貝克休斯 (BKR) 2023 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Baker Hughes Company Third Quarter 2023 Earnings Call. (Operator Instructions) As a reminder, the conference call is being recorded.

女士們、先生們，美好的一天，歡迎參加貝克休斯公司 2023 年第三季財報電話會議。 （操作員說明）謹此提醒，電話會議正在錄音。

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

我想介紹一下今天會議的主持人，投資者關係副總裁 Chase Mulvehill 先生。先生，您可以開始了。

Thank you, Justin. Good morning, everyone, and welcome to Baker Hughes' Third 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 yesterday evening can be found on our website at bakerhughes.com. We will also be using presentation with our prepared remarks during this webcast, which can also be found on our website.

謝謝你，賈斯汀。大家早安，歡迎參加貝克休斯 2023 年第三季財報電話會議。和我在一起的是我們的董事長兼執行長 Lorenzo Simonelli；以及我們的財務長 Nancy Buese。我們昨天晚上發布的收益報告可以在我們的網站bakerhughes.com 上找到。我們還將在本次網路廣播中使用簡報和我們準備好的評論，這些內容也可以在我們的網站上找到。

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. Reconciliation 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，以了解可能導致實際結果出現重大差異的因素的討論。營業收入和其他 GAAP 與非 GAAP 指標的對帳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。

Thank you, Chase. Good morning, everyone, and thanks for joining us. We were pleased with our third quarter results and remain optimistic on the outlook. As you can see on Slide 4, we maintained strong orders performance in both IET and SSPS, with large awards coming from Venture Global in LNG and VÃ¥r Energi in Subsea. We also delivered strong operating results at the upper end of our EBITDA guidance range, booked almost $100 million of new energy orders and generated $592 million of free cash flow. We continue to see positive momentum across our portfolio despite persisting global uncertainty.

謝謝你，蔡斯。大家早安，感謝您加入我們。我們對第三季的業績感到滿意，並對前景保持樂觀。正如您在幻燈片 4 中看到的，我們在 IET 和 SSPS 方面都保持了強勁的訂單表現，其中液化天然氣領域的 Venture Global 和海底領域的 Vår Energi 獲得了大筆獎項。我們還實現了 EBITDA 指導範圍上限的強勁經營業績，預訂了近 1 億美元的新能源訂單，並產生了 5.92 億美元的自由現金流。儘管全球不確定性持續存在，但我們的投資組合仍繼續保持積極勢頭。

Turning to the macro on Slide 5. Oil prices have rebounded as the combination of resilient oil demand and production cuts have tightened the market. As a result, the oil market is likely to see inventory draws through the rest of 2023. Continued discipline from the world's largest producers, the pace of oil demand growth in the face of economic uncertainty and geopolitical risk will be important factors to monitor as we look into 2024.

轉向幻燈片 5 中的宏觀經濟。由於石油需求強勁和減產共同收緊市場，油價出現反彈。因此，石油市場可能在 2023 年剩餘時間內出現庫存減少。全球最大生產國的持續紀律、面對經濟不確定性和地緣政治風險的石油需求成長速度將是我們需要監控的重要因素。展望2024年。

While oil prices have strengthened during the second half of this year, upstream development plans are mostly set through year-end. Therefore, we remain confident in our 2023 outlook. We still expect international drilling and completion spending to be up year-over-year in the mid-teens and North America up by mid- to high single digits. As we have said previously, we expect this upstream spending cycle to be more durable and less sensitive to commodity price swings relative to prior cycles.

儘管今年下半年油價走強，但上游開發計畫大多在年底前製定。因此，我們對 2023 年的前景仍然充滿信心。我們仍預期國際鑽井和完井支出將年增 15%左右，而北美則成長中位數至高個位數。正如我們之前所說，我們預計這一上游支出週期相對於先前的週期將更加持久，並且對大宗商品價格波動的敏感度較低。

Higher hydrocarbon prices do provide positive momentum into operators' development plans for next year. While it is still early and with the caveat there is growing geopolitical risk, we do see another year of solid upstream spending growth in 2024, led by international and offshore markets. In the offshore market specifically, we were awarded 21 subsea trees during the quarter which includes a significant equipment order from a sub-Saharan African operator. This award expands Baker Hughes' presence in offshore Angola and consists of 11 deepwater horizontal trees, Aptara manifolds and subsea controls.

較高的碳氫化合物價格確實為營運商明年的發展計畫提供了積極的動力。雖然現在還為時過早，而且地緣政治風險不斷增加，但我們確實看到 2024 年上游支出將在國際和離岸市場的帶動下再次實現穩健增長。特別是在海上市場，我們在本季獲得了 21 個海底採油樹，其中包括來自撒哈拉以南非洲營運商的重要設備訂單。該合約擴大了貝克休斯在安哥拉近海的業務，包括 11 個深水水平採油樹、Aptara 管匯和海底控制裝置。

OFSE also saw continued growth in the North Sea, booking 2 major multiyear contracts from VÃ¥r Energi, one being a long-term contract for well intervention and exploration logging services and the other being an order to deliver 7 vertical tree systems for the Balder Field.

OFSE 在北海的業務也持續增長，從Vår Energi 簽訂了兩份重要的多年期合同，其中一份是修井和勘探測井服務的長期合同，另一份是為Balder 提供7 個垂直採油樹系統的訂單場地。

Turning to LNG. Despite a soft economy, the global LNG market remains fundamentally tight. This tightness is evidenced by the recent LNG price spikes that resulted from the current geopolitical situation and strikes in Australia by LNG workers, which temporarily interrupted operations at several LNG facilities. In the third quarter, global LNG demand was up approximately 1.5% year-over-year. Year-to-date, global LNG demand has reached record levels at just over 300 MTPA. This is despite softer than anticipated gas demand and economic weakness persisting in key LNG consuming markets like Europe and China. Globally, we expect 2023 LNG demand to approach 410 MTPA or up about 2% compared to last year. With estimated global nameplate capacity of 490 MTPA this year, effective utilization is expected to be over 90%, which has historically represented a tight market.

轉向液化天然氣。儘管經濟疲軟，全球液化天然氣市場仍基本緊張。目前的地緣政治局勢以及澳洲液化天然氣工人的罷工導致多個液化天然氣設施的營運暫時中斷，最近液化天然氣價格飆升就證明了這種緊張狀況。第三季度，全球液化天然氣需求年增約1.5%。今年迄今為止，全球液化天然氣需求已達到創紀錄水平，略高於 300 MTPA。儘管歐洲和中國等主要液化天然氣消費市場的天然氣需求低於預期且經濟持續疲軟，但情況仍然如此。從全球來看，我們預計 2023 年液化天然氣需求將接近 410 MTPA，比去年成長約 2%。預計今年全球銘牌產能為 490 MTPA，有效利用率預計將超過 90%，這在歷史上代表著市場緊張。

Looking into 2024, we forecast LNG demand to increase by 3%, which should result in utilization rates remaining at elevated levels as we forecast just 15 MTPA of nameplate capacity coming online next year. Looking out to 2025 and 2026, we see similar trend of supply growth being balanced by demand growth, which should keep global LNG markets at relatively strong utilization levels.

展望 2024 年，我們預測 LNG 需求將成長 3%，這將導致利用率維持在較高水平，因為我們預測明年上線的銘牌產能僅為 15 MTPA。展望2025年和2026年，我們看到類似的供應成長與需求成長平衡的趨勢，這將使全球液化天然氣市場維持在相對強勁的利用水準。

LNG prices remain healthy, which has helped to sustain the strength in offtake contracting, a key driver of LNG FIDs. During the quarter, we received an order to provide additional liquefaction equipment and a power island to Venture Global as part of our upsized master equipment supply agreement of over 100 MTPA. As a reminder, we have provided LNG modules for both of Venture Global's 10 MTPA Calcasieu Pass and 20 MTPA Plaquemines projects.

液化天然氣價格保持健康，這有助於維持承購合約的強勁勢頭，而承購合約是液化天然氣最終投資決定的關鍵驅動力。本季度，我們收到了向 Venture Global 提供額外液化設備​​和動力島的訂單，作為我們超過 100 MTPA 的大型主設備供應協議的一部分。謹此提醒，我們已為 Venture Global 的 10 MTPA Calcasieu Pass 和 20 MTPA Plaquemines 專案提供了液化天然氣模組。

Additionally, we were pleased to be recently awarded by ADNOC Gas on behalf of ADNOC, 2 electric liquefication systems for the 9.6 MTPA Ruwais LNG project in the United Arab Emirates. The award is expected to be booked in the fourth quarter of 2023 and was announced at this year's ADIPEC conference. The LNG trains will be driven by Baker Hughes' 75-megawatt BRUSH electric motor technology and will feature our state-of-the-art compressor technology, making Ruwais LNG one of the first all-electric LNG projects in the Middle East.

此外，我們很高興最近獲得 ADNOC Gas 代表 ADNOC 授予的 2 套電動液化系統，用於阿拉伯聯合大公國 9.6 MTPA 魯韋斯液化天然氣計畫。該獎項預計將於 2023 年第四季預訂，並在今年的 ADIPEC 會議上宣布。液化天然氣列車將由貝克休斯的 75 兆瓦 BRUSH 電動馬達技術驅動，並將採用我們最先進的壓縮機技術，使魯韋斯液化天然氣計畫成為中東首批全電動液化天然氣計畫之一。

We are pleased to see continued traction from BRUSH Power Generation which we acquired in 2022 to enhance our industrial electric machinery portfolio and to support our strategic commitment to provide lower carbon solutions. Since then, we have secured several additional orders for our electric machinery portfolio, including a contract from Wison in the first quarter for 4 ELNG compressor trains in sub-Saharan Africa. These recent successes of BRUSH further validate our strategy of investing in bolt-on M&A opportunities that can complement the current IET and OFSE portfolios as well as our efforts in new energy.

我們很高興看到 BRUSH Power Generation 的持續吸引力，我們於 2022 年收購了該公司，以增強我們的工業馬達產品組合併支持我們提供低碳解決方案的策略承諾。此後，我們的馬達產品組合又獲得了幾筆額外訂單，包括第一季與惠生簽訂的在撒哈拉以南非洲地區購買 4 套 ELNG 壓縮機組的合約。 BRUSH 最近的這些成功進一步驗證了我們投資補強併購機會的策略，這些機會可以補充目前的 IET 和 OFSE 投資組合以及我們在新能源領域的努力。

Turning to Slide 6. Through the third quarter, 53 MTPA of capacity has taken FID this year. For 2023, we expect to book LNG orders totaling approximately 80 MTPA given we sometimes receive larger LNG orders before projects have taken FID. The LNG project pipeline remains strong, both in the U.S. and internationally. Therefore, we expect to see similar year-over-year levels of FID activity in 2024 and could see between 30 to 60 MTPA of LNG FIDs in both 2025 and 2026.

轉向投影片 6。截至第三季度，今年已完成 FID 的產能為 53 MTPA。 2023 年，我們預計將預訂總計約 80 MTPA 的液化天然氣訂單，因為我們有時會在專案獲得 FID 之前收到更大的液化天然氣訂單。在美國和國際上，液化天然氣專案管道仍然強勁。因此，我們預計 2024 年的 FID 活動將與去年同期水準相似，並且 2025 年和 2026 年的 LNG FID 可能會達到 30 至 60 MTPA。

Based on existing capacity, projects under construction and future FIDs in the pipeline, we have line of sight for global LNG installed capacity to reach 800 MTPA by the end of 2030. This represents an almost 70% increase in nameplate capacity from 2022, which provides significant near-term growth for Gas Tech Equipment and further long-term structural growth for Gas Tech Services.

根據現有產能、在建項目和未來的最終投資決定，我們預計到 2030 年底，全球液化天然氣裝置容量將達到 800 MTPA。這意味著銘牌產能較 2022 年增加近 70%，這為天然氣技術設備的近期顯著成長和天然氣技術服務的進一步長期結構性成長。

Importantly, since 2017, there have been 204 MTPA of LNG FIDs and Baker Hughes has been selected for 201 MTPA of this new capacity. These projects are scheduled to come online over the coming years, representing an almost 50% increase in our global liquefaction installed base between now and 2028.

重要的是，自2017年以來，已有204 MTPA的液化天然氣FID，而貝克休斯已被選為該新產能的201 MTPA。這些項目計劃在未來幾年內上線，從現在到 2028 年，我們的全球液化裝機量將增加近 50%。

Turning to Slide 7. We have long held the view that natural gas is an abundant, low-carbon and versatile energy source. It will play a critical role as both a transition and destination fuel. Accordingly, natural gas will be fundamental in satisfying the world's energy needs for many decades to come, while also improving air quality and reducing global emissions, displacing coal in the broader energy mix. We forecast that primary energy demand will continue to grow beyond 2040 due to rising population and increasing consumption per capita in the developing world. However, it is essential to meet this growing demand with affordable and reliable energy to ensure a strong global economy.

轉向幻燈片 7。長期以來，我們一直認為天然氣是一種豐富、低碳、用途廣泛的能源。它將作為過渡燃料和目的地燃料發揮關鍵作用。因此，天然氣將成為滿足未來幾十年世界能源需求的基礎，同時改善空氣品質和減少全球排放，在更廣泛的能源結構中取代煤炭。我們預測，由於發展中國家人口的成長和人均消費的增加，2040 年以後一次能源需求將持續成長。然而，必須用負擔得起且可靠的能源來滿足這種不斷增長的需求，以確保全球經濟的強勁發展。

Today's mix of primary energy demand is still heavily reliant upon coal, which accounted for 24% of global energy demand in 2022. In many Asian countries like China and India, coal is a much higher share of the energy mix. This is the opportunity for cleaner burning natural gas to be paired with renewables and/or CCUS as a baseload energy source to displace coal in the energy mix over the coming decades. That being said, all energy sources will be needed to meet increasing energy demand although with an increasing importance on minimizing global emissions. Importantly, many of our customers' long-term spending plans are beginning to reflect this evolving energy mix. This presents significant customer synergies across our IET and OFSE portfolios, providing a unique opportunity to be an integrated solutions provider as the energy transition takes shape.

如今的一次能源需求結構仍嚴重依賴煤炭，到 2022 年，煤炭將佔全球能源需求的 24%。在中國和印度等許多亞洲國家，煤炭在能源結構中的比例要高得多。這是清潔燃燒天然氣與再生能源和/或 CCUS 結合作為基本負載能源的機會，可在未來幾十年內取代能源結構中的煤炭。話雖如此，儘管減少全球排放量越來越重要，但仍需要所有能源來滿足不斷增長的能源需求。重要的是，我們許多客戶的長期支出計畫開始反映這種不斷變化的能源結構。這為我們的 IET 和 OFSE 產品組合帶來了顯著的客戶協同效應，為能源轉型過程中成為整合解決方案提供者提供了獨特的機會。

Turning to Slide 8. As we take energy forward, making it safer, cleaner and more efficient for people in the planet, we are focused on our strategic framework of transforming our core to strengthen our margin and returns profile while also investing for growth and positioning for new frontiers in the energy transition. Through these key pillars, our company is building and executing a plan to deliver sustainable value for our shareholders and stakeholders.

轉向幻燈片8。當我們推動能源發展，為地球上的人們提供更安全、更清潔和更有效率的能源時，我們專注於轉型核心戰略框架，以增強我們的利潤和回報狀況，同時也投資於成長和定位能源轉型的新領域。透過這些關鍵支柱，我們公司正在製定並執行一項計劃，為我們的股東和利害關係人提供可持續的價值。

As our strategy and the energy markets have evolved, we have been increasingly focused on the execution of our strategy across 3 time horizons. Across the first time horizon, which spans through 2025, we are focused on driving enhanced margin accretion through organizational simplification and expanded efficiencies, operational discipline and optimization of asset and people productivity. Importantly, these actions are well within our control. During this period, Baker Hughes remains poised to benefit from the macro tailwinds that we see across our 2 business segments. Specifically, we remain well positioned to benefit from the continued strength in the natural gas and LNG growth cycle as well as the multiyear increases in upstream spending driven by international and offshore markets.

隨著我們的策略和能源市場的發展，我們越來越注重在三個時間範圍內執行我們的策略。在整個 2025 年的第一個時間範圍內，我們致力於透過組織簡化、提高效率、營運紀律以及資產和人員生產力優化來推動利潤成長。重要的是，這些行動完全在我們的控制範圍內。在此期間，貝克休斯仍準備從我們在兩個業務部門看到的宏觀順風中受益。具體來說，我們仍然處於有利地位，可以從天然氣和液化天然氣成長週期的持續強勁以及國際和離岸市場推動的上游支出的多年增長中受益。

We also remain focused on navigating short-term supply constraints, specifically in aerospace sector and broader macroeconomic and political uncertainty. Throughout horizon 1, we will be focused on transforming our business and simplifying the way we work. Additionally, we remain committed to further developing and commercializing our new energy portfolio, while also evolving our digital offerings. All of this will underpin our goals to deliver 20% EBITDA margins in OFSE by 2025 and in IET by 2026.

我們也繼續專注於解決短期供應限制，特別是在航空航太領域以及更廣泛的宏觀經濟和政治不確定性。在整個地平線 1 中，我們將專注於業務轉型和簡化工作方式。此外，我們仍然致力於進一步開發和商業化我們的新能源產品組合，同時不斷發展我們的數位產品。所有這些都將支撐我們的目標，即到 2025 年 OFSE 和 2026 年 IET 實現 20% 的 EBITDA 利潤率。

During the second horizon, which extends out to 2027, the focus shifts towards investing for the next phase of growth, where our strategy is to solidify our presence in the new energy and industrial sectors while leveraging Gas Tech Services growth across our expanding installed equipment base. At the same time, we see upstream and natural gas spending continuing to grow at a lower rate.

在第二階段（即2027 年），重點轉向投資下一階段的成長，我們的策略是鞏固我們在新能源和工業領域的地位，同時在我們不斷擴大的已安裝設備基礎上利用天然氣技術服務的增長。同時，我們看到上游和天然氣支出繼續以較低的速度成長。

We also expect an increasing customer focus on efficiency gains and emissions reductions, offering meaningful opportunities for our IET and OFSE digital businesses as we further deploy our Leucipa, Cordant and Flare reduction solutions during this horizon. To illustrate, the IEA estimates improving efficiencies by just 10% across oil and gas operations would save almost 0.5 gigaton of CO2 per year, which is equivalent to achieving 5% of the Paris Agreement goals. Also in horizon 2, we expect to exceed our ROIC targets of 15% and 20% in OFSE and IET, respectively, and drive further margin expansions across both business segments above our stated 20% EBITDA margin targets.

我們也預期客戶將越來越關注效率提升和減排，隨著我們在此期間進一步部署 Leucipa、Cordant 和 Flare 減少解決方案，為我們的 IET 和 OFSE 數位業務提供有意義的機會。舉例來說，IEA 估計石油和天然氣營運效率僅提高 10%，每年就能減少近 0.5 十億噸二氧化碳排放，相當於實現《巴黎協定》目標的 5%。同樣在第 2 個階段，我們預期 OFSE 和 IET 的 ROIC 目標分別為 15% 和 20%，並推動兩個業務部門的利潤率進一步擴大，超過我們規定的 20% EBITDA 利潤率目標。

Lastly, horizon 3 looks to 2030 and beyond where our execution over the coming years will position Baker Hughes to compete across many new industrial and energy frontiers, including CCUS, hydrogen, clean power and geothermal. By this time, we expect decarbonization solutions to be a fundamental component and, in most cases, a prerequisite for energy projects, regardless of the end market. The need for smarter, more efficient energy solutions and emissions management will have firmly extended into the industrial sector. Considering this backdrop, we expect our new energy orders to reach $6 billion to $7 billion in 2030 and across a much broader customer base.

最後，地平線 3 著眼於 2030 年及以後，我們在未來幾年的執行將使貝克休斯能夠在許多新的工業和能源領域進行競爭，包括 CCUS、氫、清潔能源和地熱能。到那時，我們預計脫碳解決方案將成為能源項目的基本組成部分，並且在大多數情況下是能源項目的先決條件，無論終端市場如何。對更智慧、更有效率的能源解決方案和排放管理的需求將穩固地擴展到工業領域。考慮到這一背景，我們預計到 2030 年，我們的新能源訂單將達到 60 億至 70 億美元，覆蓋更廣泛的客戶群。

Before turning over to Nancy, I'd like to speak to the positive momentum that Baker Hughes has built during 2023 and where we have experienced strengthening tailwinds in both OFSE and IET. International and offshore markets are set to drive the strongest year of OFSE growth in more than 5 years, while continued robust LNG activity is set to push IET orders to yet another record year in 2023. And most importantly, our improved operational execution and cost structure and continued commitment to our customers are helping us to deliver on our commitments to our shareholders.

在向 Nancy 發言之前，我想談談貝克休斯在 2023 年建立的積極勢頭，以及我們在 OFSE 和 IET 方面經歷的強勁推動力。國際和離岸市場將推動 OFSE 成長 5 年來最強勁的一年，而持續強勁的液化天然氣活動將推動 IET 訂單在 2023 年再創新高。最重要的是，我們改進了營運執行和成本結構對客戶的持續承諾正在幫助我們兌現對股東的承諾。

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

這樣，我就把電話轉給南希。

Lorenzo, I will begin on Slide 10 with an overview of our consolidated results and then briefly talk to segment details, before outlining our fourth quarter and full year 2023 outlook. We were very pleased with our third quarter results as both segments continue to execute well and benefit from market tailwinds. Adjusted EBITDA of $983 million came in at the high end of our guidance range, mostly due to better-than-expected IET performance, driven by strong backlog conversion in Gas Tech Equipment and continued improving execution in Industrial Tech.

Lorenzo，我將從幻燈片 10 開始概述我們的綜合業績，然後簡要討論細分市場的詳細信息，然後概述我們的第四季度和 2023 年全年展望。我們對第三季的業績非常滿意，因為這兩個部門繼續表現良好並受益於市場順風。調整後的 EBITDA 為 9.83 億美元，處於我們指導範圍的高端，這主要是由於天然氣技術設備的積壓訂單轉換強勁以及工業技術的執行力持續改善所推動，IET 業績好於預期。

GAAP operating income was $714 million during the quarter. Adjusted operating income was $716 million. GAAP earnings per share were $0.51. Excluding adjusting items, earnings per share were $0.42. Orders for both business segments maintained strong momentum, highlighted by another record quarter for IET and the third consecutive quarter of at least $1 billion of Subsea & Surface Pressure Systems orders, the first time this has happened since 2014. New Energy orders totaled almost $100 million this quarter, which brings year-to-date orders to just under $540 million and puts us on track to hit our $600 million to $700 million target range.

該季度 GAAP 營業收入為 7.14 億美元。調整後營業收入為 7.16 億美元。 GAAP 每股收益為 0.51 美元。不計調整項目，每股收益為 0.42 美元。兩個業務部門的訂單均保持強勁勢頭，其中IET 季度訂單再創歷史新高，且海底和地面壓力系統訂單連續第三個季度至少達到10 億美元，這是自2014 年以來首次出現這種情況。新能源訂單總額近1 億美元本季，年初至今的訂單量接近 5.4 億美元，使我們有望實現 6 億至 7 億美元的目標範圍。

Due to the sustained strength in orders, IET RPO is at record levels, and SSPS RPO is now at the highest level since 2015, which provides strong volume and earnings visibility over the coming years. Free cash flow was strong again this quarter, coming in at $592 million and resulting in free cash flow conversion from adjusted EBITDA of 60%. We continue to target free cash flow conversion of 45% to 50% this year.

由於訂單持續強勁，IET RPO 處於創紀錄水平，SSPS RPO 目前處於 2015 年以來的最高水平，這為未來幾年提供了強勁的銷售和盈利可見性。本季自由現金流再次強勁，達到 5.92 億美元，調整後 EBITDA 的自由現金流轉換率為 60%。我們今年的自由現金流轉換目標持續為 45% 至 50%。

Turning to Slide 11. Our balance sheet remains strong as we ended the third quarter with cash of $3.2 billion and a net debt to trailing 12-month adjusted EBITDA ratio of 1x.

轉向投影片 11。我們的資產負債表仍然強勁，第三季結束時我們擁有 32 億美元的現金，淨負債與過去 12 個月調整後 EBITDA 的比率為 1 倍。

Turning to capital allocation on Slide 12. We continue to return excess free cash flow to shareholders. We recently increased our dividend by $0.01 to $0.20 per quarter. We remain committed to growing our dividend over time, with growth ultimately tied to the structural earnings power and growth of the company. Additionally, we repurchased $119 million of stock during the quarter, which brings total repurchases at the end of the third quarter to $219 million. Including our dividend and buybacks through the end of the third quarter, we have returned $805 million to shareholders. We remain committed to returning 60% to 80% of free cash flow to investors.

轉向投影片 12 上的資本配置。我們繼續將多餘的自由現金流回饋給股東。我們最近將每季股息增加 0.01 美元至 0.20 美元。我們仍然致力於隨著時間的推移增加股息，成長最終取決於公司的結構性獲利能力和成長。此外，我們在本季回購了 1.19 億美元的股票，這使得第三季末的回購總額達到 2.19 億美元。包括截至第三季末的股利和回購，我們已向股東返還 8.05 億美元。我們仍然致力於將 60% 至 80% 的自由現金流返還給投資者。

Now I will walk you through the business segment results in more detail and give you our thoughts on our forward outlook. Starting with Oilfield Services & Equipment on Slide 13. The segment performed above expectations in the quarter, driven by better-than-expected revenue and margin in SSPS and a resilient Oilfield Services performance in North America. SSPS orders of $1 billion maintained strong momentum as offshore project awards continue at robust levels. Accordingly, SSPS book-to-bill of 1.3x was above 1 for the seventh consecutive quarter, and SSPS RPO now sits at $3.6 billion, which is up 52% versus the same quarter last year.

現在，我將向您詳細介紹業務部門的業績，並向您介紹我們對未來前景的看法。從幻燈片 13 上的油田服務和設備開始。由於 SSPS 的收入和利潤率優於預期，以及北美油田服務表現強勁，該部門本季的表現超出預期。隨著離岸專案合約持續保持強勁水平，10 億美元的 SSPS 訂單保持強勁勢頭。因此，SSPS 的訂單出貨比為 1.3 倍，連續第七個季度高於 1，SSPS RPO 目前為 36 億美元，比去年同期成長 52%。

OFSE revenue in the quarter was $4 billion, up 2% sequentially and up 16% year-over-year. Excluding SSPS, international revenue was up 1% sequentially as declines in Latin America offset increases in other regions. Excluding SSPS, North America revenue was up 4% sequentially, with strength in North America offshore partially offset by North America land revenues down 2% which outperformed the U.S. land rig count that fell 10%. OFSE EBITDA in the quarter was $670 million, up 5% sequentially and up 27% year-over-year, while also slightly above our guidance midpoint of $665 million. OFSE EBITDA margin rate was 17%, with margins increasing 60 basis points sequentially and 140 basis points year-over-year as SSPS margins outperformed expectations.

OFSE 本季營收為 40 億美元，季增 2%，年增 16%。不包括 SSPS，國際收入環比增長 1%，因為拉丁美洲的下降抵消了其他地區的成長。不包括 SSPS，北美收入環比增長 4%，北美近海業務的強勁勢頭部分被北美陸地收入下降 2% 所抵消，而美國陸地鑽井平台數量下降了 10%。 OFSE 本季 EBITDA 為 6.7 億美元，季增 5%，年增 27%，也略高於我們 6.65 億美元的指引中位數。 OFSE EBITDA 利潤率為 17%，由於 SSPS 利潤率超出預期，利潤率環比增長 60 個基點，同比增長 140 個基點。

Now turning to Industrial & Energy Technology on Slide 14. This segment also performed above expectations again during the quarter. The stronger performance was primarily due to higher volume in Gas Tech Equipment and Industrial Tech, slightly offset by lower-than-expected volume in Gas Tech Services due to delivery timing for upgrades and supply chain challenges for aeroderivative components. IET also had record orders this quarter driven by robust LNG awards. IET orders were $4.3 billion, up 32% sequentially and up 84% on a year-over-year basis and included almost $2.5 billion of LNG equipment orders.

現在轉向幻燈片 14 上的工業與能源技術。該細分市場在本季的表現也再次超出預期。業績走強主要是由於天然氣技術設備和工業技術的銷量增加，但由於升級的交付時間和航改零件的供應鏈挑戰而導致天然氣技術服務的銷量低於預期，略有抵消。在強勁的液化天然氣合約的推動下，IET 本季的訂單也創下了紀錄。 IET 訂單金額為 43 億美元，季增 32%，年增 84%，其中包括近 25 億美元的液化天然氣設備訂單。

Major awards during the quarter included liquefaction equipment for an FLNG project in the Eastern Hemisphere and a major award to provide additional liquefaction equipment in a power island to Venture Global. IET RPO ended the quarter at $28.8 billion, up 5% sequentially. Gas Tech Equipment RPO was $12.8 billion and Gas Tech Services RPO was $13.8 billion. Gas Tech Equipment book-to-bill was 2.2x, the ninth consecutive quarter above 1.

本季的主要獎項包括為東半球 FLNG 專案提供液化設備，以及為 Venture Global 的發電島提供額外液化設備​​的重大獎項。本季結束時，IET RPO 為 288 億美元，季增 5%。天然氣技術設備 RPO 為 128 億美元，天然氣技術服務 RPO 為 138 億美元。天然氣技術設備的訂單出貨比為 2.2 倍，連續第九個季度高於 1。

Turning to Slide 15. IET revenue for the quarter was $2.7 billion, up 37% versus the prior year, led by Gas Tech Equipment growth that was up over 100% year-over-year, driven by execution on project backlog. IET EBITDA was $403 million, up 23% year-over-year and coming in above our guidance midpoint of $385 million. EBITDA margin was 15%, down 160 basis points year-over-year, driven by higher equipment mix and higher R&D spend related to our new energy investments. This increase R&D spending balances our broader margin improvement objectives with the demand to drive technology growth in our Climate Technology Solutions portfolio.

轉向幻燈片 15。該季度的 IET 收入為 27 億美元，比上一年增長 37%，其中天然氣技術設備的增長在項目積壓執行的推動下同比增長超過 100%。 IET EBITDA 為 4.03 億美元，年成長 23%，高於我們 3.85 億美元的指導中位數。 EBITDA 利潤率為 15%，年減 160 個基點，主要原因是設備組合增加以及與新能源投資相關的研發支出增加。研發支出的增加平衡了我們更廣泛的利潤改善目標和推動氣候技術解決方案組合中技術成長的需求。

In September, we announced a realignment of our IET product lines across 5 key value vectors, simplifying our organizational structure to focus operations and decision-making and drive margin and returns improvement. Through this realignment, which was effective on October 1 and shown on Slide 16, we are also providing increased transparency for our CTS business, a key growth engine for Baker Hughes, as well as integrating our asset performance management capabilities under Industrial Solutions.

9 月，我們宣布對 5 個關鍵價值向量的 IET 產品線進行重新調整，簡化我們的組織結構，以專注於營運和決策，並推動利潤率和回報的提高。透過這項於10 月1 日生效並如幻燈片16 所示的調整，我們也提高了CTS 業務（貝克休斯的關鍵成長引擎）的透明度，並將我們的資產績效管理能力整合到工業解決方案中。

Before turning to our outlook, I'd like to quickly speak to a part of our growth story that we think is a key differentiator for Baker Hughes and as highlighted on Slide 17, is the visibility we have around structural IET growth into the latter part of this decade. We believe this growth will drive meaningful free cash flow expansion for the company, which we can attribute to 4 areas. The first is LNG equipment orders. Based on our expectation, we will book almost $9 billion of LNG equipment orders across 2022 and 2023. As a result, our Gas Tech Equipment RPO is at a record level, giving IET strong equipment backlog coverage over the next few years.

在談到我們的前景之前，我想快速談談我們成長故事的一部分，我們認為這是貝克休斯的一個關鍵差異化因素，正如幻燈片17 所強調的那樣，是我們對後期結構性IET 成長的可見性這十年的。我們相信這種成長將為公司帶來有意義的自由現金流擴張，我們可以將其歸因於四個領域。首先是LNG設備訂單。根據我們的預期，我們將在2022 年和2023 年預訂近90 億美元的液化天然氣設備訂單。因此，我們的天然氣技術設備RPO 達到創紀錄的水平，使IET 在未來幾年擁有強大的設備積壓覆蓋率。

The second is Gas Tech Services. As Lorenzo mentioned, we see the global LNG installed base growing by 70% from today through the end of this decade. Also, the 172 MTPA of capacity additions during the 2016 to 2022 timeframe, will begin to earn increasing service revenue over the medium term. Given that Baker Hughes equipment is installed on the majority of these projects, we have significant earnings and returns visibility through 2030 and beyond from our Gas Tech Services franchise, as LNG accounts for almost 80% of our $13.8 billion RPO in Gas Tech Services.

第二個是天然氣技術服務。正如 Lorenzo 所提到的，我們看到全球 LNG 安裝量從今天到本十年末成長了 70%。此外，2016 年至 2022 年期間新增的 172 MTPA 容量將在中期開始帶來不斷增長的服務收入。鑑於這些項目中的大多數都安裝了貝克休斯設備，我們的天然氣技術服務特許經營權在2030 年及以後擁有可觀的收入和回報可見性，因為液化天然氣占我們天然氣技術服務138 億美元RPO 的近80%。

The third growth area that we see is across industrial solutions and industrial products. We believe that these businesses can be so much more than the collection of technologies that they are today. For Industrial Solutions, the focus of this platform is to provide an integrated suite of solutions supporting industrial asset performance management and process optimization. There is a significant opportunity to advance solutions that can provide recurring revenue streams at accretive margin rates. The starting point for this is our Cordant platform, which we launched in January this year. In Industrial Products, we've been focusing on driving further simplification and unifying the industrial hardware capabilities that we have in our portfolio today, as we focus on industry verticals that allow for stronger growth opportunities and improve profitability into the future.

我們看到的第三個成長領域是工業解決方案和工業產品。我們相信，這些業務的意義遠不只是今天的技術集合。對於工業解決方案，該平台的重點是提供支援工業資產績效管理和流程優化的整合解決方案套件。這是一個推進解決方案的重大機會，這些解決方案可以以增值的利潤率提供經常性收入流。這一切的起點就是我們今年 1 月推出的 Cordant 平台。在工業產品方面，我們一直專注於推動進一步簡化和統一我們今天產品組合中的工業硬體功能，因為我們專注於行業垂直領域，以實現更強勁的增長機會並提高未來的盈利能力。

The fourth growth area is new energy. We remain excited about new energy opportunities where we will focus on differentiated technologies that add value for our customers in CCUS, hydrogen, clean power, geothermal and emissions management. Accordingly, we see a path to growing new energy orders from our $600 million to $700 million target this year towards $6 billion to $7 billion in 2030.

第四個成長領域是新能源。我們對新能源機會仍然感到興奮，我們將專注於差異化技術，為 CCUS、氫、清潔能源、地熱和排放管理領域的客戶增加價值。因此，我們認為新能源訂單將從今年的 6 億美元至 7 億美元目標成長到 2030 年的 60 億至 70 億美元。

Next, I'd like to update you on our outlook for the 2 business segments, which is detailed on Slide 18. Overall, we remain optimistic on the outlook for both OFSE and IET, given strong growth tailwinds across each business as well as continued operational enhancements to drive backlog execution and margin improvement. For Baker Hughes, we expect fourth quarter revenue to be between $6.7 billion and $7.1 billion and EBITDA between $1.05 billion and $1.11 billion, implying an EBITDA midpoint of $1.08 billion. For the full year, we are increasing and narrowing our guidance ranges as we flow through third quarter results and fourth quarter guidance. Accordingly, we now expect 2023 Baker Hughes revenue to be between $25.4 billion and $25.8 billion and EBITDA between $3.7 billion and $3.8 billion.

接下來，我想向您介紹我們對這兩個業務部門的最新展望，幻燈片18 對此進行了詳細介紹。總體而言，我們對OFSE 和IET 的前景保持樂觀，因為每個業務都強勁增長，並且持續成長。營運增強，以推動積壓執行和利潤率提高。對於貝克休斯，我們預計第四季度營收將在 67 億美元至 71 億美元之間，EBITDA 將在 10.5 億美元至 11.1 億美元之間，這意味著 EBITDA 中位數為 10.8 億美元。就全年而言，隨著我們了解第三季業績和第四季業績指引，我們正在增加和縮小我們的指引範圍。因此，我們現在預計 2023 年貝克休斯的營收將在 254 億美元至 258 億美元之間，EBITDA 將在 37 億美元至 38 億美元之間。

For IET, we expect fourth quarter results to reflect sequential and year-over-year revenue growth for both Gas Tech and Industrial Tech. Therefore, we expect fourth quarter IET revenue between $2.8 billion and $3.1 billion and EBITDA between $430 million and $490 million. The major factors driving this range will be the pace of backlog conversion in Gas Tech equipment and the impact of any aeroderivative supply chain tightness in Gas Tech.

對於 IET，我們預計第四季度業績將反映天然氣技術和工業技術的環比和同比收入成長。因此，我們預計第四季度 IET 營收將在 28 億美元至 31 億美元之間，EBITDA 在 4.3 億美元至 4.9 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以及天然氣技術航改供應鏈緊張的影響。

Our full year outlook for IET remains constructive for orders, revenue and EBITDA. For orders, we've increased our 2023 expectations from $11.5 billion to $12.5 billion to a new range of $14 billion to $14.5 billion. Flowing through the third quarter upside and fourth quarter guide, we now expect full year IET revenue between $10.05 billion $10.35 billion and EBITDA between $1.5 billion and $1.55 billion. For OFSE, we expect fourth quarter results to reflect the typical year-end growth in international revenue and a decline in North America. We, therefore, expect fourth quarter OFSE revenue between $3.85 billion and $4.05 billion and EBITDA between $675 million and $735 million. Factors driving this range include the pacing of some international projects, level of year-end product sales, SSPS backlog conversion and the pace of our cost-out initiatives.

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 年的預期從 115 億美元至 125 億美元上調至 140 億美元至 145 億美元的新範圍。根據第三季的上漲和第四季的指引，我們現在預計全年 IET 營收將在 100.5 億美元至 103.5 億美元之間，EBITDA 在 15 億美元至 15.5 億美元之間。對於 OFSE，我們預計第四季度業績將反映國際收入的典型年底成長和北美收入的下降。因此，我們預計第四季度 OFSE 營收將在 38.5 億美元至 40.5 億美元之間，EBITDA 將在 6.75 億美元至 7.35 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、年終產品銷售水準、SSPS 積壓訂單轉換以及我們的成本削減計劃的節奏。

After including the third quarter results and fourth quarter guidance, we now forecast full year OFSE revenue between $15.3 billion and $15.5 billion and EBITDA between $2.55 billion and $2.65 billion. We will provide detailed 2024 guidance alongside our fourth quarter results in January. Looking out to next year, we remain optimistic for continued growth across both OFSE and IET as well as further operational enhancements to drive increasing margins and returns. We also remain focused on navigating aeroderivative supply chain challenges and broader macroeconomic and geopolitical uncertainty as we head into 2024.

在納入第三季業績和第四季指引後，我們現在預測全年 OFSE 營收在 153 億美元至 155 億美元之間，EBITDA 在 25.5 億美元至 26.5 億美元之間。我們將在 1 月份提供詳細的 2024 年指導以及第四季度業績。展望明年，我們對 OFSE 和 IET 的持續成長以及進一步增強營運以推動利潤和回報的成長保持樂觀。進入 2024 年，我們也將繼續專注於應對航改供應鏈挑戰以及更廣泛的宏觀經濟和地緣政治不確定性。

More broadly, our transformation journey continues, and we're pleased with the progress we're making in identifying areas to drive efficiencies, structurally removing costs and modernizing how the business operates. We are continuing to see the cost outperformance come through our operating results, and we see further opportunities to enhance our operating performance through continued business transformation efforts.

更廣泛地說，我們的轉型之旅仍在繼續，我們對在確定提高效率的領域、從結構上消除成本以及實現業務運營方式現代化方面所取得的進展感到高興。我們繼續透過我們的經營業績看到成本效益，並且我們看到透過持續的業務轉型努力來提高我們的經營業績的進一步機會。

In summary, we remain relentlessly focused on achieving the targets we've set for 20% EBITDA margins in OFSE in 2025 and IET in 2026, and we remain committed to delivering our ROIC targets of 15% for OFSE and 20% for IET. Importantly, we are continuing to take actions today to help us achieve and exceed these targets. Overall, we remain excited about the future of Baker Hughes.

總而言之，我們仍然堅持不懈地致力於實現我們設定的 2025 年 OFSE 和 2026 年 IET EBITDA 利潤率為 20% 的目標，並且我們仍然致力於實現 OFSE 15% 和 IET 20% 的 ROIC 目標。重要的是，我們今天將繼續採取行動，幫助我們實現並超越這些目標。總體而言，我們對貝克休斯的未來仍然感到興奮。

I'll turn the call back over to Lorenzo.

我會把電話轉回洛倫佐。

Thank you, Nancy. As we enhance our position as a leading energy technology company, we remain encouraged about the continued growth that we see for our organization across our 3 time horizons. While there is a growing consensus that the energy transition will likely take longer than many expected, our unique portfolio is set to benefit irrespective of how quickly the energy transition develops.

謝謝你，南希。隨著我們作為領先能源技術公司的地位不斷增強，我們對我們的組織在 3 個時間範圍內的持續成長感到鼓舞。儘管越來越多的人認為能源轉型可能需要比許多人預期的時間更長的時間，但無論能源轉型發展多快，我們獨特的投資組合都將受益。

For example, a faster energy transition drives quicker growth across our Climate Technology Solutions business, while a slower energy transition would extend the cycle of our traditional oil and gas businesses. Accordingly, we have set out a strategy to grow irrespective of the pace that the energy transition unfolds. Considering this balanced portfolio, Baker Hughes is becoming less cyclical in nature and therefore set to experience solid growth irrespective of the energy transition pace. Importantly, we are laying the foundation today for a more durable earnings and free cash flow growth profile, which will enable us in parallel to deliver best-in-class performance and structurally increasing shareholder returns.

例如，更快的能源轉型將推動我們的氣候技術解決方案業務更快的成長，而較慢的能源轉型將延長我們傳統石油和天然氣業務的週期。因此，我們制定了一項成長策略，無論能源轉型的進展速度如何。考慮到這種平衡的投資組合，貝克休斯本質上的周期性正在減弱，因此無論能源轉型的步伐如何，都將實現穩健的成長。重要的是，我們今天正在為更持久的獲利和自由現金流成長狀況奠定基礎，這將使我們能夠同時提供一流的業績和結構性增加的股東回報。

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

說完，我會把電話轉回給蔡斯。

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 Instructions) And our first question will come from Arun Jayaram of JPMorgan.

（操作員說明）我們的第一個問題將來自摩根大通的 Arun Jayaram。

Lorenzo, I wanted to start with the IET order outlook and guidance. Since the beginning of the year, Baker has raised its IET order guidance by more than $3 billion. So I was wondering if you could talk about some of the drivers of the higher inbound this year and just thoughts on 2024 because one of the questions is, are you taking some of the 2024 orders and accelerate the timing of that into this year?

Lorenzo，我想從 IET 訂單展望和指導開始。自今年年初以來，貝克已將其 IET 訂單指導上調了超過 30 億美元。因此，我想知道您是否可以談談今年入境人數增加的一些驅動因素，並談談對2024 年的看法，因為問題之一是，您是否會接受2024 年的一些訂單，並將其加速到今年？

Yes, definitely, Arun, and good to hear from you. And I think if you go back to the beginning of the year, we always said that we saw a robust pipeline of opportunities for IET. And as we've gone forward through the year, that has continued to get stronger and stronger and more of the pipeline has been converting. And so it's given us the opportunity really to be able to take up our guidance on the IET orders. And as you said correctly, now it stands at a range of $14 billion to $14.5 billion. And it really plays out in 3 areas as you look at the activity levels.

是的，當然，阿倫，很高興收到你的來信。我想如果你回到今年年初，我們總是說我們看到了 IET 的大量機會。隨著這一年的進展，這種情況繼續變得越來越強大，更多的管道正在轉換。因此，這讓我們有機會真正接受我們對 IET 命令的指導。正如你所說的正確，現在它的範圍是 140 億美元到 145 億美元。當你觀察活動水平時，它實際上體現在三個方面。

The first is LNG. You've seen that LNG continues to be robust, and there's been a number of projects that have moved forward as you saw this quarter with the uptake of the Venture Global agreement, also with the ADNOC Gas and the Ruwais facility. So continuing to see good uptake on the LNG side. And we booked $4.8 billion of LNG equipment orders, and we still expect more in the fourth quarter, and very pleased to see also the uptake in the electrification and the electric motor being used from our BRUSH division as well. So one is LNG.

第一個是液化天然氣。您已經看到液化天然氣繼續強勁，正如您在本季度看到的那樣，隨著 Venture Global 協議的採用，以及 ADNOC 天然氣和魯韋斯工廠的協議，許多項目都取得了進展。因此，液化天然氣方面持續保持良好的發展勢頭。我們預訂了 48 億美元的液化天然氣設備訂單，我們仍然預計第四季度會有更多訂單，並且很高興看到我們的 BRUSH 部門也使用電氣化和電動馬達。其中之一就是液化天然氣。

The second we continue to see strength in the onshore/offshore production and that's trending better than expected, and we also expect to see a good fourth quarter with the larger FPSO orders and that continuing to be a case with the offshore activity.

其次，我們繼續看到陸上/海上生產的強勁勢頭，而且趨勢好於預期，我們也預計第四季度會出現良好的情況，FPSO 訂單規模更大，海上活動也將繼續如此。

And the last area in New Energy. We had a forecast at the start of the year to be at $400 million. We've taken it up to $600 million to $700 million and you can see that by the end of the third quarter, we're already at $540 million. We still expect to see orders coming through in the fourth quarter. So feel good about that $600 million to $700 million and still remain very confident on the end of the decade being at the $6 billion to $7 billion. So good overall strength in those 3 areas from an IET perspective. And look, as we look out to 2024, we continue to see a pipeline of good project opportunities. And we'll obviously be able to update you further in January. But in the 3 cases, there's continued strength and a number of opportunities.

最後一個領域是新能源。我們在年初的預測為 4 億美元。我們已將其提高到 6 億至 7 億美元，您可以看到，到第三季末，我們已經達到 5.4 億美元。我們仍然預計第四季會收到訂單。因此，對 6 億至 7 億美元感到滿意，並且仍然對本十年末達到 60 億至 70 億美元充滿信心。從 IET 的角度來看，這三個領域的整體實力非常好。展望 2024 年，我們繼續看到一系列良好的專案機會。顯然，我們將能夠在一月份向您提供進一步的最新消息。但在這三種情況下，仍然有持續的實力和大量的機會。

Great. Just a follow-up. Lorenzo on Slide 6, you gave us a fulsome update on LNG. But I just wondered if you could talk a little bit about the pipeline of opportunities that you see over the next 12 to 18 months, brownfield versus greenfield, U.S. Gulf Coast versus international, modular versus stick build. What are you seeing in terms of the emerging pipeline for Baker?

偉大的。只是後續行動。第 6 張投影片上的 Lorenzo，您向我們介紹了有關液化天然氣的豐富最新情況。但我只是想知道您是否可以談談您在未來 12 到 18 個月內看到的機會管道，棕地與綠地，美國墨西哥灣沿岸與國際，模組化與棒式建造。您對貝克的新興管道有何看法？

Yes, it's definitely all of the above. And as you think about LNG and you think about also the role that natural gas is going to play as a transition and destination fuel, we see that we need an installed capacity of LNG by 2030 of 800 MTPA. We've mentioned that before. And as you look at '23, we've had a good set of FIDs. There's 53 MTPA that's happened of FID. We've obviously booked 80 MTPA because we do get some orders prior to projects going to FID. But we see that continuing as we go into 2024 and also feel good about 65 MTPA of FIDs in '24 and continuing in '25 and '26 at what we stated previously, the rates of 30 to 60 MTPA.

是的，絕對是以上全部。當您想到 LNG 並想到天然氣作為過渡燃料和目的地燃料將發揮的作用時，我們發現到 2030 年我們需要將 LNG 裝置容量提高到 800 MTPA。我們之前已經提到過。當你看看 23 年時，我們已經有了一套很好的 FID。 FID 發生了 53 MTPA。我們顯然已經預訂了 80 MTPA，因為我們在專案進入 FID 之前確實收到了一些訂單。但我們看到，隨著我們進入2024 年，這種情況將持續下去，並且對24 年FID 的65 MTPA 感到滿意，並在25 年和26 年繼續按照我們之前所說的30 至60 MTPA 的速度進行。

And I think when you look at both greenfield, international, North America, brownfield, we're seeing activity across the board. I think, obviously, the U.S. has a unique opportunity with the natural gas reserves that it has and also the associated gas and a number of projects, both greenfield and brownfield, Cheniere Venture Global have made comments about their activity. You know that there are some projects in Mexico. There's other new projects that, again, are working towards FID such as Tellurian. So U.S. continuing to be strong. But then also internationally, you see Qatar. You also see, again, Canada. You see the ADNOCs of the world, and I think you're starting to emerge with Africa as well. So we remain very positive. And I think at the end of the day, it's all towards that 800 MTPA that we need to have by 2030 to make sure that we meet the energy demands of the world.

我認為，當你看看綠地、國際、北美、棕地時，我們會看到全面的活動。我認為，顯然，美國擁有獨特的機會，擁有天然氣儲量、伴生氣和許多項目，包括綠地和棕地，Cheniere Venture Global 已對其活動發表了評論。你知道墨西哥有一些項目。還有其他新項目也正在努力實現 FID，例如 Tellurian。所以美國繼續保持強勢。但在國際上，你會看到卡達。您還可以再次看到加拿大。你看到了世界各地的阿布達比國家石油公司，我認為非洲也開始出現。所以我們仍然非常積極。我認為歸根結底，我們需要在 2030 年之前達到 800 MTPA，以確保滿足世界的能源需求。

Our next question comes from Luke Lemoine with Piper Sandler.

我們的下一個問題來自 Luke Lemoine 和 Piper Sandler。

Sorry about the technical issues.

對於技術問題，我們深表歉意。

All good. Your IET results came in at the top end of the 3Q guide, even with some of the concerns out there about error derivative tightness that could impact IET. I know you've already incorporated this in your guidance, have been managing the process pretty well. But could you help us understand and refresh us on what's going on with the aeroderivative supply chain and how you see this unfolding over the next 12 months and maybe what the upside could be after this improves?

都好。您的 IET 結果位於第三季指南的頂端，儘管存在一些關於可能影響 IET 的誤差導數緊密度的擔憂。我知道您已經將這一點納入您的指導中，並且已經很好地管理了該流程。但您能否幫助我們了解航改型供應鏈的現狀並讓我們了解一下，您如何看待未來 12 個月的發展情況，以及這種情況改善後可能會帶來哪些好處？

Yes, Luke. I'll kick off here and then also let Nancy chime in. And I think we've mentioned it at the start that we continue to navigate a challenging aerospace supply chain, and you will have heard from others that also reported results that this is across the aerospace industry. And we factored this in at the beginning of the year, and we're continuing to monitor it, work closely with the supply chain and make sure that we mitigate as much as possible any consequences. And we feel good about being able to do that as we go forward.

是的，盧克。我將從這裡開始，然後也讓南希插話。我想我們在一開始就提到過，我們將繼續在充滿挑戰的航空航天供應鏈中航行，您會從其他人那裡聽到也報告了結果，這是整個航空航天工業。我們在今年年初就考慮到了這一點，我們將繼續監控它，與供應鏈密切合作，並確保我們盡可能減輕任何後果。在我們前進的過程中，我們對能夠做到這一點感到很高興。

I think it is important to note, when you think about our rotating equipment, about 1/3 of the LNG is aeroderivative, but the other is heavy-duty gas turbines and then also electric motors, and we continue to see robust supply chain availability there. So we're working through it and continuing to keep an eye on it.

我認為值得注意的是，當你想到我們的旋轉設備時，大約 1/3 的液化天然氣是航改設備，但其他是重型燃氣渦輪機，然後還有電動機，我們繼續看到強大的供應鏈可用性那裡。所以我們正在解決這個問題並繼續關注它。

Yes. And then with -- so I said this previously is the supply chain challenges are certainly contemplated within our 2023 guidance and will also be considered in 2024. We're still working very carefully with the vendor in terms timing to improve. And as we start to have a line of sight towards when we'll see those improvements, we'll bake that in. But it is certainly considered in the guidance that we provided.

是的。然後，我之前說過，供應鏈挑戰肯定會在我們的 2023 年指導中考慮到，並且也會在 2024 年予以考慮。我們仍在與供應商就改進時機進行非常仔細的合作。當我們開始了解何時會看到這些改進時，我們會將其納入其中。但在我們提供的指南中肯定會考慮到這一點。

Our next question comes from James West with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 James West。

So I wanted to touch on the horizons strategy. It's something that I know we talked about in September, but you've now laid out kind of a much more detailed kind of view of the 3 different horizons that you're thinking about. And I was curious how your -- how this informs the overall strategy for Baker? How it has informed and how it is informing the strategy going forward and how you're thinking about it?

所以我想談談視野策略。我知道我們在 9 月討論過這個問題，但您現在已經對您正在考慮的 3 個不同領域提出了更詳細的觀點。我很好奇你的——這如何影響貝克的整體策略？它是如何為未來的策略提供資訊的？您是如何考慮的？

Definitely. And we've been working on our strategy and also been monitoring how the energy markets have evolved, and that really has given rise to the 3 time horizons. And I want to be clear that we've been thinking through this for some time, and now we're starting to really reveal it more and detail it externally.

確實。我們一直在製定我們的策略，並一直在監測能源市場的演變，這確實產生了三個時間範圍。我想澄清的是，我們已經思考這個問題有一段時間了，現在我們開始真正地更多地揭示它並在外部詳細說明它。

And so as you look at the first time horizon, which goes through 2025, this is really focused on making sure that we enhance the margins accretion through simplification, efficiencies, operational discipline, optimization of our assets, the people productivity. All of the things that are in our control as we create really an energy technology company and benefiting from the macro tailwinds that we see across our 2 business segments that we've mentioned before, relative to the LNG growth cycle as well as a multiyear upswing in upstream spending. So that's going to be the key focus during the first horizon, and it will underpin our goals to get to 20% EBITDA margins in OFSE by '25 and also IET by '26, and we'll manage accordingly through that.

因此，當你看到第一個時間範圍（即 2025 年）時，重點是確保我們透過簡化、效率、營運紀律、資產優化和人員生產力來提高利潤成長。當我們創建真正的能源技術公司並受益於我們之前提到的兩個業務部門的宏觀順風（相對於液化天然氣增長週期以及多年的上升）時，所有事情都在我們的控制之中在上游支出方面。因此，這將成為第一個階段的重點，它將支撐我們的目標，即到25 年OFSE 實現20% 的EBITDA 利潤率，到26 年IET 實現20% 的EBITDA 利潤率，我們將對此進行相應管理。

The second horizon goes out to '27, and this is really shifting a focus to the next phase of growth in new energy and the industrial sectors. We'll have the benefit of the Gas Tech Services growth that will be coming to fruition through the expanded installed base that we have and the opportunity to provide efficiency through our digital applications and also the Leucipa, Cordant to our customers. So driving further margin expansion across the whole company and above our stated 20% EBITDA margin targets for the 2 segments. And also exceed our ROIC targets beyond the 15% and 20% in OFSE and IET, respectively.

第二個時期是27年，這實際上是將焦點轉移到新能源和工業領域下一階段的成長。我們將受益於天然氣技術服務的成長，該成長將透過我們擁有的擴大的安裝基礎而實現，並有機會透過我們的數位應用程式以及 Leucipa、Cordant 為我們的客戶提供效率。因此，推動整個公司的利潤率進一步擴大，並超越我們為兩個部門設定的 20% EBITDA 利潤率目標。而且也超越了我們的 ROIC 目標，OFSE 和 IET 分別超過 15% 和 20%。

And then as you get to 2030, you're starting to see the initial signs of this is really the New Energy. And we mentioned the orders 3Q year-to-date at $540 million; but by the time we get to 2030, $6 billion to $7 billion in orders, and really the new energy frontiers of CCUS, hydrogen, clean power, geothermal and the opportunity for really helping with decarbonization solutions, which become a critical component to what we think is the energy transition as we go through that. And so emissions management will be a key factor. And this really lays out the way in which we're executing towards the 3 horizons and really focused on that operational discipline associated with it.

到了 2030 年，您將開始看到新能源的最初跡象。我們提到今年第三季迄今的訂單為 5.4 億美元；但到2030 年，我們將獲得60 億至70 億美元的訂單，以及CCUS、氫、清潔能源、地熱等新能源前沿領域，以及真正幫助脫碳解決方案的機會，這將成為我們的關鍵組成部分。我們認為這是我們經歷的能源轉型。因此排放管理將是關鍵因素。這確實展示了我們在三個層面上執行的方式，並真正專注於與之相關的營運紀律。

Okay. Right. Makes complete sense. And then maybe just a quick follow-up, Lorenzo. On the New Energy side, obviously, orders this year have been much stronger than last year. You're already likely to flow to through your target year for this year. But DOE recently announced the Hydrogen Hubs program or announced the awards to the hydrogen hubs. And I'm curious kind of what you're seeing in New Energy broadly, but maybe more focused on hydrogen in particular, just given that there's a lot of activity in hydrogen today.

好的。正確的。完全有道理。然後也許只是快速跟進，洛倫佐。在新能源方面，顯然今年的訂單比去年強勁得多。您很可能已經度過了今年的目標年份。但能源部最近宣布了氫中心計劃或宣布了對氫中心的獎勵。我很好奇你在新能源領域看到了什麼，但也許更關注氫，因為今天氫有很多活動。

Definitely, James. And look, we're very pleased with the way in which the New Energy orders are coming in. And as you've said, we've taken up our target for 2023, and we expect to be between $600 million to $700 million. And one important aspect is this is equipment that we're producing today, and it comes from the existing Baker Hughes technology stack. And so we're continuing to also invest in new areas of the energy transition.

絕對是，詹姆斯。看，我們對新能源訂單的收到方式非常滿意。正如您所說，我們已經實現了 2023 年的目標，預計在 6 億至 7 億美元之間。一個重要的方面是，這是我們今天生產的設備，它來自現有的貝克休斯技術堆疊。因此，我們也將繼續投資能源轉型的新領域。

And when you look at the policies that are coming on stream, you look at ERA, you look at -- in the United States, you look at what Europe has done. And as you mentioned, most recently, the DOE awarded $7 billion of grants to 7 hydrogen hubs in the United States. That opportunity is actually coming faster than we anticipated and is growing. And we feel good about being able to differentiate ourselves. And in hydrogen in particular, we've got a long history in hydrogen. You've seen the successes that we've had with Air Products and being able to provide them technology associated with the hydrogen facilities, and we expect that to continue.

當你看到即將出台的政策時，你會看到 ERA，你會看到——在美國，你會看到歐洲所做的事情。正如您所提到的，最近，美國能源部向美國 7 個氫中心提供了 70 億美元的撥款。事實上，這個機會來得比我們預期的還要快，而且還在持續成長。我們對能夠脫穎而出感到很高興。尤其是在氫方面，我們在氫方面有著悠久的歷史。您已經看到了我們與空氣產品公司合作所取得的成功，並能夠為他們提供與氫氣設施相關的技術，我們希望這種情況能夠持續下去。

And with these new hydrogen hubs, we've got the opportunity to again extend our opportunity with the equipment that we can provide them. So feeling good that hydrogen is going to be an area of focus for Baker Hughes as we continue going forward.

有了這些新的氫中心，我們就有機會再次利用我們所能提供的設備來擴大我們的機會。令人高興的是，隨著我們繼續前進，氫將成為貝克休斯的重點領域。

We apologize for the technical difficulties. (Operator Instructions) Our next question comes from Scott Gruber with Citigroup.

對於技術困難，我們深表歉意。 （操作員說明）我們的下一個問題來自花旗集團的 Scott Gruber。

I want to ask about the 20% EBITDA margin target for IET. Your consensus currently stands at about 16.2% for next year. And I realized you restructured the business, but just looking at going from 16% in '24 to 20% in 2 years or so, it's a big jump. So can you just provide some more color on the drivers of margin expansion in the segment and your overall confidence level in achieving the 20% by '26?

我想問一下 IET 20% EBITDA 利潤率目標。目前您對明年的共識約為 16.2%。我意識到你們重組了業務，但只要看看從 24 年的 16% 到 2 年內的 20%，這是一個很大的飛躍。那麼，您能否提供更多關於該細分市場利潤成長驅動因素的信息，以及您對到 26 年實現 20% 目標的總體信心水平？

Yes, sure. It's a great question, given how strong the pipeline is in orders since we really published our margin targets last September. I would say the biggest driver is the mix of -- the mix, and that's really the headwind and that's sort of the variable to our EBITDA target. So while we continue to expand the installed base, it's sort of pushing the Services revenue as a percentage of the margin targets. And we've said publicly that services is a much higher margin than the equipment.

是的，當然。這是一個很好的問題，因為自從我們去年 9 月真正公佈了利潤目標以來，訂單量有多麼強勁。我想說，最大的驅動因素是各種因素的混合，這確實是逆風，也是我們 EBITDA 目標的變數。因此，在我們繼續擴大安裝基礎的同時，它也在某種程度上推動了服務收入占利潤目標的百分比。我們公開說過，服務的利潤比設備高很多。

So when you think about the things we're doing to drive to that 20% margin, it's really continued progress on our cost out and transformation process at the segment level, thinking how we can be leaner, how we can operate more efficiently. You'll also see improvement in the Industrial Tech margins and the supply chain and chip shortages really continue to normalize in that space. And then certainly, Gas Tech Services is slower to ramp and the impact this year of the continued aviation supply chain issues, which we believe will start to abate in 2024.

因此，當您考慮我們為實現20% 的利潤率所做的事情時，您會發現，這實際上是我們在細分市場層面的成本削減和轉型流程方面的持續進展，思考我們如何才能更加精簡，如何才能更有效地運作。您還將看到工業技術利潤率和供應鏈的改善，以及該領域的晶片短缺確實繼續正常化。當然，天然氣技術服務的成長速度較慢，而且今年持續的航空供應鏈問題的影響將在 2024 年開始減弱。

And then the other piece to remember is that we have been absorbing additional R&D costs as we think about the investments we're making into Climate Tech for the back half of the decade. So all of those things together, with a very strong top line growth, allow us to pass and to see the transparency around how we get to the 20% margin. But we are confident in our ability to attain those margins, and we will continue to work for more, but we definitely see line of sight towards the 20%.

另一件需要記住的事情是，當我們考慮到本世紀後半葉我們對氣候技術的投資時，我們一直在吸收額外的研發成本。因此，所有這些因素加在一起，再加上非常強勁的營收成長，讓我們能夠通過並看到如何達到 20% 利潤率的透明度。但我們對實現這些利潤率的能力充滿信心，我們將繼續努力爭取更多利潤，但我們肯定會看到目標朝著 20% 的方向發展。

I appreciate that. And just as we think about going from '24 to '25 to '26, is it a linear expansion, Nancy? Or because of the mix headwind with all the equipment growth, is the margin expansion a bit more back weighted with more expansion going from '25 to '26 than what we'll see from '24 to '25?

我很感激。正如我們思考從 24 世紀到 25 世紀再到 26 世紀一樣，這是線性擴張嗎，南希？或者由於所有設備增長的混合逆風，從'25到'26的擴張是否比我們從'24到'25看到的更多擴張導致利潤率擴張稍微向後加權？

Yes. I think you'll see a gradual ramp up, but it will be a little bit lumpy and the part we can't necessarily predict is the pace of the equipment orders and where the services revenue will pop in. So I would say you'll continue to see a trajectory up and to the right. It's hard to say exactly where those bigger gains will occur. But we will continue to provide line of sight to that with our guidance.

是的。我認為你會看到逐漸增長，但會有點不穩定，我們不一定能預測設備訂單的速度以及服務收入的增長速度。所以我想說你'將繼續看到一條向右上方的軌跡。很難確切地說這些更大的收益將發生在哪裡。但我們將繼續在我們的指導下提供視線。

(Operator Instructions) Our next question comes from Dave Anderson with Barclays.

（操作員說明）我們的下一個問題來自巴克萊銀行的戴夫安德森。

Great. Nancy, I'm just going to stick with you, if we could, please. I want to ask about the backlog conversion of the Gas Tech Equipment side. Last quarter, it was a little bit slower. It seems like you righted it this quarter. If I look kind of overall compared to last year, it's like conversion will be something like 45% compared to 2022 year-end backlog.

偉大的。南希，如果可以的話，我會一直陪著你。我想問一下瓦斯技術設備方面的積壓轉換狀況。上個季度，成長速度稍慢一些。看來你這個季度糾正了它。如果與去年相比，整體來看，與 2022 年底積壓訂單相比，轉換率約為 45%。

Just wondering how we should think about this trending over the next year or 2? Are you doing things internally that should speed up backlog conversion? But on the other hand, I also think that there's a mix of orders and how that includes conversion rate might kind of change that a little bit. Can you just talk about how you see that progressing?

只是想知道我們應該如何看待未來一兩年的趨勢？您是否在內部做一些可以加速待辦事項轉換的事情？但另一方面，我也認為訂單是混合的，其中包括轉換率可能會稍微改變這一點。您能談談您如何看待這方面的進展嗎？

Dave, I'll take this one. And look, as you can imagine, with the intake of orders that we've had, we've been working on making sure that we've got lean processes and Kaizens in the different manufacturing shops that we have, and we feel very good about the ability to take on the additional orders and also turn it around.

戴夫，我想要這個。你可以想像，隨著我們收到的訂單的增加，我們一直在努力確保我們在不同的製造車間擁有精益流程和改善，我們感覺非常好關於接受額外訂單並扭轉局面的能力。

From a cycle time perspective and also from a conversion, you won't see that dramatic a change. Again, if you look at the large LNG projects, they normally take between 18 to 24 months from the intake out to the actual installation. And so that will remain the case. But definitely, we're focused on making sure that we're meeting the customer commitments.

從週期時間和轉換的角度來看，您不會看到如此巨大的變化。同樣，如果你看一下大型液化天然氣項目，它們從接收到實際安裝通常需要 18 至 24 個月的時間。情況仍將如此。但毫無疑問，我們致力於確保履行對客戶的承諾。

And Lorenzo, you made a statement earlier that you said that there's a growing consent that the energy transition is taking longer, is more complex than many expected. We saw Shell just announced yesterday that they're pulling back from some of the CCS side. BP is kind of pivoting away as well. You -- as you highlighted, you're in a way to benefit either way in EIT (sic) [IET]. But I'm just wondering if you've had any kind of change in kind of longer-term views. Do you think that LNG and upstream business now has longer runway than you initially thought? And also if you could kind of unpack some of those complexities that you've talked about in technology of kind of what's driving that? There's this interesting statement you made and you wrote in the release as well.

洛倫佐，您早些時候發表聲明說，越來越多的人認為能源轉型需要更長的時間，比許多人預期的更複雜。我們看到殼牌昨天剛剛宣布他們將從 CCS 方面撤出。英國石油公司(BP)也在某種程度上轉向了其他方向。正如您所強調的，您在 EIT（原文如此）[IET] 中可以從任何一種方式中受益。但我只是想知道你的長期觀點是否有任何改變。您認為液化天然氣及上游業務現在的跑道比您原先想像的還要長嗎？另外，您是否可以解開您在技術中談到的一些複雜性，以及推動其發展的因素？您在新聞稿中發表並寫了這個有趣的聲明。

Yes, Dave. Look, we definitely see that the transition is complicated. We've always said that. And I think there was an eagerness that it should happen overnight. There's an energy supply that needs to be given to the growing population and also the developing world that needs to be there. And we're going to see in parallel the continuation of the use of oil and gas, and we're going to see it continuing to be cleaner as well with the adoption of CCUS, the adoption of emissions management.

是的，戴夫。看，我們確實看到過渡是複雜的。我們一直這麼說。我認為人們渴望這一切在一夜之間發生。需要為不斷增長的人口和發展中國家提供能源供應。同時，我們將看到石油和天然氣的繼續使用，並且隨著 CCUS 和排放管理的採用，我們將看到它繼續變得更加清潔。

And what we're mentioning here is that the reality is, I think, becoming known that it's going to take some time and it's going to be more gradual, but it doesn't change the destination. And I think ultimately, we're going towards a low-carbon economy and everybody is focused on that. And we're going to see growing activity across both of our business segments associated with that. So again, we're in a, I think, unique position where irrespective of the speed of the transition, we have the opportunity to benefit.

我們在這裡提到的是，我認為現實是，人們知道這將需要一些時間，而且會更加漸進，但它不會改變目的地。我認為最終，我們將走向低碳經濟，每個人都關注這一點。我們將看到與此相關的兩個業務部門的活動不斷增長。因此，我認為，我們處於一個獨特的位置，無論轉型的速度如何，我們都有機會受益。

(Operator Instructions) Our next question comes from Kurt Hallead with Benchmark.

（操作員說明）我們的下一個問題來自 Benchmark 的 Kurt Hallad。

Lorenzo, I just wanted to maybe follow on to some of the early questions around the New Energy business and maybe to kind of outline the growth opportunities on a number of different occasions. And you may have referenced a little bit earlier to the fact that you have existing technologies that are going to be used to kind of tap into that market. So you got a 10x kind of growth profile and order intake over the course of the next 7 years or so. Do you -- are you confident and comfortable in what you can deliver internally? Do you have to invest a substantial amount to maybe execute on that $6 billion to $7 billion? Just want to get a sense from you as to kind of how you think about that.

洛倫佐，我只是想繼續討論有關新能源業務的一些早期問題，並可能概述一些不同場合的成長機會。您可能早些時候提到過這樣一個事實，即您擁有將用於進入該市場的現有技術。因此，在接下來的 7 年左右的時間裡，您的成長概況和訂單量將增加 10 倍。您對自己可以在內部交付的內容是否充滿信心並感到滿意？您是否需要投入大量資金才能執行這 60 億至 70 億美元？只是想了解一下您對此有何看法。

Yes, Kurt. And actually, we have been investing. And I think as you've seen the associated R&D expenditures increased this year and we are preparing for that $6 billion to $7 billion and feel very comfortable. And it's not just within the compression space. It's also within the turboexpander base. And you look at NET Power, for example, and we've obviously linked closely with them and we see that as a big growth opportunity in the future with regards to clean power generation, hydrogen and, again, application of our compression.

是的，庫爾特。事實上，我們一直在投資。我認為，正如您所看到的，今年相關的研發支出有所增加，我們正在為 60 億至 70 億美元做準備，我們對此感到非常放心。而且它不僅僅是在壓縮空間內。它也在透平膨脹機底座內。例如，看看 NET Power，我們顯然與他們緊密聯繫，我們認為這是未來在清潔發電、氫氣以及我們的壓縮應用方面的巨大成長機會。

You look at our gas turbines that we already have that can be -- that are hydrogen-ready. So I actually think we've got a large complement of the equipment either already ready to go or already in research and development with the aspect of the associated engineering that's taking place. And we're seeing the flow of orders and also pipeline opportunities come about. And that's just further reinforced with ERA, it's further reinforced with some of the European policies and also what you're seeing in the Middle East. So many opportunities as we go forward and feel comfortable with that $6 billion to $7 billion and also our opportunity to convert on it.

你看看我們已經擁有的燃氣渦輪機，它們可以使用氫氣。因此，我實際上認為我們已經擁有大量設備，要么已經準備就緒，要么已經在正在進行的相關工程方面進行研究和開發。我們看到訂單流和管道機會的出現。 ERA 進一步強化了這一點，一些歐洲政策以及您在中東看到的情況進一步強化了這一點。我們前進的過程中有很多機會，我們對這 60 億至 70 億美元感到滿意，也有我們對其進行轉換的機會。

Okay. Appreciate that color. And then maybe a follow-up for Nancy on capital allocation. How do you gauge the preference between dividend and share repurchase?

好的。欣賞那個顏色。然後也許是南希關於資本配置的後續行動。您如何衡量股利和股票回購之間的偏好？

Yes. So at this point, how I would think about it is we've committed to the 60% to 80% of returns back to shareholders. The dividend will structurally go as the business goes. And we'll work to increase the dividend over time. How I would think about the share buyback is it will be opportunistic to get somewhere in that 60% to 80% range. So that will be the opportunistic add-on to the dividend. Our sincere goal is as we get more structure, stability, linearity in the business, we'll be able to grow that dividend over time and especially as we pivot away from the cyclical nature of certain parts of the business and more secular growth. So that's the goal, but we still remain very committed to the 60% to 80% return to holders.

是的。所以在這一點上，我的想法是我們承諾將 60% 到 80% 的回報還給股東。股息將隨著業務的發展而結構性地變化。隨著時間的推移，我們將努力增加股息。我對股票回購的看法是，回購 60% 至 80% 的股票是機會主義的。因此，這將是股利的機會主義附加。我們真誠的目標是，隨著我們在業務中獲得更多的結構、穩定性和線性，我們將能夠隨著時間的推移增加股息，特別是當我們擺脫業務某些部分的周期性和更長期的增長時。這就是我們的目標，但我們仍然非常致力於向持有者提供 60% 到 80% 的回報。

Our next question comes from Marc Bianchi with TD Cowen.

我們的下一個問題來自 Marc Bianchi 和 TD Cowen。

I think you had mentioned an expectation for solid upstream spending growth next year. There's some investor concern that maybe mid-teens or even double digits might be a stretch for international spending. Could you just comment on how you're seeing the outlook if you think that, that mid-teens is achievable? Or any other puts and takes to be thinking about?

我想您已經提到了明年上游支出穩健成長的預期。一些投資者擔心，國際支出可能會達到十幾位數甚至兩位數。如果您認為十幾歲左右的目標是可以實現的，您能否評論一下您對前景的看法？或者有其他需要考慮的看跌期權嗎？

Yes. Again, if you look at this year, we've said international spending at mid-teens. And as we look into next year, it's going to be double digit. And as you look at offshore activity, continues to be robust. And if you think of Latin America with Brazil, Guyana, continuing to see the uptick, also West Africa. And if you look at the Middle East and the spending that's anticipated on the D&C side, again, with the plans that have been announced by the various national oil companies, we still feel good about the double-digit in next year activity.

是的。再說一次，如果你看看今年，我們已經說過國際支出在十幾歲左右。當我們展望明年時，它將達到兩位數。當你觀察離岸活動時，你會發現它仍然強烈。如果你想到拉丁美洲，巴西、圭亞那的成長持續上升，西非也是如此。如果你再看看中東和 D&C 方面的預期支出，以及各國石油公司已經宣布的計劃，我們仍然對明年的兩位數活動感到滿意。

Okay. That's great. The other question I had was on LNG service. So you laid out the growing installed base and what that could mean for the service opportunity. Can you talk about how much of Gas Tech Services today comes from LNG service, so we could just get a sense of what that growth could mean for the business?

好的。那太棒了。我的另一個問題是關於液化天然氣服務。因此，您列出了不斷增長的安裝基礎以及這對服務機會意味著什麼。您能否談談當今的天然氣技術服務有多少來自液化天然氣服務，以便我們了解這種成長對業務意味著什麼？

Yes. As you look at our Services business and again, LNG accounts for about 35% of also the service. We have services transactional on all of our onshore-offshore applications as well as installed equipment in the other areas of downstream pipeline, et cetera. But on the LNG specifically, about 35%.

是的。當您再次審視我們的服務業務時，液化天然氣約佔服務的 35%。我們為所有陸上和海上應用以及下游管道其他區域的已安裝設備等提供交易服務。但具體到液化天然氣，約 35%。

Thank you. That concludes the question-and-answer session. Again, we sincerely apologize for the technical difficulties experienced on today's call. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

謝謝。問答環節到此結束。對於今天電話會議中遇到的技術困難，我們再次表達誠摯的歉意。感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。