貝克休斯 (BKR) 2022 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Baker Hughes Company Second Quarter 2022 Earnings Call. (Operator Instructions) As a reminder, this conference call is being recorded.

女士們，先生們，美好的一天，歡迎參加貝克休斯公司 2022 年第二季度財報電話會議。 （操作員說明）作為提醒，此電話會議正在錄音中。

I would now like to introduce your host for today's conference, Mr. Jud Bailey, Vice President of 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 Second Quarter 2022 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 2022 年第二季度收益電話會議。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 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. Our second quarter results were mixed as each product company navigated a different set of challenges, ranging from component shortages and supply chain inflation to the suspension of our Russian operations. While OFS and TPS are managing through the current situation fairly well, OSE and DS have both experienced more difficulty.

謝謝你，賈德。大家早上好，感謝您加入我們。我們第二季度的業績喜憂參半，因為每家產品公司都面臨著一系列不同的挑戰，從零部件短缺和供應鏈通脹到我們俄羅斯業務的暫停。雖然 OFS 和 TPS 在當前形勢下的管理相當不錯，但 OSE 和 DS 都經歷了更多的困難。

As we look to the second half of 2022 and into 2023, the oil markets face an unusual set of circumstances and challenges. On one hand, the demand outlook for the next 12 to 18 months is deteriorating as inflation erodes consumer purchasing power and central banks aggressively raise interest rates to combat inflation.

展望 2022 年下半年和 2023 年，石油市場面臨著一系列不同尋常的情況和挑戰。一方面，未來 12 至 18 個月的需求前景正在惡化，因為通脹侵蝕了消費者的購買力，而各國央行積極提高利率以對抗通脹。

On the other hand, due to years of underinvestment globally and the potential need to replace Russian barrels, broader supply constraints can realistically keep commodity prices at elevated levels, even in a scenario of moderate demand disruption. As a result, we believe the outlook for oil prices remains volatile but still supportive of relatively strong activity levels as higher spending is required to reorder the global energy map and likely offset moderate demand disruption in most recessionary scenarios.

另一方面，由於多年來全球投資不足以及可能需要更換俄羅斯桶，更廣泛的供應限制實際上可以使大宗商品價格保持在較高水平，即使在需求適度中斷的情況下也是如此。因此，我們認為油價前景仍然波動，但仍支持相對強勁的活動水平，因為需要增加支出來重新排列全球能源地圖，並可能抵消大多數衰退情景中的適度需求中斷。

In the natural gas market, the redrawing of the energy map is having an even greater impact with sustained high prices, a frenzy of offtake contracting activity and a growing pipeline of major LNG projects that seem likely to reach FID. There has been a significant increase in long-term LNG offtake agreements in the U.S., totaling over 35 MTPA during the first half of 2022.

在天然氣市場，能源地圖的重新繪製正在產生更大的影響，因為價格持續高企、承購合同活動的狂熱以及似乎可能達到 FID 的大型液化天然氣項目的管道不斷增加。美國的長期液化天然氣承購協議顯著增加，到 2022 年上半年總計超過 35 MTPA。

For comparison, year-to-date LNG contracting activity is 3x greater than the average annual U.S. contracting volume going back to 2015. This sharp increase reflects the growing importance of natural gas and LNG as governments rebalance their priorities between sustainability, security and affordability.

相比之下，今年迄今為止的液化天然氣合同活動是自 2015 年以來美國年均合同量的 3 倍。這一急劇增長反映了隨著政府在可持續性、安全性和可負擔性之間重新平衡其優先事項，天然氣和液化天然氣的重要性日益增加。

We believe that solving this energy trilemma will be another long-term positive for natural gas. This team will continue to grow in importance as countries around the world face acute energy shortages and are working to avoid industrial interruptions in certain sectors of their economies.

我們相信，解決這一能源三難困境將是天然氣的又一長期利好。隨著世界各國面臨嚴重的能源短缺並正在努力避免其經濟某些部門的工業中斷，該團隊的重要性將繼續增長。

Overall, we remain very positive on the outlook for natural gas. We also believe that a significant increase in natural gas and LNG infrastructure investment is required over the next 5 to 10 years in order to make natural gas a more affordable and reliable baseload fuel source that can be paired with the intermittent renewable power sources.

總體而言，我們對天然氣的前景仍然非常樂觀。我們還認為，未來 5 到 10 年需要大幅增加天然氣和 LNG 基礎設施投資，以使天然氣成為更實惠、更可靠的基本負荷燃料來源，可與間歇性可再生能源搭配使用。

Against this uncertain macro backdrop, Baker Hughes is preparing for all scenarios, and we'll continue to execute on our long-term strategy. If commodity prices remain resilient, as we expect, our portfolio is well positioned to benefit from a strong LNG cycle and a multiyear upstream spending cycle. We will also continue to invest in our energy transition and industrial initiatives while also returning 60% to 80% of free cash flow to shareholders.

在這種不確定的宏觀背景下，貝克休斯正在為所有情況做準備，我們將繼續執行我們的長期戰略。如果大宗商品價格如我們預期的那樣保持彈性，那麼我們的投資組合就可以從強勁的液化天然氣週期和多年的上游支出週期中受益。我們還將繼續投資於能源轉型和工業計劃，同時將 60% 至 80% 的自由現金流返還給股東。

However, if the global economy experiences further turbulence and commodity price volatility, we believe our balanced portfolio of short- and long-cycle businesses will enable us to generate peer-leading free cash flow and allow us to maintain our policy of returning cash to shareholders. In addition to a strong backlog that affords cash flow visibility, we have best-in-class balance sheet that allows us to invest opportunistically either through share buybacks or tuck-in investment opportunities. In either scenario, Baker Hughes is well positioned to create value for shareholders.

然而，如果全球經濟經歷進一步動盪和大宗商品價格波動，我們相信我們平衡的短週期和長周期業務組合將使我們能夠產生同行領先的自由現金流，並使我們能夠維持向股東返還現金的政策.除了提供現金流可見性的強大積壓訂單外，我們還擁有一流的資產負債表，使我們能夠通過股票回購或集中投資機會進行機會性投資。在任何一種情況下，貝克休斯都可以為股東創造價值。

From an operational and strategic perspective, we were active over the first half of the year, executing on a number of exciting tuck-in acquisitions and new energy investments such as Mosaic, NET Power and HIF Global, which position us in key technologies for the future. We have also been focused on setting up internal commercial structures like CTS and IAM, which will help us to capitalize on opportunities in the energy transition and industrial areas.

從運營和戰略的角度來看，我們在上半年非常活躍，執行了一系列令人興奮的收購和新能源投資，例如 Mosaic、NET Power 和 HIF Global，這使我們在關鍵技術領域處於領先地位。未來。我們還一直專注於建立 CTS 和 IAM 等內部商業結構，這將有助於我們利用能源轉型和工業領域的機會。

In addition to these initiatives, our time is increasingly focused on optimizing and formalizing our operations around 2 core business areas of OFSE and IET. As the energy markets continue to evolve, it is becoming clearer that aligning across these 2 core areas make strategic sense.

除了這些舉措之外，我們的時間越來越集中在優化和規範我們圍繞 OFSE 和 IET 兩個核心業務領域的運營。隨著能源市場的不斷發展，在這兩個核心領域之間保持一致具有戰略意義，這一點變得越來越清楚。

We are focusing on ways to simplify our process and systems with a distinct focus on productivity and efficiency across our operations. As we look to drive additional synergies between both TPS and DS and OFS and OSE, we believe that this will be a significant area of opportunity for Baker Hughes as we look to further streamline our organization and position it for the future.

我們專注於簡化流程和系統的方法，特別關注整個運營的生產力和效率。由於我們希望推動 TPS 和 DS 以及 OFS 和 OSE 之間的額外協同效應，我們相信這將是貝克休斯的一個重要機會領域，因為我們希望進一步精簡我們的組織並為未來定位。

Now I'll give you an update on each of our segments. In Oilfield Services, activity levels continue to trend positively in both the international and North America markets, and net pricing is being achieved across multiple product lines. We also see improving visibility for growth in some key areas into 2023 and beyond.

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繼續呈積極趨勢，並且多個產品線正在實現淨定價。我們還看到，到 2023 年及以後，一些關鍵領域的增長可見度有所提高。

In international markets, broad diversified growth continues with recent strength in Latin America, West Africa and the Middle East. We expect growth in most international markets to continue, with the strongest increases likely to come from the Middle East over the second half of the year and into 2023. Producers in the region are committed to an orderly increase in production and are beginning to execute drilling plans to improve both oil and natural gas production capacity in the region.

在國際市場，隨著拉丁美洲、西非和中東最近的強勁勢頭，廣泛的多元化增長仍在繼續。我們預計大多數國際市場將繼續增長，最強勁的增長可能來自今年下半年和 2023 年的中東。該地區的生產商致力於有序增加產量並開始執行鑽探計劃提高該地區的石油和天然氣生產能力。

In North America, activity and pricing remained strong, with the rig count continuing to track above our expectations. We expect continued modest growth in the rig count in the coming months, but the outlook for 2023 will be dependent on the broader macro factors and oil prices.

在北美，活動和定價依然強勁，鑽井平台數量繼續高於我們的預期。我們預計未來幾個月鑽機數量將繼續溫和增長，但 2023 年的前景將取決於更廣泛的宏觀因素和油價。

Operationally, I'm pleased overall with the progress made by the OFS team during the second quarter in navigating the challenges related to Russia as well as supply chain constraints and inflation. During the second quarter, the suspension of our OFS operations in Russia accelerated quicker than anticipated as we moved closer to reaching an agreement to sell our OFS operations in the country.

在運營方面，我對 OFS 團隊在第二季度在應對與俄羅斯以及供應鏈限制和通貨膨脹相關的挑戰方面取得的進展感到滿意。在第二季度，我們在俄羅斯的 OFS 業務的暫停速度比預期的要快，因為我們更接近達成出售我們在該國的 OFS 業務的協議。

Outside of the impact from Russia, our OFS business executed well in the second quarter with improvements in our production chemicals business. After being weighed down for several consecutive quarters by supply chain and inflationary impacts, chemicals saw a sequential increase in margin and has line of sight to further increases in the coming quarters. Going forward, we expect to continue to drive margin improvement despite the cost headwinds from the suspension of our operations in Russia.

除俄羅斯的影響外，我們的 OFS 業務在第二季度表現良好，生產化學品業務有所改善。在連續幾個季度受到供應鍊和通脹影響的拖累後，化學品的利潤率連續上升，並有望在未來幾個季度進一步增長。展望未來，我們預計將繼續推動利潤率提高，儘管我們在俄羅斯的業務暫停帶來成本阻力。

Moving to TPS. The second quarter represented another solid performance in orders, where we remain on track to generate $8 billion to $9 billion in orders in 2022 with an optimistic view of 2023. Operationally, TPS performed well despite some revenue impacts from the suspension of operations in Russia as well as some project shipment delays across both equipment and services.

轉移到 TPS。第二季度是訂單的又一個穩健表現，我們仍有望在 2022 年產生 80 億至 90 億美元的訂單，並對 2023 年持樂觀態度。在運營方面，儘管俄羅斯暫停運營對收入產生了一些影響，但 TPS 仍表現良好以及設備和服務方面的一些項目發貨延遲。

We continue to believe that we are at the beginning of another constructive LNG cycle, particularly for U.S. projects, including the FID for VG’s Plaquemines Phase 1 at the end of May and Cheniere's FID of Corpus Christi Stage 3 in June. We continue to expect 100 to 150 MTPA of LNG FIDs over the next 2 years, with additional FIDs in 2024 and 2025.

我們仍然相信，我們正處於另一個建設性液化天然氣週期的開始，特別是對於美國項目，包括 5 月底 VG 的 Plaquemines 第 1 階段的 FID 和 6 月 Cheniere 的 Corpus Christi 第 3 階段的 FID。我們繼續預計未來 2 年液化天然氣 FID 將達到 100 至 150 MTPA，並在 2024 年和 2025 年增加 FID。

During the second quarter, we were pleased to be awarded an order to provide 7 mid-scale LNG trains to support the Stage 3 expansion project of Cheniere's Corpus Christi Liquefaction facility. Each train is comprised of 2 electric motor-driven compressors, producing approximately 1.5 MTPA of LNG, totaling 10.5 MTPA of production capacity. This award builds on the strong relationship between Baker Hughes and Cheniere since 2012 as we currently provide all liquefaction equipment for Cheniere's Corpus Christi and Sabine Pass projects.

在第二季度，我們很高興獲得提供 7 條中型 LNG 列車的訂單，以支持 Cheniere 科珀斯克里斯蒂液化設施的第三階段擴建項目。每列火車由 2 台電動機驅動的壓縮機組成，可生產約 1.5 MTPA 的 LNG，總產能為 10.5 MTPA。該獎項建立在貝克休斯與 Cheniere 自 2012 年以來的牢固關係之上，因為我們目前為 Cheniere 的 Corpus Christi 和 Sabine Pass 項目提供所有液化設備。

Outside of LNG, the TPS team booked an important gas processing award in Saudi Arabia to supply 14 electric motor-driven compressors for the Jafurah unconventional gas field project, the largest nonassociated gas field in the country. Baker Hughes is leveraging its local compressor packaging facility in Modon to deliver the equipment and support the kingdom's in-country total value-add program.

除了液化天然氣，TPS 團隊在沙特阿拉伯獲得了一項重要的天然氣加工合同，為該國最大的非伴生氣田 Jafurah 非常規氣田項目提供 14 台電動壓縮機。貝克休斯正在利用其在 Modon 的當地壓縮機包裝設施來提供設備並支持該王國的國內總增值計劃。

Also, during the quarter, TPS booked an award from Tellurian to provide electric-powered Integrated Compressor Line technology and turbomachinery equipment for a natural gas transmission project in Southwest Louisiana. The project is expected to supply upwards of 5.5 billion cubic feet of natural gas daily with virtually no emissions.

此外，在本季度，TPS 從 Tellurian 獲得了一項合同，為路易斯安那州西南部的一個天然氣輸送項目提供電動集成壓縮機線路技術和渦輪機械設備。該項目預計每天供應超過 55 億立方英尺的天然氣，幾乎沒有排放。

ICL zero-emissions is landmark technology that lowers the carbon footprint of a key segment of the natural gas supply chain and is already reducing the climate footprint of pipeline projects in many regions that deliver vital gas supplies. This order marks the first time Baker Hughes will install its ICL decarbonization technology for pipeline compression in North America.

ICL 零排放是一項具有里程碑意義的技術，它降低了天然氣供應鏈關鍵部分的碳足跡，並且已經在許多地區減少了提供重要天然氣供應的管道項目的氣候足跡。該訂單標誌著貝克休斯首次在北美安裝用於管道壓縮的 ICL 脫碳技術。

During the quarter, TPS' CTS organization continues to support the growth of the hydrogen economy. TPS secured a contract with Air Products to supply advanced syngas and ammonia compression technology for the production of green ammonia for the NEOM carbon-free hydrogen and ammonia facility in Saudi Arabia. This order builds on our hydrogen collaboration framework with Air Products and leverages Baker Hughes' broad experience and references in supplying syngas and ammonia compressors.

本季度，TPS 的 CTS 組織繼續支持氫能經濟的增長。 TPS 與 Air Products 簽訂了一份合同，為沙特阿拉伯的 NEOM 無碳氫和氨設施提供先進的合成氣和氨壓縮技術，用於生產綠色氨。該訂單建立在我們與空氣產品公司的氫合作框架之上，並利用了貝克休斯在供應合成氣和氨壓縮機方面的廣泛經驗和參考。

Next, on Oilfield Equipment, we are encouraged to see improving demand trends across the different business areas. However, we remain disappointed with the overall level of profitability of the business and are executing on further actions to drive additional cost out and improve operations across the portfolio.

接下來，在油田設備方面，我們很高興看到不同業務領域的需求趨勢有所改善。然而，我們仍然對業務的整體盈利水平感到失望，並正在採取進一步行動以降低額外成本並改善整個投資組合的運營。

At a macro level, trends in the subsea and offshore markets continue to improve and should have solid order momentum over the next couple of years. Despite recent commodity price volatility, we believe that a solid pipeline of deepwater opportunities will continue to develop across a few key markets.

在宏觀層面上，海底和離岸市場的趨勢繼續改善，未來幾年應該會有穩固的訂單勢頭。儘管近期大宗商品價格出現波動，但我們認為，深水市場的堅實渠道將繼續在幾個關鍵市場發展。

Importantly, we continue to see OFE gain momentum outside of Brazil with its offshore flexible pipe technology, securing several large contracts with multiple customers across the Americas and the Middle East. OFE will provide flexible pipe systems and services, including risers, flowlines and jumpers to improve oil recovery and help to extend field life and profitability.

重要的是，我們繼續看到 OFE 憑藉其海上柔性管道技術在巴西以外獲得發展勢頭，與美洲和中東的多個客戶簽訂了幾份大合同。 OFE 將提供靈活的管道系統和服務，包括立管、出油管和跨接器，以提高石油採收率並幫助延長油田壽命和盈利能力。

OFE booked their highest orders ever in flexibles in the second quarter and over $600 million in flexible orders for the first half of the year in 2022, also a record. While activity and project awards are improving offshore, we recognize that we have work to do in OFE to drive operating margins back to an acceptable level.

OFE 在第二季度預訂了有史以來最高的柔性訂單，並在 2022 年上半年預訂了超過 6 億美元的柔性訂單，這也是創紀錄的。雖然離岸活動和項目獎勵正在改善，但我們認識到我們在 OFE 方面還有工作要做，以將運營利潤率恢復到可接受的水平。

We are driving continued actions across the business to improve operations while also ensuring we have the appropriate resources in place to take this business forward. We are also in the final stages of planning more integration between OFE and OFS, driving more efficient cost management across certain parts of the OFSE business area globally.

我們正在推動整個業務的持續行動，以改善運營，同時確保我們擁有適當的資源來推動這項業務的發展。我們還處於計劃在 OFE 和 OFS 之間進行更多整合的最後階段，以在全球 OFSE 業務領域的某些部分推動更有效的成本管理。

Finally, in Digital Solutions, while order activity was strong in the second quarter, the business continues to be hampered by supply chain challenges, mainly electronic shortages, as well as inflationary pressures. During the quarter, DS saw continued interest for its condition monitoring systems and services in the industrial sector.

最後，在數字解決方案方面，雖然第二季度的訂單活動強勁，但該業務繼續受到供應鏈挑戰的阻礙，主要是電子產品短缺以及通脹壓力。在本季度，DS 看到其在工業領域的狀態監測系統和服務持續受到關注。

Bently Nevada secured a contract to upgrade the machinery protection systems for critical machines at a steel plant in the Middle East. The contract includes Bently Nevada's latest Orbit 60 system, which will provide the customer reliable protection and will enable advanced condition monitoring without additional hardware spend.

Bently Nevada 獲得了一份合同，為中東一家鋼鐵廠的關鍵機器升級機械保護系統。該合同包括 Bently Nevada 最新的 Orbit 60 系統，該系統將為客戶提供可靠的保護，並且無需額外的硬件支出即可實現高級狀態監測。

DS also gained traction with its emissions management portfolio of technologies. Following an MOU signed in February, DS secured a contract with Petrosafe for the first deployment of Flare.IQ technology for refining operations in Egypt. The deployment will be implemented at the APC Refinery in Alexandria, supporting Egypt's low-carbon strategy and tackling emissions in the sector as the country prepares to host COP27 in November.

DS 還憑藉其排放管理技術組合獲得了關注。繼 2 月份簽署諒解備忘錄後，DS 與 Petrosafe 簽訂了一份合同，在埃及的煉油業務中首次部署 Flare.IQ 技術。該部署將在亞歷山大港的 APC 煉油廠實施，以支持埃及的低碳戰略並在該國準備在 11 月主辦 COP27 時解決該行業的排放問題。

We also recently reached an agreement for the sale of our Nexus Controls product line to General Electric. GE will continue to provide Baker Hughes with GE-marked control products currently in the Nexus Controls portfolio. And Baker Hughes will be the exclusive supplier and service provider of such GE products for its oil and gas customers' control needs. The transaction is expected to close in the second quarter of 2023.

我們最近還達成協議，將我們的 Nexus Controls 產品線出售給通用電氣。 GE 將繼續向貝克休斯提供 Nexus Controls 產品組合中目前帶有 GE 標誌的控制產品。貝克休斯將成為此類 GE 產品的獨家供應商和服務提供商，以滿足其石油和天然氣客戶的控制需求。該交易預計將於 2023 年第二季度完成。

As we have mentioned in the past, we continue to make strategic and operational changes across DS, including recent leadership changes in Bently Nevada during the quarter. We are also conducting a review of the broader DS portfolio, taking actions to ensure we have the right business composition to serve our customers and drive returns.

正如我們過去提到的，我們繼續在整個 DS 進行戰略和運營變革，包括本季度內華達州本特利最近的領導層變動。我們還在對更廣泛的 DS 產品組合進行審查，採取行動確保我們擁有正確的業務組合來服務我們的客戶並提高回報。

As we move forward, there is clearly more work to do. We are committed to driving better performance, profitability and returns for the DS business.

隨著我們前進，顯然還有更多工作要做。我們致力於為 DS 業務帶來更好的業績、盈利能力和回報。

Before I turn the call over to Brian, I'd like to spend a few moments highlighting some of the achievements from our corporate responsibility report that was published at the end of the second quarter. This report provides an expanded view of our environmental, social and governance performance and outlines our corporate strategy and commitments for a sustainable energy future.

在我將電話轉給布賴恩之前，我想花點時間強調一下我們在第二季度末發布的企業責任報告中取得的一些成就。本報告提供了我們環境、社會和治理績效的擴展視圖，並概述了我們對可持續能源未來的企業戰略和承諾。

We again lowered our emissions footprint and expanded our emissions reporting. We achieved an 8% reduction in our Scope 1 and 2 carbon emissions in 2021 versus 2020 and a 23% reduction in '21 compared to our 2019 baseline. We also expanded reporting of scope-free emissions across our value chain to include emissions from several new categories.

我們再次降低了排放足跡並擴大了排放報告。與 2020 年相比，我們在 2021 年的範圍 1 和 2 碳排放量減少了 8%，與 2019 年的基線相比，21 年減少了 23%。我們還擴大了整個價值鏈中無範圍排放的報告範圍，以包括幾個新類別的排放。

I'm also pleased to say that in 2021, we launched Carbon Out, an internal company-wide initiative to take carbon out of our operations and meet our pledge to achieve a 50% reduction in emissions by 2030 and net-zero emissions by 2050. We further expanded our programs and processes to embed diversity, equity and inclusion into our operating process. We launched a global council in 2021 to increase accountability on this strategic priority. And we updated our process to evaluate and reconcile pay equity across the company.

我也很高興地說，我們在 2021 年啟動了 Carbon Out，這是一項全公司範圍的內部計劃，旨在將碳從我們的運營中剔除，並兌現我們到 2030 年實現減排 50% 和到 2050 年實現淨零排放的承諾. 我們進一步擴展了我們的計劃和流程，將多樣性、公平和包容性融入我們的運營流程。我們於 2021 年成立了一個全球委員會，以加強對這一戰略重點的問責。我們更新了我們的流程，以評估和協調整個公司的薪酬公平。

Overall, Baker Hughes is successfully executing on its vision as an energy technology company and to take energy forward, making it safer, cleaner and more efficient for people and the planet. Our corporate responsibility report demonstrates our progress in many of these areas. Baker Hughes is well positioned to drive energy efficiency gains to meet global energy demand and support broader decarbonization objectives.

總體而言，貝克休斯正在成功實現其作為能源技術公司的願景，並推動能源發展，使其對人類和地球更安全、更清潔、更高效。我們的企業責任報告展示了我們在許多這些領域取得的進展。貝克休斯在推動能源效率提高以滿足全球能源需求和支持更廣泛的脫碳目標方面處於有利地位。

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. Orders for the quarter were $5.9 billion, down 14% sequentially, driven by TPS and OFE, partially offset by an increase in Digital Solutions and OFS. Year-over-year, orders were up 15%, driven by increases across all 4 segments.

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。本季度訂單為 59 億美元，環比下降 14%，受 TPS 和 OFE 的推動，部分被數字解決方案和 OFS 的增長所抵消。訂單同比增長 15%，這得益於所有 4 個細分市場的增長。

We are pleased with the orders performance in the quarter following strong orders performance in the last 2 quarters. Remaining performance obligation was $24.3 billion, down 6% sequentially. Equipment RPO ended at $8.8 billion, down 11% sequentially. And services RPO ended at $15.5 billion, down 3% sequentially. The decrease in the RPO was driven by the suspension of our operations in Russia and foreign currency exchange movements.

在過去兩個季度的強勁訂單表現之後，我們對本季度的訂單表現感到滿意。剩餘履約義務為 243 億美元，環比下降 6%。設備 RPO 為 88 億美元，環比下降 11%。服務 RPO 為 155 億美元，環比下降 3%。 RPO 的減少是由於我們在俄羅斯的業務暫停和外匯匯率變動所致。

Our total company book-to-bill ratio in the quarter was 1.2, and our equipment book-to-bill in the quarter was 1.2. Revenue for the quarter was $5 billion, up 4% sequentially driven by Digital Solutions, OFS and OFE, partially offset by lower TPS volumes. Year-over-year, revenue was down 2%, driven by decreases in OFE and TPS, partially offset by increases in OFS and Digital Solutions.

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 1.2。本季度收入為 50 億美元，在數字解決方案、OFS 和 OFE 的推動下環比增長 4%，部分被 TPS 量的下降所抵消。由於 OFE 和 TPS 的下降，收入同比下降了 2%，部分被 OFS 和數字解決方案的增長所抵消。

Operating loss for the quarter was $25 million. Adjusted operating income was $376 million, which excludes $402 million of restructuring, impairment, separation and other charges. Included in these charges was $365 million related to the suspension of our operations in Russia.

本季度的經營虧損為 2500 萬美元。調整後的營業收入為 3.76 億美元，其中不包括 4.02 億美元的重組、減值、分離和其他費用。這些費用中包括與我們在俄羅斯暫停業務有關的 3.65 億美元。

As I will explain in a moment, our Russian activities were either prohibited under applicable sanctions or unsustainable in the current environment. Adjusted operating income was up 8% sequentially and up 13% year-over-year. Our adjusted operating income rate for the quarter was 7.5%, up 20 basis points sequentially. Year-over-year, our adjusted operating income rate was up 100 basis points.

正如我稍後將解釋的那樣，我們在俄羅斯的活動要么受到適用制裁的禁止，要么在當前環境下不可持續。調整後的營業收入環比增長 8%，同比增長 13%。我們本季度調整後的營業利潤率為 7.5%，環比增長 20 個基點。與去年同期相比，我們調整後的營業利潤率上升了 100 個基點。

Adjusted EBITDA in the quarter was $651 million, up 4% sequentially and up 6% year-over-year. Adjusted EBITDA rate was 12.9%, up 100 basis points year-over-year. Our adjusted operating income and adjusted EBITDA margins were largely impacted by the suspension of our Russia operations during the quarter and foreign currency exchange movements.

本季度調整後的 EBITDA 為 6.51 億美元，環比增長 4%，同比增長 6%。調整後的 EBITDA 率為 12.9%，同比上升 100 個基點。我們調整後的營業收入和調整後的 EBITDA 利潤率在很大程度上受到本季度俄羅斯業務暫停和外匯匯率變動的影響。

Corporate costs were $108 million in the quarter. For the third quarter, we expect corporate costs to decline and be more in line with first quarter levels. Depreciation and amortization expense was $275 million in the quarter. For the third quarter, we expect D&A to decline roughly $5 million sequentially as a result of the impairments taken in the second quarter. Net interest expense was $60 million. Income tax expense in the quarter was $182 million.

本季度企業成本為 1.08 億美元。對於第三季度，我們預計企業成本將下降並更符合第一季度的水平。本季度折舊和攤銷費用為 2.75 億美元。對於第三季度，由於第二季度的減值，我們預計 D&A 將環比下降約 500 萬美元。淨利息支出為 6000 萬美元。本季度的所得稅費用為 1.82 億美元。

GAAP diluted loss per share was $0.84. Included in GAAP diluted loss per share are $426 million of losses related to our OFS business in Russia due to its classification as held for sale at the end of the second quarter. Also included was an $85 million loss from the net change in fair value of our investment in ADNOC Drilling and a $38 million loss from the net change in fair value of our investment in C3.ai, all of which are recorded in other nonoperating loss. Adjusted earnings per share were $0.11.

GAAP攤薄後每股虧損為0.84美元。 GAAP 攤薄每股虧損包括與我們在俄羅斯的 OFS 業務相關的 4.26 億美元虧損，原因是其在第二季度末被歸類為持有待售。還包括我們對 ADNOC Drilling 投資的公允價值淨變動損失 8500 萬美元，以及我們對 C3.ai 投資的公允價值淨變動損失 3800 萬美元，所有這些都記錄在其他非經營性損失中。調整後每股收益為 0.11 美元。

Turning to the cash flow statement. Free cash flow in the quarter was $147 million. Free cash flow in the quarter was impacted by lower collections, which are largely timing-related, as well as a build in inventory as we get ready to execute on our large order backlog. For the third quarter, we expect free cash flow to improve sequentially, primarily driven by higher earnings and seasonality.

轉向現金流量表。本季度的自由現金流為 1.47 億美元。本季度的自由現金流受到收款減少的影響，這主要與時間相關，以及我們準備好執行大量積壓訂單時的庫存增加。對於第三季度，我們預計自由現金流將環比改善，這主要是由於較高的收益和季節性因素。

We now expect free cash flow conversion from adjusted EBITDA to be below 50% for the year due to lower cash generation from Russia. In the second quarter, we continued to execute on our share repurchase program, repurchasing 6.7 million Baker Hughes Class A shares for $226 million at an average price of $34 per share.

由於俄羅斯產生的現金減少，我們現在預計今年調整後 EBITDA 的自由現金流轉換將低於 50%。第二季度，我們繼續執行股票回購計劃，以每股 34 美元的平均價格，以 2.26 億美元的價格回購了 670 萬股貝克休斯 A 類股票。

Before I go into the segment results, I would like to give you an update on our Russia operations, how these impacted our second quarter results and how the current situation factors into our forward outlook. As I mentioned earlier, our OFS business in Russia was classified as held for sale at the end of the second quarter.

在我進入分部業績之前，我想向您介紹我們俄羅斯業務的最新情況，這些業務如何影響我們的第二季度業績，以及當前形勢如何影響我們的前瞻前景。正如我之前提到的，我們在俄羅斯的 OFS 業務在第二季度末被歸類為待售。

During the second quarter, we took the step to suspend our Russia OFS operations to ensure compliance with all sanctions. As a result, our OFS Russia revenue declined 51% sequentially to approximately $60 million in the second quarter, leading to meaningful cost under absorption as we maintained our full cost base. Looking ahead, we are required to maintain our operating costs in the country until we reach a resolution for our Russian operations.

在第二季度，我們採取了暫停俄羅斯 OFS 業務的措施，以確保遵守所有製裁措施。因此，我們的 OFS 俄羅斯收入在第二季度環比下降 51% 至約 6,000 萬美元，在我們維持全部成本基礎的情況下，導致可觀的成本被吸收。展望未來，我們需要維持在該國的運營成本，直到我們就俄羅斯業務達成解決方案。

In TPS, we have suspended work on equipment and service contracts in Russia. As a result, these projects have been removed from RPO, and second quarter revenue was impacted by roughly $160 million, but with minimal impact to TPS operating margins. For the full year, we estimate that TPS revenue will be impacted by approximately $400 million, but again, with minimal impact to TPS margins in 2022.

在 TPS，我們暫停了俄羅斯的設備和服務合同工作。因此，這些項目已從 RPO 中刪除，第二季度收入受到大約 1.6 億美元的影響，但對 TPS 營業利潤率的影響微乎其微。全年，我們估計 TPS 收入將受到約 4 億美元的影響，但同樣，對 2022 年 TPS 利潤率的影響微乎其微。

In OFE, we have suspended all equipment and service contracts in Russia. OFE will be impacted by lower volume and cost under absorption over the next few quarters due to the removal of these projects from RPO.

在 OFE，我們暫停了在俄羅斯的所有設備和服務合同。由於從 RPO 中刪除這些項目，OFE 將在未來幾個季度受到較低的數量和吸收成本的影響。

Now I will walk you through the segment results in more detail and give you our thoughts on the outlook going forward. Starting with Oilfield Services. Revenue in the quarter was $2.7 billion, up 8% sequentially. International revenue was up 8% sequentially, led by increases in Sub-Saharan Africa, Latin America, Europe and the Middle East, partially offset by lower revenues in Russia Caspian. North America revenue increased 9% sequentially, with low double-digit growth in North America land.

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。從油田服務開始。本季度收入為 27 億美元，環比增長 8%。在撒哈拉以南非洲、拉丁美洲、歐洲和中東地區的增長帶動下，國際收入環比增長 8%，但部分被俄羅斯里海地區的收入下降所抵消。北美收入環比增長 9%，北美土地的兩位數增長較低。

Operating income in the quarter was $261 million, up 18% sequentially. Operating margin rate was 9.7%, with margins increasing 80 basis points sequentially driven by price improvement and productivity, partially offset by impacts from Russia and cost inflation. Year-over-year, margins were up 240 basis points.

本季度營業收入為 2.61 億美元，環比增長 18%。營業利潤率為 9.7%，在價格改善和生產力的推動下，利潤率環比增長 80 個基點，部分被俄羅斯和成本通脹的影響所抵消。與去年同期相比，利潤率上升了 240 個基點。

Excluding Russia, OFS operating margin rate was 10.3% and OFS EBITDA rate was 18%. As we look ahead to the third quarter, underlying energy fundamentals continue to improve, and we expect to see growth in both international and North American activity as well as continued improvements in pricing.

不包括俄羅斯，OFS 營業利潤率為 10.3%，OFS EBITDA 率為 18%。展望第三季度，潛在的能源基本面繼續改善，我們預計國際和北美活動將增長，定價將繼續改善。

For the third quarter, OFS revenue should increase sequentially in the mid-single-digit range. With this revenue framework, we would expect our margin rate to increase by approximately 50 to 100 basis points sequentially, which assumes that we will continue to carry between $25 million to $30 million of cost per quarter related to Russia.

第三季度，OFS 收入應該會在中個位數範圍內連續增長。在這個收入框架下，我們預計我們的保證金率將連續增加約 50 至 100 個基點，這假設我們將繼續承擔每季度與俄羅斯相關的 2500 萬至 3000 萬美元的成本。

For the full year 2022, we continue to see an improving outlook across most major markets. In the international markets, we expect the continuation of a broad-based recovery with industry-wide activity growth in the mid-double digits. In North America, we expect continued activity increases with the broader market set to experience strong growth of 50% or greater.

對於 2022 年全年，我們繼續看到大多數主要市場的前景都在改善。在國際市場上，我們預計將繼續廣泛復甦，整個行業的活動增長將達到中兩位數。在北美，我們預計隨著更廣泛的市場將經歷 50% 或更高的強勁增長，活動將繼續增加。

Given this macro backdrop, we would expect OFS revenue to increase in the mid-double digits in 2022. We expect EBITDA margin rates to increase over the next 2 quarters and to be between 19% and 20% in the fourth quarter, depending on timing of the resolution of our Russia business.

鑑於這種宏觀背景，我們預計 OFS 收入將在 2022 年以中兩位數增長。我們預計未來兩個季度的 EBITDA 利潤率將增加，第四季度將在 19% 至 20% 之間，具體取決於時間我們的俄羅斯業務的決議。

Moving to Oilfield Equipment. Orders for the quarter were $723 million, up 6% year-over-year, driven by a strong increase in flexibles and services, partially offset by a decrease in SPS and the removal of subsea drilling systems from consolidated results. Revenue was $541 million, down 15% year-over-year, primarily driven by SPS, SPC and the removal of SDS, partially offset by growth in services and flexibles.

轉向油田設備。本季度的訂單為 7.23 億美元，同比增長 6%，這主要得益於柔性設備和服務的強勁增長，部分被 SPS 的下降和海底鑽井系統從綜合業績中剔除所抵消。收入為 5.41 億美元，同比下降 15%，主要受 SPS、SPC 和取消 SDS 的推動，部分被服務和靈活性的增長所抵消。

Operating income was negative $12 million, down $40 million year-over-year, primarily driven by lower volume in the quarter. OFE's lower operating margin rate was primarily driven by lower volumes in SPS and some operational challenges on certain projects.

營業收入為負 1200 萬美元，同比下降 4000 萬美元，主要是由於本季度銷量下降。 OFE 較低的營業利潤率主要是由於 SPS 的數量減少以及某些項目的一些運營挑戰。

Although OFE has had to navigate some challenges this year, the current level of performance is unacceptable. And as Lorenzo mentioned, we are evaluating additional ways to drive cost out and better operating performance, which includes more integration across OFS and OFE.

儘管今年 OFE 不得不應對一些挑戰，但目前的表現水平令人無法接受。正如 Lorenzo 所提到的，我們正在評估降低成本和提高運營績效的其他方法，其中包括跨 OFS 和 OFE 的更多集成。

For the third quarter, we anticipate revenue to be approximately flat to down low single digits sequentially, depending on the timing of backlog conversion. We expect operating income to be below breakeven due to cost under absorption following the suspension of contracts related to Russia.

對於第三季度，我們預計收入將按順序大致持平至低個位數，具體取決於積壓轉換的時間。由於與俄羅斯相關的合同暫停後成本被吸收，我們預計營業收入將低於收支平衡。

For the full year 2022, we still expect a recovery in offshore activity and project awards, which should help drive a double-digit increase in orders. We expect OFE revenue to decline double digits, primarily driven by the deconsolidation of SDS and OFE margins to be below breakeven.

對於 2022 年全年，我們仍預計海上活動和項目授予將恢復，這將有助於推動訂單的兩位數增長。我們預計 OFE 收入將下降兩位數，主要是由於 SDS 和 OFE 利潤率低於盈虧平衡。

Next, I will cover Turbomachinery. Orders in the quarter were $1.9 billion, up 23% year-over-year. Equipment orders were up 38% year-over-year, driven by a gas processing award in Saudi Arabia and an order for Cheniere's Corpus Christi Stage 3 expansion. Service orders in the quarter were up 14% year-over-year, driven by installation orders and growth in contractual and transactional services, partially offset by a decrease in upgrades.

接下來，我將介紹渦輪機械。本季度訂單為 19 億美元，同比增長 23%。設備訂單同比增長 38%，這得益於沙特阿拉伯的天然氣加工項目和 Cheniere 的 Corpus Christi Stage 3 擴建訂單。本季度的服務訂單同比增長 14%，這主要得益於安裝訂單以及合同和交易服務的增長，但部分被升級的減少所抵消。

Revenue for the quarter was $1.3 billion, down 21% versus the prior year. Equipment revenue was down 30%, driven by changes in project schedules and foreign currency movements. Services revenue was down 11% year-over-year, driven by a decrease in upgrades, transactional services and Russia-related impacts during the quarter, offset by contractual services.

本季度收入為 13 億美元，比上年下降 21%。設備收入下降了 30%，原因是項目進度的變化和外匯變動。服務收入同比下降 11%，原因是本季度升級、交易服務和俄羅斯相關影響減少，但被合同服務所抵消。

Operating income for TPS was $218 million, down 1% year-over-year. Operating margin rate was 16.8%, up 330 basis points year-over-year. Margin rates in the second quarter were favorably impacted by higher services mix.

TPS 的營業收入為 2.18 億美元，同比下降 1%。營業利潤率為 16.8%，同比上升 330 個基點。第二季度的利潤率受到更高服務組合的有利影響。

Overall, the TPS team has navigated multiple headwinds as the year has unfolded, including Russia-related impacts, foreign currency movements and the challenging supply chain environment. Despite these headwinds, we still feel confident in the full year operating income outlook relative to our expectations at the beginning of the year.

總體而言，隨著這一年的展開，TPS 團隊克服了多重不利因素，包括與俄羅斯相關的影響、外匯走勢和充滿挑戰的供應鏈環境。儘管存在這些不利因素，但相對於我們年初的預期，我們仍然對全年營業收入前景充滿信心。

For the third quarter, we expect revenue to increase mid-single digits on a year-over-year basis, driven by higher equipment volume from planned backlog conversion. With this revenue outlook, we expect TPS margin rates to be moderately lower on a year-over-year basis, depending on the ultimate mix between equipment and services. For the full year, we still expect TPS orders to be between $8 billion and $9 billion, driven by increasing LNG awards.

對於第三季度，我們預計收入將同比增長中個位數，受計劃積壓轉換帶來的設備數量增加的推動。有了這種收入前景，我們預計 TPS 利潤率將同比適度降低，具體取決於設備和服務之間的最終組合。在 LNG 獎勵增加的推動下，我們仍預計全年 TPS 訂單將在 80 億美元至 90 億美元之間。

We now expect revenue growth to be roughly flat to up low single digits versus 2021, the lower revenue growth versus expectations earlier in the year by the suspension of operations in Russia, the depreciation of the euro versus the dollar and some modest changes in project execution schedules. On the margin side, we now expect operating income margin rates to be slightly higher on a year-over-year basis, depending on the mix between services and equipment.

我們現在預計，與 2021 年相比，收入增長將大致持平至低個位數，由於俄羅斯業務暫停、歐元兌美元貶值以及項目執行的一些適度變化，收入增長低於今年早些時候的預期時間表。在利潤率方面，我們現在預計營業收入利潤率將同比略高，具體取決於服務和設備之間的組合。

Finally, in Digital Solutions, orders for the quarter were $609 million, up 13% year-over-year. DS continues to see a strengthening market outlook and delivered growth in orders across oil and gas and industrial end markets. Sequentially, orders were up 7%, driven by higher industrial and power orders. As oil and gas end markets finally start to recover, DS orders are now at the highest level since the fourth quarter of 2019.

最後，在數字解決方案方面，本季度的訂單為 6.09 億美元，同比增長 13%。 DS 繼續看到強勁的市場前景，並在石油和天然氣以及工業終端市場實現訂單增長。在工業和電力訂單增加的推動下，訂單連續增長 7%。隨著石油和天然氣終端市場終於開始復蘇，DS 訂單目前處於 2019 年第四季度以來的最高水平。

Revenue for the quarter was $524 million, up 1% year-over-year, driven by higher volumes in PPS and Waygate, partially offset by lower volume in Bently Nevada and Nexus Controls. Sequentially, revenue was up 11%, driven by higher volume in PPS, Bently Nevada and Nexus Controls, partially offset by lower volume in PSI.

本季度收入為 5.24 億美元，同比增長 1%，受 PPS 和 Waygate 銷量增加的推動，部分被 Bently Nevada 和 Nexus Controls 銷量下降所抵消。隨後，在 PPS、Bently Nevada 和 Nexus Controls 銷量增加的推動下，收入增長了 11%，部分被 PSI 銷量下降所抵消。

Operating income for the quarter was $18 million, down 28% year-over-year, largely driven by mix, inflation and lower productivity. Sequentially, operating income was up 21%, driven by higher volume. Overall, DS continues to be affected by both chip and electronic component availability shortages, negatively impacting the convertibility of our backlog and our ability to drive higher productivity.

本季度的營業收入為 1800 萬美元，同比下降 28%，主要受混合、通貨膨脹和生產率下降的推動。隨後，在銷量增長的推動下，營業收入增長了 21%。總體而言，DS 繼續受到芯片和電子元件可用性短缺的影響，對我們積壓的可轉換性和我們提高生產力的能力產生負面影響。

As Lorenzo mentioned, we continue to make strategic and operational changes across DS, designed to improve performance, as evidenced by recent leadership changes and the recently announced sale of Nexus Controls to GE. For the third quarter, we expect to see low single-digit sequential revenue growth and a slight increase in operating margin rates. For the full year, we expect DS revenue growth in the mid-single-digit range and operating income margin rates to average in the mid-single digits for the full year.

正如 Lorenzo 所提到的，我們將繼續對 DS 進行戰略和運營變革，旨在提高績效，最近的領導層變動和最近宣布將 Nexus Controls 出售給 GE 就證明了這一點。對於第三季度，我們預計收入將出現低個位數的環比增長和營業利潤率的小幅增長。對於全年，我們預計 DS 收入增長在中個位數範圍內，營業收入利潤率全年平均在中個位數範圍內。

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.

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

So Lorenzo, Brian, I'd love to just kind of flush out Russia. It's obviously been a lot of noise the last 2 quarters and something you guys are working to resolve. And I'd love to kind of hear how you're thinking about the ultimate resolution here to Russia, whether it's management buyout or outright sale or -- and then also kind of when we should expect kind of the numbers to -- I know you have it held for sale now, so they're a little bit out of the income statement.

所以洛倫佐，布賴恩，我很想把俄羅斯趕出去。過去兩個季度顯然有很多噪音，你們正在努力解決一些問題。而且我很想听聽你是如何考慮對俄羅斯的最終解決方案，無論是管理層收購還是直接出售，或者——然後是我們應該期待什麼樣的數字——我知道你現在有它待售，所以它們有點超出損益表。

But when we should expect to see the numbers from Russia no longer be something we even need to talk about? Just kind of the final last flush, if you will, on the Russia situation.

但是，當我們應該期待看到來自俄羅斯的數字不再是我們需要談論的事情時呢？如果你願意的話，這只是關於俄羅斯局勢的最後一次沖洗。

Yes, James. Look, you're right. There's been a lot about Russia over the last couple of years. And just to frame it up for you, when I step back and take a look at the full year, there is going to be some impact on operations, obviously, due to the disruption and the suspension of our operations, but also, just as you point out, just managing through this and the time commitment from dealing with the complexities of the current environment.

是的，詹姆斯。看，你是對的。在過去的幾年裡，俄羅斯發生了很多事情。只是為了給你一個框架，當我退後一步回顧一下全年時，顯然，由於我們的運營中斷和暫停，這將對運營產生一些影響，而且，正如您指出，只需管理好這一點以及處理當前環境複雜性所花費的時間。

So at the beginning of the year, we were expecting around $300 million of EBITDA for Russia this year. And our Russian operations are generally quite accretive to our overall mix really due to the risk premium of operating there as well as some business mix, primarily in TPS services as well as in some OFS product lines.

因此，在今年年初，我們預計俄羅斯今年的 EBITDA 約為 3 億美元。而且我們的俄羅斯業務通常對我們的整體組合具有相當大的影響，這實際上是由於在那裡經營的風險溢價以及一些業務組合，主要是在 TPS 服務和一些 OFS 產品線中。

And look, we did generate some level of this EBITDA in the first quarter and quite a bit less in the second quarter. So when I think through the rest of the year, the -- OFS is the largest product line that we have in Russia, and we will see cost under absorption there with virtually no revenue generation, roughly about $25 million to $30 million per quarter. That will remain in place until we get resolution of a transaction, whether it's an outright sale or a management buyout. Look, we're continuing to work that.

看，我們確實在第一季度產生了一定水平的 EBITDA，而在第二季度則少得多。因此，當我考慮到今年餘下的時間時，OFS 是我們在俄羅斯擁有的最大產品線，我們將看到那裡的成本正在被吸收，幾乎沒有產生任何收入，大約每季度約 2500 萬至 3000 萬美元。這將一直存在，直到我們解決交易，無論是直接出售還是管理層收購。看，我們正在繼續努力。

And James, we're working hard on things that are in our control and trying to get those done quickly. Some of it's out of our control. So for planning purposes, I'm thinking, by the end of the year, that should be done. We'll try to get it done sooner if we can.

詹姆斯，我們正在努力處理我們可以控制的事情，並努力快速完成這些事情。其中一些是我們無法控制的。因此，出於規劃目的，我認為應該在今年年底之前完成。如果可以的話，我們會努力盡快完成。

But I will point out that Maria Claudia and the team have been able to offset some of the negative impacts from Russia and other areas across the world. And so they've done a nice job there. And really, their overall outlook hasn't changed versus our first quarter earnings call, so offsetting a lot of that Russian impact in other parts of the world.

但我要指出，Maria Claudia 和團隊已經能夠抵消來自俄羅斯和世界其他地區的一些負面影響。所以他們在那裡做得很好。實際上，與我們的第一季度財報電話會議相比，他們的整體前景並沒有改變，因此抵消了俄羅斯對世界其他地區的許多影響。

The biggest negative impact for Russia this year is likely in OFE, where some of the contracts that were quite profitable and sizable have now come out of the backlog. And as you know, it takes time to get cost out of the business to be able to deal with that. So that's where you'll see the biggest impact.

今年對俄羅斯最大的負面影響可能在 OFE，其中一些非常有利可圖且規模可觀的合同現在已經積壓。如您所知，需要時間才能將成本從業務中剔除才能處理。所以這就是你會看到最大影響的地方。

And then TPS, like I talked about earlier, you'll see some revenue impact there. But roughly, margin impact is de minimis. You might see some movement across quarters in terms of timing of how things were laid out. But generally, no real impact there.

然後 TPS，就像我之前談到的那樣，你會在那裡看到一些收入影響。但粗略地說，利潤率影響微乎其微。您可能會看到各個季度在安排事情的時間方面發生了一些變化。但總的來說，那裡沒有真正的影響。

And so like I've said earlier, short-term discontinuity, long term manageable for Russia. And then, James, just kind of to round out the year for you as you're thinking through it. While it's not direct -- it's not directly related, FX is obviously being impacted by what's going on in Russia and their overall macro environment.

就像我之前說的，短期的不連續性，對俄羅斯來說是長期可控的。然後，詹姆斯，在你思考的時候為你完成這一年。雖然它不是直接的 - 它不是直接相關的，但外匯顯然受到俄羅斯正在發生的事情及其整體宏觀環境的影響。

And I'd say, it's worth highlighting that with the weakness in the euro versus the dollar relative to our original plan, we'll have about $200 million to $300 million of revenue pressure. To be clear, our costs are coming down as well. But the actual translation of income from euro to dollars is going to be slightly lower. So that kind of rounds out how we're thinking about Russia and the full year there. So like I said, manageable over the long term.

我想說，值得強調的是，相對於我們最初的計劃，歐元兌美元疲軟，我們將面臨大約 2 億至 3 億美元的收入壓力。需要明確的是，我們的成本也在下降。但收入從歐元到美元的實際換算會略低。因此，這使我們對俄羅斯和全年的看法更加全面。所以就像我說的，從長遠來看是可控的。

Okay. Okay, Brian, that's very helpful. And then maybe just a quick follow-up for me on the overall OFS business. We're at this stage, I think, in the cycle where we're going through somewhat of a tipping point. Lots of countries, lots of national oil companies trying to ramp up activity so they can ramp production into an -- on the spot market.

好的。好的，布賴恩，這很有幫助。然後可能只是對我整體 OFS 業務的快速跟進。我認為，我們正處於這個階段，我們正在經歷一個轉折點。許多國家，許多國家石油公司試圖增加活動，以便他們可以在現貨市場上增加產量。

And so I guess, maybe Lorenzo or Brian, are you in agreement with that, that there is somewhat of an inflection point underway? And then secondarily, kind of where do you expect to see the most benefit from that in the second half and then as we enter 2023?

所以我想，也許是 Lorenzo 或 Brian，你是否同意這一點，即正在出現一個拐點？其次，您希望在下半年以及進入 2023 年時從中受益最大的地方是什麼？

Yes, James. And again, as you say, and based on our conversations with our customers, internationally, we continue to expect a broad-based recovery, all major geographies really growing and growing up to double digits.

是的，詹姆斯。同樣，正如您所說，根據我們與國際客戶的對話，我們繼續期待廣泛的複蘇，所有主要地區都真正增長並增長到兩位數。

As we look at Middle East, that could be one of the strongest markets in 2022, with a lot of that coming through in the second half, as we stated before. You've seen their capital budgets increase. We also see strength in Latin America led likely by Brazil and Mexico. And then also, as we look at North Sea and Asia Pacific, continuing to see solid growth in 2022, not as strong as Middle East or Latin America, but still solid growth. And lastly, West Africa should see pretty good growth off a low base.

正如我們之前所說，當我們看中東時，這可能是 2022 年最強勁的市場之一，其中很多將在下半年出現。你已經看到他們的資本預算增加了。我們還看到巴西和墨西哥可能引領拉丁美洲的實力。然後，當我們看北海和亞太地區時，2022 年將繼續保持穩健增長，雖然不如中東或拉丁美洲那麼強勁，但仍保持穩健增長。最後，西非應該會在低基數的基礎上實現相當不錯的增長。

As you look at North America, again, activity and pricing remains strong, the rig count continuing to track above our expectations. And we expect continued activity increases with the broader market set to experience strong growth of 50% or greater. So again, as you look at the rest of 2022, barring any, again, big changes from a recessionary outlook perspective, we remain constructive.

當您再次查看北美時，活動和定價仍然強勁，鑽機數量繼續高於我們的預期。我們預計隨著更廣泛的市場將經歷 50% 或更高的強勁增長，活動將繼續增加。因此，當您再次審視 2022 年剩餘時間時，除非從衰退前景的角度再次出現任何重大變化，否則我們仍然具有建設性。

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。

I guess, the first question, you mentioned a couple of times about business realignments and opportunities to better streamline the organization and, ultimately, unlock more synergies. It seems like it's really kind of between TPS and DS and then also on the OFS and OFE side.

我想，第一個問題，您曾多次提到業務重組和更好地精簡組織並最終釋放更多協同效應的機會。看起來它真的是在 TPS 和 DS 之間，然後在 OFS 和 OFE 方面。

So Lorenzo, I don't know if you could spend some time here to just kind of expand on exactly kind of what you're doing here. And then maybe help us understand the potential financial impact of some of these synergies.

所以洛倫佐，我不知道你是否可以在這里花一些時間來擴展一下你在這裡所做的事情。然後也許可以幫助我們了解其中一些協同作用的潛在財務影響。

Yes, sure, Chase. And as we think about when we formed the company back in 2017, running it across 4 product companies made the most sense based on the size of each business, the outlook at the time. And as you know, the business has run relatively independently of each other with separate leadership and other supporting functions: finance, communications, technology.

是的，當然，蔡斯。正如我們在 2017 年成立公司時所考慮的那樣，根據每個業務的規模和當時的前景，在 4 家產品公司中運行它是最有意義的。如您所知，該業務相對獨立地運行，具有獨立的領導和其他支持功能：財務、通信、技術。

As we've evolved, the energy markets have evolved also. And the outlook for some of the businesses have changed quite a bit. And so we think that there's the opportunity to manage them differently as well. And as you've seen over the years, we've made a couple of divestments, made some of them smaller.

隨著我們的發展，能源市場也在發展。一些企業的前景發生了很大變化。因此，我們認為也有機會以不同的方式管理它們。正如你多年來所看到的，我們已經進行了幾次撤資，其中一些規模較小。

And so we conducted a broader portfolio review that could lead to some further changes. And as a result, we think there are multiple ways we can drive more alignment between TPS and DS as well as OFS and OFE that can drive synergies between the businesses.

因此，我們進行了更廣泛的投資組合審查，可能會導致一些進一步的變化。因此，我們認為有多種方法可以推動 TPS 和 DS 以及 OFS 和 OFE 之間的更多協調，從而推動業務之間的協同效應。

Also, you'll recall that last year, we started saying we were evaluating our corporate structure across the 2 broad business areas of IET and OFSE. And we've been conducting an exhaustive and deep analysis.

另外，您會記得去年，我們開始說我們正在評估我們在 IET 和 OFSE 兩個廣泛業務領域的公司結構。我們一直在進行詳盡而深入的分析。

So as part of this exercise, we've been looking at a number of organizational structures that could make sense. So in summary, we've got several things that we're evaluating. We think there are synergies, as we go forward, to drive better productivity and efficiencies across the organization, and we know what needs to be [done there].

因此，作為本練習的一部分，我們一直在研究一些可能有意義的組織結構。總而言之，我們有幾件事要評估。我們認為，在我們前進的過程中，存在協同效應，以推動整個組織提高生產力和效率，我們知道需要[在那裡完成]。

Yes. Hey, Chase, on the financial side, I'd say it's probably -- it would be a bit premature for me to give you a range at this point in time. There's definitely opportunity there, and we see synergies. We're still working through that. I feel good about where we are and what we'll be able to drive there.

是的。嘿，蔡斯，在財務方面，我想說這可能 - 我現在給你一個範圍還為時過早。那里肯定有機會，我們看到了協同效應。我們仍在努力解決這個問題。我對我們所處的位置以及我們能夠在那裡駕駛什麼感覺很好。

I talked about earlier some more synergies with OFE and OFS as we look to make OFE more profitable. So look, we'll update you guys when we feel like we've got a solid number that we can talk with you about.

我之前談到了與 OFE 和 OFS 的更多協同作用，因為我們希望使 OFE 更有利可圖。所以看，當我們覺得我們有一個可靠的數字可以與你們討論時，我們會更新你們。

Okay. All right. Perfect. Follow-up, just want to pivot over to kind of Europe and the energy crisis there. It seems like that there's lot of worries around winter and soaring energy prices and the potential for some rationing of supply in the winter.

好的。好的。完美的。後續，只是想轉向那種歐洲和那裡的能源危機。似乎有很多關於冬季和能源價格飆升的擔憂，以及冬季供應配給的可能性。

So really, I guess, maybe 2 questions for you. Number one is, could you help us kind of understand your European manufacturing exposure and how energy-intensive your manufacturing footprint is across Europe? And then number two, what steps are you taking to mitigate the potential power rationalization that could happen in the winter in Europe this year?

所以真的，我想，也許有兩個問題要問你。第一，您能否幫助我們了解您在歐洲的製造業務以及您的製造足跡在整個歐洲的能源密集程度如何？然後第二點，您正在採取哪些措施來緩解今年歐洲冬季可能發生的潛在電力合理化？

Yes, Chase, and I'll cover both of them as we go through this. Because, generally, we don't see a major risk to operations imminently, but we're continuing to monitor the situation carefully and also putting in place contingencies in the event of disruptions or power outages to facilities.

是的，蔡斯，我會在我們討論這兩個問題時介紹它們。因為，一般來說，我們認為運營不會立即面臨重大風險，但我們會繼續仔細監控情況，並在設施中斷或停電時採取應急措施。

Most importantly, we use most of the gas within our TPS business through the string test. We've got a number of those scheduled during the winter, and we're looking at ways to proactively manage that. I think it's important to remember that we are considered a critical industry. And as the designation we had during the pandemic period, we'll be protected in the event of any gas shortages. And so we feel that we've got enough contingency in place as we go forward, and it shouldn't be a major factor.

最重要的是，我們通過字符串測試在 TPS 業務中使用了大部分氣體。我們在冬季安排了一些這樣的活動，我們正在尋找主動管理的方法。我認為重要的是要記住我們被認為是一個關鍵行業。作為我們在大流行期間的指定，我們將在任何天然氣短缺的情況下受到保護。所以我們覺得我們在前進的過程中已經準備好了足夠的應急措施，這不應該是一個主要因素。

Yes. And Chase, I'd say, the one other thing that we've been working on for quite some time, so it's not like we just started today, is we've been working with our supply base. And we've actually shifted some supply out of Europe for energy-intensive supply like castings and forgings and where we still have that supply in Europe. We are working with the supply base to make sure we understand what risk is there. And I have to give kudos to the supply chain team for working through that for the last few quarters.

是的。我想說，Chase 的另一件事是我們已經做了很長一段時間的工作，所以這不像我們今天才開始，我們一直在與我們的供應基地合作。我們實際上已經將一些供應轉移到歐洲以外的地方，用於鑄件和鍛件等能源密集型供應，而我們在歐洲仍有供應。我們正在與供應基地合作，以確保我們了解存在哪些風險。我必須對供應鏈團隊在過去幾個季度的工作表示敬意。

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。

My first question is just on LNG. You guys continue to highlight $8 billion to $9 billion of inbound orders in TPS for 2022. I was wondering if you could talk about visibility in the second half and into 2023, and if you're seeing more interest in some of the modularized solutions that you have kind of put forward with Venture Global.

我的第一個問題是關於液化天然氣的。你們繼續強調 2022 年 TPS 中 80 億至 90 億美元的入站訂單。我想知道你們是否可以談談下半年和 2023 年的可見性，以及你們是否對一些模塊化解決方案感興趣你已經向 Venture Global 提出了一些建議。

Yes, definitely, Arun. And look, as you think about the leading edge indicators for LNG, they remain extremely positive. And based on our conversations with customers, the pipeline of opportunities has continued to grow since the first quarter call.

是的，絕對是，阿倫。看，當你考慮液化天然氣的領先指標時，它們仍然非常積極。根據我們與客戶的對話，自第一季度電話會議以來，機會管道持續增長。

If you look at overall growth in projects, we are seeing a notable trend towards modular LNG designs as well as fast LNG concepts. And given the success that we've demonstrated with Venture Global and the speed to market of the modular designs, this presents a growing opportunity.

如果您查看項目的整體增長，我們會看到模塊化 LNG 設計和快速 LNG 概念的顯著趨勢。鑑於我們與 Venture Global 合作所展示的成功以及模塊化設計的上市速度，這提供了一個不斷增長的機會。

I think as you look at other indicators, just look at the activity on long-term supply agreements. I mentioned in the prepared remarks that we've seen over 35 MTPA contracted on the long-term agreement so far this year. And that's 3x greater than the average for the entire year going back to 2015.

我認為當您查看其他指標時，只需查看長期供應協議的活動即可。我在準備好的評論中提到，今年到目前為止，我們已經看到超過 35 個 MTPA 簽訂了長期協議。這比 2015 年全年的平均值高出 3 倍。

Another good data point, Conoco agreeing to an investment in Port Arthur, which again reflects the attractiveness of LNG from a long-term perspective. So overall, we still feel comfortable with the 100 to 150 MTPA of FIDs over the course of the next 2 years and also continuing FID activity in '24, '25.

另一個很好的數據點，康菲同意投資亞瑟港，從長遠來看，這再次反映了液化天然氣的吸引力。因此，總體而言，我們仍然對未來 2 年 100 到 150 MTPA 的 FID 感到滿意，並且在 24 年和 25 年繼續 FID 活動。

Just to frame it up this year so far, we've already booked 27 MTPA with the awards of VG Plaquemines, Cheniere Corpus Christi Stage 3 and also some other small award for NFE. So for the year, feel good about the $8 billion to $9 billion of orders for TPS. And also, looking out into 2023, again, consistent with what we said before, feel good about $8 billion to $9 billion of orders for TPS.

今年到目前為止，我們已經預訂了 27 MTPA，獲得了 VG Plaquemines、Cheniere Corpus Christi Stage 3 的獎項以及 NFE 的其他一些小獎項。因此，今年，對 80 億至 90 億美元的 TPS 訂單感覺良好。而且，展望 2023 年，再次與我們之前所說的一致，TPS 的訂單約為 80 億至 90 億美元，感覺不錯。

Great. And maybe one for Brian. I'm trying to better understand within DS maybe the disconnect between some of the order strength that you talked about and just the overall profitability, converting that -- those orders into cash flow.

偉大的。也許是給布賴恩的。我試圖在 DS 內部更好地理解，也許你談到的一些訂單強度與整體盈利能力之間存在脫節，將這些訂單轉化為現金流。

Yes, Arun. The biggest thing we have going on in DS right now that's preventing us to be at the levels that a conversion that we would normally be is really around chip and component shortages. So that's really impacting convertibility of the backlog and negatively impacting delivery schedules as well as our ability to drive more productivity with more volume flowing through the business.

是的，阿倫。我們現在在 DS 中所做的最重要的事情是阻止我們達到我們通常會進行的轉換實際上是圍繞芯片和組件短缺的水平。因此，這確實影響了積壓的可轉換性，並對交付計劃產生負面影響，以及我們通過更多業務量來提高生產力的能力。

We did see a little bit of pressure from cost inflation as well as a little bit of labor inflation. But we've been pushing through pricing increases to offset those pressures. And if I take a step back and look at what's happening with the chip and component shortages, we've been working this for some time. And our on-time delivery rates, particularly in Nevada, to our customers have, we think, troughed this quarter.

我們確實看到了來自成本通脹和勞動力通脹的一點壓力。但我們一直在推動價格上漲以抵消這些壓力。如果我退後一步，看看芯片和組件短缺的情況，我們已經為此工作了一段時間。我們認為，我們對客戶的準時交貨率，尤其是在內華達州，在本季度已經跌至谷底。

But to give you a perspective, Arun, right now, we're sitting at 60% on-time delivery from our suppliers of electronics and chips to us. And it's been stable at that 60% for some time. The problem is the P80 confidence interval has -- in terms of the lateness, has more than doubled from third quarter of last year, from 11 days to 25 days. So on top of that, lead times have gone up by 2.5x.

但是給你一個視角，阿倫，現在，我們的電子和芯片供應商的準時交貨率為 60%。一段時間以來，它一直穩定在 60%。問題是 P80 置信區間 - 就延遲而言，比去年第三季度增加了一倍多，從 11 天增加到 25 天。因此，最重要的是，交貨時間增加了 2.5 倍。

So planning and working through that volatility is really what's been pushing the team a bit in terms of things being laid into the factory. We've been running engineering programs for redesign. We've got projects and programs in place right now that are going through testing that should come out of testing. And all indications are pretty good that, that will come through in August.

因此，計劃和解決這種波動確實是推動團隊在工廠中放置東西的原因。我們一直在運行重新設計的工程程序。我們現在已經有項目和計劃正在通過測試，這些測試應該會通過測試。所有跡像都很好，這將在八月實現。

So we're anticipating the convertibility and on-time delivery of us to our customers going up here. But fundamentally, that's what the core issue is in DS. And once we are through that, you'll see the profitability of this business improve because it's at higher gross margin.

因此，我們期待我們的可兌換性和準時交付給我們的客戶。但從根本上說，這就是 DS 的核心問題。一旦我們完成了這些，你會看到這項業務的盈利能力有所提高，因為它的毛利率更高。

So team is all over it, working it a lot. We're just in the mix of what's going on in the broader industry here, and I'd say, working everything we can in our control. The good news, as you point out, is demand is pretty strong. Orders are back up to high levels. We're not seeing any cancellations. Customers really want the product and services. So everybody is on deck to work the supply chain issues with the electronics.

因此，團隊全力以赴，付出了很多努力。我們只是在這裡更廣泛的行業中發生的事情，我想說的是，我們盡我們所能控制。正如您所指出的，好消息是需求非常強勁。訂單回升至高位。我們沒有看到任何取消。客戶真的想要產品和服務。因此，每個人都準備好解決電子產品的供應鏈問題。

Our next question comes from Marc Bianchi with Cowen.

我們的下一個問題來自 Marc Bianchi 和 Cowen。

I think, if I've got my math correct here, it seems like fourth quarter could be sort of bracketing consensus, depending on what happens with OFS in Russia. Maybe if you could comment on whether that conclusion is correct. And what gives you confidence in kind of that significant increase from third quarter to fourth quarter?

我認為，如果我在這裡的數學是正確的，那麼第四季度似乎可能是一種括號共識，這取決於俄羅斯 OFS 的情況。也許您可以評論該結論是否正確。是什麼讓您對從第三季度到第四季度的顯著增長充滿信心？

Yes, Marc. Look, your math is certainly in the right ballpark for what we see as a potential for fourth quarter. I'd say a couple of things that underpin our view of the quarter.

是的，馬克。看，對於我們認為第四季度的潛力，你的數學肯定是正確的。我想說幾件事來支持我們對該季度的看法。

One, OFS is quite strong. Even with the Russia implications, you saw the performance in the quarter was pretty solid. We see pretty strong growth there, especially internationally, where we've got, obviously, a pretty good presence and have been doing well there over the last few quarters.

一、OFS相當強大。即使考慮到俄羅斯的影響，您也看到本季度的表現相當穩健。我們在那裡看到了相當強勁的增長，尤其是在國際上，我們顯然已經有了相當不錯的存在，並且在過去幾個季度中一直表現良好。

Look, and the other thing I would say is, TPS generally has a very strong fourth quarter, just given the seasonality of that business, particularly in the services franchise. And then if you look at the backlog, the schedules that are there with customers, how things are lining up, we've been growing backlog.

看，我要說的另一件事是，僅考慮到該業務的季節性，特別是在服務特許經營方面，TPS 的第四季度通常非常強勁。然後，如果您查看積壓工作，與客戶一起制定的時間表，事情的進展情況，我們的積壓工作一直在增加。

And I don't see any execution issues there or any significant issues coming from customers that would impact that delivery schedule today. And look, those things really offset the weakness, really, in OFE because of the Russia contracts being suspended and coming out of RPO.

而且我沒有看到任何執行問題或來自客戶的任何重大問題會影響今天的交付計劃。看，這些事情確實抵消了 OFE 的弱點，因為俄羅斯合同被暫停並退出 RPO。

So look, we understand what's got to happen. The teams are aligned to get it done. But it's not outside the realm of what we've seen before in terms of the jump in fourth quarter.

所以看，我們明白會發生什麼。團隊齊心協力完成任務。但就第四季度的跳躍而言，這並沒有超出我們之前看到的範圍。

Okay. Great. And then, I guess, just kind of zeroing in on TPS a little bit more for fourth quarter. It would appear that the margin rate is -- got to be sort of flattish from third quarter to fourth quarter there, which, to your point, you usually get a pretty strong improvement in the fourth quarter. Could you just unpack that a little bit for us?

好的。偉大的。然後，我想，只是在第四季度更多地關注 TPS。從第三季度到第四季度，保證金率似乎有點持平，就你而言，你通常會在第四季度得到相當大的改善。你能幫我們解開一點嗎？

Yes, Marc. Again, it basically comes down to the mix between equipment and services. You're right. You usually do see an uptick in fourth quarter because of the services mix coming in strong, just given the timing of what was laid out from a schedule in the backlog and then some of the pushes that have come out of this quarter into later in the year. We are anticipating a pretty large equipment number in the fourth quarter that will mitigate some of that upside that you see from a stronger services.

是的，馬克。同樣，它基本上歸結為設備和服務之間的組合。你是對的。由於服務組合強勁，您通常會在第四季度看到上升，只是考慮到積壓中的時間表所安排的時間以及本季度後期出現的一些推動力年。我們預計第四季度的設備數量會相當大，這將減輕您從更強大的服務中看到的一些好處。

So it really, ultimately, will come down to the mix of equipment and services. And look, as we've talked with you guys before about, we really run those businesses to drive higher profitability in both. And the ultimate margin rate in any given quarter really just comes down to the mix of how much services come through versus equipment.

因此，它最終將歸結為設備和服務的組合。看，正如我們之前與你們討論過的那樣，我們確實經營這些業務以提高兩者的盈利能力。任何給定季度的最終利潤率實際上只取決於通過多少服務與設備的組合。

Our next question comes from Scott Gruber with Citi.

我們的下一個問題來自花旗的 Scott Gruber。

Yes. I wanted to turn back to digital. Brian, you mentioned how your efforts at managing a tight supply chain will begin to bear fruit here. But are you also seeing the supply chain itself improve?

是的。我想轉回數字。 Brian，您提到了您在管理緊密供應鏈方面的努力將如何在這裡開始結出碩果。但是您是否也看到供應鏈本身有所改善？

We're starting to hear about more general chip availability. Are you seeing improvement in the availability of the chips that you order? And if so, is there a line of sight to seeing a normalization of deliberate timing in digital? And when could that happen?

我們開始聽說更通用的芯片可用性。您是否看到您訂購的芯片的可用性有所改善？如果是這樣，是否可以看到數字化刻意計時的正常化？那什麼時候會發生？

Yes. Look, I'd say, talking specifically about chips first. I haven't seen a lot of relief yet as we talked about here in terms of what was going on with late deliveries. But we do believe, based on what our suppliers are telling us and how we're working with them and what we're hearing from others, that we should start to see some relief in the second half. A lot of that is driven by these programs that I've talked to you about, where we've changed supply and standardized some things, so there's more availability, and would anticipate a better overall environment in this space in '23.

是的。看，我會說，首先專門談論芯片。當我們在這裡討論延遲交貨的情況時，我還沒有看到很多緩解。但我們確實相信，根據我們的供應商告訴我們的內容以及我們如何與他們合作以及我們從其他人那裡聽到的內容，我們應該在下半年開始看到一些緩解。其中很多是由我與您討論過的這些計劃推動的，我們改變了供應並標準化了一些東西，因此有更多的可用性，並預計在 23 年這個領域會有更好的整體環境。

When I look at sort of your question around broader supply chain and, really, not only in DS but outside of DS, things have been relatively stable. But there's definitely some tension in the system in a couple of places. I'd say, the biggest challenge for us continues to be in chemicals, where we're seeing shortages in specialty chemicals. Commodity chemicals are pretty stable now, and I'd say, almost back to normal in terms of how we're planning and operating there.

當我看到你關於更廣泛的供應鏈的問題時，實際上，不僅在 DS 內部，而且在 DS 之外，情況一直相對穩定。但在幾個地方，系統中肯定存在一些緊張。我想說，對我們來說最大的挑戰仍然是化學品，我們看到特種化學品短缺。商品化學品現在相當穩定，我想說，就我們在那裡的規劃和運營方式而言，幾乎恢復了正常。

You continue to see pricing for metals like copper, steel, nickel stabilizing. And some have actually gone down, but are still elevated versus '21 but manageable. And look, we've been working price hard to make sure we can offset that. And then I talked a little bit about what was going on in Europe with energy pricing and some availability around alloys and pig iron and how we've been diversifying supply base there.

您繼續看到銅、鋼、鎳等金屬的價格趨於穩定。有些實際上已經下降，但與 '21 相比仍然有所提高，但可以控制。看，我們一直在努力工作以確保我們能夠抵消這一點。然後我談到了歐洲正在發生的事情，包括能源定價和合金和生鐵的一些可用性，以及我們如何使那裡的供應基礎多樣化。

And I'd say, the big thing we're working through there, Scott, is just really around lead times and validity of quotes from suppliers. As we've got all these orders coming in or specking out orders for TPS, we want to make sure that we're protected on that input cost side. So we tightened our order validity as well to deal with that.

我想說的是，Scott，我們正在做的最重要的事情就是圍繞交貨時間和供應商報價的有效性。由於我們已經收到所有這些訂單或為 TPS 指定訂單，我們希望確保我們在投入成本方面受到保護。所以我們也收緊了訂單的有效性來處理這個問題。

And as I said, we've moved some supply to other parts of the world where we already had supplier set up and we've worked with for a long time but diversifying that to get at some of those impacts. So stabilizing, I think, is the right term there. And just back to the chips, where we think we'll see some relief in the second half, but looking forward to a better '23.

正如我所說，我們已經將一些供應轉移到世界其他地方，我們已經建立了供應商，並且我們已經合作了很長時間，但通過多樣化來獲得其中的一些影響。所以穩定，我認為，是正確的術語。回到籌碼，我們認為我們會在下半場看到一些緩解，但期待更好的 23 年。

Got it. And turning to the service side of TPS, just given how high LNG prices have been, have you seen much deferral of maintenance within TPS? And if you are seeing this a bit, how long could this last?

知道了。談到 TPS 的服務方面，考慮到 LNG 價格有多高，您是否看到 TPS 內的維護延期很多？如果你看到這一點，這能持續多久？

And I'm asking because, obviously, LNG prices could sustain at a very high level through the winter. So I'm curious if there is a drag on service demand in TPS. Could that actually extend into '23? Or is this just not possible from an operational risk perspective?

我之所以這麼問，是因為很明顯，液化天然氣價格可能會在整個冬季維持在非常高的水平。所以我很好奇 TPS 是否會拖累服務需求。這真的可以延伸到 23 年嗎？還是從操作風險的角度來看這是不可能的？

Yes, definitely. And again, on the contractual side, again, we're seeing the anticipation of the outages and customers continuing with the contractual side. On transactional services, customers are looking to defer the maintenance, as you say, to produce the higher commodity prices. That's just being deferred, though, and they will have to catch up. So that comes in later on. And again, as you go through the actual cycle, you'd see that normalizing itself.

當然是。再一次，在合同方面，我們再次看到對中斷的預期和客戶繼續合同方面的情況。正如您所說，在交易服務方面，客戶希望推遲維護，以產生更高的商品價格。不過，這只是被推遲了，他們將不得不迎頭趕上。所以稍後會出現。再一次，當你經歷實際的周期時，你會看到它本身正在正常化。

Yes, Scott, just to add one thing on the contractual services side. You have to remember the guarantees that we have in place and the bonus/malus structure. The changes in schedule really have to happen within a certain window, especially around life-limited parts and inspections and things for those guarantees to continue to hold.

是的，Scott，只是在合同服務方面添加一件事。您必須記住我們的保證和獎金/惡意結構。時間表的更改確實必須在某個窗口內發生，尤其是在使用壽命有限的零件和檢查以及這些保證繼續有效的事情上。

So yes, while prices are high, and you're going to have to have some outages, it's definitely the right risk call to make sure the equipment is maintained and is running. Because, again, an unplanned outage is much worse than a planned outage. So look, we work proactively with customers on those schedules, but we haven't seen any significant movements there. And it's -- the contracts are pretty good from that regard.

所以是的，雖然價格很高，而且您將不得不停電，但確保設備得到維護和運行絕對是正確的風險呼籲。因為，再次，計劃外停機比計劃停機更糟糕。所以看，我們在這些時間表上積極與客戶合作，但我們在那裡沒有看到任何重大動向。從這方面來看，合同非常好。

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。

I know we're at the top of the hour, so I'll be quick here with 2 questions. The first is, what is your latest thoughts around return of capital? The company did buy back stock in the second quarter at a higher price than where we are right now. But of course, you have to weigh that return of capital with a slightly lower free cash flow outlook that you talked about on the call and economic uncertainty. So any color there?

我知道我們正趕上時間，所以我會在這裡快速回答 2 個問題。首先，您對資本回報的最新想法是什麼？該公司確實在第二季度以比我們現在更高的價格回購了股票。但是，當然，您必須權衡資本回報與您在電話會議和經濟不確定性中談到的略微較低的自由現金流前景。那麼那裡有顏色嗎？

And then the second question is, just your latest thoughts on closing the sum of the parts gap, and whether it makes sense to be a combined business or to ultimately break the businesses apart? So 2 strategic questions.

然後第二個問題是，關於縮小部分差距總和的最新想法，以及合併業務或最終拆分業務是否有意義？所以2個戰略問題。

Yes, Neil. I'd say, first, on capital allocation, look, our intention to return 60% to 80% of our free cash flow back to shareholders through dividends and buybacks is unchanged. And during the first 6 months of the year, we have bought back $462 million of our shares, so roughly about $75 per month.

是的，尼爾。我想說，首先，在資本配置方面，看，我們通過股息和回購將 60% 到 80% 的自由現金流返還給股東的意圖沒有改變。今年前 6 個月，我們回購了 4.62 億美元的股票，大約每月 75 美元。

We talked about what the average price was, the VWAP in the quarter, so happy about that. And I would say that we'll probably continue roughly at the same level that you've seen here in the third quarter as the final tranche of the GE sell down happens. And then as we've said consistently, we'll -- once that is done, we'll take a step back and relook things.

我們談到了平均價格是多少，這個季度的 VWAP，對此非常高興。我想說的是，隨著通用電氣的最後一批拋售發生，我們可能會繼續保持在第三季度你在這裡看到的大致相同的水平。然後正如我們一直所說的那樣，我們將 - 一旦完成，我們將退後一步重新審視事情。

For free cash flow, we talked about the impact of Russia in the quarter, but fundamentally, no real change to the free cash flow generation capabilities of the portfolio. So again, I see this as a short-term discontinuity, something that we can manage through long term. So no real change there from a capital allocation standpoint.

對於自由現金流，我們在本季度談到了俄羅斯的影響，但從根本上說，投資組合的自由現金流產生能力沒有真正的變化。再說一次，我認為這是一個短期的不連續性，我們可以通過長期來管理。因此，從資本配置的角度來看，沒有真正的變化。

And then, look, in terms of the company and how we're structured, we talked about some of the steps that we have taken to better align the businesses and drive some of the synergies there. As I said, we're working through that, and I'll update you on those synergies that we see from some closer alignment.

然後，看看公司和我們的結構，我們談到了我們為更好地調整業務並推動那裡的一些協同效應而採取的一些步驟。正如我所說，我們正在努力解決這個問題，我將向您介紹我們從更緊密的協調中看到的協同作用。

But look, we've always talked about the scale and size of the combined organization and how that's a positive for growth and profitability. The current environment that we're operating in certainly makes us appreciate the scale, diversity and financial strength of the company.

但是看，我們一直在談論合併後組織的規模和規模，以及這對增長和盈利能力有何積極影響。我們目前的經營環境肯定讓我們欣賞公司的規模、多樣性和財務實力。

So look, we'll continue to weigh the benefits around scale with our customers, the same customer base, technology overlaps that drive a better cost or competitive position and, obviously, the operational benefits of sharing infrastructure around the world and what that delivers for the company with the potential benefits of a more purely focused entity.

因此，看，我們將繼續權衡與我們的客戶、相同的客戶群、推動更好的成本或競爭地位的技術重疊以及在全球範圍內共享基礎設施的運營優勢及其帶來的好處。具有更純粹專注實體的潛在利益的公司。

But right now, I'd say, we like what we're doing. We'll continue to update you guys if there are any changes in our thought process. But look, overall, and like I've said many times, overall return and ability to drive return on invested capital and higher margins and free cash flow for shareholders is what's going to drive the decision.

但現在，我想說，我們喜歡我們正在做的事情。如果我們的思維過程有任何變化，我們將繼續更新你們。但是，總體而言，就像我多次說過的那樣，總體回報和推動投資資本回報的能力以及更高的利潤率和股東的自由現金流是推動決策的因素。

That's all the time we have for questions. I'd like to turn the call back over to Lorenzo Simonelli for closing remarks.

這就是我們提出問題的所有時間。我想把電話轉回給 Lorenzo Simonelli 來做閉幕詞。

Thanks, and thanks to everyone for joining our earnings call today. Just before we end, I want to leave you with some closing thoughts. Despite some of the challenges this quarter, we continue to remain optimistic on the outlook across both of our core business areas given the need for energy, sustainability, security and affordability.

謝謝，感謝大家今天參加我們的財報電話會議。就在我們結束之前，我想給你一些結束的想法。儘管本季度面臨一些挑戰，但鑑於對能源、可持續性、安全性和可負擔性的需求，我們繼續對我們兩個核心業務領域的前景保持樂觀。

At Baker Hughes, we continue to execute on our long-term strategy. Our portfolio is well positioned to benefit from a strong LNG cycle and a multiyear upstream spending cycle. We'll also continue to invest in our new energy transition activities and industrial initiatives while also returning 60% to 80% of free cash flow to shareholders.

在貝克休斯，我們繼續執行我們的長期戰略。我們的投資組合處於有利地位，可以從強勁的液化天然氣週期和多年的上游支出週期中受益。我們還將繼續投資於我們的新能源轉型活動和工業計劃，同時將 60% 至 80% 的自由現金流返還給股東。

So thanks a lot for the time, and look forward to speaking to you all again soon. Operator, you may close the call.

非常感謝您抽出寶貴的時間，並期待很快再次與大家交談。接線員，您可以掛斷電話。

Thank you. This does conclude the program. You may now [disconnect]. Everyone, have a great day.

謝謝你。這確實結束了程序。您現在可以[斷開連接]。大家，有一個美好的一天。