哈里伯頓 (HAL) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the first quarter 2025 Halliburton Company earnings conference call.

女士們、先生們，大家好，感謝你們的支持。歡迎參加哈里伯頓公司 2025 年第一季財報電話會議。

(Operator Instructions) At this point, I would like to turn the conference over to Mr. David Coleman. Sir, please begin.

（操作員指示）現在，我想將會議交給大衛·科爾曼先生。先生，請開始。

Hello, and thank you for joining the Halliburton first quarter 2025 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 2025 年第一季電話會議。本次電話會議結束後，我們將在哈里伯頓網站上提供今天網路廣播的錄音，為期七天。今天與我一起出席的還有董事長、總裁兼執行長傑夫米勒 (Jeff Miller)；以及執行副總裁兼財務長 Eric Carre。

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, 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 2024 年 12 月 31 日的 10-K 表格、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。我們不承擔因任何原因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 in our first quarter earnings release and in the quarterly results and presentation section of our website.

我們今天的評論還包括非公認會計準則財務指標。更多詳細資訊以及與最直接可比較的 GAAP 財務指標的對帳資訊包含在我們第一季收益報告以及我們網站的季度業績和演示部分中。

Now I'll turn the call over to Jeff.

現在我將把電話轉給傑夫。

Well, thank you, David, and good morning, everyone. I'll begin today's discussion with our highlights from the first quarter. We delivered total company revenue of $5.4 billion and adjusted operating margin of 14.5%. The international revenue was $3.2 billion, a decrease of 2% year over year due to lower activity in Mexico. Excluding Mexico, international revenues grew by mid-single digits.

好吧，謝謝你，大衛，大家早安。我將從第一季的亮點開始今天的討論。我們的公司總收入達到 54 億美元，調整後的營業利益率為 14.5%。國際收入為 32 億美元，由於墨西哥活動減少，年減 2%。除墨西哥外，國際收入成長了中等個位數。

North America revenue was $2.2 billion, 12% lower than the first quarter of 2024. Finally, during the first quarter, we generated $377 million of cash flow from operations, $124 million of free cash flow and repurchased approximately $250 million of our common stock.

北美營收為 22 億美元，比 2024 年第一季下降 12%。最後，在第一季度，我們產生了 3.77 億美元的營運現金流、1.24 億美元的自由現金流，並回購了約 2.5 億美元的普通股。

Before we take a closer look at our geographic results, I'd like to take a moment and talk about the macro environment for oil and gas. The last three weeks have been highly dynamic as the trade environment injected uncertainty in the markets raised broad economic concerns and along with faster-than-expected return of OPEC production weighed on commodity prices. These market forces impact us all, but here's what I know to be true.

在我們仔細研究我們的地理結果之前，我想花點時間談談石油和天然氣的宏觀環境。過去三週市場高度活躍，貿易環境的不確定性引發了廣泛的經濟擔憂，而石油輸出國組織（OPEC）產量恢復速度快於預期，對大宗商品價格造成壓力。這些市場力量影響著我們所有人，但我知道以下是事實。

First, oil and gas will play a fundamental role in global economic growth and prosperity. Second, the world is consuming more oil and gas than ever before. And finally, decline curves are real and in many basins, significant and adequate supplies today do not guarantee adequate supplies tomorrow without ongoing investment.

首先，石油和天然氣將在全球經濟成長和繁榮中發揮基礎性作用。其次，世界石油和天然氣的消耗量比以往任何時候都多。最後，下降曲線是真實存在的，在許多盆地中，如果沒有持續的投資，今天大量充足的供應並不能保證明天有足夠的供應。

Given these realities, I know that our technology will continue to transform the industry and it will unlock new sources of value for us and our customers. I know our unique collaborative approach improves outcomes and deepens customer relationships.

鑑於這些現實，我知道我們的技術將繼續改變這個行業，並為我們和我們的客戶釋放新的價值來源。我知道我們獨特的協作方式可以改善成果並加深客戶關係。

And finally, I know that safety and service quality formed the cultural bedrock of Halliburton, and they are key differentiators to our customers. On that note, I would like to take a moment to thank the Halliburton employees for their outstanding safety and service quality performance last quarter.

最後，我知道安全和服務品質構成了哈里伯頓的文化基石，也是我們客戶的關鍵差異化因素。在此，我想藉此機會感謝哈里伯頓員工上個季度在安全和服務品質方面所取得的出色表現。

I firmly believe that despite recent pressures on the energy macro, Halliburton's consistent focus on technology, collaboration and service quality execution create value for our customers and drive long-term success for Halliburton under any market conditions.

我堅信，儘管近期能源宏觀面臨壓力，但哈里伯頓始終專注於技術、協作和服務品質執行，為我們的客戶創造價值，並在任何市場條件下推動哈里伯頓的長期成功。

Turning to our results. I'll begin with the international markets where Halliburton delivered solid quarterly revenue of $3.2 billion. As I look at the balance of this year, while our overall international outlook has not materially changed, it is reasonable to assume that there is more risk embedded in our outlook today than three months ago.

談談我們的結果。我首先從國際市場開始，哈里伯頓在該市場實現了 32 億美元的穩健季度收入。當我回顧今年的收支平衡時，雖然我們的整體國際前景沒有實質變化，但可以合理地假設，我們今天的前景比三個月前存在更多風險。

As a result, year over year international revenue to be flat to slightly down. Our Q1 international tender activity remained strong. Halliburton won meaningful work extending through 2026 and beyond. Customers awarded Halliburton several contracts that demonstrate the strength of our value proposition and the power of our service quality execution.

因此，國際收入與去年同期持平或略有下降。我們第一季的國際招標活動依然強勁。哈里伯頓贏得了一項意義重大的工作，該工作將持續到 2026 年及以後。客戶授予哈里伯頓多份合同，證明了我們價值主張的強大性以及我們服務品質執行的威力。

Shell awarded Halliburton significant scopes of work this quarter, including development and intervention work for Gato do Mato in Brazil and exploration work in Suriname and West Africa. Halliburton also won additional integrated offshore exploration work with another major in Suriname.

本季度，殼牌授予哈里伯頓大量工作範圍，包括巴西加托杜馬託的開發和乾預工作以及蘇利南和西非的勘探工作。哈里伯頓也贏得了蘇利南另一家大型企業的額外綜合海上勘探工作。

These integrated offshore contracts rely on Halliburton's advanced technologies like our intelligent completions and comprehensive directional drilling technology, including the iCruise and LOGIX drilling automation and remote operation platform among multiple other well construction, reservoir evaluation and intervention product lines.

這些綜合海上合約依賴哈里伯頓的先進技術，例如我們的智慧完井和綜合定向鑽井技術，包括 iCruise 和 LOGIX 鑽井自動化和遠端操作平台以及其他多個井建設、油藏評估和介入產品線。

Furthermore, I expect that projects like these awarded based on the demonstrated execution of our value proposition will be the core of how Halliburton wins integrated work with customers. Our value proposition to collaborate and engineer solutions to maximize asset value for our customers, resonates with customers and is directly tied to our company culture.

此外，我預計，這些基於我們價值主張的執行而授予的項目將成為哈里伯頓贏得客戶綜合工作的核心。我們的價值主張是透過合作和設計解決方案來最大化客戶的資產價值，這與客戶產生共鳴，並與我們的公司文化直接相關。

It is core to our competitive advantage, and I am pleased it is winning in the marketplace. In addition to these offshore examples, our international growth engines also delivered in Q1. Over the next several years, we expect these engines, unconventional artificial lift intervention and directional drilling to grow faster than other parts of our business.

這是我們競爭優勢的核心，我很高興它在市場上取得成功。除了這些海外案例之外，我們的國際成長引擎也在第一季實現了交付。在接下來的幾年裡，我們預計這些引擎、非常規人工舉升幹預和定向鑽井的成長速度將比我們業務的其他部分更快。

To give you a few examples of our progress in these areas, in unconventionals, we mobilized ZEUS equipment to the Middle East and expect trials in the near term. In artificial lift, we were direct awarded new offshore work in Ghana, and we expect strong double-digit international growth in this product line in 2025.

舉幾個我們在這些領域取得進展的例子，在非常規領域，我們將 ZEUS 設備調動到中東，並預計在短期內進行試驗。在人工舉升領域，我們直接獲得了加納新的海上作業合同，我們預計到 2025 年該產品系列的國際業務將實現強勁的兩位數增長。

In intervention, we closed the acquisition of Optim Subsea a technology we expect will transform deep-water interventions. And finally, in directional drilling with our partners we delivered a first closed-loop automated drilling system and drilled a well with it in Norway. Then we did it again in the Middle East.

在幹預方面，我們完成了對 Optim Subsea 的收購，我們預計這項技術將改變深水幹預。最後，我們與合作夥伴一起進行了定向鑽井，交付了第一個閉環自動鑽井系統，並在挪威用它鑽了一口井。然後我們在中東又做了同樣的事情。

To summarize international markets, we had a solid start in 2025. Our first quarter contract awards add visibility and give me confidence for this year and beyond. Our growth engines are strong.

總結國際市場，我們在 2025 年有一個好的開始。我們第一季的合約授予增加了知名度，並讓我對今年及以後充滿信心。我們的成長引擎強勁。

In my discussions with customers, tell me we are focused on the right things, collaboration, execution and technology, and I am confident in the future of our international business. Turning to North America. Our first quarter revenue increased 1% sequentially. Seasonal increases in frac activity were offset by seasonal declines in Gulf of America completion tool sales.

在我與客戶的討論中，他們告訴我我們專注於正確的事情、合作、執行和技術，我對我們的國際業務的未來充滿信心。轉向北美。我們第一季的營收季增了 1%。壓裂活動的季節性成長被美國灣完井工具銷售的季節性下降所抵銷。

Looking forward, many of our customers are in the midst of evaluating their activity scenarios and plans for 2025. Activity reductions could mean higher than normal white space for committed fleets and in some cases, the retirement or export of fleets to international markets.

展望未來，我們的許多客戶正在評估他們 2025 年的活動場景和計劃。活動減少可能意味著已承諾的船隊的空白空間將高於正常水平，在某些情況下，可能還意味著船隊退役或出口到國際市場。

Nevertheless, I expect Halliburton to outperform the North America services market, and I believe this because our clear strategy to maximize value in North America has demonstrated success under a variety of market conditions. Our ZEUS fleets, which represent more than 40% of our overall frac fleet operate under term contracts.

儘管如此，我預期哈里伯頓的表現將優於北美服務市場，我之所以相信這一點，是因為我們在北美實現價值最大化的明確策略已經在各種市場條件下取得了成功。我們的 ZEUS 船隊占我們整體壓裂船隊的 40% 以上，均按照定期合約運作。

And finally, our technology is highly differentiated and drives value for our customers. Halliburton's recognized leadership was on display recently when in partnership with our customer Range Resources and others, we were honored to host Secretary of the Interior Doug Bergum, on a field visit in Pennsylvania.

最後，我們的技術高度差異化，為客戶創造價值。哈里伯頓公司公認的領導地位最近得到了充分展示，我們與客戶 Range Resources 和其他公司合作，很榮幸地接待了內政部長 Doug Bergum 在賓夕法尼亞州進行實地考察。

The visit featured our ZEUS electric frac equipment which we proudly built in Duncan, Oklahoma and demonstrated the industry's ability to deliver reliable and affordable energy in the United States and around the world. We were pleased to host Secretary Bergum, and I was energized by his vision and support for advancing American energy.

這次參觀重點展示了我們在俄克拉荷馬州鄧肯市自豪建造的 ZEUS 電動壓裂設備，並展示了該行業在美國和世界各地提供可靠且經濟實惠能源的能力。我們很高興接待伯格姆部長，他的遠見和對推動美國能源發展的支持讓我深受鼓舞。

I am also excited by the adoption of our latest technologies which are a cornerstone of our strategy to maximize value in North America. In the first quarter, we achieved a significant milestone with the successful completion of the first closed-loop autonomous fracturing operation in the world.

我也很高興看到我們採用最新的技術，這是我們在北美實現價值最大化策略的基石。第一季度，我們取得了重要的里程碑，成功完成了世界上第一個閉環自主壓裂作業。

To put it plainly, closed loop means that the ZEUS platform utilizes real-time feedback from the reservoir that directs pump activity to control where water and sand are placed, all without human intervention, effectively reading and responding to the reservoir. I expect that this technology known as ZEUS IQ will change the game in unconventionals.

簡單地說，閉環意味著 ZEUS 平台利用水庫的即時回饋來指導泵浦活動，以控制水和沙子的位置，所有這些都無需人工幹預，有效地讀取和響應水庫。我期望這項被稱為 ZEUS IQ 的技術能夠以非常規的方式改變遊戲規則。

I believe ZEUS IQ provides customers both the measurements and controls critical to their journey to improve productivity and production per lateral foot. I am excited about the future of this technology, and we have several other deployments now underway. I would like to thank our ZEUS IQ customers for sharing our vision and bringing this technology to the forefront.

我相信 ZEUS IQ 為客戶提供了對他們的旅程至關重要的測量和控制，以提高生產力和每英尺的產量。我對這項技術的未來感到興奮，目前我們還有其他幾項部署正在進行中。我要感謝我們的 ZEUS IQ 客戶分享我們的願景並將這項技術推向前沿。

We look forward to our continued collaboration to improve asset performance with this unique technology. To finish my thoughts on North America, our strategy to maximize value is unchanged. This strategy means we focus on returns, not share.

我們期待繼續合作，利用這項獨特的技術提高資產績效。最後，我對北美的看法是，我們的價值最大化策略並沒有改變。這項策略意味著我們關注的是回報，而不是份額。

Our plan is to retire or reallocate equipment rather than operate it on economic levels. We focus on safety, service quality and efficiency. We maintain equipment and invest in training. I am confident that our customers value our execution, and it differentiates Halliburton in this market.

我們的計劃是退役或重新分配設備，而不是在經濟層面上運作它。我們注重安全、服務品質和效率。我們維護設備並投資培訓。我相信我們的客戶重視我們的執行力，這也是哈利伯頓在這個市場上脫穎而出的原因。

We lead technology innovation in North America, which means we develop technologies that maximize the value of our customers assets and deploy them at scale. Before I turn the call over to Eric, let me close with this.

我們引領北美的技術創新，這意味著我們開發的技術可以最大限度地提高客戶資產的價值並大規模部署。在我將電話轉給 Eric 之前，請允許我先說一句話。

I am confident in our strategy to maximize value in North America, drive our growth engines internationally and deliver technology that creates value for our customers and Halliburton. I expect Halliburton generates solid free cash flow in 2025 and we are on pace to return at least $1.6 billion of cash to shareholders through buybacks and dividends.

我對我們的策略充滿信心，即在北美實現價值最大化、在國際上推動我們的成長引擎並推出為我們的客戶和哈里伯頓創造價值的技術。我預計哈里伯頓將在 2025 年產生穩健的自由現金流，我們預計將透過回購和股息向股東返還至少 16 億美元現金。

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 Eric，讓他提供有關我們財務表現的更多詳細資訊。艾瑞克？

Thank you, Jeff, and good morning. Our Q1 reported net income per diluted share was $0.24. Adjusted net income per diluted share was $0.60. Total company revenue for Q1 2025 was $5.4 billion, a decrease of 7% when compared to Q1 2024. Adjusted operating income was $787 million and adjusted operating margin was 14.5%.

謝謝你，傑夫，早安。我們報告的第一季每股攤薄淨收益為 0.24 美元。調整後每股攤薄淨收益為 0.60 美元。 2025 年第一季公司總營收為 54 億美元，與 2024 年第一季相比下降了 7%。調整後的營業收入為 7.87 億美元，調整後的營業利益率為 14.5%。

During the quarter, we recognized a pretax charge of $356 million as a result of severance costs, impairment of assets held for sale and real estate and other items primarily related to legacy environmental reserves. We expect our cost rationalization efforts to be supportive of our margins going forward.

在本季度，我們確認了 3.56 億美元的稅前費用，原因是遣散費、持有待售資產減損、房地產減損以及其他主要與遺留環境儲備相關的項目。我們預計，我們的成本合理化努力將有助於提高我們未來的利潤率。

Now turning to the segment results. Beginning with our Completion and Production division, revenue in Q1 was $3.1 billion, a decrease of 8% when compared to Q1 2024. Operating income was $531 million, a decrease of 23% when compared to Q1 2024.

現在轉向細分結果。從我們的完井和生產部門開始，第一季的營收為 31 億美元，與 2024 年第一季相比下降了 8%。營業收入為 5.31 億美元，與 2024 年第一季相比下降 23%。

And operating income margin was 17%. These results were primarily driven by decreased pressure pumping activity and lower completion tool sales in the Western Hemisphere. In our Drilling and Evaluation division, revenue in Q1 was $2.3 billion, a decrease of 6% when compared to Q1 2024.

營業利益率為17%。這些結果主要是由於西半球壓力泵送活動減少和完井工具銷售下降所致。在我們的鑽井和評估部門，第一季的營收為 23 億美元，與 2024 年第一季相比下降了 6%。

Operating income was $352 million, a decrease of 12% when compared to Q1 2024, and operating income margin was 15%. These results were primarily driven by decreased activity in Mexico and Saudi Arabia.

營業收入為 3.52 億美元，與 2024 年第一季相比下降 12%，營業收入利潤率為 15%。這些結果主要是由於墨西哥和沙烏地阿拉伯的活動減少所致。

Now let's move on to geographic results. Our Q1 international revenue decreased 2% year over year. Europe Africa revenue in Q1 was $775 million, an increase of 6% year over year. This increase was primarily driven by improved activity across multiple product service lines in Norway and higher well construction activity in Namibia. Middle East Asia revenue in Q1 was $1.5 billion, an increase of 6% year over year.

現在讓我們討論地理結果。我們第一季的國際營收年減了 2%。歐洲非洲第一季營收為 7.75 億美元，年增 6%。這一增長主要得益於挪威多條產品服務線活動的改善以及納米比亞油井建設活動的增加。中東亞洲第一季營收為15億美元，年增6%。

This improvement was due to higher activity across multiple product service lines in Kuwait, and improved completion and production performance in Saudi Arabia. Latin America revenue for Q1 was $896 million, a 19% decrease year over year, primarily due to lower activity across multiple product service lines in Mexico.

這項改善是由於科威特多個產品服務線的活動增加，以及沙烏地阿拉伯的完井和生產性能改善。拉丁美洲第一季的營收為 8.96 億美元，年減 19%，主要原因是墨西哥多條產品服務線的活動減少。

In North America, Q1 revenue was $2.2 billion, a 12% decrease year over year. This decrease was primarily driven by lower stimulation activity in US land and decreased completion tool sales in the Gulf of America.

北美地區第一季營收為22億美元，年減12%。這一下降主要是由於美國陸地刺激活動的減少以及美國灣完井工具銷售額的下降。

Moving on to other items. In Q1, our corporate and other expense was $66 million. We expect our Q2 corporate expenses to be about flat. In Q1, we spent $30 million or about $0.03 per diluted share on SAP for migration, which is included in our results.

繼續討論其他事項。第一季度，我們的公司及其他支出為 6,600 萬美元。我們預計第二季的公司支出將基本持平。在第一季度，我們在 SAP 遷移上花費了 3000 萬美元，即每股約 0.03 美元，這筆費用已計入我們的業績中。

For Q2, we expect SAP expense to be about flat. Net interest expense for the quarter was $86 million. For Q2, we expect net interest expense to increase about $5 million. Other net expense for Q1 was $39 million. For Q2, we expect this expense to increase about $5 million.

對於第二季度，我們預計 SAP 費用將基本持平。本季淨利息支出為 8,600 萬美元。對於第二季度，我們預計淨利息支出將增加約 500 萬美元。第一季其他淨支出為 3,900 萬美元。對於第二季度，我們預計這項支出將增加約 500 萬美元。

Our normalized effective tax rate for Q1 was 22.1%, based on our anticipated geographic earnings mix, we expect our Q2 effective tax rate to be approximately 23%. Capital expenditures for Q1 were $302 million. For the full year 2025, we expect capital expenditures to be about 6% of revenue.

我們第一季的標準化有效稅率為 22.1%，根據我們預期的地理收益組合，我們預計第二季的有效稅率約為 23%。第一季的資本支出為 3.02 億美元。對於 2025 年全年，我們預計資本支出將佔收入的 6% 左右。

Our Q1 cash flow from operations was $377 million and free cash flow was $124 million. Moving on to other items that will impact free cash flow, we're following the trade situation closely. While the situation is fluid, our initial estimates are for an impact of about $0.02 to $0.03 per share in the second quarter, which is included in our guidance, we will provide an estimate of the full year impact next quarter.

我們第一季的營運現金流為 3.77 億美元，自由現金流為 1.24 億美元。至於其他會影響自由現金流的因素，我們正在密切關注貿易狀況。雖然情況瞬息萬變，但我們初步估計第二季度每股影響約為 0.02 至 0.03 美元，這已包含在我們的指導中，我們將在下個季度提供全年影響的估計。

Now let me provide you with comments on our expectations for Q2. In our Completion and Production division, we anticipate sequential revenue to increase 1% to 3% and margins to remain approximately flat. In our Drilling and Evaluation division, we expect revenue to be flat to down 2% and margins to decline 125 to 175 basis points, primarily due to the seasonal roll-off of software sales and higher mobilization expenses related to contract start-ups.

現在，讓我向您提供我們對第二季的期望的評論。在我們的完井和生產部門，我們預計連續收入將成長 1% 至 3%，利潤率將保持基本持平。在我們的鑽井和評估部門，我們預計收入將持平或下降 2%，利潤率將下降 125 至 175 個基點，這主要是由於軟體銷售的季節性下滑以及與合約啟動相關的動員費用增加。

I will now turn the call back to Jeff.

我現在將電話轉回給傑夫。

Thanks, Eric. Here are the key points I would like you to take away from our discussion today. While there is more uncertainty in the market than there was three months ago, Halliburton's consistent execution of our strategy has driven results that give me confidence that Halliburton will continue to outperform.

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。儘管市場中的不確定性比三個月前更多，但哈里伯頓始終如一地執行我們的策略所取得的成果讓我相信哈里伯頓將繼續表現出色。

In international markets, we had a solid start in 2025 and with significant contract awards and strong delivery on our growth engines. Our value proposition resonates with customers, and I expect it to deliver further incremental wins throughout the year.

在國際市場上，我們在 2025 年取得了良好的開端，並獲得了重要的合約授予，並且我們的成長引擎實現了強勁的交付。我們的價值主張引起了客戶的共鳴，我預計它將在全年帶來進一步的勝利。

In North America, we have expanded our technology leadership with the ZEUS IQ closed-loop autonomous frac system. I am confident our unique technologies and high percentage of contracted fleets will drive our outperformance in the North America market.

在北美，我們透過 ZEUS IQ 閉環自主壓裂系統擴大了我們的技術領先地位。我相信我們獨特的技術和高比例的合約船隊將推動我們在北美市場的優異表現。

Finally, I firmly believe Halliburton's consistent focus on technology development, collaboration and service quality execution will create value for our customers and drive long-term success for Halliburton and our shareholders through any market.

最後，我堅信哈里伯頓對技術開發、協作和服務品質執行的一貫關注將為我們的客戶創造價值，並推動哈里伯頓和我們的股東在任何市場取得長期成功。

And now let's open it up for questions.

現在讓我們開始提問。

(Operator Instructions)

（操作員指示）

Neil Mehta, Goldman Sachs.

高盛的尼爾·梅塔。

Yeah, good morning Jeff and team and thank you for the time here, a couple of North America questions. You spent a lot of time with your customer base in between these calls and we've had a lot of volatility in the last couple of weeks.

是的，早安，傑夫和球隊，感謝你們抽出時間，我有幾個關於北美的問題。在這些通話之間，您花了很多時間與客戶群溝通，並且我們在過去幾週經歷了許多波動。

But as you think about US activity through the balance of the year, if we stay in this type of commodity price environment, how do you think about the rig count and the completion count? And what type of oil price do you think would really change customer behavior in a meaningful way?

但是，當您考慮美國全年的活動時，如果我們保持這種商品價格環境，您如何看待鑽機數量和完井數量？您認為什麼樣的油價才能真正有效地改變消費者行為？

Yeah. Thanks, Neil. Look, I think that customers right now are working through that. I mean, a lot's happened in three weeks. It's been a busy three weeks from commodity price standpoint and also tariffs and what that might mean.

是的。謝謝，尼爾。看，我認為客戶現在正在解決這個問題。我的意思是，三週內發生了很多事。從商品價格、關稅以及這可能意味著什麼的角度來看，這三週是繁忙的。

So yeah, talk to customers all of the time, but what we really see are customers the digesting information, I think duration is a part of that thinking as well. And so look, when I think about the market activity sort of in the 60s. I think some important things are going on.

是的，我們要一直與客戶交談，但我們真正看到的是客戶消化訊息，我認為持續時間也是這種思考的一部分。所以，當我想到 60 年代的市場活動時。我認為一些重要的事情正在發生。

One, from our perspective anyway, the market's not building new equipment. So I think that we're in a good place there. I think that activity itself, if it slows down much, starts to have production impact as well. And so I think that's a bit of a governor on what does activity do.

首先，無論如何，從我們的角度來看，市場並沒有建造新設備。所以我認為我們目前處境很好。我認為，如果活動本身大幅放緩，也會開始對生產產生影響。所以我認為這對活動的作用有一點控製作用。

I think we're in some sort of range here, and it's not, look, I think it will get digested, but the types of operators in North America are biased to working through things, I think, largely today as opposed to what we've seen in the past. And I think that much of decline in activity than is sort of underpinned pretty quickly by its impact on production.

我認為我們處於某種範圍內，而且它不是，看，我認為它會被消化，但北美的運營商類型傾向於解決問題，我認為，很大程度上是今天，而不是我們過去所看到的情況。我認為，經濟活動的下降很大程度上是由於其對生產的影響而很快形成的。

Thanks Jeff. We'll see [C&Ps] report in the next couple of weeks we'll definitely be asking the same question. And then you mentioned Mexico a couple of times in the prepared remarks, and it had impacts on margins. It looks like in both C&P and D&E.

謝謝傑夫。我們將在接下來的幾週內看到[C&Ps]的報告，我們肯定會問同樣的問題。然後您在準備好的演講中幾次提到了墨西哥，這對利潤產生了影響。它看起來像 C&P 和 D&E。

So just give us a lay of the land there. How do you think about the trajectory over the course of this year into 2026? And do you see a path to resolution?

那麼請告訴我們那裡的地形狀況。您如何看待今年到 2026 年的發展軌跡？您是否看到了解決的途徑？

Yeah. Thanks. And look, and I was just there meeting with Victor Padia, the new CEO and have spent some time with them. Clearly not settled at this point as we look forward. And I think they have a plan, but I also think that it's going to be tough for a while.

是的。謝謝。你看，我剛剛在那裡與新任首席執行官 Victor Padia 會面，並與他們一起度過了一段時間。顯然，就我們未來展望而言，這一點尚未解決。我認為他們有一個計劃，但我也認為這在一段時間內會很艱難。

And I say tough for a while. I don't see immediate recovery in Mexico. Just as the new administration and Pemex themselves work through, what does all of this mean. But I do know this, and what's very important is oil and gas to the economy of Mexico. And so I do expect they find their footing.

我說這話有一段時間很艱難。我認為墨西哥不會立即復甦。正如新政府和 Pemex 自己正在努力解決的那樣，這一切意味著什麼。但我確實知道這一點，石油和天然氣對墨西哥經濟非常重要。因此我確實希望他們能找到自己的立足點。

At some point, it's too early to call when that point is. But I do think the decline rates are pretty meaningful in that market. And I think that's going to drive recovery. I wish I were clear around the timing on that, Neil. But I do believe they're working through what plans are, but obviously, the execution of those plants are dependent on a range of things, including kind of what the market does and what the performance does.

在某些時候，現在判斷這個時間點何時到來還為時過早。但我確實認為該市場的下降率相當顯著。我認為這將會推動經濟復甦。我希望我能清楚了解時間安排，尼爾。但我確實相信他們正在實施計劃，但顯然，這些工廠的執行取決於一系列因素，包括市場表現和業績表現。

Thanks Jeff, appreciate the color.

謝謝傑夫，欣賞這個顏色。

David Anderson, Barclays.

巴克萊銀行的大衛安德森。

Okay great, thank you very much. Jeff, maybe start with a question on Saudi. There's a little bit of some moving pieces in there. the simulation is about drilling a well construction down. Do you see Saudi growing in the Halliburton portfolio this year.

好的，太好了，非常感謝。傑夫，也許我們可以先問一個關於沙烏地阿拉伯的問題。裡面有一些移動的零件。該模擬是關於鑽井結構的。您認為沙烏地阿拉伯在今年哈里伯頓的投資組合中會成長嗎？

There are a number of tenders for Jafor to be announced. Is that the big swing factor for the year. Could you just talk about that within the context of flat international for the year, please? Thank you.

有多個針對 Jafor 的招標活動即將公佈。這是今年最大的波動因素嗎？您能否在今年國際情勢平穩的背景下談論這個問題？謝謝。

Sure. And I think, I mean, number one, Saudi is a huge market. And we expect growth for our portfolio in 2025 in Saudi, just to be clear. I think there's some exciting opportunities. You mentioned one of them, but there are others, we do a lot in that market, certainly in Jafor, but beyond Jafor like our performance there. like the opportunity to put technology to work there, both in unconventionals and other parts of the market.

當然。我認為，首先，沙烏地阿拉伯是一個巨大的市場。明確地說，我們預計 2025 年沙烏地阿拉伯的投資組合將實現成長。我認為存在一些令人興奮的機會。您提到了其中一個，但還有其他的，我們在那個市場做了很多，當然在賈福爾，但超越賈福爾，就像我們在那裡的表現一樣。喜歡有機會將科技應用於非常規市場和其他市場領域。

And so when I think about Saudi, that's one of those places where we are going to grow in those growth engines and we see a lot of, we have unique strength in those growth engines, whether it's unconventional intervention and artificial lift, see all three of those positively in Saudi as well. So I hope that clarifies that.

因此，當我想到沙烏地阿拉伯時，那是我們將在成長引擎中實現成長的地方之一，我們看到很多，我們在這些成長引擎中擁有獨特的優勢，無論是非常規幹預還是人工舉升，我們都對沙烏地阿拉伯這三者持積極態度。我希望這能澄清這一點。

That's helpful. So good to see some positive stuff. I know a lot of concerns on the North American side. Eric, I want to ask you a bit more about the margin progression. Margins came down this quarter in both segments below the guidance that we were expecting.

這很有幫助。很高興看到一些積極的東西。我知道北美方面有很多擔憂。艾瑞克，我想多問你一些關於保證金成長的問題。本季兩個部門的利潤率均低於我們的預期。

You're just looking towards second quarter coming down again, usually, first quarter is the bottom. How are you thinking about kind of margin progression through the rest of the year, I'm particularly thinking about the context of white space in North America, particularly.

你只是期待第二季度再次下降，通常第一季是底部。您如何看待今年剩餘時間的利潤率成長？我特別考慮了北美的空白區域的情況。

I think most of your equipment is locked down. But help us understand kind of how margins how you're thinking about margins and maybe where we could exit the year from here? Thank you.

我認為您的大部分設備都已被鎖定。但是請幫助我們了解利潤率，您對利潤率的看法，以及我們可以從哪裡開始結束這一年？謝謝。

Yeah. So let me start with giving you a bit of a walk-through from Q1 to Q2, and then I'll give you a little bit of color on the full year margins by division. So if we look at Q2, as we guided for the starting with the C&P division, we're looking at fairly flat revenue in North America, but a pickup in our international business for the C&P division. Margins flat. Keep in mind as well, that includes the tariff impact.

是的。因此，讓我先向您介紹一下從第一季到第二季的情況，然後我將向您介紹各部門的全年利潤率。因此，如果我們看一下第二季度，正如我們對 C&P 部門的指導一樣，我們看到北美的收入相當持平，但 C&P 部門的國際業務有所回升。利潤率持平。還要記住，這包括關稅的影響。

When we look at tariffs, we kind of mentioned on the prepared remark, a $0.02 to $0.03 impact. About 60% of that is in the C&P division. 40% of that is in the D&E division. So that's for C&P. On the D&E side of the business, it is really, I mean, if you look at Q2 over Q1, we're basically dropping about $40 million in profits.

當我們考慮關稅時，我們在準備好的評論中提到了 0.02 到 0.03 美元的影響。其中約 60% 來自 C&P 部門。其中 40% 在 D&E 部門。這就是 C&P 的情況。在業務的 D&E 方面，我的意思是，如果你看第二季與第一季相比，我們的利潤基本上損失了約 4000 萬美元。

And that can be explained fairly specifically. We have about $10 million in tariffs, $20 million in mobilization and that is incremental mobilization costs over Q1 as we get geared up for growth in the second half of the year in quite a few of the regions.

這一點可以得到相當具體的解釋。我們的關稅約為 1000 萬美元，動員成本為 2000 萬美元，這是第一季的增量動員成本，因為我們為下半年相當多地區的成長做好了準備。

And then we have $10 million, that's a mix issue with our software business coming down in Q1, our drilling business coming back up a bit, but the delta of that is about $10 million. So I think what's important to realize for the Q2 guidance is that the guidance is really not a new run rate is really a couple of specific items.

然後我們有 1000 萬美元，這是一個混合問題，我們的軟體業務在第一季下滑，我們的鑽井業務略有回升，但兩者之間的差異約為 1000 萬美元。因此，我認為對於第二季度指引，重要的是要認識到，指引實際上並不是新的運行率，而是幾個具體的項目。

If we think about the second half of the year to kind of give you some color there, we're, at this stage, forecasting that our second half '25 the margin levels in Q3 and Q4 will be in the same ZIP code as they were in 2024.

如果我們考慮下半年的情況，以便給您一些參考，我們現階段預測 2025 年下半年第三季和第四季的利潤率水準將與 2024 年的郵遞區號相同。

So that's kind of B&E if we look at CP, we're not going to guide the year the international business for C&P is about 40% of our business, 60% in NIM as Jeff mentioned in the remarks and in a couple of comments here, we're expecting our growth engine to perform really well in the international market that's on the intervention, Lifton conventional. A lot of these growth engines sit in the C&P division for the North America business, it's a bit less clear as we explained in the prepared remarks.

因此，如果我們看一下 CP，那就有點像 B&E，我們不會指導今年的 C&P 國際業務，該業務約占我們業務的 40%，NIM 佔 60%，正如 Jeff 在評論中提到的那樣，在這裡的幾條評論中，我們預計我們的增長引擎將在幹預的國際市場上表現良好，Lifton 常規。許多成長引擎都位於北美業務的 C&P 部門，正如我們在準備好的評論中所解釋的那樣，這一點不太清楚。

Yeah. And maybe I'll add some color because specifically regarding North America. I think I didn't mean that the customers are still digesting what precisely that means and at what price range ration of commodity price.

是的。也許我會添加一些顏色，因為具體涉及北美。我想我的意思並不是說顧客還在消化這到底意味著什麼以及商品價格的價位範圍比例。

But that being said, I mean, we have a different-looking customer base today than we've ever had in the past, particularly given the ZEUS, not only the contract terms, but the who it works for in the and what it's able to do. I also know from a technology perspective that there's a lot of demand for the technology that we have.

但話雖如此，我的意思是，我們今天的客戶群與過去任何時候都不同，特別是考慮到 ZEUS，不僅是合約條款，還有它為誰服務以及它能做什麼。從技術角度來看，我還知道我們現有的技術有很大的需求。

And we really have a different operating model than we've had going into any other period of time. Given just the ability to move up, down to take clear view on what's really required to perform the services automation continues to take cost out of the process for us. So again, a lot of digesting of data going on. But I think from our perspective, in a really strong position, certainly relative to the market.

我們的營運模式確實與其他任何時期的營運模式都不同。只要能夠向上、向下移動，就能清楚了解執行服務自動化真正需要什麼，這就能持續為我們降低流程成本。因此，再次進行大量數據的消化。但我認為，從我們的角度來看，我們處於非常強勢的地位，當然相對於市場而言。

Thank you, Jeff and Eric.

謝謝你，傑夫和埃里克。

Arun Jayaram, JPMorgan.

摩根大通的阿倫‧賈亞拉姆 (Arun Jayaram)。

Yeah, Jeff, good morning. Jeff, I wanted to maybe see if you could elaborate on what you're seeing internationally, you highlighted how it's possible that international spending is down a little bit year over year, which is maybe a little bit softer than your previous outlook are relatively flat with obviously, Mexico being a headwind.

是的，傑夫，早安。傑夫，我想看看你是否可以詳細說明你在國際上看到的情況，你強調了國際支出可能同比略有下降，這可能比你之前的預測要溫和一些，相對持平，顯然墨西哥是一個阻力。

With OPEC clearly bringing on some barrels. Could you talk to us what parts of the non-OPEC food chain do you expect to see maybe some spending impacts?

OPEC 顯然增加了一些石油產量。您能否告訴我們，您預計非 OPEC 食品鏈的哪些部分可能會受到一些支出影響？

Yeah. Look, let me just start with how we see international with a little more specificity. And when I think about our operating plan today, it looks flat, I mean, sands Mexico. And then overall, excuse me, overall looks flat with Mexico in there. But the key is we do see a bit more risk creeping into the models in the last three weeks or certainly the last three months.

是的。瞧，讓我先更具體地談談我們如何看待國際。當我考慮我們今天的營運計劃時，它看起來很平淡，我的意思是，墨西哥的沙子。然後總體而言，對不起，墨西哥的情況總體看起來持平。但關鍵是，我們確實看到在過去三週或過去三個月中，模型中出現了更多風險。

But when I think about non-OPEC parts of the world, Norway, we see a lot of activity. We see solid growth there. We've been quite successful in Brazil. This is where some of the mobilization cost is, both for P&A and for integrated drilling and then talked about the Shell integrated projects and other operators in Suriname.

但當我想到非歐佩克國家，例如挪威，我們會發現那裡有很多活動。我們看到那裡出現了穩健的成長。我們在巴西取得了相當大的成功。這是部分動員成本所在，包括 P&A 和綜合鑽井，然後討論了殼牌綜合項目和蘇利南的其他運營商。

So it's really the deep collaboration model that I'm describing that is gaining work and just winning and developing different types of relationships. So when I think about how do we land there. Look, I see the second half of the year, Europe and Africa, making the biggest jump in Q3, and that's with contract start-ups, and we see the Middle East growth engines, having an impact there, the growth engines in the Middle East.

因此，我所描述的深度合作模式實際上是獲得工作、贏得並發展不同類型的關係。所以當我思考我們如何降落在那裡時。你看，我看到下半年，歐洲和非洲將在第三季度實現最大成長，這是合約新創企業的成長，我們看到中東的成長引擎在那裡產生了影響，中東的成長引擎。

And then in Q4, Latin America has a pretty stout uplift as well. Just because we'll see the full quarter of the contract startups that we're mobilizing for in Q2 and that I've described.

然後在第四季度，拉丁美洲也出現了相當強勁的成長。只是因為我們將看到我們在第二季度動員的整個季度的合約新創公司以及我所描述的情況。

Great. That's helpful. Maybe one for Eric. Eric, I wanted to maybe zero in on the cash flow statement. You announced a $345 million equity investment, looks like a minor acquisition.

偉大的。這很有幫助。也許給埃里克一個。艾瑞克，我可能想集中關註一下現金流量表。你們宣布了一項 3.45 億美元的股權投資，看起來像是小型收購。

So I was wondering if you could describe those two plus you had about a $350 million outflow in other operating items. So maybe you could give us a little bit of color on those items in the cash flow statement.

所以我想知道您是否可以描述這兩個項目，另外您在其他營運項目中還有約 3.5 億美元的流出。所以也許您可以給我們稍微解釋一下現金流量表中的那些項目。

Yeah. So there was one to start with the investing activities. There was one that was related to the Optum acquisition that we commented on. The second number, the $345 million relates to an increase in ownership in VoltaGrid, and I'll let Jeff elaborate on this one.

是的。因此，首先要開展投資活動。其中有一個與我們評論過的 Optum 收購有關。第二個數字，3.45 億美元與 VoltaGrid 所有權的增加有關，我將讓 Jeff 詳細說明這一點。

Going back to the operating activities, big item that you see in other operating activities is actually the combination of the typical incentive payout, cash tax payments, et cetera, but also the cash portion of our restructuring charge in Q1.

回到經營活動，您在其他經營活動中看到的大項目實際上是典型的激勵支出、現金稅等的組合，也是我們第一季重組費用的現金部分。

Yeah. And I would just say with respect to the increased position in VoltaGrid this quarter, look, we like the power business. We have a front row seat through our exposure in the VoltaGrid investment, but we also see many other exciting opportunities for us in that space, but I want to be crystal clear, we're very prudent and it's one step at a time for us.

是的。我只想說，關於本季 VoltaGrid 持股比例的增加，看，我們喜歡電力業務。透過在 VoltaGrid 投資中的曝光，我們佔據了前排位置，但我們也看到了該領域許多其他令人興奮的機會，但我想明確一點，我們非常謹慎，我們會一步一步來。

Great thanks a lot Jeff.

非常感謝傑夫。

Roger Read, Wells Fargo Securities.

富國證券的羅傑‧里德 (Roger Read)。

Yeah, thank you. Good morning. I was hoping Jeff, you can come back and give us a little more on the North American market and how ZEUS and how you think ZEUS IQ really ought to work in terms of, you mentioned earlier, a changed customer mix a little bit.

是的，謝謝。早安.我希望 Jeff，你能回來給我們多介紹一下北美市場的情況，以及 ZEUS 的情況，以及你認為 ZEUS IQ 應該如何發揮作用，就像你之前提到的，客戶結構發生了一些變化。

But how we should think about, if you want to call it a growth opportunity, maybe not right now, but the way to sustain margins through this kind of softer period?

但是，如果您想稱之為成長機會，我們應該如何思考，也許不是現在，而是在這種較疲軟的時期維持利潤率的方法？

Look, thank you. And the key to ZEUS IQ is just things we have been working on for some time. So in some ways, it's a culmination of Octave auto frac sensory, the ability to read the reservoir, control the equipment and then analyze in real time as they analyze, but solved for that and better than real time at the pace of AI time solve for where does the sand and the water need to go.

瞧，謝謝你。而 ZEUS IQ 的關鍵正是我們一直在研究的。因此，從某種程度上來說，它是 Octave 自動壓裂感測器的巔峰之作，能夠讀取儲層、控制設備，然後在分析時進行即時分析，但卻解決了這個問題，並且比實時 AI 時間的速度更好地解決了沙子和水需要去哪裡的問題。

And look, this precisely addresses what kind of the greatest challenge is in hydraulic fracturing, which is how to improve recovery rates and almost under any conditions, meaning rock, we know over time gets the grades, okay? The best rock gets fracked first.

看看吧，這恰恰解決了水力壓裂中最大的挑戰，即如何提高采收率，並且幾乎在任何條件下，我們知道隨著時間的推移岩石會得到等級，好嗎？最好的岩石首先被壓裂。

But how does that get read and manipulated and addressed in a way that creates better outcomes. And this is really important technology and the types of customers that are taking it up are the kind that have a very long view of North America, clearly appreciate the importance of recovery over a long period of time.

但如何解讀、操縱和處理這些問題才能產生更好的結果呢？這是一項非常重要的技術，採用這項技術的客戶對北美有著非常長遠的眼光，清楚地認識到長期復甦的重要性。

And yes, I think it drives growth in even this market. We actually put a new ZEUS fleet to work in Q1. And I think that it creates not just stickiness, but clearly, it creates more value, which is valued that it creates to us.

是的，我認為它甚至推動了這個市場的成長。實際上，我們在第一季就投入了新的 ZEUS 船隊。我認為它不僅創造了黏性，而且顯然創造了更多價值，這對我們而言是有價值的。

Appreciate that. Eric, maybe a question for you on how we should think about uses of free cash flow in this environment. So obviously, dividend priority. But how are you thinking about the share repurchase side of things? And what's the right way for us to think about that with the updated guidance?

非常感謝。艾瑞克，我想問你一個問題：在這種環境下，我們應該如何考慮自由現金流的用途。顯然，股息優先。但是您如何看待股票回購方面的事情？那麼，根據更新後的指南，我們該如何正確思考這個問題呢？

Yes. I mean at this stage, obviously, with the updated guide, we're looking at an overall free cash flow for the year, which is on the kind of lower end of what we had given some color on in Q1. But I really don't see anything today that changes our perspective on cash returns and buybacks. So we're still on a pace that is very similar to what it was last year.

是的。我的意思是，在這個階段，顯然，根據更新後的指南，我們正在查看今年的整體自由現金流，這處於我們在第一季給出的較低水平。但我今天確實沒有看到任何改變我們對現金回報和回購的看法的事情。因此，我們的步伐仍然與去年非常相似。

Appreciate that thank you.

非常感謝。

Saurabh Pant, Bank of America.

美國銀行的 Saurabh Pant。

Hi, good morning Jeff and Eric. Jeff or Eric, maybe I want to start with the tariff side of things. I know you said $0.02 to $0.03 impact on the second quarter. and we'll get more color on the back half later on as you get more visibility, right?

嗨，傑夫和埃里克早上好。傑夫或埃里克，也許我想從關稅方面開始。我知道您說過對第二季的影響為 0.02 到 0.03 美元。隨著可見度的提高，我們將在後半部分添加更多顏色，對嗎？

But maybe you can elaborate a little bit on what business is, what exactly components or maybe I'm thinking business like chemicals and beroids specifically, what parts of your businesses are seeing the most impact from tariffs? And then how are you looking to mitigate that going forward?

但也許您可以詳細說明一下什麼是業務，具體包括哪些組成部分，或者也許我指的是化學品和貝類等業務，您的哪些業務部分受到關稅的最大影響？那麼，您打算如何緩解這個問題呢？

Yes. So I'll take that one, Saurabh. So as we said, it's really early days. So we have reasonable visibility of what is going to happen in Q2, and that is about an impact of $0.02 to $0.03. And as we indicated, we are doing a lot of work on mitigating the impact of tariffs.

是的。所以我會選這個，Saurabh。正如我們所說，現在還為時過早。因此，我們對第二季將發生的情況有合理的了解，其影響約為 0.02 美元到 0.03 美元。正如我們所指出的，我們正在做大量工作來減輕關稅的影響。

We have a well-diversified supply chain. We have a lot of levers we can pull. But really to be more clear in terms of the overall impact, we need a bit more clarity and stability in the structure of tariffs so that we can really understand what levers we can pull and then what the overall outcome is going to be.

我們擁有多元化的供應鏈。我們可以利用很多槓桿。但實際上，為了更清楚地了解整體影響，我們需要關稅結構更加清晰和穩定，以便我們能夠真正了解我們可以採取哪些措施，以及整體結果會是什麼。

So there's just a lot of moving parts right now, and I think we'll be able to give you more color in three months from now. In terms of the impact of product lines, I'm not going to go into a lot of details.

所以現在有很多活動部件，我認為我們將能夠在三個月後為您提供更多顏色。關於產品線的影響，我不會談太多細節。

But broadly speaking, we're looking at about 60% in C&P with some impact on our life business, some chemicals, et cetera. 40% on our D&E business, you're looking at parts like colors for drilling and [gumbodies] for perforating business, that's the type of components that are being affected by tariff at this stage.

但從廣義上講，我們認為 C&P 中的約 60% 會對我們的人壽業務、某些化學品等產生一定影響。我們的 D&E 業務佔 40%，其中包括用於鑽井的顏色和用於穿孔業務的 [gumbodies] 等部分，這些是現階段受關稅影響的組件類型。

Okay. Perfect. Eric, a quick clarification on that. I think in response to a prior question, you said for margins, D&E you think 3Q and 4Q margins can go back to the same ZIP code as last year. Does that include any of the tariff impacts reversing.

好的。完美的。艾瑞克，請簡單澄清一下。我認為在回答先前的問題時，您說對於利潤率，D&E 您認為第三季和第四季的利潤率可以回到與去年相同的郵遞區號。這是否包括任何關稅影響的逆轉？

Broadly speaking, yes, with what we know today. Yeah.

從廣義上講，是的，就我們今天所知。是的。

Okay. Perfect. I got it. And then, Jeff, quickly one for you on the international side of things. If I'm doing my math right, it sounds like Mexico might have been down 70%, 75%, which is a massive number year over year, right?

好的。完美的。我得到了它。然後，傑夫，我們快速向您介紹國際方面的情況。如果我沒算錯的話，墨西哥的出口額可能下降了 70%、75%，這跟去年同期相比是一個很大的數字，對嗎？

But excluding that, I think you said mid-single digits rest of international, right? It's a pretty healthy growth considering the environment we are in. Maybe talk to what countries, what regions drove that growth, Jeff? And what should we expect from those regions going forward?

但除此之外，我認為您說的是國際上其餘地區的中等個位數，對嗎？考慮到我們所處的環境，這是一個相當健康的成長。也許可以談談哪些國家、哪些地區推動了這種成長，傑夫？我們對這些地區未來的發展該抱持著怎樣的期待？

Yeah. Look, I think I mentioned that, but I think Yes, we'll see the solid jump in Europe, Africa in Q3 as we started a number of contracts in the Middle East. I expect our growth engines are kicking in as well, whether that's intervention, which is an important business for us in the Middle East as well as some activity start-up around lift in new countries.

是的。聽著，我想我提到過這一點，但我認為是的，隨著我們在中東簽訂了一系列合同，我們將在第三季度看到歐洲、非洲的穩步增長。我預計我們的成長引擎也將開始發揮作用，無論是介入（這對我們在中東來說是一項重要的業務），還是在新國家進行的一些活動。

Again, we expect that that's a meaningful part of our business, and it's continuing to grow. And I think that we'll continue to see activity around drilling and I've described some of the drilling technology, but that becomes more and more meaningful. And then in Q4, we really see Latin America making a big step up.

再次，我們預計這是我們業務中一個有意義的一部分，並且它將繼續成長。我認為我們將繼續看到圍繞鑽井的活動，我已經描述了一些鑽井技術，但這變得越來越有意義。在第四季度，我們確實看到拉丁美洲取得了巨大的進步。

And again, very focused in Brazil, Argentina, a number of places where we have a very strong business. So I would say that Mexico certainly is the outlier. But very excited about our business and the type of, it's really the strategic approach that we have around collaboration and maximizing asset value, which aligns us very well with our customers, creates opportunity for us.

再次強調，我們的重點是巴西、阿根廷等地，這些地方我們的業務非常強勁。所以我想說墨西哥肯定是個例外。但我對我們的業務和類型感到非常興奮，這實際上是我們圍繞合作和最大化資產價值所採取的策略方針，這使我們與客戶非常一致，為我們創造了機會。

I expect we'll see more growth in the North Sea, maybe even outside of the Norwegian sector. So I think that for us, we see a great opportunity in the second half of the year.

我預計我們將在北海地區看到更多的成長，甚至可能在挪威地區以外看到成長。所以我認為，對我們來說，下半年是一個巨大的機會。

Okay, fantastic. It's good to see that that momentum continue, Jeff. Okay, I'll turn it back. Thank you.

好的，太棒了。很高興看到這種勢頭繼續下去，傑夫。好的，我會把它轉回去。謝謝。

Scott Gruber, Citigroup.

花旗集團的史考特‧格魯伯。

Yes, good morning.

是的，早安。

Morning Scott.

早安，史考特。

Jeff, you highlighted some emerging risk to second half activity. Eric, you reiterated CapEx being about 6% of sales. Obviously, there's a bit of risk to sales. But at 6% of sales, your CapEx is still trending above DD&A.

傑夫，你強調了下半年活動出現的一些風險。艾瑞克，你重申資本支出約佔銷售額的 6%。顯然，銷售存在一些風險。但佔銷售額的 6% 時，您的資本支出仍高於 DD&A。

Can you just speak to the need for spending above DD&A? Is that really helping to drive the share gains that you're targeting? And what factors would cause you to adjust that rate of spend? I realize second half spending more impact your fleet of tools in 2026 and therefore, reflects the '26 outlook. But what factor caused you to kind of reconsider the rate of spend in the second half?

您能否談談超出 DD&A 支出的必要性？這真的有助於推動您所期望的市場佔有率成長嗎？哪些因素會導致您調整支出率？我意識到下半年的支出將對你 2026 年的工具群產生更大的影響，因此也反映了 26 年的前景。但是是什麼因素導致您重新考慮下半年的支出率？

Yeah. So a couple of things on CapEx. So there is a somewhat of a self-regulating element around CapEx as we look at it as a percentage of revenue. So as revenue fluctuates over time the dollar CapEx spend adjust to it. And I'm saying over time, intentionally in the sense that there is a time element there like most of the CapEx that we are going to spend in 2024 is the result of orders that were placed in 2024.

是的。關於資本支出，有幾件事。因此，當我們將資本支出視為收入的百分比時，它周圍存在某種自我調節的因素。因此，隨著收入隨時間波動，美元資本支出也會隨之調整。我故意說隨著時間的推移，這裡面有一個時間因素，就像我們將在 2024 年花費的大部分資本支出都是 2024 年下達的訂單的結果。

So it takes to kind of adjust things. And we're probably not going to be able to adjust very much if the activity ends up changing. And as we said right now, most of the like international CapEx, we're not seeing still the activity fairly flat.

因此需要進行一些調整。如果活動最終發生變化，我們可能無法做出太多調整。正如我們現在所說的那樣，大多數國際資本支出的活動仍然沒有相當穩定。

So if we adjust, we'll start adjusting really for 2026. The other thing to keep in mind as well that we have not qualified either is a potential impact on the CapEx number coming from tariffs as some of the parts get incorporated into the capital build.

因此，如果我們進行調整，我們將真正開始針對 2026 年進行調整。另外要記住的是我們也沒有資格考慮關稅對資本支出數字的潛在影響，因為有些部分被納入了資本建設中。

Yes. I guess I would follow that just a little bit of addition around that in terms of the technology that's generating the outperformance, whether it's in IWI or these growth engine areas mean we are allocating capital to those things that are growing.

是的。我想我會對產生優異表現的技術進行一些補充，無論是在 IWI 還是這些成長引擎領域，都意味著我們正在將資本分配給那些正在成長的事物。

And so we're very, very thoughtful about that, and that will allow us to adjust capital up and down over time. And so I would expect that we continue to be effective allocators of capital sort of under any conditions here.

因此，我們對此進行了非常深思熟慮，這將使我們能夠隨著時間的推移調整資本。因此我希望我們能在任何情況下繼續成為有效的資本配置者。

Got it. Appreciate it. And turning back to VoltaGrid, what's the end game here with VoltaGrid? Do you intend to just keep it as an equity investment or are you interested in ultimately becoming the majority owner? Do you see benefits to how being the majority owner.

知道了。非常感謝。回到 VoltaGrid，VoltaGrid 的最終目標是什麼？您是否打算將其僅作為股權投資，還是有興趣最終成為大股東？您是否認為成為大股東有什麼好處？

Could you help accelerate the capture of non-oilfield work, more data center contracts, more industrial contracts? Is there a international expansion angle that you could push forward as majority order? Just kind of how do you think about that investment longer term?

您能否協助加速取得非油田工作、更多資料中心合約、更多工業合約？您是否可以從國際擴張角度作為多數訂單來推動？您如何看待這項長期投資？

Yeah. Look, in my view, that's optionality. And so not predetermined on any direction, and I want to be clear that I'm not, we're not. But again, that's one avenue that we're participating in now. Obviously, I think that's an opportunity for growth over time.

是的。在我看來，這就是可選性。因此，我們並沒有預先決定任何方向，我想明確表示，我不是，我們也不是。但再說一次，這是我們現在參與的一種方式。顯然，我認為這是一個隨著時間而成長的機會。

We're going to address it prudently. As I said, we look at lots of options, not just that by any means and we also are clear around what strategically, where does that distributed power go as opposed to is it one area or another. I think there are multiple areas that demonstrate some growth.

我們將謹慎處理這一問題。正如我所說的，我們考慮了很多選擇，不僅僅是這些，而且我們也清楚從戰略上講，分散式電源將去往何處，而不是去某個領域。我認為有多個領域表現出了一定的成長。

But just chasing after the thing of the day, we're really careful not to do those things. And so again, prudence and sort of the kinds of things we do at Halliburton are always going to be deeply thought out and have an executable clear strategy around it. And right now, we see a lot of opportunity broadly in that area, and we want to keep those options wide open.

但只是為了追求當天的事情，我們真的很小心，不會去做那些事情。所以，再說一次，我們在哈里伯頓所做的一切都是經過深思熟慮的，並且有一個可執行的清晰策略。目前，我們在該領域看到了許多機會，我們希望保持這些選擇的開放性。

Yeah, I appreciate the color, Jeff. Thank you. Yeah.

是的，我很欣賞這個顏色，傑夫。謝謝。是的。

Derek Podhaizer, Piper Sandler.

德里克波德海澤、派珀桑德勒。

Hey, good morning. I just wanted to ask about your outlook for the gas basin activities. Maybe just if you could expand on how your conversations have progressed over the last three months. Just trying to think about the equipment market to service those areas.

嘿，早安。我只是想問一下您對天然氣盆地活動的展望。也許你可以詳細說明一下過去三個月來你們的談話進展如何。只是想考慮為這些地區提供服務的設備市場。

I mean we still have LNG takeaway, power and AI movement. Maybe just some overall comments around how you're seeing the gas markets progress now.

我的意思是我們仍然有液化天然氣外賣、電力和人工智慧運動。也許只是一些關於您如何看待當前天然氣市場進展的總體評論。

Yeah. Look, I'm positive on the gas markets for sure. And I think that the structural change that you described, both power demand and LNG exports will continue to structurally drive more demand, which is going to increase activity in the gas markets. And I've had dialogue with gas operators.

是的。瞧，我對天然氣市場肯定持樂觀態度。我認為您所描述的結構性變化，無論是電力需求還是液化天然氣出口，都將繼續從結構上推動更多的需求，這將增加天然氣市場的活躍度。我還與天然氣運營商進行了對話。

They certainly like the price where it is better than where it had been, we've come a long way. The strip today or at least the current price today is moving around, but I think some of that's as a result of a lot of the digestion of data that's coming at a high rate is having an impact on that.

他們當然喜歡這個價格，它比以前更好，我們已經取得了長足的進步。今天的長條圖或至少今天的當前價格正在波動，但我認為這部分是由於大量高速傳輸的數據的消化對其產生了影響。

None of that changes though the structural demand for gas, which clearly is the most reliable, scalable and affordable form of power. And so I think we'll continue to see improvement there. But like I said for many quarters, I'm not going to pick the date that we see the inflection, but we have had more inbounds from gas operators than we've had in some time.

但這些都沒有改變，因為天然氣的結構性需求顯然是最可靠、可擴展且經濟實惠的電力形式。所以我認為我們會繼續看到那裡的改善。但就像我說過的許多季度一樣，我不會選擇我們看到拐點的日期，但我們收到的來自天然氣運營商的入站量比一段時間以來要多。

Got it. That's helpful. And this might be more of a bigger picture question, but I was thinking about last year when we were talking about the international cycle, you talked about Halliburton being better positioned in last cycle is talking about artificial lift chemicals. I mean now we have deepwater offshore starting to pick up.

知道了。這很有幫助。這可能是一個更大的問題，但我在想去年當我們談論國際週期時，您談到哈里伯頓在上一個週期中處於更有利的地位，談論的是人工舉升化學品。我的意思是現在我們的深水近海開採開始回升。

So maybe if you could spend some time talking to us about Halliburton's position attacking this offshore cycle versus prior offshore cycle, just given the commentary you laid out in the release and on the call has been, it's pretty strong.

因此，也許您可以花一些時間和我們談談哈里伯頓攻擊本次海上週期與之前的海上週期的立場，鑑於您在新聞稿和電話會議中所闡述的評論，這是相當有力的。

Your outlook seems pretty constructive. So maybe just some thoughts around your position this time around than prior cycles.

您的觀點似乎非常具有建設性。因此，與先前的周期相比，這次可能只是圍繞您的立場的一些想法。

Yes. Look, I think it's technically, we're in a much better place than any other cycle, and that's why I described we're winning offshore exploration, integrated offshore exploration work. Really all the contract wins, all of the contract wins I described are offshore projects, some development, some exploration. And I do that just to demonstrate from an example perspective, there are others a, how technical we are and why we are competing so well in the offshore space. That's one.

是的。看，我認為從技術上講，我們比任何其他週期都處於更好的位置，這就是我描述我們正在贏得海上勘探、綜合海上勘探工作的原因。實際上，我所描述的所有合約勝利都是海上項目，有些是開發，有些是勘探。我這樣做只是為了從一個例子的角度來證明我們的技術水平以及為什麼我們在離岸領域的競爭如此激烈。那是一個。

And then second, the value proposition is really meaningful internationally or in deep-water because the stakes are much higher, the alignment is much more important, the type of ways we work and plan together with our customers. The clarity around asset value, creating asset value for our customer creates amazing alignment.

其次，價值主張在國際上或在深水中確實很有意義，因為風險要高得多，協調要重要得多，我們與客戶合作和規劃的方式也很重要。資產價值的清晰性，為我們的客戶創造資產價值，創造了驚人的一致性。

And culturally, we are aligned around delivering that, which gives customers a lot of confidence that we're going to show up and do the best thing for them. We're going to be aligned with them. And so those two things put us in a very different position internationally and in deep water. And for that reason, I'm very optimistic around where we sit and how we will perform.

從文化上來說，我們致力於實現這一目標，這讓客戶非常有信心，我們會出現並為他們提供最好的服務。我們將與他們保持一致。因此，這兩件事使我們在國際上處於非常不同的境地，陷入困境。因此，我對我們的現狀和表現非常樂觀。

Great, appreciate the color. I'll turn it back. Yeah.

太棒了，欣賞這個顏色。我會把它轉回去。是的。

Doug Becker, Capital One.

道格·貝克爾（Doug Becker），Capital One 的創始人。

Thank you. Eric, I wanted to circle back to your comment that second half '25 D&E margins would be in the same ZIP code as second half, if I'm interpreting that correctly, it might imply about 300 basis points of margin improvement from the second quarter.

謝謝。艾瑞克，我想回到你的評論，即 25 年下半年 D&E 利潤率將與下半年的郵政編碼相同，如果我理解正確的話，這可能意味著利潤率將從第二季度提高約 300 個基點。

So I wanted to make sure I got that right. And if so, that still seems pretty aggressive even trying to take into account the unique caliber on growth drivers and just some seasonal improvement. So anything you could expand on the drivers there?

所以我想確保我做對了。如果是這樣，那麼即使考慮到成長動力的獨特能力和一些季節性改善，這仍然顯得相當激進。那麼您可以進一步闡述那裡的驅動程式嗎？

No, you are correct. That is what I said. And again, you're looking at a significant impact from mobilization in Q2, and we're mobilizing equipment because we have won additional work. So all of that kind of go together.

不，你是對的。我就是這麼說的。再說一次，您會看到第二季度動員帶來的重大影響，我們正在調動設備，因為我們贏得了額外的工作。所以這一切都是相輔相成的。

We'll have less cost as we get into the second half of the year. We'll have incremental work that we're mobilizing for. So that's what our operational forecast tells us at this point in time.

進入下半年，我們的成本將會降低。我們將動員起來進行漸進式工作。這就是我們目前的營運預測告訴我們的。

Does that assume any decrease in activity in the second half?

這是否意味著下半年活動會減少？

That includes, it reflects the forecast that we are seeing right now in terms of the top line. As Jeff indicated, there is obviously more uncertainty because of the macro picture right now. So if the macro picture has significant impacts on the international market, then that will differ, but that's not what we're seeing at this point in time.

這包括，它反映了我們目前看到的有關收入的預測。正如傑夫所指出的，目前的宏觀形勢顯然存在更多不確定性。因此，如果宏觀情勢對國際市場產生重大影響，那麼情況就會有所不同，但這不是我們目前所看到的情況。

Nor is that the feedback we're getting from customers internationally. That feedback is much clearer.

這也不是我們從國際客戶那裡得到的回饋。此回饋更加清晰。

Got it. And then just very quickly on the severance charge, over $100 million in the first quarter, you had a $60 million or so severance charge in the third quarter. Just any color on how that might be helping on the margin front going forward.

知道了。然後很快談到遣散費，第一季的遣散費超過 1 億美元，第三季的遣散費約為 6,000 萬美元。任何關於這將如何幫助未來利潤率的事情都可能有所幫助。

Yeah. Overall, I would say that it is included in the guidance that we're giving. So that's how it will materialize itself. And then you can think about the overall severance impact to have a payback of less than one year.

是的。總的來說，我想說它包含在我們提供的指導中。這就是它實現的方式。然後，您可以考慮整體遣散費的影響，以獲得不到一年的回報。

Okay. Got it. No, thank you very much.

好的。知道了。不，非常感謝。

Stephen Gengaro, Stifel.

史蒂芬·根加羅（Stephen Gengaro），Stifel。

Thanks. Good morning everybody. So two things for me. I think the first, when we think about sort of the evolution of the pressure pumping business over the last 5 to 10 years and the increased probably resiliency in margins. Can you talk about what you're seeing right now kind of on the pricing side?

謝謝。大家早安。對我來說有兩件事。我認為首先，當我們思考過去 5 到 10 年間壓力泵業務的發展以及利潤率可能增強的彈性時。您能談談您目前在定價方面看到的情況嗎？

And maybe even if there's any color you could give on how these longer-term contracts that are in place on e-fleets you may or may not kind of reprice quarterly or annual basis? Are there any color you can give us there as we think about margin progression in C&P.

或許您可以透露一些關於這些與電子車隊簽訂的長期合約的詳細信息，您是否可能會按季度或年度重新定價？當我們考慮 C&P 的利潤率成長時，您能給我們一些資訊嗎？

Well, look, we've continued to extend these contracts sort of throughout, and they continue to be price consistent with the value that they're creating including the technology that I've been describing. So look, I think that it is a much more resilient market for us, and that is, from a strategic perspective as why that happens. I was pretty clear in my remarks in terms of what maximized value looks like.

嗯，你看，我們一直在持續延長這些合同，而且它們的價格仍然與它們所創造的價值保持一致，包括我一直在描述的技術。所以，我認為這對我們來說是一個更具彈性的市場，從策略角度來看，這就是發生這種情況的原因。我在我的評論中非常清楚地說明了最大化價值是什麼樣子的。

And so I think it will be, it's competitive, but at the same time, we decide a lot of what we do. And our view is it has to make a good return. And so with 40% and our target 50% being under contract and being at the high end of the technology range and the technology that goes with it, I think, puts us in a different position.

所以我認為這將是有競爭力的，但同時，我們決定了很多我們所做的事情。我們認為它必須獲得良好的回報。因此，我認為，40% 和我們的目標是 50% 處於合約之下，並且處於技術範圍的高端以及隨之而來的技術，這讓我們處於不同的地位。

Okay. Great. And then just a follow-up on the question that came up on VoltaGrid. One of the things that we're trying to understand better around power gen is the differentiation it brings. And given how I think the pressure probably market has become, if it's a word decommoditized over the last 10 years.

好的。偉大的。然後只是對 VoltaGrid 上出現的問題進行跟進。我們試圖更了解發電的其中一件事是它所帶來的差異化。而考慮到我認為的壓力，如果這個詞在過去 10 年裡非商品化了，那麼市場可能已經變得如此。

How do you think about something like VoltaGrid and whether that's a more commoditized service and kind of something that they, however, and as an entity has kind of been moving away from over time.

您如何看待 VoltaGrid 之類的產品，以及這是否是一種更商品化的服務，而他們作為一個實體，隨著時間的推移，已經逐漸遠離它了。

Yeah. Well, obviously, something we think about. And when I think about strategic, obviously, I mean, competitive advantage, and that's one of the reasons we have a front row seat. But before we taking these steps, I'll have to be crystal clear on how that competitive advantage is sustainable over the long term, which is precisely what I told you about frac in terms of, we were committed to a differentiated business.

是的。嗯，顯然，我們正在考慮一些事情。當我考慮戰略時，顯然我指的是競爭優勢，這也是我們佔據前排位置的原因之一。但在我們採取這些措施之前，我必須清楚地了解這種競爭優勢如何才能長期持續下去，這正是我告訴你的關於壓裂的，我們致力於差異化業務。

We believe that technology drives sustainable differentiation in our case, given the investment in it. And so view that the same way. And (inaudible) the reason we're sitting where we are.

我們相信，就我們而言，只要對科技進行投資，科技就能推動永續的差異化。所以請以同樣的方式看待它。以及（聽不清楚）我們坐在這裡的原因。

Okay, great. Thank you for the color.

好的，太好了。謝謝你的顏色。

That concludes the Q&A session for this. I would like to turn the conference back over to management for any closing remarks.

本次問答環節到此結束。我想將會議交還給管理階層，請他們發表結束語。

Yeah. Thank you, Howard. As we close out today's call, let me close with this. I'm confident in our strategy to maximize value in North America, drive our growth engines internationally and deliver highly differentiated technology that creates value for our customers and Halliburton. I expect Halliburton generate solid free cash flow in 2025, and we are on a pace to return at least $1.6 billion of cash in 2025.

是的。謝謝你，霍華德。在我們結束今天的電話會議時，請容許我以此作為結束語。我對我們的策略充滿信心，即實現北美價值最大化、推動我們的國際成長引擎、提供高度差異化的技術，為我們的客戶和哈里伯頓創造價值。我預計哈里伯頓將在 2025 年產生穩健的自由現金流，我們預計在 2025 年將返還至少 16 億美元的現金。

I look forward to speaking with you next quarter.

我期待下個季度與您交談。

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect. Everyone, have a wonderful day.

女士們、先生們，感謝大家參加今天的會議。本節目到此結束。您現在可以斷開連線。祝大家有美好的一天。