haynesville 與南德州天然氣井（供應 LNG 專案）在完井作業上需要——更高密度的鹵水流體。因此，這個趨勢對我們有利。

And then in West Texas, the poor pressures are getting so high in West Texas that some additional work -- some workover activity also requires heavier brine. So those two areas are where we see most of the activity that's growing for us on the completion fluids side for land applications. Still relatively small to our deepwater, but it's actually starting to grow in a meaningful way.

另外在西德州，地層壓力變得非常高，以至於一些額外作業——一些修井（workover）活動也需要更重的鹵水。因此，在陸上應用的完井液方面，我們看到成長最多的活動主要集中在這兩個區域。相較於我們的深水業務仍然較小，但確實正開始以有意義的幅度成長。

Martin Malloy, Johnson Rice.

Martin Malloy，Johnson Rice。

I just wanted to focus maybe a little bit on Argentina. You've guided some projects coming on later this year, giving you confidence in the outlook there. Could you maybe talk about a little bit more about the services you're providing down there? Is it -- are you seeing any – are you expecting demand for the early production facilities that have been pretty profitable in the past, being utilized down there? Or is this more on the flowback and testing side?

我想把焦點稍微放在阿根廷。你們指引今年稍晚會有一些專案上線，讓你們對那邊的展望更有信心。能否再多談談你們在那邊提供的服務？你們是否看到任何——或是否預期過去相當獲利的早期生產設施（EPF）在那邊會有需求並被使用？還是這更多是在返排（flowback）與測試方面？

Yeah. Really all of the above. So we did see continued interest and secured some early production facility projects for this year. But then also, as I mentioned, in terms of some of the technologies such as SandStorm automation, which has been deployed in unconventional -- and proven and unconventional plays in the US, we're seeing that technology be deployed into Argentina. So we have SandStorm down there today. And so it's a little bit of a combination of both, whereas historically in the past, our business down there was a little more levered towards the early production facilities.

是的。基本上以上皆是。因此，我們確實看到持續的興趣，並且拿下了今年的一些早期生產設施專案。但同時，如我提到的，就一些技術而言，例如 SandStorm 自動化——它已在美國非常規區塊部署並驗證——我們正看到該技術被部署到阿根廷。所以我們目前在那邊已經有 SandStorm。因此這是兩者的結合；而在過去歷史上，我們在那邊的業務更偏向早期生產設施。

Now we're really seeing a combination of the two, an increased number of early production facilities being executed and those pipeline of opportunities are very healthy, but also taking some of our differentiated technology from unconventional plays in the US and deploying them down into the Vaca Muerta for the operators there is bringing some value. So we're quite pleased with how that business continues to progress.

現在我們確實看到兩者的組合：一方面，正在執行的早期生產設施數量增加，且機會管線非常健康；另一方面，也把我們在美國非常規區塊的差異化技術帶到 Vaca Muerta，為當地營運商帶來價值。因此，我們對該業務持續推進的情況感到相當滿意。

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

目前沒有其他問題。我現在把電話交回給 Brady，請他做任何結語。

Yeah. Thank you all very much. We appreciate your participation in our call, and we look forward to talking to you at our second-quarter earnings call. We'll conclude the call now. Thank you.

好的。非常感謝各位。我們感謝各位參與本次電話會議，也期待在第二季財報電話會議上再與各位交流。我們現在結束本次電話會議。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。