哈里伯頓 (HAL) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Halliburton second quarter 2025 company earnings conference call. (Operator Instructions) At this time, I would like to turn the conference over to Mr. David Coleman. Sir, please begin.

女士們、先生們，大家好，感謝你們的支持。歡迎參加哈里伯頓 2025 年第二季公司財報電話會議。（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 second 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 年第二季電話會議。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) 和執行副總裁兼財務長 Eric Carre。

Some of today's comments may include forward-looking statements that reflect Halliburton's views about future events. These matters involve risks and uncertainties that could cause our actual results to materially differ from our forward-looking statements. These risks are discussed in Halliburton's Form 10-K for the year ended December 31, 2024, Form 10-Q for the quarter ended March 31, 2025, recent current reports on Form 8-K, and other Securities and Exchange Commission filings. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

今天的一些評論可能包括反映哈里伯頓對未來事件的看法的前瞻性陳述。這些事項涉及風險和不確定性，可能導致我們的實際結果與我們的前瞻性陳述有重大差異。這些風險在哈里伯頓截至 2024 年 12 月 31 日的年度 10-K 表、截至 2025 年 3 月 31 日的季度 10-Q 表、8-K 表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 second 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二季的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。

Thank you, David, and good morning, everyone. I will open today's call with a discussion of the oilfield services market, which appears very different today than it did only 90 days ago. In the second quarter, Commodity markets were volatile, driven by trade and tariff uncertainty, geopolitical unrest and the accelerated return of OPEC+ production cuts. Against this backdrop, here's what I observe in the market today, which directly influences my outlook.

謝謝你，大衛，大家早安。今天的電話會議我將首先討論油田服務市場，該市場與 90 天前相比已經有很大不同。第二季度，受貿易和關稅不確定性、地緣政治動盪以及 OPEC+ 加速恢復減產的影響，大宗商品市場波動劇烈。在此背景下，我觀察到當今市場的情況直接影響了我的觀點。

In North America, multiple operators, even large and established customers, are now planning meaningful schedule gaps in the second half of 2025. In international markets, particularly among some large NOCs, we continue to see reductions in activity and lower discretionary spend, typical of much lower commodity price environments. And finally, we've seen several well-publicized reorganizations and cost reduction efforts by large independent operators and IOCs.

在北美，多家營運商，甚至是大型老客戶，現在都在計劃在 2025 年下半年安排有意義的航班時刻表。在國際市場上，特別是在一些大型國家石油公司中，我們繼續看到活動減少和可自由支配支出降低，這是大宗商品價格大幅下跌的典型特徵。最後，我們看到大型獨立營運商和國際石油公司進行了幾次廣為人知的重組和成本削減措施。

To put it plainly, what I see tells me the oilfield services market will be softer than I previously expected over the short to medium term. We will, of course, take action to address this near-term softness. That said, I believe the demand fundamentals remain strong for both oil and gas. I expect conditions will improve as additional OPEC+ production is absorbed by the market, and operators around the world work to replace declining production and meet increasing demand. As I look ahead, I believe that Halliburton is well aligned with the themes that I expect will define the next several years.

簡單地說，我所看到的情況告訴我，從短期到中期來看，油田服務市場將比我之前預期的要疲軟。當然，我們將採取行動來解決這個短期疲軟現象。話雖如此，我相信石油和天然氣的需求基本面依然強勁。我預計，隨著 OPEC+ 的額外產量被市場吸收，以及世界各地的營運商努力彌補產量下降並滿足日益增長的需求，情況將會改善。展望未來，我相信哈里伯頓與我預期的未來幾年的主題非常契合。

First, unconventionals will continue to be a critical component of the supply picture. I expect that advanced technology to maximize recovery and returns will expand both in the United States and around the world. Second, production-related services like intervention and stimulation along with artificial lift will grow alongside increased global production of both oil and gas. Third, I expect demand will rise for complex drilling and well construction services to access available resources. This requires advanced tools and automation technologies for efficient development and delivery.

首先，非常規能源將繼續成為供應格局的重要組成部分。我預計，最大限度提高復甦和回報的先進技術將在美國和世界各地推廣。其次，隨著全球石油和天然氣產量的增加，幹預和刺激以及人工舉升等與生產相關的服務也將成長。第三，我預計對複雜鑽井和井建造服務的需求將會增加，以獲取可用資源。這需要先進的工具和自動化技術來實現高效的開發和交付。

I believe our strategic alignment with these themes positions Halliburton to deliver industry-leading returns. I fully expect that the strategic execution that delivered performance in recent markets will continue to deliver outperformance in the future. Now let's move on to our geographic results.

我相信，我們與這些主題的戰略一致性使哈里伯頓能夠實現行業領先的回報。我完全相信，近期市場表現優異的策略執行將在未來繼續帶來優異表現。現在讓我們繼續討論地理結果。

I'll start with the international markets, where Halliburton delivered quarterly revenue of $3.3 billion. The second quarter demonstrated 2% sequential growth with activity increases in Latin America and Europe, Africa, offset by activity reduction in Saudi Arabia. As we look at the full year 2025, I expect our international revenue will contract by mid-single digits year-on-year primarily driven by activity reductions in Saudi Arabia and Mexico. Despite the ongoing softness in these large markets, I do expect Halliburton to demonstrate growth in Brazil and Norway, as well as offshore frontier basins, where we secured key wins last quarter through our technology, operational excellence and collaborative approach.

我先從國際市場開始，哈里伯頓的季度營收為 33 億美元。第二季較上季成長 2%，拉丁美洲、歐洲和非洲的活動增加，但沙烏地阿拉伯的活動有所減少。展望 2025 年全年，我預計我們的國際收入將同比下降中等個位數，主要原因是沙烏地阿拉伯和墨西哥的活動減少。儘管這些大型市場持續疲軟，但我確實預計哈里伯頓將在巴西和挪威以及海上邊境盆地實現增長，上個季度我們憑藉技術、卓越運營和協作方式在這些領域取得了關鍵勝利。

Thinking broadly about our international business going forward, our growth engines, unconventionals, drilling, production services and artificial lift remain key to our international strategy, and we believe Halliburton has unique opportunities to grow in each of these areas as evidenced by our recent progress.

廣泛思考我們未來的國際業務，我們的成長引擎、非常規資源、鑽井、生產服務和人工舉升仍然是我們國際戰略的關鍵，我們相信，哈里伯頓在上述每個領域都有獨特的發展機會，我們最近的進展就證明了這一點。

In unconventionals, we continue to see adoption of North America style development, multi-well pads, long laterals and large completions in several international unconventional basins, which reinforces our confidence in our unique ability to lead in unconventionals. In Argentina, we achieved a record quarterly stage count and performed our first sensory fiber optic fracture monitoring service, a milestone in expanding our leading unconventional technologies outside of North America. In Australia, we recently completed a 67 stage stimulation, the largest job to date in the Beetaloo Basin. And in the Middle East, we drilled the longest well in the region's largest unconventional play.

在非常規油氣領域，我們繼續看到多個國際非常規盆地採用北美風格的開發、多井平台、長水平段和大型完井技術，這增強了我們對自己在非常規油氣領域領先優勢的獨特能力的信心。在阿根廷，我們實現了創紀錄的季度階段數，並首次進行了感測光纖裂縫監測服務，這是我們在北美以外擴展領先的非常規技術的一個里程碑。在澳大利亞，我們最近完成了 67 級增產作業，這是迄今為止 Beetaloo 盆地最大的作業。在中東，我們在該地區最大的非常規油氣田鑽了最長的井。

Turning to Drilling Services. iCruise, LOGIX Automation and the iStar platform delivered strong performance and introduced unique capabilities in several technically demanding markets. Globally, we surpassed 0.5 million feet drilled with LOGIX closed-loop automation and completed an important trial with a customer in the Middle East.

談到鑽井服務，iCruise、LOGIX Automation 和 iStar 平台在多個技術要求高的市場中表現出色，並推出了獨特的功能。在全球範圍內，我們利用 LOGIX 閉環自動化技術鑽探的深度已超過 50 萬英尺，並與中東的一位客戶完成了一項重要試驗。

In Norway, we recently utilized iCruise and LOGIX to drill the longest well in the Norwegian continental shelf to a measured depth of over 10 kilometers. In reservoir mapping, we launched EarthStar 3DX. It builds on our leading EarthStar X and Brightstar mapping technologies, and provides a three-dimensional map ahead of the bit while drilling. This unique capability allows proactive steering around hazards and precision wellbore placement for optimum drilling efficiency and recovery.

在挪威，我們最近利用 iCruise 和 LOGIX 在挪威大陸架鑽探了最長的井，測量深度超過 10 公里。在油藏測繪方面，我們推出了EarthStar 3DX。它以我們領先的 EarthStar X 和 Brightstar 測繪技術為基礎，在鑽井時提供鑽頭前方的三維地圖。這種獨特的能力可以主動避開危險並精確定位井眼，以實現最佳鑽井效率和採收率。

Next, in Production Services, we had several activity highlights during the second quarter. In Brazil, we began operations on our largest integrated well intervention contract which highlights the expansion of our collaborative model from well construction to production. In Norway, we expanded our riserless coiled tubing services beyond our initial pilot and completed a three-well intervention campaign for a customer. Finally, in artificial lift, Halliburton secured its largest international ESP contract to date from a Middle East NOC. Middle East Asia remains our largest and fastest-growing international lift region with strong year-over-year growth also achieved in Latin America and Europe, Africa.

接下來，在生產服務方面，我們在第二季有幾個活動亮點。在巴西，我們開始實施我們最大的綜合油井幹預合同，這凸顯了我們的合作模式從油井建設到生產的擴展。在挪威，我們將無立管連續油管服務擴展到最初的試點範圍之外，並為客戶完成了三井幹預活動。最後，在人工舉升領域，哈里伯頓從中東國家石油公司獲得了迄今為止最大的國際 ESP 合約。中東亞仍然是我們最大、成長最快的國際電梯地區，拉丁美洲、歐洲和非洲也實現了強勁的年成長。

We expect International artificial lift revenue to grow over 20% this year and plan to double the installed base of Intelivate, our remote operations and automation platform. It has been a strong start to the year, and I expect to exit the year with an international franchise that is larger than all of Summit at the time of acquisition, a significant milestone in our growth journey.

我們預計今年國際人工舉升收入將成長 20% 以上，並計劃將我們的遠端操作和自動化平台 Intelivate 的安裝基數增加一倍。今年開局強勁，我預計今年結束時我們的國際特許經營權將比收購時整個 Summit 的規模還要大，這是我們成長歷程中的一個重要里程碑。

To conclude my thoughts on the international market, while activity reductions in a few large markets will likely overshadow the solid performance of other geographies, I am confident our strategy is the right one, and our growth engines remain key to that strategy.

總結我對國際市場的看法，雖然一些大型市場活動的減少可能會掩蓋其他地區的穩健表現，但我相信我們的策略是正確的，我們的成長引擎仍然是該策略的關鍵。

Now let's turn to North America, where our second quarter revenue of $2.3 billion was roughly flat to first quarter. Seasonal improvements in completions were offset by lower service pricing and reduced artificial lift activity. As we look at the remainder of the year in North America, we expect that revenue in the second half will decline due to lower drilling and completion activity. This comes in the form of more white space in our frac calendars, the full period effects of recent service pricing reductions, and the stacking of frac fleets that do not meet our returns threshold.

現在讓我們轉向北美，我們第二季的營收為 23 億美元，與第一季基本持平。完井數量的季節性改善被服務價格的下降和人工舉升活動的減少所抵消。展望北美今年剩餘時間的表現，我們預計下半年收入將因鑽井和完井活動減少而下降。這表現為我們的壓裂日曆中出現更多空白、近期服務價格下調對整個週期產生的影響，以及不符合我們的回報門檻的壓裂船隊的堆積。

While increases in gas activity are likely to absorb some service capacity this year, it is unlikely to offset the decreases in oil-directed activity. We now forecast full year North America revenue to decline low double digits year-over-year. In this environment, differentiation has never mattered more. Halliburton's leading technology remains an important differentiator for us. This quarter, we were pleased to see Chevron announce their ZEUS IQ closed-loop fracturing milestone in the Rockies. Customer enthusiasm is strong, and we are actively deploying ZEUS IQ across our US operations. I expect up to one-third of our ZEUS electric fleets to operate with ZEUS IQ by year-end, a strong endorsement of a technology that debuted only a quarter ago.

雖然今年天然氣活動的增加可能會吸收一些服務能力，但不太可能抵消石油活動的減少。我們現在預測北美全年營收將年減兩位數。在這種環境下，差異化變得前所未有的重要。哈里伯頓領先的技術仍然是我們的一個重要差異化因素。本季度，我們很高興看到雪佛龍宣布其在落基山脈的 ZEUS IQ 閉環壓裂里程碑。客戶熱情高漲，我們正在美國業務中積極部署 ZEUS IQ。我預計到今年年底，我們多達三分之一的 ZEUS 電動車隊將採用 ZEUS IQ 運營，這是對僅在一個季度前推出的技術的有力認可。

In North America drilling, iCruise and LOGIX Automation enable our customers to maximize the value of their assets by consistently delivering curve and lateral sections on today's longer wells. This performance has driven rapid growth in our US land rotary steerable business and double-digit revenue growth in North America drilling services, even amid rig count declines.

在北美鑽井中，iCruise 和 LOGIX Automation 透過在當今較長的井上持續提供曲線和橫向部分，使我們的客戶能夠最大限度地提高其資產價值。這項業績推動了我們美國陸地旋轉導向業務的快速成長，並在鑽機數量下降的情況下，北美鑽井服務收入實現了兩位數成長。

To finish my thoughts on North America, activity reductions will affect the oilfield services market this year. I am confident in our plans to take the necessary actions to address these headwinds. My customer conversations tell me technology and service execution are key to maximizing the value of their assets. And I believe Halliburton has unmatched capability to deliver both of these at scale, which is why I am confident we will deliver returns in North America that outpace our competitors.

最後，我對北美的看法是，活動減少將影響今年的油田服務市場。我對我們的計劃充滿信心，我們將採取必要的行動來應對這些不利因素。我與客戶的交談告訴我，技術和服務執行是最大化其資產價值的關鍵。我相信哈里伯頓擁有無與倫比的能力來大規模實現這兩項目標，這就是為什麼我相信我們將在北美實現超過競爭對手的回報。

For both the international and North America markets, here's how I plan to address the near-term softness. First, we will not work equipment where it does not earn economic returns, and this includes North America frac fleets. Second, we will reduce our variable and fixed cash costs over the quarters ahead to size our business to the market we see. And finally, we will remain focused on free cash flow and returns, and will remain diligent stewards of capital.

對於國際市場和北美市場，我計劃採取以下措施來解決近期的疲軟問題。首先，我們不會使用無法帶來經濟回報的設備，其中包括北美壓裂車隊。其次，我們將在未來幾季降低可變現金成本和固定現金成本，以使我們的業務適應我們所看到的市場。最後，我們將繼續專注於自由現金流和回報，並將繼續勤奮地管理資本。

Before I turn it over to Eric, let me close with this. I am confident in Halliburton's future. Today, we are more differentiated with deeper technology advantages to address our customers' requirements and more collaborative than ever before. I believe our value proposition to collaborate and engineer solutions to maximize asset value for our customers is a powerful driver of both customer and shareholder value.

在將發言權交給 Eric 之前，請容許我先說一句話。我對哈里伯頓的未來充滿信心。今天，我們憑藉更深層的技術優勢，更差異化地滿足客戶的需求，並且比以往更有協作性。我相信，我們的價值主張——合作並設計解決方案以最大化客戶的資產價值——是客戶和股東價值的強大驅動力。

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

說完這些，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 Q2 reported net income per diluted share was $0.55. Total company revenue for Q2, 2025 was $5.5 billion, an increase of 2% when compared to Q1, 2025. Operating income was $727 million, and the operating margin was 13%. Our Q2 cash flow from operations was $896 million, and free cash flow was $582 million. During Q2, we repurchased approximately $250 million of our common stock.

謝謝你，傑夫，早安。我們第二季報告的每股攤薄淨利潤為0.55美元。 2025年第二季公司總營收為55億美元，較2025年第一季成長2%。營業收入為7.27億美元，營業利益率為13%。我們第二季的經營現金流為 8.96 億美元，自由現金流為 5.82 億美元。在第二季度，我們回購了約 2.5 億美元的普通股。

Now turning to the segment results. Beginning with our Completion and Production division, revenue in Q2 was $3.2 billion, an increase of 2% when compared to Q1, 2025. Operating income was $513 million, a decrease of 3% when compared to Q1, 2025, and operating income margin was 16%.

現在轉向細分結果。從我們的完井和生產部門開始，第二季的營收為 32 億美元，與 2025 年第一季相比成長了 2%。營業收入為 5.13 億美元，與 2025 年第一季相比下降 3%，營業收入利潤率為 16%。

Revenue increased largely due to seasonal improvement in pressure pumping activity in the Western Hemisphere. The decline in operating income was primarily driven by lower pricing for stimulation services in US land. In our Drilling and Evaluation division, revenue in Q2 was $2.3 billion, an increase of 2% when compared to Q1 2025. Operating income was $312 million, a decrease of 11% when compared to Q1, 2025 and operating income margin was 13%.

收入的成長主要是由於西半球壓力泵送活動的季節性改善。營業收入的下降主要是由於美國陸地刺激服務價格下降所致。在我們的鑽井和評估部門，第二季的營收為 23 億美元，與 2025 年第一季相比成長了 2%。營業收入為 3.12 億美元，與 2025 年第一季相比下降 11%，營業收入利潤率為 13%。

Revenue increased due to higher drilling-related services globally. Operating income decreased due to seasonal roll-off of software sales and increased startup and mobilization costs across multiple product service lines. Now let's move on to geographic results.

由於全球鑽井相關服務增加，收入增加。由於軟體銷售的季節性下滑以及多個產品服務線的啟動和動員成本增加，營業收入有所下降。現在讓我們討論地理結果。

Our Q2 international revenue increased 2% sequentially. Europe-Africa revenue in Q2 was $820 million, an increase of 6% sequentially. This increase was primarily driven by higher activity across multiple product service lines in Norway. Middle East Asia revenue in Q2 was $1.5 billion, a decrease of 4% sequentially. This decrease was primarily due to lower activity across multiple product service lines in Saudi Arabia and Kuwait.

我們第二季的國際營收季增了 2%。歐洲-非洲第二季營收為 8.2 億美元，季增 6%。這一增長主要得益於挪威多個產品服務線的活動增加。中東亞洲第二季營收為 15 億美元，季減 4%。這一下降主要是由於沙烏地阿拉伯和科威特多個產品服務線的活動減少。

Latin America revenue in Q2 was $977 million, a 9% increase sequentially. This increase was primarily due to improved activity across multiple product service lines in Mexico and Brazil, and increased well intervention services in Argentina. In North America, Q2 revenue was $2.3 billion, relatively flat when compared to Q1, 2025. Slightly higher well construction activity, completion tool sales, and stimulation activity in the region were offset by lower artificial lift activity and software sales.

第二季拉丁美洲營收為 9.77 億美元，季增 9%。這一增長主要歸因於墨西哥和巴西多個產品服務線活動的改善，以及阿根廷井下作業服務的增加。在北美，第二季營收為 23 億美元，與 2025 年第一季相比基本持平。該地區的油井建設活動、完井工具銷售和增產活動略有增加，但被人工舉升活動和軟體銷售的下降所抵消。

Moving on to other items. In Q2, our corporate and other expense was $66 million. We expect our Q3 corporate expenses to increase by about $5 million. In Q2, we spent $32 million on SAPsfor migration, which is included in our results. For Q3, we expect SAP expenses to be about flat. Net interest expense for the quarter was $92 million. For Q3, we expect net interest expense to be approximately flat. Other net expense for Q2 was $24 million. For Q3, we expect this expense to be about $45 million.

繼續討論其他事項。第二季度，我們的公司及其他支出為 6,600 萬美元。我們預計第三季的公司支出將增加約 500 萬美元。在第二季度，我們花了 3,200 萬美元用於 SAP 遷移，這筆費用已計入我們的業績中。對於第三季度，我們預計 SAP 支出將基本持平。本季淨利息支出為 9,200 萬美元。對於第三季度，我們預計淨利息支出將大致持平。第二季其他淨支出為 2,400 萬美元。對於第三季度，我們預計這筆支出約為 4500 萬美元。

Our effective tax rate for Q2 was 21.4%. Based on our anticipated geographic earnings mix, we expect our Q3 effective tax rate to be approximately 23.5%. Capital expenditures for Q2 were $354 million. For the full year 2025, we expect capital expenditures to be about 6% of revenue. In Q2, tariffs impacted our business by $27 million. For Q3, we currently expect a negative impact of about $35 million, or about $0.04 per share, which is included in our guidance.

我們第二季的有效稅率為 21.4%。根據我們預期的地理收益組合，我們預計第三季有效稅率約為 23.5%。第二季的資本支出為 3.54 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。第二季度，關稅對我們的業務影響了 2700 萬美元。對於第三季度，我們目前預計負面影響約為 3500 萬美元，或每股約 0.04 美元，這已包含在我們的指導中。

Now let me provide you with comments on our Q3 expectations. In our Completion and Production division, we anticipate sequential revenue to decrease 1% to 3%, and margins to decrease 150 to 200 basis points. In our Drilling and Evaluation division, we expect sequential revenue to also decline 1% to 3%, and margins to improve 125 to 175 basis points.

現在，讓我向您提供我們對第三季預期的評論。在我們的完井和生產部門，我們預計連續收入將下降 1% 至 3%，利潤率將下降 150 至 200 個基點。在我們的鑽井和評估部門，我們預計連續收入也將下降 1% 至 3%，利潤率將提高 125 至 175 個基點。

I will now turn the call back to Jeff.

我現在將電話轉回給傑夫。

Thanks, Eric. Let me summarize the key takeaways from today's discussion. First, we are aligning our business with the current market conditions. We will reduce costs and retire, stack or reallocate underperforming assets.

謝謝，埃里克。讓我總結一下今天要討論的要點。首先，我們正在調整我們的業務以適應當前的市場狀況。我們將降低成本並淘汰、累積或重新分配表現不佳的資產。

Next, internationally, we see strong performance in our growth engines unconventionals, drilling, production services and artificial lift. We secured key wins last quarter through our technology, operational excellence and collaborative approach.

其次，在國際上，我們的成長引擎——非常規能源、鑽井、生產服務和人工舉升——表現強勁。上個季度，我們憑藉技術、卓越營運和協作方式取得了關鍵勝利。

In North America, the ZEUS platform and iCruise continue to differentiate Halliburton by delivering unique value to our customers. Combined with our ability to execute at scale they reinforce our position as the leading services company. And finally, we remain focused on returns, capital discipline and free cash flow.

在北美，ZEUS 平台和 iCruise 繼續透過向客戶提供獨特的價值使哈里伯頓脫穎而出。結合我們大規模執行的能力，它們鞏固了我們作為領先服務公司的地位。最後，我們仍然關注回報、資本紀律和自由現金流。

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。

The first question was really just -- is around C&P margins. They were a little softer in the quarter, and we appreciated the Q3 volume Q3 guide. But can you just unpack that a little bit more? What are you seeing that's contributing to that? And how do we get that moving back in the right direction?

第一個問題其實只是關於 C&P 利潤率。本季他們的表現略顯疲軟，我們很欣賞第三季的銷售指南。但您能再進一步解釋一下嗎？您認為是什麼導致了這現象？我們怎麼能讓這一切回到正確的方向？

Yes, Neil, it's Eric. So let me -- I'll give you a couple of colors on the C&P margins versus what we guided for Q2, and then I'll give a little more color around the Q3 guide for Q3. So starting with Q2, we actually were kind of on guidance in terms of revenue margins was a bit lower than the guidance on flat. We are, I think, 80 bps below the guide. So what really happened in terms of the revenue side, we were up in most regions and most product lines across the C&P division with two major exception. One, Saudi, and also the artificial lift business in North America. The reduction in Saudi is actually a reduction in frac, but also on the related services as a lot of the frac in Jafurah slowed down ahead of the award of the new tender.

是的，尼爾，我是艾瑞克。因此，讓我 - 我將為您提供一些關於 C&P 利潤率與我們對第二季度的指導的區別，然後我將為第三季度的第三季度指導提供更多顏色。因此，從第二季開始，我們實際上在營收利潤率方面的指導略低於持平指引。我認為，我們比指導值低了 80 個基點。因此，就收入方面而言，實際情況是，除了兩個主要例外，我們在 C&P 部門的大多數地區和大多數產品線上的收入都有所增長。一是沙特，二是北美的人工舉升業務。沙烏地阿拉伯的減少實際上是壓裂的減少，但相關服務也減少了，因為在新招標授予之前，賈富拉的許多壓裂作業已經放緩。

The other element that contributed to softer margins are obviously the pricing headwinds in US land and also the reduction in the Saudi activity I talked about. Some of that was offset by the performance of our cementing and completion tool product lines. But overall, it resulted in a slight miss from a margin perspective. So that's the color on the performance versus the Q2 guide.

導致利潤率下降的另一個因素顯然是美國土地定價阻力以及我提到的沙烏地阿拉伯活動的減少。其中一部分被我們的固井和完井工具產品線的表現所抵銷。但總體而言，從利潤率角度來看，這導致略有損失。這就是與 Q2 指南相比的性能顏色。

Now if we move to Q3. So our guidance is 1% to 3% reduction in revenue and 150 to 200 basis point reduction in margin. There are really three main elements that contribute to the guidance. The first one is the reduction of activity and reduction, or softness, in pricing in North America land pressure pumping, which is both frac and also cementing. The second element is the reduction of completion tool deliveries in most international markets, partially offset by increase in completion deliveries in the Gulf of America and these are essentially just operation, the cycle of drilling versus completion, et cetera. And the third element, which is the one I mentioned that affected also Q2 is the reduction in activity of frac in Saudi.

現在我們轉到 Q3。因此，我們的預期是營收減少 1% 至 3%，利潤率減少 150 至 200 個基點。實際上，有三個主要因素有助於該指導。第一個是北美陸地壓力泵送（既是壓裂又是固井）活動的減少和定價的降低或軟化。第二個因素是大多數國際市場完井工具交付量的減少，但美國灣完井交付量的增加部分抵消了這一減少，而這些基本上只是操作、鑽井與完井的周期等等。第三個因素，也就是我提到的也影響第二季的因素，是沙烏地阿拉伯水力壓裂活動的減少。

And so maybe, Jeff, for you, a quick question is just can you help us walk through your customer conversations about the white space as you think about the back half of the year in North America for the frac side of the business? And any early thoughts on 2016? I know it's a really volatile macro, but you probably have some great perspective as you talk to your most important customers.

因此，傑夫，也許對你來說，一個簡單的問題是，當你考慮北美下半年的壓裂業務時，你能否幫助我們了解你與客戶關於空白領域的對話？對 2016 年有什麼初步想法嗎？我知道這是一個非常不穩定的宏觀因素，但是當您與最重要的客戶交談時，您可能會有一些很好的觀點。

Yes, certainly. And, well, I think that conserving cash, we look and we see that as I mentioned in my prepared remarks, quite a bit of reorganization and activity going on around that. And so I would say customers are fairly cautious in conserving budget. They also say, though, that the most important thing is technology and service quality performance, which is certainly good for Halliburton, and we'll probably talk more about it, but sort of the technology steps we've taken have been important. And so as I look out to '26, it's really early with the volatility that we see and just -- what precisely they're going to do for 2026 is sort of on hold.

是的，當然。而且，嗯，我認為，為了節省現金，我們看到，正如我在準備好的演講中提到的那樣，圍繞這一點正在進行相當多的重組和活動。所以我想說顧客在節省預算方面相當謹慎。不過，他們也表示，最重要的是技術和服務品質表現，這對哈里伯頓來說當然是好事，我們可能會更多地談論它，但我們採取的技術措施非常重要。因此，當我展望 2026 年時，我們看到的波動性還處於初期階段，而他們針對 2026 年的具體舉措目前仍處於擱置狀態。

But what I would expect is that we would see activity earlier in the year, picked up above what it is in certainly Q3 and Q4. But as far as sort of doubling down, I think that I don't see that happening soon until we see some catalysts that change trajectory on sort of price outlook.

但我預計，我們會在今年早些時候看到活動，其水平肯定會高於第三季和第四季。但就加倍下注而言，我認為這種情況不會很快發生，直到我們看到一些改變價格前景軌蹟的催化劑。

Dave Anderson, Barclays.

巴克萊銀行的戴夫安德森。

Just kind of curious, Jeff, where are we right now in terms of these E&Ps resetting their programs? You talked about some meaningful schedule gaps coming up. I'm just kind of curious, we've seen a pretty steady decline in oil recount the last few months. Do we be thinking about kind of a 4Q bottom?

只是有點好奇，傑夫，就這些 E&P 重置其程序而言，我們現在處於什麼位置？您談到了即將出現的一些有意義的日程安排空白。我只是有點好奇，過去幾個月我們看到石油產量穩定下降。我們是否考慮過第四季的底部？

And then related to that, if you could give us maybe a little bit more color on pricing? I know at the end of last year, concessions were made to keep fleets contracted. The situation today, I'm curious, are they coming back for another bite of the apple? And it sounds like you've walked away from some work. I'm curious, does that mean you're getting rid of the final diesel fleets? Sorry, threw a lot of that first question.

然後與此相關，您是否可以提供一些有關定價的詳細資訊？我知道去年年底，政府做出了讓步以維持船隊的合約。今天的情況，我很好奇，他們會再回來咬一口蘋果嗎？聽起來你已經放棄一些工作了。我很好奇，這是否意味著您要淘汰最後的柴油車隊？抱歉，第一個問題問太多了。

Yes, fair enough. Couple of questions in there, Dave. All good questions. So let me just start with outlook on where are we in sort of the cycle or where are we relative to a bottom? And I really think we have to look at the supply and demand fundamentals here. And we projected, I think broadly as projected, there's solid growth in oil demand. But we also have spare capacity coming into the market, and sort of the US producing at a fairly high level.

是的，很公平。這裡有幾個問題，戴夫。這些都是很好的問題。那麼，讓我先從我們處於週期的哪個階段或是我們相對於底部處於什麼位置開始？我確實認為我們必須考慮這裡的供需基本面。我認為，我們大致預測石油需求將穩定成長。但我們的市場中也有閒置產能，而且美國的產量也相當高。

And so I think as supply consumes -- as demand starts to consume spare capacity, and we also start to see sort of production rollover in some key markets, which it likely will. I mean, the decline curve is still working. I think those are the signposts we look for in terms of where do we things come -- where do we see sort of a bottom versus a recovery?

因此，我認為隨著供應的消耗——隨著需求開始消耗閒置產能，我們也開始看到一些主要市場的生產轉變，這是很有可能的。我的意思是，下降曲線仍在起作用。我認為這些就是我們在看事情將走向何方時所尋找的路標——我們在哪裡看到底部而不是復甦？

What I do know, though, is that the -- it becomes a question of duration. Duration and sort of depth. And so if it comes off hard, it comes back on pretty hard, and pretty quickly, and that's what we see. So we need to look for those signposts. We've seen that we're below maintenance level today in North America, certainly below maintenance level in Mexico and a few other key markets around the world. So I think we're -- from a trajectory standpoint, that recovers.

但我確實知道的是——這變成了一個持續時間的問題。持續時間和深度。因此，如果它變得很厲害，它很快就會變得很厲害，這就是我們所看到的。所以我們需要尋找那些路標。我們已經看到，目前我們在北美的銷量低於維持水平，在墨西哥和世界其他幾個主要市場的銷量肯定也低於維持水平。所以我認為，從軌跡的角度來看，我們正在復甦。

From a price standpoint. Yes, I mean, we at a place where I would describe it as we get to make choice. And so we are making choice around equipment working or not working, and we'll clearly stack some fleets. Just because -- just we're not going to work it on economic levels. And it's a commitment, it's strategic for us, and it takes some equipment out of the market as well. But from our perspective, working at uneconomic levels is literally burns up equipment, creates HSE risk and all sorts of things that we just don't want to do. And so that's -- those are steps we are taking now broadly from a -- Dave I'll stop there. That's kind of where we are.

從價格角度來看。是的，我的意思是，我們可以做出選擇。因此，我們正在對設備是否工作做出選擇，並且我們顯然會堆積一些設備。只是因為──我們不會在經濟層面去解決這個問題。這是一種承諾，對我們來說具有戰略意義，它也會將一些設備從市場上撤出。但從我們的角度來看，在不經濟的水平上工作實際上會燒毀設備，產生 HSE 風險以及各種我們不想做的事情。這就是──這些就是我們現在正在採取的步驟──戴夫，我就講到這裡。這就是我們現在的處境。

No, that makes sense. That makes sense, Jeff. And maybe if I could shift to international markets. You mentioned unconventionals a number of times. Argentina, Australia and obviously, Saudi, which is the big one we're all kind of watching here.

不，這很有道理。這很有道理，傑夫。也許我可以轉向國際市場。您多次提到非常規做法。阿根廷、澳大利亞，當然還有沙特，這是我們目前關注的焦點。

I was wondering if you could give us a sense as to kind of how big this now -- right now is in your international portfolio? And how big it could actually be in a couple of years? Just trying to get a sense. Is it like 10% of international revenue that at this point? Like kind of where does it go from here? Just a little bit of a relative sense here in terms of the opportunity.

我想知道您能否告訴我們目前這部分業務在您的國際投資組合中佔比有多大？幾年後它實際上會變得多大？只是想了解一下。目前這佔國際收入的 10% 左右嗎？就像它接下來會去哪裡一樣？就機會而言，這只是一點相對的感覺。

Yes. Let's -- look, I think there's opportunity in certainly Argentina, as you described. Also Saudi Arabia, but it's well beyond that in terms of sort of trajectory. And like all things that start slowly and then gains legs, which I would -- how I would describe probably Argentina more so just because of the sort of a broad group of customers all investing in a market and it got a lot of legs. And now today, that is a meaningful market, a very meaningful market, and a technology-driven market.

是的。讓我們看看，我認為正如你所描述的，阿根廷肯定存在機會。還有沙烏地阿拉伯，但就發展軌跡而言，它遠遠超出了沙烏地阿拉伯。就像所有開始緩慢然後逐漸發展起來的事物一樣，我會這樣描述阿根廷，這更多的是因為有一大群客戶都在投資這個市場，並且它獲得了很大的發展。如今，這是一個有意義的市場，一個非常有意義的市場，一個由科技驅動的市場。

I think that we expect growth beyond just those two countries. And I think that's what's important. As we go forward. We've seen pretty solid growth year-on-year. I would say double digits growth year-on-year with our international frac business, non-US frac business. That's why I described Australia. I'll describe the UAE, where we see quite a bit of opportunity. And then also, most of North Africa actually presents pretty good opportunities for unconventionals, and also having the markets. And yes, and I think in gas demand is going to drive in a number of these markets, you're going to see unconventionals driven more by gas demand than anything else.

我認為我們期望的成長不僅限於這兩個國家。我認為這才是最重要的。隨著我們繼續前進。我們看到了同比相當穩健的成長。我想說我們的國際壓裂業務、非美國壓裂業務比去年同期成長了兩位數。這就是我描述澳洲的原因。我將描述阿聯酋，我們在那裡看到了很多機會。而且，北非大部分地區實際上為非常規能源提供了相當好的機會，並且還擁有市場。是的，我認為天然氣需求將推動許多市場的發展，你會看到非常規能源更多地受到天然氣需求的驅動。

Arun Jayaram, JPMorgan.

摩根大通的阿倫‧賈亞拉姆 (Arun Jayaram)。

I wanted to maybe elaborate -- I wanted to see if you could maybe elaborate on that commentary on unconventionals. And wondering if we could focus on the Middle East? I know I cover EOG and they'll be testing an unconventional play concept in the UAE. And perhaps I wanted to see if you could comment on how was positioned in the upcoming Jafurah tender.

我想詳細闡述一下——我想看看您是否可以詳細闡述一下關於非常規的評論。想知道我們是否可以關注中東嗎？我知道我報道 EOG，他們將在阿聯酋測試一個非常規的遊戲概念。或許我想看看您是否可以評論一下它在即將到來的 Jafurah 招標中的定位。

I know that, that tender will include -- called a tripling of the amount of stages, so it's a large tender. Jeff, how important do you think technology will be within that tender? And when do you expect to see activity kind of rebound in Saudi?

我知道，該招標將包括——稱為將階段數量增加三倍，所以這是一次大型招標。傑夫，你認為科技在這次招標中有多重要？您預計沙烏地阿拉伯的經濟活動何時會反彈？

Yes. Look, from an unconventional perspective, we're well positioned in the Middle East for unconventionals, both from an equipment standpoint and technically. And we have work starting Q4-ish in UAE, and we're happy with that, and that will be a technology showcase, I expect in terms of what we can do with ZEUS IQ and some other things.

是的。從非常規角度來看，無論從設備角度或技術角度，我們在中東都處於非常規能源領域的有利地位。我們的工作將於第四季度在阿聯酋開始，我們對此感到滿意，這將是一個技術展示，我期待著我們能夠利用 ZEUS IQ 和其他一些東西來做些什麼。

I'm not going to comment on Jafurah, other than to say it's in process now. It's -- we've got a very disciplined approach to bidding work. And I think that's what needs to be remembered here. And we're centered on -- that whole process is centered around returns and long-term returns, not just volumes. And I think we know quite a bit about this kind of price frac, et cetera. And so from that perspective, look, by the time we're talking about named tenders on calls and things of that nature, you can bet they've gotten pretty competitive.

我不會對 Jafurah 進行任何評論，只是說它現在正在進行中。我們對投標工作採取非常嚴謹的態度。我認為這就是需要記住的。我們的重點是——整個過程都圍繞著回報和長期回報，而不僅僅是數量。我認為我們對這種價格波動等有相當了解。因此，從這個角度來看，當我們談論電話中的指定投標和諸如此類的事情時，你可以肯定他們已經變得非常有競爭力了。

But that said, we do like the frac work we're doing internationally, and I really like the interest in the technology, beyond interest actually buying the technology in Argentina, for example, that we're able to do with how to place fracs, where the sand is going, how to improve recovery.

但話雖如此，我們確實喜歡我們在國際上所做的壓裂工作，我真的很喜歡對這項技術的興趣，除了在阿根廷實際購買這項技術的興趣之外，例如，我們能夠了解如何放置壓裂裝置，沙子流向何處，如何提高採收率。

Great. Jeff, my follow-up just on the portfolio. I know in the last 10-Q, you commented on the focus on Halliburton maybe to market a portion of its chemicals business, but just thoughts on pruning of the portfolio?

偉大的。傑夫，我只是在跟進作品集。我知道在上一季的 10 季中，您曾評論說應該重點關注哈里伯頓，以便推銷其部分化學品業務，但您只是對精簡投資組合有什麼想法嗎？

Look, we want to be investing in the thing -- we are investing in the things that we believe show the best returns for us and the best sort of opportunity for growth and returns. And so we do. We bring the portfolio from time to time. We really like what we're doing with lift. And we think the ESP lift in particular, is the most attractive, certainly for us. And as we look at other parts of our portfolio where we don't see necessarily, we don't see the opportunity for the kind of accretive returns that we would like. We take a hard look at it.

你看，我們想要投資那些我們認為能為我們帶來最佳回報、能帶來最佳成長和回報機會的事物。我們也這麼做了。我們會不時帶來投資組合。我們真的很喜歡我們對電梯所做的事情。我們認為 ESP 升降裝置尤其具有吸引力，當然對我們來說是這樣。當我們審視投資組合中其他我們未必看好的部分時，我們並沒有看到獲得我們所希望的那種增值回報的機會。我們對此進行了認真的審視。

Roger Read, Wells Fargo Securities.

富國證券的羅傑‧里德 (Roger Read)。

Coming back to the -- let's just call it the North American outlook here, that I recognize. A lot of things are kind of going against this year in terms of rig count, frac count, all that. We did get some tax reform with a big better bill, or a big beautiful bill, whatever that BBB. And we've heard a number of the E&P companies talk about it will be favorable to their free cash flow.

回到——我們就稱之為北美觀點吧，我承認這一點。就鑽孔機數量、壓裂數量等而言，今年很多事情都不太順利。我們確實進行了一些稅收改革，推出了一項更好的法案，或者一項漂亮的法案，不管 BBB 是怎麼說的。我們聽到許多 E&P 公司表示這將有利於他們的自由現金流。

So when we think about your outlook as it is today kind of through year-end, and then we think about maybe commodity prices hold flatter, and some of these guys have a little more cash. What sort of in the risk profile of your outlook? In other words, is that something that could help meaningfully? Or do you feel, hey, visibility is actually pretty solid here, and we got a good view in the year-end of significant softness?

因此，當我們考慮從今天到年底的前景時，我們會認為商品價格可能會保持平穩，而其中一些人擁有更多的現金。您認為未來風險狀況如何？換句話說，這能提供有意義的幫助嗎？或者您覺得，嘿，這裡的能見度實際上相當穩定，並且我們在年底看到了明顯的疲軟趨勢？

Look, I don't think the big beautiful build necessarily factors into the plans in terms of what customers do. I think that's going to be quite a bit more sort of budget and commodity driven and returns driven for them. But what -- when I look at the market, I think we have a fantastic group of customers. And really good customers. And so -- they are serious about this work. Got good strategies. And if there's white space appearing, it's to manage budget. The plan for 2026 is far from set for them at this point. But they're the kind of customers that we know will be active in this market.

聽著，我認為從客戶行為的角度來看，宏偉和美麗的建築不一定是計劃中的一個因素。我認為這對他們來說將更多地受到預算、商品和回報的驅動。但是——當我觀察市場時，我認為我們擁有一群很棒的客戶。而且確實是好顧客。所以——他們對這項工作非常認真。有很好的策略。如果出現空白，則是為了管理預算。目前，他們還遠遠沒有製定 2026 年的計畫。但我們知道他們是會在這個市場上活躍起來的那種客戶。

And so when we see white space like this, in some cases, we will stack for a short time and then come back or we will reallocate things in a way that we think is best from a returns perspective. Or we will, in some cases, make the determination to stack and keep something stacked. So I think that from an activity set we really need to watch supply and demand. And as I said, those signposts around what does production overall do in North America, I think, will be a key driver in terms of what '26 looks like.

因此，當我們看到這樣的空白時，在某些情況下，我們會短暫地堆積起來，然後再回來，或者我們會以我們認為從回報角度來看最好的方式重新分配事物。或者在某些情況下，我們會決定堆疊某些東西並保持堆疊狀態。因此我認為從活動集來看我們確實需要關注供給與需求。正如我所說，我認為，圍繞北美整體生產情況的那些路標將成為決定 26 年生產狀況的關鍵驅動因素。

Yes, that makes sense. And then in terms of your comments about not wanting to chase uneconomic work. Historically, this has been a sector that sometimes gets more market share rather than, let's call it, returns or margin focused. Is that -- we should think it's a little different this time you are going to be focused on maintaining, call it, margins and returns as opposed to a market share fight?

是的，這很有道理。然後關於您不想追求不經濟的工作的評論。從歷史上看，這個行業有時會獲得更多的市場份額，而不是所謂的回報或利潤。那是不是說——我們應該認為這次的情況有些不同，您將專注於維持利潤率和回報，而不是爭奪市場份額？

Look, we are -- strategically, we're about maximizing value in North America, maximizing returns in North America, and that includes not working at uneconomic rates. And so -- this is exactly what we did -- what we did a year ago in the gas markets and something we will continue to do.

你看，從策略上講，我們的目標是在北美實現價值最大化、在北美實現回報最大化，而這包括不以不經濟的速度工作。這正是我們所做的事——一年前我們在天然氣市場所做的，也是我們將繼續做的事情。

I mean, the fact is we want good equipment when it snaps back, we want to make money with the equipment. And that's just the approach we're going to take. We've taken it before. So it should not be -- it's not something we're going to do. It's something we've done, and we'll certainly do it again.

我的意思是，事實上我們希望當設備恢復正常時能有好的設備，我們希望用這些設備賺錢。這正是我們要採取的方法。我們之前已經服用過它了。所以這不應該——這不是我們要做的事情。這是我們曾經做過的事情，而且我們一定會再做一次。

Saurabh Pant, Bank of America.

美國銀行的 Saurabh Pant。

Jeff, or Eric, maybe. I want to spend a little time on the cost side of things. I know you have worked hard to variabilize your cost structure in North America and yet you did speak to reducing your variable and fixed cost, right? But how should we think about what kind of level of activity that you would be using to frame what you think you can take out of your cost structure? Or put differently, how should we think about protecting margins? Maybe overall, maybe (inaudible) and C&P, however, you want to talk about that?

也許是傑夫，或者是埃里克。我想花一點時間討論一下成本方面的問題。我知道您已經努力使北美的成本結構多樣化，而且您也確實提到要降低可變成本和固定成本，對嗎？但是，我們應該如何思考您將使用哪種等級的活動來建立您認為可以從成本結構中去除的內容？或者換句話說，我們該如何考慮保護利潤？也許總體而言，也許（聽不清楚）和 C&P，但是，您想談論這個嗎？

Yes. Look, we are looking at a market where we want to take action around variable costs, clearly. It's not a perfect science, but as activity slows down, we want to take equipment and cost out of the market. Not a perfect science, but we've seen some moves in the market that caused us to do that. So that's one-half of the equation.

是的。瞧，我們正在關註一個我們想圍繞變動成本採取行動的市場。這不是一門完美的科學，但隨著活動放緩，我們希望將設備和成本從市場中剔除。雖然這不是一門完美的科學，但我們已經看到市場中的一些動向促使我們這樣做。這就是等式的一半。

When I get to the other half of the equation around structural costs, we're still relatively busy around the world. That said, contributing to margins, or maintaining -- taking actions that drive efficiency, no different than what our customers are doing is right in our wheelhouse. And we've done that before also and expect to do that again.

當我談到結構性成本的另一半時，我們在世界各地仍然相對忙碌。也就是說，提高利潤率或維持利潤率——採取行動提高效率，與我們的客戶所做的沒有什麼不同，這都在我們的掌控之中。我們以前也這樣做過，並希望再次這樣做。

To frame that, look, it's probably in the 1% range sort of type thing is early days as we get started. And it may be a couple of quarters as we get rightsized around what we see in terms of the market. It's a bit of a dynamic market today. So we're targeting what we see. I think we probably got a pretty good handle on where we need to get from a reduction standpoint, but we'll need to let that play out.

為了建構這一點，你看，在我們開始的早期階段，它可能處於 1% 的範圍內。這可能需要幾個季度的時間，我們會根據市場狀況調整規模。今天的市場有點活躍。因此，我們的目標是我們所看到的。我認為，從減少的角度來看，我們可能已經很好地掌握了我們需要達到的目標，但我們需要讓它發揮作用。

Got it. Got it. Okay. And then the other one I have, Jeff, for you is on the Saudi market. We have all seen the rig count in the country come down, right? To speculate for me at this point to say where it goes, right? But one thing I've been hearing is that maybe the Saudi market becomes more or less TK over time as activity comes back or even if it doesn't come back, right?

知道了。知道了。好的。傑夫，我要告訴你的另一個問題是沙烏地阿拉伯市場。我們都看到該國鑽井數量下降了，對吧？現在就猜測一下它會走向何方，對嗎？但我聽到的一件事是，隨著經濟活動的恢復，或者即使沒有恢復，沙烏地市場可能會隨著時間的推移或多或少地變得 TK，對嗎？

But Look, I don't know, right. But just a philosophical question, if that's what happens, right? Saudi more [LSDK], Middle East in general is more LSDK. How does Halliburton play in that market? Is it to Halliburton's advantage? Or do you have to adapt the way you do things? Maybe just a high-level comment on that.

但是你看，我不知道，對吧。但這只是一個哲學問題，如果事情真是這樣，對嗎？沙烏地阿拉伯更多[LSDK]，中東整體上更多是LSDK。哈里伯頓在該市場表現如何？這對哈里伯頓有利嗎？還是你必須調整做事的方式？也許只是對此的一個高層評論。

Well, look, we've got very strong muscles in that area, and we've been successful doing that. I would say our project management organization is the strongest it's been. We do a lot of collaborative work and we do LSDK work today. In fact, today, that type of work, LSDK and collaborative type work that we described represent more than 20% of our international business. So clearly, I think it -- it's in our wheelhouse to do, and it's a strength for us. And so I would see that as advantageous.

好吧，看，我們在那個領域擁有非常強大的力量，而且我們已經成功地做到了這一點。我想說我們的專案管理組織是迄今為止最強大的。我們做了很多協作工作，今天我們做 LSDK 工作。事實上，今天，我們所描述的那種類型的工作、LSDK 和協作類型的工作占我們國際業務的 20% 以上。所以很明顯，我認為這是我們可以做到的，也是我們的優勢。所以我認為這是有利的。

So I will start all of that with what I said earlier around our tendering process, which is highly disciplined and is geared towards returns. And so again, volume and market share at the expense of returns is not -- it doesn't help the cause at all. And so what you'll see us be is very sharp around how we look at those things and make sure that we can make a return. But the capability to do it, we do a lot of it today, and really pleased with actually where that whole business is.

因此，我將從我之前所說的有關我們的招標流程開始，該流程非常嚴格且注重回報。所以，再說一次，以犧牲回報為代價來提高銷量和市場份額是沒有用的——這對事業沒有任何幫助。因此，您會看到我們非常敏銳地看待這些事情並確保我們能夠獲得回報。但我們有能力做到這一點，今天我們做了很多，並且對整個業務的實際狀況感到非常滿意。

Marc Bianchi, TD Cowen.

馬克·比安奇（Marc Bianchi），TD Cowen。

I guess I wanted to ask about sort of doing some math here from the 3Q guide you gave and the outlook you gave for the year for North America and international. It seems to imply a pretty big step down in 4Q to kind of get to the numbers that you talked about. And I guess I'm curious how much visibility you have to that at this point? How are you thinking about -- is it more pronounced in international versus North America when we look at fourth quarter?

我想問一下，根據您提供的第三季指南以及對北美和國際今年的展望，可以做一些計算嗎？這似乎意味著第四季度的業績將大幅下滑，才能達到您所說的數字。我很好奇您現在對此有多少了解？您怎麼看－當我們看第四季時，國際市場與北美市場相比，這種現像是否更為明顯？

Marc, it's Eric. So we're not going to give you an exact guide on what Q4 looks like. There are a lot of moving parts that we touched on today is what the US activity is going to look like, the among white space, the activity in Saudi. Mexico is kind of being on and off, et cetera. So a lot of things can happen between now and Q4 that will shape Q4, how Q4 looks like.

馬克，我是埃里克。因此，我們不會向您提供第四季度的具體指南。我們今天討論了許多活動部分，例如美國的活動將會是什麼樣子，其中的空白，以及沙烏地阿拉伯的活動。墨西哥的情況時好時壞，等等。因此，從現在到第四季之間可能會發生很多事情，這些事情將決定第四季的前景和麵貌。

But directionally, to give you some color, we're looking at probably kind of flattish revenue at best, it would seem. We'll see a reduction in C&P revenue, an increase in D&E revenue. Margin will continue to soften probably in C&P because of the amount of white space in the US frac market, Jeff talked about. We will see a continued strengthening of the D&E margin on top of what we did in Q3. And we'll see the usual seasonality that we see Q4 over Q3. So frac in the US tends to come down. Software sales will pick up materially, and then typically completion tools in the C&P division go up as well. So that's kind of how we look at Q4 at this point in time.

但從方向來看，為了給你一些說明，我們看到的收入似乎最多只是持平。我們將看到 C&P 收入減少，D&E 收入增加。傑夫表示，由於美國壓裂市場存在大量空白，C&P 的利潤率可能會繼續下降。我們將看到 D&E 利潤率在第三季的基礎上繼續增強。我們將看到第四季度優於第三季的常見季節性。因此，美國的壓裂成本趨於下降。軟體銷售將大幅回升，C&P 部門的完井工具銷售通常也會上升。這就是我們目前對第四季的看法。

Okay. And I guess given the cost actions you're taking and the efforts you're making to sort of manage through the market, do you think that C&P margins can hold above double digits as we exit the year?

好的。我想，考慮到您採取的成本行動以及您為管理市場所做的努力，您是否認為到今年年底，C&P 利潤率可以保持在兩位數以上？

Yes.

是的。

Yes. No, for sure. Yes.

是的。不，肯定不是。是的。

Very much (inaudible) that.

非常（聽不清楚）這樣。

Scott Gruber, Citigroup.

花旗集團的史考特‧格魯伯。

I just want to follow that last line of questioning. Eric, the margin improvement, you mentioned in D&E in 4Q, is that going to be largely just seasonal factors, some more software sales, et cetera? Or is there any of the mobilization expense and contract start-up costs that weighed on 2Q? Is there an element of those costs still impacting 3Q? Or most of those in the rearview mirror now?

我只是想繼續問最後這個問題。艾瑞克，您提到的第四季度 D&E 利潤率的提高，是否主要只是季節性因素、一些軟體銷售等因素造成的？或者是否存在對第二季度造成壓力的動員費用和合約啟動成本？這些成本因素是否仍會對第三季產生影響？或者現在大多數都是後視鏡裡的那些？

No. I mean if we look at -- so I think Q4 will be a continuation of Q3 with a with a material impact in terms of improvement in margin coming from the software sales part of the business. Now if we kind of peel the onion a little bit in the Q3 guide for D&E and the improvement there. So we guided an improvement of 125 to 175 basis points. So the different factors that are coming into play there is, one, the reduction in activity in Saudi, which is kind of a headwind for us in terms of [D&E].

不。我的意思是，如果我們看一下——所以我認為第四季度將是第三季度的延續，並且對軟體銷售部分業務的利潤率提高產生重大影響。現在，如果我們稍微了解一下 D&E 的 Q3 指南及其改進之處。因此我們預期改善幅度為 125 至 175 個基點。因此，其中發揮作用的不同因素包括，沙烏地阿拉伯活動的減少，這對我們來說是一種不利因素。[D＆E]。

The second element is on -- is a bit of a change in the drilling versus completion cycles. We talked about it in completion the Gulf of Mexico completions coming up, but the offset of that is like drilling fluid, which is a really big business for us in the Gulf of Mexico, and in Europe is coming down a bit.

第二個要素是－鑽井與完井週期發生了一些變化。我們在完成墨西哥灣完井時討論了這一點，但其抵消作用就像鑽井液一樣，這對我們在墨西哥灣和歐洲來說是一項大生意，但業務量正在下降。

The two largest drivers, or three largest drivers of margins in Q3, though is the start of the improvement in software, a global improvement in our directional drilling business and the elimination of mobilization costs that dragged margins down in Q2. So that's a little bit of color on Q3 and Q4 from a D&E perspective.

第三季利潤率的兩個最大驅動因素，或者說三個最大驅動因素，分別是軟體的開始改進、定向鑽井業務的全球改進以及消除拖累第二季度利潤率下降的動員成本。因此，從 D&E 的角度來看，這是 Q3 和 Q4 的一些細節。

I appreciate that. I appreciate the details on how you're responding to the current environment. CapEx should now be sliding with lower sales. But is there a plan to pause the ZEUS fleet expansion either in the second half or next year? And if we think about that investment on an annual basis, how much would CapEx come down if that program has paused?

我很感激。我很欣賞您對當前環境做出的回應的細節。隨著銷售額下降，資本支出現在應該會下滑。但是否有計劃在下半年或明年暫停ZEUS船隊的擴張？如果我們按年度考慮這項投資，如果該計劃暫停，資本支出會下降多少？

Yes. Look, I think that, that program has always been demand driven in terms of we've only built equipment, four contracts that we had in hand. And so it's been less of a program and more of a demand-driven activity. And so the extent to which we don't see demand for new equipment, that obviously will come in.

是的。看，我認為，就我們僅建造設備而言，該計劃一直是需求驅動的，我們手頭上有四份合約。因此，它不再是一個計劃，而是一個需求驅動的活動。因此，如果我們看不到對新設備的需求，那麼這顯然就會出現。

And so -- and then with respect to anything else, we will expect to bring down CapEx to the lower end of that range as we go into 2025 -- or 2026 certainly. And -- but from a ZEUS build standpoint, I would expect that slows down just because we've achieved the 50% of our fleet, (inaudible) thereabouts of ZEUS fleets and like the portfolio that we have.

因此 — — 就其他任何事情而言，我們預計在進入 2025 年 — — 或肯定是 2026 年 — — 時，資本支出將降至該範圍的低端。而且 — — 但從 ZEUS 建造的角度來看，我預計這一速度會放緩，因為我們已經實現了 50% 的船隊，(聽不清楚) 大約是 ZEUS 船隊的規模，就像我們擁有的投資組合一樣。

And is it kind of $40 million, $45 million of fleet in terms of what you'd say is?

您認為這筆開支是 4,000 萬美元還是 4,500 萬美元？

No. CapEx -- for CapEx?

不。資本支出－用於資本支出？

CapEx (multiple speakers)

資本支出（多位發言者）

About ballpark.

關於球場。

Derek Podhaizer, Piper Sandler.

德里克波德海澤、派珀桑德勒。

So there's a lot of interesting comments on artificial lift on the call. You're seeing some bifurcation, seeing softness in the US land, but significant growth internationally. Can you maybe walk through the puts and takes in each region there? Are you seeing tariffs maybe bite into the US land artificial lift market? International, is that more of a function of the increasing unconventional activity? Just maybe some color on artificial lift, US versus international?

因此，電話會議上有很多關於人工舉升的有趣評論。你會看到一些分歧，美國本土表現疲軟，但國際上卻出現顯著成長。能否介紹一下每個地區的進展？您是否認為關稅可能會侵蝕美國陸地人工舉升市場？國際上，這是否更多是由於日益增多的非常規活動所致？也許只是關於美國和國際的人工舉升的一些顏色？

Yes. Look, the demand for artificial lift is around accelerating production. And so it's not as much as unconventional story internationally as it is just great technology in conventional wells to produce more oil. And we -- when we acquired summit, they had no footprint internationally. And so we've been quite successful in growing that business into markets on the back of just the technology and performance, and automation, that Summit has developed and has taken to new markets. In the US market, it is going to be somewhat affected by just activity levels that we see. And then secondly, from a tariffs, do they have an impact? Yes, they do.

是的。看起來，對人工舉升的需求是為了加速生產。因此，這在國際上並不是什麼非常規故事，而只是一項利用常規油井生產更多石油的偉大技術。當我們收購 Summit 時，他們在國際上還沒有任何影響力。因此，我們憑藉 Summit 開發並進入新市場的技術、性能和自動化，成功地將業務拓展到新市場。在美國市場，它將在一定程度上受到我們所看到的活動水平的影響。其次，從關稅的角度來看，它們有影響嗎？是的，他們確實這麼做了。

Yes. On the tariff side of things, as we said, Derek, we expect tariffs go up a bit in Q3. Artificial lift is probably the largest component of the tariffs for us today. So our team in summit and our supply chain team are working hard, trying to kind of rewire part of the supply chain around what they source from China, but it's going to take a couple of quarters to work through.

是的。在關稅方面，正如我們所說，德里克，我們預計第三季關稅會略有上漲。人工舉升可能是我們今天關稅中最大的組成部分。因此，我們的峰會團隊和供應鏈團隊正在努力工作，試圖重新連接部分圍繞他們從中國採購的供應鏈，但這需要幾個季度才能完成。

Got it. Very helpful. Appreciate it. And then just a question on two regions. So you talked about Mexico being a source of strength here in the quarter, with LatAm up 9%. I was surprised with that. So maybe can you just give us an update on Mexico, seeing a lot of new slot of the country and where we are with that?

知道了。非常有幫助。非常感謝。然後只是關於兩個地區的一個問題。所以您說墨西哥是本季的強勁來源，拉丁美洲成長了 9%。我對此感到很驚訝。那麼，您能否向我們介紹墨西哥的最新情況，看看這個國家有哪些新景點，以及我們目前的情況如何？

And then separately, Kuwait. You pointed as a sign of a bit of softness, which I was surprised about given it was one of the bright spots that's been talked about over the last quarter. So maybe just your thoughts on where you see for Mexico go forward and Kuwait?

然後是科威特。您指出這是略微疲軟的跡象，我對此感到驚訝，因為這是上個季度談論的亮點之一。那麼，也許您只是對墨西哥和科威特未來前景的看法？

Look, Kuwait overall is a solid market and it will bounce around from month-to-month, quarter-to-quarter. But ultimately, we see growth in Kuwait. No question about growth in Kuwait, and we do important work in Kuwait. Today and expect to do more of that in the future.

看起來，科威特整體是一個穩固的市場，而且它會逐月、逐季波動。但最終，我們看到了科威特的成長。毫無疑問，科威特正在發展，我們在科威特做著重要的工作。今天並期望將來能做更多這樣的事。

From a Mexico perspective, we saw a solid improvement in LatAm, but it was not Mexico. And so solid performance in Mexico. I mean, with the issues in Mexico, in my view, aren't settled. And so I think we see starts and stops in Mexico. And I've been to Mexico. I've met with the management team there. I think what we're going to see is decline rates at a pace that create sort of pressure to reactivate the business there. And oil and gas is obviously critical to the economy of Mexico, and I think that will drive recovery.

從墨西哥的角度來看，我們看到拉丁美洲取得了顯著的進步，但這並不是墨西哥的進步。在墨西哥的表現非常出色。我的意思是，在我看來，墨西哥的問題尚未解決。所以我認為我們看到了墨西哥的開始和停止。我還去過墨西哥。我已經與那裡的管理團隊會面。我認為我們將會看到下降速度的加快，這將對重啟那裡的業務造成一定壓力。石油和天然氣顯然對墨西哥經濟至關重要，我認為這將推動經濟復甦。

Stephen Gengaro, Stifel.

史蒂芬·根加羅（Stephen Gengaro），Stifel。

So two for me. And I think the first -- Eric, I'm not sure you'll comment on this or not. The guidance color you gave kind of for the different geographies and segments, it feels like [C&P's] kind of step down like double digits in 4Q to get there. Is that accurate?

所以對我來說是兩個。我認為首先——埃里克，我不確定你是否會對此發表評論。您針對不同地區和細分市場給予的指導顏色，感覺 [C&P] 在第四季度會下降兩位數才能達到這個目標。這樣準確嗎？

Yes, it's about right.

是的，差不多是這樣。

Okay. Okay. The other question, when we started thinking about kind of the pricing in US pressure pumping, particularly as we kind of get into the fourth quarter, and then thinking about 2026, how do you approach the customers for -- obviously, the service quality and the quality assets you're delivering, and what clearly is going to be kind of a soft market. And as you kind of contract these out into '26, what is sort of the pricing strategy to kind of maintain margin in that environment?

好的。好的。另一個問題是，當我們開始考慮美國壓力泵的定價時，特別是當我們進入第四季度時，然後考慮 2026 年，您如何向客戶提供服務品質和優質資產，以及顯然會是疲軟的市場。當您將這些工作外包到 26 年時，在這種環境下，什麼樣的定價策略可以維持利潤率？

Well, look, I'm not going to get into the details around pricing strategy here. But we obviously look at value in terms of value created for customers, and we look at the opportunities to provide more technology and how does that create value. And then ultimately, we step back if the pricing is not in a situation where we can make economic returns, then we just say no. I mean -- and that's where I say we get to exercise some choice as well in terms of what the market looks like for us.

好吧，聽著，我不會在這裡討論定價策略的細節。但我們顯然是從為客戶創造的價值的角度來看待價值，我們也在尋找提供更多技術的機會以及如何創造價值。最後，如果定價無法為我們帶來經濟回報，我們就會退一步，直接拒絕。我的意思是——這就是我說的，我們可以根據市場情況做出一些選擇。

And just one quick one. We've heard kind of maybe fleet attrition is accelerating a bit. Are you seeing that in the overall market?

僅此一點。我們聽說艦隊的損耗可能正在加速。您在整個市場中看到了這種情況嗎？

I'm sorry, repeat the question?

抱歉，請重複問題？

Whether you're seeing fleet attrition across the industry accelerating at all, or expected to accelerate in this market?

您是否看到整個行業的機隊損耗正在加速，或者預計這個市場的機隊損耗會加速？

Yes, I do expect it to accelerate in this market, and it is, to a certain degree, it's always sizing to the market that's there. I mean that's what happens. And so it's -- equipment will get retired and then it will be, in many cases, harvested to -- for spares and other things, and that's how it gets consumed.

是的，我確實希望它在這個市場上加速發展，而且，在某種程度上，它總是與現有的市場規模相適應。我的意思是事情就是這樣的。因此，設備會退役，然後在許多情況下，會被回收用作備件和其他東西，這就是它的消耗方式。

At the same time, fracking and gas is just harder on equipment than it is in oil. It's just higher pressures, which means it's harder on the equipment. That means the equipment wears out more quickly. And so we're really thoughtful about pricing and where we put equipment to work for those very reasons.

同時，水力壓裂和天然氣對設備的要求比石油更高。只是壓力更高，這意味著對設備的考驗更大。這意味著設備磨損得更快。因此，基於這些原因，我們對定價以及設備的使用地點非常謹慎。

Doug Becker, Capital One.

道格·貝克爾（Doug Becker），Capital One 的創始人。

Jeff, Eric, just given the updated outlook, I wanted to get your thoughts on free cash flow this year. And does the commitment to the cash returns framework explicitly mean the $1.6 billion cash return targets still intact?

傑夫、艾瑞克，鑑於剛剛更新的展望，我想聽聽你們對今年自由現金流的看法。對現金回報框架的承諾是否明確意味著 16 億美元的現金回報目標仍然有效？

Yes. I mean, the update as we talked about a bit of a softening in the market. So we've revised our outlook for free cash flow in '25 and right now, the range that we're looking at is anywhere between $1.8 billion and $2 billion. That's kind of how we're setting things. That's how we're seeing things evolve (technical difficulty) on the free cash flow for '25.

是的。我的意思是，正如我們討論的那樣，市場出現了一些疲軟。因此，我們修改了對 25 年自由現金流的預期，目前，我們預計該範圍在 18 億美元至 20 億美元之間。這就是我們設定事物的方式。這就是我們看到的 25 年自由現金流的演變（技術難度）。

Now we're not seeing anything that really changes our perspective on the cash return to shareholders. I mean when we're through Q2, if you account for the second half of the year dividend will be over our 50% return already. Now we'll probably maintain the pace at which we have been going. So yes, that's kind of how we look at that free cash flow and returns.

現在我們還沒有看到任何真正改變我們對股東現金回報的看法的事情。我的意思是，當我們度過第二季時，如果考慮到下半年，股息將已經超過我們的 50% 的回報。現在我們可能會保持目前的步伐。是的，這就是我們看待自由現金流和回報的方式。

I'm showing no additional questions. At this time, I'd like to turn the conference back over to management for any closing remarks.

我沒有其他問題。現在，我想將會議交還給管理階層，請他們做最後發言。

Thank you, Howard. Look, before we wrap up today's call, let me leave you with a few thoughts. Despite industry cycles, I believe the demand fundamentals remain strong for both oil and gas. Today, Halliburton is more differentiated with deeper technology advantages to address our customers' requirements, and more collaborative than ever before. Those are powerful drivers of both customer and shareholder value. Throughout the cycles, Halliburton will remain focused on free cash flow and returns. I look forward to speaking with you next quarter. Howard, please close out the call.

謝謝你，霍華德。瞧，在我們結束今天的通話之前，請容許我給你們留下一些想法。儘管產業週期不同，但我相信石油和天然氣的需求基本面依然強勁。如今，哈里伯頓的差異化程度更高，擁有更深厚的技術優勢，能夠滿足客戶的需求，並且比以往更具協作性。這些都是客戶和股東價值的強大驅動力。在整個週期中，哈里伯頓將繼續關注自由現金流和回報。我期待下個季度與您交談。霍華德，請結束通話。

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。