貝克休斯 (BKR) 2023 Q1 法說會逐字稿

Good day, ladies and gentlemen and welcome to the Baker Hughes Company First Quarter 2023 Earnings Call. (Operator Instructions) 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.

女士們先生們，美好的一天，歡迎來到貝克休斯公司 2023 年第一季度財報電話會議。 （操作員說明）作為提醒，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 First Quarter 2023 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. We will also be using a presentation with our prepared remarks during this webcast, which can also be found on our investor website.

謝謝。大家早上好，歡迎來到貝克休斯 2023 年第一季度收益電話會議。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 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。我們還將在本次網絡廣播中使用包含我們準備好的評論的演示文稿，也可以在我們的投資者網站上找到。

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. We were pleased with our first quarter results and remain optimistic on the outlook for 2023.

謝謝你，賈德。大家早上好，感謝您加入我們。我們對第一季度的業績感到滿意，並對 2023 年的前景保持樂觀。

As you can see on Slide 4, we maintained our strong order momentum in IET and SSPS. We also delivered solid operating results at the high end of our guidance in both business segments, booked almost $300 million of new energy orders and generated approximately $200 million of free cash flow.

正如您在幻燈片 4 中看到的那樣，我們在 IET 和 SSPS 中保持了強勁的訂單勢頭。我們還在兩個業務部門的指導高端交付了穩健的經營業績，預訂了近 3 億美元的新能源訂單，並產生了約 2 億美元的自由現金流。

Turning to Slide 5. While 2023 has already started off with some macro volatility, we remain optimistic on the outlook for energy services and Baker Hughes. Our diverse portfolio features long-cycle and short-cycle businesses that position us well to navigate any periods of variability that may occur across the energy sector.

轉到幻燈片 5。雖然 2023 年已經開始出現一些宏觀波動，但我們對能源服務和貝克休斯的前景仍然持樂觀態度。我們多樣化的投資組合以長周期和短週期業務為特色，使我們能夠很好地應對能源行業可能出現的任何變化時期。

Despite the elevated recession risk for major developed economies, we expect the supply-demand balance in the global oil markets to gradually tighten over the course of the year. Factors driving this include China's economy recovering, non-OECD demand continuing to grow and OPEC+ remaining proactive in maintaining adequate and stable oil price levels. We expect this macro backdrop to still support a double-digit increase in global upstream spending in 2023 with multiple international projects being executed and the offshore development pipeline growing.

儘管主要發達經濟體的衰退風險升高，但我們預計全球石油市場的供需平衡將在今年逐漸收緊。推動這一趨勢的因素包括中國經濟復甦、非經合組織需求持續增長以及歐佩克+繼續積極維持適當和穩定的油價水平。我們預計這一宏觀背景仍將支持 2023 年全球上游支出實現兩位數增長，多個國際項目正在執行，離岸開發管道也在增加。

We continue to believe that the current environment remains unique with a spending cycle that is more durable and less sensitive to commodity price swings relative to prior cycles. Factors driving this extended cycle include financially stronger operator balance sheets, disciplined capital spending focused on returns versus growth and IOCs and NOCs that are balancing modest production growth with longer-term investments in new energy.

我們仍然相信，當前的環境仍然是獨一無二的，與之前的周期相比，支出週期更持久，對商品價格波動的敏感度更低。推動這一延長周期的因素包括財務狀況更佳的運營商資產負債表、專注於回報與增長的有紀律的資本支出，以及在適度生產增長與新能源長期投資之間取得平衡的國際石油公司和國家石油公司。

Another notable characteristic of this cycle is the continued shift towards the development of natural gas and LNG. As the world increasingly recognizes the crucial role natural gas will play in the energy transition, serving as both a transition and destination fuel, the case for a multi-decade growth opportunity in gas is steadily improving. This is driving operators of all sizes to dedicate more spending towards natural gas development as well as LNG projects and associated infrastructure. We are seeing the early stages of this shift through a step-up in the exploration and development of gas reserves in regions like Africa, the Middle East and the Eastern Mediterranean. We are also seeing the introduction of new technologies and entrants into the LNG sector more broadly, as well as an evolution in contracting structures for LNG offtake volumes.

這個週期的另一個顯著特徵是繼續轉向天然氣和液化天然氣的發展。隨著世界越來越認識到天然氣將在能源轉型中發揮的關鍵作用，即作為過渡燃料和目標燃料，天然氣在未來幾十年的增長機會正在穩步增加。這促使各種規模的運營商將更多支出用於天然氣開發以及液化天然氣項目和相關基礎設施。通過在非洲、中東和東地中海等地區加強天然氣儲量的勘探和開發，我們看到了這種轉變的早期階段。我們還看到新技術和進入者更廣泛地進入液化天然氣行業，以及液化天然氣承購量承包結構的演變。

For these reasons, LNG project sanctioning activity has gotten off to a strong start in 2023 with 20 MTPA already reaching FID and other projects likely to soon follow. Contrary to conventional wisdom, we believe that recent declines in global LNG prices from the unsustainably high levels reached last year is a net positive for the sector by supporting demand growth in key developing markets and bringing closer alignment on LNG pricing expectations between buyers and sellers.

由於這些原因，液化天然氣項目的批准活動在 2023 年有了一個良好的開端，20 MTPA 已經達到 FID，其他項目可能很快就會跟進。與傳統觀點相反，我們認為，近期全球液化天然氣價格從去年達到的不可持續的高位回落，通過支持主要發展中市場的需求增長並使買賣雙方對液化天然氣定價預期更加一致，對該行業來說是一個淨積極因素。

Based on conversations with existing and new customers, we see the potential for this LNG cycle to extend for several years with a pipeline of new international opportunities expanding project visibility out to 2026 and beyond. We remain confident that we will see 65 to 115 MTPA of LNG projects reach FID in 2023 and continue to see solid project activity in 2024 and 2025.

根據與現有客戶和新客戶的對話，我們認為這一液化天然氣週期有可能延長數年，並通過一系列新的國際機會將項目的知名度擴大到 2026 年及以後。我們仍然相信，我們將在 2023 年看到 65 到 115 MTPA 的液化天然氣項目達到 FID，並在 2024 年和 2025 年繼續看到穩固的項目活動。

In addition to capitalizing on the commercial opportunities presented by this favorable macro backdrop, our primary focus for Baker Hughes in 2023 is transforming the company operationally and positioning it for the future of the energy markets. This includes executing on our previously stated cost out initiatives, which Nancy will talk about in more detail. And reshaping the company into 2 strategically managed business segments with a leaner corporate function.

除了利用這一有利的宏觀背景帶來的商業機會外，我們在 2023 年對貝克休斯的主要關注點是對公司進行運營轉型，並針對能源市場的未來進行定位。這包括執行我們之前提出的成本削減計劃，Nancy 將更詳細地討論這些計劃。並將公司重塑為 2 個具有更精簡公司職能的戰略管理業務部門。

We have done a lot of work evaluating our entire organization these last few months. And the changes we are driving will enable faster decision-making and allow us to operate as a leaner, more simplified organization. It will take time to reach our ultimate goals but I strongly believe that the work we are undertaking this year will lay the foundation for consistently better operating results and higher returns in the future.

在過去的幾個月裡，我們做了很多工作來評估我們的整個組織。我們正在推動的變革將使決策制定更快，並使我們能夠作為一個更精簡、更簡化的組織運營。實現我們的最終目標需要時間，但我堅信，我們今年開展的工作將為未來不斷取得更好的經營業績和更高的回報奠定基礎。

Turning to Slide 6. I will provide an update on each of our business segments. In Oilfield Services and Equipment, despite recent volatility in oil and gas prices, we remain positive on the outlook for a multiyear cycle, with growth trends clearly shifting in favor of international and offshore markets. With approximately 70 of our OFSE business internationally focused, we are well positioned to capitalize on these unfolding market dynamics. Geographically, multiple regions are poised for strong growth this year, led by the Middle East and Latin America, where the pipeline for both shallow water and deepwater growth opportunities are becoming more visible. In other markets like West Africa and the Eastern Mediterranean, offshore activity is also improving with multiyear drilling programs starting to come into focus.

轉到幻燈片 6。我將提供我們每個業務部門的最新情況。在油田服務和設備方面，儘管近期石油和天然氣價格出現波動，但我們對多年周期的前景仍然持樂觀態度，增長趨勢明顯轉向有利於國際和離岸市場。我們約有 70 家 OFSE 業務專注於國際業務，我們已做好充分準備利用這些不斷發展的市場動態。從地域上看，今年多個地區有望實現強勁增長，其中以中東和拉丁美洲為首，淺水和深水增長機會的管道正變得越來越明顯。在西非和東地中海等其他市場，隨著多年鑽井計劃開始成為人們關注的焦點，海上活動也在改善。

In North America, activity has been seasonally weaker to start the year as expected with a high likelihood of further softness as activity in gas basins responds to recent natural gas price weakness. However, with roughly 55% of our North American business comprised of artificial lift and production chemicals and a customer mix weighted towards the majors and large independents, we expect our portfolio to perform relatively well in the current environment.

在北美，正如預期的那樣，年初的活動季節性減弱，隨著天然氣盆地活動對近期天然氣價格疲軟做出反應，進一步疲軟的可能性很大。然而，由於我們大約 55% 的北美業務由人工舉升和生產化學品組成，並且客戶組合偏重於大型和大型獨立企業，我們預計我們的投資組合在當前環境下表現相對較好。

Within our OFSE product lines, we continue to see the strongest growth and performance in our Well Construction product line, which is supported by the leading technologies in our drilling portfolio. Our Completions, Intervention & Measurement product line also continues to perform well and will be further improved by the recently closed acquisition of Altus Intervention. Altus will complement our existing intervention solutions business and add new technology that can be scaled into new geographic markets.

在我們的 OFSE 產品線中，我們繼續看到 Well Construction 產品線的最強勁增長和性能，這得到了我們鑽井產品組合中領先技術的支持。我們的完井、干預和測量產品線也繼續表現良好，並將通過最近完成的對 Altus Intervention 的收購得到進一步改善。 Altus 將補充我們現有的干預解決方案業務，並添加可擴展到新地理市場的新技術。

In Production Solutions, we continue to see incremental improvements in our chemicals business as supply chain constraints ease and profitability continues to normalize. Our Singapore facility will soon be fully operational and we remain on track for margins in the Chemicals business to return to historical levels by the end of this year.

在生產解決方案方面，隨著供應鏈限制的緩解和盈利能力的持續正常化，我們的化學品業務不斷取得進步。我們的新加坡工廠將很快全面投入運營，我們仍有望在今年年底前將化學品業務的利潤率恢復到歷史水平。

Another positive development for our Production Solutions business is the recent announcement of Leucipa, which is a platform-agnostic digital solution. This software enables the automation of field production, connecting artificial lift, fluids and chemicals and removing unnecessary costs and manual processes which will ultimately drive enhanced production. We also recently announced a collaboration with Corva, a third-party digital solution that improves well construction efficiency, further enhancing OFSE's digital capabilities.

我們生產解決方案業務的另一個積極發展是最近發布的 Leucipa，這是一種平台不可知的數字解決方案。該軟件可實現現場生產的自動化，連接人工舉升、流體和化學品，並消除不必要的成本和手動流程，最終將提高產量。我們最近還宣布與第三方數字解決方案 Corva 合作，提高建井效率，進一步增強 OFSE 的數字能力。

In our Subsea & Surface Pressure Systems product line, the demand outlook continues to strengthen. During the first quarter, we booked a major award to provide equipment and services for the Agogo field, offshore Angola. We will be providing 23 subsea trees and 11 Aptara manifolds, representing our largest subsea tree order in almost 5 years. As we reposition the Subsea Projects and Services business, to focus predominantly on a few key markets, we see a robust pipeline of opportunities building and anticipate further order momentum for this year and beyond.

在我們的海底和地面壓力系統產品線中，需求前景繼續增強。在第一季度，我們獲得了一項重大合同，為安哥拉近海的 Agogo 油田提供設備和服務。我們將提供 23 個海底採油樹和 11 個 Aptara 歧管，這是我們近 5 年來最大的海底採油樹訂單。當我們重新定位海底項目和服務業務以主要關注幾個關鍵市場時，我們看到了一個強大的機會管道建設，並預計今年及以後的訂單勢頭會進一步增強。

For our flexible business within SSPS, we expect orders to remain strong in 2023 after a record year in 2022. Given robust demand, conversion cycles are lengthening in the business with limited excess capacity until 2025. On the operational front, the integration of SSPS into our OFSE segment and restructuring of the business continues to progress well. In line with the capacity rationalization for SSPS that we disclosed last quarter, we are in the process of decommissioning and rightsizing multiple manufacturing sites.

對於我們在 SSPS 中的靈活業務，我們預計在 2022 年創紀錄的一年之後，訂單將在 2023 年保持強勁。鑑於強勁的需求，轉換週期正在延長，直到 2025 年產能過剩有限。在運營方面，將 SSPS 整合到我們的 OFSE 部門和業務重組繼續進展順利。根據我們上個季度披露的 SSPS 產能合理化，我們正在對多個生產基地進行停產和調整。

Our focus is now shifting to the surface pressure control business, where we see similar opportunities to rightsize capacity, integrate supply chain and engineering and localizing key growth markets, particularly the Middle East. As a reminder, these steps are in addition to the cost savings gains from removing management layers and will largely come into effect in 2024.

我們的重點現在轉移到表面壓力控制業務，我們看到類似的機會來調整產能、整合供應鍊和工程以及本地化關鍵增長市場，尤其是中東。提醒一下，這些步驟是對移除管理層帶來的成本節約收益的補充，並將在 2024 年基本生效。

For 2023, we continue to expect OFSE to deliver double-digit revenue growth and for EBITDA margins to expand by 150 to 200 basis points as activity increases in multiple regions and self-help initiatives in key areas are executed.

到 2023 年，我們繼續預計 OFSE 將實現兩位數的收入增長，並且 EBITDA 利潤率將擴大 150 至 200 個基點，因為多個地區的活動增加並且關鍵領域的自助計劃得到執行。

Moving to IET. We saw another excellent quarter commercially, continuing on the strong momentum from the end of 2022. Gas tech equipment booked a number of LNG awards in the quarter, totaling almost $1.4 billion with continued progress across our world-class franchise. The recent decline in LNG prices have had virtually no impact on our discussions in terms of timing or the pipeline of opportunities. With project cycle times that can last 8 to 10 years from the initial planning phase to final commissioning, operators take a long-term view for LNG project development and look through near-term commodity price fluctuations.

轉到 IET。我們看到了另一個出色的商業季度，從 2022 年底開始繼續保持強勁勢頭。天然氣技術設備在本季度獲得了多項液化天然氣獎項，總計近 14 億美元，我們的世界級特許經營權不斷取得進展。最近液化天然氣價格的下跌對我們在時機或機會管道方面的討論幾乎沒有影響。從最初的規劃階段到最終調試的項目週期可能持續 8 到 10 年，運營商對 LNG 項目開發採取長遠眼光，並著眼於近期的商品價格波動。

During the first quarter, we were pleased to be awarded a major order to supply 2 main refrigerant compressors for the North Field South project, which will be executed by Qatargas. The MRCs are part of 2 LNG mega trains, representing 16 MTPA of additional capacity that is estimated to further boost Qatar's LNG's production capacity to 126 MTPA by 2027. Also during the quarter, Baker Hughes was awarded an order by Bechtel to supply 2 MRCs for Sempra Port Arthur's LNG Phase 1 project in Jefferson County, Texas. Baker Hughes will supply gas turbine and centrifugal compressors across 2 LNG trains for a nameplate capacity of approximately 13 MTPA, as well as 2 electric motor-driven compressors for the plant's boosting services.

在第一季度，我們很高興獲得一份大訂單，為 Qatargas 執行的 North Field South 項目供應 2 台主要製冷劑壓縮機。 MRC 是 2 條 LNG 大型列車的一部分，代表 16 MTPA 的額外產能，估計到 2027 年將進一步將卡塔爾的 LNG 產能提高到 126 MTPA。同樣在本季度，貝克休斯獲得柏克德公司的訂單，為其供應 2 條 MRC Sempra Port Arthur 位於德克薩斯州杰斐遜縣的液化天然氣一期項目。貝克休斯將為 2 條液化天然氣生產線提供燃氣輪機和離心式壓縮機，銘牌容量約為 13 MTPA，並為工廠的增壓服務提供 2 台電動機驅動的壓縮機。

Baker Hughes was also awarded an order by Black & Veatch to deliver 2 LM9000 driven compressor trains for the Petronas ZLNG facility in Sabah, Malaysia. Petronas specifically selected the LM9000 gas turbine technology for the 2 MTPA FLNG facility to reduce complexity, maximize efficiency and minimize footprint, while lowering CO2 emissions compared to other technologies in its class.

貝克休斯還獲得了 Black & Veatch 的訂單，為位於馬來西亞沙巴的 Petronas ZLNG 設施提供 2 台 LM9000 驅動壓縮機組。馬來西亞國家石油公司專門為 2 MTPA FLNG 設施選擇了 LM9000 燃氣輪機技術，以降低複雜性、最大限度地提高效率並最大限度地減少佔地面積，同時與同類其他技術相比降低二氧化碳排放量。

On the new energy front, we booked almost $250 million of orders in the quarter in IET, including contracts to supply CO2 compression solutions for multiple FPSO projects in Brazil. The 6 gas turbine-driven compression trains will each reinject more than 1 MTPA of CO2 into oil reservoirs, enhancing production rates and reducing emissions. We were also pleased to book an order for centrifugal pumps and hydraulic powered recovery turbines for Air Products blue hydrogen project in Edmonton, to enable CO2 capture during the Autothermal Reforming process. This award is another example of how Baker Hughes and Air Products continue to collaborate to drive the hydrogen economy forward.

在新能源方面，本季度我們在 IET 預訂了近 2.5 億美元的訂單，包括為巴西多個 FPSO 項目提供二氧化碳壓縮解決方案的合同。 6 台燃氣輪機驅動的壓縮機組將分別向油藏中註入超過 1 MTPA 的二氧化碳，從而提高生產率並減少排放。我們還很高興為埃德蒙頓的空氣產品公司藍氫項目訂購離心泵和液壓動力回收渦輪機，以在自熱重整過程中捕獲二氧化碳。該獎項是貝克休斯和空氣產品公司如何繼續合作推動氫經濟向前發展的又一例證。

During the quarter, we also announced an agreement with HIF Global, the world's leading e-fuels company, to cooperate on the development of technology for direct air capture. HIF Global intends to test Bakers Hughes' Mosaic technology to capture carbon dioxide through direct air capture and combine it with the green hydrogen to produce e-fuels.

本季度，我們還宣布與世界領先的電子燃料公司 HIF Global 達成協議，合作開發直接空氣捕獲技術。 HIF Global 打算測試 Bakers Hughes 的 Mosaic 技術，通過直接空氣捕獲來捕獲二氧化碳並將其與綠色氫結合以生產電子燃料。

Orders in the Industrial Technology businesses maintained strong momentum to start 2023 with double-digit growth year-over-year across all product lines, led by some of the hydrogen-related awards in pumps, valves and gears. In our Condition Monitoring business, we saw notable awards in the Middle East and in Europe, which featured the full suite of our capabilities in monitoring, sensing and asset health across multiple sectors.

工業技術業務的訂單保持強勁勢頭，從 2023 年開始，所有產品線都實現了兩位數的同比增長，其中泵、閥門和齒輪領域的一些與氫氣相關的訂單領漲。在我們的狀態監測業務中，我們在中東和歐洲獲得了顯著的獎項，這些獎項體現了我們在多個領域的監測、傳感和資產健康方面的全套能力。

On the operational side, Industrial tech also continues to benefit from volume and margin improvements in condition monitoring and inspection as chip shortages and supply chain issues gradually abate. Although supply chain functionality and operational performance is still not back to where we would like, we are seeing steady progress that we expect to continue over the course of the year.

在運營方面，隨著芯片短缺和供應鏈問題逐漸緩解，工業技術也繼續受益於狀態監測和檢查的數量和利潤率的提高。儘管供應鏈功能和運營績效仍未恢復到我們希望的水平，但我們看到穩步進展，預計這一年將繼續。

In IET Digital, Cordant, our recently launched integrated suite of solutions, is seeing some initial success. We are pleased to be collaborating with BP on further defining and developing Cordant for asset performance management and process optimization. BP will deploy OnePM in select locations across its Gulf of Mexico production assets, where Baker Hughes currently has a large installed base of rotating equipment, controls and associated digital services. The companies will look for opportunities to expand this collaboration across other regions in the future.

在 IET Digital，我們最近推出的集成解決方案套件 Cordant 取得了初步成功。我們很高興與 BP 合作，進一步定義和開髮用於資產績效管理和流程優化的 Cordant。 BP 將在其墨西哥灣生產資產的選定地點部署 OnePM，貝克休斯目前在這些地點擁有大量旋轉設備、控制裝置和相關數字服務。未來，兩家公司將尋找機會在其他地區擴大這種合作。

Overall, we are pleased to see strong momentum for IET continue into 2023, with a record backlog of $26.5 billion and a robust pipeline of new order opportunities in LNG, onshore/offshore production and new energy. Based on our strong first quarter and the growing pipeline of project opportunities, we are increasingly confident that IET orders for 2023 are likely to meet or potentially exceed the high end of our guidance range of $10.5 billion to $11.5 billion.

總體而言，我們很高興看到 IET 的強勁勢頭持續到 2023 年，積壓訂單達到創紀錄的 265 億美元，並且液化天然氣、陸上/海上生產和新能源領域的新訂單機會源源不斷。基於我們強勁的第一季度和不斷增加的項目機會，我們越來越相信 2023 年的 IET 訂單很可能達到或可能超過我們 105 億美元至 115 億美元的指導範圍的高端。

Before I turn the call over to Nancy, I'd like to spend some time on the commitments Baker Hughes is making in the areas of sustainability and ESG. As many of you know, we are one of the first companies in the energy sector to commit to a 50% reduction in Scope 1 and Scope 2 emissions by 2030 and to be at net zero by 2050. To help achieve these goals, we are empowering Baker Hughes employees to remove carbon from our products and operations as we better integrate our Carbon Out program.

在我把電話轉給南希之前，我想花一些時間談談貝克休斯在可持續發展和 ESG 領域所做的承諾。眾所周知，我們是能源行業首批承諾到 2030 年將範圍 1 和範圍 2 排放量減少 50% 並到 2050 年實現淨零排放的公司之一。為了幫助實現這些目標，我們隨著我們更好地整合 Carbon Out 計劃，Baker Hughes 員工能夠從我們的產品和運營中去除碳。

We are also intently focused on developing our own Scope 3 emissions reduction road map and expect to have more news to share on this area later this year. Overall, I feel confident in the structural changes we are executing at Baker Hughes and are positioning to capitalize on the multiyear upstream spending cycle, the ongoing wave of LNG investments and the acceleration in new energy opportunities.

我們還專注於製定我們自己的範圍 3 減排路線圖，並希望在今年晚些時候分享更多關於該領域的新聞。總的來說，我對我們在貝克休斯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、持續的液化天然氣投資浪潮和新能源機會的加速發展。

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 8 with an overview of total company results and then move into the segment details and our forward outlook.

謝謝，洛倫佐。我將從幻燈片 8 開始，概述公司的總體業績，然後進入細分市場的詳細信息和我們的前瞻性展望。

Total company orders for the quarter were $7.6 billion. Year-over-year, orders were up 12%, driven by an increase in OFSE, partially offset by a slight decline in IET. Sequentially, orders were down 5%, driven by Industrial & Energy Technology, partially offset by an increase in Oilfield Services & Equipment. We are again extremely pleased with the orders performance in the quarter as we maintained strong momentum across both segments.

本季度公司訂單總額為 76 億美元。在 OFSE 增加的推動下，訂單同比增長 12%，部分被 IET 的小幅下降所抵消。在工業和能源技術的推動下，訂單環比下降 5%，部分被油田服務和設備的增長所抵消。我們再次對本季度的訂單表現感到非常滿意，因為我們在這兩個領域都保持了強勁的勢頭。

Remaining performance obligation was $29.6 billion, up 7% sequentially. OFSE RPO ended at $3.1 billion, up 20% sequentially, while IET RPO ended at $26.5 billion, up 5% sequentially. Our total company book-to-bill ratio in the quarter was 1.3. IET book-to-bill was 1.7.

剩餘履約義務為 296 億美元，環比增長 7%。 OFSE RPO 收於 31 億美元，環比增長 20%，而 IET RPO 收於 265 億美元，環比增長 5%。本季度我們公司的總訂單出貨比為 1.3。 IET 訂單出貨比為 1.7。

Revenue for the quarter was $5.7 billion, down 3% sequentially and up 18% year-over-year, driven by increases in both segments. Operating income for the quarter was $438 million. Adjusted operating income was $512 million, which excludes $74 million of restructuring and other charges. Adjusted operating income was down 26% sequentially and up 47% year-over-year.

本季度收入為 57 億美元，環比下降 3%，同比增長 18%，這主要受兩個部門增長的推動。本季度營業收入為 4.38 億美元。調整後營業收入為 5.12 億美元，其中不包括 7400 萬美元的重組和其他費用。調整後營業收入環比下降 26%，同比增長 47%。

Adjusted EBITDA in the quarter was $782 million, down 17% sequentially and up 25% year-over-year. Our adjusted EBITDA rate for the quarter was 13.7%, down 240 basis points sequentially and up 80 basis points year-over-year.

本季度調整後的 EBITDA 為 7.82 億美元，環比下降 17%，同比增長 25%。我們本季度調整後的 EBITDA 率為 13.7%，環比下降 240 個基點，同比上升 80 個基點。

Corporate costs were $100 million in the quarter. For the second quarter, we expect corporate costs to be roughly flat compared to first quarter levels. Depreciation and amortization expense was $269 million in the quarter, driven by the closing of multiple acquisitions in the fourth quarter of 2022. For the second quarter, we expect D&A to be around $280 million, with the increase driven by the acquisition of Altus Intervention.

本季度企業成本為 1 億美元。對於第二季度，我們預計企業成本與第一季度水平相比大致持平。本季度的折舊和攤銷費用為 2.69 億美元，這是受 2022 年第四季度完成多項收購的推動。對於第二季度，我們預計 D&A 約為 2.8 億美元，這是在收購 Altus Intervention 的推動下增加的。

Net interest expense was $64 million. Income tax expense in the quarter was $179 million. GAAP earnings per share was $0.57. Included in GAAP earnings per share were $392 million in gains from the change in fair value of certain equity investments, all of which are recorded in other nonoperating income. Adjusted earnings per share were $0.28.

淨利息支出為 6400 萬美元。本季度的所得稅費用為 1.79 億美元。 GAAP 每股收益為 0.57 美元。計入 GAAP 每股收益的是 3.92 億美元的某些股權投資的公允價值變動收益，所有這些收益都記錄在其他非營業收入中。調整後每股收益為 0.28 美元。

Turning to Slide 9. 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 $197 million, down sequentially, driven by lower adjusted EBITDA. Year-over-year, our free cash flow is up $302 million. For the second quarter, we expect free cash flow to improve sequentially, primarily driven by higher earnings and stronger collections. We continue to expect free cash flow conversion from adjusted EBITDA to be in the low to mid-40% range for the year and anticipate the majority of our free cash flow to be generated over the second half of the year.

轉到幻燈片 9。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。由於調整後的 EBITDA 較低，我們在本季度產生了 1.97 億美元的自由現金流，環比下降。與去年同期相比，我們的自由現金流增加了 3.02 億美元。對於第二季度，我們預計自由現金流將環比改善，這主要是受更高收益和更強勁收款的推動。我們繼續預計今年調整後的 EBITDA 的自由現金流轉換將在 40% 的低至中等範圍內，並預計我們的大部分自由現金流將在今年下半年產生。

Turning to Slide 10 and capital allocation. We maintained a quarterly dividend of $0.19 per share and we did not repurchase any stock during the first quarter. Despite slowing down our buyback pace from last year, as we closed and began integrating multiple small acquisitions, we remain committed to returning 60% to 80% of our free cash flow back to shareholders with a priority of increasing our regular dividend over time.

轉向幻燈片 10 和資本配置。我們維持每股 0.19 美元的季度股息，第一季度我們沒有回購任何股票。儘管我們的回購步伐從去年開始放緩，但隨著我們結束並開始整合多個小型收購，我們仍然致力於將 60% 至 80% 的自由現金流返還給股東，並優先考慮隨著時間的推移增加我們的定期股息。

Turning to Slide 11. As Lorenzo mentioned, we continue to make progress with our $150 million cost out targets and expect all actions necessary to achieve these savings to be completed by the end of the second quarter. The majority of these savings will come from direct structural cost reductions as we consolidate the former 4 product companies into 2 business segments. These actions drive a smaller executive leadership function, the removal of duplicative spending and an overall leaner corporate structure.

轉到幻燈片 11。正如 Lorenzo 提到的，我們繼續在 1.5 億美元的成本削減目標方面取得進展，並期望在第二季度末完成實現這些節省的所有必要行動。這些節省的大部分將來自直接的結構性成本削減，因為我們將前 4 家產品公司合併為 2 個業務部門。這些行動推動了更小的行政領導職能、消除重複支出和整體更精簡的公司結構。

During the first quarter, we benefited from approximately $15 million of cost outs related to the consolidation into 2 business segments. The balance of the identified savings will come from additional headcount reductions and more efficient cost measures related to the streamlining of multiple support and corporate functions across the organization. We expect to realize the full benefit of these initiatives by the end of the year.

在第一季度，我們受益於與合併為 2 個業務部門相關的大約 1500 萬美元的成本支出。已確定節省的餘額將來自額外的裁員和與精簡整個組織的多個支持和公司職能相關的更有效的成本措施。我們希望在今年年底之前實現這些舉措的全部好處。

Based on progress to date in the areas of opportunity that we have found, we have good line of sight to exceeding our initial $150 million target. Working through this process, we have identified additional areas to remove excess layers, decentralize key functions and standardize key operating processes that will result in significant additional cost savings. Although we have not yet quantified the additional cost out savings, we plan to have all the work completed on any additional restructuring by the end of the second quarter and to realize the full cost out benefit by the end of the year.

根據迄今為止在我們發現的機會領域取得的進展，我們很有希望超過我們最初的 1.5 億美元目標。通過這個過程，我們已經確定了額外的領域來消除多餘的層級，分散關鍵功能並標準化關鍵操作流程，這將導致顯著的額外成本節約。雖然我們還沒有量化額外的成本節約，但我們計劃在第二季度末完成任何額外重組的所有工作，並在年底前實現全部成本效益。

Now I will walk you through the business segment results in more detail and give you our thoughts on the outlook going forward. Starting with Oilfield Services & Equipment on Slide 12. Orders in the quarter were $4.1 billion, up 10% sequentially and up 25% year-over-year. SSPS orders were $1.2 billion, up 60% year-over-year, driven by an increase in subsea tree awards across multiple regions. Most notably, we received a large subsea equipment order from Eni for Agogo Phase 3 and an SPC order in the Middle East.

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 41 億美元，環比增長 10%，同比增長 25%。 SSPS 訂單為 12 億美元，同比增長 60%，這得益於多個地區海底樹木獎勵的增加。最值得注意的是，我們收到了來自 Eni 的 Agogo Phase 3 的大型海底設備訂單和中東的 SPC 訂單。

OFSE revenue in the quarter was $3.6 billion, flat sequentially and up 19% year-over-year. On a sequential basis, the seasonal decline in the traditional oilfield services businesses was offset by an increase in SSPS revenue, driven by the timing of backlog conversion. International revenue was up 1% sequentially, driven by Latin America, up 10%, and Europe, CIS, SSA, up 1%, offset by Middle East, Asia, down 2%. North America revenue decreased 4%. Excluding SSPS, International revenue was down 3% sequentially and North America revenue was down 1%.

本季度 OFSE 收入為 36 億美元，環比持平，同比增長 19%。在連續的基礎上，傳統油田服務業務的季節性下降被 SSPS 收入的增加所抵消，這是由積壓轉換的時間推動的。國際收入環比增長 1%，拉美增長 10%，歐洲、獨聯體、SSA 增長 1%，被中東、亞洲下降 2% 所抵消。北美收入下降 4%。不包括 SSPS，國際收入環比下降 3%，北美收入下降 1%。

OFSE operating income in the quarter was $371 million, down 11% sequentially and up 75% year-over-year. Operating income rate was 10.4%, down 120 basis points sequentially and up 330 basis points on a year-over-year basis. OFSE EBITDA in the quarter was $579 million, down 6% sequentially and up 33% year-over-year. EBITDA margin rate was 16.2%, with margins decreasing 100 basis points sequentially, primarily due to seasonality in the services business, lower cost productivity and a higher mix of SSPS revenue converting during the quarter. Year-over-year EBITDA margins were up 180 basis points.

本季度 OFSE 營業收入為 3.71 億美元，環比下降 11%，同比增長 75%。營業利潤率為 10.4%，環比下降 120 個基點，同比上升 330 個基點。 OFSE 本季度的 EBITDA 為 5.79 億美元，環比下降 6%，同比增長 33%。 EBITDA 利潤率為 16.2%，利潤率環比下降 100 個基點，這主要是由於服務業務的季節性、較低的成本生產率以及本季度更高的 SSPS 收入轉換組合。 EBITDA 利潤率同比增長 180 個基點。

If we move to Slide 13, IET orders were $3.5 billion, down 18% sequentially and down 1% on a year-over-year basis. Gas Technology equipment orders in the quarter were down 9% year-over-year. Major awards during the quarter included equipment for Qatar's North Field South LNG expansion and Sempra's Port Arthur LNG Phase 1 project as well as compression equipment for CO2 reinjection for multiple FPSOs in Brazil. Gas Technology Services orders in the quarter were up 5% year-over-year, driven by strong upgrades and transactional services.

如果我們轉到幻燈片 13，IET 訂單為 35 億美元，環比下降 18%，同比下降 1%。本季度天然氣技術設備訂單同比下降 9%。本季度的主要合同包括卡塔爾 North Field South LNG 擴建和 Sempra 亞瑟港 LNG 一期項目的設備，以及巴西多個 FPSO 的 CO2 再注入壓縮設備。在強勁的升級和交易服務的推動下，本季度天然氣技術服務訂單同比增長 5%。

Industrial Technology orders were up 16% year-over-year with all subsegments delivering double-digit orders growth. RPO for IET ended at $26.5 billion, up 5% sequentially. Within IET RPO, gas tech equipment RPO was $10.5 billion and gas tech services RPO was $13.6 billion.

工業技術訂單同比增長 16%，所有子領域的訂單均實現兩位數增長。 IET 的 RPO 收於 265 億美元，環比增長 5%。在 IET RPO 中，天然氣技術設備 RPO 為 105 億美元，天然氣技術服務 RPO 為 136 億美元。

Turning to Slide 14. Revenue for the quarter was $2.1 billion, up 18% versus the prior year. Gas tech equipment revenue was up 52% year-over-year, driven by the execution of project backlogs. Gas tech services revenue was up 2% year-over-year, driven by transactional services, offset by the discontinuation of our Russia operations.

轉到幻燈片 14。本季度的收入為 21 億美元，比去年同期增長 18%。受積壓項目執行的推動，天然氣技術設備收入同比增長 52%。在交易服務的推動下，天然氣技術服務收入同比增長 2%，但被俄羅斯業務的終止所抵消。

Industrial Technology revenue was up 4% year-over-year. Inspection and condition monitoring revenue was up year-over-year, while PVG, PSI and Nexus Controls were down year-over-year. Operating income for IET was $241 million, flat year-over-year. Operating margin rate was 11.3%, down 200 basis points year-over-year. IET EBITDA was $297 million, up 2% year-over-year. EBITDA margin was 13.9%, down 210 basis points year-over-year. Higher volume was offset by higher equipment mix and higher R&D spending related to new energy investments.

工業技術收入同比增長 4%。檢查和狀態監測收入同比增長，而 PVG、PSI 和 Nexus Controls 同比下降。 IET 的營業收入為 2.41 億美元，同比持平。營業利潤率為 11.3%，同比下降 200 個基點。 IET EBITDA 為 2.97 億美元，同比增長 2%。 EBITDA 利潤率為 13.9%，同比下降 210 個基點。更高的銷量被更高的設備組合和與新能源投資相關的更高研發支出所抵消。

Turning to Slide 15. I'd like to update you on our outlook for the 2 business segments. Overall, we remain optimistic on the outlook for both OFSE and IET with solid growth tailwinds across each business as well as continued operational enhancements to help drive backlog execution and margin improvement. For Baker Hughes, we expect second quarter revenue to be between $6.1 billion and $6.5 billion and adjusted EBITDA between $845 million and $905 million.

轉到幻燈片 15。我想向您更新我們對這兩個業務部門的展望。總體而言，我們對 OFSE 和 IET 的前景保持樂觀，每項業務都有穩健的增長動力以及持續的運營改進，以幫助推動積壓執行和利潤率提高。對於貝克休斯，我們預計第二季度收入將在 61 億美元至 65 億美元之間，調整後的 EBITDA 將在 8.45 億美元至 9.05 億美元之間。

For the full year, our guidance remains unchanged. However, with the strong performance in the first quarter and positive outlook for the second quarter, we now believe that adjusted EBITDA is trending between the midpoint and the upper end of the guidance range of $3.6 billion to $3.8 billion.

對於全年，我們的指引保持不變。然而，鑑於第一季度的強勁表現和第二季度的積極前景，我們現在認為調整後的 EBITDA 正處於 36 億美元至 38 億美元指導範圍的中點和上限之間。

For OFSE, we expect second quarter results to reflect growth in international markets and softness in North America but still see sequential improvements on both revenue and EBITDA. We expect second quarter revenue for OFSE between $3.65 billion and $3.85 billion and EBITDA between $590 million and $650 million. For the full year 2023, we remain positive on the outlook for OFSE. International activity is tracking in line with our expectations but we now expect North America D&C spending to increase in the low double digits in 2023, which is lower than the mid- to high double-digit growth expectation that we communicated in January.

對於 OFSE，我們預計第二季度業績將反映國際市場的增長和北美市場的疲軟，但仍會看到收入和 EBITDA 的連續改善。我們預計 OFSE 第二季度收入在 36.5 億美元至 38.5 億美元之間，EBITDA 在 5.9 億美元至 6.5 億美元之間。對於 2023 年全年，我們對 OFSE 的前景保持樂觀。國際活動符合我們的預期，但我們現在預計北美 D&C 支出將在 2023 年以低兩位數的速度增長，這低於我們在 1 月份傳達的中高兩位數增長預期。

Despite the weaker outlook in North America, our full year outlook for OFSE remains unchanged, with revenue between $14.5 billion and $15.5 billion and EBITDA between $2.4 billion and $2.8 billion in 2023. For IET, we expect second quarter results to benefit from strong revenue growth year-over-year, as we execute on our backlog for gas tech equipment, while Industrial Technology is expected to grow modestly. We expect second quarter IET revenue between $2.35 billion and $2.75 billion and EBITDA between $320 million and $380 million.

儘管北美前景較弱，但我們對 OFSE 的全年展望保持不變，2023 年收入在 145 億美元至 155 億美元之間，EBITDA 在 24 億美元至 28 億美元之間。對於 IET，我們預計第二季度業績將受益於強勁的收入增長與去年同期相比，我們正在處理天然氣技術設備的積壓訂單，而工業技術預計將適度增長。我們預計第二季度 IET 收入在 23.5 億美元至 27.5 億美元之間，EBITDA 在 3.2 億美元至 3.8 億美元之間。

For the full year, our outlook for IET is a little more constructive as we see positive order momentum continuing and supply chain disruption in both gas tech and industrial tech gradually improving in line with expectations.

對於全年，我們對 IET 的展望更具建設性，因為我們看到積極的訂單勢頭持續存在，天然氣技術和工業技術的供應鏈中斷逐漸改善，符合預期。

For orders, we are maintaining our guidance range but feel increasingly confident in meeting high end of the range and see the opportunity to exceed the high end and potentially match 2022 order levels. As we get more visibility on the timing for select projects, we'll provide updates during the year. For revenue and EBITDA, our guidance remains unchanged but with a bias that each could trend above the midpoint of the range.

對於訂單，我們維持我們的指導範圍，但越來越有信心達到該範圍的高端，並看到有機會超過高端並可能達到 2022 年的訂單水平。隨著我們對選定項目的時間安排有了更多的了解，我們將在這一年中提供更新。對於收入和 EBITDA，我們的指導意見保持不變，但偏向於兩者都可能趨向於高於範圍的中點。

With that, I'll 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. We continue to invest in 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。我們繼續投資於研發，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 delivering on our cost out objective by optimizing our corporate structure to enhance our margin and return profile. We continue to target EBITDA margins of 20% in OFSE and IET and increasing ROIC in both businesses to 15% and 20%, respectively.

我們還致力於通過優化我們的公司結構來提高我們的利潤率和回報率，從而實現我們的成本削減目標。我們繼續將 OFSE 和 IET 的 EBITDA 利潤率定為 20%，並將這兩項業務的 ROIC 分別提高到 15% 和 20%。

And finally, we 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.

最後，我們繼續專注於產生強勁的自由現金流，並將這種自由現金流的 60% 至 80% 返還給股東，同時還投資於我們世界級業務的增長。

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

有了這個，我會把電話轉回 Jud。

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) And our first question coming from the line of 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。

Lorenzo, I wanted to start quickly on LNG. You talked a lot about it during your prepared remarks. I don't want to belabor the point too much but clearly, we've hit sort of a momentum point here with a number of -- a good number of awards coming through for you guys, but also a lot of (inaudible) -- FID, excuse me, either happening or about to happen.

洛倫佐，我想盡快開始使用液化天然氣。你在準備好的發言中談到了很多。我不想過多地強調這一點，但很明顯，我們在這里達到了某種勢頭，有很多——你們獲得了很多獎項，但也有很多（聽不清）—— - FID，對不起，正在發生或即將發生。

And so curious what you see over the next couple of months because of the kind of timing and cadence? I know these things are hard to call out exactly but it seems like we had kind of pulled forward here. And then as we think out further in the out years, what do you see on the 2- to 5-year type of horizon?

由於這種時間和節奏，你很好奇接下來幾個月你會看到什麼？我知道這些事情很難準確說出來，但似乎我們在這裡有所推進。然後，當我們在未來幾年進一步思考時，您對 2 到 5 年的前景有何看法？

(technical difficulty) Near term and also the long-term prospects for natural gas and LNG. And I think you've seen some of the comments made by the G7 and others that natural gas and LNG has a role to play, not just as a transition but as a destination fuel.

（技術難度）天然氣和液化天然氣的近期和長期前景。而且我認為您已經看到 G7 和其他人發表的一些評論，即天然氣和液化天然氣可以發揮作用，不僅作為過渡燃料，而且作為目的地燃料。

So even though 2022 saw the pace of FIDs slow down somewhat because of the high interest rates and also the inflation, the customer conversations have continued. And I'm very pleased that we were able to book the Qatar NFS expansion, also Sempra Port offer and also some smaller projects in Asia Pacific and West Africa during the course of the first quarter. And there's still several more projects that we're tracking for FID this year. You've seen some of the external press around Rio Grande and what they're expecting from the (inaudible), et cetera. And so we remain confident that this year, we'll see between 65 MTPA to 115 MTPA of FIDs in '23.

因此，儘管 2022 年 FID 的步伐因高利率和通貨膨脹而有所放緩，但客戶對話仍在繼續。我很高興我們能夠在第一季度期間預訂卡塔爾 NFS 擴展、Sempra 港口報價以及亞太地區和西非的一些小型項目。今年我們還在為 FID 跟踪更多的項目。您已經看到一些關於里奧格蘭德的外部媒體以及他們對（聽不清）等的期望。因此，我們仍然相信今年，我們將在 23 年看到 65 MTPA 到 115 MTPA 的 FID。

And in terms of pipeline of opportunities, they continue to grow as well. I think a good example is Cheniere's 20 MTPA expansion that they've communicated at Sabine Pass. And so we're seeing a number of also international projects. So based on what we see today, there's a reasonable expectation that LNG FIDs in '24 could be approaching the same FID levels we see in 2023. Still early to call but there are a number of projects that are moving towards that. And then if it continues in '25 and '26, we also see a set of opportunities improving and with the potential for FID ranges between 30 to 60 MTPA each year. So again, the market is very active at the moment and we like the position that we have and helping our customers.

就機會管道而言，它們也在繼續增長。我認為一個很好的例子是他們在 Sabine Pass 上傳達的 Cheniere 的 20 MTPA 擴展。因此，我們也看到了一些國際項目。因此，根據我們今天看到的情況，有一個合理的預期，即 24 年的液化天然氣 FID 可能會接近我們在 2023 年看到的相同 FID 水平。現在打電話還為時過早，但有許多項目正在朝著這個方向發展。然後，如果它在 25 年和 26 年繼續下去，我們還會看到一系列機會在改善，並且 FID 的潛力每年可能在 30 到 60 MTPA 之間。因此，目前市場非常活躍，我們喜歡我們所擁有的地位並幫助我們的客戶。

Fair enough. Okay. Got it. And then on the new energy side, impressive orders this quarter of $300 million, especially compared to $400 million for all of last year. Could you maybe talk to some of the trends you're seeing in those businesses? Is this a function of, okay, we've got the various -- the IRA, the REPowerEU, all these kind of government programs coming through and so it's kind of adding some firepower to the market? Or is it just the natural timing you see when guys are ramping to the transition?

很公平。好的。知道了。然後在新能源方面，本季度 3 億美元的訂單令人印象深刻，尤其是與去年全年的 4 億美元相比。您能否談談您在這些企業中看到的一些趨勢？這是一個功能，好吧，我們有各種各樣的 - IRA，REPowerEU，所有這些政府計劃都在通過，所以它有點為市場增加了一些火力？還是這只是您看到人們開始過渡的自然時機？

James, I think we are seeing the benefits from some of the legislation, the Inflation Reduction Act that we've discussed before, had the potential to pull forward some of this activity. And I'd say we're very pleased with our progress on the new energy orders. I mean, in the first quarter, you said it, we booked $300 million of orders. A large portion of that, $250 million were in IET, large orders around CCUS in Latin America, CO2 compression for multiple FPSOs, 2 hydrogen awards in North America.

詹姆斯，我認為我們正在看到一些立法的好處，我們之前討論過的《降低通貨膨脹法案》有可能推動這項活動。我想說我們對我們在新能源訂單方面取得的進展感到非常滿意。我的意思是，在第一季度，你說過，我們預訂了 3 億美元的訂單。其中很大一部分，2.5 億美元用於 IET，拉丁美洲 CCUS 的大訂單，多個 FPSO 的二氧化碳壓縮，北美的 2 個氫獎。

So I think it's fair to say that we anticipate that at least in 2023, we should exceed the $400 million guidance we gave. And again, we're looking at the pipeline of opportunities. And over the course of the next 3 to 4 years, we think that the energy -- new energy content should be around 10% of our gas tech orders. And we've stated previously that we believe that by the end of this decade, new energy orders could be in the range of $6 billion to $7 billion. And that would imply about 10% of our gas tech orders could accelerate over the course of the last half of the decade.

所以我認為可以公平地說，我們預計至少在 2023 年，我們應該超過我們給出的 4 億美元指導。再一次，我們正在尋找機會的管道。在接下來的 3 到 4 年裡，我們認為能源——新能源含量應該占我們天然氣技術訂單的 10% 左右。我們之前曾說過，我們相信到本十年末，新能源訂單可能在 60 億美元至 70 億美元之間。這意味著我們大約 10% 的天然氣技術訂單可能會在這十年的後五年加速增長。

So the overall direction is positive. I think it's in line with what we've been saying. We have seen some acceleration. I feel good about our positioning and also the product capability we have here.

所以總體方向是積極的。我認為這與我們一直在說的一致。我們已經看到了一些加速。我對我們的定位以及我們在這裡的產品能力感到滿意。

(Operator Instructions) And our next question coming from the line of Arun Jayaram from JPM Chase.

（操作員說明）我們的下一個問題來自 JPM Chase 的 Arun Jayaram。

Lorenzo, I was wondering if you could provide a little bit more color on what you're seeing in terms of IET orders. You expressed, I believe, confidence now at the upper end of the range and perhaps achieving the $10.5 billion to $11.5 billion order guide but what is driving the potential upside?

Lorenzo，我想知道您是否可以就 IET 訂單方面所看到的內容提供更多顏色。我相信，您表達了現在處於範圍上限的信心，並且可能實現 105 億美元至 115 億美元的訂單指導，但推動潛在上漲的因素是什麼？

Yes. Sure, Arun. And let's feel good about IET. And again, we indicated that we should be at the upper end of the guidance range. And you heard some of the comments around LNG, the activity we're seeing there. Also some of the new energy coming through from an orders perspective. So those are elements that clearly help us. We still expect the offshore production to be down after a very strong year in 2022 with the FPSOs. But overall, again, positioning for the upper end of the guide here.

是的。當然，阿倫。讓我們對 IET 感覺良好。再一次，我們表示我們應該處於指導範圍的上限。你聽到了一些關於液化天然氣的評論，我們在那裡看到的活動。還有一些新能源來自訂單的角度。所以這些元素顯然對我們有幫助。我們仍然預計，在 2022 年 FPSO 表現非常強勁之後，海上產量將會下降。但總的來說，再次定位為指南的上端。

Great. My next question, one of the sources of upside within OFSE was SSPS. I was wondering, Lorenzo, if you could provide maybe some details on some of the self-help initiatives? I know last quarter, you talked about rationalizing some of the capacity. But what are you seeing in terms of the revenue opportunities, synergies, as you've combined OFS with OFE?

偉大的。我的下一個問題是，OFSE 的上行來源之一是 SSPS。我想知道，洛倫佐，你是否可以提供一些關於一些自助計劃的細節？我知道上個季度，你談到了一些產能的合理化。但是，當您將 OFS 與 OFE 結合時，您在收入機會和協同效應方面看到了什麼？

Yes, definitely. And look, we've been indicating that we wanted to rationalize some of our capacity. And as you look at SSPS, we've taken several steps also at the end of last year and beginning of this year to really take out some of our excess capacity on the subsea trees. We're -- also been rationalizing capacity in Asia, Latin America, outsourcing some of the basic machining that we've typically done in the U.K. And now we're looking also at some of the facilities for SPC, consolidating those in the Middle East, which is our primary market for the business.

當然是。看，我們一直在表明我們想要合理化我們的一些能力。當你看 SSPS 時，我們在去年年底和今年年初也採取了幾個步驟，以真正消除我們在海底樹上的一些過剩產能。我們 - 也一直在合理化亞洲和拉丁美洲的產能，外包一些我們通常在英國完成的基本加工。現在我們也在尋找 SPC 的一些設施，整合那些在中部的設施東部，這是我們業務的主要市場。

So we think that on the cost side, we're taking the appropriate actions and this will be part of the broader $150 million and on top of that relative to some of these actions we're taking, OFSE, as we go forward. So on the actual offshore market, again, we've seen some strong momentum. You saw our orders. And again, the highest order rate from a 5-year period for the business and we're seeing good traction in flexibles. So our market momentum is positive at this stage and we see that continuing also in 2024.

因此，我們認為在成本方面，我們正在採取適當的行動，這將是更廣泛的 1.5 億美元的一部分，除此之外，相對於我們正在採取的一些行動，OFSE，在我們前進的過程中。因此，在實際的離岸市場上，我們再次看到了一些強勁的勢頭。你看到了我們的命令。再一次，該業務 5 年期間的最高訂單率，我們看到柔性產品的良好牽引力。因此，現階段我們的市場勢頭是積極的，我們認為這種勢頭也會在 2024 年繼續。

(Operator Instructions) And our next question coming from the line of Chase Mulvehill from -- with Bank of America.

（操作員說明）我們的下一個問題來自美國銀行的 Chase Mulvehill。

Lorenzo, I guess first question to you. Back at your annual meeting, you announced a few new digital offerings which included Leucipa in the OFSE segment and Cordant in the IET segment. So could you speak to how these differentiated digital offerings actually can help you accelerate your digital strategy and how they complement your current digital solutions offering?

洛倫佐，我想第一個問題要問你。回到年會上，您宣布了一些新的數字產品，其中包括 OFSE 部分的 Leucipa 和 IET 部分的 Cordant。那麼，您能否談談這些差異化的數字產品實際上如何幫助您加速數字戰略，以及它們如何補充您當前的數字解決方案產品？

Definitely, Chase. And look, I was with a customer yesterday and actually reviewing the opportunity of Leucipa on the OFSE side. And as you know, Leucipa is a cloud-based automated field production software solution, really designed to help oil and gas operators proactively manage increased production and reduce carbon emissions. So we're pleased to have Pan American Energy Corp, a leading company in Argentina, as the launch customer and actively talking to other customers also here in North America.

當然，大通。看，我昨天和一位客戶在一起，實際上在 OFSE 方面審查了 Leucipa 的機會。如您所知，Leucipa 是一種基於雲的自動化現場生產軟件解決方案，旨在幫助石油和天然氣運營商主動管理增加的產量並減少碳排放。因此，我們很高興阿根廷的領先公司泛美能源公司成為啟動客戶，並積極與北美的其他客戶進行交流。

We also announced a collaboration with Corva and have a minority investment to improve efficiency in rig operations through analytics, real-time data and visualization. So I'd say we're at the early stages of really being able to provide that suite of capabilities and good customer engagement.

我們還宣布與 Corva 合作並進行少數投資，以通過分析、實時數據和可視化提高鑽井平台運營效率。所以我想說我們正處於真正能夠提供這套功能和良好的客戶參與度的早期階段。

On the IET side, you mentioned it correctly, Cordant is an integrated suite of solutions really supporting our industrial asset performance management and process optimization. It builds on the broad and established rotating equipment, sensors, valves, pumps, gears and inspection service domain we have within the space. And Cordant is available today through a modular approach and pleased that we announced the collaboration with BP to further define and develop Cordant. And BP is going to be deploying OnePM in select locations across the Gulf of Mexico production assets, where we have a large installed base of rotating equipment and also associated digital services.

在 IET 方面，您提到的很正確，Cordant 是一套集成的解決方案，真正支持我們的工業資產績效管理和流程優化。它建立在我們在空間內擁有的廣泛且成熟的旋轉設備、傳感器、閥門、泵、齒輪和檢查服務領域之上。 Cordant 現在可以通過模塊化方法使用，很高興我們宣布與 BP 合作進一步定義和開發 Cordant。 BP 將在墨西哥灣生產資產的選定地點部署 OnePM，我們在這些地點擁有大量旋轉設備和相關數字服務。

In addition, in the first quarter, we won an important contract with a fertilizer customer. And again, the scope of work includes artificial intelligence, machine learning, predictive analytics and it's really going to be able to help on the OEM physics-based analytics to improve their capability and reaching their production targets. So it's a multimillion dollar order, which we're very pleased about and seeing good traction across the digital landscape with the solutions and suites that we have.

此外，一季度，我們還獲得了化肥客戶的重要合同。再一次，工作範圍包括人工智能、機器學習、預測分析，它真的能夠幫助 OEM 基於物理的分析來提高他們的能力並達到他們的生產目標。所以這是一個數百萬美元的訂單，我們對此感到非常高興，並看到我們擁有的解決方案和套件在數字領域產生了良好的吸引力。

Okay. Awesome. Appreciate the color there. A follow-up maybe for Nancy. You mentioned line of sight of exceeding the $150 million of cost outs. And I know you plan to kind of have all the work completed by the end of 2Q. So maybe it's a little bit early to ask but can we -- can you maybe spend 1 minute or 2 minutes and kind of give us some color around where you see the most opportunity for incremental cost savings across Baker?

好的。驚人的。欣賞那裡的顏色。南希可能會跟進。你提到了超過 1.5 億美元的成本支出的視線。我知道您計劃在第二季度末完成所有工作。所以也許現在問有點早，但我們可以 - 你能不能花 1 分鐘或 2 分鐘，給我們一些顏色，看看你認為在整個貝克節省增量成本的機會最大？

Yes, happy to. So we really started this whole project back in September '22 and we've just identified so many ways to think about cost outs of the organization and really a more efficient operating structure overall. And I would note, in the first quarter, we recognized about $15 million of those cost outs. So we're starting to see that just simply from the movement of 4 product companies into the 2 business segments.

是的，很高興。所以我們真的在 22 年 9 月就開始了整個項目，我們剛剛確定了很多方法來考慮組織的成本支出以及真正更有效的整體運營結構。我要指出，在第一季度，我們確認了其中約 1500 萬美元的成本支出。所以我們開始看到，僅僅從 4 家產品公司轉移到 2 個業務部門。

So when we think about the cost outs, at the moment, there's -- I think about, in 2 buckets. The first is and it's probably 2/3 of the first $150 million, that's really just simplification in the organization, streamlining the operations. And that allows us to kind of take out some layers, smaller functionality, removal of duplication and just leaner overall at corporate. And then also pushing us to what we call a strategically managed business structure and putting the activities closer to the business. I think there's more we can do there as we think about that first bucket of cost outs.

因此，當我們考慮成本支出時，目前，我認為有兩個桶。第一個是，它可能是前 1.5 億美元的 2/3，這實際上只是簡化組織，精簡運營。這使我們能夠去掉一些層次、更小的功能、消除重複以及在公司整體上更精簡。然後也將我們推向我們所謂的戰略管理業務結構，並使活動更接近業務。我認為當我們考慮第一桶成本支出時，我們可以在那裡做更多的事情。

The second is really cost controls and thinking about optimizing all of our support functions and thinking about how we spend our money with technology, external expenses, third-party services and the like. So I think there's opportunities in both ways and we're going to continue to methodically work through all of it and thinking about how do we centralize activities that need to be at the core, how do we put the right things in the business and then really standardizing some of our key operating processes.

第二個是真正的成本控制，考慮優化我們所有的支持功能，考慮我們如何在技術、外部費用、第三方服務等方面花錢。所以我認為這兩種方式都有機會，我們將繼續有條不紊地完成所有這些工作，並思考我們如何集中需要成為核心的活動，我們如何將正確的事情放在業務中，然後真正標準化我們的一些關鍵操作流程。

So we do think that's going to generate additional savings. So we need to get through this first bit of the cost out effort and then we will come back to you with a better signal. So we think there's more there but it's probably too soon to call. And then you heard it right, is, we're working hard to get all this done by Q2, so we can start realizing the savings run rates by the end of 2023.

所以我們確實認為這會產生額外的節省。因此，我們需要先完成成本削減工作，然後我們會以更好的信號返回給您。所以我們認為那裡還有更多，但現在打電話可能還為時過早。然後你沒聽錯，我們正在努力在第二季度完成所有這些工作，這樣我們就可以在 2023 年底之前開始實現儲蓄運行率。

(Operator Instructions) And our next question coming from the line of Scott Gruber with Citi.

（操作員說明）我們的下一個問題來自花旗的 Scott Gruber。

Question on the outlook for your North American business within OFSE. Lorenzo, you lowered your year-on-year D&C spend forecast which looks appropriate in light of the onshore drilling activity trending down here and it's likely down, exit to exit. But oil production is still growing in the U.S. It's still growing in Canada, which should drive chemicals growth. And I believe Gulf of Mexico revenues should still be up for Baker this year. Do you think you can still hold the $1 billion or so of revenue run rate through year-end, even if the land rig count onshore is down?

關於您在 OFSE 的北美業務前景的問題。洛倫佐，你降低了你的同比 D&C 支出預測，鑑於陸上鑽探活動趨於下降，這看起來是合適的，而且它可能會下降，退出退出。但美國的石油產量仍在增長，加拿大也在增長，這應該會推動化學品的增長。而且我相信今年墨西哥灣的收入對於 Baker 來說仍然應該增加。您是否認為即使陸上陸地鑽機數量下降，到年底您仍能保持 10 億美元左右的收入運行率？

Yes, Scott. Look, I think there's certainly a lot of moving parts in the North America market at the moment. And coming into the year, we expected some privates to drop oil rigs early in the year but that would be gradually offset over the course of the year by the public E&Ps and some majors adding some rigs.

是的，斯科特。看，我認為目前北美市場肯定有很多活動部件。進入今年，我們預計一些私人公司會在年初放棄石油鑽井平台，但這將在今年逐漸被公共勘探與生產公司和一些大型石油公司增加一些鑽井平台所抵消。

The natural gas pricing has been weaker. And so we would expect 30 to 40 rigs also additional to be dropped over the course of 2023. On the oil side, though, we don't see much risk to the oil activity. If we stay at around $80, we should be able to stay level on rigs and I don't think we'll see much impact unless we start to go below the $70. And then also for the public E&Ps, we don't see much risk to their activity levels until we get to around $60 or below. So a lot that we're continuing to monitor. But to your point, I think it's fair to say that we should be able to maintain that run rate.

天然氣定價走弱。因此，我們預計到 2023 年還將減少 30 至 40 座鑽井平台。不過，在石油方面，我們認為石油活動不會面臨太大風險。如果我們保持在 80 美元左右，我們應該能夠在鑽機上保持水平，我認為除非我們開始跌破 70 美元，否則我們不會看到太大的影響。然後對於公共 E&P，在我們達到 60 美元左右或以下之前，我們看不到他們的活動水平有太大風險。這麼多，我們正在繼續監控。但就您的觀點而言，我認為可以公平地說我們應該能夠保持該運行率。

Good. And then a question on the Middle East, following the OPEC production cut, are you seeing or do you expect to see any impact on your chemical or less sales in the Middle East this year?

好的。然後是關於中東的問題，在歐佩克減產之後，您是否看到或預計今年中東的化學品或銷售量會受到任何影響？

Yes, Scott. Right now, we see no major change really limited in our international outlook and expect international spending to increase in the mid-double-digit range. Again, as you think about the Middle East, the GCC countries, drilling plans for this year are pretty well set along with the procurement of materials and labor. I wouldn't -- I'd be surprised if there was a material deviation from current plans. However, looking into 2024, we'll have to monitor the health of the global economy and also the oil demand. And if OPEC+ cuts end up being deeper or lasting longer, it could impact the growth trajectory to some degree in 2024 but it's too early to say.

是的，斯科特。目前，我們認為國際前景沒有真正受到限制的重大變化，並預計國際支出將以兩位數左右的速度增長。同樣，當你想到中東、海灣合作委員會國家時，今年的鑽探計劃以及材料和勞動力的採購都制定得很好。我不會——如果與當前計劃存在重大偏差，我會感到驚訝。然而，展望 2024 年，我們將不得不監測全球經濟的健康狀況以及石油需求。如果 OPEC+ 的減產幅度最終擴大或持續時間更長，可能會在一定程度上影響 2024 年的增長軌跡，但現在下結論還為時過早。

And I think you've got to remember that a lot of these customers are looking at production capacity over the long term increasing and have been dedicated to that on the natural gas development. So we'll monitor the situation but at this time, limited impact.

而且我認為你必須記住，這些客戶中的許多人都在考慮長期增加產能，並一直致力於天然氣開發。所以我們會監控情況，但目前影響有限。

(Operator Instructions) And our next question coming from the line of Luke Lemoine with Piper Sandler.

（操作員說明）我們的下一個問題來自 Luke Lemoine 和 Piper Sandler 的台詞。

Lorenzo, could you talk a little more about your agreement with HIF for direct air capture with your Mosaic business? And maybe what the time line could be and what the opportunity set you see for Mosaic over the next few years?

洛倫佐，你能多談談你與 HIF 就直接空氣捕獲與你的馬賽克業務達成的協議嗎？也許時間表可能是什麼，以及您在未來幾年為 Mosaic 看到的機會是什麼？

Yes, definitely, Luke. And look, as we've mentioned previously, partnerships are critical to delivering the energy transition. So there's no one company or technology that's going to solve the problem. And partnerships like this that we have with HIF, we think are crucial to be able to demonstrate and showcase the technology. So HIF is a great case where they're developing projects to produce e-fuels by blending green hydrogen and CO2.

是的，當然，盧克。而且，正如我們之前提到的，夥伴關係對於實現能源轉型至關重要。所以沒有一家公司或技術可以解決這個問題。我們認為我們與 HIF 建立的此類合作夥伴關係對於展示和展示該技術至關重要。因此，HIF 是一個很好的案例，他們正在開發通過混合綠色氫和二氧化碳來生產電子燃料的項目。

We, again, are being -- with them alongside others such as Porsche and also other investors and we're going to be providing them a number of compressors, turbines, pumps, valves and other technology and per facility that's good content for us. We announced during the course of the quarter and intend to cooperate on the development of the direct air capture. And if you look at Mosaic, it's a company that has specialized in Metal-organic frameworks, MOFs, which have the potential to capture low concentration CO2.

我們再次與他們一起與保時捷和其他投資者一起，我們將為他們提供許多壓縮機、渦輪機、泵、閥門和其他技術以及對我們來說很好的設施。我們在本季度宣布並打算就直接空氣捕獲的開發進行合作。如果你看一下 Mosaic，它是一家專門從事金屬有機框架、MOFs 的公司，它有可能捕獲低濃度的 CO2。

So what we're going to be doing is, demonstrating that with a prototype with this in 2024 and again, enabling them to start to deploy their e-fuel projects. So feel good about the partnership here and also the opportunity going forward. It's a game changer. Again, if you look at e-fuels because they utilize the same infrastructure that's existing today. And so from an investment level, it can be a nice substitution with a lower carbon footprint.

所以我們要做的是，在 2024 年用原型來證明這一點，並再次證明這一點，使他們能夠開始部署他們的電子燃料項目。所以對這裡的合作夥伴關係以及未來的機會感到滿意。這是一個改變遊戲規則的人。同樣，如果您查看電子燃料，因為它們使用當今存在的相同基礎設施。因此，從投資層面來看，它可以是一個碳足跡較低的不錯替代品。

(Operator Instructions) And our next question coming from the line of Marc Bianchi with Cowen.

（操作員說明）我們的下一個問題來自 Marc Bianchi 和 Cowen 的對話。

First question relates to gas tech services. Revenue grew year-over-year here in first quarter, which I think is pretty impressive considering the comparison includes benefit from Russia last year. Maybe you could talk to the year-over-year outlook as we progress through the year? I guess you still have a difficult comparison with Russia in the second quarter but then that goes away as we get into the back half. Just talk about what we should expect there, if you could?

第一個問題與天然氣技術服務有關。第一季度這裡的收入同比增長，考慮到比較包括去年來自俄羅斯的收益，我認為這是相當令人印象深刻的。隨著我們今年的進展，也許你可以談談同比展望？我想你在第二節仍然很難與俄羅斯進行比較，但隨著我們進入後半段，這種情況就消失了。如果可以的話，談談我們在那裡應該期待什麼？

Yes. We're seeing really good growth in the services side of the business and we do anticipate solid recovery. I would say we're cautiously optimistic. One of the limiters still is the supply chain recovery, especially on the aviation side. So as we think about the inputs for services, that's still in its recovery phase. But yes, we're very supportive of where services is going and we anticipate it continuing to move up over the year.

是的。我們看到業務服務方面的增長非常好，我們確實預計會出現穩健的複蘇。我會說我們持謹慎樂觀的態度。限制因素之一仍然是供應鏈的恢復，尤其是在航空方面。因此，當我們考慮服務的投入時，它仍處於恢復階段。但是，是的，我們非常支持服務的發展方向，我們預計它會在一年內繼續上升。

Okay. And presumably, we should see that year-over-year growth rate improve as we get into the back half?

好的。據推測，隨著我們進入下半年，我們應該看到同比增長率有所提高？

Yes. Obviously.

是的。明顯地。

Yes. Okay. Nancy, sticking with you, the share repurchase was -- there wasn't any in the first quarter. You're talking about 60%, 80% return of free cash flow in the year. I'm just curious, is it more about price sensitivity on the stock price? Are there M&A that is being contemplated? Is it just a matter of wanting to hold on to some more cash because of what's going on in the banking system? Maybe you could just sort of talk to those drivers?

是的。好的。南希，堅持你的觀點，股票回購是——第一季度沒有。你說的是當年 60%、80% 的自由現金流回報率。我只是好奇，它更多的是關於股價的價格敏感性嗎？是否有正在考慮的併購？僅僅是因為銀行系統正在發生的事情而想要持有更多現金的問題嗎？也許你可以和那些司機談談？

Yes, absolutely. And you heard that right, is, we do still plan to buy back shares at some point this year and that's all in line with our priority of returning 60% to 80% of our free cash flow back to shareholders. But we have paused for the moment. And you're right, the markets are a little choppy right now. So it's a good time to just be cautious. We've also engaged in quite a bit of M&A activity over the last few quarters.

是的，一點沒錯。你沒聽錯，我們確實仍計劃在今年某個時候回購股票，這完全符合我們將 60% 至 80% 的自由現金流返還給股東的優先事項。但我們暫時暫停了。你是對的，現在市場有點波動。所以現在是謹慎的好時機。在過去的幾個季度中，我們還參與了相當多的併購活動。

So we're letting that settle even with just -- most of that's completed with the closing of Altus in April but it is a good time for us to let the organization settle and then as you know, our free cash flow is very much back-half weighted. So we're just kind of restoring our cash levels at the moment, letting that build throughout the course of the year but we do intend to resume buybacks at some point later this year.

所以我們讓這個問題得到解決——其中大部分是在 4 月份關閉 Altus 時完成的，但現在是我們讓組織解決問題的好時機，然後如你所知，我們的自由現金流又回來了- 半加權。因此，我們目前只是在某種程度上恢復我們的現金水平，讓現金水平在全年持續增長，但我們確實打算在今年晚些時候的某個時候恢復回購。

(Operator Instructions) And our next question coming from the line of David Anderson with Barclays.

（操作員說明）我們的下一個問題來自巴克萊銀行的大衛安德森。

I was just shifting back to the Middle East. I was wondering if you could talk about Abu Dhabi, specifically. You have a very unique position there with ADNOC Drilling. I believe you've been on, on your integrated services, you're on something like 40 rigs right now with ADNOC Drilling. I was wondering how that's progressing. Maybe kind of talk about some of the work that you're pulling in there? And where that number is going to -- we just saw an announcement (inaudible) Upper Zakum was just awarded all IDS work. So maybe can you just talk about that business in particular and how that's developing and where you see that going?

我剛剛轉移回中東。我想知道你是否可以具體談談阿布扎比。您在 ADNOC Drilling 那裡擁有非常獨特的地位。我相信你一直在，在你的綜合服務上，你現在正在使用 ADNOC Drilling 進行大約 40 台鑽機。我想知道進展如何。也許可以談談你在那裡所做的一些工作？這個數字的去向——我們剛剛看到一個公告（聽不清）Upper Zakum 剛剛被授予所有 IDS 工作。那麼，也許您可以特別談談該業務，以及它的發展方式以及您對它的看法嗎？

Maybe I should be asking you the question, considering you were just out there in the Middle East. But look, we feel very good about the relationship that we have with ADNOC Drilling. And as you know, it started several years ago, also our position within UAE. And I'd say that with the announcements that also ADNOC has made relative to the commitment to increasing production, we see positive momentum with the -- also ADNOC Drilling. And we have specific technologies that are appropriate, that allow the time to drill to come down and drive efficiencies and productivity. So I'd say we are optimistic about the future growth and obviously participating with ADNOC Drilling.

也許我應該問你這個問題，考慮到你剛剛在中東。但是看，我們對與 ADNOC Drilling 的關係感到非常滿意。如您所知，它始於幾年前，也是我們在阿聯酋的職位。而且我要說的是，隨著 ADNOC 也做出了關於增加產量的承諾的公告，我們看到了積極的勢頭 - 還有 ADNOC Drilling。我們擁有合適的特定技術，可以縮短鑽探時間並提高效率和生產力。所以我想說我們對未來的增長持樂觀態度，並且顯然參與了 ADNOC Drilling。

Do you need to bring in more equipment in there? I mean, I guess, capacity is going to be one of the things we're going to be talking about quite a bit going forward. But just in terms of that business itself, do you need to deploy more? Do you need to build more? Do you have enough kind of at -- on hand?

你需要帶更多的設備進去嗎？我的意思是，我想，容量將成為我們未來要討論的事情之一。但就該業務本身而言，您是否需要部署更多？你需要建造更多嗎？你手頭有足夠的東西嗎？

Dave, with the partnership we have, we look on a annual basis at what is required from a tool perspective. And one of the key ways in which we drive efficiency and also we drive better performance is by having these discussions early. So rest assured, with ADNOC Drilling, we're tied to the hip. So anything that they've got planned, we already -- we're discussing 12 months ago to make sure that we were ready for them.

戴夫，通過我們的合作夥伴關係，我們每年都會從工具的角度審視需要什麼。我們提高效率和提高績效的關鍵方法之一是儘早進行這些討論。所以請放心，有了 ADNOC Drilling，我們就束手無策了。所以他們計劃的任何事情，我們已經 - 我們在 12 個月前討論過，以確保我們為他們做好準備。

And then just looking bigger picture at this region. Middle East/Asia was essentially flat in 4Q -- I'm sorry, in the first quarter. I'm assuming that weakness was because of product sales that weren't recurring from the fourth quarter. But can you just talk about how revenue kind of -- should progress throughout the rest of the year in this part of the market and make sure we kind of stay at this sort of 20% year-on-year growth clip throughout the year? Should that be the expectation here?

然後只是在這個地區放眼大局。中東/亞洲在第四季度基本持平——對不起，在第一季度。我假設疲軟是因為產品銷售從第四季度開始就不再出現了。但是你能不能談談這部分市場在今年餘下時間裡的收入應該如何發展，並確保我們全年保持這種 20% 的同比增長？這應該是這裡的期望嗎？

Yes. You're correct in your assessment relative to the difference between fourth quarter and first quarter. At the fourth quarter, you do traditionally have direct tool sale to take place that doesn't take place in the first quarter. As you look forward, again, we're continuing to see that there's good international growth and within Southeast Asia as well and we should continue to see that progression.

是的。相對於第四季度和第一季度之間的差異，您的評估是正確的。在第四季度，傳統上您確實會進行第一季度沒有發生的直接工具銷售。正如你期待的那樣，我們再次看到國際和東南亞地區都有良好的增長，我們應該繼續看到這種進展。

(Operator Instructions) And our next question coming from the line of Stephen Gengaro with Stifel.

（操作員說明）我們的下一個問題來自 Stifel 的 Stephen Gengaro。

Can you talk -- I guess 2 things as it relates to OFSE. Can you talk about just current pricing trends internationally? And then maybe as a follow-up, when you think about the 20% EBITDA margin target, how much of that is price versus sort of activity and self-help, et cetera?

你能談談——我猜有兩件事與 OFSE 相關。您能談談目前國際上的定價趨勢嗎？然後也許作為後續行動，當您考慮 20% 的 EBITDA 利潤率目標時，其中有多少是價格與某種活動和自助等的比較？

Yes. Just in terms of the pricing environment, look, as you look at North America, it's starting to level off but we expect our pricing for our technology in North America to remain firm. Internationally, we're gaining good traction given the strong activity levels and some of the tightness in the market. That being said, it will take some time to flow through from an earnings standpoint. And as you look at the construction of the 20%, we've always said that it's a combination of some of the pricing but a lot of self-help as well.

是的。就定價環境而言，看看北美，它開始趨於平穩，但我們預計我們在北美的技術定價將保持堅挺。在國際上，鑑於強勁的活動水平和市場的一些緊張，我們正在獲得良好的牽引力。話雖如此，從收益的角度來看，還需要一些時間才能實現。當你看到 20% 的結構時，我們總是說它是一些定價的組合，但也有很多自助。

And when you think about production chemicals, I think Nancy mentioned getting back to sort of historical levels by the end of the year. Can you just give us kind of an update on the traction there? And are those historical levels accretive to overall service margins? I think they are but just checking.

當您考慮生產化學品時，我認為南希提到要在年底前恢復到歷史水平。你能給我們介紹一下那裡的牽引力嗎？這些歷史水平是否會增加整體服務利潤率？我認為他們只是在檢查。

Yes, definitely. And I think we continue to see positive developments in our Chemicals business, improving margins. Chemical pricing has been favorable. Input prices have stabilized. And we improved parts of our supply chain. As you know, we've got a new facility that ramped up in Singapore. We've got another facility that ramps up in KSA later on this year.

當然是。而且我認為我們繼續看到我們的化學品業務取得積極發展，提高了利潤率。化學品定價一直有利。投入品價格趨於穩定。我們改進了部分供應鏈。如您所知，我們在新加坡建立了一個新設施。我們在今年晚些時候在 KSA 建立了另一個設施。

As you look at margins in the first quarter, they increased sequentially and are now up 500 basis points year-over-year. We're still though 200 to 300 basis points below the long-term average for this business. So we've still got some work to do to get back to the prior levels but we expect that to be more normalized in the second half of 2023.

當您查看第一季度的利潤率時，它們連續增長，現在同比增長 500 個基點。我們仍然比該業務的長期平均水平低 200 到 300 個基點。因此，我們仍有一些工作要做才能恢復到之前的水平，但我們預計這將在 2023 年下半年更加正常化。

(Operator Instructions) And our next question coming from the line of Roger Read with Wells Fargo.

（操作員說明）我們的下一個問題來自富國銀行的 Roger Read。

Yes. I think most of the stuff has been hit. I just have one question. It was a topic at the event back at the end of January on servicing and the maintenance for the LNG facilities that are already out there. I was just wondering if you've seen any change in that, any improvement in that as we think about kind of the impact on margins later -- I guess, really Q2 onwards for this year?

是的。我想大部分東西都被擊中了。我只有一個問題。早在 1 月底的活動中，就已經存在的液化天然氣設施進行維修和維護，這是一個主題。我只是想知道你是否看到了這方面的任何變化，在我們稍後考慮對利潤率的影響時是否有任何改進——我想，今年第二季度真的開始了嗎？

Yes, Roger. And as we laid out also at the beginning of the year, relative to the maintenance and the contractual service agreements we have, it's pretty much trending the way we anticipated. And so no change from what we said in January. Again, as you know, there has been some pushout from 2022 and we'll anticipate that, that starts to catch up in '23 and '24.

是的，羅傑。正如我們在今年年初所佈局的那樣，相對於我們擁有的維護和合同服務協議，它幾乎按照我們預期的方式發展。因此，與我們在 1 月份所說的沒有任何變化。同樣，如您所知，從 2022 年開始有一些推出，我們預計，這將在 23 年和 24 年開始趕上。

Thank you. And that was our last question. Ladies and gentlemen, thank you for your participation in today's conference. This concludes the program. You may all disconnect.

謝謝。這是我們的最後一個問題。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。