Select Water Solutions, Inc. (WTTR) 2026 Q1 法說會逐字稿

Greetings, and welcome to Select Water Solutions' first-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Select Water Solutions 2026 年第一季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce your host, Mr. Garrett Williams, Vice President of Finance and Investor Relations. Thank you, Mr. Williams. You may begin.

現在很榮幸為各位介紹本次會議主持人——財務與投資人關係副總裁 Garrett Williams 先生。謝謝您，Williams 先生。您可以開始了。

Thank you, operator, and good morning, everyone. We appreciate you joining us for Select Water Solutions' conference call and webcast to review our financial and operational results for the first quarter of 2026. With me today are John Schmitz, our Founder, Chairman, President and Chief Executive Officer; and Chris George, Executive Vice President and Chief Financial Officer.

謝謝接線員，各位早安。感謝各位參加 Select Water Solutions 的電話會議與網路直播，我們將回顧 2026 年第一季的財務與營運成果。今天與我一同出席的有：公司創辦人、董事長、總裁兼執行長 John Schmitz，以及執行副總裁兼財務長 Chris George。

Before I turn the call over to John, I have a few housekeeping items to cover. A replay of today's call will be available by webcast and accessible from our website at selectwater.com. There will also be a recorded telephonic replay available until May 20, 2026. The access information for this replay was also included in yesterday's earnings release.

在把電話交給 John 之前，我先說明幾項例行事項。今天會議的重播將以網路直播形式提供，並可於我們的網站 selectwater.com 存取；此外，亦提供電話錄音重播，至 2026 年 5 月 20 日止。重播的存取資訊也已包含在昨日發布的財報新聞稿中。

Please note that the information reported on this call speaks only as of today, May 6, 2026, and therefore, time-sensitive information may no longer be accurate as of the time of the replay listening or transcript reading. In addition, the comments made by management during this conference call may contain forward-looking statements within the meaning of the United States federal securities laws. These forward-looking statements reflect the current views of Select's management.

請注意，本次電話會議所提供的資訊僅截至今日（2026 年 5 月 6 日）為準，因此在收聽重播或閱讀逐字稿時，部分具時效性的資訊可能已不再準確。此外，管理層在本次電話會議中的評論可能包含符合美國聯邦證券法定義的前瞻性陳述。這些前瞻性陳述反映 Select 管理層目前的觀點。

However, various risks, uncertainties and contingencies could cause our actual results, performance or achievements to differ materially from those expressed in the statements made by management. Listeners are encouraged to read our annual report on Form 10-K, our current reports on Form 8-K as well as our quarterly reports on Form 10-Q to understand those risks, uncertainties and contingencies. Please refer to our earnings announcement released yesterday for reconciliations of non-GAAP financial measures.

然而，各種風險、不確定性與或有事項可能導致我們的實際結果、表現或成就與管理層所述內容出現重大差異。建議聽眾閱讀我們的 Form 10-K 年報、Form 8-K 當前報告以及 Form 10-Q 季報，以了解相關風險、不確定性與或有事項。有關非 GAAP 財務衡量指標的調節表，請參閱我們昨日發布的財報公告。

Now, I'd like to turn the call over to John.

現在，我把電話交給 John。

Thanks, Garrett. Good morning, and thank you for joining us. I am pleased to be discussing Select Water Solutions again with you today.

謝謝你，Garrett。各位早安，感謝各位加入我們。我很高興今天能再次與各位討論 Select Water Solutions 的近況。

The first quarter of 2026 was a strong start to the year for Select. I'd like to start with some of the key first quarter highlights and other strategic and market updates. Then I'll hand it to Chris to discuss the first-quarter financial results and forward outlook in more detail.

2026 年第一季對 Select 而言是強勁的開局。我想先談談第一季的一些關鍵亮點，以及其他策略與市場更新。接著我會把電話交給 Chris，請他更詳細說明第一季財務結果與未來展望。

The first quarter was a great start for the year for us. We executed within or ahead of our expectations across all parts of our business, continued to add new contracts to the portfolio and are well positioned for a strong rest of the year. During the first quarter, on a consolidated basis, we increased revenue by $19.5 million, increased adjusted EBITDA by $13.5 million, and increased net income by $11.5 million as compared to the fourth quarter of 2025.

第一季對我們而言是非常好的年度開端。我們在業務各個面向的執行均符合或優於預期，持續為投資組合新增合約，並已為今年餘下時間的強勁表現做好準備。第一季在合併基礎上，與 2025 年第四季相比，我們營收增加 1,950 萬美元、調整後 EBITDA 增加 1,350 萬美元，淨利增加 1,150 萬美元。

Our Water Infrastructure segment performed very well in the first quarter, meaningfully outpacing our guidance for the period. During the first quarter, we increased our Water Infrastructure revenues by 19% relative to the fourth quarter of 2025. Additionally, Water Infrastructure gross margins before D&A increased to 56%, driving consolidated gross margins before D&A above 30% for the first time and to a new all-time high for the company.

我們的水務基礎設施（Water Infrastructure）事業部在第一季表現非常出色，顯著超越我們對該期間的指引。第一季，我們的水務基礎設施營收較 2025 年第四季成長 19%。此外，水務基礎設施在折舊與攤銷（D&A）前的毛利率提升至 56%，帶動合併口徑的 D&A 前毛利率首次突破 30%，並創下公司歷史新高。

Across our Water Infrastructure network, we managed approximately 1.4 million barrels per day of produced water during the first quarter of 2026, with increases to both our recycling and disposal volumes. This resulted in a record quarterly segment revenue of approximately $97 million. Supported by the strong outperformance during the first quarter, our Water Infrastructure segment is well on track to exceed the high end of our previous full-year guidance.

在我們的水務基礎設施網路中，2026 年第一季我們管理的採出水（produced water）約為每日 140 萬桶，回收與處置量皆有所增加。因此，該事業部創下約 9,700 萬美元的季度營收新高。在第一季強勁超預期表現的支持下，我們的水務基礎設施事業部正穩步朝超越先前全年指引上緣的目標前進。

We continue to focus on maximizing the value out of our invested capital across the system with increased commercialization and contracted service offering expansion. Since year-end, we have executed several new contracts across multiple basins, leveraging our existing networks to provide incremental committed volumes, tie-in opportunities or increased produced water flows and utilization throughout our system.

我們持續聚焦於透過提升商業化程度與擴大合約式服務供給，在整個系統中最大化已投入資本的價值。自去年底以來，我們已在多個盆地簽署數項新合約，運用既有網路提供額外的承諾量、接入（tie-in）機會，或提升採出水流量與系統整體使用率。

For example, during the first quarter of 2026, we leveraged our market-leading disposal position in the Northeast region to sign a new multiyear disposal dedication agreement with a core customer while concurrently becoming the preferred water transfer provider for this customer. In total, since the start of the first quarter of 2026, we have added three new MVCs, two additional acreage dedications, two new ROFR dedications and eight new interruptible agreements to our network across the Permian, the Northeast, Bakken and MidCon regions.

例如，在 2026 年第一季，我們運用在東北地區市場領先的處置優勢，與一位核心客戶簽署新的多年期處置專屬承諾協議（disposal dedication agreement），同時也成為該客戶的優先水轉運（water transfer）服務供應商。總計自 2026 年第一季開始以來，我們在二疊紀（Permian）、東北、巴肯（Bakken）與 MidCon 地區的網路新增了 3 份新的 MVC、2 份額外的面積專屬承諾（acreage dedications）、2 份新的 ROFR 專屬承諾，以及 8 份新的可中斷協議（interruptible agreements）。

While we still have another number of sizable growth capital expansion opportunities that we are targeting around our core network, I am very excited to see the progress in adding these low to no capital required commercialization opportunities. These opportunities leverage the strength of the expanding networks we have already have in place, add incremental revenue through the enhanced utilization and further bolster the flexibility and the water-balancing capabilities of the network overall.

雖然我們在核心網路周邊仍鎖定多項規模可觀的成長型資本擴張機會，但我也非常樂見這些幾乎不需資本或低資本投入的商業化機會在新增方面所取得的進展。這些機會運用我們既有且持續擴張的網路優勢，透過提升使用率帶來增量營收，並進一步強化整體網路的彈性與水量平衡能力。

More recently, here in May, we also closed on multiple acquisitions in the Northern Delaware Basin, adding approximately 4,000 acres of surface and minerals, 30,000 barrels per day of disposal capacity, 1,800 acre feet of annual water rights and 500,000 barrels of storage across Texas and New Mexico. We expect these acquisitions to integrate efficiently and bolster the operational and economic development potential of our Northern Delaware network, and we will continue to look for opportunities to tactically add to our footprint in the region.

更近期在 5 月，我們也完成了在北德拉瓦盆地（Northern Delaware Basin）的多項收購，新增約 4,000 英畝的地表與礦權、每日 30,000 桶的處置產能、每年 1,800 英畝英尺（acre-feet）的用水權，以及橫跨德州與新墨西哥州的 500,000 桶儲存能力。我們預期這些收購將能有效整合，並提升北德拉瓦網路的營運與經濟開發潛力；同時我們也將持續尋找機會，以策略性方式擴大我們在該地區的版圖。

Elsewhere, in our Water Service segment, we outperformed our expectation in the first quarter with a 7% top-line revenue increase compared to the fourth quarter and remain very well positioned to capitalize on any activity uplift in the market associated with the current commodity price environment.

此外，在我們的水務服務（Water Service）事業部方面，第一季表現優於預期，營收較第四季成長 7%，並且在目前商品價格環境所帶動的市場活動回升下，我們仍處於非常有利的位置，可把握任何活動提升所帶來的機會。

Our Chemical Technologies segment continue to see strong demand for new product development, both in our core friction reducer product lines as well as our specialty surfactant product offering, which should drive strong double-digit percent revenue growth and margin uplift for the second quarter ahead.

我們的化學技術（Chemical Technologies）事業部持續看到新產品開發的強勁需求，涵蓋核心的減阻劑（friction reducer）產品線以及特用界面活性劑（specialty surfactant）產品供應，預期將推動第二季營收達到強勁的雙位數百分比成長，並帶動利潤率提升。

On the macro side of things, the recent geopolitical tension in the Middle East has changed the commodity outlook in a big way since the start of the year. While it is not yet clear what the long-term impacts are for the energy markets, what is very clear is that the US energy industry will remain a critical stabilizer of a diversified global energy supply chain for many years to come. While we have yet to see any major behavioral changes from our customers' activity or pricing perspective, we are closely monitoring the commodity and the activity outlook with our customers and are well positioned to support any uplift in demand, whether over the short-term or the long-term.

在總體面方面，近期中東地緣政治緊張局勢，使得自年初以來的大宗商品展望出現重大變化。雖然能源市場的長期影響尚不明朗，但非常明確的是，美國能源產業在未來多年仍將是多元化全球能源供應鏈的關鍵穩定力量。儘管我們尚未看到客戶在活動或定價面出現任何重大行為改變，我們仍與客戶密切監測商品與活動展望，並已做好準備以支援任何需求提升，無論是短期或長期。

In the meantime, on the revenue side, we expect to benefit from higher skim oil pricings within our Water Infrastructure segment. Separately, on the cost side, we will work to mitigate any impacts from higher commodity prices or supply chain disruptions. Overall, I am very pleased with the performance of the business year to date, and I believe we are well positioned to drive incremental growth in the quarters ahead.

同時，在營收端，我們預期將受惠於我們水務基礎設施（Water Infrastructure）部門中，撇油（skim oil）價格走高。另外，在成本端，我們將努力緩解大宗商品價格上漲或供應鏈中斷所帶來的任何影響。整體而言，我對今年迄今的業務表現非常滿意，並相信我們已做好充分準備，在未來幾個季度推動增量成長。

At this point, I'll hand it over to Chris to speak to our financial results and outlook in a bit more detail. Chris?

接下來，我把時間交給 Chris，請他更詳細說明我們的財務結果與展望。Chris？

Thank you, John, and good morning, everyone. Select made great strides in the first quarter, which included strong consolidated revenue, net income and adjusted EBITDA growth, record consolidated gross margins before D&A, record Water Infrastructure revenue and continued commercialization wins across our Water Infrastructure platform, strong outperformance in Water Services and a successful equity offering, enhancing the company's liquidity and balance sheet flexibility.

謝謝你，John，各位早安。Select 在第一季取得了重大進展，包括強勁的合併營收、淨利與調整後 EBITDA 成長、折舊與攤銷（D&A）前合併毛利率創新高、水務基礎設施營收創新高，以及在我們水務基礎設施平台上持續取得商業化成果；水務服務（Water Services）表現顯著優於預期，並成功完成股權發行，提升公司的流動性與資產負債表彈性。

Looking at our first-quarter segment performance in more detail. As I mentioned earlier, Water Infrastructure posted a great first quarter. We grew both our recycled and disposed volumes in the first quarter, driving revenue growth of 19% compared to the fourth quarter of 2025 and more than 33% growth on a year-over-year basis relative to Q1 of '25.

更詳細來看我們第一季各部門的表現。如我先前提到的，水務基礎設施在第一季表現非常出色。第一季我們的回收量與處置量皆成長，帶動營收較 2025 年第四季成長 19%，相較於 2025 年第一季更年增超過 33%。

This led to record revenues of $97 million and very strong 56% gross margins before D&A, meaningfully outpacing our guided expectations. While we expect a relatively steady second quarter for the segment, with the strength of the first quarter growth and with additional projects coming online over the course of the second and third quarters, we are well positioned to exceed our original full-year guidance for the segment.

因此，營收創下 9,700 萬美元新高，且 D&A 前毛利率達到非常強勁的 56%，明顯優於我們的指引預期。雖然我們預期該部門第二季將相對平穩，但憑藉第一季成長的強勁動能，以及第二、第三季期間將有更多專案陸續上線，我們有充分條件超越該部門原先的全年指引。

Accordingly, we are increasing our full-year guidance to 25% to 30% year-over-year growth for the segment in 2026, up from the 20% to 25% growth previously forecasted. We still have a strong organic business development backlog for this segment, and I am confident in our ability to add additional contract wins across the year, both for greenfield expansion and ongoing commercialization opportunities.

因此，我們將 2026 年該部門的全年指引上調至年增 25% 至 30%，高於先前預估的年增 20% 至 25%。我們在此部門仍有強勁的有機業務開發儲備（backlog），我對我們在全年持續取得更多合約勝利的能力充滿信心，涵蓋綠地（greenfield）擴建以及持續的商業化機會。

Switching over to Water Services. This segment saw revenues grow by about 7% sequentially, outpacing our guidance of steady revenues, driven by improved activity levels, strong gains in our water transfer business unit and increased spot market water sales.

接著談水務服務（Water Services）。該部門營收季增約 7%，優於我們「營收持平」的指引，主要受惠於活動水準改善、我們水轉運（water transfer）業務單位的強勁成長，以及現貨市場水銷售增加。

Gross margins before D&A and services increased to 21.8% during Q1, a solid improvement compared to 19.6% in the fourth quarter and our guided margins in the 19% to 21% range. While we forecast a modest low single-digit percentage revenue decline in the second quarter for Water Services, this decline is largely attributable to the nonrecurrence of certain sizable spot market water sales we benefited from during Q1.

第一季 D&A 與服務成本前毛利率提升至 21.8%，相較第四季的 19.6% 以及我們指引的 19% 至 21% 區間，均有明顯改善。雖然我們預估水務服務第二季營收將小幅下滑（低個位數百分比），但此下滑主要是因第一季受惠的部分較大規模現貨市場水銷售不再重複發生。

We anticipate margins to remain relatively steady at the 20% to 22% range in Q2. Overall, this segment is well positioned to participate in any activity upside and pricing opportunities that may arise with elevated commodity prices in the near term.

我們預期第二季毛利率將大致維持在 20% 至 22% 的區間。整體而言，在短期大宗商品價格走高的情況下，該部門已具備良好條件，把握可能出現的活動上行與定價機會。

In the Chemical Technologies segment, both revenue and gross margins in the first quarter of $78 million and 19% were in line with our guided expectations. Looking ahead to the second quarter, we expect strong sequential revenue growth of 10% to 15% as the business continues to see increased demand for both its core friction reducer and specialty surfactant product offerings.

在化學技術（Chemical Technologies）部門，第一季營收 7,800 萬美元、毛利率 19%，均符合我們的指引預期。展望第二季，隨著核心減阻劑（friction reducer）與特用界面活性劑（specialty surfactant）產品需求持續增加，我們預期營收將季增 10% 至 15%。

Additionally, margins for the segment should move upward into the 20% to 21% range as well. We are excited about the initial results of a number of our surfactant projects and looking at full-year 2026, we do see the potential for upside to our original full year guidance for the segment.

此外，該部門毛利率也應上升至 20% 至 21% 區間。我們對多個界面活性劑專案的初步成果感到振奮；就 2026 全年而言，我們確實看到該部門有機會優於原先的全年指引。

Looking back on a consolidated basis, in the first quarter, we decreased SG&A by more than 6% to $40.6 million or approximately 11% of revenue, showing good progress on our cost reduction efforts. Altogether, we saw consolidated adjusted EBITDA of $77.6 million during the first quarter of 2026, significantly above the high end of our guidance, largely resulting from the stronger-than-expected performance in our Water Infrastructure and Water Services segments.

回到合併層面，第一季我們將銷售、一般及行政費用（SG&A）降低超過 6%，至 4,060 萬美元，約占營收 11%，顯示我們在成本削減方面取得良好進展。整體而言，2026 年第一季合併調整後 EBITDA 為 7,760 萬美元，顯著高於我們指引區間的上緣，主要來自水務基礎設施與水務服務部門優於預期的表現。

Looking forward into the second quarter, we expect continued strong performance across the business, resulting in adjusted EBITDA of $77 million to $80 million. Overall, we are very pleased with how our business has performed year-to-date in 2026 and with the current commodity price levels are encouraged by the potential tailwinds that could benefit our business as we look ahead to the remainder of the year.

展望第二季，我們預期各業務將延續強勁表現，調整後 EBITDA 預估為 7,700 萬至 8,000 萬美元。整體而言，我們對 2026 年迄今的業務表現非常滿意；在目前的大宗商品價格水準下，我們也對可能在今年剩餘期間為業務帶來助力的潛在順風因素感到鼓舞。

We continue to advance the commercialization and earnings potential of our Water Infrastructure business. And with the additional projects slated to come online in late Q2 and Q3, we expect to drive continued growth in the back half of 2026 and well into 2027 for the Water Infrastructure segment, which should support continued improvement in consolidated revenue and margin profile for the business.

我們持續推進水務基礎設施業務的商業化與獲利潛力。隨著更多專案預計於第二季末與第三季上線，我們預期將在 2026 年下半年以及延伸至 2027 年，持續推動水務基礎設施部門成長，並支撐公司合併營收與毛利率結構的持續改善。

Looking at our other costs, D&A expense should remain fairly steady in Q2 at approximately $47 million to $50 million before modestly ticking up throughout the year in the low 50s as new capital projects are completed.

就其他成本而言，第二季折舊與攤銷（D&A）費用應大致持平，約為 4,700 萬至 5,000 萬美元；隨著新資本專案完工，全年將小幅上升至 5,000 萬美元出頭（low 50s）。

Following the recent equity offering, we were able to fully repay our outstanding borrowings on the revolver and ended the quarter with $196 million of net debt outstanding and more than $300 million of total available liquidity. Relatedly, net interest expense decreased sequentially in conjunction with reduced borrowings, and we expect interest to remain in the $4 million to $6 million range per quarter in the near term.

在近期股權發行之後，我們得以全數償還循環信貸（revolver）項下的未償借款，並在季末的淨負債為 1.96 億美元，且可用總流動性超過 3 億美元。同時，隨著借款減少，淨利息費用亦較前一季下降；我們預期短期內每季利息將維持在 400 萬至 600 萬美元區間。

On the operating cash flow side, we had a relatively meaningful short-term drag on operating cash flow driven by increased accounts receivable. However, we expect this to largely cycle through during the year and convert back into cash in the near term.

在營運現金流方面，因應收帳款增加，營運現金流在短期內受到相對明顯的拖累。不過，我們預期這將在今年內大致回轉，並於短期內轉回現金。

On the investing side, we spent $78 million of CapEx in the first quarter, primarily in support of infrastructure projects with an expectation that CapEx spend accelerates during the second quarter as the bulk of our ongoing capital projects target late Q2 and early Q3 completion.

在投資方面，第一季我們資本支出（CapEx）為 7,800 萬美元，主要用於支持基礎設施專案；我們預期第二季資本支出將加速，因為多數進行中的資本專案目標在第二季末與第三季初完工。

As John mentioned, we also closed on multiple acquisitions subsequent to quarter end, totaling approximately $29 million. These acquisitions can be integrated into our existing networks while adding accretive cash flows, attractive asset diversification and enhanced future development potential.

如 John 所提到，我們也在季後完成多筆收購，合計約 2,900 萬美元。這些收購可整合至我們既有網路，同時帶來具增益性的現金流、具吸引力的資產多元化，以及更強的未來開發潛力。

Following the recent project wins and acquisition integration expectations, we now expect $200 million to $250 million of net CapEx in 2026, up from $175 million to $225 million. We maintain our expectation of $50 million to $60 million of this CapEx going towards ongoing maintenance and margin improvement initiatives this year. While we continue to capitalize on the growth opportunities in front of us, we believe we are setting the stage for strong long-term free cash flow generation as we look into 2027 and beyond.

在近期專案得標以及收購整合預期之後，我們目前預估 2026 年淨資本支出為 2 億至 2.5 億美元，高於先前的 1.75 億至 2.25 億美元。我們仍維持今年其中 5,000 萬至 6,000 萬美元資本支出將用於例行維護與毛利率改善措施的預期。在持續把握眼前成長機會的同時，我們相信，展望 2027 年及以後，我們正在為強勁的長期自由現金流創造奠定基礎。

Outside of the sizable growth capital outlays, our business maintains a very maintenance-light capital model, and we have significant free cash flow generating capabilities and flexibility to manage this maintenance spend in accordance with market conditions without impacting our operational performance.

除了可觀的成長型資本支出之外，我們的業務維持一個對維護資本需求很低的資本模式，並且具備顯著的自由現金流創造能力與彈性，可依市場狀況管理這些維護性支出，而不影響我們的營運表現。

In summary, the financial, operational and strategic results of the first quarter of 2026 demonstrated significant progress in our ongoing business evolution, and we are excited to continue building on these financial results and strategic successes.

總結而言，2026年第一季的財務、營運與策略成果，展現了我們持續推動業務演進的重大進展；我們也很期待在這些財務成果與策略成功的基礎上持續再接再厲。

With that, I'll hand it over to the operator for any questions. Operator?

接下來，我把時間交給接線員，看看是否有任何問題。接線員？

(Operator Instructions) Jim Rollyson, Raymond James.

(接線員指示) Jim Rollyson，Raymond James。

Congrats on a really nice quarter. I guess not to take the spotlight away from Water Infrastructure, but as we've seen this oil market kind of turn pretty remarkably post Iran conflict here, obviously, I've heard a lot of commentary from other US land OFS providers about prospects for getting things getting better. And you guys have kind of suffered through going on four years of impact there, especially in Water Services and to some extent, Chemical Technologies.

恭喜你們交出非常亮眼的一季。我想先不把焦點從水務基礎設施移開，但我們看到在伊朗衝突之後，油市出現相當顯著的轉向；顯然，我也聽到其他美國陸上油田服務（OFS）供應商對景氣回溫前景的許多評論。而你們也已經承受了將近四年的影響，特別是在水務服務方面，某種程度上也包括化學技術。

So I would kind of love to hear your thoughts about what you see out there for prospects of that ramping up over the back half of this year, just kind of given the market shift here.

所以我很想聽聽你們的看法：在今年下半年、考量到這次市場轉變，你們看到哪些加速回升的前景？

Yeah, Jim, this is John Schmitz. I would -- logically, most of Water Services now have a big exposure to completion activity. It really relates to our Water Infrastructure, but moving water to the completion job is a big piece of our capture as well as the friction reducers or surfactants that we're building for the frac chemistry in the Chemicals side.

好的，Jim，我是John Schmitz。從邏輯上來看，目前水務服務多數都高度曝險於完井活動。這確實與我們的水務基礎設施相關，但把水運送到完井現場也是我們業務捕捉的一大部分；另外，在化學品端，我們為壓裂化學所製造的減阻劑或界面活性劑也是其中一環。

We are having conversation now, and we are hearing from the market that the commodity price that we all watched ramp and the effects of that, they are pulling both the intensity at which they're completing the wells or bringing new oil online, starting to have those conversations or see that effect as well as we would also say that we're also seeing customers that, let's say, they had four frac crews running, they were going to drop in the second quarter. They're not dropping it now. They're keeping four running.

我們現在正在進行對話，也從市場端聽到：大家都在關注的大宗商品價格上升及其影響，正促使他們調整完井強度、或讓新油更快上線；我們開始看到這樣的效果。同時我們也看到一些客戶，例如原本有四支壓裂車隊在跑、計畫在第二季減少，現在不減了。他們維持四支車隊運作。

Or whether it's through the horsepower of the frac company or through our customer base in the E&P side, we are hearing of adding more frac crews. So we do believe we'll have some intensity from the macro, probably first to see something pull forward, get it to market faster or the intensity of adding to the volume or repairing the volume and refracking or just making sure the oil is still being produced and sold.

不論是透過壓裂公司的馬力配置，或是透過我們在E&P端的客戶基礎，我們都聽到要增加更多壓裂車隊的消息。因此我們確實相信，宏觀因素會帶來一定的強度提升；可能最先看到的是把進度拉前、加快上市，或是提高產量、修復產量並進行再壓裂（refracking），或只是確保原油持續被生產並銷售。

And maybe to just add on top of that, Jim, I'd say from a financial perspective, we're certainly going to be, I would say, looking for a close dialogue with our customers on an ongoing basis here to see what the outlook looks like and whether that -- if activity gets pulled forward, whether it stabilizes on a through-cycle basis through the end of the year and what the impact is on customer budgets and the outlook.

另外再補充一點，Jim，從財務角度來看，我們當然會與客戶保持密切且持續的對話，來觀察前景如何；以及若活動被拉前，是否能在今年底前以穿越景氣循環（through-cycle）的方式趨於穩定，並評估其對客戶預算與展望的影響。

I'd say for the Chemicals business, we're guiding to pretty strong double-digit growth in the second quarter here, and that's absent, I would say, any material uplift in activity. It's really driven by the intensity of what's going on in that business. And so based on the numbers we're putting out in front of you, we're not taking an aggressive outlook on the activity framework here.

至於化學品業務，我們對第二季給出的指引是相當強勁的雙位數成長，而這是在我會說、沒有任何實質活動量上行的情況下。這主要是由該業務內部正在發生的「強度」所驅動。因此，從我們提供給各位的數字來看，我們並沒有在活動框架上採取激進的展望。

But whether it's Services, whether it's Chemicals or whether it's the pull forward of volumes getting on to the Infrastructure side, we're taking, I would say, a pretty sober approach to what the macro outlook looks like, but we're well positioned to capitalize on any uplift in activity or any pull forward or hopefully, also the potential to stabilize or look at pricing opportunities as well, particularly on the Services side.

但不論是服務、化學品，或是把量拉前、導入到基礎設施端，我們對宏觀展望採取的是相當審慎的態度；不過我們也已做好準備，能把握任何活動回升或拉前的機會，並且希望也能看到活動穩定，或是尋找定價機會，尤其是在服務端。

Yeah. It would certainly be amazing to see everything moving in the same direction for a change. And maybe, Chris, just as a follow-up. I don't want to get too far ahead of things here. But if I kind of take your first-quarter numbers, your second-quarter guidance. And obviously, the implied pick up from incremental projects that start up in the second half.

是的。如果能看到所有事情終於同向發展，確實會很令人振奮。另外，Chris，作為追問。我不想把事情講得太超前。但如果我把你們第一季的數字、第二季的指引，再加上顯然下半年啟動的增量專案所暗示的提升幅度一起看。

It kind of seems like you're on a pace to maybe have an exit run rate EBITDA somewhere approaching the mid-$300 million range. Am I doing my math right there?

看起來你們的退出（exit）運行率EBITDA可能會接近3億多美元、約在3億中段的區間。我這樣算對嗎？

Well, we're certainly not putting in any formal guidance out yet on the back half or into '27. But what I would say, Jim, is that with the strength of Q1, the opportunity set in front of us, we certainly see growth in the second half of the year. It would be good to see how some of the macro settles out. Every day is a new day right now, as you see this morning.

我們目前當然還沒有對下半年或到2027年提出任何正式指引。但我想說的是，Jim，憑藉第一季的強勁表現，以及我們眼前的機會組合，我們確實看到今年下半年會有成長。接下來也要看宏觀情勢如何沉澱。如你今天早上所見，現在每天都是新的一天。

But the projects they're going to come online in late Q2, Q3 are definitely going to provide uplift into the third quarter. A little unclear what Q4 is going to look like. But as we put a run rate on that heading into '27, I mean you're well positioned to see good, solid additional double-digit growth on an infrastructure basis looking into 2027. And depending upon the outlook on the Services and Chemi side are going to be well positioned to see that EBITDA push towards levels like you're describing.

那些會在第二季末、第三季上線的專案，確實會在第三季帶來上行。第四季會長什麼樣子還有點不明朗。但當我們把這個運行率帶進2027年時，你會看到在基礎設施面向上，展望2027年仍然很有條件實現良好且穩健的額外雙位數成長。而服務與化學品端則取決於其展望，我們也會處於有利位置，讓EBITDA朝你所描述的水準推進。

The earnings capacity of the business is certainly pushing towards that. And we're going to continue to hopefully add to that with new contracted opportunities over the next couple of quarters as well.

公司的獲利能力確實正朝那個方向推進。而我們也希望在接下來幾個季度，透過新的合約型機會持續加碼、進一步提升。

Bobby Brooks, Northland Capital Markets.

Bobby Brooks，Northland Capital Markets。

First, I wanted to ask on the new Northern Delaware water supply and takeaway agreement. Reading the presser and listening to the prepared remarks, it sounds like a highly accretive bolt-on opportunity that you probably won given your footprint that you already had existing there. Am I thinking of that right? And if so, could you just give some more framework of how to think about how accretive this could be and maybe a little bit more color on like how that win came about?

首先我想問關於新的北德拉瓦（Northern Delaware）供水與外運（takeaway）協議。從新聞稿以及事先準備的講稿來看，這聽起來是一個高度增益（accretive）的補強型（bolt-on）機會，而你們很可能是因為在當地既有的佈局而拿下。我這樣理解對嗎？如果是的話，你能否再提供一些框架，讓我們理解這會有多增益；以及再多分享一點這次得標是如何促成的？

Yeah. Certainly, good read-through on that, Bobby. The -- I think thing about the first quarter was most of the commercial opportunities we brought to bear around the infrastructure side of the business are pretty low capital to some of them even no-capital opportunities in terms of adding incremental volume growth through volume flow through the system over time, whether it's on an MVC basis, a dedication basis or just adding additional commercial potential around interruptible.

是的。Bobby，你的解讀完全到位。我想第一季的重點在於：我們在業務的基礎設施端所推進的大多數商務機會，資本需求都相當低，有些甚至是零資本機會；其本質是在既有系統中，隨時間推進增加增量輸送量、讓更多量流經系統——不論是以MVC（最低量承諾）架構、專屬承諾（dedication）架構，或是圍繞可中斷（interruptible）服務增加額外的商務潛力。

So from a capital deployment perspective, we're talking about something less than likely $5 million on an aggregate basis across all of those commercial arrangements. So it's very much leveraging the existing invested capital or ongoing build-out that's already been underwritten for that footprint. And we're pretty excited about adding on to that with these additional commercial development opportunities.

因此從資本配置角度來看，我們談的是在所有這些商務安排上合計很可能低於500萬美元。這非常明顯是在槓桿運用既有已投入的資本，或是已經為該區域佈局完成承銷（underwritten）的持續建置。我們也很期待透過這些額外的商務開發機會，在此基礎上再加碼。

There still are some larger capital projects that are in the backlog and some on a more greenfield basis. But to the extent we can start rolling into the ROFR cycle here or adding on a brownfield basis or a tie-in basis and underwrite those with committed capacity, it's a great outcome from an accretive add on to the system.

目前仍有一些較大型的資本專案在待辦清單中，另有一些屬於較偏綠地（greenfield）的專案。但只要我們能開始在此進入 ROFR 循環，或以棕地（brownfield）加建、或以接入（tie-in）的方式擴充，並以已承諾的產能來承作這些案子，這對系統而言就是一個很好的結果，因為它是具增益性的系統加掛擴建。

Got it. And then just one follow-up there is: I think you guys have talked about the cash-on-cash returns of kind of greenfield opportunities like three to five years maybe is the number you said, I think, what you put out before. Is that a shorter time line on these more tie-in opportunities?

了解。那再追問一點：我記得你們談過綠地機會的現金對現金（cash-on-cash）回收期，大概是三到五年，應該是你們之前對外說過的數字。那這些較偏接入（tie-in）的機會，時程會更短嗎？

I'd say on the tie-in side, Bobby, it can certainly have an accelerated time line given the strength of the existing footprint and the capital we've already invested. From a greenfield project underwriting framework, you're correct, generally targeting that four-year cash-on-cash is still the kind of the base framework. And we do still have some of those chunkier opportunities ahead of us that we're looking to get to the finish line.

Bobby，我會說在接入（tie-in）這一端，確實可能因為既有版圖的強度以及我們已投入的資本，而有更快的時程。就綠地專案的承作評估框架而言，你說得沒錯，一般仍以約四年的現金對現金回收期作為基準框架。而我們前方也確實還有一些較大型的機會，正在努力推進到最後完成。

But as we continue to roll new capacity onto the system or new volumes onto the system, every barrel is an incremental accretive barrel from a margin standpoint and a return on capital standpoint. And so some of these ROFR executions could look like something more in between what you're describing, Bobby, in a traditional greenfield build-out where you are adding capital to the system to build out grab new geography, but doing it under a base dedication or base ROFR dedication within the current footprint.

但隨著我們持續把新產能或新量體導入系統，從毛利與資本報酬的角度來看，每一桶都是額外、具增益性的新增桶數。因此，部分 ROFR 的執行案型，可能會介於你所描述的情況之間：一方面像傳統綠地擴建那樣，為了拓展新地理區域而對系統追加資本；但另一方面，是在現有版圖內、以基礎奉獻（base dedication）或基礎 ROFR 奉獻的架構下來進行。

Got it. That's super helpful. And just other -- one last for me is, obviously, there's been a ton of news and movement about data center developments in West Texas and those facilities. And if those facilities use evaporative cooling, they're going to need a ton of water, which is obviously a specialty of yours.

了解。這非常有幫助。我最後再問一個：顯然近期關於西德州資料中心開發與相關設施有很多新聞與動態。如果那些設施採用蒸發式冷卻，就會需要大量用水，而這顯然是你們的專長。

And so with that in mind, I was just curious to hear your thoughts about how your business and expertise might lead to opportunities within that build-out in West Texas and if that's something on your radar? Just general thoughts there.

因此在這個背景下，我想聽聽你們對於：你們的業務與專業能力，如何可能在西德州這波建置中帶來機會，以及這是否已在你們的雷達上？想請你們分享一些整體看法。

Yeah. It's a great question, Bobby. It's very much something on our radar. I don't have anything specific to convey today, but we do have a number of active and ongoing dialogues in that space, both on a water solutions side in terms of the source water need for some of these projects, as you described, but there's also application of support around services, rentals, power, other things that all are part of the core business or ancillary to the business. There's a waste stream application of management as well.

是的。Bobby，這是個很好的問題。這確實非常在我們的雷達上。我今天沒有具體事項可以對外說明，但我們在這個領域確實有多個積極且持續的對話：一方面是在水務解決方案端，針對你提到的部分專案之原水（source water）需求；另一方面也有一些支援性服務的應用，包括服務、租賃、電力等，這些都屬於我們核心業務或核心業務的周邊延伸。此外也有廢物流（waste stream）管理的應用。

So we're pretty active and engaged in understanding the marketplace, and there will be, I'd say, a critical need for water solutions because water can be a gatekeeping item to getting some of these projects to the finish line. And so I think folks are pretty focused on it.

所以我們相當積極投入並理解市場狀況；而我會說，水務解決方案會有關鍵性的需求，因為水可能是讓部分專案能否走到最後完成的門檻性因素（gatekeeping item）。因此我認為大家都相當聚焦在這一點上。

Terrific to hear. Thank you for the time, and congrats on the great quarter.

很高興聽到。謝謝你撥冗，也恭喜你們本季表現亮眼。

Derek Podhaizer, Piper Sandler.

Piper Sandler 的 Derek Podhaizer。

Maybe to kind of keep going on that line of questioning, just coming at it from a different angle, just overall M&A and looking at your portfolio and thinking about optimization. First off, peak rentals, right? You kind of mentioned power in your response, and I know you stood this thing up. You're ring-fenced it. You're feeding in a bit of capital.

或許延續剛才那條提問脈絡，但我想從不同角度切入：整體併購（M&A），以及檢視你們的資產組合並思考最佳化。首先是 Peak Rentals，對吧？你們在回覆中提到電力，我也知道你們把這個業務搭建起來了。你們把它做了隔離（ring-fenced）。你們也投入了一些資本。

So first, maybe let's start there on an update of how we should think about peak rentals moving ahead. And then maybe just separately, the portfolio optimization and feeding growth projects like your friction reducers and surfactants and if you have the right footprint today to capture those growth tailwinds? Or could we see some potential bolt-on opportunities for that as well?

所以第一個問題，想先請你們更新一下：我們接下來應該如何看待 Peak Rentals 的發展？另外再分開問：關於資產組合最佳化，以及投入成長專案，例如你們的減摩劑（friction reducers）與界面活性劑（surfactants），你們目前的版圖是否足以掌握這些成長順風？或者我們也可能看到一些相關的補強式併購（bolt-on）機會？

Yeah, this is John. Yeah, I appreciate the conversation around peak and the question. But what we would say is there was really no material change yet that we're ready to express here. And -- but we're still very actively evaluating all opportunities around that. The course of direction has not changed. The efforts in which we're applying has not changed. And so that's still very much like the last time is where it would be.

是的，我是 John。我很感謝大家對 Peak 的討論與這個問題。但我們會說，目前還沒有任何重大變化是我們準備在這裡對外表達的。不過，我們仍非常積極地評估所有相關機會。我們的方向沒有改變。我們投入的努力也沒有改變。所以整體仍與上次所說的狀況一致。

On the opportunity set, I think some of the acquisitions we just announced tells you the opportunity sense in some sort, which is really what asset base is there out there that is an enhanced value to that asset base if it's part of this network. And the network is very different than any other network because it's really built around recycling first.

至於機會集合（opportunity set），我想我們剛宣布的一些收購案，在某種程度上已說明了我們看到的機會：也就是外部有哪些資產基礎（asset base），若納入這個網路就能提升其價值。而這個網路與其他任何網路都很不同，因為它是以「回收優先」為核心所建構。

So if you just think of the ability to have dual line, so a distributing line to be able to get frac fluids to where it's going to be needed or a gathering system to bring that barrel into the recycling facility or expose it to the ability to dispose of that barrel, there's assets that really fit that network in a meaningful way and the way that thing is dual purposed and built of size, it really enhances the value of that asset when we bring it into our network. It's got a big effect.

所以如果你想想雙線能力：一條配送管線，用來把壓裂液（frac fluids）送到需要的地方；或是一套集輸系統，把那一桶帶回回收設施，或讓它具備處置（dispose）那一桶的能力——有些資產能以很有意義的方式契合這個網路。而由於這套系統具備雙重用途、且規模夠大，當我們把這些資產納入網路時，會大幅提升該資產的價值。

And I'd add to that. If you look over the last year, we've continued to focus on what adds value, what helps us drive incremental return profile to the footprint. So we've looked at things that might have historically been a bit more tangential around the solids management side with the landfill opportunities and solids treatment opportunities last year, looking at the surface application of what's underneath the infrastructure we're deploying and building out, looking to add disposal capacity to both asset risk management profile and additional growth and committed capacity potential to the system.

我再補充一下。如果你回顧過去一年，我們持續聚焦在：什麼能增加價值、什麼能幫助我們在既有版圖上推升增量報酬輪廓（incremental return profile）。因此我們也看過一些過去可能較為邊緣的領域，例如去年在固體管理端，包含掩埋場機會與固體處理機會；也看過我們正在部署與擴建的基礎設施之下方所對應的地表應用（surface application）；並尋求增加處置產能，以同時改善資產風險管理輪廓（asset risk management profile），以及為系統帶來額外成長與已承諾產能的潛力。

So anything that fits the profile of how we're approaching growth around the asset, full life cycle and waste stream management, supporting the customers on their needed solutions, we're going to focus on all of those things. And I think there's still a good opportunity set around them.

所以，任何符合我們以資產為核心、圍繞全生命週期與廢物流管理來推動成長的方向，並能支援客戶所需解決方案的事項，我們都會聚焦。而我認為在這些方面仍有不錯的機會集合。

To your question on the Chemicals side, there's -- I would say, Derek, a very good opportunity set in front of us, and we can execute and action upon that in a pretty meaningful way with what we've got, whether that's the existing manufacturing base that we have in basin in the Permian, the existing R&D and lab capabilities, the product lines and the pilot efforts that are already underway and some of these new projects and product development wins we've had. And I think we feel pretty good about the opportunity set to drive further growth there.

至於你問到化學品（Chemicals）端，我會說，Derek，我們面前有非常好的機會集合；而以我們現有的條件就能以相當有意義的方式去執行與落地——不論是我們在二疊紀盆地（Permian）既有的在地製造基地、既有的研發與實驗室能力、產品線與已在進行中的試點（pilot）工作，以及我們在一些新專案與產品開發上已取得的成果與勝出案例。我想我們對於在那裡推動進一步成長的機會集合感到相當有信心。

And even if we get to the point where capacity becomes a consideration, we've got ability to flex up and add capacity to our existing footprint out in the Permian or alternatively supplement out in East Texas and do so in a way that's pretty capital efficient given the current footprint we've already got in place.

即使我們走到產能成為考量的階段，我們也有能力把既有規模往上彈性擴充，在二疊紀（Permian）現有據點增加產能，或是改在東德州補充產能；而且在我們目前已建置的版圖基礎上，能以相當資本效率的方式來進行。

The thing that I would add to the Chemicals side of it is, as Chris expressed, we can expand the throughput in a meaningful way in our plant capacity. But we also have a very unique position to be able to service the customer and the delivery of that chemistry and the management of that chemistry throughout the fracking process. And that is localized. It is a very good footprint around a local manufacturing plant. So it really gives a value to the customer or a leverage to us to be able to win more business or expand that throughput capacity that Chris talked about.

我想在化學品這一塊補充的是，如 Chris 所說，我們可以在工廠產能上以有意義的幅度擴大處理量。但我們也具備非常獨特的優勢，能在整個壓裂過程中，為客戶提供化學品的供應交付，以及化學品的管理。而這是本地化的。我們在當地製造工廠周邊有非常好的據點布局。因此，這確實能為客戶創造價值，也讓我們更有槓桿去贏得更多業務，或擴大 Chris 提到的處理量產能。

Got it. I really appreciate the color, guys. Maybe switching just through to just, I guess, really the capital outlook here for the business, right? I mean you upped CapEx this year, completely understand just given some of the acquisitions you made and some of the needs for capital. But Chris, I think in your prepared remarks, you talked about the company really being set up for free cash flow generation in 2027 and beyond, just given the growth outlook.

了解。各位提供的細節我非常感謝。也許換個方向，談談我想是這個業務的資本展望，對吧？我的意思是，你們今年提高了資本支出（CapEx），考量到你們做的一些收購以及資本需求，完全可以理解。但 Chris，我記得你在事先準備的發言中提到，基於成長展望，公司在 2027 年及之後確實已經為自由現金流的產生做好了布局。

So maybe just help us understand the interplay of, you did the equity raise, you have, I think, $300 million of total liquidity. You're getting pretty good free cash flow generation out of Services and Chemicals. Just how should us and investors really think about the long-term free cash flow generation of the business, thinking about capital and maybe conversion down from EBITDA. Just help us understand that a little bit more, just given that's an exciting growth outlook for you guys.

所以也許請你們協助我們理解其中的互動關係：你們做了股權募資，你們有我想大約 3 億美元的總流動性。你們的服務與化學品業務也帶來相當不錯的自由現金流。那麼我們以及投資人應該如何看待公司長期的自由現金流產生能力，特別是從資本投入，以及從 EBITDA 往下轉換（conversion）的角度？鑑於你們的成長展望很令人振奮，請再多幫我們釐清一些。

Sure. It's a great question. And obviously, something we think about every day from a capital allocation framework perspective. I think importantly, the base maintenance needs on the business are pretty light. So looking at something like $60 million of maintenance capital on the system with a solid weighting towards the Services side of the business there is a pretty effective position for us to be able to reinvest in the business efficiently.

當然。這是個很好的問題。而且很明顯，從資本配置框架的角度，這也是我們每天都在思考的事情。我認為重要的是，這個業務的基本維護需求相當輕。因此，像是系統維護資本大約 6,000 萬美元，而且權重主要偏向服務業務端，這讓我們能以有效率的方式再投資於業務。

Obviously, last year and this year, we're focused more on the reinvestment side, and we continue to have a good profile of backlog opportunities that we're excited about getting to the finish line. So we think that the build cycle is ongoing and has an opportunity to continue, and we'd be excited to add to that.

很明顯，去年和今年我們更聚焦在再投資這一端，而且我們仍然有一個很好的在手案源（backlog）機會組合，我們也很期待把它們推進到最後完成。所以我們認為建置週期仍在進行中，而且有機會持續延伸，我們也樂於在此基礎上再增加。

So the base CapEx guide and the uptick here this quarter, could that translate into something that looks more like last year from a capital deployment profile than that current guide if we execute on additional contracts, that's very well a possibility here. As we look forward into 2027, we think we're driving solid incremental growth as Jim questioned on and what that earnings power is going to also do to drive incremental free cash flow generation.

因此，基礎的 CapEx 指引以及本季的上調，如果我們在額外合約上執行到位，是否可能使資本投放輪廓更接近去年的水準、而不是目前的指引？這完全有可能。展望 2027 年，我們認為我們正在推動穩健的增量成長，正如 Jim 問到的，以及那樣的獲利能力也將如何帶動增量的自由現金流產生。

So as we look forward into '27, we think the opportunity set still got some backlog opportunity to it. The growth of the earnings profile continues to move upwards as well. So both of those moving in tandem is still going to generate excess free cash flow opportunities. The margin profile of that infrastructure business is very well suited to generate very strong free cash flow on a through-cycle basis over the longevity of these contracts we're putting in place.

所以當我們展望 2027 年時，我們認為機會集合仍然包含一些在手案源的機會。獲利輪廓的成長也持續向上。因此，這兩者同步推進，仍將帶來超額自由現金流的機會。這個基礎設施業務的利潤結構非常適合在景氣循環的各階段（through-cycle）中，於我們正在簽訂的這些合約的整個期間內，產生非常強勁的自由現金流。

And so as we look forward to the back half of this year, I think it's more likely than not we continue to get opportunities to the finish line. As we look forward into 2027, we think that capital deployment program is probably going to have a bit more maturation to it, particularly in New Mexico. But even if we're able to continue to add on opportunities, you're going to grow the earnings profile and grow the free cash flow profile and start to generate those incremental dollars that you can make good discrete choices with.

因此，當我們看今年下半年，我認為我們很可能會持續把一些機會推進到完成。展望 2027 年，我們認為資本投放計畫可能會更趨成熟，特別是在新墨西哥州。但即使我們能持續新增機會，你也會看到獲利輪廓與自由現金流輪廓同步成長，並開始產生那些增量資金，讓你可以做出明確且獨立的選擇。

But as we've said before, the Services and Chemicals businesses generate solid 70% to 80% free cash flow generation out of the gross profit in those businesses and infrastructure on a stable low-growth basis should provide something similarly competitive. Right now, we're just focused on how to continue to reinvest and drive that growth like we saw in Q1, and we're expecting to see in the back half of the year.

但如我們之前所說，服務與化學品業務能從其毛利中產生約 70% 到 80% 的自由現金流；而基礎設施在穩定、低成長的情境下，應該也能提供同樣具競爭力的表現。目前我們只是專注於如何持續再投資並推動成長，就像我們在第一季看到的，以及我們預期在今年下半年會看到的。

Don Crist, Johnson Rice.

Don Crist，Johnson Rice。

I know you've answered this in a couple of different ways, but I'm hearing specifically in North -- sorry, in New Mexico that the E&P operators were going to drop frac crews because of natural gas takeaway issues and the lack of flaring opportunities.

我知道你們已經用幾種不同方式回答過這個問題，但我聽到的是，特別是在北—抱歉，在新墨西哥州，因為天然氣外運（takeaway）問題以及缺乏放空燃燒（flaring）的機會，E&P 業者原本打算減少壓裂施工隊（frac crews）。

And I just wanted to explore that a little bit and see if, number one, you're hearing that. But number two, if those operators are now keeping those frac crews because of higher oil prices and that could set up a significant uplift in volumes across your system once the natural gas takeaway pipelines come on in the fourth quarter or first quarter next year, and that could drive significant higher volumes across your system. Just any comments around that because I'm hearing that more and more lately over the past couple of weeks.

我想再深入探討一下，第一，你們是否也有聽到這樣的說法。第二，如果因為油價走高，這些業者現在反而保留了那些壓裂隊伍，那麼一旦第四季或明年第一季天然氣外運管線上線，是否可能讓你們系統的輸送量出現顯著上升，並帶動你們系統整體量能大幅提高？就這點想請你們評論一下，因為過去幾週我越來越常聽到這種說法。

Don, obviously, we're all looking at the new capacity coming online later this year, looking into next year as a needed solution. I would say based on the customer dialogues we're having, nothing has given us any indication that we've got any meaningful change in outlook expected due to nat gas takeaway concerns.

Don，很明顯，我們都在關注今年稍晚、以及明年將上線的新產能，並把它視為必要的解決方案。我會說，根據我們與客戶的對話，目前沒有任何跡象顯示，因天然氣外運疑慮而導致我們的展望出現任何有意義的變化。

The capital programs that we're talking to our customers about, the schedules that we have that we're building into to bring assets online over the next couple of quarters, there's nothing that gives us any indication there's any change expected there. If anything, it's probably more of a question around what's the commodity profile look like and how do you address the opportunity to maximize potential around that current commodity outlook.

我們與客戶討論的資本計畫、以及我們為了在未來幾個季度讓資產上線而納入的時程安排，都沒有任何跡象顯示那裡會有變動。如果真要說，反而更像是問題在於商品價格輪廓會是什麼樣子，以及你要如何因應並把握目前商品價格展望下的最大化機會。

So not to say that we're not thinking about it and focused on it and paying attention to what the customers are looking at out there. But that's the current lay of the land.

所以並不是說我們沒有在思考、沒有聚焦、也沒有留意客戶在那邊關注的事情。但目前的情況就是如此。

But John, anything to add?

不過 John，你有要補充的嗎？

Don, I would mention a few things. One is those interruptible opportunities that keep ringing the phone, that's in that area. So that has really turned into a strategic ability to capture that work because of this network we put together. We thought it showed now, and it's pretty meaningful.

Don，我想提幾點。第一是那些可中斷（interruptible）的機會一直不斷打電話來，而那就在那個區域。因此，因為我們建立起來的這個網路，這已經轉化為一種策略性的能力，讓我們能夠承接那類工作。我們認為現在已經看得出來，而且相當有意義。

The other one I would tell you that one of the things we do get out of the operators is what can they do with that gas differently than what they're doing today, whether it's in movement, whether it's in heat-related application, whether it's in power generation application, it's help us think about what we can do with it differently than what it being -- what we're challenged with as it sits, but not to the tune that we're hearing from our operators that they're going to slow down their programs.

另外我想告訴你的是，我們從營運商那裡得到的一個議題是：他們能否用不同於今天的方式來處理那些天然氣——不論是在輸送上、在熱能相關應用上、或是在發電應用上——這有助於我們思考，如何以不同方式利用它，而不是讓它就那樣—也就是我們目前在它「放在那裡」時所面臨的挑戰；但我們並沒有聽到營運商說他們會放慢他們的計畫到那種程度。

I appreciate that. And I know you don't like to talk about things before they are fully baked and ready to go into guidance. But on this data center opportunity, obviously, one of your main competitors is talking about how big it could be. Do you see the data center opportunity on the Water side being a significant opportunity for many years to come, signing long-term contracts, et cetera, like some of your competitors are seeing?

我很感謝。而且我知道你不喜歡在事情尚未完全成熟、也還沒準備好納入財測指引之前就先談。但就這個資料中心的機會而言，很明顯，你們的一個主要競爭對手正在談論它可能有多大。你是否認為在「水務」這一端的資料中心機會，將會是未來多年一個重大的機會，例如簽訂長期合約等等，就像一些競爭對手所看到的那樣？

What we do see is our position in the Permian, we think is a very unique position and our relationship between our Service business units and our Infrastructure business unit is a very positive way to address what they're asking us to address. And yes, we are having the conversations around Water.

我們確實看到的是，我們在二疊紀盆地（Permian）的布局，我們認為是一個非常獨特的定位；而且我們的服務（Service）事業單元與基礎設施（Infrastructure）事業單元之間的協作關係，是一種非常正向的方式，能夠回應他們希望我們解決的問題。是的，我們正在就水務進行相關對話。

But we would also tell you that we're having conversations that this company was really built on the skill set and the knowledge base of how you procure water, treat water, move water, store water, recycle water. But it's also built on doing intense operations in remote areas.

但我們也會告訴你，我們正在進行的對話是：這家公司其實是建立在一套技能與知識基礎之上——如何取得水源、處理水、輸送水、儲存水、回收再利用水。同時，它也建立在於偏遠地區進行高強度營運的能力之上。

We've been pulling off stuff in meaningful ways and take us in a long time -- for a long time. Well, [pampa ain't] much different. It just -- it really came to the fore fight that we can support the efforts in a different manner because of the way this company was built and the skill set that's in it, Don.

我們長期以來一直以很有意義的方式把很多事情做成，而且已經做了很久——很長一段時間。嗯，[pampa ain't] 其實也沒什麼不同。只是——它真的讓我們更清楚地看到：因為這家公司打造的方式與其中具備的技能組合，我們能以不同的方式來支援相關工作，Don。

Nick Armato, Texas Capital.

Nick Armato，Texas Capital。

Congrats on the strong quarter. On the disposal and service agreements in the Northeast, can you provide some color on the structure of the agreement and the potential revenue uplift you are expecting? Additionally, could you provide maybe a brief overview of water handling needs in the basin and how they compare with the broader Permian complex as well as the potential for additional agreements similar to this going forward?

恭喜本季表現強勁。關於東北地區的處置與服務協議，你能否提供一些協議結構的細節，以及你們預期的潛在營收提升幅度？另外，你能否簡要概述該盆地的水處理/水務處置需求，以及它們與更廣泛的二疊紀綜合區相比如何，並談談未來是否可能再簽署更多類似協議？

Yeah. I'll jump on that, Nick. So very good question. We're actually quite excited about the opportunity set in the Northeast. We are the largest traditional disposal provider in the basin. It is a challenging market environment to operate in, just given the regulatory complexities across multiple states and the geography.

好的。Nick，我來回答。這是個很好的問題。我們其實對東北地區的機會組合感到相當興奮。我們是該盆地最大的傳統處置（disposal）服務供應商。由於跨多州的監管複雜性以及地理因素，在那裡營運的市場環境相當具挑戰性。

That contract that you mentioned was a very good one for us on the back of one that we executed on late last year, where we added a large transfer dedication on top of an infrastructure relationship. This is another great one to add on that water transfer relationship scope in tandem with negotiating a commercial framework around a sizable disposal dedication.

你提到的那份合約對我們而言非常不錯，它是在我們去年底執行的一份合約基礎上延伸而來；當時我們在既有的基礎設施合作關係之上，新增了一項大型的輸水（transfer）專屬承諾（dedication）。這次則是另一個很棒的案例：在既有的輸水合作範圍上再加碼，同時也就一項相當可觀的處置專屬承諾，談妥一個商業框架。

So we were pretty excited to get that one to the finish line and able to leverage the strength of that leading disposal position and the asset and market share capacity we have in that basin to continue to engage in dialogue like that. We're pretty excited about the opportunity to continue to add that relationship between Services and Infrastructure in any of these areas where we've got strength of Service and Infrastructure scope overlapping.

因此我們很高興能把這份合約推進到最後完成，並且能夠運用我們在該盆地領先的處置地位，以及我們擁有的資產與市占/產能優勢，持續進行這類對話。我們也很期待能在任何同時具備服務與基礎設施優勢、且兩者範疇重疊的區域，持續強化服務與基礎設施之間的連結。

I would say in the Northeast more broadly, that's a basin we really like the potential around. We've talked about the gas markets a little bit in the Permian, but I think more traditionally, our leading footprint in both the Haynesville and the Northeast provide pretty meaningful upside to us for gas market demand over time. And so we feel very good about that Northeast position.

我會說，就更廣泛的東北地區而言，這是一個我們非常看好潛力的盆地。我們在二疊紀談過一些天然氣市場，但更傳統地說，我們在 Haynesville 與東北地區的領先布局，隨著時間推進，將為我們帶來相當可觀的天然氣市場需求上行空間。因此我們對東北地區的定位感到非常有信心。

We've added assets to the basin over the last year as well, and it's one that we think that there's good opportunity set on to continue to grow and enhance that already market-leading position. Similarly, in the Haynesville.

過去一年我們也在該盆地新增了資產；我們認為那裡有不錯的機會組合，可以持續成長並強化我們已經是市場領先的地位。Haynesville 也是同樣的情況。

I'd say from a market dynamics perspective relative to the Permian, it's a different type of need of solution versus the Permian. The scale of the problem in the Permian is just fundamentally different, given the size of the production scope, the size of the water problem in terms of the volumes and the intensity of the fracs and the bench depths and everything else that comes with the Permian. But we very much are going to continue to focus on the opportunity set across all of our footprint.

我想就市場動態相對於二疊紀而言，所需要的解決方案類型不同於二疊紀。二疊紀的問題規模在本質上就不同，因為其生產規模、用水問題的量體（體積/水量）、壓裂強度、層位深度（bench depths）以及二疊紀所伴隨的其他一切因素都更大。但我們確實會持續聚焦於我們所有布局範圍內的機會組合。

And as you saw here, we added new contract scope across four basins. And so you'll continue to see our capital priorities weighed towards the Permian, but we think there's a good opportunity set elsewhere.

而且如你在這裡所看到的，我們在四個盆地新增了合約範疇。因此你會持續看到我們的資本優先順序仍偏向二疊紀，但我們認為在其他地區也有不錯的機會。

John, anything to add?

John，有什麼要補充的嗎？

Yeah. Just a couple. It's not necessarily just directly to the Northeast. But if you look at the history of Select where we've been able to apply the last mile logistics or water transfer along with our water infrastructure for quite a few years now, we've always gotten better margins out of the service side of it. And the reason is because those two things together brings real value to our customers and the ability to share some of that value is meaningful to us in the Service side.

有。補充幾點。不一定只針對東北地區。但如果你回顧 Select 的歷史，我們多年來一直能把「最後一哩」物流或輸水（water transfer）與我們的水務基礎設施結合起來，而我們一向能在服務端取得更好的利潤率。原因在於，這兩者結合能為客戶帶來真正的價值，而我們在服務端能分享其中一部分價值，對我們而言很有意義。

The other side, I'd tell you, if you ask the relationship to the Permian that Chris was talking about, the Permian is really very focused on recycle first, the value add, what -- how can they balance water. And if you're recycling produced water, that means your water transfer has to be built about around transferring that produced water to the frac site. And that is a different skill set than transferring fresh water to the frac site.

另外一點，如果你問到 Chris 談的與二疊紀的關聯，二疊紀其實非常聚焦於「回收優先」（recycle first）的價值增益，也就是——他們如何做水量平衡。而如果你在回收處理產出水（produced water），那就代表你的輸水系統必須圍繞著把產出水輸送到壓裂井場（frac site）來建置。這與把淡水（fresh water）輸送到壓裂井場是不同的技能組合。

And Select's tidelines, Select's automation, Select's interaction with that infrastructure brings meaningful value to our customers, and we should be able to pull a portion of that value as we bring that along by bringing those two segments together.

Select 的管線系統（tidelines）、Select 的自動化、以及 Select 與該基礎設施的互動，能為客戶帶來顯著價值；而當我們把這兩個部門結合、把這些能力一併帶進來時，我們應該能夠取得其中一部分價值。

Perfect. Maybe shifting over to the municipal business. Could you offer some color on how that project is progressing? And then also in light of the stronger commodity environment, how do you think about opportunities like this relative to some of the more traditional oil and gas-related ones?

很好。那把話題轉到市政業務。你能否提供一些該專案進展的說明？另外，考量到商品環境更強勁，你如何看待這類機會相對於一些更傳統、與油氣相關的機會？

Yeah. I'd say on the base project up in Colorado on the municipal space, no material updates at this point other than we continue to see good progress in marching that towards the original expectation of getting contracts in hand by 2027 and putting that incremental capital to work. So I still feel like we're moving in the right direction.

好的。就科羅拉多那個市政領域的基礎專案而言，目前沒有重大的更新；除了我們持續看到良好進展，正按原先預期推進，目標是在 2027 年前取得合約到手，並投入那部分增量資本。所以我仍然覺得我們正朝正確方向前進。

It's a slower development cycle working with municipal counterparties than traditional oilfield counterparties. And similarly, with some of the other industrial opportunities in the region as well. But still feel very good about the position and the potential to get something moving by 2027, and we'll keep working on that.

與市政對手方合作的開發週期，比起傳統油田對手方要慢一些。同樣地，該地區的一些其他工業機會也是如此。但我們仍然非常看好這個布局，以及在 2027 年前推動某些項目落地的潛力，我們會持續努力。

As it relates to kind of capital allocation choices between that diversification opportunity set versus the core potential in the energy industry, I don't think our view has really changed. We want to continue to focus on the right return profile, how we add stability and contracted stability to the business over time.

至於在資本配置上，如何在這類多元化機會組合與能源產業核心成長潛力之間做選擇，我不認為我們的看法有太大改變。我們希望持續聚焦於合適的報酬輪廓，以及如何隨時間推進為業務增加穩定性與合約化的穩定性。

We're going to focus on the competitive return profile amongst all of our growth opportunities. But -- we're definitely focused on getting this one done. There definitely are other opportunities that we're going to be spending time on along the way. But we're not going to have them conflict or limit our ability to develop what is a very attractive opportunity set in the core business today, and we're continuing to see that as you saw here in Q1 and some of the larger opportunities we're looking to get to the finish line over the course of the next couple of quarters this year.

我們將把重點放在所有成長機會之中具競爭力的報酬輪廓。但是——我們確實專注於把這一項完成。沿途當然還有其他機會是我們會投入時間的。但我們不會讓它們彼此衝突或限制我們在當前核心業務中發展一個非常具吸引力的機會組合的能力；而且我們持續看到這一點，正如你在第一季所見，以及我們希望在今年接下來幾個季度推進到終點的一些更大型機會。

So very much a growing opportunity set across the business, whether that's industrial or municipal opportunities around that Colorado project, data centers or elsewhere. As we look at beneficial reuse as another technology application that's going to bring freshwater to market over time, that's something that lends itself towards a diversity of potential consumers. Whether that's the base industrial demand around the oilfield or whether that's other opportunities.

因此，整個業務面向都有非常多的成長機會，不論是圍繞科羅拉多專案的工業或市政機會、資料中心或其他地方。當我們把「有益再利用」視為另一項技術應用，隨時間把淡水帶到市場時，這也自然對應到多元的潛在消費者。不論是油田周邊的基礎工業需求，或是其他機會。

So either way, they should move in tandem, particularly as beneficial reuse progresses over the next couple of years, and we'll be focused on the right return profile across that full opportunity set.

所以不管怎樣，它們應該會同步推進，特別是隨著未來幾年有益再利用的進展；我們也會在整體機會組合上聚焦於正確的報酬輪廓。

Jeff Robertson, Water Tower Research.

Jeff Robertson，Water Tower Research。

John, given some of the comments around free cash flow growing into 2027, can you just talk a little bit about your thought process around returning cash to shareholders through the repurchase program and the common stock dividend?

John，鑑於你們提到自由現金流將一路成長到2027年，你能否談談你們透過庫藏股回購計畫與普通股股利向股東返還現金的思考脈絡？

Yeah. I do believe -- I think Chris leaned into this. What we are building is really a low-maintenance capital-required business. And as the growth capital matures, the systems, the networks, the growth show, we do have a very strong opinion that we are building a company that is built around repeatable, predictable and dividends will be a part of the capital allocation and the growth of that dividend.

好的。我確實相信——我想Chris也提到這點。我們正在打造的，基本上是一個資本需求低、維護性資本支出不高的業務。而當成長資本逐步成熟、系統與網路建置完成、成長展現出來時，我們非常堅定地認為，我們正在建立一家以可重複、可預測為核心的公司，而股利將會是資本配置的一部分，也會包含股利的成長。

We're probably, by nature, more of value takers when it comes back to stock buybacks. If you look at when we really spent the money, it's when the stock got affected by the banking crisis out on the West Coast, and we took a big -- we took advantage of that. But we do believe we are building a company that will be able to focus on regular way dividend and capital allocation decisions.

至於股票回購，我們天性上可能更偏向在估值有利時才出手。如果你看我們真正花錢回購的時點，是在西岸銀行危機影響股價時，我們大幅——我們把握了那個機會。但我們確實相信，我們正在打造一家能夠專注於常態性股利與資本配置決策的公司。

We also believe that, yeah, the infrastructure growth that we're building in Eddy and Lea in different places across the United States as we come up with opportunities that are very attractive in building these networks in the oil and gas space. We actually believe that our skill sets in and around water really open up opportunities in addition to that. So I don't think the growth is going to disappear on us.

我們也相信，是的，我們正在Eddy與Lea等地、以及美國各地所建置的基礎設施成長，當我們在油氣領域發現建置這些網路非常具吸引力的機會時。我們其實相信，我們在水務相關的技能組也會開啟除此之外的機會。所以我不認為成長會就此消失。

I think those opportunities are still going to be there. And the contractual nature and the high gross margin and the good rate of return, I believe, will show up within our skill sets around water.

我認為那些機會仍然會存在。而其合約性質、高毛利率與良好的報酬率，我相信都會在我們的水務能力範圍內體現出來。

And maybe just wrap on that, Jeff, whether it's looking at the base dividend and the potential to grow that over time, whether it's adding stability through cycle in a historically cyclical industry or whether it's thinking about diversification of industry scope, I mean, all of those things lend themselves towards more repeatable, predictable cash flows over time. Whether that's looking at the balance sheet structure or shareholder returns, either way, you're going to have different choices as we continue along this strategic transition, and we're focused on what that right structure looks like over time.

Jeff，或許我再總結一下：不論是看基礎股利以及隨時間成長的可能性，或是透過景氣循環為一家歷來具週期性的產業增加穩定性，或是思考產業範疇的多元化——我的意思是，這些都會讓我們隨時間產生更可重複、更可預測的現金流。不論是檢視資產負債表結構或股東報酬，無論如何，隨著我們持續推進這項策略轉型，你們會看到不同的選擇，而我們專注於長期而言正確的結構應該是什麼。

As John said, we'll continue to be tactical in our view around the ability to repurchase shares in and out of excess free cash flow. But as we look forward to generating incremental free cash, we're going to make the right choices and have the right balance between growth and shareholder returns. But obviously, for now, we've got a great growth opportunity set in front of us, and that's what we're focused on in the immediate term.

如John所說，我們會持續以戰術性的角度看待在超額自由現金流之內、進行股票回購的能力。但當我們展望未來、產生更多自由現金時，我們會做出正確的選擇，在成長與股東報酬之間取得適當平衡。但顯然，就目前而言，我們面前有一組很棒的成長機會，而這是我們短期內的重點。

One question on the assets, the Black River Ranch and the surface acreage bought in New Mexico. Can you talk about how that fits into your Delaware Basin system, John or Chris?

有一個關於資產的問題：Black River Ranch，以及在新墨西哥州購買的地表土地。John或Chris，你們能談談這如何融入你們在Delaware盆地的系統嗎？

Yeah, I'll start, and John, feel free to add on top. But when we're looking at the full footprint build-out of what we're doing in New Mexico. We look at all the opportunities to get value out of that footprint. So that surface position is effectively overlapping with our existing infrastructure build-out.

好的，我先說，John也請隨時補充。當我們看在新墨西哥州所做的整體版圖建置時，我們會評估所有能從該版圖中創造價值的機會。因此，那個地表土地部位實際上與我們既有的基礎設施建置是重疊的。

So the ability to utilize right away and easement access across the piece of owned surface is obviously accretive to the cost structure of the business. The ability to utilize that surface to develop incremental capacity, whether it's storage, whether it's disposal, whether it's recycling, all provides opportunity to the footprint. If we can add accretive returns through some royalty structures or mineral structures along with that surface, that's a good high-margin opportunity for us as well.

因此，能夠立即利用該自有地表土地上的通行權與地役權通道，顯然會對業務的成本結構帶來增益。能夠利用該地表土地來開發額外產能——不論是儲存、處置或回收——都能為該版圖提供機會。如果我們也能透過某些權利金結構或礦權結構，搭配該地表土地取得具增益的報酬，這對我們而言也是一個高毛利的好機會。

So when we're looking at what best fits the profile of the build-out of the system, we're looking at all these opportunities, and we're going to continue to find these along the way. And if we can do so in a manner that provides very clear strategic benefit to the build-out of the core strategy or gives us leverage and opportunities to develop something new, we'll continue to look at opportunities like that.

因此，當我們評估什麼最符合系統建置的輪廓時，我們會把這些機會都納入考量，並且會在過程中持續找到這類機會。如果我們能以一種能為核心策略的建置帶來非常明確的策略效益、或讓我們取得槓桿並有機會開發新事物的方式來進行，我們就會持續尋找這樣的機會。

But John, anything to add?

不過John，你有要補充的嗎？

The one thing I'd add is that whether it's opportunities we're finding by buying surface and being able to harvest royalty or position out of that surface, what we are, for sure, finding in a meaningful way is that the asset base of the company, whether it's the water itself, whether it's the location, whether it's surface owned, whether it's the network of pipe, we're finding ways now that we can take repeatable, high gross margin or full gross margin royalty-type revenue into our existing company today to increase the margins or have a different type of income stream than a typical service company had.

我想補充的一點是：不論是我們透過購買地表土地而找到的機會，並能從該地表土地中取得權利金或部位收益；我們確實、而且以相當顯著的方式發現，公司資產基礎——不論是水本身、地點、自有地表土地、或管線網路——我們現在都能把可重複的高毛利、甚至全毛利的「類權利金」收入導入我們現有公司之中，以提高毛利率，或取得不同於典型服務公司的收入來源。

And it's becoming more and more apparent as we build out this network or buy the surface or create the relationship between waste stream management and fluids management.

而且，隨著我們建置這個網路、或購買地表土地、或建立廢物流管理與流體管理之間的關係，這一點變得愈來愈明顯。

John Daniel, Daniel Energy Partners.

John Daniel，Daniel Energy Partners。

John and Chris, not sure this has been addressed enough. I'm just curious, with the market getting heating up a bit, how -- what are the opportunities right now for you guys to talk to customers about incremental pricing opportunities? Are you having those yet?

John和Chris，我不確定這是否已被充分討論。我只是好奇，隨著市場有點升溫，你們目前有哪些機會可以和客戶談額外的定價上調空間？你們已經在談了嗎？

Yeah. First of all, John, as you know very well, there are certain conversations that you have to have because there's an effect on your business as it relates to the procurement side. And some of that's built in, some of it's not. But I would say those conversations are very active. They're not lagging and they're well received. I would not say they're getting a lot of pushback.

是的。首先，John，如你非常清楚的，有些對話你必須要談，因為這會影響到你的業務，特別是與採購端相關。其中有些已經內建在合約裡，有些則沒有。但我會說，這些對話非常活躍。它們沒有落後，而且反應良好。我不會說我們遇到很多阻力。

As it relates to price, what we find is that where we can bring value and we can demonstrate value that the price conversations with the customers that are trying to do more with less with better results are conversations they love to have and they will give you price and they will share in that value that you bring. And we find very good success there, John.

就價格而言，我們發現，只要我們能帶來價值並且能證明價值，與那些試圖以更少資源達成更多、並取得更好成果的客戶進行價格討論，這些都是他們樂於進行的對話；他們也願意給出價格，並與我們分享我們所帶來的價值。而在這方面我們取得了非常好的成效，John。

Yeah. And I'd add to that. As John mentioned earlier, when you can integrate that service capability with the infrastructure relationship around the contracted barrel, it's always a more productive outcome for us on a margin profile basis. And it can also have a benefit on the revenue basis as well.

是的。我也補充一下。如同 John 先前提到的，當你能把服務能力與圍繞合約桶量的基礎設施合作關係整合在一起時，從利潤率結構的角度來看，對我們而言通常會是更具生產力的結果。而且在營收面也可能帶來好處。

And then furthermore, if you're thinking about something like chemicals, the push into some of the higher-margin specialty application of product, whether it's on the FR side around the intensity of what's demanded right now or whether it's the, I would say, the more specialty application of surfactant development around the reservoir, we're off the matching of that with the chemistry and the quality of the water along with it. That's just a fundamentally different solution, and we're going to be able to price that in a manner that's more effective because at the end of the day, it's helping the customer create more oil production out of the reservoir, and we can share in the benefit of that uplift.

此外，如果你在思考像化學品這類業務，推進到一些更高毛利的專業化產品應用——不論是在 FR 端、針對目前所要求的強度，或是我會說，在儲層周邊進行更專業的界面活性劑開發應用——我們都在把這些需求與化學配方、水質與水的品質進行匹配。那是一種根本不同的解決方案，而我們也能以更有效的方式來定價，因為歸根結底，它是在幫助客戶從儲層中創造更多的原油產量，而我們可以分享這種增產帶來的效益。

Can you remind me like roughly what percent of your business you would characterize as spot and therefore, opportunities to incremental pricing later this year?

你能提醒我一下，大概有多少百分比的業務你會把它歸類為現貨，因此在今年稍晚有機會進一步調升價格？

On the Services side, John, I mean, you're going to have some integrated pricing relationships with your infrastructure contracts. You're going to have some relationships that are more medium or kind of pad or well program defined. But I wouldn't say there's any expectation that there's not going to be an ability to be responsive to the market conditions and the need of the industry's application for service. So nothing that's going to be limiting in our ability to capitalize on the market opportunity set in any meaningful respect.

在服務業務這一端，John，我的意思是，你會有一些與基礎設施合約綁定的整合式定價關係。你也會有一些關係是較偏中期、或以井場平台（pad）或井計畫（well program）來界定的。但我不會說我們會預期沒有能力去回應市場狀況，以及產業對服務應用的需求。所以在任何有意義的層面上，都不會有什麼會限制我們把握市場機會組合的能力。

And so obviously, on the Infrastructure side of the business, you've got more defined long-term contracted structures there with frameworks that get us a great outcome and great return profile regardless of market conditions.

而且很明顯地，在基礎設施這一端，你有更明確的長期合約結構與框架，使我們不論市場狀況如何，都能取得很好的成果與很好的報酬結構。

But John, anything to add to that?

不過 John，你還有什麼要補充的嗎？

I guess the one thing I'd say, John, is we have experienced -- we've all experienced this, that the market has become such intensity in 24-hour operations that a schedule and planning and engineering of jobs have become more and more important. So even our call-out business, one, it's probably going to have pricing arrangements around it. It's going to have MSAs around it. It's going to have contractual relations to our infrastructure around it. So that's changed some.

我想我會說的一點是，John，我們已經經歷過——我們大家都經歷過——市場在 24 小時運作上的強度變得如此之高，以致於工作排程、規劃與工程設計變得越來越重要。所以即便是我們的臨時叫修（call-out）業務，第一，它很可能也會有相應的定價安排。它會有 MSA（主服務協議）。它也會與我們的基礎設施有合約關係。所以這方面確實有些改變。

But I would tell you the biggest thing that changed in the industry, it's just become mission-critical in what we do and how we do it now that brings value to the customer. The ability to take the phone call and execute a call -- I mean, execute a job inside this business is still very much intact, John. And if it torques up, we can take the call and we can make the money. But boy, it has really changed in planning and engineering and execution and the ability of not having that downtime.

但我會告訴你，產業中最大的改變是：我們現在所做的事以及我們如何去做，已經變得攸關任務成敗（mission-critical），而這能為客戶帶來價值。接到電話並執行叫修——我的意思是，在這個業務裡執行一個工作——的能力仍然非常完整，John。而如果需求升溫，我們可以接單，也可以賺到錢。但天啊，在規劃、工程設計與執行，以及避免停機時間的能力上，真的已經有很大的改變。

And one thing I might add further on the Infrastructure side of the business. The real, I would say, mover there is really in this type of market environment is something like skim oil. We generate a good amount of skim oil out of that infrastructure footprint. And so any uplift in the commodity price in the short-term or medium-term, if it becomes more stabilized is something that gives us upside opportunities as we continue to extract incremental oil barrels out of that footprint.

另外我還想在基礎設施業務這一端再補充一點。在這種市場環境下，真正的驅動因素，我會說，是像撇油（skim oil）這類項目。我們從那個基礎設施版圖中產出相當可觀的撇油量。因此，若商品價格在短期或中期出現上行、並且若它變得更穩定，這將帶給我們上行機會，因為我們會持續從那個版圖中額外提取更多的原油桶數。

Whether it's through recycling, disposal or solids either way, you're in a position to capture oil, and that's a good opportunity set for us to move up with the spot market oil pricing. And then I'd say, furthermore, the ability to be responsive to the market's need for reuse barrels versus dispose, the more we can reuse that barrel versus put it down hole and get rid of it, the more opportunity we have to maximize the revenue and the value stream out of that barrel potential. And so obviously, it's a good market environment to potentially do that.

不論是透過回收、處置或固體處理，無論哪一種方式，你都處在能夠回收原油的有利位置，而這對我們而言是個很好的機會組合，讓我們能隨著現貨市場油價上升而受益。此外，我會說，能夠回應市場對「再利用桶量」相對於「處置」的需求也很重要；我們越能把那個桶量再利用，而不是把它打入井下處理掉，我們就越有機會把該桶量潛力所帶來的營收與價值流最大化。所以很明顯地，這是一個可能有利於這麼做的市場環境。

Ladies and gentlemen, we have reached the end of question-and-answer session. I would now like to turn the floor over to John Schmitz for closing comments.

各位女士先生，我們已經到達問答環節的結束。現在我想把時間交給 John Schmitz 作結語。

Thanks to everyone for joining the call. We appreciate your continued support and interest in learning more about Select Water Solutions. We look forward to speaking to you again next quarter.

感謝各位參與本次電話會議。我們感謝各位持續的支持，以及對進一步了解 Select Water Solutions 的興趣。我們期待在下個季度再次與各位交流。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your [participation].

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的[參與]。