貝克休斯 (BKR) 2022 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Baker Hughes Company First Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to introduce your host for today's conference, Mr. Jud Bailey, Vice President of Investor Relations. Sir, you may begin.

女士們，先生們，美好的一天，歡迎參加貝克休斯公司 2022 年第一季度收益電話會議。 （操作員說明）作為提醒，此電話會議正在錄音中。我現在想介紹一下今天會議的主持人，投資者關係副總裁 Jud Bailey 先生。先生，您可以開始了。

Thank you. Good morning, everyone, and welcome to the Baker Hughes First Quarter 2022 Earnings Conference Call. Here with me are our Chairman and CEO, Lorenzo Simonelli; and our CFO, Brian Worrell. The earnings release we issued earlier today can be found on our website at bakerhughes.com.

謝謝你。大家早上好，歡迎參加貝克休斯 2022 年第一季度收益電話會議。和我在一起的是我們的董事長兼首席執行官 Lorenzo Simonelli；和我們的首席財務官 Brian Worrell。我們今天早些時候發布的收益報告可以在我們的網站 bakerhughes.com 上找到。

As a reminder, during the course of this conference call, we will provide forward-looking statements. These statements are not guarantees of future performance and involve a number of risks and assumptions. Please review our SEC filings and website for a discussion of the factors that could cause actual results to differ materially. As you know, reconciliations of operating income and other GAAP to non-GAAP measures can be found in our earnings release.

提醒一下，在本次電話會議期間，我們將提供前瞻性陳述。這些陳述不是對未來業績的保證，並且涉及許多風險和假設。請查看我們的 SEC 文件和網站，了解可能導致實際結果出現重大差異的因素的討論。如您所知，營業收入和其他公認會計原則與非公認會計原則措施的對賬可以在我們的收益發布中找到。

With that, I will turn the call over to Lorenzo.

有了這個，我會把電話轉給洛倫佐。

Thank you, Jud. Good morning, everyone, and thanks for joining us. Our first quarter results reflect operating in a very volatile market environment during the first few months of 2022. On the positive side, TPS orders were up over 100% year-over-year, with TPS book-to-bill of 2.2 as the LNG order cycle continues to unfold. We also experienced some challenges in parts of our business due to continued pressures from broader global supply chain constraints as well as some impact from the recent geopolitical events.

謝謝你，賈德。大家早上好，感謝您加入我們。我們的第一季度業績反映了 2022 年前幾個月在非常動蕩的市場環境中運營。從積極的方面來看，TPS 訂單同比增長超過 100%，其中 LNG 的 TPS 訂單出貨比為 2.2訂單週期繼續展開。由於更廣泛的全球供應鏈限制的持續壓力以及近期地緣政治事件的一些影響，我們的部分業務也遇到了一些挑戰。

As we look ahead to the rest of 2022, we see a favorable oil and gas price backdrop, as well as a dynamic operating environment with perhaps the most challenging supply chain and inflationary environment we have seen in several decades. The recent and unfortunate geopolitical events are amplifying several trends, including broad-based inflation and supply pressure for key materials, commodities and labor. These events are also driving changes on the economic front, where the world is transitioning from an era of strong economic growth to an environment that is more tenuous and likely to feature diverging economic conditions regionally.

展望 2022 年剩餘時間，我們看到有利的石油和天然氣價格背景，以及充滿活力的運營環境，供應鍊和通脹環境可能是我們幾十年來見過的最具挑戰性的。最近不幸的地緣政治事件正在放大幾個趨勢，包括基礎廣泛的通貨膨脹和關鍵材料、大宗商品和勞動力的供應壓力。這些事件也推動了經濟方面的變化，世界正在從一個強勁的經濟增長時代過渡到一個更加脆弱的環境，並且可能在區域內呈現出不同的經濟狀況。

Despite broader political uncertainty around the world, Baker Hughes is committed to helping deliver energy globally in a safe, clean and reliable manner, while also maintaining our commitment to net zero carbon emissions and leadership in the energy transition. To meet the world's energy needs in a responsible manner, we believe multiple years of spending growth will be required as well as significant increase in LNG infrastructure investment. While there is some near-term risk on the demand side, we expect global oil and gas supply to remain constrained in the coming years, which should support higher commodity prices and multiple years of spending growth from our customers.

儘管世界各地存在更廣泛的政治不確定性，貝克休斯仍致力於幫助以安全、清潔和可靠的方式在全球範圍內提供能源，同時保持我們對淨零碳排放和在能源轉型中的領導地位的承諾。為了以負責任的方式滿足世界能源需求，我們認為需要多年的支出增長以及液化天然氣基礎設施投資的顯著增加。雖然需求方面存在一些近期風險，但我們預計未來幾年全球石油和天然氣供應仍將受到限制，這將支持更高的商品價格和客戶多年的支出增長。

Recent geopolitical events have severely constrained what was already a tight global natural gas market and have refocused the world on the importance of energy security, diversity and reliability. As the world reacts to the rapid changes in the global commodity market, governments are prioritizing natural gas and LNG as a key transition and destination fuel. We continue to see a focus on prioritizing LNG from stable, lower-cost markets and locations that can provide cleaner LNG.

最近的地緣政治事件嚴重限制了本已緊張的全球天然氣市場，並使世界重新關注能源安全、多樣性和可靠性的重要性。隨著世界對全球商品市場的快速變化做出反應，各國政府正在優先考慮天然氣和液化天然氣作為關鍵的過渡和目的地燃料。我們繼續關注優先考慮來自穩定、低成本市場和能夠提供更清潔液化天然氣的地點的液化天然氣。

Given the current LNG price environment and the quickly changing dynamics, we believe that global LNG capacity will likely exceed 800 MTPA by the end of this decade to meet growing demand forecast. This compares to the current global installed base of 460 MTPA and projects under construction totaling almost 150 MTPA. In order to be operational by 2030, this additional capacity will need to reach FID by around 2025.

鑑於當前的液化天然氣價格環境和瞬息萬變的動態，我們認為到本十年末全球液化天然氣產能可能會超過 800 MTPA，以滿足不斷增長的需求預測。相比之下，目前全球安裝基數為 460 MTPA，在建項目總計近 150 MTPA。為了在 2030 年之前投入運營，這一額外產能需要在 2025 年左右達到 FID。

Despite the volatile yet improving medium-term macro environment, Baker Hughes remains focused on executing our strategy, and we continue to drive further optimization across the 2 core business areas of OFSE and IET. Earlier this year, we created Climate Technology Solutions, or CTS, and Industrial Asset Management, or IAM. The creation of these 2 groups is critical to accelerating the speed of commercial development across our key growth areas of new energy frontiers and industrials.

儘管中期宏觀環境動盪但有所改善，貝克休斯仍專注於執行我們的戰略，我們將繼續推動 OFSE 和 IET 兩個核心業務領域的進一步優化。今年早些時候，我們創建了氣候技術解決方案 (CTS) 和工業資產管理 (IAM)。這兩個集團的創建對於加快我們在新能源前沿和工業等關鍵增長領域的商業發展速度至關重要。

We continue to make steady progress in developing our Climate Technology Solutions capabilities with recent investments and partnerships in NET Power, HIF Global and the acquisition of Mosaic Materials, which features a promising direct air capture technology. Mosaic Material's science and technical expertise including their unique metal-organic framework technology provides Baker Hughes with the potential to efficiently capture low concentrations of CO2 across a number of applications.

我們通過最近在 NET Power、HIF Global 和收購 Mosaic Materials 方面的投資和合作夥伴關係，繼續在發展我們的氣候技術解決方案能力方面取得穩步進展，後者俱有有前途的直接空氣捕獲技術。 Mosaic Material 的科學和技術專長，包括其獨特的金屬有機框架技術，為貝克休斯提供了在多種應用中有效捕獲低濃度 CO2 的潛力。

NET Power is an emission-free gas-to-power technology, where Baker Hughes will develop supercritical CO2 turboexpanders and other critical pumping and compression technology. We will also bring system integration and process knowledge experience to the partnership to help accelerate the market positioning and deployment of NET Power's emission-free and low-cost electric power.

NET Power 是一種無排放的天然氣發電技術，貝克休斯將在該技術中開發超臨界 CO2 透平膨脹機和其他關鍵的泵送和壓縮技術。我們還將為合作夥伴帶來系統集成和流程知識經驗，以幫助加快NET Power無排放和低成本電力的市場定位和部署。

HIF Global develops projects in multiple geographies to produce e-fuels by blending green hydrogen and CO2. Baker Hughes is investing alongside EIG, Porsche, AME and Gemstone and will provide compressors, turbines, pumps, valves and other technology on future projects. We are also discussing how our recently acquired Mosaic Materials' DAC technology could be incorporated into these future projects. Overall, we're excited about adding another carbon capture technology to our portfolio and the potential of these 2 partnerships to open new market opportunities in clean power and low carbon fuels for Baker Hughes.

HIF Global 在多個地區開發項目，通過混合綠色氫和二氧化碳來生產電子燃料。貝克休斯與 EIG、保時捷、AME 和 Gemstone 一起投資，並將為未來的項目提供壓縮機、渦輪機、泵、閥門和其他技術。我們還在討論如何將我們最近收購的 Mosaic Materials 的 DAC 技術整合到這些未來的項目中。總體而言，我們很高興在我們的產品組合中增加另一種碳捕獲技術，以及這兩個合作夥伴關係為貝克休斯在清潔能源和低碳燃料領域開闢新市場機會的潛力。

In Industrial Asset Management, we signed an important agreement with Accenture, C3.ai and Microsoft to collaborate on the build-out of the IAM solutions offering. The partnership will focus on creating and deploying Baker Hughes IAM solutions that use digital technologies to help improve the safety, efficiency and emissions profile of industrial machines, field equipment and other physical assets. In addition to advancing our commercial efforts in CTS and IAM, we also remain focused on optimizing our broader organizational structure under the core business areas of OFSE and IET.

在工業資產管理方面，我們與埃森哲、C3.ai 和微軟簽署了一項重要協議，以合作構建 IAM 解決方案產品。該合作夥伴關係將專注於創建和部署貝克休斯 IAM 解決方案，這些解決方案使用數字技術來幫助提高工業機器、現場設備和其他有形資產的安全性、效率和排放狀況。除了推進我們在 CTS 和 IAM 方面的商業努力外，我們還繼續專注於優化我們在 OFSE 和 IET 核心業務領域下更廣泛的組織結構。

At the beginning of April, we took some steps to strengthen and better position Oilfield Services to more closely align our products, services and solutions to the life cycle of the well and, ultimately, to what our customers require. OFS will move from a product line-oriented structure to a solutions-focused business centered around well construction, completions, intervention and measurements and production solutions. In addition to the organizational changes in OFS, we were pleased to announce an agreement to acquire Altus Intervention, a leading international provider of well intervention services and downhole technology. The acquisition complements OFS' existing portfolio by enhancing our life of wealth capabilities as operators look to improve efficiencies from mature fields. Maria Claudia and the OFS team are enhancing their operating model to become more competitive, improve the speed of decision-making and capitalize on growth opportunities in the market.

4 月初，我們採取了一些措施來加強和更好地定位油田服務，以使我們的產品、服務和解決方案更緊密地適應油井的生命週期，並最終滿足客戶的需求。 OFS 將從以產品線為導向的結構轉變為以解決方案為中心的業務，該業務以油井建設、完井、干預和測量以及生產解決方案為中心。除了 OFS 的組織變革外，我們還高興地宣布了一項收購 Altus Intervention 的協議，Altus Intervention 是一家領先的國際油井干預服務和井下技術供應商。隨著運營商希望提高成熟領域的效率，此次收購通過增強我們的財富生活能力來補充 OFS 現有的投資組合。 Maria Claudia 和 OFS 團隊正在改進他們的運營模式，以提高競爭力、提高決策速度並利用市場的增長機會。

These organizational changes are important steps in the OFS' journey as customers are increasingly asking for integrated offerings and more solutions-oriented outcomes as well as a continuation of the strong productivity improvements in OFS over the past few years. As we continue to evolve Baker Hughes across the 2 business areas of OFSC and IET, we expect more meaningful synergy opportunities between TPS and DS. We are also focused on driving better returns in our OFE business as well as further synergies between OFS and OFE.

這些組織變革是 OFS 旅程中的重要步驟，因為客戶越來越多地要求集成產品和更多以解決方案為導向的成果，以及 OFS 在過去幾年中強勁的生產力提高的延續。隨著我們繼續在 OFSC 和 IET 兩個業務領域發展貝克休斯，我們預計 TPS 和 DS 之間將有更有意義的協同機會。我們還專注於提高 OFE 業務的回報，以及 OFS 和 OFE 之間的進一步協同效應。

Now I'll give you an update on each of our segments. In Oilfield Services, activity levels at the start of the year have continued to trend positively in both the international and North American markets. We also see improving visibility for stronger growth in several key areas over the rest of 2022. In the international markets, underlying activity is improving broadly with particular strength in Southeast Asia, Latin America and the Middle East.

現在，我將向您介紹我們每個細分市場的最新情況。在油田服務方面，今年年初國際和北美市場的活動水平繼續呈積極趨勢。我們還看到，在 2022 年剩餘時間裡，幾個關鍵領域的強勁增長的可見性有所提高。在國際市場上，基礎活動正在廣泛改善，東南亞、拉丁美洲和中東尤為強勁。

The uncertainty in Russia is an offset. We expect growth in most international markets to continue, with the strongest increases likely to come from the Middle East over the second half of the year and into 2023. Producers in the region are in the early stages of investing in capacity expansion and should help drive a multiyear increase in activity across the region.

俄羅斯的不確定性是一種抵消。我們預計大多數國際市場將繼續增長，最強勁的增長可能來自今年下半年和 2023 年的中東。該地區的生產商正處於投資產能擴張的早期階段，應該有助於推動整個地區的活動連續多年增加。

In North America, drilling and completion activity continues to move solidly higher with further increases expected over the course of the year. Although current oil and gas prices would normally suggest a stronger increase in activity, the combination of E&P capital discipline and industry shortages in labor and equipment is likely to keep short-term incremental increases more moderate in nature.

在北美，鑽井和完井活動繼續穩步走高，預計全年將進一步增加。儘管當前的石油和天然氣價格通常表明活動增加更強勁，但勘探與生產資本紀律以及行業勞動力和設備短缺的結合可能會使短期增量增長在性質上更加溫和。

While we are pleased with the growth in activity and the growing pipeline of work in many regions, underlying operations continue to be impacted by supply chain and inflationary pressures and most recently, disruption to our operations in Russia. Our OFS team is working extremely hard to offset these headwinds and with price increases, sourcing actions and a global team working to solve logistics constraints.

雖然我們對許多地區的活動增長和不斷增長的工作渠道感到滿意，但基礎業務繼續受到供應鍊和通脹壓力以及最近我們在俄羅斯業務中斷的影響。我們的 OFS 團隊正在努力抵消這些不利因素，並通過價格上漲、採購行動和致力於解決物流限制的全球團隊。

The product line that continues to feel the most supply chain-related pressure is our production chemicals business. where we have taken actions to enhance our sourcing and manufacturing functions. In addition to recently enacting a supply surcharge and changing out some of the leadership in our chemicals business, we are also taking steps to source and produce chemicals closer to key demand hubs with the opening of our production chemicals facility in Singapore later this year and the recently announced JV with Dussur in Saudi Arabia. As we look over the balance of the year, we remain committed to achieving a 20% EBITDA margin by the fourth quarter.

持續感受到供應鏈相關壓力最大的產品線是我們的生產化學品業務。我們已採取行動加強我們的採購和製造功能。除了最近頒布了供應附加費並改變了我們化學品業務的一些領導者外，我們還採取措施，在今年晚些時候在新加坡開設化學品生產工廠，以及在更靠近主要需求中心的地方採購和生產化學品。最近宣佈在沙特阿拉伯與 Dussur 建立合資企業。當我們回顧今年的餘額時，我們仍然致力於在第四季度實現 20% 的 EBITDA 利潤率。

Moving to TPS. The first quarter represented a continuation of the successes we achieved in 2021. TPS orders totaled $3 billion for the second consecutive quarter, driven again by strong orders in LNG. We believe that we are at the beginning of another constructive LNG cycle, which is being expedited by the current geopolitical situation, particularly for U.S. LNG projects. Our positive long-term view is also supported by the recent improvements in policy sentiment in certain parts of the world towards natural gas role within the energy transition.

轉移到 TPS。第一季度是我們在 2021 年取得的成功的延續。TPS 訂單總額連續第二個季度達到 30 億美元，這再次受到液化天然氣訂單強勁的推動。我們認為，我們正處於另一個建設性液化天然氣週期的開始，當前的地緣政治局勢正在加速這一周期，特別是對於美國液化天然氣項目而言。我們積極的長期觀點也得到了世界某些地區最近對天然氣在能源轉型中的作用的政策情緒改善的支持。

The recent EU taxonomy changes to now include natural gas as a transition fuel is an example of this, and the added need to diversify and provide energy security will likely intensify policy efforts. As these market dynamics play out, a number of projects should accelerate, and we now believe that 100 to 150 MTPA of LNG FIDs will be authorized over the next 2 years, with additional FIDs becoming more likely in 2024 and 2025.

最近歐盟分類法的變化現在將天然氣作為過渡燃料就是一個例子，多樣化和提供能源安全的額外需求可能會加強政策努力。隨著這些市場動態的發展，一些項目應該會加速發展，我們現在認為，未來 2 年將獲得 100 至 150 MTPA 的液化天然氣 FID 授權，而在 2024 年和 2025 年更有可能增加更多的 FID。

Given the strong TPS orders performance in the first quarter as well as the acceleration in timing for several LNG projects, we now expect TPS orders to increase in 2022 versus 2021. During the first quarter, we were pleased to be awarded a major order to provide an LNG system for the first phase of Venture Global's Plaquemines LNG project. We will be providing 24 modularized compression trains for the first phase of the project, and this award is part of our 70 MTPA master equipment supply agreement. The highly efficient liquefaction train system is modularized, helping to lower construction and operational costs with a plug-and-play approach that enables faster installation and first cargo.

鑑於第一季度強勁的 TPS 訂單表現以及幾個 LNG 項目的時間加快，我們現在預計 2022 年 TPS 訂單將比 2021 年增加。在第一季度，我們很高興獲得一項重要訂單，以提供Venture Global 的 Plaquemines LNG 項目第一階段的 LNG 系統。我們將為該項目的第一階段提供 24 台模塊化壓縮列車，該獎項是我們 70 MTPA 主設備供應協議的一部分。高效的液化列車系統採用模塊化設計，通過即插即用的方式幫助降低建設和運營成本，從而實現更快的安裝和第一批貨物。

This important order builds on an award in the fourth quarter of 2021 for power generation and the electrical distribution equipment for the comprehensive power island system for the Plaquemines project. The Plaquemines order follows a similar contract for VG's Calcasieu Pass LNG terminal in 2019. In 2021, Baker Hughes successfully completed delivery of the 9th and final block for Calcasieu Pass. All shipments were finalized ahead of schedule, an excellent achievement by our team. Calcasieu Pass holds the global record for the fastest construction of a large-scale greenfield LNG project moving from FID to first LNG in 29 months.

這一重要訂單建立在 2021 年第四季度授予 Plaquemines 項目綜合電力島系統的發電和配電設備的基礎之上。 Plaquemines 訂單遵循 2019 年 VG 的 Calcasieu Pass 液化天然氣接收站的類似合同。2021 年，貝克休斯成功完成了 Calcasieu Pass 的第 9 個也是最後一個區塊的交付。所有貨物都提前完成，這是我們團隊的一項卓越成就。 Calcasieu Pass 保持著 29 個月內從 FID 到第一個 LNG 的大型新建 LNG 項目建設最快的全球記錄。

Outside of LNG, we booked an award for NovaLT16 turbines, which will run on 100% hydrogen for Air Products' new net 0 blue hydrogen energy complex in Edmonton, Alberta. Our collaboration with Air Products will be critical for a net 0 future, and this order follows the award we received for advanced compression technology for the NEOM carbon-free green hydrogen project.

除了液化天然氣，我們還為 NovaLT16 渦輪機預訂了合同，該渦輪機將使用 100% 氫氣運行，用於空氣產品公司位於艾伯塔省埃德蒙頓的新淨 0 藍色氫能源綜合體。我們與空氣產品公司的合作對於未來的淨零排放至關重要，該訂單是在我們因 NEOM 無碳綠色氫項目的先進壓縮技術而獲得的獎項之後獲得的。

We were also pleased to be awarded a contract by TERNA to supply gas turbines and compressors that can run on a blend of natural gas and hydrogen for a new compression station for the Greek Natural Gas Transmission System. Baker Hughes will provide 3 compression trains deploying our NovaLT12 hydrogen-ready gas turbines and PCL compressors with the capability to transport up to 10% hydrogen for this project. The project directly supports the EU's hydrogen strategy goals to accelerate the development of clean hydrogen and show its role as a cornerstone of a climate-neutral energy system by 2050. These latest hydrogen orders build on Baker Hughes's extensive experience in developing and supplying turbomachinery equipment to compress, transport and utilize hydrogen.

我們也很高興獲得 TERNA 的合同，為希臘天然氣傳輸系統的新壓縮站提供燃氣輪機和壓縮機，這些燃氣輪機和壓縮機可以使用天然氣和氫氣的混合物運行。貝克休斯將提供 3 套壓縮列車，部署我們的 NovaLT12 氫氣就緒燃氣輪機和 PCL 壓縮機，為該項目輸送高達 10% 的氫氣。該項目直接支持歐盟的氫戰略目標，以加速清潔氫的發展，並展示其到 2050 年作為氣候中和能源系統基石的作用。這些最新的氫訂單建立在貝克休斯在開發和供應渦輪機械設備方面的豐富經驗之上壓縮、運輸和利用氫氣。

Next, on Oilfield Equipment, we are encouraged to see improving demand trends across the different business areas. Although recent world events impacted first quarter results, we remain disappointed with the overall level of profitability. At a macro level, trends in the subsea and offshore markets continue to improve. In the subsea tree and flexible pipe market, we expect a solid increase in industry awards this year as a firm commodity price outlook supports a growing pipeline of deepwater opportunities in core markets. In our international wellhead business, we also see a positive order outlook across multiple regions and particularly in the Middle East.

接下來，在油田設備方面，我們很高興看到不同業務領域的需求趨勢有所改善。儘管最近的世界事件影響了第一季度的業績，但我們仍然對整體盈利水平感到失望。在宏觀層面上，海底和離岸市場的趨勢繼續改善。在海底採油樹和軟管市場，我們預計今年行業獎項將穩步增長，因為堅挺的商品價格前景支持核心市場中不斷增長的深水機會管道。在我們的國際井口業務中，我們還看到多個地區特別是中東地區的訂單前景樂觀。

In the first quarter, we were awarded a contract in Asia to provide subsea wellheads and subsea production systems plus related services, including 12 subsea trees for a deepwater gas field. We also achieved our first award in Ivory Coast, where we will supply subsea trees, flexible flowlines and risers to develop the Baleine deepwater oil field.

第一季度，我們在亞洲獲得了一份提供海底井口和海底生產系統以及相關服務的合同，其中包括用於深水氣田的 12 棵海底採油樹。我們還在科特迪瓦獲得了第一個獎項，我們將在那裡提供海底樹木、靈活的出油管和立管，以開發 Baleine 深水油田。

In Latin America, we were pleased to build on our flexible pipe business success, securing awards for flexible pipe systems and services that will be deployed across a number of key post-salt revitalization programs, enabling increased oil recovery and extending the life of multiple subsea developments.

在拉丁美洲，我們很高興在柔性管道業務成功的基礎上再接再厲，獲得了柔性管道系統和服務的獎項，這些系統和服務將部署在許多關鍵的鹽後振興計劃中，從而提高石油採收率並延長多個海底的使用壽命事態發展。

Finally, in Digital Solutions, order activity remains solid with growth across our industrial end markets as well as improvement in the oil and gas markets. DS continues to be affected by supply chain challenges and electronic shortages, as well as continued inflationary pressures. The team is working tirelessly to manage the situation and navigate the evolving supply chain issues that have been exasperated by recent events.

最後，在數字解決方案方面，隨著我們工業終端市場的增長以及石油和天然氣市場的改善，訂單活動保持穩定。 DS 繼續受到供應鏈挑戰和電子短缺以及持續的通脹壓力的影響。該團隊正在不知疲倦地工作以管理局勢並解決因近期事件而激怒的不斷演變的供應鏈問題。

In the first quarter, we made a number of changes in the DS business as we look to improve the overall performance. We unified our unique sensor business units, Panametrics, Reuter-Stokes and Druck under 1 product line, Precision Sensors and Instrumentation, or PSI. As a combined business, PSI will better support potential investment opportunities crucial for the future development and help optimize the unique technology and commercial requirements of each brand. Unifying the businesses will also help drive better cost and operational performance.

在第一季度，我們對 DS 業務進行了一些更改，以提高整體績效。我們將我們獨特的傳感器業務部門、Panametrics、Reuter-Stokes 和 Druck 統一到 1 個產品線、精密傳感器和儀器 (PSI) 下。作為合併後的業務，PSI 將更好地支持對未來發展至關重要的潛在投資機會，並幫助優化每個品牌的獨特技術和商業需求。統一業務也將有助於提高成本和運營績效。

While we recognize that there is still more work to do, we also continue to make key personnel and operational changes across DS to drive performance, profitability and return improvements and to ensure that we have the right team in place to take this business forward.

雖然我們認識到還有更多工作要做，但我們還將繼續對整個 DS 的關鍵人員和運營進行調整，以推動業績、盈利能力和回報的改善，並確保我們擁有合適的團隊來推動這項業務的發展。

During the quarter, Bently Nevada secured an important contract with a refiner in Brazil. Our ARMS reliability OnePM solution will support the customers' operations by providing visibility on over 10,000 assets. We will be providing optimal digital strategies to support asset integrity and availability, which will lead to maintenance cost optimization and effectively enable risk management while delivering enhanced performance.

本季度，本特利內華達與巴西的一家煉油廠簽訂了一份重要合同。我們的 ARMS 可靠性 OnePM 解決方案將通過提供超過 10,000 項資產的可見性來支持客戶的運營。我們將提供最佳的數字化策略來支持資產完整性和可用性，從而優化維護成本並有效地實現風險管理，同時提供更高的性能。

Despite some of the challenges this quarter, we are optimistic on the outlook across both of our core business areas and excited about the new energy investments we are making for Baker Hughes. We believe that we are well positioned to benefit from an extended cyclical recovery in OFSE and longer-term structural growth trends in LNG, new energy and industrial asset management. Importantly, we expect to generate strong free cash flow as the cycle plays out and remain committed to returning the majority of it back to shareholders.

儘管本季度面臨一些挑戰，但我們對我們兩個核心業務領域的前景持樂觀態度，並對我們為貝克休斯進行的新能源投資感到興奮。我們相信，我們有能力從 OFSE 的長期週期性複蘇以及液化天然氣、新能源和工業資產管理的長期結構性增長趨勢中受益。重要的是，隨著周期的結束，我們預計將產生強勁的自由現金流，並繼續致力於將大部分資金返還給股東。

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

有了這個，我會把電話轉給布賴恩。

Thanks, Lorenzo. I'll begin with the total company results and then move into the segment details. Orders for the quarter were $6.8 billion, up 3% sequentially, driven by OFE and TPS, partially offset by a decrease in Digital Solutions and OFS. Year-over-year, orders were up 51%, driven by increases across all 4 segments.

謝謝，洛倫佐。我將從公司的總體業績開始，然後進入細分細節。本季度的訂單為 68 億美元，環比增長 3%，受 OFE 和 TPS 的推動，部分被數字解決方案和 OFS 的下降所抵消。訂單同比增長 51%，這得益於所有 4 個細分市場的增長。

We are particularly pleased with the orders performance in the quarter, especially in TPS, following a strong orders performance in the fourth quarter. Remaining performance obligation was $25.8 billion, up 10% sequentially. Equipment RPO ended at $9.9 billion, up 20% sequentially, and Services RPO ended at $15.9 billion, up 4% sequentially. Our total company book-to-bill ratio in the quarter was 1.4, and our equipment book-to-bill ratio in the quarter was 1.9. Revenue for the quarter was $4.8 billion, down 12% sequentially, with declines in all 4 segments. Year-over-year, revenue was up 1%, driven by increases in OFS and Digital Solutions, partially offset by decreases in OFE and TPS.

在第四季度的強勁訂單表現之後，我們對本季度的訂單表現特別滿意，尤其是在 TPS 方面。剩餘履約義務為 258 億美元，環比增長 10%。設備 RPO 以 99 億美元結束，環比增長 20%，服務 RPO 以 159 億美元結束，環比增長 4%。我們本季度的總公司訂單出貨比為 1.4，本季度我們的設備訂單出貨比為 1.9。本季度收入為 48 億美元，環比下降 12%，所有 4 個部門均出現下降。由於 OFS 和數字解決方案的增長，收入同比增長 1%，部分被 OFE 和 TPS 的下降所抵消。

Operating income for the quarter was $279 million. Adjusted operating income was $348 million, which excludes $70 million of restructuring, separation and other charges. Adjusted operating income was down 39% sequentially and up 29% year-over-year. Our adjusted operating income rate for the quarter was 7.2%, down 320 basis points sequentially. Year-over-year, our adjusted operating income rate was up 160 basis points.

本季度的營業收入為 2.79 億美元。調整後的營業收入為 3.48 億美元，其中不包括 7,000 萬美元的重組、分離和其他費用。調整後的營業收入環比下降 39%，同比增長 29%。我們本季度調整後的營業利潤率為 7.2%，環比下降 320 個基點。與去年同期相比，我們調整後的營業利潤率上升了 160 個基點。

Adjusted EBITDA in the quarter was $625 million, down 26% sequentially and up 11% year-over-year. Adjusted EBITDA rate was 12.9%, up 120 basis points year-over-year. As I will expand in a moment, our adjusted operating income and adjusted EBITDA margin rates were impacted by geopolitical events as well as broader global supply chain challenges.

本季度調整後的 EBITDA 為 6.25 億美元，環比下降 26%，同比增長 11%。調整後的 EBITDA 率為 12.9%，同比上升 120 個基點。正如我稍後會展開的那樣，我們調整後的營業收入和調整後的 EBITDA 利潤率受到地緣政治事件以及更廣泛的全球供應鏈挑戰的影響。

Corporate costs were $105 million in the quarter. For the second quarter, we expect corporate costs to be roughly flat compared to the first quarter. Depreciation and amortization expense was $277 million in the quarter. For the second quarter, we expect D&A to be slightly up compared to first quarter levels. Net interest expense was $64 million. Income tax expense in the quarter was $107 million.

本季度的企業成本為 1.05 億美元。對於第二季度，我們預計企業成本與第一季度相比大致持平。本季度折舊和攤銷費用為 2.77 億美元。對於第二季度，我們預計 D&A 將比第一季度略有上升。淨利息支出為 6400 萬美元。本季度的所得稅費用為 1.07 億美元。

GAAP diluted earnings per share was $0.08. Included in GAAP diluted earnings per share is an $85 million gain from the net change in fair value of our investment in ADNOC Drilling and a $74 million loss from the net change in fair value of our investment in C3.ai. Both are recorded in other nonoperating loss. Adjusted earnings per share were $0.15.

GAAP 攤薄後每股收益為 0.08 美元。 GAAP 稀釋每股收益包括我們對 ADNOC Drilling 投資的公允價值淨變化帶來的 8500 萬美元收益，以及我們對 C3.ai 投資的公允價值淨變化帶來的 7400 萬美元損失。兩者均計入其他營業外損失。調整後每股收益為 0.15 美元。

Turning to the cash flow statement, free cash flow in the quarter was negative $105 million. Free cash flow in the quarter was impacted by lower collections from a select number of international customers, which are largely timing related as well as a build-in inventory as we get ready to execute on our large order backlog. For the second quarter, we expect free cash flow to improve sequentially, primarily driven by higher earnings and stronger collections. We continue to expect free cash flow conversion from adjusted EBITDA to be around 50% for the year, but anticipate the majority of our free cash flow to be generated over the second half of 2022. The quarterly progression should be more in line with what we experienced during 2018 and 2019.

轉向現金流量表，本季度的自由現金流為負 1.05 億美元。本季度的自由現金流受到來自選定數量的國際客戶的較低收款的影響，這些客戶主要與時間相關，以及我們準備好執行我們的大量積壓訂單時的內置庫存。對於第二季度，我們預計自由現金流將環比改善，主要受更高的收益和更強的收款推動。我們繼續預計今年調整後 EBITDA 的自由現金流轉換率約為 50%，但預計我們的大部分自由現金流將在 2022 年下半年產生。季度進展應該更符合我們的預期經歷了 2018 年和 2019 年。

In the first quarter, we continued to execute on our share repurchase program, repurchasing 8.1 million Baker Hughes Class A shares for $236 million at an average price of just under $29 per share. As of March 31, GE's ownership of Baker Hughes Class B shares represented 4% of the total company, down from just over 11% at the end of 2021. GE's overall ownership of Class A and Class B shares was 11.4% at the end of the first quarter, down from 16.2% at the end of 2021.

第一季度，我們繼續執行股票回購計劃，以 2.36 億美元的價格回購了 810 萬股貝克休斯 A 類股票，平均價格略低於每股 29 美元。截至 3 月 31 日，通用電氣對貝克休斯 B 類股份的所有權占公司總股份的 4%，低於 2021 年底的略高於 11%。截至 2019 年底，通用電氣對 A 類和 B 類股份的總體所有權為 11.4%第一季度，低於 2021 年底的 16.2%。

Before I go into the segment results, I will comment on the current situation in Russia and how it currently factors into our broader outlook. Russia represented roughly 4% of total company revenue in the first quarter and we recently announced that we have halted all new investment in the country. Additionally, sanctions from the U.S., U.K. and the EU continue to evolve and are making ongoing operations increasingly complex and significantly more difficult. As a result, we expect erosion of our Russia-related revenues over the course of 2022, particularly in OFS. However, the pace and magnitude of this is difficult to predict given the dynamic nature of the situation. Therefore, there's a range of possible outcomes we are preparing for across our product companies.

在我進入細分結果之前，我將評論俄羅斯目前的情況以及它目前如何影響我們更廣泛的前景。俄羅斯在第一季度約占公司總收入的 4%，我們最近宣布停止在該國的所有新投資。此外，來自美國、英國和歐盟的製裁不斷演變，使正在進行的操作變得越來越複雜，難度也大大增加。因此，我們預計 2022 年我們與俄羅斯相關的收入將受到侵蝕，尤其是在 OFS 方面。然而，鑑於局勢的動態性質，很難預測其速度和幅度。因此，我們正在為我們的產品公司準備一系列可能的結果。

On broader supply chain, while we did see some areas stabilize in the first quarter, there continues to be pressure on electronics, challenges in logistics and an evolving understanding of implications due to global and geopolitical uncertainty. We remain focused on being adaptable to deliver for our customers and on our commitments.

在更廣泛的供應鏈方面，雖然我們確實看到第一季度某些領域趨於穩定，但由於全球和地緣政治的不確定性，電子產品、物流方面的挑戰以及對影響不斷發展的理解仍然面臨壓力。我們仍然專注於適應為我們的客戶和我們的承諾提供服務。

Now I will walk you through the segment results in more detail and give you our thoughts on the outlook going forward. In Oilfield Services, the team delivered a solid quarter despite some of the global challenges. OFS revenue in the quarter was $2.5 billion, down 3% sequentially. International revenue was down 7% sequentially, led by declines in the North Sea, Russia Caspian, the Middle East and Latin America. North America revenue increased 6% sequentially with solid growth in both North America land and offshore.

現在，我將向您詳細介紹細分結果，並為您提供我們對未來前景的看法。在油田服務領域，儘管面臨一些全球性挑戰，該團隊仍實現了穩健的季度業績。本季度 OFS 收入為 25 億美元，環比下降 3%。國際收入環比下降 7%，其中北海、俄羅斯里海、中東和拉丁美洲的收入下降。北美收入環比增長 6%，北美陸地和海上業務均實現穩健增長。

Operating income in the quarter was $221 million, down 14% sequentially. Operating margin rate was 8.9% with margins declining 110 basis points sequentially driven by lower volume, less favorable mix and continued inflationary pressure in the Chemicals business. Year-over-year, margins were up 230 basis points. As we look ahead to the second quarter, underlying macro fundamentals continue to improve, and we expect to see strong growth in both international and North American activity, as well as improvement in pricing. This is likely to be partially offset by weakness in Russia.

本季度營業收入為 2.21 億美元，環比下降 14%。營業利潤率為 8.9%，利潤率連續下降 110 個基點，原因是化學品業務的銷量減少、組合不利以及持續的通脹壓力。與去年同期相比，利潤率上升了 230 個基點。展望第二季度，潛在的宏觀基本面繼續改善，我們預計國際和北美活動將強勁增長，定價也將有所改善。這很可能被俄羅斯的疲軟部分抵消。

We estimate that our second quarter revenue should increase sequentially in the mid- to high single-digit range. With this revenue framework, we would expect our margins to increase by approximately 100 to 200 basis points sequentially.

我們估計我們第二季度的收入應該會在中高個位數範圍內連續增長。有了這個收入框架，我們預計我們的利潤率將連續增加約 100 至 200 個基點。

For the full year 2022, we see an improving outlook across most major markets, which is partially tempered by global supply chain and geopolitical factors. In the international market, we expect the continuation of a broad-based recovery with industry-wide activity growth in the low to mid-double digits. In North America, we expect continued activity increases with the broader market set to experience strong growth in excess of 40%.

對於 2022 年全年，我們看到大多數主要市場的前景都在改善，這在一定程度上受到全球供應鍊和地緣政治因素的影響。在國際市場，我們預計將繼續廣泛復甦，整個行業的活動增長將保持在低至中兩位數。在北美，我們預計活動將持續增加，更廣泛的市場將經歷超過 40% 的強勁增長。

Given this macro backdrop and some of the headwind considerations I noted earlier, we would expect OFS revenue to increase in the low to mid-double digits. The largest variable to this range is the number of potential outcomes in Russia. Despite this uncertainty, we still expect margin rates to increase throughout the year and continue to target 20% EBITDA margins by the fourth quarter.

鑑於這種宏觀背景和我之前提到的一些不利因素，我們預計 OFS 收入將以低至中兩位數的速度增長。這個範圍的最大變量是俄羅斯潛在結果的數量。儘管存在這種不確定性，我們仍預計全年利潤率將上升，並繼續將 EBITDA 利潤率目標定為到第四季度達到 20%。

Moving to Oilfield Equipment. Orders for the quarter were $739 million, an increase of over 100% or $394 million year-over-year. The strong orders performance was driven by SPS, supported by a large subsea tree contract in Asia, along with growth in Flexibles, Surface Pressure Control and Services. As a reminder, we removed subsea drilling systems from consolidated OFE operations when we completed the merger with MHWirth in the fourth quarter of 2021.

轉向油田設備。本季度的訂單為 7.39 億美元，同比增長超過 100% 或 3.94 億美元。強勁的訂單表現受到 SPS 的推動，並得到亞洲大型海底樹木合同的支持，以及柔性、地面壓力控制和服務的增長。提醒一下，當我們在 2021 年第四季度完成與 MHWirth 的合併時，我們從合併的 OFE 業務中移除了海底鑽井系統。

Revenue was $528 million, down 16% year-over-year, primarily driven by SPS, SPC and the removal of SDS, partially offset by growth in Services and Flexibles. Operating loss was $8 million, down $12 million year-over-year, primarily driven by lower volume in the quarter. OFE's lower revenue and operating margin in the quarter were driven by lower equipment backlog conversion in SPS. For the second quarter, we anticipate revenue to be approximately flat to up mid-single digits sequentially, depending on the timing of backlog conversion. We expect operating income to be around breakeven or slightly positive.

收入為 5.28 億美元，同比下降 16%，主要受 SPS、SPC 和 SDS 移除的推動，但部分被服務和柔性產品的增長所抵消。營業虧損為 800 萬美元，同比減少 1200 萬美元，主要是由於本季度銷量下降。 OFE 在本季度的較低收入和營業利潤率是由 SPS 中較低的設備積壓轉換推動的。對於第二季度，我們預計收入將按順序大致持平至中個位數，具體取決於積壓轉換的時間。我們預計營業收入將在盈虧平衡附近或略為正數。

For the full year 2022, we expect a recovery in offshore activity and project awards, which should help drive a solid increase in orders when adjusting for the removal of SDS. We expect OFE revenue to decline double digits, primarily driven by the deconsolidation of SDS and OFE margin rate to be in the low single-digit range.

對於 2022 年全年，我們預計海上活動和項目獎勵將恢復，這將有助於在調整取消 SDS 時推動訂單的穩健增長。我們預計 OFE 收入將下降兩位數，主要是由於 SDS 的分拆和 OFE 利潤率處於低個位數範圍內。

Next, I will cover Turbomachinery. The team delivered another strong quarter with solid execution. Orders in the quarter were $3 billion, up $1.6 billion year-over-year, a new quarterly record for TPS. Equipment orders were up $1.5 billion year-over-year, driven by a significant award to provide an LNG system for the first phase of VG's Plaquemines LNG project in North America. Service orders in the quarter were up 8% year-over-year, primarily driven by growth in contractual and transactional services, partially offset by lower order volumes and upgrades.

接下來，我將介紹渦輪機械。該團隊以穩健的執行力交付了另一個強勁的季度。本季度的訂單為 30 億美元，同比增長 16 億美元，創下了 TPS 的新季度記錄。設備訂單同比增長 15 億美元，這得益於為 VG 在北美的 Plaquemines 液化天然氣項目的第一階段提供液化天然氣系統的重大獎項。本季度的服務訂單同比增長 8%，主要受合同和交易服務增長的推動，部分被訂單量減少和升級所抵消。

Revenue for the quarter was $1.3 billion, down 9% versus the prior year. Equipment revenue was down 26%, driven by timing of project execution. Services revenue was up 6% year-over-year, driven by higher volume in upgrades, pumps and valves. Operating income for TPS was $226 million, up 9% year-over-year. Operating margin was 16.8%, up 280 basis points year-over-year. Margin rates in the first quarter were favorably impacted by higher services mix and strong cost productivity, especially on projects at or near completion.

本季度收入為 13 億美元，比去年同期下降 9%。受項目執行時間的推動，設備收入下降了 26%。受升級、泵和閥門數量增加的推動，服務收入同比增長 6%。 TPS 的營業收入為 2.26 億美元，同比增長 9%。營業利潤率為 16.8%，同比增長 280 個基點。第一季度的利潤率受到更高的服務組合和強勁的成本生產力的有利影響，尤其是在完成或接近完成的項目上。

For the second quarter, we expect revenue to be flat to up mid-single digits on a year-over-year basis driven by higher equipment volume from planned backlog conversion. With this revenue outlook, we expect TPS margin rates to be roughly flat slightly higher versus the second quarter of 2021, depending on the ultimate mix between Equipment and Services.

對於第二季度，我們預計由於計劃積壓轉換帶來的設備數量增加，收入將同比持平至中個位數。有了這種收入前景，我們預計 TPS 利潤率將與 2021 年第二季度大致持平，略高於第二季度，具體取決於設備和服務之間的最終組合。

For the full year, we expect strong growth in TPS orders versus 2021, driven by increasing LNG awards. We also continue to see a solid pipeline in our onshore/offshore production segment along with opportunities in pumps, valves and new energy areas. While we expect very strong growth in orders, revenue growth should likely range between high single digits to low double digits.

在 LNG 獎勵增加的推動下，我們預計全年 TPS 訂單將比 2021 年強勁增長。我們還繼續在陸上/海上生產領域看到堅實的管道，以及泵、閥門和新能源領域的機會。雖然我們預計訂單增長非常強勁，但收入增長可能在高個位數到低兩位數之間。

On the margin side, we continue to expect operating income margin rates to be roughly flat year-over-year in 2022, depending on the mix between Services and Equipment. As we mentioned last quarter, included in this framework is an expected increase in investments and R&D expenses that relate to our new energy and industrial growth areas.

在利潤率方面，我們繼續預計 2022 年營業收入利潤率將與去年同期基本持平，具體取決於服務和設備之間的組合。正如我們上個季度所提到的，這個框架中包含了與我們的新能源和工業增長領域相關的投資和研發費用的預期增長。

Finally, in Digital Solutions, orders for the quarter were $567 million, up 3% year-over-year. DS continues to see a strengthening market outlook and delivered growth in orders across most end markets. Sequentially, orders were down 6%, driven by typical seasonality. Revenue for the quarter was $474 million, up 1% year-over-year primarily driven by higher volumes in precision sensors and instrumentation and Waygate, partially offset by lower volume in PPS, Nexus Controls and Bently Nevada. Sequentially, revenue was down 15% driven by typical seasonality and challenges in the global environment, particularly supply chain.

最後，在數字解決方案方面，本季度的訂單為 5.67 億美元，同比增長 3%。 DS 繼續看到增強的市場前景，並在大多數終端市場實現訂單增長。由於典型的季節性因素，訂單依次下降了 6%。本季度收入為 4.74 億美元，同比增長 1%，主要受精密傳感器和儀器儀表以及 Waygate 銷量增加的推動，部分被 PPS、Nexus Controls 和 Bently Nevada 銷量下降所抵消。隨後，由於典型的季節性和全球環境中的挑戰，特別是供應鏈，收入下降了 15%。

Operating income for the quarter was $15 million, down 38% year-over-year, largely driven by headwinds from electronics, shortages, some cost inflation and COVID-19-related lockdowns in China. Sequentially, operating income was down 71%, driven by lower volume. For the second quarter, we expect to see strong sequential revenue growth and operating margin rates back into the mid-single digits. For the full year, following 5 quarters in a row of positive book-to-bill, we expect solid DS revenue growth as supply chain constraints begin to ease over the second half of the year and backlog conversion improves. With higher volumes, we expect to see strong improvements in DS margins, which should approach high single digits for the total year.

本季度的營業收入為 1500 萬美元，同比下降 38%，主要受電子產品、短缺、一些成本通脹和中國與 COVID-19 相關的封鎖等不利因素的推動。隨後，由於銷量下降，營業收入下降了 71%。對於第二季度，我們預計將看到強勁的連續收入增長和營業利潤率回到中個位數。全年而言，在連續 5 個季度實現訂單出貨量增長後，我們預計 DS 收入將穩健增長，因為下半年供應鏈限制開始緩解，積壓訂單轉化率有所改善。隨著銷量的增加，我們預計 DS 利潤率將大幅提高，全年應接近高個位數。

Overall, we have navigated a volatile environment during the quarter, delivering strong orders across the company and positioning to execute on our record backlog. Despite very troubling and challenging geopolitical events and broadly stressed global supply chains, we are confident in our ability to adapt and execute as the rest of the year unfolds.

總體而言，我們在本季度經歷了動蕩的環境，在整個公司交付了強勁的訂單，並定位於執行我們創紀錄的積壓訂單。儘管地緣政治事件非常令人不安和具有挑戰性，全球供應鏈受到廣泛壓力，但我們對隨著今年剩餘時間的展開，我們有能力適應和執行。

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

有了這個，我會把電話轉回給 Jud。

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

謝謝，布賴恩。接線員，讓我們打開問題的電話。

(Operator Instructions) Our first question coming from the line of James West with Evercore ISI.

（操作員說明）我們的第一個問題來自與 Evercore ISI 的 James West。

So Lorenzo, you had some great detail on the LNG outlook. But I was wondering if we could get a little more color from your conversations, specifically with customers as things have clearly changed pretty dramatically in the last 8 or 9 weeks as LNGs come into focus here. And if you could maybe provide us what they're saying, what their urgency level is, kind of just a little more detail on how those conversations are going and how accelerated this build-out cycle could be.

所以洛倫佐，你有一些關於液化天然氣前景的詳細信息。但我想知道我們是否可以從您的對話中獲得更多色彩，特別是與客戶的對話，因為在過去 8 或 9 週內，隨著液化天然氣成為這裡的焦點，情況顯然發生了巨大變化。如果你可以向我們提供他們在說什麼，他們的緊迫程度是什麼，只是關於這些對話如何進行以及這個擴建週期可以如何加速的更多細節。

Yes. Sure, James. And I think it's clear the unfolding situation in Europe has definitely accelerated the pace of discussions on the next wave of LNG projects aiming to take FID. We'd already started to see market momentum pick up in 2021, as country set net 0 targets and also started to realize the role of natural gas and what it would play in the energy transition.

是的。當然，詹姆斯。而且我認為很明顯，歐洲不斷發展的局勢無疑加快了下一波旨在採用 FID 的液化天然氣項目的討論步伐。我們已經開始看到 2021 年市場勢頭回升，因為國家設定了淨 0 目標，並開始意識到天然氣的作用及其在能源轉型中的作用。

Now I'd say we're arguably in the early stages in what could be a multi-year reorganizing of the global energy system. And with that, it will take time for the LNG landscape to evolve. And based on the discussions with customers, we see a significant step-up in a number of customers looking to take earlier FIDs with also increased long-term supply agreements. We now expect 100 to 150 MTPA to take FID over the next 2 years, with the potential of more FIDs in '24 and '25.

現在我要說的是，我們可以說處於全球能源系統多年重組的早期階段。因此，液化天然氣領域的發展需要時間。根據與客戶的討論，我們看到許多希望採用早期 FID 並增加長期供應協議的客戶顯著增加。我們現在預計未來 2 年將有 100 到 150 MTPA 採用 FID，24 和 25 年可能會有更多 FID。

As you know, a lot of these projects are in the U.S. So this -- U.S. should be a big bet [officially] as these redrawing of the global energy map. But also as, we look at other places such as East, Middle East, Mexico and also Asia, we're seeing increasing interest from customers. I think we're very well positioned with some interesting concepts around flexibility and also speed to market. And with our highly efficient modularized reflection train system, which again was emphasized in VG, we're helping to lower construction and operational costs with the plug-and-play approach that enables faster installation. So feeling good about the LNG outlook for the number of years.

如您所知，這些項目中有很多都在美國。因此，在重新繪製全球能源地圖時，[官方] 美國應該是一個大賭注。而且，當我們關注其他地方，如東部、中東、墨西哥和亞洲時，我們看到客戶越來越感興趣。我認為我們在一些關於靈活性和上市速度的有趣概念方面處於非常有利的位置。借助我們在 VG 中再次強調的高效模塊化反射列車系統，我們正在通過即插即用的方法幫助降低建設和運營成本，從而實現更快的安裝。所以對未來幾年的液化天然氣前景感覺良好。

And then maybe just a quick follow-up for me. You made this investment in April a few weeks ago or a week ago with HIF Global to expand, I think, eFuels. Could you maybe comment on what exactly is going on there, what that market looks like, how you see that playing out?

然後也許只是對我的快速跟進。您在幾週前或一周前與 HIF Global 進行了這項投資，以擴大我認為的 eFuels。您能否評論一下那裡到底發生了什麼，市場是什麼樣的，您如何看待這種情況？

Yes, sure, James. HIF is a great opportunity, and we're pleased to be involved with this customer, and it's another example of how collaboration can really help to drive the energy transition. HIF Global develops projects to produce eFuels by blending green hydrogen and CO2. And we've invested alongside AME, EIG, Porsche and Gemstone, great partners to really help HIF continue to develop carbon-neutral eFuel projects in the United States, Chile and Australia. With a small minority investment in this equity round, we'll be providing compressors, turbines, pumps, valves and other technology on future projects.

是的，當然，詹姆斯。 HIF 是一個很好的機會，我們很高興與這個客戶合作，這是合作如何真正有助於推動能源轉型的另一個例子。 HIF Global 開發通過混合綠色氫和二氧化碳來生產電子燃料的項目。我們與 AME、EIG、Porsche 和 Gemstone 一起投資，這些偉大的合作夥伴真正幫助 HIF 繼續在美國、智利和澳大利亞開發碳中和 eFuel 項目。通過在本輪股權中的少量投資，我們將為未來的項目提供壓縮機、渦輪機、泵、閥門和其他技術。

And I think what's interesting here is, again, as you look at electricity-based fuels or eFuels, they're clean carbon-neutral fuels produced from renewable green hydrogen and carbon dioxide taken from the atmosphere. And they can be used by existing cars and trucks without any modification to the engines, and eFuels require no new infrastructure transportation or filling station. So a good opportunity in an expanding market for us.

我認為這裡有趣的是，當你看到基於電力的燃料或電子燃料時，它們是清潔的碳中性燃料，由可再生的綠色氫和從大氣中提取的二氧化碳生產。並且它們可以被現有的汽車和卡車使用，而無需對發動機進行任何修改，並且 eFuel 不需要新的基礎設施運輸或加油站。這對我們來說是一個不斷擴大的市場的好機會。

Our next question coming from the line of Chase Mulvehill with Bank of America.

我們的下一個問題來自美國銀行的 Chase Mulvehill。

I guess kind of a follow-up question on James, a question around LNG. And obviously, you've taken up your guidance for LNG -- or sorry, for TPS orders this year based on strong LNG. So you've been guiding flat. Now you expect kind of strong order growth momentum. So I don't know if you'd want to kind of quantify what strong means.

我想這是關於詹姆斯的後續問題，一個關於液化天然氣的問題。顯然，你已經接受了對液化天然氣的指導——或者對不起，今年基於強勁液化天然氣的 TPS 訂單。所以你一直在引導平面。現在您預計會有強勁的訂單增長勢頭。所以我不知道你是否想量化一下強的含義。

And then we kind of all understand what's happening in LNG and accelerated growth opportunities here. But maybe just step back a little bit and talk about your upstream onshore, offshore order opportunities. Because it ultimately looks like the base orders related to kind of some of the onshore/offshore stuff has taken a step higher as well.

然後我們都了解液化天然氣正在發生的事情以及這裡的加速增長機會。但也許只是退後一點，談談您的上游陸上、離岸訂單機會。因為最終看起來與某些陸上/海上產品相關的基本訂單也提高了一步。

Yes, Chase. On TPS, again, we're seeing a continued order momentum that we saw start at the end of '21, and it's really accelerated in '22, primarily driven by LNG, also the new energy opportunities, even though they're smaller in nature.

是的，蔡斯。在 TPS 上，我們再次看到從 21 年底開始的持續訂單勢頭，並且在 22 年真正加速，主要由液化天然氣和新能源機會推動，儘管它們在自然。

But when you look at the LNG projects that are moving forward, as I mentioned before, and you think about the likely timing, it could translate in an order number for TPS of $8 billion to $9 billion in 2022. And importantly, based on customer discussions, we'd expect our order levels to remain elevated in 2023 as well.

但是，正如我之前提到的，當您查看正在推進的 LNG 項目並考慮可能的時機時，它可能會轉化為 2022 年 80 億至 90 億美元的 TPS 訂單數。重要的是，基於客戶討論中，我們預計我們的訂單水平在 2023 年也將保持較高水平。

As you can see, a lot of this on the LNG projects is a pull forward and also strong long-term LNG fundamentals. And we also see a continued traction in the new energy space. And as you saw again in the first quarter, we booked some awards on the new energy space, and we're still at the upper end of our 100 to 200 range as we continue to see new energy orders in 2022.

正如你所看到的，液化天然氣項目中的很多都是向前推進的，也是強勁的長期液化天然氣基本面。我們還看到新能源領域的持續吸引力。正如您在第一季度再次看到的那樣，我們在新能源領域獲得了一些獎項，而且我們仍處於 100 至 200 範圍的高端，因為我們繼續看到 2022 年的新能源訂單。

Okay. All right. That's helpful there. Nice to hear strong orders are going to continue into 2023 for TPS. The follow-up is really -- obviously, the Russia-Ukraine conflict is causing Europe and other countries to focus on energy security. Obviously, this is positive on the LNG front. But what does that ultimately mean for the energy transition? Do you think that it actually slows the pace of adoption? Does it speed it up? Like, what does it mean for energy transition?

好的。好的。那裡很有幫助。很高興聽到 TPS 的強勁訂單將持續到 2023 年。後續確實——顯然，俄烏衝突正在導致歐洲和其他國家將注意力集中在能源安全上。顯然，這在液化天然氣方面是積極的。但這對能源轉型最終意味著什麼？你認為它實際上減緩了採用的速度嗎？它會加快速度嗎？比如，這對能源轉型意味著什麼？

Yes, Chase, it's a question that many are posing. And I think the focus right now in the near term has switched to energy security, reliability and diversity. But we don't believe that sustainability goes away. And in fact, if you look at some of the policies even introduced in Germany, the 2035 Energy Plan still continues focus on sustainability.

是的，蔡斯，這是許多人提出的問題。我認為近期的重點已經轉向能源安全、可靠性和多樣性。但我們不相信可持續性會消失。事實上，如果你看看德國甚至推出的一些政策，2035 年能源計劃仍然繼續關注可持續性。

We think the current environment will actually accelerate clean energy initiatives, particularly for fuels like hydrogen, which EU is making a large part of its long-term energy plan. What we're seeing from the current situation is that you cannot become too reliant on one country or one source of energy, so diversity of supply is critical. And we think that pragmatism has come back into this discussion and the role of energy, not just renewables, but also, as we've mentioned before, gas playing a key critical role.

我們認為當前的環境實際上將加速清潔能源計劃，尤其是氫燃料等燃料，歐盟正在將其作為其長期能源計劃的很大一部分。從目前的情況來看，我們不能過於依賴一個國家或一種能源，因此供應的多樣性至關重要。我們認為實用主義已經回到了這個討論和能源的作用，不僅僅是可再生能源，而且，正如我們之前提到的，天然氣發揮著關鍵的關鍵作用。

Given the elevated commodity prices, a number of major oil companies and NOCs are going to report good profits and free cash flow. We think they'll use this to continue actually developing and accelerating their carbon -- decarbonization plans as well as healthy shareholder returns. And you can see that also with an example like Aramco with its CapEx plan that includes significant hydrogen. So we think Baker Hughes is very well positioned then with gas, LNG, hydrogen, CCUS, oil and pipelines. And we've got the technologies that are going to continue to drive this transition.

鑑於大宗商品價格上漲，一些主要石油公司和國家石油公司將報告良好的利潤和自由現金流。我們認為他們將利用這一點繼續實際開發和加速他們的碳脫碳計劃以及健康的股東回報。你也可以從一個例子中看到，比如阿美公司的資本支出計劃，其中包括大量的氫。所以我們認為貝克休斯在天然氣、液化天然氣、氫氣、CCUS、石油和管道方面的定位非常好。我們擁有將繼續推動這一轉變的技術。

Our next question coming from the line of Connor Lynagh with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Connor Lynagh。

Yes. I was hoping maybe we could talk a little bit more about Russia. So just wanted to understand, first off, the data point on the 4% of revenues. Is that already fully accounting for any ruble depreciation impacts? And so is what you're basically guiding to, to actual activity declines?

是的。我希望也許我們可以多談談俄羅斯。所以只是想首先了解收入的 4% 的數據點。這是否已經充分考慮了盧布貶值的影響？那麼你的基本指導是什麼，實際活動下降？

And I'm curious further to that, is it -- at this point, you have received notification from your customers that your activity will decline? Or is that just your expectation based on what you're seeing in the market?

而且我很好奇，是不是 - 在這一點上，您已經收到客戶的通知，您的活動將下降？或者這只是您根據您在市場上看到的預期？

Yes. Connor, to hit the first part, this does include the impact of what was going on with the ruble. And as you know, it's been down and up again and is relatively stable at this point in time. And you hit it, it represented roughly about 4% of revenues in the first quarter.

是的。康納，談到第一部分，這確實包括盧布所發生的事情的影響。如你所知，它一直在下降和上升，並且在這個時間點相對穩定。你說得對，它約佔第一季度收入的 4%。

And look, I'd say in terms of how we're thinking about it for the full year, you got to take a step back and realize that sanctions from the U.S., U.K. and EU continue to evolve and are evolving and are making ongoing operations increasingly complex and a bit more difficult. And kind of to give you some perspective on the quarter, we did see some decremental impact on EBITDA, about the same level on EBITDA as the -- as Russia represented in terms of revenue of the total company.

看，我想說的是，就我們對全年的看法而言，你必須退後一步，並意識到來自美國、英國和歐盟的製裁在不斷發展，正在不斷發展，並且正在持續進行操作越來越複雜，難度也越來越大。為了讓您對本季度有所了解，我們確實看到了對 EBITDA 的一些遞減影響，EBITDA 的水平與俄羅斯在整個公司的收入方面所代表的水平大致相同。

And it was really driven from lower volumes, from not being able to move people and assets into the country. I'd say there were also some logistical delays and delivery challenges, which largely impacted OFE in both equipment and services. And then we also saw some logistical delays and delivery challenges in TPS, primarily in services as well. So those were the 2 areas that we saw the most significant impact in the quarter from Russia.

這實際上是由於數量減少，無法將人員和資產轉移到該國。我想說還有一些後勤延誤和交付挑戰，這在很大程度上影響了 OFE 在設備和服務方面的影響。然後我們還看到了 TPS 中的一些物流延遲和交付挑戰，主要是在服務方面。因此，這些是我們在本季度看到俄羅斯影響最大的兩個領域。

And if you a step back and look at what we talked about going forward and kind of the framework that we tried to provide you for the year, we did contemplate everything that we know today and the anticipation that things are going to continue to evolve there. So based on what we talked about in terms of the revenue outlook for OFS, up low to mid-double digits, the low end really assumes that our OFS Russia operation declines over the course of the year to basically an immaterial level. So by the end of the year, really, really low there.

如果你退後一步，看看我們談論的未來和我們試圖為你提供的那種框架，我們確實考慮了我們今天所知道的一切，以及對事情將繼續在那裡發展的預期.因此，根據我們談到的 OFS 收入前景（低至中兩位數），低端確實假設我們的 OFS 俄羅斯業務在一年中下降到基本上不重要的水平。所以到今年年底，真的，真的很低。

We do have inventory in the country, but given the sanctions are unable to import key technologies for some of the services. So there will be a drop off over the course of the year, barring something unforeseen. And there will be some impacts in TPS associated with that. But look, as we get more clarity on the situation, we'll clearly react and take the appropriate cost actions to offsetting the declines in volume, which we also included in the framework that we provided you.

我們在該國確實有庫存，但鑑於製裁無法為某些服務進口關鍵技術。因此，除非出現不可預見的情況，否則全年都會出現下降。與此相關的 TPS 將會產生一些影響。但是請注意，隨著我們對情況的了解更加清楚，我們將明確做出反應並採取適當的成本行動來抵消數量的下降，我們也將其包含在我們提供給您的框架中。

And then, as you think about Russia and the impact on the global environment, we're obviously working through supply chain challenges that come with things coming out of Russia and Ukraine, or not as the case may be. And then, Connor, you got to take a look, too, there's going to be some offsetting activity increase to soak up the supply to meet the demand that goes away from potential declines in Russian output. And as you know, that's not going to be one-for-one in terms of timing.

然後，當您考慮俄羅斯及其對全球環境的影響時，我們顯然正在努力應對來自俄羅斯和烏克蘭的供應鏈挑戰，或者視情況而定。然後，康納，你也得看看，將會有一些抵消性的活動增加，以吸收供應以滿足俄羅斯產量可能下降的需求。如您所知，就時間而言，這不會是一對一的。

So we are seeing increased activity in North America. You've seen increased plans, particularly in the Middle East to invest more to bring more supply to market. So we will see some impacts from that, but there's likely to be a delay versus the impact you see in Russia.

因此，我們看到北美的活動有所增加。你已經看到了增加的計劃，特別是在中東進行更多投資以將更多供應推向市場。所以我們會從中看到一些影響，但與您在俄羅斯看到的影響相比，可能會有延遲。

Yes, thanks for all that color. The last portion you were talking about there was my follow-up. So basically, at this point, have you seen any of your major international customers alter plans or accelerate plans or indicate that they're planning to accelerate? Certainly, it seems like there is going to be some loss of Russian oil volumes to the market. I'm curious how some of these bigger companies are going to respond to that.

是的，感謝所有這些顏色。你所說的最後一部分是我的後續行動。所以基本上，在這一點上，您是否看到您的任何主要國際客戶改變計劃或加速計劃或表明他們計劃加速？當然，俄羅斯石油市場似乎會有所損失。我很好奇這些大公司中的一些將如何應對。

Yes. Yes, we are seeing customers talk about increasing their spend plan. I'd say particularly, we've seen that in the Middle East and have started to see awards increase. And I think you'll start to see some of that flow through here in the second half of the year and into '23.

是的。是的，我們看到客戶談論增加他們的支出計劃。我要特別說的是，我們已經在中東看到了這一點，並且已經開始看到獎勵增加。而且我認為你會在今年下半年開始看到其中的一些流動到 23 年。

Obviously, we talked about the outlook in North America. That's clearly a reaction to what's going on in the market and what's happening in Russia. And look, Lorenzo talked about what we're seeing in TPS orders for the year, and the situation has current -- has certainly had an impact on that.

顯然，我們談到了北美的前景。這顯然是對市場上正在發生的事情和俄羅斯正在發生的事情的反應。看，洛倫佐談到了我們在今年的 TPS 訂單中看到的情況，目前的情況 - 肯定對此產生了影響。

And ironically, a little bit, Connor, as I look at everything we're seeing right now, '23 is shaping up with some pretty good visibility, maybe even a little better than '22 because of the volatility right now. But with the backlog that we're building on the back of potentially $8 billion to $9 billion of orders in TPS with some service tailwinds, you saw service orders up in TPS 8% this quarter with strong returns and cash flow, with a lot of operators, I think you're likely to see that continue.

具有諷刺意味的是，康納，當我看到我們現在所看到的一切時，'23 正在形成相當好的可見度，由於目前的波動性，甚至可能比 '22 好一點。但是，由於我們在 TPS 潛在 80 億至 90 億美元的訂單以及一些服務順風的背景下積壓，您看到本季度的 TPS 服務訂單增長了 8%，回報和現金流強勁，有很多運營商，我認為您可能會看到這種情況繼續下去。

And then we talked about what you're seeing in the upstream space. And I talked about that timing disconnect and things coming in later, I think '23 is shaping up with pretty good visibility and is looking to be pretty strong based on what we're seeing today. So look, we'll manage through the volatility in '22, but I think we're positioning things to be able to take advantage of the broader context of things going on in the marketplace across the portfolio.

然後我們討論了你們在上游領域看到的情況。我談到了時間上的脫節以及後來出現的事情，我認為 23 年的可見度非常好，並且根據我們今天所看到的情況，它看起來非常強大。所以看，我們將在 22 年的波動中進行管理，但我認為我們的定位是能夠利用整個投資組合中市場上發生的事情的更廣泛背景。

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

我們的下一個問題來自花旗集團的 Scott Gruber。

So just building upon Connor's last question there, it sounds like the visibility into '23 is improving. What's the potential for the international OFS market to actually see an acceleration in spending in '23, given the fact that budgets for this year were set before the surge in oil prices? And some additional color, if you will, on longer cycle projects building in the queue to support growth in '23 and beyond.

因此，僅以康納的最後一個問題為基礎，聽起來 23 年的知名度正在提高。鑑於今年的預算是在油價飆升之前確定的，國際 OFS 市場在 23 年實際支出加速的潛力是什麼？如果你願意的話，還有一些額外的顏色，用於在隊列中建立更長周期的項目，以支持 23 年及以後的增長。

Yes, Scott, just on OFS international outlook. Based on the conversations with our customers, we expect a broad-based recovery internationally with all major geographies and overall international growth in the low to mid-teens. We believe Middle East could be one of the strongest markets in 2022 and is likely in the early stages of a growth cycle as the NOCs in the region look to add production capacity on a gradual long-term basis, so good outlook going into 2023 as well.

是的，Scott，只談 OFS 的國際視野。根據與客戶的對話，我們預計國際範圍內將出現基礎廣泛的複蘇，所有主要地區和整體國際增長將在中低端。我們認為，中東可能是 2022 年最強勁的市場之一，並且可能處於增長周期的早期階段，因為該地區的國家石油公司希望逐步增加產能，因此 2023 年前景良好，因為出色地。

And we also expect to see another strong year of growth in Latin America, led by Brazil and Mexico. And then as we go forward, we would expect North Sea and Asia Pacific to see solid growth in 2022. Not as strong as Middle East or Latin America, but solid growth. And lastly, West Africa is also seeing some incremental activity and strong growth as we go forward.

我們還預計，在巴西和墨西哥的帶動下，拉丁美洲將迎來又一個強勁增長的一年。然後隨著我們向前發展，我們預計北海和亞太地區將在 2022 年實現穩健增長。不像中東或拉丁美洲那麼強勁，但增長穩健。最後，隨著我們的前進，西非也出現了一些增量活動和強勁增長。

I think on the offshore side, we'd say, at a macro level, the trends in the subsea and offshore markets continue to improve. And as you look at our first quarter as well, from an orders perspective, you can see that. In the subsea tree and flexible pipe market, we expect to see a solid increase in industry awards this year, and see it coming back for the foreseeable future.

我認為在離岸方面，我們會說，在宏觀層面上，海底和離岸市場的趨勢繼續改善。從訂單的角度來看，當您查看我們的第一季度時，您也可以看到這一點。在海底採油樹和柔性管道市場，我們預計今年行業獎項將穩步增長，並在可預見的未來回歸。

Got it. And with some of the international operators pulling forward some projects and responding to oil prices, can you provide some color on the pricing trends you're seeing on the international side OFS market? I imagine things are getting better. But do you foresee sufficient momentum there to propel above normal incrementals in '23 and continue to expand your margins beyond the 20% threshold?

知道了。隨著一些國際運營商推進一些項目並應對油價，您能否就您在國際 OFS 市場上看到的定價趨勢提供一些顏色？我想情況正在好轉。但是您是否預見到那裡有足夠的動力推動 23 年的正常增量並繼續將您的利潤率擴大到 20% 的門檻以上？

Scott, generally speaking, we're starting to get good pricing leverage and getting net pricing, particularly in North America, but also in some of the international markets. Right now, it varies by market, but we're having more success and better discussions around higher pricing levels.

斯科特，一般來說，我們開始獲得良好的定價槓桿和淨定價，特別是在北美，但也在一些國際市場。目前，它因市場而異，但我們正在圍繞更高的定價水平進行更多的成功和更好的討論。

Yes. And look, I'd say particularly from an OFS perspective, as the Chemicals business recovers, I would expect to see some improvement in incrementals there. And then the only thing I would say, Scott, is we're all dealing with inflation in the market and we're working hard to get surcharges in and price increases in. But that's something you got to take into consideration as you think about the next 12 months or so.

是的。看，我會特別從 OFS 的角度說，隨著化工業務的複蘇，我希望看到那裡的增量有所改善。然後我唯一想說的是，斯科特，我們都在應對市場通脹，我們正在努力收取附加費和價格上漲。但這是你在考慮時必須考慮的事情接下來的12個月左右。

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

我們的下一個問題來自摩根大通的 Arun Jayaram。

You booked Plaquemines, the LNG system, this quarter with Venture Global. And I believe Calcasieu Pass was booked in the third quarter of 2019. So I was wondering if you could talk a little bit about the margin potential of this project relative to Calcasieu Pass in, obviously, a much more challenging supply chain and inflationary environment. And what are you doing in order to protect your margins from those inflationary pressures?

您在本季度通過 Venture Global 預訂了液化天然氣系統 Plaquemines。而且我相信 Calcasieu Pass 是在 2019 年第三季度預訂的。所以我想知道你是否可以談談這個項目相對於 Calcasieu Pass 的利潤率潛力，顯然，這是一個更具挑戰性的供應鍊和通貨膨脹環境。你在做什麼來保護你的利潤免受這些通脹壓力的影響？

Yes, Arun. Look, we're very pleased that we've gotten the second phase of our work with VG here with Plaquemines. And I -- look, I think it's fair to assume that margins will be similar to what we saw on Calcasieu. I mean, there's a couple of things going on here.

是的，阿倫。看，我們很高興我們與 VG 合作的第二階段與 Plaquemines 一起完成了。而且我 - 看，我認為假設利潤率將與我們在 Calcasieu 上看到的相似是公平的。我的意思是，這裡發生了幾件事。

Obviously, we've got experience with this type of project with this customer before. So there's some natural synergies that come through in this project that we didn't have in the first one. You did mention inflation there. Obviously, we've priced that in and have worked on productivity to help offset that as well.

顯然，我們以前曾與該客戶合作過此類項目。所以在這個項目中有一些我們在第一個項目中沒有的自然協同作用。你確實提到了通貨膨脹。顯然，我們已經對此進行了定價，並致力於提高生產力以幫助抵消這一點。

And look, you can imagine, as we've said before, when we quote and when we win orders, we go out and we place orders for long-lead items. Certainly have a view of what we believe is happening in the market today and what will happen and take the appropriate actions to protect ourselves and the customer from that inflation as much as possible.

看，你可以想像，正如我們之前所說，當我們報價和贏得訂單時，我們會出去並為長期領先的項目下訂單。當然，要了解我們認為當今市場正在發生什麼以及將會發生什麼，並採取適當的行動來盡可能保護我們自己和客戶免受通貨膨脹的影響。

But look, this is a great order for us. It's similar to what we did with Calcasieu. And you heard Lorenzo talk about we delivered all these modules ahead of schedule, which was very helpful for VG getting to first cargo in record time. So our track record here is pretty good, and we're really excited about this space and this order and our partnership with VG.

但是看，這對我們來說是一個很好的訂單。這與我們對 Calcasieu 所做的類似。你聽說 Lorenzo 談到我們提前交付了所有這些模塊，這對 VG 在創紀錄的時間內完成第一批貨物非常有幫助。所以我們在這裡的記錄非常好，我們對這個空間、這個訂單以及我們與 VG 的合作關係感到非常興奮。

Great. And I just had a follow-up. I think you delivered Calcasieu Pass in less than 30 months or so, which is very, very impressive. One of the questions we've been getting from clients is given what's going on in LNG, is this fast LNG concept, which is offshore -- either these are generally 1/3 of the size of some of the onshore facilities. But could you talk a little bit about that? Does Baker have a toolkit that can participate in the offshore LNG market? How do you see this playing out? And is this a sandbox you'd want to play in?

偉大的。我剛剛進行了跟進。我認為您在不到 30 個月左右的時間內交付了 Calcasieu Pass，這非常非常令人印象深刻。我們從客戶那裡得到的一個問題是，液化天然氣正在發生什麼，這種快速液化天然氣概念是海上的——要么這些通常是一些陸上設施規模的 1/3。但是你能談談這個嗎？ Baker 是否有可以參與海上 LNG 市場的工具包？你怎麼看這個結果？這是一個你想玩的沙盒嗎？

So Arun, I think you know well we have capability and capacity to handle many different types of LNG equipment orders at the same time. We've got great capability in our facilities. And as you look at the 30 years we've been in LNG, we've always been looking at new technologies to reduce the cycle time and also to plug and play.

所以阿倫，我想你很清楚我們有能力同時處理許多不同類型的液化天然氣設備訂單。我們的設施擁有強大的能力。當您回顧我們在 LNG 領域的 30 年曆史時，我們一直在尋找新技術來縮短週期時間並實現即插即用。

So this new modularized approach of fast LNG can be applied both to onshore and offshore. And the number of customer discussions are intensifying around the speed to market. So I think, again, with the technology enhancements we've made, we're well positioned to capture the market here.

因此，這種新的模塊化快速液化天然氣方法可以應用於陸上和海上。圍繞上市速度的客戶討論數量正在加劇。因此，我再次認為，憑藉我們所做的技術改進，我們已經準備好佔領這裡的市場。

Our next question coming from the line of Stephen Gengaro with Stifel.

我們的下一個問題來自 Stephen Gengaro 和 Stifel。

Can you -- do you mind going back to your prepared comments on the Oilfield Services side and some of the changes you've made there? Can you talk about sort of the path to 20% EBITDA margins by the end of the year and maybe with some color around the impact of some of these changes you've made?

你能 - 你介意回到你準備好的關於油田服務方面的評論以及你在那裡所做的一些改變嗎？您能否談談到今年年底 EBITDA 利潤率達到 20% 的路徑，並且可能對您所做的一些改變的影響有一些色彩？

Yes. Look, so I'd say overall, we still feel confident, Stephen, in hitting our margin target rates and getting OFS to a 20% EBITDA margin rate on a consistent basis. And I'd say from here, there's a couple of things that should drive margin improvement.

是的。看，所以我想說總體而言，斯蒂芬，我們仍然有信心達到我們的保證金目標率，並使 OFS 始終保持 20% 的 EBITDA 保證金率。我想說的是，有幾件事應該會推動利潤率的提高。

The biggest driver will be better profitability in our Chemicals business which, as you know, has been squeezed by higher input costs, higher logistics and shipping costs and some raw material shortages. As Lorenzo mentioned, we put in pricing increases and surcharges to help offset that. But Chemicals had about 170 basis point drag on OFS margins in the first quarter.

最大的推動力將是我們化工業務的盈利能力提高，如您所知，該業務受到更高的投入成本、更高的物流和運輸成本以及一些原材料短缺的擠壓。正如洛倫佐所說，我們增加了定價和附加費來幫助抵消這一點。但化學品在第一季度對 OFS 利潤率造成了約 170 個基點的拖累。

So look, normalization of broader logistics and supply chain issues that have disrupted shipment schedules here in the quarter should also help with that. These 2 issues, if you combine with the volume improvement that we're expecting, should be enough to get us to the 20% level. In addition, we are set to bring on new chemical plants in Singapore and Saudi in '22 and '23, which will lower the cost for chemicals, get us closer to some of our customers and give us some advantages for our Eastern Hemisphere delivery.

因此，看，在本季度擾亂發貨計劃的更廣泛的物流和供應鏈問題的正常化也應該有助於解決這個問題。如果您將這兩個問題與我們預期的音量改進結合起來，應該足以讓我們達到 20% 的水平。此外，我們將在 22 年和 23 年在新加坡和沙特建立新的化工廠，這將降低化學品的成本，讓我們更接近我們的一些客戶，並為我們在東半球的交付提供一些優勢。

We're also continuing to work other productivity initiatives with Maria Claudia and the team, primarily around service delivery, with our remote operations continuing to drive margin improvements there. And we have been executing on supply chain rationalization as well as sourcing from some lower-cost countries, and that's been part of a multiyear plan. So we've got a lot of things that we have been working and are continuing to work to get the margin rates to that 20% level.

我們還將繼續與 Maria Claudia 和團隊開展其他生產力計劃，主要圍繞服務交付，我們的遠程操作繼續推動那裡的利潤率提高。我們一直在執行供應鏈合理化以及從一些低成本國家採購，這是多年計劃的一部分。所以我們已經做了很多事情，我們一直在努力並將繼續努力將保證金率提高到 20% 的水平。

But as I said, sort of broader supply chain and logistics and normalization of the chemicals margins, which we think have troughed here in the first quarter, will get us there, and then there should be some icing on top.

但正如我所說，更廣泛的供應鍊和物流以及化學品利潤率的正常化，我們認為在第一季度已經跌至谷底，這將使我們達到目標，然後應該有一些錦上添花。

And Stephen, just to add, the new organization that we announced is going to improve the speed of decision-making and also be able to capitalize on the growth opportunities in the market. So it's very much customer focused and allows us to be more responsive and more comprehensive in our integrated solutions and capture more of the market share of operating costs related to spend. So it's what our customers have been asking for, and we're delivering.

斯蒂芬，補充一下，我們宣布的新組織將提高決策速度，並能夠利用市場的增長機會。因此，它非常以客戶為中心，使我們能夠在我們的集成解決方案中更具響應性和更全面，並在與支出相關的運營成本中佔據更多市場份額。所以這是我們的客戶一直要求的，我們正在交付。

And as a quick follow-up, on the Chemicals -- on the supply chain side, I mean, clearly, Russia kind of disrupted what looked like, I think, a stabilization. But what's your visibility and sort of confidence that things will sort of start to normalize here as you get into the second half of the year?

作為一個快速跟進，在化學品方面——在供應鏈方面，我的意思是，很明顯，俄羅斯有點破壞了我認為的穩定狀態。但是，隨著您進入下半年，您對這裡的情況會開始正常化的知名度和信心如何？

Yes. Look, I'd say we started to see some encouraging signs in the latter part of the fourth quarter as chemical prices started to stabilize and logistics started to look a bit better. But obviously, with everything going on in Russia and the increase in and commodity prices that's created some more headwinds, we have seen stabilization in the broader base chemical space.

是的。看，我想說我們在第四季度後期開始看到一些令人鼓舞的跡象，因為化學品價格開始企穩，物流開始看起來好一些。但顯然，隨著俄羅斯發生的一切以及大宗商品價格的上漲帶來了更多的阻力，我們已經看到更廣泛的基礎化學品領域趨於穩定。

But I'd say where inflation is still tough is in the specialty chemical market. And as I mentioned, we had some unique issues with a supplier who had a facility that was basically shut down and getting that facility back up and running has taken them a bit longer. So we've been having to get some alternative supply. That's starting to normalize as well. So we should see some recoveries come through.

但我想說的是，特種化學品市場的通脹依然嚴峻。正如我所提到的，我們與一家供應商遇到了一些獨特的問題，該供應商的設施基本上已經關閉，並且讓該設施恢復運行需要更長的時間。所以我們一直不得不獲得一些替代供應。這也開始正常化。因此，我們應該會看到一些復甦。

And then look, we've made some changes. We recently changed out leadership in chemicals. We're doing some specific things in supply chain to deal with the current environment. We broadened our sourcing relationships just given what we experienced with this large supplier that we had. We've actually taken a look and have eliminated some products where volumes were low and margins were relatively low to free up the capability to focus on some areas where we make more money and deal with some of the supply chain challenges and focus the team there.

然後看，我們做了一些改變。我們最近更換了化學品領域的領導者。我們正在供應鏈中做一些具體的事情來應對當前的環境。鑑於我們與這家大型供應商的經歷，我們擴大了採購關係。實際上，我們已經查看並淘汰了一些銷量低且利潤率相對較低的產品，以騰出能力專注於我們賺更多錢的一些領域，處理一些供應鏈挑戰並將團隊集中在那裡.

And then with the new factories coming on, it's allowed us an opportunity to take a step back and look at the overall supply base, how we're contracting, and we've made some changes there that we should start to see come through here in the second half. But good visibility to what's going on there. The team understands it. Just working through a little bit of a perfect storm here that seems to be abating.

然後隨著新工廠的到來，這讓我們有機會退後一步，看看整體供應基礎，我們是如何收縮的，我們在那裡做了一些改變，我們應該開始看到這裡在下半場。但是對那裡發生的事情有很好的了解。團隊明白這一點。只是在這裡經歷了一場似乎正在減弱的完美風暴。

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

我們的下一個問題來自巴克萊銀行的大衛安德森。

A question on the global push to build out LNG capacity. I had heard anecdotally it was a minimum of 4 years to bring a new train on, start to finish. But you're talking about Plaquemines closer to 29 months. You're telling us its modular design. Is this the new standard that we should be thinking about these projects? And I guess related to that, is there a limit to how much equipment you can provide in a given year in terms of your manufacturing capacity if these projects are accelerated?

關於全球推動建設液化天然氣產能的問題。我聽說過至少要 4 年才能開上一列新火車，從頭到尾。但你說的是接近 29 個月的 Plaquemines。你告訴我們它的模塊化設計。這是我們應該考慮這些項目的新標準嗎？我想與此相關的是，如果這些項目加快推進，就製造能力而言，您在給定年份可以提供多少設備有限制嗎？

Yes, Dave. And I think you have to go back to the tenure we've had in the LNG cycle. And we've always said that there's going to be small scale, mid-scale, large scale, and we're going to be participating in all of those and also looking at modular as well as stick-build. And depending on the customers' needs, we're going to be providing them.

是的，戴夫。我認為你必須回到我們在液化天然氣週期中的任期。我們一直說會有小規模、中規模、大規模的，我們將參與所有這些，也會關注模塊化和棒式構建。根據客戶的需求，我們將提供給他們。

Clearly, the modular is faster to market. It is a plug-and-play model. So we're seeing increased interest from some of the independent players, and I'd say also within North America. Globally, with some of the larger projects, they still continue on the stick-build. We don't have a challenge on capacity. Again, we've had big flows of LNG projects in the past, and we feel good about being able to manage it. And our facilities that are set up in Florence and Massa and Avenza in Italy, are well prepared for the LNG project wave.

顯然，模塊化更快地推向市場。它是一個即插即用的模型。因此，我們看到一些獨立玩家越來越感興趣，我想說的是在北美也是如此。在全球範圍內，對於一些較大的項目，他們仍然繼續堅持建設。我們對容量沒有挑戰。同樣，我們過去有大量的液化天然氣項目，我們對能夠管理它感到滿意。我們在佛羅倫薩以及意大利的馬薩和阿文扎設立的設施為液化天然氣項目浪潮做好了充分的準備。

So if we think about the U.S. build-out of export capacity, what are -- are there any other kind of areas where you think there are bottlenecks that need to be freed up? Would you expect most of the awards going forward to be in this modular category? Just curious how you think about that kind of supply. So you're just one part of it, of course. So I'm just wondering, looking out the rest of that, are there other areas that are bottlenecks that could either speed up or slow down these projects?

因此，如果我們考慮美國的出口能力建設，您認為還有哪些其他類型的領域需要釋放瓶頸？您是否希望未來的大部分獎項都屬於這個模塊化類別？只是好奇你如何看待這種供應。當然，你只是其中的一部分。所以我只是想知道，看看剩下的部分，是否還有其他瓶頸可以加快或減慢這些項目的速度？

I think the area that people are looking at and also reacting to is on the EPC side. And that's one of the areas that I think is a focus right now. I'd say also the modular approach reduces some of the dependence on the full aspect of EPCs. And so it's a faster approach from that perspective. But labor continues to be constrained, and so that's something that's being looked at.

我認為人們正在關注並做出反應的領域是 EPC 方面。這是我認為目前關注的領域之一。我還要說模塊化方法減少了對 EPC 全部方面的一些依賴。因此，從這個角度來看，這是一種更快的方法。但是勞動力仍然受到限制，因此這是正在研究的問題。

Our next question coming from the line of Roger Read with Wells Fargo.

我們的下一個問題來自富國銀行的 Roger Read。

Just a couple of quick questions. The first one is you made a comment about supply chain easing up as the year goes on. And I understand Chemical's a little different than some of the others, but as we think of some of the pieces that will go into these LNG orders, some of the issues going over in China, is there any risk of that affecting...

只是幾個簡單的問題。第一個是您對供應鏈隨著時間的推移而放鬆的評論。我知道化工與其他一些有點不同，但是當我們想到將進入這些液化天然氣訂單的一些部分時，中國正在經歷的一些問題，是否存在影響...

Roger, go ahead. You cut off there a little bit. But on...

羅傑，繼續。你在那里切斷了一點。但是在...

Sorry.

對不起。

That's all right. On supply chain, it tends to be challenging. And obviously, with everything going on in the global geopolitical space, it's been a little more challenging. But look, I'd say from how it impacts us and how we're dealing with it, we're managing the price increases in various metals like copper and steel and nickel.

沒關係。在供應鏈上，它往往具有挑戰性。顯然，隨著全球地緣政治領域的一切都在發生，它變得更具挑戰性。但是看，我想說的是，從它對我們的影響以及我們如何處理它來看，我們正在控制銅、鋼和鎳等各種金屬的價格上漲。

There's no supply issue, it's just managing through those pricings. And you can imagine that, that's going into our quotes. And to deal with all of this, we have taken down the timing and validity of our quotes to be able to deal with this, so customers know what's going on, and they can have good visibility into what the cost of these projects are going to be.

沒有供應問題，只是通過這些定價進行管理。你可以想像，這就是我們的報價。為了解決所有這些問題，我們已經取消了報價的時間和有效性，以便能夠處理這些問題，因此客戶知道發生了什麼，並且他們可以很好地了解這些項目的成本將如何是。

Look, from a castings and forging standpoint, we're still able to get supply. We're dealing with scarcity in Europe and higher pricing there. So we're seeing -- what we're doing with our customers, our suppliers are doing as well, with quotes are only valid for a shorter period of time given the raw material pricing and the unique energy challenges in Europe.

看，從鑄鍛件的角度來看，我們仍然能夠獲得供應。我們正在處理歐洲的稀缺性和更高的定價。所以我們看到 - 我們正在與客戶一起做的事情，我們的供應商也在做，鑑於原材料定價和歐洲獨特的能源挑戰，報價僅在較短的時間內有效。

But look, that's the beauty of being part of a global company like Baker Hughes. I mean we've been able to shift supply into China. We focused on Northwest China to be able to deal with some of the port issues and things we're seeing in COVID. We had really good experience there. We've also moved some supply to Mexico and India. So we are able to pivot because we've got a large supply base and can direct that demand to different places.

但你看，這就是成為像貝克休斯這樣的全球性公司的一份子的美妙之處。我的意思是我們已經能夠將供應轉移到中國。我們專注於中國西北地區，以便能夠處理一些港口問題以及我們在 COVID 中看到的情況。我們在那裡有很好的經歷。我們還將一些供應轉移到墨西哥和印度。因此，我們能夠進行轉型，因為我們擁有龐大的供應基礎，並且可以將需求導向不同的地方。

So we feel good about what we're doing there on supply chain. We expect to see some stabilization come through, but have a great sourcing team working with the project team to make sure we can fulfill on the demand that we see coming through.

所以我們對我們在供應鏈上所做的事情感覺很好。我們希望看到一些穩定的實現，但有一個優秀的採購團隊與項目團隊合作，以確保我們能夠滿足我們看到的需求。

From a logistics standpoint, I'd say the team has done an outstanding job of managing that. Our inflation we've seen in logistics is well below the headline prices that you've seen. We've changed ports that we're using in North America and China. So we've been incredibly reactive here. I don't see it being a big constraint today for the LNG cycle that we're seeing, but that's something that we'll have to watch as it evolves.

從物流的角度來看，我會說團隊在管理方面做得非常出色。我們在物流中看到的通貨膨脹遠低於您看到的總體價格。我們更改了在北美和中國使用的端口。所以我們在這裡反應非常快。我不認為這對我們所看到的液化天然氣循環來說是一個很大的限制，但隨著它的發展，我們必須注意這一點。

Okay, great. And then the follow-up, as we think about just -- we had one of your competitors yesterday talked about exceptional tightness in North America. I was just curious on your view on availability and -- of equipment, labor, et cetera, as we think about the international markets ramping up and at what point you would see significant tightness really helping out on the pricing side there. I understand things should get better as this year goes along, given the guidance, but where we could see things get very, very good on the OFS and OFE side.

好，太棒了。然後是後續行動，正如我們所想的那樣——我們昨天讓你的一位競爭對手談到了北美的異常緊張。我只是好奇你對可用性以及設備、勞動力等方面的看法，因為我們考慮到國際市場正在加速發展，在什麼時候你會看到顯著的緊縮確實有助於那裡的定價。我知道隨著今年的進展情況會變得更好，鑑於指導，但我們可以看到在 OFS 和 OFE 方面情況變得非常非常好。

Yes. Look, I'd say broadly, tightness you're seeing outside of the U.S., it's similar to what you're seeing inside of North America, some labor tightness around the globe in some markets. It's not as much as you're seeing in North America. And look, just given the overall increase in activity, you are seeing tightness in supply of equipment.

是的。看，我廣義地說，你在美國以外看到的緊張，這與你在北美看到的相似，在全球某些市場出現了一些勞動力緊張。它不像你在北美看到的那麼多。並且看，鑑於活動的整體增加，您會看到設備供應緊張。

I think we've all got capability or I know we've got capability to ramp up and have been planning on that. But look, when you've got demand up as much as you're seeing in North America and globally, general economic tendencies come back into play and you start to see the ability to have more constructive pricing discussions, deal with some of those supply/demand issues.

我認為我們都有能力，或者我知道我們有能力提升並一直在計劃。但是看，當你在北美和全球看到的需求增加時，一般經濟趨勢就會重新發揮作用，你開始看到有能力進行更具建設性的定價討論，處理其中的一些供應/需求問題。

And I'd say the international market, as you know, is more longer-term contract base versus spot market like you see in North America. Where you see some real opportunity here is on some of that spot business, and I'd say we're being very constructive with our customers, taking into account what we're seeing on the supply chain, what we're seeing in overall demand, and it's a constructive backdrop for OFS at the moment.

我想說的是，正如你所知，國際市場是比現貨市場更長期的合同基礎，就像你在北美看到的那樣。你在這裡看到一些真正的機會是在一些現貨業務上，我想說我們對我們的客戶非常有建設性，考慮到我們在供應鏈上看到的，我們在整體上看到的需求，這是目前 OFS 的建設性背景。

And I'm showing no further questions at this time. I would now like to turn the call back over to Lorenzo Simonelli for any closing remarks.

我現在沒有再提出任何問題。我現在想將電話轉回洛倫佐·西蒙內利（Lorenzo Simonelli）的任何結束語。

Yes. Thank you very much, and thank you to everyone for joining our earnings call today. Just before we end the call, I wanted to leave you with some closing thoughts. Despite some of the challenges this quarter, we are optimistic on the outlook across both of our core business areas and excited about the new energy investments we're making for Baker Hughes.

是的。非常感謝，感謝大家今天參加我們的財報電話會議。就在我們結束通話之前，我想給你一些結束的想法。儘管本季度面臨一些挑戰，但我們對兩個核心業務領域的前景持樂觀態度，並對我們為貝克休斯進行的新能源投資感到興奮。

We believe that our upstream oil and gas businesses are poised to capitalize on a strong multiyear recovery, while our industrial businesses are poised to benefit from a strong LNG cycle, growth in new energy orders and the development of our industrial asset management capabilities. While we benefit from these macro tailwinds, we expect to generate strong free cash flow and return 60% to 80% of it back to shareholders.

我們相信，我們的上游油氣業務有望從強勁的多年復蘇中獲益，而我們的工業業務有望受益於強勁的液化天然氣週期、新能源訂單的增長以及我們工業資產管理能力的發展。雖然我們從這些宏觀利好中受益，但我們預計將產生強勁的自由現金流並將 60% 至 80% 的現金流返還給股東。

So thanks for taking the time. We look forward to speaking to you all again soon. And operator, you may close out the call.

所以感謝您抽出寶貴的時間。我們期待很快再次與大家交談。接線員，您可以關閉通話。

Ladies and gentlemen, that does conclude our conference for today. Thank you for participating in today's conference. You may all disconnect.

女士們先生們，今天的會議到此結束。感謝您參加今天的會議。你們都可以斷開連接。