貝克休斯 (BKR) 2023 Q2 法說會逐字稿

完整原文

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  • Operator

    Operator

  • Good day, ladies and gentlemen. Welcome to Baker Hughes Second Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

    美好的一天,女士們先生們。歡迎參加貝克休斯 2023 年第二季度收益電話會議。 (操作員說明)謹此提醒,本次電話會議正在錄音。

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

    現在我想介紹一下今天會議的主持人,投資者關係副總裁賈德·貝利先生。先生,您可以開始了。

  • Judson Edwin Bailey - VP of IR

    Judson Edwin Bailey - VP of IR

  • Thank you. Good morning, everyone, and welcome to the Baker Hughes Second 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 website -- investor website.

    謝謝。大家早上好,歡迎參加貝克休斯 2023 年第二季度收益電話會議。和我在一起的是我們的董事長兼首席執行官 Lorenzo Simonelli;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。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,該演示文稿也可以在我們的網站(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,並且涉及許多風險和假設。請查看我們的 SEC 文件和網站,了解可能導致實際結果出現重大差異的因素的討論。如您所知,營業收入和其他 GAAP 與非 GAAP 指標的調節表可以在我們的收益報告中找到。

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

    這樣,我會將電話轉給洛倫佐。

  • Lorenzo Simonelli - Chairman, President & CEO

    Lorenzo Simonelli - Chairman, President & CEO

  • Thank you, Jud. Good morning, everyone, and thanks for joining us. We were pleased with our second quarter results and remain optimistic on the outlook for 2023. As you can see on Slide 4, we maintained our order momentum in IET and SSPS. We also delivered strong operating results at the higher end of our guidance in both business segments, booked almost $150 million of New Energy orders and generated approximately $620 million of free cash flow.

    謝謝你,賈德。大家早上好,感謝您加入我們。我們對第二季度的業績感到滿意,並對 2023 年的前景保持樂觀。正如您在幻燈片 4 中看到的,我們保持了 IET 和 SSPS 的訂單勢頭。我們還在兩個業務領域實現了高於指導值的強勁經營業績,預訂了近 1.5 億美元的新能源訂單,並產生了約 6.2 億美元的自由現金流。

  • Turning to Slide 5. Growing economic uncertainty continues to drive commodity price volatility globally. However, despite lower oil prices over the first half of the year, we maintain a constructive outlook for global upstream spending in 2023. Market softness in North America is expected to be more than offset by strength in international and offshore markets.

    轉向幻燈片 5。日益增長的經濟不確定性繼續推動全球大宗商品價格波動。然而,儘管上半年油價下跌,我們仍對 2023 年全球上游支出保持建設性前景。預計北美市場的疲軟將被國際和離岸市場的強勁所抵消。

  • As we have said previously, we expect this spending cycle to be more durable and less sensitive to commodity price swings relative to prior cycles. This is due to strong balance sheet across the industry, disciplined capital spending that is based on low asset break evens and a focus on returns versus growth. We are seeing this in North America where despite the decline in WTI prices, IOCs and large independent E&P companies have yet to deviate from development plans. It is also evident in international and offshore markets, where we continue to see steady activity increases from NOCs and IOCs and production discipline from large producers.

    正如我們之前所說,與之前的周期相比,我們預計這一支出週期將更加持久,並且對大宗商品價格波動的敏感度降低。這是由於整個行業強勁的資產負債表、基於低資產盈虧平衡的嚴格資本支出以及對回報與增長的關注。我們在北美看到了這一點,儘管 WTI 價格下跌,但國際石油公司和大型獨立勘探與生產公司尚未偏離開發計劃。這在國際和離岸市場上也很明顯,我們繼續看到國家石油公司和國際石油公司的活動穩步增加,以及大型生產商的生產紀律。

  • Outside of the upstream markets, we remain optimistic on the LNG outlook, with solid demand growth this year led by Europe and Asia. In fact, despite a 50% decline in LNG prices over the first half of the year, contracted long-term offtake agreements of over 45 MTPA are slightly above contracting levels over the same period in 2022.

    除上游市場外,我們對液化天然氣前景仍持樂觀態度,今年歐洲和亞洲的需求增長強勁。事實上,儘管今年上半年液化天然氣價格下降了 50%,但簽訂的超過 45 MTPA 的長期承購協議仍略高於 2022 年同期的合同水平。

  • The continued strength in long-term LNG contracts has been a key driver of the momentum in industry FIDs. Which have now totaled 53 MTPAs so far this year. This includes the recent FID for Phase 1 of NextDecade's 17.6 MTPA Rio Grande project and Qatar Energy's 16 MTPA North Field South project.

    長期液化天然氣合同的持續強勢一直是行業最終投資決定勢頭的關鍵驅動力。今年到目前為止,MTPA 總數已達 53 個。這包括最近對 NextDecade 17.6 MTPA Rio Grande 項目第一階段和卡塔爾能源公司 16 MTPA North Field South 項目進行的最終投資決定。

  • Based on the continued development of the LNG project pipeline, we still expect the market to exceed 65 MTPA of FIDs this year and should see a similar level of activity in 2024. We continue to 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.

    基於液化天然氣項目管道的持續發展,我們仍然預計今年市場的最終投資決定將超過 65 MTPA,並且在 2024 年應該會看到類似的活動水平。我們繼續看到該液化天然氣週期有延長幾年的潛力通過一系列新的國際機會,將項目知名度擴大到 2026 年及以後。

  • As we have stated consistently, we fully expect natural gas and LNG to play a key role in the energy transition as a baseload fuel to help balance against intermittent renewable energy sources. We believe the expanding pipeline of LNG opportunities is tied to the growing recognition of this reality and that the transition will take more time and must be financially viable.

    正如我們一貫指出的那樣,我們完全期望天然氣和液化天然氣作為基本負荷燃料在能源轉型中發揮關鍵作用,以幫助平衡間歇性可再生能源。我們認為,液化天然氣機會的不斷擴大與人們日益認識到這一現實有關,而且轉型將需要更多時間,而且必須在財務上可行。

  • As we highlight on Slide 6, Baker Hughes' unique portfolio enables us to weather a choppy macro environment. We have a diverse mix of long and short cycle businesses with leading technologies that play across value chain within today's energy and industrial complex, and are well positioned to play a leading role into the future. In addition to the earnings and cash flow durability of our portfolio, we continue to drive actions to optimize our corporate structure and drive higher margins and returns. While reducing costs is 1 lever, we are also fundamentally rewiring the organization to simplify reporting lines, eliminate duplication and taking measured steps to upgrade our financial reporting systems. We believe this will lead to more standardization, increased automation, and provide greater real-time information and analytical capability around our business performance.

    正如我們在幻燈片 6 中強調的那樣,貝克休斯獨特的投資組合使我們能夠安然度過動蕩的宏觀環境。我們擁有多元化的長周期和短週期業務組合,擁有領先的技術,在當今能源和工業綜合體的整個價值鏈中發揮作用,並處於在未來發揮主導作用的有利位置。除了我們投資組合的盈利和現金流持久性之外,我們還繼續採取行動優化公司結構並提高利潤和回報。雖然降低成本是手段之一,但我們還從根本上重新調整組織結構,以簡化報告流程、消除重複,並採取措施升級我們的財務報告系統。我們相信,這將帶來更多的標準化、更高的自動化程度,並為我們的業務績效提供更強大的實時信息和分析能力。

  • We have now completed the actions required to achieve the first $150 million of our cost-out target by the end of 2023 and believe there are additional opportunities for further cost reductions in 2024 and beyond. As we continue to redesign our organization and install new processes and systems, our goal is to drive continued cost productivity with the ultimate objective of exceeding 20% EBITDA levels for each business segment over the next few years. As we work to optimize our organizational structure, we're also focused on capitalizing on favorable market trends across both business segments in the near term, as well as the long term.

    我們現已完成了到 2023 年底實現首個 1.5 億美元成本削減目標所需的行動,並相信 2024 年及以後還有進一步降低成本的機會。隨著我們繼續重新設計我們的組織並安裝新的流程和系統,我們的目標是持續推動成本生產率,最終目標是在未來幾年內每個業務部門的 EBITDA 水平超過 20%。在我們努力優化組織結構的同時,我們還專注於利用近期和長期兩個業務領域的有利市場趨勢。

  • In the near term, both IET and OFSE are well positioned to capitalize on multiple growth vectors, most notably the multiyear upstream growth cycle in international and offshore, the wave of LNG sanctions expected through this decade, and the New Energy opportunities that utilize our existing core technologies.

    短期內,IET 和 OFSE 都處於有利地位,可以充分利用多個增長向量,最顯著的是國際和海上的多年上游增長周期、本十年預計的液化天然氣製裁浪潮,以及利用我們現有的新能源機遇。核心技術。

  • Longer term, we believe that our unique portfolio positions us well to capitalize on the energy transition, which is driving fundamental changes to the energy landscape, our customer base and, how they operate. Given our position as a strategic supplier for both subsurface and surface solutions, our portfolio is increasingly aligned to our customers' capital allocation decisions and provides a unique vantage point as we work with them on planning and developing the next generation of energy projects.

    從長遠來看,我們相信,我們獨特的產品組合使我們能夠很好地利用能源轉型,這正在推動能源格局、我們的客戶群及其運營方式發生根本性變化。鑑於我們作為地下和地面解決方案戰略供應商的地位,我們的產品組合越來越符合客戶的資本配置決策,並在我們與他們合作規劃和開發下一代能源項目時提供了獨特的優勢。

  • Turning to Slide 7. Baker Hughes' portfolio and our customer relationships have never been stronger. Since 2017, we have significantly enhanced our size and scale in key regions like the Middle East, as well as our relationships with key customers. By selling a range of solutions that includes LNG, power generation and compression solutions for onshore and offshore production applications and integrated solutions for well construction and production, we are able to offer capabilities that uniquely position us for today and the future.

    轉向幻燈片 7。貝克休斯的產品組合和我們的客戶關係從未如此牢固。自2017年以來,我們顯著增強了在中東等關鍵地區的規模和規模,以及與主要客戶的關係。通過銷售一系列解決方案,包括用於陸上和海上生產應用的液化天然氣、發電和壓縮解決方案以及用於油井建設和生產的集成解決方案,我們能夠提供使我們在今天和未來處於獨特地位的能力。

  • Today, our wide range of core competencies are being utilized in select areas like deep-water projects, where we provide power generation and compression for FPSOs, in addition to subsea equipment and flexible risers. We are also seeing growth opportunities through further investment in natural gas value chain. Increasing investment in New Energy and higher demand for integrated solutions. Some of these unique and emerging solutions play to our strengths as they combine subsurface capabilities with highly engineered surface technologies that also layer in digital offerings across the scope of work.

    如今,我們廣泛的核心能力被用於深水項目等特定領域,除了海底設備和柔性立管之外,我們還為 FPSO 提供發電和壓縮。我們還通過進一步投資天然氣價值鏈看到了增長機會。新能源投資不斷增加,對綜合解決方案的需求更高。其中一些獨特的新興解決方案發揮了我們的優勢,因為它們將地下功能與高度工程化的地面技術相結合,這些技術也在整個工作範圍內分層提供數字產品。

  • As we look to the future, it is clear that almost all energy companies are transitioning, and while the pace of change may differ, the direction of travel is clear. We believe that as the need to decarbonize becomes more widespread, the demand for integrated solutions across these areas will grow. In fact, we are in the early stages of collaborating with key customers on a range of future opportunities that leverage our unique set of technologies for New Energy applications.

    展望未來,很明顯,幾乎所有能源公司都在轉型,雖然變革的步伐可能有所不同,但前進的方向是明確的。我們相信,隨著脫碳需求變得更加普遍,對這些領域的綜合解決方案的需求將會增長。事實上,我們正​​處於與主要客戶合作的早期階段,利用我們獨特的新能源應用技術來尋求一系列未來機會。

  • For example, in CCUS, we can evaluate and drill reservoirs for CO2 storage and provide CO2 compression expertise. Other solutions include geothermal power, where we drill geothermal wells and provide steam turbines, and blue ammonia projects, where we provide ammonia and CO2 compression solutions, as well as the drilling and monitoring of CO2 storage wells.

    例如,在 CCUS 中,我們可以評估和鑽探二氧化碳封存儲層,並提供二氧化碳壓縮專業知識。其他解決方案包括地熱發電(我們鑽探地熱井並提供蒸汽渦輪機)和藍氨項目(我們提供氨和二氧化碳壓縮解決方案,以及二氧化碳儲存井的鑽探和監測)。

  • Overall, I'm extremely excited about the multitude of new opportunities developing for solutions that leverage our unique portfolio. We believe combining these growth opportunities with our business transformation objectives provides attractive upside for our margins and returns going forward.

    總的來說,我對利用我們獨特的產品組合開發解決方案的大量新機會感到非常興奮。我們相信,將這些增長機會與我們的業務轉型目標相結合,將為我們未來的利潤和回報提供有吸引力的上升空間。

  • Turning to Slide 8. I will provide an update on each of our business segments. In Oilfield Services & Equipment, we continue to be encouraged by the multiyear cycle unfolding in international markets, particularly in offshore basins. With approximately 70% of our OFSE businesses internationally focused and around 40% exposed to offshore. We remain well positioned to benefit from these market dynamics.

    轉向幻燈片 8。我將提供我們每個業務部門的最新情況。在油田服務和設備領域,我們繼續對國際市場(特別是近海盆地)的多年周期感到鼓舞。我們大約 70% 的 OFSE 業務專注於國際業務,約 40% 面向海外業務。我們仍然處於有利地位,可以從這些市場動態中受益。

  • On a regional basis, we are experiencing strong growth in most areas, with particular strength in Latin America and the Middle East. We see no change to the pace of activity across international markets and continue to see promising signs in markets such as West Africa and the Eastern Mediterranean One area that continues to lag is the North Sea, where U.K. fiscal uncertainty is hampering development. In North America, the market continues to trend softer on lower oil and gas prices. However, the impact of price volatility in the first half of the year has largely been limited to the activity of private operators and in gas basins.

    從區域來看,我們在大多數地區都經歷了強勁的增長,尤其是拉丁美洲和中東。我們認為國際市場的活動節奏沒有變化,西非和東地中海等市場繼續看到有希望的跡象。北海地區繼續落後,英國的財政不確定性正在阻礙該地區的發展。在北美,由於石油和天然氣價格下跌,市場繼續走軟。然而,今年上半年價格波動的影響很大程度上僅限於私人運營商和天然氣盆地的活動。

  • Our OFSE business in North America is production levered and the majority of our customer base is made up of major oil companies and public E&Ps, which have yet to deviate from plans laid out at the start of the year. This portfolio and customer mix results in a business that is generally less volatile than fluctuations in the North American activity and rig count. This resiliency was evident during the second quarter, where our OFSE North America revenue was modestly higher despite a 15% sequential decline in the North America rig count.

    我們在北美的 OFSE 業務是生產槓桿型業務,我們的大部分客戶群由大型石油公司和公共勘探與生產公司組成,這些公司尚未偏離年初制定的計劃。這種投資組合和客戶組合導致業務的波動性通常低於北美活動和鑽機數量的波動。這種彈性在第二季度表現得很明顯,儘管北美鑽機數量環比下降了 15%,但我們的 OFSE 北美收入略有上升。

  • Within our OFSE product lines, we continue to experience strong growth across the portfolio, which was led in the second quarter by completions, intervention and measurements. We also continue to develop new technologies for the CIM portfolio with innovations like SONUS, the industry's only acoustic set liner hanger system, which can cut the time taken to set a liner hanger from hours to minutes.

    在我們的 OFSE 產品線中,我們的整個產品組合繼續實現強勁增長,第二季度的竣工、干預和測量引領了這一增長。我們還繼續通過 SONUS 等創新技術為 CIM 產品組合開發新技術,SONUS 是業界唯一的聲學設置尾管懸掛器系統,可將設置尾管懸掛器所需的時間從數小時縮短至幾分鐘。

  • In Production Solutions, we continue to see solid growth in artificial lift globally. During the quarter, we had early commercial success with our recently acquired AccessESP technology, winning 2 awards with key customers in the Middle East. The AccessESP system offers an efficient alternative to conventional ESP installations without the need for a heavy workover rig, which reduces time, cost and emissions while boosting well performance.

    在生產解決方案方面,我們繼續看到全球人工舉升業務的穩健增長。本季度,我們憑藉最近收購的 AccessESP 技術取得了早期商業成功,贏得了中東主要客戶的 2 個獎項。 AccessESP 系統提供了傳統 ESP 安裝的高效替代方案,無需重型修井機,從而減少時間、成本和排放,同時提高油井性能。

  • In Subsea & Surface Pressure Systems, we continue to experience positive order momentum. We booked a major award during the second quarter with Eni for the Balan field offshore Ivory Coast, providing 8 subsea trees and 3 Aptara manifolds. Operationally, we are encouraged by the early success of repositioning the Subsea Projects & Services business to focus on selected key markets with a leaner cost base. While top line trends for OFSE remains strong and should maintain strong momentum in 2024, we remain equally committed to translating higher revenue growth into higher margins and returns. For 2023, this will translate into double-digit revenue growth and an expansion of EBITDA margins by 150 to 200 basis points.

    在海底和地面壓力系統領域,我們繼續經歷積極的訂單勢頭。我們在第二季度與埃尼公司簽訂了一項重大合同,為科特迪瓦近海的 Balan 油田提供 8 棵海底採油樹和 3 個 Aptara 管匯。在運營方面,我們對海底項目和服務業務重新定位以專注於成本基礎更精簡的選定關鍵市場的早期成功感到鼓舞。儘管 OFSE 的營收趨勢依然強勁,並應在 2024 年保持強勁勢頭,但我們仍然同樣致力於將更高的收入增長轉化為更高的利潤和回報。到 2023 年,這將轉化為兩位數的收入增長和 EBITDA 利潤率擴大 150 至 200 個基點。

  • In IET, we saw another excellent quarter commercially with $3.3 billion in orders, maintaining the strong momentum from the first quarter. Gas Tech Equipment achieved $1.6 billion in orders driven by multiple areas, including almost $900 million of LNG awards in the quarter. In LNG, Baker Hughes booked an order for 3 Main Refrigerant Compressors for the NextDecade's Rio Grande LNG project in Texas. Baker Hughes will supply Frame 7 turbines paired with centrifugal compressors across Rio Grande's first 3 LNG trains in a parallel configuration arrangement, providing more operational flexibility.

    在IET,我們看到了商業上又一個出色的季度,訂單量達到33億美元,保持了第一季度的強勁勢頭。 Gas Tech Equipment 在多個領域的推動下獲得了 16 億美元的訂單,其中包括本季度近 9 億美元的液化天然氣訂單。在液化天然氣領域,貝克休斯為德克薩斯州 NextDecade 的里奧格蘭德液化天然氣項目訂購了 3 台主製冷壓縮機。貝克休斯將為里奧格蘭德州的前 3 條液化天然氣生產線提供並聯配置的 7 號框架渦輪機和離心式壓縮機,從而提供更大的運營靈活性。

  • In Onshore/Offshore Production, we were pleased to be awarded a major order from MODEC to supply gas technology equipment for Equinor's BM-C-33 project in the Brazilian pre-salt Campos area. Baker Hughes will be providing turbomachinery equipment for the FPSO, including LM2500 gas turban and steam turban generators for a combined cycle power generation solution to reduce the project's carbon footprint. Combined cycle solutions are an important trend in the offshore oil and gas industry as they enable the reduction of overall FPSO carbon emissions. Baker Hughes expects to reduce carbon emissions by more than 20% for this project versus similar open cycle FPSOs with the same power demand.

    在陸上/海上生產方面,我們很高興獲得 MODEC 的一份大訂單,為 Equinor 在巴西鹽下 Campos 地區的 BM-C-33 項目提供天然氣技術設備。貝克休斯將為 FPSO 提供渦輪機械設備,包括用於聯合循環發電解決方案的 LM2500 燃氣輪機和蒸汽輪機發電機,以減少該項目的碳足跡。聯合循環解決方案是海上石油和天然氣行業的一個重要趨勢,因為它們能夠減少 FPSO 的總體碳排放。貝克休斯預計,與具有相同電力需求的類似開式循環 FPSO 相比,該項目的碳排放量將減少 20% 以上。

  • On the New Energy front, we booked over $100 million of orders in the quarter in IET, including multiple orders for Air Products to support its Louisiana Clean Energy Complex. These awards included vertical centrifugal pumps for ammonia loading, compression trains for CO2 storage, and a subsurface study undertaken by OFSE to assess the capacity of the reservoir. In addition to the Louisiana project, we also received an award for hydrogen compression equipment for Air Products' New York Green Hydrogen Facility.

    在新能源方面,本季度我們在 IET 預訂了超過 1 億美元的訂單,其中包括空氣產品公司的多個訂單,以支持其路易斯安那州清潔能源綜合體。這些獎項包括用於氨裝載的立式離心泵、用於二氧化碳儲存的壓縮機組,以及 OFSE 為評估水庫容量而進行的地下研究。除了路易斯安那州項目外,我們還獲得了空氣產品公司紐約綠色氫設施氫氣壓縮設備獎。

  • IET also saw increased traction in the growing blue ammonia space. During the quarter, IET secured multiple orders in the Middle East, including awards to supply syngas and ammonia compressor trains and centrifugal pump trains. Orders in our Industrial Technology businesses maintained strong momentum in the second quarter, with 8% growth year-over-year, led by pumps, valves and gears and inspection.

    IET 還發現藍色氨領域的吸引力不斷增強。本季度,IET 在中東獲得了多項訂單,包括供應合成氣和氨壓縮機組以及離心泵組。我們的工業技術業務訂單在第二季度保持強勁勢頭,同比增長 8%,其中泵、閥門和齒輪以及檢測領域的訂單領先。

  • In our Condition monitoring business, we secured an agreement to deliver asset protection and monitoring hardware, software, and services for a floating LNG project offshore Malaysia. The scope includes Bently Nevada's Orbit 60 condition monitoring system, Ranger Pro wireless monitoring systems, System 1 software, and cybersecurity enhancements as well as end-to-end project management support and services.

    在我們的狀態監測業務中,我們達成了一項協議,為馬來西亞海上浮式液化天然氣項目提供資產保護和監測硬件、軟件和服務。範圍包括本特利內華達的 Orbit 60 狀態監測系統、Ranger Pro 無線監測系統、System 1 軟件和網絡安全增強功能以及端到端項目管理支持和服務。

  • 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 there is still work to do, profitability in Industrial Tech is experiencing a solid recovery that we expect to continue over the course of 2023.

    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的提高。儘管仍有工作要做,但工業技術的盈利能力正在穩步復甦,我們預計這種複蘇將在 2023 年持續。

  • IET is also making solid progress on its strategic initiatives around digital and growing outside its traditional customer base into new markets. We received our first major award for Cordant from a large ammonia producer in the Middle East in the first quarter, delivering an integrated suite of solutions for asset performance management, process optimization and digitally enabled services through IET's iCenter.

    IET 圍繞數字化的戰略舉措也取得了紮實進展,並在傳統客戶群之外拓展新市場。第一季度,我們從中東一家大型合成氨生產商處獲得了 Cordant 的第一個重大獎項,該獎項通過 IET 的 iCenter 提供了資產績效管理、流程優化和數字化服務的集成解決方案套件。

  • Building on this award during the second quarter, we signed a long-term multi maintenance program contract where we will be providing maintenance planning, project management and resident engineering on site for the customer's current fleet of steam turbines and centrifugal compressors. This contract demonstrates the full range of capabilities and complementary services for our IET Digital and Gas Tech Services portfolio, providing a blueprint for expanding our digital platform with new and existing customers.

    在第二季度獲得該合同的基礎上,我們簽署了一份長期多重維護計劃合同,我們將為客戶當前的蒸汽輪機和離心壓縮機機群提供維護規劃、項目管理和現場駐地工程。該合同展示了我們的 IET 數字和天然氣技術服務產品組合的全方位功能和補充服務,為與新老客戶擴展我們的數字平台提供了藍圖。

  • Overall, we are pleased with the continued momentum in IET this year. With a record RPO that now exceeds $27 billion, we expect to generate strong revenue growth over the next few years that will be accompanied by strong margin improvement and higher returns.

    總體而言,我們對今年 IET 的持續增長勢頭感到滿意。 RPO 創歷史新高,目前已超過 270 億美元,我們預計未來幾年收入將實現強勁增長,同時利潤率將大幅提高,回報率將更高。

  • I'd also like to spend some time on Slide 9 to highlight Baker Hughes' 2022 Corporate Sustainability Report, which was published during the second quarter, and shows that the company is on track to meet its Scope 1 and 2 net-zero emissions goal by 2050. The report also outlined Baker Hughes' progress towards driving more sustainable operations through improved performance in its ESG metrics. Baker Hughes continues to strive for a diverse and inclusive workplace. As people are at the heart of any company's progress. Fresh perspectives, unique experiences and innovative ideas are critical to driving competitiveness going forward. To this end, Baker Hughes has enhanced its reporting with over 20 new metrics to help drive more transparency and was recognized for attracting, retaining, and developing talent.

    我還想花一些時間在幻燈片 9 上重點介紹貝克休斯的 2022 年企業可持續發展報告,該報告於第二季度發布,該報告表明該公司正在實現其範圍 1 和 2 淨零排放目標到 2050 年。該報告還概述了貝克休斯通過改善 ESG 指標績效來推動更可持續運營的進展。貝克休斯繼續努力打造多元化和包容性的工作場所。因為人是任何公司進步的核心。新鮮的視角、獨特的經驗和創新的想法對於推動競爭力的發展至關重要。為此,貝克休斯通過 20 多個新指標增強了其報告,以幫助提高透明度,並因吸引、留住和培養人才而受到認可。

  • As one of the first companies in the industry to announce a net-zero emissions goal, we continue to push forward with reducing our Scope 1 and 2 emissions, which have declined by 28% compared to our 2019 baseline year. We are also now reporting on 10 categories of Scope 3 emissions. Against the backdrop of a challenging and complex global energy environment, I'm proud that while we continue supporting our customers on their energy transition journeys, we have not lost sight of our goal to operate in a responsible and more sustainable way.

    作為業內首批宣布淨零排放目標的公司之一,我們繼續推進減少範圍 1 和範圍 2 的排放,與 2019 年基準年相比,排放量已下降了 28%。我們現在還報告 10 類範圍 3 排放。在充滿挑戰和復雜的全球能源環境的背景下,我感到自豪的是,在我們繼續為客戶的能源轉型之旅提供支持的同時,我們並沒有忘記以負責任和更可持續的方式運營的目標。

  • Overall, I remain very excited on the outlook for Baker Hughes and confident we will execute on all our growth opportunities across our business as well as the structural changes we are implementing across our organization.

    總體而言,我對貝克休斯的前景仍然感到非常興奮,並相信我們將抓住整個業務的所有增長機會以及我們正在整個組織實施的結構性變革。

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

    這樣,我就把電話轉給南希。

  • Nancy K. Buese - CFO

    Nancy K. Buese - CFO

  • Thanks, Lorenzo. I will begin on Slide 11 with an overview of total company results and then move into the segment details on our forward outlook. We were very pleased with our second quarter results, which exceeded the high end of our adjusted EBITDA guidance range, included another quarter of strong orders in both business segments and exceeded our expectations on free cash flow. We are excited with the operational momentum we have at Baker Hughes and the growth opportunities ahead, as well as the progress we are making in removing costs and transforming how the business operates. As we execute on these growth opportunities, we are laser focused on improving our margins and return profile as the company grows.

    謝謝,洛倫佐。我將從幻燈片 11 開始概述公司總體業績,然後詳細介紹我們的前瞻性展望。我們對第二季度的業績感到非常滿意,該業績超出了我們調整後的 EBITDA 指導範圍的上限,包括兩個業務部門又一個季度的強勁訂單,並超出了我們對自由現金流的預期。我們對貝克休斯的運營勢頭和未來的增長機會以及我們在消除成本和轉變業務運營方式方面取得的進展感到興奮。當我們抓住這些增長機會時,我們將重點放在隨著公司的發展而提高利潤率和回報率上。

  • Orders for both business segments maintained strong momentum with total company orders of $7.5 billion in the second quarter, up 28% year-over-year and driven by an increase in both IET and OFSE. Remaining performance obligation was $31 billion, up 5% sequentially. RPO for the company is at record levels and provide strong volume and earnings visibility over the coming years. OFC RPO ended at $3.5 billion, while IET RPO ended at $27.5 billion.

    兩個業務部門的訂單均保持強勁勢頭,在 IET 和 OFSE 增長的推動下,第二季度公司訂單總額達 75 億美元,同比增長 28%。剩餘履約義務為 310 億美元,環比增長 5%。該公司的 RPO 達到了創紀錄的水平,並在未來幾年提供了強勁的銷量和盈利可見性。 OFC RPO 最終達到 35 億美元,而 IET RPO 最終達到 275 億美元。

  • Our total company book-to-bill ratio in the quarter was 1.2. IET book-to-bill was 1.3, which marks 8 consecutive quarters of IET book-to-bill above 1. Revenue for the quarter was $6.3 billion, up 25% year-over-year, driven by increases in both segments. Operating income for the quarter was $514 million. Adjusted operating income was $631 million, which excludes $117 million of restructuring and other charges. Adjusted operating income was up 23% sequentially and up 68% year-over-year. Our adjusted operating income rate for the quarter was 10%, up 100 basis points sequentially. Year-over-year, our adjusted operating income rate was up 250 basis points.

    本季度公司總訂單出貨比為 1.2。 IET 訂單出貨比為 1.3,這標誌著 IET 訂單出貨比連續 8 個季度高於 1。該季度收入為 63 億美元,同比增長 25%,主要受到兩個細分市場增長的推動。該季度營業收入為 5.14 億美元。調整後營業收入為 6.31 億美元,其中不包括 1.17 億美元的重組和其他費用。調整後營業收入環比增長 23%,同比增長 68%。本季度調整後營業利潤率為 10%,比上一季度上升 100 個基點。與去年同期相比,我們調整後的營業利潤率上升了 250 個基點。

  • Adjusted EBITDA in the quarter was $907 million, up 16% sequentially and up 39% year-over-year. Adjusted EBITDA margin rate of 14.4% increased by 70 basis points sequentially and 150 basis points year-over-year due to increased volume leverage, pricing and our cost optimization and simplification efforts. Corporate costs were $97 million in the quarter, down $3 million sequentially and $11 million year-over-year, driven by the realization of savings related to our corporate optimization process. For the third quarter, we expect corporate costs to be roughly flat compared to second quarter levels.

    本季度調整後 EBITDA 為 9.07 億美元,環比增長 16%,同比增長 39%。由於銷量槓桿、定價以及我們的成本優化和簡化工作的增加,調整後 EBITDA 利潤率為 14.4%,環比增長 70 個基點,同比增長 150 個基點。本季度的企業成本為 9700 萬美元,環比下降 300 萬美元,同比下降 1100 萬美元,這得益於與我們的企業優化流程相關的節省。對於第三季度,我們預計企業成本與第二季度水平大致持平。

  • Depreciation and amortization expense was $276 million in the quarter. For the third quarter, we expect D&A to be roughly in line with second quarter levels. Net interest expense was $58 million. Income tax expense in the quarter was $200 million. GAAP earnings per share was $0.40. Included in GAAP earnings per share were $156 million of other income, primarily related to net gains from the change in fair value for certain equity investments, all of which are recorded in other nonoperating income. Adjusted earnings per share were $0.39.

    本季度折舊和攤銷費用為 2.76 億美元。對於第三季度,我們預計 D&A 將與第二季度的水平大致一致。淨利息支出為 5800 萬美元。本季度所得稅費用為 2 億美元。 GAAP 每股收益為 0.40 美元。 GAAP 每股收益中包括 1.56 億美元的其他收入,主要與某些股權投資公允價值變動的淨收益相關,所有這些都記錄在其他非營業收入中。調整後每股收益為 0.39 美元。

  • Turning to Slide 12. We generated strong free cash flow in the quarter of $623 million, up $426 million sequentially, driven by higher adjusted EBITDA and strong collections in IoT. Year-over-year, our free cash flow is up $476 million. First half free cash flow conversion from adjusted EBITDA was 49% and we're very pleased with the team's performance so far this year, as the process changes we are implementing continue to drive better working capital performance.

    轉向幻燈片 12。在調整後 EBITDA 較高和物聯網領域強勁收款的推動下,我們在本季度產生了 6.23 億美元的強勁自由現金流,比上一季度增加了 4.26 億美元。我們的自由現金流同比增長 4.76 億美元。上半年,調整後 EBITDA 的自由現金流轉換率為 49%,我們對團隊今年迄今為止的表現非常滿意,因為我們正在實施的流程變革將繼續推動更好的營運資本績效。

  • On the back of strong first half performance, we now expect free cash flow conversion from adjusted EBITDA for the full year to be in the range of 45% to 50%, driving the improvement in our free cash flow expectations is stronger working capital performance and higher IET orders. We continue to prioritize a strong balance sheet with total debt of $6.6 billion and net debt of $3.8 billion, which is 1.1x our trailing 12 months adjusted EBITDA. We have around $650 million of senior notes maturing in December 2023 and we will most likely refinance this debt based on market conditions.

    在上半年表現強勁的背景下,我們現在預計全年調整後 EBITDA 的自由現金流轉換將在 45% 至 50% 之間,推動我們自由現金流預期改善的因素是營運資本表現強勁以及更高的 IET 訂單。我們繼續優先考慮強勁的資產負債表,總債務為 66 億美元,淨債務為 38 億美元,是我們過去 12 個月調整後 EBITDA 的 1.1 倍。我們有約 6.5 億美元的優先票據將於 2023 年 12 月到期,我們很可能會根據市場狀況對該債務進行再融資。

  • Turning to Slide 13 and capital allocation. We maintained our quarterly dividend at $0.19 per share and also repurchased 3.6 million Class A shares for $99 million at an average price of $27.66 per share. Our capital allocation philosophy prioritizes a strong balance sheet, adequately reinvesting in our business from both a CapEx and an R&D perspective, and targeting free cash conversion from adjusted EBITDA in excess of 50% on a through-cycle basis. From there, we expect to return 60% to 80% of our free cash flow back to shareholders through dividends and share repurchases.

    轉向幻燈片 13 和資本配置。我們維持每股 0.19 美元的季度股息,並以 9900 萬美元的價格回購了 360 萬股 A​​ 類股票,平均價格為每股 27.66 美元。我們的資本配置理念優先考慮強大的資產負債表,從資本支出和研發角度對我們的業務進行充分的再投資,並目標是在整個週期內將調整後的 EBITDA 的自由現金轉換率超過 50%。在此基礎上,我們預計將通過股息和股票回購將 60% 至 80% 的自由現金流返還給股東。

  • Turning to Slide 14, as Lorenzo mentioned, we have executed all actions necessary to achieve our $150 million cost-out target by the end of 2023 and believe there are additional opportunities for further cost reduction in 2024 and beyond. We view this initial round of cost actions as the first step in a much larger operational and margin optimization process, which we expect to unfold over the next couple of years. For this next step, we have identified several areas to improve operating efficiency and cost structure through a more simplified organizational design, improving our processes and systems. As we execute on the next phase of this journey, our ultimate objective is to drive EBITDA margins for each business segment above 20%.

    轉向幻燈片 14,正如 Lorenzo 提到的,我們已採取一切必要行動,以在 2023 年底前實現 1.5 億美元的成本支出目標,並相信 2024 年及以後還有進一步降低成本的機會。我們將第一輪成本行動視為更大規模的運營和利潤優化流程的第一步,我們預計該流程將在未來幾年內展開。對於下一步,我們已經確定了通過更簡化的組織設計、改進我們的流程和系統來提高運營效率和成本結構的幾個領域。當我們執行這一旅程的下一階段時,我們的最終目標是將每個業務部門的 EBITDA 利潤率提高到 20% 以上。

  • Now I'll 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 15, the segment performed above expectations in the quarter, driven by stronger revenue and margins in SSPS and stronger growth across international OFS markets. SSPS orders also maintain strong momentum as offshore project sanctioning continues at robust levels. Partially offsetting these areas of strength was lower-than-expected profitability out of our chemicals business. While Chemicals did see sequential margin improvement during the quarter, we still have more work to do in order to get margins in line with historical levels, but we're confident we can get there by the end of the year. OFSE orders in the quarter were $4.2 billion, up 2% sequentially and up 24% year-over-year.

    現在,我將向您詳細介紹業務部門的業績,並向您提供我們對未來前景的看法。從幻燈片 15 上的油田服務和設備開始,由於 SSPS 收入和利潤增長以及國際 OFS 市場增長強勁,該部門本季度的表現超出預期。隨著海上項目制裁繼續保持強勁水平,SSPS 訂單也保持強勁勢頭。我們化學品業務的盈利能力低於預期,部分抵消了這些優勢領域的影響。雖然化學品業務在本季度確實實現了利潤率環比改善,但為了使利潤率達到歷史水平,我們仍有更多工作要做,但我們有信心在年底前實現這一目標。本季度 OFSE 訂單額為 42 億美元,環比增長 2%,同比增長 24%。

  • Subsea & Surface Pressure System orders were $1.1 billion, up 48% year-over-year, driven by a number of awards, including a major subsea three order for Eni offshore Ivory Coast, and a number of flexibles orders. For the first half of 2023, SSPS orders are up 54% year-over-year. OFSE revenue in the quarter was $3.9 billion, up 8% sequentially and up 20% year-over-year. International revenue was up 10% sequentially, driven by growth in all regions, with notable strength in Europe, CIS, SSA and Middle East Asia.

    海底和表面壓力系統訂單額為 11 億美元,同比增長 48%,這得益於多項合同的推動,其中包括埃尼科特迪瓦近海的大型海底三號訂單以及一些靈活訂單。 2023 年上半年,SSPS 訂單同比增長 54%。 OFSE 本季度收入為 39 億美元,環比增長 8%,同比增長 20%。在所有地區增長的推動下,國際收入環比增長 10%,其中歐洲、獨聯體、撒哈拉以南非洲和中東地區表現尤為突出。

  • North America revenue increased 5% sequentially, driven primarily by growth in SSPS. Excluding SSPS, international revenue was up 12% sequentially and North American revenue was down 1%, solidly outperforming rig count in both regions. OFSE operating income in the quarter was $417 million, up 12% sequentially and up 68% year-over-year. Operating income rate was 10.8% with margin rates up 40 basis points sequentially. On a year-over-year basis, operating income rate has increased 310 basis points.

    北美收入環比增長 5%,主要受 SSPS 增長的推動。不包括 SSPS,國際收入環比增長 12%,北美收入下降 1%,明顯好於兩個地區的鑽機數量。 OFSE 本季度營業收入為 4.17 億美元,環比增長 12%,同比增長 68%。營業利潤率為 10.8%,利潤率環比上升 40 個基點。營業收入同比增長310個基點。

  • OFSE EBITDA in the quarter was $636 million, up 10% sequentially and up 35% year-over-year. EBITDA margin rate was 16.4%, with margins increasing 20 basis points sequentially and 190 basis points year-over-year. Sequential margin rates were impacted by a higher mix of SSPS equipment revenue, while the year-over-year improvement in margin rate was driven by higher volume, price improvements and our cost-out efforts at SSPS.

    OFSE 本季度 EBITDA 為 6.36 億美元,環比增長 10%,同比增長 35%。 EBITDA 利潤率為 16.4%,利潤率環比增長 20 個基點,同比增長 190 個基點。連續利潤率受到 SSPS 設備收入組合增加的影響,而利潤率的同比改善是由產量增加、價格改善和我們在 SSPS 的成本支出努力推動的。

  • If we move to Slide 16, IET performed above expectations in the quarter despite lower-than-expected backlog conversion from Gas Technology Equipment. The stronger segment performance was primarily due to higher margin rates, which was driven by strength in Industrial Technology revenues and margins as well as stronger growth in Gas Technology Services. IET also had another very strong quarter for orders driven by LNG and Onshore/Offshore awards.

    如果我們轉向幻燈片 16,儘管天然氣技術設備的積壓訂單轉換率低於預期,但 IET 在本季度的表現仍高於預期。部門業績的強勁主要歸因於較高的利潤率,而較高的利潤率是由工業技術收入和利潤率的強勁以及天然氣技術服務的強勁增長推動的。 IET 在液化天然氣和陸上/海上訂單驅動下的訂單也表現強勁。

  • IET orders were $3.3 billion, down 7% sequentially and up 33% on a year-over-year basis. Gas Technology Equipment orders of $1.6 billion in the quarter were up 87% year-over-year. Major awards during the quarter included equipment for the Rio Grande LNG project as well as FPSO equipment for the BM-C-33 project in Brazil. Gas Technology Services orders of $790 million in the quarter were flat year-over-year.

    IET 訂單額為 33 億美元,環比下降 7%,同比增長 33%。本季度天然氣技術設備訂單額為 16 億美元,同比增長 87%。本季度的主要獎項包括里奧格蘭德液化天然氣項目的設備以及巴西 BM-C-33 項目的 FPSO 設備。本季度天然氣技術服務訂單額為 7.9 億美元,與去年同期持平。

  • Industrial Technology orders of $880 million were up 8% year-over-year, driven by growth in most product lines as well as the acquisition of Quest Integrity, which was partially offset by the disposition of Nexus Controls. RPO for IET ended at $27.5 billion, up 4% sequentially. Within IET RPO, Gas Tech Equipment RPO was $11.4 billion, and Gas Tech Services RPO was $13.9 billion.

    受大多數產品線增長以及收購 Quest Integrity 的推動,工業技術訂單達 8.8 億美元,同比增長 8%,但 Nexus Controls 的處置部分抵消了這一增長。 IET 的 RPO 最終達到 275 億美元,環比增長 4%。在 IET RPO 中,天然氣技術設備 RPO 為 114 億美元,天然氣技術服務 RPO 為 139 億美元。

  • Turning to Slide 17, revenue for the quarter was $2.4 billion, up 34% versus the prior year. Gas Tech Equipment revenue was up 80% year-over-year, driven by execution of project backlog. Gas Tech Services revenue was up 21% year-over-year, driven by growth in both upgrades and transactional services and accounting for impacts related to our exit from Russia during the second quarter of 2022. Excluding these impacts, Gas Tech Services revenue was up 7% year-over-year.

    轉向幻燈片 17,該季度的收入為 24 億美元,比上一年增長 34%。受積壓項目執行的推動,天然氣技術設備收入同比增長 80%。受升級和交易服務增長以及考慮到 2022 年第二季度我們退出俄羅斯相關影響的推動,天然氣技術服務收入同比增長 21%。排除這些影響,天然氣技術服務收入增長同比增長 7%。

  • Industrial Tech revenue was up 9% year-over-year, driven by growth in all product lines as well as the acquisition of Quest, partially offset by the Nexus Controls disposition. We are pleased to see the supply chain and chip constraints that have negatively impacted this business begin to abate, helping to drive revenues and profitability higher. Operating income for IET was $311 million, up 32% year-over-year. Operating margin rate was 12.8%, down 20 basis points year-over-year. IET EBITDA was $363 million, up 28% year-over-year, driven by increased volume. EBITDA margin was 14.9%, down 80 basis points year-over-year driven by higher equipment mix and approximately $15 million of higher R&D spend year-over-year related to New Energy investments.

    受所有產品線增長以及收購 Quest 的推動,工業技術收入同比增長 9%,但部分被 Nexus Controls 處置所抵消。我們很高興看到對該業務產生負面影響的供應鍊和芯片限制開始減弱,有助於提高收入和盈利能力。 IET 營業收入為 3.11 億美元,同比增長 32%。營業利潤率為12.8%,同比下降20個基點。在銷量增加的推動下,IET EBITDA 為 3.63 億美元,同比增長 28%。由於設備組合增加以及與新能源投資相關的研發支出同比增加約 1500 萬美元,EBITDA 利潤率為 14.9%,同比下降 80 個基點。

  • As communicated previously, as part of our broader New Energy strategy, we are increasing our R&D spend to enhance existing core technologies and developing some of the early-stage technologies we have in CCUS, hydrogen and clean power. So far this year in IET, we have spent around $40 million of incremental R&D for New Energy investments, and we expect R&D expense to be modestly higher in the second half of the year.

    正如之前所傳達的,作為我們更廣泛的新能源戰略的一部分,我們正在增加研發支出,以增強現有的核心技術,並開發我們在 CCUS、氫氣和清潔能源方面擁有的一些早期技術。今年到目前為止,IET 已在新能源投資方面投入了約 4000 萬美元的增量研發費用,我們預計下半年研發費用將小幅上漲。

  • Turning to Slide 18. I would like to update you on our outlook for the 2 business segments. Overall, we feel 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.

    轉向幻燈片 18。我想向您介紹我們對這兩個業務部門的最新展望。總體而言,我們對 OFSE 和 IET 的前景感到樂觀,因為每項業務都有強勁的增長動力,並且持續的運營改進有助於推動積壓訂單執行和利潤率提高。

  • For Baker Hughes, we expect third quarter revenue to be between $6.4 billion and $6.6 billion, and EBITDA between $930 million and $990 million. For the full year, our outlook remains unchanged, and we are raising the low end of our guidance range following our strong performance in the first half and better visibility for the back half of the year. We now expect revenue to be between $24.8 billion and $26 billion and EBITDA between $3.65 billion and $3.8 billion.

    對於貝克休斯,我們預計第三季度收入將在 64 億美元至 66 億美元之間,EBITDA 將在 9.3 億美元至 9.9 億美元之間。對於全年,我們的前景保持不變,並且在上半年表現強勁以及下半年前景更好之後,我們上調了指導區間的下限。我們現在預計收入將在 248 億美元至 260 億美元之間,EBITDA 將在 36.5 億美元至 38 億美元之間。

  • For OFSE, we expect third quarter results to reflect growth in international markets and a decline in North American activity, but still expect sequential improvement on both revenue and EBITDA. We, therefore expect third quarter revenue for OFSE between $3.8 billion and $4 billion and EBITDA between $635 million and $695 million. Factors driving this range include the pacing of some international projects, activity in the U.S. land market, backlog conversion in SSPS and the pace of our cost-out initiatives.

    對於 OFSE,我們預計第三季度業績將反映國際市場的增長和北美活動的下降,但仍預計收入和 EBITDA 會連續改善。因此,我們預計 OFSE 第三季度收入在 38 億美元至 40 億美元之間,EBITDA 在 6.35 億美元至 6.95 億美元之間。推動這一範圍的因素包括一些國際項目的節奏、美國土地市場的活動、SSPS 的積壓轉換以及我們的成本削減計劃的節奏。

  • For the full year 2023, our outlook for OFSE remains unchanged with international and offshore growth helping to offset second half softness in North America. We now forecast OFSE revenue between $15.1 billion and $15.7 billion and EBITDA between $2.5 billion and $2.7 billion. Factors driving this range include the pace of growth in various international markets, activity in North America, continued improvement in chemicals, the pace of backlog conversion and restructuring initiatives in the SSPS segment, and our broader cost-out initiatives.

    對於 2023 年全年,我們對 OFSE 的展望保持不變,國際和離岸增長有助於抵消北美下半年的疲軟。我們現在預測 OFSE 收入在 151 億美元至 157 億美元之間,EBITDA 在 25 億美元至 27 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、北美的活動、化學品的持續改進、SSPS 領域積壓訂單轉換和重組計劃的速度,以及我們更廣泛的成本削減計劃。

  • For IET, we expect third quarter results to reflect stronger year-over-year revenue growth as we execute our backlog for Gas Technology Equipment as well as continued solid revenue growth for Industrial Technology. We therefore, expect third quarter IoT revenue between $2.45 billion and $2.75 billion and EBITDA between $355 million and $415 million. The major factors driving this range will be the pace of backlog conversion in Gas Tech equipment, the level of R&D spend related to our New Energy investments, and the impact of any supply chain delays in Gas Tech Equipment and Services.

    對於 IET 而言,我們預計第三季度業績將反映出更強勁的同比收入增長,因為我們執行了天然氣技術設備的積壓訂單以及工業技術的持續穩健收入增長。因此,我們預計第三季度物聯網收入將在 24.5 億美元至 27.5 億美元之間,EBITDA 將在 3.55 億美元至 4.15 億美元之間。推動這一範圍的主要因素將是天然氣技術設備積壓轉換的速度、與我們的新能源投資相關的研發支出水平,以及天然氣技術設備和服務供應鏈延誤的影響。

  • Our full year outlook for IET remains constructive for orders, revenue and EBITDA. For orders, we've increased our 2023 expectations by $1 billion to a range of $11.5 billion to $12.5 billion. We feel confident in meeting the upper end of the revised range and see the opportunity to exceed the high end depending upon the timing of certain large projects. We expect full year revenue for IET between $9.65 billion and $10.35 billion and EBITDA between $1.4 billion and $1.6 billion. The largest factors driving this range will be the pace of backlog conversion and any impacts associated with supply chain delays. Other factors include foreign currency movements and the level of R&D spend related to our New Energy investments.

    我們對 IET 全年訂單、收入和 EBITDA 的展望仍然具有建設性。對於訂單,我們將 2023 年的預期提高了 10 億美元,達到 115 億美元至 125 億美元的範圍。我們有信心達到修訂後範圍的上限,並看到有機會超過上限,具體取決於某些大型項目的時間安排。我們預計 IET 全年收入在 96.5 億美元至 103.5 億美元之間,EBITDA 在 14 億美元至 16 億美元之間。推動這一範圍的最大因素將是積壓訂單轉換的速度以及與供應鏈延誤相關的任何影響。其他因素包括外匯變動以及與我們的新能源投資相關的研發支出水平。

  • Lastly, we're lowering our expected tax rate range by 250 basis points. Before I turn the call back over to Lorenzo, I wanted to make everyone aware that Jud Bailey will be moving on from the Investor Relations role at the end of this month to become our new VP of Business Development. Replacing Jud is s Chase Mulvehill, who is joining Baker Hughes from Bank of America, and started here with us earlier this month. I would like to congratulate Jud on his new role and welcome Chase to Baker Hughes.

    最後,我們將預期稅率範圍降低 250 個基點。在我將電話轉回洛倫佐之前,我想讓大家知道賈德·貝利 (Jud Bailey) 將於本月底辭去投資者關係職務,成為我們新的業務開發副總裁。接替賈德的是蔡斯·馬爾維希爾 (Chase Mulvehill),他從美國銀行加入貝克休斯,本月早些時候開始在我們這里工作。我謹祝賀賈德擔任新職務,並歡迎蔡斯加入貝克休斯。

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

    這樣,我會將電話轉回洛倫佐。

  • Lorenzo Simonelli - Chairman, President & CEO

    Lorenzo Simonelli - Chairman, President & CEO

  • Thank you, Nancy. I would also like to welcome Chase to Baker Hughes and wish Jud well in his new role. Turning to Slide 19, Baker Hughes remains committed to delivering for our customers and our shareholders. We see exciting growth opportunities across our portfolio as well as opportunities to drive higher margins and returns through the simplification and optimization of our organizational structure.

    謝謝你,南希。我還要歡迎蔡斯加入貝克休斯,並祝愿賈德在新職位上一切順利。轉向幻燈片 19,貝克休斯仍然致力於為我們的客戶和股東提供服務。我們在我們的投資組合中看到了令人興奮的增長機會,以及通過簡化和優化我們的組織結構來提高利潤和回報的機會。

  • Through these initiatives, our goal is to exceed the 20% EBITDA margin targets in OFSE and IET as well as the ROIC targets in both businesses of 15% and 20%, respectively. 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.

    通過這些舉措,我們的目標是超越 OFSE 和 IET 20% 的 EBITDA 利潤率目標,以及分別超過 15% 和 20% 的 ROIC 目標。最後,我們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,同時也投資於我們世界級業務的增長。

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

    說完,我會把電話轉回給賈德。

  • Judson Edwin Bailey - VP of IR

    Judson Edwin Bailey - VP of IR

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

    謝謝,洛倫佐。接線員讓我們開始提問。

  • Operator

    Operator

  • (Operator Instructions) And our first question coming from the line of James West with Evercore.

    (操作員說明)我們的第一個問題來自 James West 和 Evercore 的線路。

  • James Carlyle West - Senior MD

    James Carlyle West - Senior MD

  • So Lorenzo, I think at least myself and many others understand kind of what's happening in the Oilfield Service part of the business, but the IET has been a nice surprise here, particularly this quarter, but also the big $1 billion increase in the range of orders for this year. Could you perhaps go through what you're seeing there? Is that just an acceleration in the business? Is it some of the acquisitions coming together? I mean, what's the key driver to this -- the better performance that we're seeing and expected better performance with better orders?

    所以洛倫佐,我認為至少我自己和許多其他人都了解油田服務業務部分正在發生的事情,但 IET 在這裡令人驚喜,特別是本季度,而且還增加了 10 億美元的範圍今年的訂單。您能回顧一下您在那裡看到的情況嗎?這只是業務的加速嗎?是一些收購合併在一起嗎?我的意思是,這的關鍵驅動因素是什麼——我們看到的更好的性能以及預期更好的性能和更好的訂單?

  • Lorenzo Simonelli - Chairman, President & CEO

    Lorenzo Simonelli - Chairman, President & CEO

  • Yes, sure, James. And as you correctly stated, we did raise the guidance from an IET order perspective this quarter by $1 billion, and if you look at what we've consistently said this year, we've seen a large pipeline of opportunities for IET. And that's been robust and the visibility is improving, both for this year and also the next few years. So whereas at the start of the year, we had some conservatism based on project timing that can move around. We've now seen that solidify. And as we see the year play out, we see higher opportunities across several areas.

    是的,當然,詹姆斯。正如您所說,我們確實將本季度 IET 訂單的指導提高了 10 億美元,如果您看看我們今年一直所說的內容,我們已經看到了 IET 的大量機會。無論是今年還是未來幾年,這種勢頭都很強勁,可見度正在提高。因此,在今年年初,我們對項目時間安排持一些保守態度,這些時間可能會發生變化。我們現在已經看到這種情況正在鞏固。隨著這一年的結束,我們在多個領域看到了更多的機會。

  • And let's start off with LNG, which obviously, we were announcing some FID activity in the quarter, but also continue to see a number of projects that can come to FID through the rest of this year, but also going into next year as well. And I was just up at Vancouver with LNG 2023, and I can say that the customer discussions are very robust and there's a clear understanding that natural gas and LNG is going to play a key role as a baseload for the energy mix going forward.

    讓我們從液化天然氣開始,顯然,我們在本季度宣布了一些 FID 活動,但也繼續看到許多項目可以在今年剩餘時間進行 FID,而且也將進入明年。我剛剛在溫哥華參加了 2023 年液化天然氣會議,我可以說客戶的討論非常活躍,並且人們清楚地認識到天然氣和液化天然氣將作為未來能源結構的基本負荷發揮關鍵作用。

  • But also on the Offshore/Onshore Production, and we've seen strength in the offshore activity, you've seen some of the announcements there on the FPSO side. And then on the New Energy orders, and we've already met our full year guidance in the second quarter. We're starting to see some opportunities in the back half as well. So overall confident not only on the order momentum for this year, but also going into 2024.

    而且在海上/陸上生產方面,我們已經看到了海上活動的強勁勢頭,您也看到了 FPSO 方面的一些公告。然後是新能源訂單,我們已經在第二季度達到了全年指導目標。我們也開始在後半場看到一些機會。因此,總體而言,不僅對今年的訂單勢頭充滿信心,而且對 2024 年的訂單勢頭也充滿信心。

  • James Carlyle West - Senior MD

    James Carlyle West - Senior MD

  • Got it. And then I did want to follow up on the new energies orders because you're already at a level that, I think -- I believe, on pace at least to double last year because you're already above last year's full year orders. What are the key kind of components of new energies that are driving that order momentum?

    知道了。然後我確實想跟進新能源訂單,因為我認為,我相信,你已經處於去年至少翻倍的水平,因為你已經高於去年全年訂單。推動訂單勢頭的新能源的關鍵組成部分是什麼?

  • Lorenzo Simonelli - Chairman, President & CEO

    Lorenzo Simonelli - Chairman, President & CEO

  • Yes. I am very pleased with the way in which we're progressing on the new energies. And as you know, we booked about $150 million of New Energy orders in 2Q, bringing the first half, as you said correctly, above the $400 million target. And as we look at the rest of the year, we think we could be at $600 million to $700 million of New Energy orders and predominantly, it's around the attributes of CCUS projects and also hydrogen. And what I'm pleased about is that it's really taking the whole portfolio of capabilities we have existing today in Baker Hughes. You'll have seen that we announced the combined cycle technology. We also announced ammonia -- blue ammonia that's gaining traction.

    是的。我對我們在新能源方面取得的進展感到非常滿意。如您所知,我們在第二季度預訂了約 1.5 億美元的新能源訂單,正如您所說,上半年超過了 4 億美元的目標。展望今年剩餘時間,我們認為新能源訂單可能會達到 6 億至 7 億美元,而且主要是 CCUS 項目和氫的屬性。我感到高興的是,它確實利用了貝克休斯目前擁有的全部能力。您將會看到我們宣布了聯合循環技術。我們還宣布了氨——藍色氨越來越受歡迎。

  • And also on the subsurface side with our Oilfield Services & Equipment and being able to complete a study there. So it's great to see the continued momentum utilizing existing Baker technology as we continue to invest in the future technology as well. And I just think it speaks to the portfolio that we have.

    在地下方面,我們的油田服務和設備也能夠在那裡完成研究。因此,很高興看到利用現有貝克技術的持續勢頭,同時我們也繼續投資未來的技術。我只是認為這說明了我們擁有的投資組合。

  • Operator

    Operator

  • And our next question coming from the line of Arun Jayaram with JPMorgan.

    我們的下一個問題來自摩根大通的 Arun Jayaram。

  • Arun Jayaram - Senior Equity Research Analyst

    Arun Jayaram - Senior Equity Research Analyst

  • Lorenzo. I was wondering if you could discuss what type of visibility do you have on IET order strength into 2024. You mentioned that you expect more than 65 MTPA of LNG FIDs this year with a similar amount in 2024. Do you think that you can keep up this robust pace of IET orders next year?

    洛倫佐。我想知道您是否可以討論一下您對 2024 年 IET 訂單強度有什麼類型的了解。您提到您預計今年 LNG FID 的數量將超過 65 MTPA,2024 年的數量也將類似。您認為您能跟上嗎明年 IET 訂單的強勁步伐如何?

  • Lorenzo Simonelli - Chairman, President & CEO

    Lorenzo Simonelli - Chairman, President & CEO

  • Yes, Arun. And look, definitely, as you look at '24 and '25, we know we've had a strong 23%, and '23 is going to be as strong as '22. Just as you look at the updated guidance as well by increasing $1 billion to the $11.5 billion to $12.5 billion. And we don't see a material decrease in '24 or in '25. I look at the LNG FID outlook, the offshore outlook and the growing opportunities in New Energy. And we think that orders could remain near the updated 2023 guide for the next couple of years.

    是的,阿倫。當然,當你看看 '24 和 '25 時,我們知道我們已經有 23% 的強勁表​​現,而 '23 將會和 '22 一樣強勁。正如您查看更新後的指導意見一樣,將 10 億美元增加到 115 億美元至 125 億美元。我們沒有看到 24 年或 25 年出現實質性下降。我關注液化天然氣 FID 前景、離岸前景以及新能源領域不斷增長的機會。我們認為,未來幾年訂單量可能會保持在更新後的 2023 年指南附近。

  • LNG, in particular, is showing strength. And look, I think we remain positive on the near term, but the long-term prospects. What I've seen happen is definitely an appreciation for natural gas going to be a clear aspect of the energy mix. We've always said it's a transition and destination fuel and the best way obviously to transport the natural gas is either through pipeline or through LNG, and we've seen a number of opportunities internationally start to solidify for also '25 and '26. And that's what I'm focused on at the moment is continuing to build that good pipeline. And I think we're in for a good couple of years.

    液化天然氣尤其顯示出實力。看,我認為我們對短期和長期前景保持樂觀。我所看到的情況肯定是天然氣將成為能源結構的一個明顯方面。我們一直說這是一種過渡和目的地燃料,運輸天然氣的最佳方式顯然是通過管道或通過液化天然氣,我們已經看到國際上的許多機會也開始在“25”和“26”中鞏固。這就是我目前關注的重點,那就是繼續建立良好的渠道。我認為我們還會有好幾年的時間。

  • Arun Jayaram - Senior Equity Research Analyst

    Arun Jayaram - Senior Equity Research Analyst

  • Great. And maybe my follow-up is for Nancy. Nancy, you raised the low end of your full year EBITDA guide. Orders were strong, you raised your IoT order guide about $1 billion. Maybe some thoughts on the 3Q guide, midpoints [960], the streets, just a hair above that. Just thoughts on 3Q guide and some of the assumptions behind that?

    偉大的。也許我的後續行動是針對南希的。南希,您提高了全年 EBITDA 指南的下限。訂單量很大,您將 IoT 訂單指南提高了約 10 億美元。也許是對 3Q 指南、中點 [960]、街道的一些想法,就在上面一點點。只是對 3Q 指南及其背後的一些假設的想法?

  • Nancy K. Buese - CFO

    Nancy K. Buese - CFO

  • Yes. And thanks for the question. I mean, we've really started giving guidance at the beginning of 2023. And our goal has been to give you a range for the quarter and for the year and give you the factors that could impact that to the plus or to the minus of the midpoint. So we're going to keep doing that. And our line of sight for Q3 is based on what we see ahead of us on both sides. I would say on IET, Gas Tech Services has performed well. Industrial Tech has exceeded our expectations. But also Gas Tech revenue has -- Equipment revenue has come in lower as backlog conversion has been a little slower. So our guidance for Q3 reflects where we'll head with that.

    是的。謝謝你的提問。我的意思是,我們確實在 2023 年初開始提供指導。我們的目標是為您提供本季度和全年的範圍,並為您提供可能影響該範圍的因素中點。所以我們將繼續這樣做。我們對第三季度的展望是基於我們對雙方未來的看法。我想說,在 IET 上,天然氣技術服務表現良好。工業技術超出了我們的預期。但天然氣技術收入也有所下降——由於積壓訂單轉換速度稍慢,設備收入也有所下降。因此,我們對第三季度的指導反映了我們的發展方向。

  • And then also, we've mentioned that our R&D spend for IET is a little bit heavier in the back half of the year. So you see that come through in Q3. And then on the OFSE side, I would say international is tracking better than forecast. SSPS has performed well. But in Q3, we're really starting to watch North America and whether that weakens and just watching that, although we have seen good offsets from the international side. So those are some of the factors we're looking at. But from a macro perspective for Q3 the guide is really around where we think we'll land given all those moving factors in the background.

    另外,我們也提到過,今年下半年我們對 IET 的研發支出有所增加。所以你會看到第三季度實現了這一點。然後在 OFSE 方面,我想說國際的跟踪情況比預期要好。 SSPS 表現良好。但在第三季度,我們確實開始關注北美地區的情況是否會減弱,儘管我們已經看到國際方面的良好抵消。這些是我們正在考慮的一些因素。但從第三季度的宏觀角度來看,考慮到背景中的所有這些變化因素,該指南實際上是我們認為我們將達到的目標。

  • Operator

    Operator

  • And our next question coming from the line of Marc Bianchi with TD Cowen.

    我們的下一個問題來自 Marc Bianchi 和 TD Cowen。

  • Marc Gregory Bianchi - MD & Senior Energy Analyst

    Marc Gregory Bianchi - MD & Senior Energy Analyst

  • I first wanted to ask on the cost reductions that you've put in place, I think there's an expectation that there's some more to come on that. When should we be expecting you to update the market on that? And maybe you could talk to in a little more detail what those might look like.

    我首先想詢問你們已經實施的成本削減措施,我認為預計還會有更多削減措施。我們什麼時候應該期待您向市場通報最新情況?也許你可以更詳細地討論一下這些可能是什麼樣子。

  • Nancy K. Buese - CFO

    Nancy K. Buese - CFO

  • Thanks very much, Marc. How I would describe it is we've been really pleased with the success of the program throughout the course of this year. We've gone through the initial round of cost actions, and it's a solid start towards really transforming our core -- the core of our business. And so what we've done at this point is we've completed the actions in the first half of the year that will create that $150 million of run rate savings that will all be in effect by the end of the year.

    非常感謝,馬克。我的描述是,我們對今年該計劃的成功感到非常高興。我們已經完成了第一輪成本行動,這是真正轉變我們的核心——我們業務的核心——的堅實開始。因此,我們目前所做的就是完成了今年上半年的行動,這將節省 1.5 億美元的運行費用,這些費用將在年底前全部生效。

  • There is more work to do, and I'll talk a little bit about some of the categories, but how I would think about it going forward is we have done a lot of cost outs. We're also changing the way we work in terms of efficiencies. And so how we think the best way to continue to think about that is actually seeing it in the margins. So you'll see corporate costs over time start to come down and you'll just see that efficiency run through the margins. There will be some investments over time as we upgrade our systems. And so we want to try to make sure that the net savings are just coming through in the margin profile. But as we get deeper into the execution and ongoing phases, we will provide more of a time frame and when you'll see those and how you'll see those.

    還有更多工作要做,我將談論一些類別,但我將如何考慮未來我們已經做了很多成本支出。我們還在效率方面改變我們的工作方式。因此,我們認為繼續思考這一問題的最佳方法實際上是在邊緣看到它。因此,隨著時間的推移,你會看到企業成本開始下降,而且你會看到效率在利潤率上不斷提高。隨著時間的推移,我們升級系統時將會進行一些投資。因此,我們希望努力確保淨節省正好體現在利潤狀況中。但隨著我們深入執行和持續階段,我們將提供更多的時間框架以及您何時會看到這些以及如何看到這些。

  • But at high level, I would say there's 3 main focus areas for this next transformation section. The first is really optimizing our organizational design and structure. We've gone through the work of simplifying from 4 product companies to 2 segments, but we think there's much more to do. The second is in process improvement and just internalizing better efficiency, operational efficiency, changing some habits and behaviors to improve all of that. And then the third piece is really focused around upgrading our financial and operating systems.

    但從高層次來看,我想說下一個轉型部分有 3 個主要重點領域。一是真正優化我們的組織設計和結構。我們已經完成了從 4 個產品公司簡化為 2 個部門的工作,但我們認為還有很多工作要做。第二個是流程改進,只是內化更好的效率、運營效率,改變一些習慣和行為來改善所有這些。第三部分真正關注的是升級我們的財務和操作系統。

  • So lots of work ahead, but we are pleased with where we are today, and you will continue to see those coming through the margin profile.

    未來還有很多工作要做,但我們對今天的狀況感到滿意,您將繼續在利潤概況中看到這些進展。

  • Lorenzo Simonelli - Chairman, President & CEO

    Lorenzo Simonelli - Chairman, President & CEO

  • And Marc, I would just say we've always communicated that this is a multiyear journey, which has various aspects to it. And obviously, through the time that we've created at Baker Hughes, we've been through a lot, and now we're really simplifying the business. And given the separation activities that have now stopped, it's really an opportunity for us to rationalize across the -- and optimize.

    馬克,我只想說,我們一直在傳達這是一個多年的旅程,其中有各個方面。顯然,在貝克休斯創建的這段時間裡,我們經歷了很多事情,現在我們正在真正簡化業務。鑑於分離活動現已停止,這確實是我們合理化和優化的機會。

  • Marc Gregory Bianchi - MD & Senior Energy Analyst

    Marc Gregory Bianchi - MD & Senior Energy Analyst

  • My next question is just on the margins for OFSE. If I look at the midpoint margin guide for the year that's kind of implied by the revenue and EBITDA ranges, the midpoint is up about 140 basis points, but I think you're talking about 150 to 200 basis points of margin expansion as the expectation. Could you just reconcile that for me.

    我的下一個問題是關於 OFSE 的邊緣問題。如果我看一下收入和 EBITDA 範圍所隱含的年度利潤率中點指南,中點上升了約 140 個基點,但我認為您所說的利潤率擴張為 150 至 200 個基點,正如預期的那樣。你能幫我協調一下嗎?

  • Lorenzo Simonelli - Chairman, President & CEO

    Lorenzo Simonelli - Chairman, President & CEO

  • Yes. Just, Marc, I think when you referenced the 150 to 200 basis points, that's specific to our SSPS business, and that's a component of what we're seeing in Oilfield Services & Equipment.

    是的。只是,馬克,我認為當你提到 150 到 200 個基點時,這是我們 SSPS 業務特有的,也是我們在油田服務和設備中看到的一個組成部分。

  • Operator

    Operator

  • And our next question coming from the line of Scott Gruber with Citigroup.

    我們的下一個問題來自花旗集團的斯科特·格魯伯(Scott Gruber)。

  • Scott Andrew Gruber - Director, Head of Americas Energy Sector & Senior Analyst

    Scott Andrew Gruber - Director, Head of Americas Energy Sector & Senior Analyst

  • Yes. So I'm curious about how we should think about pricing gains within traditional OFS relative to any cost inflation that you're seeing as we get deeper into the recovery here. Is cost inflation starting to (inaudible)? Is it much of an issue today in terms of keeping a lid on OFS incrementals? Or should we start to see nice net pricing gains later this year into '24 as contracts roll within traditional OFS.

    是的。因此,我很好奇,當我們深入了解復甦過程中,我們應該如何考慮傳統 OFS 相對於成本通脹的定價收益。成本通脹是否開始(聽不清)?如今,限制 OFS 增量是否是一個大問題?或者,隨著合同在傳統 OFS 內滾動,我們是否應該在今年晚些時候開始看到可觀的淨定價收益,進入 24 年。

  • Lorenzo Simonelli - Chairman, President & CEO

    Lorenzo Simonelli - Chairman, President & CEO

  • Yes, Scott. In terms of pricing, I'll break it down. The environment in North America has leveled off, and we're hearing some of the customers requesting discounts, particularly in the more commoditized markets like pressure pumping. However, we continue to expect pricing for our technology in North America to hold up in this environment, and we remain firm on pricing. Internationally, we're continuing to see good traction given the strong activity levels and tightness in the market from a supply chain standpoint.

    是的,斯科特。在定價方面,我將對其進行細分。北美的環境已經趨於平穩,我們聽到一些客戶要求折扣,特別是在壓力泵等更加商品化的市場。然而,我們仍然預計在這種環境下我們的技術在北美的定價將保持穩定,並且我們對定價保持堅定。在國際上,鑑於供應鏈的角度來看,市場活動水平強勁且緊張,我們繼續看到良好的牽引力。

  • That being said, it will take some time for it to flow through from an earnings standpoint and given the longer-term nature of the contract structures in the international markets. But again, still feeling we're in a constructive outlook.

    話雖如此,從收益的角度來看,並考慮到國際市場合同結構的長期性質,它需要一段時間才能實現。但我們仍然感覺我們的前景具有建設性。

  • Scott Andrew Gruber - Director, Head of Americas Energy Sector & Senior Analyst

    Scott Andrew Gruber - Director, Head of Americas Energy Sector & Senior Analyst

  • Got you. So as we think about OFSE incrementals next year. First, I would kind of think about a simple approach, kind of looking at similar incrementals and then layering on top of a full year of cost savings -- are the pricing gains on the international side of the business, which is much bigger than your domestic business. Do you think there's sufficient gains there that incrementals can be even better than just kind of similar to this year plus a full year of cost savings, especially if you're going to get some additional cost savings. Are you going to see kind of a double bump to the incrementals next year?

    明白你了。因此,當我們考慮明年 OFSE 增量時。首先,我會考慮一種簡單的方法,即查看類似的增量,然後在全年成本節省的基礎上進行分層 - 是業務國際方面的定價收益,這比您的收益大得多國內業務。您認為增量是否有足夠的收益,甚至比今年類似加上一整年的成本節省更好,特別是如果您要節省一些額外的成本。您明年會看到增量的雙重增長嗎?

  • Nancy K. Buese - CFO

    Nancy K. Buese - CFO

  • Yes. I would say on the whole, for that part of the business, we do expect to see good incrementals. I think there's still a lot of macro conditions, so it's a little bit soon. But from a cost-out perspective and efficiency perspective, we are expecting certainly better incremental. So we'll continue to provide guidance as we go along, but that would be our expectation at this time.

    是的。我想說,總的來說,對於這部分業務,我們確實希望看到良好的增量。我認為還有很多宏觀條件,所以有點快了。但從成本支出和效率角度來看,我們肯定會期待更好的增量。因此,我們將繼續提供指導,但這將是我們目前的期望。

  • Scott Andrew Gruber - Director, Head of Americas Energy Sector & Senior Analyst

    Scott Andrew Gruber - Director, Head of Americas Energy Sector & Senior Analyst

  • But do you think there'll be more net pricing benefit in '24 versus '23 or kind of similar?

    但您認為 24 年相比 23 年或類似情況會帶來更多淨定價收益嗎?

  • Nancy K. Buese - CFO

    Nancy K. Buese - CFO

  • I think it's a little hard to say at this point. I think it's a little bit early for us to seeing the macro backdrop, but we hope so. So we'll keep our eyes peeled for that.

    我覺得現在還很難說。我認為現在了解宏觀背景還為時過早,但我們希望如此。所以我們會密切關注這一點。

  • Operator

    Operator

  • And our next question coming from the line of Neil Mehta with Goldman Sachs.

    我們的下一個問題來自高盛的尼爾·梅塔。

  • Neil Singhvi Mehta - VP and Integrated Oil & Refining Analyst

    Neil Singhvi Mehta - VP and Integrated Oil & Refining Analyst

  • The first question, Lorenzo, there's been a lot of talk obviously on the offshore development pace and the FIDs that we're seeing there, and it's been a key driver of relative performance in the energy sector. So I'd love to hear your perspective on how conversations are developing with offshore customers? And where do you see Baker having the most leverage as we look out over the next couple of years?

    第一個問題,洛倫佐,顯然有很多關於離岸開發速度和我們在那裡看到的最終投資決定的討論,它是能源行業相對錶現的關鍵驅動因素。所以我很想听聽您對與離岸客戶的對話如何發展的看法?當我們展望未來幾年時,您認為貝克在哪裡擁有最大的影響力?

  • Lorenzo Simonelli - Chairman, President & CEO

    Lorenzo Simonelli - Chairman, President & CEO

  • Yes, for sure. And as you said correctly, offshore continues to be strong. And if you look at it from a tree count perspective, obviously, there's been over 200 tree awards and the market is on track to exceed 300 for the second consecutive year. In fact, we believe that offshore is entering a period of sustained higher activity, which could support those tree awards in excess of 300 trees for the next 2 to 3 years. We're encouraged. We are also very pleased with the way in which we've taken on our business and restructured it and recentered it around certain key regions and also key customers. You've seen the recent awards of Baleine, Agogo in West Africa.

    是肯定的。正如您所說,離岸業務仍然強勁。如果從樹木數量的角度來看,顯然已有超過 200 棵樹木獲獎,市場有望連續第二年超過 300 棵。事實上,我們認為近海正在進入一個持續較高活動的時期,這可能會在未來 2 至 3 年內支持超過 300 棵樹木的獎勵。我們深受鼓舞。我們也對我們的業務進行重組和圍繞某些關鍵地區和關鍵客戶進行重組的方式感到非常滿意。你已經看到了最近西非的Baleine、Agogo 的獲獎情況。

  • So we're going to participate in the markets like Eastern Mediterranean, Middle East and Southeast Asia, which are getting a lot of traction. So I agree with you. We remain confident on the outlook for the second half of the year and also into 2024. And we're monitoring a number of potential awards to further increase our backlog.

    因此,我們將參與東地中海、中東和東南亞等市場,這些市場受到了很大的關注。所以我同意你的觀點。我們對下半年以及 2024 年的前景仍然充滿信心。我們正在監控一些潛在的獎項,以進一步增加我們的積壓工作。

  • Neil Singhvi Mehta - VP and Integrated Oil & Refining Analyst

    Neil Singhvi Mehta - VP and Integrated Oil & Refining Analyst

  • The follow-up is for Nancy. And it goes on to -- continuous conversation around sort of improving the financial plumbing of the organization. And you saw that in the free cash flow conversion to start the year. So Nancy, you alluded to some processes that you've put in place to improve free cash flow conversion. Can you provide the market with a little more detail on what those are? And what are the other low-hanging fruits to drive that number higher?

    後續是南希的。接下來是圍繞改善組織的財務管道進行持續對話。您在年初的自由現金流轉換中看到了這一點。南希,您提到了為提高自由現金流轉換而實施的一些流程。您能否向市場提供更多有關這些內容的詳細信息?還有哪些容易實現的目標可以推動這一數字更高?

  • Nancy K. Buese - CFO

    Nancy K. Buese - CFO

  • Yes. I think I would simplify it to say there's really 3 things we're focused on. We're focused on revenue, which is obviously going quite well. We're really focused on EBITDA margins, and we've still got work to do there and we're focused on free cash flow and the conversion rate, which you are starting to see. So a lot of that also is centered around our working capital and our cycle. So we're really thinking about our billing and collection cycle, our inventory turns and management, and all of the bits and pieces.

    是的。我想我會簡單地說,我們確實關註三件事。我們專注於收入,這顯然進展順利。我們真正關注的是 EBITDA 利潤率,而且我們還有很多工作要做,我們關注的是自由現金流和轉化率,您已經開始看到這一點。因此,其中很大一部分也集中在我們的營運資金和周期上。因此,我們真正考慮的是我們的計費和收款週期、庫存周轉和管理以及所有的細節。

  • So it starts with transparency of the reporting. So we've been working a lot on that front and then a lot of good discussion with our teams about where do we need to focus on sort of that relentless pursuit of operational excellence. So that's what you're really seeing come to roost. And there's still quite a lot for us to do. I think we can improve our systems, just the history of the company, created a lot of bits and pieces that weren't necessarily talking to each other as well as they could. And we've started to really focus on how to improve those systems, integrations and interfaces to get information and data that our teams and leaders can use to manage more effectively.

    因此,首先要保證報告的透明度。因此,我們在這方面做了很多工作,然後與我們的團隊進行了大量討論,討論我們需要在哪裡集中精力不懈地追求卓越運營。這就是你真正看到的結果。我們還有很多事情要做。我認為我們可以改進我們的系統,只是公司的歷史,創造了很多不一定能互相交流的零碎東西。我們已經開始真正關注如何改進這些系統、集成和界面,以獲取我們的團隊和領導者可以用來更有效管理的信息和數據。

  • So lots of work ahead, but you are starting to see some of the benefits of a laser focus on some of those key metrics that really matter. And as we've said, you'll see that flow through the margins as we become more efficient over time.

    前面還有很多工作要做,但您已經開始看到專注於一些真正重要的關鍵指標的一些好處。正如我們所說,隨著時間的推移,我們變得更加高效,你會看到這種流動在邊緣。

  • Operator

    Operator

  • And our next question coming from the line of David Anderson with Barclays.

    我們的下一個問題來自巴克萊銀行的大衛·安德森。

  • J. David Anderson - Director and Senior North America Oilfield Services & Equipment Analyst

    J. David Anderson - Director and Senior North America Oilfield Services & Equipment Analyst

  • Just circling back to the mix in Gas Tech Equipment orders. Overall, you raised the guide by about $1 billion for the year, yet you kept LNG kind of outlook roughly the same. So what was the incremental change there? Is that from the offshore side? You have the FPSO order there? I know the New Energy side, but can you just kind of talk about what was that change for the incremental $1 billion in there?

    回到天然氣技術設備訂單的組合。總體而言,您將今年的指導值提高了約 10 億美元,但您對液化天然氣的前景保持大致相同。那麼增量變化是什麼呢?是從離岸那邊過來的嗎?你那裡有FPSO訂單嗎?我了解新能源方面,但您能談談新增的 10 億美元發生了什麼變化嗎?

  • Lorenzo Simonelli - Chairman, President & CEO

    Lorenzo Simonelli - Chairman, President & CEO

  • Yes. So it takes, Dave, a number of factors into account. First of all, there's project timing on the LNG side, and we still feel that there's the opportunity for some LNG projects to come in there. So that is a component of the $1 billion extra. But also on the Offshore side, we're seeing strength in the marketplace and the activity there. And then you've got the obvious increase in the New Energy.

    是的。戴夫,因此需要考慮許多因素。首先,液化天然氣方面有項目時機,我們仍然認為一些液化天然氣項目有機會進入其中。這是額外 10 億美元的一部分。但在離岸市場方面,我們也看到了市場的實力和那裡的活動。然後你就會看到新能源的明顯增加。

  • So you put those 3 together, and that really accumulates. And I'd say the last area is on the Industrial side, we are seeing continued momentum come through as there's a pickup there in the Industrial Tech.

    所以你把這三者放在一起,就真的積累了。我想說最後一個領域是工業方面,隨著工業技術的回升,我們看到了持續的勢頭。

  • J. David Anderson - Director and Senior North America Oilfield Services & Equipment Analyst

    J. David Anderson - Director and Senior North America Oilfield Services & Equipment Analyst

  • Okay. And then just shifting over to your Middle East, the OFIC business. It was another -- it was a great quarter there. You had 9% sequential growth and you have a really strong Completions business over there, particularly in Saudi. I was wondering, is that a driver of the improvement? Or was that your drilling product lines? I know you also talked about ESPs. I don't know if it's all of the above, but was there something kind of that changed during the quarter that drove that performance?

    好的。然後轉向中東,OFIC 業務。這是另一個——那是一個很棒的季度。你們的環比增長率為 9%,而且你們在那裡擁有非常強大的竣工業務,尤其是在沙特。我想知道,這是改進的驅動力嗎?或者這是你們的鑽井產品線?我知道您也談到了 ESP。我不知道是否是以上所有情況,但是在本季度是否發生了某種變化來推動了這一業績?

  • Lorenzo Simonelli - Chairman, President & CEO

    Lorenzo Simonelli - Chairman, President & CEO

  • It's really the work that the team has been doing in concentrating on the customer activity and also the service performance, and we've been reaping the rewards through incremental business with our customers. So in line with the strategy that we had and also good execution by the team.

    這確實是團隊一直在專注於客戶活動和服務績效所做的工作,我們通過與客戶的增量業務獲得了回報。這符合我們的戰略,也符合團隊的良好執行力。

  • Operator

    Operator

  • One moment for our next question. And our next question coming from the line of Luke Lemoine with Piper Sandler.

    請稍等一下我們的下一個問題。我們的下一個問題來自 Luke Lemoine 和 Piper Sandler。

  • Luke Michael Lemoine - MD & Senior Research Analyst

    Luke Michael Lemoine - MD & Senior Research Analyst

  • Lorenzo, you've reiterated the outlook that LNG FIDs this year and next, should be 65 MTPA plus, but could you add some more specificity on what you see for '25 and beyond?

    Lorenzo,您重申了今年和明年 LNG FID 應該超過 65 MTPA 的預期,但您能否補充一下您對 25 年及以後的看法?

  • Lorenzo Simonelli - Chairman, President & CEO

    Lorenzo Simonelli - Chairman, President & CEO

  • Sure. And look, I think you've seen the number of projects that are out there. And when you think about both internationally and also within the U.S., you've got a number of brownfield opportunities you've seen the announcement by [Schneider] looking to do an expansion. As you look at '24 and '25, you've got a number of extensions on brownfield projects activities and coming out of the LNG 2023 meetings last week in Vancouver, a lot of dialogue on the continued need for LNG.

    當然。看,我想您已經看到了那裡的項目數量。當你考慮國際和美國國內時,你會發現許多棕地機會,你已經看到[施耐德]宣布尋求擴張。當您查看“24”和“25”時,您會看到有關棕地項目活動的許多擴展,以及上週在溫哥華舉行的 LNG 2023 會議,就液化天然氣的持續需求進行了大量對話。

  • And we stay very much with the view that we're going to need in excess of 800 MTPA by 2030. And given some of the environment and situation in the marketplace, we're seeing that pull forward with these FIDs coming in sooner. So it's really a multiyear cycle where we see consistency in LNG FIDs. And you know the projects as well as I do. You've got opportunities from Cameron to (inaudible) to different elements of Commonwealth. You've got Tellurian, you've got a number of projects out there that are imminently looking at FIDs as we go forward.

    我們仍然堅信,到 2030 年,我們的需求量將超過 800 MTPA。考慮到市場的一些環境和情況,我們看到這些 FID 的到來將推動這一進程。因此,這實際上是一個多年周期,我們看到液化天然氣 FID 的一致性。你和我一樣了解這些項目。你有機會從卡梅倫到(聽不清)到英聯邦的不同元素。 Tellurian 和許多項目都在我們前進的過程中迫在眉睫地考慮 FID。

  • Operator

    Operator

  • Thank you, ladies and gentlemen. That was our last question, ladies and gentlemen. Thank you for participating in today's conference. This does conclude the program. You may all disconnect.

    謝謝你們,女士們、先生們。女士們、先生們,這是我們的最後一個問題。感謝您參加今天的會議。這確實結束了該程序。你們都可以斷開連接。