哈里伯頓 (HAL) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to Q1 2024 Halliburton Company Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加哈里伯頓公司 2024 年第一季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to Dave Coleman, Senior Director of Investor Relations. Please go ahead.

現在我想將會議交給投資者關係高級總監戴夫·科爾曼 (Dave Coleman)。請繼續。

Hello, and thank you for joining the Halliburton First Quarter 2024 Conference Call. We will make the recording of today's webcast available for 7 days on Halliburton's website after this call. Joining me today are Jeff Miller, Chairman, President and CEO; and Eric Carre, Executive Vice President and CFO.

您好，感謝您參加哈里伯頓 2024 年第一季電話會議。本次電話會議後，我們將在哈里伯頓網站上提供今天網路廣播的錄音 7 天。今天與我一起出席的有董事長、總裁兼執行長傑夫‧米勒 (Jeff Miller)；卡雷（Eric Carre），執行副總裁兼財務長。

Some of today's comments may include forward-looking statements reflecting Halliburton's views about future events. These matters involve risks and uncertainties that could cause our actual results to materially differ from our forward-looking statements. These risks are discussed in Halliburton's Form 10-K for the year ended December 31, 2023, recent current reports on Form 8-K and other Securities and Exchange Commission filings. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

今天的一些評論可能包括反映哈里伯頓對未來事件的看法的前瞻性陳述。這些事項涉及風險和不確定性，可能導致我們的實際結果與我們的前瞻性陳述有重大差異。這些風險在哈里伯頓截至 2023 年 12 月 31 日的年度 10-K 表格、近期關於 8-K 表格的最新報告以及其他證券交易委員會文件中進行了討論。我們不承擔以任何理由公開修改或更新任何前瞻性陳述的義務。

Our comments today also include non-GAAP financial measures. Additional details and reconciliation to the most directly comparable GAAP financial measures are included in our first quarter earnings release and in the quarterly results and presentation section of our website.

我們今天的評論還包括非公認會計準則財務指標。我們的第一季收益發布以及我們網站的季度業績和演示部分包含更多詳細資訊以及與最直接可比較的 GAAP 財務指標的調整。

Now I'll turn the call over to Jeff.

現在我將把電話轉給傑夫。

Thank you, David, and good morning, everyone. Halliburton delivered solid first quarter results that again demonstrated the power of our strategy and the strength of our execution. Here are the quarter highlights.

謝謝大衛，大家早安。哈里伯頓第一季業績強勁，再次證明了我們策略的力量和執行力。以下是本季的亮點。

We delivered total company revenue of $5.8 billion and operating margin of 17%. Both divisions demonstrated margin improvement year-over-year. International revenue was $3.3 billion and grew 12% year-over-year, led by Latin America, which delivered a 21% increase. North America revenue was $2.5 billion, a 5% increase over the fourth quarter of 2023. Finally, during the first quarter, we generated $487 million of cash flow from operations, $206 million of free cash flow and repurchased $250 million of our common stock.

我們的公司總收入為 58 億美元，營業利潤率為 17%。兩個部門的利潤率均較去年同期有所改善。國際營收為 33 億美元，年增 12%，其中拉丁美洲成長 21%。北美營收為25 億美元，比2023 年第四季成長5%。的普通股。

Let me begin today's discussion with my views on the strength of the oilfield services market. Global energy use is on the rise with crude oil demand projected to grow between 1.2 million and 2.3 million barrels per day in 2024. This demand growth is greatest in non-OECD countries, where we expect more per capita energy consumption, not less, as they develop their economies and improve their quality of life. Globally, secure, reliable hydrocarbon production powers industries, moves people and advances economies.

讓我開始今天的討論，談談我對油田服務市場實力的看法。全球能源使用量呈上升趨勢，預計2024 年原油需求將增加120 萬至230 萬桶/日。減少。在全球範圍內，安全、可靠的碳氫化合物生產為工業提供動力、推動人員流動並促進經濟發展。

In the U.S., after stable electricity demand for nearly 2 decades, we now expect it to grow more than 15% by 2030. Today, over 40% of United States' electricity is supplied by natural gas, and we expect strong demand for natural gas as a base fuel well into the future.

在美國，經過近20年的穩定電力需求，我們現在預計到2030年電力需求將成長15%以上。

The world requires more energy, not less, and I'm more convinced than ever that oil and gas will fill a critical role in the global energy mix for decades to come. My outlook is confirmed by our customers' multiyear activity plans across multiple markets and asset types. Everything I see points towards long-term growth for Halliburton's services.

世界需要更多的能源，而不是更少，我比以往任何時候都更相信石油和天然氣將在未來幾十年的全球能源結構中發揮關鍵作用。我們客戶跨多個市場和資產類型的多年活動計劃證實了我的前景。我所看到的一切都顯示哈里伯頓服務的長期成長。

My outlook for the industry is not new, and it drives our focus on oilfield services and sets our strategy. This focus is the basis for our technology investment, capital allocation and culture. This multiyear upcycle, together with our successful strategy execution, make this a great time for Halliburton.

我對該行業的展望並不新鮮，它推動了我們對油田服務的關注並制定了我們的策略。這種關注是我們技術投資、資本配置和文化的基礎。這種多年的升級週期，加上我們成功的策略執行，使哈里伯頓度過了一段美好時光。

Now let's turn to international markets where Halliburton's strategy of profitable growth delivered another solid quarter. International revenue grew 12% year-over-year with growth demonstrated by each region. This marks the 11th consecutive quarter of year-on-year growth in our international business. For 2024, I expect full year revenue growth in the low double digits. Equally important, the international market remains tight for equipment and people, and therefore, we expect to see margin expansion over last year.

現在讓我們轉向國際市場，哈里伯頓的獲利成長策略在該市場上又實現了一個穩健的季度。國際營收年增 12%，各地區均成長。這標誌著我們的國際業務連續第 11 個季度同比增長。對於 2024 年，我預計全年營收成長將達到低兩位數。同樣重要的是，國際市場對設備和人員的需求仍然緊張，因此，我們預計利潤率將比去年有所增長。

One of the many things that excites me about our international business is our technology that creates meaningful value for our customers and drives above-market growth for Halliburton. In the Drilling and Evaluation division, our leading formation evaluation tools such as the EarthStar X logging well drilling system and our Reservoir Xaminer formation sampling service both see strong adoption and increasing levels of demand. The advanced measurements these systems provide create unique insights for our customers and drive profitable growth for Halliburton.

我們的國際業務讓我興奮的眾多事情之一是我們的技術為我們的客戶創造了有意義的價值並推動了哈里伯頓高於市場的成長。在鑽井和評估部門，我們領先的地層評估工具（例如 EarthStar X 測井鑽井系統和 Reservoir Xaminer 地層採樣服務）得到了廣泛採用，並且需求量不斷增加。這些系統提供的先進測量為我們的客戶創造了獨特的見解，並推動哈里伯頓的獲利成長。

In the Completion and Production division, our artificial lift technology continues to generate profitable growth throughout each of our international regions. Our electric submersible pump portfolio proved to be a market leader in the competitive North American market, and we expect to deliver similar results over time in the international markets.

在完井和生產部門，我們的人工舉陞技術持續在我們每個國際地區帶來獲利成長。事實證明，我們的電動潛水泵產品組合在競爭激烈的北美市場中處於市場領先地位，並且我們預計隨著時間的推移，我們將在國際市場上取得類似的成果。

Our complete solution, which includes downhole motors, pumps and surface systems with remote monitoring and automation, provides an end-to-end solution and the ability to operate at scale. A great example is in Kuwait, where in less than 3 years, we captured a nearly 20% market share with over 700 ESP installs.

我們的完整解決方案包括具有遠端監控和自動化功能的井下馬達、泵浦和地面系統，提供端到端解決方案和大規模運作的能力。科威特就是一個很好的例子，在不到 3 年的時間裡，我們安裝了 700 多個 ESP，佔據了近 20% 的市場。

Before we move on, I want to share an observation. I'm consistently seeing more global interest in unconventionals. I can recall over a decade ago, the global scramble to find unconventionals with limited success. Today, 2 significant markets outside of North America achieved scale, which serves as a proof point for what is possible and drives interest by others. As global markets grow, the technologies and processes Halliburton developed as the leader in North America over the last 3 decades, have broad applications to unconventional reservoirs throughout the world, which makes this a fantastic long-term opportunity for Halliburton. I am confident in the duration of this international upcycle in 2024 and beyond.

在我們繼續之前，我想分享一個觀察。我一直看到全球對非常規事物越來越感興趣。我記得十多年前，全球都在努力尋找非常規技術，但收效甚微。如今，北美以外的兩個重要市場實現了規模化，這證明了可能性並引起了其他人的興趣。隨著全球市場的成長，哈里伯頓在過去三十年中作為北美領先者開發的技術和工藝在世界各地的非常規油藏中得到了廣泛的應用，這對哈里伯頓來說是一個絕佳的長期機會。我對 2024 年及以後國際經濟升級週期的持續時間充滿信心。

Turning to North America. Our first quarter revenue grew 5% over last quarter. As expected, North America land completion activity bottomed in the fourth quarter of last year and rebounded in the first quarter as our customers quickly resumed operations after the holidays.

轉向北美。我們第一季的營收比上季成長了 5%。正如預期，北美土地竣工活動在去年第四季觸底，並在第一季隨著我們的客戶在假期後迅速恢復營運而反彈。

Looking ahead for the rest of 2024 in North America, we expect steady activity levels for Halliburton. Our customers are planning for the long term, and I expect they will execute work throughout the year as planned. This is consistent with a more industrialized approach to asset development in North America. And while we expect an eventual recovery in natural gas activity driven by demand from LNG expansions, our 2024 plan does not anticipate this recovery. Overall, we expect that full year North America revenue and margins will be flattish compared with 2023 levels.

展望 2024 年剩餘時間，我們預期哈里伯頓的活動水準將保持穩定。我們的客戶正在做長期規劃，我希望他們全年都能按計畫執行工作。這與北美更工業化的資產開發方法是一致的。雖然我們預計天然氣活動最終會在液化天然氣擴張的需求推動下復甦，但我們的 2024 年計畫並未預期這種復甦。總體而言，我們預計北美全年營收和利潤率將與 2023 年水準持平。

Clearly, our strategy is to maximize value in North America. We do it in multiple ways. Today, I want to talk about two of them. The first is the Zeus platform, and the second is our new North America-focused directional drilling system. The Zeus platform, its electrification, automation and subsurface diagnostics continue to advance. This quarter, we introduced [Sensory], which is the latest generation of our subsurface measurement technology. Sensory provides an easy-to-deploy, cost-effective and automated system for real-time subsurface measurement of fracturing operations.

顯然，我們的策略是在北美實現價值最大化。我們透過多種方式做到這一點。今天，我想談談其中的兩個。第一個是 Zeus 平台，第二個是我們新的專注於北美的定向鑽井系統。 Zeus 平台及其電氣化、自動化和地下診斷不斷進步。本季度，我們推出了 [Sensory]，這是我們最新一代的地下測量技術。 Sensory 提供了一種易於部署、經濟高效的自動化系統，用於壓裂作業的即時地下測量。

Additionally, our automation technologies are at the heart of our highly efficient simul-frac and trimul-frac operations, and they continue to expand their capabilities, creating value for Halliburton and our customers. The Zeus platform demonstrates its uniqueness every day. And importantly, it's deployed at scale. Our scale allows for rapid technology innovation. Each technology improvement to the Zeus platform widens the moat around our leading position in the fracturing market. This creates outsized value for Halliburton and our customers.

此外，我們的自動化技術是我們高效的同步壓裂和三重壓裂作業的核心，它們不斷擴展其能力，為哈里伯頓和我們的客戶創造價值。 Zeus 平台每天都在展示其獨特性。重要的是，它是大規模部署的。我們的規模允許快速的技術創新。 Zeus 平台的每項技術改進都拓寬了我們在壓裂市場領先地位的護城河。這為哈里伯頓和我們的客戶創造了巨大的價值。

I am pleased with the results we see in North America from our drilling services product line, which late last year, launched a new version of our iCruise rotary steerable system, specifically engineered for the North America unconventional market. The new iCruise CX system is designed for the challenging curve and lateral applications in North America. The system's performance is driving strong uptake. And this quarter, our iCruise footage drilled in North America more than doubled over last year.

我對我們在北美的鑽井服務產品線所取得的成果感到滿意，該產品線在去年年底推出了新版本的 iCruise 旋轉導向系統，專為北美非常規市場而設計。全新 iCruise CX 系統專為北美具有挑戰性的曲線和橫向應用而設計。該系統的性能正在推動強勁的採用。本季度，我們在北美鑽探的 iCruise 錄影比去年增加了一倍以上。

We also coupled this high-performing system with an asset-light sales and rental model that increases the addressable market when compared to a full-service model. This is how iCruise CX both participates in new market segments and increases its speed of market penetration.

我們也將這種高效能係統與輕資產銷售和租賃模式結合起來，與全方位服務模式相比，該模式增加了潛在市場。這就是 iCruise CX 參與新細分市場並提高市場滲透速度的方式。

The key trend that I see in North America drilling is the move to longer laterals and more complex wells, which customers drill to improve economics. iCruise CX is specifically designed for these applications, and its performance is why I am excited about Halliburton's growth in the North America drilling market.

我在北美鑽井中看到的主要趨勢是轉向更長的支管和更複雜的井，客戶透過鑽探這些井來提高經濟效益。 iCruise CX 是專門為這些應用而設計的，其性能是我對哈里伯頓在北美鑽井市場的成長感到興奮的原因。

To close out, I'd like to thank our employees. I regularly hear from our customers about the work you do, how much it means to them and how your execution of our value proposition differentiates Halliburton from our competitors. Well done.

最後，我要感謝我們的員工。我經常從我們的客戶那裡聽到您所做的工作，這對他們意味著什麼，以及您對我們價值主張的執行如何使哈里伯頓從我們的競爭對手中脫穎而出。做得好。

I'm excited about the business outlook for Halliburton. Energy demand growth is strong and so is demand for our services. I expect that our focus on oilfield services and execution of our strategy will generate strong free cash flow and shareholder returns. This quarter, Halliburton repurchased $250 million of our common stock, a solid start to the year and a good benchmark for our expectations going forward.

我對哈里伯頓的業務前景感到興奮。能源需求成長強勁，對我們服務的需求也強勁。我預計我們對油田服務的關注和策略的執行將產生強勁的自由現金流和股東回報。本季度，哈里伯頓回購了 2.5 億美元的普通股，這是今年的良好開端，也是我們未來預期的良好基準。

Now I'll turn the call over to Eric to provide more details on our financial results. Eric?

現在我將把電話轉給埃里克，以提供有關我們財務業績的更多詳細資訊。艾瑞克？

Thank you, Jeff, and good morning. Our Q1 reported net income per diluted share was $0.68. Adjusted net income per diluted share was $0.76. Total company revenue for the first quarter of 2024 was $5.8 billion, operating income was $987 million and operating margin was 17%, flat compared to Q1 2023.

謝謝你，傑夫，早安。我們第一季報告的攤薄每股淨利潤為 0.68 美元。調整後每股攤薄淨利為 0.76 美元。 2024 年第一季公司總營收為 58 億美元，營業收入為 9.87 億美元，營業利潤率為 17%，與 2023 年第一季持平。

Beginning with our Completion and Production division. Revenue in Q1 was $3.4 billion, down slightly from Q1 2023. Operating income was $688 million, up 3% when compared to Q1 2023. And operating income margin was 20%. Compared to Q1 of last year, these results were primarily driven by reduced pressure pumping services in U.S. land, partially offset by higher activity in international markets.

從我們的竣工和生產部門開始。第一季營收為 34 億美元，較 2023 年第一季略有下降。與去年第一季相比，這些結果主要是由美國陸地壓力泵送服務減少所推動的，但部分被國際市場活動的增加所抵消。

In our Drilling and Evaluation division, revenue in Q1 was $2.4 billion, an increase of 7% compared to Q1 2023. Operating income was $398 million, up 8%. And operating margin was 16%, an increase of 10 basis points over Q1 last year. These results were primarily driven by higher drilling-related services in the Middle East and North America as well as improvements across multiple product lines in Latin America.

我們的鑽井和評估部門第一季營收為 24 億美元，比 2023 年第一季成長 7%。營業利益率為16%，較去年第一季成長10個基點。這些績效主要得益於中東和北美鑽井相關服務的增加以及拉丁美洲多個產品線的改進。

Now let's move on to geographic results. Our Q1 international revenue increased 12% year-over-year. Europe/Africa revenue in the first quarter of 2024 was $729 million, an increase of 10% year-over-year. This increase was primarily driven by higher completion tool sales in the region and fluid services in Norway and the Caspian area.

現在讓我們繼續討論地理結果。我們第一季的國際營收年增 12%。 2024年第一季歐洲/非洲營收為7.29億美元，年增10%。這一增長主要是由於該地區完井工具銷量的增加以及挪威和里海地區流體服務的成長。

Middle East/Asia revenue in the first quarter of 2024 was $1.4 billion, an increase of 6% year-over-year. This increase was primarily related to improved activity in multiple product service lines in Kuwait, Saudi Arabia and Oman. Latin America revenue in the first quarter of 2024 was $1.1 billion, an increase of 21% year-over-year. This improvement was primarily related to higher drilling-related services and increased software sales in Mexico, improved pressure pumping service and fluid services in Argentina and increased activity in multiple product service lines in Brazil and Ecuador.

2024年第一季中東/亞洲營收為14億美元，年增6%。這一增長主要與科威特、沙烏地阿拉伯和阿曼多個產品服務線活動的改善有關。 2024年第一季拉丁美洲營收為11億美元，年增21%。這項改善主要與墨西哥鑽井相關服務的增加和軟體銷售的增加、阿根廷壓力泵送服務和流體服務的改善以及巴西和厄瓜多爾多個產品服務線活動的增加有關。

In North America, revenue was $2.5 billion, representing an 8% decrease year-over-year but a 5% increase from the last quarter. This year-over-year decline was primarily driven by lower pressure pumping services in U.S. land as well as lower wireline activity.

北美地區營收為 25 億美元，年減 8%，但較上季成長 5%。這一同比下降主要是由於美國陸地壓力泵送服務減少以及有線活動減少所致。

Moving on to other items. In Q1, our corporate and other expense was $65 million. For the second quarter of 2024, we expect our corporate expenses to be approximately flat. Our SAP deployment remains on budget and is on schedule to conclude in 2025. In Q1, we spent $34 million or about $0.04 per diluted share on SAP S/4 for migration, which is included in our results. For the second quarter, we expect SAP expenses to be approximately flat.

繼續討論其他項目。第一季度，我們的公司費用和其他費用為 6,500 萬美元。對於 2024 年第二季度，我們預計公司支出將大致持平。我們的SAP 部署仍在預算之內，並按計劃於2025 年完成。在我們的業績中。對於第二季度，我們預計 SAP 費用將大致持平。

Net interest expense for the quarter were $92 million. For the second quarter 2024, we expect net interest expense to be roughly flat. Other net expense for Q1 was $108 million, higher than expected primarily due to impairment of an investment in Argentina and currency devaluation in Egypt. For the second quarter 2024, we expect this expense to be approximately $35 million.

該季度的淨利息支出為 9,200 萬美元。對於 2024 年第二季度，我們預計淨利息支出將大致持平。第一季的其他淨支出為 1.08 億美元，高於預期，主要是由於阿根廷投資減損和埃及貨幣貶值。對於 2024 年第二季度，我們預計這筆費用約為 3,500 萬美元。

Our adjusted effective tax rate for Q1 was 21.5%. Based on our anticipated geographic earnings mix, we expect our second quarter 2024 effective tax rate to increase approximately 75 basis points. Capital expenditures for Q1 were $330 million. For the full year of 2024, we expect capital expenditures to remain approximately 6% of revenue.

我們第一季調整後的有效稅率為 21.5%。根據我們預期的地域收益組合，我們預計 2024 年第二季的有效稅率將增加約 75 個基點。第一季的資本支出為 3.3 億美元。 2024 年全年，我們預計資本支出將維持在收入的 6% 左右。

Our Q1 cash flow from operations was $487 million and free cash flow was $206 million. During the quarter, we repurchased $250 million of our common stock. For the full year 2024, we expect free cash flow to be at least 10% higher than 2023.

我們第一季的營運現金流為 4.87 億美元，自由現金流為 2.06 億美元。本季度，我們回購了價值 2.5 億美元的普通股。對於 2024 年全年，我們預計自由現金流將比 2023 年高出至少 10%。

Now let me provide you with some comments on our expectations for the second quarter. In our Completion and Production division, we anticipate sequential revenue to be up 2% to 4% and margins to increase by 25 to 75 basis points. In our Drilling and Evaluation division, we expect sequential revenue to increase 1% to 3% and margins to increase by 25 to 75 basis points.

現在讓我向您提供一些我們對第二季預期的評論。在我們的完井和生產部門，我們預計營收將連續成長 2% 至 4%，利潤率將成長 25 至 75 個基點。在我們的鑽探和評估部門，我們預計連續收入將成長 1% 至 3%，利潤率將成長 25 至 75 個基點。

I will now turn the call back to Jeff.

我現在將把電話轉回給傑夫。

Thanks, Eric. Let me summarize our discussion today. Halliburton delivered solid first quarter results. I am confident in the strength and duration of this upcycle. We expect our North America business to deliver flattish revenues and margins year-on-year despite lower activity levels. We also expect our international business revenue to grow at low double digits year-on-year. I'm excited about the outlook for Halliburton and expect Halliburton to deliver strong free cash flow and shareholder returns.

謝謝，埃里克。讓我總結一下我們今天的討論。哈里伯頓第一季業績強勁。我對這次升級週期的強度和持續時間充滿信心。儘管活動水平較低，但我們預計北美業務的收入和利潤率將比去年同期持平。我們也預計我們的國際業務收入將比去年低兩位數成長。我對哈里伯頓的前景感到興奮，並期望哈里伯頓能夠提供強勁的自由現金流和股東回報。

And now let's open it up for questions.

現在讓我們開放提問。

(Operator Instructions) Our first question comes from the line of David Anderson with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的大衛·安德森（David Anderson）。

I wanted to ask you about a couple of things that you talked about in your prepared remarks. And the first is on the Zeus fleet. You had an impressive 5% sequential increase in North America this quarter despite the flat rig count. I have to think it's partly attributed to these e-fleets being rolled out. It's pretty clear there's a big step-change in efficiency for your customer and demand seems to be exceeding supply, at least for the next couple of years.

我想問你一些你在準備好的發言中談到的事情。第一個是宙斯艦隊。儘管平台鑽機數量較少，但本季北美地區的環比成長率令人印象深刻，達到 5%。我不得不認為這部分歸因於這些電子車隊的推出。很明顯，您的客戶的效率發生了巨大的變化，而且需求似乎超過了供應，至少在接下來的幾年裡是如此。

But I guess the question is, what prevents the industry from building out? And can you talk about your competitive advantage today and how you maintain that? You're first to market, established leadership, but is there differentiated technology? Is it more about relationships? I guess the question is really on the moat on this business, as you've seen over the next few years.

但我想問題是，是什麼阻礙了這個產業的發展？您能談談您今天的競爭優勢以及如何保持這項優勢嗎？您是第一個進入市場的公司，確立了領導地位，但是否有差異化的技術？更多的是關係嗎？我想這個問題實際上是關於這項業務的護城河，正如您在接下來的幾年中看到的那樣。

Yes. Thank you, Dave. Look, the most important point is this is a comprehensive platform. Zeus is a platform. Clearly, it's electric. Yes, it drives efficiency, but the embedded automation actually really changes the dynamics of how it performs, and then also the subsurface measurements with [Sensory] that are embedded in the system and uniquely embedded. And so that widens the moat. And I think equally important is being at scale. So it's one thing to do a research project around a thing.

是的。謝謝你，戴夫。你看，最重要的一點是，這是一個綜合性的平台。宙斯是一個平台。顯然，它是電動的。是的，它提高了效率，但嵌入式自動化實際上真正改變了其執行方式的動態，以及嵌入系統中且獨特嵌入的[Sensory]地下測量。這樣就拓寬了護城河。我認為同樣重要的是規模化。所以圍繞一件事做研究專案是一回事。

But when we're working at scale, these are solutions that can be pushed to the platform at any point in time. So it's really the ability to grow the moat on existing equipment as well as any new turns on the science as it goes forward. So super excited about it. Yes, obviously, lowest TCO, but it's the technology differentiation as well that widens the moat.

但當我們大規模工作時，這些解決方案可以隨時推送到平台上。因此，這實際上是在現有設備上擴大護城河的能力，以及隨著科學的發展而出現的任何新的轉變。對此非常興奮。是的，顯然，整體擁有成本最低，但技術差異也拓寬了護城河。

And then just to touch on something that you had talked about, the unconventional field in international markets. Clearly, one of the big stories this year has been the Saudi shifting CapEx from offshore towards those unconventionals, specifically on Jafurah. You have a toehold in that field with that liquid mud plant facility, but it's just starting development. My understanding is there's a bunch of tenders on the way, more coming.

然後談談您剛才談到的一些問題，即國際市場中的非常規領域。顯然，今年的重大事件之一是沙烏地阿拉伯將資本支出從離岸轉向非傳統領域，特別是在 Jafurah。您在該領域擁有液體泥漿工廠設施的立足點，但它才剛開始開發。我的理解是，有很多招標正在進行中，還會有更多招標。

Can you talk about sort of the opportunity set for Halliburton on this field in the near term, maybe incremental growth you see in '25? And how do you support these build-outs? You said capacity is really tied to market. Is this a market maybe you bring some diesel fleets in there? Is there other equipment in the region? Or how do you think about the tightness in that capacity as it relates to building out to some conventional field?

您能否談談哈里伯頓近期在該領域面臨的機遇，也許是您在 25 年看到的增量成長？您如何支持這些擴建？你說產能確實與市場掛鉤。這是一個市場嗎？該地區還有其他設備嗎？或者您如何看待這種能力的緊張性，因為它涉及某些傳統領域的建構？

Look, thank you, David. And I'm really excited about it, and there's a lot of opportunity for Halliburton around unconventionals, as you know. The how we address it, we've got a lot of ways to address it, including some of the technology we've talked about today.

聽著，謝謝你，大衛。我對此感到非常興奮，正如你所知，哈里伯頓在非常規方面有很多機會。至於我們如何解決這個問題，我們有很多方法來解決這個問題，包括我們今天討論的一些技術。

We've got a good position in there but I think with even more opportunity to grow, particularly with drilling technology that continues to advance. You mentioned it in mud, but also other aspects of that where we'll be very competitive. So I think that's a big move forward.

我們在這方面佔據了有利的地位，但我認為還有更多的成長機會，特別是在鑽井技術不斷進步的情況下。你在泥漿中提到了這一點，但在其他方面我們也將非常有競爭力。所以我認為這是一個很大的進步。

And I think more broadly -- so good for Halliburton. But I think that more broadly, just the discussion around unconventionals internationally, what you see today are 2 markets at least outside the U.S. that are truly at scale. And I think that serves as a bit of a template for how that can be done because it was really unclear a decade ago, as you recall. But I think we're in a different place with unconventionals today. And so we do hear more discussion around, hey, this is possible and how Halliburton would play a more meaningful role in that, in additional markets. So super encouraged.

我的想法更廣泛——這對哈里伯頓來說非常好。但我認為，更廣泛地說，只是在國際上圍繞著非常規的討論，你今天看到的是至少在美國以外的兩個真正具有規模的市場。我認為這可以作為如何做到這一點的模板，因為正如你所記得的那樣，十年前確實還不清楚。但我認為我們今天處於一個不同的地方，有非常規的情況。因此，我們確實聽到了更多的討論，嘿，這是可能的，以及哈里伯頓如何在其他市場中發揮更有意義的作用。非常受鼓舞。

It comes from the line of Neil Mehta with Goldman Sachs.

它來自尼爾·梅塔（Neil Mehta）與高盛（Goldman Sachs）的血統。

Jeff, you've talked about wanting to drive your free cash flow per share higher. And so it's great to see the share repurchases for a couple of quarters run rating at this $250 million mark. Can you talk about why you think that's the right number to use going forward? And how does share repurchase it in the seriatim of capital allocation?

傑夫，您談到希望提高每股自由現金流。因此，很高興看到股票回購連續幾季的評級達到 2.5 億美元大關。您能談談為什麼您認為這個數字是未來使用的正確數字嗎？那麼，在資本配置中，股份回購是如何進行的呢？

Yes. Neil, it's Eric. So the baseline that we use is the framework that we announced several quarters ago to return a minimum of 50% of free cash flow to shareholders. We actually returned over that at just about 60% in 2023. So when we look at the improvements in free cash flow year-over-year, which we mentioned to be at about 10%. So when we think through that, we think that the $250 million of buyback is a good base for us to be repurchasing shares. So expect more buybacks in dollars, expect more overall return to shareholder dollar-wise. And then we'll kind of see where the overall percentage lands, but it should be pretty close to what we did last year, yes.

是的。尼爾，我是艾瑞克。因此，我們使用的基準是我們幾個季度前宣布的框架，將至少 50% 的自由現金流返還給股東。實際上，到 2023 年，我們的回報率僅為 60% 左右。因此，當我們仔細考慮時，我們認為 2.5 億美元的回購是我們回購股票的良好基礎。因此，預計會有更多以美元計價的回購，預計股東的美元整體回報會更高。然後我們會看到總體百分比的下降情況，但它應該非常接近我們去年的表現，是的。

Okay. That's really helpful. And then the follow-up is we are seeing signs of industry consolidation, certainly more in E&P than services, but we start to see some in services as well. Halliburton has struck us as more of an organically driven business, but I'd be curious on how you're thinking about M&A as you plan to go forward for the business.

好的。這真的很有幫助。接下來，我們看到了產業整合的跡象，尤其是在勘探與生產領域，而不是服務業，但我們也開始在服務業看到一些整合的跡象。哈里伯頓給我們的印像是，它更像是一家有機驅動的企業，但我很好奇，在您計劃推進業務時，您如何考慮併購。

Look, Neil, no change to our strategy. You're correct, we like bolt-on M&A technology acquisitions. We think about M&A in terms really of research and development. Is it something that advances research? Does it move it more quickly so that we get to market more quickly?

尼爾，你看，我們的策略沒有改變。你是對的，我們喜歡補充性併購技術收購。我們從研發的角度來思考併購。它能推動研究嗎？它是否能夠更快地推動我們更快進入市場？

But we see significant organic growth in the businesses that we're in. And so we're -- we like where we are and we see plenty of growth. And we also -- I believe that organic growth generates more value for shareholders. And we've seen that with other things that we've done in the past in terms of small acquisitions that we're able to then grow and push through our channel. But we like the space where we compete, and we like technology and how we develop that. And so you shouldn't expect any change from Halliburton.

但我們看到我們所從事的業務出現了顯著的有機成長。我也相信，有機成長可以為股東創造更多價值。我們已經看到，透過我們過去在小型收購方面所做的其他事情，我們能夠發展並透過我們的管道推動業務。但我們喜歡我們競爭的空間，我們喜歡科技以及我們如何發展它。所以你不應該指望哈里伯頓會做出任何改變。

And it comes from the line of Arun Jayaram with JPMorgan Securities.

它來自 Arun Jayaram 與摩根大通證券的血統。

Jeff, I wanted to see if you could characterize your thoughts on the future prospects of the OpEx versus the D&C cycle on a go-forward basis. Can you talk about your current leverage to OpEx and production? And is this an area strategically you'd like to grow either organically or inorganically over time?

傑夫，我想看看您是否可以在未來的基礎上描述您對營運支出與 D&C 週期的未來前景的看法。您能談談您目前對營運支出和生產的影響嗎？從戰略上講，您是否希望隨著時間的推移，有機或無機地成長這一領域？

Yes. Well, I want to answer the second part of that first in terms of organically, yes. So we don't see a change to our strategy or approach to markets. So yes, we do see quite a bit of organic growth for us. And the OpEx part of the market, we're in that business today. We've got strong -- I mean, strong lift business today. We're in the chemicals business today. And we're in the intervention business today in a pretty big way. And we continue to develop technology similar to as we've done in the past. And so as my outlook for OpEx cycle, we've got plenty of exposure to that and have had.

是的。嗯，我想有機地回答第一部分的第二部分，是的。因此，我們認為我們的市場策略或方法不會改變。所以，是的，我們確實看到了相當多的有機成長。而市場的營運支出部分，我們今天也從事這個業務。我們今天的電梯業務很強。我們今天從事化學品業務。今天，我們在幹預業務上投入了相當大的精力。我們繼續開發與過去類似的技術。因此，正如我對營運支出週期的展望一樣，我們已經對此進行了大量的接觸，並且已經接觸過。

Now I want to be careful and say the D&C cycle is very strong and continues to grow, and I suspect that it continues to grow also. So I think we're well balanced across really all elements of this, whether it's exploration, development drilling and OpEx today and some of the things we've done in the past. Again, we bought smaller businesses that we've grown into bigger businesses. And so again, a strategy that works for us, and it delivers the organic growth that we believe is really good for our shareholders.

現在我要小心一點，D&C 週期非常強勁且持續成長，我懷疑它也會繼續成長。因此，我認為我們在所有要素上都取得了很好的平衡，無論是今天的勘探、開發鑽井和營運支出，還是我們過去所做的一些事情。我們再次收購了一些較小的企業，並將其發展成為更大的企業。同樣，這是一個對我們有效的策略，它帶來了有機成長，我們相信這對我們的股東來說確實有利。

Great. Jeff, second question is I wanted to see if you could give us your perspective on any potential impact to how from the changing mix of activity in Saudi Arabia, which looks to be a little bit more onshore versus shallow water. And maybe you could just talk about the year-over-year growth in MENA, which at 6% seemed a little bit lower than we were expecting.

偉大的。傑夫，第二個問題是，我想知道您是否可以向我們提供您對沙烏地阿拉伯不斷變化的活動組合的潛在影響的看法，沙烏地阿拉伯的活動組合看起來更多是在陸上，而不是淺水。也許你可以談談中東和北非地區的年成長率，6% 的成長率似乎比我們的預期要低一些。

Let me take the first part of that in terms of Saudi growth, '24 is still growing, by the way. We expect growth in Saudi in '24. And the rebalancing the gas and unconventionals is very good for Halliburton. We've got a very strong onshore business in Saudi Arabia. We participate in all aspects of that market. And that market remains tight for equipment. So I feel good about that market, and I'm very confident in the long-term growth of that market. The rebalancing again to gas is -- and we're meaningful players in that part of the market and expect that will only be good for Halliburton.

讓我先談談沙烏地阿拉伯的成長，順便說一下，24 年仍在成長。我們預計 24 年沙烏地阿拉伯將出現成長。天然氣和非常規能源的重新平衡對哈里伯頓來說非常有利。我們在沙烏地阿拉伯擁有非常強大的陸上業務。我們參與該市場的各個方面。該市場的設備仍然緊張。所以我對這個市場感覺很好，對這個市場的長期成長非常有信心。再次重新平衡天然氣是——我們是這部分市場中有意義的參與者，預計這只會對哈里伯頓有利。

Pivot to growth, look, a couple of things. Number one, international business grew 12% overall. So I want to start there. Clearly, I'd expect more growth in the region. But here's what we're doing. I do want to be really clear that profitable growth has been our primary focus. We see a good pipeline of opportunities. We expect to continue to see growth in MENA. But at the same time, we want to make certain we're building a foundation for growth. That means that we are delivering the technology, we're making the investment while expanding margins and growing. And that's been sort of our mantra. Our strategy is profitable international growth, and that's what we saw this quarter.

轉向成長，看，有幾件事。第一，國際業務整體成長 12%。所以我想從這裡開始。顯然，我預計該地區會有更多成長。但這就是我們正在做的事情。我確實想明確表示，獲利成長一直是我們的首要關注點。我們看到了良好的機會。我們預計中東和北非地區將繼續成長。但同時，我們希望確保我們正在為成長奠定基礎。這意味著我們正在提供技術、進行投資，同時擴大利潤並實現成長。這就是我們的座右銘。我們的策略是獲利的國際成長，這就是我們本季看到的。

And it comes from the line of Roger Read with Wells Fargo Securities.

它來自富國銀行證券公司的羅傑·里德 (Roger Read) 家族。

Jeff, I'd like to get back in on the international growth. So double digits, what you've delivered, double digits where you're guiding or where you're headed. How much of this would you describe as due to new products or products and services or new markets and how much of it to just underlying expansion? Wanted to get kind of -- you talked about a lot of the new stuff you're putting in, just how effective that is in driving some of this growth.

傑夫，我想重新參與國際成長。所以兩位數，你已經交付了什麼，兩位數你正在指導或你要去哪裡。您認為其中有多少是因為新產品、產品和服務或新市場所致，有多少只是潛在的擴張所致？我想知道——你談到了你正在投入的許多新東西，以及它們在推動這種增長方面有多有效。

Yes. Thanks. So I think the growth is broad-based, but the technology matters. It's not necessarily new products. It's actually an expanding market. A couple of things are happening at one time. Yes, activity is growing, but we're participating in a larger share of that growth than maybe in the past based on some of the technology I described. So we're competing differently technically, and so we get a bigger part of that growth.

是的。謝謝。所以我認為成長是廣泛的，但技術很重要。它不一定是新產品。這實際上是一個不斷擴大的市場。有幾件事同時發生。是的，活動正在成長，但根據我所描述的一些技術，我們參與的成長份額可能比過去更大。因此，我們在技術上的競爭不同，因此我們在成長中獲得了更大的份額。

We've added some new things, yes, like lift internationally. That's a new product for growth, a new product. It's a whole business, but it's growth in markets, and we're really pleased with the progress that that's making. And then obviously, pricing in the tight market internationally helps as well because that's helping growth all around.

是的，我們添加了一些新的東西，例如國際航班。這是一個促進成長的新產品，一個新產品。這是一個完整的業務，但它是市場的成長，我們對所取得的進展感到非常滿意。顯然，國際緊張市場的定價也有幫助，因為這有助於全面成長。

But I would not overlook the importance of the improvement in drilling technology, particularly just because it's more access to a larger market and at a much better rate of return for us. Given the improvement over legacy technology, the capital efficiency of the new technology is right about 40% more capital-efficient than the legacy tools. So getting sort of improvement along several dimensions there, growing market, bigger share, better pricing and better capital efficiency.

但我不會忽視鑽井技術改進的重要性，特別是因為它可以讓我們更容易進入更大的市場，並獲得更好的報酬率。鑑於傳統技術的改進，新技術的資本效率比傳統工具高出約 40%。因此，那裡的幾個方面都得到了改善，不斷增長的市場、更大的份額、更好的定價和更好的資本效率。

And then just to pivot back real quick to North America. You mentioned not really anticipating or certainly not built into the expectations for a recovery in gas this year. Presuming that that's kind of a well completions way you're thinking about it, at what point of the year would you have to see an increase maybe in activity spending rig count in gas to think that there was a chance that you could outperform, I say you but the market could outperform your expectation? Like if we get to the third quarter and we haven't seen an improvement, we should close the books on '24 having any improvements to think about '25.

然後迅速回到北美。您提到並沒有真正預期或肯定沒有納入今年天然氣復甦的預期。假設這是一種完井方式，您在一年中的什麼時候必須看到天然氣活動支出鑽機數量的增加，才能認為您有機會跑贏大盤，我你說，但市場可能會超出你的預期？就像如果我們到了第三季並且沒有看到任何改進，我們應該在 24 年結束帳目，並考慮 25 年是否有任何改進。

Yes. Look, thanks. I think that's the next big leg of growth in North America. It's a question of timing, but it is, no question, going to drive a lot of growth in North America. And I expect it will drive market growth, '25 and beyond. And I think what's overlooked, look through the current timing and look forward to what's coming, attrition has really shrunk the fleet. The fleet for the market is shrinking to meet the demand that's there today, and that happens every day. Equipment is not being built, new equipment.

是的。看看，謝謝。我認為這是北美的下一個成長重點。這是一個時間問題，但毫無疑問，它將推動北美的大幅成長。我預計它將推動 25 年及以後的市場成長。我認為被忽視的一點是，縱觀當前的時機並期待即將發生的事情，消耗確實使機隊萎縮了。為了滿足當今的需求，市場上的機隊正在縮小，這種情況每天都在發生。設備不是在建的，是新設備。

So when we get to that point in time, it will be an incredibly tight market. And so I'm actually quite excited and confident about what gas means to the North America market. Just saying, yes, the leading indicators of that will be well construction, it will be offtake contracts for LNG. There'll be a number of things that sort of happen, but it will happen just given the capital has been invested on the export side. There's no question that the gas will be developed to meet that.

因此，當我們到達那個時間點時，市場將非常緊張。因此，我實際上對天然氣對北美市場的意義感到非常興奮和自信。只是說，是的，這方面的領先指標將是油井建設，這將是液化天然氣的承購合約。將會發生很多事情，但只要資本投入出口方面，這種情況就會發生。毫無疑問，天然氣的開發將滿足這一目標。

And it's from the line of James West with Evercore ISI.

它來自 James West 和 Evercore ISI 的血統。

So Jeff, one of the areas that we haven't discussed in detail yet in the Q&A is really deepwater, where you guys have an advantaged position this cycle, I think relative to prior cycles, even though you've been strong there for a while. But you -- the technology enhancements that have happened in Halliburton puts you in a unique position to have more share, better profitability. And I'm curious kind of where you're seeing right now the biggest growth. And I think we know kind of Brazil and some other places. But where do you think we're going to be surprised as we go into kind of probably '25 and '26?

所以傑夫，我們在問答中尚未詳細討論的領域之一是真正的深水，我認為相對於之前的周期，你們在這個週期中處於有利地位，儘管你們在這方面已經很強大了儘管。但哈里伯頓的技術進步使您處於獨特的地位，可以獲得更多的份額和更好的盈利能力。我很好奇你現在在哪裡看到最大的成長。我認為我們對巴西和其他一些地方有所了解。但是，當我們進入“25”和“26”時，您認為我們會在哪些方面感到驚訝？

Look, I think the surprise will be West Africa and North Sea in terms of '25 and beyond. I think really, we're planning work now. There are great opportunities today that are being planned by clients with the full expectation that we see a meaningful step-up as we go into '25 and beyond. And these are all long-term-type projects that will extend into the end of the decade. So -- but I do think that's where we'll see a lot of activity.

看，我認為 25 年及以後的驚喜將是西非和北海。我想真的，我們現在正在計劃工作。今天，客戶正在規劃巨大的機會，他們滿懷期望，在進入 25 世紀及以後時，我們會看到有意義的進步。這些都是長期型項目，將持續到本世紀末。所以 - 但我確實認為這就是我們會看到很多活動的地方。

Okay. Okay, that makes sense. And then maybe just back to North America to pivot back there. Again, I don't want to beat a dead horse, but you guys are dramatically outperforming some of the peers in North America. And where do you hold the line, I guess, on kind of pricing? And where do you sacrifice utilization in a market that may be down a little bit? Is it just -- is it we just -- we'll give up utilization to keep our pricing? Or do you -- are you willing to give some discounts to keep your [vision high]?

好的。好吧，這是有道理的。然後也許會回到北美並重新回到那裡。再說一次，我不想打敗一匹死馬，但你們的表現遠遠超過了北美的一些同行。我想，在定價方面，你們的底線在哪裡？在市場可能略有下降的情況下，你會在哪裡犧牲利用率？難道我們只是——我們會放棄利用率來維持我們的定價嗎？或者你願意給予一些折扣來維持你的[遠見卓識]？

Yes. Look, James, do we see some pressure? Yes. But does that affect our strategy? Absolutely not. We've got a strategy that would add some value in North America. 40% of our equipment is contracted under long-term contracts, and we're not terribly exposed where we do see that pressure.

是的。看看，詹姆斯，我們看到了一些壓力嗎？是的。但這會影響我們的策略嗎？絕對不。我們制定了一項可以在北美增加一些價值的策略。我們 40% 的設備是根據長期合約簽訂的，在我們確實看到這種壓力的地方，我們並沒有受到太大的影響。

And I think maybe more answer than you want, but I think it's important that we keep central as our strategy is delivering unique technologies that create real value for customers. And so that's what lowest TCO looks like, and that's why we're also work solving for recovery with Zeus platform and [Sensory]. We think those two things alone create significant value for customers. And so we keep that central.

我認為答案可能比您想要的更多，但我認為重要的是我們保持核心地位，因為我們的策略是提供為客戶創造真正價值的獨特技術。這就是最低 TCO 的樣子，這就是為什麼我們也致力於使用 Zeus 平台和 [Sensory] ​​來解決復原問題。我們認為光是這兩件事就可以為客戶創造巨大的價值。所以我們保持這一中心。

And it comes from the line of Scott Gruber with Citigroup.

它來自花旗集團的斯科特·格魯伯 (Scott Gruber) 家族。

Well, it's getting later in the call, so I'll give you a chance to mention AI a few times, not that it's needed. But are global customers starting to discuss additional demand from power for data centers? And do you think this has the potential to pull forward additional gas development over the next few years around the world? Or is this still off the horizon?

好吧，通話時間已經很晚了，所以我會給你機會提幾次人工智慧，但並不是說需要它。但全球客戶是否開始討論資料中心電力的額外需求？您認為這有可能在未來幾年推動全球天然氣的進一步開發嗎？或者這仍然遙不可及？

I think gas is a critical fuel. And look, yes, I think we mentioned in the prepared remarks that the growth in demand for gas -- or gas and electricity and that being the most effective way to deliver power certainly today and the most reliable. So I think that this is almost becoming -- it's one of those things that you don't see it until it's on top of you. And I think that right now, that demand is on top of us. And so I think that can only be additive to demand. I have no question that will be additive.

我認為天然氣是一種重要的燃料。是的，我想我們在準備好的演講中提到了天然氣需求的增長——或者天然氣和電力的需求增長，這無疑是當今最有效、最可靠的電力輸送方式。所以我認為這幾乎正在成為——這是一種你只有在它出現在你身上時才能看到的東西。我認為現在我們面臨這種需求。所以我認為這只能是需求的補充。我毫不懷疑這會是累積的。

And clearly, AI consumes more power than traditional data centers. So I think all of that combined, there's almost -- it's not almost, it is a secular trend towards demanding more power, and that can only be good for our industry and for Halliburton.

顯然，人工智慧比傳統資料中心消耗更多的電力。所以我認為所有這些加起來，幾乎——不是幾乎，這是一種要求更多電力的長期趨勢，這對我們的行業和哈里伯頓來說只會有好處。

Yes, it will be interesting to watch. Just turning back to the near term. Latin America was a big outperformer versus our expectation. Can you just provide some more color on the details of what drove the outperformance in Latin America? And overall, what type of growth would you anticipate from the geo-market this year?

是的，觀看起來會很有趣。只是回到近期。拉丁美洲的表現遠遠超出我們的預期。您能否提供更多關於推動拉丁美洲表現出色的細節的資訊？整體而言，您預計今年的地理市場會出現什麼類型的成長？

Look, Latin America performed very well. It's broad-based growth in Latin America, so really at several geographies and types of markets, whether Argentina, Mexico, Caribbean, Ecuador. So we saw strong growth all over. And important to say our team in Latin America has done an exceptional job. I'm very appreciative and pleased with the work that team does.

看，拉丁美洲表現得很好。拉丁美洲的成長基礎廣泛，在多個地區和類型的市場也是如此，無論是阿根廷、墨西哥、加勒比海地區或厄瓜多爾。所以我們看到了整體的強勁成長。值得一提的是，我們拉丁美洲的團隊做得非常出色。我對團隊所做的工作非常感激和滿意。

And I think it also demonstrates how oil and gas is critical to economies. Those are economies that require oil and gas. They view oil and gas as critical to both security and economic growth, things that are important in Latin America. And so I expect there's more to come.

我認為這也顯示石油和天然氣對經濟的重要性。這些經濟體需要石油和天然氣。他們認為石油和天然氣對安全和經濟成長都至關重要，這對拉丁美洲來說很重要。所以我預計還會有更多的事情發生。

And it comes from the line of Luke Lemoine with Piper Sandler.

它來自 Luke Lemoine 和 Piper Sandler 的血統。

Jeff, you've reiterated your full year international went up low double digits with margins expanding this year. But could you maybe talk more specifically about how you see the D&E margins unfolding on a full year basis? And then also, as we kind of look over the next couple of years as international continues to unfold, you roll out new products and services like iStar and iCruise. What are kind of the aspirational targets here in D&E?

傑夫，你重申了你的全年國際業務成長了兩位數，而今年的利潤率則擴大。但您能否更具體地談談您對全年 D&E 利潤率的看法？然後，隨著我們展望未來幾年，隨著國際化的不斷發展，您將推出 iStar 和 iCruise 等新產品和服務。 D&E 的理想目標是什麼？

Yes. Look, I like the trajectory that we're seeing in D&E. And I say that because we're growing the business, but we're growing the business at a pace that's profitable. And building the kind of foundation that we can use the technology in markets where we know we've got solid growth in profitability and then be able to reach out from there. But clearly, it is a balance of growing margins while opening, for example, new businesses. So we've opened a few new markets while growing profitably. And I think that's sort of the foundational part of our D&E trajectory. So I expect to continue to see it aspirationally, continue to expect it to go up and expand quarter-over-quarter, year-on-year.

是的。看，我喜歡我們在 D&E 中看到的軌跡。我這麼說是因為我們正在發展業務，而且我們正在以有利可圖的速度發展業務。並建立這樣的基礎：我們可以在獲利能力穩健成長的市場中使用該技術，然後能夠從那裡拓展業務。但顯然，這是在利潤成長和開設新業務之間取得平衡。因此，我們在獲利成長的同時開闢了一些新市場。我認為這是我們 D&E 軌蹟的基礎部分。因此，我預計將繼續充滿希望地看到它，繼續期望它會逐季、同比上升和擴大。

And in the first quarter, we actually saw flooding in some markets. We saw weather and some others, maybe more than we would have expected though. I expect that we continue on the trajectory in spite of all of the things that sort of come along in businesses that are open. So we should expect to continue to see that moving up.

在第一季度，我們實際上看到一些市場出現了洪水。我們看到了天氣和其他一些東西，但可能比我們預期的要多。我預計，儘管開放的企業會出現各種各樣的情況，但我們仍會繼續沿著這條軌道前進。因此，我們應該預期這一數字將繼續上升。

And it comes from the line of Stephen Gengaro with Stifel.

它來自 Stephen Gengaro 和 Stifel 的血統。

Two for me. The first, you mentioned the strength in iCruise in North America. I think you said more than double a year ago footage drilled. Is that displacing competitors? Is that organic growth? Is that replacing all technology that you're offering? Can you give some color around that?

給我兩個。第一，您提到了iCruise在北美的實力。我想你說的是一年前鑽探鏡頭的兩倍多。這會取代競爭對手嗎？這是有機成長嗎？這會取代您提供的所有技術嗎？你能給它一些顏色嗎？

Well, look, it's performing very well, and the uptake has been strong. And so it is different technology than what we've ever had in the past. It's designed for this market. It's built on the iCruise platform. So how it gets to market, it's really customer driven. And it's -- there's been just more uptake on the technology itself.

嗯，看，它的表現非常好，而且採用率很高。因此，它與我們過去擁有的技術不同。它是專為這個市場設計的。它建立在 iCruise 平台上。因此，它如何進入市場，實際上是由客戶驅動的。而且人們對科技本身的接受度也越來越高。

Yes, it's all organic in terms of it's -- we developed the technology ourselves. We've worked on it for some time. We built a platform that has been very effective internationally. And now we've gotten to the North America part of it. So it's early days, but stay tuned. I mean we're really pleased with the advancement that it's making. But it's really customers will drive the uptake for that. So the increase in footage drilled is indicative of customers gaining confidence in the performance of that technology, particularly in the curve lateral.

是的，這一切都是有機的——我們自己開發了這項技術。我們已經為此努力了一段時間。我們建立了一個在國際上非常有效的平台。現在我們已經到達了北美的部分。所以現在還為時過早，但請繼續關注。我的意思是，我們對它所取得的進步感到非常滿意。但實際上，客戶會推動其採用。因此，鑽進進尺的增加表明客戶對該技術的性能越來越有信心，特別是在曲線側向方面。

Great. And I know this may be a little harder for you to answer directly. But when we think about the CHX-SLB deal and what's going on in production chemicals, I would imagine it's an area that would have interest to you. But my question is really, you had a great amount of success with Summit in what you bought and built over the last, I guess, 5, 6 years-plus and the strength of that business. Is that something that you can replicate in production chemicals if you went down that road?

偉大的。我知道這對你來說直接回答可能有點困難。但當我們考慮 CHX-SLB 交易以及化學品生產領域的進展時，我想您會對此感興趣。但我的問題是，你在 Summit 上取得了巨大的成功，因為你在過去（我猜）過去 5、6 年多的時間裡購買和建立的產品以及該業務的實力。如果你沿著這條路走下去，你可以在化學品生產中複製這種東西嗎？

Look, I think I'll revert back to strategically, we like to grow things organically. We own a kernel of a business there. We continue to make progress. We've got the plant, the capacity is filling up in the Middle East. So it's -- the trade-off is speed, but I think also the trade-off, from our perspective anyway, has been we know how to do this, and we believe it generates a lot of value for our shareholders when we go about it this way. And so we're going to continue to grow our chemicals business around the world on the back of some assets that we built ourselves. And so I'm pleased. I think there's opportunities for organic growth in chemicals, organic growth and strong growth in intervention, a whole lot of different areas.

聽著，我想我會回到策略上，我們喜歡有機地發展事物。我們在那裡擁有核心業務。我們不斷進步。我們已經有了工廠，中東的產能已經滿了。所以，權衡是速度，但我認為，無論如何，從我們的角度來看，權衡是我們知道如何做到這一點，而且我們相信，當我們這樣做時，它會為我們的股東創造很多價值就這樣。因此，我們將依靠我們自己建立的一些資產來繼續發展我們在世界各地的化學品業務。所以我很高興。我認為化學品領域有有機成長的機會，幹預領域有有機成長和強勁成長，很多不同領域都有機會。

And it comes from the line of Marc Bianchi with Cowen.

它來自馬克·比安奇 (Marc Bianchi) 和考恩 (Cowen) 的血統。

I wanted to circle back to the discussion on pricing for North America, just because you made the comment that you've seen some softening but you're not changing your strategy. Could you just comment on how sort of the market has evolved over the last 90 days, if anything has changed? We have had a competitor out there saying that they're going to go after share at the expense of price.

我想回到關於北美定價的討論，只是因為你評論說你看到了一些軟化，但你沒有改變你的策略。您能否簡單評論一下過去 90 天市場的演變（如果有什麼變化的話）？我們有一個競爭對手說他們將以犧牲價格為代價來追求份額。

Look, I don't comment on competitors. But from a strategic perspective, we haven't changed what we're doing. And I like where we are. And a big part of our fleet is contracted today. We focus on delivering top-notch efficiency, sort of record-setting efficiency and also lowest TCO. And so that's where our primary focus is, and we plan to stay with that.

看，我不會評論競爭對手。但從策略角度來看，我們並沒有改變我們正在做的事情。我喜歡我們現在的處境。今天我們機隊的很大一部分都簽訂了合約。我們專注於提供一流的效率、創紀錄的效率以及最低的整體擁有成本。這就是我們的主要關注點，我們計劃堅持下去。

Okay. Great. And then on the second quarter outlook, you gave the C&P and D&E. Should we assume that that's a similar profile for international and North America? Or anything that we should be contemplating there?

好的。偉大的。然後在第二季展望中，您給了 C&P 和 D&E。我們是否應該假設國際和北美的情況類似？或者我們應該在那裡考慮什麼？

In terms of...

按照...

So I can see -- yes. Go ahead, Jeff.

所以我可以看到——是的。繼續吧，傑夫。

Look, I don't -- look, in terms of margin growth, I think the margin growth, I expect will continue. I mean I think that we've talked about expanding margins. And D&E and also C&P is continuing to grow. And I think we're solid. We're in a number of very good businesses around C&P.

看，我不會——看，就利潤增長而言，我認為我預計利潤增長將持續下去。我的意思是，我認為我們已經討論過擴大利潤率的問題。 D&E 和 C&P 正在持續成長。我認為我們很穩固。我們在 C&P 周圍有許多非常好的業務。

Yes. Okay. Maybe just to clarify, the question was more on revenue. So I guess what I'm wondering is to get to the low double digits for international, it would seem that you need a pretty healthy growth in the remaining, all 3 remaining quarters of the year sequentially.

是的。好的。也許只是為了澄清，問題更多的是關於收入。因此，我想我想知道的是，國際業務要達到較低的兩位數，似乎您需要在今年剩餘的所有 3 個季度中實現相當健康的成長。

Oh, yes, sorry.

哦，是的，抱歉。

Could you talk about where that's coming from?

你能談談它是從哪裡來的嗎？

Yes. So that's pretty broad-based. I mean -- and so for C&P, that's completion tools around the world, that's production enhancement around the world. So in a very strong position, and we see a number of things growing, not the least of which would be lift, for example, and some things like that, that -- so heavy lift. I don't see it as -- I see it as a very middle of the fairway, very doable from where we sit today. And again, equipment is tight. I think that we'll continue to see strengthening there as well, expanding margins and pricing.

是的。所以這是非常廣泛的。我的意思是——對 C&P 來說，這就是世界各地的完井工具，這就是世界各地的生產增強。因此，處於非常有利的地位，我們看到許多事情都在成長，例如，其中最重要的是升力，以及類似的東西——如此沉重的升力。我不認為它是——我認為它是球道的中間，從我們今天坐的位置來看非常可行。再次，設備緊張。我認為我們也將繼續看到該領域的加強，擴大利潤率和定價。

And it comes from the line of Kurt Hallead with Benchmark.

它來自 Benchmark 的 Kurt Hallad 團隊。

So Jeff, you've been at this a long time. You referenced on more than one occasion, not just today but in other calls, about increasing level of visibility, especially on the international front and talking about opportunities that could extend out to the decade -- to the end of the decade. I think a lot of investors are wanting to kind of get inside the room with you, if you will, and try to get the same sort of conviction you have with respect to that duration.

傑夫，你已經從事這份工作很久了。您不只一次提到，不僅是在今天，而且在其他電話會議中，提到了提高知名度，特別是在國際方面，並談到了可能延續到本世紀乃至本世紀末的機會。我認為，如果您願意的話，許多投資者都想和您一起進入房間，並嘗試獲得您對這一期限的相同的信念。

So just kind of curious if you could give us some perspectives and insights on how you're -- how those conversations are taking place, how much lead time your customers are asking for? And effectively, what two or three things? Or are you seeing that continue to underpin this confidence and conviction that this cycle is going to extend through the end of the decade?

因此，我想知道您能否向我們提供一些關於您的觀點和見解—這些對話是如何進行的，您的客戶要求多長時間？實際上，哪兩三件事？或者您認為這將繼續支撐這種信心和信念，即這個週期將持續到本十年末？

Yes. Thanks. Look, some of it's work that will begin in '25 that is planned to go through the end of the decade. So I feel very confident about that. Others are work that we're working on planning with clients that, again, are the types of projects that extend that far.

是的。謝謝。看，其中一些工作將於 25 年開始，計劃持續到本世紀末。所以我對此非常有信心。其他是我們正在與客戶一起規劃的工作，這些類型類型又延伸到了這一點。

I think the -- just the price of the commodity and the tightness and the rising demand for oil and gas gives me confidence and it gives our clients confidence. And clearly, we've seen a bit of a return to oil and gas and its importance in a lot of places. But the type of work that we're starting, the type of offshore work that we're starting is -- takes time to get started and it takes a long time to do. And so very confident about that broadly.

我認為，大宗商品的價格、供應緊張以及對石油和天然氣的需求不斷增長給了我信心，也給了我們的客戶信心。顯然，我們已經看到了石油和天然氣的一些回歸及其在許多地方的重要性。但是我們正在開始的工作類型，我們正在開始的離岸工作類型是——需要時間來開始，並且需要很長時間才能完成。對此非常有信心。

And I would include -- anyway, the outlook for North America is similar in terms of duration. I mean this is the kind of investments that we've seen in North America that are not for a quarter or 2. These are decade-long investments that we've seen happen. And the next leg on gas and the demand for gas, that's already been talked about on this call. I feel very confident in the resilience of this cycle.

我想說的是——無論如何，北美的前景在持續時間上是相似的。我的意思是，我們在北美看到的這種投資不會持續四分之一或兩個季度。接下來的天然氣和天然氣需求，已經在本次電話會議中討論過。我對這個週期的彈性非常有信心。

That's great. Appreciate that. So the other dynamic you referenced was improving margins, right? So you've booked contracts that tend to last, I don't know, 2 to 3 years on average in the international market. So those roll through this year into next year and so on.

那太棒了。感謝。那麼您提到的另一個動態是提高利潤率，對吧？因此，您所簽訂的合約在國際市場上平均期限為 2 到 3 年，我不知道。所以這些會從今年延續到明年，依此類推。

Just curious in the context of that margin improvement from here, right? If you were to try to kind of rank order it, is how much of it is pricing? How much is it, is it volume? How much of it is the technology value proposition? Just can you give us some additional sense on how you see that? What's driving that margin improvement?

只是對利潤率從這裡開始改善的背景感到好奇，對吧？如果你想嘗試對其進行排序，那麼其中有多少是定價？多少錢，是體積嗎？其中有多少是技術價值主張？您能告訴我們您對此有何看法嗎？是什麼推動了利潤率的提升？

Look, I think it's a combination of those. So some of it is certainly tightness in the market in pricing. But at the same time, we've talked about our R&D investment over the last 8 years has all been directed at better capital efficiency. And that drives margin also, and that drives margins in our drilling business, that drives margin in our frac business. But these are deliberate choices that we've made to drive down or to improve capital efficiency and return.

看，我認為這是這些的結合。因此，部分原因肯定是市場定價緊張。但同時，我們談到過去 8 年的研發投資都是為了提高資本效率。這也提高了利潤率，提高了我們鑽井業務的利潤率，提高了我們壓裂業務的利潤率。但這些都是我們為了降低或提高資本效率和回報而故意做出的選擇。

And I think that's evident, probably most evident in our drilling technology and our Zeus technology. But at the same time, that's been a practice in all of our businesses. And so anything that we're producing today, sort of its first criteria has to be improved capital efficiency and better returns out of R&D. And so I'm really pleased with the success we've had there. And so I would say all are contributing today in addition to having sort of more market access, more opportunity to compete on the back of improved technology.

我認為這一點很明顯，可能在我們的鑽井技術和宙斯技術中最為明顯。但同時，這也是我們所有業務的慣例。因此，我們今天生產的任何產品，其首要標準都必須是提高資本效率和更好的研發回報。因此，我對我們在那裡取得的成功感到非常高興。因此，我想說，除了擁有更多的市場准入、在改進的技術的支持下有更多的競爭機會之外，今天所有人都在做出貢獻。

And it comes from the line of Doug Becker with Capital One.

它來自 Doug Becker 與第一資本 (Capital One) 的血統。

Jeff, would you expand a little bit more on the drivers behind the sequential margin expansion in D&E? And really, the question is just a function that the last several years, maybe margins actually declined in 2Q from 1Q.

Jeff，您能否詳細介紹一下 D&E 利潤率連續成長背後的驅動因素？實際上，問題只是過去幾年的函數，也許第二季度的利潤率實際上比第一季有所下降。

Look, I think that, again, I'm back to the foundation building that I described. So we've got a better foundation, broader-based work, and so I expect to continue to see expansion certainly year-over-year. And then also as that foundation gets stronger, that gives us more ability to grow the business profitably but from a sound base.

聽著，我想我又回到了我所描述的基礎建設。因此，我們擁有更好的基礎、更廣泛的工作，因此我預計將繼續逐年看到擴張。然後，隨著這個基礎變得更加強大，我們將更有能力在堅實的基礎上實現業務的獲利成長。

I think, Doug, it's Eric here, that the typical drop in margin in Q2 happens with the reduction in our software business. The way we recognize revenue in our software business means that it's essentially taken in Q4 and in Q1. So we see a bit of a drop there. You see that being more muted this year because, as Jeff mentioned, the D&E margins were softer than we were expecting in Q1 as we had much more significant weather issues in the North Sea and Norway, in Alaska and then the flooding over in Indonesia. So the combination of that muted effect and the more traditional software impact moving from Q1 to Q2 results and margins going up here.

我想，道格，是埃里克，第二季度利潤率的典型下降是由於我們軟體業務的減少而發生的。我們確認軟體業務收入的方式意味著它基本上是在第四季度和第一季取得的。所以我們看到那裡有一點下降。你會看到今年的情況更加溫和，因為正如傑夫所提到的，D&E 利潤比我們在第一季度的預期要軟，因為我們在北海和挪威、阿拉斯加以及印度尼西亞的洪水問題上遇到了更嚴重的天氣問題。因此，這種微弱的影響和從第一季到第二季度的更傳統的軟體影響相結合，導致這裡的結果和利潤率上升。

That all makes sense. Maybe switching to North America, U.S. more specifically. Last quarter, you were talking about Zeus e-fleets would represent about 40% by the end of the year, going to maybe 50% in 2025. Is there a reasonable or realistic or probable scenario where you would accelerate this deployment? The results certainly suggest that the outperformance in, there might be a case for that.

這一切都是有道理的。也許轉向北美，更具體地說是美國。上個季度，您談到 Zeus 電子車隊到今年年底將占到 40% 左右，到 2025 年可能會達到 50%。結果當然表明，可能有理由表現出色。

No. Look, this is a market [pulse]. The whole strategy behind e-fleets for us has been build the best technologies and clients demand it. And we build the demand that we see in hand. And therefore, they're not built on spec, they're built for customers that plan to use them. And we don't plan to change that. And so in some ways, that is central to maximizing value in North America. When we maximize value in North America, we're not going to build things that don't have a home.

不，看，這是一個市場[脈搏]。我們電子車隊背後的整體策略是建立最好的技術，滿足客戶的需求。我們建立我們手頭上看到的需求。因此，它們不是根據規格構建的，而是為計劃使用它們的客戶構建的。我們不打算改變這一點。因此，在某些方面，這對於北美地區價值最大化至關重要。當我們在北美實現價值最大化時，我們不會建造沒有家的東西。

And so I expect to continue to see market demand for this equipment. 2024 is actually already in hand, it's just delivering the units themselves. They already have homes. And in '25, we actually have some deliveries, and I expect that we'll see more as we go forward. But I think that important to remember that that's our approach is the build-out to contract.

因此，我預計市場對該設備的需求將繼續增長。 2024 年其實已經在眼前，只是交付了單位本身。他們已經有家了。在 25 年，我們實際上已經交付了一些產品，我預計隨著我們的進展，我們會看到更多。但我認為重要的是要記住，我們的方法是根據合約進行擴展。

And with that, we conclude our Q&A session for today. I will pass it back to management for final comments.

我們今天的問答環節到此結束。我會將其傳回管理層以徵求最終意見。

Okay. Thank you, Carmen. Let me close out the call with this. I am excited about the outlook for Halliburton, and expect Halliburton to deliver strong free cash flow and shareholder returns.

好的。謝謝你，卡門。讓我以此結束這通通話。我對哈里伯頓的前景感到興奮，並期望哈里伯頓能夠提供強勁的自由現金流和股東回報。

Look forward to speaking with you next quarter. Let's close out the call.

期待下個季度與您交談。讓我們結束通話吧。

Thank you, everyone, for participating. You may now disconnect.

謝謝大家的參與。您現在可以斷開連線。