貝克休斯 (BKR) 2022 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Baker Hughes Company Fourth Quarter and Full Year 2022 Earnings Call. (Operator Instructions)

女士們先生們，美好的一天，歡迎來到貝克休斯公司 2022 年第四季度和全年收益電話會議。 （操作員說明）

As a reminder, this conference call is being recorded. I would now like to introduce your host for today's conference, Mr. Jud Bailey, Vice President of Investor Relations. Sir, you may begin.

提醒一下，正在錄製此電話會議。現在我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 2022 Earnings Conference Call. Here with me are our Chairman and CEO, Lorenzo Simonelli; and our CFO, Nancy Buese. The earnings release we issued earlier today can be found on our website at bakerhughes.com.

謝謝。大家早上好，歡迎來到貝克休斯 2022 年第四季度收益電話會議。和我在一起的是我們的董事長兼首席執行官洛倫佐·西蒙內利 (Lorenzo Simonelli)；以及我們的首席財務官 Nancy Buese。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，並涉及許多風險和假設。請查看我們的 SEC 文件和網站，以討論可能導致實際結果出現重大差異的因素。如您所知，營業收入和其他 GAAP 與非 GAAP 指標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. I'd like to start off by highlighting a couple of changes for this earnings call. For the first time, we are hosting our earnings call from Florence, Italy, where we will host our Board meeting later this week and welcome over 2,000 customers and industry experts next week at our annual meeting. We will also be using a presentation during this webcast, which has also been published on our investor website that we will reference over the course of our prepared remarks.

謝謝你，賈德。大家早上好，感謝您加入我們。首先，我想強調本次財報電話會議的一些變化。這是我們首次在意大利佛羅倫薩召開財報電話會議，本週晚些時候我們將在那裡召開董事會會議，並在下週的年度會議上歡迎 2,000 多名客戶和行業專家參加。我們還將在本次網絡廣播中使用演示文稿，該演示文稿也已發佈在我們的投資者網站上，我們將在準備好的評論過程中參考該演示文稿。

As you can see on Slide 4, we were very pleased to end 2022 with solid momentum across our two business segments. In the fourth quarter, we saw continued margin improvement in our OFSE segment and an extremely strong level of orders for IET, which was driven by multiple awards across different end markets.

正如您在幻燈片 4 中看到的那樣，我們很高興在 2022 年結束時我們的兩個業務部門都保持著強勁的勢頭。在第四季度，我們看到我們的 OFSE 部門的利潤率持續提高，並且 IET 的訂單水平非常強勁，這是由不同終端市場的多個獎項推動的。

2022 was an important year for Baker Hughes on a number of fronts. Strategically, we took a large step forward in reshaping the company as we announced our formal restructuring and resegmentation of Baker Hughes into two business segments. This kicked off a major transformation effort across the organization, including key executive management changes, which will fundamentally improve the way the company operates.

2022 年對貝克休斯來說在許多方面都是重要的一年。在戰略上，我們在重塑公司方面向前邁出了一大步，因為我們宣布正式重組貝克休斯並將其重新劃分為兩個業務部門。這啟動了整個組織的重大轉型工作，包括關鍵的執行管理變革，這將從根本上改善公司的運營方式。

Operationally, our performance for the year was mixed. During the first half of this year, we experienced multiple headwinds across our organization as well as a number of operational challenges. While our performance improved over the second half, we still have more work to do and are focused on various initiatives to improve shorter-term execution and meet the longer-term financial objectives we laid out at an investor conference last September.

在運營方面，我們今年的表現喜憂參半。今年上半年，我們經歷了整個組織的多重逆風以及許多運營挑戰。雖然我們的業績在下半年有所改善，但我們仍有更多工作要做，並且專注於各種舉措，以改善短期執行並實現我們在去年 9 月的投資者會議上製定的長期財務目標。

Commercially, orders performance in LNG and new energy hit new highs and are poised to remain strong into 2023. In 2022, we booked almost $3.5 billion in LNG equipment orders, our highest ever and booked over $400 million in new energy orders, showing over 50% growth versus 2021.

在商業上，液化天然氣和新能源的訂單業績創下新高，並有望在 2023 年保持強勁勢頭。2022 年，我們預訂了近 35 億美元的液化天然氣設備訂單，這是我們有史以來的最高訂單，並預訂了超過 4 億美元的新能源訂單，顯示超過 50與 2021 年相比的增長百分比。

Although not yet back to previous historical levels, orders for our offshore-exposed businesses also accelerated. Within OFSE, SSPS booked over $3 billion in orders in 2022, representing 36% growth versus 2021. In IET, onshore/offshore production recorded equipment orders of almost $1.9 billion in 2022. We are also seeing improvements in our industrial segments, with industrial technology orders of $3.3 billion in 2022 up 6% year-over-year. As we look ahead to 2023, we expect order momentum to continue across both OFSE and IET despite what is likely to be a mixed macro environment.

雖然還沒有回到以前的歷史水平，但我們的離岸業務訂單也在加速增長。在 OFSE 中，SSPS 在 2022 年預訂了超過 30 億美元的訂單，比 2021 年增長了 36%。在 IET 中，陸上/海上生產記錄的設備訂單在 2022 年達到近 19 億美元。我們還看到我們的工業領域有所改善，工業技術2022 年的訂單額為 33 億美元，同比增長 6%。展望 2023 年，我們預計 OFSE 和 IET 的訂單勢頭將繼續，儘管宏觀環境可能喜憂參半。

Turning to Slide 5. In 2023, the global economy is expected to experience some challenges under the weight of inflationary pressures and tightening monetary conditions. Despite recessionary pressures in some of the world's largest economies, we maintain a positive outlook for the energy sector.

轉到幻燈片 5。2023 年，全球經濟預計將在通脹壓力和緊縮的貨幣條件下經歷一些挑戰。儘管世界上一些最大的經濟體面臨衰退壓力，但我們對能源行業的前景保持樂觀。

With years of underinvestment now being amplified by recent geopolitical factors, global spare capacity for oil and gas has deteriorated and will likely require years of investment growth to meet forecasted future demand. For this reason, we continue to believe that we are in the early stages of a multiyear upturn in global activity and are poised to see a second consecutive year of solid double-digit increases in global upstream spending in 2023. In addition to strong growth in traditional oil and gas spending we also believe that the Inflation Reduction Act in the U.S. and potential new legislation in Europe will support significant growth opportunities in new energy in 2023 and beyond.

由於近期的地緣政治因素加劇了多年來的投資不足，全球石油和天然氣閒置產能已經惡化，可能需要多年的投資增長才能滿足預測的未來需求。出於這個原因，我們仍然相信我們正處於全球活動多年好轉的早期階段，並有望在 2023 年看到全球上游支出連續第二年實現兩位數的穩健增長。除了強勁增長之外傳統的石油和天然氣支出，我們還認為美國的通貨膨脹減少法案和歐洲潛在的新立法將在 2023 年及以後支持新能源的重大增長機會。

We also remain positive on the near-term and long-term prospects for the natural gas and LNG investment cycle. Near term, we believe that the likely reopening of China, combined with Europe's need to refill gas storage supplies will play a critical role in keeping global gas and LNG markets tight. Longer term, we remain optimistic on the structural growth outlook for natural gas and LNG as the world looks to lower emissions and displace the consumption of coal.

我們也對天然氣和液化天然氣投資週期的近期和長期前景保持樂觀。短期內，我們認為中國可能重新開放，加上歐洲需要補充儲氣庫供應，將在保持全球天然氣和液化天然氣市場緊張方面發揮關鍵作用。從長遠來看，我們對天然氣和液化天然氣的結構性增長前景保持樂觀，因為世界希望降低排放並取代煤炭消費。

While cost inflation and higher interest rates slowed the pace of new LNG FIDs in 2022, we are seeing progress on a number of fronts. We continue to expect significant growth in new project sanctions in 2023, with elevated activity levels likely continuing into 2024. Following 36 MTPA of LNG FIDs in 2022, we continue to expect to see an additional 65 to 115 MTPA of LNG projects reach FID in 2023.

雖然成本通脹和利率上升減緩了 2022 年新液化天然氣 FID 的步伐，但我們在許多方面都取得了進展。我們繼續預計 2023 年新項目制裁將顯著增加，活動水平可能會持續到 2024 年。繼 2022 年 LNG FID 達到 36 MTPA 之後，我們繼續預計 2023 年將有 65 至 115 MTPA 的 LNG 項目達到 FID .

Just as important as the near-term outlook for LNG orders, we are now gaining visibility into new project opportunities that are developing towards the middle of the decade. Most notably, we are seeing progress on a number of brownfield initiatives and advancements in our new modular concepts that is likely to extend the current wave of activity several more years.

與液化天然氣訂單的近期前景一樣重要的是，我們現在正在了解在本世紀中期發展的新項目機會。最值得注意的是，我們看到了一些棕地計劃的進展以及我們新模塊化概念的進步，這可能會將當前的活動浪潮再延長幾年。

Turning to Slide 6. Given this macro backdrop, Baker Hughes is intensely focused on four key areas in 2023 in order to drive future value for shareholders. First, we are well positioned to capitalize on the significant growth opportunities that are building across both business segments. These opportunities reach across the entire OFSE portfolio as well as in IET, most notably in LNG, onshore/offshore production and new energy.

轉到幻燈片 6。鑑於這種宏觀背景，貝克休斯在 2023 年高度關註四個關鍵領域，以推動股東的未來價值。首先，我們有能力利用兩個業務部門正在建立的重要增長機會。這些機會遍及整個 OFSE 組合以及 IET，尤其是液化天然氣、陸上/海上生產和新能源領域。

Second, we remain focused on optimizing our corporate structure and transforming the Baker Hughes organization to drive improvements in our margin and returns profile. While we are still in the early stages of this process, we are increasingly confident in driving at least $150 million of cost out by the end of 2023 as well as structural changes that will simplify the organization and enhance our operational efficiency. The cost out and integration initiatives we are undertaking over the next 12 to 18 months will play a key role in hitting our EBITDA margin target of 20% in OFSE and IET over the next 2 to 3 years, and delivering return on invested capital of 15% and 20% for OFSE and IET, respectively.

其次，我們仍然專注於優化我們的公司結構和改造貝克休斯組織，以推動我們的利潤率和回報狀況的改善。雖然我們仍處於此過程的早期階段，但我們越來越有信心在 2023 年底之前減少至少 1.5 億美元的成本，並進行結構調整以簡化組織並提高我們的運營效率。我們在未來 12 到 18 個月內採取的成本削減和整合舉措將在未來 2 到 3 年內實現我們在 OFSE 和 IET 中 20% 的 EBITDA 利潤率目標以及實現 15% 的投資資本回報率方面發揮關鍵作用OFSE 和 IET 分別為 % 和 20%。

Third, we continue to develop our portfolio of new energy technologies. We've been particularly active over the last few years acquiring and investing in multiple new technologies around hydrogen, carbon capture, clean power and geothermal. We are now transitioning more towards the incubation of the existing portfolio. This will enable our new energy portfolio to achieve its full commercial potential with a particular focus on high-impact technologies like NET Power and Mosaic.

第三，我們繼續開發我們的新能源技術組合。在過去的幾年裡，我們一直特別積極地收購和投資圍繞氫、碳捕獲、清潔能源和地熱的多項新技術。我們現在更多地轉向現有投資組合的孵化。這將使我們的新能源產品組合能夠充分發揮其商業潛力，並特別關注 NET Power 和 Mosaic 等高影響力技術。

Finally, we will continue to focus on all these initiatives and while also generating strong free cash flow and returning 60% to 80% of this to shareholders through a combination of share buybacks and dividends. In 2022, we increased our dividend for the first time since 2017. Going forward, our goal is to continue to increase shareholder returns with an emphasis on continuing to grow the dividend as the IET business experiences broader structural growth in revenue and earnings.

最後，我們將繼續專注於所有這些舉措，同時產生強勁的自由現金流，並通過股票回購和派息相結合的方式將其中的 60% 至 80% 返還給股東。 2022 年，我們自 2017 年以來首次增加了股息。展望未來，我們的目標是繼續增加股東回報，重點是隨著 IET 業務在收入和收益方面經歷更廣泛的結構性增長，繼續增加股息。

Turning to Slide 7. I'll provide an update on each of our segments. In Oilfield Services and Equipment, the outlook remains promising with growth trends shifting more in favor of international and offshore markets while North America activity levels off. Importantly, the team continues to execute well as supply chain pressures moderate and the pricing environment remains favorable.

轉到幻燈片 7。我將提供我們每個細分市場的更新。在油田服務和設備方面，前景依然看好，增長趨勢更傾向於國際和離岸市場，而北美活動趨於平穩。重要的是，隨著供應鏈壓力緩和和定價環境保持有利，該團隊繼續執行良好。

Geographically, the Middle East retains the most promising outlook with activity scheduled to increase in multiple countries this year and likely next year. In Latin America and West Africa, offshore activity is driving growth in several countries, and creating opportunities across our diverse portfolio. In North America, visibility remains limited given the current oil and gas price environment and generally expect range-bound activity from current levels over the course of 2023.

從地域上看，中東仍然是最有希望的前景，多個國家的活動計劃今年和明年可能會增加。在拉丁美洲和西非，離岸活動正在推動幾個國家的增長，並在我們多元化的投資組合中創造機會。在北美，鑑於當前的石油和天然氣價格環境，能見度仍然有限，並且普遍預計 2023 年期間活動將在當前水平基礎上進行區間波動。

Within our OFSE product lines, we have seen strong growth for well construction driven by opportunities across our drilling portfolio and for CIM, where our Completions portfolio continues to see solid improvement. In Production Solutions, we saw strong volume growth and margin improvement in our chemicals business throughout the year as supply chain constraints continue to ease and profitability normalizes. For 2023, we expect further improvement in our chemicals business as margin levels normalize back to historical levels and our Singapore plant becomes fully operational.

在我們的 OFSE 產品線中，我們看到鑽井組合和 CIM 的機會推動了建井的強勁增長，我們的完井組合繼續看到穩固的改進。在生產解決方案方面，隨著供應鏈限制的持續緩解和盈利能力的正常化，我們的化學品業務全年銷量增長強勁，利潤率有所提高。到 2023 年，我們預計隨著利潤率水平回歸歷史水平並且我們的新加坡工廠全面投入運營，我們的化學品業務將進一步改善。

Our legacy OFS segment executed well in the fourth quarter and we were pleased to see them achieve 19.6% EBITDA margins and 20% when normalizing for the impact of Russia. In SSPS, order activity remains strong as offshore activity continues to pick up. Importantly, we saw good order traction in both subsea trees and flexibles in the fourth quarter. After a record year in 2022 in flexibles orders, we expect another strong year in 2023 as well as a significant increase in subsea-trees awards.

我們遺留的 OFS 部門在第四季度表現良好，我們很高興看到它們實現了 19.6% 的 EBITDA 利潤率和 20% 的正常化俄羅斯影響。在 SSPS 中，隨著離岸活動繼續回升，訂單活動依然強勁。重要的是，我們在第四季度看到了海底採油樹和軟體的良好訂單牽引力。在柔性訂單創紀錄的 2022 年之後，我們預計 2023 年將是又一個強勁的一年，海底採油樹訂單將大幅增加。

We also continue to make progress on integrating SSPS into our OFSE segment as well as restructuring the business to drive better profitability and returns. After a thorough review of the SSPS business, Maria Claudia and her team are finalizing plans to rationalize approximately 40% to 50% of the manufacturing capacity in subsea production systems. These steps will be in addition to the cost savings gained from removing management layers and will largely come into effect in 2024. For 2023, we expect OFSE to deliver double-digit revenue growth and solid improvements in margins as activity increases in multiple regions, inflationary pressures subside and we execute our cost-out program and pricing remains favorable in most key markets.

我們還在將 SSPS 整合到我們的 OFSE 部門以及重組業務以提高盈利能力和回報方面繼續取得進展。在對 SSPS 業務進行徹底審查後，Maria Claudia 和她的團隊正在敲定計劃，以合理化海底生產系統中大約 40% 至 50% 的製造能力。這些步驟將在去除管理層帶來的成本節約之外，並將在 2024 年基本生效。到 2023 年，我們預計 OFSE 將實現兩位數的收入增長和利潤率的穩步提高，因為多個地區的活動增加，通貨膨脹壓力消退，我們執行成本削減計劃，大多數主要市場的定價仍然有利。

Moving to IET, the fourth quarter generated record orders driven by multiple awards in LNG and multiple awards in onshore/offshore production. Operationally, IET continues to navigate challenges in the gas tech services as well as challenges in different parts of the supply chain, ranging from chips and circuit boards to gas engines, castings and forgings. Orders during the fourth quarter for gas technology illustrate the breadth and depth of this portfolio.

轉向 IET，第四季度產生了創紀錄的訂單，這是由 LNG 的多個獎項和陸上/海上生產的多個獎項推動的。在運營方面，IET 繼續應對天然氣技術服務中的挑戰以及供應鏈不同部分的挑戰，從芯片和電路板到燃氣發動機、鑄件和鍛件。第四季度的天然氣技術訂單說明了該產品組合的廣度和深度。

In LNG, we saw continued progress across our world-class franchise. During the quarter, we were pleased to be awarded another major order to provide an LNG system for the second phase of Venture Global's Plaquemines project. This order builds on an award in the third quarter of 2022 for another power island system. Furthermore, this follows an award in the first quarter of 2022 for the first phase of Plaquemines and a similar contract for VG's Calcasieu Pass terminal in 2019, which are all part of a 70 MTPA master supply agreement.

在液化天然氣領域，我們看到了我們世界級特許經營權的持續進步。在本季度，我們很高興獲得另一項重要訂單，為 Venture Global 的 Plaquemines 項目的第二階段提供液化天然氣系統。該訂單建立在 2022 年第三季度授予另一個電力島系統的基礎上。此外，這是在 2022 年第一季度授予 Plaquemines 第一階段和 2019 年 VG 的 Calcasieu Pass 終端的類似合同之後，這些合同都是 70 MTPA 主供應協議的一部分。

In onshore/offshore production, IET booked contracts for five different projects in Latin America and Sub-Saharan Africa worth almost $900 million on a combined basis. With these awards, IET maintains its leadership in the FPSO market by providing power generation systems, compression trains and pumps that totals more than 30 aero-derivative gas turbines, 2 steam turbines and 20 compressors of various sizes.

在陸上/海上生產方面，IET 為拉丁美洲和撒哈拉以南非洲的五個不同項目簽訂了總價值近 9 億美元的合同。憑藉這些獎項，IET 通過提供總計超過 30 台航改燃氣輪機、2 台蒸汽輪機和 20 台各種尺寸的壓縮機的發電系統、壓縮系統和泵，保持其在 FPSO 市場的領導地位。

On the new energy front, we were pleased to book an order from Malaysia Marine and Heavy Engineering to supply CO2 compression equipment to Petronas' Kasawari offshore carbon capture and sequestration project in Sarawak, Malaysia. The project is expected to be the world's largest offshore CCS facility, with capacity to reduce CO2 emissions by 3.3 MTPA. Baker Hughes will deliver two trains of low-pressure booster compressors to enable CO2 removal through membrane separation technology as well as two trains for reinjecting the separated CO2 into a dedicated storage site.

在新能源方面，我們很高興從馬來西亞海事和重型工程公司獲得訂單，為馬來西亞國家石油公司位於馬來西亞沙撈越州的 Kasawari 海上碳捕獲和封存項目提供二氧化碳壓縮設備。該項目預計將成為世界上最大的海上 CCS 設施，能夠將二氧化碳排放量減少 3.3 MTPA。 Baker Hughes 將提供兩列低壓增壓壓縮機，以通過膜分離技術去除 CO2，以及兩列用於將分離出的 CO2 重新註入專用封存地點。

Orders in our industrial technology business continued to perform well with strong traction this quarter across inspection and pumps, valves and gears. In our inspection business, we achieved significant commercial wins in the recovering aviation industry, including a record deal for visual inspection services in Latin America region as well as a number of orders for advanced ultrasonic testing systems with different customers in Asia Pacific.

我們工業技術業務的訂單繼續表現良好，本季度在檢查和泵、閥門和齒輪方面的強勁牽引力。在我們的檢驗業務方面，我們在正在復甦的航空業取得了重大商業勝利，包括創紀錄的拉丁美洲地區目視檢驗服務交易，以及與亞太地區不同客戶簽訂的先進超聲波檢測系統訂單。

In addition to solid growth in orders, we were pleased to see some signs of operational improvement in our industrial tech businesses, led by volume and margin increases in condition monitoring and inspection. We expect this positive momentum to continue into 2023 as the chip shortage and supply chain issues start to abate and backlog convertibility recovers.

除了訂單的穩健增長外，我們很高興地看到我們的工業技術業務在運營改善方面的一些跡象，這得益於狀態監測和檢查的數量和利潤率的增加。我們預計這種積極勢頭將持續到 2023 年，因為芯片短缺和供應鏈問題開始緩解，積壓訂單可兌換性恢復。

As we enter 2023, IET has a record backlog of $25 billion and a robust pipeline of new order opportunities in LNG, onshore/offshore and new energy, and we now expect IET orders in 2023 between $10.5 billion to $11.5 billion. Despite the supply chain challenges, we are closely monitoring for both gas tech and industrial tech. We are well positioned to execute on this backlog to help drive significant revenue growth in 2023 and 2024.

隨著我們進入 2023 年，IET 的積壓訂單達到創紀錄的 250 億美元，並且在液化天然氣、陸上/海上和新能源領域擁有大量新訂單機會，我們現在預計 2023 年 IET 的訂單將在 105 億美元至 115 億美元之間。儘管供應鏈面臨挑戰，但我們仍在密切關注天然氣技術和工業技術。我們有能力處理這些積壓訂單，以幫助推動 2023 年和 2024 年收入的顯著增長。

While 2022 presented some unique challenges to Baker Hughes, it was also a pivotal year for us strategically and accelerated a number of changes in the organization. As we look at 2023 and beyond, I feel confident in the structural changes we are executing and are positioning to capitalize on the multiyear upstream spending cycle, the unfolding wave of LNG investment and the acceleration in new energy opportunities.

雖然 2022 年對貝克休斯提出了一些獨特的挑戰，但它也是我們戰略上關鍵的一年，並加速了組織的一些變革。展望 2023 年及以後，我對我們正在執行的結構性變革充滿信心，並準備利用多年的上游支出週期、正在展開的液化天然氣投資浪潮和新能源機會的加速發展。

Across our entire enterprise, Baker Hughes is focused on significantly improving our margins and financial returns and meeting our customers' needs in a quickly-changing energy landscape. Achieving these goals will require acute focus across the entire organization as well as the depth and scale of global resources and engineering talent.

在我們整個企業中，貝克休斯專注於顯著提高我們的利潤和財務回報，並在瞬息萬變的能源格局中滿足客戶的需求。實現這些目標將需要整個組織的高度關注以及全球資源和工程人才的深度和規模。

The culture of this company is unique in its diversity, its inclusiveness and its principles as well as its ability to adapt to change. Our team is focused on taking energy forward, transforming the way we operate and achieving the margin and return targets we have laid out to help drive best-in-class shareholder value and returns.

這家公司的文化在其多樣性、包容性和原則以及適應變化的能力方面是獨一無二的。我們的團隊專注於推動能源向前發展，轉變我們的運營方式並實現我們制定的利潤率和回報目標，以幫助推動一流的股東價值和回報。

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

有了這個，我會把電話轉給南希。

Thanks, Lorenzo. I will begin on Slide 9 with an overview of total company results and then discuss our balance sheet, free cash flow and capital allocation before then moving into the business segment details and our forward outlook.

謝謝，洛倫佐。我將從幻燈片 9 開始，概述公司的總體業績，然後討論我們的資產負債表、自由現金流和資本配置，然後再進入業務部門的詳細信息和我們的前瞻性展望。

Total company orders for the quarter were $8 billion, up 32% sequentially driven by industrial and energy technology, up 82% versus the prior quarter. Oilfield Services and Equipment orders were flat sequentially. Year-over-year, orders were up 20%, driven by an increase in both segments. We're extremely pleased with the orders performance at IET during the quarter, following strong orders throughout 2022. Total company orders for the full year were $26.8 billion, an increase of 24% versus 2021.

本季度公司總訂單為 80 億美元，在工業和能源技術的推動下環比增長 32%，比上一季度增長 82%。油田服務和設備訂單環比持平。在這兩個細分市場增長的推動下，訂單同比增長 20%。在整個 2022 年訂單強勁之後，我們對本季度 IET 的訂單表現非常滿意。公司全年訂單總額為 268 億美元，比 2021 年增長 24%。

Remaining performance obligation was $27.8 billion, up 13% sequentially. OFSE RPO ended at $2.6 billion, up 8% sequentially, while IET RPO ended at $25.3 billion, up 13% sequentially. Our total company book-to-bill ratio in the quarter was 1.4 and IET was 1.8. Total company book-to-bill for the year was 1.3 and IET was 1.6.

剩餘履約義務為 278 億美元，環比增長 13%。 OFSE RPO 收於 26 億美元，環比增長 8%，而 IET RPO 收於 253 億美元，環比增長 13%。本季度我們公司的總訂單出貨比為 1.4，IET 為 1.8。公司全年訂單出貨比為 1.3，IET 為 1.6。

Revenue for the quarter was $5.9 billion, up 10% sequentially and up 8% year-over-year, driven by increases in both segments. Operating income for the quarter was $663 million. Adjusted operating income was $692 million, which excludes $29 million of restructuring, impairment and other charges. Adjusted operating income was up 38% sequentially and up 21% year-over-year. Our adjusted operating income rate for the quarter was 11.7%, up 240 basis points sequentially. Year-over-year, our adjusted operating income rate was up 130 basis points.

本季度收入為 59 億美元，環比增長 10%，同比增長 8%，這主要得益於這兩個部門的增長。本季度營業收入為 6.63 億美元。調整後營業收入為 6.92 億美元，其中不包括 2900 萬美元的重組、減值和其他費用。調整後營業收入環比增長 38%，同比增長 21%。我們本季度調整後的營業利潤率為 11.7%，環比上升 240 個基點。與去年同期相比，我們調整後的營業收入率上升了 130 個基點。

Adjusted EBITDA in the quarter was $947 million, up 25% sequentially and up 12% year-over-year. Adjusted EBITDA rate was 16%, up 190 basis points sequentially and up 70 basis points year-over-year. Corporate costs were $100 million in the quarter, driven by the realization of some of our corporate optimization efforts. For the first quarter, we expect corporate costs to be roughly flat compared to fourth quarter levels. Depreciation and amortization expense was $255 million in the quarter. For the first quarter, we expect D&A to remain flat with fourth quarter levels.

本季度調整後的 EBITDA 為 9.47 億美元，環比增長 25%，同比增長 12%。調整後的 EBITDA 率為 16%，環比上升 190 個基點，同比上升 70 個基點。本季度的公司成本為 1 億美元，這主要是由於我們實現了一些公司優化工作。對於第一季度，我們預計企業成本與第四季度水平相比大致持平。本季度的折舊和攤銷費用為 2.55 億美元。對於第一季度，我們預計 D&A 將與第四季度持平。

Net interest expense was $64 million. Income tax expense in the quarter was $157 million. GAAP earnings per share was $0.18. Included in GAAP earnings per share were unrealized mark-to-market net losses in fair value for investments in ADNOC Drilling and C3 AI of $89 million and $11 million, respectively. Also included were $81 million of charges related to the termination of the Tax Matters Agreement with General Electric. These are all recorded in other nonoperating loss. Adjusted earnings per share was $0.38.

淨利息支出為 6400 萬美元。本季度的所得稅費用為 1.57 億美元。 GAAP 每股收益為 0.18 美元。計入 GAAP 每股收益的是 ADNOC Drilling 和 C3 AI 投資的未實現市值淨虧損，分別為 8900 萬美元和 1100 萬美元。還包括 8100 萬美元與終止與通用電氣的稅務事項協議相關的費用。這些都記錄在其他營業外損失中。調整後每股收益為 0.38 美元。

Turning to Slide 10. We maintain a strong balance sheet with total debt of $6.7 billion and net debt of $4.2 billion, which is 1.4x our trailing 12 months adjusted EBITDA. We generated free cash flow in the quarter of $657 million, up $239 million sequentially, driven by higher adjusted EBITDA and strong cash collections. For the first quarter, we expect free cash flow to decline sequentially, primarily driven by seasonality. We will continue to target 50% free cash flow conversion from adjusted EBITDA on a through-cycle basis but expect 2023 to be in the low to mid-40% range.

轉到幻燈片 10。我們保持著強勁的資產負債表，總債務為 67 億美元，淨債務為 42 億美元，是我們過去 12 個月調整後 EBITDA 的 1.4 倍。我們在本季度產生了 6.57 億美元的自由現金流，比上一季度增加了 2.39 億美元，這得益於更高的調整後 EBITDA 和強勁的現金回款。對於第一季度，我們預計自由現金流將環比下降，這主要是受季節性因素的推動。我們將繼續以整個週期為基礎，從調整後的 EBITDA 中實現 50% 的自由現金流轉換，但預計 2023 年將處於 40% 的中低範圍內。

Turning to Slide 11 and capital allocation. We increased our quarterly dividend by $0.01 to $0.19 per share during the fourth quarter and also repurchased 4.2 million Class A shares for $101 million at an average price of $24 per share. For the full year 2022, we returned a total of $1.6 billion to shareholders.

轉向幻燈片 11 和資本配置。我們在第四季度將季度股息增加了 0.01 美元至每股 0.19 美元，並且還以每股 24 美元的平均價格以 1.01 億美元的價格回購了 420 萬股 A 類股票。 2022 年全年，我們共向股東返還了 16 億美元。

During the quarter, we closed the recently announced acquisition of BRUSH Power Generation, Quest Integrity and AccessESP. The total net cash paid for these three transactions was approximately $650 million. To fund these transactions, we took advantage of our strong balance sheet and used cash on hand.

本季度，我們完成了最近宣布的對 BRUSH Power Generation、Quest Integrity 和 AccessESP 的收購。為這三筆交易支付的淨現金總額約為 6.5 億美元。為了為這些交易提供資金，我們利用了強大的資產負債表和手頭現金。

Baker Hughes remains committed to a flexible capital allocation policy that balances returning cash to shareholders and investing in growth opportunities. Our capital allocation philosophy starts with the priority of maintaining a strong balance sheet and targeting free cash flow conversion from adjusted EBITDA in excess of 50% on a through-cycle basis. This framework will enable Baker Hughes to return 60% to 80% of our free cash flow back to shareholders.

貝克休斯仍然致力於靈活的資本分配政策，平衡向股東返還現金和投資於增長機會。我們的資本配置理念首先是保持穩健的資產負債表，並將調整後 EBITDA 的自由現金流轉換為整個週期超過 50% 的目標。該框架將使貝克休斯能夠將我們 60% 至 80% 的自由現金流返還給股東。

This will also allow us to invest in bolt-on M&A opportunities that can complement the current IET and OFSE portfolios as well as our efforts in new energy. As we look to return cash to shareholders, we will prioritize growing our regular dividend given the secular growth opportunities for IET and complementing this with opportunistic share repurchases.

這也將使我們能夠投資補強併購機會，以補充當前的 IET 和 OFSE 投資組合以及我們在新能源方面的努力。在我們尋求向股東返還現金時，鑑於 IET 的長期增長機會，我們將優先增加我們的定期股息，並通過機會主義的股票回購來補充這一點。

Now I will walk you through the business segment results in more detail and give you our thoughts on outlook going forward. Starting with Oilfield Services and Equipment on Slide 12. Orders in the quarter were $3.7 billion, flat sequentially. Subsea and surface pressure system orders were $738 million, up 45% year-over-year, driven by an increase in subsea-tree awards across multiple regions. OFSE revenue in the quarter was $3.6 billion, up 5% sequentially driven by increases across all product lines.

現在，我將更詳細地向您介紹業務部門的結果，並向您介紹我們對未來前景的看法。從幻燈片 12 上的油田服務和設備開始。本季度訂單為 37 億美元，環比持平。海底和地面壓力系統訂單為 7.38 億美元，同比增長 45%，這得益於多個地區海底採油樹合同的增加。本季度 OFSE 收入為 36 億美元，在所有產品線增長的推動下環比增長 5%。

International revenue was up 5% sequentially, driven by Latin America, up 10% and Middle East, Asia, up 7%, offset by Europe, CIS, SSA down 2%. North America revenue increased 5% sequentially. Excluding SSPS, both international and North America revenue were up 5%.

國際收入環比增長 5%，受拉美增長 10% 和中東、亞洲增長 7% 的推動，被歐洲、獨聯體、SSA 下降 2% 所抵消。北美收入環比增長 5%。不包括 SSPS，國際和北美收入均增長 5%。

OFSE operating income in the quarter was $416 million, up 28% sequentially. Operating income rate was 11.6%, with margin rates increasing 210 basis points sequentially. OFSE EBITDA in the quarter was $614 million, up 16% sequentially. EBITDA margin rate was 17.1%, with margins increasing 160 basis points sequentially, driven by increased volume and price improvements, partially offset by cost inflation. Year-over-year EBITDA margins were up 160 basis points.

本季度 OFSE 營業收入為 4.16 億美元，環比增長 28%。營業利潤率為 11.6%，利潤率環比增長 210 個基點。本季度 OFSE EBITDA 為 6.14 億美元，環比增長 16%。 EBITDA 利潤率為 17.1%，利潤率環比增長 160 個基點，受銷量增加和價格改善的推動，部分被成本上漲所抵消。 EBITDA 利潤率同比增長 160 個基點。

We are really pleased with the margin performance in OFSE, particularly in the legacy OFS segment, which achieved a 19.6 EBITDA margin in the fourth quarter. Legacy OFS EBITDA margins were 20%, excluding under-absorbed costs incurred prior to the completion of the sale of OFS Russia to local management in November.

我們對 OFSE 的利潤率表現感到非常滿意，特別是在傳統的 OFS 部門，該部門在第四季度實現了 19.6 的 EBITDA 利潤率。遺留 OFS EBITDA 利潤率為 20%，不包括在 11 月完成將 OFS Russia 出售給當地管理層之前產生的吸收不足的成本。

Turning to Slide 13. IET orders were $4.3 billion, up 20% year-over-year and a record orders quarter for IET. The strong fourth quarter orders performance closed out a great 2022 for IET with $12.7 billion of orders, up 28% year-over-year. Gas technology equipment orders in the quarter were up 36% year-over-year.

轉到幻燈片 13。IET 訂單為 43 億美元，同比增長 20%，創下 IET 訂單季度紀錄。第四季度強勁的訂單表現為 IET 在 2022 年畫上了圓滿的句號，訂單額達到 127 億美元，同比增長 28%。本季度天然氣技術設備訂單同比增長 36%。

Gas tech equipment orders were supported by the LNG award for the second phase of Venture Global's Plaquemines project, a number of onshore/offshore production awards, and the award for CO2 compression equipment for the Kasawari CCS project. Gas tech services orders in the quarter were down 4% year-over-year, driven by lower contractual services orders, partially offset by an increase in upgrades.

氣體技術設備訂單得到了 Venture Global 的 Plaquemines 項目第二階段的 LNG 獎勵、多個陸上/海上生產獎勵以及 Kasawari CCS 項目的 CO2 壓縮設備獎勵的支持。本季度天然氣技術服務訂單同比下降 4%，受合同服務訂單減少的推動，部分被升級的增加所抵消。

RPO for IET ended at $25.3 billion, up 13% sequentially. Within IET RPO, gas tech equipment RPO was $9.5 billion, and gas tech services RPO was $13.6 billion. Industrial technology orders were up 6% year-over-year. Pumps, valves and gears, inspection and PSI and controls orders were up year-over-year, offset by condition monitoring orders, which were down year-over-year.

IET 的 RPO 收於 253 億美元，環比增長 13%。在 IET RPO 中，天然氣技術設備 RPO 為 95 億美元，天然氣技術服務 RPO 為 136 億美元。工業技術訂單同比增長 6%。泵、閥門和齒輪、檢查和 PSI 以及控制訂單同比增長，但被同比下降的狀態監測訂單所抵消。

Turning to Slide 14. Revenue for the quarter was $2.3 billion, up 1% versus the prior year. Gas tech equipment revenue was up 24% year-over-year, driven by the execution of project backlog. Gas tech services revenue was down 17% year-over-year, driven by lower contractual services and upgrades. This was primarily related to the loss of service revenue from the discontinuation of our Russia operations, foreign exchange movements, supply chain delays and outage pushouts.

轉到幻燈片 14。本季度的收入為 23 億美元，比去年同期增長 1%。受項目積壓執行的推動，天然氣技術設備收入同比增長 24%。受合同服務和升級減少的推動，天然氣技術服務收入同比下降 17%。這主要與我們俄羅斯業務的終止、外匯變動、供應鏈延誤和停電推出導致的服務收入損失有關。

As we've noted previously, the strength in commodity prices continues to shift maintenance schedules for some of our customers, a dynamic that we believe should normalize over time. Gas tech services also continues to see supply chain delays, largely stemming from delivery delays in aero-derivative gas turbines and associated components. This is an area that we will continue to monitor and manage going forward.

正如我們之前所指出的，商品價格的強勢繼續改變我們一些客戶的維護計劃，我們認為這種動態應該隨著時間的推移而正常化。天然氣技術服務也繼續出現供應鏈延遲，這主要是由於航改燃氣輪機和相關部件的交付延遲所致。這是我們將繼續監控和管理的領域。

Industrial technology revenue was flat year-over-year. Conditions monitoring, inspection and PSI and controls revenue was up year-over-year while PVG was down year-over-year.

工業技術收入同比持平。條件監測、檢查以及 PSI 和控制收入同比增長，而 PVG 收入同比下降。

Operating income for IET was $377 million, down 5% year-over-year. Operating margin was 16.2%, down 110 basis points year-over-year. IET EBITDA was $429 million, down 4% year-over-year. EBITDA margin rate was 18.4%, down 110 basis points year-over-year with higher equipment mix, cost inflation and higher R&D spending, partially offset by higher pricing and slightly higher volume. As we increasingly execute on our record gas tech equipment backlog, we are seeing a meaningful shift in the mix of our revenue profile, with equipment revenue representing 55% of total revenue in the quarter versus 45% a year ago.

IET 的營業收入為 3.77 億美元，同比下降 5%。營業利潤率為 16.2%，同比下降 110 個基點。 IET EBITDA 為 4.29 億美元，同比下降 4%。 EBITDA 利潤率為 18.4%，同比下降 110 個基點，原因是設備組合增加、成本膨脹和研發支出增加，部分被更高的定價和略微增加的銷量所抵消。隨著我們越來越多地執行創紀錄的天然氣技術設備積壓訂單，我們看到收入組合發生了有意義的變化，設備收入佔本季度總收入的 55%，而一年前為 45%。

Turning to Slide 15. I would like to update you on our outlook for the two business segments and our cost-out program. With new reporting segments, we're providing a formal outlook in order to give another level of transparency for each business segment as well as further details around our forward-looking expectations. As we transition to this new framework, we're providing a range of expectations and also highlight the variables that drive the different potential outcomes. Overall, we feel optimistic on the outlook for both OFSE and IET, with solid growth tailwinds across our business as well as continued operational enhancements to help drive margin improvement.

轉到幻燈片 15。我想向您介紹我們對這兩個業務部門的展望和我們的成本支出計劃。通過新的報告部門，我們提供了一個正式的展望，以便為每個業務部門提供更高級別的透明度，並提供有關我們前瞻性期望的更多細節。當我們過渡到這個新框架時，我們提供了一系列期望，並強調了驅動不同潛在結果的變量。總體而言，我們對 OFSE 和 IET 的前景感到樂觀，我們的業務增長穩健，運營持續改善，有助於提高利潤率。

In addition to executing on the growing pipeline of commercial opportunities, a key focus for Baker Hughes in 2023 is transforming our organization through at least $150 million of annualized cost out by the end of this year. All necessary actions to achieve this target should be completed by the end of the second quarter and the full impact will be realized by the end of the fourth quarter.

除了處理不斷增長的商業機會外，貝克休斯在 2023 年的一個重點是在今年年底之前通過至少 1.5 億美元的年度成本實現組織轉型。實現這一目標的所有必要行動應在第二季度末完成，全面影響將在第四季度末實現。

For Baker Hughes, we expect first quarter revenue between $5.3 billion and $5.7 billion and adjusted EBITDA between $700 million and $760 million. For the full year, we expect revenue between $24 billion and $26 billion and adjusted EBITDA between $3.6 billion and $3.8 billion.

對於貝克休斯，我們預計第一季度收入將在 53 億美元至 57 億美元之間，調整後的 EBITDA 將在 7 億美元至 7.6 億美元之間。對於全年，我們預計收入在 240 億美元至 260 億美元之間，調整後的 EBITDA 在 36 億美元至 38 億美元之間。

For OFSE, we expect first quarter results to reflect usual seasonal declines in international activity as well as typical seasonality in North America. We, therefore, expect first quarter revenue for OFSE between $3.3 billion and $3.5 billion and EBITDA between $515 million and $585 million. Factors driving this range include the magnitude of seasonality in some international markets, timing of budget deployments in the U.S., backlog conversion in SSPS and the pace of our cost-out initiatives.

對於 OFSE，我們預計第一季度的結果將反映國際活動通常的季節性下降以及北美的典型季節性。因此，我們預計 OFSE 第一季度收入在 33 億美元至 35 億美元之間，EBITDA 在 5.15 億美元至 5.85 億美元之間。推動這一範圍的因素包括一些國際市場的季節性幅度、美國預算部署的時間、SSPS 的積壓轉換以及我們成本削減計劃的步伐。

For the full year 2023, we expect another strong year of market growth internationally, spread across virtually all geographic regions, led by the Middle East, Latin America and West Africa. Overall, we expect international D&C spending to likely increase in the middle double digits on a year-over-year basis.

對於 2023 年全年，我們預計國際市場將迎來又一個強勁的增長年，幾乎遍及所有地理區域，其中以中東、拉丁美洲和西非為首。總體而言，我們預計國際 D&C 支出可能會同比增長兩位數。

In North America, we expect activity levels to likely remain range bound for the balance of the year depending on oil and natural gas prices and activity levels among private operators. However, we believe that this level of activity as well as cost inflation will still translate into North America D&C spending growth in the mid to high double digits in 2023.

在北美，我們預計今年餘下時間的活動水平可能會保持區間波動，具體取決於石油和天然氣價格以及私營運營商的活動水平。然而，我們認為，這種活動水平以及成本通脹仍將轉化為北美 D&C 支出在 2023 年實現中高兩位數的增長。

Given this macro backdrop, we would expect OFSE revenue between $14.5 billion and $15.5 billion and EBITDA between $2.4 billion and $2.8 billion in 2023. Factors driving this range include the pace of growth in various international markets, a range of potential outcomes in North America activity, continued improvement in chemicals, the pace of backlog conversion and cost-out initiatives in the SSPS segment and our broader cost-out initiatives.

鑑於這種宏觀背景，我們預計到 2023 年 OFSE 收入將在 145 億至 155 億美元之間，EBITDA 將在 24 億至 28 億美元之間。推動這一範圍的因素包括各個國際市場的增長速度、北美活動的一系列潛在結果，化學品的持續改進，積壓轉換的速度和 SSPS 部分的成本削減計劃以及我們更廣泛的成本削減計劃。

For IET, we expect strong revenue growth on a year-over-year basis supported by backlog conversion of gas tech equipment and modest growth in an industrial technology. We, therefore, expect first quarter IET revenue between $1.9 billion and $2.4 billion and EBITDA between $250 million and $300 million. The major factors driving this revenue range will be the pace of backlog conversion for gas tech equipment, growth in industrial tech driven by improving supply chain dynamics and the impact of any continued deferrals in maintenance activity or supply chain delays at gas tech services.

對於 IET，我們預計在天然氣技術設備的積壓轉換和工業技術的適度增長的支持下，收入將同比強勁增長。因此，我們預計第一季度 IET 收入在 19 億美元至 24 億美元之間，EBITDA 在 2.5 億美元至 3 億美元之間。推動這一收入範圍的主要因素將是天然氣技術設備積壓轉換的速度、供應鏈動態改善推動的工業技術增長以及天然氣技術服務維護活動或供應鏈延遲的任何持續延期的影響。

For the full year, as Lorenzo mentioned, we now expect IET orders to be between $10.5 billion and $11.5 billion driven by LNG and onshore/offshore production. We forecast full year IET revenue between $9.5 billion and $10.5 billion and EBITDA between $1.35 billion and $1.65 billion. The largest factor driving this range will be the pace of backlog conversion for gas tech equipment and any impacts associated with supply chain delays. Other factors that drive this range include foreign currency movements, the pace of improvement in supply chain impacts at industrial tech, the level of R&D spend related to our new energy investments and the timing of maintenance activity in gas tech services.

對於全年，正如 Lorenzo 提到的，我們現在預計 IET 訂單將在 105 億美元至 115 億美元之間，由液化天然氣和陸上/海上生產推動。我們預測全年 IET 收入在 95 億美元至 105 億美元之間，EBITDA 在 13.5 億美元至 16.5 億美元之間。推動這一範圍的最大因素將是天然氣技術設備積壓轉換的速度以及與供應鏈延遲相關的任何影響。推動這一範圍的其他因素包括外匯走勢、工業技術供應鏈影響的改善速度、與我們的新能源投資相關的研發支出水平以及天然氣技術服務維護活動的時間安排。

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

有了這個，我會把電話轉回洛倫佐。

Thank you, Nancy. Turning to Slide 16. Baker Hughes is committed to delivering for our customers and our shareholders. We remain focused on capitalizing on the growth opportunities across OFSE and IET, including LNG and new energy, where we are increasing R&D to develop our technology portfolio in hydrogen, carbon capture and clean power.

謝謝你，南希。轉到幻燈片 16。貝克休斯致力於為我們的客戶和股東提供服務。我們仍然專注於利用 OFSE 和 IET 的增長機會，包括液化天然氣和新能源，我們正在增加研發，以開發我們在氫、碳捕獲和清潔能源方面的技術組合。

We also remain committed to optimizing our corporate structure to enhance our margins and return profile, where we are targeting EBITDA margins of 20% in OFSE and IET and increasing ROIC in both businesses to 15% and 20%, respectively. And finally, we will continue to focus on generating strong free cash flow and returning 60% to 80% of this free cash flow to shareholders, while also investing for growth across our world-class business.

我們還繼續致力於優化我們的公司結構，以提高我們的利潤率和回報率，我們的目標是 OFSE 和 IET 的 EBITDA 利潤率為 20%，並將這兩項業務的 ROIC 分別提高到 15% 和 20%。最後，我們將繼續專注於產生強勁的自由現金流，並將 60% 至 80% 的自由現金流返還給股東，同時投資於我們世界級業務的增長。

With that, I'll turn it back over to Jud.

有了這個，我會把它轉回給賈德。

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

謝謝，洛倫佐。接線員，讓我們打開問題電話。

(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 Evercore ISI 的 James West。

So Lorenzo, maybe first one for you on the LNG side. When we were together in December, I know as we were leaving, Jud was going to Houston, I was going to L.A., but you were going to a Middle Eastern country that has some huge gas reserves and huge plans for LNG. I'd love to -- I know you made some comments in your prepared remarks, but I'd love to get maybe some further comments on how you see kind of orders rolling in this year given your dominant position in LNG.

所以洛倫佐，也許是液化天然氣方面的第一個。當我們在 12 月在一起時，我知道我們要離開時，賈德要去休斯頓，我要去洛杉磯，但你要去的是一個中東國家，那裡擁有巨大的天然氣儲量和巨大的液化天然氣計劃。我很樂意——我知道你在準備好的發言中發表了一些評論，但我很想就你如何看待今年的訂單數量給出一些進一步的評論，因為你在液化天然氣領域處於主導地位。

Yes, James. And since that trip, I've also been back another two times. And I can tell you the customer discussions have been remaining, and there's a lot of positive momentum. And I think both as you look at the near term, and also the long-term prospects for natural gas and LNG, it's a positive investment cycle.

是的，詹姆斯。自從那次旅行之後，我又回來了兩次。我可以告訴你，客戶的討論仍在繼續，而且有很多積極的勢頭。而且我認為無論是從短期來看，還是從天然氣和液化天然氣的長期前景來看，這是一個積極的投資週期。

In 2022, we did experience some cost inflation, some high interest rates, which slowed the pace of FIDs, but conversations with customers definitely hasn't slowed down. And I think you've seen some of the announcements also within North America from Sempra related to Port Arthur, NextDecade, which has signed up a supply agreement.

2022 年，我們確實經歷了一些成本通脹、一些高利率，這減緩了 FID 的步伐，但與客戶的對話絕對沒有放緩。而且我認為你已經在北美看到了一些來自 Sempra 的公告，這些公告與亞瑟港 NextDecade 相關，後者已經簽署了供應協議。

So importantly, I think the operators globally have recalibrated the project costs to the current environment, and they're actually starting to see success in securing some of the offtake agreements. I think there's a realization out there as well that natural gas and LNG are going to play a key role, not just as transition, but also destination as the world continues to need more energy.

非常重要的是，我認為全球的運營商已經根據當前環境重新調整了項目成本，他們實際上開始看到在獲得一些承購協議方面取得的成功。我認為人們也意識到天然氣和液化天然氣將發揮關鍵作用，不僅作為過渡，而且隨著世界繼續需要更多能源而成為目的地。

And so we see a number of projects that are getting close to FID. We feel comfortable with, at least 65 MTPA reaching FID this year and expect to see sanctioning activity actually exceed that. So it's not just about 2023. I think as we look at the environment right now, we're actually going beyond and seeing also 2024 and also 2025 with the portfolio we have of modular approaches, and a good time to be in LNG.

因此，我們看到許多項目正在接近 FID。我們對今年至少有 65 MTPA 達到 FID 感到滿意，並期望看到製裁活動實際上超過這個數。所以這不僅僅是關於 2023 年。我認為，當我們現在審視環境時，我們實際上正在超越並看到 2024 年和 2025 年，我們擁有模塊化方法的產品組合，以及進入液化天然氣的好時機。

Okay. Okay. Got it. And then maybe for Nancy, given your new role as CFO here, how are you thinking about capital allocation and focusing on shareholder returns, et cetera, relative to -- maybe it's probably just the same, but relative to what the -- what Brian and Lorenzo were already focused on?

好的。好的。知道了。然後也許對於 Nancy，考慮到你在這裡擔任首席財務官的新角色，你如何考慮資本分配和關注股東回報等等，相對於 - 也許它可能只是相同的，但相對於 - Brian和洛倫佐已經專注於？

Sure. Thanks, James. Baker Hughes remains committed to a flexible capital allocation policy and as Lorenzo already mentioned, balancing returns to shareholders and also continuing to invest in growth opportunities. Our philosophy starts really with the priority of maintaining a strong balance sheet and also targeting free cash flow conversion from adjusted EBITDA in excess of 50% on a through-cycle basis.

當然。謝謝，詹姆斯。貝克休斯仍然致力於靈活的資本配置政策，正如洛倫佐已經提到的那樣，平衡股東回報並繼續投資於增長機會。我們的理念真正始於維持穩健的資產負債表，並以整個週期為基礎，將調整後 EBITDA 的自由現金流轉換超過 50% 作為目標。

This framework will allow us to return 60% to 80% of our free cash flow back to shareholders. That also gives us the ability to invest in bolt-on M&A opportunities that will complement the current IET and OFSE portfolios as well as our efforts in new energy. So as we look to return cash to shareholders, we will prioritize growing our regular dividend given the secular growth opportunities for IET and also complementing this with opportunistic share repurchases. And just as a reminder, during 2022, we did return a total of $1.6 billion to shareholders through both dividends and buybacks.

該框架將使我們能夠將 60% 至 80% 的自由現金流返還給股東。這也使我們能夠投資補強併購機會，以補充當前的 IET 和 OFSE 投資組合以及我們在新能源方面的努力。因此，當我們希望向股東返還現金時，鑑於 IET 的長期增長機會，我們將優先增加我們的定期股息，並通過機會主義的股票回購來補充這一點。提醒一下，在 2022 年期間，我們確實通過股息和回購向股東返還了總計 16 億美元。

Right. Okay. Well, great. Look forward to seeing both of you in Florence here in a few days.

正確的。好的。好吧，太好了。期待幾天后在佛羅倫薩見到你們。

Our next question comes from Scott Gruber with Citi.

我們的下一個問題來自花旗的 Scott Gruber。

Nancy, I want to start on the free cash flow conversion rate from EBITDA this year. It does sound like working capital is probably a decent headwind this year. Is there more to working capital beyond just the top line growth? And I also noticed the adjusted tax rate forecast in the guidance, it looks like 35% to 40%. It sounds high. But can you also provide some color on the cash tax rate? So just some additional color on that, that free cash conversion rate.

南希，我想從今年 EBITDA 的自由現金流轉換率開始。聽起來營運資金今年可能是一個不錯的逆風。除了收入增長之外，還有更多的營運資本嗎？而且我還注意到指南中調整後的稅率預測，看起來是35%到40%。聽起來很高。但是你也可以提供一些關於現金稅率的顏色嗎？所以只是一些額外的顏色，即自由現金轉換率。

Yes. Great question. And we do believe the free cash flow conversion potential should be around 50% through the cycle. And in '22, we saw conversion below this range for a handful of items, primarily, we had about $300 million to $400 million of cash generation that didn't materialize given the shutdown of the Russia operations. We also saw cash consumption from inventory build in OFSE and gas tech equipment as we prepare for growth in '23. And we also had lower collections from some international customers during the year.

是的。很好的問題。我們確實相信整個週期的自由現金流轉換潛力應該在 50% 左右。在 22 年，我們看到少數項目的轉換率低於這個範圍，主要是，我們有大約 3 億至 4 億美元的現金產生，但由於俄羅斯業務的關閉而沒有實現。在我們為 23 年的增長做準備時，我們還看到了 OFSE 和天然氣技術設備庫存增加帶來的現金消耗。我們在這一年中也從一些國際客戶那裡收到了較低的收款。

And as we think about 2023, we believe we should be in the low to mid-40% range with higher EBITDA, higher CapEx, but still about 4% to 5% of revenue. And then cash taxes should be roughly the same as in '22, cash restructuring around $75 million to $100 million versus almost 0 in '22. And then also for '23, working capital will be a use of cash versus a modest source of cash, and that's another strong year of revenue growth in OFSE and gas tech equipment. So hopefully, that gives you a little bit of a picture.

當我們考慮 2023 年時，我們認為我們應該處於 40% 的中低區間，EBITDA 更高，資本支出更高，但仍佔收入的 4% 到 5% 左右。然後現金稅應該與 22 年大致相同，現金重組約為 7500 萬至 1 億美元，而 22 年幾乎為 0。然後對於 23 年，營運資金將使用現金而不是適度的現金來源，這是 OFSE 和天然氣技術設備收入增長強勁的又一年。所以希望這能給你一點畫面。

Yes, it does. And then just thinking about a couple of unique items that impact EBITDA for the year. I think you mentioned that the restructuring benefit is really going to kind of build over the course of the year and hit more in late. So some additional color there and just how to think about how much of the $150 million cost out actually impacts EBITDA this year.

是的，它確實。然後想想影響當年 EBITDA 的幾個獨特項目。我想你提到過，重組收益確實會在這一年中逐漸積累，並在晚些時候產生更多影響。因此，那裡有一些額外的顏色，以及如何考慮 1.5 億美元的成本中有多少實際影響了今年的 EBITDA。

And then also, we've seen a big swing in the euro here and the dollar starting to weaken across a number of other currencies. Just thoughts on the FX that's built into the guidance. I know the euro weakness in the second half last year was impactful, but just how did you guys think about that in terms of putting together the guidance for this year?

此外，我們還看到歐元在這裡出現大幅波動，美元開始對許多其他貨幣走弱。只是對指南中內置的 FX 的想法。我知道去年下半年歐元的疲軟影響很大，但你們是如何考慮制定今年的指導方針的？

Yes. So on the cost out, we really put that program together last September and have identified a number of ways to remove cost from the organization and create a more efficient operating structure overall.

是的。因此，在成本方面，我們真的在去年 9 月將該計劃整合在一起，並確定了多種方法來從組織中消除成本並創建一個更高效的整體運營結構。

I'd put the cost out efforts really in two categories. The first is cost reduction from structural changes in our organization, identified around simplifying and streamline operations from four product companies to two business segments and the leaner HQ. That's about 2/3 to 3/4 of the $150 million in cost out we're targeting. These also include headcount reductions from removing layers and really thinking about implementing a strategically managed business structure where we can push some activities down into the business from HQ and then do it on a more cost-efficient basis.

我會把成本分兩類。首先是通過我們組織的結構變化降低成本，圍繞著簡化和精簡從四個產品公司到兩個業務部門和更精簡的總部的運營而確定。這大約是我們目標的 1.5 億美元成本支出的 2/3 到 3/4。這些還包括通過層層裁員來減少員工人數，並真正考慮實施戰略管理的業務結構，在這種結構中，我們可以將一些活動從總部下放到業務中，然後在更具成本效益的基礎上進行。

The second bucket is really cost optimization or cost controls. So things -- headcount reductions to optimize our support functions and then also areas to optimize our cost in technology, third-party services, external expenses, those sorts of things. And we should, in terms of timing, have all the process completed by the end of Q2 and all actions taken by the end of Q4 of this year. And then we should hit the annualized run rate sometime in the fourth quarter.

第二個桶實際上是成本優化或成本控制。所以事情 - 裁員以優化我們的支持功能，然後還優化我們在技術、第三方服務、外部費用等方面的成本。我們應該在時間上，在今年二季度末完成所有流程，在今年四季度末完成所有行動。然後我們應該在第四季度的某個時候達到年化運行率。

So our plan today considers pretty conservative guides in terms of FX. And then the other piece on that is if the euro appreciates versus the USD, there could also be some upside to our revenue outlook for IET.

因此，我們今天的計劃在 FX 方面考慮了相當保守的指南。然後另一點是，如果歐元兌美元升值，我們對 IET 的收入前景也可能有一些上行空間。

And Scott, just to give some more color. I think on the cost out, we've been operationalizing a lot of the actions since we made the announcement in September. We've got a dedicated team that's set up to go and execute this. And you've seen some of the changes we've made within Baker Hughes. And I feel very good about the annualized run rate of the $150 million coming through, and we'll see a lot of the actions in the first half of this year, which then will yield in the second half.

還有斯科特，只是為了增加一些色彩。我認為在成本方面，自 9 月宣布以來，我們一直在實施許多行動。我們有一個專門的團隊來執行這項工作。你已經看到了我們在貝克休斯內部所做的一些改變。我對 1.5 億美元的年化運行率感到非常滿意，我們將在今年上半年看到很多行動，然後將在下半年產生收益。

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, first question, if we can come back to kind of the order outlook for '23 for the IET segment, it looks like you kind of bumped up your order outlook by about 5%. The new guidance is about $10.5 billion to $11.5 billion. And you bumped up the orders despite having a really strong fourth quarter order. So I would have thought maybe pulled some orders into '22. But just given that you raised your order outlook probably means that you didn't really -- you don't think you kind of pulled any orders forward.

我想，第一個問題，如果我們能回到 IET 部分 23 年的訂單前景，看起來你的訂單前景有點提高了大約 5%。新的指引約為 105 億至 115 億美元。儘管第四季度訂單非常強勁，但您還是增加了訂單。所以我想可能會把一些訂單拉到 22 年。但僅僅考慮到你提高了你的訂單前景可能意味著你沒有真正 - 你不認為你有點提前任何訂單。

So when we think about '23 and the bump, like what was really driving the bump to orders in '23? And kind of when we think about that, obviously, LNG is a big driver, but kind of walk through some of the drivers as well.

因此，當我們考慮 23 年和增長點時，真正推動 23 年訂單增長的因素是什麼？當我們考慮到這一點時，顯然，液化天然氣是一個重要的驅動因素，但也有一些驅動因素。

Sure. And really, as within a year, there's a lot of moving pieces when we think about the orders, particularly with some of the large projects that are still out there. '22, as you noted, was an exceptionally strong year for orders for IET at $12.7 billion and then a record 4Q at $4.2 billion. And so broadly speaking, as we think about '23, gas tech equipment orders should be down versus 2022, primarily driven by onshore/offshore orders. And as you asked about the drivers, '22 was just a huge year for onshore/offshore. And then LNG orders are likely to be down modestly. The biggest driver, though, will be the onshore/offshore.

當然。事實上，在一年之內，當我們考慮訂單時，有很多移動的部分，特別是一些仍然存在的大型項目。正如您所指出的，'22 年是 IET 訂單異常強勁的一年，達到 127 億美元，然後是創紀錄的第四季度 42 億美元。因此，從廣義上講，正如我們對 23 年的看法，天然氣技術設備訂單應低於 2022 年，這主要是由陸上/海上訂單推動的。正如您詢問的驅動程序一樣，22 年對於陸上/海上來說只是重要的一年。然後液化天然氣訂單可能會小幅下降。不過，最大的驅動力將是陸上/海上。

We do think gas tech services orders will be up modestly in '23 versus '22 with growth somewhat in line with '22. And then industrial tech orders will probably grow at a modestly slower pace than in 2022, and those were up about 6% in '22. So as you mentioned, overall, we now do expect IET orders to be in the $10.5 billion to $11.5 billion range for the year.

我們確實認為，與 22 年相比，23 年的天然氣技術服務訂單將溫和增長，增長與 22 年持平。然後，工業技術訂單的增長速度可能會比 2022 年略慢，而在 22 年增長了約 6%。因此，正如您提到的，總體而言，我們現在確實預計今年的 IET 訂單將在 105 億美元至 115 億美元之間。

And I think, Chase, as we go through it, again, activity right now is pretty strong out there internationally. And again, we think that $10.5 billion to $11.5 billion increase reflects the activity we're seeing.

而且我認為，大通，當我們再次經歷它時，現在國際上的活動非常強勁。同樣，我們認為 105 億美元至 115 億美元的增長反映了我們所看到的活動。

Awesome. Lorenzo, maybe a quick follow-up here with new energy opportunities. Obviously, a lot of color on the conference call and in the press release around CCUS and hydrogen and clean power as well. So we obviously got some legislation that's helping accelerate some of these markets. So talk about the outlook that you have and the opportunity for Baker alongside some of these markets for '23 and beyond.

驚人的。洛倫佐，也許可以在這裡快速跟進新能源機會。顯然，電話會議和新聞稿中圍繞 CCUS 和氫以及清潔能源也有很多色彩。所以我們顯然得到了一些有助於加速其中一些市場的立法。因此，談談你的前景以及 Baker 在 23 世紀及以後的一些市場中的機會。

Yes, sure. And Chase, I firstly start by saying we're really pleased with the progress we made in 2022, which was a significant increase from 2021. And as we look at 2023, again, we believe we can achieve around $400 million of new energy orders. And we're seeing the early stages of development within CCUS, hydrogen. They are likely to be lumpy. But as you said, there's been legislation that has come into place. And the Inflation Reduction Act in the United States is helping to firm up that outlook, if anything, starting to pull forward some projects. We do anticipate that Europe may bring in some legislation to help spur the energy transition as we go forward.

是的，當然。大通，我首先要說我們對我們在 2022 年取得的進展感到非常滿意，這比 2021 年有了顯著增長。展望 2023 年，我們再次相信我們可以實現約 4 億美元的新能源訂單.我們正在看到 CCUS、氫氣的早期發展階段。它們很可能是塊狀的。但正如您所說，已經制定了立法。美國的通貨膨脹減少法案正在幫助鞏固這一前景，如果有的話，開始推進一些項目。我們確實預計，隨著我們的前進，歐洲可能會出台一些立法來幫助推動能源轉型。

So over the next 3 to 4 years, the new energy content should be around 10% of our gas tech orders. And as we stated previously, we believe by the end of the decade, new energy orders should be in the range of $6 billion to $7 billion. And if you think about the middle of the decade, new energy representing about 10% of our gas tech orders and then accelerates through the balance of the second half of the decade.

因此，在未來 3 到 4 年內，新能源含量應該占我們天然氣技術訂單的 10% 左右。正如我們之前所說，我們相信到本世紀末，新能源訂單應該在 60 億美元到 70 億美元之間。如果你想想本世紀中期，新能源約占我們天然氣技術訂單的 10%，然後在本世紀下半葉的剩餘時間內加速增長。

So direction of trial is clear. We've got the investments in place into the new tech and feel good about the way in which the market segment is really creating on the back of some of the legislation.

所以審判的方向很明確。我們已經對新技術進行了投資，並且對在某些立法的支持下真正創造細分市場的方式感到滿意。

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 on your IET EBITDA margin guide for 2023. Nancy, you posted a 16.8% EBITDA margin in 2022. The midpoint of the guide is 15%. So I was wondering if you could walk through what's driving the margin change this year and how you see margins moving towards that 20% 2025-2026 guide over time?

我的第一個問題是關於您的 2023 年 IET EBITDA 利潤率指南。南希，您發布的 2022 年 EBITDA 利潤率為 16.8%。該指南的中點是 15%。所以我想知道您是否可以了解是什麼推動了今年的利潤率變化，以及您如何看待利潤率隨著時間的推移向 2025-2026 年的 20% 指南移動？

Yes. If we look at the full year IET guidance, it would apply about a 200 bps decline in margin rates from '22. And so the real drivers are around the equipment mix as it continues to move up and the step-up in R&D around our new energy efforts. So on mix, you can see by our '22 results and our '23 guidance that equipment orders are going up. And in '22, gas tech revenue was 50% equipment, and this year, it's likely to be 65% or higher.

是的。如果我們看一下全年的 IET 指導，它將應用從 22 年開始的保證金率下降約 200 個基點。因此，真正的驅動因素是圍繞設備組合，因為它繼續向上移動，並圍繞我們的新能源努力加大研發力度。因此，在混合方面，您可以從我們的 22 年結果和 23 年指導中看到設備訂單正在增加。在 22 年，天然氣技術收入佔設備收入的 50%，而今年可能會達到 65% 或更高。

R&D, as we've been communicating, we're stepping up our effort there, about $50 million to $75 million as we look to commercialize some of the most promising technologies that include things like NET Power and Mosaic. And I think for the longer term, we would really reaffirm the margin levels that we previously indicated.

研發，正如我們一直在溝通的那樣，我們正在加緊努力，大約 5000 萬到 7500 萬美元，因為我們希望將一些最有前途的技術商業化，包括 NET Power 和 Mosaic。而且我認為從長遠來看，我們真的會重申我們之前指出的保證金水平。

And Arun, just to add, and I think we've maybe mentioned this before. As we go through a big equipment build, it's actually a good thing for our business. Our installed base is increasing close to 30%. And then in the later years, we'll get the service calories associated with that. So it's a factor of the longer-cycle nature of this business, but we feel confident in the next 2 to 3 years to be able to take the margin rate back up to, as we said, the 20% EBITDA rate, and that's driven by the services starting to come through after the equipment flow through.

Arun，我想補充一下，我想我們之前可能已經提到過這一點。當我們進行大型設備建設時，這對我們的業務來說實際上是一件好事。我們的安裝基數增長了近 30%。然後在以後的幾年裡，我們將獲得與之相關的服務卡路里。因此，這是該業務的較長周期性質的一個因素，但我們有信心在未來 2 到 3 年內能夠將利潤率恢復到我們所說的 20% EBITDA 率，這推動了在設備流過後，服務開始通過。

Great. And my follow-up is, Lorenzo, I believe you mentioned that the plan is to rationalize 40% or more of your subsea capacity. I was wondering if you could provide more details on this plan? And which markets do you plan -- or which markets will be focused markets on a go-forward basis for Baker?

偉大的。我的後續行動是，洛倫佐，我相信你提到過計劃是合理化 40% 或更多的海底容量。我想知道你是否可以提供有關該計劃的更多詳細信息？您計劃哪些市場——或者哪些市場將成為 Baker 未來的重點市場？

Yes. We did mention that we've been restructuring our SSPS business, and Maria Claudia and the team have been undergoing a strategic review. We are still in the early stages of that. But as we look at the subsea-tree capacity, we're really going to be decreasing, rationalizing our production capacity by 40% to 50% and also outsource some of the basic machining. You can imagine from a cost perspective, we're in some relatively high-cost countries. And so it's an opportunity for us to be able to rationalize capacity back to Asia, also Latin America and that machining was typically done in the U.K.

是的。我們確實提到我們一直在重組我們的 SSPS 業務，Maria Claudia 和團隊一直在進行戰略審查。我們仍處於早期階段。但當我們審視海底採油樹產能時，我們確實會減少，將我們的產能合理化 40% 至 50%，並將一些基本加工外包。你可以從成本的角度想像一下，我們在一些成本相對較高的國家。因此，這對我們來說是一個機會，可以將產能合理化回亞洲，還有拉丁美洲，而加工通常是在英國完成的。

So we're continuing to look at how we go forward, and we feel good about the savings being achieved on top of the broader $150 million cost-out effort that included about $60 million from OFSE. So still early days, and we'll see this come through in 2024, but the team has got a good handle around how to take the strategy going forward for the SSPS business, and it's on the backdrop of an improving outlook for offshore.

因此，我們將繼續關注我們的前進方向，我們對在更廣泛的 1.5 億美元成本支出工作（其中包括來自 OFSE 的約 6000 萬美元）之外實現的節省感到滿意。所以還處於早期階段，我們將在 2024 年看到這一點，但該團隊已經很好地掌握瞭如何為 SSPS 業務制定前進的戰略，而且這是在離岸前景改善的背景下進行的。

Our next question comes from Dave Anderson with Barclays.

我們的下一個問題來自巴克萊銀行的戴夫安德森。

Lorenzo, just one question for me. You made a significant management change recently in the IET business. And I was wondering if you could just kind of talk about the management changes you made there. And you're bringing in somebody from the outside in Ganesh and just kind of what you're trying to achieve with this change? Are there certain KPI targets you're targeting? Is there a new philosophy you're trying to instill in this part of the organization? It's obviously a big part of Baker Hughes and I'd just like to hear some more -- some of your thoughts on that, please.

洛倫佐，只有一個問題要問我。您最近對 IET 業務進行了重大的管理變革。我想知道你是否可以談談你在那裡所做的管理變革。你在 Ganesh 中從外部引進了一些人，這就是你試圖通過這種改變實現的目標？您是否有特定的 KPI 目標？您是否試圖向組織的這一部分灌輸一種新理念？這顯然是貝克休斯的重要組成部分，我只想听聽更多——請談談你對此的一些想法。

Yes, sure, Dave. And I think as we continue to evolve Baker Hughes, and as you saw from the announcement we made in September and moving to the two business segments, we continue to look at the future of how the growth of both the IET segment and OFSE is going to take place. And in discussions with Rod and also how we are growing in the space of digital services, industrial and also climate technology solutions, it's not a 1-year journey. It's a multiple-year journey. And bringing in Ganesh was maybe sooner than anticipated, but we found a great talent that can help us drive the growth going forward, comes from an experienced background of having built digital solutions at an enterprise level, also knows well the climate technology solutions space.

是的，當然，戴夫。而且我認為，隨著我們繼續發展貝克休斯，正如您從我們 9 月份發布的公告中看到的那樣，轉向兩個業務部門，我們將繼續關注 IET 部門和 OFSE 的增長方式的未來發生。在與 Rod 的討論中，以及我們如何在數字服務、工業和氣候技術解決方案領域發展，這不是 1 年的旅程。這是一個多年的旅程。引入 Ganesh 的時間可能比預期的要早，但我們發現了一位可以幫助我們推動增長的優秀人才，他具有在企業層面構建數字解決方案的豐富經驗，也非常了解氣候技術解決方案領域。

And if we look at where the growth is in the second half of the decade, we said it's around the new energy and also the industrial asset management. So great candidate at the right time. And Rod is staying with us and helping with the transition and then he will be moving on. But very happy with the new structure. And as you look at the changes we've made overall, it's all with the contemplation of, again, how we're moving forward for the next 3 years, the plan that we laid out in September and achieving the 20% EBITDA across the two segments.

如果我們看看這十年下半年的增長點，我們說它圍繞新能源和工業資產管理。在正確的時間如此偉大的候選人。 Rod 會留在我們身邊幫助過渡，然後他會繼續前進。但對新結構非常滿意。當您查看我們總體上所做的更改時，再次考慮我們將如何在接下來的 3 年中前進，我們在 9 月份制定的計劃以及實現 20% 的 EBITDA兩個片段。

Our next question comes Marc Bianchi with Cowen.

我們的下一個問題來自 Marc Bianchi 和 Cowen。

I wanted to ask first about the guidance for first quarter in 2023. It seems to imply a steeper slope of improvement throughout the year than we typically see. I was curious if you could talk about your confidence in that progression and maybe how much traction we might see in the second quarter.

我想先問一下 2023 年第一季度的指導意見。這似乎意味著全年的改善斜率比我們通常看到的要陡峭。我很好奇你是否可以談談你對這一進展的信心，以及我們在第二季度可能會看到多少牽引力。

Yes, Marc. Look, the confidence is there. And I think what we've mentioned before is we've got a large equipment mix that flows through in the first quarter, and so that's obviously impacting the EBITDA rate. But as we go forward, we've got the backlog at hand, so the visibility is there. Also, if you look at our IPO on the gas tech services at $13.6 billion, we've got how that rolls out as well.

是的，馬克。看，信心就在那裡。而且我認為我們之前提到的是我們在第一季度流經了一個大型設備組合，因此這顯然影響了 EBITDA 率。但隨著我們前進，我們手頭有積壓工作，所以可見性就在那裡。此外，如果你看看我們在天然氣技術服務方面的 IPO，價值 136 億美元，我們也知道它是如何推出的。

So I actually think this is pretty normal, the way in which we are seeing the profile of the year just based on the way in which the equipment and the longer-cycle projects are converting. So we wanted to make sure that we gave that visibility but feel confident with the outlook for the year and then also the cost out that's going to be achieved with the $150 million transformation being annualized by the end of the year.

所以我實際上認為這是很正常的，我們看到年度概況的方式只是基於設備和較長周期項目的轉換方式。因此，我們希望確保我們提供了這種可見性，但對今年的前景充滿信心，然後對年底前每年 1.5 億美元的轉型將實現的成本支出充滿信心。

Okay. And then following up on the prior discussion around orders for '23. Nancy, I think I heard you say that you expected LNG orders to be down year-over-year, but the macro outlook that you guys have has in your doubling of LNG FID at the low end. So maybe you could just kind of talk to that a little bit, if you could.

好的。然後跟進之前關於 23 年訂單的討論。南希，我想我聽到你說你預計液化天然氣訂單將同比下降，但你們的宏觀前景在低端將液化天然氣 FID 翻倍。所以，如果可以的話，也許你可以稍微談一談。

Yes, maybe -- and again, it's an aspect of the lumpiness of the way some of the orders come through. I think as we go through this, again, the focus is on the total orders of the $10.5 billion and the $11.5 billion, and the elements within there will shift. I think, again, as you look at LNG from the FIDs and the MTPA that's going to be sanctioned, probably will be up versus 2022 and 2023.

是的，也許——再一次，這是一些訂單通過方式的一個方面。我認為，當我們再次討論這個問題時，重點將放在 105 億美元和 115 億美元的總訂單上，其中的要素將會發生變化。我認為，再一次，當你從 FID 和 MTPA 來看液化天然氣時，將要被制裁的時間可能會比 2022 年和 2023 年高。

Our next question comes from Connor Lynagh with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Connor Lynagh。

Sort of two related questions here, so I'll ask them at once. But basically, within the guidance for OFSE, you basically called out a couple of different swing factors that could affect the range or that are driving the range. I'm curious, on one hand, what are the big variables you're watching among the ones you called out? You call out pace of growth, you call out chemicals improvement, a few others. Could you just sort of specify for us what you think is the most important?

這裡有兩個相關的問題，所以我會馬上問他們。但基本上，在 OFSE 指南中，您基本上提出了幾個可能影響範圍或推動範圍的不同擺動因素。我很好奇，一方面，在你喊出的那些變量中，你正在觀察的大變量是什麼？你呼籲增長速度，你呼籲化學品改進，還有其他一些。您能否為我們具體說明您認為最重要的是什麼？

And then, I guess, just in terms of the pace of growth, do you feel that third-party service providers that you don't have control over, customer activities -- activity plans changing or maybe something else would be sort of the biggest risk to achieving that?

然後，我想，就增長速度而言，您是否覺得您無法控制的第三方服務提供商、客戶活動——活動計劃改變或其他可能是最大的實現這一目標的風險？

Yes, I can kind of walk you through some of the variables. So the midpoint of the range assumes that the OFS business sees growth within the market fundamentals we've talked about with NAM, D&C growing to high double digits, international growing mid-double digits and then adjusting for our portfolio, really high concentration of production-related business lines in North America, higher concentration in the Middle East and also the sale of OFS Russia. We assume SSPS generates strong double-digit revenue growth based on the backlog conversion.

是的，我可以帶您了解一些變量。因此，該範圍的中點假設 OFS 業務在我們與 NAM 討論的市場基本面內實現增長，D&C 增長至高兩位數，國際增長中兩位數，然後針對我們的投資組合進行調整，真正高度集中的生產- 北美相關業務線，中東集中度更高以及俄羅斯 OFS 的銷售。我們假設 SSPS 根據積壓轉換產生強勁的兩位數收入增長。

And then for margin rates, we assume 30-plus percentage incrementals as the chemical business continues to normalize, and we see some benefits from our cost-out efforts. The high point of that range assumes significantly stronger growth in North America driven by higher commodity prices and modestly stronger international growth. Also, SSPS backlog conversion remains the same as it's already locked in and then incremental margins in the high 30% range.

然後對於利潤率，我們假設隨著化工業務繼續正常化，增量將超過 30 個百分點，並且我們從我們的成本支出努力中看到了一些好處。該範圍的高點假設北美在商品價格上漲和國際增長適度強勁的推動下增長顯著強勁。此外，SSPS 積壓轉換保持不變，因為它已經鎖定，然後增量利潤率在 30% 的高範圍內。

So on the downside, I would say the low point assumes OFS North America revenue is essentially flat, and international growth goes to low double-digit growth, and then SSPS backlog conversion remains the same, and then also really weaker incremental margins in the low 30% range.

所以在不利方面，我會說低點假設 OFS 北美收入基本持平，國際增長達到兩位數的低增長，然後 SSPS 積壓訂單轉換保持不變，然後低端的增量利潤率也確實較弱30% 的範圍。

Understood. And then just in terms of where you see the largest potential bottlenecks, is that within Baker Hughes? Is that third-party service providers? Or is that just whether or not customers want to slow roll things based on the macro environment?

明白了。然後就您看到最大的潛在瓶頸而言，是在貝克休斯內部嗎？是第三方服務商嗎？或者僅僅是客戶是否希望根據宏觀環境放慢速度？

Yes. As you look at some of the external factors that we're monitoring, it really comes down to the supply chain associated with the IET. And as you look at it, we mentioned that forgings, castings and some of the disruption you've heard about in the aerospace supply chain, we're managing. We think we've got that in check, but we're obviously monitoring the component flow very closely. We are starting to see some improvement in the electronic chips, but monitoring that as well. So just something that we've got to keep focus on and be aware that we're not the only users of some of these components.

是的。當您查看我們正在監控的一些外部因素時，它實際上歸結為與 IET 相關的供應鏈。當你看到它時，我們提到了鍛件、鑄件和你在航空航天供應鏈中聽說過的一些中斷，我們正在管理。我們認為我們已經得到控制，但顯然我們正在非常密切地監控組件流。我們開始看到電子芯片的一些改進，但也在監控它。因此，我們必須繼續關注並意識到我們不是其中某些組件的唯一用戶。

All right. Well, look, thank you very much to everyone for taking the time to join our earnings call today. I look forward to speaking to you all soon and seeing some of you also in Florence in the next week. Operator, you may now close out the call.

好的。好吧，非常感謝大家抽出時間參加我們今天的財報電話會議。我期待很快與大家交談，並期待下週在佛羅倫薩見到你們中的一些人。接線員，您現在可以結束通話了。

Thank you. Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may all disconnect. Everyone, have a great day.

謝謝。女士們，先生們，感謝你們參加今天的會議。程序到此結束。你們都可以斷開連接。大家，祝你有美好的一天。