哈里伯頓 (HAL) 2024 Q3 法說會逐字稿

Good day, and welcome to the third quarter 2024 Halliburton Company earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I will pass the call over to the Senior Director of Investor Relations, David Coleman. Please go ahead.

美好的一天，歡迎參加哈里伯頓公司 2024 年第三季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。我會將電話轉給投資者關係高級總監 David Coleman。請繼續。

Hello, and thank you for joining the Halliburton third quarter 2024 conference call. We will make a recording of today's webcast available for seven 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 年第三季電話會議。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，為期 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.

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。

These risks are discussed in Halliburton's Form 10-K for the year ended December 31, 2023, Form 10-Q for the quarter ended June 30, 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.

這些風險在哈里伯頓截至2023 年12 月31 日的年度10-K 表格、截至2024 年6 月30 日的季度的10-Q 表格、最近關於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 third quarter earnings release and in the quarterly results and presentation section of our website. Now I'll turn the call over to Jeff.

我們今天的評論還包括非公認會計準則財務指標。其他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三季收益發布以及我們網站的季度業績和演示部分中。現在我將把電話轉給傑夫。

Thank you, David, and good morning, everyone. I'll begin today's discussion with our highlights from the third quarter. We delivered total company revenue of $5.7 billion and adjusted operating margin of 17%. International revenue was $3.3 billion and grew by 4% year-over-year, led by Middle East-Asia, which delivered an increase of 9%.

謝謝大衛，大家早安。我將從第三季的亮點開始今天的討論。我們實現公司總收入 57 億美元，調整後營業利益率為 17%。國際營收為 33 億美元，年增 4%，其中中東-亞洲收入成長 9%，其中居領先地位。

North America revenue was $2.4 billion, a decrease of 9% year-over-year. Finally, during the third quarter, we generated $841 million of cash flow from operations, $543 million of free cash flow and repurchased approximately $200 million of our common stock.

北美營收為24億美元，年減9%。最後，在第三季度，我們產生了 8.41 億美元的營運現金流、5.43 億美元的自由現金流，並回購了約 2 億美元的普通股。

The August cybersecurity event has not had a material effect on our financial condition or operating results. However, that event, together with the effect of storms in the Gulf of Mexico, did reduce our adjusted earnings for the quarter by roughly $0.02 per share due to lost or delayed revenue.

八月份的網路安全事件並未對我們的財務狀況或經營業績產生重大影響。然而，由於收入損失或延遲，該事件以及墨西哥灣風暴的影響確實使我們本季的調整後收益每股減少了約 0.02 美元。

The cybersecurity event also had an impact on our free cash flow during the quarter due to delayed billing and collections and caused us to pause our share repurchase program while we assess the impact of the event. Importantly, our full year expectations for free cash flow and cash returned to shareholders remain unchanged, and we expect both to accelerate in the fourth quarter.

由於計費和收款延遲，網路安全事件也對我們本季的自由現金流產生了影響，並導致我們在評估該事件的影響時暫停了股票回購計畫。重要的是，我們對全年自由現金流和股東現金返還的預期保持不變，並且預計第四季度兩者都會加速。

Before we move on, I would like to take a moment and thank our employees for their extraordinary work while we navigated the cybersecurity event this quarter. Our employees maintained operational continuity under challenging conditions, and I celebrate their effort and grit as they work through the event. I would also like to extend my thanks and appreciation to our customers for their support and close collaboration through this time.

在我們繼續之前，我想花一點時間感謝我們的員工在本季度的網路安全活動中所做的出色工作。我們的員工在充滿挑戰的條件下保持了營運連續性，我讚揚他們在整個活動中所付出的努力和勇氣。我也要對我們的客戶在此期間的支持和密切合作表示感謝和讚賞。

Turning to our geographic results. I'll begin with the international markets where Halliburton's revenue grew 4% year-over-year, led by the Middle East-Asia region. For the full year, I expect international revenue growth to be in line with the overall market and below our prior guidance. I am pleased with our performance and the continued growth of our business.

轉向我們的地理結果。我將從國際市場開始，哈里伯頓的營收年增 4%，其中以中東和亞洲地區為首。就全年而言，我預計國際收入成長將與整體市場保持一致，並低於我們先前的指導。我對我們的業績和業務的持續成長感到滿意。

Next year, directionally, we see international growth in the low to mid-single digits. I'm encouraged by projects I see in the pipeline, and I am confident that Halliburton will deliver on these opportunities and create value for both us and our customers. My confidence comes from the strength of our largest international business lines, the depth of our technology portfolio, the breadth of our global reach and the power of our value proposition.

明年，我們預計國際成長將保持在低至中個位數的水平。我對正在醞釀中的專案感到鼓舞，我相信哈里伯頓將抓住這些機會，為我們和我們的客戶創造價值。我的信心來自於我們最大的國際業務線的實力、我們技術組合的深度、我們全球影響力的廣度以及我們價值主張的力量。

Halliburton's largest international business lines, cementing, completion tools and drilling fluids, form the backbone of oil and gas development spending globally, and each is a leader in their market. We've earned these leadership positions through our legacy of execution, consistent service quality and our digital and technology developments.

哈里伯頓最大的國際業務線、固井、完井工具和鑽井液構成了全球石油和天然氣開發支出的支柱，每個業務線都是各自市場的領導者。我們透過我們的執行傳統、一致的服務品質以及我們的數位和技術發展贏得了這些領導地位。

The transformation of our Sperry Drilling business clearly demonstrates the impact technology developments have on our business. The success of our organically developed iCruise and iStar directional drilling and logging tools, LOGIX automation and remote operation platform and ultra-deep resistivity and look ahead tools create a step change in Halliburton's international competitiveness and return profile. Year-to-date, Sperry has delivered the highest international revenue growth of any major product line.

我們 Sperry Drilling 業務的轉型清楚地表明了技術發展對我們業務的影響。我們有機開發的 iCruise 和 iStar 定向鑽井和測井工具、LOGIX 自動化和遠端操作平台以及超深電阻率和前瞻工具的成功，使哈里伯頓的國際競爭力和回報狀況發生了重大變化。今年迄今為止，Sperry 在所有主要產品線中實現了最高的國際收入成長。

Further, Halliburton today is present in all major international basins as well as select frontier areas, with promising future development potential. Our international business operates both on and offshore, with roughly 50% of our revenue outside of North America land earned from offshore operations.

此外，哈里伯頓如今的業務遍及所有主要國際盆地以及部分前沿地區，未來發展潛力巨大。我們的國際業務在境內和境外開展業務，北美以外地區約 50% 的收入來自境外業務。

Finally, our value proposition to collaborate and engineer solutions to maximize asset value for our customers drives our unique approach to creating value for our customers and Halliburton. Our collaborative approach wins with our customers and is exemplified by our alliances in the North Sea and elsewhere. These alliances have pioneered new ways of working to consistently deliver industry-leading performance on integrated projects.

最後，我們透過合作和設計解決方案來最大限度地為客戶提供資產價值的價值主張推動了我們為客戶和哈里伯頓創造價值的獨特方法。我們的合作方式贏得了客戶的青睞，我們在北海和其他地方的聯盟就是例證。這些聯盟開創了新的工作方式，始終如一地在整合專案上提供業界領先的績效。

I am confident in our international business. I am confident because of the strength of our technology portfolio, our unique value proposition, our clear strategy, our experienced workforce and deep customer relationships. I expect that Halliburton's international franchise will continue to deliver growth and returns.

我對我們的國際業務充滿信心。我充滿信心，因為我們的技術組合實力、獨特的價值主張、明確的策略、經驗豐富的員工隊伍和深厚的客戶關係。我預計哈里伯頓的國際特許經營權將繼續帶來成長和回報。

Today, I would like to spend some time describing a few areas where I expect outsized international growth for Halliburton in 2025 and beyond. These are unconventionals, artificial lift and intervention. Two things are clear to me.

今天，我想花一些時間來描述我預計哈里伯頓在 2025 年及以後將實現超大規模國際成長的幾個領域。這些是非常規的、人工提升和乾預。有兩件事我很清楚。

One, unconventional developments are becoming more important, and I expect they will grow faster than other market segments over the next few years. Two, Halliburton is the clear leader in unconventionals, both in technology and execution, and I expect Halliburton to play the same leadership role internationally as we have in the US

第一，非常規發展變得越來越重要，我預計未來幾年它們的成長速度將快於其他細分市場。第二，哈里伯頓在非常規技術和執行方面都是明顯的領導者，我希望哈里伯頓在國際上發揮與我們在美國相同的領導作用

We see evidence of this in the Middle East, where Halliburton was awarded a multiyear unconventional drilling services contract and started up an unconventional hydraulic fracturing fleet, both of which grow Halliburton's market share in a strategically important customer asset. Elsewhere in the region, we see several other growth opportunities for Halliburton in emerging unconventional plays.

我們在中東看到了這方面的證據，哈里伯頓獲得了一份多年期非常規鑽井服務合同，並啟動了非常規水力壓裂船隊，這兩者都增加了哈里伯頓在具有重要戰略意義的客戶資產中的市場佔有率。在該地區的其他地方，我們在新興的非常規業務中看到了哈里伯頓的其他幾個成長機會。

Turning to Halliburton's international artificial lift business. We saw over 30% year-on-year revenue growth this quarter, and we expect to continue to outgrow the market on the strength of our leading technology portfolio.

轉向哈里伯頓的國際人工舉升業務。本季我們的營收年增超過 30%，我們預計憑藉領先的技術組合，我們的成長將繼續超越市場。

One such technology is our TrueSync hybrid motor, which combines the reliability of an induction motor with the efficiency of a permanent magnet motor. Initially deployed in North America, we anticipate strong international demand, especially in Latin America and the Middle East, where its economic benefits can be realized at scale.

其中一項技術是我們的 TrueSync 混合電機，它結合了感應電機的可靠性和永磁電機的效率。我們最初在北美部署，預計國際需求強勁，特別是在拉丁美洲和中東，其經濟效益可以在這些地區大規模實現。

Another key technology is our Intelevate service, which uses AI to process real-time data and remotely manage pumps for optimal performance. We saw a 50% increase in international wells monitored since the start of the year. In North America, Halliburton performed over 160,000 remote interventions this year, and we expect Intelevate to deliver similar value internationally as we expand our installed ESP base.

另一項關鍵技術是我們的 Intelevate 服務，它使用人工智慧來處理即時資料並遠端管理泵浦以獲得最佳效能。自年初以來，我們監測的國際油井數量增加了 50%。在北美，Halliburton 今年執行了超過 160,000 次遠端幹預，我們預計 Intelevate 在我們擴大已安裝 ESP 基礎時將在國際上提供類似的價值。

Well intervention is another segment, I believe, will outgrow the overall market. We have seen this already with our production solutions product line, which this year alone has grown at twice the rate of our overall international business. Well Intervention has long been an area of focus for Halliburton's organic investment and technology development.

我相信，油井幹預是另一個部分，其成長將超過整個市場。我們已經在我們的生產解決方案產品線中看到了這一點，光是今年的成長速度就達到了我們整體國際業務速度的兩倍。油井幹預長期以來一直是哈里伯頓有機投資和技術開發的重點領域。

For example, Halliburton and alliance with TechnipFMC achieved the world's first riserless coiled tubing intervention service. This technology means Halliburton's full suite of subsea well intervention services can be deployed without the requirement for a riser equipped deepwater rig. Customers can now intervene in thousands of marginal or end-of-life offshore wells that otherwise could not be economically serviced.

例如，哈里伯頓與TechnipFMC聯盟實現了世界上第一個無立管連續油管幹預服務。這項技術意味著哈里伯頓的全套海底油井幹預服務無需配備立管的深水鑽機即可部署。客戶現在可以對數千口邊緣或報廢的海上油井進行幹預，否則這些油井無法以經濟的方式進行維修。

These are a few examples that describe the unique above-market growth opportunities we see for Halliburton. To summarize international markets, I am confident in the strength of our international business. I believe our technology portfolio, value proposition and strategy will drive profitable growth in 2025.

這些例子描述了我們為哈里伯頓看到的獨特的高於市場的成長機會。總結國際市場，我對我們國際業務的實力充滿信心。我相信我們的技術組合、價值主張和策略將推動 2025 年的獲利成長。

Turning to North America. Our third quarter revenue declined 4% compared to the second quarter, primarily due to lower hydraulic fracturing activity in US land. I expect the combination of seasonality and budget exhaustion will result in a full year revenue decline at the low end of our prior guidance.

轉向北美。與第二季相比，我們第三季的營收下降了 4%，這主要是由於美國陸地水力壓裂活動減少。我預計季節性和預算耗盡的結合將導致全年收入下降至我們先前指導的低端。

Our strategy to maximize value in North America remains unchanged, and I expect we will continue to outperform our competitors. Here's how I expect to maximize value in North America as I look to 2025. In our Completion business, maximizing value means unique technology, leading service quality and efficiencies and disciplined capital deployment.

我們在北美實現價值最大化的策略保持不變，我預計我們將繼續超越競爭對手。以下是我展望 2025 年如何在北美實現價值最大化的預期。在我們的完井業務中，價值最大化意味著獨特的技術、領先的服務品質和效率以及嚴格的資本部署。

The success of this strategy is clear. And today, I am pleased that 90% of our fracturing fleets are committed for work in 2025, with multiple opportunities for the remaining 10%. Further, the unique completion technologies we deploy in this market are key differentiators for Halliburton and our customers.

這一戰略的成功是顯而易見的。今天，我很高興看到我們 90% 的壓裂船隊承諾在 2025 年投入工作，而剩下的 10% 則有多種機會。此外，我們在該市場部署的獨特完井技術是哈里伯頓和客戶的關鍵差異化因素。

Together, they comprise the Zeus platform, electric pumping units, Octiv Auto Frac and Sensori subsurface measurement. Each of these technologies is commercial, and we are seeing accelerated adoption into customer workflows.

它們共同組成了 Zeus 平台、電動抽油機、Octiv Auto Frac 和 Sensori 地下測量。這些技術均已商業化，我們看到客戶工作流程中的採用速度正在加快。

This quarter, we signed contracts for two new e-fleets and also secured extensions on several existing fleets at prices commensurate with the leading performance of our platform. We believe the performance of our e-fleets and their integration with other unique components of the Zeus platform will continue to drive demand for this equipment, which we expect exceeds 50% of our active fleet next year.

本季度，我們簽署了兩個新電子車隊的合同，並以與我們平台的領先性能相稱的價格確保了幾個現有車隊的擴展。我們相信，我們的電子車隊的性能及其與 Zeus 平台其他獨特組件的整合將繼續推動對該設施的需求，我們預計明年該設備將超過我們現役車隊的 50%。

Turning to Octiv Auto Frac. Customers have contracted this automation technology at a remarkable pace. Since launch in Q3, we've deployed Auto Frac on 20% of our e-fleets and expect to expand to 50% in the next two months. In 2025, we expect the vast majority of our e-fleets to operate with Auto Frac contracts.

轉向 Octiv Auto Frac。客戶以驚人的速度採用了這種自動化技術。自第三季推出以來，我們已在 20% 的電動車隊上部署了 Auto Frac，並預計在未來兩個月內擴大到 50%。到 2025 年，我們預計絕大多數電子車隊將按照 Auto Frac 合約運作。

I am also pleased with the deployment progress of Sensori fracture diagnostics, which provide the building blocks for improved per foot recovery for our customers. During the third quarter, we embedded Halliburton's Sensori fracture monitoring technology into a number of our customers' well completion workflows and expect to further expand our customer base for this unique technology in the fourth quarter.

我還對 Sensori 骨折診斷的部署進展感到滿意，它為我們的客戶提高每英尺恢復能力提供了基礎。在第三季度，我們將哈里伯頓的 Sensori 裂縫監測技術嵌入到許多客戶的完井工作流程中，並預計在第四季度進一步擴大這項獨特技術的客戶群。

Looking ahead, I expect the Zeus' platform and its constituent technologies to see continued adoption. I believe these technologies, working together seamlessly in an automated real-time environment, will create a path to greater fracture consistency, ever higher levels of efficiency and ultimately improved recovery.

展望未來，我預計 Zeus 平台及其組成技術將持續採用。我相信這些技術在自動化即時環境中無縫協作，將為實現更高的裂縫一致性、更高的效率水平並最終提高恢復率創造一條道路。

The potential value creation related to these technologies is significant. We are working today with several market-leading operators to advance this integrated application of the Zeus platform. I believe we are just at the beginning of what this technology will accomplish.

與這些技術相關的潛在價值創造是巨大的。今天，我們正在與幾家市場領先的營運商合作，推進 Zeus 平台的整合應用。我相信我們才剛開始實現這項技術的目標。

Shifting to Drilling and Evaluation. Our North America drilling services business demonstrated nearly 20% year-on-year growth this quarter, despite a rig count decline of 5% over the same period. I expect this unique growth to continue in 2025.

轉向鑽探和評估。儘管鑽機數量年減 5%，但本季我們的北美鑽井服務業務年增近 20%。我預計這種獨特的成長將在 2025 年持續下去。

In unconventional basins, our iCruise rotary steerable tool and LOGIX drilling automation platform reliably deliver curve and lateral sections in a single run. We delivered revenue growth this year in each of our commercial models, rental, sales and full service, and I expect further expansion next year.

在非常規盆地中，我們的 iCruise 旋轉導向工具和 LOGIX 鑽井自動化平台可在單次運行中可靠地提供曲線和橫向剖面。今年我們在每種商業模式、租賃、銷售和全方位服務方面都實現了收入成長，我預計明年將進一步擴張。

In Canada, Halliburton's leading portfolio of well ranging technologies, such as our Aurora magnetic ranging service, is the preferred solution for steam-assisted gravity drainage wells. Expanded midstream infrastructure has improved market access for oil producers in Canada, which creates a strong future runway for these technologies.

在加拿大，哈里伯頓領先的測井技術組合（例如我們的 Aurora 磁測距服務）是蒸汽輔助重力排水井的首選解決方案。擴大的中游基礎設施改善了加拿大石油生產商的市場准入，這為這些技術創造了強大的未來跑道。

In Alaska, our EarthStar ultra-deep resistivity tool and reservoir mapping service deliver unmatched performance and unique insights for customers, drilling extended reach wells on the North Slope. We see significant growth opportunities for our logging well drilling and directional drilling services, as activity increases in multiple projects in the area over the next few years.

在阿拉斯加，我們的 EarthStar 超深電阻率工具和油藏測繪服務為客戶在北坡鑽探大位移井提供無與倫比的性能和獨特的見解。隨著未來幾年該地區多個項目活動的增加，我們看到了測井鑽井和定向鑽井服務的巨大成長機會。

Across a broad spectrum of North America drilling applications, Halliburton's technology delivers performance, precision and unique insights for our customers that have driven meaningful share growth and strong returns, and I expect further revenue growth in 2025.

在北美的廣泛鑽井應用中，哈里伯頓的技術為我們的客戶提供性能、精度和獨特的見解，推動了有意義的份額增長和強勁的回報，我預計 2025 年收入將進一步增長。

To finish my thoughts on North America. Our strategy to maximize value is unchanged. The strategy means we focus on returns, not share. We deliver leading service quality and efficiency, and we develop differentiated technologies that create value for our customers and Halliburton. I believe Halliburton's execution of this strategy has transformed the resilience and profitability of our North America business.

結束我對北美的思考。我們實現價值最大化的策略沒有改變。該策略意味著我們專注於回報，而不是份額。我們提供領先的服務品質和效率，並開發差異化技術，為我們的客戶和哈里伯頓創造價值。我相信哈里伯頓對這項策略的執行已經改變了我們北美業務的彈性和獲利能力。

Let me close with this. I see solid opportunities across business lines and geographies for Halliburton. As we execute on our strategies, profitable international growth and maximize value in North America, we will target opportunities to deliver unique value, allocate capital to the highest return opportunities and prioritize free cash flow generation and shareholder returns.

讓我結束這一點。我看到哈里伯頓跨業務線和地域的堅實機會。當我們執行策略、實現盈利性國際成長並在北美實現價值最大化時，我們將瞄準提供獨特價值的機會，將資本分配給最高回報的機會，並優先考慮自由現金流的產生和股東回報。

With that, I'll now 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 Q3 reported net income per diluted share was $0.65. Adjusted net income per diluted share was $0.73. Before we turn to our detailed results, I want to take a moment to discuss the impacts of the cybersecurity event this quarter on our earnings, free cash flow, stock buybacks and SAP deployment.

謝謝你，傑夫，早安。我們第三季報告的攤薄每股淨利潤為 0.65 美元。調整後每股攤薄淨利為 0.73 美元。在我們討論詳細結果之前，我想花點時間討論本季網路安全事件對我們的收益、自由現金流、股票回購和 SAP 部署的影響。

Starting with earnings, the lost revenue resulting from the cybersecurity event and the storms in the Gulf of Mexico impacted our adjusted results by approximately $0.02 per diluted share. In addition, we incurred $35 million of cybersecurity event related expenses, which is excluded from our adjusted results. In Q4, we do not expect to incur significant further expenses related to the event.

從收益開始，網路安全事件和墨西哥灣風暴造成的收入損失對我們的調整後業績產生了每股稀釋每股約 0.02 美元的影響。此外，我們還產生了 3500 萬美元的網路安全事件相關費用，該費用不包括在我們的調整後業績中。在第四季度，我們預計不會再產生與該活動相關的大量費用。

Our free cash flow was impacted by system outages, which affected our ability to invoice and collect receivables during the quarter. We work closely with our customers and expect to collect those amounts in Q4. We maintain our expectation of greater than 10% growth in full year free cash flow compared to last year.

我們的自由現金流受到系統中斷的影響，這影響了我們在本季度開立發票和收取應收帳款的能力。我們與客戶密切合作，預計在第四季度收回這些金額。我們維持全年自由現金流較去年增加 10% 以上的預期。

We paused our stock repurchase program as we assess the impact of the event and repurchased fewer shares this quarter than targeted. Our plan is to catch up on buybacks in Q4.

在評估事件的影響時，我們暫停了股票回購計劃，本季回購的股票數量少於目標。我們的計劃是在第四季度趕上回購。

Finally, this quarter, we successfully completed the implementation of SAP S-4 in our first country. Based on lessons learned there and the cybersecurity event, I now expect the project to be delayed three to six months and cost approximately $20 million to $30 million more than our initial estimate.

最後，本季度，我們在第一個國家成功完成了 SAP S-4 的實施。根據那裡學到的經驗教訓和網路安全事件，我現在預計該專案將推遲三到六個月，成本比我們最初的估計高出約 2000 萬到 3000 萬美元。

Turning now to our company results. Total company revenue for Q3 '24 was $5.7 billion, a decrease of 2% sequentially. Adjusted operating income was $987 million, and adjusted operating margin was 17%.

現在談談我們公司的業績。2024 年第三季公司總營收為 57 億美元，較上一季下降 2%。調整後營業收入為 9.87 億美元，調整後營業利益率為 17%。

Now turning to the segment results. Beginning with our Completion and Production division, revenue in Q3 was $3.3 billion, a decrease of 3% sequentially. Operating income was $669 million, a decrease of 7% sequentially, and operating income margin was 20%. These results were driven by lower hydraulic fracturing services in US. land and Latin America.

現在轉向細分結果。從我們的完井和生產部門開始，第三季的營收為 33 億美元，比上一季下降 3%。營業收入為 6.69 億美元，季減 7%，營業利益率為 20%。這些結果是由於美國水力壓裂服務減少所致。陸地和拉丁美洲。

In our Drilling and Evaluation division, revenue in Q3 was $2.4 billion, while operating income was $406 million, both sequentially flat. Operating margin was 17%, a sequential increase of 36 basis points.

在我們的鑽井和評估部門，第三季的營收為 24 億美元，營業收入為 4.06 億美元，兩者均持平。營業利益率為 17%，季增 36 個基點。

These results were driven by improvement in fluid activity in Latin America and higher software sales globally, offset by greater-than-anticipated rig count reductions in the Middle East and project delays in the North Sea, two of our largest well construction markets.

這些業績的推動因素是拉丁美洲流體活動的改善和全球軟體銷量的增加，但被中東鑽機數量減少幅度超出預期以及北海（我們最大的兩個油井建設市場）項目延誤所抵消。

Now let's move on to geographic results. Our Q3 international revenue was flat sequentially. Europe-Africa revenue in Q3 was $722 million, a decrease of 5% sequentially. This decline was primarily due to decreased drilling-related services in the North Sea and lower completion tool sales in West Africa. Partially offsetting these decreases were higher cementing activity in the North Sea.

現在讓我們繼續討論地理結果。我們第三季的國際營收季平。第三季歐洲-非洲營收為 7.22 億美元，季減 5%。這一下降主要是由於北海鑽井相關服務的減少以及西非完井工具銷售的下降。北海固井活動的增加部分抵消了這些減少。

Middle East-Asia revenue in Q3 was $1.5 billion, an increase of 3% sequentially. This increase was primarily due to increased pressure pumping services in Saudi Arabia, higher completion tool sales and fluid services in the Middle East and higher wireline activity in Asia. Partially offsetting these improvements were lower drilling services and project management activity in the Middle East.

第三季中東亞洲營收為 15 億美元，季增 3%。這一增長主要是由於沙烏地阿拉伯壓力泵送服務的增加、中東完井工具銷售和流體服務的增加以及亞洲有線電視活動的增加。中東鑽井服務和專案管理活動的減少部分抵消了這些改善。

Latin America revenue in Q3 was $1.1 billion, a 4% decrease sequentially. This decrease was primarily due to lower hydraulic fracturing activity in Argentina, partially offset by increased drilling-related services and improved project management activity in the region.

第三季拉丁美洲營收為 11 億美元，季減 4%。這一減少主要是由於阿根廷水力壓裂活動減少，但部分被該地區鑽井相關服務的增加和專案管理活動的改善所抵消。

In North America, Q3 revenue was $2.4 billion, a 4% decrease sequentially. This decline was primarily driven by decreased pressure pumping services in US. land, in addition to lower activity across multiple product service lines in the Gulf of Mexico, partly due to the impact of storms.

在北美，第三季營收為 24 億美元，季減 4%。這一下降主要是由於美國壓力泵服務的減少造成的。陸地，此外墨西哥灣多個產品服務線的活動減少（部分原因是風暴的影響）。

Moving on to other items. In Q3, our corporate and other expense was $60 million, which was below our prior guidance. As a result, we expect our Q4 corporate expenses to increase about $10 million. In Q3, we spent $28 million or about $0.03 per diluted share on SAP S-4 migration, which is included in our results. For Q4, we expect SAP expenses to increase about $5 million.

繼續討論其他項目。第三季度，我們的公司和其他費用為 6000 萬美元，低於我們先前的指導。因此，我們預計第四季度的企業支出將增加約 1,000 萬美元。在第三季度，我們在 SAP S-4 遷移上花費了 2800 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。對於第四季度，我們預計 SAP 費用將增加約 500 萬美元。

Net interest expense for the quarter was $85 million. For Q4, we expect net interest expense to increase about $5 million. Other net expense for Q3 was $52 million, which was higher than anticipated, driven by unfavorable foreign exchange movements in multiple currencies. For Q4, we expect this expense to be approximately $35 million.

該季度的淨利息支出為 8500 萬美元。對於第四季度，我們預計淨利息支出將增加約 500 萬美元。第三季的其他淨支出為 5,200 萬美元，高於預期，原因是多種貨幣的不利外匯變動。對於第四季度，我們預計這筆費用約為 3500 萬美元。

Our effective tax rate for Q3 was 21%, and our normalized effective tax rate was 23.5%. Based on our anticipated geographic earnings mix, we expect our Q4 effective tax rate to be approximately 23.5%. Capital expenditures for Q3 were $339 million. For the full year of 2024, we expect capital expenditures to be approximately 6.4% of revenue.

第三季的有效稅率為 21%，標準化有效稅率為 23.5%。根據我們預期的地域收益組合，我們預期第四季的有效稅率約為 23.5%。第三季的資本支出為 3.39 億美元。2024 年全年，我們預計資本支出約為收入的 6.4%。

Our Q3 cash flow from operations was $841 million and free cash flow was $543 million. For the full year 2024, we expect free cash flow to be at least 10% higher than 2023.

我們第三季的營運現金流為 8.41 億美元，自由現金流為 5.43 億美元。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 comments on our expectations for Q4. In our Completion and Production division, we anticipate sequential revenue to decline 1% to 3% and margins to decline 75 to 125 basis points. In our Drilling and Evaluation division, we expect sequential revenue to be flat to up 2% and margins to be flat to up 50 basis points.

現在讓我向您提供我們對第四季度的預期的評論。在我們的完井和生產部門，我們預計收入將下降 1% 至 3%，利潤率將下降 75 至 125 個基點。在我們的鑽探和評估部門，我們預計連續營收將持平至成長 2%，利潤率將持平至成長 50 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 the key points I would like you to take away from our discussion today. I am confident in our international business. I believe the strength of our technology portfolio, unique value proposition and clear strategy will continue to deliver growth and returns. I'm excited about the emerging trends in the international market where I believe Halliburton will demonstrate unique growth.

謝謝，埃里克。以下是我希望您從我們今天的討論中獲得的要點。我對我們的國際業務充滿信心。我相信我們的技術組合優勢、獨特的價值主張和明確的策略將繼續帶來成長和回報。我對國際市場的新興趨勢感到興奮，我相信哈里伯頓將展示獨特的成長。

And in North America, we are widening the moat around our Zeus platform and expect to keep growing our drilling business. And now let's open it up for questions.

在北美，我們正在擴大 Zeus 平台周圍的護城河，並期望繼續成長我們的鑽井業務。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。

Great Jeff. How are you.

偉大的傑夫。你好嗎。

Good Morning.

早安.

So maybe let's just start with the obvious and how you think the election might impact your business. Is the thesis out there, obviously, the market sort of buying first, asking questions later? But that reduced regulation, faster permitting is going to result in higher onshore activity kind of going forward.

因此，也許讓我們從顯而易見的事情開始，以及您認為選舉可能如何影響您的業務。顯然，市場是否存在先購買，後提問的論點？但監管的減少、許可的加快將導致未來陸上活動的增加。

Is that a valid assumption? Is that the way you're thinking about the market for the next couple of years? I could certainly see how you compete in Gulf of Mexico, which seems to be mired in red tape. But how do you think this impacts your North America onshore business?

這是一個有效的假設嗎？您是這樣看待未來幾年的市場的嗎？我當然可以看到你們如何在墨西哥灣競爭，那裡似乎深陷繁文縟節。但您認為這對您的北美在岸業務有何影響？

Look, Dave, it's only positive. It could only be positive. In fact, I'm quite optimistic about that outlook, and here's why. I think what you saw was a reflection of a common sense view of economics and resource development, which are incredibly important in this country.

聽著，戴夫，這只是積極的。這只能是正面的。事實上，我對這種前景非常樂觀，原因如下。我認為你所看到的反映了經濟和資源開發的常識觀點，這在這個國家非常重要。

And then more importantly, it's the way it was rolled out. It reflects the majority of people that have a rational view about how important energy is to our country. And so when I think about that, I think every dollar that is not spent defending and debating the industry, but rather being invested in this industry, are absolutely good for Halliburton's business.

更重要的是，這是它的推出方式。它反映了大多數人對能源對我國的重要性的理性認識。因此，當我想到這一點時，我認為每一塊錢不是花在捍衛和辯論該行業上，而是投資在這個行業上，對哈里伯頓的業務絕對有好處。

What about the Gulf of Mexico? Do you think this could -- you could start to see a pickup in activity out there? I know there's been some issues kind of getting permits and things like that. Do you think that could potentially free that up?

墨西哥灣怎麼樣？你認為這可以－你可以開始看到那裡的活動有所回升嗎？我知道在獲得許可等方面存在一些問題。你認為這可能會釋放它嗎？

Yes. I think -- look, Dave, yes, I think that there's a lot of risk that's been painted over this industry, particularly regulatory risk, and it's probably even more acute in the Gulf of Mexico given the significance of the investments and the types of decisions that get made that are long term in nature by operators.

是的。我認為——聽著，戴夫，是的，我認為這個行業存在很多風險，特別是監管風險，考慮到投資的重要性和投資的類型，在墨西哥灣可能更加嚴重。上是長期的決策。

And I think the more that those are derisked either through regulation or legislation creates an even better runway. Operators don't operate in a vacuum. They are digesting risk every day. And I think what we saw was directionally, hey, energy is extremely important. There's absolutely no reason we should be -- anyway, I think that we're in a good place with energy development in this country.

我認為透過監管或立法來消除這些風險越多，就能創造出更好的跑道。操作員並不是在真空中操作。他們每天都在消化風險。我認為我們看到的是定向的，嘿，能量極為重要。我們絕對沒有理由這樣做——無論如何，我認為我們國家的能源發展處於有利地位。

Understood. And if I could maybe shift to just more specifically kind of the here and now and US. onshore. It's clearly slowing as we approach year-end. We've all kind of sort of seen this. It does look like you faced a ton of pricing pressure so far, but you're kind of guiding down the margins kind of moving down a little bit in the fourth quarter.

明白了。如果我可以轉向更具體的此時此地和美國。陸上。隨著年底的臨近，這一趨勢顯然正在放緩。我們都或多或少都看過這一點。到目前為止，您確實面臨著巨大的定價壓力，但您正在引導第四季度的利潤率略有下降。

I was wondering if you could talk about sort of potential widening spread of pricing amongst, say, conventional diesel, Tier four and e-frac. Are you seeing that kind of spread happening here? And if so, does this kind of -- are you thinking about accelerating your Zeus?

我想知道您是否可以談談傳統柴油、第四級柴油和電子壓裂等產品之間潛在的價差擴大問題。您看到這裡發生這種傳播嗎？如果是這樣，你是否正在考慮加速你的宙斯？

You talked about this for Zeus platform, which really does sound very differentiated. I'm just wondering, did you accelerate that program because that should, therefore, kind of drive into higher pricing going forward?

您談到了 Zeus 平台的這一點，聽起來確實非常與眾不同。我只是想知道，您是否加速了該計劃，因為這應該會推動未來更高的定價？

Well, Dave, we still see demand for our Zeus platform and growing demand for that Zeus platform. So we'll be consistent with in terms of acceleration is more a matter of customers that see the value and contract them. And we've seen that actually this quarter, and we've seen renewals. So I feel really confident in that.

好吧，戴夫，我們仍然看到對我們的 Zeus 平台的需求，並且對該 Zeus 平台的需求不斷增長。因此，我們將在加速方面保持一致，更多的是讓客戶看到價值並與他們簽訂合約。事實上，我們在本季度已經看到了這一點，並且我們已經看到了更新。所以我對此非常有信心。

And I think it will accelerate almost just by virtue of making that available in the market and having more opportunities to put it to work as opposed to when you think acceleration, that means we push the pedal and spend and do.

我認為，只要將其推向市場，並有更多機會將其投入使用，它就會加速，而不是當你認為加速時，這意味著我們踩下踏板，花錢然後行動。

I really think we're going to stick with our maximize value approach and let the diesel retire or move outside the country. That will be replaced with electric. And also more -- as important as the electric is, quite frankly, the entire platform that is creating an outsized value for customers.

我真的認為我們將堅持價值最大化的方法，讓柴油引擎退役或轉移到國外。它將被電動取代。坦白說，與電力一樣重要的是整個平台為客戶創造了巨大的價值。

Arun Jayaram, JPMorgan Securities.

阿倫‧賈亞拉姆，摩根大通證券。

Yes, good morning Jeff and Eric -- Generally, I want to get your thoughts on how you see North America and Completion and Production kind of trending next year. You mentioned that 90% of your frac fleets is committed for '25. And perhaps, 50% of that capacity up to that could be Zeus fleets. So it sounds like you've kind of navigated through the RFP season, and you got a lot of equipment kind of committed.

是的，早上好，傑夫和艾瑞克——總的來說，我想了解你們對明年北美以及完工和生產趨勢的看法。您提到您 90% 的壓裂船隊都致力於 25 年。也許，其中 50% 的容量可能是 Zeus 艦隊。聽起來您已經度過了 RFP 季節，並且已經投入了許多設備。

You also mentioned that you've announced some extensions on some Zeus fleet that's maybe a little bit earlier than we're thinking. So I was just wondering, given that amount of capacity that's been committed, what's your just outlook for non-frac next year? And I'm trying to think about how margins could play out over the next 12 months.

您還提到您已經宣布對某些宙斯艦隊進行一些擴展，這可能比我們想像的要早一些。所以我只是想知道，考慮到已經承諾的產能，明年非壓裂的前景如何？我正在嘗試思考未來 12 個月的利潤率會如何變化。

Well, look, I feel good about 2025, and we talked to customers -- I talk to customers every day, and they are clearly planning to work. But they're also planning to be more efficient and improve recovery at the same time.

嗯，看，我對 2025 年感覺很好，我們與客戶交談——我每天都與客戶交談，他們顯然正在計劃工作。但他們也計劃同時提高效率並改善恢復。

Now that's plays directly into our strengths, whether it's more silo frac, longer laterals, faster wells and obviously the Zeus platform. I -- so when I think about 2025, I think about maximizing value, and that means solving the hardest problems and unconventionals with better recovery, widening the moat around our Zeus platform, the drilling performance that I've described and the outsized adoption that we're seeing for our drilling solution.

現在，這直接發揮了我們的優勢，無論是更多的筒倉壓裂、更長的支線、更快的井，還是顯然還有 Zeus 平台。所以，當我想到2025 年時，我會考慮價值最大化，這意味著透過更好的恢復來解決最困難的問題和非常規問題，拓寬我們Zeus 平台周圍的護城河，我所描述的鑽井性能以及大規模採用我們正在尋找我們的鑽井解決方案。

And yes, having 90 fleets committed -- or 90% of our fleets committed today does form a view about 2025, and I've described those things that we're going to be doing in the market that are consistent with the performance as you've seen till now. So I think about the market today, we arguably have been in a downturn for 18 months. And the tools and the approach that we've taken are the tools and approach that we will take.

是的，擁有90 個機隊投入使用，或者說我們今天投入使用的90% 機隊確實形成了對2025 年的看法，我已經描述了我們將在市場上做的那些事情，這些事情與您的表現一致到現在為止都看過。所以我認為今天的市場，我們可以說已經處於低迷狀態 18 個月了。我們已經採用的工具和方法也是我們將要採用的工具和方法。

Okay. Fair enough, Jeff. Maybe -- it does help us think about '25. This is kind of a consistent buy side question that we've gotten, Jeff. Is the dynamic in North American frac is the fact that companies like Halliburton are pumping more hours per day doing more completion footage completed per day?

好的。很公平，傑夫。也許——它確實幫助我們思考「25」。傑夫，這是我們收到的一致的買方問題。北美壓裂的動態是否是像哈里伯頓這樣的公司每天泵送更多時間，每天完成更多完井片段？

And so a lot of my E&P coverage now is highlighting the ability, for example, one operator mentioned that they could do -- in '25, they could use four frac fleets to do what five frac fleets did in '24. Does that make sense? So using less equipment.

因此，我現在的許多勘探與生產報道都在強調這種能力，例如，一位運營商提到他們可以做到- 在25 年，他們可以使用四個壓裂船隊來完成24 年五個壓裂船隊所做的事情。這樣有道理嗎？因此使用較少的設備。

And the question we're asking ourselves is, how does this impact your profitability if these four frac fleets are doing a similar amount of footage, how does that impact Halliburton? We're thinking maybe you lose some margins or some revenues through pass-through. But how does that impact your base frac business using that example?

我們問自己的問題是，如果這四個壓裂船隊進行相似數量的鏡頭，這對您的盈利能力有何影響，這對哈里伯頓有何影響？我們認為您可能會因為轉嫁而損失一些利潤或一些收入。但是，以該範例為例，這對您的基礎壓裂業務有何影響？

Well, look, number one, we're at the leading edge of that efficiency, which means that we're getting more reps. And in most cases, based on sort of our equipment, we get more reps on less capital. So from a maximized value standpoint, it doesn't take 2x the equipment to do a simul frac. In fact, it takes less than half more. And so generating the same or more revenue with less equipment is positive and strategically why we build the equipment the way that we do.

好吧，看，第一，我們在效率方面處於領先地位，這意味著我們獲得了更多的代表。在大多數情況下，根據我們的設備類型，我們可以用更少的資金獲得更多的代表。因此，從價值最大化的角度來看，進行同步壓裂不需要 2 倍的設備。事實上，只需要不到一半的時間。因此，用更少的設備產生相同或更多的收入是積極的，也是我們以這種方式製造設備的戰略原因。

At the same time, creating more value by pumping, which just takes me to the Zeus solution and the platform, that's also part of how the operators get better. And I'll tell you, I would much rather be on the front end of this than somewhere else. So leading this charge is where we want to be. It keeps us busy and creating opportunities to create more value.

同時，透過泵送創造更多價值，這只是將我帶到 Zeus 解決方案和平台，這也是營運商如何變得更好的一部分。我會告訴你，我寧願站在這件事的前端，也不願意去其他地方。因此，引領這股潮流就是我們想要達到的目標。它讓我們忙碌並創造創造更多價值的機會。

So you're thinking about it the right way. Yeah, this industry gets more efficient. I think it gets harder to get more efficient from here. But I expect Halliburton plays at the front end of that and as a leader.

所以你正在以正確的方式思考它。是的，這個行業變得更有效率。我認為從這裡開始變得更有效率變得更加困難。但我預計哈里伯頓將處於領先地位並成為領導者。

So in some ways, the capital efficiency, we're driving capital efficiency, which ultimately does support margins. And look, there's a -- we are where we are today. If I look forward into the future, we know how to operate in that environment, and we're doing it, and we're successful at it.

因此，在某些方面，資本效率，我們正在推動資本效率，這最終確實支持了利潤率。看，我們就是今天的處境。如果我展望未來，我們知道如何在這種環境下運作，我們正在這樣做，並且我們取得了成功。

But I also think it's unreasonable to ignore future catalysts, whether Tier one rock becomes Tier two becomes Tier three. There are other things that happened that I think would be positive.

但我也認為忽視未來的催化劑是不合理的，無論一級岩石是否成為二級岩石成為三級岩石。我認為還發生了其他一些正面的事情。

James West, Evercore ISI.

詹姆斯·韋斯特，Evercore ISI。

Hey, good morning Jeff, Eric.

嘿，早上好，傑夫，艾瑞克。

Good Morning, James.

早安，詹姆斯。

So you highlighted a lot on intervention this quarter. I think maybe investors that aren't following you as closely as myself or Dave or Arun would know about the tremendous amount of not capital, but just R&D and work you guys have done in building that business out as a big strength of yours.

因此，您在本季強調了許多幹預措施。我想，也許那些不像我、戴夫或阿倫那樣密切關注你們的投資者會知道你們在將這項業務打造為你們的一大優勢時所做的大量的不是資本，而是研發和工作。

Could you maybe talk through kind of -- I guess, why highlight now? I guess, first, and then kind of where you were, where you've been, where you are today and how you view that as one of the kind of huge strength of the company.

您能否談談—我想，為什麼現在強調？我想，首先是你曾經在哪裡，你曾經在哪裡，你現在在哪裡，以及你如何看待這是公司的巨大優勢之一。

Yes. Thanks, James. Look, this has always been an important business for Halliburton intervention, whether it's stimulation, it's entering wellbores, and those are the markets that maintain the baseload of oil and gas production around the world.

是的。謝謝，詹姆斯。看，這一直是哈里伯頓幹預的重要業務，無論是增產，還是進入井筒，而這些都是維持全球石油和天然氣生產基本負荷的市場。

And so we've been in that business, but I'm highlighting it partly because I don't want anyone to forget how important predicting that base load is and how much work that generates. But I also would like to characterize that in terms of the R&D effort that we're putting in around that.

所以我們一直從事這項業務，但我強調它的部分原因是我不想讓任何人忘記預測基本負載以及由此產生的工作量是多麼重要。但我還想從我們為此投入的研發努力來描述這一點。

And so if I go sort of contextually over -- look over some history, at Halliburton, when we invest in a direction, it's important for us. So I think unconventionals, if you go back a number of years, then we've talked about what we've done around Sperry Drilling from an R&D and creating critical mass and a bigger business, doing the same thing with intervention. And we've done it for a number of years.

因此，如果我回顧哈里伯頓的一些歷史，當我們投資一個方向時，這對我們來說很重要。所以我認為非常規，如果你回到幾年前，那麼我們已經討論過我們圍繞 Sperry Drilling 所做的事情，從研發到創造臨界質量和更大的業務，透過幹預做同樣的事情。我們已經這樣做很多年了。

However, you're going to see us developing things, like we described on the call today, riserless intervention is an incredible step forward in terms of making wells economic. We've talked about it for a decade probably, worked hard on it with TechnipFMC for five years, and now we're here.

然而，您將看到我們正在開發一些東西，就像我們在今天的電話會議中所描述的那樣，無立管幹預是在使油井經濟化方面向前邁出的令人難以置信的一步。我們可能已經討論了這個問題十年，並與 TechnipFMC 一起努力工作了五年，現在我們就在這裡。

But those are the kind of things I expect to see us do more of and create a bigger, growing market for us. And so from our perspective, this is where we will see outsized growth internationally.

但我希望看到我們做更多的事情，並為我們創造一個更大、不斷成長的市場。因此，從我們的角度來看，這就是我們將在國際上看到超額成長的地方。

Okay. Very good to hear. And then, Jeff, the growth in the interventions part of the business make earnings a little bit less cyclical than perhaps they've been previously and, therefore, a higher multiple.

好的。很高興聽到。然後，傑夫，業務幹預部分的成長使收益的周期性比以前要小一些，因此倍數更高。

I think so. These, I completely agree with you, and it's part of the reason we want to continue to invest and generate that outsized growth. But it's the kind of growth that decline curves never go away. And so everything is obviously declining. Therefore, there is always demand for intervention as we described.

我想是的。這些，我完全同意你的觀點，這也是我們希望繼續投資並實現超額成長的部分原因。但這種成長的下滑曲線永遠不會消失。所以一切顯然都在下降。因此，正如我們所描述的，總是存在幹預的需求。

Roger Read, Wells Fargo Securities.

羅傑‧里德，富國銀行證券公司。

Jeff, can I get your take? You talk a lot here about the opportunities international. And obviously, everybody talks about the productivity and efficiency that's going on in North America. Could you give us a little bit of a contrast of what you see happening globally, not just your products and services that improve it?

傑夫，我可以聽聽你的意見嗎？您在這裡談論了很多有關國際機會的內容。顯然，每個人都在談論北美正在發生的生產力和效率。您能否為我們提供一些您所看到的全球範圍內發生的情況的對比，而不僅僅是您改善全球情況的產品和服務？

But if you were to just say what you think your customers are getting right now in terms of productivity and efficiency, how that's affecting your business, question asked earlier, I think, by Arun, right, five frac crews goes to four, what the impacts are? So as you think about the opportunity internationally, how does that compare? What kind of headwinds are you facing on the productivity front there?

但如果你只是說你認為你的客戶現在在生產力和效率方面得到了什麼，這對你的業務有何影響，我認為，阿倫之前提出的問題，對，五名壓裂人員變成了四名，這意味著什麼？那麼，當您考慮國際上的機會時，比較如何？您在生產力方面面臨什麼樣的阻力？

Well, look, as North America, fantastic resource, fantastic market and a place where operators can implement technology in a fairly straightforward way. I would say that internationally, we're much further behind in terms of technology application. In fact, I would argue, some are just moving into maturity in Argentina where we will start to see more and more.

好吧，看看北美，這裡有極好的資源、極好的市場，也是運營商可以以相當簡單的方式實施技術的地方。我想說，在國際上，我們在技術應用上還遠遠落後。事實上，我認為，在阿根廷，有些產品剛剛走向成熟，我們將開始看到越來越多的產品。

But the Middle East, for example, has worked to a point, but I think that the opportunity -- we'll actually see growth in terms of consumption of equipment well before we see efficiency cresting just because there's so much work to do.

但例如中東，已經取得了一定程度的成果，但我認為，在我們看到效率達到頂峰之前，我們實際上會看到設備消耗的成長，因為還有很多工作要做。

And I think what those markets get the benefit of, particularly with Halliburton, is a lot of the technology that creates better wells. If you go back in time in the US, they're well designed. There are a lot of wells that we would like to go back and refrac. But today, armed with the technology that we have, I believe we'll make better wells.

我認為這些市場（尤其是哈里伯頓）受益的是許多可以創造更好油井的技術。如果你回到美國，它們設計得很好。我們希望返回並重新壓裂許多油井。但今天，憑藉我們現有的技術，我相信我們會打出更好的油井。

But to say that -- but to get specifically to your question, we're not even close to that point of efficiency, reducing demand internationally. In fact, we're at the opposite end of that. We're back like it looked in the US early days, where add, add, let's do more. Hope that helps, Roger.

但要說的是──但要具體回答你的問題，我們甚至還沒有達到減少國際需求的效率點。事實上，我們正​​處於相反的一端。我們又回到了美國早期的樣子，添加，添加，讓我們做更多。希望有幫助，羅傑。

Yeah, it does. I'd say kind of what we look at, the evidence seems similar that way, but I just wanted to talk to the experts about it. The other question I had, one of the things we hear about is a way to potentially accelerate drilling speeds going forward in the US Might be greater expansion of rotary steerable type and other types of advanced drilling devices.

是的，確實如此。我想說的是我們所看到的，證據看起來很相似，但我只是想和專家談談。我的另一個問題是，我們聽到的一件事是一種可能加快美國鑽井速度的方法，可能會更大程度地擴展旋轉導向和其他類型的先進鑽井設備。

You mentioned that in your introductory part of the call as something to roll out to Latin America. But I was just curious how that's -- how do you see that in North America in terms of additional penetration over the coming years?

您在電話會議的介紹部分提到，要向拉丁美洲推廣這一點。但我只是好奇這是怎麼回事 - 您如何看待北美未來幾年的額外滲透率？

Yes. Thanks. Look, I'm crystal clear that this is a market that continues to grow in rotary steerables. Just the efficiency, precision, the types of wells that are being drilled in terms of length, tortuosity. Everything I see in North America says, over time, the trend is that rotary steerables are a bigger and bigger part of this market, both from the ability to execute the drilling in terms of the complexity and length, but also the speed in terms of curve lateral.

是的。謝謝。看，我非常清楚，這是一個旋轉導向設備市場持續成長的市場。只是效率、精度、所鑽井的類型（長度、曲折度）。我在北美看到的一切都表明，隨著時間的推移，趨勢是旋轉導向器在這個市場中所佔的份額越來越大，無論是從執行鑽井的複雜性和長度方面的能力，還是從速度方面來看。

And that's really where we're getting so much traction with -- our iCruise tools in North America has been the reliability around drilling that curve lateral. And I see the exact same thing internationally. In fact, we're already -- we've described the contract that we've won in the Middle East for Sperry, same type of thing.

這確實是我們獲得如此大關注的地方——我們在北美的 iCruise 工具一直圍繞著曲線橫向鑽探提供可靠性。我在國際上也看到了同樣的情況。事實上，我們已經描述了我們在中東為斯佩里贏得的合同，類似的事情。

I would expect to see growth in really any unconventional market around the world that -- iCruise CX is a terrific tool. It's the performance is what's causing the growth in and share. And so very pleased with where we are.

我希望看到世界各地任何非常規市場的成長——iCruise CX 是一個很棒的工具。性能才是導致份額增長的原因。對我們現在的處境非常滿意。

But I also think we're in the right spot from a secular growth standpoint in the sense that, that is directionally where the market has to go in order to continue to get better both in time, but also in terms of the types of wells and the lengths that are being drilled.

但我也認為，從長期成長的角度來看，我們處於正確的位置，因為這就是市場必須走向的方向，以便在時間上和油井類型方面繼續變得更好。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛。

Yeah, and thanks for all the color on US. I had a couple of company-specific items here, which is around the cybersecurity incident. What are, Jeff, lessons learned around that certainly something that all Fortune-500 companies are having to contend with? But how do you ensure protection of this going forward? And help us understand it. It sounds like it could create some delays to the ERP system rollout. Can you talk a little bit about what those impacts were?

是的，感謝美國的所有顏色。我這裡有一些公司特定的項目，與網路安全事件有關。傑夫，所有財富 500 強公司都必須處理的問題有哪些經驗教訓？但如何確保未來的保護呢？並幫助我們理解它。聽起來這可能會對 ERP 系統的推出造成一些延遲。您能談談這些影響是什麼嗎？

Yes. Thanks. Look, I think from a lessons learned standpoint, I cannot overemphasize the importance of preparedness in terms of desktop drills, contracting with the absolute best professionals in the industry. And I'm so appreciative of the companies have supported us, Mandiant and others. But I would say that is probably one of the most important things any company can do is be absolutely prepared in advance for that.

是的。謝謝。聽著，我認為從經驗教訓的角度來看，我怎麼強調在桌面演習方面做好準備、與業內絕對最好的專業人士簽約的重要性都不為過。我非常感謝支持我們、Mandiant 和其他公司的公司。但我想說，這可能是任何公司可以做的最重要的事情之一，就是為此做好充分準備。

So in terms of the SAP ERP rollout, Neil, there's really a couple of things. So the first one is what relates directly to the cyber incidents. And there, obviously, once the incident started, most of our IT folks went on to helping fix the problem, restore the systems and everything. They were unavailable, obviously, to continue to participate in the rollout.

Neil，就 SAP ERP 的推出而言，確實有幾件事。第一個是與網路事件直接相關的問題。顯然，事件發生後，我們的大多數 IT 人員都繼續幫助解決問題、復原系統和一切。顯然，他們無法繼續參與部署。

And when that was done and the systems were restored, what you had is the finance and procurement organization went in to a catch-up mode basically restoring in the system or the transaction that were made when we were operating in a manual mode.

當這一切完成並且系統恢復後，財務和採購組織進入了追趕模式，基本上恢復了系統或我們在手動模式下操作時進行的交易。

And the second impact from the incident was the fact that as we roll out a big system like this, we do what's called localization events, which when we go and roll out the system in a new country, we send a team ahead of time to really understand the details of statutories, differences, tax differences and everything so that we get ready for any particular specifics of a given country.

這事件的第二個影響是，當我們推出這樣的大型系統時，我們會進行所謂的本地化活動，當我們去一個新的國家/地區推出該系統時，我們會提前派一個團隊去真正了解法規、差異、稅收差異等一切細節，以便我們為特定國家的任何具體情況做好準備。

And then in parallel to that, we had the rollout in our first country. We rolled out the system in Canada that was successful. We closed the quarter on S-4. We closed October on S-4. But as we did all of that, we learned a few things around the structure of our training around what it means to manage processes in two different systems and everything. So all of that resulted in a replanning of the rollout, which we think now is going to be about three to 6 months over the initial plan. So we'll get into H1 2026.

同時，我們在第一個國家進行了推廣。我們在加拿大推出了該系統並取得了成功。我們於 S-4 結束了本季。我們於 10 月 S-4 關閉。但當我們完成所有這些工作時，我們圍繞著培訓結構了解了一些知識，以了解管理兩個不同系統和所有內容中的流程意味著什麼。因此，所有這些都導致​​了部署的重新規劃，我們認為現在的部署時間將比最初的計劃長約三到六個月。所以我們將進入 2026 年上半年。

Okay. Great. I'm glad you guys navigated. The follow-up is just around the stock buybacks. Again, you did $250 million in March and then $250 million in June. And this quarter, it was closer to $200 million, and you explained why.

好的。偉大的。我很高興你們能導航。後續就圍繞著股票回購展開。同樣，您在 3 月賺了 2.5 億美元，然後在 6 月賺了 2.5 億美元。本季度，接近 2 億美元，您解釋了原因。

But is $250 million the right run rate, all else equal, as we think about 2025? And given the pullback in the share price, given the macro environment, is there an argument to really lean into the share repurchase and take it to another level and really drive that free cash flow per share? So I'll turn it over to you guys on that.

但是，當我們考慮 2025 年時，在其他條件相同的情況下，2.5 億美元的運行率是否合適？考慮到股價的回調，考慮到宏觀環境，是否有理由真正傾向於股票回購並將其提升到另一個水平並真正推動每股自由現金流？所以我會把它交給你們。

Yes. So to address the first part of your question, that's what we plan ahead, guided to an average $250 million per quarter. That would lead to something around $1 billion for the year, significantly up from 2023.

是的。因此，為了解決您問題的第一部分，這就是我們未來的計劃，指導目標是平均每季 2.5 億美元。這將導致今年約 10 億美元，比 2023 年大幅增加。

So what happened in Q3 is the mechanism that we use to go and buy back share, we do it in two parallel ways. So one, we filed a 10b5-1 plan; and two, we do open purchase in the market. So when the cyber incident started, we basically were cautious and we stopped all the open purchases because we didn't want to end up in a situation where the investigation would lead to the discovery of MDI.

因此，第三季發生的事情是我們用來回購股票的機制，我們以兩種並行的方式進行。因此，我們提交了一份 10b5-1 計劃；第二，我們在市場上公開採購。因此，當網路事件開始時，我們基本上持謹慎態度，停止了所有公開採購，因為我們不想最終陷入調查導致發現 MDI 的情況。

So we paused that, continued with the 10b5 plan. So all of that landed in a number that was below what we were targeted initially. And as we said in the remarks, the intent is to catch up a bit on that in Q4.

所以我們暫停了，繼續執行 10b5 計畫。因此，所有這些的數字都低於我們最初的目標。正如我們在評論中所說，我們的目的是在第四季度趕上這一點。

Directionally, on the second part of your question, we really view buybacks as a systematic mechanism to return cash to shareholders. We look at it through cycles. So while there might be some short-term opportunities, to your point, around the current share prices, we tried not to be opportunistic per se, but view, again, stock buyback more as a through cycle mechanism to return cash.

從方向上來說，關於你問題的第二部分，我們確實將回購視為向股東返還現金的系統機制。我們透過週期來看待它。因此，儘管可能存在一些短期機會，但就您的觀點而言，圍繞當前股價，我們本身盡量不投機，而是再次將股票回購視為一種返還現金的貫穿週期機制。

So we might weigh in a bit more. But directionally, we want to be fairly steady. And as we look into next year, while we haven't worked our plan through, the general view would be to up what we've done so far in 2024.

所以我們可能會多權衡一下。但從方向上來說，我們希望保持相當穩定。當我們展望明年時，雖然我們還沒有製定我們的計劃，但總體觀點是在 2024 年我們迄今為止所做的事情。

(Operator Instructions) Saurabh Pant, Bank of America.

（操作員指令）Saurabh Pant，美國銀行。

Hi, good morning Jeff and Eric.

嗨，傑夫和埃里克早上好。

Good morning.

早安.

Jeff, maybe I have a couple of questions, one on offshore, one on North America. Let me just start on the offshore side of things because that's one place where there is a lot of optimism and structural optimism, not just short-term optimism. I want to just come back to that. I know in the past you have talked about upside in '25, particularly in West Africa and Norway and obviously offshore in general.

傑夫，也許我有幾個問題，一個關於離岸，一個關於北美。讓我從離岸方面開始，因為這是一個充滿樂觀和結構性樂觀的地方，而不僅僅是短期樂觀。我想回到這一點。我知道您過去曾談到 25 年的上行空間，特別是在西非和挪威，顯然還有整個離岸市場。

But amongst the conversation from the offshore drillers and delay in contracting, maybe some projects being delayed due to the macro supply chain delays, given all of those headlines on the offshore driller side of things, is there anything we should be mindful of for the offshore side of your business as we think about 2025?

但是，在海上鑽探商和合約延遲的對話中，也許一些項目由於宏觀供應鏈延遲而被推遲，考慮到海上鑽探商方面的所有這些頭條新聞，對於海上鑽探商，我們有什麼應該注意的嗎？展望2025 年，您的業務有何發展前景？

Now, look, we see stability in our biggest markets, whether the Gulf of Mexico, Brazil, Guyana, Norway, -- as we described this morning, there's positive elements of those. And from our perspective, we move equipment between rigs. And so the actual -- we're not in the rig business. So the rig -- contracted status of rigs is not really impactful to us. The key is operators focus on continuing to drill and develop offshore resources, which we see a lot of strength around that.

現在，我們看到我們最大的市場保持穩定，無論是墨西哥灣、巴西、圭亞那、挪威，正如我們今天早上所描述的，其中有積極的因素。從我們的角度來看，我們在鑽孔機之間移動設備。所以實際上——我們不從事鑽機業務。因此，鑽機——鑽機的合約狀態對我們來說並沒有真正的影響。關鍵是營運商專注於繼續鑽探和開發海上資源，我們在這方面看到了許多優勢。

Whether it's 20,000 in the Gulf of Mexico, there's just a lot of foot, and so there's a lot of probably back and forth in the rig business in terms of contracting and gaps and managing timing, but that doesn't impact us. We're working with clients. They have rigs available, and they are either executing work or planning work and really quite a bit of exciting work around the world and in the Gulf of Mexico.

無論是墨西哥灣的 20,000 台，還是有很多英尺，因此鑽井平台業務在合約、間隙和管理時間方面可能會有很多來回，但這不會影響我們。我們正在與客戶合作。他們有可用的鑽井平台，他們要么正在執行工作，要么正在規劃工作，並且在世界各地和墨西哥灣確實進行了相當多令人興奮的工作。

Okay. Fantastic. No, that's good color, Jeff. And then just one quick clarification on, jeff, I think you made the comment in your prepared remarks about 90% of your fleet committed for 2025. That's really impressive. I think Arun in the Q&A asked. But my followup is, do we know at least roughly what the pricing on those fleets are going to look like, right? So basically, do we have line of sight on the profitability as well versus just activity on those fleets?

好的。極好的。不，這個顏色很好，傑夫。然後，我想簡單澄清一下，傑夫，我認為您在準備好的評論中發表了關於 90% 的機隊承諾在 2025 年交付的評論。這真是令人印象深刻。我想阿倫在問答中問過。但我的後續問題是，我們是否至少大致知道這些機隊的定價是多少，對吧？那麼基本上，我們是否也關注這些機隊的獲利能力以及活動？

Look, yes, we do have some of that, but we obviously work through that as well. What I would say about -- without getting into details because I won't, we're sticking with our strategy, which is to stay out of the spot market, size the fleet to the market that we see as we've described, and we've been successful in getting things to work.

是的，我們確實有一些這樣的情況，但顯然我們也在努力解決這個問題。我想說的是——沒有詳細說明，因為我不會，我們堅持我們的策略，即遠離現貨市場，根據我們所描述的市場規模調整機隊規模，我們已經成功地讓事情開始運轉。

We obviously don't exist in a vacuum. But at the same time, I believe Halliburton, and I know Halliburton, reflects the performance and the technology that we bring to the market, which puts us at the high end of the range, and I get told that every single day.

我們顯然並不存在於真空中。但同時，我相信哈里伯頓，我了解哈里伯頓，反映了我們為市場帶來的性能和技術，這使我們處於該系列的高端，我每天都被告知這一點。

So I'm well aware of where we are from that perspective, but confident that our strategies in place, and we're executing on the strategy that's gotten us to here.

因此，從這個角度來看，我很清楚我們所處的位置，但我相信我們的策略已經到位，我們正在執行使我們走到這一步的策略。

Okay. No, fantastic. As a market leader, what you do in that industry, obviously, decides where the market goes. So it's good to hear that. And if I may, Eric, very quick one. I know you're not guiding to '25 CapEx yet. But broad strokes, can we still think about 6% of revenue for next year?

好的。不，太棒了。身為市場領導者，你在該行業所做的事情顯然決定了市場走向。所以很高興聽到這個消息。如果可以的話，埃里克，非常快。我知道您還沒有指導 '25 資本支出。但從廣義上講，我們還能考慮明年收入的 6% 嗎？

Yeah.

是的。

Kurt Hallead, Benchmark.

庫爾特‧哈勒德，《基準》。

Jeff, as you -- as we all know, right, you're in constant communication with your cohorts at the oil and gas companies, and there's been a lot of noise, right, concerns about oil demand growth, concerns about excess OPEC capacity. And obviously, in the broader markets, that's weighed on the price of crude, right?

傑夫，眾所周知，您與石油和天然氣公司的同事保持著持續的溝通，並且有很多噪音，對，對石油需求增長的擔憂，對歐佩克產能過剩的擔憂。顯然，在更廣泛的市場中，這對原油價格造成了壓力，對嗎？

So in the conversations that you've had of late, right, it sounds like there's a bit more optimism or a constructive outlook that your customer base has maybe relative to the commodity market or the equity market.

因此，在您最近進行的對話中，對吧，聽起來您的客戶群相對於商品市場或股票市場可能更加樂觀或具有建設性的前景。

So just hoping you can give us some insights on how you're assessing those conversations, what you've seen may have changed to give them that sense of optimism and what you could potentially help translate to the people on this call.

因此，希望您能給我們一些關於您如何評估這些對話的見解，您所看到的可能已經發生變化，從而給他們帶來樂觀感，以及您可以幫助向參加這次電話會議的人們傳達什麼。

Certainly. Look, I think that some of this is around the types of players in the market today. And these are very serious, large, well-capitalized operators. And so as part of the E&P consolidation, it's gone sort of as expected in the sense that customers clearly want technology and efficiency. These large players have a larger baseload of work. They're stable. They plan to work through the cycle. It does create more contractable opportunities for us in terms of Zeus fleet and Zeus platform.

當然。看，我認為其中一些與當今市場上的玩家類型有關。這些都是非常認真、大型、資本充足的業者。因此，作為勘探與生產整合的一部分，從客戶明確想要技術和效率的意義上來說，它已經達到了預期。這些大型參與者的工作量更大。他們很穩定。他們計劃完成整個週期。它確實為我們在宙斯艦隊和宙斯平台方面創造了更多的可簽約機會。

But I think some of the optimism that you hear is, a, these aren't customers that ever react to short swings in commodity pricing. These are operators that build a plan, execute a plan. And I'm so pleased to work with these customers because that kind of clarity helps us run our business. And so I think probably some of that optimism you hear is we are getting better at what we do.

但我認為你聽到的一些樂觀情緒是，a，這些客戶不會對商品定價的短期波動做出反應。這些是製定計劃、執行計劃的操作員。我很高興與這些客戶合作，因為這種清晰度有助於我們開展業務。因此，我認為您聽到的一些樂觀情緒可能是我們在我們所做的事情上做得越來越好。

They see paths to be more productive, and they've got capital to go do it. And the commodity price today is clearly well within a range that drives consistent activity. And so -- and I think that there'll be a lot of interest in keeping oil and gas in a range that creates profitability for our clients and profitability for us, and that this industry continues to grow and just get -- becoming more and more effective, productive, profitable industry.

他們看到了更有成效的途徑，並且他們有資本去做這件事。今天的大宗商品價格顯然完全處於推動持續活動的範圍內。因此，我認為，人們會對將石油和天然氣保持在為我們的客戶和我們創造盈利能力的範圍內產生很大的興趣，而且這個行業將繼續發展，並且變得越來越多更有效、生產力更高、利潤更高的行業。

Great. I always appreciate the color, Jeff. Now maybe a followup for Eric, just on that CapEx question, right? So in the fourth quarter, if the math maps out correctly, it looks like you're going to be about $450 million in CapEx, which is about $100 million higher than what you had been for quarterly run rate. You mentioned a couple of new e-fleets.

偉大的。我一直很欣賞這種顏色，傑夫。現在也許是艾瑞克的後續行動，只是關於資本支出問題，對嗎？因此，如果數學計算正確，第四季的資本支出將達到約 4.5 億美元，比季度運行率高出約 1 億美元。您提到了一些新的電子車隊。

So can we connect the dots and suggests that the incremental CapEx is -- the bulk of that is going to go toward the e-fleet rollout? And then just as an extension to that, you referenced 6% of CapEx for next year. In that 6% of revenue for next year, how many e-fleets -- or are you assuming any additional e-fleet additions?

那麼，我們能否將這些點連結起來，並建議增量資本支出——其中大部分將用於電子車隊的推出？然後，作為對此的延伸，您提到明年的資本支出為 6%。在明年收入的 6% 中，有多少電動車隊——或者您是否假設還會增加任何額外的電動車隊？

Yeah, I'll take that. Let me take that in terms of e-fleets going forward. E-fleets, again, we look at that from a pull standpoint, not a push standpoint. So we do expect deliveries in 2025. We've got some of those already planned and expect to do that, and we've also -- anyway. So that's where we are. I think the CapEx, I'm going to hand the forecasting to Eric.

是的，我會接受的。讓我從未來電子車隊的角度來看。電子艦隊，我們再次從拉的角度而不是推的角度來看這個問題。所以我們預計 2025 年交貨。我們已經計劃了其中一些並期望這樣做，無論如何我們也已經計劃好了。這就是我們現在的情況。我認為資本支出，我將把預測交給艾瑞克。

As we -- as I mentioned earlier, the CapEx is still intended to be 6%. It -- look, it's going to be a little higher than 6% this year as we revise revenue compared to the projection we had at the beginning of the year, and we had a lot of equipment and flat.

正如我之前提到的，資本支出仍計劃為 6%。看，今年的成長率將略高於 6%，因為與年初的預測相比，我們修改了收入，而且我們有很多設備和公寓。

We're still dealing with lead time on big pieces of capital equipment between 6 months and over a year. But as we look into next year, it's 6%. It's a balance between C&P, D&E, balance between the projection that we have for revenue in North America and international. And the overall ratios continue to evolve as our business evolves and becomes more and more internationally weighted.

我們仍在處理大型固定設備的交貨時間在 6 個月到一年以上的情況。但當我們展望明年時，這個數字是 6%。這是 C&P、D&E 之間的平衡，也是我們對北美和國際收入的預測之間的平衡。隨著我們業務的發展並變得越來越國際化，整體比率也在不斷變化。

And that is all the time we have for Q&A today. I will turn the call back to Jeff Miller for his final comments.

這就是我們今天問答的全部時間。我將把電話轉回給傑夫·米勒，徵求他的最終意見。

Yes. Carmen, thank you. As we close out today's call, I just want to leave you with this. I see solid growth opportunities for Halliburton across our business lines and geographies. And I'm confident in our international business and its strong technology portfolio, unique value proposition and clear strategy.

是的。卡門，謝謝你。在我們結束今天的電話會議時，我只想向大家通報這一點。我看到哈里伯頓在我們的業務線和地區都有堅實的成長機會。我對我們的國際業務及其強大的技術組合、獨特的價值主張和清晰的策略充滿信心。

In North America, we are widening the moat around our Zeus platform, and we expect to keep growing our drilling business services in North America. So I look forward to speaking with you next quarter. Thank you.

在北美，我們正在擴大 Zeus 平台周圍的護城河，我們預計將繼續發展我們在北美的鑽井業務服務。所以我期待下個季度與您交談。謝謝。

And with that, we close today's conference. Thank you all for participating. You may now disconnect.

至此，我們今天的會議結束了。感謝大家的參與。您現在可以斷開連線。