貝克休斯 (BKR) 2023 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Baker Hughes Company Fourth Quarter 2023 Earnings Call.

女士們、先生們，美好的一天，歡迎參加貝克休斯公司 2023 年第四季財報電話會議。

(Operator Instructions)

（操作員說明）

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

謹此提醒，本次電話會議正在錄音中。現在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. Good morning, everyone, and welcome to Baker Hughes Fourth Quarter and Full Year 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 a presentation with our prepared remarks during this webcast, which can also be found on our investor website.

謝謝。大家早安，歡迎參加貝克休斯 2023 年第四季和全年財報電話會議。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 factors that could cause actual results to differ materially. 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，以了解可能導致實際結果出現重大差異的因素。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.

謝謝你，蔡斯。大家早安，感謝您加入我們。

2023 proved to be a pivotal year for Baker Hughes as we continue our journey to reshape the company. We successfully removed $150 million of costs, realigned our IET business and recently launched actions to further streamline our OFSE business. Our strategy to transform the way we operate is working.

事實證明，2023 年對貝克休斯來說是關鍵的一年，我們將繼續重塑公司的旅程。我們成功削減了 1.5 億美元的成本，重新調整了我們的 IET 業務，並於最近採取了進一步簡化我們的 OFSE 業務的行動。我們改變營運方式的策略正在發揮作用。

Turning to Slide 4. In 2023, we set records for all primary financial metrics, including orders, revenue, EBITDA, EPS, free cash flow and most importantly, returns. Adjusted EBITDA was up 26% year-over-year, a third consecutive year of double-digit increases and exceeding prior cycle peak levels by 25%. Adjusted diluted earnings per share was $1.60, 76% above 2022 levels.

轉向幻燈片 4。2023 年，我們的所有主要財務指標都創下了記錄，包括訂單、收入、EBITDA、每股收益、自由現金流以及最重要的回報。調整後 EBITDA 年成長 26%，連續第三年達到兩位數成長，比上一周期峰值高出 25%。調整後攤薄每股收益為 1.60 美元，比 2022 年水準高出 76%。

Free cash flow increased 83% year-over-year to just over $2 billion. Total company orders increased 14% year-over-year as IET orders of $14.2 billion grew 12% when compared to last year's record orders and marked the third consecutive year of double-digit growth. New Energy orders totaled $750 million, up $45 year-over-year. SSPS orders increased by 27% to $3.9 billion, the largest order year since 2014. These record results highlight strong market tailwinds across both segments and the significant operational improvements the company has accomplished since 2022.

自由現金流年增 83%，達到略高於 20 億美元。公司訂單總額較去年同期成長 14%，IET 訂單金額為 142 億美元，較去年創紀錄的訂單成長 12%，連續第三年達到兩位數成長。新能源訂單總額為 7.5 億美元，年增 45 美元。 SSPS 訂單成長27%，達到39 億美元，這是自2014 年以來最大的訂單年。這些創紀錄的業績凸顯了這兩個領域的強勁市場推動力以及該公司自2022 年以來實現的重大營運改進。

Clearly, we are pleased with the progress demonstrated in 2023 and excited about where the company is headed in 2024 and beyond.

顯然，我們對 2023 年所取得的進展感到滿意，並對公司 2024 年及以後的發展方向感到興奮。

Turning to Slide 5. Fourth quarter adjusted EBITDA of $1.09 billion came in above the midpoint of our guidance range due to the continued operational improvement and full realization of the $150 million of cost out. Free cash flow of $633 million exceeded expectations and resulted in full year free cash flow conversion of 54%. IET orders remained strong, exceeding $3 billion for the fifth consecutive quarter. In addition, we were awarded more than $1 billion of CSA commitments. In OFSE, we continue to demonstrate solid margin improvement during the quarter, with segment EBITDA margin increasing to 17.9% as OFSE EBITDA margins now exceed 20%, both record margins.

轉向幻燈片 5。由於持續的營運改善和 1.5 億美元成本支出的全面實現，第四季度調整後 EBITDA 為 10.9 億美元，高於我們指導範圍的中點。自由現金流達 6.33 億美元，超出預期，全年自由現金流轉換率為 54%。 IET 訂單依然強勁，連續第五個季度超過 30 億美元。此外，我們還獲得了超過 10 億美元的 CSA 承諾。在 OFSE，本季我們持續展現穩健的利潤率改善，分部 EBITDA 利潤率增至 17.9%，OFSE EBITDA 利潤率現已超過 20%，均創歷史新高。

Turning to the Macro on Slide 6. Oil prices have weakened considerably since peaking in late September. Ultimately, weaker-than-anticipated oil demand coupled with robust production growth led to an unexpected inventory build into year-end. However, prices still remain at levels that are favorable for growth across our core OFSE markets. For 2024, demand growth remains the biggest unknown in the face of global economic uncertainty and heightened geopolitical risk.

轉向幻燈片 6 上的宏觀。自 9 月底達到高峰以來，油價已大幅走軟。最終，低於預期的石油需求加上強勁的產量成長導致年底庫存意外增加。然而，價格仍保持在有利於我們核心 OFSE 市場成長的水平。面對全球經濟不確定性和地緣政治風險加劇，2024年需求成長仍是最大的未知數。

On the supply side, the biggest risk factor is non-OPEC supply outpacing demand, possibly requiring OPEC+ to maintain the current level of cuts through the end of 2024. The volatility in commodity prices experienced during the fourth quarter and so far in 2024, will likely have some influence on upstream development plans. Accordingly, we now see international D&C spend growth decelerating into the high single-digit range this year, which is down slightly from our prior expectations for low double-digit growth.

在供應方面，最大的風險因素是非 OPEC 供應超過需求，這可能要求 OPEC+ 在 2024 年底前維持目前的減產水準。第四季和 2024 年迄今大宗商品價格的波動將導致可能對上游開發計畫產生一定影響。因此，我們現在看到今年國際 D&C 支出成長減速至高個位數範圍，這比我們先前對低兩位數成長的預期略有下降。

Nevertheless, the international cycle remains healthy, and we see no deviation from the long-term development plans set in place amongst some of the world's largest NOCs. The offshore cycle is maintaining the momentum built over the past couple of years, and we have good visibility on the development pipeline, which is expected to support strong activity levels over the next several years. In North America, activity continues to lag, and we are now anticipating no meaningful recovery in activity during the first half of the year.

儘管如此，國際週期依然健康，我們認為世界上一些最大的國家石油公司所製定的長期發展計畫並沒有發生偏差。離岸週期正在保持過去幾年建立的勢頭，我們對開發管道有良好的了解，預計這將支持未來幾年強勁的活動水平。在北美，經濟活動持續落後，我們目前預計今年上半年經濟活動不會出現有意義的復甦。

On our last quarterly call, we expected 2024 North American D&C spend to be flattish, but now expect spending down in low to mid-single digits driven by mid-single-digit declines in U.S. land. The combination of a volatile commodity price environment, sector consolidation and the inherent elasticity of shale versus conventional developments are all factors contributing to the slower ramp-up in activity. In OFSE, we secured 2 significant multiyear integrated services contracts with a Latin American operator for drilling, completion and plug and abandonment services, highlighting the customers' confidence in Baker Hughes' diverse technology and service offering.

在上一季電話會議中，我們預計 2024 年北美 D&C 支出將持平，但現在預計，由於美國土地中個位數下降，支出將下降到中位數。波動的大宗商品價格環境、產業整合以及頁岩油相對於傳統開發的固有彈性，這些因素綜合在一起，都是導致活動成長放緩的因素。在 OFSE，我們與一家拉丁美洲運營商簽訂了兩份重要的多年期綜合服務合同，涉及鑽井、完井、堵塞和廢棄服務，凸顯了客戶對貝克休斯多元化技術和服務產品的信心。

In the offshore market, we were awarded additional subsea trees during the quarter, bringing our total number of subsea tree awards in 2023 to 60. Turning to LNG on Slide 7. Despite the recent weakness in LNG prices, we believe the long-term outlook for the global LNG market remains solid. In fact, LNG prices remain at relatively strong levels compared to historical averages. For example, 2023 European and Asian gas prices averaged about 20% above the 10-year average. In the fourth quarter, global LNG demand was up approximately 4% year-over-year. For the full year, global LNG demand reached record levels of 405 MTPA up 2% compared to 2022 despite softer-than-anticipated gas demand in Europe.

在海上市場，我們在本季度獲得了更多的海底採油樹，使我們在2023 年獲得的海底採油樹總數達到60 個。轉向幻燈片7 上的液化天然氣。儘管近期液化天然氣價格疲軟，但我們相信長期前景全球液化天然氣市場仍穩健。事實上，與歷史平均值相比，液化天然氣價格仍處於相對較高的水平。例如，2023 年歐洲和亞洲天然氣價格平均比 10 年平均值高出約 20%。第四季度，全球液化天然氣需求年增約4%。儘管歐洲天然氣需求低於預期，但全年全球液化天然氣需求仍達到 405 MTPA 的創紀錄水平，較 2022 年成長 2%。

LNG demand in Europe was around 115 MTPA in line with 2022 levels. Demand in China was 71 MTPA, up 10% year-over-year. With estimated global nameplate capacity of 491 MTPA last year, effective utilization averaged 86%, which represents a tight LNG market.

歐洲的液化天然氣需求約為 115 MTPA，與 2022 年的水準一致。中國的需求量為71 MTPA，較去年同期成長10%。去年全球銘牌產能預計為 491 MTPA，有效利用率平均為 86%，顯示液化天然氣市場緊張。

Looking into 2024, we forecast LNG demand to increase by 2% which should result in utilization rates remaining at strong levels as we forecast just 15 MTPA of nameplate capacity coming online this year.

展望 2024 年，我們預測液化天然氣需求將成長 2%，這將導致利用率維持在較高水平，因為我們預測今年僅 15 MTPA 的銘牌產能上線。

Looking out to 2025 and 2026, we see a similar trend of supply growth being balanced by demand growth, which should keep global LNG markets at good utilization levels. With energy markets, including LNG, still fundamentally tight, global coal demand set another record last year, increasing 1.4% year-over-year to 8.5 billion tonnes. We think this recent growth in coal demand provides additional long-term growth opportunities for LNG, where we see cleaner-burning natural gas replacing high-emission coal in the energy mix across many Asian countries, where coal is still the predominant energy source for electricity.

展望 2025 年和 2026 年，我們看到供應成長與需求成長平衡的類似趨勢，這將使全球液化天然氣市場保持良好的利用率水準。由於包括液化天然氣在內的能源市場基本面仍緊張，全球煤炭需求去年再創新高，較去年同期成長1.4%至85億噸。我們認為，近期煤炭需求的成長為液化天然氣提供了額外的長期成長機會，我們看到在許多亞洲國家的能源結構中，清潔燃燒的天然氣正在取代高排放煤炭，而煤炭仍然是主要的電力能源。

During the fourth quarter, we were pleased to be awarded by ADNOC gas on behalf of ADNOC, two electric liquefaction systems for the 9.6 MTPA Ruwais LNG project in the United Arab Emirates. 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.

第四季度，我們很高興代表 ADNOC 獲得 ADNOC 天然氣公司授予的兩個電動液化系統，用於阿拉伯聯合大公國 9.6 MTPA 魯韋斯液化天然氣計畫。液化天然氣列車將由貝克休斯的 75 兆瓦有刷電動馬達技術驅動，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。

In 2023, we were extremely pleased to book almost 80 MTPA of LNG orders, which outpaced FIDs of 57 MTPA. This variance was the result of the timing difference between orders and FIDs, which has been accentuated by the tightening LNG equipment market. The outlook for FIDs over the next few years remains strong, and we see projects progressing across all markets. For 2024, specifically, we expect LNG FIDs of around 65 MTPA. However, it is important to note this includes a couple of major LNG orders that were booked during 2023. As we look out to 2025 and 2026, we could see between 30 to 60 MTPA of FIDs annually, bringing total potential LNG FIDs to 125 MTPA and 185 MTPA through 2026.

2023 年，我們非常高興地預訂了近 80 MTPA 的液化天然氣訂單，這超過了 FID 的 57 MTPA。這種差異是由於訂單和最終投資決定之間的時間差異造成的，而液化天然氣設備市場的緊縮加劇了這種差異。未來幾年最終投資決定的前景依然強勁，我們看到所有市場的項目都在取得進展。具體而言，我們預計 2024 年 LNG FID 約為 65 MTPA。然而，值得注意的是，這包括 2023 年期間預訂的幾個主要液化天然氣訂單。展望 2025 年和 2026 年，我們每年可能會看到 30 至 60 MTPA 的 FID，使潛在的 LNG FID 總數達到 125 MTPA到2026 年將達到185 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, representing an almost 75% increase in nameplate capacity from 2022 levels. This provides good visibility for significant near-term growth in Gas Tech equipment, where we have the broadest set of LNG solutions to suit customer needs, including our modular, stick build, onshore, offshore, floating and small-scale LNG offerings.

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，這意味著銘牌產能將在 2022 年增加近 75%。這為天然氣技術設備的近期顯著增長提供了良好的可見性，我們擁有最廣泛的液化天然氣解決方案以滿足客戶需求，包括我們的模組化、棒式建造、陸上、海上、浮動和小型液化天然氣產品。

In addition, this expansion in our LNG installed base will provide long-term structural growth for our gas tech services.

此外，我們液化天然氣安裝基地的擴張將為我們的天然氣技術服務提供長期結構性成長。

Turning now to Slide 8. On the New Energy front, we have seen a number of developments over the past quarter. At COP 28, which brought together 154 heads of state and other government officials and was well represented by Baker Hughes. I was particularly pleased to see the increased representation and participation from energy companies. Key commitments from the conference include doubling the global average annual rate of energy efficiency improvements by 2030, net-zero methane emissions and no routine flaring by 2030, endorsement for a global hydrogen certification standard and accelerating efforts towards the phase down of unabated coal power. We also continue to see progress on the policy and permitting front in the United States that should help advance emissions reductions progress. We are pleased with the U.S.' final ruling on the methane standards that should prevent an estimated 58 million tonnes of methane emissions from 2024 to 2038, according to the EPA.

現在轉向幻燈片 8。在新能源方面，我們在過去的季度中看到了許多發展。第 28 屆締約方會議匯聚了 154 名元首和其他政府官員，貝克休斯是其中的代表。我特別高興地看到能源公司的代表性和參與度增加。會議的主要承諾包括到2030年將全球平均年能源效率提高一倍、到2030年實現甲烷淨零排放、不再常規燃燒、認可全球氫認證標準以及加快逐步淘汰不減量的煤電。我們也繼續看到美國在政策和許可方面的進展，這將有助於推動減排進程。我們對美國感到滿意”據美國環保署稱，甲烷標準的最終裁決預計將在 2024 年至 2038 年間減少 5,800 萬噸甲烷排放。

Additionally, the state of Louisiana being granted primacy on Class 6 well permitting should help to reduce CCUS project bottlenecks in that region of the United States. In the area of hydrogen, the U.S. Treasury provided clarity on the 45V hydrogen tax credit, which could impact the pace of green hydrogen development. We are hopeful that a pragmatic resolution will be reached that actually encourages rather than inhibits new investments in this critical industry that will play a vital role in decarbonizing hard-to-abate sectors. As we have stated previously, the energy transition will likely be more challenging and take longer than many expect. This is why we, at Baker Hughes, are pursuing an all-of-the-above strategy, where our technologies and capabilities have a key role to play in decarbonizing the planet irrespective of the fuel source. It is important to note the pace of the transition will not impact the ultimate size of the new energy market opportunity.

此外，路易斯安那州獲得 6 級油井許可的優先權應有助於減少美國該地區 CCUS 計畫的瓶頸。在氫能領域，美國財政部明確了 45V 氫能稅收抵免，這可能會影響綠氫能的發展步伐。我們希望能夠達成一項務實的解決方案，真正鼓勵而不是抑制對這一關鍵行業的新投資，該行業將在難以減排的行業脫碳中發揮至關重要的作用。正如我們之前所說，能源轉型可能會比許多人預期更具挑戰性，並且需要更長的時間。這就是為什麼我們貝克休斯正在推行上述所有策略，無論燃料來源為何，我們的技術和能力都可以在地球脫碳方面發揮關鍵作用。值得注意的是，轉型的速度不會影響新能源市場機會的最終規模。

As an illustration, the IEA has sized the annual clean energy investment at $4.5 trillion by the early 2030s and $4.7 trillion by 2050 under their net-zero scenario. In comparison, investment in fossil fuels totaled just under $1 trillion last year.

例如，在淨零情境下，IEA 預計到 2030 年代初期，年度清潔能源投資規模為 4.5 兆美元，到 2050 年為 4.7 兆美元。相較之下，去年化石燃料投資總額略低於 1 兆美元。

Turning to Slide 9. We are focused on executing our strategy over our free time horizons. Over the first horizon, we're focused on unlocking the full potential of Baker Hughes, successfully transforming our business and simplifying the way we work. We are committed to developing and commercializing our New Energy portfolio while also evolving our digital offerings across both OFSE and IET. These strategic investments, along with better penetration across various underserved energy and industrial markets will be the underpinning for driving peer-leading growth across our next 2 time horizons. While our activities in LNG and New Energy have been the focus for investors in recent years, I'd like to take this opportunity to shine a spotlight on parts of the broader IET portfolio. In Gas Tech, almost 50% of our equipment business is focused on serving customers outside of LNG. Our turbomachinery equipment, generators, motors and pumps have applications across multiple end markets, including upstream, midstream, refining, petrochemical and various industrial end markets.

轉向投影片 9。我們專注於在空閒時間範圍內執行我們的策略。在第一個階段，我們致力於釋放貝克休斯的全部潛力，成功轉變我們的業務並簡化我們的工作方式。我們致力於開發和商業化我們的新能源產品組合，同時也在 OFSE 和 IET 上發展我們的數位產品。這些戰略投資以及對各種服務不足的能源和工業市場的更好滲透將成為我們在未來兩個時間範圍內推動同行領先成長的基礎。雖然近年來我們在液化天然氣和新能源領域的活動一直是投資者的焦點，但我想藉此機會專注於更廣泛的 IET 投資組合的部分內容。在天然氣技術領域，我們近 50% 的設備業務專注於為液化天然氣以外的客戶提供服務。我們的渦輪機械設備、發電機、馬達和泵浦廣泛應用於多個終端市場，包括上游、中游、煉油、石化和各種工業終端市場。

These segments have demonstrated exceptional growth since 2020, increasing by more than 50%, and we have good visibility on a number of growth opportunities in the coming year. Take the FPSO markets, for example, we have booked more than $1 billion of awards over the past 2 years and expect the market could see a further 7 to 9 FPSOs take FID each year out to the latter part of this decade. We are also seeing a lot of potential opportunities in onshore gas processing and pipelines as natural gas becomes an important aspect of the energy mix around the world, particularly in places like the Middle East and Southeast Asia.

自 2020 年以來，這些細分市場表現出了非凡的成長，增幅超過 50%，我們對來年的許多成長機會有良好的預見性。以FPSO市場為例，我們在過去兩年中獲得了超過10億美元的合同，預計到本十年後半段，市場每年可能會看到另外7至9艘FPSO獲得最終投資決定。隨著天然氣成為世界各地能源結構的重要組成部分，特別是在中東和東南亞等地區，我們也看到陸上天然氣加工和管道方面存在大量潛在機會。

The diversity of our end markets and the opportunity set is not confined to equipment. In Gas Tech Services, over 50% of our revenue has been generated from our transactional and upgrade services, which focus on maintaining our rotating equipment utilized in upstream, midstream, refining and petrochemical sectors. Like LNG, which accounts for less than 40% of the Gas Tech Services revenue, these non-LNG markets also have significant growth opportunities as our installed base expands significantly. Our industrial tech portfolio provides additional diversity into industrial markets like aerospace, automotive, steel and electronics.

我們的終端市場和機會集的多樣性並不局限於設備。在天然氣技術服務領域，我們超過 50% 的收入來自交易和升級服務，這些服務專注於維護上游、中游、煉油和石化行業使用的旋轉設備。與佔天然氣​​技術服務收入不到 40% 的液化天然氣一樣，隨著我們的裝置基礎顯著擴大，這些非液化天然氣市場也擁有巨大的成長機會。我們的工業技術產品組合為航空航太、汽車、鋼鐵和電子等工業市場提供了額外的多樣性。

In Industrial Solutions, we leverage our digital technology to monitor and maintain critical equipment. We have a significant opportunity to extend this service beyond our critical equipment to the balance of plant. In industrial products, we are focused on increasing market penetration in high-margin niche sectors.

在工業解決方案中，我們利用數位技術來監控和維護關鍵設備。我們有一個重要的機會將這項服務擴展到我們的關鍵設備之外，擴展到工廠的其他部分。在工業產品方面，我們專注於提高高利潤利基產業的市場滲透率。

Finally and most importantly, we are able to leverage core technologies like compressors, turbo expanders and turbines across CTS' 5 targeted new energy markets. These are CCUS, hydrogen, geothermal, clean power and emissions management, providing additional long-term growth for IET. As you can see, we have a differentiated portfolio of technologies within IET that provides Baker Hughes a unique opportunity to grow well beyond LNG.

最後也是最重要的是，我們能夠在 CTS 的 5 個目標新能源市場中利用壓縮機、渦輪膨脹機和渦輪機等核心技術。這些是 CCUS、氫氣、地熱、清潔能源和排放管理，為 IET 提供了額外的長期成長。正如您所看到的，我們在 IET 內擁有差異化的技術組合，為貝克休斯提供了超越液化天然氣的獨特發展機會。

Before turning it over to Nancy, I would like to speak at a high level about our 2024 outlook. In OFSE, we expect solid revenue growth led by international, with a year of strong incremental margins as we continue to focus on reshaping the OFSE cost structure in pursuit of 20% margins in 2025. In IET, conversion of our record Gas Tech Equipment RPO will drive robust IET revenue growth with margins improving despite increasing mix headwinds and putting us on a path toward our 20% margin target in 2026.

在交給 Nancy 之前，我想先談談我們 2024 年的展望。在OFSE 方面，我們預期國際業務將帶來穩健的營收成長，隨著我們繼續專注於重塑OFSE 成本結構，力求在2025 年實現20% 的利潤率，我們將在這一年實現強勁的利潤增量。在IET 方面，我們創紀錄的天然氣技術設備RPO 的轉換儘管混合阻力不斷增加，但仍將推動IET 收入強勁增長，利潤率有所提高，並使我們朝著2026 年20% 的利潤率目標邁進。

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

這樣，我就把電話轉給南希。

Thanks, Lorenzo. I will begin on Slide 11 with an overview of our consolidated results and then briefly talk to segment details before outlining our first quarter and full year 2024 outlook. We were very pleased with our fourth quarter and full year results. We made outstanding progress on all fronts during 2023. We booked another year of record orders in IET, capitalized on market tailwinds to deliver robust revenue growth across both segments, realized the full benefit of our $150 million cost out program and continued to transform how we operate.

謝謝，洛倫佐。我將從幻燈片 11 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，然後概述我們的第一季和 2024 年全年展望。我們對第四季和全年的業績非常滿意。 2023 年，我們在各方面都取得了顯著進展。我們在IET 的訂單又創歷史新高，利用市場順風在兩個細分市場實現了強勁的收入增長，實現了1.5 億美元成本削減計劃的全部效益，並繼續轉變我們的方式操作。

For the fourth quarter, adjusted EBITDA of $1.09 billion came in above the midpoint of our guidance range, which was due to stronger margin performance across both segments. For the year, EBITDA came in at the upper end of our original $3.6 billion to $3.8 billion guidance range. Fourth quarter GAAP operating income was $651 million during the quarter. Adjusted operating income was $816 million. GAAP diluted earnings per share were $0.43. Excluding adjusting items, earnings per share were $0.51, which resulted in 2023 adjusted EPS of $1.60, a new record.

第四季度，調整後 EBITDA 為 10.9 億美元，高於我們指引範圍的中點，這是由於兩個部門的利潤率表現均較強勁。今年，EBITDA 處於我們最初 36 億美元至 38 億美元指引範圍的上限。第四季 GAAP 營業收入為 6.51 億美元。調整後營業收入為 8.16 億美元。 GAAP 稀釋後每股收益為 0.43 美元。剔除調整項目後，每股收益為 0.51 美元，這使得 2023 年調整後每股收益為 1.60 美元，創下新紀錄。

Total company orders of $6.9 billion during the quarter maintained strong momentum, highlighted by continued strength in IET orders. For the year, IET orders totaled $14.2 billion, which sets another record. SSPS full year orders were a robust $3.9 billion, which as Lorenzo mentioned, marks our largest order intake for that business since 2014. Thanks to the sustained strength in orders, IET RPO of $29.9 billion ended the quarter at yet another record level, while OFSE-RPO remained at a healthy $3.5 billion, up 37% year-over-year.

本季公司訂單總額 69 億美元保持強勁勢頭，IET 訂單持續強勁凸顯了這一點。全年 IET 訂單總額達 142 億美元，再創紀錄。 SSPS 全年訂單達到 39 億美元，正如 Lorenzo 所提到的，這標誌著我們自 2014 年以來該業務的最大訂單量。由於訂單持續強勁，IET RPO 達到 299 億美元，本季度再創新高，而 OFSE -RPO 維持在35 億美元的健康水平，年增37%。

These RPO levels provide exceptional revenue and earnings visibility over the coming years. Free cash flow outperformed our expectations, coming in at $633 million. For the full year, we generated over $2 billion of free cash flow, resulting in a conversion rate of 54% from adjusted EBITDA, which was above the high end of our expected range.

這些 RPO 水準為未來幾年提供了卓越的收入和盈利可見性。自由現金流達到 6.33 億美元，超出了我們的預期。全年，我們產生了超過 20 億美元的自由現金流，調整後 EBITDA 的轉換率為 54%，高於我們預期範圍的上限。

In 2024, we are targeting free cash flow conversion of 45% to 50% and expect 50%-plus conversion rates through Horizons 2 and 3.

到 2024 年，我們的目標是自由現金流轉換率為 45% 至 50%，並預計透過地平線 2 和地平線 3 實現 50% 以上的轉換率。

Turning to Slide 12. Our balance sheet remains strong as we ended the fourth quarter with cash of $2.65 billion, net debt to trailing 12-month adjusted EBITDA ratio of 0.9x and liquidity of over $5.5 billion. During the fourth quarter, we extended our $3 billion revolving credit facility by 4 years, which now has a maturity of November 2028 and we also used available cash to pay down $650 million of senior notes.

轉向投影片 12。我們的資產負債表仍然強勁，第四季末現金為 26.5 億美元，淨債務與過去 12 個月調整後 EBITDA 比率為 0.9 倍，流動性超過 55 億美元。在第四季度，我們將 30 億美元的循環信貸額度延長了 4 年，目前到期日為 2028 年 11 月，我們還使用可用現金償還了 6.5 億美元的優先票據。

Turning to capital allocation on Slide 13. In 2023, we returned more than $1.3 billion to shareholders equivalent to 65% of free cash flow. This included almost $800 million of dividends, where we have increased the quarterly dividend twice over the past 5 quarters. In addition, we repurchased $538 million of Baker Hughes shares in 2023, including $321 million during the fourth quarter. We are committed to returning 60% to 80% of free cash flow to investors and have a strong track record. Since the company was formed in 2017, we've now returned $10 billion to shareholders through dividends and buybacks.

轉向投影片 13 上的資本配置。2023 年，我們向股東返還了超過 13 億美元，相當於自由現金流的 65%。其中包括近 8 億美元的股息，我們在過去 5 個季度中兩次增加了季度股息。此外，我們在 2023 年回購了 5.38 億美元的貝克休斯股票，其中第四季回購了 3.21 億美元。我們致力於將 60% 至 80% 的自由現金流返還給投資者，並擁有良好的業績記錄。自 2017 年公司成立以來，我們現已透過股利和回購向股東返還 100 億美元。

We plan to grow our dividend with increases driven by the structural earnings power and growth of the company. We will continue to utilize buybacks to reach our 60% to 80% target and we'll remain opportunistic on buybacks within this range. Now I will walk you through the business segment results in more detail and provide our 2024 outlook. Starting with oilfield services and equipment on Slide 14. The segment performed slightly above expectations as OFS margins exceeded the 20% level despite the softer U.S. land market where rig activity fell 4% during the quarter.

我們計劃在公司結構性獲利能力和成長的推動下增加股利。我們將繼續利用回購來實現 60% 至 80% 的目標，並且我們將在此範圍內繼續機會主義回購。現在，我將向您詳細介紹業務部門的業績，並提供我們 2024 年的展望。從幻燈片 14 上的油田服務和設備開始。儘管美國陸地市場疲軟，本季鑽機活動下降 4%，但該部門的表現略高於預期，OFS 利潤率超過 20%。

SSPS orders of $654 million contributed to the highest order year since 2014 with the offshore market expected to remain strong, we expect SSPS orders to persist at healthy levels in 2024 and beyond. OFSE revenue in the quarter was $3.95 billion, up 11% year-over-year. Excluding SSPS, international revenue was up 2% sequentially as seasonal declines in Europe were more than offset by strength in Latin America and Sub-Saharan Africa. Excluding SSPS, North America revenue was down 3% sequentially as North America land declined during the quarter. OFSE EBITDA in the quarter was $709 million, up 6% sequentially and up 16% year-over-year, while also slightly above our guidance midpoint of $705 million.

6.54 億美元的 SSPS 訂單貢獻了自 2014 年以來的最高訂單年，預計離岸市場將保持強勁，我們預計 SSPS 訂單將在 2024 年及以後保持在健康水平。 OFSE 本季營收為 39.5 億美元，年增 11%。不包括 SSPS，國際營收季增 2%，因為歐洲的季節性下降被拉丁美洲和撒哈拉以南非洲地區的強勁成長所抵消。不包括 SSPS，北美地區營收季減 3%，因為本季北美土地面積下降。 OFSE 本季 EBITDA 為 7.09 億美元，比上一季成長 6%，年成長 16%，同時也略高於我們 7.05 億美元的指引中位數。

OFSE EBITDA margin rate was 17.9%, increasing 99 basis points sequentially and 79 basis points year-over-year. SSPS margins significantly improved year-over-year increasing by 300 basis points to just over 8%, driven by improved execution and commercial success.

OFSE EBITDA 利潤率為 17.9%，季增 99 個基點，較去年同期成長 79 個基點。在執行力提升和商業成功的推動下，SSPS 利潤率較去年同期顯著提高 300 個基點，略高於 8%。

Now turning to Industrial and Energy Technology on Slide 15. This segment also performed above expectations during the quarter due to a better-than-expected Gas Tech margin. IET orders were $3 billion, included more than $800 million of LNG equipment, bringing full year LNG equipment orders to approximately $5.6 billion. Orders in CTS, which now comprises IET's New Energy business increased to $123 million in the fourth quarter with about 80% of these orders representing projects across the clean power and emissions management markets. IET RPO ended the quarter at $29.9 billion, up 4% sequentially. Gas Tech Equipment RPO was $12.1 billion. Gas Tech Services RPO was $14.8 billion and included more than $1.1 billion of newly signed CSA contracts. Gas Tech Equipment book-to-bill was 1.1x, the tenth consecutive quarter above 1.

現在轉向幻燈片 15 上的工業和能源技術。由於天然氣技術利潤率好於預期，該部門在本季的表現也高於預期。 IET訂單金額為30億美元，其中包括超過8億美元的液化天然氣設備，使全年液化天然氣設備訂單達到約56億美元。 CTS（現為 IET 新能源業務的組成部分）的訂單在第四季度增至 1.23 億美元，其中約 80% 的訂單來自清潔電力和排放管理市場的項目。本季結束時，IET RPO 為 299 億美元，季增 4%。天然氣技術設備 RPO 為 121 億美元。天然氣技術服務 RPO 為 148 億美元，其中包括超過 11 億美元的新簽署 CSA 合約。天然氣技術設備公司的訂單出貨比為 1.1 倍，連續第十個季度高於 1。

Turning to Slide 16. IET revenue for the quarter was $2.9 billion, up 24% versus the prior year, led by Gas Tech Equipment growth that was up more than 40% year-over-year, driven by execution of project backlog. IET EBITDA was $463 million, up 8% year-over-year and coming in above our guidance midpoint of $460 million. EBITDA margin was 16.1% down 233 basis points year-over-year, a solid improvement in Gas Tech equipment margin was offset by mix and higher R&D spend related to our new energy investments.

轉向幻燈片 16。本季 IET 收入為 29 億美元，比上年增長 24%，其中天然氣技術設備增長帶動了增長，在項目積壓執行的推動下，該增長同比增長超過 40%。 IET EBITDA 為 4.63 億美元，年增 8%，高於我們 4.6 億美元的指導中位數。 EBITDA 利潤率為 16.1%，年減 233 個基點，天然氣技術設備利潤率的穩定改善被與新能源投資相關的混合和更高的研發支出所抵消。

For 2023, IET R&D spending increased by approximately $70 million as we continue to advance our New Energy investments as well as investing in other IET technology upgrades.

2023 年，隨著我們繼續推動新能源投資以及投資其他 IET 技術升級，IET 研發支出增加了約 7,000 萬美元。

Turning to Slide 17. Before detailing our outlook, I'd like to provide an update on our business transformation activities and the path that lies ahead in unlocking the full potential of Baker Hughes. Over the course of the past 18 months, the business has undertaken significant structural changes that delivered over $150 million of annualized cost synergies, providing sustainable benefits across the organization. However, there is still more to do as we continue our transformation journey. Our focus is on operational excellence and continuous improvement in all that we do. Early this year, we launched actions in OFSE to remove duplication and drive more cost efficiency across the business. These measures resulted in additional restructuring charges during the fourth quarter with these changes being executed during the first half of 2024.

轉向幻燈片 17。在詳細介紹我們的前景之前，我想先介紹一下我們業務轉型活動的最新情況，以及釋放貝克休斯全部潛力的未來道路。在過去 18 個月中，該業務進行了重大的結構性變革，帶來了超過 1.5 億美元的年度成本協同效應，為整個組織帶來了可持續的效益。然而，在我們繼續轉型之旅的過程中，還有更多工作要做。我們的重點是卓越營運和持續改進我們所做的一切。今年年初，我們在 OFSE 中發起了一項行動，以消除重複並提高整個企業的成本效率。這些措施導致第四季度產生額外的重組費用，這些變化將於 2024 年上半年執行。

These charges are almost entirely related to severance costs. It's important to note that these discrete OFSE actions will drive margin upside into the back half of this year and put the segment on a clear path to achieve 20% margins in 2025. As we continue our transformation work in 2024, we continue to focus on eliminating duplication, remaining focused on execution and listening to our customers, while ensuring the company is set up for success in the back half of this decade. In 2023, we laid the groundwork for improved execution, accountability and transparency. We will draw on those foundational aspects to evolve Baker Hughes. We've begun the work of synchronizing many diverse systems and working towards efficient and streamlined processes and reporting.

這些費用幾乎完全與遣散費有關。值得注意的是，這些離散的OFSE 行動將推動今年下半年的利潤率上升，並使該部門走上一條明確的道路，在2025 年實現20% 的利潤率。隨著我們在2024 年繼續轉型工作，我們將繼續專注於消除重複，繼續專注於執行並傾聽客戶的意見，同時確保公司在本十年後半段取得成功。 2023 年，我們為改善執行力、問責制和透明度奠定了基礎。我們將利用這些基礎面向來發展貝克休斯。我們已經開始同步許多不同的系統，並努力實現高效、簡化的流程和報告。

These efforts will allow us efficiency gains, improve data, all oriented towards the goal of structural margin improvements. A further part of our transformation journey is centered around our approach to customers and meeting their needs. As we've highlighted, customers are increasingly looking for integrated solutions as they reduce the emissions footprint of their operations. It is critical that our OFSE and IET commercial teams collaborate and respond to these customer demands. Driven by this developing customer trend, we see an opportunity for greater collaboration across the Baker Hughes organization, which will be a vitally important factor in unlocking the full commercial potential of our unique and differentiated service and technology portfolio.

這些努力將使我們提高效率、改進數據，所有這些都旨在實現結構性利潤改善的目標。我們轉型之旅的另一部分是圍繞著我們對待客戶的方式並滿足他們的需求。正如我們所強調的，客戶越來越多地尋求整合解決方案，因為他們減少了營運的排放足跡。我們的 OFSE 和 IET 商業團隊合作並回應這些客戶需求至關重要。在這種不斷發展的客戶趨勢的推動下，我們看到了整個貝克休斯組織之間加強合作的機會，這將是釋放我們獨特且差異化的服務和技術組合的全部商業潛力的至關重要的因素。

Next, I'd like to update you on our outlook for the 2 business segments, which is detailed on Slide 18. Overall, the outlook remains strong for both OFSE and IET with tailwinds expected to persist across each business in spite of macro uncertainty. This will be complemented by continued operational enhancements, driving sustained improvement in backlog execution and margin upside as we pursue our 20% margin target across both segments.

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，OFSE 和IET 的前景仍然強勁，儘管存在宏觀不確定性，但預計每個業務都將持續受益。隨著我們在這兩個領域追求 20% 的利潤率目標，這將透過持續的營運改善來補充，推動積壓訂單執行和利潤率上升的持續改善。

For Baker Hughes, we expect first quarter revenue to be between $6.1 billion and $6.6 billion and EBITDA between $880 million and $960 million. For IET, we expect first quarter results to reflect seasonal declines in both Gas Tech and industrial tech businesses. However, due to improved linearity, we expect Gas Tech sequential declines to be less pronounced than prior years. Overall, for IET, we expect first quarter revenue between $2.4 billion and $2.65 billion and EBITDA between $340 million and $380 million.

對於貝克休斯，我們預計第一季營收將在 61 億美元至 66 億美元之間，EBITDA 將在 8.8 億美元至 9.6 億美元之間。對於 IET 來說，我們預計第一季業績將反映出天然氣技術和工業技術業務的季節性下滑。然而，由於線性度的改善，我們預計天然氣技術的連續下降將不如前幾年那麼明顯。總體而言，我們預計 IET 第一季營收將在 24 億美元至 26.5 億美元之間，EBITDA 在 3.4 億美元至 3.8 億美元之間。

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. For OFSE, we expect first quarter results to reflect the typical seasonal decline in international revenues as well as a slow start across U.S. land markets. We therefore expect first quarter OFSE revenue between $3.7 billion and $3.95 billion and EBITDA between $630 million and $670 million. Factors driving this range include the pacing of 2024 E&P budgets, SSPS backlog conversion, realization of further cost-out initiatives and winter weather in the Northern Hemisphere.

推動這一範圍的主要因素將是天然氣技術設備積壓訂單轉換的速度以及天然氣技術航改供應鏈緊張的影響。對於 OFSE 而言，我們預計第一季業績將反映國際收入典型的季節性下降以及美國土地市場的緩慢起步。因此，我們預計第一季 OFSE 營收將在 37 億美元至 39.5 億美元之間，EBITDA 在 6.3 億美元至 6.7 億美元之間。推動這一範圍的因素包括 2024 年 E&P 預算的節奏、SSPS 積壓轉換、進一步成本削減計劃的實現以及北半球的冬季天氣。

Turning to our full year outlook. For the full year 2024, we expect Baker Hughes revenue to be between $26.5 million and $28.5 billion and EBITDA between $4.1 billion and $4.5 billion. In addition, we expect total company New Energy orders of $800 million to $1 billion, which would amount to more than tripling of New Energy orders since 2021. We expect IET orders to remain at robust levels this year, anticipating a range between $11.5 billion to $13.5 billion, driven by strong momentum across all aspects of the IET portfolio. Importantly, we expect a noticeable increase in non-LNG Gas Tech Equipment orders. As a result of this continued momentum and exceptional orders performance over the last 2 years, we expect full year IET revenue between $10.75 billion and $11.75 billion and EBITDA between $1.65 billion and $1.85 billion. For OFSE, we forecast full year revenue between and $15.75 billion and $16.75 billion and EBITDA between $2.8 billion and $3 billion as we expect softness in North American land to more than offset continued strength across international markets.

轉向我們的全年展望。對於 2024 年全年，我們預計貝克休斯收入將在 2,650 萬美元至 285 億美元之間，EBITDA 將在 41 億美元至 45 億美元之間。此外，我們預計公司新能源訂單總額將達到8 億至10 億美元，這將是2021 年以來新能源訂單的三倍多。我們預計IET 今年的訂單將保持在強勁水平，預計範圍在115 億美元至 10 億美元之間。135 億美元，由 IET 投資組合各個方面的強勁勢頭推動。重要的是，我們預計非液化天然氣氣體技術設備訂單將顯著增加。由於過去兩年的持續成長動能和出色的訂單表現，我們預計全年 IET 營收將在 107.5 億美元至 117.5 億美元之間，EBITDA 將在 16.5 億美元至 18.5 億美元之間。對於 OFSE，我們預計全年營收在 157.5 億美元至 167.5 億美元之間，EBITDA 在 28 億美元至 30 億美元之間，因為我們預計北美土地的疲軟將足以抵消國際市場的持續強勁。

In summary, 2023 was a strong year of execution for Baker Hughes, where we delivered results near the high end of our original guidance range and set records for all our primary financial metrics. In 2024, we expect double-digit EBITDA growth for the fourth consecutive year as we remain focused on execution, driving further operational improvements and capitalizing on market tailwinds with our unique solutions and equipment portfolio.

總而言之，2023 年對貝克休斯來說是執行力強勁的一年，我們交付的業績接近最初指導範圍的高端，並創下了我們所有主要財務指標的記錄。到 2024 年，我們預計 EBITDA 將連續第四年實現兩位數成長，因為我們將繼續專注於執行，推動進一步的營運改進，並透過我們獨特的解決方案和設備組合利用市場順風。

Lastly, we are intensely focused on achieving the guidance set for 2024 and our 20% EBITDA margin targets for OFSE in 2025 and IET in 2026 and while 20% segment margins are important intermediate goals, we will continue to take transformative actions to exceed these levels. Overall, we are proud of the progress demonstrated by our 2023 results and remain very excited about the future of Baker Hughes. I'll turn the call back over to Lorenzo.

最後，我們高度重視實現2024 年設定的指導方針，以及2025 年OFSE 和2026 年IET 的20% EBITDA 利潤率目標，雖然20% 的分部利潤率是重要的中期目標，但我們將繼續採取變革行動來超越這些層次。總體而言，我們對 2023 年業績所展現的進展感到自豪，並對貝克休斯的未來感到非常興奮。我會把電話轉回洛倫佐。

Thank you, Nancy. As you can see from our strong 2023 results and the exceptionally strong margin improvement illustrated on Slide 20. Baker Hughes is on its way to becoming a leaner and more efficient energy technology company. We continue to carefully execute our plan to drive margins meaningfully higher. Put simply, we remain relentless in transforming the way we operate. We also have a unique technology portfolio that will drive growth across all 3 of our horizons irrespective of the pace of the energy transition. In addition, our versatile OFSE and IET portfolios provide significant growth opportunities across underserved end markets. It's this broad-based portfolio that underpinned our [17%] EBITDA compounded annual growth rate from 2020 through 2023.

謝謝你，南希。正如您從幻燈片 20 所示的 2023 年強勁業績和異常強勁的利潤率改善中看到的那樣。貝克休斯正在成為一家更精簡、更有效率的能源技術公司。我們將繼續認真執行我們的計劃，以大幅提高利潤率。簡而言之，我們將不懈地改變我們的營運方式。我們還擁有獨特的技術組合，無論能源轉型的速度如何，都將推動我們所有三個領域的成長。此外，我們的多功能 OFSE 和 IET 產品組合為服務不足的終端市場提供了巨大的成長機會。正是這種廣泛基礎的投資組合支撐了我們 2020 年至 2023 年 EBITDA 複合年增長率 [17%]。

Given our balanced portfolio, untapped market opportunities and overhaul cost structure, Baker Hughes is becoming less cyclical in nature and therefore, should generate more durable earnings and free cash flow across cycles. Finally, while on this journey, we remain committed to our employees, customers and shareholders as we continue to push Baker Hughes forward. With that, I'll turn the call back over to Chase.

鑑於我們平衡的投資組合、未開發的市場機會和徹底改革的成本結構，貝克休斯本質上的周期性正在減弱，因此應該會產生更持久的跨週期盈利和自由現金流。最後，在這段旅程中，我們仍然致力於我們的員工、客戶和股東，繼續推動貝克休斯前進。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)

（操作員說明）

Our first question comes from James West with Evercore ISI.

我們的第一個問題來自 Evercore ISI 的 James West。

So Lorenzo, there's a lot of versatility in the IET portfolio that you guys have put together here and you talked a bunch about it in prepared remarks, but I'm curious to know which of the end markets today do you see the biggest opportunities for growth?

Lorenzo，你們在這裡整理的 IET 產品組合中有很多多功能性，並且您在準備好的演講中對此進行了很多討論，但我很想知道今天哪些終端市場是您認為最大的機會生長？

Yes, definitely, James. And we've said it before, and we wanted to state it more clearly. Our IET business has a very expansive portfolio of equipment and solutions, which really play across many different end markets, including upstream, midstream, refining, petrochemical and a number of industrial end markets, aerospace, automotive. And we think that's been underappreciated to date. And largely because there's been a large focus, which quite reasonably on LNG and New Energy, and we're very proud of our LNG business. We've worked hard over the years to build it, and we've got differentiated solutions. And we're going to be committed to continue being the market leader for liquefaction solutions across all of the LNG markets. And we think that LNG is still very positive with LNG awards over the next 2 to 3 years and also reaching the market installed capacity of 800 MTPA by 2030. But our Gas Tech Equipment is also more than that.

是的，絕對是，詹姆斯。我們之前已經說過了，我們想更清楚地說明這一點。我們的 IET 業務擁有非常廣泛的設備和解決方案組合，真正涉足許多不同的終端市場，包括上游、中游、煉油、石化和許多工業終端市場、航空航太、汽車。我們認為迄今為止這一點還沒有得到充分重視。很大程度上是因為液化天然氣和新能源受到了極大的關注，這是相當合理的，我們對我們的液化天然氣業務感到非常自豪。多年來我們一直在努力建立它，並且我們已經擁有了差異化的解決方案。我們將致力於繼續成為所有液化天然氣市場液化解決方案的市場領導者。我們認為液化天然氣仍然非常積極，未來 2 到 3 年將獲得液化天然氣獎項，到 2030 年市場裝置容量將達到 800 MTPA。但我們的天然氣技術設備還不止於此。

We've demonstrated exceptional growth since 2020 increasing by more than 50% in other areas, and we've got good visibility on a number of growth opportunities in the coming years. A couple of examples, as you look at onshore offshore production, OOP, we've got a leadership position in FPSOs, and we see another 7 to 9 FPSOs over the course of the next few years. In onshore production, we're seeing the emergence of a number of opportunities associated with pipeline and the processing of gas in particular, as that continues to grow in places like the Middle East and also exposure to petrochemicals, which is ultimately anticipated to continue to grow and we've got the new Nova class of turbines, compressors, valves, pumps, gears, digital solutions.

自 2020 年以來，我們在其他領域實現了 50% 以上的非凡成長，並且我們對未來幾年的許多成長機會有了很好的了解。舉幾個例子，當你看看陸上海上生產、OOP 時，我們在 FPSO 領域處於領先地位，並且在未來幾年內我們將看到另外 7 到 9 艘 FPSO。在陸上生產中，我們看到了許多與管道和天然氣加工相關的機會的出現，因為中東等地的管道和天然氣加工持續增長，而且石化產品的接觸最終預計將繼續增長。隨著我們不斷成長，我們已經擁有了新的Nova 級渦輪機、壓縮機、閥門、泵浦、齒輪、數位解決方案。

So put all in all, it boils down to an exceptionally versatile IET portfolio that provides us significant growth opportunities as we serve many of the strengthening underserved markets in the coming years.

總而言之，它歸結為一個極其多功能的 IET 產品組合，它為我們提供了巨大的成長機會，因為我們在未來幾年服務於許多服務不足的市場。

Great to hear. I think there's huge opportunities there. And then maybe a follow-up for me on the New Energy's business. Clearly, orders ramping significantly $400 million to $750 million and I heard Nancy's guidance for this year as seeing a continued growth there. Which parts of the New Energy's portfolio, kind of similar question to the IET broadly, but do you see the most potential near-term growth? Where is the biggest demand today?

很高興聽到。我認為那裡有巨大的機會。然後也許是我對新能源業務的後續。顯然，訂單大幅增加了 4 億至 7.5 億美元，而且我聽到 Nancy 對今年的指導，認為訂單將持續成長。新能源投資組合的哪些部分，與廣泛的 IET 類似，但您認為近期成長潛力最大？今天最大的需求在哪裡？

Definitely. We've been very pleased with the progress of New Energy orders and you saw last year that we continue to take up also our guidance on New Energy. And as you correctly stated, we've given guidance this year relative to the $800 million and also the $1 billion. And we really think that this growth continues going forward. The markets are growing, maturing across both IET and OFSE portfolio technologies. And when you look at it, it really is a sequence of carbon capture technologies that we have in our portfolio, Compact Carbon Capture, Mosaic, as you look at direct air capture, you look at the partnership we have with Net Power supplying turbo expanders.

確實。我們對新能源訂單的進展感到非常滿意，去年我們也繼續接受我們對新能源的指導。正如您正確指出的那樣，我們今年已經針對 8 億美元和 10 億美元給出了指導。我們確實認為這種成長將持續下去。 IET 和 OFSE 組合技術的市場正在不斷成長和成熟。當你看它時，它確實是我們產品組合中的一系列碳捕獲技術，緊湊型碳捕獲、馬賽克，當你看直接空氣捕獲時，你會看到我們與提供渦輪膨脹機的Net Power 的合作夥伴關係。

And also, as you look at hydrogen and you've seen the growing emphasis on hydrogen and hard-to-abate areas but also geothermal and looking at emissions management and deflaring. And I think again, as a consequence of some of the discussions at COP 28, there's a clear move towards accelerating some of these as we continue to move forward. And our total addressable market, we've mentioned it before, for New Energy in 2030 is between $60 billion to $70 billion across the 5 major markets that we serve.

而且，當您關注氫氣時，您會發現人們越來越重視氫氣和難以減排的領域，並且還關注地熱以及排放管理和放氣。我再次認為，作為第 28 屆締約方會議的一些討論的結果，隨著我們繼續前進，有一個明顯的趨勢是加速其中的一些討論。我們之前已經提到過，到 2030 年，我們服務的 5 個主要市場的新能源潛在市場總額將在 600 億至 700 億美元之間。

And we believe we can book $6 billion to $7 billion of New Energy orders by 2030. So again, it's something that we see as a growing area of the business and feel confident in that $6 billion to $7 billion of New Energy orders in 2030.

我們相信，到 2030 年，我們可以預訂 60 億至 70 億美元的新能源訂單。因此，我們再次將其視為業務成長領域，並對 2030 年 60 億至 70 億美元的新能源訂單充滿信心。

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。

Your '24 quantitative outlook is pretty clear, and you gave us the international North America OFSE growth rates as well. But I want to see if you could just loosely walk us through some of the qualitative aspects of the '24 OFSE margin increase, along with the drivers of the increase in IET reps and margins.

您對 24 年的量化展望非常明確，您也為我們提供了國際北美 OFSE 成長率。但我想看看您是否可以大致向我們介紹 '24 OFSE 利潤增長的一些定性方面，以及 IET 代表和利潤增長的驅動因素。

Yes, we've been really pleased with our performance in '23. We generated record EBITDA at levels last year that were about 25% before -- above prior cycle peaks. On our consolidated EBITDA margins for '23, we averaged about 200 bps above the '18 and '19 levels. So at the midpoint of our guidance, this implies another year of strong EBITDA in the mid-teens range, which would mark for us the fourth consecutive year of double-digit growth. And then when we think about 2024, we're going to show another material step-up in margins for the total company, up about 100 basis points for overall company results. And then to your question about the segments, they both demonstrate margin improvement with potential upside as we continue to execute further cost optimization initiatives across the organization.

是的，我們對 23 年的表現非常滿意。去年，我們的 EBITDA 創歷史新高，比之前的周期峰值高出約 25%。就 23 年的綜合 EBITDA 利潤率而言，我們平均比 18 年和 19 年的水準高出約 200 個基點。因此，在我們指導的中點，這意味著 EBITDA 又將保持強勁，達到 10 位左右，這將標誌著我們連續第四年實現兩位數增長。然後，當我們考慮 2024 年時，我們將顯示整個公司的利潤率將再次大幅提升，公司整體業績將上升約 100 個基點。然後，對於您關於這些細分市場的問題，隨著我們繼續在整個組織內執行進一步的成本優化舉措，它們都展示了利潤率的提高和潛在的上升空間。

And then in OFSE, in particular, the cost initiatives that we launched early here in 2024 will really help drive that margin upside into the back half of the year. And we expect the OFS business to average about 20% EBITDA margins in 2024. So there's still a lot of macro and geopolitical uncertainty as we think about our '24 guidance and we also have concerns still about the aeroderivative supply chain tightness that we're managing through all of 2024 for Gas Tech. I'd say also in OFSE, we see questions for us about the U.S. land market in 2024.

然後，特別是在 OFSE 方面，我們於 2024 年初推出的成本計劃將真正有助於推動今年下半年的利潤率上升。我們預計OFS 業務到2024 年的平均EBITDA 利潤率約為20%。因此，當我們考慮24 年的指引時，仍然存在著許多宏觀和地緣政治不確定性，而且我們仍然對航改供應鏈的緊張狀況感到擔憂。管理 Gas Tech 整個 2024 年。我想說的是，在 OFSE 中，我們也看到了有關 2024 年美國土地市場的問題。

But our view on guidance overall is really based on where we sit in the market conditions, where we operate. So that's really where we've come from as a source of our guidance numbers for 2024. And we're taking what I would call a really prudent and balanced approach to our guidance. We've got a lot of confidence in our numbers, and we're working hard as we demonstrated in 2023 on predictability. So I would say net-net, knowing what we know today, we think the midpoint of our guidance range appropriately balances all the risks and opportunities that we see across both the IET and OFSE businesses.

但我們對整體指引的看法其實是基於我們所處的市場條件和我們的經營地點。因此，這確實是我們 2024 年指導數據的來源。我們正在採取我所說的真正審慎和平衡的方法來製定我們的指導。我們對我們的數字充滿信心，並且我們正在努力工作，正如 2023 年在可預測性方面所展示的那樣。因此，我想說的是，根據我們今天所了解的情況，我們認為我們的指導範圍的中點適當地平衡了我們在 IET 和 OFSE 業務中看到的所有風險和機會。

Luke, I think the other thing I'd just mention is it shows significant growth across both segments and continuing the trajectory that we've laid out very clearly with the targets set forth for '25 and '26 on the EBITDA rate as well as then the free cash flow. So we feel very confident on the execution of the strategy that we've laid out.

盧克，我想我剛才提到的另一件事是，這兩個領域都顯示出顯著的增長，並繼續我們已經非常明確地制定的軌跡，即 25 年和 26 年 EBITDA 率以及然後是自由現金流。因此，我們對我們所製定的策略的執行充滿信心。

Okay. And then maybe just to touch on it a little more, Lorenzo, the 20% EBITDA margin targets for OFSE in '25 and IET in '26. Can you walk us through how you see those business lines unfolding to achieve those targets kind of relative to your '24 guidance?

好的。 Lorenzo，也許只是再多談一下，25 年 OFSE 和 26 年 IET 的 20% EBITDA 利潤率目標。您能否向我們介紹您如何看待這些業務線的展開，以實現與您的 24 年指導相關的目標？

Yes. Sure. I'll let Nancy walk through the details. It's a combination of a number of things. And actions that we've already put in place.

是的。當然。我會讓南希詳細介紹一下。這是很多事情的結合。以及我們已經採取的行動。

Yes. We remain, as we've said, very committed to those 20% EBITDA targets for both OFSE and IET. We have a clearly defined path on how we're going to get to each of those targets. And as we highlighted on the call today, there's a number of actions we're taking to make structural changes to the way we operate and truly streamline our overall cost profile and that's going to really help aid that margin progression in the time line we've indicated.

是的。正如我們所說，我們仍然非常致力於實現 OFSE 和 IET 20% 的 EBITDA 目標。對於如何實現這些目標，我們有明確的路徑。正如我們今天在電話會議上所強調的那樣，我們正在採取許多行動來對我們的營運方式進行結構性改變，並真正簡化我們的整體成本狀況，這將真正有助於幫助我們在時間線上實現利潤率增長。 ve指出。

And again, what we've said earlier this year about OFSE, we've taken those charges in the fourth quarter. Those are largely severance with a very short payback period that's going to clear that path for the OFSE business to get to those 20% margins by 2025. And they'll also drive some good margin upside in the back half of this year, paving the way for us there. And then this is in addition to the more than $60 million of costs we already removed from the OFSE business following a combination of OFS and OFE at the end of 2022. And then also in IET, recall that we accomplished the $50 million of cost synergies by combining TPS and DS businesses in that same time frame.

再說一遍，我們今年早些時候就 OFSE 說過的話，我們已在第四季度收取了這些費用。這些主要是遣散費，投資回收期非常短，這將為OFSE 業務到2025 年實現20% 的利潤率掃清道路。而且它們還將在今年下半年推動利潤率的良好增長，為未來的增長鋪平平道路。我們在那裡的路。這還不包括我們在 2022 年底合併 OFS 和 OFE 後已經從 OFSE 業務中削減的超過 6000 萬美元的成本。此外，在 IET 中，我們還實現了 5000 萬美元的成本協同效應通過在同一時間範圍內合併TPS 和DS 業務。

So when we think about the building blocks from the 2023 IET margin of 15% to 20% in 2026, that's also a combination of steps. I would outline those as first is the conversion of higher-margin backlog with improved volume, improved pricing. Secondly, thinking about variable cost productivity in terms of supply chain, engineering, design and other areas for improvement. We also, in the industrial tech business plan to return to historical margin rates, which we've been working on. Also new digital offerings and enhanced services models in that space. And then finally, I would say base cost productivity which we have elevated R&D now, that will start to normalize and then also working towards further business simplification there.

因此，當我們考慮從 2023 年 IET 利潤率 15% 到 2026 年 20% 的基礎時，這也是多個步驟的組合。我將概述這些，首先是透過提高銷售量和提高定價來轉換利潤率較高的積壓訂單。其次，思考供應鏈、工程、設計等方面的變動成本生產力需要改進。在工業技術業務方面，我們還計劃恢復到我們一直在努力的歷史利潤率。該領域還有新的數位產品和增強的服務模式。最後，我想說的是，我們現在已經提高了研發的基本成本生產力，這將開始正常化，然後也將努力進一步簡化業務。

So we have a path for both segments to get to that 20% margin rate. We're working that hard in a series of planned, calculated executable steps. And I would say, overall, we're very proud of what we've accomplished so far. We're coming a long ways, but we know we are far from done, and we remain intensely focused on driving these margins and the returns higher. And ultimately, that's intended to create much more value for our shareholders.

因此，我們有一條途徑可以讓這兩個細分市場達到 20% 的利潤率。我們正在透過一系列計劃好的、計算好的可執行步驟來努力工作。我想說，總的來說，我們對迄今為止所取得的成就感到非常自豪。我們已經取得了長足的進步，但我們知道我們還遠遠沒有完成，我們仍然高度專注於提高利潤率和回報率。最終，這是為了為我們的股東創造更多價值。

Our next question comes from Arun Jayaram with JPMorgan.

我們的下一個問題來自摩根大通的 Arun Jayaram。

Lorenzo, Baker guided to $11.5 billion to $13.5 billion of IET orders in 2024. I was wondering if you could give us maybe more details on the buildup of the order guide between LNG and other components. It seems like a theme of today's call, the potential to book more non-LNG orders in IET and perhaps what factors would push you towards the low end versus the higher end of the guide?

Lorenzo, Baker 指導 2024 年 IET 訂單達到 115 億至 135 億美元。我想知道您是否能為我們提供有關 LNG 和其他組件之間訂單指南構建的更多詳細信息。這似乎是今天電話會議的主題，在 IET 中預訂更多非液化天然氣訂單的潛力，也許哪些因素會推動您走向指南的低端而不是高端？

Yes, sure. And Arun, good to hear from you. And we see another strong year of orders. And again, if you look at our history, this again would be a significant year for us. And in GTE, we see another strong year of LNG orders. We anticipate 65 MTPA of LNG FIDs. Just note some of those FIDs this year, we actually booked last year. But outside of LNG, we expect another strong year of onshore/offshore production where there are a number of potential FPSO awards and some good opportunities also on the onshore side as well. You've also got the continued momentum of booking outside of LNG orders and GTE in 2024 increasing by more than 50%.

是的，當然。阿倫，很高興收到你的來信。我們又看到了訂單強勁的一年。再說一次，如果你回顧我們的歷史，這對我們來說又將是重要的一年。在 GTE，我們看到液化天然氣訂單又一個強勁的一年。我們預計 LNG FID 為 65 MTPA。請注意今年的一些 FID，我們去年實際上已經預訂了。但除了液化天然氣之外，我們預計陸上/海上生產將迎來強勁的一年，其中有許多潛在的 FPSO 獎項，陸上方面也有一些良好的機會。 2024 年 LNG 訂單和 GTE 訂單之外的預訂量也持續成長，增幅超過 50%。

Services had a strong year last year. We signed over $1 billion of CSA commitments in the fourth quarter, and we expect to continue to see that contractual service agreement momentum to continue as the projects get near commissioning. And you'll also recall that we signed our service contracts closer to commissioning time of projects, which is coming into place. We discussed new energy and CTS expect $800 million to $1 billion of orders that we highlighted and continuing momentum in Industrial Tech, which should continue to progress in line with GDP. And I'd look at overall IET order outlook remains strong, excited about the opportunities across all of our areas that we serve. And our midpoint $12.5 billion would still rival our second biggest order year in 2022 when we booked $12.7 billion of IET orders. So continuing to see the momentum on the order side here.

去年服務業表現強勁。我們在第四季度簽署了超過 10 億美元的 CSA 承諾，隨著專案接近調試，我們預計合約服務協議的勢頭將繼續下去。您還會記得，我們​​在接近專案調試時間時簽署了服務合同，該合約即將生效。我們討論了新能源，CTS 預計將獲得 8 億至 10 億美元的訂單，我們強調了這一點，並且工業技術的持續成長勢頭將繼續與 GDP 保持一致。我認為整體 IET 訂單前景仍然強勁，對我們服務的所有領域的機會感到興奮。我們的 125 億美元中位數仍可與 2022 年第二大訂單年相媲美，當時我們預訂了 127 億美元的 IET 訂單。因此，繼續看到訂單方面的勢頭。

Great. Lorenzo, a follow-up on LNG. The permitting process on new LNG export projects in the U.S. appears to have slowed. I wanted to see if you can get some insights on why you think some of the approval process is taking longer. And any risk to your 2024 profile if these permit delays persist?

偉大的。 Lorenzo，液化天然氣的後續產品。美國新液化天然氣出口計畫的審批流程似乎已經放緩。我想看看您是否可以了解為什麼您認為某些審批流程需要更長的時間。如果這些許可證延遲持續存在，您的 2024 年資料會面臨什麼風險嗎？

Yes, very topical at the moment, Arun. And again, if you look at the aspect of LNG, no impact for us this year. And again, as you know, the project landscape and also the cycle of projects is multiyear. But I'd say that, again, there is some uncertainty, in particular, on North America. Given some of the discussions that are taking place and some of the delays in the permitting. I'd also say I'm disappointed that this is coming about right now. U.S. LNG is enormously beneficial to the U.S. economy. It's had a large impact, beneficial impact on global energy markets, especially when you look at everything that's happened in -- there's been commitments made to providing LNG supply to many other countries.

是的，阿倫，目前非常熱門。再說一次，如果你看看液化天然氣方面，今年對我們沒有影響。再說一遍，如您所知，專案景觀和專案週期是多年的。但我要再說一遍，存在一些不確定性，特別是在北美。鑑於正在進行的一些討論以及許可方面的一些延遲。我還要說我對現在發生的事情感到失望。美國液化天然氣對美國經濟非常有利。它對全球能源市場產生了巨大的、有益的影響，特別是當你看看所發生的一切時——人們已經承諾向許多其他國家提供液化天然氣供應。

I think it's important that we continue to go down that path, and it's a matter of national security for many and so we anticipate that this will work itself through, and we don't anticipate that there'll be any detrimental impact over the long term to U.S. LNG. Outside of U.S. LNG to International, projects continue to be buoyant, and there's several opportunities in the Middle East, you look at Africa, you look at Southeast Asia. And again, we've got an extensive reach on the international projects as well.

我認為我們繼續走這條路很重要，這對許多人來說都是國家安全問題，所以我們預計這會自行解決，而且我們預計長期來看不會產生任何有害影響美國液化天然氣術語。除了美國液化天然氣到國際市場之外，計畫持續蓬勃發展，中東、非洲、東南亞都有很多機會。再說一次，我們在國際項目上也有廣泛的影響力。

So no impact in '24 and continuing to monitor the situation in the U.S., but anticipate that will solve itself over the long term.

因此，24 年不會產生任何影響，我們將繼續監測美國的局勢，但預計從長遠來看，問題將自行解決。

Our next question comes from Saurabh Pant with Bank of America.

我們的下一個問題來自美國銀行的 Saurabh Pant。

Lorenzo and Nancy. Lorenzo, maybe I'll start with a little more color on the aero-derivative side of things, the supply chain has been a topic. I think Nancy touched on that a little bit in her prepared remarks. But if you can give us a little more color on that, how are things going, if there's an update? And should we expect things to get better as we move through 2024?

洛倫佐和南希。洛倫佐，也許我會先從航空衍生性商品方面多講一些色彩，供應鏈一直是個話題。我認為南希在她準備好的演講中談到了這一點。但如果你能給我們更多的信息，事情進展如何，是否有更新？隨著 2024 年的到來，我們是否應該期待事情會變得更好？

Yes, sure. It's something that we continue to navigate. I think externally, you see all the news around the aerospace supply chain and you've seen that we've managed it in 2023, and there will be no change to managing it in 2024 and that's contemplated within the guidance that we provided. The situation remains stable, but will be tight through the end of 2024. And we're working closely with our supply base to make sure that we continue executing. It is tight, though, and we've incorporated that into the guidance that we've provided, but ensuring we don't have any impact to our results.

是的，當然。這是我們繼續探索的事情。我認為從外部來看，您看到了有關航空航天供應鏈的所有新聞，並且您已經看到我們已經在2023 年對其進行了管理，並且在2024 年對其管理不會發生任何變化，這是在我們提供的指導中所考慮的。情況保持穩定，但到 2024 年底將會緊張。我們正在與我們的供應基地密切合作，以確保我們繼續執行。不過，它很嚴格，我們已將其納入我們提供的指導中，但確保我們不會對我們的結果產生任何影響。

And then Nancy, maybe a quick follow-up for you. This kind of relates to what Luke asked earlier on. But you've been in the CFO role now since, I think, late 2022. And we have heard you talk about organizational transformation and making Baker a leaner organization. And like you said, you've taken $150 million plus in cost out. Can you update -- I know you talked about it a little bit. Can you give us a little more color on what you plan to do going forward? And if there is any way to quantify the impact on that?

然後南希，也許是您的快速跟進。這和路克剛才問的問題有關。但我認為，從 2022 年底開始，您就一直擔任財務長。我們聽到您談論組織轉型以及讓 Baker 成為一個更精簡的組織。正如您所說，您已經花費了 1.5 億美元加上成本。你能更新一下嗎——我知道你談過一點。您能給我們更多關於您未來計劃做什麼的資訊嗎？是否有任何方法可以量化對此的影響？

Yes, it's a great question. And I would say in every aspect across the company, our focus is truly on operational excellence, execution and continuous improvement. Last year, we really laid the groundwork for improving that execution, accountability, transparency, and we did achieve that $150 million cost-out goal and that was really designed around sustainable structural changes that will benefit the organization longer term and will stick over time. And we've really begun the work as well as synchronizing many diverse systems, working towards efficient, streamlined processes and reporting everything from our underlying technology just to the way we do things. So that's permitting through the business, and we'll create efficiencies over time. We also have discrete projects, and I'll give you one example. So in 2023, we guided to a 35% to 40% tax rate. And this year, we're guiding to a 27% to 32% tax rate. And again, these things over time have a meaningful impact to our earnings done in a really structured, thoughtful way.

是的，這是一個很好的問題。我想說，在公司的各個方面，我們真正關注的是卓越營運、執行力和持續改進。去年，我們確實為改善執行力、問責制和透明度奠定了基礎，我們確實實現了1.5 億美元的成本支出目標，而且該目標實際上是圍繞可持續的結構性變革而設計的，這些變革將使組織長期受益，並將隨著時間的推移而持續下去。我們已經真正開始工作並同步許多不同的系統，努力實現高效、簡化的流程，並報告從我們的底層技術到我們做事方式的所有內容。因此，只要業務允許，我們將隨著時間的推移提高效率。我們還有一些離散的項目，我舉一個例子。所以到2023年，我們指導稅率是35%到40%。今年，我們的指導稅率為 27% 至 32%。再說一次，隨著時間的推移，這些事情會對我們以真正結構化、深思熟慮的方式實現的收入產生有意義的影響。

So all of these projects and initiatives will allow us efficiency gains, improve data, improve transparency, all focusing on structural margin improvements over time. I would say, though, there's still much more to do as we continue down this journey. In 2024, we continue to focus on things like eliminating duplication, thinking about how to execute at a world-class level, how we listen to our customers and execute from a point of excellence and then just making sure that while we're doing these things today, we're also setting up for real success in the back half of the decade. So we are making some investments in things like systems and processes today to drive that back half of the decade. And then earlier this year, of course, we've talked about the actions in OFSE really designed around removing duplication, driving more cost efficiency inside that business.

因此，所有這些項目和舉措都將使我們能夠提高效率、改善數據、提高透明度，所有這些都專注於隨著時間的推移改善結構性利潤。不過，我想說，在我們繼續這趟旅程的過程中，還有很多事情要做。 2024 年，我們將繼續專注於消除重複、思考如何以世界一流的水平執行、如何傾聽客戶的意見並從卓越的角度執行，然後確保在我們這樣做的同時今天的事情，我們也正在為本世紀後半葉的真正成功做好準備。因此，我們今天正在對系統和流程等方面進行一些投資，以推動這一趨勢回溯到本世紀五十年代。當然，今年早些時候，我們討論了 OFSE 中真正圍繞消除重複、提高業務成本效率而設計的行動。

So all in all, we're going to stay on the journey. We are stopping short of putting on another cost target. I would encourage you to think about that in terms of just margin improvement in both segments and overall. So stay tuned and keep focusing on margins, and that's where you'll see the improvements over time.

總而言之，我們將繼續前進。我們沒有設定另一個成本目標。我鼓勵您從兩個細分市場和整體利潤率改善的角度來考慮這一點。因此，請繼續關注並繼續關注利潤率，隨著時間的推移，您將看到改進的地方。

Our next question comes from Scott Gruber with Citigroup.

我們的下一個問題來自花旗集團的史考特·格魯伯。

I want to circle back to the LNG approval discussion just given that it's a hot topic. Lorenzo, so if there is a slowdown in U.S. approvals, do you think that would pull forward some international projects to fill the gap. It seems that buyers would pivot their focus. But is the international slate of projects ready from a timing perspective to offsetting the U.S. slowdown?

我想回到液化天然氣批准討論，因為這是一個熱門話題。洛倫佐，如果美國的審批速度放緩，您認為這會推動一些國際項目來填補空白嗎？買家似乎會轉移注意力。但從時間角度來看，一系列國際項目是否準備好抵銷美國經濟放緩的影響？

So Scott, as you saw also in 2023, we actually had bookable orders that were on projects that we had in FID. We wouldn't obviously put that in any guidance, and we think that the 65 MTPA FIDs will happen this year. But as you look at any slowdown in the U.S., there's clearly projects internationally that can take the opportunity and offset what was anticipated from U.S. LNG over time. Again, it's not something that we factored into the guidance, but again, it's something that could happen and we'll continue to monitor the situation. I think the benefit for us is that we play globally.

Scott，正如您在 2023 年看到的那樣，我們實際上有 FID 項目的可預訂訂單。我們顯然不會將其納入任何指導中，我們認為 65 MTPA FID 將在今年發生。但當你觀察美國的任何放緩時，顯然國際上有一些項目可以抓住這個機會，並抵消美國液化天然氣隨著時間的推移的預期。同樣，這不是我們在指導中考慮的因素，但同樣，這是可能發生的事情，我們將繼續監控情況。我認為對我們來說的好處是我們可以在全球範圍內進行比賽。

We play with a total gamut of solutions around LNG and so when it comes to small modular onshore, offshore stick or floating, you come to us. And again, there's international opportunities.

我們提供圍繞液化天然氣的全方位解決方案，因此當涉及小型模組化陸上、海上固定式或浮式時，您可以來找我們。再說一次，還有國際機會。

I appreciate the color. Still a lot of coal to displays out there. Shifting to the service opportunity for non-LNG equipment. Over the next 5 years, could you provide some color on the rough growth rate in your installed base of non-LNG equipment just so we can get a sense of the associated growth and the service opportunity?

我很欣賞它的顏色。那裡還有很多煤炭可以展示。轉向非液化天然氣設備的服務機會。在接下來的 5 年裡，您能否提供一些有關非液化天然氣設備安裝基數的粗略增長率的信息，以便我們了解相關的增長和服務機會？

So we haven't given a specific percentage, but your characterization is correct that there's a large opportunity. As you look at onshore and offshore from the FPSO perspective than the gas pipelines. But then you also go to the transactional business. And when you think of industrial segments, fertilizers, petrochemical refineries. All of this goes to the transactional side of services. And we mentioned one of the paths to the 20% EBITDA for IET is also the new service solutions and the digital offerings. There's a tremendous amount of opportunity as we continue to expand across the balance of plant as we look to our accordant solutions being implemented, and we're already seeing some success in the marketplace with nontraditional customers, and that's really a growth opportunity as we go forward. And it just is a further demonstration of the diversity and versatility of the IET portfolio.

所以我們沒有給出具體的百分比，但你的描述是正確的，存在很大的機會。從 FPSO 的角度來看陸上和海上，而不是天然氣管道。但隨後你也會進入交易業務。當你想到工業領域、化肥、石化煉油廠。所有這些都涉及服務的交易方面。我們提到，IET 實現 20% EBITDA 的途徑之一也是新的服務解決方案和數位產品。隨著我們繼續在工廠的其餘部分進行擴張，我們期待實施我們的相應解決方案，並且我們已經看到非傳統客戶在市場上取得了一些成功，這確實是一個成長機會。這進一步證明了 IET 產品組合的多樣性和多功能性。

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 was curious if you could talk a little bit more about the LNG award expectation that's embedded in the IET order guidance. So you did $5.6 billion of LNG equipment award in 2023. What's the assumption for '24? And is that what's contributing to the wide range of IET order guidance?

我很好奇您是否可以多談談 IET 訂單指南中包含的液化天然氣合約獎勵預期。那麼，你們在 2023 年授予了 56 億美元的液化天然氣設備合約。24 世紀的假設是什麼？這就是 IET 訂單指導廣泛的原因嗎？

Yes. Again, Marc, going to also what I mentioned before relative to LNG. We see that in 2024, there should be 65 MTPA of awards. And within our guidance, obviously, we've taken account for what we've booked in the past and what we anticipate to book this year. And we wouldn't go and actually start putting in orders that we haven't seen FID-ed yet. So that's from a guidance perspective, we're banking on the projects being FID this year and coming through. And then if there's an opportunity, it's that there's an acceleration, as was discussed earlier with Scott relative to other projects that come into our order book but haven't FID-ed yet. So feel confident with the range that we've given and again, there's the growth outside of LNG that is significant as well. And I just maybe mention again, if you look at what we've laid out, this would be close to the second year record that has already been here for that business. So feeling good about the momentum continuing as we go forward.

是的。馬克，再次談談我之前提到的與液化天然氣相關的內容。我們看到，到 2024 年，應該有 65 MTPA 的獎項。顯然，在我們的指導範圍內，我們已經考慮了過去預訂的航班和今年預計預訂的航班。我們不會去真正開始下我們還沒看到 FID 的訂單。因此，從指導的角度來看，我們寄望於今年完成最終投資決定並完成的專案。然後，如果有機會的話，那就是加速，正如之前與斯科特討論的那樣，相對於我們訂單簿中但尚未完成最終決策的其他項目。因此，請對我們給予的範圍充滿信心，並且液化天然氣以外的成長也很重要。我可能會再次提到，如果你看看我們所製定的內容，這將接近該業務已經創下的第二年記錄。因此，我們對繼續前進的勢頭感覺良好。

Okay. Maybe one for Nancy. On the tax rate, you're guiding to a nice improvement here in '24, but it's still above where peers are. Where do you think you can get that tax rate to and over what time frame?

好的。也許是給南希的。在稅率方面，您指導我們在 24 年實現良好的改善，但仍高於同業水準。您認為可以在哪裡以及在什麼時間範圍內獲得該稅率？

Yes, it's a great question. It's something we're working hard on. There's a lot of history and baggage associated with tax rate given the formation of the company and all of that. But we are working, I would say, moving ourselves into somewhere in the low 20% over time, can't give you exact specifics on how we get there. But I would say there's a lot of important work being done in the next year or 2 to really focus on that rate. It's very important to move the needle from an earnings perspective. So we're doing all the things to understand our attributes and really think about structuring as we move forward. We are in a lot of complex structures over the course of the globe with some of our contracts and our customer base. But I can tell you this is something I'm personally very invested in and we're working hard to bring that rate down over the coming years.

是的，這是一個很好的問題。這是我們正在努力的事情。考慮到公司的成立以及所有這些，有很多與稅率相關的歷史和包袱。但我想說，我們正在努力，隨著時間的推移，將自己帶入 20% 的低水平，但無法向您提供我們如何實現這一目標的具體細節。但我想說，未來一兩年我們將做很多重要的工作來真正關注這個比率。從收益的角度來看，改變現狀非常重要。因此，我們正在盡一切努力來理解我們的屬性，並在我們前進的過程中真正考慮結構。我們在全球範圍內處於許多複雜的結構中，擁有一些合約和客戶群。但我可以告訴你，這是我個人非常投入的事情，我們正在努力在未來幾年降低這個比率。

Thanks. And look, we're coming to time here. So I just want to thank everyone for joining the call. And as we mentioned, very much looking forward to 2024, continuing the momentum of change within Baker Hughes and continuing to execute for our customers and also for the employee base and meeting what we've laid out from a guidance perspective. So thank you very much, everybody.

謝謝。看，我們到了這裡。所以我只想感謝大家加入這場電話會議。正如我們所提到的，我們非常期待 2024 年，繼續貝克休斯內部的變革勢頭，繼續為我們的客戶和員工群體執行任務，並滿足我們從指導角度製定的目標。非常感謝大家。

Thank you. Thank you for your participation. You may now disconnect.

謝謝。感謝您的參與。您現在可以斷開連線。