貝克休斯 (BKR) 2024 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Baker Hughes Company second quarter 2024 earnings call. (operator instructions) As a reminder, this conference 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 年第二季財報電話會議。 （操作員說明） 請注意，本次會議正在錄製中。

I would now like to introduce your host for today's conference, Mr. Chase Mulvehill, Vice President of Investor Relations. Please go ahead, sir.

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。請繼續，先生。

Good morning everyone, and welcome to the Baker Hughes Second Quarter Earnings Conference Call. Here with me are our Chairman and CEO, Lorenzo Simonelli, and our CFO, Nancy Buese.

大家早安，歡迎參加貝克休斯第二季財報電話會議。和我在一起的有我們的董事長兼執行長 Lorenzo Simonelli 和我們的財務長 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.

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 provide forward-lookingstatements. 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 指標的調整表可以在我們的收益報告中找到。

With that I will turn the call over to Lorenzo.

然後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。

We delivered outstanding second-quarter results, highlighted by strong operational performance across the company. Our IET performance benefited from excellent execution of its robust backlog. In OFSE, results were supported by a solid seasonal recovery in the Eastern Hemisphere, portfolio resilience in North America and added success in driving enhanced cost efficiencies across the business.

我們第二季業績出色，整個公司強勁的營運表現凸顯了這一點。我們的 IET 績效得益於其強勁積壓工作的出色執行。在 OFSE 方面，東半球強勁的季節性復甦、北美的投資組合彈性以及在推動整個業務成本效率提高方面取得的成功為業績提供了支撐。

We continue to improve our operational consistency, as this marks the sixth-consecutive quarter of meeting or exceeding the midpoint of our quarterly EBITDA guidance. As highlighted on slide 4, we had another strong quarter for orders.

我們繼續提高營運一致性，因為這標誌著連續第六個季度達到或超過我們季度 EBITDA 指導的中點。正如幻燈片 4 所強調的那樣，我們的季度訂單又表現強勁。

This is particularly evident in IET, where we booked $3.5 billion during the quarter, including a large SONATRACH award for gas-boosting in Algeria’s Hassi R’Mel gas field. This marks the highest level of non-LNG equipment quarterly bookings in the company’s history and again underscores the breadth and versatility of our IET portfolio.

這一點在 IET 中尤其明顯，我們在本季度預訂了 35 億美元，其中包括為阿爾及利亞 Hassi RäMel 氣田的天然氣增壓而獲得的巨額 SONATRACH 合約。這標誌著該公司歷史上非液化天然氣設備季度預訂量的最高水平，並再次凸顯了我們 IET 產品組合的廣度和多功能性。

We also secured two major offshore topside contracts to provide power generation systems for innovative, all-electric FPSO units, which will be installed offshore in Latin America. These awards further build on IET’s positive momentum in the offshore market.

我們還獲得了兩項重要的海上上部合同，為創新型全電動 FPSO 裝置提供發電系統，這些裝置將安裝在拉丁美洲的海上。這些獎項進一步鞏固了 IET 在離岸市場的積極勢頭。

On the digital front, Baker Hughes secure the multi-billion dollar Global Frame Agreement with bp covering all of their upstream and downstream assets. This provides an enterprise subscription for Cordant Asset Health, enabling bp to deliver reliable, efficient condition monitoring and support putting its digital optimization strategy.

在數位化方面，貝克休斯與英國石油公司簽訂了價值數十億美元的全球框架協議，涵蓋其所有上下游資產。這為 Cordant Asset Health 提供了企業訂閱，使 bp 能夠提供可靠、高效的狀態監測並支援實施其數位優化策略。

We also saw continued traction in our Gas Tech services business. Looking to backlog free multi-year service awards that totaled $500 million. This included a 25 years service agreement to support our customers offshore operations in Latin America. Our services backlog uniquely differentiates Baker Hughes, adding recurring, long-term and profitable revenue streams.

我們也看到我們的天然氣技術服務業務持續成長。希望積壓總計 5 億美元的免費多年服務獎勵。其中包括一項為期 25 年的服務協議，旨在支援我們的客戶在拉丁美洲的離岸業務。我們的服務積壓使貝克休斯脫穎而出，增加了經常性、長期和盈利的收入來源。

In the new energy, we continue to see solid order momentum. We booked record new energy orders of $445 million during the quarter, taking year to date orders to $684 million and already approaching the $750 million we booked in 2023. Considering the strong first half performance, we are trending towards the high end of this year's new energy guidance range of $800 million to $1 billion. This is another reflection of our technology differentiation and the versatility of our portfolio to provide new energy customers with innovative solutions.

在新能源領域，我們繼續看到穩固的訂單動能。我們在本季預訂了創紀錄的4.45 億美元新能源訂單，使年初至今的訂單達到6.84 億美元，已經接近我們在2023 年預訂的7.5 億美元。今年新能源訂單的高端邁進。這是我們技術差異化和產品組合多功能性的另一個體現，為新能源客戶提供創新解決方案。

In Asia Pacific, we secured a major Gas Tech & Climate Tech Solutions contract to supply, electric driven compression and power generation to a global energy operator. This will enhance gas operations and power CO2 capture to reduce the carbon intensity at the customer's LNG. facility.

在亞太地區，我們獲得了一份重要的天然氣技術和氣候技術解決方案合同，為全球能源營運商供應電力驅動的壓縮和發電。這將加強天然氣營運和動力二氧化碳捕獲，以降低客戶液化天然氣的碳強度。設施。

We also continued to build on our strategic collaboration with Air Products. In the second quarter, CTS was awarded a contract for CO2 and hydrogen compresses as well as pumps for one of Air Products hydrogen projects in North America.

我們也持續加強與空氣產品公司的策略合作。第二季度，CTS 獲得了空氣產品公司北美一個氫氣專案的二氧化碳和氫氣壓縮器以及泵浦合約。

In Germany, CTS also secured an award to provide Gasunie Deutschland with zero-emission integrated compressors, providing increased compression capacity to handle the large volumes of gas entering the network from new LNG regasification terminals.

在德國，CTS 還獲得了為 Gasunie Deutschland 提供零排放整合壓縮機的合同，提供更高的壓縮能力，以處理從新的液化天然氣再氣化終端進入網路的大量天然氣。

In July, we signed a long-term agreement to be a preferred equipment and service supplier for Wabash Valley Resources’ ammonia and carbon sequestration plant in Indiana. The project will capture and sequester 1.6 MTPA of CO2, making it one of the largest carbon-sequestration projects in the U.S. Importantly, the EPA issued Wabash Class VI permits in January of this year.

7 月，我們簽署了一份長期協議，成為印第安納州 Wabash Valley Resources 氨和碳封存工廠的首選設備和服務供應商。該計畫將捕獲並封存 1.6 MTPA 的二氧化碳，使其成為美國最大的碳封存計畫之一。

Once this project is FID’d, we have the potential to book a wide range of orders that could span across both OFSE and IET. These include compression, pumps, valves, digital hardware and software, and NovaLT turbines in IET, and sequestration analysis, CO2 flexible pipe, well construction and surface & subsurface monitoring in OFSE. This is one example of how we realize synergies between IET and OFSE, a theme we believe will become a common thread for new energy projects at Baker Hughes.

一旦該項目獲得最終投資決定，我們就有可能預訂涵蓋 OFSE 和 IET 的廣泛訂單。其中包括 IET 中的壓縮、泵浦、閥門、數位硬體和軟體以及 NovaLT 渦輪機，以及 OFSE 中的封存分析、CO2 軟管、油井施工以及地表和地下監測。這是我們如何實現 IET 和 OFSE 之間協同效應的一個例子，我們相信這個主題將成為貝克休斯新能源計畫的共同主線。

In OFSE, we received another significant Petrobras award for workover and plug and abandonment services in pre-salt and post-salt fields offshore Brazil. The multi-year project will leverage Baker Hughes’ integrated solutions portfolio to optimize performance for Petrobras.

在 OFSE，我們因巴西近海鹽下和鹽後油田的修井、堵塞和廢棄服務而獲得了巴西國家石油公司的另一個重要獎項。該多年計畫將利用貝克休斯的整合解決方案組合來優化巴西國家石油公司的表現。

Turning to our operational performance, we delivered strong second-quarter results, highlighted by 46% year-over-year EPS growth and 25% increase in EBITDA. Importantly, we again exceeded our EBITDA margin guidance, driven by outstanding execution and continued cost productivity improvements across the company.

談到我們的營運業績，我們第二季業績強勁，每股盈餘較去年同期成長 46%，稅息折舊攤提前利潤 (EBITDA) 成長 25%。重要的是，在整個公司出色的執行力和持續的成本生產力提高的推動下，我們再次超越了 EBITDA 利潤率指引。

Our efforts to structurally change the way we operate are evident in our margin performance. Overall, EBITDA margins increased almost 150 basis points year-over-year to 15.8%.

我們在結構性改變營運方式方面所做的努力在我們的利潤率表現中顯而易見。整體而言，EBITDA 利潤率年增近 150 個基點，達到 15.8%。

In OFSE, margins came in above our guidance, driven by strong performance in SSPS and the acceleration of our cost-optimization initiatives announced earlier this year. Notably, OFSE’s year-over-year incremental margins were approximately 60%, highlighting the team’s persistent focus on cost productivity.

在 SSPS 的強勁表​​現以及我們今年稍早宣布的成本優化計劃的加速推動下，OFSE 的利潤率高於我們的指導。值得注意的是，OFSE 的年利潤增量約為 60%，凸顯了該團隊對成本生產力的持續關注。

In IET, margins also exceeded our guidance. Gas Tech Equipment posted another strong quarter, with margins significantly increasing from the same period last year as we convert higher-margin backlog. In addition, Industrial Products and Solutions benefited from higher volumes and improved supply chain efficiency, with both contributing to IET’s better margin performance.

IET 的利潤率也超越了我們的指導。天然氣技術設備公司公佈了另一個強勁的季度業績，隨著我們轉換利潤率較高的積壓訂單，其利潤率較去年同期大幅成長。此外，工業產品和解決方案受益於產量的增加和供應鏈效率的提高，這兩者都有助於 IET 實現更好的利潤表現。

Turning to the macro view on slide 5. On the back of softer global demand and continued economic uncertainty, oil prices experienced some volatility during the second quarter. Yet, Brent prices still averaged $85 per barrel with support from the extension of OPEC+ production cuts, rising geopolitical risks and firming oil demand in June.

轉向幻燈片 5 中的宏觀觀點。然而，在 OPEC+ 延長減產、地緣政治風險上升以及 6 月份石油需求堅挺的支撐下，布蘭特原油平均價格仍為每桶 85 美元。

The trajectory of global economic activity, the persistence of inflation, and geopolitical risks will be key factors in determining the oil price path for the remainder of this year. Next year, the pace of OPEC+ barrels returning to the market will likely be the major determinant of oil prices.

全球經濟活動的軌跡、通膨的持續性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。明年，OPEC+石油重返市場的速度可能將成為油價的主要決定因素。

Our global upstream spending outlook for the year is revised slightly lower due to North American softness.

由於北美市場疲軟，我們今年的全球上游支出前景略有下調。

IIn North America, we previously expected the market to decline in the low-to-mid single-digit range compared to last year. Due to lower-than-expected first-half rig activity and tempered second-half expectations, we now expect year-over-year declines in North America spending to be down in the mid-single digits.

在北美，我們先前預期市場與去年相比將出現中低個位數的下滑。由於上半年鑽機活動低於預期且下半年預期有所回落，我們現在預計北美支出的年減幅將在中個位數。

With our Gulf of Mexico exposure, which is expected to demonstrate another year of solid growth, and our portfolio mix that is more tied to production, we believe that our North American revenues will outperform the market.

憑藉我們在墨西哥灣的業務（預計將展示另一年的穩健成長）以及我們與生產更緊密相關的投資組合，我們相信我們的北美收入將跑贏市場。

Across international markets, we maintain our expectations for high-single-digit growth compared to last year. The market outlook already contemplated the extension of 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.

在國際市場上，我們維持與去年相比高個位數成長的預期。市場前景已經考慮到歐佩克+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 global upstream growth to be led by Latin America and West Africa offshore markets and the Middle East – albeit at a decelerated pace. As the cycle matures, we expect our customers to increasingly focus on optimizing production from existing assets, providing significant growth opportunities for our mature assets solutions. This leverages our decades of experience, deep domain knowledge and industry-leading technologies, including Leucipa™ and coveted franchises in both upstream chemicals and artificial lift.

展望 2024 年以後，我們預計全球上游成長將由拉丁美洲、西非離岸市場和中東引領，儘管成長速度有所放緩。隨著週期的成熟，我們預期客戶將越來越注重優化現有資產的生產，為我們成熟的資產解決方案提供重大成長機會。這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™ 以及令人垂涎的上游化學品和人工舉升特許經營權。

Turning to global natural gas and LNG on slide 6. We reiterate our positive outlook for global gas markets. Earlier this year, the IEA updated its projections for electricity consumption, noting that global demand for data centers, driven by cryptocurrency and AI, could double by 2026. This robust data center growth implies its annual electricity consumption could account for 4% of global energy demand. To put this in perspective, this would equal roughly the same amount of electricity used by the entire country of Japan.

轉向幻燈片 6 上的全球天然氣和液化天然氣。今年早些時候，IEA 更新了電力消耗預測，指出在加密貨幣和人工智慧的推動下，全球對資料中心的需求到2026 年可能會翻一番。佔全球能源的4%要求。從長遠來看，這大約相當於整個日本的用電量。

We believe natural gas will be essential to meet this growing power demand, which will be additive to the growth required for new energy sources in the future. Therefore, the notable rise in generative AI could provide upside to our current expectations for natural gas demand to increase by almost 20% between now and 2040.

我們相信，天然氣對於滿足不斷增長的電力需求至關重要，這將促進未來新能源需求的成長。因此，生成式人工智慧的顯著成長可能會提高我們目前對天然氣需求從現在到 2040 年成長近 20% 的預期。

We are confident that strong underlying natural gas demand will lead to robust and sustainable growth in LNG. Through the end of this decade, we maintain our expectations for LNG demand to increase by mid-single digits annually, requiring an installed nameplate capacity of 800 MTPA by 2030.

我們相信，強勁的天然氣潛在需求將帶來液化天然氣的強勁和永續成長。到本十年末，我們仍然預計液化天然氣需求將每年以中個位數成長，要求到 2030 年裝置容量達到 800 MTPA。

As we highlight on the slide, year-to-date offtake contracting for LNG is 42% higher than the same period last year. With recent contracting of Middle East capacity from Asian buyers and portfolio players, we expect a record-breaking year for contracting offtake volumes.

正如我們在幻燈片中所強調的那樣，年初至今的液化天然氣承購合約比去年同期成長了 42%。隨著亞洲買家和投資組合參與者最近收縮了中東產能，我們預計今年的收縮承購量將創紀錄。

Contracting of offtake capacity is a key factor in many LNG projects reaching FID. Therefore, these recent trends only increase our confidence in the pipeline of potential projects progressing. We continue to expect global LNG FIDs of about 100 MTPA over the next three years, which would result in our installed capacity increasing by 70%. Importantly, our growing installed base of equipment brings significant aftermarket service opportunities for Baker Hughes across the lifecycle of the equipment.

承購能力合約是許多液化天然氣項目達成最終投資決定的關鍵因素。因此，這些最近的趨勢只會增加我們對潛在專案進展的信心。我們仍預計未來三年全球液化天然氣 FID 約為 100 MTPA，這將導致我們的裝置容量增加 70%。重要的是，我們不斷增長的設備安裝基礎為貝克休斯在設備的整個生命週期中帶來了重要的售後服務機會。

Turning to slide 7, I want to take a moment to reflect on the strong tailwinds outside of LNG that we are experiencing within IETs Gas Technology equipment portfolio.

轉向幻燈片 7，我想花點時間思考我們在 IET 天然氣技術設備組合中經歷的液化天然氣以外的強勁推動力。

The versatility of gas tech equipment uniquely sets Baker Hughes apart from our peers. This enables us to sell our equipment into numerous end markets outside of LNG, where we often compete and win against a diverse group of industrial companies.

天然氣技術設備的多功能性使貝克休斯在同行中脫穎而出。這使我們能夠將我們的設備銷售到液化天然氣以外的眾多終端市場，在這些市場中，我們經常與多元化的工業公司競爭並獲勝。

In the first half of this year, we have booked $6.4 billion of orders. We have about 85% associated with non-LNG equipment and services. This strength has been most notable in Gas Tech equipment, where we booked almost $1.4 billion of non-LNG orders during the quarter.

今年上半年，我們已經預訂了64億美元的訂單。我們大約 85% 與非液化天然氣設備和服務有關。這種優勢在天然氣技術設備領域最為顯著，本季我們預訂了近 14 億美元的非液化天然氣訂單。

On the back of a robust first half. We now expect Gas Tech Equipment orders outside of LNG. to exceed $3 billion for the full year, which is almost double last year's level.

上半場表現強勁。我們現在預計液化天然氣以外的天然氣技術設備訂單。全年將超過30億美元，幾乎是去年水準的兩倍。

Looking at 2024, we see an opportunity for our GTE business to capture increasing share of the addressable non-LNG market at which we expect to total $100 billion to $120 billion through 2030. This significant opportunity includes a broad set of growing end markets, including gas processing and pipeline infrastructure onshore and offshore production downstream and industrial.

展望2024 年，我們看到我們的GTE 業務有機會在可尋址的非液化天然氣市場中佔據越來越大的份額，我們預計到2030 年該市場的總額將達到1000 億至1200 億美元。一重大機會包括廣泛的不斷增長的終端市場，包括天然氣加工和管道基礎設施陸上和海上生產下游和工業。

This year have experienced a notable increase in gas infrastructure orders. In the first quarter, we announced the Master Gas System 3 award with Aramco, and during the second quarter, we booked the Hassi R’Mel pipeline expansion project in Algeria that will bring gas to Europe. In total, these two projects, accounted for more than $1 billion of equipment bookings.

今年天然氣基礎設施訂單顯著增加。第一季度，我們宣布與沙特阿美公司簽訂 Master Gas System 3 合同，第二季度，我們預訂了阿爾及利亞的 Hassi RâMel 管道擴建項目，該項目將把天然氣輸送到歐洲。這兩個項目的設備預訂總額總計超過 10 億美元。

Looking over the next few years, we see continued strength in gas infrastructure opportunities across the Middle East, US, Latin America and Sub-Saharan Africa due to secular growth in global natural gas and LNG demand through at least 2040.

展望未來幾年，由於至少到 2040 年全球天然氣和液化天然氣需求的長期增長，我們預計中東、美國、拉丁美洲和撒哈拉以南非洲地區的天然氣基礎設施機會將持續強勁。

This will drive further momentum in gas infrastructure equipment orders well beyond this year and provides opportunities for Gas Tech Services, condition monitoring and pipeline inspection. A key strength of our business model is to monetize equipment cycles and leverage our growing installed base for sustainable and profitable revenue growth.

這將進一步推動今年以後天然氣基礎設施設備訂單的成長，並為天然氣技術服務、狀態監測和管道檢查提供機會。我們業務模式的一個關鍵優勢是透過設備週期貨幣化，並利用我們不斷增長的安裝基礎來實現可持續和盈利的收入成長。

Beyond gas infrastructure markets, we also expect continued strength in onshore and offshore production orders led by the FPSO market. Over the next few years, we anticipate the market awards seven to nine FPSOs per year, driven by growth in Brazil and Guiana. Longer term, recent discoveries in Namibia as Orange Basin provide growing confidence in FPSO orders outside the strong momentum we see over the next couple of years.

除了天然氣基礎設施市場之外，我們還預計以 FPSO 市場為主導的陸上和海上生產訂單將持續強勁。未來幾年，在巴西和圭亞那成長的推動下，我們預計市場每年將授予七到九艘 FPSO。從長遠來看，除了我們在未來幾年看到的強勁勢頭之外，納米比亞奧蘭治盆地的最新發現為FPSO訂單提供了越來越多的信心。

In onshore production, we are optimistic about associated processing opportunities as global gas production increases, particularly in the Middle East. One example is the Jafurah gas field where we have been previously awarded compression trains stabilizes compressors, valves, and condition monitoring for this strategic gas basin in Saudi Arabia. As this basin assets to significantly increase production, we see opportunity to book additional IET orders in the future.

在陸上生產方面，隨著全球天然氣產量的增加，特別是在中東，我們對相關加工機會感到樂觀。一個例子是 Jafurah 氣田，我們之前曾獲得該氣田的壓縮系統，為沙烏地阿拉伯這一戰略性氣田提供穩定的壓縮機、閥門和狀態監測。由於該盆地資產產量顯著增加，我們看到未來有機會預訂額外的 IET 訂單。

In refining and petrochemicals, we are also experiencing positive momentum. We see growing opportunities for refinery conversion to bio-feedstock as well as growth in ethylene and ammonia markets, driven by rising fuel, fertilizer and plastics demand.

在煉油石化領域，我們也呈現出正面的動力。我們看到，在燃料、化肥和塑膠需求不斷增長的推動下，煉油廠轉向生物原料的機會越來越多，乙烯和氨市場也成長。

We are seeing increasing power demand led by data center and electric vehicle growth. This dynamic, coupled with renewables, intermittency and planned reduction in coal fire generation capacity is expected to result in power shortages across US grid network.

我們看到資料中心和電動車成長帶動電力需求不斷成長。這種動態，再加上再生能源、間歇性和計畫減少煤火發電能力，預計將導致整個美國電網出現電力短缺。

For example, ERCOT, Texas power grid operator, has forecasted the 2030 peak summer load demand will exceed generation by 33 gigawatts. This is equivalent to the energy needed to power 25 million homes, which amounts to 10 times the number of homes in Houston.

例如，德州電網營運商ERCOT預測，2030年夏季高峰負載需求將超過發電量33吉瓦。這相當於為 2500 萬戶家庭供電所需的能源，相當於休士頓家庭數量的 10 倍。

Due to these grid reliability and availability concerns, we are experiencing increased interest in our turbomachinery technology for behind-the-meter and off-grid solutions across data centres, transportation sectors such as airports and seaports, and oil & gas markets.

由於這些電網可靠性和可用性問題，我們對跨資料中心、機場和海港等運輸部門以及石油和天然氣市場的表後和離網解決方案的渦輪機械技術越來越感興趣。

Our NovaLT turbines, which can run either on natural gas or hydrogen, are the core technology for our microgrid offering. We will also benefit from increased demand for utility scale power solutions through our partnership with NET power, as well as our steam turbine generators and suite the critical CO2 technology that enable power generation through small modular reactor solutions.

我們的 NovaLT 渦輪機可以使用天然氣或氫氣運行，是我們微電網產品的核心技術。透過與 NET power 的合作，我們還將受益於對公用事業規模電力解決方案日益增長的需求，以及我們的蒸汽渦輪發電機，並採用關鍵的二氧化碳技術，透過小型模組化反應器解決方案實現發電。

Lastly, we have experienced solid growth across our brush portfolio, which includes solutions to meet the most challenging requirements for power generation, grid stabilization and decarbonization with its electric motors, synchronous generators, and condenses. As additional intermittent renewable power capacity and electrification-driven demand are added to the grid, we expect that the grid stabilization will be an area of significant growth for IET.

最後，我們的電刷產品組合實現了穩健成長，其中包括透過電動馬達、同步發電機和凝汽器滿足發電、電網穩定和脫碳最具挑戰性要求的解決方案。隨著額外的間歇性再生能源發電能力和電氣化驅動的需求加入電網，我們預計電網穩定將成為 IET 顯著成長的領域。

In summary, we are very excited by the strong tailwinds that we are seeing across our energy and industrial end markets. We remain confident in our ability to do over $11.5 billion to $13.5 billion of IET orders this year.

總之，我們對能源和工業終端市場的強勁推動力感到非常興奮。我們對今年完成 115 億至 135 億美元 IET 訂單的能力仍然充滿信心。

Before I turn the call over to Nancy, I wanted to briefly provide some highlights around the progress we are making on our emissions and the success we are having in helping our customers reduce their own emissions intensity.

在將電話轉給南希之前，我想簡要介紹一下我們在排放方面取得的進展以及我們在幫助客戶降低排放強度方面所取得的成功的一些要點。

Baker Hughes was one of the first companies in our industry to make a public commitment to a reduction in our operation emissions by 2030 and achieve net-zero by 2050. As detailed in our corporate sustainability report published in May, we remain on track to achieve these goals, and we continue to provide products and services that help our customers reduce their emissions intensity.

貝克休斯是業內首批公開承諾到 2030 年減少營運排放並在 2050 年實現淨零排放的公司之一。這些目標，我們將繼續提供產品和服務，幫助我們的客戶降低排放強度。

In IET, we have sold a number of zero-emission integrated compresses or ICLs. Also, customers are increasingly interested in a more efficient turbines, highlighted by increasing NovaLT order flow. Our Parametric's flare IQ technology is also seeing increased customer adoption. It helps to monitor, reduce and control emissions associated with flaring and covers a wide range of assets, including assisted flares associated with downstream petrochemical refinery and upstream operations.

在 IET，我們銷售了許多零排放整合壓縮器或 ICL。此外，客戶對更有效率的渦輪機越來越感興趣，NovaLT 訂單流的增加凸顯了這一點。我們的 Parametric 的 Flare IQ 技術也得到越來越多的客戶採用。它有助於監測、減少和控制與火炬燃燒相關的排放，並涵蓋廣泛的資產，包括與下游石化煉油廠和上游運營相關的輔助火炬。

In OFSE, our artificial lift product line deploy more efficient permanent magnet motors at well sites, replacing older, more emissive technology. Combining permanent magnet motor technology with Baker Hughes electrical submersible pump capabilities create differentiated solutions providing advantages for our customers and producing fewer emissions.

在 OFSE，我們的人工舉升產品線在井場部署了更有效率的永磁電機，取代了舊的、排放量更大的技術。將永磁電機技術與貝克休斯電動潛水泵功能相結合，創造出差異化的解決方案，為我們的客戶提供優勢並減少排放。

Across both segments, we have developed digital and condition monitoring solutions that enable our customers to efficiently monitor their equipment performance, highlighting any inefficiencies that drives emissions up.

在這兩個領域，我們開發了數位和狀態監控解決方案，使我們的客戶能夠有效監控其設備性能，突顯任何導致排放增加的低效率。

Our customers across really focused on reducing their emissions, and we have a broad suite of products to help them on this journey.

我們的客戶真正專注於減少排放，我們擁有一系列廣泛的產品來幫助他們完成這趟旅程。

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 9 with an overview of our consolidated results and then speak to segment details. Before summarizing our outlook.

謝謝，洛倫佐。我將從幻燈片 9 開始概述我們的綜合結果，然後討論細分市場的詳細資訊。在總結我們的展望之前。

We're extremely pleased with our second quarter results. Our operational discipline and rigor are gaining traction, highlighted by our consistent improvement in EBITDA, margins and returns in just two years, oue margins are up almost 300 basis points, a credit to our team's dedication and hard work.

我們對第二季的業績非常滿意。我們的營運紀律和嚴謹性正在獲得關注，這體現在我們的EBITDA、利潤率和回報率在短短兩年內持續改善，利潤率增長了近300 個基點，這歸功於我們團隊的奉獻和辛勤工作。

We're pleased with the strong margin performance in both OFSE and IET, resulting in adjusted EBITDA of $1.13 billion, a 25% year-over-year increase. This was driven by strong backlog conversion in both SSPS & IET, effective management of our aeroderivative supply chain tightness in Gas Tech Services, and realization of efficiency gains and productivity improvements across the business.

我們對 OFSE 和 IET 的強勁利潤表現感到滿意，調整後 EBITDA 達到 11.3 億美元，年增 25%。這是由 SSPS 和 IET 的強勁積壓訂單轉換、對天然氣技術服務中航改供應鏈緊張性的有效管理以及整個業務的效率提升和生產力提高所推動的。

GAAP operating income was $833 million. Adjusted operating income was $847 million.

GAAP 營業收入為 8.33 億美元。調整後營業收入為 8.47 億美元。

GAAP diluted earnings per share were $0.58. Excluding adjusting items, earnings per share were $0.57, an increase of 46% compared to the same quarter last year.

GAAP 稀釋後每股收益為 0.58 美元。剔除調整項目後，每股收益為0.57美元，較去年同期成長46%。

Our continued discipline resulted in corporate costs for the quarter at $83 million, down more than 20% since our transformation effort began in 2022, a testament to our multiyear focus on driving productivity and efficiency gains. Our adjusted tax rate was down slightly year over year to approximately 30% as we continue to execute our tax optimization program. We have line of sight to additional tax rate improvement opportunities and will execute on these in the coming quarters.

我們持續的紀律導致本季的企業成本為 8,300 萬美元，自 2022 年開始轉型以來下降了 20% 以上，這證明了我們多年來致力於推動生產力和效率提升。隨著我們繼續執行稅收優化計劃，調整後的稅率同比略有下降，降至約 30%。我們看到了額外的稅率改善機會，並將在未來幾季執行這些機會。

As Lorenzo mentioned, we had another quarter of strong order momentum, with total company orders of $7.5 billion, including $3.5 billion from IET. The diversity of our IET's end markets continue to support a healthy order book, which was led by the Hassi R'Mel gas pipeline boosting project and twi FPSO awards booked during the quarter.

正如 Lorenzo 所提到的，我們又一個季度保持強勁的訂單勢頭，公司訂單總額達 75 億美元，其中來自 IET 的 35 億美元。我們的 IET 終端市場的多樣性繼續支持健康的訂單簿，這主要是由 Hassi R'Mel 天然氣管道增壓項目和本季度預訂的 2 個 FPSO 合約帶動的。

Alongside a strong order book, IET RPO ended the quarter at $30.2 billion, up 10% year-over-year, and setting a new record for the company has IET RPO is now at 50% over the last five years, and OFSE RPO remained at a healthy $3.3 billion.

除了強勁的訂單之外，IET RPO 本季末達到 302 億美元，年增 10%，創下了該公司過去五年的新紀錄，IET RPO 目前為 50%，OFSE RPO 保持不變健康狀況為33 億美元。

Free cash flow came in at $106 million for the quarter, bringing our first half total to $608 million. As we've previously highlighted, we expect free cash flow to be more weighted towards the back half of the year. For the full year, we continue to target free cash flow conversion of 45% to 50%.

本季自由現金流為 1.06 億美元，使上半年總額達到 6.08 億美元。正如我們之前強調的那樣，我們預計今年下半年自由現金流的權重將更大。全年，我們繼續將自由現金流轉換目標定為 45% 至 50%。

Turning to Slide 10, our balance sheet remains strong, as we ended the second quarter with cash of $2.3 billion, net debt to EBITDA ratio of 0.9 times and liquidity of $5.3 billion.

轉向投影片 10，我們的資產負債表仍然強勁，第二季末我們的現金為 23 億美元，淨負債與 EBITDA 的比率為 0.9 倍，流動性為 53 億美元。

Let's turn to capital allocation on Slide 11. In the second quarter, we returned $375 million to shareholders. This included $209 million of dividends and $166 million of shares repurchased during the second quarter. In total, for the first half of the year, we have returned $743 million to investors.

讓我們轉向投影片 11 上的資本配置。其中包括第二季 2.09 億美元的股利和 1.66 億美元的股票回購。今年上半年，我們總共向投資者返還了 7.43 億美元。

For the full year, we remain committed to returning 60% to 80% of free cash flow to shareholders. Our primary focus is to continue growing our dividend, with increases aligned with structural growth in the company's earnings power. We will continue to utilize buybacks to reach the target range and we remain opportunistic.

全年，我們仍致力於將 60% 至 80% 的自由現金流返還給股東。我們的主要重點是繼續增加股息，並與公司獲利能力的結構性成長保持一致。我們將繼續利用回購來達到目標範圍，並且我們仍然保持機會主義。

Now I will walk you through the business segment results in more detail and provide our outlook, starting with Industrial and Energy Technology. On Slide 12.

現在，我將向您詳細介紹業務部門的業績，並從工業和能源技術開始提供我們的展望。在投影片 12 上。

For the second consecutive quarter, IET, outperformed our EBITDA guidance, mostly attributed to excellent conversion of Gas Tech Equipment backlog that drove revenue and margin upside.

IET 連續第二季跑贏了我們的 EBITDA 指引，這主要歸功於天然氣技術設備積壓訂單的出色轉化，推動了收入和利潤率的上升。

IET orders were strong at $3.5 billion, with non-LNG Gas Tech Equipment accounting for 97% of the total. Year to date, we've now booked $6.4 billion of IET orders, and we remain on track to achieve our guidance range $11.5 billion to $13.5 billion. The versatility and differentiation of the IET portfolio across industrial and energy segments remains a significant competitive advantage for Baker Hughes, allowing us to profitably grow with new customers and applications.

IET 訂單強勁，達 35 億美元，其中非液化天然氣天然氣技術設備訂單佔總數的 97%。今年迄今為止，我們已預訂了 64 億美元的 IET 訂單，並且仍有望實現 115 億至 135 億美元的指導範圍。 IET 產品組合在工業和能源領域的多功能性和差異化仍然是貝克休斯的顯著競爭優勢，使我們能夠透過新客戶和應用實現獲利成長。

CTS orders were $392 million in the second quarter, led by solid order activity in both carbon capture and hydrogen related projects. This puts CTS orders for the first half of 2024 at $585 million, supporting robust year-to-date new energy orders of $684 million.

第二季 CTS 訂單金額為 3.92 億美元，主要得益於碳捕獲和氫相關項目的強勁訂單活動。這使得 CTS 2024 年上半年的訂單達到 5.85 億美元，支撐年初至今 6.84 億美元的強勁新能源訂單。

IET RPO ended the quarter at $30.2 billion, a record level and up 10% year-on-year. This level of backlog provides exceptional revenue and earnings visibility over the coming years. As we execute our robust equipment backlog, this will significantly increase our installed base, which will then drive structural growth in our aftermarket service business well beyond 2030.

本季結束時，IET RPO 達到 302 億美元，創歷史新高，年增 10%。這種水準的積壓為未來幾年提供了卓越的收入和盈利可見度。隨著我們執行強勁的設備積壓工作，這將顯著增加我們的安裝基礎，從而推動我們的售後服務業務在 2030 年後的結構性成長。

Turning to Slide 13. IET revenue for the quarter was $3.1 billion, up 28% versus the prior year, led by a 59% increase in Gas Tech Equipment revenues as we continue to execute our record levels of backlog. We also experienced outstanding performance. Important Gas Tech Services revenues progressed in line with expectations increasing 5% versus the prior year.

轉向幻燈片 13。我們也經歷了出色的表現。重要的天然氣技術服務收入成長符合預期，較上年成長 5%。

IET EBITDA was $497 million, up 37% year-over-year. EBITDA margin increased about 100 basis points year over year to 15.9%.

IET EBITDA 為 4.97 億美元，較去年同期成長 37%。 EBITDA 利潤率年增約 100 個基點至 15.9%。

I wanted to specifically highlight the progress and Gas Tech Equipment margins, which are up about 500 basis points compared to prior year levels due to conversion of higher margin backlog, cost efficiency improvement and strong productivity gains. We also continue to see good margin expansion in our Industrial Tech business, led by Cordant, where we are benefiting from the improved output due to process enhancements and a return to normalization of our supply chain.

我想特別強調進展和天然氣技術設備的利潤率，由於較高的利潤積壓、成本效率的提高和生產力的強勁增長，與去年同期相比，該利潤率上升了約 500 個基點。在 Cordant 的帶領下，我們的工業技術業務的利潤率也持續實現良好成長，由於流程改善和供應鏈恢復正常化，我們受益於產量的提高。

Now turning to Oilfield Services & Equipment on Slide 14. The segment maintained its strong margin trajectory, keeping us on track to achieve our 20% margin target for next year. This is a testament to the work the OFSE team has done to drive cost efficiencies and maintain commercial discipline, as they remain focused on profitable growth.

現在轉向幻燈片 14 上的油田服務和設備。這證明了 OFSE 團隊在提高成本效率和維護商業紀律方面所做的工作，因為他們仍然專注於獲利成長。

Continued strength in flexibles helped to drive SSPS orders of $888 million, up 40% on a sequential basis. We expect the offshore market to remain strong and anticipate an increased order contribution from subsea tree awards in the second half of the year.

柔性產品的持續強勁推動 SSPS 訂單達到 8.88 億美元，較上季成長 40%。我們預計海上市場將保持強勁，並預計下半年海底採油樹訂單貢獻將增加。

OFSE revenue in the quarter was $4 billion, up 6% quarter over quarter.

OFSE 本季營收為 40 億美元，季增 6%。

International revenue was up 7% sequentially. We experienced continued growth across all Middle Eastern markets and a strong seasonal recovery in North Sea, where rigs returned from maintenance following the prior quarter's delays. In Latin America, we continued to experience rig reactivation delays in Mexico.

國際營收季增 7%。我們在所有中​​東市場都經歷了持續成長，北海也出現了強勁的季節性復甦，該地區的鑽井平台在上一季的延誤後完成了維護工作。在拉丁美洲，我們在墨西哥的鑽井平台重新啟動繼續出現延誤。

In North America, 3% sequential growth was entirely attributed to the Gulf of Mexico, where a sharp increase in project related activities benefited results. North America land revenue has remained relatively stable compared to first quarter, outperforming decline in rig activity due to our weighting towards production business.

在北美，3%的環比成長完全歸功於墨西哥灣，計畫相關活動的急劇增加使績效受益。與第一季相比，北美陸地收入保持相對穩定，由於我們對生產業務的重視，其表現優於鑽機活動的下降。

OFSE EBITDA in the quarter was $716 million, up 13% year over year. This was led by solid performance on both revenues and margins.

OFSE 本季 EBITDA 為 7.16 億美元，較去年同期成長 13%。這是由收入和利潤率的穩健表現所帶動的。

OFSC EBITDA margin rate was 17.8%, increasing 144 basis points year-over-year. This strong margin improvement was led by cost efficiency and productivity enhancements that we've been executing across the business. We are particularly pleased with the continued improvement in SSPS margin performance, which is now approaching low 10s

OFSC EBITDA 利潤率為 17.8%，較去年同期成長 144 個基點。利潤率的強勁成長得益於我們在整個業務範圍內實施的成本效率和生產力提高。我們對 SSPS 利潤率表現的持續改善感到特別高興，目前已接近 10 分以下

More broadly, we are clearly seeing the benefits of our transformation efforts initiated in late 2022, which are having a positive impact on our financial performance across both segments.

更廣泛地說，我們清楚地看到 2022 年底啟動的轉型努力的好處，這對我們兩個部門的財務表現產生了積極影響。

Turning to slide 15, I want to take a moment to provide more details on the actions we're taking to drive sustainable margin improvement across the company.

轉向投影片 15，我想花點時間提供有關我們為推動整個公司可持續利潤率改善而採取的行動的更多詳細資訊。

In IET, the team has adopted a process mindset that is driving a culture of improved efficiency and productivity. We are on a journey to create an efficient organization that emphasizes the elimination of waste continuous improvement and delivers more value to our customers. As highlighted by the strong margin performance so far this year, these continued optimization efforts are gaining traction across IET and are a key part of the strategy to reach our 20% margins by 2026.

在 IET，團隊採用了流程思維，推動了提高效率和生產力的文化。我們正在努力創建一個高效的組織，強調消除浪費、持續改進並為客戶提供更多價值。正如今年迄今為止強勁的利潤率表現所強調的那樣，這些持續的優化工作正在整個 IET 中獲得關注，並且是到 2026 年實現 20% 利潤率策略的關鍵部分。

In OFSE, we are focused on improving our cost competitiveness and enhancing our execution. Supply chain optimization and service delivery improvements are key strategic priorities to achieve our 20% margin targets. Commercially, we remain disciplined, ensuring we are maximizing returns and focusing on profitable growth. Combined with our leading technologies and solutions, we are now demonstrating a sustainable uplift in our OFSE margins.

在 OFSE，我們專注於提高成本競爭力和增強執行力。供應鏈優化和服務交付改善是實現 20% 利潤率目標的關鍵策略重點。在商業上，我們保持紀律，確保回報最大化並專注於獲利成長。結合我們領先的技術和解決方案，我們現在展示了 OFSE 利潤的可持續提升。

In our corporate functions, we're driving structurally lower corporate costs as we execute several projects to streamline activities, remove duplication and modernize management systems. This is improving clarity, transparency and the pace of decision making.

在我們的公司職能中，我們透過執行多個專案來簡化活動、消除重複並使管理系統現代化，從而從結構上降低公司成本。這提高了決策的清晰度、透明度和速度。

We are making significant progress in changing the way we operate. What excites me the most is what lies ahead. We still have a lot of opportunity to drive margins higher and the market tailwinds for our unique portfolio of technologies and solutions are only strengthening.

我們在改變營運方式方面取得了重大進展。最讓我興奮的是未來的事。我們仍然有很多機會提高利潤率，而且我們獨特的技術和解決方案組合的市場順風只會增強。

Next, I'd like to update you on our outlook for details of our third quarter and full year 2024 guidance are found on Slide 16. The ranges for revenue. EBITDA and D&A are shown on this slide, and I'll focus on the midpoint of our guidance.

接下來，我想向您介紹我們的最新展望，有關我們第三季度和 2024 年全年指導的詳細信息，請參見幻燈片 16。這張投影片顯示了 EBITDA 和 D&A，我將重點放在我們指導的中點。

Overall, we're increasingly bullish on the outlook for the company, in particular, our IET business. As Lorenzo highlighted this segment is benefiting from strength in multiple cycles, including LNG, gas infrastructure, offshore and new energy. Our portfolio is well-suited to capitalize on the positive momentum in each of these areas.

整體而言，我們越來越看好公司的前景，特別是我們的 IET 業務。正如洛倫佐所強調的那樣，該細分市場受益於多個週期的優勢，包括液化天然氣、天然氣基礎設施、海上和新能源。我們的投資組合非常適合利用這些領域的正面動能。

Given the tailwinds and our continued operational improvement, we expect third quarter company EBITDA of $1.2 billion at the midpoint of our guidance range.

考慮到有利因素和我們持續的營運改善，我們預計第三季公司 EBITDA 為 12 億美元，處於我們指引範圍的中點。

For IET, We expect third quarter results benefit from continued productivity enhancements and process improvements, as well as strong revenue conversion of the segments record backlog. Overall, we expect third-quarter IET EBITDA of $525 million at the midpoint of our guidance range.

對於 IET，我們預計第三季業績將受益於生產力的持續提高和流程改進，以及各部門記錄積壓的強勁收入轉換。總體而言，我們預計第三季 IET EBITDA 為 5.25 億美元，處於我們指引範圍的中點。

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 and Climate Tech Solutions.

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、天然氣技術航改供應鏈緊張的影響以及工業技術和氣候技術解決方案的營運執行。

For OFSE, we expect third-quarter results to reflect typical seasonal growth in international and flattish activity in North America. We expect third-quarter OFSE EBITDA of $760 million at the midpoint of our guidance range.

對於 OFSE，我們預計第三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。我們預計第三季 OFSE EBITDA 為 7.6 億美元，處於我們指引範圍的中點。

Factors impacting this range include the phasing of 2024 E&P budgets, SSPS backlog conversion, realization of further cost-out initiatives, and execution on larger international projects. Turning to our full-year guidance, we are increasing the midpoint of the EBITDA range by 5%, entirely attributed to strong IET performance as our OFSE EBITDA midpoint remains unchanged.

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大型國際項目的執行。談到我們的全年指導，我們將 EBITDA 範圍的中點提高了 5%，這完全歸功於 IET 的強勁表​​現，因為我們的 OFSE EBITDA 中點保持不變。

For the full-year 2024, we now expect Baker Hughes EBITDA of $4.525 billion at the midpoint of our guidance range.

對於 2024 年全年，我們目前預計貝克休斯 EBITDA 為 45.25 億美元，處於我們指導範圍的中點。

Given the strength in first half new energy orders, we now expect to end the year towards the high end of our $800 million to $1 billion range. We expect IET orders to remain at robust levels this year and maintain the guidance range between $11.5 to $13.5 billion, driven by strong momentum across all aspects of the IET portfolio.

鑑於上半年新能源訂單的強勁，我們現在預計今年底將達到 8 億至 10 億美元區間的高端。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，並將指引範圍維持在 1150 至 135 億美元之間。

As a result of robust backlog conversion and strong margin performance, we are increasing our full-year outlook for IET EBITDA to $1.965 billion at the midpoint of our guidance range. Compared to our prior guidance, this amounts to a 12% increase.

由於強勁的積壓訂單轉換和強勁的利潤率表現，我們將 IET EBITDA 的全年預期上調至 19.65 億美元，處於指導範圍的中點。與我們之前的指導相比，這相當於增加了 12%。

For OFSE, we maintain our EBITDA midpoint at $2.9 billion for our guidance range as we expect margin upside to offset lower revenue expectations in North America. In summary for Baker Hughes, we now expect the company to generate at least 20% EBITDA growth for the second consecutive year. We remain focused on execution, driving further operational improvements, and capitalizing on market tailwinds with our differentiated portfolio of products and services.

對於 OFSE，我們將 EBITDA 中點維持在 29 億美元的指引範圍內，因為我們預期利潤率上升將抵消北美較低的收入預期。總而言之，對於貝克休斯，我們現在預計該公司將連續第二年實現至少 20% 的 EBITDA 成長。我們仍然專注於執行，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。

Overall, we are very pleased with the progress demonstrated by our second-quarter results. The structural changes we are making to our business are increasingly visible in our financial performance and provide a clear path to our upgraded guidance range. We are intensely focused on driving sustainable margin improvements and remain on track to deliver 20% EBITDA margins in OFSE and IET. We are excited about the continued improvement of our business and about the future of Baker Hughes.

整體而言，我們對第二季業績所展現的進展感到非常滿意。我們對業務進行的結構性變革在我們的財務表現中越來越明顯，並為我們升級指導範圍提供了明確的途徑。我們高度重視推動永續的利潤率提高，並繼續致力於在 OFSE 和 IET 領域實現 20% 的 EBITDA 利潤率。我們對業務的持續改善和貝克休斯的未來感到興奮。

I’ll turn the call back over to Lorenzo.

我會將電話轉回洛倫佐。

Thank you, Nancy.

謝謝你，南希。

Turning to slide 18. We are exceptionally proud of the progress we have demonstrated on the margin front. EBITDA margins are expected to be in the high-teens range during the second half of this year, and 2024 is anticipated to produce Baker Hughes’ highest margin rate. Our transformation efforts are clearly driving structural improvement in underlying margins. Our progress is clear, and we are confident in our plan to achieve 20% margins for OFSE in 2025 and IET in 2026.

轉向幻燈片 18。預計今年下半年的 EBITDA 利潤率將達到十位數左右，預計 2024 年貝克休斯的利潤率將達到最高水準。我們的轉型努力顯然正在推動基礎利潤率的結構性改善。我們的進展是明確的，我們對 2025 年 OFSE 和 2026 年 IET 實現 20% 的利潤率的計劃充滿信心。

The story today of Baker Hughes is more than just improving operational performance. As I highlighted earlier, we have growth tailwinds in IET that span across multiple end markets, including gas infrastructure, LNG, FPSOs, distributed power, and new energy. Orders from these ey growth markets have been major drivers of our record equipment backlog.

貝克休斯今天的故事不僅僅是提高營運績效。正如我之前所強調的，我們在 IET 領域擁有跨越多個終端市場的成長動力，包括天然氣基礎設施、液化天然氣、浮動生產儲卸油裝置、分散式能源和新能源。這些新興市場的訂單是我們設備積壓創紀錄的主要動力。

Throughout our transformation, we have taken steps to reinforce our culture as One Baker Hughes. Our people are the driving force behind our success. We put people first and take energy forward.

在整個轉型過程中，我們採取措施強化我們作為貝克休斯之一的文化。我們的員工是我們成功的驅動力。我們以人為本，推動能源向前發展。

I'd like to conclude by thanking the Baker Hughes team for yet again delivering very strong operating results. It is a testament to the strength of our people, the culture we are building, the portfolio we have created, and the value of the Baker Hughes enterprise.

最後，我要感謝貝克休斯團隊再次取得了非常強勁的營運表現。它證明了我們員工的力量、我們正在建立的文化、我們創造的產品組合以及貝克休斯企業的價值。

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

這樣，我會將電話轉回給蔡斯。

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) Luke Lemooine, Piper Sandler.

（操作說明）Luke Lemooine、Piper Sandler。

Good morning, Lorenzo, Nancy. You had really strong margins of both segments, which I guess to some other stuff on your journey to 20% for both. We've talked about some of what has been done, but could you elaborate on the drivers from here or if it's any cost initiatives, operational enhancements that we should focus on or kind of an IET, or backlog conversion or mix?

早安，洛倫佐，南希。你們在這兩個領域的利潤率都非常高，我想這與你們在這兩個領域達到 20% 的過程中的其他一些因素有關。我們已經討論了一些已經完成的工作，但是您能否詳細說明這裡的驅動因素，或者是否有任何成本計劃、我們應該關注的運營增強或 IET、積壓轉換或混合？

Definitely, Luke. And I'm really proud of what the team's been able to accomplish. As you said at 2Q, really some great results and it's a testament to the execution that we started also back in the fall of 2022, when we went from four discrete segments into two. We had numerous changes and also we started a restructuring of taking cost out, $150 million in 2023, and really streamlining processes, reducing duplication.

絕對是，盧克。我對團隊所取得的成就感到非常自豪。正如您在第二季度所說，確實取得了一些出色的成果，這證明了我們早在 2022 年秋季就開始執行，當時我們從四個獨立的細分市場變成了兩個。我們進行了多次變革，並開始進行重組，在 2023 年削減 1.5 億美元的成本，並真正簡化流程，減少重複。

As you look at the segments in particular, I mean, IET is really on a process of continuous improvement, adopting lean mindset as they have a great backlog that they're continuing to churn out and we're increasing automation, the efficiencies of supply chain, the customer-centric approach and really delivering more value to our customers with what we have. And that volume is great for the future as well, and we're continuing to do more with it and getting the efficiencies from a margin perspective.

當你特別關注這些細分市場時，我的意思是，IET 確實處於持續改進的過程中，採用精益思維，因為他們有大量積壓訂單，正在繼續生產，而我們正在提高自動化程度和供應效率鏈，以客戶為中心的方法，並真正利用我們所擁有的資源為客戶提供更多價值。這個數量對未來來說也很重要，我們將繼續利用它做更多的事情，並從利潤的角度提高效率。

On OFSC, again, it's cost competitiveness. It's continuing to drive as you saw in the fall of '23, announcing a restructuring with taking out duplication, announcing execution, service delivery improvements, a focus on best cost country sourcing and really profitable growth as we go forward. It doesn't stop in the segments, also across the company, the structural improvements that you heard, Nancy mentioned beforehand.

對於 OFSC，這又是成本競爭力。正如你在23 年秋天看​​到的那樣，它繼續向前發展，宣布重組，消除重複，宣布執行，改進服務交付，重點關注最佳成本國家採購，並在我們前進的過程中實現真正的獲利成長。南希之前提到過，它並不僅限於各個部門，也包括整個公司，你聽到的結構性改進。

We're expecting the margin expansion to continue. As you look at '24, we're going to be up about 150 basis points, which is better than what we said previously, and we're fully committed to the 20% in OFSE in 2025 and also the 20% in IET in 2026 and very confident in our ability to achieve those. A lot of things coming together and a lot of hard work by the team.

我們預計利潤率將繼續擴大。 24 年，我們將上漲約 150 個基點，這比我們之前所說的要好，我們完全致力於 2025 年 OFSE 的 20% 以及 2025 年 IET 的 20% 2026 年，我們對實現這些目標的能力充滿信心。很多事情匯集在一起，團隊付出了很多努力。

Luke, I would just add to that. As we've indicated, we're doing a lot of fundamental work. We are changing the way we work within the company. We are building sustainable improvement. You will continue to see those margins pick up over time. Just to be clear, this is the hard work from thousands of employees across the globe and every little bit matters. And so, we're really seeing the margin improvements from many, many things. There's key drivers, but it's a great effort and a testament to all the work the teams are doing across the company.

路克，我想補充一點。正如我們所指出的，我們正在做很多基礎性工作。我們正在改變公司內部的工作方式。我們正在建立可持續的改進。隨著時間的推移，您將繼續看到這些利潤不斷上升。需要明確的是，這是全球數千名員工的辛勤工作，每一點都很重要。因此，我們確實看到了很多很多方面的利潤率提高。有一些關鍵的驅動因素，但這是一項巨大的努力，也是對整個公司團隊所做的所有工作的證明。

This is somewhat related, Nancy, but you raised your EBITDA guidance by 5% this year, and we saw some of the segment detail in the slide deck. Could you walk through some of the drivers that's pushing this higher? I mean, I know some is probably the margin expansion here, but anything else that's noteworthy?

這有點相關，南希，但您今年將 EBITDA 指導提高了 5%，我們在幻燈片中看到了一些細分市場的詳細資訊。您能否介紹一下推動這一數字更高的一些驅動因素？我的意思是，我知道有些可能是這裡的利潤擴張，但還有什麼值得注意的嗎？

Yes. From an IET perspective, that was really the driver of the increase to guidance. So we raised the midpoint by about 12%. That's the second consecutive year of significant record EBITDA for the segment. It was really driven by stronger revenue expectations and upgrade in margins.

是的。從 IET 的角度來看，這確實是指導增加的驅動力。所以我們將中點提高了大約12%。這是該部門的 EBITDA 連續第二年創下歷史新高。這實際上是由更強勁的收入預期和利潤率提升所推動的。

And so, we believe that IET revenues will increase by about 20% this year, which is 8% above our prior guidance. That's really driven by GTE and Industrial Solutions, if those are the drivers of the margin upside. Revenue comes on the back of stronger backlog conversion, Industrial Solutions on the heels of Cordant. Great improvements there.

因此，我們認為今年 IET 收入將成長約 20%，比我們先前的指導高出 8%。如果 GTE 和工業解決方案是利潤率上升的驅動因素的話，那麼這確實是由它們推動的。營收來自強勁的積壓訂單轉換，工業解決方案緊跟著 Cordant 的腳步。那裡有很大的改進。

On the margin side, we were expecting 2024 IET margins of 16.2%, which is about 120 basis points ahead of last year and 70 basis points upgrade versus our prior outlook. Really starting to see great margin improvement on the IET side. Those are just outperforming, where we originally thought we'd be.

在利潤率方面，我們預計 2024 年 IET 利潤率為 16.2%，比去年提前約 120 個基點，比我們之前的預期上調 70 個基點。 IET 方面確實開始看到利潤率大幅提高。這些只是超出了我們最初的預期。

On the GTE side, that's -- that higher margin backlog that we've spoken about, stronger pull through and then the cost efficiencies really starting to come through. In Industrial Solutions, that's around supply chain optimization and higher volumes as well. I would note that, OFSC has remains unchanged, so still strong from what we had indicated earlier in the year.

在 GTE 方面，我們已經談到了更高的利潤積壓，更強的支撐力，然後成本效率真正開始顯現。在工業解決方案中，這也涉及供應鏈優化和更高的產量。我要指出的是，OFSC 保持不變，與我們今年早些時候表示的相比仍然強勁。

But overall, we're very happy with where we are today and our technology differentiation, our portfolio versatility is really driving performance and that's what we've indicated. I would also say is that, we're really seeing sustainable improvements that we expect to extend for quite some time.

但總的來說，我們對我們今天的處境和我們的技術差異化感到非常滿意，我們的產品組合多功能性確實推動了業績，這就是我們所表明的。我還想說的是，我們確實看到了可持續的改進，我們預計這種改進會持續相當長的一段時間。

I would also note that, with the backlog that we have and the growth in the equipment base, you're going to see even more Gas Tech Services growth opportunities over the longer-term with these backlog levels. That's really the driver for the guidance increase

我還想指出的是，隨著我們的積壓和設備基礎的成長，從長遠來看，在這些積壓水平下，您將看到更多的天然氣技術服務成長機會。這確實是指導增加的驅動因素

David Anderson, Barclays.

大衛安德森，巴克萊銀行。

Hi. Good morning, Lorenzo and Nancy. I want to follow on with Nancy you're just talking about and that was on the services side of Gas Tech. You had another big quarter in orders, IET backlog at another record level, up quite a bit over the last five years. How is that installed base translated to Gas Tech Equipment services side of the business?

你好。早安，洛倫佐和南希。我想繼續談談你剛才談到的南希，那是在天然氣技術的服務方面。訂單又一個大季度，IET 積壓訂單達到另一個創紀錄的水平，比過去五年增長了不少。此安裝基礎如何轉化為天然氣技術設備服務業務？

Given the backlog and installed base, what does this mean for kind of the growth over the next few years? You did 13% sequentially this quarter, bit higher than we were modeling. Are we at a point now where we can start thinking about this as a mid-teens growth annually? Is that a reasonable expectation from here? A lot going on in maintenance and replacement cycle. It's kind of hard for us to model that? Thanks.

考慮到積壓和安裝基礎，這對未來幾年的成長意味著什麼？本季您的業績環比成長了 13%，略高於我們的模型。我們現在是否可以開始將其視為每年十幾歲的增長？這是一個合理的期望嗎？維護和更換週期中發生了很多事情。我們建模有點困難吧？謝謝。

David, as you said, it's an impressive growth rate. Over the course of the last five years, again, a 50% growth in the RPO. I think that's a testament to the portfolio that we have of equipment that goes into critical areas. It's a key differentiator. We're not just in one aspect of an industry or market. We can cut across many. Gas Tech is a full life cycle business. I think you've got to look at it from a standpoint of razor, razor blade.

大衛，正如你所說，這是一個令人印象深刻的成長率。在過去五年中，RPO 再次成長了 50%。我認為這證明了我們擁有進入關鍵領域的設備組合。這是一個關鍵的區別因素。我們不僅限於某個產業或市場的某一方面。我們可以跨越很多。天然氣技術是一個全生命週期的業務。我認為你必須從剃刀、剃刀刀片的角度來看待它。

We've said this before, this isn't just an equipment sale, this is the ability to stay close to the customer and be with them for 20 to 30 years. That may come later than the equipment sale, but it's there. And so, we look constantly at our installed base and look at the opportunity for that services revenue stream to come through.

我們之前說過，這不僅僅是設備銷售，這是與客戶保持密切聯繫並陪伴他們20到30年的能力。這可能會晚於設備銷售，但它就在那裡。因此，我們不斷關注我們的安裝基礎，並尋找實現該服務收入流的機會。

You're starting to see it come through and it provides that long-term visibility and confidence in the sustained growth outlook that we see for the company going forward. It's under-appreciated right now, we feel, because, again, it's that aspect of an amazing backlog that's been built over five years, now starting to come out, and we've got the equipment being installed and you'll see that service stream continuing for many years to come and again being on a life cycle basis. Razor, razor blades, that's clearly a model here that we're taking forward.

你開始看到它的實現，它為我們看到的公司未來的持續成長前景提供了長期的可見性和信心。我們覺得，現在它沒有被充分重視，因為，這也是五年多來積壓的驚人積壓的一個方面，現在開始出現，我們已經安裝了設備，你會看到這項服務流將持續多年，並且再次以生命週期為基礎。剃刀，剃刀刀片，這顯然是我們正在推進的一個模型。

Maybe if I could just shift over on the OFSE side around Eastern Hemisphere. Latin America has been a bit of a mess this year. It's kind of hard to figure out which way the ball is going there. But, you outperformed overall, internationally, your peers 7% sequentially, Eastern Hemisphere is really strong, particularly in the Middle East.

也許我可以轉移到東半球的 OFSE 一側。拉丁美洲今年有點亂。很難弄清楚球的去向。但是，你們在國際上的整體表現優於同行，連續 7%，東半球確實很強大，特別是在中東。

In your guidance for high single-digit growth spending internationally for this year and then as we think into 2025, can you talk about which markets you have kind of really good lines of sight on in which you can outperform? I know Saudi is on the top of the mind. You mentioned West Africa as well. Could you just dig into that a little bit more in terms of, are these big contracts that are starting up? What gives you the confidence on that visibility over the next, let's say, 18 months?

在您對今年國際支出高個位數成長的指導以及我們對 2025 年的展望中，您能否談談您對哪些市場有真正良好的視野，可以在哪些市場上表現出色？我知道沙烏地阿拉伯是最受關注的。您也提到了西非。您能否進一步深入探討一下，這些大合約是否正在啟動？是什麼讓您對未來（比如說 18 個月）的能見度充滿信心？

Yes. Definitely, Dave. And as you said, we continue to see an outlook of high single-digit in the international market and very pleased with also the second quarter performance from a quarter-over-quarter being up 7%. Again, as we look at the marketplaces, there's the significant offshore as you look at Suriname, Namibia, Guyana that continues to be strong, Brazil. Again, you've got, as you mentioned, some of the dynamics that take place in Mexico, which will continue, no doubt.

是的。當然，戴夫。正如您所說，我們繼續看到國際市場的高個位數前景，並對第二季度環比增長 7% 的業績感到非常滿意。同樣，當我們審視市場時，您可以看到蘇利南、納米比亞、圭亞那和巴西等重要的離岸市場仍然強勁。正如您所提到的，墨西哥正在發生一些動態，毫無疑問，這種動態將會持續下去。

With the international overall, continues to be strong. Middle East is also an area of growth for us as we continue to move forward. There's several good prospects. I would look at it from a standpoint of growth in the future at a slower pace, so positive, but again decelerating as we go forward.

與國際整體來看，持續走強。隨著我們不斷前進，中東也是我們的成長地區。有幾個良好的前景。我會從未來成長的角度來看待它，以較慢的速度成長，如此積極，但隨著我們的前進，再次減速。

We remain very optimistic about the continued aspect of international growth and also the mature assets and the opportunity around mature asset solutions that we can actually provide to the company and the customers we have, and brownfield opportunities that exist, as people continue to look at increasing production. That's a sweet spot for us. As you know, we are more on the production side. We've got the chemicals. We've got the ESPs, and we've got the solutions also from a digital standpoint that we rolled out to the marketplace.

我們對國際成長的持續方面以及我們實際上可以向公司和我們擁有的客戶提供的成熟資產和圍繞成熟資產解決方案的機會以及現有的棕地機會非常樂觀，因為人們繼續專注於增加生產。這對我們來說是一個甜蜜的地方。如您所知，我們更多的是在生產方面。我們有化學品。我們已經有了 ESP，我們也從數位角度得到了向市場推出的解決方案。

James West, Evercore.

詹姆斯·韋斯特，埃弗科。

Thanks. Good morning, Lorenzo and Nancy. Clearly from your prepared remarks and some of the comments made already in the Q&A, you guys are feeling good momentum. That's great to hear. Perhaps the first question for me, Lorenzo, if we think about the really with an unappreciated part of your business is leverage to the behind the meter.

謝謝。早安，洛倫佐和南希。從你們準備好的發言和問答中已經發表的一些評論來看，顯然你們感覺勢頭良好。聽到這個消息我很高興。洛倫佐，如果我們考慮一下您業務中真正不受重視的部分，也許我的第一個問題是對儀表後面的槓桿作用。

You mentioned some of the things, but there's micro grids, obviously the off-grid solutions and of course data centers are an opportunity that we all see going forward. Could you still elaborate on the role you see Baker and your gas technologies playing in these other solutions outside of the big LNG and other projects?

你提到了一些事情，但有微電網，顯然是離網解決方案，當然資料中心是我們都看到的未來​​機會。您還能詳細說明您認為貝克和您的天然氣技術在大型液化天然氣和其他項目之外的其他解決方案中所扮演的角色嗎？

Definitely, James. As you say, I think it's an area that's coming to the forefront and people are better appreciating the portfolio of capability that we have to help in an area where you need continuous power supply, the need for distributed power systems and we know that, that's just going to increase over time. I mean, you look at some of the predictions out there, you highlighted the data centers and the IEA says that by 2026, they're going to consume 800 terawatt hours, and that's basically a doubling of the consumption from 2022.

絕對是，詹姆斯。正如你所說，我認為這是一個正在走向前沿的領域，人們更加欣賞我們在需要持續供電、需要分散式電源系統的領域所提供的功能組合，我們知道，這就是只會隨著時間的推移而增加。我的意思是，你看一下那裡的一些預測，你強調了資料中心，IEA 表示，到 2026 年，它們將消耗 800 太瓦時，這基本上是 2022 年消耗量的兩倍。

And you need a lot of these micro-grids to help. And we've got gas turbine technology that is beneficial for those, especially on the off-grid. And it's not just the data centers, it's overall, as you look at the instability of the grid and the requirements that are being placed on the grid. A lot of people, customers are looking at off-grid solutions, and that's even evident in the Permian.

你需要很多這樣的微電網來幫忙。我們擁有對這些人有利的燃氣渦輪技術，尤其是在離網的情況下。當您查看電網的不穩定性以及對電網的要求時，這不僅僅是資料中心，而是整體。很多人、客戶都在尋找離網解決方案，這在二疊紀盆地尤其明顯。

And where brownouts are a regular occurrence and now we're seeing companies come to us and ask for off-grid solutions, and we've got modular capabilities. And on the small scale, again, we've got the NovaLT turbines. We've got the opportunity of steam cabins. We've got the SMR solutions. And then as we go larger scale and in the future, you've also got net power.

在停電經常發生的地方，現在我們看到一些公司向我們尋求離網解決方案，而我們擁有模組化功能。在小規模上，我們再次擁有 NovaLT 渦輪機。我們有蒸汽艙的機會。我們有 SMR 解決方案。然後，隨著我們規模的擴大以及未來的發展，您還將獲得淨功率。

And these are -- is a portfolio of capabilities that we can give to oil and gas, airports, shipping, and we see those as all key segments that need additional power going forward. And increasingly, they're going to off-grid solutions. So we're looking at the market, developing proposals, working with partners and ecosystems and see this as a tremendous opportunity going forward.

這些是我們可以為石油和天然氣、機場、航運提供的能力組合，我們認為這些都是未來需要額外動力的關鍵領域。他們越來越多地採用離網解決方案。因此，我們正在關注市場，制定提案，與合作夥伴和生態系統合作，並將其視為未來的巨大機會。

Great. We certainly agree with that. And maybe, Nancy, for you. We have the new range for the year. Curious about the puts and takes on cash flow, the high end of the range versus the low end of the range. What are the key drivers to either hit the high end or be towards the low end? And I know you've always talked this year about cash flow and free cash flow, especially being back-end loaded, which looks like it's going to be. But I'd love to hear -- maybe some additional color there would be great.

偉大的。我們當然同意這一點。也許，南希，適合你。我們有今年的新系列。對現金流量的看跌期權和期權、範圍的高端與範圍的低端感到好奇。達到高端或低端的關鍵驅動因素是什麼？我知道今年您一直在談論現金流和自由現金流，尤其是後端負載，看起來會如此。但我很想聽聽看——也許一些額外的顏色會很棒。

Sure. And free cash flow is always lumpy from quarter-to-quarter, and that's really why we don't guide to it by quarter, but we give you the guidance of 45% to 50% free cash flow conversion. And if you look back over the last 5 years, we're very consistent with where we have landed. And remember also that Q1 really outperformed. And so I would say what you've seen for first half of the year is exactly what we would have anticipated, and we're pleased with that.

當然。每個季度的自由現金流總是不穩定，這就是為什麼我們不按季度提供指導，但我們為您提供 45% 到 50% 自由現金流轉換的指導。如果你回顧過去五年，我們與我們所達到的目標非常一致。還要記住，第一季的表現確實出色。所以我想說，今年上半年你所看到的情況正是我們所預期的，我們對此感到滿意。

And as you mentioned, second half free cash flow is always stronger, and that's what we're anticipating again this year. It's always impacted by a few things, certainly in this quarter by timing of collections with some key customers. We always have down payments that we're not always sure when those are going to come in.

正如您所提到的，下半年自由現金流總是強勁，這也是我們今年再次預期的。它總是受到一些因素的影響，尤其是在本季度，受到一些主要客戶的收款時間的影響。我們總是有預付款，但我們並不總是確定這些預付款何時會到達。

And I would just reiterate our confidence in the 45% to 50% conversion for the year and our longer-term target remains 50% plus. And right alongside that, we would also remind, James, just the returns to shareholders. So in the first half of the year, we returned almost -- sorry, almost $750 million, which is up 50% year-over-year, and that's focused on the dividend growth and the share buyback. So we will always continue to focus on those things being an alignment, but strong conviction in our ability to get there on the free cash flow conversion.

我只想重申，我們對今年 45% 至 50% 的轉換充滿信心，而我們的長期目標仍然是 50% 以上。同時，詹姆斯，我們還要提醒股東的回報。因此，今年上半年，我們回報了幾乎——抱歉，近 7.5 億美元，同比增長 50%，主要用於股息增長和股票回購。因此，我們將始終繼續專注於這些協調一致的事情，但堅信我們有能力實現自由現金流轉換。

Arun Jayaram, JPMorgan Securities.

阿倫‧賈亞拉姆，摩根大通證券。

Lorenzo, LNG has obviously been a big part of the Baker story over the last couple of years, but we're seeing now a step change in your non-LNG orders in Gas Tech. Can you talk about some of the underlying drivers of this non-LNG growth? Do you expect it to continue and perhaps your thoughts on the setup of the IET order book as we think about the back half of the year and into 2025?

洛倫佐，液化天然氣顯然是過去幾年貝克故事的重要組成部分，但我們現在看到天然氣技術中的非液化天然氣訂單發生了重大變化。您能談談非液化天然氣成長的一些潛在驅動因素嗎？當我們考慮今年下半年和 2025 年時，您是否預計這種情況會繼續下去，也許您對 IET 訂單簿的設定有何看法？

Yes, definitely, Arun.

是的，當然，阿倫。

As you say, LNG has not gone away, and we anticipate it's going to be coming back and again, we've seen the pause in the US, but our orders continue to be strong across IET and in particular, as you look at the onshore/offshore production, as you look at gas infrastructure, and all of this plays into the ecosystem that's required around gas. And that's where we play strongly from a compression standpoint. We play strongly with the turbines that we provide.

正如你所說，液化天然氣並沒有消失，我們預計它會一次又一次地捲土重來，我們已經看到美國的暫停，但我們在整個 IET 的訂單仍然強勁，特別是當你看到陸上/海上生產，當你看看天然氣基礎設施時，所有這些都影響到天然氣所需的生態系統。從壓縮的角度來看，這就是我們的強項。我們大力利用我們提供的渦輪機。

And so as you look at the first half, $6.4 billion booked, and we see that even the second half going to be strong again. And we're affirming, as you heard from Nancy, the range. And as I look at the year, we should be around $12 billion to $12.5 billion from orders perspective. As we go forward, we'll start to see LNG come back. So this isn't an aspect of the backlog or also the industry shifting and going away.

因此，當你看上半年時，預訂了 64 億美元，我們看到即使下半年也會再次強勁。正如您從南希那裡聽到的，我們正在確認範圍。我展望今年，從訂單角度來看，我們的銷售額應該在 120 億至 125 億美元左右。隨著我們的前進，我們將開始看到液化天然氣的回歸。因此，這並不是積壓的一個方面，也不是產業轉移和消失的一個面向。

We're going to continue to see robust orders as we continue also into 2025. And it's the breadth of the portfolio that we have and the capability of having the right equipment to be installed at the right time. So we feel very good about the way in which the differentiation of the technology comes through here.

到 2025 年，我們將繼續看到強勁的訂單。因此，我們對技術差異化的實現方式感到非常滿意。

Great. And just a follow-up, Lorenzo, you and the team have booked a couple of large orders on the gas infrastructure side, in Algeria this quarter and in Saudi in 1Q. Thoughts on how this could progress, again, over the same time table over the balance of the year and into next year?

偉大的。洛倫佐，您和您的團隊在天然氣基礎設施方面預訂了幾個大訂單，本季在阿爾及利亞，第一季在沙烏地阿拉伯。關於如何在今年剩餘時間和明年的同一時間表內再次取得進展的想法？

Yes, Arun, we've often said it's the age of gas, and this is the time for natural gas. It's a plentiful resource. We know it's merits again, from an emissions perspective being lower than coal. And we think that gas has a lot of growth potential going forward. And we're seeing that also from the developments of gas infrastructure around the world as energy demand continues to be there and also people are looking for lower carbon intensity and gas is the solution.

是的，阿倫，我們常說這是天然氣時代，現在是天然氣時代。這是一個豐富的資源。從排放量低於煤炭的角度來看，我們再次知道它的優點。我們認為天然氣未來有很大的成長潛力。我們也從世界各地天然氣基礎設施的發展中看到這一點，因為能源需求持續存在，人們也在尋求較低的碳強度，而天然氣就是解決方案。

So as we go forward, we're seeing that gas production being a positive for Baker Hughes. You mentioned and highlighted the Master gas system free that was booked earlier this year. Again, there are going to be other Master gas systems required. You mentioned also Algeria Hassi R’Mel. There's going to be other countries that need that same gas infrastructure.

因此，隨著我們的前進，我們看到天然氣生產對貝克休斯來說是積極的。您提到並強調了今年早些時候預訂的免費主燃氣系統。同樣，還需要其他主氣體系統。您也提到了阿爾及利亞哈西·拉梅爾。將會有其他國家需要同樣的天然氣基礎設施。

As I talk to customers, as I go around the world, there's a common theme around gas infrastructure being needed, and we're going to have that opportunity to leverage our portfolio into that marketplace.

當我與客戶交談時，當我環遊世界時，圍繞所需的天然氣基礎設施有一個共同的主題，我們將有機會利用我們的產品組合進入該市場。

Stephen Gengaro, Stifel.

史蒂芬·根加羅，斯蒂菲爾。

Yes, I'd say, Stephen, it's a little early to provide full detail. And obviously, it's something that we continue to monitor. As we think about it at a macro level, more of the same. And as you think about Baker Hughes, continuing to grow positively and also focus on the margin trajectory that we've laid out.

是的，我想說，史蒂芬，現在提供完整的細節還為時過早。顯然，這是我們繼續監控的事情。當我們從宏觀層面思考時，更多的是相同的。當你想到貝克休斯時，它繼續積極成長，並關注我們制定的利潤軌跡。

As you think about it from an OFSE perspective, again, we've got the focus on the 20% EBITDA margins. As you look at international, we continue to see robust international growth, again, positive growth at a slower pace, but positive, and I think North America, still early days, but we do anticipate a rebound in at least the second half of '25 and from the area that it is today.

當您從 OFSE 的角度思考時，我們再次將重點放在 20% 的 EBITDA 利潤率上。就國際而言，我們繼續看到強勁的國際成長，再次以較慢的速度實現積極成長，但我認為北美仍處於早期階段，但我們確實預計至少會在下半年反彈。 。

On the IET side, again, a focus on the margin improvement. We've laid that out and that continues to be the case. And order momentum continuing. You've got LNG that, again, from the US perspective has been dampened in '24, just given the pause, we anticipate that, that will reverse, and we'll see those LNG opportunities come back. Also, the international opportunities continue to be there.

在 IET 方面，再次關注利潤率的改善。我們已經闡明了這一點，而且情況仍然如此。且訂單勢頭仍在持續。從美國的角度來看，液化天然氣在 24 年受到了抑制，只是考慮到暫停，我們預計這種情況將會逆轉，我們將看到那些液化天然氣機會回來。此外，國際機會仍然存在。

And as I just mentioned to Arun as well, the gas infrastructure, onshore, offshore production, the FPSOs and New Energy. Let's not forget the growth that we continue to see in New Energy, and we highlighted being at the upper end of our guidance on the New Energy at the $800 million to $1 billion range, and we continue to see positive momentum as we go into '25. So feeling very good, again, early days. And we'll be able to give more as we get later into '24.

正如我剛才向阿倫提到的，天然氣基礎設施、陸上、海上生產、FPSO 和新能源。我們不要忘記我們在新能源領域繼續看到的增長，我們強調，我們的新能源指導處於 8 億至 10 億美元範圍的上限，並且當我們進入‘ 25.所以，早期的感覺非常好。進入 24 年後，我們將能夠提供更多。

And just as a follow-up, you mentioned New Energy orders. Can you just give us a quick recap of the key technologies and areas that are driving the New Energy orders?

作為後續行動，您提到了新能源訂單。您能否給我們快速回顧一下推動新能源訂單的關鍵技術和領域？

Definitely. And the great thing about our portfolio, Stephen, is we're able to go across many of these New Energy projects really from the sub-surface all the way to the actually reducing the CO2 and being able to store it and being able to move it. So if you think about our capability and you look at Wabash, for example, and I highlighted Wabash in the prepared remarks.

確實。史蒂芬，我們的投資組合的偉大之處在於，我們能夠真正了解許多新能源項目，從地下一直到實際減少二氧化碳、能夠儲存它並能夠移動它。因此，如果您考慮我們的能力，例如，請看看 Wabash，我在準備好的評論中強調了 Wabash。

You've got compression pumps, you've got valves, you've got instrumentation, condition monitoring. You've got, on the OFSE side, the sequestration, feasibility analysis, well construction, you're able to measure and verify. And we have a portfolio of capabilities, both across IET and OFSE that really allows us to play a differentiated role in these projects such as Wabash.

你有壓縮幫浦、閥門、儀表、狀態監測。在 OFSE 方面，您可以進行封存、可行性分析、建井，您可以進行測量和驗證。我們擁有跨 IET 和 OFSE 的一系列能力，這確實使我們能夠在 Wabash 等項目中發揮獨特的作用。

And as you look at the New Energy orders that we booked so far this year, about 50% have been on the CO2 side. And we see CCUS continuing to be a key theme as we go forward. So feel good about New Energy and the continued momentum there, and we're uniquely positioned.

當你看看我們今年迄今為止預訂的新能源訂單時，大約 50% 是二氧化碳方面的。我們認為 CCUS 仍然是我們前進的關鍵主題。因此，對新能源及其持續發展勢頭感到滿意，我們處於獨特的地位。

Thank you. That was our last question. I will hand you back to Mr. Lorenzo Simonelli, Chairman and Chief Executive Officer, to conclude the call.

謝謝。這是我們最後一個問題。我將請主席兼執行長 Lorenzo Simonelli 先生來結束通話。

Thank you to everyone for taking the time to join our earnings call today. we look forward to speaking to you all again soon.

感謝大家抽空參加我們今天的財報電話會議。我們期待很快能再次與大家交談。

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now 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。您現在可以斷開連線。大家，祝你有美好的一天。