哈里伯頓 (HAL) 2025 Q3 法說會逐字稿

Good morning, and thank you for standing by. At this time, I would like to welcome everyone to the Halliburton Company's third quarter 2025 earnings conference call. (Operator Instructions) I would now like to turn the conference over to David Coleman, Senior Director of Investor Relations. Please go ahead.

早上好，感謝您的耐心等待。此時此刻，我謹代表哈里伯頓公司歡迎各位參加2025年第三季財報電話會議。（操作員指示）現在我將會議交給投資者關係高級總監大衛·科爾曼。請繼續。

Hello, and thank you for joining the Halliburton third 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公司2025年第三季電話會議。這次電話會議結束後，我們將把今天網路直播的錄影在哈里伯頓公司的網站上保留七天。今天與我一同出席的有董事長、總裁兼執行長傑夫·米勒，以及執行副總裁兼財務長艾瑞克·卡雷。

Some of today's comments may include forward-looking statements that reflect Halliburton 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 June 30, 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含前瞻性陳述，反映了哈里伯頓公司對未來事件的看法。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聲明有重大差異。這些風險在哈里伯頓公司截至 2024 年 12 月 31 日的年度 10-K 表格、截至 2025 年 6 月 30 日的季度 10-Q 表格、最近的 8-K 表格當前報告以及其他提交給美國證券交易委員會的文件中均有討論。我們不承擔因任何原因而公開修訂或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 third quarter earnings release and in the quarterly results and presentation section of our website.

我們今天的評論也包括非GAAP財務指標。更多詳情以及與最直接可比較的 GAAP 財務指標的核對，請參閱我們的第三季收益報告以及我們網站的季度業績和演示部分。

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

現在，我把電話交給傑夫。

Thank you, David, and good morning, everyone. I'm pleased with Halliburton's third quarter performance. I will begin today's discussion with our highlights from this quarter. We delivered total company revenue of $5.6 billion and adjusted operating margin of 13%. International revenue was $3.2 billion, a decrease of 2% year-over-year. North America revenue was $2.4 billion, flat year-over-year. During the third quarter, we generated $488 million of cash flow from operations, $276 million of free cash flow and repurchased approximately $250 million of our common stock. And finally, we took cost reduction actions that we expect will save approximately $100 million per quarter going forward.

謝謝你，大衛，大家早安。我對哈里伯頓公司第三季的表現感到滿意。我將首先介紹本季的一些亮點，以此作為今天討論的開端。公司總收入達 56 億美元，調整後營業利益率為 13%。國際營收為 32 億美元，年減 2%。北美地區營收為24億美元，與前一年持平。第三季度，我們從經營活動中產生了 4.88 億美元的現金流，2.76 億美元的自由現金流，回購了約 2.5 億美元的普通股。最後，我們採取了降低成本的措施，預計今後每季將節省約 1 億美元。

Before we dive into the geographic results, let me talk about the bigger picture for oil and gas. We share the well-accepted view that oil and gas demand will continue to grow over the long term. We also know there is a tremendous amount of investment required to maintain production at current levels, let alone to sustainably grow production. Recent estimates are that 90% of upstream spending simply offsets natural declines, underscoring the requirement for ongoing oil and gas investment.

在深入探討地理分佈結果之前，讓我先談談石油和天然氣產業的大局。我們認同普遍接受的觀點，即石油和天然氣需求在長期內將持續成長。我們也知道，要維持目前的生產水準需要大量的投資，更不用說實現永續的生產成長了。根據最新估計，上游支出的 90% 只是為了抵消自然衰退的影響，這凸顯了持續進行石油和天然氣投資的必要性。

Near term, operators are navigating volatile commodity prices as OPEC+ spare capacity returns and trade concerns persist. The impact is most apparent in North America, where we expect customers to maintain the cautious posture they adopted in the second quarter. In international markets, activity remains broadly steady from here as we look forward to 2026.

短期內，由於歐佩克+剩餘產能恢復以及貿易擔憂持續存在，業者正努力應對波動的大宗商品價格。這種影響在北美最為明顯，我們預計北美客戶將繼續保持他們在第二季採取的謹慎態度。展望 2026 年，國際市場活動整體將保持穩定。

In this environment, we took steps to address the near-term conditions. First, we improved our cost structure by rightsizing our operations and overhead, which we expect will reduce quarterly labor costs by roughly $100 million beginning in the fourth quarter.

在這種情況下，我們採取了措施來應對近期狀況。首先，我們透過調整營運規模和管理費用來改善成本結構，預計從第四季開始，每季勞動成本將減少約 1 億美元。

Second, we reset our capital expenditures target for next year. And as a result, I expect capital spending in 2026 to decline by almost 30% to around $1 billion. Third, we are actively managing our deployed capital, and we will continue to idle, relocate or retire equipment that does not meet our return thresholds.

第二，我們重新設定了明年的資本支出目標。因此，我預計 2026 年的資本支出將下降近 30%，至 10 億美元左右。第三，我們正在積極管理已投入的資本，並將繼續閒置、搬遷或淘汰不符合我們回報門檻的設備。

Finally, and most importantly, we took these steps while maintaining a strong focus on our technology development, our growth engines and our value proposition. I am super confident in the Halliburton team, our ability to execute and the strength of our competitive position. Near-term conditions will not change our focus on delivering value for our customers and leading financial performance for our shareholders.

最後，也是最重要的一點，我們在採取這些措施的同時，也始終高度重視我們的技術發展、成長引擎和價值主張。我對哈里伯頓團隊、我們的執行能力以及我們強大的競爭優勢充滿信心。短期情勢不會改變我們為客戶創造價值和為股東帶來領先財務表現的宗旨。

Now let's turn to our geographic results. I'll start with the international markets, where Halliburton delivered quarterly revenue of $3.2 billion, roughly flat to the second quarter. For the fourth quarter, we expect international revenue to increase 3% to 4% on roughly flat activity levels with typical seasonal software and completion tool sales.

現在讓我們來看看地理位置方面的結果。我先從國際市場說起，哈里伯頓公司本季營收為 32 億美元，與第二季基本持平。我們預計第四季國際營收將成長 3% 至 4%，業務活動水準大致持平，典型的季節性軟體和完成工具銷售也將保持穩定。

Let me share some progress on our international growth engines. Those businesses where we expect growth outperformance by Halliburton relative to the oilfield services market. These growth engines, production services, artificial lift, unconventionals and drilling are central to our international strategy. We made solid progress this quarter, and here are a few updates.

讓我和大家分享一下我們在國際成長引擎方面取得的一些進展。我們預計哈里伯頓在油田服務市場中將取得優於其他業務的成長。這些成長引擎，即生產服務、人工舉升、非常規油氣和鑽井，是我們國際策略的核心。本季我們取得了實質進展，以下是一些最新情況。

In Production Services, we won a major five-year contract from ConocoPhillips in the North Sea. To deliver this contract, we will transform a conventional offshore service vessel into an advanced stimulation platform, complete with the first deployment of Octiv Automation to an offshore environment. This demonstrates our leading technology and execution that maximizes asset value for our customers.

在生產服務方面，我們贏得了康菲石油公司在北海簽訂的為期五年的重大合約。為了履行這份合同，我們將把一艘傳統的海上服務船改造成一個先進的增產平台，並首次在海上環境中部署 Octiv Automation 系統。這體現了我們領先的技術和執行力，能夠最大限度地提高客戶的資產價值。

In artificial lift, Kuwait Oil Company named Halliburton Service Partner of the Year, and awarded Halliburton a multiyear ESP contract, which further strengthens our position in Kuwait. Additionally, in Colombia, Ecopetrol awarded Halliburton ESP contracts in 9 of 11 fields.

在人工舉升領域，科威特石油公司授予哈里伯頓年度最佳服務合作夥伴稱號，並授予哈里伯頓一份多年期ESP合同，這進一步鞏固了我們在科威特的地位。此外，在哥倫比亞，Ecopetrol 將 11 個油田中的 9 個油田的 ESP 合約授予了哈里伯頓公司。

In International unconventionals, we saw a further adoption of our leading completions technology and set a new continuous pumping record in the Vaca Muerta. I'm encouraged by our technology penetration in this market as we deliver leading performance and maximize asset value.

在國際非常規油氣領域，我們領先的完井技術得到了進一步應用，並在瓦卡穆爾塔油田創造了新的連續泵送記錄。我對我們的技術在該市場的滲透感到鼓舞，因為我們能夠提供領先的性能並最大限度地提高資產價值。

And finally, in drilling, we introduced iCruise Force in the UAE and Qatar with strong results in both markets. iCruise Force maximizes rate of penetration while utilizing advanced formation evaluation tools, delivering significant value where logging requirements and rig costs are high.

最後，在鑽井領域，我們在阿聯酋和卡達推出了iCruise Force系統，並在兩個市場都取得了顯著成效。 iCruise Force系統利用先進的地層評估工具，最大限度地提高了鑽井速度，在測井要求和鑽機成本高昂的情況下，能夠帶來顯著的價值。

Beyond our growth engines, I am pleased with the performance of our international business. Our value proposition to collaborate and engineer solutions to maximize asset value for our customers continues to win work and deliver results. We see this most clearly in deepwater. During the quarter, I met with customers in Latin America and Europe to recognize the performance we've achieved through our collaborative model. Together, we are reducing drilling times, improving well placement and deepening our collective competitive advantage.

除了我們的成長引擎之外，我對我們國際業務的表現感到滿意。我們透過合作和設計解決方案來最大限度地提高客戶的資產價值，這一價值主張不斷贏得業務並取得成果。我們在深水區最能清楚地看到這一點。本季度，我與拉丁美洲和歐洲的客戶會面，表彰我們透過合作模式所取得的業績。我們攜手合作，縮短鑽井時間，改善井位佈置，並加深我們的集體競爭優勢。

The strength of our value proposition and the breadth of our technology offerings underpins my confidence in our offshore position where we have leading technologies and formation evaluation, drilling automation, drilling fluids, cementing, well completions and intervention. Offshore is roughly half our revenue outside of North America land today, and I expect that share to grow.

我們強大的價值主張和廣泛的技術產品，讓我對我們在海上領域的地位充滿信心。我們在海上領域擁有領先的技術和地層評估、鑽井自動化、鑽井液、固井、完井和介入技術。目前，北美以外地區的離岸收入約占我們總收入的一半，我預計這一比例還會成長。

To conclude my thoughts on the international market. Our value proposition is winning with customers. We are demonstrating differentiated performance both on and offshore, and our growth engines are delivering. I am confident in the future of our international business.

最後總結我對國際市場的看法。我們的價值主張是贏得客戶的青睞。我們在陸上和海上都展現出了差異化的業績，我們的成長引擎也正在發揮作用。我對我們國際業務的未來充滿信心。

Now let's turn to North America. Our third quarter revenue of $2.4 billion was above our expectations with 5% sequential growth driven by less than anticipated completions white space and strong activity in the Gulf of America. During the quarter, we executed our strategy to maximize value in North America. We stacked on economic frac fleets, expanded our leading automation offerings and executed cost-out initiatives to reduce our operating costs and overhead.

現在讓我們把目光轉向北美。第三季營收達 24 億美元，超出預期，季增 5%，主要得益於完井空白期小於預期以及美洲灣地區的強勁業務活動。本季度，我們執行了在北美實現價值最大化的策略。我們增加了經濟型壓裂設備，擴大了領先的自動化產品，並實施了成本削減計劃，以降低營運成本和管理成本。

Looking to the fourth quarter. We expect greater than typical white space and seasonal activity slowdowns to result in approximately 12% to 13% lower sequential revenue. Despite softer activity in the near term, technology demand remained strong across both divisions as our customers are focused on maximizing the value of their capital dollars.

展望第四季。我們預計，由於市場空白期比平常更大，加上季節性活動放緩，將導致環比收入下降約 12% 至 13%。儘管短期內業務活動有所放緩，但由於我們的客戶專注於最大化其資本價值，因此兩個部門的技術需求仍然強勁。

In completions, ZEUS is the recognized leader in technology and performance. Year-to-date, we have introduced two additional ZEUS electric fleets under contract. And today, over half of our active North America fleet is ZEUS, an important milestone.

在完井領域，ZEUS 是公認的技術和性能領導者。今年迄今為止，我們已根據合約新增了兩支 ZEUS 電動車隊。如今，我們在北美的現役船隊中，超過一半都是 ZEUS 型船舶，這是一個重要的里程碑。

We also see strong demand for our ZEUS IQ closed-loop fracturing offering. We expect meaningful growth of this service in 2025 and 2026, deepening our competitive advantage and reinforcing our leadership in fracturing technology, efficiency and execution.

我們也看到市場對我們的 ZEUS IQ 閉環壓裂產品有強勁的需求。我們預計這項服務將在 2025 年和 2026 年實現顯著成長，從而加深我們的競爭優勢，並鞏固我們在壓裂技術、效率和執行方面的領先地位。

In drilling services, we delivered solid sequential and year-on-year growth driven by iCruise. In the third quarter, we introduced the [7 7/8] iCruise CX, a highly sought after hole size for the Permian Basin with outstanding results. The system completes curve and lateral sections in a single run replicating the proven success we've achieved in other hole sizes. This new offering broadens the iCruise product portfolio, and given the system's consistent performance and our advances in telemetry, automation and rig integration, I am confident we will see rapid adoption by our customers and continued growth in our North America drilling services business.

在鑽井服務方面，在 iCruise 的推動下，我們實現了穩健的環比和同比增長。第三季度，我們推出了 [7 7/8] iCruise CX，這是二疊紀盆地備受追捧的井眼尺寸，並取得了卓越的成果。該系統一次運作即可完成曲線段和橫向段的鑽孔，複製了我們在其他尺寸的孔徑上取得的成功經驗。這項新產品拓展了 iCruise 的產品組合，鑑於該系統穩定的性能以及我們在遙測、自動化和鑽機整合方面的進步，我相信我們的客戶會迅速採用該產品，我們的北美鑽井服務業務也將持續成長。

To close, North America is a tough market today. We are taking steps and executing our strategy to maximize value. This means we are prioritizing returns, technology leadership and working with leading operators. I am confident that our strategy execution will drive further success.

總之，如今北美市場競爭激烈。我們正在採取措施並執行我們的策略，以實現價值最大化。這意味著我們將優先考慮回報、技術領先地位以及與領先營運商合作。我相信，我們的策略執行將帶來更大的成功。

Now let me address our investment in VoltaGrid. As disclosed in our Form 8-K filed on October 14, Halliburton owns approximately 20% of VoltaGrid on a fully diluted basis. We invested early and increased our ownership over time because distributed power is a critical enabler for electrified oilfield services and a growing opportunity set beyond the oilfield.

現在讓我談談我們對VoltaGrid的投資。正如我們在 10 月 14 日提交的 8-K 表格中所揭露的，哈里伯頓公司在完全稀釋的基礎上擁有 VoltaGrid 約 20% 的股份。我們早期就進行了投資，並隨著時間的推移增加了持股比例，因為分散式電力是實現油田電氣化服務的關鍵推動因素，在油田之外也蘊藏著不斷增長的機會。

Last week, VoltaGrid announced an agreement to deploy 2.3 gigawatts of generation capacity to support Oracle's next-generation artificial intelligence data centers. This expands VoltaGrid's contracted backlog, broadens its revenue base, extends a line of sight to multiyear growth and validates VoltaGrid's position as a leading provider of long-term behind-the meter power solutions.

上週，VoltaGrid宣布了一項協議，將部署2.3吉瓦的發電容量，以支援Oracle的下一代人工智慧資料中心。這擴大了 VoltaGrid 的合約積壓量，拓寬了其收入基礎，延長了其多年增長的前景，並驗證了 VoltaGrid 作為長期表後電力解決方案領先供應商的地位。

I am also pleased to announce that we have signed an agreement with VoltaGrid to be their international partner for delivering distributed power solutions for data centers outside of North America. Through this agreement, we will combine Halliburton's global reach, design, manufacturing and operating capabilities with VoltaGrid's distributed power expertise to deliver reliable power at scale. I expect this will be an important long-term growth opportunity for both VoltaGrid and Halliburton. Looking ahead, I'm excited by the opportunities for Halliburton and VoltaGrid.

我也很高興地宣布，我們已與 VoltaGrid 簽署協議，成為其國際合作夥伴，為北美以外的資料中心提供分散式電源解決方案。透過這項協議，我們將結合哈里伯頓的全球影響力、設計、製造和營運能力與 VoltaGrid 的分散式電力專業知識，大規模地提供可靠的電力。我預計這將是 VoltaGrid 和哈里伯頓兩家公司重要的長期成長機會。展望未來，我對哈里伯頓和伏爾塔電網的發展機會感到興奮。

Before I turn the call over to Eric, let me close with this. Oil price volatility is likely to impact the near-term macro environment. While I firmly believe a recovery in activity is inevitable, the timing and shape remain uncertain. Near term, we will execute our collaborative strategy and advance our technology, invest in our international growth engines, maintain cost and capital discipline, including idling equipment when returns are not economic, and finally, remain focused on returning cash to shareholders.

在把電話轉給埃里克之前，我想最後再補充一點。油價波動可能會對近期宏觀環境產生影響。雖然我堅信活動恢復是不可避免的，但恢復的時間和形式仍然存在不確定性。短期內，我們將執行合作策略，推動技術發展，投資國際成長引擎，維持成本和資本紀律，包括在收益不經濟時閒置設備，最後，繼續專注於向股東返還現金。

I'm excited about Halliburton, our strategy, our team, our customer relationships and our technology. Our portfolio is highly differentiated. We lead in critical product lines, both on and offshore. Our value proposition is validated by the work we are doing today and the customer discussions we are having about future work. And finally, our leadership team is focused on executing the strategies that deliver strong financial performance.

我對哈里伯頓公司、我們的策略、我們的團隊、我們的客戶關係以及我們的技術都感到非常興奮。我們的產品組合具有高度差異化。我們在關鍵產品線上處於領先地位，無論是在陸上或海上。我們目前所做的工作以及我們與客戶就未來工作進行的討論都驗證了我們的價值主張。最後，我們的領導團隊專注於執行能夠帶來強勁財務表現的策略。

With that, I'll turn the call over to Eric.

接下來，我將把電話交給艾瑞克。

Thank you, Jeff, and good morning. Our Q3 reported net income per diluted share was $0.02. Adjusted net income per diluted share was $0.58. Let me start with some color on the charges taken this quarter. All the details are available in the press release, but a few items are worth highlighting.

謝謝你，傑夫，早安。我們第三季公佈的每股攤薄淨收益為0.02美元。調整後的每股攤薄淨收益為0.58美元。首先，讓我簡單介紹一下本季提列的費用。所有細節都可以在新聞稿中找到，但有幾點值得重點強調。

First, to address near-term market conditions, we took steps to reset our cost structure. As a result, we recorded severance and fixed and other asset write-offs of $284 million. We expect cash operational savings from the actions we took to result in approximately $100 million in quarterly savings.

首先，為了因應近期市場狀況，我們採取措施調整了成本結構。因此，我們提列了 2.84 億美元的遣散費以及固定資產和其他資產減損損失。我們預計，透過我們採取的措施，每季可節省約 1 億美元的現金營運成本。

Second, because of the changes to US tax laws, we recorded an additional valuation allowance expense of $125 million. As a result of these changes, we also expect a lower effective tax rate on our US taxable income going forward.

其次，由於美國稅法的變化，我們提列了 1.25 億美元的額外估值準備金支出。由於這些變化，我們預計未來我們在美國應稅收入的實際稅率也會降低。

Now turning to operations. Total company revenue for Q3 2025 was $5.6 billion, an increase of 2% when compared to Q2 2025. Adjusted operating income was $748 million, and adjusted operating margin was 13%. Our Q3 cash flow from operations was $488 million and in free cash flow was $276 million. During Q3, we repurchased approximately $250 million of our common stock.

現在進入營運環節。2025 年第三季公司總營收為 56 億美元，比 2025 年第二季成長 2%。調整後的營業收入為 7.48 億美元，調整後的營業利益率為 13%。我們第三季的營運活動現金流為 4.88 億美元，自由現金流為 2.76 億美元。第三季度，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 Q3 was $3.2 billion, an increase of 2% when compared to Q2 2025. Operating income was $514 million, flat when compared to Q2 2025, and the operating income margin was 16%. The increased completion tool sales and higher artificial lift activity in North America were partially offset by lower completion tool sales internationally and decreased well intervention services in the Middle East.

現在來看細分市場的結果。以我們的完井和生產部門為例，第三季營收為 32 億美元，比 2025 年第二季成長了 2%。營業收入為 5.14 億美元，與 2025 年第二季持平，營業收入率為 16%。北美完井工具銷量增加和人工舉升活動增多，但國際完井工具銷量下降以及中東地區油井幹預服務減少，部分抵消了這一增長。

In our Drilling and Evaluation division, revenue in Q3 was $2.4 billion, an increase of 2% when compared to Q2 2025. Operating income was $348 million, an increase of 12% sequentially and operating income margin was 15%. These results were primarily driven by higher project management and improved wireline activity in Latin America, increased drilling services in North America and Europe/Africa, and higher software sales in Europe/Africa. Partially offsetting these increases for lower activity across multiple product service lines in the Middle East.

在我們的鑽井和評估部門，第三季的營收為 24 億美元，與 2025 年第二季相比成長了 2%。營業收入為 3.48 億美元，季增 12%，營業利益率為 15%。這些成果主要得益於拉丁美洲專案管理水準的提高和電纜測井活動的改善，北美和歐洲/非洲鑽井服務的增加，以及歐洲/非洲軟體銷售額的成長。部分抵銷了中東地區多個產品服務線業務活動減少所帶來的成長。

Now let's move on to geographic results. Our Q3 international revenue was flat when compared to Q2 2025. Europe/Africa revenue in Q3 was $828 million, flat sequentially. Improved completion tool sales in Norway and increased drilling-related services in Namibia were offset by lower completion tool sales in the Caspian area and lower fluid services across Europe.

現在我們來看地理位置方面的結果。與 2025 年第二季相比，我們第三季的國際營收持平。第三季歐洲/非洲地區的營收為 8.28 億美元，與上一季持平。挪威完井工具銷售額的提高和納米比亞鑽井相關服務的增加，被里海地區完井工具銷售額的下降和歐洲各地流體服務業務的減少所抵消。

Middle East/Asia revenue in Q3 was $1.4 billion, a decrease of 3% sequentially, primarily driven by lower activity across multiple product service lines in Saudi Arabia. Latin America revenue in Q3 was $996 million, a 2% increase sequentially. This increase was primarily driven by higher project management activity across the region and increased drilling services in Argentina.

第三季中東/亞洲收入為 14 億美元，季減 3%，主要原因是沙烏地阿拉伯多個產品服務線的業務活動減少。第三季拉丁美洲營收為 9.96 億美元，季增 2%。這一增長主要是由於該地區的專案管理活動增加以及阿根廷鑽井服務的增加所致。

In North America, Q3 revenue was $2.4 billion, a 5% increase sequentially. This increase was primarily driven by improved stimulation activity in US land and Canada and higher completion tool sales and increased wireline activity in the Gulf of America.

在北美，第三季營收為 24 億美元，季增 5%。這一成長主要得益於美國陸上和加拿大增產活動的改善，以及美洲灣完井工具銷售的增加和電纜作業活動的增加。

Moving on to other items. In Q3, our corporate and other expense was $64 million. We expect our Q4 corporate expenses to increase about $5 million. In Q3, we spent $50 million on SAP S4 migration, which included milestone payments and is included in our results. For Q4, we expect SAP expenses to be about $40 million.

接下來討論其他事項。第三季度，我們的公司及其他費用為 6,400 萬美元。我們預計第四季公司支出將增加約500萬美元。第三季度，我們在 SAP S4 遷移上花費了 5,000 萬美元，其中包括里程碑付款，並已計入我們的業績。我們預計第四季 SAP 支出約為 4000 萬美元。

Net interest expense for the quarter was $88 million. For Q4, we expect net interest expense to increase about $5 million. Other net expense in Q3 was $49 million, which included $23 million due to the impairment of an investment in Argentina and a mark-to-market gain on a derivative. We expect Q4 expense to be about $45 million.

本季淨利息支出為 8,800 萬美元。我們預計第四季淨利息支出將增加約 500 萬美元。第三季其他淨支出為 4,900 萬美元，其中包括因阿根廷一項投資減損而產生的 2,300 萬美元支出以及一項衍生性商品按市值計價的收益。我們預計第四季支出約為4500萬美元。

Our normalized effective tax rate for Q3 was 21.5%. Based on our anticipated geographic earnings mix, we expect our Q4 effective tax rate to be approximately flat. Capital expenditures for Q3 were $261 million. For the full year 2025, we expect capital expenditures to be about 6% of revenue. In Q3, tariffs impacted our business by $31 million. For Q4, we currently expect a gross impact of about $60 million, increasing quarter-on-quarter due to Section 232 tariffs. These impacts are included in our guidance.

第三季的標準化有效稅率為 21.5%。根據我們預期的地域收益組成，我們預期第四季的實際稅率將基本保持不變。第三季資本支出為2.61億美元。預計到 2025 年全年，資本支出將佔收入的 6% 左右。第三季度，關稅對我們的業務造成了 3,100 萬美元的影響。目前我們預計第四季總影響約為 6,000 萬美元，由於 232 條款關稅，季增。這些影響已包含在我們的指導意見中。

Now let me provide you with comments on our Q4 expectations. In our Completion and Production division, we expect greater than typical white space and seasonality in North America, partially offset by strong international results in the fourth quarter. As a result, in our Completion and Production division, we anticipate sequential revenue to decrease 4% to 6%, and margins to be down 25 to 75 basis points. In our Drilling and Evaluation division, we expect sequential revenue to be flat to down 2%, and margins to increase 50 to 100 basis points.

現在讓我來談談我們對第四季的預期。在我們的完井和生產部門，我們預計北美地區的空白市場和季節性因素將比往常更大，但第四季度強勁的國際業績將部分抵消這一影響。因此，我們預計完井和生產部門的收入將環比下降 4% 至 6%，利潤率將下降 25 至 75 個基點。在我們的鑽井和評估部門，我們預計環比收入將持平或下降 2%，利潤率將提高 50 至 100 個基點。

I will now turn the call back to Jeff.

現在我將把電話轉回給傑夫。

Thanks, Eric. Let me summarize the key takeaways from today's discussion. Halliburton delivered solid Q3 results with $5.6 billion in revenue. We took steps that will deliver estimated savings of $100 million per quarter, reset our 2026 capital budget and idle equipment that no longer meets our return expectations.

謝謝你，埃里克。讓我總結一下今天要討論的要點。哈里伯頓第三季業績穩健，營收達56億美元。我們採取了措施，預計每季可節省 1 億美元，重新調整了 2026 年資本預算，並閒置了不再符合我們回報預期的設備。

Our international growth engines, production services, artificial lift, unconventionals and drilling are performing well. In North America, Halliburton is executing its strategy to maximize value. ZEUS electric fleets now make up over half of our active fleet, and iCruise CX is driving performance in key basins like the Permian, reinforcing our technology differentiation. Also, Halliburton and VoltaGrid agreed to launch an exciting new opportunity for international growth in data centers. And finally, we are committed to returning cash to shareholders, maintaining cost and capital discipline and investing in differentiated technologies that drive long-term performance.

我們的國際成長引擎、生產服務、人工舉升、非常規油氣和鑽井業務表現良好。在北美，哈里伯頓正在執行其價值最大化策略。ZEUS 電動船隊目前占我們活躍船隊的一半以上，而 iCruise CX 正在推動二疊紀盆地等關鍵盆地的業績成長，從而鞏固了我們的技術差異化優勢。此外，哈里伯頓和伏爾塔電網公司也同意為資料中心領域的國際成長推出一個令人興奮的新機會。最後，我們致力於向股東返還現金，保持成本和資本紀律，並投資於能夠推動長期績效的差異化技術。

And now let's open it up for questions.

現在進入提問環節。

(Operator Instructions)

（操作說明）

Arun Jayaram, JPMorgan.

Arun Jayaram，摩根大通。

Gentlemen, you described how your relationship with VoltaGrid gives you a front seat to the emerging distributed power generation market. I was wondering if you could talk about your views on the evolution of that market over the last three, six, nine months? And maybe talk a little bit about the strategic collaboration you announced last night, which I believe allows you to invest in project level economics internationally, but maybe you could provide a little bit more detail around that.

先生們，你們描述了你們與 VoltaGrid 的關係如何讓你們在新興的分散式發電市場中獲得先機。我想請您談談您對過去三、六、九個月該市場發展的看法？或許可以稍微談談您昨晚宣布的策略合作，我相信這項合作可以讓您在國際上進行專案層面的經濟投資，但您能否提供更多細節？

Yes, certainly. Look, the demand for power and for AI is like nothing I've ever seen in terms of demand growth and that we've watched that. And we also know that not only in the US but around the world, the rest of the world is a really big opportunity set for the same level of growth. And as we look ahead to what we've announced with VoltaGrid, this is where Halliburton invests in project economics.

當然可以。你看，電力和人工智慧的需求成長速度是我前所未見的，我們已經目睹了這一點。我們也知道，不僅在美國，在世界各地，世界其他地區都蘊藏著巨大的機遇，有望實現同樣的成長水準。展望我們與 VoltaGrid 合作推出的項目，哈里伯頓將在項目經濟效益方面進行投資。

So we are sharing the economic value of projects together. And also it's an opportunity to effectively leverage what we each do really well. And from a Halliburton perspective, we've got boots on the ground in 70 countries. We've got excellent execution skills, a proven manufacturing, and we also have global scale, industrial global scale, which I think is critical. At the same time, both the grid has solved for how to execute these projects technically and at scale.

因此，我們共同分享項目的經濟價值。同時，這也是一個有效發揮我們各自優勢的機會。從哈里伯頓的角度來看，我們在 70 個國家/地區都設有分公司。我們擁有卓越的執行能力、成熟的製造能力，而且我們還擁有全球規模，工業全球規模，我認為這至關重要。同時，電網也已經解決瞭如何在技術和規模上執行這些專案的問題。

And we've built a strong relationship over five years as that technology has developed. We've worked closely with VoltaGrid in our own business, and that gives us a great deal of confidence in how they've gone about solving the technical requirements for data centers, and we're just super excited to be part of this whole venture going forward.

五年來，隨著這項技術的發展，我們建立了強大的合作關係。我們在自己的業務中與 VoltaGrid 密切合作，這讓我們對他們解決資料中心技術要求的方式充滿信心，我們非常高興能夠參與這個未來的專案。

Great. And Jeff, maybe my follow-up. North American revenue was up 5% sequentially, a lot better than we had expected and maybe you'd guided to, it had been relatively flat on a year-over-year basis. Can you talk about some of the drivers of the outperformance in North America and thoughts on what this could mean for 2026?

偉大的。傑夫，也許我會跟進一下。北美地區的營收季增了 5%，遠超我們的預期，也可能超出了你們的預期，而去年同期則相對持平。您能否談談北美市場表現優異的一些驅動因素，以及您認為這對 2026 年意味著什麼？

Well, look, we saw less white space than we expected in Q3, which obviously drove revenues better than what we would have thought. And I think it also gets to the strength of the customers that we work with, the solid programs that they have. And as I look towards 2026, it gives me a lot of confidence in Halliburton's positioning in the market, both how we execute and maybe even more importantly, the technology that we're bringing to market. And as we described, put a couple of new ZEUS fleets to work and see demand for not only the electric fleet, which is a fantastic piece of equipment, but maybe even more so ZEUS IQ in terms of what that means to solving for EURs.

你看，我們在第三季看到的空白市場比預期要少，這顯然比我們預想的更能推動營收成長。我認為這也與我們合作的客戶實力以及他們擁有的完善的計劃有關。展望 2026 年，我對哈里伯頓在市場上的地位充滿信心，無論是我們的執行力，還是更重要的，我們正在推向市場的技術。正如我們所描述的，投入使用幾支新的 ZEUS 車隊，就會發現不僅對電動車隊（這是一款非常棒的設備）有需求，而且對 ZEUS IQ 的需求可能更大，因為它對解決 EUR 問題意義重大。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛集團。

Jeff and team, I want to spend more time talking about the Middle East opportunity as it relates to power. Why specifically is that the region you think makes sense to be spending time on? And talk about some of the constraints that might exist in the Middle East in terms of really scaling the AI opportunity set and how do you intend to debottleneck them.

Jeff 和團隊，我想花更多時間討論中東機會與權力之間的關係。為什麼特別認為應該把時間花在這個地區？談談在中東地區真正擴大人工智慧發展機會方面可能存在的一些限制因素，以及您打算如何消除這些限制。

Look, I think that it's the Middle East and Rest of World. I think our initial focus, Middle East, we see a lot of opportunity there. Obviously, that's an economy that is developing capabilities every single day and are very much focused on looking forward to investment. And so the other thing is there is certainly a lot of available energy in the Middle East, and there is also a lot of capital in the Middle East. And so those things all conspire to make that very attractive.

我認為，這指的是中東和世界其他地區。我認為我們最初的重點是中東地區，我們在那裡看到了很多機會。顯然，這是一個每天都在發展自身能力，並且非常注重未來投資的經濟體。另外，中東地區確實有許多可用的能源，而且中東地區也有很多資本。因此，所有這些因素共同作用，使之極具吸引力。

Right. Super. And then, Jeff, I know it's too early to talk about '26 at this point, and we'll get more color on the fourth quarter call. But just as you look at what is still a very uncertain macro for North America, in particular, just any early thoughts in helping us think through the picture for '26 and based on early customer conversations?

正確的。極好的。傑夫，我知道現在談論 2026 年還為時過早，我們會在第四季度的電話會議上了解更多細節。但是，鑑於北美宏觀經濟狀況仍然非常不確定，特別是根據早期與客戶的交流，您有什麼初步想法可以幫助我們展望 2026 年的前景嗎？

Yes. Look, it is really early. Customers haven't produced budgets yet at this point. We clearly are having discussions with customers. If I step back and say '26 is overall flattish with some bright spots is how I would describe all of '26.

是的。你看，現在還很早。目前客戶尚未提交預算。我們顯然正在與客戶進行討論。如果我從整體來看，2026 年總體上比較平淡，但也有一些亮點，這就是我對 2026 年的描述。

North America, we did stack some fleets in the quarter. Those probably don't come back to work. But here's what's more important to think about for '26, in my view, and it's going to be looking at the mild posts as we go through '26 because I think some important things are happening now.

在北美，我們本季確實積壓了一些船隊。這些人可能不會再回來工作了。但在我看來，對於 2026 年來說，更重要的是要考慮一些溫和的帖子，因為我認為現在正在發生一些重要的事情。

Number one, OPEC+ barrels are getting into the market. We know that. North America, in my view, is probably below maintenance level spend. And so -- and then Mexico stays kind of probably where it is for a little while, but that decline in production there is also meaningful. So if we think about Mexico declining, North America, likely rolling over and all the OPEC+ spare capacity in the market, that creates a real inflection point.

第一，歐佩克+的原油正在流入市場。我們知道這一點。在我看來，北美地區的支出可能低於維持營運水準。因此——墨西哥的情況可能會在一段時間內保持不變，但那裡的產量下降也是意義重大的。因此，如果我們考慮到墨西哥的衰退、北美可能出現的下滑以及歐佩克+所有國家的剩餘產能，這將造成一個真正的轉折點。

Now when precisely that happens is less clear, but oil demand continues to grow, and that gives me a lot of confidence. And I think that with the OPEC barrels sort of behind us, it creates real tightness, that sort of undisputable tightness in the market that I think the snapback will be super strong for us.

現在具體何時發生還不太清楚，但石油需求持續成長，這給了我很大的信心。我認為，隨著歐佩克減產，市場出現了真正的緊張局面，這種無可爭議的緊張局面，我認為市場反彈對我們來說會非常強勁。

All right. We'll stay tuned as you have more investor -- customer conversations.

好的。我們會繼續關注您與投資者和客戶的更多對話。

David Anderson, Barclays.

大衛安德森，巴克萊銀行。

I just had a question about the margins, which were quite a bit stronger than we were expecting this quarter. You talked about taking $100 million of costs out per quarter. How much of that was in this current quarter? I'm just kind of curious as to how much it impacted the numbers.

我只是想問一下利潤率的問題，本季的利潤率比我們預期的要高得多。你提到每季削減 1 億美元的成本。其中有多少是在本季實現的？我只是有點好奇它對這些數據產生了多大影響。

Yes. Let me give you some color, Dave, on the Q3 margin versus guidance. So the first thing, we had about half of the beat that came from reductions in labor cost that actually we've realized the savings earlier than expected as our operation teams move pretty quickly to get things done. Then in terms of what came out of operation between C&P and D&E, as Jeff just mentioned, very, very -- a lot less white space in North America and strong performance from the Gulf of America team.

是的。戴夫，讓我來給你詳細說說第三季利潤率與預期之間的差異。首先，我們大約有一半的收入來自勞動成本的降低，實際上，由於我們的營運團隊行動迅速，能夠快速完成工作，我們已經比預期更早實現了節省。至於 C&P 和 D&E 之間的營運結果，正如 Jeff 剛才提到的，北美地區的空白市場大大減少，美洲灣團隊表現出色。

And then overall, just a strong international performance, primarily from our completion tool and cementing business. And on the D&E side, the strong result came from our project management business in Latin America.

整體而言，國際市場表現強勁，主要得益於我們的完井工具和固井業務。在設計與工程方面，我們在拉丁美洲的專案管理業務取得了強勁的成果。

Okay. So Jeff, you know I'm asking the power question here. So we have a partnership here. I'm curious about a couple of things. Obviously, we know VoltaGrid is bringing the power. So I guess maybe you, could just sort of simplify for us what HAL is bringing to the table here?

好的。傑夫，你知道我問的是一個關乎權力的問題。所以，我們之間建立了合作關係。我有幾個問題想請教。顯然，我們知道 VoltaGrid 正在提供電力。所以我想您或許可以簡單解釋一下HAL在這裡帶來了什麼？

And then sort of secondarily, what size of projects are we talking about here? VoltaGrid just announced a big 2.3 gigawatt project. Are you talking about that size? Or are you talking more like 100, 200, 400, that kind of range? And just kind of might as well throw this in there, what kind of time line are we talking here? Are we talking like 2028? Just kind of wondering about supply chain tightness and how that all lines up.

其次，我們在這裡討論的專案規模有多大？VoltaGrid剛剛宣布了一個2.3吉瓦的大型專案。你指的是那個尺寸嗎？還是你指的是100、200、400之類的範圍？順便提一下，我們這裡討論的是什麼樣的時間軸？我們說的是2028年嗎？我只是有點好奇供應鏈的緊密程度以及這一切是如何連結的。

Well, let me start with maybe the last question. From a supply chain standpoint, VoltaGrid is in a fantastic position from a supply chain standpoint and comfortable with where they are. From a size of project, we're aligned with VoltaGrid around projects of the size and scale that they're talking about. And so I think they -- I'm not going to forecast size of projects, but feel comfortable they can be pretty big.

好吧，那就讓我先回答最後一個問題吧。從供應鏈的角度來看，VoltaGrid 處於非常有利的地位，並且對目前的狀況感到滿意。從專案規模來看，我們與 VoltaGrid 在他們所談論的專案規模和範圍方面是一致的。所以我認為——我不會預測專案的規模，但我覺得它們可能會相當大。

And then what does Halliburton bring? And I think Halliburton brings some very important things, particularly, I would say, industrial scale and working internationally. And we've all seen how difficult that can be for companies as they scale internationally. We've seen a lot of them less than successful as they scale and boots on the ground managing projects, investing in projects, customer relationships. There's a long list of things that Halliburton brings to the international markets where we are clearly can be additive. And then from a VoltaGrid perspective, clear on what they're doing.

那麼哈里伯頓又帶來了什麼呢？我認為哈里伯頓帶來了一些非常重要的東西，特別是工業規模和國際化運作。我們都看到了，對於正在走向國際化的公司來說，這會有多麼困難。我們看到很多公司在規模擴大、實地管理專案、投資專案、維護客戶關係等方面都不太成功。哈里伯頓為國際市場帶來的產品和服務種類繁多，顯然可以為我們帶來增值。然後從 VoltaGrid 的角度來看，他們很清楚自己在做什麼。

Saurabh Pant, Bank of America.

Saurabh Pant，美國銀行。

Jeff, maybe I'll continue with that line of questioning on the power front, but pivot a little bit on the CapEx side of things because this is pretty CapEx intensive, not something that you're not used to, right, Jeff, over the past. But how do you think about that? How do you think you'll fund that, not just at the VoltaGrid level, but how does the collaboration outside the US, right? So the Middle East like you're targeting right now, how does that look like from a funding from a CapEx standpoint?

傑夫，也許我會繼續就電力方面提出這個問題，但稍微轉向資本支出方面，因為這需要大量的資本支出，這對你來說並不陌生，對吧，傑夫？但你怎麼看待這件事呢？你認為你將如何籌集資金，不僅是 VoltaGrid 層面的資金，還有與美國以外地區的合作資金，對吧？所以，像你們現在瞄準的中東地區，從資本支出角度來看，資金籌措情況如何？

Yes. So to be clear about how we're thinking about it, Saurabh, is -- so our CapEx budget for next year is $1 billion. Whatever we do around power with VoltaGrid in the international market is not included in that $1 billion. The overall intent is to share total project economics. So we will be funding this on a project by project basis incrementally over the $1 billion or whatever baseline CapEx we have for our oil and gas business.

是的。為了明確我們的想法，Saurabh，我們明年的資本支出預算是 10 億美元。我們在國際市場上透過 VoltaGrid 開展的任何電力相關業務都不包含在這 10 億美元之中。總體目標是分享整個專案的經濟效益。因此，我們將逐一計畫地逐步增加資金，超出我們石油和天然氣業務的10億美元或其他基準資本支出。

Okay. I got it. No, that's helpful, Eric. And then one for the North America market, right? Like somebody noted on the call, your performance has been a lot better than a lot of us were thinking. It seems like, Jeff, and correct me if I'm wrong, it seems like you are not trying to be everything to everybody. You're targeting the customers, the large sophisticated customers, that value, what you bring to the table, right? But just maybe talk to that a little bit. How are you targeting the North American market with the aim of maximizing value like you've been trying to do?

好的。我得到了它。不，這很有幫助，艾瑞克。然後還有一款面向北美市場的，對吧？正如電話會議上有人指出的那樣，你的表現比我們許多人預想的都要好得多。傑夫，如果我沒理解錯的話，你似乎不想討好所有人。你瞄準的是那些大型的、成熟的客戶群，是那些能為你帶來價值的群體，對嗎？但或許可以稍微跟它聊聊。您是如何像一直以來努力的那樣，瞄準北美市場以實現價值最大化的？

Well, look, maximizing value means that we are focused on efficiency and technology, and electric fleets bring that, but we continue to invest in technology in North America. And I think that's where the point of bifurcation happens, and we've been clearly targeting customers that want to use that technology, both the electric and stepping forward into the subsurface and the control of sand and a lot of the things that ZEUS IQ and the many things that we've built along the way allow customers to do. And we continue to deepen that competitive advantage in terms of how we help customers solve for EUR, sand control, measure sand performance, all of those things in the subsurface.

你看，最大化價值意味著我們要專注於效率和技術，而電動車隊恰好能帶來這些，但我們仍將繼續在北美投資技術。我認為這就是分岔點所在，我們一直明確地瞄準那些想要使用這項技術的客戶，包括電力技術、深入地下技術、控製沙子以及ZEUS IQ和我們一路走來所構建的許多技術，這些技術能夠讓客戶實現這些目標。我們將持續深化此競爭優勢，幫助客戶解決 EUR、砂控制、測量砂性能等所有地下問題。

And so very deliberate, we don't compete in the spot market. We don't want to be competing in the spot market. You've seen us stack some diesel dual fuel fleets in the quarter for that very reason. And so yes, clearly, we are not going to be everything to everyone. We're very pleased with the technology performance and pleased with the uptake on the technology.

因此，我們經過深思熟慮，不在現貨市場競爭。我們不想參與現貨市場的競爭。正因為如此，你們已經看到我們本季增加了一些柴油雙燃料車隊。所以，很顯然，我們不可能滿足所有人的所有需求。我們對這項技術的性能非常滿意，也對這項技術的普及程度感到滿意。

So there's really not a good reason to continue to burn up dual fuel equipment in a market that's not making returns. We have opportunities to send dual fuel equipment overseas, which we may do, we probably will do, or we just idle it and wait for later when things get tighter and we put it back to work then.

因此，在一個無法帶來收益的市場中繼續消耗雙燃料設備，實在沒有充分的理由。我們有機會將雙燃料設備出口到海外，我們可能會這樣做，我們很可能會這樣做，或者我們只是讓它閒置，等到以後情況緊張時再讓它重新投入使用。

Makes sense. Makes sense. Okay. Jeff, I'll turn it back. And by the way, as much as I like the $100 million in cost savings, I'm waiting for the day when activities are going up and we are adding labor costs. But until then, thanks a lot for the color.

有道理。有道理。好的。傑夫，我把它轉回去。順便說一句，雖然我很喜歡節省 1 億美元的成本，但我還是期待著有一天業務量增加，勞動成本上升。但在此之前，非常感謝你帶來的色彩。

James West, Melius Research.

James West，Melius Research。

So I want to be -- the guys have been dancing around the VoltaGrid relationship with their questions so far, but I was hoping to just create some clarity here. We obviously know, they have a distributed power technology that is going to be extremely useful. We understand the Middle East is energy rich. But really outside of industrial scale, is it not the relationship that you bring to the table? I mean nobody walks into the Kingdom with the Arabians and says, hey, guys, can I do business?

所以我想說的是——到目前為止，各位在提問時一直迴避與 VoltaGrid 的關係，但我希望能夠在這裡澄清一些問題。我們當然知道，他們擁有的分散式電源技術將會非常有用。我們知道中東地區能源資源豐富。但實際上，在工業規模之外，真正重要的是你所帶來的關係，不是嗎？我的意思是，沒有人會走進阿拉伯人的王國說：“嘿，夥計們，我可以和你們做生意嗎？”

Correct. And that's when I described global industrial scale, I'm including customer relationships, markets, knowledge of markets, history and markets and history of execution in markets that is well respected by most of the people in those markets, clearly by the people in those markets, customers and governments and all the rest.

正確的。那時我描述了全球工業規模，我指的是客戶關係、市場、市場知識、市場歷史以及在市場中執行的歷史，這些都受到這些市場中大多數人的尊重，顯然也受到這些市場中的人、客戶、政府以及所有其他人的尊重。

Exactly. That's exactly what we see. And then maybe on -- if we think about '26, and I know in North America, we can kind of leave that out for now because of the uncertainty. But looks to me like Saudi's bottoming and is going to recover here in the first half, deepwater coming back in the second half. Is that consistent with what your customers are kind of alluding or telling you at this point?

確切地。我們看到的正是如此。然後也許——如果我們考慮 2026 年，我知道在北美，由於不確定性，我們現在可以暫時忽略它。但依我看，沙烏地阿拉伯的石油市場已經觸底反彈，上半年將會復甦，下半年將恢復深水石油市場。這和你客戶目前暗示或告訴你的訊息一致嗎？

Yes. I mean our deepwater business is getting traction now and continues to strengthen as projects start and as we win projects, so that's sort of the view of that into '26 and beyond Middle East, Saudi in particular. I expect that picks up as we go into next year. Now I don't think that it springs back to maybe where it was, but not declining as a form of improving, and I think there will be some improvement on top of that as we go into 2026 -- middle of 2026.

是的。我的意思是，我們的深水業務現在正在取得進展，隨著專案的啟動和我們贏得專案的增加，業務也在不斷加強，這就是我們對 2026 年及以後中東地區，特別是沙烏地阿拉伯地區的看法。我預計這種情況會在明年好轉。現在我不認為它會恢復到以前的水平，但也不會退步，反而會有所改善，而且我認為到 2026 年年中，情況還會在此基礎上有所改善。

And so, yes. Look, the international business looks solid. Our technical position internationally looks very solid in terms of the growth engines I described, the contract wins we're having. And really, our value proposition is just continues to gain traction with customers all around the world. So very happy with that.

是的。你看，國際業務看起來很穩健。從我所描述的成長引擎和我們贏得的合約來看，我們在國際上的技術地位看起來非常穩固。事實上，我們的價值主張正持續受到世界各地客戶的認可。對此我非常滿意。

Doug Becker, Capital One.

道格·貝克爾，第一資本。

A good segue, Jeff. You've been highlighting the growth engines. Earlier this year, you talked about those engines could add $2.5 billion, maybe $3 billion of annual revenue, three to five years. How do you think Halliburton is progressing relative to those targets? And I assume you feel pretty comfortable that Halliburton should be growing, outgrowing the industry internationally given those growth engines.

傑夫，過渡得很好。你一直在強調成長引擎。今年早些時候，您曾談到這些引擎可以在三到五年內每年增加 25 億美元，甚至 30 億美元的收入。你認為哈里伯頓公司在實現這些目標方面進展如何？而且我認為您相當確信，鑑於這些成長引擎，哈里伯頓公司應該會不斷發展壯大，並在國際上超越整個行業。

Yes. They're on track, I mean, to do what we described. I pointed out a few of the anecdotes around the progress, but the progress is really deep rooted in our value proposition. And so these are strategic opportunities that continue to gain traction globally, whether intervention. You've seen the acquisition of Optime, which is playing a more and more meaningful role.

是的。我的意思是，他們正按計劃進行，朝著我們所描述的方向發展。我指出了一些與進展相關的軼事，但進展的真正根源在於我們的價值主張。因此，無論採取何種幹預措施，這些都是持續在全球範圍內獲得關注的策略機會。您已經看到了我們對 Optime 的收購，它正在發揮越來越重要的作用。

I know we just -- I think there was a press release just last night or yesterday around application of that in the North Sea with Aker BP, but that continues to (inaudible) gained traction really in all deepwater markets. I'm very excited about that.

我知道我們剛剛——我想就在昨晚或昨天，Aker BP 發布了一份關於在北海應用該技術的公告，但它繼續（聽不清楚）在所有深水市場都獲得了真正的進展。我對此感到非常興奮。

Artificial lift continues to gain traction throughout the Middle East, Latin America. So that's very much on track. Drilling technology continues to advance with automation and drilling, done some just amazing work in terms of automated drilling, controlling or automating not only the rig, but the hydraulics, which is a key technical differentiator for Halliburton. And then in unconventionals, continue to -- look, we applied the technology of sensory and continuous pumping in Argentina. Those are market firsts there.

人工舉陞技術在中東和拉丁美洲持續獲得發展動力。所以一切都在按計劃進行。鑽井技術不斷進步，自動化鑽井技術在自動化鑽井方面取得了令人矚目的成就，不僅控製或自動化了鑽機，還控製或自動化了液壓系統，這是哈里伯頓公司的關鍵技術優勢。然後，在非常規領域，繼續——你看，我們在阿根廷應用了感測和連續泵送技術。這些都是市面上的首創。

They have an impact, a positive impact for customers and for Halliburton, see the Middle East the same way, and we see a lot of opportunity even Australia, where we've done quite a bit of work in international unconventional. So very much on track and super excited about the differential growth opportunity that Halliburton has in these areas.

它們對客戶和哈里伯頓公司都有積極的影響，我們對中東市場的看法也一樣，我們看到了很多機會，甚至在澳洲也是如此，我們在那裡已經開展了相當多的國際非常規業務。目前一切進展順利，我對哈里伯頓在這些領域所擁有的差異化成長機會感到無比興奮。

Definitely sounds encouraging. I wanted to touch base on Brazil specifically. Halliburton recently received a completion and stimulation contract expected to start next year. We've been hearing some of the offshore drilling contractors have been having one-on-one discussions with Petrobras about reducing cost. Just what's your outlook for Brazil? And has Halliburton been approached about helping to reduce costs?

聽起來確實令人鼓舞。我想特別談談巴西的情況。哈里伯頓公司最近獲得了一份完井和增產合同，預計將於明年開始實施。我們聽說一些海上鑽井承包商一直在與巴西石油公司就降低成本進行一對一的討論。你對巴西的未來有何看法？哈里伯頓公司是否曾被邀請協助降低成本？

Look, we're super positive about Brazil. We've got a strong position there, both with IOC work and with Petrobras. Again, continue to develop technology specific for that market. We're in all sorts of discussions with (inaudible). And look, no. In terms of the market in Brazil, we see growth in execution and technology uptake given the complexity of that deepwater market.

我們對巴西的前景非常樂觀。我們在那裡擁有強大的地位，無論是在國際奧委會的工作中，還是在與巴西石油公司的合作中。再次強調，要繼續開發針對該市場的特定技術。我們正在與各方進行各種討論（聽不清楚）你看，不。就巴西市場而言，鑑於深水市場的複雜性，我們看到執行力和技術應用方面都有所成長。

Scott Gruber, Citi Group.

史考特‧格魯伯，花旗集團。

You guys have taken a very disciplined approach with respect to idling frac crews, where you will make a reasonable return. I'm just curious, kind of where do you stand in that process? Was it more weighted to kind of 3Q? Or would the idling be more weighted to 4Q when customers slow down? I'm just trying to think through your market comments around North America being down 12%, 13%, trying to separate the underlying market from the idling trend.

你們在處理閒置壓裂作業隊伍方面採取了非常嚴謹的態度，這樣你們就能獲得合理的回報。我只是好奇，你在這個過程中處於什麼階段？是否更側重於第三季？或者說，怠速現像是否會更集中在第四季度，因為那時客戶消費速度會減慢？我只是想仔細思考你關於北美市場下跌 12%、13% 的評論，試圖將潛在市場與閒置趨勢區分開來。

Look, I think that we will -- we idled some crews probably later in the quarter. You may see some of that in Q4. I think the idling and the white space in some respects go together. However, some of those crews that have been retired, or not retired but idle, will stay idle until we see margins snap back on them. But I think what's important as we look at the miles posts that I described is that the first thing to snap back or recover will be North America, and it's been that way for 1.5 decade.

你看，我認為我們會——我們可能會在本季度晚些時候讓一些工作人員閒置。你可能會在第四季看到一些這樣的變化。我認為在某些方面，閒置和留白是相輔相成的。然而，有些已經退休或尚未退休但處於閒置狀態的船員將繼續閒置，直到我們看到他們的利潤率迅速回升。但我認為，當我們審視我所描述的里程碑時，重要的是要看到，最先恢復或復甦的將是北美，這種情況已經持續了15年。

And we've seen it through several downturns. And so we fully expect that the recovery will come quickly in North America when it comes, and we're going to want those fleets available to fill in gaps and actually take on some bigger work.

我們已經見證了它度過數次經濟衰退。因此，我們完全預期北美地區的復甦將會很快到來，我們希望這些車隊能夠填補空缺，並承擔一些更大的工作。

I appreciate the color. And then turning to the CapEx budget for next year. I think at $1 billion, it's a bit below where expectations were at. But at the same time, your frac maintenance CapEx should be coming down a lot with the idling and investment in e-frac. Can you discuss kind of within the budget your ability to continue to make the strategic investments in the D&E toolkit and your growth verticals within C&P? It seems like those investments have borne a lot of fruit here in terms of share gains. So just kind of talk through the moving pieces in the budget next year and your ability to still make those strategic investments.

我喜歡這個顏色。接下來討論明年的資本支出預算。我認為10億美元的數字略低於預期。但同時，由於停產和對電動壓裂技術的投資，您的壓裂維護資本支出應該會大幅下降。您能否談談在預算範圍內，您是否有能力繼續對D&E工具包和C&P內部的成長垂直領域進行策略性投資？從股價上漲來看，這些投資似乎已經有了豐碩的成果。所以，請大家一起探討明年預算中的各個變動因素，以及你們繼續進行這些策略投資的能力。

Look, let me start. The capital budget, the 30% reduction is still in line, I think, largely, but it's -- look, as you described, investment cycles, we just view it as we don't -- that's where we need to be. From a strategic perspective, we continue to invest in R&D. We continue to invest in the technology that's differentiating. We have quite a bit of that, but we also have the ability to manage that inside of the budget that we have. And I think that driving some tightness in equipment is a good thing. And I expect that you'll continue to see Halliburton investing in the technology that makes the outsized market returns.

好，讓我先開始。資本預算削減 30% 仍然符合預期，我認為，總體而言是這樣，但是——你看，正如你所描述的，投資週期，我們只是不這麼認為——這就是我們應該在的地方。從策略角度來看，我們將持續加大研發投入。我們將繼續投資於具有差異化優勢的技術。我們確實有很多這樣的資源，但我們也有能力在現有預算範圍內進行管理。我認為對設備進行一些精細化管理是件好事。我預計哈里伯頓將繼續投資於能夠帶來超額市場回報的技術。

I guess another way to kind of phrase it is, do you think you can still deliver the share gains in D&E and C&P with the $1 billion budget next year?

換句話說，你認為明年10億美元的預算還能在D&E和C&P領域實現市場份額的成長嗎？

Unequivocally, yes.

毫無疑問，是的。

Marc Bianchi, TD Cowen.

馬克·比安奇，TD Cowen。

I wanted to pivot back to some stuff on Volta. Is the arrangement that was announced last night, this international collaboration, is that an exclusive arrangement where Halliburton is sort of exclusively deploying the Volta technology? Or can they go work with someone else if they choose to?

我想再回到Volta的一些話題。昨晚宣布的這項國際合作協議，是否是一項獨家協議，即哈里伯頓公司獨家部署 Volta 技術？或者，如果他們願意的話，他們可以去為其他人工作嗎？

Well, look, it's exclusive in parts. And I think where we're targeted, it's exclusive with certainty over a pretty good period of time. I'm not going to get into all the mechanics of the agreement, but the relationship is such that I feel confident that we are the partner and like I said, co-investing and the work that we've done to get to where we are has all been important work. And so quite confident in where that goes. And so what I think the more important takeaway is this is a fantastic growth opportunity for Halliburton and for VoltaGrid internationally.

嗯，你看，它部分內容是獨家的。而且我認為，在我們設定的目標區域，這種專屬性可以確定地持續相當長一段時間。我不會深入探討協議的具體細節，但我們之間的關係讓我相信我們是合作夥伴，而且正如我所說，共同投資以及我們為取得今天的成就所做的工作都非常重要。因此，我對它的發展方向相當有信心。因此，我認為更重要的結論是，這對哈里伯頓和VoltaGrid的國際業務來說都是一個絕佳的成長機會。

Indeed, Jeff. And if there's some dollar of spend that needs to occur in 2026 on top of the $1 billion CapEx that you have related to this, like is there a certain percentage that Halliburton would be obligated to? Is it a 50% obligation or anything like that you can help us? So if we see a press release from Volta that they're spending $1 billion and we can sort of get a sense of what that might mean for Halliburton' requirement?

沒錯，傑夫。如果在 2026 年除了與此相關的 10 億美元資本支出之外，還需要額外支出一些資金，那麼哈里伯頓公司是否有義務承擔一定比例的費用？是50%的義務之類的嗎？能幫我們解答一下嗎？所以，如果我們看到 Volta 發布新聞稿，宣布他們將投資 10 億美元，我們就能大致了解這對哈里伯頓的需求意味著什麼？

Look, I think we will be investing alongside them. I think the capital -- we know how to raise capital, and we know how to get capital. I think that these projects are imminently capitalizable. And so I don't see that as any kind of impediment whatsoever. And if you see them announcing capital investment around the world, we're likely -- more than likely, we are part of that.

我認為我們會和他們一起投資。我認為資金方面——我們知道如何籌集資金，也知道如何獲得資金。我認為這些項目很快就能獲得資金支持。因此，我不認為這會構成任何障礙。如果你看到他們宣佈在全球範圍內進行資本投資，我們很可能——極有可能——是其中的一部分。

Derek Podhaizer, Piper Sandler.

德里克·波德海澤，派珀·桑德勒。

I just wanted to go back to the theme around idling equipment. If we can get a little bit more color, maybe help us understand how many fleets that you've idled, how many you expect to be permanently impaired, how many things might go back to work? Just trying to get a sense of the total market idling equipment. We've heard that from one of your peers last week. How significant could this accelerated attrition really be for the market and create a better setup from a supply and demand perspective for 2026?

我只是想回到設備閒置這個話題上來。如果能提供更多細節信息，例如幫助我們了解你們有多少艦隊停航，有多少艦隊預計會永久受損，以及有多少項目可能會恢復運行，那就太好了。只是想了解一下市場上閒置設備的整體情況。我們上週從你的一位同事那裡聽說了這件事。這種加速的損耗對市場究竟有多少影響？它能否從供需角度為 2026 年創造更好的市場格局？

Well, let me -- we're going to idle things that aren't economic, and that's really the way we approach it. It's not so much a number of things. Well, the way I think about attrition, and I think this is what we're really seeing in the marketplace. We, in fact, are idling things and they remain idle. They're not being bled back into the fleet to help shore up underperforming assets elsewhere for customers.

嗯，讓我來說——我們將擱置那些不具經濟效益的項目，這才是我們處理問題的方式。與其說是很多事情，不如說是很多事情。嗯，我對人員流失的看法是，我認為這才是我們在市場上真正看到的現象。事實上，我們讓事情停滯不前，它們也一直停滯不前。這些資金並沒有被重新投入到機隊中，以幫助彌補其他地方表現不佳的資產，從而更好地服務客戶。

And I think that is really the key when we think about attrition. So if we just look at amount of horsepower on the simul frac, for example, we're fairly disciplined about that quantity. We probably won't have more than 65,000 horsepower on a location like that. If we go look at competitors performing simul frac, that number could be 100,000, 120,000 horsepower, effectively saying that, that's attrition in motion. And I think when the market -- it doesn't need to recover much, if any, before we'll see real tightness in pricing in North America.

我認為這才是我們思考人員流失問題時的關鍵。例如，如果我們只看模擬壓裂的馬力大小，我們對這個數量相當有控制。在那種地方，我們大概不會有超過 65,000 匹馬力的動力。如果我們看看競爭對手進行同步壓裂作業，那個數字可能是 10 萬、12 萬馬力，這實際上意味著，這就是動態損耗。我認為，北美市場即使不需要大幅復甦，甚至根本不需要復甦，就會出現真正的價格緊縮。

Got it. That's helpful. And this one might be for Eric. I just wanted to ask about the free cash flow here in the quarter. It's a little bit light versus expectations, your working capital headwind. Should that flip to a tailwind in the fourth quarter? And then maybe some early indications around 2026 free cash flow expectations, just given where CapEx is going down to $1 billion.

知道了。那很有幫助。這封信可能是寫給艾瑞克的。我只是想問一下本季的自由現金流狀況。與預期相比略有不足，這對你的營運資金構成了不利影響。第四節比賽會不會轉為順風呢？然後，鑑於資本支出將降至 10 億美元，或許可以初步預測 2026 年的自由現金流。

Right. So as it relates to 2025, Derek, we're still shooting for about $1.7 billion for the year. Q3 was indeed a bit lower than expected. That came from high revenue, slightly lower collection than expected and then the cash part of the charge that we took. We're confident about the yearly numbers.

正確的。所以，德瑞克，就 2025 年而言，我們仍然計劃當年實現約 17 億美元的收入。第三季業績確實略低於預期。這主要來自高收入、略低於預期的收款以及我們收取的現金部分費用。我們對年度數據充滿信心。

Q4 is always the strongest quarter for collection. So we're not expecting that to change this year. As it relates to cash flow for 2026, it's really early to say. The big focus right now is obviously on ensuring and focusing on the strength of operation, returns, et cetera. But I would say this, the cost reductions that we've undertaken, everything else being equal, will result in $400 million less cost. We have $400 million lower CapEx. So in a way, it's $800 million of additional liquidity as we get into 2026.

第四季歷來是收款最強勁的季度。所以我們預計今年情況不會改變。至於 2026 年的現金流，現在下結論還為時過早。目前的重點顯然是確保和集中精力提升營運實力、收益等等。但我想說的是，在其他條件不變的情況下，我們所採取的成本削減措施將節省 4 億美元。我們的資本支出減少了4億美元。從某種意義上說，到 2026 年，這將帶來 8 億美元的額外流動資金。

That being said, as we talked about the macro environment is fairly volatile. So as we think about 2026, we may take a bit more of a conservative approach as to how we utilize the cash flow, particularly as it relates to buybacks.

話雖如此，正如我們所說，宏觀環境相當不穩定。因此，在展望 2026 年時，我們可能會採取更保守的方式來利用現金流，尤其是在股票回購方面。

Stephen Gengaro, Stifel.

Stephen Gengaro，Stifel。

I think two things for me. One is just to kind of get your views as we sort of think about '26 a little bit. We're hearing that frac activity is below levels to sustain US production. And I'm just curious kind of in your conversations and what you've heard, how you think the E&Ps react to that as you go through 2026?

我認為有兩件事。一是想了解大家對「26」的看法，因為我們對「26」這個話題有點想法。我們了解到，水力壓裂活動水準低於維持美國石油產量的水準。我很好奇，根據你們的談話和你們聽到的消息，你們認為到 2026 年，勘探與生產公司會對此作何反應？

Look, I think that each E&P is going to do what they need to do. I'm stepping back and taking a broad view and there are some that are slowing down and some that are maybe are speeding up. But I think that overall, based on our view, North America, and I don't think that I'm the only one that thinks this is the fact that North America is flattish to down a little bit next year just based on activity level and capital spend. And so I think every customer is going to do what they think they need to do. But I would say conserving capital is one of the things that they're doing.

我認為，每個油氣勘探開發公司都會做他們需要做的事情。我退後一步，從更宏觀的角度來看問題，發現有些事情進展緩慢，而有些事情可能正在加速發展。但我認為，總體而言，根據我們的觀點，北美（而且我認為不只我一個人這麼認為）明年北美經濟活動水平和資本支出將保持平穩甚至略有下降。所以我認為每個顧客都會做他們認為自己需要做的事情。但我認為，節約資金是他們正在做的事情之一。

And the other question I had is, as it pertains to some of the growth areas you've talked about, like lift and chemicals, how do you think the competitive landscape has changed? And do you think that aids in your ability to continue to gain share in those areas?

我還有一個問題，關於您提到的一些成長領域，例如電梯和化學品，您認為競爭格局發生了怎樣的變化？你認為這有助於你繼續在這些地區擴大市場佔有率嗎？

I do. I think that -- well, in the lift area, it certainly does. And I think it's both performance and technology. We've got -- Intelevate is a key part of the software and AI around pumping our pumps. Artificial lift today are differentiating, and we continue to grow that business.

我願意。我認為——嗯，在電梯區域，確實如此。我認為這既關乎性能，也關乎技術。我們已經擁有——Intelevate 是我們泵送軟體和人工智慧的關鍵組成部分。如今人工舉陞技術具有差異化優勢，我們將繼續發展這項業務。

And if you recall, we didn't have any international footprint to speak of. We had none when we acquired Summit. And so what we're seeing is outsized growth certainly for Halliburton. And I think ESP is broadly become a more important tool as operators and governments and others seek to produce more oil from existing assets. So I think secular growth is in front of ESP. And I think our unique position, both technically and from where we started, get Halliburton an outsized opportunity for growth.

如果你還記得的話，我們當時幾乎沒有任何國際業務。收購 Summit 時，我們一無所有。因此，我們看到的是哈里伯頓公司實現了超乎尋常的成長。我認為，隨著營運商、政府和其他各方尋求從現有資產中生產更多石油，ESP 正在成為越來越重要的工具。所以我認為長期成長領先ESP。我認為，無論從技術層面還是從我們的起點來看，我們獨特的地位都為哈里伯頓帶來了巨大的發展機會。

Keith MacKey, RBC Capital Markets.

Keith MacKey，加拿大皇家銀行資本市場。

Just wanted to start out on the CapEx guide for next year. I appreciate the incremental color on free cash flow. But when it comes to CapEx, you've always messaged that we should think about it as a 5% to 6% of revenue type target. Is that still the case for next year? Or have things changed just given the market outlook?

只是想先著手準備明年的資本支出指南。我很喜歡自由現金流的逐步分析。但就資本支出而言，您一直強調我們應該將其視為收入的 5% 到 6% 的目標。明年情況依然如此嗎？或者僅僅是由於市場前景的變化？

No, I think you should take the $1 billion guidance as a dollar number versus a ratio to revenue. And as Jeff gave some color that we've invested a lot in a couple of really key strategic initiatives around electric frac, around the revamping of our technology for directional drilling. We continue to invest in these, but the rollout has progressed significantly. So we don't need to use the same amount of capital dollars in these two strategic initiatives. So you should be viewing this as being disciplined around our capital spend, but making sure that we can still deliver on growth and on all of our strategic initiatives.

不，我認為你應該把10億美元的預期看成一個具體的數字，而不是與收入的比率。傑夫進一步解釋說，我們在電動壓裂技術以及定向鑽井技術的改造方面，對一些非常關鍵的策略性舉措進行了大量投資。我們將繼續對這些項目進行投資，但推廣工作已經取得了顯著進展。因此，我們不需要在這兩項策略措施中使用相同金額的資金。所以你應該把這看作是在資本支出方面保持紀律，但同時也要確保我們能夠實現成長並推進所有策略舉措。

Got it. Appreciate the color. And just stepping back to the market. Jeff, you mentioned North America generally the first place to come back in as the cycle turns upward. Can you just talk to us how you're thinking a little bit more about how the drilling versus completion of that potential upswing might play out? I know some cycles, it's been drilling first in completion or vice versa? How do you see this one playing out?

知道了。欣賞這種顏色。然後，我們又回到了市場。傑夫，你提到過，隨著經濟週期回暖，北美通常是第一個復甦的地區。您能否再詳細談談您對鑽探與完成潛在上漲階段之間可能出現的情況的看法？我知道有些週期，是先鑽井後完井，還是反過來？你覺得這件事會如何發展？

Look, I think the supply chain in North America is much better wired together than it's ever been. So the idea that it's all drilling and then there are ducts and then there's fracking, operators and service companies have solved for how to execute more efficiently. And so I think what you would see as rig count and frac count coming back generally together, and the timing of that, again, less clear.

我認為，北美供應鏈的銜接比以往任何時候都更加順暢。所以，與其說是鑽井，然後是管道，然後是水力壓裂，營運商和服務公司已經找到了更有效率地執行這些步驟的方法。因此，我認為鑽機數量和壓裂數量總體上會同時恢復，但具體時間仍不明確。

And at this time, that is all that we have for questions. I will now turn the call back over to Jeff Miller, Chairman, President and CEO, for closing remarks.

目前，我們提出的問題就這些了。現在我將把電話轉回給董事長、總裁兼執行長傑夫·米勒，請他作總結發言。

Okay. Thank you, John. And before we wrap up today's call, let me leave you with a few thoughts. I'm excited about what's ahead for Halliburton. We have the right strategy, team, customer relationships, technology and exciting new opportunities.

好的。謝謝你，約翰。在結束今天的通話之前，我想和大家分享幾個想法。我對哈里伯頓的未來充滿期待。我們擁有正確的策略、團隊、客戶關係、技術和令人興奮的新機會。

Our value proposition is validated by the work we're doing today and customer discussions we're having about future work. We are focused on executing the strategies to deliver strong financial performance. I look forward to speaking with you next quarter.

我們目前的工作以及與客戶就未來工作的討論都驗證了我們的價值主張。我們專注於執行各項策略，以實現強勁的財務表現。我期待下個季度與您交流。

This concludes today's conference call. We would like to thank you for your participation. You may now disconnect your lines. Have a pleasant day.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。祝您今天愉快。