貝克休斯 (BKR) 2021 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Baker Hughes Company Fourth Quarter and Full Year 2021 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們，先生們，美好的一天，歡迎參加貝克休斯公司 2021 年第四季度和全年財報電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

I would now like to introduce your host for today's conference, Mr. Jud Bailey, Vice President, Investor Relations. Sir, you may begin.

我現在想介紹一下今天會議的主持人，投資者關係副總裁 Jud Bailey 先生。先生，您可以開始了。

Thank you. Good morning, everyone, and welcome to the Baker Hughes Fourth Quarter and Full Year 2021 Earnings Conference Call. Here with me are our Chairman and CEO, Lorenzo Simonelli; and our CFO, Brian Worrell. The earnings release we issued earlier today can be found on our website at bakerhughes.com.

謝謝你。大家早上好，歡迎參加貝克休斯 2021 年第四季度和全年收益電話會議。和我在一起的是我們的董事長兼首席執行官 Lorenzo Simonelli；和我們的首席財務官 Brian Worrell。我們今天早些時候發布的收益報告可以在我們的網站 bakerhughes.com 上找到。

As a reminder, during the course of this conference call, we will provide forward-looking statements. These statements are not guarantees of future performance and involve a number of risks and assumptions. Please review our SEC filings and website for a discussion of some of the factors that could cause actual results to differ materially. As you know, reconciliations of operating income and other GAAP to non-GAAP measures can be found in our earnings release.

提醒一下，在本次電話會議期間，我們將提供前瞻性陳述。這些陳述不是對未來業績的保證，並且涉及許多風險和假設。請查看我們的 SEC 文件和網站，了解可能導致實際結果出現重大差異的一些因素的討論。如您所知，營業收入和其他公認會計原則與非公認會計原則措施的對賬可以在我們的收益發布中找到。

With that, I will turn the call over to Lorenzo.

有了這個，我會把電話轉給洛倫佐。

Thank you, Jud. Good morning, everyone, and thanks for joining us.

謝謝你，賈德。大家早上好，感謝您加入我們。

We are pleased with our fourth quarter results as we generated another quarter of strong free cash flow, solid margin rate improvement and strong orders performance from TPS. During the quarter, TPS continued to operate at a high level. OFE successfully executed on its cost improvement initiatives and OFS performed extremely well despite continued pressure on supply chain and commodity inflation.

我們對第四季度的業績感到滿意，因為我們又創造了一個季度強勁的自由現金流、穩健的利潤率提高以及來自 TPS 的強勁訂單表現。本季度，TPS繼續保持高位運行。儘管供應鍊和商品通脹面臨持續壓力，OFE 成功地執行了其成本改進計劃，並且 OFS 表現非常出色。

For the full year, we were pleased with our financial performance. We took several steps in 2021 to accelerate our strategy and help position the company for the future. Last year proved to be successful on many fronts for Baker Hughes, with key commercial successes and developments in the LNG and new energy markets as well as record free cash flow generation and peer-leading capital allocation.

全年，我們對我們的財務表現感到滿意。我們在 2021 年採取了幾個步驟來加速我們的戰略並幫助公司為未來定位。去年事實證明，貝克休斯在許多方面都取得了成功，在液化天然氣和新能源市場取得了重要的商業成功和發展，以及創紀錄的自由現金流產生和同行領先的資本配置。

After a quiet start to the year, LNG activity played an important role in helping TPS book almost $7.7 billion in orders in 2021, which was just below the record levels achieved in 2019. Perhaps more importantly, we believe that the step-up in LNG order activity provides a solid indication that a new LNG cycle is beginning to take shape. We also believe that the uptick in orders, along with other recent policy movements, particularly in Europe, confirms that natural gas is gradually gaining greater acceptance as a transition and destination fuel for a net zero world.

在今年的平靜開局之後，液化天然氣活動在幫助 TPS 在 2021 年預訂近 77 億美元的訂單方面發揮了重要作用，這僅低於 2019 年的創紀錄水平。也許更重要的是，我們認為液化天然氣的增長訂單活動有力地表明新的液化天然氣週期開始形成。我們還認為，訂單的增加以及最近的其他政策變動，特別是在歐洲，證實了天然氣作為淨零世界的過渡和目的地燃料正在逐漸獲得更多的認可。

In new energy frontiers, we started to see more pronounced commercial successes from our energy transition efforts, generating approximately $250 million in new orders across our TPS, OFS and DS product companies primarily in the areas of hydrogen and CCUS. We remain confident in our ability to grow this business over the next decade to ultimately total $6 billion to $7 billion of orders by 2030.

在新能源前沿，我們的能源轉型工作開始取得更顯著的商業成功，我們的 TPS、OFS 和 DS 產品公司主要在氫能和 CCUS 領域產生了約 2.5 億美元的新訂單。我們對未來十年發展這項業務的能力充滿信心，到 2030 年最終訂單總額將達到 60 億至 70 億美元。

I'm also very pleased to report that Baker Hughes delivered its strongest ever free cash flow year, generating over $1.8 billion in 2021, which represents almost 70% conversion from adjusted EBITDA. We are pleased to see this performance as our cash restructuring and separation payments wound down, and we continued to make progress on improving our working capital and broader cash processes.

我也很高興地報告，貝克休斯實現了有史以來最強勁的自由現金流年度，在 2021 年產生了超過 18 億美元，這代表調整後 EBITDA 的近 70% 轉換。我們很高興看到這一表現，因為我們的現金重組和離職付款逐漸減少，並且我們在改善營運資金和更廣泛的現金流程方面繼續取得進展。

Our strong free cash flow profile provides the company with ample flexibility and optionality when it comes to our broader capital allocation strategy. As evidence of this, we returned almost $1.2 billion back to shareholders through dividends and buybacks in 2021 while also making multiple acquisitions and investments across the industrial and new energy spaces.

當涉及到我們更廣泛的資本分配策略時，我們強大的自由現金流狀況為公司提供了充足的靈活性和選擇性。作為證據，我們在 2021 年通過股息和回購向股東返還了近 12 億美元，同時還在工業和新能源領域進行了多項收購和投資。

On the industrial front, we completed the acquisition of ARMS Reliability and a major investment in Augury, which will help Baker Hughes continue to build out its industrial asset management platform and deliver an expanded set of asset performance capabilities.

在工業方面，我們完成了對 ARMS Reliability 的收購和對 Augury 的重大投資，這將有助於貝克休斯繼續構建其工業資產管理平台並提供一套擴展的資產績效能力。

On the new energy front, we were active this year in pursuing early-stage technologies in CCUS and in hydrogen. In CCUS, we acquired a position in Electrochaea, a bio-methanation company, and also entered into an exclusive license with SRI for the mixed salt process. In hydrogen, we made an investment in Ekona, a growth stage company developing novel turquoise hydrogen production technology, as well as [Nemesis], a technology company focused on a range of early-stage hydrogen technologies.

在新能源方面，我們今年積極探索 CCUS 和氫的早期技術。在CCUS，我們收購了生物甲烷化公司Electrochaea的職位，並與SRI簽訂了混合鹽工藝的獨家許可。在氫氣方面，我們投資了 Ekona，一家開發新型綠松石製氫技術的成長階段公司，以及一家專注於一系列早期氫氣技術的技術公司 [Nemesis]。

While 2021 saw many positive achievements, the year was also not without its challenges. We saw continued disruptions from the COVID-19 pandemic, which continued to impact our operations. Supply chain and inflationary pressures also drove higher cost and delivery issues, primarily across our OFS and DS product companies.

儘管 2021 年取得了許多積極成就，但這一年也並非沒有挑戰。我們看到 COVID-19 大流行的持續中斷，這繼續影響我們的運營。供應鍊和通脹壓力也推動了更高的成本和交付問題，主要是我們的 OFS 和 DS 產品公司。

Our teams have continued to work to offset some of these pressures, but we expect to continue to see some level of tension and disruption in these areas potentially through the first half of the year.

我們的團隊繼續努力抵消其中一些壓力，但我們預計這些領域可能會在今年上半年繼續出現一定程度的緊張和混亂。

As we look ahead to 2022, we expect the pace of global economic growth to remain strong. However, growth rates are likely to moderate from 2021 levels as central banks are expected to begin tightening monetary policy in order to reduce COVID-related stimulus plans and quell growing inflationary pressures. Despite the expected slowdown in the pace of growth, we believe the continuing broader macro recovery will translate into rising energy demand in 2022 with oil demand likely recovering to pre-pandemic levels by the end of the year.

展望 2022 年，我們預計全球經濟增長步伐將保持強勁。然而，隨著各國央行預計將開始收緊貨幣政策以減少與 COVID 相關的刺激計劃並平息日益增長的通脹壓力，增長率可能會從 2021 年的水平放緩。儘管預計增長速度將放緩，但我們認為，持續的更廣泛的宏觀復甦將轉化為 2022 年的能源需求上升，而石油需求可能會在年底前恢復到大流行前的水平。

Pairing this demand scenario with continued OPEC+, IOC and E&P spending discipline, we expect the oil market to remain tight for some time. We believe that this will provide an attractive investment environment for our customers and a strong tailwind for many of our product companies.

將這種需求情景與持續的歐佩克+、國際奧委會和勘探與生產支出紀律相結合，我們預計石油市場將在一段時間內保持緊張。我們相信，這將為我們的客戶提供有吸引力的投資環境，並為我們的許多產品公司提供強大的順風。

We also expect continued momentum in the global gas market in 2022, building on a strong 2021. A combination of demand and supply factors converged in 2021, pushing natural gas and LNG prices to record-breaking levels in both Europe and in Asia. The gas price spikes also highlighted the fragility of the global energy system as the world transitions to net zero.

我們還預計，在 2021 年強勁的基礎上，2022 年全球天然氣市場將繼續保持增長勢頭。2021 年需求和供應因素的結合，將歐洲和亞洲的天然氣和液化天然氣價格推至創紀錄水平。隨著世界向淨零過渡，天然氣價格飆升也凸顯了全球能源系統的脆弱性。

Looking ahead, we expect a number of additional LNG FIDs in 2022 and beyond, supported by the growing appetite for longer-term LNG purchase agreements. As we have previously mentioned, we see significant structural demand growth for LNG in the coming decades. Our positive long-term view is also supported by the recent improvements in policy sentiment in certain parts of the world towards natural gas' role within the energy transition.

展望未來，我們預計 2022 年及以後會有更多的液化天然氣 FID，這得益於對長期液化天然氣採購協議的需求不斷增長。正如我們之前提到的，我們看到未來幾十年液化天然氣的結構性需求將出現顯著增長。我們積極的長期觀點也得到了世界某些地區最近對天然氣在能源轉型中的作用的政策情緒改善的支持。

Against this constructive macro backdrop, Baker Hughes remains focused on executing our strategy across the 3 pillars of transform the core, invest for growth and position for new energy frontiers. Importantly, we also continue to work towards aligning Baker Hughes across the 2 business areas that we outlined in the third quarter of last year, oilfield services and equipment and industrial energy technology or OFSE and IET.

在這種建設性的宏觀背景下，貝克休斯仍然專注於執行我們的戰略，跨越核心轉型、投資增長和新能源前沿定位這三大支柱。重要的是，我們還將繼續努力使貝克休斯在我們去年第三季度概述的兩個業務領域——油田服務和設備以及工業能源技術或 OFSE 和 IET——保持一致。

Since we unveiled our vision of ultimately executing across these 2 broad business areas, we have been evaluating all aspects of the company in order to determine the most efficient organizational and corporate structure. Our goal is to find the right structure that properly aligns our internal resources and helps accelerate growth in key strategic areas while also enhancing our profitability and returns and increasing shareholder value.

自從我們公佈了最終在這兩個廣泛的業務領域執行的願景以來，我們一直在評估公司的各個方面，以確定最有效的組織和公司結構。我們的目標是找到合適的結構，適當調整我們的內部資源，幫助加速關鍵戰略領域的增長，同時提高我們的盈利能力和回報，增加股東價值。

We have reached some early conclusions and have started to implement changes internally. Most notably, we recently created the climate technology solutions group and the industrial asset management group, which will both report to Rod Christie, Executive Vice President of TPS. Climate technology solutions, or CTS, will encompass CCUS, hydrogen, emissions management and clean and integrated power solutions. Industrial asset management, or IAM, will bring together key digital capabilities, software and hardware from across the company to help customers increase efficiencies, improve performance and reduce emissions for their energy and industrial assets.

我們已經得出了一些初步結論，並已開始在內部實施更改。最值得注意的是，我們最近創建了氣候技術解決方案組和工業資產管理組，它們都將向 TPS 執行副總裁 Rod Christie 匯報。氣候技術解決方案或 CTS 將包括 CCUS、氫、排放管理以及清潔和綜合電力解決方案。工業資產管理 (IAM) 將匯集整個公司的關鍵數字能力、軟件和硬件，幫助客戶提高能源和工業資產的效率、性能並減少排放。

We believe that the creation of these two groups will help accelerate the speed for commercial development for solutions-based business models across our new energy and industrial asset management offerings. Importantly, it will not change any of our reporting structure today.

我們相信，這兩個集團的成立將有助於加快我們新能源和工業資產管理產品中基於解決方案的商業模式的商業發展速度。重要的是，它不會改變我們今天的任何報告結構。

Overall, we are very excited with the strategic direction of Baker Hughes and believe the company is well placed to capitalize on near-term cyclical recovery and well positioned for the long-term structural change in the energy markets.

總體而言，我們對貝克休斯的戰略方向感到非常興奮，並相信該公司已準備好利用近期的周期性複蘇，並為能源市場的長期結構變化做好準備。

Now I'll give you an update on each of our segments. In Oilfield Services, activity levels ended the year on a positive note in both the international and North American markets and all signs point to a strong year of growth in 2022. Additionally, the OFS team had to navigate an increasingly difficult supply chain environment over the second half of 2021 and ended the year on a high note with a strong fourth quarter margin performance.

現在，我將向您介紹我們每個細分市場的最新情況。在油田服務方面，國際和北美市場的活動水平在今年結束時表現良好，所有跡像都表明 2022 年將出現強勁增長。此外，OFS 團隊不得不在日益艱難的供應鏈環境中度過難關2021 年下半年，並以強勁的第四季度利潤率表現以高調結束了這一年。

Looking into 2022, we expect a strong broad-based recovery across the international markets, led by Latin America and the Middle East. While Latin America should see the second consecutive year of double-digit growth, the Middle East is in the very early stages of what we expect to be a multiyear growth cycle. Capital is being deployed in the region to restore near-term production levels and lay the foundation for longer-term capacity expansion.

展望 2022 年，我們預計以拉丁美洲和中東為首的國際市場將出現強勁的廣泛復甦。雖然拉丁美洲應該會連續第二年實現兩位數的增長，但中東正處於我們預期的多年增長周期的早期階段。該地區正在部署資本，以恢復近期的生產水平，並為長期產能擴張奠定基礎。

In North America, we expect another year of impressive growth in the U.S. land market as well as recovery offshore. Based on conversations with our customers, we expect the underlying trends in North America to remain the same as 2021, with public E&Ps and IOCs remaining disciplined in deploying capital while private E&Ps will remain more active.

在北美，我們預計美國土地市場將再有一年令人印象深刻的增長以及海上復甦。根據與客戶的對話，我們預計北美的基本趨勢將與 2021 年保持一致，公共 E&P 和 IOC 在部署資本方面保持紀律，而私人 E&P 將保持更加活躍。

While we were pleased to achieve 10% operating margin rates in OFS in the fourth quarter, margins are still below our broader objectives, mainly due to the recent negative impacts of commodity price inflation and supply chain disruptions. That being said, our OFS team is working extremely hard to offset these headwinds with successful pricing increases across multiple product lines and continued progress in mitigating some of the logistics constraints. Based on the actions being taken by our OFS team and assuming the gradual normalization of the current state of supply chain disorder, we remain focused on achieving 20% EBITDA levels in OFS by the end of 2022.

雖然我們很高興在第四季度實現 OFS 的 10% 營業利潤率，但利潤率仍低於我們更廣泛的目標，這主要是由於近期商品價格通脹和供應鏈中斷的負面影響。話雖如此，我們的 OFS 團隊正在努力抵消這些不利因素，成功提高了多個產品線的定價，並在緩解一些物流限制方面取得了持續進展。基於我們的 OFS 團隊正在採取的行動，並假設當前供應鏈混亂狀態逐漸正常化，我們仍然專注於到 2022 年底在 OFS 中實現 20% 的 EBITDA 水平。

Moving to TPS. The outlook remains constructive, driven by opportunities in LNG, onshore/offshore production and new energy initiatives. I'd like to thank Rod and the TPS team for an exceptional year in 2021, which exemplified the strength of the TPS business. TPS booked almost $7.7 billion of orders, which included 22 MTPA of LNG orders across 4 projects and 9 FPSOs and offshore topside project awards.

轉移到 TPS。在液化天然氣、陸上/海上生產和新能源計劃的機遇推動下，前景仍然具有建設性。我要感謝 Rod 和 TPS 團隊在 2021 年取得了非凡的一年，這體現了 TPS 業務的實力。 TPS 訂購了近 77 億美元的訂單，其中包括 4 個項目的 22 MTPA 液化天然氣訂單和 9 個 FPSO 和海上上部項目合同。

On the execution side, TPS generated over $1 billion of operating income, representing over 16% in operating margin rate despite revenue growth in equipment significantly outpacing services. We are excited about what the future holds for TPS across multiple fronts.

在執行方面，TPS 產生了超過 10 億美元的營業收入，儘管設備收入增長明顯超過服務，但營業利潤率超過 16%。我們對跨多個領域的 TPS 的未來感到興奮。

In LNG, we were pleased to book 2 awards in the fourth quarter. We announced a major LNG award for the 5 MTPA Pluto Train 2 project in Western Australia, which is operated by Woodside and also received a large-scale LNG equipment award in the Eastern Hemisphere. Additionally, we were awarded an order to deliver power generation equipment for a major LNG project in North America.

在液化天然氣方面，我們很高興在第四季度獲得 2 個獎項。我們宣布了西澳大利亞 5 MTPA Pluto Train 2 項目的主要液化天然氣獎，該項目由伍德賽德運營，並在東半球獲得了大型液化天然氣設備獎。此外，我們還獲得了為北美一個大型液化天然氣項目提供發電設備的訂單。

We continue to be optimistic on the outlook for LNG and remain confident on the potential for 100 to 150 MTPA of awards over the next 2 to 3 years. Based on the continued pace of discussions with multiple customers and the positive fundamentals in the global gas market, we have a general bias towards the upper end of this range.

我們繼續對液化天然氣的前景持樂觀態度，並對未來 2 至 3 年授予 100 至 150 MTPA 的潛力充滿信心。基於與多個客戶的持續討論速度以及全球天然氣市場的積極基本面，我們普遍傾向於該範圍的高端。

For the non-LNG segments of our TPS portfolio, we see multiple opportunities for continued growth, and we were pleased to book a number of awards in new energy during the quarter. In hydrogen, we booked an award for advanced compression technology for the NEOM carbon-free hydrogen project in the Kingdom of Saudi Arabia, building on the announcement we made with Air Products in the second quarter of 2021.

對於我們 TPS 產品組合的非液化天然氣部分，我們看到了持續增長的多個機會，我們很高興在本季度獲得了一些新能源獎項。在氫氣方面，我們在 2021 年第二季度與空氣產品公司合作的公告的基礎上，為沙特阿拉伯王國的 NEOM 無碳氫氣項目獲得了先進壓縮技術獎。

We will be providing our HPRC solutions to the NEOM project, which will enable a lower cost of production and accelerate the adoption of hydrogen as a zero carbon fuel. Our collaboration with Air Products will be critical for a net zero future, and the award is a good example of how Baker Hughes' proven technology is helping to accelerate the hydrogen economy.

我們將為 NEOM 項目提供 HPRC 解決方案，這將降低生產成本並加速氫作為零碳燃料的採用。我們與空氣產品公司的合作對於未來的淨零排放至關重要，該獎項是貝克休斯成熟技術如何幫助加速氫經濟的一個很好的例子。

In CCUS, we received an order from Santos to supply turbomachinery equipment for the Moomba carbon capture and storage project in South Australia. Baker Hughes will provide gas turbine compressor and heat recovery steam generator technologies to compress the carbon dioxide. The project will serve as a gas processing plant and permanently store 1.7 million tons of carbon dioxide annually in the depleted natural gas reservoirs in the onshore Cooper Basin.

在 CCUS，我們收到了 Santos 的訂單，為南澳大利亞的 Moomba 碳捕獲和儲存項目提供渦輪機械設備。貝克休斯將提供燃氣輪機壓縮機和熱回收蒸汽發生器技術來壓縮二氧化碳。該項目將作為天然氣加工廠，每年在庫珀盆地陸上枯竭的天然氣儲層中永久儲存 170 萬噸二氧化碳。

Even though 2021 order activity came in well ahead of our expectations, we still expect to see a similar level of orders for TPS in 2022, driven primarily by LNG.

儘管 2021 年的訂單活動遠超我們的預期，但我們仍預計 2022 年 TPS 的訂單量將保持相似水平，主要由液化天然氣推動。

Next, on Oilfield Equipment, we are pleased with the overall trends in this business as order activity is becoming more favorable, and we continue to show progress in taking costs out. At a macro level, trends in the subsea and offshore markets are anticipated to continue to improve in 2022 after gaining modest traction over the course of 2021. In the subsea tree market, we expect industry awards to take another step higher in 2022, but likely remain below pre-pandemic levels for the foreseeable future.

接下來，在油田設備方面，我們對該業務的整體趨勢感到滿意，因為訂單活動變得更加有利，並且我們在降低成本方面繼續取得進展。在宏觀層面上，在 2021 年獲得適度牽引力後，預計 2022 年海底和近海市場的趨勢將繼續改善。在海底樹木市場，我們預計 2022 年行業獎勵將再上一步，但很可能在可預見的未來，仍低於大流行前的水平。

Outside of the tree market, we continue to see a strong pipeline of flexible order opportunities. We are also seeing improving market conditions in our international wellhead and subsea services businesses.

在樹木市場之外，我們繼續看到靈活訂單機會的強大渠道。我們還看到我們的國際井口和海底服務業務的市場狀況正在改善。

In the fourth quarter, we were pleased to announce a major 10-year contract for surface wellheads and tree systems in the UAE. As part of ADNOC's largest ever wellhead award, this important win will further enhance our partnership with this key customer as well as strengthen our footprint in the region.

在第四季度，我們很高興地宣布了一份為期 10 年的阿聯酋地面井口和樹木系統的重要合同。作為 ADNOC 有史以來最大的井口獎的一部分，這一重要的勝利將進一步加強我們與這個關鍵客戶的合作關係，並加強我們在該地區的影響力。

Our subsea services business saw some good traction in the fourth quarter with a strong orders performance, driven by increased activity in the North Sea and Sub-Saharan Africa.

在北海和撒哈拉以南非洲地區活動增加的推動下，我們的海底服務業務在第四季度表現強勁，訂單表現強勁。

Although OFE is showing signs of a path to recovery, we still believe the offshore markets will remain structurally challenged as the energy markets and our customers' budgets evolve. As a result, we remain focused on rightsizing the business, improving profitability and optimizing the portfolio. The merger of our subsea drilling systems with MHWirth to create HMH is an excellent example of how we're continuing to transform the OFE portfolio.

儘管 OFE 顯示出複甦的跡象，但我們仍然相信，隨著能源市場和客戶預算的發展，離岸市場仍將面臨結構性挑戰。因此，我們仍然專注於調整業務規模、提高盈利能力和優化投資組合。我們的海底鑽井系統與 MHWirth 合併創建 HMH 是我們如何繼續改造 OFE 產品組合的一個很好的例子。

Finally, in Digital Solutions, overall market conditions are improving. We experienced solid growth across our industrial end markets through 2021 and are starting to see a pickup in markets that lagged, particularly the oil and gas, transportation and aviation end markets. Additionally, the DS business continues to be impacted by the supply chain challenges and chip shortages that began earlier in the year.

最後，在數字解決方案方面，整體市場狀況正在改善。到 2021 年，我們的工業終端市場實現了穩健增長，並開始看到落後市場的回升，特別是石油和天然氣、運輸和航空終端市場。此外，DS 業務繼續受到今年早些時候開始的供應鏈挑戰和芯片短缺的影響。

During the quarter, DS continued to secure important contracts with key customers for condition monitoring and industrial asset management solutions. Bently Nevada secured a contract with Yara to enable digital transformation and improve asset reliability and efficiency.

在本季度，DS 繼續與主要客戶就狀態監測和工業資產管理解決方案簽訂重要合同。 Bently Nevada 與 Yara 簽訂了一份合同，以實現數字化轉型並提高資產可靠性和效率。

The enterprise-wide contract will enable data availability between Yara's plant operations and the cloud across 23 sites using Bently Nevada's latest System 1 Evo asset management software.

該企業範圍的合同將使用 Bently Nevada 最新的 System 1 Evo 資產管理軟件，在 Yara 的工廠運營和 23 個站點的雲之間實現數據可用性。

Bently Nevada also secured a contract with a major oil company to deploy System 1 asset management software as a standardized platform for enterprise-wide conditioning monitoring across 28 facilities worldwide. In addition, Bently Nevada secured a 5-year services agreement to support the operator's digital transformation by providing maintenance services and supporting the customer's goal to move condition monitoring data out of its localized facilities network into a cloud environment.

Bently Nevada 還與一家大型石油公司簽訂了一份合同，將 System 1 資產管理軟件部署為一個標準化平台，用於在全球 28 個設施中進行企業範圍的空調監控。此外，Bently Nevada 獲得了一項為期 5 年的服務協議，通過提供維護服務和支持客戶將狀態監測數據從其本地化設施網絡轉移到雲環境中的目標來支持運營商的數字化轉型。

Going forward, DS will play an important role in the growth of our industrial franchise and the overall success of our strategy in industrial asset management. Key to the build-out of IAM were the investments we executed in 2021 that I previously mentioned, the acquisition of ARMS Reliability early in the year and more recently, the alliance we formed with Augury. Both complement our Bently Nevada's Systems 1 cloud-enabled condition monitoring and protection platform and deliver on our strategy of expanding our presence to noncritical assets and developing software capabilities to allow us to cover the entire balance of plant.

展望未來，DS 將在我們工業特許經營權的增長和我們工業資產管理戰略的整體成功中發揮重要作用。 IAM 建設的關鍵是我之前提到的我們在 2021 年執行的投資、年初收購 ARMS Reliability 以及最近我們與 Augury 結成的聯盟。兩者都補充了我們 Bently Nevada 的 Systems 1 支持雲的狀態監測和保護平台，並實現了我們將業務擴展到非關鍵資產和開發軟件功能以使我們能夠覆蓋整個工廠平衡的戰略。

As the world strives towards a net zero target in the coming decades, enterprise-level industrial asset management capabilities will be a key driver by enabling better operating efficiency, lowering energy consumption and reducing emissions across multiple industries.

隨著世界在未來幾十年努力實現淨零目標，企業級工業資產管理能力將通過提高運營效率、降低能源消耗和減少多個行業的排放成為關鍵驅動力。

Overall, I'm pleased with the progress we made in 2021 in navigating the many challenges presented during the year, while also executing on the commercial opportunities across our portfolio. At the same time, we were able to convert almost 70% of our 2021 adjusted EBITDA into free cash flow. We returned almost 2/3 of this free cash flow back to shareholders and made good progress on transforming our company into an energy transition leader.

總體而言，我對我們在 2021 年在應對這一年提出的許多挑戰方面取得的進展感到滿意，同時也對我們投資組合中的商業機會進行了執行。同時，我們能夠將 2021 年調整後 EBITDA 的近 70% 轉換為自由現金流。我們將近 2/3 的自由現金流返還給了股東，並在將我們的公司轉變為能源轉型領導者方面取得了良好進展。

As we enter 2022, we expect to benefit from solid macro tailwinds across both of our major business areas, with cyclical recovery in OFSC and a longer-term structural growth trends in LNG, new energy and industrial asset management. We look forward to further developing our corporate strategy, building on our commercial success and focusing on a range of capital allocation opportunities.

隨著我們進入 2022 年，我們預計將受益於我們兩個主要業務領域的穩健宏觀順風，以及 OFSC 的周期性複蘇以及液化天然氣、新能源和工業資產管理的長期結構性增長趨勢。我們期待進一步發展我們的企業戰略，在我們的商業成功基礎上再接再厲，並專注於一系列資本配置機會。

I want to conclude by thanking all of our Baker Hughes employees for their hard work in overcoming another year of challenges surrounding the pandemic, and I look forward to their continued commitment to our success in 2022 and beyond.

最後，我要感謝貝克休斯的所有員工為克服圍繞這一流行病的又一年挑戰所做的辛勤工作，我期待他們繼續致力於我們在 2022 年及以後的成功。

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

有了這個，我會把電話轉給布賴恩。

Thanks, Lorenzo. I'll begin with the total company results and then move into the segment details.

謝謝，洛倫佐。我將從公司的總體業績開始，然後進入細分細節。

Orders for the quarter were $6.7 billion, up 24% sequentially, driven by TPS, Digital Solutions and OFS partially offset by a decrease in OFE. Year-over-year, orders were up 28%, driven by increases in TPS, Digital Solutions and OFS and a decrease in OFE.

本季度的訂單為 67 億美元，環比增長 24%，受 TPS、數字解決方案和 OFS 的推動，部分被 OFE 的下降所抵消。由於 TPS、數字解決方案和 OFS 的增長以及 OFE 的下降，訂單同比增長 28%。

Remaining performance obligation was $23.6 billion, up 1% sequentially. Equipment RPO ended at $8.2 billion, up 9% sequentially, and services RPO ended at $15.3 billion, down 4% sequentially. We are pleased with our strong orders performance in the quarter, particularly in TPS, which provides a good level of revenue visibility into 2022 and beyond.

剩餘履約義務為 236 億美元，環比增長 1%。設備 RPO 為 82 億美元，環比增長 9%，服務 RPO 為 153 億美元，環比下降 4%。我們對本季度強勁的訂單表現感到滿意，特別是在 TPS 方面，這為 2022 年及以後提供了良好的收入可見性。

Our total company book-to-bill ratio in the quarter was 1.2, and our equipment book-to-bill in the quarter was 1.4. Revenue for the quarter was $5.5 billion, up 8% sequentially, driven by increases across all 4 segments. Year-over-year, revenue was flat, driven by an increase in OFS and offset by decreases in TPS and OFE.

我們本季度的總公司訂單出貨比為 1.2，本季度我們的設備訂單出貨比為 1.4。本季度收入為 55 億美元，環比增長 8%，這得益於所有 4 個部門的增長。與去年同期相比，收入持平，受 OFS 增長的推動，但被 TPS 和 OFE 的下降所抵消。

Operating income for the quarter was $574 million. Adjusted operating income was $571 million. Adjusted operating income was up 42% sequentially and up 23% year-over-year. Our adjusted operating income rate for the quarter was 10.3%, up 240 basis points sequentially and up 190 basis points year-over-year.

本季度的營業收入為 5.74 億美元。調整後的營業收入為 5.71 億美元。調整後的營業收入環比增長 42%，同比增長 23%。我們本季度調整後的營業利潤率為 10.3%，環比增長 240 個基點，同比增長 190 個基點。

Adjusted EBITDA in the quarter was $844 million, up 27% sequentially and up 10% year-over-year. Adjusted EBITDA rate was 15.3%, up 130 basis points year-over-year. We are particularly pleased with the margin improvement in the fourth quarter, which was largely driven by increased productivity, higher pricing and mix. All 4 of our segments experienced strong improvements in adjusted operating income and adjusted EBITDA rate sequentially.

本季度調整後的 EBITDA 為 8.44 億美元，環比增長 27%，同比增長 10%。調整後的 EBITDA 率為 15.3%，同比上升 130 個基點。我們對第四季度的利潤率提高特別滿意，這主要是由於生產力提高、定價和組合提高。我們所有的 4 個部門在調整後的營業收入和調整後的 EBITDA 率方面都相繼出現了強勁的增長。

Corporate costs were $106 million in the quarter. For the first quarter, we expect corporate costs to be roughly flat with fourth quarter levels.

本季度的企業成本為 1.06 億美元。對於第一季度，我們預計企業成本將與第四季度大致持平。

Depreciation and amortization expense was $273 million in the quarter. For the first quarter, we expect D&A to increase slightly from fourth quarter levels.

本季度折舊和攤銷費用為 2.73 億美元。對於第一季度，我們預計 D&A 將比第四季度略有增加。

Interest in the quarter was $95 million, which includes a make-whole premium relating to the debt refinancing we completed during the fourth quarter. We expect interest expense to return to historical levels in the first quarter.

本季度的利息為 9500 萬美元，其中包括與我們在第四季度完成的債務再融資相關的補足溢價。我們預計第一季度利息支出將恢復到歷史水平。

Income tax expense in the quarter was $352 million, which includes $103 million in charges that relate to liabilities indemnified under the Tax Matters Agreement with General Electric. These tax expenses are offset in the other nonoperating line of our income statement.

本季度的所得稅費用為 3.52 億美元，其中包括 1.03 億美元與根據與通用電氣的稅務事項協議賠償的負債有關的費用。這些稅收費用在我們損益表的其他非經營項目中被抵消。

GAAP diluted earnings per share were $0.32. Included in GAAP diluted earnings per share is a $241 million gain from the net change in fair value of our investment in ADNOC Drilling and a $131 million loss from the net change in fair value of our investment in C3.ai, both are recorded in other nonoperating income.

GAAP攤薄後每股收益為0.32美元。 GAAP 稀釋每股收益包括我們對 ADNOC Drilling 投資的公允價值淨變化帶來的 2.41 億美元收益和我們對 C3.ai 投資的公允價值淨變化帶來的 1.31 億美元損失，兩者均記錄在其他營業外收入。

As a reminder, in 2018, we formed our strategic partnership with ADNOC Drilling and invested $500 million for a 5% stake. In October 2021, ADNOC Drilling completed their IPO, which requires us to mark our investment to fair value. Since our investment is recorded as a marketable security on our balance sheet, the change in fair value will be reflected in the other nonoperating income line on a quarterly basis going forward. Adjusted diluted earnings per share were $0.25.

提醒一下，2018 年，我們與 ADNOC Drilling 建立了戰略合作夥伴關係，並投資 5 億美元收購了 5% 的股份。 2021 年 10 月，ADNOC Drilling 完成了 IPO，這要求我們將投資標為公允價值。由於我們的投資在我們的資產負債表上被記錄為有價證券，因此公允價值的變化將在未來每季度反映在其他非營業收入線中。調整後的每股攤薄收益為 0.25 美元。

Turning to the cash flow statement. Free cash flow in the quarter was $645 million. The sequential improvement was driven by higher adjusted EBITDA, strong cash collections and modestly higher proceeds from disposal of assets due to increased real estate sales. We also continued to execute on our $2 billion share repurchase program during the fourth quarter, repurchasing 13.2 million Baker Hughes Class A shares for $328 million at an average price just under $25 per share.

轉向現金流量表。本季度的自由現金流為 6.45 億美元。環比改善是由於較高的調整後 EBITDA、強勁的現金收款以及由於房地產銷售增加而導致的資產處置收益略有增加。我們還在第四季度繼續執行 20 億美元的股票回購計劃，以 3.28 億美元的價格回購了 1,320 萬股貝克休斯 A 類股票，平均價格略低於每股 25 美元。

For the first quarter, we expect free cash flow to decline sequentially primarily due to seasonality. When I look at the total year 2021, I am very pleased with our financial results, particularly with regards to our free cash flow performance and broader margin rate improvements.

對於第一季度，我們預計主要由於季節性因素，自由現金流將環比下降。當我回顧 2021 年全年時，我對我們的財務業績感到非常滿意，特別是在我們的自由現金流表現和更廣泛的利潤率提高方面。

Orders for the full year were $21.7 billion, up 5%, driven by TPS, Digital Solutions and OFE partially offset by OFS. Total company book-to-bill was 1.1 for the year. Total year revenue of $20.5 billion was down 1%, driven by declines in OFS and OFE partially offset by increases in TPS and Digital Solutions.

全年訂單為 217 億美元，增長 5%，受 TPS、數字解決方案和 OFE 的推動，部分被 OFS 抵消。本年度公司總賬面出貨比為 1.1。年度總收入為 205 億美元，下降 1%，原因是 OFS 和 OFE 的下降部分被 TPS 和數字解決方案的增長所抵消。

Adjusted operating income of $1.6 billion was up 52% in the year with total company adjusted operating income margins improving 270 basis points, mainly driven by productivity improvements in TPS and cost-out programs and productivity improvements in OFS. Adjusted EBITDA of $2.7 billion was up 14% in the year. Total company adjusted EBITDA rate improved 170 basis points in 2021.

調整後的營業收入為 16 億美元，同比增長 52%，公司調整後的總營業利潤率提高了 270 個基點，主要受 TPS 和成本支出計劃的生產力提高以及 OFS 生產力提高的推動。調整後的 EBITDA 為 27 億美元，同比增長 14%。 2021 年，公司調整後的 EBITDA 率總計提高了 170 個基點。

Corporate costs for the year were $429 million. For 2022, we expect corporate expenses to be approximately in line with 2021 levels.

該年度的企業成本為 4.29 億美元。對於 2022 年，我們預計企業支出將與 2021 年的水平大致持平。

For the full year, we generated $1.8 billion of free cash flow. Free cash flow includes $175 million of cash payments related to restructuring and separation activities. Our strong free cash flow performance was driven by higher adjusted EBITDA, lower CapEx, an increase in cash flow generated from working capital and a significant reduction in cash restructuring and separation charges.

全年，我們產生了 18 億美元的自由現金流。自由現金流包括與重組和分離活動相關的 1.75 億美元現金支付。我們強勁的自由現金流表現是由較高的調整後 EBITDA、較低的資本支出、營運資金產生的現金流增加以及現金重組和分離費用的顯著減少推動的。

Not included in free cash flow are over $200 million of proceeds from asset or investment sales during the year, which include the sale of a small portion of our C3.ai stake and the proceeds we received from the formation of the HMH joint venture with Akastor.

自由現金流不包括年內超過 2 億美元的資產或投資銷售收益，其中包括出售我們 C3.ai 股份的一小部分以及我們從與 Akastor 成立 HMH 合資企業中獲得的收益.

As Lorenzo mentioned, we returned almost $1.2 billion to shareholders through dividends and share repurchases and also deployed over $250 million in tuck-in acquisitions and investments in the industrial and new energy sectors. Our free cash flow in 2021 resulted in 68% conversion from adjusted EBITDA. While our free cash flow conversion was positively impacted by the large cash generation from working capital, we believe that Baker Hughes should be able to generate free cash flow conversion at or above 50% on a multiyear through-the-cycle basis.

正如 Lorenzo 所說，我們通過股息和股票回購向股東返還了近 12 億美元，並在工業和新能源領域進行了超過 2.5 億美元的收購和投資。我們在 2021 年的自由現金流從調整後的 EBITDA 中實現了 68% 的轉換。雖然我們的自由現金流轉換受到營運資本產生的大量現金的積極影響，但我們認為貝克休斯應該能夠在多年的整個週期基礎上產生 50% 或以上的自由現金流轉換。

For 2022, we expect free cash flow conversion from adjusted EBITDA to be around 50% as working capital should be a use of cash due to expected revenue growth. Going forward, we expect our strong balance sheet and free cash flow generation to continue to provide us with attractive flexibility and optionality to return cash to shareholders and invest in tuck-in M&A and technology on an opportunistic basis.

對於 2022 年，我們預計調整後 EBITDA 的自由現金流轉換率約為 50%，因為由於預期收入增長，營運資金應該是現金的使用。展望未來，我們預計我們強勁的資產負債表和自由現金流的產生將繼續為我們提供有吸引力的靈活性和選擇權，以向股東返還現金，並在機會主義的基礎上投資於併購和技術。

Now I will walk you through the segment results in more detail and give you our thoughts on the outlook going forward. In Oilfield Services, the team delivered a strong quarter. OFS revenue in the quarter was $2.6 billion, up 6% sequentially. International revenue was up 7% sequentially, led by increases in Sub-Saharan Africa, the North Sea, Russia and Latin America. North America revenue increased 4% sequentially, with similar growth in both the land and offshore markets. Over 55% of OFS revenues in North America were in our production-related businesses of chemicals and artificial lift in the fourth quarter.

現在，我將向您詳細介紹細分結果，並為您提供我們對未來前景的看法。在油田服務方面，該團隊實現了強勁的季度業績。本季度 OFS 收入為 26 億美元，環比增長 6%。在撒哈拉以南非洲、北海、俄羅斯和拉丁美洲的增長帶動下，國際收入環比增長 7%。北美收入環比增長 4%，陸地和離岸市場的增長相似。第四季度，北美超過 55% 的 OFS 收入來自與生產相關的化學品和人工舉升業務。

Operating income in the quarter was $256 million, a 35% increase sequentially and a 210 basis point improvement in margin rate. The improvement in margin was driven by better operating productivity, pricing gains in certain product lines and favorable product mix. For the total year of 2021, OFS improved operating income margin rate by 320 basis points.

本季度營業收入為 2.56 億美元，環比增長 35%，利潤率提高 210 個基點。利潤率的提高是由更高的運營效率、某些產品線的定價收益和有利的產品組合推動的。 2021年全年，OFS將營業利潤率提高了320個基點。

As we look ahead to the first quarter, we expect to see continued growth in international and North American activity, offset by typical seasonal softness in the international markets. As a result, we expect our first quarter revenue to decline modestly on a sequential basis, along with a modest decline in margin rates.

展望第一季度，我們預計國際和北美活動將持續增長，但被國際市場典型的季節性疲軟所抵消。因此，我們預計我們的第一季度收入將環比小幅下降，同時利潤率小幅下降。

For the full year 2022, our expectations are largely in line with the view we shared in October on our third quarter earnings call. In the international market, we expect the continuation of a broad-based recovery with growth in the low to mid-double digits. In North America, we expect a continuation of the ramp-up in activity levels and believe that the broader market could experience strong growth in the 25% to 30% range. With this type of macro backdrop, we would expect to generate solid double-digit revenue growth in 2022 in OFS.

對於 2022 年全年，我們的預期與 10 月份在第三季度財報電話會議上分享的觀點基本一致。在國際市場，我們預計將繼續廣泛復甦，增長將在中低兩位數。在北美，我們預計活動水平將繼續上升，並相信更廣泛的市場可能會經歷 25% 至 30% 的強勁增長。在這種宏觀背景下，我們預計 OFS 將在 2022 年實現兩位數的穩定收入增長。

Margin rates should also see solid improvement as some of the recent supply chain and cost escalation headwinds normalize, and we remain focused on achieving 20% EBITDA margin rates by the end of 2022.

隨著最近的一些供應鍊和成本上升逆風正常化，保證金率也應該會出現實質性改善，我們仍然專注於到 2022 年底實現 20% 的 EBITDA 利潤率。

Moving to Oilfield Equipment. Orders in the quarter were $510 million, down 9% year-over-year. The reduction in orders was driven by FPS as well as the removal of subsea drilling systems from consolidated OFE operations as a result of the merger with MHWirth. These declines were partially offset by growth in services and flexibles.

轉向油田設備。本季度訂單為 5.1 億美元，同比下降 9%。訂單減少的原因是 FPS 以及由於與 MHWirth 的合併而將海底鑽井系統從合併的 OFE 業務中移除。這些下降被服務和靈活服務的增長部分抵消。

Revenue was $619 million, down 13% year-over-year. The reduction in revenue was driven by the removal of SDS and lower volumes in FPS and SPC projects, partially offset by growth in services. Operating income was $23 million, a 1% improvement year-over-year. This was driven by higher volume in services and cost productivity, partially offset by lower volume in SPS and the removal of SDS.

收入為 6.19 億美元，同比下降 13%。收入的減少是由於 SDS 的取消以及 FPS 和 SPC 項目的減少，部分被服務的增長所抵消。營業收入為 2300 萬美元，同比增長 1%。這是由更高的服務量和成本生產率推動的，部分被 SPS 的量減少和 SDS 的去除所抵消。

For the first quarter, we expect a double-digit sequential decline in revenue driven primarily by seasonality and lower backlog. We expect operating income to also decline sequentially with margin rates in the low single digits.

對於第一季度，我們預計收入將出現兩位數的連續下降，主要是由於季節性因素和較低的積壓訂單。我們預計營業收入也將隨著利潤率處於低個位數而連續下降。

For the full year 2022, we expect a modest recovery in offshore activity driven by higher oil prices and capital deployment into low-cost basins and projects. We expect OFE revenue to be down double digits primarily driven by the deconsolidation of SDS, but we expect OFE margins to remain in the low to mid-single-digit range, driven by business mix and benefits from the recent cost-out actions taken.

對於 2022 年全年，我們預計在油價上漲和資本部署到低成本盆地和項目的推動下，海上活動將適度復甦。我們預計 OFE 收入將下降兩位數，主要受 SDS 分拆的推動，但我們預計 OFE 利潤率將保持在中低個位數範圍內，這主要得益於業務組合和近期採取的成本削減行動帶來的好處。

Next, I will cover Turbomachinery. The team delivered another strong quarter with solid execution. Orders in the quarter were $3 billion, up 62% year-over-year. Equipment orders were up $1.1 billion year-over-year. As Lorenzo mentioned earlier, orders this quarter were supported by an award to supply power generation for a major LNG project in North America, an order for the Pluto Train 2 LNG project and an award for a large-scale LNG project in the Eastern Hemisphere.

接下來，我將介紹渦輪機械。該團隊以穩健的執行力交付了另一個強勁的季度。本季度的訂單為 30 億美元，同比增長 62%。設備訂單同比增長 11 億美元。正如洛倫佐之前提到的，本季度的訂單得到了為北美一個大型液化天然氣項目提供發電的合同、冥王星列車 2 液化天然氣項目的訂單和東半球一個大型液化天然氣項目的合同的支持。

Service orders in the quarter were up 7% year-over-year, driven by growth in both contractual and transactional services, partially offset by lower volume and upgrades. Revenue for the quarter was $1.8 billion, down 9% versus the prior year. Equipment revenue was down 30%, driven by the timing of our equipment backlog conversion. Services revenue was up 16% versus the prior year.

受合同和交易服務增長的推動，本季度的服務訂單同比增長 7%，但部分被數量減少和升級所抵消。本季度收入為 18 億美元，比去年同期下降 9%。設備收入下降了 30%，原因是我們的設備積壓轉換時間。服務收入比上年增長 16%。

Operating income for TPS was $346 million, up 4% year-over-year, driven by favorable mix from a strong volume quarter in services. Operating margin was 19.5%, up 240 basis points year-over-year, driven by higher services mix.

TPS 的營業收入為 3.46 億美元，同比增長 4%，這得益於服務量強勁季度帶來的有利組合。營業利潤率為 19.5%，同比增長 240 個基點，受服務組合提升的推動。

For the first quarter, we expect revenue to be roughly flat year-over-year with higher service revenues offsetting a decline in equipment revenue. Based on this revenue outlook, we expect TPS operating income rates to increase slightly on a year-over-year basis.

對於第一季度，我們預計收入將與去年同期大致持平，服務收入增加抵消了設備收入的下降。基於這一收入前景，我們預計 TPS 營業收入率將同比略有增長。

For the full year, we expect TPS orders in 2022 to be roughly the same as 2021, driven by continued strength in LNG awards. We also continue to see a solid pipeline in our onshore/offshore production segment along with opportunities in pumps, valves and new energy areas. We now expect solid revenue growth in 2022 driven by growth in services and strong orders growth in 2021.

對於全年，我們預計 2022 年的 TPS 訂單將與 2021 年大致相同，這主要得益於 LNG 獎勵的持續強勁。我們還繼續在陸上/海上生產領域看到堅實的管道，以及泵、閥門和新能源領域的機會。我們現在預計，在 2021 年服務增長和訂單強勁增長的推動下，2022 年收入將實現穩健增長。

On the margin side, we still expect operating income margin rates to be roughly flat year-over-year in 2022, depending on the mix between services and equipment. Included in this framework is an expected increase in investments and R&D expenses that relate to our new energy and industrial growth areas.

在利潤率方面，我們仍預計 2022 年營業收入利潤率將與去年同期持平，具體取決於服務和設備之間的組合。該框架包括與我們的新能源和工業增長領域相關的投資和研發費用的預期增長。

Finally, in Digital Solutions, orders for the quarter were $605 million, up 14% year-over-year. We saw improvements in orders across most end markets, most notably in industrial, transportation and oil and gas. Sequentially, orders were up 16%, driven by seasonality in oil and gas, power generation and industrial.

最後，在數字解決方案方面，本季度的訂單為 6.05 億美元，同比增長 14%。我們看到大多數終端市場的訂單都有所改善，尤其是在工業、運輸和石油和天然氣領域。在石油和天然氣、發電和工業的季節性推動下，訂單連續增長 16%。

Revenue for the quarter was $558 million, flat year-over-year with higher volumes in Waygate, Reuter Stokes and PPS, offset by lower volumes in Nexus Controls, Druck and Bently Nevada. Sequentially, revenue was up 9% with improvements across most product lines.

本季度收入為 5.58 億美元，與去年同期持平，其中 Waygate、Reuter Stokes 和 PPS 的銷量增加，但被 Nexus Controls、Druck 和 Bently Nevada 的銷量下降所抵消。隨後，隨著大多數產品線的改進，收入增長了 9%。

Operating income for the quarter was $51 million, down 33% year-over-year, driven by headwinds from mix and higher R&D costs. Sequentially, operating income was up 97%, primarily driven by higher volume.

本季度的營業收入為 5100 萬美元，同比下降 33%，原因是產品組合的不利因素和更高的研發成本。隨後，營業收入增長了 97%，主要是由於銷量增加。

For the first quarter, we expect to see modest revenue growth year-over-year, supported by a stronger opening backlog. We expect operating margin rates to be down slightly year-over-year, but to remain in the mid-single digits.

對於第一季度，我們預計收入將同比溫和增長，這得益於更強的開放積壓。我們預計營業利潤率將同比略有下降，但仍將保持在中個位數。

For the full year, we expect solid growth in revenue as supply chain constraints begin to ease and orders pick up across digital solutions. With higher volumes, we expect strong improvements in DS margins, which could approach double digits for the total year.

隨著供應鏈限制開始緩解以及數字解決方案的訂單回升，我們預計全年收入將穩健增長。隨著銷量的增加，我們預計 DS 利潤率將大幅提高，全年可能接近兩位數。

Overall, I am very pleased with the execution in the fourth quarter and the total year across all the key financials. We are confident in our strategy and our ability to continue to execute as we head into 2022.

總體而言，我對第四季度的執行情況和所有關鍵財務的全年執行情況感到非常滿意。在進入 2022 年時，我們對我們的戰略和繼續執行的能力充滿信心。

With that, I will turn the call back over to Jud.

有了這個，我會把電話轉回給 Jud。

Thanks, Brian. Operator, let's open the call for questions.

謝謝，布賴恩。接線員，讓我們打開問題的電話。

(Operator Instructions) Our first question comes from James West with Evercore ISI.

（操作員說明）我們的第一個問題來自與 Evercore ISI 的 James West。

Lorenzo, as you continue to make changes in the industrial energy technology part of your business, you're increasingly becoming -- and you're thinking about it, and you've talked about this, two different companies, the OFS business and the industrial energy technologies business. You talked a little bit about some new divisions you've formed within energy technology. I'm curious as to how you're thinking about the potential separation of the 2 companies, what the time line could look like if we're -- if you're thinking about accelerating, your initial thoughts on time line?

Lorenzo，隨著你繼續在你的業務中的工業能源技術部分做出改變，你正在變得越來越——你正在考慮它，你已經談到了這個，兩家不同的公司，OFS 業務和工業能源技術業務。你談到了一些你在能源技術領域形成的新部門。我很好奇你是如何考慮這兩家公司的潛在分離的，如果我們——如果你正在考慮加速，你對時間線的最初想法會是什麼樣子？

Yes, James, thanks a lot. And as we've mentioned in the past, we've been doing a lot of work on evaluating the optimal corporate structure for Baker Hughes as we continue to see the energy markets evolve and also the energy transition accelerate. The process is going to take some time as we evaluate all the parts of the company, which includes everything from the best organizational structure all the way down to details like legal entities and tax structure.

是的，詹姆斯，非常感謝。正如我們過去所提到的，隨著我們繼續看到能源市場的發展以及能源轉型的加速，我們一直在評估貝克休斯的最佳公司結構方面做了大量工作。當我們評估公司的所有部分時，該過程將需要一些時間，其中包括從最佳組織結構一直到法律實體和稅收結構等細節的所有內容。

So the end goal is to develop the business or corporate structure that allows us to operate efficiently and accelerate growth in our key strategic areas and doing so in a way that enhances our profitability and returns and increases shareholder value.

因此，最終目標是發展業務或公司結構，使我們能夠有效運營並加速關鍵戰略領域的增長，並以提高我們的盈利能力和回報並增加股東價值的方式這樣做。

As you've seen from our prepared remarks, the formation of CTS, climate technology solutions and industrial asset management groups are one of the first steps towards strengthening our focus around our two strategic business areas of OFSE and IET that we mentioned last third quarter.

正如您從我們準備好的評論中看到的那樣，成立 CTS、氣候技術解決方案和工業資產管理集團是我們加強對我們在上個第三季度提到的 OFSE 和 IET 兩個戰略業務領域的關注的第一步。

As we said last year, as the energy markets evolve, we think operating around these two broad focus areas makes sense in terms of investment strategy, et cetera. And we also said that aligning across the two broad business areas will actually help us give the most optionality longer term. So the work we've done only just reinforces our view.

正如我們去年所說，隨著能源市場的發展，我們認為圍繞這兩個廣泛的重點領域開展業務在投資策略等方面是有意義的。我們還說，在兩個廣泛的業務領域進行調整實際上將有助於我們在長期內提供最大的選擇權。所以我們所做的工作只是加強了我們的觀點。

Again, the company is strong together at this stage, and we'll continue to align across the two business areas, continue the work and continue to update us on our progress and decisions. But it goes without saying we continue to operate the company for the best returns for shareholders.

同樣，公司在這個階段很強大，我們將繼續在兩個業務領域保持一致，繼續工作並繼續向我們通報我們的進展和決策。但毋庸置疑，我們會繼續運營公司，為股東提供最佳回報。

Of course. Absolutely. And then maybe an unrelated follow-up there, Lorenzo. On TPS, and you gave some good guidance on kind of expected orders over the next several years. I'm just curious how we should think about 2022, the cadence of the new orders and then what that means for growth in TPS as we get into 2023.

當然。絕對地。然後可能是一個不相關的後續行動，洛倫佐。關於 TPS，您對未來幾年的預期訂單類型提供了一些很好的指導。我只是好奇我們應該如何看待 2022 年、新訂單的節奏以及進入 2023 年這對 TPS 的增長意味著什麼。

Sure, James. And I think importantly, I believe the order momentum we saw at the end of 2021 is likely to continue into 2022. We've indicated over the past quarters that we're seeing an LNG cycle beginning to accelerate. And generally speaking, LNG projects are beginning to be pulled forward versus previous expectations due to the strong long-term LNG fundamentals and also the improving environment to secure long-term offtake agreements.

當然，詹姆斯。而且我認為重要的是，我相信我們在 2021 年底看到的訂單勢頭可能會持續到 2022 年。過去幾個季度我們已經表明，我們看到液化天然氣週期開始加速。總體而言，由於長期強勁的液化天然氣基本面以及確保長期承購協議的環境改善，液化天然氣項目開始比之前的預期提前。

So we also believe the recent policy movement out of Europe, that's encouraging to see what would be FIDs in 2023, maybe potentially be pulled forward into 2022 as well. So there a couple of large awards this year in 2022 and also some small and midsized awards that should be coming through. And I think although we're calling the TPS orders in 2022 really flat to 2021, we believe that orders could potentially increase as we go through the year. So the specific areas are U.S., Middle East and Russia.

因此，我們也相信最近歐洲之外的政策動向，令人鼓舞的是，2023 年的 FID 可能會提前到 2022 年。因此，今年 2022 年有幾個大獎項，還有一些中小型獎項應該頒發。我認為，儘管我們稱 2022 年的 TPS 訂單與 2021 年基本持平，但我們相信隨著這一年的過去，訂單可能會增加。所以具體地區是美國、中東和俄羅斯。

And for 2023, it's a little early. But I think, again, the outlook is positive, and we still see a lot of projects that we're discussing with our customers. As you know, we're very close on the LNG side.

而對於 2023 年來說，還為時過早。但我再次認為，前景是積極的，我們仍然看到很多我們正在與客戶討論的項目。如您所知，我們在液化天然氣方面非常接近。

I also think it's important to remember that LNG is a headline for TPS orders. We also see a solid pipeline in our onshore/offshore production segment along with opportunities in pumps, valves, and we continue to see positive traction in the new energy front on the back of a strong order intake in 2021.

我還認為重要的是要記住液化天然氣是 TPS 訂單的頭條新聞。我們還看到我們的陸上/海上生產部門有一條堅實的管道，以及泵、閥門方面的機會，在 2021 年強勁的訂單接收的背景下，我們繼續看到新能源領域的積極牽引力。

Our next question comes from Chase Mulvehill with Bank of America.

我們的下一個問題來自美國銀行的 Chase Mulvehill。

Yes. So I guess I wanted to kind of dig in a little bit deeper and ask on you creating two new divisions. You've got the climate technology solutions and the industrial asset management divisions that you will split out now. So I guess, first, kind of what was the catalyst for doing this? And how do you think that this -- splitting this up will impact how you run these businesses? And then a related follow-up there is just like do you plan to give us some quarterly details to kind of track the progression of these two new businesses?

是的。所以我想我想更深入地挖掘一下，並要求你創建兩個新部門。你已經擁有了氣候技術解決方案和工業資產管理部門，你現在將分出這些部門。所以我想，首先，這樣做的催化劑是什麼？你如何看待這個 - 拆分它會影響你如何經營這些業務？然後是相關的後續行動，您是否打算向我們提供一些季度細節來跟踪這兩項新業務的進展？

Yes. Great, Chase. And look, we're excited to take this step to formally create CTS, climate technology solutions, and also IAM, industrial asset management that are both going to report into Rod. And as we've mentioned before, as the energy landscape continues to change, we'll adapt our organizational structure accordingly.

是的。太好了，蔡斯。看，我們很高興邁出這一步，正式創建 CTS（氣候技術解決方案）以及 IAM（工業資產管理），它們都將向 Rod 報告。正如我們之前提到的，隨著能源格局的不斷變化，我們將相應地調整我們的組織結構。

And as we look at what we announced in our third quarter last year within the two business areas of oilfield services, equipment and IT, we really see this as being one of the first steps in enhancing our capabilities to solve for customer request. And as the market evolves, we think we're going to continue formalizing these groups. This provides leadership accountability in two important growth areas.

當我們查看去年第三季度在油田服務、設備和 IT 兩個業務領域中宣布的內容時，我們確實認為這是增強我們解決客戶要求的能力的第一步。隨著市場的發展，我們認為我們將繼續對這些群體進行正規化。這在兩個重要的增長領域提供了領導責任。

If you look at climate technology solutions, it's going to bring together four of our growth areas: hydrogen, CCUS, emissions management and clean integrated power solutions. It's going to continue to build on the product road map and commercial offerings as well as support the sale of products and solutions we have in these areas today across Baker Hughes.

如果您查看氣候技術解決方案，它將匯集我們的四個增長領域：氫、CCUS、排放管理和清潔綜合電力解決方案。它將繼續建立在產品路線圖和商業產品的基礎上，並支持我們今天在貝克休斯在這些領域擁有的產品和解決方案的銷售。

And as you look at industrial asset management, this is really going to bring together our digital software and hardware capabilities across Baker Hughes to develop an integrated IAM ecosystem that enables us to respond to what customers are looking for.

當您查看工業資產管理時，這確實將整合我們在貝克休斯的數字軟件和硬件功能，以開發一個集成的 IAM 生態系統，使我們能夠響應客戶的需求。

So it's going to be an interaction across the various product lines both for CTS and IAM. And at this stage, we're not looking to change the reporting segments as we continue to develop in these two growth areas.

因此，這將是跨 CTS 和 IAM 的各種產品線的交互。在這個階段，我們不打算改變報告部分，因為我們將繼續在這兩個增長領域發展。

Okay. Perfect. The follow-up is really just kind of the same line of questioning and just kind of digging in a little bit more on the energy transition. I mean, obviously, in the fourth quarter, you had a key hydrogen order with NEOM and you had the CCUS with Moomba. But could you talk about other opportunities that you see on the horizon? And maybe also kind of hit on M&A opportunities. You did Ekona, the hydrogen investment there. So maybe highlight that and any other opportunities that you see to kind of do some tuck-in acquisitions.

好的。完美的。後續行動實際上只是同樣的問題，只是對能量轉換進行了更多挖掘。我的意思是，很明顯，在第四季度，你與 NEOM 有一個關鍵的氫訂單，你與 Moomba 有一個 CCUS。但是你能談談你看到的其他機會嗎？或許也對併購機會產生了影響。你做了Ekona，那裡的氫投資。因此，也許要強調這一點以及您看到的任何其他機會進行一些收購。

Yes, Chase. We were very pleased with the performance in 2021 for the new energy orders. You cited the two in the fourth quarter, one for hydrogen and also CO2 with the Santos Cooper Basin. And we see those opportunities continuing. We've given a 2022 outlook of between $100 million, $200 million. We think that we're on the higher end of that, and its continued momentum with our customers on really helping them to achieve their net zero targets.

是的，蔡斯。我們對2021年新能源訂單的表現非常滿意。你在第四季度引用了這兩個，一個是氫氣，一個是桑托斯庫珀盆地的二氧化碳。我們看到這些機會還在繼續。我們給出的 2022 年展望在 1 億到 2 億美元之間。我們認為我們處於高端，並且它與我們的客戶在真正幫助他們實現淨零目標方面的持續動力。

And I think the Ekona investment that you mentioned, again, it's another way in which we're expanding our portfolio of capabilities. It's a growth stage company, which develops turquoise hydrogen production technology, and it's another solution that can really help our customers.

我認為你提到的對 Ekona 的投資再次是我們擴展能力組合的另一種方式。它是一家成長階段的公司，開發綠松石製氫技術，是另一個真正可以幫助我們客戶的解決方案。

As we look at 2022 and beyond, again, we still see the opportunity to create a new business through the energy transition that by 2030 is $6 billion to $7 billion. And we're actively building our portfolio to represent that through the small tuck-in technologies, and I see us continuing to do that.

當我們展望 2022 年及以後，我們仍然看到通過能源轉型創造新業務的機會，到 2030 年將達到 60 億至 70 億美元。我們正在積極構建我們的產品組合，以通過小型嵌入式技術來代表這一點，我認為我們會繼續這樣做。

Our next question comes from Scott Gruber with Citigroup.

我們的下一個問題來自花旗集團的 Scott Gruber。

It sounds like the supply chain issues may linger for you and peers here at least in the first half of the year. But are we finally at the point where we can see light at the end of the tunnel? Are you able to identify a quarter when the supply chain issues really just have a limited impact on reported financials? Or is that too early to call at this point?

聽起來供應鏈問題至少在今年上半年可能會在您和這裡的同行中揮之不去。但是，我們終於到了可以在隧道盡頭看到光明的地步了嗎？您是否能夠確定供應鏈問題對財務報告的影響確實有限的季度？或者現在打電話還為時過早？

Yes, Scott, I'd say that you got to look at it in a couple of fronts. I'd say a lot of the supply chain disruptions that we were seeing in the third quarter, primarily from logistics, some shortages more broadly and disruptions in shipments because of COVID have pretty much stabilized. And we've -- we figured out ways to work with that through planning and different shipping routes and increasing some of our lead times and those sorts of things. I'd say that's pretty much stabilized.

是的，斯科特，我想說你必須從幾個方面來看待它。我想說的是，我們在第三季度看到的很多供應鏈中斷，主要來自物流、更廣泛的一些短缺以及由於 COVID 造成的運輸中斷已經基本穩定下來。我們已經 - 我們通過規劃和不同的運輸路線以及增加我們的一些交貨時間和諸如此類的事情找到了解決這個問題的方法。我會說這已經很穩定了。

Where you're still continuing to see some disruptions are around chips that primarily impacts Digital Solutions, a little bit in Oilfield Services. And just to give you a perspective, right now, pretty much all -- about 90% of our suppliers are giving us 1 year lead times. And we have all of our 2022 on order there. And to give you perspective, if I go back 7 months, that 90% was about 20% to 30%. So that's really what's going on in the industry.

您仍然會繼續看到一些中斷是圍繞主要影響數字解決方案的芯片，在油田服務中會有一點影響。只是為了給你一個觀點，現在，幾乎所有 - 我們大約 90% 的供應商都給我們 1 年的交貨時間。我們在那裡訂購了 2022 年的所有產品。給你一個觀點，如果我回到 7 個月，那 90% 大約是 20% 到 30%。所以這就是這個行業正在發生的事情。

So we're planning for it. We're working through it. Suppliers give allotments 60 to -- roughly 60 days out. So I'd say the teams are working incredibly well to make sure that has limited impact on our customers. So we're operating in this new normal.

所以我們正在為此做計劃。我們正在努力解決它。供應商會在 60 到 - 大約 60 天后發放配額。所以我想說，團隊工作得非常好，以確保對我們的客戶影響有限。所以我們在這個新常態下運作。

The other area around supply chain is really particular to our chemicals business, where you've seen some inflation come through. We had a supplier who had a fire that disrupted our supply, and we've been working with them to get supply from other places. That appears to be stabilizing as well. I'd say we'd anticipate the inflation in that space to be relatively stable here in the first quarter.

供應鏈的另一個領域對我們的化學品業務來說非常特別，你已經看到了一些通貨膨脹。我們有一個供應商的火災中斷了我們的供應，我們一直在與他們合作，從其他地方獲得供應。這似乎也在穩定下來。我想說，我們預計第一季度該領域的通脹將相對穩定。

And so the chemicals business had about a 150 basis point drag on OFS overall in the quarter, to give you a little bit of the magnitude of what we were seeing there. But again, I'd say we're operating well in this new normal. And I would expect things to continue to improve as the year progresses, but we've got plans in place to offset disruptions and as much of the inflation as we can.

因此，化學品業務在本季度總體上對 OFS 造成了約 150 個基點的拖累，讓您稍微了解一下我們在那裡看到的情況。但是，我再說一遍，我們在這個新常態下運作良好。我預計隨著時間的推移情況會繼續改善，但我們已經制定了計劃來抵消干擾和盡可能多的通貨膨脹。

Got it. And then somewhat of a related question. So supply chain issues are being managed better, they should hopefully ease over the course of the year. End markets are obviously recovering across most of the businesses. And you're entering it seems to be the later innings of the restructuring efforts. So Lorenzo, maybe if we just kind of think high level here, it seems like there's convergence across those items such that Baker should be really hitting its stride over the course of the year.

知道了。然後是一個相關的問題。因此，供應鏈問題得到了更好的管理，有望在今年內得到緩解。大多數業務的終端市場顯然正在復蘇。你進入它似乎是重組工作的後期階段。所以洛倫佐，也許如果我們只是在這裡考慮一下高水平，似乎這些項目之間存在融合，因此貝克應該在這一年中真正大踏步前進。

So just putting the separation question to the side, if we just kind of think about kind of where the business sits versus a couple of years ago when the 2 businesses came together in the merger. Can you just kind of talk high level about kind of where the business stands today, how to think about cadence of profit growth?

因此，只需將分離問題放在一邊，如果我們只是考慮一下業務所處的位置與幾年前兩家業務合併時的情況。您能否高層次地談談今天的業務狀況，如何考慮利潤增長的節奏？

Obviously, we have the 20% exit target in oil services. But kind of your perspective on where the business sits today from a performance standpoint and kind of where we go over the course of '22 and into '23, kind of given the convergence of what seems to be some pretty favorable factors from a tailwind perspective.

顯然，我們在石油服務領域有 20% 的退出目標。但是，從績效的角度來看，您對當今業務所處的位置的看法，以及我們在 22 年和 23 年的過程中所經歷的那種情況，從順風的角度來看，似乎是一些非常有利的因素的融合.

Yes, sure, Scott. And I think you know the last 4 years have been an interesting rollercoaster and I'm really pleased about the way in which we as a team and Baker Hughes has been focused on approaching it and also creating a good setting for 2022 and beyond.

是的，當然，斯科特。我想你知道過去 4 年是一個有趣的過山車，我對我們作為一個團隊和貝克休斯一直專注於接近它並為 2022 年及以後創造良好環境的方式感到非常高興。

We started out with a lot of integrations, restructuring, the separation from GE, then another major restructuring to the COVID downturn. At the same time, we continued laying the groundwork for the energy transition, pivoting to be an energy technology company, making the investment in C3.ai, disposing of unprofitable or nonstrategic operations and really continuing our strategy to transform the company across what we said were the three pillars: transform the core, invest for growth and also the new energy frontiers.

我們一開始進行了很多整合、重組、與通用電氣的分離，然後是針對 COVID 低迷的另一次重大重組。與此同時，我們繼續為能源轉型奠定基礎，轉型成為一家能源技術公司，對 C3.ai 進行投資，處置無利可圖或非戰略性業務，並真正繼續我們的戰略，將公司轉型為我們所說的是三大支柱：轉型核心，投資增長以及新能源前沿。

And over the course of time, we continue to actively cut costs. We've invested in growth areas with over six transactions of either small-scale acquisitions or also new energy or industrial investments. We've created a good partnership network across multiple capabilities that are required for the future. And we've always been optimistic on natural gas and the continued role that it plays in the energy transition in LNG.

隨著時間的推移，我們繼續積極削減成本。我們在增長領域進行了超過六筆小規模收購或新能源或工業投資交易。我們已經創建了一個良好的合作夥伴網絡，涵蓋未來所需的多種功能。我們一直對天然氣及其在液化天然氣能源轉型中發揮的持續作用持樂觀態度。

So I'm very excited about the macro environment for Baker Hughes. And more importantly, how we're positioned as a company to capitalize on the LNG cycle, the upstream spending cycle and longer-term growth for the new energy opportunities. I think in my tenure, at least, it's nice to see macro tailwinds across both of our two large business areas.

所以我對貝克休斯的宏觀環境感到非常興奮。更重要的是，我們如何定位為一家公司，以利用液化天然氣週期、上游支出週期和新能源機會的長期增長。我認為，至少在我的任期內，很高興看到我們兩個大型業務領域的宏觀順風。

And Scott, the only thing I'd add there to what Lorenzo says is you've seen how we've been running the company. We've got a strong balance sheet. We believe we've had pretty shareholder-friendly capital allocation, we're able to maintain the dividend during the latest turmoil because of COVID. And we'll continue to run the company with a strong balance sheet and make sure we maintain the most flexibility and optionality as we look to increase returns.

斯科特，我唯一要補充的就是洛倫佐所說的，你已經看到了我們是如何經營公司的。我們擁有強大的資產負債表。我們相信我們的資本配置對股東非常友好，我們能夠在最近的動盪期間因為 COVID 而維持股息。我們將繼續以強大的資產負債表經營公司，並確保我們在尋求增加回報時保持最大的靈活性和選擇性。

Our next question comes from Arun Jayaram with JPMorgan.

我們的下一個問題來自摩根大通的 Arun Jayaram。

I had a couple of questions on TPS. You guys booked nearly $3 billion of inbound orders this quarter, $7.7 billion for the year. I was wondering if you could comment on if you think the orders would be accretive to the margins you realized in 2021 in TPS?

我有幾個關於 TPS 的問題。你們本季度預訂了近 30 億美元的入境訂單，全年為 77 億美元。我想知道您是否可以評論一下您是否認為訂單會增加您在 2021 年實現的 TPS 利潤率？

Yes, Arun. Yes, look, again, very pleased with the strength we're seeing in TPS. And look, as I said, overall, for 2022, expect margin rates to be roughly flattish in TPS depending on the mix of equipment and services, and that does include some of the increased expenditures in R&D really associated with the new energy and industrial areas.

是的，阿倫。是的，再一次看，我們對 TPS 的實力感到非常滿意。正如我所說，總體而言，預計到 2022 年，TPS 的利潤率將大致持平，具體取決於設備和服務的組合，這確實包括與新能源和工業領域相關的研發支出的增加.

So kind of stepping back from that, you can surmise that very pleased with the order book and the margins that are in the order book. I think this year, we've demonstrated that we've been able to deliver strong productivity in an inflationary environment as we're executing on these projects. So I'd say, in general, we like where the order book is sitting.

因此，從這一點退後一步，您可以推測對訂單簿和訂單簿中的利潤非常滿意。我認為今年，我們已經證明，在我們執行這些項目時，我們能夠在通貨膨脹的環境中提供強大的生產力。所以我想說，總的來說，我們喜歡訂單簿所在的位置。

Great. And my follow-up, Brian, you had mentioned how the strong inbound orders are driving more revenue visibility in TPS this year, next year. We had been thinking about low single-digit top line growth this year. And how is the order strength influence in your thoughts about the top line? You mentioned the flattish margin, but I wanted to see are we moving maybe to mid-single digits or upper single digits in TPS this year?

偉大的。我的後續行動，布賴恩，你提到了強勁的入境訂單如何在今年和明年推動 TPS 的收入可見度。我們一直在考慮今年低個位數的收入增長。訂單強度如何影響您對收入的看法？你提到了持平的利潤率，但我想看看我們今年的 TPS 是否會移動到中個位數或上個位數？

Yes. yes, yes, Arun. Look, based on where we're sitting today and the strength of orders that came in, in 2021 and what we're looking at in 2022. As Lorenzo and I mentioned, I would expect orders to be flattish with the potential of being higher in 2022 across both equipment and services. I'd say high single-digit range is quite reasonable for what we see in revenue growth in 2022.

是的。是的，是的，阿倫。看，根據我們今天所處的位置以及 2021 年的訂單強度以及我們在 2022 年看到的情況。正如洛倫佐和我所提到的，我預計訂單將持平，但可能會更高2022 年在設備和服務方面。我想說，對於我們在 2022 年看到的收入增長而言，高個位數範圍是相當合理的。

And look, I think based on the order profile, how the equipment backlog will convert, what we're seeing in 2022 order pipeline, I would expect revenue growth in 2022 to most likely -- sorry, 2023, most likely exceed 2022 growth. So look, as we've talked about, we've been seeing a strong set of tailwinds in TPS that's continued throughout the year. And where we're sitting today, it looks pretty solid in LNG. And as Lorenzo mentioned, onshore/offshore production, and we're seeing a lot of activity in new energy orders as well that are going to provide more growth in the medium term.

而且，我認為根據訂單概況、設備積壓將如何轉換，以及我們在 2022 年訂單管道中看到的情況，我預計 2022 年的收入增長很可能——抱歉，2023 年，很可能超過 2022 年的增長。所以看，正如我們已經談到的那樣，我們一直在 TPS 中看到一系列強勁的順風，這種順風全年都在持續。而我們今天所處的位置，它在液化天然氣中看起來相當穩固。正如洛倫佐所提到的，陸上/海上生產，我們看到新能源訂單也有很多活動，這將在中期提供更多增長。

Our next question comes from David Anderson with Barclays.

我們的下一個問題來自巴克萊銀行的大衛安德森。

I was just wondering if you could talk a little bit about the tendering activity going on in the Middle East. Lorenzo, you talked about kind of the beginning of a multiyear growth phase in the Middle East. There's been a bunch of large awards. You guys have been pretty selective. I was wondering if you could just kind of talk about kind of maybe some of the dynamics you're seeing out there. And would you expect to see more large tenders in the coming months and kind of your view on the pricing.

我只是想知道你能否談談中東正在進行的招標活動。 Lorenzo，你談到了中東多年增長階段的開始。有一大堆大獎。你們已經很挑剔了。我想知道你是否可以談談你在外面看到的一些動態。您是否希望在未來幾個月內看到更多大型招標以及您對定價的看法。

On the international outlook for OFS in particular, based on conversations with our customers, we expect a broad-based recovery across all major geographies and overall international growth in the low to mid teens. And unlike 2021, where the Middle East has lagged, we believe this could be one of the strongest markets in 2022 and it's likely in the early stages of a growth cycle as the NOCs in the region [flip] to add production capacity on a gradual long-term basis.

特別是關於 OFS 的國際前景，根據與我們客戶的對話，我們預計所有主要地區的廣泛復甦以及中低年級的整體國際增長。與中東落後的 2021 年不同，我們認為這可能是 2022 年最強勁的市場之一，並且很可能處於增長周期的早期階段，因為該地區的國家石油公司 [翻轉] 逐步增加產能長期基礎。

So we also expect another strong year of growth in Latin America, led by Brazil and Mexico. Elsewhere in North Sea, Russia, Asia Pacific, solid growth because it's -- not that it matches the Middle East or Latin America, but still solid growth. And then also, West Africa, off a low base, starting to see some growth return.

因此，我們還預計在巴西和墨西哥的帶動下，拉丁美洲將迎來又一個強勁增長的一年。在北海、俄羅斯、亞太地區的其他地方，增長穩健，因為它不是與中東或拉丁美洲相匹配，但仍然穩健增長。然後，西非的基數較低，開始看到一些增長回報。

With regards to some of the larger LSTKs that take place, we're continuing to see [very faint]. We are very judicious in the way in which we tender. We've always said we're going to be disciplined. And we like the outlook internationally as we go forward.

關於發生的一些較大的 LSTK，我們繼續看到 [非常微弱]。我們在招標的方式上是非常明智的。我們一直說我們會遵守紀律。在我們前進的過程中，我們喜歡國際前景。

Great. On a -- as kind of a separate subject. You have a number of partnerships and investments that you've got involved in across the new energy spectrum, which I think all of them are going to fall under this new climate technology solutions group. Just kind of curious where you go from here. A number of these are technologies that are going to take time to scale.

偉大的。關於 - 作為一個單獨的主題。你們在新能源領域擁有許多合作夥伴和投資，我認為它們都將屬於這個新的氣候技術解決方案組。只是有點好奇你從這裡去哪裡。其中許多是需要時間來擴展的技術。

So do you keep expanding your portfolio and keep kind of looking out to other technologies like with this Ekona in hydrogen or do you get into other parts of clean tech with smaller investments? Or is there a point where there's more sizable M&A opportunities out there? I mean I'm just kind of curious of kind of what that looks like and kind of the horizon. Is it just too early even to be talking about M&A opportunities in the space?

那麼，你是繼續擴大你的投資組合，並繼續關注其他技術，比如氫燃料 Ekona，還是以較小的投資進入清潔技術的其他部分？或者是否存在更大的併購機會？我的意思是我只是有點好奇它的樣子和地平線。現在談論該領域的併購機會是否還為時過早？

I think it's a little early. But I think as you look at our approach, and it really resonates with what we're hearing from our customers, is across oil and gas and also the other industrial segments we serve, customers are asking, help me achieve a net zero road map, whether it be the 2030 target or the 2050 target that they have. And that requires a compilation of different technologies. And what we're doing within our climate technology solutions group and why we stood it up is really to be able to respond to that customer request and walk them through the various technologies and capabilities.

我覺得有點早了。但我認為，當您看到我們的方法時，它確實與我們從客戶那裡聽到的產生共鳴，涉及石油和天然氣以及我們服務的其他工業領域，客戶要求幫助我實現淨零路線圖，無論是他們的2030年目標還是2050年目標。這需要彙編不同的技術。我們在氣候技術解決方案團隊中所做的以及我們堅持這一點的原因實際上是能夠響應客戶的要求並引導他們了解各種技術和功能。

When you look at the investments we've made, Electrochaea, you look at also 3C, you look at the already in-house chilled ammonia process, you mentioned also what we've done with Ekona. What we're providing is actually a capability to offer a road map towards those solutions. And we'll continue to evaluate which solutions we think are best for our customers. But we do want to be like we are in other areas that we serve, a provider of technology and capability to achieve the customer request.

當您查看我們所做的投資時，Electrochaea，您還查看了 3C，您查看了已經內部的冷凍氨工藝，您還提到了我們對 Ekona 所做的事情。我們提供的實際上是為這些解決方案提供路線圖的能力。我們將繼續評估我們認為最適合客戶的解決方案。但我們確實希望像在我們服務的其他領域一樣，成為滿足客戶要求的技術和能力的提供者。

Likewise, on industrial asset management, if you think about the investments we've made, both C3, Augury, ARMS. We're really developing an ecosystem of capability to respond to customers' requests around how do we drive less downtime, how do we increase efficiency and productivity. And that requires the ability to sense, have historical data on equipment and be able to offer the foundation of a platform towards customers. So both of these areas actually help us in our growth initiatives and are led by customer requests.

同樣，在工業資產管理方面，如果您考慮一下我們所做的投資，包括 C3、Augury 和 ARMS。我們實際上正在開發一個能夠響應客戶關於我們如何減少停機時間、我們如何提高效率和生產力的要求的生態系統。這需要能夠感知、擁有設備歷史數據並能夠為客戶提供平台基礎。因此，這兩個領域實際上都在幫助我們實現增長計劃，並以客戶要求為主導。

Our next question comes from Neil Mehta with Goldman Sachs.

我們的下一個問題來自高盛的 Neil Mehta。

A couple of questions around capital allocation. And the first one is on the buyback. How are you thinking about the pacing of the buyback? Do you think it's reasonable to keep on the pace that we saw here in Q4, which is over $300 million? And it looks like in the release, GE selling ratably, is it fair to say that this pace they'll be out of the market by the middle of this year?

關於資本配置的幾個問題。第一個是回購。您如何看待回購的節奏？您認為保持我們在第四季度看到的超過 3 億美元的速度是否合理？並且看起來在發布中，通用電氣的銷售量很大，可以公平地說他們將在今年年中退出市場嗎？

Yes, Neil, look, we like what we've done so far from a buyback perspective, since we started in September, we purchased 17.2 million Class A shares. We've spent about $434 million. So the price per share is just over $24.50.

是的，尼爾，看，從回購的角度來看，我們喜歡我們迄今為止所做的事情，自 9 月開始以來，我們購買了 1720 萬股 A 類股票。我們已經花費了大約 4.34 億美元。因此，每股價格略高於 24.50 美元。

We're planning right now to have a consistent buyback program with the ability to accelerate it if the conditions warrant an acceleration. So I'd say if you think about sitting here today, our plan right now is roughly through the first half of this year to keep up the pace you've seen us since we started the program. And that, as you point out, if GE continues to sell at the pace they're selling, that roughly coincides with them selling down the remainder of their stake.

我們現在正計劃制定一個一致的回購計劃，如果條件需要加速，則能夠加速它。所以我想說，如果你考慮今天坐在這裡，我們現在的計劃大致是到今年上半年，以跟上自我們啟動該計劃以來你看到的我們的步伐。而且，正如你所指出的，如果通用電氣繼續以他們出售的速度出售，那與他們出售剩餘股份的時間大致一致。

And so I'd say, look, at that point in time, we'd reevaluate what the right levels are. But I think from an overall stepping back and looking at capital allocation, once GE is out, I think buybacks in the range of roughly $200 million to $300 million annually is a good place to be.

所以我會說，看，到那個時候，我們會重新評估什麼是正確的水平。但我認為，從整體退一步來看資本配置，一旦通用電氣退出，我認為每年進行大約 2 億至 3 億美元的回購是一個不錯的選擇。

And look, I think we are uniquely positioned here to continue paying a strong dividend, have a pretty consistent buyback program and be able to do M&A to tuck-in technologies or capabilities that we think are going to enhance our growth capabilities.

看，我認為我們在這里處於獨特的地位，可以繼續支付強勁的股息，擁有相當一致的回購計劃，並且能夠通過併購來整合我們認為將增強我們增長能力的技術或能力。

So very pleased with the free cash flow generation, what we've been doing from a capital allocation point so far in terms of recycling some of the proceeds from dispositions or the investment sales back into growth areas in the business.

對自由現金流的產生非常滿意，到目前為止，我們從資本配置點開始將部分處置或投資銷售收益回收到業務增長領域。

And just to clarify, $200 million to $300 million quarterly, right?

澄清一下，每季度 2 億到 3 億美元，對吧？

Yes, buybacks. Yes.

是的，回購。是的。

Yes. Yes. Okay. Great. And then on the dividend, you've been sitting here at this $0.18 a quarter level, really, since 2017. And the earnings power and the free cash flow generation of the business get us to the point where you can get more aggressive around the dividend, recognizing your dividend yield is better than your large-cap services peers, but it's still worse than the energy sector broadly. How do you think about what the right time is to evaluate an increase in distribution around the dividend and tie that in with your comments around the buyback?

是的。是的。好的。偉大的。然後是股息，實際上，自 2017 年以來，您一直處於每季度 0.18 美元的水平。而盈利能力和業務產生的自由現金流使我們達到了可以在股息，認識到你的股息收益率比你的大盤服務同行好，但它仍然比能源行業更糟糕。您如何看待評估股息分配增加的正確時機，並將其與您對回購的評論聯繫起來？

Yes, yes, Neil, just to clarify there, in the $200 million to $300 million, I was speaking more to once we've gone through this pace here in the first half, we'll take a step back and look at buybacks. But I'd say that $200 million to $300 million was more annually after we get through here the first half of the year is how I would think about it.

是的，是的，尼爾，只是為了澄清一下，在 2 億到 3 億美元之間，我說得更多，一旦我們在上半年經歷了這個步伐，我們將退後一步，看看回購。但我想說的是，在我們度過了今年上半年之後，每年會增加 2 億到 3 億美元。

In terms of evaluating the dividend, look, it's something we're always taking a look at and discussing with our Board in terms of the best way to return value to shareholders. I think we demonstrated during the downturn that even with all of that volatility, maintaining the dividend was an important priority for us. So we're at a level where we don't want to get out over our skis because as you know, this industry can be quite volatile, and we want to make sure we can be relied upon from an investor base on a consistent basis here.

在評估股息方面，看，這是我們一直在關注並與我們的董事會討論向股東回報價值的最佳方式。我認為我們在經濟低迷時期證明，即使存在所有這些波動，維持股息對我們來說也是一個重要的優先事項。因此，我們處於一個不想超越滑雪板的水平，因為如您所知，這個行業可能會非常不穩定，我們希望確保我們可以在一致的基礎上得到投資者基礎的依賴這裡。

Saying that, though, as we continue to generate strong free cash flow, look at investment opportunities and the best way to continue to meet our return objectives, it's not out of the cards. But at this moment in time, I'd say we're happy with where it sits today, and we'll continue to update you if our thinking changes.

話雖如此，但隨著我們繼續產生強勁的自由現金流，看看投資機會和繼續實現我們的回報目標的最佳方式，這並不是不可能的。但在這個時刻，我想說我們對它今天的位置感到滿意，如果我們的想法發生變化，我們會繼續為您提供最新信息。

And ladies and gentlemen, this does conclude the Q&A portion of today's conference. I'd like to turn the call back to Lorenzo for any closing remarks.

女士們先生們，今天會議的問答部分到此結束。我想把電話轉回給 Lorenzo 來做任何結束語。

Thank you, and thank you to everyone for joining our earnings call today. Before we end the call, I wanted to leave you with some closing thoughts.

謝謝大家，感謝大家今天參加我們的財報電話會議。在我們結束通話之前，我想給你一些結束的想法。

We're very pleased with the way the team executed during the fourth quarter and navigated the many challenges over the course of 2021. For the full year, we delivered growth in orders and operating margins and delivered record free cash flow generation, helping us return almost $1.2 billion to shareholders.

我們對團隊在第四季度的執行方式感到非常滿意，並在 2021 年期間應對了許多挑戰。全年，我們實現了訂單和營業利潤率的增長，並創造了創紀錄的自由現金流，幫助我們回歸向股東支付近 12 億美元。

Looking ahead, we're excited about the multiyear growth opportunities developing across our portfolio and believe that Baker Hughes is well positioned to capitalize on the cyclical growth in upstream and longer-term structural growth in LNG and new energy.

展望未來，我們對我們的投資組合中出現的多年增長機會感到興奮，並相信貝克休斯有能力利用上游的周期性增長以及液化天然氣和新能源的長期結構性增長。

Thank you for taking the time, and I look forward to speaking with you all again soon. Operator, you may now close out the call.

感謝您抽出寶貴時間，我期待很快再次與大家交談。接線員，您現在可以結束通話了。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

女士們，先生們，今天的演講到此結束。您現在可以斷開連接，度過美好的一天。