哈里伯頓 (HAL) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the second-quarter 2024 Halliburton earnings 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 2024 年第二季財報電話會議。（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 David Coleman, Senior Director, Investor Relations. Please go ahead.

現在我想將會議交給投資者關係高級總監 David Coleman。請繼續。

Hello, and thank you for joining the Halliburton second-quarter 2024 conference call. We will make the recording of today's webcast available for seven days on Halliburton's website after this call.

您好，感謝您參加哈里伯頓 2024 年第二季電話會議。電話會議結束後，我們將在哈里伯頓網站上提供今天網路廣播的錄音 7 天。

Joining me today are Jeff Miller, Chairman, President and CEO; and Eric Carre, Executive Vice President and CFO. Some of today's comments may include forward-looking statements reflecting Halliburton's views about future events.

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。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。

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, Form 10-Q for the quarter ended March 31, 2024 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.

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 日止年度的10-K 表格、截至2024 年3 月31 日止季度的10-Q 表格、最近有關8-K 表格和其他證券交易委員會文件的最新報告中進行了討論。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 second quarter earnings release and in the quarterly results and presentations 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。更多詳細資訊以及與最直接可比較的 GAAP 財務指標的調整包含在我們的第二季收益發布以及我們網站的季度業績和演示部分中。

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 second quarter results that demonstrated the strength of our international business and the differentiation of our North America service offerings.

謝謝大衛，大家早安。哈里伯頓第二季業績強勁，證明了我們國際業務的實力和北美服務產品的差異化。

Here are the quarter highlights. We delivered total company revenue of $5.8 billion, and operating margin of 18%. International revenue was $3.4 billion and grew 8% year over year, led by Latin America, which delivered a 10% increase. North America revenue was $2.5 billion, an 8% decrease year over year, compared to a 12% decline in rig count over the same period. Our drilling and evaluation division and our completion and production division both demonstrated margin improvement year over year.

以下是本季的亮點。我們的公司總收入為 58 億美元，營業利潤率為 18%。國際營收為 34 億美元，年增 8%，其中拉丁美洲增幅最大，成長 10%。北美地區營收為 25 億美元，年減 8%，而同期鑽機數量下降 12%。我們的鑽井和評估部門以及完井和生產部門的利潤率均逐年提高。

Finally, during the second quarter, we generated $1.1 billion of cash flow from operations and about $800 million of free cash flow and repurchased $250 million of our common stock. I'll begin our discussion with the international markets where Halliburton's strategy of profitable growth delivered another solid quarter.

最後，在第二季度，我們產生了 11 億美元的營運現金流和約 8 億美元的自由現金流，並回購了 2.5 億美元的普通股。我將從國際市場開始我們的討論，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。

International revenue grew 8% year over year, with growth demonstrated by each region. This marks the 12th consecutive quarter of year-on-year growth in our international business. As I look ahead for the remainder of this year, my outlook today is consistent with our expectations at the start of the year. I expect steady growth for Halliburton throughout the remainder of 2024.

國際收入年增 8%，每個地區都有成長。這標誌著我們的國際業務連續第 12 個季度同比增長。當我展望今年剩餘時間時，我今天的展望與我們年初的預期一致。我預計哈里伯頓在 2024 年剩餘時間內將實現穩定成長。

In our international markets, we see strong demand for Halliburton services, high activity levels and equipment tightness across all major basins. We expect our international business to deliver about 10% revenue growth for the full year. I am pleased with the profitable growth we are seeing across our product lines and today I would like to highlight three specific ones in more detail.

在我們的國際市場上，我們看到所有主要盆地對哈里伯頓服務的強勁需求、高活動水平和設備緊張。我們預計國際業務將全年營收成長約 10%。我對我們在整個產品線中看到的獲利成長感到高興，今天我想更詳細地強調三個具體的成長。

The first is our landmark software business. I recently attended our Landmark Forum LIFE2024 in Athens, Greece. It is an annual event where we share our latest software innovations and our customers share their successes and future opportunities. While in Athens, I had the opportunity to meet with dozens of customers, and they told me how excited they were about our latest offerings like unified ensemble modeling, scalable earth model and our latest developments in AI and machine learning.

第一個是我們具有里程碑意義的軟體業務。我最近參加了在希臘雅典舉行的 LIFE2024 地標論壇。這是一年一度的活動，我們分享最新的軟體創新，我們的客戶分享他們的成功和未來的機會。在雅典期間，我有機會會見了數十位客戶，他們告訴我，他們對我們的最新產品（例如統一整合建模、可擴展地球模型以及我們在人工智慧和機器學習方面的最新發展）感到非常興奮。

These tools change the way customers work by driving efficiencies from asset level planning through production. The conference included customer presentations that showcase their business transformation and their use of Halliburton Landmark's tools. Our customers tell us we create unique value with our high energy cloud platform, which seamlessly integrates into their workflows. I am confident that Landmark DecisionSpace 365 will expand and add to our customers' productivity and innovation journey.

這些工具透過提高從資產級規劃到生產的效率來改變客戶的工作方式。會議包括客戶演示，展示他們的業務轉型以及他們對 Halliburton Landmark 工具的使用。我們的客戶告訴我們，我們透過高能量雲平台創造了獨特的價值，該平台無縫整合到他們的工作流程中。我相信 Landmark DecisionSpace 365 將擴展並增強我們客戶的生產力和創新之旅。

Next, Halliburton's artificial lift product line is growing in the international markets at double the rate of our overall international business. It embodies our successful M&A strategy of bolt-on acquisitions that bring leading technology into our portfolio. We organically grow new technologies through our global footprint and through collaboration with our customers to engineer solutions that maximize their assets' value.

其次，哈里伯頓的人工舉升產品線在國際市場上的成長速度是我們整體國際業務的兩倍。它體現了我們成功的補強收購併購策略，將領先技術引入我們的產品組合。我們透過我們的全球足跡以及與客戶的合作，有機地發展新技術，設計解決方案，最大限度地提高他們的資產價值。

As one example, this quarter, we launched our GeoESP line, which is engineered for the harsh geothermal environment. The GeoESP line solves for extreme thermal cycling, scale development, abrasion and corrosion, while geothermal ESP technology has applications across the globe, Halliburton sees substantial growth opportunities in Europe, where customers require advanced technology to bring geothermal to scale.

舉個例子，本季度，我們推出了 GeoESP 系列，該系列專為惡劣的地熱環境而設計。GeoESP 系列解決了極端熱循環、結垢、磨損和腐蝕問題，而地熱ESP 技術在全球範圍內都有應用，哈里伯頓在歐洲看到了巨大的成長機會，那裡的客戶需要先進的技術來擴大地熱規模。

Finally, Halliburton's drilling services are key to our success in the international markets. We had another strong quarter in unconventional drilling with our iCruise X rotary steerable system and our LOGIX autonomous drilling platform. We deployed advancements that improve drilling speed and reliability and set several interval records during the quarter.

最後，哈里伯頓的鑽井服務是我們在國際市場上成功的關鍵。憑藉 iCruise X 旋轉導向系統和 LOGIX 自主鑽井平台，我們在非常規鑽井領域又取得了強勁的季度業績。我們部署了先進技術，提高了鑽井速度和可靠性，並在本季度創下了多項間隔記錄。

We invest in differentiated drilling technology, and we expect our strong performance and reliable execution to drive above market growth. For example, in the Middle East, our drilling services revenue grew about 30% year over year. I am pleased with our international business and look forward to deepening our strategy and delivering additional profitable growth.

我們投資於差異化的鑽井技術，我們期望我們強勁的性能和可靠的執行力能夠推動高於市場的成長。例如，在中東，我們的鑽井服務收入較去年同期成長約30%。我對我們的國際業務感到滿意，並期待深化我們的策略並實現額外的獲利成長。

Turning to North America, our second quarter revenue declined 3% compared to the first quarter. Halliburton's first half 2024 results were largely as we expected. However, as we have seen rig counts and overall service activity declined through the quarter.

轉向北美，我們第二季的營收比第一季下降了 3%。哈里伯頓 2024 年上半年業績基本上符合我們的預期。然而，正如我們所看到的，整個季度的鑽機數量和整體服務活動均有所下降。

As I look to the second half of 2024, I now expect full year North America revenues to decline 6% to 8% versus last year, driven by lower activity. I expect that the second half of 2024 will be near the low point of activity levels this cycle and while it's too early to give specific guidance for 2025 in North America, I expect activity to be directionally higher than the second half of 2024.

展望 2024 年下半年，由於活動減少，我預計北美全年營收將比去年下降 6% 至 8%。我預計 2024 年下半年將接近本週期活動水準的低點，雖然現在給出北美 2025 年的具體指引還為時過早，但我預計活動將明顯高於 2024 年下半年。

Here's how I think about this. First, I expect an increase in activity after E&P companies complete their acquisitions and establish new development plans. Second, some of the merged assets will be divested to smaller operators who will put them to work.

我是這麼想的。首先，我預計勘探與生產公司完成收購併制定新的開發計畫後，活動將會增加。其次，一些合併後的資產將被剝離給較小的營運商，由他們將其投入使用。

Finally, I expect some recovery in natural gas activity. Six years ago, we said our strategy to maximize value in North America. I understood it may take a market like we see today or North America activity declined by over 200 rigs in the last 18 months to demonstrate the margin resilience and earnings power of our strategy.

最後，我預計天然氣活動會有所復甦。六年前，我們提出了在北美實現價值最大化的策略。我知道，可能需要像我們今天看到的那樣的市場或北美活動在過去 18 個月內減少 200 多台鑽機，才能證明我們策略的利潤彈性和盈利能力。

I am pleased that Halliburton delivered strong C&P margins through this period, and I am confident that our strategy will deliver strong results in the future. We're committed to our strategy to maximize value in North America because it delivers shareholder value and it is the right strategy for this market.

我很高興哈里伯頓在此期間實現了強勁的 C&P 利潤率，並且我相信我們的策略將在未來取得強勁成果。我們致力於在北美實現價值最大化的策略，因為它可以帶來股東價值，並且是該市場的正確策略。

For Halliburton, we focus on returns. We allocate capital to the markets and products that drive superior returns and margins. We prioritize returns over market share. And to that end, we retired a few fleets this quarter.

對於哈里伯頓，我們專注於回報。我們將資本分配給能夠帶來卓越回報和利潤的市場和產品。我們優先考慮回報而不是市場佔有率。為此，我們本季退役了一些機隊。

We develop differentiated technologies to solve for the unique requirements of the North America market. And lastly, we improve efficiencies for our customers through those technologies, service quality and execution. I expect this strategy will deliver leading performance for our customers and a structurally more resilient North America business for Halliburton.

我們開發差異化技術來解決北美市場的獨特需求。最後，我們透過這些技術、服務品質和執行來提高客戶的效率。我預計這項策略將為我們的客戶帶來領先的業績，並為哈里伯頓帶來結構上更具彈性的北美業務。

A key part of how we do this is our strategic investment in technology. One technology, I'm excited about is the latest addition to Octiv a key component of the Zeus platform. Today, Octiv is a cornerstone of how we deliver large multi-well pads with unmatched precision and consistency as our customers execute completions with ever-increasing size and intensity automation as delivered by Octiv provides better control and more effective delivery for simul-frac and trimulfrac operations.

我們實現這一目標的關鍵部分是我們對技術的策略性投資。讓我興奮的一項技術是 Octiv 的最新添加，它是 Zeus 平台的關鍵組件。Today, Octiv is a cornerstone of how we deliver large multi-well pads with unmatched precision and consistency as our customers execute completions with ever-increasing size and intensity automation as delivered by Octiv provides better control and more effective delivery for simul-frac and trimulfrac營運.

During the second quarter, we completed field trials of the latest level of Octiv automation called auto-frac with the single click of a button. Auto-frac executes the entire frac job from ramp-up at the start to ramp down at the end, making autonomous fracturing a reality. This new level of automation gives customers control to execute the frac design exactly how they want it without human intervention. Following our commercial trials, auto-frac is ready to scale, and I'm excited about what this technology means for our customers and for Halliburton.

在第二季度，我們只需點擊一個按鈕即可完成最新程度的 Octiv 自動化（稱為 auto-frac）的現場試驗。Auto-frac 執行整個壓裂作業，從開始時的加速到結束時的減速，使自主壓裂成為現實。這種新的自動化程度使客戶能夠控制地按照他們想要的方式執行壓裂設計，而無需人工幹預。在我們的商業試驗之後，auto-frac 已準備好進行擴展，我很高興這項技術對我們的客戶和哈里伯頓意味著什麼。

Lastly, we see rapid adoption in North America of our iCruise rotary steerable system. We consistently reduced drilling times for our customers and create significant value. In the Permian Basin, the number of rigs running the system has increased by almost 45% since the start of this year. We are on pace to triple our footage drilled in North America this year, and I'm excited about the market adoption of iCruise.

最後，我們看到我們的 iCruise 旋轉導向系統在北美得到快速採用。我們不斷為客戶縮短鑽井時間並創造顯著的價值。在二疊紀盆地，自今年年初以來，運行該系統的鑽機數量增加了近 45%。今年我們在北美的鑽探進尺預計將增加兩倍，我對 iCruise 的市場採用感到興奮。

North America is the largest oilfield services market in the world. We are crystal clear on how we maximize value in North America. We have demonstrated that this strategy works, and that's why I'm confident that we will continue to deliver strong returns through this cycle. To step back, Halliburton's returns and cash flows are strong and I am pleased with our performance this quarter.

北美是全球最大的油田服務市場。我們非常清楚如何在北美實現價值最大化。我們已經證明這個策略是有效的，這就是為什麼我有信心我們將在這個週期中繼續提供強勁的回報。退一步來說，哈里伯頓的回報和現金流都很強勁，我對我們本季的表現感到滿意。

I'm just back from a few weeks in Europe/Africa, but I saw is a microcosm of Halliburton around the world, the quality of our people, the clarity of our strategy, our leading technologies, the depth of our pipeline of opportunities and the competitiveness of our business segments all give me incredible confidence in Halliburton's future.

我剛從歐洲/非洲待了幾週回來，但我看到的是哈里伯頓在世界各地的縮影：我們員工的素質、我們策略的清晰度、我們領先的技術、我們機會管道的深度以及我們業務部門的競爭力都讓我對哈里伯頓的未來充滿信心。

Now I'll turn the call over to Eric to provide a few 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 Q2 reported net income per diluted share was $0.80. Total company revenue for the second quarter of 2024 was $5.8 billion, flat sequentially. Operating income was $1 billion, a sequential increase of 5% and operating margin was 18%, a sequential increase of 69 basis points.

謝謝你，傑夫，早安。我們第二季報告的攤薄每股淨利潤為 0.80 美元。 2024 年第二季公司總營收為 58 億美元，與上一季持平。營業收入為 10 億美元，季增 5%，營業利益率為 18%，較上季成長 69 個基點。

Beginning with our completion and production division, revenue in Q2 was $3.4 billion, sequentially flat. Operating income was $723 million, up 5% when compared to Q1 2024, and operating income margin was 21%. These results were primarily driven by strong international completion and production performance offsetting softer results in North America.

從我們的完工和生產部門開始，第二季的營收為 34 億美元，與上一季持平。營業收入為 7.23 億美元，較 2024 年第一季成長 5%，營業利益率為 21%。這些業績主要是由強勁的國際完工量和生產業績抵消了北美疲軟的業績所推動。

In our drilling and evaluation division, revenue in Q2 was $2.4 billion while operating income was $403 million, both sequentially flat from Q1 2024. Operating margin was 17%, a sequential increase of 20 basis points. These results reflect the strength of our global D&E business despite the roll-off of seasonal software sales in Q2, which affected every region.

在我們的鑽井和評估部門，第二季的營收為 24 億美元，營業收入為 4.03 億美元，兩者與 2024 年第一季持平。營業利益率為 17%，季增 20 個基點。這些結果反映了我們全球 D&E 業務的實力，儘管第二季軟體銷售季節性下降，影響了每個地區。

Now let's move on to geographic results. Our Q2 international revenue increased 3% sequentially. Europe/Africa revenue in the second quarter of 2024 was $757 million, an increase of 4% sequentially. This increase was primarily driven by higher well construction activity and improved wireline activity in Norway, along with increased completion tool sales and higher stimulation activity in West Africa.

現在讓我們繼續討論地理結果。我們第二季的國際營收季增 3%。2024 年第二季歐洲/非洲營收為 7.57 億美元，季增 4%。這一增長主要是由於挪威建井活動的增加和有線活動的改善，以及西非完井工具銷售的增加和增產活動的增加。

Middle East Asia, revenue in the second quarter of 2024 was $1.5 billion, an increase of 5% sequentially. This increase was primarily related to higher activity in the Middle East across multiple product lines and higher fluid services in Asia.

中東亞洲，2024年第二季營收為15億美元，季增5%。這一增長主要與中東多個產品線的活動增加以及亞洲流體服務的增加有關。

Latin America revenue in the second quarter of 2024 was $1.1 billion sequentially flat. In North America revenue was $2.5 billion, representing a 3% decrease sequentially. This decline was primarily driven by decreased pressure pumping services in US land and decreased completion tool sales and testing services in the Gulf of Mexico.

2024 年第二季拉丁美洲營收為 11 億美元，較上季持平。北美地區營收為 25 億美元，比上一季下降 3%。這一下降主要是由於美國陸地壓力泵送服務減少以及墨西哥灣完井工具銷售和測試服務減少所致。

Moving on to other items. In Q2, our corporate and other expense was $65 million for the third quarter of 2024, we expect our corporate expenses to increase slightly. Our SAP deployment remains on budget and is on schedule to conclude in 2025. In Q2, we spend $29 million or about $0.03 per diluted share on SAP S4 migration, which is included in our results.

繼續討論其他項目。在第二季度，2024 年第三季我們的公司和其他費用為 6,500 萬美元，我們預計我們的公司費用將略有增加。我們的 SAP 部署仍符合預算，並按計畫於 2025 年完成。在第二季度，我們在 SAP S4 遷移上花費了 2,900 萬美元（即稀釋後每股約 0.03 美元），這已包含在我們的業績中。

For the third quarter, we expect SAP expenses to increase slightly. Net interest expense for the quarter was $92 million. For the third quarter 2024, we expect net interest expense to be roughly flat. Other net expense for Q2 was $20 million, which was lower than anticipated, driven by favorable FX movements.

對於第三季度，我們預計 SAP 費用將略有增加。該季度的淨利息支出為 9,200 萬美元。對於 2024 年第三季度，我們預計淨利息支出將大致持平。第二季的其他淨支出為 2000 萬美元，低於預期，受到有利的外匯走勢的推動。

For the third quarter of 2024, we expect this expense to be approximately $35 million. Our effective tax rate for Q2 was 22.5% lower than expected due to discrete items. Based on our anticipated geographic earnings mix, we expect our third quarter of 2024 effective tax rate to increase approximately 1%.

對於 2024 年第三季度，我們預計這筆費用約為 3,500 萬美元。由於離散項目的影響，我們第二季的有效稅率比預期低 22.5%。根據我們預期的地域收益組合，我們預計 2024 年第三季的有效稅率將增加約 1%。

Capital expenditures for Q2 were $347 million. For the full year of 2024, we expect capital expenditures to be approximately 6% of revenue. Our Q2 cash flow from operations was $1.1 billion and free cash flow was $793 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 in 2023.

第二季資本支出為 3.47 億美元。2024 年全年，我們預計資本支出約為收入的 6%。我們第二季的營運現金流為 11 億美元，自由現金流為 7.93 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 third quarter. In our completion and production division, we anticipate sequential revenue to be down 1% to 3% and margins to decrease by 75 to 125 basis points.

現在讓我向您提供一些我們對第三季預期的評論。在我們的竣工和生產部門，我們預計將季比收入將下降 1% 至 3%，利潤率將下降 75 至 125 個基點。

In our drilling and evaluation division, we expect sequential revenue to increase 2% to 4% and margins to increase by 25 to 75 basis points.

在我們的鑽井和評估部門，我們預計連續收入將成長 2% 至 4%，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. Here are a few key points I would like you to take away from our discussion today. I am pleased with our 18% margins and about $800 million of free cash flow in the second quarter. We are well on track to deliver over 10% free cash flow growth this year.

謝謝，埃里克。以下是我希望您從我們今天的討論中得出的幾個要點。我對第二季 18% 的利潤率和約 8 億美元的自由現金流感到滿意。今年我們可望實現 10% 以上的自由現金流成長。

I'm excited about our international business where our technology portfolio has never been stronger. I am confident that our strategy to maximize value in North America is working, and I expect it continues to deliver strong returns. Finally, I am convinced that our collaborative approach and value proposition differentiate us from our competitors and are directly aligned with how our customers expect to drive improved performance.

我對我們的國際業務感到興奮，我們的技術組合從未如此強大。我相信我們在北美實現價值最大化的策略正在發揮作用，我預計它將繼續帶來強勁的回報。最後，我堅信我們的協作方法和價值主張使我們有別於競爭對手，並且與我們的客戶期望如何推動績效提高直接保持一致。

And now let's open it up for questions.

現在讓我們開放提問。

(Operator Instructions) Dave Anderson, Barclays.

（操作員說明）Dave Anderson，巴克萊銀行。

Hi, good morning, Jeff.

嗨，早安，傑夫。

Good morning, Dave.

早上好，戴夫。

So North America softening a little bit, not a surprise. A lot of your fleet, though, is under contract with e-fleet I think it's around 40% or so. And you're continuing to roll out equipment. So I'm just wondering what the recontracting of those, typically have a two, three year contracts.

因此，北美市場略有軟化，這並不令人意外。不過，你們的許多車隊都與 e-fleet 簽訂了合同，我認為大約有 40% 左右。您正在繼續推出設備。所以我只是想知道這些合約的重新簽訂，通常有兩年、三年的合約。

I would assume maybe a third of that gets repriced each or something like that. So what does that look like right now in terms of contracting? I think I'm assuming demand to outstrip supply here. So is pricing able to still move higher and there. Are you do a kind of blend and extend deals with some customers who want more just a little color around the repricing that you want to increase?

我認為其中的三分之一可能會被重新定價或類似的東西。那麼現在的合約情況如何呢？我想我假設這裡的需求超過供應。那麼定價是否還能繼續走高。您是否會與一些想要增加定價的客戶進行某種混合併延長交易？

Yeah, we'll still see a lot of demand Dave, for e-fleets I mean, clearly, it's the leading technology and we rolled a couple out this quarter and signed some more contracts and so now that's a runway through the end of this year and into '25 that we see today.

是的，戴夫，我們仍然會看到對電子車隊的大量需求，我的意思是，顯然，這是領先的技術，我們本季度推出了一些技術，並簽署了更多合同，所以現在這是一個貫穿本季末的跑道進入我們今天看到的 25 年。

We don't have any contracts expires early till next year. And so that's a process that we're working through. I'm not going to go through all that on this call. But we're signing up with repeat customers, which is a pretty good indicator of the value that they're creating. So feel confident about that process. But I really don't want to go through it on the call.

我們沒有任何合約會提前到明年到期。這就是我們正在經歷的一個過程。我不會在這次電話會議上講述所有這些內容。但我們正在與回頭客簽約，這是他們創造的價值的一個很好的指標。所以對這個過程充滿信心。但我真的不想在電話中討論這件事。

Totally understand, but would you expect that most of those will stay with the existing customers?

完全理解，但您是否認為其中大部分會留在現有客戶手中？

Yeah I feel, yeah still I mean, these are the same customers in some cases that are signing up a second and even beyond their fleets. And so no reason to believe that they would not. And we're clearly on the path to the 40% in 2024 and '25 as well. I mean, I think that trajectory gets clearer every day.

是的，我覺得，是的，我的意思是，在某些情況下，這些客戶會簽約第二個，甚至超出他們的車隊。因此沒有理由相信他們不會。顯然，我們正朝著 2024 年和 25 年達到 40% 的目標邁進。我的意思是，我認為軌跡每天都變得更加清晰。

Yeah, that makes a lot of sense. And if I shift over to your international story here and within the 10% revenue growth you highlighted Middle East up 5% this quarter sequentially. Can you just talk about that part of the international story for you and kind of how you see that growth, should growth start to accelerate here weakness, big unconventional play over there that I know you're involved in.

是的，這很有意義。如果我在這裡轉向您的國際故事，您強調中東本季營收成長 10%，季增 5%。您能否為您談談國際故事的一部分，以及您如何看待這種增長，如果這裡的增長開始加速，而我知道您參與了那裡的大型非常規遊戲。

I don't know if you can talk about any other contracting opportunities with that. But I would -- if I'm wrong to think that growth should start to accelerate in the Middle East could even I mean within the 10%, but really into next year as well?

我不知道你是否可以談論任何其他簽約機會。但我會——如果我錯誤地認為中東的成長應該開始加速，我的意思是在 10% 之內，但真的是到明年嗎？

No, you're not wrong, looks. I'm very confident around our business in the Middle East. And as you say, I'm not going to talk about contracts with your Aramco obviously is a fantastic operator, and we've got a lot of exposure to both the unconventional and the gas work in Saudi Arabia. You have got our typical services lot of exposure and even some creative sort of new things. So I'm very optimistic actually bullish around Middle East.

不，你沒有看錯，看起來是。我對我們在中東的業務非常有信心。正如你所說，我不會談論與你們的沙特阿美公司的合同，顯然是一家出色的運營商，我們對沙特阿拉伯的非常規和天然氣工作有很多了解。您對我們的典型服務有很多了解，甚至還有一些創意新的事物。所以我非常樂觀，實際上看好中東地區。

All right. It's good to hear. Thanks, Jeff.

好的。很高興聽到。謝謝，傑夫。

Thank you.

謝謝。

Arun Jayaram, JPMorgan.

阿倫‧賈亞拉姆，摩根大通。

Yeah, good morning. Jeff, my first question is on North America. You now expect revenues down 6% to 8% year over year. How would you characterize the declines in terms of impact from lower activity levels versus pricing impacts?

是的，早安。傑夫，我的第一個問題是關於北美的。您現在預計收入將年減 6% 至 8%。您如何描述活動水準下降的影響與定價影響的下降？

Yeah, look at it's primarily this is activity based on the fact that we know we retired a few fleets during the quarter as well. But this is activity and that's, as we look at activity for the year, gas market actually took a leg down.

是的，看看這主要是基於這樣一個事實的活動：我們知道我們在本季度也退休了一些機隊。但這就是活動，當我們審視今年的活動時，天然氣市場實際上出現了下滑。

I didn't think it would come up, but I didn't really expect it to take a leg down high there. So it's not flat. And I think M&A takes some time to digest. And so that has an impact on activity broadly and clearly efficiencies. I mean, we've got terrific technology. We talked about efficiencies all the time, but we also catch up the rigs, glad we're at the leading edge of that technology. And that performance makes Halliburton more value, but it really doesn't change the activity outlook.

我沒想到它會出現，但我真的沒想到它會在那裡佔有一席之地。所以它並不平坦。我認為併購需要一些時間來消化。因此，這對活動的效率產生了廣泛而明顯的影響。我的意思是，我們擁有出色的技術。我們一直在談論效率，但我們也趕上了鑽機，很高興我們處於該技術的領先地位。這種表現使哈里伯頓更有價值，但這確實並沒有改變活動前景。

Understood. Understood. Jeff, you've obviously been on the road quite a bit internationally. You expect 10% year-over-year growth this year. I was wondering if you could give us any qualitative or even quantitative thoughts on how you think international spending trends in 2025 for industry and how is the growth prospects internationally next year?

明白了。明白了。傑夫，顯然你已經在國際上進行了相當多的工作。您預計今年將年增 10%。我想知道您是否可以給我們一些定性甚至定量的想法，談談您對 2025 年國際工業支出趨勢的看法以及明年國際成長前景如何？

Look, they look strong for next year internationally. I mean, we see a lot of projects that are either just now being tendered or activity going into next year in some cases, it takes a while to get international up and going. And so the problem is the activity that picks up the centers to be where it's sort of NOC driven, which would look in some cases, like obviously the Middle East, others where IOCs are engaged, that takes a lot of negotiation, contract extensions for them and so I'm seeing meaningful work.

看，他們明年在國際上看起來很強大。我的意思是，我們看到很多項目要么剛剛招標，要么活動進入明年，在某些情況下，需要一段時間才能進入國際市場。因此，問題在於將中心轉移到國家奧委會驅動的地方的活動，在某些情況下，例如中東，以及國際奧委會參與的其他地方，需要進行大量談判，延長合約期限他們，所以我看到了有意義的工作。

I just talked about my trip to Europe/Africa, and I see meaningful step up there. Still excited about Latin America and what's possible there. And so no, I feel really confident both in Halliburton's outlook for '25 and the industry's.

我剛剛談到了我的歐洲/非洲之行，我看到了有意義的一步。仍然對拉丁美洲和那裡的可能性感到興奮。所以不，我對哈里伯頓 25 年的前景和行業的前景非常有信心。

Great. Thanks a lot.

偉大的。多謝。

Yeah, thank you.

是的，謝謝。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛。

Yeah, good morning, team. Jeff, I guess the first question just coming on North America, what do you think it's going to be the driver that forms the bottom in activity. I think you alluded to some of those points around M&A and natural gas, but maybe you could unpack that more. Are you seeing any green shoots in customer conversations, that would suggest that [$2.8 trillion is the bottom]?

是的，早上好，團隊。傑夫，我想第一個問題是關於北美的，你認為構成經濟活動底部的驅動因素是什麼？我認為您提到了有關併購和天然氣的一些觀點，但也許您可以進一步展開討論。您在客戶對話中是否看到任何新芽，這表明【2.8兆美元是底部】？

Yeah, look, I think that customers and a lot of cases are working through plans for 2025 now and let then maybe just step back and give you kind of where I see capacity and industry structure drilling, that's really important from a services standpoint. We've got new equipment is not being built. The old equipment is trading.

是的，我認為客戶和很多案例現在正在製定 2025 年的計劃，然後讓我們退後一步，給大家介紹一下我所看到的產能和行業結構鑽探，從服務的角度來看，這非常重要。我們有新設備尚未建造。舊設備正在交易。

And I think that, I've talked about retiring fleets this quarter. I mean, this is sort of shrinking of capacity availability and it's happening pretty much in real time, I think, across the board. And clearly, as we look at next year, I say all that to say, I do expect an increase in activity around companies that get sort of new plans in place.

我認為，我已經討論過本季退役機隊的問題。我的意思是，這有點是可用容量的縮減，而且我認為，這種情況幾乎是即時發生的，而且是全面的。顯然，當我們展望明年時，我想說的是，我確實預計圍繞制定新計劃的公司的活動將會增加。

I expect assets end up in the hands of new teams, which is never bet against North America entrepreneurs that will happen. I do expect some pickup in gas next year, at least not a leg down from here. So clearly I would expect the leg up and I don't think it takes a lot of activity to firm things up, I think is the point I'm making here.

我預計資產最終會落入新團隊手中，這絕對不會發生在北美企業家身上。我確實預計明年天然氣產量會回升，至少不會比現在大幅下降。很明顯，我預計會有所改善，而且我認為不需要進行大量活動來鞏固事情，我認為這就是我在這裡提出的觀點。

Okay, Jeff. And then the just a follow-up is a very good quarter for free cash flow and the company has been very consistent around $250 million of return of capital. So it's probably two parts of that question. One is how should we think about working capital in the balance of the year? And how should we think about your commitment to returning capital -- returning capital to shareholders?

好吧，傑夫。接下來的一個季度是自由現金流非常好的季度，而且公司的資本回報率一直非常穩定在 2.5 億美元左右。所以這個問題可能有兩個部分。一是我們該如何看待年度餘額中的營運資金？我們該如何看待您對資本返還的承諾－向股東返還資本？

Yeah Neil, it's Eric. So as we said, in terms of the working capital, I mean, the working capital will evolve in a way that is consistent with our overall guidance of free cash flow being up over 10% compared to last year. We had more of the working capital headwinds in 2023. So that's a significant delta between the two years. And as an organization, we continue to focus on the overall efficiency of working capital as a whole.

是的，尼爾，我是艾瑞克。正如我們所說，就營運資本而言，我的意思是，營運資本將以與我們自由現金流較去年增長 10% 以上的整體指導一致的方式發展。2023 年，我們遇到了更多的營運資金阻力。因此，這兩年之間存在著顯著的差異。作為一個組織，我們持續關注整體營運資本的整體效率。

In terms of cash return, we bought back $250 million in Q1, $250 million in Q2. And I think generally speaking, it's a good kind of guiding point in terms of what we intend at this stage to do for the remaining of 2024.

在現金回報方面，我們第一季回購了 2.5 億美元，第二季回購了 2.5 億美元。我認為總的來說，對於我們現階段打算在 2024 年剩下的時間裡做什麼，這是一個很好的指導點。

Thanks, guys.

多謝你們。

James West, Evercore ISI.

詹姆斯·韋斯特，Evercore ISI。

Hey, good morning, Jeff.

嘿，早安，傑夫。

Good morning, James.

早安，詹姆斯。

So Jeff, as you think about -- I don't want to beat a dead horse too much. But if you think about North America going into next year, we're -- I'm increasingly bullish on the outlook for '25 and certainly for '26, both with oil prices where they are and gas prices, which should rebound nicely. And we have this huge power demand [poll] coming from the tech industry.

所以傑夫，正如你所想的那樣——我不想太過於力不從心。但如果你考慮一下明年北美的情況，我對 25 年的前景越來越看好，當然還有 26 年的前景，油價和天然氣價格都將良好反彈。我們有來自科技業的龐大電力需求[民意調查]。

And I think the tech industry is more fully aligned with the oil and gas industry than it's probably ever been. So I'm curious about your customer conversations, how they're thinking about, how do we get this gas to market?

我認為科技業與石油和天然氣產業的結合比以往任何時候都更加緊密。所以我很好奇你們的客戶對話，他們是如何思考的，我們要如何將這種天然氣推向市場？

How do we size up crews or size of equipment and get ready for what's going to be a surge in demand and kind of pair that with we're constructing more natural gas-fired power generation and things of that nature to meet data centers and AI demand. How are your conversations kind of evolving there.?

我們如何調整人員或設備規模，並為需求激增做好準備，並與我們正在建造更多天然氣發電和類似性質的事物相結合，以滿足資料中心和人工智慧的需求要求。你們的談話進展如何？

Look there's a lot of discussion around what to do with gas, I think our -- I think your point around data centers and alignment it just in my view, that will be takeaway for gas at some point seems easier to lay data lines and gas pipelines and the gas as such a fantastic fuel and resource for this country that I think it's directionally absolutely correct.

看看，關於如何處理天然氣有很多討論，我認為我們的——我認為你關於數據中心的觀點並在我看來，這將在某些時候對天然氣產生影響，鋪設數據線和天然氣似乎更容易管道和天然氣對於這個國家來說是一種極好的燃料和資源，我認為這在方向上是絕對正確的。

In terms of timing, I think that will come on. I think it's early to us to work through the mechanics of what that means to plans. But I expect all that's coming together and the degree to which gas gets taken away, that only creates more runway for oil in Permian Basin. So I'm like I'm share your excitement around what data centers in AI mean for our industry in terms of natural gas takeaway. And we've got a pretty good seat at that and get to watch it really closely and excited.

就時間安排而言，我認為這將會發生。我認為我們現在就了解這對計劃意味著什麼還為時過早。但我預計所有這些因素結合在一起，以及天然氣被帶走的程度，只會為二疊紀盆地的石油創造更多的跑道。所以我想和你們一樣，對人工智慧資料中心在天然氣外送方面對我們行業意味著什麼感到興奮。我們在這方面有一個很好的座位，可以非常仔細和興奮地觀看它。

Got it. Okay. That makes lot a sense. And then iCruise, you mentioned adoption down. I mean, we had great adoption internationally, but it sounds like you're seeing better adoption in the US as well. Could you maybe highlight kind of what you're seeing with the iCruise in technology and how that's unfolding?

知道了。好的。這很有意義。然後 iCruise，您提到了採用率下降。我的意思是，我們在國際上得到了很好的採用，但聽起來您在美國也看到了更好的採用。您能否強調一下您在 iCruise 技術方面所看到的情況以及它是如何展開的？

Yeah, thanks. Look, we're I'm really pleased with the technology in North America. And I really like the way we're going to market with it because we're going to market with full services, our own services, we're also selling direct sales and some rentals. And that tells me three things about the technology.

是的，謝謝。看，我們對北美的技術非常滿意。我真的很喜歡我們的行銷方式，因為我們將提供全方位的服務，我們自己的服務，我們也進行直接銷售和一些租賃。這告訴我有關該技術的三件事。

It tells me, hey, it's in high demand, B, it tells me that it's very reliable because we could sell it that way and C, it's delivering performance. And I'm really pleased with the customers that are adopting it because in my view, this kind of adoption is really these are the gold standard of in my view of drillers that good drilling organizations they pick this tool up and say, we really like it.

它告訴我，嘿，它的需求量很大，B，它告訴我它非常可靠，因為我們可以這樣銷售它，C，它提供了性能。我對採用它的客戶感到非常滿意，因為在我看來，這種採用確實是鑽井人員的黃金標準，優秀的鑽井組織他們選擇了這個工具並說，我們真的很喜歡它。

We want more of it. And so like I said, I think we've got a really good runway around drilling in North America. That's all rooted in sort of investments we've made over quite a few years, but I believe we're there today.

我們想要更多。正如我所說，我認為我們在北美的鑽探方面擁有一條非常好的跑道。這一切都源自於我們多​​年來所做的投資，但我相信我們今天已經做到了。

Got North America, nice cash flow machine for you guys. So thanks, thanks Jeff.

北美，對你們來說是很好的現金流機器。所以謝謝，謝謝傑夫。

Thank you.

謝謝。

Luke Lemoine, Piper Sandler.

盧克·勒莫因，派珀·桑德勒。

Hey, good morning (multiple speakers) -- morning, you kind of revised international outlook a little bit for this year. Can you walk us through some of the puts and takes that have unfolded or is some of this just a push into '25 on the spend.

嘿，早安（多名發言者）——早上好，您對今年的國際前景進行了一些修改。您能否向我們介紹一下已經展開的一些看跌期權，或者其中一些只是將支出推向 25 年。

Yeah, look, we're sort of halfway through the year and we've got really good visibility in the balance of the year. And so I didn't think we'd hit the high end of the range. So wanted to tighten that up for you guys as we look out. Q4 will be the highest international quarter we have typically was software sales and tool sales.

是的，你看，今年已經過半了，我們在今年剩餘時間的能見度非​​常好。所以我認為我們不會達到該範圍的高端。所以想在我們關注的同時為你們加強這一點。第四季將是軟體銷售和工具銷售最高的國際季度。

But day in and day out, we're continuing to grow and we're very focused on profitable growth. And as I think I alluded to earlier, my expectation is that we see a continuing march internationally of growth and the oil prices that our clients are saying that my own project inventory is saying that. So to describe it as a push that's one way to think about it. But just from where we sit today, I know what we can get done and I thought it would be worthwhile to narrow that a bit.

但日復一日，我們持續成長，並且非常注重獲利成長。正如我之前提到的，我的期望是，我們看到國際上的成長和油價持續上漲，我們的客戶說，我自己的專案庫存也這麼說。因此，將其描述為推動是一種思考方式。但從我們今天坐的位置來看，我知道我們可以做什麼，我認為有必要縮小範圍。

Okay. And then you touched on it a little bit earlier, but could you walk through some of the various unconventional international opportunities you're seeing develop over the next two or three years?

好的。然後您早些時候談到了這一點，但您能否介紹一下您在未來兩三年內看到的各種非常規國際機會？

Certainly, look at Saudi Arabia and Argentina today are meaningful markets that are really have [heft] and are executing the -- and I think what has changed until the rest of the Middle East I'm excited about and Middle East is a pretty big place. If you think about it in terms of sort of from the Mediterranean, all the way to back into Saudi, that's a long way, but there's a lot of activity being talked about, and I think we're right in the middle of those.

當然，看看今天的沙烏地阿拉伯和阿根廷都是有意義的市場，它們確實具有[影響力]並且正在執行——我認為直到中東其他地區發生了變化，我對此感到興奮，中東是一個相當大的市場地方。如果你從地中海的角度考慮，一直回到沙特，那是很長的路，但有很多活動正在討論，我認為我們正處於這些活動的中間。

I think I know, we're in the middle of those discussions. We've got a lot of experience in this. And I think what's different today is the sort of ability to accept sort of what the testing is the early days activity is this. I think there's a lot of sort of we've seen starts and stops internationally, but now we have a proven model in two international markets where you get through the initial phase and then it becomes a meaningful contributor to production.

我想我知道，我們正在討論這些問題。我們在這方面有很多經驗。我認為今天的不同之處在於接受早期活動的測試的能力。我認為我們在國際上看到了很多開始和停止的情況，但現在我們在兩個國際市場上有一個經過驗證的模型，你可以在其中度過初始階段，然後它成為對生產的有意義的貢獻者。

And I think that's been sort of seen by other places where they have good reservoirs, good rock and working through, I think, very thoughtfully and pragmatically, what's it take to get from A to B? And so from our perspective, that's a much better discussion than sort of a scramble Wildcat sort of move all over the world. These are very serious operators that or taking a long view.

我認為其他地方也看到了這一點，他們擁有良好的水庫、良好的岩石，並且非常深思熟慮和務實地進行工作，從 A 地到 B 地需要什麼？因此，從我們的角度來看，這是一個比在世界各地進行野貓式爭奪行動更好的討論。這些都是非常嚴肅的經營者，或者說目光長遠。

Okay. Thanks, Jeff.

好的。謝謝，傑夫。

Thank you.

謝謝。

Saurabh Pant, Bank of America.

索拉布潘特，美國銀行。

Hi, good morning, Jeff and Eric.

嗨，早上好，傑夫和艾瑞克。

(multiple speakers)

（多個發言者）

Good, good, thank you. Maybe just start with a question on D&E margin. Obviously, Eric, you guided to the third quarter, but as we think beyond that, not just fourth quarter, but '25, how should we think about margin expansion opportunity because this is a primarily international driven business, right? How should we think about the impact from net pricing improvement technology uptake? I know you talked about land market, but just help us a little bit with the margin expansion opportunity in D&E?

好，好，謝謝。也許只是從關於 D&E 利潤的問題開始。顯然，埃里克，你指導了第三季度，但當我們思考除此之外的時候，不僅僅是第四季度，而是25 年，我們應該如何考慮利潤擴張機會，因為這是一項主要由國際驅動的業務，對嗎？我們該如何看待淨定價改進技術採用的影響？我知道您談到了土地市場，但請幫助我們了解 D&E 的利潤擴張機會嗎？

Yeah, I think the way, the which you look at D&E margins is really the progression on a year-on-year basis, there tends to be quite a bit of difference between different quarters. As we recognize revenue around software impacts, mostly Q1, Q4 et cetera. So it's really the year-on-year progression by quarter that you need to pay attention to it from that perspective, we continue to improve the margins in D&E. We firmly believe that it continues as we get into next year.

是的，我認為，你所看到的 D&E 利潤率實際上是同比的進展，不同季度之間往往存在很大差異。當我們確認軟體影響的收入時，主要是第一季、第四季等。因此，您需要從這個角度關注逐季度的同比進展，我們繼續提高 D&E 的利潤率。我們堅信，隨著明年的到來，這種情況還會持續下去。

Jeff talked about the progression of the directional drilling business in North America. We continue to see progression and adoption of the new drilling technologies in the international markets as well. So directionally, we continue to be very confident in the growth of our D&E margins as we go into 2025.

Jeff談到了北美定向鑽井業務的進展。我們也持續看到國際市場上新鑽井技術的進步與採用。因此，從方向上來說，進入 2025 年，我們仍然對 D&E 利潤率的成長充滿信心。

Maybe a little more color on that because when I think about our drilling business, we rolled out iCruise, which is the drilling tool, the BHA and then that penetration has grown to where we're growing a lot more feet with our iCruise and the our legacy tools, probably, 60%, 70% of our fleet is that today.

也許對此有更多的色彩，因為當我想到我們的鑽井業務時，我們推出了 iCruise，即鑽井工具、BHA，然後滲透率已經增長到我們通過 iCruise 和我們的舊工具，可能有60%、 70% 是今天的工具。

But what follows on that is an equal sort of step up in efficiency performance and actually margin for us around our iStar technology, which is basically the LWD technology that goes with it. And that adoption or actually implementation is much less, I want to say in the 20% range. So we've got a very good glide path of things that structurally improved margins for the most part D&E. And so I see that as part of my confidence around, look, we just need to continue to retire the old as it's time and replace it with a new. And that is structurally improving or capital efficiency.

但隨之而來的是我們圍繞 iStar 技術（基本上是隨之而來的 LWD 技術）在效率性能和實際利潤方面的同等提升。我想說的是，採用或實際實施的比例要少得多，在 20% 的範圍內。因此，我們有一個非常好的下滑路徑，從結構上提高了大部分 D&E 的利潤率。所以我認為，作為我信心的一部分，看，我們只需要繼續淘汰舊的，並用新的取代它。這就是結構性改善或資本效率。

Okay, fantastic. Now, that's helpful. And Jeff one on the production side of things. I know you talked about artificial lifting in your prepared remarks. Good to see international growing at a much faster pace than the overall international market for lift. But if we focus on the production chemical side of things, I know you acquired Athlon you have been investing time and money to expand that business, right.

好吧，太棒了。現在，這很有幫助。傑夫則負責製作方面的工作。我知道您在準備好的發言中談到了人工舉升。很高興看到國際成長速度比整個國際電梯市場快得多。但如果我們專注於生產化學品方面，我知道您收購了 Athlon，您一直在投入時間和金錢來擴大該業務，對吧。

Maybe just update us on that Jeff, where does the production chemical fit and what's the opportunity just on that side for Halliburton?

也許只是告訴我們傑夫的最新情況，生產化學品適合在哪裡，哈里伯頓在這方面有什麼機會？

Well, according to that business is clearly part of our portfolio, but it's also it's an inherently sort of lower returning business than the balance of our business so we run it like all of our business with a focus on profitability and returns. I'm pleased at the pace we're filling our plant in Saudi Arabia and that business has a long sales cycle, but we see a lot about chemicals and continue to execute that.

嗯，根據該業務顯然是我們投資組合的一部分，但它本質上也是一種回報率低於我們其他業務的業務，因此我們像所有業務一樣經營它，並專注於盈利能力和回報。我對我們在沙烏地阿拉伯工廠的填充速度感到高興，而且該業務的銷售週期很長，但我們看到了很多有關化學品的信息，並繼續執行這一點。

Okay, fantastic. Okay, Jeff, Eric. Thank you. I'll turn it back.

好吧，太棒了。好的，傑夫，埃里克。謝謝。我會把它轉回來。

Thank you.

謝謝。

Thank you.

謝謝。

Scott Gruber, Citi.

史考特‧格魯伯，花旗銀行。

Yes, good morning.

是的，早安。

Morning.

早晨。

Good morning.

早安.

Morning. I'm curious, diesel prices have come off a little bit and there's hope for a natural gas price recovery next year suggesting I'm curious, what's gas price would close the cost of fuel delta between e-frac when using CNG and traditional diesel? I don't think it's $4, $5 gas. We want to check that with you.

早晨。我很好奇，柴油價格略有下降，明年天然氣價格有望回升，這表明我很好奇，當使用 CNG 和傳統柴油時，天然氣價格會縮小 e-frac 之間的燃料成本差異？我不認為這是 4、5 美元的汽油費。我們想與您核實一下。

And just overall, how would you describe e-frac economics even in an environment of healthier gas --

總的來說，即使在天然氣更健康的環境中，您如何描述電子壓裂的經濟性--

It's a couple of things. It's a lot higher than that start with. I mean, if we just see sort of BTU [six times 4], you're still a long way from diesel prices. The other thing is the efficiency of the mouse trap. I mean, this just our e-fleets are creating value well beyond the economic trade-off with gas. That's not to say there isn't a lot of runway around economic trade-off of gas, but that platform in and of itself is just a better operating machine and it provides technology for clients that really they can't -- that's not available in another form.

這是兩件事。比一開始就高很多了。我的意思是，如果我們只看到 BTU [6 乘 4]，那麼距離柴油價格還有很長的路要走。另一件事是捕鼠器的效率。我的意思是，我們的電子車隊所創造的價值遠遠超出了與天然氣的經濟權衡。這並不是說圍繞天然氣的經濟權衡沒有太多的跑道，但該平臺本身只是一個更好的操作機器，它為客戶提供了他們實際上無法提供的技術——這是不可用的以另一種形式。

And whether that's AutoFrac, Octiv what we're doing with sensory in terms of understanding recovery, a lot of this. And so we're able to help solve for delivering what was planned with precision and in measuring performance of what was placed in the reservoir.

無論是 AutoFrac 還是 Octiv，我們在理解恢復方面都在做感官方面的工作，很多這樣的事情。因此，我們能夠幫助解決精確交付計劃以及測量水庫中放置物品的性能的問題。

That's a whole different kettle of fish, but it's all attached to Zeus platform. And so all of that runs together. So when I think about e-fleets broadly, yes, there is the gas arbitrage, which is happening all the time. And I said long way to go on gas arbitrage before that ever comes up. But I think more importantly is what we're able to achieve with that technology for our customer.

這是完全不同的情況，但它都連接到 Zeus 平台。所以所有這些都是一起運行的。因此，當我廣泛思考電子車隊時，是的，存在天然氣套利，這種情況一直在發生。我說過，在這種情況出現之前，天然氣套利還有很長的路要走。但我認為更重要的是我們能夠利用該技術為客戶實現什麼。

Makes a lot of sense. And ultimately, it sounds like Octiv and AutoFrac, and they're going to help us kind of further that they ultimately penetration for e-frac with your customers and kind of extend any type of saturation point that ultimately could be hit. Just as you think few years out as you develop these software develop a platform for more efficient operation, where do you think e-frac goes as a percent of Halliburton's fleet? And kind of, what do you get there?

很有道理。最終，這聽起來像 Octiv 和 AutoFrac，他們將進一步幫助我們，他們最終會滲透到您的客戶中，並擴展最終可能達到的任何類型的飽和點。就像您在幾年後開發這些軟體開發一個平台以提高營運效率一樣，您認為 e-frac 在哈里伯頓機隊中所佔的比例會怎麼樣？有點，你在那裡得到了什麼？

Well, look I think we talked about this we'll eclipse 40% this year. I expect towards 50% next year. And we continue to invest both in the -- we're at scale today. And that allows us then to both improve or continue to extend the technology around the pump itself and the power systems and then also the software that we're talking about that really addresses, in my view, what operators are focused on, which is recovery and placement and a whole lot of things that affect productivity over time.

好吧，我想我們討論過這個，今年我們的成長率將超過 40%。我預計明年將達到 50%。我們繼續在這兩個方面進行投資——我們現在已經達到了規模。這使我們能夠改進或繼續擴展圍繞泵本身和電力系統的技術，以及我們正在討論的軟體，在我看來，這些軟體真正解決了操作員關注的問題，即恢復以及安置以及隨著時間的推移影響生產力的許多因素。

And so we're extending that moat around that technology every day. And so I'm confident that as we continue into the future, we've got quite a glide path of ideas and things that will make that yet again, even more effective for customers over time. So pleased with where we are there.

因此，我們每天都在圍繞該技術擴展護城河。因此，我相信，隨著我們繼續走向未來，我們已經有了相當多的想法和事情，隨著時間的推移，這些想法和事情將再次使我們對客戶更加有效。對我們所處的位置非常滿意。

I appreciate the color, Jeff. Thank you.

我很欣賞這個顏色，傑夫。謝謝。

Thank you.

謝謝。

Doug Becker, Capital One.

道格貝克爾，《第一資本》。

Hallo?

哈囉？

Doug.

道格.

Yeah, can you hear me?

是的，你聽得到我說話嗎？

I can. Good morning.

我可以。早安.

Okay. So Halliburton's North America revenues regularly outperformed the North American rig count. Just wondering if you could just highlight some of the key drivers of that outperformance that you expect going forward? And really asking to try and calibrate how Halliburton's North America revenue might outperform the rig count next year?

好的。因此，哈里伯頓在北美的收入經常超過北美的鑽機數量。只是想知道您是否可以強調您預計未來表現出色的一些關鍵驅動因素？並真的要求嘗試校準哈里伯頓明年的北美收入如何超越鑽機數量？

Well, I think a lot of that -- it's e-fleets are contracted, that's a large part of our business. The performance is leading in terms of efficiency and technology. And we continue to invest in technology that differentiates Halliburton. And that's one of the key things I mean, it's consistent with our strategy. I'll pivot back to our strategy just for a minute, but we want to maximizing value in North America means that we're very targeted about what we do, what we invest in, where we spend money and an those things that we know will create differentiation.

嗯，我認為很多——電子車隊是簽約的，這是我們業務的很大一部分。在效率和技術方面表現均領先。我們繼續投資於使哈里伯頓脫穎而出的技術。這是我的意思的關鍵事情之一，它符合我們的策略。我將回到我們的策略上一分鐘，但我們希望在北美實現價值最大化，這意味著我們非常有針對性地關注我們所做的事情、我們投資的內容、我們花錢的地方以及我們所知道的事情將創造差異化。

And clearly, technology is one of those key areas and not technology for the sake of technology, but targeted technology that can solve for automation that can solve for subsurface understanding and measurements, direct measurements and so. That focus allows us to outperform on the revenue side of that and the maximize value again, that strategy hasn't changed at all and gives me a lot of confidence into '25 and beyond in terms of where Halliburton is in the market.

顯然，技術是這些關鍵領域之一，不是為了技術而技術，而是可以解決自動化問題的有針對性的技術，可以解決地下理解和測量、直接測量等問題。這種專注使我們能夠在收入方面表現出色，並再次實現價值最大化，這項策略根本沒有改變，並且讓我對 25 年及以後哈里伯頓在市場上的地位充滿信心。

I mean, is it too aggressive to think about in a flat North America rig count environment, Halliburton's revenue still growing 5%, next year in that type of environment?

我的意思是，在北美鑽機數量持平的環境下，哈里伯頓明年在這種環境下的收入仍將成長 5%，這是否過於激進？

Yeah, I mean, it could be. We need to watch it unfold next year. But look, I -- again, I'll go back to our performance in the market is going to outperform I had since early on '25, but I've got confidence in the technology and the solutions that we provide for our customers that are unique and that puts us in a position to outperform.

是的，我的意思是，可能是這樣。我們需要觀察明年的情況。但是，我再次重申，我們在市場上的表現將優於自 25 年初以來的表現，但我對我們為客戶提供的技術和解決方案充滿信心是獨一無二的，這使我們能夠表現出色。

Right. That completely makes sense. And then just a quick one on the e-fleets. we've been hearing more talk about white space even on dedicated or contracted fleets. Just wanted to get a little bit better sense for your e-fleets. Is there any risk of white space? I'm fully appreciative of their long-term contracts and they justify the returns, but just thinking about any potential white space risk on those contracts.

正確的。這完全有道理。然後是關於電子車隊的快速介紹。我們已經聽到更多關於空白空間的討論，甚至在專用或合約機隊中也是如此。只是想更了解您的電子車隊。是否有空白的風險？我完全讚賞他們的長期合同，並且他們證明回報是合理的，但只是考慮這些合同上任何潛在的空白風險。

No, not the case, our clients that contract -- and again, these are contracted with customers with long programs, they're going to use these e-fleets. It will be always the -- if there were white space, this is the fleet that they will keep working. No matter what it is, the one you're delivering lower cost of ownership. You are -- and delivering the technology and the client has committed to the fleet, as the fleet that's always working and so no, not worried about that.

不，情況並非如此，我們的合約客戶 - 再說一次，這些客戶與長期計劃的客戶簽訂了合同，他們將使用這些電子車隊。如果有空白，這將永遠是他們將繼續工作的艦隊。不管它是什麼，您所提供的擁有成本都較低。您正在交付技術，客戶已向車隊承諾，因為車隊一直在工作，所以不，不用擔心這一點。

That's what I wanted to hear. Thank you.

這就是我想聽到的。謝謝。

Yeah. Thank you.

是的。謝謝。

Marc Bianchi, TD Cowen.

馬克·比安奇，TD·考恩。

Hey, thank you. The first one I had was on the activity outlook. Jeff, you mentioned that it could improve here from the second half of '24, but it sounds like you're stopping short of talking about revenue. And I guess maybe following on this, some of Doug's question like, when you look at how hard it is to call revenue, is price uncertainty about price, the main thing or maybe talk about the top one, two or three things that are uncertain around revenue versus activity?

嘿，謝謝你。我的第一個問題是關於活動前景。Jeff，您提到從 24 年下半年開始，情況可能會有所改善，但聽起來您似乎沒有談論收入。我想也許接下來，道格的一些問題，例如，當你看看調用收入有多難時，價格的不確定性是主要的事情，或者可能談論最重要的一件事、兩件事或三件不確定的事情圍繞著收入與活動？

No, I think the uncertainty around activity is really the driver here. When we look at the second half of the year, we've had some customers that did -- we caught up with them and they're still customers and they plan to go to work again next year and maybe even later this year. So no, that's not my concern.

不，我認為活動的不確定性才是真正的驅動因素。當我們回顧今年下半年時，我們有一些客戶這樣做了——我們聯繫了他們，他們仍然是客戶，他們計劃明年甚至今年晚些時候再次上班。所以不，這不是我關心的。

It is again, I'll pivot back to our strategy in terms of maximizing value. We've got a lot of tools that allow us to do that technically, I think it's just a question of pacing of things happening in, whether it's setting plans or other things. But the '25 will be, in my view, clearly higher than the second half of 2024.

再次，我將回到我們價值最大化的策略。我們有很多工具可以讓我們在技術上做到這一點，我認為這只是事情發生的節奏問題，無論是製定計劃還是其他事情。但在我看來，25 年將明顯高於 2024 年下半年。

Okay. Okay, great. And then the other one I had on maybe this one's for Eric, but just looking at the third quarter guide for C&P that the margin reduction sequentially seems pretty steep for the revenue reduction we're getting. Could you talk about maybe some of the moving pieces there? What might be driving that margin weakness?

好的。好的，太好了。然後我戴的另一本可能是給 Eric 的，但只要看看 C&P 第三季指南，就我們所獲得的收入減少而言，利潤率的連續下降似乎相當陡峭。您能談談其中一些令人感動的事情嗎？是什麼導致了利潤率的疲軟？

Yes. I mean, there's the year the margin guidance is actually a combination of what we talked about for North America. But really Q3 margins in the international business are going to be lower than Q2 as well. So they're just not too much to read into this, except, there's a lot of moving parts in the business, it’s not just North America. It's multiple product line as well, so it is not all related to North America.

是的。我的意思是，有一年的利潤指導實際上是我們談到的北美指導的結合。但事實上，國際業務第三季的利潤率也將低於第二季。因此，他們對此並沒有太多解讀，除了該行業有很多變化的部分，而且不僅僅是北美。它也是多個產品線，因此並非全部與北美相關。

Yeah, great. Thank you. I'll turn it back.

很好。謝謝。我會把它轉回來。

That concludes today's (multiple speakers) --

今天的內容就到此結束（多位發言者）——

Okay, well, thank you. Let's wrap up the call here. I know all of you have a very busy day ahead of you, and maybe I'll give you a few minutes back before your next call. But as we close out today's call, it's important to step back and remember this.

好的，好的，謝謝。讓我們在這裡結束這通通話。我知道你們所有人都將度過非常忙碌的一天，也許我會在你們下次打電話之前給你們幾分鐘的時間。但當我們結束今天的電話會議時，重要的是要退後一步並記住這一點。

Halliburton delivered 18% margins and about $800 million of free cash flow in the second quarter. We're well on track to deliver 10% free cash flow growth this year. Our international business and its technology portfolio have never been stronger. Our strategy to maximize value in North America is working. We are committed to maximizing value, not market share. And I expect this strategy continues to deliver strong returns. Look forward to speaking with you next quarter.

哈里伯頓第二季利潤率為 18%，自由現金流約 8 億美元。今年我們預計將實現 10% 的自由現金流成長。我們的國際業務及其技術組合從未如此強大。我們在北美實現價值最大化的策略正在發揮作用。我們致力於價值最大化，而不是市場佔有率最大化。我預計這項策略將繼續帶來強勁的回報。期待下個季度與您交談。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。