貝克休斯 (BKR) 2024 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Baker Hughes Company First Quarter 2024 Earnings Call. (Operator Instructions) As a reminder, this 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 2024 年第一季財報電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。

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

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

Thank you. Good morning, everyone, and welcome to Baker Hughes First Quarter Earnings Conference Call. Here with me are 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 be found on our investor website.

謝謝。大家早安，歡迎參加貝克休斯第一季財報電話會議。和我在一起的還有董事長兼執行長 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，您可以在我們的投資者網站上找到該演示文稿。

As a reminder, during the course of this conference call, we will be providing 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 the 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. We are pleased with our solid first quarter results as we continue to build on the momentum from last year and shape our company. The resilience of our order book and margin progress in both OFSE and IET put us on a path towards achieving our full year guidance and overcoming external volatility. Overall, EBITDA margins continued to demonstrate strong year-over-year growth, increasing by 100 basis points. The margin upside was attributed to IET, where both Gas Tech equipment and Industrial Tech demonstrated strong performance.

謝謝你，蔡斯。大家早安，感謝您加入我們。我們對第一季的穩健業績感到滿意，我們將繼續發揚去年的勢頭並塑造我們的公司。我們訂單簿的彈性以及 OFSE 和 IET 的保證金進展使我們走上了實現全年指引並克服外部波動的道路。總體而言，EBITDA 利潤率持續呈現強勁的年成長，成長了 100 個基點。利潤率上升歸功於 IET，其中天然氣技術設備和工業技術均表現強勁。

As highlighted on Slide 4, we've had a positive start to the year on the orders front. This is particularly evident in IET where we booked over $2.9 billion of orders during the quarter, including large awards from Aramco for the Master Gas System 3 and Black & Veatch for Cedar LNG. LNG equipment orders totaled almost $200 million during the quarter. Excluding LNG equipment, our IET business booked more than $2.7 billion of orders, the second highest of any quarter since the 2017 merger. This was attributed to non-LNG Gas Tech equipment orders more than tripling from prior year levels. This really underscores the breadth and versatility of our IET portfolio.

正如幻燈片 4 所強調的那樣，今年我們在訂單方面取得了良好的開局。這在 IET 中尤其明顯，我們在本季度預訂了超過 29 億美元的訂單，其中包括阿美公司為 Master Gas System 3 提供的大筆訂單以及博萊克威奇為 Cedar LNG 提供的訂單。本季液化天然氣設備訂單總額近 2 億美元。不包括液化天然氣設備，我們的 IET 業務訂單超過 27 億美元，這是自 2017 年合併以來任何季度的第二高訂單。這歸因於非液化天然氣天然氣技術設備訂單比去年增加了三倍多。這確實凸顯了我們 IET 產品組合的廣度和多功能性。

In OFSE, we received 2 significant contract awards from Petrobras, with the first for integrated well construction services in the Buzios field. Baker Hughes has been working closely with Petrobras on the field development for many years, leveraging our expertise across both OFSE and IET, demonstrating the power of our combined portfolio. We have previously received awards that include turbomachinery equipment on 10 FPSOs for the Buzios field and multiple OFSE service contracts.

在 OFSE，我們獲得了巴西國家石油公司 (Petrobras) 頒發的 2 份重要合同，第一份合同涉及 Buzios 油田的綜合建井服務。貝克休斯多年來一直與巴西國家石油公司在油田開發方面密切合作，利用我們在 OFSE 和 IET 方面的專業知識，展示了我們組合產品組合的力量。我們先前獲得的獎項包括 Buzios 油田 10 艘 FPSO 上的渦輪機械設備以及多個 OFSE 服務合約。

The second Petrobras contract awarded during the quarter was to supply electrical submersible pumps, variable speed drives and sand separation across 450 wells to help the customer in Brazil optimize efficiency, reliability and sustainability of its onshore operations in the Bahia-Terra cluster. We delivered strong first quarter operating results, highlighted by 50% year-over-year EPS growth. Importantly, we exceeded the midpoint of our EBITDA margin guidance driven by outstanding operational performance in IET. We booked $239 million of new energy orders and generated over $500 million of free cash flow.

本季度授予的第二份巴西國家石油公司合約是為450 口井提供電動潛油泵、變速驅動器和砂分離裝置，以幫助巴西客戶優化巴伊亞-泰拉集群陸上作業的效率、可靠性和可持續性。我們第一季的營運業績強勁，每股收益較去年同期成長 50%。重要的是，由於 IET 出色的營運業績，我們超過了 EBITDA 利潤率指引的中點。我們預訂了 2.39 億美元的新能源訂單，並產生了超過 5 億美元的自由現金流。

As mentioned, IET got off to a strong start to the year. Compared to the first quarter of 2023, IET EBITDA increased by 30%, the best quarterly year-over-year growth rate in 3 years and represents 80 basis points of EBITDA margin improvement year-on-year. This was driven by the conversion of higher-margin equipment backlog, continued margin expansion in our industrial tech businesses and further efficiency and cost optimization efforts by the team, partially offset by continued tightness in the gas tech services supply chain.

如前所述，IET 今年開局強勁。與 2023 年第一季相比，IET EBITDA 成長了 30%，為 3 年來最好的季度同比增長率，意味著 EBITDA 利潤率同比提高了 80 個基點。這是由於利潤率較高的設備積壓訂單的轉換、工業技術業務利潤率的持續擴張以及團隊進一步提高效率和成本優化的努力推動的，但部分被天然氣技術服務供應鏈的持續緊張所抵消。

In OFSE, we continue to make solid progress on the margin front, even with some lower offshore activity during the quarter. Segment EBITDA margins were in line with guidance and improved 80 basis points compared to last year, supported by year-over-year OFS incrementals of nearly 40%. On the activity front, we experienced some delays in rigs coming out of maintenance in both Mexico and the North Sea due to tight supply chains and busy shipyards. We expect these are only timing delays and see no impact to our overall outlook for OFSE this year.

在 OFSE 中，儘管本季離岸活動有所減少，但我們在利潤率方面繼續取得紮實進展。由於同比近 40% 的 OFS 增量，該部門 EBITDA 利潤率符合指引，比去年提高了 80 個基點。在活動方面，由於供應鏈緊張和造船廠繁忙，我們在墨西哥和北海的鑽井平台維護工作出現了一些延誤。我們預計這些只是時間延遲，不會對我們今年 OFSE 的整體前景產生影響。

In line with our previous commitments, we continue to enhance returns to our shareholders. During the quarter, we increased our quarterly dividend by $0.01 to $0.21, which represents an 11% increase year-on-year; repurchased $158 million of shares and remain firmly on track to deliver 60% to 80% of free cash flow to shareholders.

按照我們先前的承諾，我們持續提高股東回報。本季度，我們將季度股息增加了 0.01 美元，達到 0.21 美元，年增 11%；回購了 1.58 億美元的股票，並堅定地向股東提供 60% 至 80% 的自由現金流。

Turning to the macro on Slide 5. Since bottoming in December of last year, oil prices have rallied significantly, a resilient global economy, steeper-than-expected seasonal decline in U.S. oil production to start the year and the roll forward of OPEC+ production cuts have helped to keep global oil markets more balanced. OPEC+ timing on restarting idled oil production, the trajectory of global economic activity and the geopolitical risk will be key factors in determining the oil price path for the remainder of the year.

轉向幻燈片 5 中的宏觀經濟。更加平衡。 OPEC+重啟閒置石油生產的時機、全球經濟活動軌跡和地緣政治風險將是決定今年剩餘時間油價走勢的關鍵因素。

We reiterate our 2024 North America and international drilling and completion spending outlooks as we see potential offsets to higher oil prices. In North America, our outlook remains for a year-over-year decline in the low to mid-single-digit range. We continue to anticipate declining activity in U.S. gas basins, partially offsetting modest improvement in oil activity during the second half of the year. Across international markets, we maintain our expectations for high single-digit growth. This contemplates extended OPEC+ cuts through the end of the year as well as any potential timing differences between the transitioning of rigs from oil to gas in Saudi Arabia.

我們重申 2024 年北美和國際鑽探和完井支出前景，因為我們認為油價上漲可能會抵消這一影響。在北美，我們的前景仍然是年減在低至中個位數範圍內。我們繼續預期美國天然氣盆地的活動下降，部分抵消下半年石油活動的小幅改善。在國際市場上，我們維持高個位數成長的預期。這考慮到歐佩克+減產期限將延長至今年底，以及沙烏地阿拉伯鑽井平台從石油轉向天然氣之間可能存在的時間差異。

Looking out beyond 2024, we expect continued upstream spending growth despite the recent MSC target reduction in Saudi Arabia, although at a more moderate pace than we have experienced in recent years. We expect growth to be led by offshore markets in Latin America and West Africa as well as the Middle East.

展望 2024 年以後，儘管最近沙烏地阿拉伯降低了 MSC 目標，但我們預計上游支出將持續成長，但成長速度比近年來更為溫和。我們預期拉丁美洲、西非以及中東的離岸市場將引領成長。

As we move into the next phase of the upstream spending cycle, we anticipate increasing focus on optimizing production from existing assets. At our annual meeting in January, we launched mature asset solutions, an emerging business that maximizes the health and value of our customers' mature fields. It leverages our decades of experience, deep domain knowledge and industry-leading technologies, including Leucipa, and [coveted] franchises in both upstream chemicals and artificial lift. We continue to experience strong customer demand for Leucipa as this differentiated digital solution is driving next level efficiencies for our customers through automation, digital optimization and workflow orchestration.

隨著我們進入上游支出週期的下一階段，我們預計將更加關注優化現有資產的生產。在我們一月份的年會上，我們推出了成熟的資產解決方案，這是一項新興業務，可以最大限度地發揮客戶成熟領域的健康和價值。它利用了我們數十年的經驗、深厚的領域知識和行業領先的技術，包括 Leucipa 以及上游化學品和人工舉升領域[令人垂涎的]特許經營權。我們繼續感受到客戶對 Leucipa 的強烈需求，因為這種差異化的數位解決方案正在透過自動化、數位最佳化和工作流程編排為我們的客戶推動更高水準的效率。

Turning to global natural gas and LNG on Slide 6. The long-term demand outlook for both remains very encouraging. Through 2040, we expect natural gas demand to grow by almost 20%, representing a 1% CAGR driven growth in underlying energy demand and the desire to drive towards a net-zero energy ecosystem.

投影片 6 轉向全球天然氣和液化天然氣。到 2040 年，我們預計天然氣需求將成長近 20%，這意味著基礎能源需求的複合年增長率為 1%，以及推動淨零能源生態系統的願望。

Looking at non-OECD Asia, coal still accounts for about 60% of power generation, which is 3x to 4x the level utilized in the United States and Europe. As this region increasingly focuses on reducing and abating emissions, we expect coal to-gas substitution to be more pervasive helping to drive a mid-single digit CAGR for both India and China natural gas demand through 2040, while the rest of Asia will grow at solid low single-digit rate.

縱觀非經合組織亞洲地區，煤炭發電量仍佔發電量的 60% 左右，是美國和歐洲發電量的 3 至 4 倍。隨著該地區越來越注重減少和減少排放，我們預計煤改氣將更加普遍，有助於推動印度和中國天然氣需求到2040 年實現中個位數複合年增長率，而亞洲其他地區的成長將達到穩定的低個位數利率。

Strong underlying natural gas demand was the robust growth in LNG over the coming decades. Through the end of this decade, we expect demand to increase by mid-single digits annually. We believe this will support and installed nameplate capacity of 800 MTPA by 2030. Looking out to 2040, we expect LNG demand growth to continue, requiring further capacity additions beyond 800 MTPA. While there could be periods of price volatility driven by temporary dislocations in supply and demand over this time period, we see these as opportunities for accelerated demand creation. LNG consumers who tend to be very price sensitive typically respond to lower prices with stronger demand. We have seen evidence of this recently. Global LNG demand is up 4% year-to-date against the backdrop of an approximate 50% decline in LNG prices over the same period.

未來幾十年液化天然氣的強勁成長是強勁的天然氣需求的基礎。到本十年末，我們預計需求每年將以中個位數成長。我們相信，到 2030 年，這將支持並安裝 800 MTPA 的銘牌產能。雖然在此期間可能會出現因供需暫時錯位而導致價格波動的時期，但我們認為這是加速創造需求的機會。往往對價格非常敏感的液化天然氣消費者通常會對價格下降和需求強勁做出反應。我們最近已經看到了這方面的證據。今年迄今為止，全球液化天然氣需求增加了 4%，而同期液化天然氣價格下降了約 50%。

As shown on Slide 7, we expect global LNG FIDs of about 100 MTPA over the next 3 years. This view, supported by customer dialogue and our internal LNG demand expectations would result in our installed capacity increasing by 70%. This growing installed base brings significant opportunities for Baker Hughes across the life cycle of the equipment. Like our industrial peers, our Gas Tech businesses typically generates more profitability on the less cyclical aftermarket services. For LNG equipment specifically, this accounted for less than 10% of our total company EBITDA last year.

如投影片 7 所示，我們預計未來 3 年全球液化天然氣 FID 約為 100 MTPA。這一觀點得到客戶對話和我們內部液化天然氣需求預期的支持，將使我們的裝置容量增加 70%。這一不斷增長的安裝基礎為貝克休斯在設備的整個生命週期中帶來了巨大的機會。與我們的工業同行一樣，我們的天然氣技術業務通常可以透過週期性較小的售後服務獲得更多的獲利能力。具體到液化天然氣設備，這占我們去年公司 EBITDA 總額的不到 10%。

On the new energy front, we continue to see good momentum with a number of positive developments across our 5 focus areas of CCUS, hydrogen, geothermal, Clean Power and emissions abatement. As mentioned, we booked $239 million of new energy orders during the first quarter including a Climate Technology Solutions award from Snam for compression trains driven by hydrogen-ready NovaLT 12 turbines. This equipment will support a new gas compressor station in Italy that will eventually transport additional hydrocarbons from Azerbaijan, Africa and the Eastern Mediterranean region to Northern Europe.

在新能源方面，我們繼續看到良好的勢頭，CCUS、氫、地熱、清潔能源和減排等 5 個重點領域取得了一系列積極進展。如前所述，我們在第一季預訂了 2.39 億美元的新能源訂單，其中包括 Snam 授予的氣候技術解決方案獎，用於由氫就緒 NovaLT 12 渦輪機驅動的壓縮列車。該設備將支援義大利的一個新的天然氣壓縮機站，最終將把更多的碳氫化合物從阿塞拜疆、非洲和東地中海地區運送到北歐。

CTS also secured an order to supply ICL Zero emissions integrated compressor technology to be deployed by Total Energy for a process plant in the rock and water region of Argentina. We continue to expand our relationship with the key Middle Eastern industrial company, securing a CTS order for the refurbishment of steam turbines and centrifugal compressor trains. This upgrade drives process efficiency improvement and 5% estimated CO2 emissions reduction as part of the customer's energy transition road map.

CTS 還獲得了一份訂單，提供 ICL 零排放整合壓縮機技術，由 Total Energy 為阿根廷岩石和水域的一家加工廠部署。我們繼續擴大與中東主要工業公司的關係，並獲得了 CTS 蒸汽渦輪機和離心壓縮機組翻新訂單。作為客戶能源轉型路線圖的一部分，此升級可提高流程效率並預計減少 5% 的二氧化碳排放量。

As we look out at the rest of the year, we remain confident in achieving new energy orders between $800 million and $1 billion, which would amount to a tripling of new energy orders since 2021. Longer term, we continue to be encouraged by increasing opportunities to support growing energy demand and decarbonization efforts giving us confidence in achieving our $6 billion to $7 billion new energy orders target in 2030.

展望今年剩餘時間，我們仍然有信心實現 8 億至 10 億美元的新能源訂單，這相當於 2021 年以來新能源訂單的三倍。成長的能源需求和脫碳努力，讓我們有信心在2030 年實現60 億至70 億美元的新能源訂單目標。

Turning to Slide 8. I wanted to take a moment to reflect on some of the emerging themes within the energy sector. It has been a busy quarter with several industry events, including our own annual meeting in Florence where we hosted over 2,000 customers, partners and industry leaders in January. Firstly, it is becoming clearer just how complex the undertaking is the transition of the world's energy ecosystem. This complexity is driving a slower-than-expected expansion of renewable energy capacity and leading to record levels of coal demand. Consequently, we are seeing more pragmatism towards a pathway for team carbonization.

轉向投影片 8。這是一個繁忙的季度，舉辦了多場行業活動，包括 1 月在佛羅倫薩舉行的年會，我們接待了 2,000 多名客戶、合作夥伴和行業領導者。首先，世界能源生態系統轉型的複雜性正變得越來越清晰。這種複雜性導致再生能源產能擴張速度低於預期，並導致煤炭需求達到創紀錄水準。因此，我們看到團隊碳化之路更加務實。

We're growing urgency to affect this trend. There is mounting consensus that there is no possible route to decarbonize the energy system without driving greater efficiency and significantly increasing gases weighting within the overall energy mix. Energy providers face the multifaceted challenge of providing secure, sustainable and affordable energy against the backdrop of increasing energy demand. Gas is abundant. Lower emission, low cost and the speed to scale is unrivaled. This is the age of gas. Whether it be the super majors, the NOCs or the independent companies, all of our customers are messaging that they plan to increase their exposure to gas in the coming years. Baker Hughes is extremely well positioned to facilitate this through our upstream capabilities in OFSE and expertise in LNG and gas infrastructure in IET.

我們越來越迫切地想要影響這個趨勢。人們越來越一致認為，如果不提高效率並顯著增加整體能源結構中氣體的比重，就不可能實現能源系統脫碳。在能源需求不斷增長的背景下，能源供應商面臨著提供安全、可持續和負擔得起的能源的多方面挑戰。天然氣豐富。排放量低、成本低且規模化速度無與倫比。這是天然氣時代。無論是超級巨頭、國家石油公司或獨立公司，我們所有的客戶都表示他們計劃在未來幾年增加天然氣業務。貝克休斯完全有能力透過我們在 OFSE 的上游能力以及 IET 在液化天然氣和天然氣基礎設施方面的專業知識來促進這一目標。

An excellent example of this is the reallocation of capital in Saudi Arabia, primarily towards gas, following the recent announcement to not pursue an increase to its maximum sustainable capacity. The country's shifting focus towards natural gas where production is now expected to increase by more than 60% through 2030 will require significant investment in gas infrastructure. This represents a sizable opportunity for our IET business as highlighted by our MGS3 award.

一個很好的例子是沙烏地阿拉伯在最近宣布不尋求增加其最大可持續產能後，對資本進行了重新分配，主要轉向天然氣。該國將重點轉向天然氣，預計到 2030 年產量將增加 60% 以上，這需要對天然氣基礎設施進行大量投資。正如我們的 MGS3 獎所強調的那樣，這對我們的 IET 業務來說是一個巨大的機會。

Considering this transition towards gas as well as increasing investments in new energy and chemicals, we see this announcement as a long-term net positive for Baker Hughes given our exposure to all 3 markets. In addition, we are seeing a number of gas infrastructure projects emerge around the world. These midstream opportunities, along with solid first quarter bookings give us confidence that non-LNG Gas Tech equipment orders will be up more than 50% this year. Adding further impetus to this growth theme is an increasing demand for artificial intelligence, which is expected to be a key enabler in driving significant productivity and efficiency improvement across the entire energy value chain and could enhance decarbonization efforts.

考慮到向天然氣的轉型以及對新能源和化學品的投資增加，考慮到我們對所有三個市場的敞口，我們認為這項公告對貝克休斯來說是長期淨利好。此外，我們也看到世界各地出現了許多天然氣基礎設施項目。這些中游機會，加上第一季的穩定訂單，讓我們有信心今年非液化天然氣天然氣技術設備訂單將增加 50% 以上。對人工智慧的需求不斷增長，進一步推動了這個成長主題，預計人工智慧將成為推動整個能源價值鏈生產力和效率顯著提高的關鍵推動因素，並可能加強脫碳工作。

At Baker Hughes, we have been utilizing AI within our digital solutions for a number of years. We continue to make great progress with our Leucipa production optimization solution in OFSE and drive greater efficiencies and reliability with our Accordant solutions platform in IET, which both leverage AI. The efficiency and productivity benefits of AI will be balanced by the increased need for energy-intensive data centers. AI will likely drive substantial electrical load growth. Therefore, increasing both the challenge and opportunity to provide clean, reliable and firm power solutions.

在貝克休斯，我們多年來一直在我們的數位解決方案中利用人工智慧。我們繼續透過 OFSE 中的 Leucipa 生產最佳化解決方案取得巨大進展，並透過 IET 中的 Accordant 解決方案平台提高效率和可靠性，這兩個解決方案都利用了人工智慧。人工智慧的效率和生產力優勢將與能源密集資料中心不斷增長的需求相平衡。人工智慧可能會推動電力負載大幅成長。因此，提供清潔、可靠和穩定的電力解決方案的挑戰和機會都增加了。

Given the requirement for continuous power supply, the demand for distributed power systems will be substantial with gas to likely dominant fuel source. Baker Hughes is again well positioned to participate in this market through our clean power solutions, particularly our NovaLT fleet of turbines, which can run on natural gas and hydrogen. As the market scales, the size of data centers and power needs will also likely grow, which would benefit our larger scale solutions that include steam turbines for SMR solutions and Net Power.

考慮到連續供電的要求，對分散式電力系統的需求將很大，天然氣可能成為主要燃料來源。貝克休斯再次處於有利地位，可以透過我們的清潔能源解決方案參與這個市場，特別是我們的 NovaLT 渦輪機組，它可以使用天然氣和氫氣運行。隨著市場規模的擴大，資料中心的規模和電力需求也可能會成長，這將有利於我們更大規模的解決方案，包括用於 SMR 解決方案的蒸汽渦輪機和淨電力。

With the growing realization that we need an all-of-the-above approach to the energy transition, the focus is shifting towards the emissions rather than the fuel source. I have spoken about this important shift for several years now, and we are pleased to see it taking hold in our customers' operations and policy initiatives. The market's increasing alignment towards the view is spanning stronger momentum, in particular, for CCUS. This is very encouraging to see and provides tailwinds for our technology solutions that play across the entire CCUS value chain.

隨著人們越來越認識到我們需要採取上述所有方法來實現能源轉型，焦點正在轉向排放而不是燃料來源。幾年來我一直在談論這一重要轉變，我們很高興看到它在我們客戶的營運和政策舉措中紮根。市場對此觀點的日益認同正呈現出更強勁的勢頭，尤其是對於 CCUS 而言。這是非常令人鼓舞的，並為我們在整個 CCUS 價值鏈中發揮作用的技術解決方案提供了動力。

Specifically, on the capture side, we continue to make progress across our portfolio, where we are developing a suite of solutions that have applications across various scales and purities of CO2, complementing our capture portfolio at the decades of experience we have in CO2 compression and storage. For CO2 compression, we have experienced a strong increase in demand, both for offshore and onshore applications, while we are also involved in several CO2 storage projects.

具體來說，在捕集方面，我們繼續在我們的產品組合中取得進展，我們正在開發一套適用於各種規模和純度的二氧化碳的解決方案，補充我們在二氧化碳壓縮和捕集方面數十年經驗的捕集產品組合。對於二氧化碳壓縮，我們經歷了海上和陸上應用的需求強勁增長，同時我們也參與了多個二氧化碳封存項目。

In summary, all of these themes play to the strengths of Baker Hughes and continue to heighten our conviction and our strategy. With our expansive portfolio, capabilities and solutions offerings, we are uniquely positioned to deliver value for our diverse set of energy and industrial customers. This is what differentiates Baker Hughes and enables us to deliver durable earnings and free cash flow across our free time horizons.

總而言之，所有這些主題都發揮了貝克休斯的優勢，並繼續增強我們的信念和策略。憑藉我們廣泛的產品組合、能力和解決方案，我們具有獨特的優勢，可以為多元化的能源和工業客戶創造價值。這就是貝克休斯的與眾不同之處，並使我們能夠在空閒時間範圍內提供持久的收入和自由現金流。

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

這樣，我就把電話轉給南希。

Thanks, Lorenzo. I'll begin on Slide 10 with an overview of our consolidated results and then speak to segment details before outlining our second quarter outlook. We are very pleased with our first quarter results above the midpoint of our EBITDA guidance. Orders remain solid as the diversity of IET's end markets continue to support a strong level of orders. We continue to make progress on driving operational improvements across the business to enhance margins and returns, highlighted by the consistent improvement in EBITDA margins and ROIC. We remain confident in our full year guidance that points to another strong year for Baker Hughes.

謝謝，洛倫佐。我將從投影片 10 開始概述我們的綜合業績，然後在概述我們的第二季前景之前討論細分市場的詳細資訊。我們對第一季的業績高於 EBITDA 指引的中點感到非常滿意。由於 IET 終端市場的多樣性繼續支持強勁的訂單水平，訂單保持穩定。我們繼續在推動整個業務的營運改善方面取得進展，以提高利潤和回報，其中 EBITDA 利潤率和 ROIC 的持續改善凸顯了這一點。我們對全年指導仍然充滿信心，這表明貝克休斯將迎來另一個強勁的一年。

Adjusted EBITDA of $943 million increased 21% year-over-year and came in above the midpoint of our guidance range which was due to stronger performance in IET. First quarter GAAP operating income was $653 million. Adjusted operating income was $660 million. GAAP diluted earnings per share were $0.45. Excluding adjusting items, earnings per share were $0.43, an increase of 50% compared to the same quarter last year.

調整後 EBITDA 為 9.43 億美元，年成長 21%，高於我們指導範圍的中點，這得益於 IET 的強勁表​​現。第一季 GAAP 營業收入為 6.53 億美元。調整後營業收入為 6.6 億美元。 GAAP 稀釋後每股收益為 0.45 美元。剔除調整項目後，每股收益為0.43美元，較去年同期成長50%。

Our adjusted tax rate continues to trend downwards, declining to 29.7% in the quarter as we continue to execute as planned. As a reminder, we guided to a midpoint of 29.5% in 2024, down from our average 2023 tax rate of approximately 33%.

隨著我們繼續按計劃執行，調整後的稅率繼續呈下降趨勢，本季下降至 29.7%。提醒一下，我們預計 2024 年的中點稅率為 29.5%，低於 2023 年約 33% 的平均稅率。

Corporate costs for the quarter were $88 million, $2 million lower than our guidance. Total company orders of $6.5 billion maintained strong momentum, highlighted by continued strength in IET orders of $2.9 billion. Alongside a strong order book, IET RPO ended the quarter at $29.3 billion, up 10% year-over-year, while OFSC RPO remained at a healthy $3.4 billion, up 8% year-over-year. These RPO levels provide exceptional revenue and earnings visibility over the coming years. Free cash flow was robust, coming in at $502 million. For the full year, we continue to target free cash flow conversion of 45% to 50% and expect free cash flow to be more weighted towards the back half of this year.

本季的企業成本為 8,800 萬美元，比我們的指引低 200 萬美元。公司訂單總額 65 億美元保持強勁勢頭，其中 IET 訂單持續強勁，達 29 億美元。除了強勁的訂單之外，IET RPO 本季末達到 293 億美元，同比增長 10%，而 OFSC RPO 保持在 34 億美元的健康水平，同比增長 8%。這些 RPO 水準為未來幾年提供了卓越的收入和盈利可見性。自由現金流強勁，達 5.02 億美元。就全年而言，我們繼續將自由現金流轉換目標定為 45% 至 50%，並預計今年下半年自由現金流的比重將更大。

Turning to Slide 11. Our balance sheet remains strong, as we ended the first quarter with cash of $2.7 billion, net debt to trailing 12-month adjusted EBITDA ratio of 0.8x and liquidity of $5.7 billion.

轉向投影片 11。

Let's turn to capital allocation on Slide 12. In the first quarter, we returned $368 million to shareholders. This included $210 million of dividends where we have increased the quarterly dividend 3x over the past 6 quarters. In addition, we repurchased $158 million of shares. We remain committed to returning 60% to 80% of free cash flow to shareholders. Since the company was formed in 2017, we've now returned over $10 billion to shareholders through dividends and buybacks. Our primary focus is to continue growing our dividend with increases aligned with the structural growth in the company's earning power. We will continue to use buybacks to reach our 60% to 80% target and we'll remain opportunistic on buybacks within this range.

讓我們轉向投影片 12 上的資本配置。其中包括 2.1 億美元的股息，在過去 6 個季度中我們將季度股息增加了 3 倍。此外，我們也回購了價值 1.58 億美元的股票。我們仍然致力於將 60% 至 80% 的自由現金流返還給股東。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超過 100 億美元。我們的主要重點是繼續增加股息，並根據公司獲利能力的結構性成長來增加股息。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。

Now I'll walk you through our business segment results in more detail and provide our second quarter outlook. Starting with oilfield services and equipment on Slide 13. The segment maintained its strong margin trajectory meeting our margin expectations despite heavier seasonality across our international markets. This is a testament to the work the OFSE team has done to drive cost efficiencies across the business.

現在，我將向您詳細介紹我們的業務部門業績，並提供我們第二季的展望。從幻燈片 13 上的油田服務和設備開始。這證明了 OFSE 團隊為提高整個企業的成本效率所做的工作。

Strength and flexibles helped to drive SSPS orders of $633 million, in line with fourth quarter levels. We expect the offshore market to remain strong and SSPS orders should remain at solid levels in 2024 and beyond. OFSE revenue in the quarter was $3.8 billion, up 6% year-over-year. International revenue was down 5% sequentially, while North America fell 3%. Delays in rig reactivations in Mexico and the North Sea impacted international activity, adding to the traditional seasonal declines typically experienced during the first quarter. In North America, offshore declined while North America land held flat.

實力和靈活性幫助 SSPS 訂單達到 6.33 億美元，與第四季水準一致。我們預期離岸市場將保持強勁，SSPS 訂單在 2024 年及以後應維持在穩定水準。 OFSE 本季營收為 38 億美元，年增 6%。國際營收季減 5%，北美地區下降 3%。墨西哥和北海鑽井平台重新啟動的延遲影響了國際活動，加劇了第一季通常出現的傳統季節性下降。在北美，近海產量下降，而北美陸地產量持平。

OFSE EBITDA in the quarter was $644 million, up 11% year-over-year. This came in slightly below our guidance midpoint due to the previously mentioned seasonal declines and slower-than-anticipated activation of offshore rigs, factors that were considered in our guidance range. OFSE EBITDA margin rate was 17%, increasing 80 basis points year-over-year, driven by continued improvements in cost efficiencies, productivity enhancements and improved execution, particularly in SSPS.

OFSE 本季 EBITDA 為 6.44 億美元，年增 11%。由於前面提到的季節性下降和海上鑽井平台的啟動速度慢於預期，這些因素都在我們的指導範圍內考慮，因此價格略低於我們的指導中點。 OFSE EBITDA 利潤率為 17%，年成長 80 個基點，這得益於成本效率、生產力提高和執行力改善（特別是在 SSPS 方面）的持續改善。

Now turning to Industrial and Energy Technology on Slide 14. This segment performed above the midpoint of our EBITDA guidance during the quarter due to improving revenues and margins. IET orders were solid $2.9 billion with non-LNG Gas Tech equipment orders more than tripling compared to last year, highlighting the diversity of our customer base and end market exposure. CTS orders were $193 million in the first quarter, highlighted by strong orders for our NovaLT 12 turbines that can run on 100% hydrogen.

現在轉向幻燈片 14 上的工業和能源技術。 IET 訂單達到 29 億美元，其中非液化天然氣天然氣技術設備訂單比去年增加了兩倍多，凸顯了我們客戶群和終端市場敞口的多樣性。第一季 CTS 訂單金額為 1.93 億美元，其中最突出的是我們的 NovaLT 12 渦輪機訂單強勁，該渦輪機可 100% 使用氫氣運行。

IET RPO ended the quarter at $29.3 billion, up 10% year-on-year. Gas Tech equipment RPO was $11.5 billion. Gas Tech services RPO was $14.6 billion. Gas Tech equipment book-to-bill was onetime, the 11th consecutive quarter of 1 or greater.

本季結束時，IET RPO 為 293 億美元，年增 10%。 Gas Tech 設備 RPO 為 115 億美元。天然氣技術服務 RPO 為 146 億美元。 Gas Tech 設備的訂單出貨比連續第 11 季達到 1 或更高。

Turning to Slide 15. IET revenue for the quarter was $2.6 billion, up 23% versus the prior year, led by a 46% increase in Gas Tech equipment revenues as we continue to execute our robust backlog. IET EBITDA was $386 million, up 30% year-over-year and exceeding the high end of our guidance range of $380 million from better Gas Tech equipment backlog conversion and strong performance in Industrial Tech. Both drivers were previously identified as factors that would push us to the higher end of our guidance range.

轉向幻燈片 15。 IET EBITDA 為 3.86 億美元，年增 30%，超過了我們指導範圍的上限 3.8 億美元，這得益於更好的天然氣技術設備積壓轉換和工業技術的強勁表現。這兩個驅動因素之前都被認為是推動我們達到指導範圍高端的因素。

EBITDA margin was 14.7%, up 80 basis points year-over-year against the backdrop of robust growth in Gas Tech equipment. Solid margin improvement in both Industrial Tech and Gas Tech equipment were partially offset by higher R&D spend related to our new energy investments and continued supply chain tightness in Gas Tech services.

在天然氣技術設備強勁成長的背景下，EBITDA 利潤率為 14.7%，較去年同期成長 80 個基點。工業技術和天然氣技術設備的利潤率穩步提高，但被我們新能源投資相關的研發支出增加以及天然氣技術服務供應鏈持續緊張所部分抵消。

Before walking through our updated outlook, which is shown on Slide 16, I would like to spend some time on the progress each business is making on achieving their 20% EBITDA margin targets. We're off to a strong start to the year in OFSE and IET. EBITDA margins increased 80 basis points for both segments when compared to the same quarter last year. Looking forward, we see good progression throughout the year and remain confident in our ability to achieve these targets in 2025 for OFSE and 2026 for IET. These are important targets that set a benchmark and demonstrate our operational progress since announcing the consolidation into our 2 segments from 4 segments previously.

在詳細介紹投影片 16 所示的更新展望之前，我想花一些時間介紹每個企業在實現 20% EBITDA 利潤率目標方面所取得的進展。今年我們在 OFSE 和 IET 方面取得了良好的開局。與去年同期相比，這兩個部門的 EBITDA 利潤率均成長了 80 個基點。展望未來，我們看到全年取得良好進展，並對我們在 2025 年實現 OFSE 目標和 2026 年實現 IET 目標充滿信心。這些都是重要的目標，它們設定了基準，展示了我們自先前宣布從 4 個部門合併為 2 個部門以來的營運進度。

These actions helped to streamline the organization and have created a simpler, leaner and lower cost structure that allows for faster decision-making and has driven more than $115 million of cost out across the company. In reality, we've been working on this since we brought the businesses together in 2017. To accelerate our transition to an energy technology company, we have long held the three-pronged approach of transforming the core, investing for growth and positioning for new energy frontiers.

這些行動有助於精簡組織，並創建了一個更簡單、更精簡、成本更低的結構，可以加快決策速度，並為整個公司節省了超過 1.15 億美元的成本。事實上，我們從2017年業務合併以來就一直在努力。

To date, the success of transforming the core a key initiative to drive higher profitability and returns across the company has been most visible in OFSE. For this segment, margins are expected to approach 18% this year, up more than 400 basis points from pre-COVID levels. The OFSE team has done a tremendous job transforming the way the business operates with a focus on rightsizing operations, removing duplication and improving service to liberty to drive sustainable, structural improvement in OFSE margins.

迄今為止，核心轉型是推動整個公司提高獲利能力和回報的關鍵舉措，其成功在 OFSE 中最為明顯。該細分市場今年的利潤率預計將接近 18%，比新冠疫情爆發前的水平高出 400 個基點以上。 OFSE 團隊在改變業務運作方式方面做出了巨大的努力，重點是調整營運規模、消除重複和改善自由服務，以推動 OFSE 利潤率的可持續、結構性改善。

Turning to IET's margin journey. This segment's margin progress has been more measured in part due to the tremendous growth in our Gas Tech equipment business, where we have consistently exceeded our order expectations. We are very excited by the robust growth in our equipment installed base that will drive decades of margin-accretive service growth in Gas Tech.

轉向 IET 的利潤之旅。該部門的利潤率成長更加可衡量，部分原因是我們的天然氣技術設備業務的巨大成長，我們一直超越我們的訂單預期。我們對設備安裝基數的強勁成長感到非常興奮，這將推動天然氣技術領域數十年的利潤成長服務成長。

The IET team is committed to executing its margin expansion strategy, as the nucleus of this strategy is instilling a more rigorous process-driven culture across the organization. These changes are helping to drive enhanced operational discipline and dedication to continuous improvement. In addition, there is a cultural shift to focus more on value over volume. With these foundational elements in place alongside the opportunities for better R&D absorption, supply chain optimization and execution of higher-margin backlog, we remain confident in achieving 20% margins for the segment.

IET 團隊致力於執行其利潤擴張策略，因為該策略的核心是在整個組織中灌輸更嚴格的流程驅動文化。這些變化有助於推動加強營運紀律並致力於持續改善。此外，文化也發生了轉變，更注重價值而不是數量。有了這些基本要素，再加上更好的研發吸收、供應鏈優化和執行更高利潤的積壓訂單的機會，我們仍然有信心實現該細分市場 20% 的利潤率。

Next, I'd like to update you on our outlook for the 2 business segments. Overall, the outlook remains strong for our businesses, which will be complemented by continued operational enhancements, sustained improvement in backlog execution and margin upside. We continue to focus on operational excellence and service delivery across our 2 segments. For Baker Hughes, we expect second quarter revenue to be between $6.6 billion and $7.05 billion and EBITDA between $1 billion and $1.1 billion, resulting in EBITDA margin rate increasing quarter-over-quarter by approximately 70 basis points at the midpoint.

接下來，我想向您介紹我們對這兩個業務部門的最新展望。總體而言，我們的業務前景仍然強勁，這將得到持續的營運改善、積壓訂單執行和利潤率上升的持續改善。我們繼續專注於兩個細分市場的卓越營運和服務交付。對於貝克休斯，我們預計第二季度營收將在 66 億美元至 70.5 億美元之間，EBITDA 將在 10 億美元至 11 億美元之間，導致 EBITDA 利潤率環比中點增長約 70 個基點。

For OFSE, we expect second quarter results to reflect typical seasonal growth in international and flattish activity in North America. We expect second quarter OFSE revenue between $3.8 billion and $4.0 billion and EBITDA between $660 million and $710 million. Factors impacting this range include the phasing of 2024 E&P budgets, SSPS backlog conversion, realization of further cost-out initiatives and the pace of recovery and activity that was deferred in the first quarter.

對於 OFSE，我們預計第二季業績將反映國際市場的典型季節性成長和北美市場的平淡活動。我們預計第二季 OFSE 營收在 38 億美元至 40 億美元之間，EBITDA 在 6.6 億美元至 7.1 億美元之間。影響這一範圍的因素包括 2024 年 E&P 預算的分階段、SSPS 積壓轉換、進一步成本削減計劃的實現以及第一季推遲的復甦和活動的步伐。

For IET, we expect second quarter results to benefit from strong year-over-year revenue growth as we continue to execute on our new record backlog for Gas Tech equipment and convert our healthy backlog in Industrial technology. We also expect to see continued progress on our margins as we drive productivity enhancements and process improvements across the business.

對於 IET 來說，我們預計第二季業績將受益於強勁的年收入成長，因為我們將繼續執行氣體技術設備新紀錄的積壓訂單，並將我們健康的工業技術積壓訂單轉化為工業技術。隨著我們推動整個業務的生產力提高和流程改進，我們也期望看到我們的利潤率持續進步。

Overall, we expect second quarter IET revenue between $2.8 billion and $3.05 billion and EBITDA between $425 million and $475 million. The major factors driving this range will be the pace of backlog conversion in Gas Tech equipment, the impact of any aeroderivative supply chain tightness in Gas Tech and operational execution in Industrial Tech.

總體而言，我們預計第二季 IET 營收將在 28 億美元至 30.5 億美元之間，EBITDA 在 4.25 億美元至 4.75 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的積壓轉換速度、天然氣技術中任何航改供應鏈緊張的影響以及工業技術中的營運執行。

Turning to our full year outlook. We maintain our 2024 guidance issued in January of this year. For the full year 2024, we continue to expect Baker Hughes revenue to be between $26.5 million and $28.5 billion and EBITDA between $4.1 billion and $4.5 billion. At the midpoint, our outlook results in EBITDA growing a strong 14% from the prior year. In addition, we still expect total company new energy orders of $800 million to $1 billion, which at the high end would amount to a tripling of new energy orders since 2021.

轉向我們的全年展望。我們維持今年 1 月發布的 2024 年指引。對於 2024 年全年，我們繼續預期貝克休斯收入將在 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。中期來看，我們的預期結果是 EBITDA 比前一年強勁成長 14%。此外，我們仍預期公司新能源訂單總額為 8 億至 10 億美元，這將相當於 2021 年以來新能源訂單的三倍。

For OFSE, we maintain our full year forecast of revenue between $15.75 billion and $16.75 billion, and EBITDA between $2.8 billion and $3.0 billion as we expect continued strength across international markets to be modestly offset by softness in North America land. We expect IET orders to remain at robust levels this year and maintain a range between $11.5 million to $13.5 billion, driven by strong momentum across all aspects of the IET portfolio. As mentioned, we've already experienced a noticeable increase in non-LNG Gas Tech equipment orders in the first quarter.

對於 OFSE，我們維持全年營收預測在 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，因為我們預計國際市場的持續走強將被北美陸地的疲軟適度抵消。我們預計，在 IET 投資組合各方面強勁勢頭的推動下，今年 IET 訂單將保持在強勁水平，並維持在 1,150 萬美元至 135 億美元之間。如前所述，第一季我們已經經歷了非液化天然氣天然氣技術設備訂單的顯著增加。

As a result of continued momentum and exceptional orders performance over the last 2 years, we maintain our full year IET guidance for revenue between $10.75 billion and $11.75 billion and EBITDA between $1.65 billion and $1.85 billion.

由於過去兩年的持續成長動能和出色的訂單表現，我們維持全年 IET 指導，即營收在 107.5 億美元至 117.5 億美元之間，EBITDA 在 16.5 億美元至 18.5 億美元之間。

In summary, we remain confident in our ability to generate 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 differentiated portfolio of products and services. Overall, we are very pleased with the progress demonstrated by our first quarter results and remain excited about the future of Baker Hughes.

總而言之，我們對連續第四年實現兩位數 EBITDA 成長的能力充滿信心，因為我們繼續專注於執行，推動進一步的營運改進，並透過我們差異化的產品和服務組合利用市場順風。整體而言，我們對第一季業績所展現的進展感到非常滿意，並對貝克休斯的未來感到興奮。

I'll turn the call back to Lorenzo.

我會把電話轉回洛倫佐。

Thank you, Nancy. Turning to Slide 18. 2024 is off to a strong start for Baker Hughes, highlighted by our strong margin performance in both OFSE and IET. Our continued focus on commercial enhancements and cost efficiencies are driving structural improvement in both segments underlying margins. With these transformational efforts gaining momentum, we remain on track to achieve our 20% margin targets for both segments.

謝謝你，南希。轉向幻燈片 18。2024 年對貝克休斯來說是一個強勁的開局，我們在 OFSE 和 IET 方面的強勁利潤表現凸顯了這一點。我們對商業增強和成本效率的持續關注正在推動這兩個細分市場的潛在利潤率的結構性改善。隨著這些轉型努力的勢頭不斷增強，我們仍有望實現這兩個細分市場 20% 的利潤率目標。

Margin improvement and EBITDA growth are important parts of the Baker Hughes story. As important, we have significantly improved our returns on invested capital, which has increased by more than 3x compared to 2019 levels. Our focus on disciplined growth and margin enhancement facilitated by transforming the way we work is helping to drive meaningful improvements in returns across the company.

利潤率提高和 EBITDA 成長是貝克休斯故事的重要組成部分。同樣重要的是，我們的投資資本回報率顯著提高，與 2019 年的水平相比增加了 3 倍以上。透過改變我們的工作方式，我們對有紀律的成長和利潤提高的關注正在幫助推動整個公司回報的有意義的提高。

With margins, EBITDA and returns forecast to increase further over the coming years, we expect to see stronger free cash flow conversion of at least 50% through the cycle, and as a result, higher free cash flow. When combined with our balanced portfolio, untapped market opportunities and overhauled cost structure, Baker Hughes is becoming less cyclical in nature and capable of generating more durable earnings and free cash flow across cycles.

隨著利潤率、EBITDA 和回報率預計在未來幾年進一步增長，我們預計整個週期的自由現金流轉換將達到至少 50%，從而實現更高的自由現金流。與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相結合，貝克休斯本質上的周期性正在減弱，並且能夠跨週期產生更持久的收益和自由現金流。

All of these metrics provide a healthy backdrop as we remain committed to returning 60% to 80% of free cash flow to shareholders. This will add to the impressive $10 billion plus that we have already returned to shareholders since forming the new company in 2017. To put this in context, this amounts to almost 1/3 of our current market cap. We have a history of returning cash to shareholders and expect to continue that trend well into the future.

所有這些指標都提供了一個健康的背景，因為我們仍然致力於將 60% 至 80% 的自由現金流返還給股東。自2017 年成立新公司以來，我們已經向股東返還了令人印象深刻的100 億美元，這將增加到令人印象深刻的100 億美元。 /3。我們有向股東返還現金的歷史，並希望在未來繼續保持這一趨勢。

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) Our first question comes from the line of Scott Gruber from Citigroup.

（操作員說明）我們的第一個問題來自花旗集團的 Scott Gruber。

So your IET margins were quite strong despite a headwind from more equipment revenues, which is great to see. And Lorenzo, you walked through the multiple drivers. Looking at 2Q, IET guidance is above our forecast, but you did list the full year. So can you walk through how you think about those margin drivers continuing? How do you think about the impact on the second half for IET? Are there reasons to believe the normal seasonality may be a bit more muted for both revenues and margins in the second half? Or is the high end of the range for full year revenues and EBITDA will be more likely now for IET?

因此，儘管設備收入增加帶來了阻力，但你們的 IET 利潤率仍然相當強勁，這是很高興看到的。洛倫佐，您經歷了多個驅動程式。看看第二季度，IET 指導高於我們的預測，但您確實列出了全年。那麼您能否談談您對這些利潤驅動因素持續存在的看法？您如何看待下半年對IET的影響？是否有理由相信下半年收入和利潤率的正常季節性可能會更加溫和？或者 IET 現在更有可能達到全年收入和 EBITDA 範圍的高端嗎？

Yes, Scott, first of all, very strong quarter for the company. And as you said, led by also IET, but overall, very pleased by both segments. And IET, a very strong, solid quarter. And as we've said, we've been committed to our journey on IET towards the 20% EBITDA, and you're starting to see some of those levers coming through as you look at first quarter and as you look at the rest of the year, again, you've got strong backlog conversion in Gas Tech equipment.

是的，斯科特，首先，公司的季度表現非常強勁。正如您所說，也由 IET 領導，但總體而言，這兩個部門都非常滿意。 IET 是一個非常強勁、穩定的季度。正如我們所說，我們一直致力於 IET 的旅程，實現 20% 的 EBITDA，當你觀察第一季和其餘季度時，你會開始看到其中一些槓桿正在發揮作用。轉換率再次強勁。

As you can see in the first quarter, revenue up nearly 50% and year-over-year, and that helped the Gas Tech equipment. From a margins perspective, EBITDA was up nearly 200 basis points. And you're seeing the better backlog margin coming through as well as productivity in the factories. Of a bright spot was in IET from an Industrial Solutions perspective as you look at the revenue side, but also when you look at the projects and the services revenue, which was up 20% year-over-year and margins also improving in the Bentley Nevada with some of the supply chain constraints that we've discussed before that have been alleviated now.

正如您在第一季所看到的，營收年增近 50%，這對 Gas Tech 設備起到了幫助作用。從利潤率角度來看，EBITDA 成長了近 200 個基點。您將看到積壓訂單利潤以及工廠生產力的提高。從工業解決方案的角度來看，IET 是一個亮點，不僅從收入方面來看，而且從項目和服務收入來看，該收入同比增長了 20%，Bentley 的利潤率也有所提高內華達州的一些供應鏈限制我們之前討論過，現在已經得到緩解。

And also Gas Tech services revenue increasing as we went through the first quarter, we continue to see that for the rest of the year, even though we're still constrained by some of the supply chain headwinds. So as you look at IET for the rest of the year, we continue on the basis that we've said and the journey that we've laid out with continued margin expansion and improvement towards that 20% as we go forward as we continue the journey.

隨著第一季的結束，天然氣技術服務收入也在增加，我們在今年剩餘時間裡仍然會看到這種情況，儘管我們仍然受到一些供應鏈不利因素的限制。因此，當您專注於今年剩餘時間的 IET 時，我們將繼續以我們所說的基礎和我們已經制定的旅程為基礎，不斷擴大利潤率並提高 20%，因為我們繼續旅行。

Got it. And then turning to the production side of OFSE. We recently saw one of your big competitors moved to enhance their position. How do you see the market evolving for the production vertical where you have a strong position? Does the growth rate for production start to rival the growth rate for drilling and completion spend in '25 and beyond? And how do you think about the competitive dynamics in the market? Your team was quite excited by your production optimization solutions at your annual meeting?

知道了。然後轉向 OFSE 的生產方面。我們最近看到你們的一位主要競爭對手採取行動以增強其地位。您如何看待您擁有強勢地位的垂直生產市場的發展？ 25 年及以後產量的成長率是否開始與鑽井和完井支出的成長率相提並論？您如何看待市場的競爭動態？您的團隊在年會上對您的生產優化解決方案感到非常興奮？

Yes, Scott, it's a very good point. And for us, what's happening from the external perspective and the dynamics doesn't change the strategy, and we've been firmly focused on a strategy around production solutions for some time. As you know, from the comments that I made at the annual meeting, 70% of the world's production comes from mature assets. And a mature asset being a well that's produced 50% of its reserves or has been in production for over 25 years. And when we look at the future, there's a tremendous focus on improving that optimization.

是的，斯科特，這是一個非常好的觀點。對我們來說，從外部角度和動態來看發生的事情並不會改變我們的策略，一段時間以來我們一直堅定地專注於圍繞生產解決方案的策略。大家知道，從我在年會的發言來看，全球70%的產量來自成熟資產。成熟資產是指開採了 50% 儲量或已生產超過 25 年的油井。當我們展望未來時，我們會非常關注改進優化。

And we've got some great capabilities with the largest global installed base of ESPs 44,000 pumps. And we're moving about 80 million barrels fluid daily. And again, as you look at continued chemicals that are being applied and 1% improvement just in mature asset production can give 2 to 3 years of global consumption. So as we go forward, no change, and we continue to see this as a space where between our RTS, our ESPs and chemical solutions and also the digital automation and AI that we can deliver through Leucipa, being a great opportunity for our customers and an increasing area of focus for our company.

我們擁有全球最大的 ESP 44,000 幫浦安裝基地，擁有強大的能力。我們每天運輸約 8000 萬桶液體。再說一次，當你觀察正在應用的持續化學品時，僅成熟資產生產的 1% 改進就可以提供 2 至 3 年的全球消費量。因此，隨著我們前進，不會發生任何變化，我們繼續將其視為我們的RTS、ESP 和化學解決方案以及我們可以透過Leucipa 提供的數位自動化和人工智慧之間的空間，這對我們的客戶和我們公司日益關注的領域。

Our next question comes from the line of Arun Jayaram from JPMorgan Securities LLC.

我們的下一個問題來自摩根大通證券有限責任公司的 Arun Jayaram。

Lorenzo, I want to start with the Saudi MSC reduction. I wanted to get your perspective on the potential impacts to Baker from the changing mix of activity with the higher mix of onshore versus offshore. And perhaps you could just comment on the gas side of the equation with higher infrastructure spend chemicals and new energy spend, what that means for Baker as we think about rest of this year and into next year?

洛倫佐，我想從沙烏地阿拉伯 MSC 的削減開始。我想了解您對不斷變化的活動組合以及陸上和海上活動組合的增加對貝克的潛在影響的看法。也許你可以評論一下等式中天然氣方面的問題，即更高的基礎設施支出、化學品和新能源支出，當我們考慮今年剩餘時間和明年時，這對貝克意味著什麼？

Yes, Arun. We remain confident in the international market outlook. We expect E&P spending to be up high single digits this year. And as we look at, in particular, the MSC reduction, as we said in the last call, we don't anticipate any real changes. And in fact, when we look at Saudi, we see it as opportunities outside of just the upstream area given our presence. As you know, natural gas production is set to grow by 60% through 2030, and it's going to benefit our IET business. You saw the announcement that was made in 1Q relative to the Master Gas System 3, the pipeline project. There's going to be more opportunities down the road.

是的，阿倫。我們對國際市場前景依然充滿信心。我們預計今年勘探與生產支出將成長高個位數。正如我們在上次電話會議中所說，特別是 MSC 的減少，我們預計不會發生任何真正的變化。事實上，當我們關注沙烏地阿拉伯時，鑑於我們的存在，我們將其視為上游地區之外的機會。如您所知，到 2030 年，天然氣產量預計將成長 60%，這將使我們的 IET 業務受益。您看到了第一季發布的有關 Master Gas System 3（管道項目）的公告。以後還會有更多的機會。

Also, this shift of CapEx is also across new energy and chemicals. We recently opened our new chemicals facility in the Kingdom. We're also, as you know, from a new energy perspective, participating in hydrogen on NEOM. So overall, this CapEx shift for us is a long-term net positive for Baker Hughes and doesn't change the outlook that we laid out at the beginning of the year.

此外，資本支出的這種轉變也涉及新能源和化學品領域。我們最近在沙烏地阿拉伯開設了新的化學品工廠。如您所知，從新能源的角度來看，我們也參與了 NEOM 的氫能計畫。因此，總體而言，這種資本支出的轉變對貝克休斯來說是長期的淨正面影響，並且不會改變我們在年初制定的前景。

Great. That's helpful. Maybe a follow-up, maybe for Nancy. Nancy, I want to get your take on some of the puts and takes around the 2Q guide. It looks to be about 3% above our model and it looks like just slightly better margins. And so just wondering if you could talk about some of the puts and takes and just the fact that you kept the back half, maybe a follow-up to Scott's question, the full year is the same. And are you getting a little bit more confidence on the full year outlook given what's transpiring in the first half of the year?

偉大的。這很有幫助。也許是後續行動，也許是為了南希。南希，我想聽聽您對 2Q 指南中的一些看跌期權和看跌期權的看法。它看起來比我們的模型高出約 3%，而且利潤率似乎略好一些。所以只是想知道你是否可以談談一些看跌期權以及你保留後半部分的事實，也許是斯科特問題的後續，全年都是一樣的。有鑑於今年上半年發生的情況，您對全年前景是否更有信心了？

Yes, happy to take that one. So on Q2, I'd really say the strength in our guide for that quarter highlights our differentiated portfolio. And we've really been talking about how that's helping us to frame up more durable earnings and strong free cash flow generation and growth. Our midpoint for EBITDA guidance in Q2 really represents about 16% year-over-year growth, and that's about 20% EBITDA growth in the IET business. So there are a lot of good drivers there. We've talked about the really robust backlog levels that are driving the Gas Tech equipment acceleration and much higher margins in the backlog as we convert as we've been signaling. And then we're also seeing broadening strength across Industrial Tech.

是的，很高興接受那個。因此，在第二季度，我真的想說我們該季度指南中的優勢凸顯了我們的差異化投資組合。我們一直在討論這如何幫助我們建立更持久的收益以及強勁的自由現金流產生和成長。我們第二季 EBITDA 指導的中點實際上代表了約 16% 的同比增長，即 IET 業務的 EBITDA 增長約 20%。所以那裡有很多優秀的司機。我們已經討論過真正強勁的積壓水平，這些水平正在推動天然氣技術設備的加速，並且隨著我們按照我們所發出的信號進行轉換，積壓中的利潤率會大大提高。然後我們也看到工業技術領域的實力不斷擴大。

I would also say the cost focus and the process-driven mindset deepen in the business is starting to signs of really solid momentum. And the midpoint of that guidance is indicating that margin expansion, and that's even as Gas Tech equipment growth continues to impact us. And again, we've talked very much about how the growth in equipment is great for us in the longer term, and we love that installed base.

我還想說，業務中對成本的關注和流程驅動的思維方式的深化正開始出現真正強勁勢頭的跡象。該指導的中點表明利潤率擴張，即使天然氣技術設備的成長繼續影響我們。再說一遍，我們已經多次討論了設備的成長從長遠來看對我們來說是多麼有利，而且我們喜歡這個安裝基礎。

I would say that's also offset a bit by a slower-than-expected start to the year in OFSE, and some of that's related to timing and offshore rig delays. So on balance, we'd say Q2 is showing modestly better seasonal recovery on the OFSE side as some of those rigs come out of maintenance and also some of the delayed product shipments came out of Q1 into Q2. But net-net, I would say for the year, we would retain our guidance as is. There's still a lot of unknowns, and it's still early in the year. We're very confident in our full year guidance. And we'll keep an eye on it. If there's more to tell, we'll be back to you next quarter with more information, but we feel very good about execution, and we're on the right track for Q2 and balance of the year.

我想說，這也被 OFSE 今年開局慢於預期所抵消，其中一些與時間安排和海上鑽井平台延誤有關。因此，總的來說，我們認為第二季度 OFSE 方面的季節性復甦略有好轉，因為其中一些鑽機已經完成維護，而且一些延遲的產品發貨也從第一季進入第二季。但我想說，今年我們將保持原樣的指導。仍然有很多未知數，而且現在還處於年初。我們對全年指導非常有信心。我們將密切關注。如果有更多資訊要告訴您，我們將在下個季度向您提供更多信息，但我們對執行情況感覺非常好，並且我們在第二季度和今年剩餘時間中正走在正確的軌道上。

Our next question comes from the line of Dave Anderson from Barclays.

我們的下一個問題來自巴克萊銀行的戴夫安德森。

I was wondering if you could talk a little bit about the non-LNG side of the IET Gas Tech equipment order side. I think you made a couple of comments on there, you talked about is these have tripled this quarter and you expect to be up 50% this year. Could you kind of dig into that a little bit about where that's being driven from? I know we had an offshore side, which tends to be a little lumpier. I know you had the MGS3 award in there, but could you just sort of talk about the mix of that non-LNG business, please?

我想知道您是否可以談談 IET Gas Tech 設備訂單方面的非液化天然氣方面。我想你在那裡發表了一些評論，你談到的是，這些數字本季成長了兩倍，你預計今年將成長 50%。您能否深入研究一下它是從哪裡驅動的？我知道我們有一個離岸一側，往往有點不穩定。我知道您獲得了 MGS3 獎項，但您能談談非液化天然氣業務的組合嗎？

Definitely, Dave, and thanks for the question. Obviously, we've spoken a lot about LNG, and we will, I'm sure, in the future. And I think at times, we don't get a lot of time to talk about the non-LNG sector, and it's a very important part of our portfolio, and it's very expensive as well in the equipment and solutions that play across a number of end markets, including the upstream, midstream, refining, petrochemical, as you look at the pipelines and various industrial and other end markets. And it's really the versatility of our equipment that not only goes into LNG but goes into these other end markets. And 1Q was evident of that. And as you said, tripled in 1Q versus prior year.

當然，戴夫，謝謝你的提問。顯然，我們已經談論了很多關於液化天然氣的問題，我相信我們將來也會如此。我認為有時我們沒有太多時間討論非液化天然氣領域，這是我們產品組合中非常重要的一部分，而且在跨多個領域發揮作用的設備和解決方案中也非常昂貴。 、煉油、石化，當你觀察管道以及各種工業和其他終端市場。我們設備的多功能性不僅適用於液化天然氣，也適用於其他終端市場。第一季就證明了這一點。正如您所說，第一季比去年增加了兩倍。

Onshore/offshore production has remained consistently strong as part of the mix. As you see, both on the compression side, you see on the power generation side. You highlighted the Master Gas System. And as you continue to see the shift towards gas, that gas infrastructure plays towards a lot more compression, plays towards also the pipelines that place towards a lot of the onshore power generation that's going to be necessary.

作為組合的一部分，陸上/海上生產一直保持強勁。正如您所看到的，無論是在壓縮側，還是在發電側。您突出顯示了主氣體系統。當你繼續看到向天然氣的轉變時，天然氣基礎設施將發揮更大的壓縮作用，也有助於建立大量陸上發電所需的管道。

Also, as you look at on the Industrial side, when you think about the need for distributed power generation, that plays to the Industrial gas turbines that we have, the NovaLT. So across it, we see an expanding base of non-LNG equipment. And again, it's part of the expansive portfolio that we have, including the pumps, the valves and the other areas that go into the other sectors when you think of refineries and also petrochemicals that are also increasing infrastructure builds that are happening around the world as we continue through an energy demand that is increasing.

此外，當您考慮工業方面時，當您考慮分散式發電的需求時，我們擁有的工業燃氣渦輪機 NovaLT 就發揮了作用。因此，我們看到非液化天然氣設備的基礎不斷擴大。再說一遍，它是我們擁有的廣泛產品組合的一部分，包括泵、閥門和進入其他領域的其他領域，當你想到煉油廠和石化產品時，它們也在世界各地增加基礎設施建設，我們繼續應對日益成長的能源需求。

And Lorenzo, sort of expanding upon that, I'd like to dig into maybe a little bit of what's going on in Saudi here. You touched on here a bit. Obviously, we saw the award we saw this quarter. But I'd be curious if you could talk about how you're differentiated versus your competitors on both the IET side and the OFSE side. On the IET side, you're talking about displacing oil-driven power in the Industrial side of the natural gas. And so that seems like an enormous opportunity in Saudi, but it seems like it's a very unique opportunity for really just Baker. And then if I flip over to the OFSE side, one thing you've really done differently than others is manufacturing in country, could you talk to that a little bit about how that's a key initiative in the Kingdom and how that gives you an advantage?

洛倫佐，對此進行了擴展，我想深入了解沙烏地阿拉伯正在發生的事情。你提到了一點。顯然，我們看到了本季所看到的獎項。但我很好奇您能否談談您在 IET 方面和 OFSE 方面與競爭對手相比有何差異化。在 IET 方面，您正在談論用天然氣取代工業方面的石油驅動電力。因此，這對沙烏地阿拉伯來說似乎是一個巨大的機會，但對貝克來說，這似乎是一個非常獨特的機會。然後，如果我轉向 OFSE 方面，你們所做的與其他人真正不同的一件事是在國內進行製造，您能否談談這如何成為王國的一項關鍵舉措以及這如何為您帶來優勢？

Yes, Dave, thanks. And I know that you and the team also had the chance to tour the region and also visit the Kingdom. And that's true. We focused a lot on localization. And as I mentioned, we've just recently opened our chemicals facility on new Petrolite. We've also got wellheads that are manufactured. We've also got compressors. And as we look at drill bits and across the Kingdom, we focused on localization to support not just the Kingdom, but also support the region and outside of the region through capability close to our customers. And that's been a strategy of focus.

是的，戴夫，謝謝。我知道您和您的團隊也有機會遊覽該地區並訪問了王國。這是真的。我們非常注重本地化。正如我所提到的，我們最近剛在新的 Petrolite 上開設了化學品工廠。我們還有已製造的井口裝置。我們還有壓縮機。當我們著眼於鑽頭和整個王國時，我們專注於本地化，不僅支持王國，還透過貼近客戶的能力為該地區和該地區以外的地區提供支援。這是一個重點戰略。

And the diversification of Baker Hughes is across the 2 major segments. We play obviously within the oilfield services on the equipment side, but then the gas infrastructure side, the hydrogen when we think of NEOM and the facilities associated with hydrogen, the infrastructure that's going to be required when we think of distributed power generation. And as you think of also the opportunity for productivity and also with digital capabilities and solutions.

貝克休斯的多元化業務橫跨兩個主要領域。我們顯然在設備方面的油田服務領域發揮作用，但隨後是天然氣基礎設施方面，當我們想到 NEOM 時的氫氣以及與氫氣相關的設施，當我們想到分散式發電時將需要的基礎設施。正如您所想到的，生產力以及數位功能和解決方案的機會。

So across the board, I think what makes us unique is, again, the ability to play at the full value chain of the energy ecosystem within the Kingdom through local capabilities. And that's a strategy that we've also put into place in other Middle Eastern countries as well with facilities in the UAE and Qatar. And likewise, it's a region that's very important to us.

因此，總的來說，我認為我們的獨特之處在於能夠透過當地能力發揮沙烏地王國能源生態系統整個價值鏈的能力。我們也在其他中東國家以及阿聯酋和卡達的設施中實施了這項策略。同樣，這是對我們非常重要的地區。

Our next question comes from the line of James West from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 James West。

Lorenzo, I wanted to touch back on carbon capture because it sounded like there was a bit of a shift in your tone there with respect to projects starting to move forward and to scale. So I want to know, one, is that accurate? Two, have you seen any change or have you put any change in your CCUS strategy? And how about an update on your kind of commercialization of some of the newer technologies in carbon capture?

洛倫佐，我想回顧一下碳捕獲問題，因為聽起來你的語氣在專案開始向前推進和擴大規模方面發生了一些轉變。所以我想知道，第一，這準確嗎？第二，您是否看到任何變化或您的 CCUS 策略是否發生了任何變化？能否介紹一下碳捕獲領域中一些新技術的商業化？

Yes, definitely, James. And as we look at what's happening, and we've been discussing for some time, the continued increasing demand for energy and the realization that we need in all of the above approach to the energy transition, it means there's a shifting focus towards emissions rather than the fuel source. And that puts the forefront CCUS. And as you know, we've been playing and participating in CCUS for many decades. But we've also been investing in CCUS capabilities. And so as we go forward, we think CCUS is going to be a first mover.

是的，絕對是，詹姆斯。當我們看到正在發生的事情時，我們已經討論了一段時間，對能源的需求持續增加，以及我們需要採取上述所有能源轉型方法的認識，這意味著重點正在轉向排放，而不是比燃料源。這就是 CCUS 的最前線。如您所知，我們幾十年來一直在玩和參與 CCUS。但我們也一直在投資 CCUS 能力。因此，隨著我們的前進，我們認為 CCUS 將成為先行者。

And as you look at our order intake also on the new energy front, you can see from last year also that a large portion of our orders was associated with carbon capture, utilization and storage. And we've got a wide array of capabilities that we've been developing. We've got the chilled ammonia process, which is for large-scale applications like power generation. We've got the mixed salt process and compact carbon capture, which is rotating bed solution, which is suitable for a smaller footprint of industrial applications.

當您查看我們在新能源方面的訂單量時，您還可以看到去年我們的訂單很大一部分與碳捕獲、利用和儲存有關。我們一直在開發一系列廣泛的功能。我們有冷凍氨工藝，適用於發電等大規模應用。我們有混合鹽工藝和緊湊型碳捕獲，這是旋轉床解決方案，適合佔地面積較小的工業應用。

And then we're also testing and piloting Mosaic materials for direct air capture technology and complementing all of this is the compression capability that we have and also storage and the knowledge of the reservoir and how to store and maintain the CO2 and compress it. So this is a theme that we see in projects that are going forward. And we think that's increasing as the year progresses and also going into the next few years. As people appreciate that it is an all of the above and we're going to need to focus more on emissions as opposed to fuel source.

然後，我們還在測試和試點用於直接空氣捕獲技術的馬賽克材料，並補充所有這些是我們擁有的壓縮能力，以及儲存和儲層知識以及如何儲存和維護二氧化碳並壓縮它。這是我們在正在進行的專案中看到的一個主題。我們認為，隨著時間的推移，這一數字正在增加，並且在未來幾年也會增加。正如人們所認識到的那樣，我們需要更多地關注排放而不是燃料來源。

Great. And then maybe a follow-up on the all of the above comment. Lorenzo, wouldn't you have relationships with all the major tech companies, and they're trying to scale data centers and that's being supercharged by AI. It seems to me that renewable deployment is not going to be able to keep up with that. So we're going to have to go towards some type of fossil fuels, and it sounds like gas is the one they're targeting. But all of these data center providers beginning to at least acknowledge that reality that for some period of time, we're going to have to build out potentially is more gas infrastructure to support this because the power generation needs are running well ahead of renewable or cleaner fuel sources?

偉大的。然後也許是對上述所有評論的後續行動。洛倫佐，你難道不會與所有主要科技公司建立關係嗎？在我看來，再生能源的部署將無法跟上這一步伐。因此，我們將不得不轉向某種類型的化石燃料，聽起來天然氣就是他們的目標。但所有這些資料中心提供者至少開始承認，在一段時間內，我們將不得不建造更多的天然氣基礎設施來支持這一點，因為發電需求遠遠領先於再生能源或再生能源。燃料來源？

Yes, I'd agree with you that there's a growing realization that there's a growing demand for energy, and that's being driven by some of the data centers. And look, AI provides huge benefits both internally and also from an external perspective to us internally to drive optimization for our customers, but also externally to drive growth for our equipment and the services that we provide. And that's why we like the ready gas turbines that go on natural gas today, but then can switch to hydrogen, that's also why we like the solutions that we're offering with regards to other clean power solutions. And as we talk to our customers, that's what they're looking for.

是的，我同意你的觀點，人們越來越意識到能源需求不斷增長，而這是由一些資料中心推動的。看，人工智慧在內部和外部角度都為我們提供了巨大的好處，不僅可以在內部推動客戶的優化，而且在外部也可以推動我們的設備和我們提供的服務的成長。這就是為什麼我們喜歡今天使用天然氣的現成燃氣渦輪機，但隨後可以切換到氫氣，這也是為什麼我們喜歡我們提供的其他清潔能源解決方案的解決方案。當我們與客戶交談時，這就是他們正在尋找的東西。

And if you look at the data center developers, they're all coming to a realization that there is going to be a growing need for off-grid solutions as well as distributed power generation with a view to continuing the aspect of reducing emissions. So there's also opportunities for geothermal and others where we play. And we look at it as being a growing element of our equipment portfolio and a nice segment that, again diversifies us versus others because of the portfolio that we have.

如果你看看資料中心開發商，他們都會意識到，為了繼續減少排放，對離網解決方案以及分散式發電的需求將會持續成長。因此，我們在地熱和其他領域也有機會。我們將其視為我們設備組合中不斷增長的元素，也是一個很好的細分市場，由於我們擁有的產品組合，它再次使我們相對於其他公司更加多元化。

Our next question comes from the line of Luke Lemoine from Piper Sandler.

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

The IET orders you had in 1Q put you on a nice pathway to hit the midpoint of the annual guide with GTE being the largest component. I'm sure most of the durability resides here. And you talked about some of the LNG awards outlook within GTE. But can you just talk about some of the puts and takes within the annual order guidance for IET?

您在第一季獲得的 IET 訂單為您提供了一條很好的途徑，可以達到年度指南的中點，其中 GTE 是最大的組成部分。我確信大部分耐用性都在這裡。您談到了 GTE 內的一些液化天然氣獎項前景。但您能談談 IET 年度訂單指導中的一些看跌期權嗎？

Yes, I'll kick it off here, Luke. And we remain very confident in the orders range that we provided for 2024. If you look, we started the year very positive from the orders front, booking over $2.9 billion of orders, including large awards, again from Aramco, but also from Black & Veatch for Cedar LNG. And LNG equipment will still be a portion of the orders outlook as we go through the year. And again, it was significant last year. But it's also outside of LNG. It's onshore/offshore production. It's the gas infrastructure and also coupled with the new energy.

是的，我就從這裡開始，路克。我們對2024 年提供的訂單範圍仍然非常有信心。 ) 以及Black & Inc 的大訂單。展望今年，液化天然氣設備仍將是訂單前景的一部分。再說一遍，去年這一點很重要。但它也不屬於液化天然氣範疇。這是陸上/海上生產。這是天然氣基礎設施，還有新能源。

And as you look at the guidance that we've given of new energy orders between $800 million to $1 billion and stable growth in services and Industrial Tech. So very confident in the $11.5 billion to $13.5 billion orders range and a strong pipeline of activity. And when you look at what's being heard from our customers and also what's being seen, I think growing confidence on the elements of gas infrastructure and the opportunities that we have in the multiple sectors that we play in.

當你看到我們給出的關於 8 億至 10 億美元新能源訂單以及服務和工業技術穩定增長的指導。因此對 115 億至 135 億美元的訂單範圍和強大的活動管道非常有信心。當你看到我們的客戶所聽到的以及所看到的情況時，我認為人們對天然氣基礎設施的要素以及我們在多個領域所擁有的機會越來越有信心。

Okay. And then Nancy, on getting to the 20% margins next year, there were some finer points, but the broad buckets had kind of been on productivity cost, price volume. Could you just refresh us on the drivers here and maybe the confidence around the individual pieces?

好的。然後南希，在明年達到 20% 的利潤率時，還有一些更細的點，但主要的範圍是生產力成本、價格量。您能給我們介紹一下這裡的驅動程式以及對各個部件的信心嗎？

Absolutely. We absolutely remain confident in hitting those 20% EBITDA margins, and you're starting to see some traction with a lot of the activities that have been done in the segment and continuing actions. And we do still see strength in international markets this year. We're also maintaining our outlook for high single-digit E&P CapEx. So those are good drivers as well. I would also just note that hitting that margin target does not require an acceleration of growth compared to where we already are. So that's all baked into it.

絕對地。我們絕對有信心達到 20% 的 EBITDA 利潤率，並且您開始看到該細分市場中已開展的許多活動和持續行動的一些吸引力。今年我們仍然看到國際市場的強勁勢頭。我們也維持高個位數勘探與生產資本支出的預期。所以這些也是很好的司機。我還想指出的是，與我們現有的水準相比，實現利潤率目標並不需要加速成長。所以這一切都融入其中。

Alongside that, we do have a cost-out program that we've announced with Q4 earnings, and that's really helping to reset the cost structure within the segment, reducing further duplication and becoming more efficient. I would say the team is also focused on continuing to drive more cost efficiencies around the business, and we'll see more of that come to play as 2024 unfolds.

除此之外，我們確實在第四季度收益中宣布了一項成本削減計劃，這確實有助於重置該細分市場內的成本結構，減少進一步的重複並提高效率。我想說的是，團隊也致力於持續提高業務成本效率，隨著 2024 年的到來，我們將看到更多這方面的內容發揮作用。

The other piece of it is on the SSPS side, we have higher margin activity in that backlog, and you'll see that drive up margins in '24 and '25. So overall, I would say that 20% margin target remains in place. We feel very confident on it and it doesn't require anything from market tailwinds to achieve. So that's within our control, and we continue to focus on that target.

另一部分是在 SSPS 方面，我們在積壓訂單中的利潤活動較高，您會看到這在 24 年和 25 年推高了利潤。總的來說，我想說 20% 的利潤率目標仍然存在。我們對此非常有信心，不需要任何市場順風就能實現。因此，這在我們的控制範圍內，我們將繼續專注於該目標。

Thanks, everyone, for joining the call today, and look forward to speaking to everybody soon. And I think, operator, you can close the call.

感謝大家今天加入電話會議，並期待很快與大家交談。我想，接線員，您可以結束通話了。

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

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