哈里伯頓 (HAL) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q4 2024 Halliburton Company earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加哈里伯頓公司 2024 年第四季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。（操作員說明）

I would now like to hand the conference over to your speaker today, David Coleman, Senior Director of Investor Relations.

我現在想把會議交給今天的演講者、投資者關係高級總監大衛·科爾曼 (David Coleman)。

Hello, and thank you for joining the Halliburton fourth-quarter 2024 conference call. We will make the 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 年第四季電話會議。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。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 September 30, 2024; recent current reports on Form 8-K; and other Securities and Exchange Commission filings. We undertake no obligation to revise or publicly update 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 表格中進行了討論；截至 2024 年 9 月 30 日的季度的 10-Q 表格；表 8-K 的最新報告；以及其他證券交易委員會文件。我們不承擔以任何理由修改或公開更新任何前瞻性聲明的義務。

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

我們今天的評論還包括非公認會計準則財務指標。我們的第四季度收益發布以及我們網站的季度業績和演示部分包含更多詳細資訊以及與最直接可比較的 GAAP 財務指標的調整。

Now, I'll turn the call over to Jeff.

現在，我將把電話轉給傑夫。

Thank you, David, and good morning, everyone. 2024 was a solid year for Halliburton. Here are the full-year highlights.

謝謝大衛，大家早安。 2024 年對哈里伯頓來說是豐收的一年。以下是全年亮點。

We delivered full-year total company revenue of $22.9 billion. Our international business grew for the fourth year in a row with 6% year-over-year revenue growth led by Middle East/Asia, which delivered an increase of 8%. Our North America business declined 8% year over year but outperformed the rig count and completion activity.

我們全年公司總收入達 229 億美元。我們的國際業務連續第四年成長，營收年增 6%，其中中東/亞洲收入成長 8%。我們的北美業務年減 8%，但表現優於鑽機數量和完井活動。

Halliburton generated $3.9 billion of cash from operations and $2.6 billion of free cash flow. Finally, we repurchased $1 billion of our common stock and paid $600 million of dividends to our shareholders, representing a 60% return of free cash flow.

哈里伯頓從營運中產生了 39 億美元的現金，以及 26 億美元的自由現金流。最後，我們回購了 10 億美元的普通股，並向股東支付了 6 億美元的股息，相當於 60% 的自由現金流回報。

Before we move on, I would like to thank our employees for their extraordinary work this year, delivering record performance in both safety and service quality. You, our employees, are the ones that deliver our value proposition every day to collaborate and engineer solutions to maximize asset value for our customers. Thank you for your commitment and hard work.

在我們繼續之前，我要感謝我們的員工今年的出色工作，在安全和服務品質方面取得了創紀錄的表現。您，我們的員工，每天都在傳遞我們的價值主張，以協作和設計解決方案，從而最大限度地為我們的客戶提供資產價值。感謝您的承諾和辛勤工作。

Let me begin with my outlook for the industry and for Halliburton. I expect energy will continue to play a critical role in economic growth and prosperity, and per capita energy consumption to grow for decades to come. We see this trend today as oil and gas consumption reached record highs alongside growth in renewable energy.

讓我先談談我對產業和哈里伯頓的展望。我預計能源將繼續在經濟成長和繁榮中發揮關鍵作用，人均能源消耗在未來幾十年將繼續增長。隨著石油和天然氣消耗量與再生能源的成長一起達到歷史新高，我們今天看到了這個趨勢。

I believe the accessibility, affordability, and dependability of oil and gas are simply too compelling to ignore. I'm confident that as we move forward, the attitudes and approaches to hydrocarbon development will be pragmatic rather than idealistic. I believe there is no way we meet the energy demands around the world without oil and gas in large quantities for a long time, and that gives me great confidence.

我相信石油和天然氣的可取得性、可負擔性和可靠性實在太引人注目，不容忽視。我相信，隨著我們的前進，對碳氫化合物開發的態度和方法將是務實的，而不是理想主義的。我相信，如果長期沒有大量的石油和天然氣，我們就無法滿足世界各地的能源需求，這給了我很大的信心。

This is a great environment for Halliburton, and we begin the second half of this decade in a strong position with a transformed balance sheet, leading returns, and strong free cash flow. In the years ahead, I am confident that Halliburton will strengthen its competitive advantage and financial position for three fundamental reasons.

這對哈里伯頓來說是一個很好的環境，我們在本十年的後半段開始時處於有利地位，資產負債表發生了變化，回報率領先，自由現金流強勁。在未來的幾年裡，我相信哈里伯頓將出於三個根本原因加強其競爭優勢和財務地位。

First, the depth of our technology portfolio, combined with our global reach, make Halliburton a leader in the global services marketplace. We focus our investments in market segments where our unique strengths generate attractive returns. And I expect our targeted technology developments in electrification, automation and digital solutions to further increase these advantages.

首先，我們技術組合的深度加上我們的全球影響力，使哈里伯頓成為全球服務市場的領導者。我們將投資重點放在我們獨特的優勢能產生可觀回報的細分市場。我預計我們在電氣化、自動化和數位解決方案方面的有針對性的技術開發將進一步增強這些優勢。

Second, our unique value proposition aligns Halliburton with our customers to deliver leading results and maximize asset values. We see the value of this alignment demonstrated again and again in the deepening of our customer strategic alliances.

其次，我們獨特的價值主張使哈里伯頓與我們的客戶保持一致，以提供領先的成果並最大化資產價值。我們看到這種聯盟的價值在我們客戶策略聯盟的深化中一次又一次地得到體現。

Lastly, I see customer activity shifting towards drilling technology, unconventionals, well intervention, and artificial lift, all of which are areas where Halliburton excels today and where we are uniquely positioned to outperform in the future.

最後，我看到客戶活動轉向鑽井技術、非常規、修井和人工舉升，所有這些都是哈里伯頓今天擅長的領域，也是我們在未來表現獨特的領域。

Turning to our results. I'll begin with the international markets, where Halliburton delivered another year of profitable growth. Our full-year international revenue grew 6% year over year led by the Middle East/Asia region, which grew 8%. I am pleased with our performance and the growth of our international business.

轉向我們的結果。我將從國際市場開始，哈里伯頓在該市場上又實現了獲利成長。我們的全年國際收入年增 6%，其中中東/亞洲地區成長了 8%。我對我們的業績和國際業務的成長感到滿意。

In 2025, we expect flat international revenues for Halliburton year over year with growth in most international markets, offset by activity reduction in Mexico. Absent Mexico, we expect our international franchise will grow low- to mid-single digits next year.

到 2025 年，我們預計哈里伯頓的國際收入將同比持平，大多數國際市場都會成長，但被墨西哥業務的減少所抵消。如果沒有墨西哥，我們預計明年我們的國際特許經營業務將實現低至中個位數的成長。

Beyond 2025, I am confident in the long-term outlook for Halliburton, in particular, the next five years, based on the growth engines in our international business and the power of our customer alliances. These growth engines include Halliburton's drilling technologies, unconventionals, well intervention, and artificial lift businesses. I believe these growth engines could collectively generate an additional $2.5 billion to $3 billion of annual revenue in three to five years.

2025 年之後，基於我們國際業務的成長引擎和客戶聯盟的力量，我對哈里伯頓的長期前景充滿信心，特別是未來五年。這些成長引擎包括哈里伯頓的鑽井技術、非常規、修井和人工舉升業務。我相信這些成長引擎可以在三到五年內總共額外產生 25 億到 30 億美元的年收入。

Even more exciting than the growth I see in these areas is the trend I see of customers embracing our value proposition to work in increasingly more collaborative and innovative ways. They adopt this way of working because it has proven to consistently improve performance and create value for them.

比我在這些領域看到的成長更令人興奮的是，我看到客戶接受我們的價值主張，以越來越協作和創新的方式工作。他們採用這種工作方式是因為事實證明這種工作方式可以持續提高績效並為他們創造價值。

While the power of our collaborative value proposition has traction all around the world, it's most visible in Norway. Halliburton has a growing and profitable business in Norway built on strong customer alliances. These alliances apply leading technologies and collaborative work environments.

雖然我們的協作價值主張的力量在世界各地都具有吸引力，但在挪威最為明顯。哈里伯頓在挪威的業務不斷成長且獲利，建立在強大的客戶聯盟基礎上。這些聯盟應用領先的技術和協作的工作環境。

Together with our customers, we have successfully pioneered several advances that have delivered significant improvements in performance and safety. Over time, I see the rest of our international business moving in the same direction.

我們與客戶一起成功開創了多項進步，顯著提高了性能和安全性。隨著時間的推移，我看到我們的其他國際業務都在朝著同一個方向發展。

What is clear to me, and equally so to a growing group of operators, is that the future of performance lies in deep collaboration. For the last decade, we have made strategic choices in the development of our people, processes, and technology to reinforce a culture that is highly collaborative and creates exceptional performance in these environments. I expect this change will create unique value for Halliburton and our customers.

我以及越來越多的營運商都清楚，效能的未來在於深度協作。在過去的十年中，我們在人員、流程和技術的發展方面做出了策略選擇，以強化高度協作的文化，並在這些環境中創造卓越的績效。我預計這項變更將為哈里伯頓和我們的客戶創造獨特的價值。

To summarize international markets, I expect our value proposition and driving deep collaboration will further differentiate us and create clear value for both Halliburton and our customers. And our growth engines will contribute meaningfully to our international business in the years to come. I'm excited about these opportunities, and I believe Halliburton has a terrific platform to outperform the international services market in 2025 and beyond.

總結國際市場，我預計我們的價值主張和推動深度合作將進一步使我們脫穎而出，並為哈里伯頓和我們的客戶創造明確的價值。我們的成長引擎將在未來幾年為我們的國際業務做出有意義的貢獻。我對這些機會感到興奮，我相信哈里伯頓擁有一個出色的平台，可以在 2025 年及以後超越國際服務市場。

In North America, our full-year revenue of $9.6 billion was an 8% decrease from 2023. Fourth-quarter 2024 revenues were 7% lower than third quarter 2024 due to seasonality and customer budget exhaustion. As we look to 2025, I expect our North America revenue to decrease low to mid-single digits from 2024 levels or approximately flat with the second half of 2024.

在北美，我們的全年營收為 96 億美元，較 2023 年下降 8%。由於季節性和客戶預算耗盡，2024 年第四季的營收比 2024 年第三季低 7%。展望 2025 年，我預計我們的北美收入將從 2024 年的水準下降到中個位數，或與 2024 年下半年大致持平。

This lower revenue for the year is driven in part by lower negotiated prices for a portion of our fleet, and we expect to see the majority of the margin impact from these price revisions in our first-quarter results. Despite pricing, I am confident our financial performance will widely outpace our competition.

今年營收下降的部分原因是我們部分機隊的協商價格較低，我們預計第一季業績中的這些價格調整將影響大部分利潤率。儘管定價如此，我相信我們的財務表現將遠遠超過我們的競爭對手。

If I step back from the numbers for a minute, I'm excited about several things Halliburton is doing in North America this year. Let me tell you what's going on under the hood that has me so excited.

如果我從數字上退一步，我對哈里伯頓今年在北美所做的幾件事感到興奮。讓我告訴你到底發生了什麼事讓我如此興奮的事情。

First, we are sold out. All of our fleets are working under committed or contracted programs. Next, Zeus. We're extending and renewing contracts for existing fleets, making new Zeus deliveries, and expect our market-leading e-fleets will comprise 50% of our fleet by the end of 2025.

首先，我們已經賣完了。我們所有的機隊都在承諾或合約計劃下工作。接下來是宙斯。我們正在延長和續簽現有車隊的合同，交付新的 Zeus，預計到 2025 年底，我們市場領先的電動車隊將占我們車隊的 50%。

Next, technology. Octiv Auto Frac and Sensori are being widely adopted by customers and delivering value. Next, directional drilling. iCruise rotary steerables are on a pace to capture about 30% of the North America rotary steerable business by year-end.

接下來，技術。Octiv Auto Frac 和 Sensori 正在被客戶廣泛採用並創造價值。接下來，定向鑽井。 iCruise 旋轉導向器預計在年底前佔據北美旋轉導向器市場約 30% 的份額。

And finally, I believe the next catalyzing inflection for North America services will be up, not down. I believe the most pressing energy problem in North America today is the power shortage driven by electrification and power demand for AI, and this cannot be solved without significant amounts of natural gas. This is on top of the expected increases in LNG exports.

最後，我相信北美服務的下一個催化拐點將是上升，而不是下降。我認為當今北美最迫切的能源問題是電氣化和人工智慧的電力需求帶來的電力短缺，如果沒有大量的天然氣就無法解決這個問題。這是在液化天然氣出口預期增加的基礎上實現的。

These are all very good things for Halliburton in 2025. These are the bedrock of our North America franchise as we move into the second half of the decade.

這些對於2025年的哈里伯頓來說都是非常好的事情。當我們進入本世紀下半葉時，這些是我們北美特許經營的基石。

When I think about the North America market through this period, several themes are crystal clear to me. First, our customers rely on our technology, innovation, and collaborative work processes to deliver leading performance and lower total well costs. I expect further adoption of these technologies as our customers fully integrate them into their workflows, where they drive stable, long-term work programs for Halliburton.

當我思考這段時期的北美市場時，有幾個主題對我來說是非常清晰的。首先，我們的客戶依靠我們的技術、創新和協作工作流程來提供領先的效能並降低總油井成本。我預計隨著我們的客戶將這些技術完全整合到他們的工作流程中，這些技術將進一步採用，為哈里伯頓推動穩定、長期的工作計劃。

Octiv Auto Frac is a great example of this. Launched last year, it is already used on over 50% of our Zeus spreads with more growth expected this quarter.

Octiv Auto Frac 就是一個很好的例子。它於去年推出，目前已用於超過 50% 的 Zeus 價差，預計本季將會有更多成長。

Our Sensori fracture monitoring is another example. Customers are adopting this technology at scale to optimize well completion designs on multi-well pads. In the fourth quarter alone, Sensori was used on more than 2,500 frac stages in North America.

我們的 Sensori 骨折監測是另一個例子。客戶正在大規模採用此技術來優化多孔井墊的完井設計。僅在第四季度，Sensori 就被用於北美超過 2,500 個壓裂階段。

The second trend that I expect to continue is the rising importance of North America in our large customers' development plans and budgets. I expect our large customers will continue the industrialization of unconventional resources and seek even greater efficiencies and productivity. I believe Halliburton is uniquely positioned to innovate and deliver these improvements at scale.

我預計將持續的第二個趨勢是北美在我們大客戶的開發計劃和預算中的重要性不斷上升。我預計我們的大客戶將繼續非常規資源的工業化，並尋求更高的效率和生產力。我相信哈里伯頓在創新和大規模實現這些改進方面具有獨特的優勢。

A final trend I expect to see through the rest of the decade is the durability and strength of Halliburton's financial performance. I believe there is little doubt that our margins and cash flow generation to date have marked a step change from prior cycles. While markets and margins will fluctuate, I am confident Halliburton's strategy will deliver attractive financial results over the long term.

我預計在這十年餘下的時間裡看到的最後一個趨勢是哈里伯頓財務表現的持久性和實力。我相信，毫無疑問，迄今為止，我們的利潤率和現金流量產生與先前的周期相比已經發生了巨大的變化。儘管市場和利潤率會波動，但我相信哈里伯頓的策略將在長期內帶來有吸引力的財務表現。

Let me close my remarks with this. I'm excited about both the year ahead and the long term for Halliburton. We expect to execute our value proposition, deepen our technology portfolio, and deliver incremental revenue through our growth engines, drilling technology, unconventionals, well intervention, and artificial lift.

讓我以此結束我的發言。我對哈里伯頓的未來一年和長期前景感到興奮。我們期望執行我們的價值主張，深化我們的技術組合，並透過我們的成長引擎、鑽井技術、非常規、油井幹預和人工舉升來增加收入。

Finally, we remain disciplined in our capital allocation, prioritizing cash flow and return of free cash flow to shareholders. In 2024, we returned $1.6 billion or about 60% of free cash flow to shareholders in stock repurchases and dividends, and I expect we will return at least $1.6 billion of cash in 2025.

最後，我們在資本配置方面保持嚴格，優先考慮現金流量並向股東返還自由現金流。2024年，我們透過股票回購和股利向股東返還了16億美元，約60%的自由現金流，我預期我們將在2025年返還至少16億美元的現金。

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 Q4 reported net income per diluted share was $0.70. Total company revenue for Q4 '24 was $5.6 billion, a decrease of 2% sequentially. Operating income was $932 million and operating margin was 17%.

謝謝你，傑夫，早安。我們第四季報告的攤薄每股淨利潤為 0.70 美元。 2024 年第 4 季公司總營收為 56 億美元，較上一季下降 2%。營業收入為 9.32 億美元，營業利益率為 17%。

Now turning to the segments' results. Beginning with our Completion and Production division, revenue in Q4 was $3.2 billion, a decrease of 4% sequentially. Operating income was $629 million, a decrease of 6% sequentially.

現在轉向各細分市場的結果。從我們的完井和生產部門開始，第四季的營收為 32 億美元，比上一季下降 4%。營業收入為 6.29 億美元，比上一季下降 6%。

Operating margin was 20%, a sequential decrease of 49 basis points. Revenues were primarily driven by lower stimulation activity in North America and decreased pressure pumping services in Latin America. Partially offsetting these decreases were improved artificial lift activity in North America and increased stimulation activity in Africa and the Middle East.

營業利益率為 20%，季減 49 個基點。收入主要由北美增產活動減少和拉丁美洲壓力泵服務減少所推動。北美人工舉升活動的改善以及非洲和中東增產活動的增加部分抵消了這些下降。

In our Drilling and Evaluation division, revenue in Q4 was $2.4 billion and operating income was $401 million, both flat sequentially. Operating margin was 16%, a sequential decrease of 44 basis points. Revenues were driven by increased fluid services in the Middle East and Europe/Africa and improved drilling-related services in the North Sea, offset by decreased drilling services in the Middle East and Latin America.

在我們的鑽井和評估部門，第四季的營收為 24 億美元，營業收入為 4.01 億美元，兩者皆與上一季持平。營業利益率為 16%，季減 44 個基點。中東和歐洲/非洲流體服務的增加以及北海鑽井相關服務的改善推動了收入的成長，但被中東和拉丁美洲鑽井服務的減少所抵消。

Now let's move on to geographic results. Our Q4 international revenue increased 3% sequentially. Latin America revenue in Q4 was $953 million, a decrease of 9% sequentially. This decrease was primarily due to lower activity across multiple product lines in Mexico. Partially offsetting these decreases were higher activity across multiple product lines in Brazil.

現在讓我們繼續討論地理結果。我們第四季的國際營收季增 3%。第四季拉丁美洲營收為 9.53 億美元，季減 9%。這一下降主要是由於墨西哥多個產品線的活動減少。巴西多個產品線的活動增加部分抵消了這些下降。

Europe/Africa revenue in Q4 was $795 million, an increase of 10% sequentially. This increase was primarily due to improved drilling-related services in the North Sea as well as increased pressure pumping services and higher fluid services in Africa. Partially offsetting these increases were lower cementing activity and decreased pipeline services in the North Sea.

第四季歐洲/非洲營收為 7.95 億美元，季增 10%。這一增長主要是由於北海鑽井相關服務的改善以及非洲壓力泵送服務和更高流體服務的增加。固井活動的減少和北海管道服務的減少部分抵消了這些增長。

Middle East/Asia revenue in Q4 was $1.6 billion, an increase of 7% sequentially. This increase was primarily due to higher stimulation activity, fluid services, and completion tool sales in the Middle East, partially offset by decreased drilling throughout Asia.

第四季中東/亞洲營收為 16 億美元，季增 7%。這一增長主要是由於中東增產活動、流體服務和完井工具銷售的增加，部分被整個亞洲鑽探活動的減少所抵消。

In North America, Q4 revenue was $2.2 billion, a decrease of 7% sequentially. This decline was primarily driven by lower stimulation activities across the region, partially offset by higher artificial lift activity and increased completion tool sales.

在北美，第四季營收為 22 億美元，季減 7%。這一下降主要是由於該地區刺激活動減少所致，但部分被人工舉升活動增加和完井工具銷售增加所抵消。

Moving on to other items. In Q4, our corporate and other expense was $65 million. We expect our first-quarter 2025 corporate expenses to decrease slightly.

繼續討論其他項目。第四季度，我們的公司費用和其他費用為 6,500 萬美元。我們預計 2025 年第一季的企業支出將略有下降。

In Q4, we spent $33 million or about $0.04 per diluted share on the SAP S/4 migration, which is included in our results. For Q1 2025, we expect SAP expenses to be about $25 million. For the full year '25, we expect SAP expenses to be approximately $100 million.

第四季度，我們在 SAP S/4 遷移上花費了 3300 萬美元，即稀釋後每股約 0.04 美元，這已包含在我們的業績中。對於 2025 年第一季度，我們預計 SAP 費用約為 2,500 萬美元。對於 25 年全年，我們預計 SAP 費用約為 1 億美元。

Net interest expense for the quarter was $84 million. For Q1 2025, we expect net interest expense to be about $90 million. Other net expense for Q4 was $47 million which was driven by unfavorable foreign exchange movements in multiple currencies. For Q1 2025, we expect this expense to be approximately $40 million.

該季度的淨利息支出為 8,400 萬美元。對於 2025 年第一季度，我們預計淨利息支出約為 9,000 萬美元。第四季的其他淨支出為 4700 萬美元，這是由於多種貨幣的不利外匯變動造成的。對於 2025 年第一季度，我們預計這筆費用約為 4,000 萬美元。

Our effective tax rate for Q4 was 22.6%, and we expect our Q1 2025 effective tax rate to be approximately 23%. For the full year 2025, we expect our effective tax rate to be approximately 25.5%, an increase of 300 basis points over our 2024 effective tax rate. This increase is driven in equal parts by fewer anticipated discrete tax items, the implementation of Pillar 2 taxes, and the shift in geographic earnings mix. Importantly, I expect full-year cash taxes to be approximately flat with 2024.

我們第四季的有效稅率為 22.6%，我們預計 2025 年第一季的有效稅率約為 23%。對於 2025 年全年，我們預計有效稅率約為 25.5%，比 2024 年有效稅率增加 300 個基點。這一增長是由預期的離散稅項減少、第二支柱稅的實施以及地理收入結構的變化等因素推動的。重要的是，我預計全年現金稅將與 2024 年大致持平。

Capital expenditures for Q4 were $426 million, which brought our full-year CapEx total to $1.4 billion or about 6% of revenue. For the full year of 2025, we expect capital expenditures to remain approximately 6% of revenue.

第四季的資本支出為 4.26 億美元，這使我們全年的資本支出總額達到 14 億美元，約佔收入的 6%。2025 年全年，我們預計資本支出將維持在收入的 6% 左右。

Our Q4 cash flow from operations was $1.5 billion driven by exceptionally strong collections during the quarter. Our free cash flow in Q4 was $1.1 billion, bringing our full-year free cash flow to $2.6 billion, a 16% increase over 2023.

由於本季異常強勁的收款活動，我們第四季的營運現金流為 15 億美元。第四季我們的自由現金流為 11 億美元，使我們全年自由現金流達到 26 億美元，比 2023 年成長 16%。

Now let me provide you with comments on our expectations for our divisions for Q1 2025. In our Completion and Production division, we anticipate sequential revenue to decline 3% to 5%, and margins to decline 175 to 225 basis points. In our Drilling and Evaluation division, we expect sequential revenue to decline 8% to 10% and margins to be flat to down 50 basis points.

現在讓我向您提供我們對 2025 年第一季各部門的期望的評論。在我們的完井和生產部門，我們預計收入將下降 3% 至 5%，利潤率將下降 175 至 225 個基點。在我們的鑽探和評估部門，我們預計環比收入將下降 8% 至 10%，利潤率將持平或下降 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 the long-term outlook for oil and gas, and I am pleased with the shift towards a pragmatic development of hydrocarbon resources.

謝謝，埃里克。以下是我希望您從我們今天的討論中得出的要點。我對油氣的長期前景充滿信心，對油氣資源轉向務實開發的轉變感到高興。

In the international markets, we see long-term growth as a result of the broader adoption of our collaborative value proposition and our growth engines. In North America, we were sold out on our frac capacity.

在國際市場上，由於我們的協作價值主張和成長引擎得到更廣泛的採用，我們看到了長期成長。在北美，我們的壓裂產能已售罄。

We see strong adoption of both our Completions and Drilling technologies, and I am confident our financial performance will widely outpace our competition. Finally, we had a strong year for cash returns to shareholders and expect to return at least $1.6 billion to shareholders in 2025.

我們看到我們的完井和鑽井技術被廣泛採用，我相信我們的財務表現將遠遠超過我們的競爭對手。最後，我們在股東現金回報方面表現強勁，預計到 2025 年將至少向股東回報 16 億美元。

And now let's open it up for questions.

現在讓我們開放提問。

(Operator Instructions) David Anderson, Barclays.

（操作員說明）David Anderson，巴克萊銀行。

So this last year, you had North America revenue fell 8%, a bit worse than you expected, yet C&P margins fell pretty flat compared to 2023. Pricing -- I guess, can you maybe talk about a little bit how you did that? Was the pricing, more resilient cost structure?

去年，北美收入下降了 8%，比您預期的要差一些，但 C&P 利潤率與 2023 年相比卻相當持平。定價——我想，你能談談你是如何做到這一點的嗎？定價、成本結構是否更具彈性？

Then secondarily, you just talked about lower negotiated prices, and we see C&P margins coming down this year. So what changed here? Can you talk about what part of your fleet was renegotiated? Was it the Zeus pumps? Was it something or was it certain customers? If you could provide a little color on that around that, please?

其次，您剛才談到了較低的協商價格，我們預計今年的 C&P 利潤率會下降。那麼這裡發生了什麼變化呢？您能談談您的機隊的哪一部分進行了重新談判嗎？是 Zeus 幫浦嗎？是某件事還是某些客戶？請您在周圍提供一些顏色，好嗎？

Look, 2024, we were able to manage through a market that has been falling actually for 18 months in 2024. And in 2025, we expect -- our outlook is down slightly.

看看，2024 年，我們能夠度過一個實際上已經下跌了 18 個月的市場。我們預計，到 2025 年，我們的前景將略有下降。

I think it was the ability to introduce Zeus. It was our efficiencies. It was our -- where we create value in the marketplace. But to be clear, we're not immune to pricing.

我認為這是引入宙斯的能力。這是我們的效率。這是我們在市場上創造價值的地方。但要明確說明的是，我們並不能免於定價的影響。

And so as we think about that, as I look at '25, all of our fleets are contracted which is a terrific place to be, number one. We've got great visibility.

因此，當我們想到這一點時，當我回顧 25 年時，我們所有的機隊都簽訂了合同，這是一個很棒的地方，第一。我們有很好的能見度。

And there's no question we're at the high end of the range. We know we're at the high end of any range, but we really don't operate in a vacuum looking forward.

毫無疑問，我們處於該範圍的高端。我們知道我們處於任何範圍的高端，但展望未來我們確實不會在真空中運作。

And so our plan is to stick with the strategy. The strategy didn't change in '23, '24, or '25. And I think what you're going to see are solid returns from our business in '25.

因此，我們的計劃是堅持該策略。該策略在 23 年、24 年或 25 年都沒有改變。我認為您將看到我們 25 年業務的豐厚回報。

So one of the things that -- a big topic out there is completion efficiencies around the E&Ps. It's continued to be a story out there. And I think that topic, for a lot of investors, means it's deflationary to services, basically being able to do more with less.

因此，其中一個重要的主題是圍繞勘探與生產的完井效率。這仍然是一個故事。我認為，對許多投資人來說，這個話題意味著服務業的通貨緊縮，基本上就是能夠用更少的錢做更多的事情。

On the other hand, Halliburton, you're enabling a lot of these efficiencies through your Zeus pumps, through Auto Frac. The question is, how do you get paid for these efficiencies? And is it enough to offset some of these deflationary trends?

另一方面，哈里伯頓，您透過 Zeus 泵和 Auto Frac 實現了許多效率。問題是，你要如何從這些效率中獲得報酬？這足以抵銷部分通貨緊縮趨勢嗎？

And if you could please just touch on the recent announcement you had with Cotera on Auto Frac. And would you expect more of those agreements to be announced this coming year?

如果您可以的話，請談談您最近與 Cotera 在 Auto Frac 上發布的公告。您是否預計明年會宣布更多此類協議？

Yeah, David. I mean, clearly, our -- the efficiency, we want to be at the leading edge of that efficiency. And some ways, I would argue the opposite with you in the sense that what we are doing is at the leading edge and creating outsized value for us. So it clearly offsets the stability of pricing in '24.

是的，大衛。顯然，我的意思是，我們的效率，我們希望處於效率的領先地位。在某些方面，我會與你爭論相反的觀點，即我們正在做的事情處於領先地位，並為我們創造了巨大的價值。因此，它顯然抵消了 24 年定價的穩定性。

And quite frankly, the very muted impact to pricing in 2025 relative to what I expect the market is is on the basis of driving that efficiency and creating more evolutions for Halliburton and the ability to create more value. And quite frankly, it requires investment in equipment and technology to achieve that.

坦白說，相對於我對市場的預期，2025 年定價的影響非常微弱，這是基於推動效率、為哈里伯頓創造更多發展以及創造更多價值的能力。坦白說，要實現這一目標，需要對設備和技術進行投資。

And so look, I'm pleased with where we are. And when I look at the market, things like the Cortera announcement are a great example of what that technology does. I mean, that's precisely the type of performance and value that we're creating not only in efficiency, but ultimately pointed towards recovery.

所以看，我對我們現在的處境很滿意。當我觀察市場時，Cortera 的發布就是該技術用途的一個很好的例子。我的意思是，這正是我們不僅在效率方面創造的績效和價值，而且最終指向復甦。

I mean, and I think that's -- when I think about our technology and where we sit in the marketplace, we're able to have a very different conversation with customers. Clearly, efficiency is part of that. But there's also a more important dialogue to have around the ancillary products that we're able to achieve with our technology.

我的意思是，我認為，當我考慮我們的技術以及我們在市場中的地位時，我們能夠與客戶進行非常不同的對話。顯然，效率是其中的一部分。但圍繞著我們能夠利用我們的技術實現的輔助產品還需要進行更重要的對話。

And ancillary products are not typically something people talk about with respect to frac equipment. And so this is not just frac equipment; it is in fact a platform delivering real answers. And so -- and that's what gives me confidence as I even look ahead into 2025.

人們通常不會談論壓裂設備的輔助產品。因此，這不僅僅是壓裂設備；它實際上是一個提供真正答案的平台。所以，這讓我在展望 2025 年時充滿信心。

I think that C&P looks a little bit softer than 2024, but I also expect margins in the second half to firm up relative to the first half as we see the full impact of getting back to work and then, more broadly, tool sales stabilize and then we see growth in interventions and other things.

我認為 C&P 看起來比 2024 年要軟一些，但我也預計下半年的利潤率將比上半年堅挺，因為我們看到了重返工作崗位的全面影響，然後更廣泛地說，工具銷售穩定了，然後我們看到干預措施和其他事情的成長。

So look, I'm really confident in the business that we have and that the -- this technology is driving a differential outcome for Halliburton.

所以看，我對我們擁有的業務非常有信心，這項技術正在為哈里伯頓帶來不同的結果。

Roger Read, Wells Fargo Securities.

羅傑‧里德，富國銀行證券公司。

I'd like to follow up, Jeff, if you can, on your comments about more US gas needed and how we should think about how Halliburton is positioned for that. Meaning, as David was asking about, productivity and efficiency trends have been impressive.

傑夫，如果可以的話，我想跟進您關於美國需要更多天然氣的評論，以及我們應該如何考慮哈里伯頓對此的定位。這意味著，正如大衛所問的那樣，生產力和效率趨勢令人印象深刻。

But a lot of it's also been above ground, not just below ground. So as we ultimately have to increase activity in gas areas, how do you think that works through for you and for the industry?

但其中許多也是在地面上，而不僅僅是在地下。因此，由於我們最終必須增加天然氣領域的活動，您認為這對您和整個產業有何影響？

Look, I think it tightens it meaningfully and quickly. I mean, I think from availability of equipment, this market is always shrinking in effect to what's required or demanded at a point in time. And we've seen attrition. We thought even at Halliburton about how we have retired equipment rather than work in the spot market.

看，我認為它有意義且迅速地收緊了它。我的意思是，我認為從設備的可用性來看，這個市場實際上總是在縮小到某個時間點的需求或要求。我們已經看到了人員流失。即使在哈里伯頓，我們也考慮過如何退役設備而不是在現貨市場上工作。

But that's broadly across the industry. And so I think you'll see a lot of tightness in frac, for example, as we see gas activity pick up.

但這在整個產業都是如此。因此，我認為，例如，當我們看到天然氣活動回升時，您會看到壓裂的嚴重緊張。

And one of the -- probably also getting at the question Dave was asking about, making sure you get things priced properly, you get the right returns for your company and for shareholders. What's the right way for us to think about where pricing is today versus what you would consider more equitable or even theoretically advantaged situation for Halliburton?

其中之一可能也是戴夫提出的問題，確保你的產品定價正確，為你的公司和股東獲得正確的回報。對於我們來說，考慮當前的定價與您認為對哈里伯頓更公平甚至理論上有利的情況相比，正確的方法是什麼？

Just obviously, you've got pricing pressure now that's worked into the system. It's worked into expectations. But when things start to reverse, where do you -- maybe another way to ask the question, where do you think margins can go?

顯然，你現在面臨定價壓力，這已融入系統中。它已經達到了預期。但當事情開始逆轉時，你會在哪裡——也許可以用另一種方​​式問這個問題，你認為利潤率會走向何方？

Yeah. Look, I think margins can move up. And I expect that what we had been seeing, I've always thought that in the right kind of market, the pricing would move up well above where we were even in 2024. And so I don't think it takes a lot of tightness to see that. And when I think about the catalysts in North America, I think that we are more likely to move up than down.

是的。看，我認為利潤率可以提高。我預計，正如我們所看到的那樣，我一直認為，在正確的市場中，定價將遠高於 2024 年的水平。所以我認為不需要太嚴格就能看到這一點。當我想到北美的催化劑時，我認為我們更有可能上升而不是下降。

And so the combination of gas activity and -- we don't talk enough about, but private operators getting back into the business is -- assets are divested. I'm quite aware of several groups that have raised money that are in the market looking for assets. And that's going to drive activity as well.

因此，天然氣活動和——我們談論得不夠多，但私人營運商重新進入該行業——資產被剝離。我很清楚有幾個籌集資金的團體正在市場上尋找資產。這也將推動活動。

And so as you described it, we're at a place in the cycle where, yes, we are not immune to pricing. But the reality is we haven't changed our strategy around that, and we expect that we create outsized value and expect to get paid for that.

正如您所描述的，我們正處於週期中的一個階段，是的，我們無法免受定價的影響。但現實是，我們並沒有改變我們的策略，我們期望創造巨大的價值，並期望為此獲得報酬。

Saurabh Pant, Bank of America.

索拉布潘特，美國銀行。

Maybe I want to touch on the four growth engines that you talked about on your call, drilling tech, unconventionals, intervention, and then artificial lift. It's really interesting. I think if -- correct me if I'm wrong, but I think I heard you talking about $2.5 billion to $3 billion in additional revenue over the next -- I think you said three to five years.

也許我想談談您在電話中談到的四個成長引擎：鑽井技術、非常規、幹預和人工舉升。這真的很有趣。我想如果——如果我錯了，請糾正我，但我想我聽到你在談論未來 25 億到 30 億美元的額外收入——我想你說的是三到五年。

Maybe talk to that a little bit. Give us a little more color on which of those four growth engines you see the most opportunity and which ones you think are going to be the most profitable over the next couple of years.

也許可以談談這個。請告訴我們您認為這四個成長引擎中哪一個最有機會，以及您認為哪些在未來幾年內將是最有利可圖的。

Well, I think all four of them are going to have meaningful impact. Let's start with unconventionals. Just internationally, we're a global leader today, and we see that market growing.

嗯，我認為他們四個都會產生有意義的影響。讓我們從非常規開始。就國際而言，我們今天是全球領導者，我們看到該市場正在不斷增長。

And we also see demand for the technology that we talked about in North America. That same demand for technology and better recovery is universal. And so that's certainly not limited to the US.

我們也看到北美對我們談到的技術的需求。對技術和更好的恢復的同樣需求是普遍存在的。所以這當然不只限於美國。

I'd also talk about intervention. And again, this is an area where we've developed technology. We continue to develop technology that is differentiated.

我還想談談幹預。再說一遍，這是我們開發技術的領域。我們繼續開發差異化技術。

For example, we talked about riserless coil last quarter, but there's a whole suite of power mechanical tools, our overall focus on execution. And we think that's just a market where we'll see more dollars spent. And we'll probably see more of that in -- sooner rather than later.

例如，我們上個季度談到了無立管線圈，但有一整套動力機械工具，我們總體關注執行。我們認為這只是一個我們會看到更多美元支出的市場。我們可能會在不久的將來看到更多這樣的情況。

And then lift, in some ways, just given our relative size internationally, we've seen growth. But we've got a lot more upside for Halliburton uniquely as we grow that business and really take the same leadership technology that we see in North America and internationally.

然後，在某些方面，考慮到我們在國際上的相對規模，我們已經看到了成長。但隨著我們業務的發展，並真正採用我們在北美和國際上看到的相同的領先技術，我們為哈里伯頓帶來了更多獨特的優勢。

And so -- and then drilling technology, there's a lot that we're doing around our drilling offering, whether it's closed-loop drilling and automation. And that's really where we see outsized growth for Halliburton.

因此，然後是鑽井技術，我們圍繞我們的鑽井產品做了很多工作，無論是閉環鑽井還是自動化。這確實是我們看到哈里伯頓大幅增長的地方。

And so again, I think there's real value to be created there. And I think they're all right in our wheelhouse to go do. We're well positioned and have a great suite of technology.

再說一次，我認為那裡可以創造真正的價值。我認為他們可以在我們的駕駛室裡去做。我們處於有利位置並擁有一整套出色的技術。

Great. No, that's a very helpful context, Jeff. And then maybe one question on Mexico. Jeff, Eric, if I understood your guidance right, I think you said, excluding Mexico, international, you expect to be up low to mid-single digit, right? And including Mexico, it's flat.

偉大的。不，這是一個非常有幫助的背景，傑夫。也許還有一個關於墨西哥的問題。傑夫、艾瑞克，如果我理解你的指導正確的話，我想你說過，不包括墨西哥和國際，你預計會成長到低至中個位數，對吧？包括墨西哥在內，都是持平的。

If I'm doing the math right -- I know I don't have all the numbers, right. But if I'm doing the rough math right, that implies Mexico maybe is down like 2%, 5% year over year.

如果我算得對的話——我知道我沒有所有的數字，對吧。但如果我粗略計算正確的話，這意味著墨西哥可能會比去年同期下降 2%、5%。

First thing, can you maybe validate that math? And then what's exactly the expectation for Mexico through 2025? Do you expect things to improve in the back half of the year? Or do we not have any visibility there?

首先，你能驗證一下這個數學嗎？那麼到 2025 年，墨西哥的具體期望是什麼？您預計下半年情況會有所改善嗎？或者我們在那裡沒有任何能見度？

Look, I think that what we see in Mexico is a new administration, new management team for PEMEX, and a bit of our activity reset. I say all of that, and that is our outlook today. But at the same time, oil and gas is hypercritical to the economy in Mexico. And so it's hard for me to imagine that they don't find their footing as we work through the year.

聽著，我認為我們在墨西哥看到的是新的政府、PEMEX 的新管理團隊以及我們的一些活動重置。我說了所有這些，這就是我們今天的展望。但同時，石油和天然氣對墨西哥經濟至關重要。因此，我很難想像他們在我們這一年的工作中找不到立足點。

And we have a fantastic market position in Mexico, one of the reasons it's important to us; and we have a great team there. And so I'm quite confident Halliburton will execute well in that market. But I think it's more a question around timing in terms of as PEMEX finds its footing. And that's certainly not clear today, but I expect that it happens. It has in the past, and I expect it will again.

我們在墨西哥擁有出色的市場地位，這也是它對我們很重要的原因之一；我們在那裡有一支優秀的團隊。因此，我非常有信心哈里伯頓將在該市場上表現出色。但我認為這更多是關於 PEMEX 站穩腳跟的時機問題。今天這當然還不清楚，但我預計它會發生。過去曾經如此，我預計還會再如此。

Arun Jayaram, JPMorgan Securities.

阿倫‧賈亞拉姆，摩根大通證券。

I have a follow-up maybe to David's question. Could you give us a sense -- we understand in talking to E&Ps that the Octiv Auto Frac service can be deployed with different kind of configurations.

我可能對大衛的問題有一個後續行動。您能否給我們一個感覺——我們在與勘探與生產公司交談時了解到，Octiv Auto Frac 服務可以透過不同類型的配置進行部署。

So I was wondering maybe you could briefly describe how it works and if you do pair it with the Sensori frac-monitoring service, the different configurations. And maybe just talk a little bit about the commercial model if you do it on a stand-alone basis again versus combining it with Sensori because I think you mentioned it's now running on 50% of your e-fleets.

所以我想知道您是否可以簡要描述一下它的工作原理，以及如果您將其與 Sensori 壓裂監測服務配對，則會有不同的配置。也許只是談談商業模式，如果你再次獨立進行，而不是與 Sensori 結合使用，因為我想你提到它現在在你 50% 的電子車隊上運行。

Yeah. Look, effectively, it gives you perfect control over the fracking. So this is Octiv Auto Frac. And so the result is that the frac fleet is programmed to deliver what is designed. And because of the ability to control the horsepower, it can deliver what is designed. And so I think that is something that's never been done before in terms of having the confidence that precisely what is designed is, in fact, what is delivered.

是的。實際上，它可以讓您完美控制水力壓裂。這就是 Octiv Auto Frac。因此，結果是壓裂船隊經過編程以交付設計的產品。由於能夠控制馬力，它可以實現設計的目標。因此，我認為這是以前從未做過的事情，因為我們確信所設計的正是所交付的。

And then Sensori, in effect, is the ability to verify where the sand is going at its core. And again, that's an ancillary product we've never had in hydraulic fracturing since its inception. It's -- where did the sand go?

事實上，Sensori 能夠驗證沙子的核心走向。再說一次，這是我們自水力壓裂誕生以來從未有過的輔助產品。沙子到哪裡去了？

I think of it not too different from an MWD log in some ways. You wouldn't drill a well without an MWD log of where the wellbore is. And quite frankly, why would you not want to know and how is that not part of the solution, where did the sand go, since that's the only really active ingredient in creating production?

我認為它在某些方面與 MWD 測井沒有太大區別。如果沒有井眼位置的隨鑽測井記錄，您就無法鑽井。坦白說，為什麼你不想知道，這不是解決方案的一部分，沙子去了哪裡，因為這是創造生產的唯一真正有效的成分？

And so I think we have -- together, you've created the design, the delivery, the control, and the verification around where did the sand go in the well bore. And because of that, now when you can change design, you know that the changed design actually got delivered as well. I think this is something we've never been able to know or control in the frac business before. I hope that's helpful.

所以我認為我們一起，你們已經創建了設計、交付、控制和驗證，圍繞著沙子進入井眼的位置。正因為如此，現在當您可以更改設計時，您知道更改後的設計實際上也已交付。我認為這是我們以前在壓裂業務中從未能夠了解或控制的事情。我希望這有幫助。

Yes. And just maybe the commercial model on how you're pricing this kind of service.

是的。也許只是關於如何為此類服務定價的商業模式。

Yeah, it's priced for sure. I'm not going to get into the details here. But it's -- yes, look, it's a valuable solution. It is, yes, stand-alone, separate from the frac service delivery. And that's really all I'm going to say about that.

是啊，價格一定是有的我不打算在這裡討論細節。但它是——是的，看，這是一個有價值的解決方案。是的，它是獨立的，獨立於壓裂服務交付。這就是我要說的全部。

Fair enough. Jeff, my follow-up, I was wondering if you could give us some thoughts on what you're seeing offshore. I believe about 50% of your international business is tied to offshore markets. Obviously, some white space concerns in second half of the year. But any thoughts on how offshore revenues could trend industry-wide in 2025 and how it would fare offshore in 2025?

很公平。傑夫，我的跟進者，我想知道你是否能給我們一些關於你在海外看到的情況的想法。我相信大約 50% 的國際業務與離岸市場相關。顯然，下半年存在一些空白問題。但對於 2025 年離岸收入在全行業的趨勢以及 2025 年離岸收入的走勢有何想法？

No, look, we have a strong business offshore, as you described. And I think that from our perspective, we don't see white space. What we see are rigs that move from market to market, which is not too unusual. We see quite a few FIDs in the hopper as we get into, well, early '25 and then even activity beginning even more so later in '25 into '26 and '27.

不，正如您所描述的，我們在海外擁有強大的業務。我認為從我們的角度來看，我們看不到空白。我們看到的是鑽孔機從一個市場轉移到另一個市場，這並不罕見。當我們進入 25 年初時，我們在料斗中看到了相當多的 FID，甚至在 25 年晚些時候到 26 和 27 年開始了更多的活動。

So solid pipeline growth internationally, and part of that international growth that we see, obviously, will be tied to offshore. And so look, I think we'll fare well. I think that's going to be an important component of our international growth, say, Mexico. And so, yeah, I wouldn't over -- worry about white space because that occurs all the time, I think.

國際管道的穩健成長，以及我們所看到的國際成長的一部分，顯然將與海上相關。所以看，我想我們會進展順利。我認為這將成為我們國際成長的重要組成部分，例如墨西哥。所以，是的，我不會過度擔心空白，因為我認為這種情況一直在發生。

Kurt Hallead, Benchmark.

庫爾特·哈勒德，基準。

I had a question related to some of the dynamics at play with respect to the opportunity related to the power generation, sale of power in the Permian Basin. Cut to the chase, right? You had one of your smaller competitors basically go out and buy some megawatts to sell power in the Permian.

我有一個問題，涉及二疊紀盆地發電、電力銷售相關機會的一些動態。切入正題吧？你的一個較小的競爭對手基本上出去購買一些兆瓦的電力來銷售二疊紀盆地的電力。

Is that something that's on your radar screen, Jeff? And if not specifically on your radar screen, how do you think that plays out? And is there an opportunity for Halliburton to participate?

傑夫，這是你雷達螢幕上的東西嗎？如果不是特別在你的雷達螢幕上，你認為結果如何？哈里伯頓有機會參與嗎？

Yeah. Certainly, it's on my radar screen and we are in that business today with VoltaGrid. And we have a front row seat. And so the exposure to that market through our participation investment in VoltaGrid is solid. And we like the business a lot.

是的。當然，它在我的雷達螢幕上，我們今天與 VoltaGrid 一起從事這項業務。我們有一個前排座位。因此，透過我們對 VoltaGrid 的參與投資，我們對該市場的曝險是穩固的。我們非常喜歡這個行業。

And fortunately, through VoltaGrid and what we do, we are getting a view of this with what I would describe as a real player in that market, which is VoltaGrid. And so, look, that's -- stay tuned. But that's an area that is attractive to us and very consistent with our core competencies at Halliburton. We think we're aligned with and invested in far and away the largest player in that business today.

幸運的是，透過 VoltaGrid 和我們所做的事情，我們正在了解這一點，我將其描述為該市場的真正參與者，即 VoltaGrid。所以，看，那就是──敬請期待。但這是一個對我們有吸引力的領域，並且與我們哈里伯頓的核心競爭力非常一致。我們認為我們與當今該行業最大的參與者結盟並對其進行了投資。

Okay. That's great. Appreciate that color. Now the follow-up as well, you referenced that you see an opportunity for Halliburton to generate an incremental, would you say, $2.5 million to maybe $3 billion of revenue over the next couple of years predicated on three specific areas of focus.

好的。那太棒了。欣賞那個顏色。現在，您也提到，您認為哈里伯頓有機會在未來幾年內根據三個特定的重點領域產生增量收入，即 250 萬美元至 30 億美元。

Can you just give us a sense as to -- is that going to be with new products and technologies already in place and then with the adaptation or adoption of that? Or is it going to be continued incremental evolution of those technologies over time or some combination of both? Just looking for a little bit of incremental color on how you see that evolving.

您能否讓我們了解一下—新產品和技術是否已經到位，然後進行調整或採用？或者這些技術會隨著時間的推移而不斷漸進式發展，還是兩者的某種結合？只是尋找一些關於你如何看待這種演變的增量色彩。

Yeah. Fair enough. And I see that as a continued drumbeat of technology development and introduction along with -- we do bolt-on type M&A. We're doing that all of the time, but more targeted at these areas to create technology and integration of technology that I believe will be unique and continue to be unique in these spaces.

是的。很公平。我認為，隨著技術開發和引進的持續鼓動，我們進行了補強型併購。我們一直在這樣做，但更有針對性地在這些領域創造技術和技術集成，我相信這將是獨一無二的，並且在這些領域將繼續保持獨特。

And so it's -- we've talked about a few of them. We'll continue to talk about technology deliveries in this space. And we've been working at the technology development for a few years.

我們已經討論了其中的一些。我們將繼續討論該領域的技術交付。我們多年來一直致力於技術開發。

And so I think we're set up with waves of technology over the next two to three years that will give us better opportunity to outgrow the market. They are businesses that we are in today, but I think we have -- we're positioned both technically and from value proposition standpoint to deliver outsized growth.

因此，我認為我們將在未來兩到三年內迎接科技浪潮，這將為我們提供更好的機會超越市場。這些是我們今天所處的業務，但我認為我們已經在技術上和價值主張的角度進行了定位，以實現超額成長。

Doug Becker, Capital One.

道格貝克爾，《第一資本》。

The first-quarter revenue declined a little bit sharper than we've seen recently. Just want to get a little more color on which regions you see driving that decline, granted some of those are obvious, and just how you see the revenue progression the rest of the year. It sounds like it will be a more gradual recovery over the course of the year rather than a sharp 2Q bump.

第一季營收的下降幅度比我們最近看到的要大一些。只是想更多地了解您認為哪些地區推動了這種下降（其中一些地區是顯而易見的），以及您如何看待今年剩餘時間的收入進展。聽起來這將是一年內更漸進的復甦，而不是第二季的急劇復甦。

Yeah, Doug. So the main drivers behind the reduction in revenue for Q1 -- and I'll take it by division. It's probably clear the -- if you look at it that way from a trend perspective.

是的，道格。那麼第一季營收減少背後的主要驅動因素——我將按部門分析。如果你從趨勢的角度來看的話，這一點可能很清楚。

On the C&P side, it's primarily the rollout of very strong completion to sales in Q4 that's partially offset by a pickup of activity in North America land. And then you have some seasonal mix around the world. So that's on the C&P side.

在 C&P 方面，主要是第四季度銷售完成情況非常強勁，但北美陸地活動的回升部分抵消了這一影響。然後你可以在世界各地找到一些季節性的組合。這是 C&P 方面的情況。

On the D&E side, the biggest impact is coming from Mexico, which we discussed earlier. And then we had a particularly strong Q4 in D&E on the back of direct sales items of products. Some of it was in the Middle East, but in other regions as well. So these are the main drivers behind the revenue change Q1 over Q4.

在 D&E 方面，最大的影響來自我們之前討論過的墨西哥。然後，在產品直銷專案的支持下，我們的第四季 D&E 表現尤為強勁。其中一些在中東，但也在其他地區。因此，這些是第一季營收相對第四季營收變化背後的主要驅動因素。

And maybe another one for you, Eric. Just wanted to get a little more color on the D&E operating margin outlook. Last year, up just a hair, had very strong margin improvement in 2023. You've had some product introductions that seem to be getting good traction. Is it reasonable to expect some margin improvement this year in the D&E segment versus last year?

也許還有一份適合你，艾瑞克。只是想進一步了解 D&E 營運利潤率的前景。去年僅上漲了一點點，2023 年的利潤率成長非常強勁。你們推出的一些產品似乎很受歡迎。與去年相比，預計今年 D&E 部門的利潤率會有所改善是否合理？

Yeah. I mean the -- I think the way we're looking at D&E margins for the year is basically fairly flat. So think about D&E margins in 2025 as being in the relative same ZIP code as we had in 2024, overall. That's how we're looking at it now.

是的。我的意思是——我認為我們今年的 D&E 利潤率基本上相當持平。因此，總體而言，2025 年的 D&E 利潤與 2024 年的郵遞區號相對相同。這就是我們現在的看法。

(Operator Instructions) Stephen Gengaro, Stifel.

（操作員說明）Stephen Gengaro，Stifel。

Two for me. The one -- and I know Kurt brought up the power generation question, but I had a question around the cost of power to the frac fleets. And I know your alignment with VoltaGrid, but is there any concern around the power gen being pulled out of the oil patch in any large ways and then increasing the underlying price for power to power e-fleets and how that impacts the business?

給我兩個。我知道庫爾特提出了發電問題，但我對壓裂船隊的電力成本有疑問。我知道您與 VoltaGrid 的立場是一致的，但是您是否擔心發電會以任何方式從石油領域撤出，然後增加為電動車隊供電的基本價格以及這對業務有何影響？

Well, we've consciously stayed away from owning that power for our own fleet partly because we do believe that's an arm's length transaction that may or may not fluctuate. But I think that operators will own part of the business in terms of the contracting.

好吧，我們有意識地避免為自己的艦隊擁有這種權力，部分原因是我們確實相信這是一個可能會也可能不會波動的公平交易。但我認為運營商將在承包方面擁有部分業務。

From an availability standpoint, we're in a very good place with our current contracting and relationship with both the grids. So I feel quite confident in the availability of power to us through that mechanism.

從可用性的角度來看，我們目前與兩個電網的合約和關係處於非常有利的位置。因此，我對透過該機制向我們提供電力充滿信心。

And so no, I'm not particularly concerned about the power availability nor really the price of power. I think that the power is valuable. And I think that the value created by the entire package is outsized.

所以不，我並不特別關心電力的可用性，也不真正關心電力的價格。我認為力量是有價值的。我認為整個套餐創造的價值是巨大的。

So as a result, I think we're in a good place strategically how we've gone about power as Halliburton. And I think from a market standpoint, if there is tightness in power, I think we will be protected from that based on really decisions we made early on about how we would align around power.

因此，我認為我們作為哈里伯頓在戰略上處於一個有利的位置。我認為，從市場的角度來看，如果權力緊張，我認為我們將受到保護，基於我們早期就如何圍繞權力進行協調的真正決策。

Great. And my follow-up, we've heard from the folks over at Kimberlite Research that the preference for frac fleets going forward is skewed towards dual fuel or electric, with maybe 20%, 25% of the respondents talking about electric as the go to, which is different than your miss.

偉大的。我的後續行動是，我們從 Kimberlite Research 的人員那裡得知，未來壓裂船隊的偏好偏向雙燃料或電動，大約有 20%、25% 的受訪者認為電動是首選，這與你的小姐不同。

And I'm curious what you're hearing from customers. And this is probably related to your customer mix versus others. But I'm curious what you're seeing from customers as far as preference for dual fuel versus electric and how that aligns with your mix of assets?

我很好奇你從客戶那裡聽到了什麼。這可能與您與其他客戶的客戶組合有關。但我很好奇您從客戶那裡看到的對雙燃料與電力的偏好以及這與您的資產組合有何關係？

Look, we have continued deliveries for 2025. We have deliveries. I suspect we'll be planning deliveries for 2026, and we're extending the fleets that we have.

看，我們在 2025 年繼續交付。我們有送貨。我懷疑我們將計劃在 2026 年交付，並且我們正在擴大我們擁有的機隊。

And so I am quite confident quite confident in the demand set for our solution. And it's really the platform as much as -- obviously, the substitution is important for a dual fuel fleet from a cost perspective. And then the increased value creation that we see with Auto Frac and Sensori, they really are becoming more and more important.

因此，我對我們的解決方案的需求非常有信心。顯然，從成本角度來看，替代對於雙燃料車隊來說非常重要。然後我們看到 Auto Frac 和 Sensori 創造的價值不斷增加，它們確實變得越來越重要。

Thank you. I would now like to turn the call back over to Jeff Miller for any closing remarks.

謝謝。我現在想將電話轉回給傑夫·米勒，請他發表結束語。

Yeah. Thank you, Josh. As we close the call today, let me wrap up with this. I'm excited about both the year ahead and the long term for Halliburton. We expect to execute our value proposition, deepen our leading and differentiated technology portfolio, and deliver incremental revenue through our growth engines.

是的。謝謝你，喬許。在我們今天結束通話時，讓我總結一下這一點。我對哈里伯頓的未來一年和長期前景感到興奮。我們期望執行我們的價值主張，深化我們領先和差異化的技術組合，並透過我們的成長引擎提供增量收入。

I'm committed to prioritizing cash flow, and I expect all of this results in a return of at least $1.6 billion of cash in 2025. We look forward to speaking with you next quarter. Thank you.

我致力於優先考慮現金流，我預計所有這些都會在 2025 年帶來至少 16 億美元的現金回報。我們期待下個季度與您交談。謝謝。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線。