哈里伯頓 (HAL) 2025 Q4 法說會逐字稿

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（技術難題）

We outperformed our expectations with stronger-than-anticipated activity and solid execution in both our North America and international Completion and Production businesses. It is clear that Halliburton's strategy and value proposition deliver differentiated results. Here are some of the highlights from 2025. We delivered total company revenue of $22.2 billion and adjusted operating margin of 14%. International revenue was $13.1 billion, down 2% year-over-year. North America revenue was $9.1 billion, a decrease of 6% year-over-year.

我們在北美和國際完井和生產業務方面都取得了超乎預期的業績，業務活動強勁，執行力強勁。很明顯，哈里伯頓的策略和價值主張帶來了差異化的成果。以下是 2025 年的一些亮點。公司總收入達 222 億美元，調整後營業利益率為 14%。國際營收為 131 億美元，年減 2%。北美地區營收為91億美元，年減6%。

During the year, we generated $2.9 billion of cash flow from operations, $1.9 billion of free cash flow and repurchased $1 billion of our common stock. Finally, we returned 85% of our free cash flow to shareholders, reducing our share count to its lowest levels in 10 years. These results reflect hard work and dedication by the men and women of Halliburton all around the world. I want to thank each Halliburton employee for your dedication to safety and our value proposition, maximizing value for our customers and delivering returns for our shareholders.

年內，我們從營運活動中產生了 29 億美元的現金流，19 億美元的自由現金流，並回購了 10 億美元的普通股。最後，我們將 85% 的自由現金流返還給了股東，使我們的股份數量降至 10 年來的最低水準。這些成果體現了哈里伯頓公司世界各地員工的辛勤工作和奉獻精神。我要感謝哈里伯頓的每一位員工，感謝你們對安全和我們價值主張的奉獻，為我們的客戶創造最大價值，並為我們的股東帶來回報。

Now let's turn to our macro outlook for 2026. We believe 2026 will be a year of rebalancing. The return of OPEC spare capacity and higher non-OPEC production have created a market with abundant supply. We expect supply increases to moderate this year as demand continues to rise.

現在讓我們來看看2026年的宏觀經濟前景。我們認為2026年將是重新平衡之年。歐佩克剩餘產能的恢復和非歐佩克國家的增產創造了一個供應充足的市場。我們預計今年供應成長速度將放緩，而需求將持續成長。

Near term, absent geopolitical disruptions, we expect commodity prices are unlikely to rise. We anticipate moderate softness in some key markets, particularly North America. We expect international activity to be stable year-over-year.

短期內，如果沒有地緣政治動盪，我們預期大宗商品價格不太可能上漲。我們預期部分重點市場將出現輕微疲軟，尤其是北美市場。我們預期國際業務活動將維持年比穩定。

Medium term, we believe supply and demand will rebalance. We expect the combination of steeper decline rates, diminishing reservoir quality and limited exploration success to create favorable tailwinds for oilfield services. I expect the next cycle to begin where it always has in North America, followed by a global push to meet the growing demand. Let me close our macro outlook with this. I am confident in the future of oilfield services and excited about Halliburton's opportunities now and in the years ahead.

我們認為，中期來看，供需關係將會重新平衡。我們預計，油氣產量下降速度加快、油藏品質下降以及勘探成功率有限等因素將為油田服務業帶來有利的順風。我預計下一輪成長週期將從北美開始，然後在全球範圍內推動成長以滿足不斷增長的需求。最後，我想用以下幾點來結束我們對宏觀經濟的展望。我對油田服務業的未來充滿信心，並對哈里伯頓公司現在和未來幾年的發展機會感到興奮。

Let's turn to our international business. Halliburton delivered another solid quarter, underscoring the strength of our global franchise and the resilience of our strategy. For the full year, international revenue was $13.1 billion, a decrease of 2% year-over-year, outperforming a 7% decline in rig count. While we experienced notable declines during the year in Saudi Arabia and Mexico, the remainder of our international business demonstrated strong growth of about 7%. Looking ahead to 2026, we expect total international revenue to be flat to up modestly.

讓我們轉向國際業務。哈里伯頓公司又取得了穩健的季度業績，凸顯了我們全球業務的實力和我們策略的韌性。全年來看，國際營收為 131 億美元，年減 2%，優於鑽井平台數量 7% 的降幅。儘管我們在沙烏地阿拉伯和墨西哥的業務在這一年中出現了明顯的下滑，但我們國際業務的其他部分仍實現了約 7% 的強勁成長。展望 2026 年，我們預計國際總收入將持平或略有成長。

I am confident in the outlook for our international business. First, our collaborative value proposition is winning. What began as alliances with independents has expanded to include IOCs and NOCs across all of our regions. Today, this collaborative approach consistently drives outperformance for Halliburton and our customers. Deep collaboration is in our DNA, and we believe it is the future of oilfield services. I am confident Halliburton is uniquely positioned to lead and thrive through this collaborative strategy.

我對我們國際業務的前景充滿信心。首先，我們的合作價值主張正在贏得市場。最初只是與獨立奧委會結盟，現在已擴展到包括我們所有地區的國際奧委會和國家奧委會。如今，這種協作方式不斷推動哈里伯頓及其客戶取得優異業績。深度協作已融入我們的基因，我們相信這是油田服務的未來。我相信哈里伯頓公司憑藉其獨特的優勢，能夠透過這種合作策略引領產業並蓬勃發展。

Second, our drilling and formation evaluation technology is now a differentiator for Halliburton in all markets. The depth of our drilling portfolio allows us to compete and win in the most technically demanding integrated projects worldwide.

其次，我們的鑽井和地層評估技術現在已成為哈里伯頓在所有市場上的差異化優勢。我們強大的鑽井實力使我們能夠參與並贏得全球技術要求最高的綜合項目。

Finally, I believe the market structure is evolving in a way that differentially favors Halliburton. We see consistent international growth in unconventional development drilling and intervention, all of which are directly aligned with Halliburton's strengths.

最後，我認為市場結構正在朝著有利於哈里伯頓的方向發展。我們看到非常規油氣開發鑽井和乾預的國際業務持續成長，而所有這些都與哈里伯頓的優勢直接相關。

Let's take a closer look at our international growth engines: unconventionals, drilling, production services and artificial lift, where we have a clear line of sight to outperform the overall market. We continue to make great progress.

讓我們仔細看看我們的國際成長引擎：非常規油氣、鑽井、生產服務和人工舉升，在這些領域，我們有明確的目標超越整體市場。我們持續取得巨大進步。

In unconventionals, Halliburton uniquely brings North America technology to the international market. Today, we operate in 7 countries and see growing adoption of simul-frac and continuous pumping operations along with our auto frac and Sensori technology. In drilling, we completed the first fully autonomous geosteering run for a customer in the Caribbean, where we maximize reservoir contact and delivered outstanding performance for the customer. Finally, artificial lift delivered record international quarterly revenue and is now active in 15 countries.

在非常規領域，哈里伯頓公司獨樹一格地將北美技術推向國際市場。目前，我們的業務遍及 7 個國家，我們看到同步壓裂和連續泵送作業以及我們的自動壓裂和 Sensori 技術正被越來越多地採用。在鑽井方面，我們為加勒比海的一位客戶完成了首次全自動地質導向鑽井作業，最大限度地提高了油藏接觸面積，並為客戶帶來了卓越的性能。最後，人工舉陞技術實現了創紀錄的國際季度收入，目前已在 15 個國家投入使用。

Turning to our international power business. Our strategic collaboration with VoltaGrid continues to gain momentum. I am pleased with our progress so far. Customers recognize that Halliburton's global footprint and reputation for execution are a strong complement to VoltaGrid's distributed power platform. The opportunity pipeline is expanding rapidly across the Eastern Hemisphere with several projects already in engineering review.

接下來談談我們的國際電力業務。我們與VoltaGrid的策略合作持續推進。我對我們目前的進展感到滿意。客戶認識到，哈里伯頓的全球佈局和卓越的執行力與 VoltaGrid 的分散式電力平台形成了強大的互補。東半球的專案機會正在迅速增加，目前已有多個專案進入工程審查階段。

During the quarter, Halliburton and VoltaGrid secured manufacturing capacity for 400 megawatts of modular power systems. I am convinced, more than ever, that these opportunities will manifest and provide a significant avenue for future growth.

本季度，哈里伯頓和伏爾塔電網獲得了 400 兆瓦模組化電力系統的製造能力。我比以往任何時候都更加確信，這些機會將會實現，並為未來的發展提供重要途徑。

To summarize, Halliburton's international business is strong. Our collaborative value proposition is winning, our technology is delivering and our growth engines are aligned with the evolution of the market. I am confident that Halliburton will outperform in 2026.

總而言之，哈里伯頓的國際業務實力雄厚。我們的合作價值主張正在贏得市場，我們的技術正在發揮作用，我們的成長引擎與市場的發展趨勢一致。我相信哈里伯頓公司在2026年會取得優異的業績。

Before we leave international, here are a few of my views on Venezuela. I have always believed that oil and gas is the key to Venezuela's economic recovery. I'm excited about the tremendous opportunity for Halliburton in Venezuela. Halliburton entered Venezuela in 1938 and only exited in 2019 because we are an American company in compliance with US sanctions. Halliburton knows this market well, and we will grow our business there as soon as commercial and legal terms are resolved, including payment certainty. The early steps are already well underway.

在結束國際話題討論之前，我想先談談我對委內瑞拉的一些看法。我一直認為石油和天然氣是委內瑞拉經濟復甦的關鍵。我為哈里伯頓在委內瑞拉的巨大發展機會感到興奮。哈里伯頓公司於 1938 年進入委內瑞拉市場，直到 2019 年才退出，因為我們是一家美國公司，遵守美國的製裁規定。哈里伯頓非常了解這個市場，一旦商業和法律條款得到解決，包括付款確定性，我們將立即在那裡發展業務。前期工作已經順利展開。

Now moving on to North America. Halliburton delivered a strong fourth quarter, supported by less-than-anticipated white space and solid execution. For the full year, revenue was $9.1 billion, down 6% year-over-year. As we look towards 2026, we expect North America revenue to decline high single digits compared to 2025. This outlook reflects the full year impact of reduced customer activity in land operations, our decision to stack uneconomic fleets and the timing of customer programs in the Gulf of America.

現在轉到北美地區。哈里伯頓第四季業績強勁，這得益於低於預期的市場空白和穩健的執行。全年營收為91億美元，年減6%。展望 2026 年，我們預期北美地區的營收將比 2025 年下降近 10%。這項展望反映了全年陸上業務客戶活動減少的影響、我們決定擱置不經濟的船隊以及美洲灣客戶專案的進度安排。

Here are three observations on North America that shape our view and strategy. First, attrition is accelerating at a time when new capital investment is falling. The equipment is working harder than it ever has due to widespread adoption of continuous pumping and simul-frac. This is why I believe a small increase in demand will tighten the market quickly. Second, the largest opportunity for the industry is to increase recovery, and I believe that this is only possible with technology adoption. This is why I am so excited about ZEUS IQ. Third, when the commodity outlook improves, we believe North America will be the first to recover. We have seen this countless times in the past, and the same drivers are in place today.

以下是我們對北美地區的三點觀察，它們塑造了我們的觀點和策略。首先，在新增資本投資下降的同時，人員流失卻在加速。由於連續泵送和同步壓裂技術的廣泛應用，設備的運行負荷比以往任何時候都要大。所以我認為，需求的小幅成長就會迅速導致市場趨緊。其次，該行業最大的機會在於提高回收率，而我認為這只有透過採用技術才能實現。這就是我為什麼對ZEUS IQ如此興奮的原因。第三，我們認為，當大宗商品前景改善時，北美將率先復甦。過去我們已經無數次看到這種情況，而如今的驅動因素依然相同。

Our strategy in North America is to maximize value. This means that we prioritize returns over market share, and we develop technology that addresses customers' most critical opportunities, improving recovery and drilling longer, faster, more precise wells. Let's look at how we do that.

我們在北美的策略是實現價值最大化。這意味著我們優先考慮回報而不是市場份額，我們開發的技術能夠滿足客戶最關鍵的需求，提高採收率，鑽探更長、更快、更精確的油井。讓我們來看看我們是如何做到的。

First, with respect to return. As we have done in the past, we will continue to stack equipment that is uneconomic. Prudent stacking of equipment preserves it for the recovery in North America and becomes an avenue to feed our growing international unconventionals business.

首先，關於回報。我們將繼續像過去一樣，堆積那些不經濟的設備。謹慎地堆放設備，既能將其保存下來用於北美地區的回收，又能為我們不斷增長的國際非常規油氣業務提供途徑。

With respect to technology, our differentiated ZEUS platform is driving value through automation and subsurface measurement. Only Halliburton's ZEUS platform directly measures and automates the control of sand placement, which I believe are critical building blocks for improving recovery. This quarter, customer adoption of ZEUS IQ, Sensori and auto frac increased by 18%, which tells me it is working.

在技​​術方面，我們獨特特色的 ZEUS 平台透過自動化和地下測量創造價值。只有哈里伯頓公司的 ZEUS 平台能夠直接測量並自動控製砂的放置，我認為這是提高採收率的關鍵組成部分。本季度，ZEUS IQ、Sensori 和自動分餾技術的客戶採用率提高了 18%，這說明這些技術是有效的。

We are also differentiated with our iCruise rotary steerable system and LOGIX automation, which deliver precision and reliability in long laterals. No trend in unconventionals is more clear than the growth of lateral lengths along with complex geometries such as [horseshoe] wells. We see this trend in every major basin.

我們的 iCruise 旋轉轉向系統和 LOGIX 自動化系統也使我們脫穎而出，在長水平作業中實現了精度和可靠性。非常規油氣領域的一個明顯趨勢是水平井段長度的增長以及複雜幾何形狀（如馬蹄形井）的出現。我們在各大流域都看到了這種趨勢。

The impact of iCruise has been dramatic on our North America drilling services business, which grew meaningfully this year despite a 6% decline in rig count. The high performance of iCruise and LOGIX and the secular trend towards rotary steerable drilling in North America give me great confidence in the continued success of our drilling services business.

iCruise 對我們的北美鑽井服務業務產生了巨大的影響，儘管鑽機數量下降了 6%，但該業務今年仍實現了顯著增長。iCruise 和 LOGIX 的卓越性能以及北美地區旋轉導向鑽井的長期發展趨勢，讓我對我們的鑽井服務業務的持續成功充滿信心。

To summarize North America, our priority is clear, we will maximize value. We have consistently executed this strategy and delivered differentiated results. I am confident, this strategy will deliver value for our customers, Halliburton and our shareholders.

總而言之，在北美，我們的首要任務很明確，那就是實現價值最大化。我們始終如一地執行這項策略，並且取得了顯著成效。我相信，這項策略將為我們的客戶、哈里伯頓公司和我們的股東帶來價值。

Before I turn the call over to Eric, let me close with this. I've never been more excited about the future of Halliburton, and here's why. Oil and gas have a critical and recognized role to play in the energy mix of the future. The shift from idealism to pragmatism is refreshing and consistent with the reality that there will be growing demand for oilfield services for decades to come.

在把電話轉給埃里克之前，我想最後再補充一點。我從未像現在這樣對哈里伯頓的未來感到如此興奮，原因如下。石油和天然氣在未來的能源結構中將發揮至關重要的作用，這一點已得到公認。從理想主義轉向實用主義令人耳目一新，也符合未來幾十年油田服務需求不斷增長的現實。

Our value proposition is clear. We collaborate and engineer solutions to maximize asset value for our customers. The proven outperformance of our strategy and the ongoing shift towards collaborative work means Halliburton is squarely where the market is headed. And finally, our differentiated technology delivers exceptional value for our customers and for Halliburton. I am confident Halliburton will deliver leading returns and capitalize on future growth opportunities.

我們的價值主張很明確。我們通力合作，精心設計解決方案，以最大化客戶的資產價值。我們策略的卓越表現以及不斷向協作工作模式的轉變意味著哈里伯頓正處於市場發展的方向。最後，我們差異化的技術為我們的客戶和哈里伯頓公司帶來了卓越的價值。我相信哈里伯頓公司將取得領先的回報，並抓住未來的成長機會。

Finally, I'm also pleased to announce an important leadership update. Shannon Slocum has been promoted to Chief Operating Officer effective January 1. The Shannon's COO role will be important to our success as we execute our strategy, and I look forward to him joining us on future earnings calls.

最後，我很高興地宣布一項重要的領導層更新。Shannon Slocum 已於 1 月 1 日晉升為營運長。Shannon 的營運長一職對我們執行策略的成功至關重要，我期待他能參加我們未來的財報電話會議。

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

接下來，我將把電話交給艾瑞克，讓他詳細介紹我們的財務表現。艾瑞克？

Thank you, Jeff, and good morning. Our Q4 reported net income per diluted share was $0.70. Adjusted net income per diluted share was $0.69. Total company revenue for Q4 2025 was $5.7 billion, flat when compared to Q3 2025. Adjusted operating income was $829 million, and adjusted operating margin was 15%.

謝謝你，傑夫，早安。我們第四季公佈的每股攤薄淨收益為0.70美元。調整後的每股攤薄淨收益為0.69美元。該公司2025年第四季總營收為57億美元，與2025年第三季持平。調整後的營業收入為 8.29 億美元，調整後的營業利益率為 15%。

Our Q4 cash flow from operations was $1.2 billion and free cash flow was $875 million. During Q4, we repurchased $250 million of our common stock. For the full year, we repurchased approximately 42 million shares at an average price of $23.8 per share.

我們第四季的營運活動現金流為 12 億美元，自由現金流為 8.75 億美元。第四季度，我們回購了價值 2.5 億美元的普通股。全年共回購了約 4,200 萬股股票，平均價格為每股 23.8 美元。

Now turning to the segment results. Beginning with our Completion and Production division, revenue in Q4 was $3.3 billion, flat when compared to Q3 2025. Operating income was $570 million, an increase of 11% when compared to Q3 2025, and the operating income margin was 17%. Revenue improvements were primarily driven by higher year-end completion tool sales globally and offset by lower stimulation activity in the Western Hemisphere. Operating income increased due to activity mix improvements from completion tool sales.

現在來看細分市場的結果。以我們的完井和生產部門為例，第四季營收為 33 億美元，與 2025 年第三季相比持平。營業收入為 5.7 億美元，比 2025 年第三季成長 11%，營業利益率為 17%。收入成長主要得益於全球年底完井工具銷售額的成長，但被西半球壓裂活動的減少所抵銷。由於完井工具銷售帶來的業務組合改善，營業收入增加。

In our Drilling and Evaluation division, revenue in Q4 was $2.4 billion, flat when compared to Q3 2025. Operating income was $367 million, an increase of 5% sequentially and operating income margin was 15%. Revenue improvements driven by higher wireline activity in the Eastern Hemisphere and increased year-end software sales were offset by lower fluid services in North America. Operating income increased due to better activity mix from our wireline business in the Eastern Hemisphere and the year-end software sales.

在我們的鑽井和評估部門，第四季的營收為 24 億美元，與 2025 年第三季相比持平。營業收入為 3.67 億美元，季增 5%，營業利益率為 15%。東半球有線作業活動增加和年末軟體銷售成長帶來的收入改善被北美流體服務收入下降所抵消。由於東半球有線業務的業務組合改善以及年末軟體銷售，營業收入有所成長。

Now let's move on to geographic results. Our Q4 international revenue increased 7% when compared to Q3 2025. Europe/Africa revenue in Q4 was $928 million, an increase of 12% sequentially. This increase was primarily driven by higher completion tool sales in the North Sea, and improved activity across multiple product service lines in Africa.

現在我們來看地理位置方面的結果。與 2025 年第三季相比，我們第四季的國際營收成長了 7%。第四季歐洲/非洲地區的營收為 9.28 億美元，季增 12%。這一成長主要得益於北海完井工具銷售額的增加，以及非洲多個產品服務線業務活動的改善。

Middle East/Asia revenue in Q4 was $1.5 billion, an increase of 3% sequentially. This improvement was primarily driven by increased well intervention services and higher stimulation activity in the Middle East and improved activity across multiple product service lines in Asia.

第四季中東/亞洲地區的營收為 15 億美元，季增 3%。這項改善主要得益於中東地區油井幹預服務和增產活動的增加，以及亞洲地區多個產品服務線活動的改善。

Latin America revenue in Q4 was $1.1 billion, a 7% increase sequentially. This increase was primarily driven by higher completion tool sales in Brazil and the Caribbean and higher software sales in Mexico.

第四季拉丁美洲營收為 11 億美元，季增 7%。這一增長主要得益於巴西和加勒比地區作文工具銷量的增加以及墨西哥軟體銷量的增加。

In North America, Q4 revenue was $2.2 billion, a 7% decrease sequentially. This decline was primarily driven by lower stimulation activity in US Land and Canada, decreased fluid services in the Gulf of America and lower well intervention services in US Land.

在北美，第四季營收為 22 億美元，季減 7%。這一下降主要是由於美國陸地和加拿大的增產活動減少、美洲灣的流體服務減少以及美國陸地的油井幹預服務減少所致。

Moving on to other items. In Q4, our corporate and other expense was $66 million. We expect our Q1 corporate expenses to increase about $5 million. In Q4, we spent $42 million on SAP S4 migration, which is included in our results. For Q1, we expect SAP expenses to be about $45 million.

接下來討論其他事項。第四季度，我們的公司及其他費用為 6,600 萬美元。我們預計第一季公司支出將增加約500萬美元。第四季度，我們在 SAP S4 遷移上花費了 4,200 萬美元，這筆費用已計入我們的業績。我們預計第一季 SAP 支出約為 4500 萬美元。

Net interest expense for the quarter was $86 million. For Q1, we expect net interest expense to increase about $5 million. Other net expense in Q4 was $25 million, we expect Q1 expense to be about $35 million. Our normalized effective tax rate for Q4 was 19.8%. Based on our anticipated geographic earnings mix, we expect our Q1 and full year 2026 effective tax rate to be approximately 21%.

本季淨利息支出為 8,600 萬美元。我們預計第一季淨利息支出將增加約 500 萬美元。第四季其他淨支出為 2,500 萬美元，我們預計第一季支出約為 3,500 萬美元。我們第四季的標準化有效稅率為 19.8%。根據我們預期的地域收益組成，我們預計 2026 年第一季和全年的實際稅率約為 21%。

Capital expenditures for Q4 were $337 million, which is $100 million lower than expected due to late equipment deliveries. For the full year 2026, we expect capital expenditures to be about $1.1 billion, consistent with our prior guidance adjusted for the timing impact of late deliveries. This guidance excludes any capital spending necessary for a potential re-entry into Venezuela.

第四季資本支出為 3.37 億美元，比預期減少了 1 億美元，因為設備交付延遲。預計 2026 年全年資本支出約為 11 億美元，與我們先前的指導方針一致，並已根據延遲交付的時間影響進行了調整。此指導意見不包括重新進入委內瑞拉市場所需的任何資本支出。

Now let me provide you with comments on our expectation for Q1 2026. In our Completion and Production division, in Q1, we anticipate a higher-than-normal roll-off of year-end completion tool sales and lower international activity. As a result, we anticipate sequential revenue to decrease 7% to 9%, and margins to decline about 300 basis points. In our Drilling and Evaluation division, we expect sequential revenue to decline 2% to 4% and margins to decline 25 to 75 basis points.

現在讓我來談談我們對 2026 年第一季的預期。在我們的完井和生產部門，我們預計第一季年底完井工具銷售額將出現高於正常水準的下滑，國際業務活動也將減少。因此，我們預計環比收入將下降 7% 至 9%，利潤率將下降約 300 個基點。在我們的鑽井和評估部門，我們預計收入將環比下降 2% 至 4%，利潤率將下降 25 至 75 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 Q4 results and closed 2025 with strong execution despite the market environment. Oil and gas have a critical and recognized role to play in the energy mix of the future. I expect 2026 to be a rebalancing year, which I am confident is followed by a period of sustained strong growth.

謝謝你，埃里克。讓我總結一下今天要討論的要點。儘管市場環境不佳，哈里伯頓仍取得了穩健的第四季度業績，並以強勁的執行力結束了 2025 年。石油和天然氣在未來的能源結構中將發揮至關重要的作用，這一點已得到公認。我預計 2026 年將是重新平衡的一年，我相信之後會迎來一段持續強勁增長的時期。

Halliburton's international business is strong. Our collaborative value proposition is winning. Our technology is delivering, and our growth engines are aligned with the evolution of the market.

哈里伯頓的國際業務實力雄厚。我們的合作價值主張正在贏得市場。我們的技術正在發揮作用，我們的成長引擎與市場的發展趨勢一致。

In North America, we will maximize value, meaning we will stack fleets that do not make adequate return and focus our investments on differentiated technologies that solve for our customers' greatest opportunities. I expect that as macro fundamentals improve, North America will be the first to respond.

在北美，我們將最大限度地提高價值，這意味著我們將淘汰那些收益不足的車隊，並將投資重點放在能夠為客戶創造最大機會的差異化技術上。我預計隨著宏觀基本面的改善，北美將率先做出反應。

I am confident in the outlook for our business and Halliburton's ability to deliver leading returns and capitalize on future growth opportunities. And now, let's open it up for questions.

我對我們公司的前景充滿信心，也相信哈里伯頓有能力帶來領先的回報並抓住未來的成長機會。現在，讓我們進入提問環節。

(Operator Instructions) Saurabh Pant, Bank of America.

（操作員說明）Saurabh Pant，美國銀行。

Good morning, Jeff and Eric. Jeff, maybe I want to start with the topic, which everybody has been bombarding us for the past two weeks, which is Venezuela, if you don't mind.

早安，傑夫和埃里克。傑夫，如果你不介意的話，我想先談談過去兩週大家都在談論的話題——委內瑞拉。

I noted, Jeff, you said in your prepared remarks, right, that I know it's early days, right? But you talked about early steps are well underway, right? So my question is, maybe just help us think about how quickly can Halliburton, your customers move into the country? What do you need to see to start doing that? And then secondly, ultimately, I know this is not certain, right? But what is the potential size of the opportunity? And how quickly can you scale up in Venezuela?

傑夫，我注意到你在事先準備好的演講稿中說過，我知道現在還為時過早，對吧？但你剛才提到，前期工作已經進展順利，對吧？所以我的問題是，您能否幫我們思考一下，您的客戶哈里伯頓公司需要多長時間才能進入這個國家？你需要看到什麼才能開始這樣做？其次，最終，我知道這並不確定，對吧？但這個機會的潛在規模究竟有多大？在委內瑞拉，你能多快擴大規模？

Thanks, Saurabh. Look, I think we could scale up fairly quickly. We're working through the mechanics around licenses and things that we're certain will get in place. But as far as returning to the country, we move equipment around all over the world. So we can move equipment quite quickly. We still have a footprint there in Venezuela in terms of operating bases and whatnot. And so getting equipment there to work fairly straightforward.

謝謝你，Saurabh。我認為我們可以很快擴大規模。我們正在研究許可證等方面的具體細節，我們確信這些細節都會落實到位。但就返回國內而言，我們的設備遍布世界各地。因此我們可以很快地調配設備。我們在委內瑞拉仍然保留一些業務，例如營運基地等等。因此，將設備運送到那裡工作相當簡單。

There are operators in Venezuela today. And so I think there are opportunities for us sooner rather than later to get back to work. And so we're assessing what we would do and where we would start, having the phone is ringing off the hook in terms of interest in Halliburton being there. And so confident that we can move fairly quickly in Venezuela and excited about that.

如今委內瑞拉境內存在一些業者。所以我認為我們有機會盡快重返工作崗位。因此，我們正在評估我們將要做什麼以及從哪裡開始，目前電話都響個不停，大家都對哈里伯頓公司在那裡的發展表現出了濃厚的興趣。我很有信心能在委內瑞拉迅速取得進展，對此我感到非常興奮。

As far as the size of the market, a small market today relative to what it was a decade ago. A decade ago, it was probably a $0.5 billion business for us pretty consistently. Now as time drag on, that market started to shrink and it got smaller, but quite optimistic about longer term being a much bigger business. And I think in the near term, getting back to work and contributing to our business in Halliburton.

就市場規模而言，如今的市場與十年前相比已經很小了。十年前，這項業務對我們來說一直穩定地維持著 5 億美元的收入。隨著時間的推移，這個市場開始萎縮，規模越來越小，但人們對長期發展成為更大的企業持樂觀態度。我認為在短期內，最重要的是重返工作崗位，為哈里伯頓的業務做出貢獻。

Right. No, that's a good update, Jeff. I think we need to keep -- we need to stay and tune in on what's going on, but that sounds like a good opportunity.

正確的。不，傑夫，這是一個很好的更新。我認為我們需要繼續關注事態發展，但這聽起來像是一個不錯的機會。

Just a very different pivot going back to 2026, Jeff. I know you gave some color on your expectations for activity for revenue, which, frankly, is in line to a little better than I think several people were thinking. So that's a good place to start. But on the margin side of things, Jeff, as we think about the pluses and minuses, pricing is part of it and not just NAM, but international pricing, operating leverage, cost is part of it.

傑夫，這只是回到2026年的一個非常不同的轉折點。我知道您對收入活動的預期做了一些說明，坦白說，這比我認為很多人預想的要好一些。所以，從這裡開始是個不錯的選擇。但就利潤率而言，傑夫，當我們考慮利弊時，定價是其中的一部分，不僅是北美定價，還有國際定價、營運槓桿、成本也是其中的一部分。

And then, Eric, maybe a little color on SAP spending trajectory. If we put all of that together, what does the margin side of the story look like for '26? Any preliminary thoughts on that?

然後，Eric，或許可以稍微介紹 SAP 的支出軌跡。如果把所有這些因素綜合起來，那麼 2026 年的利潤情況會是怎麼樣的呢？對此有什麼初步想法嗎？

Well, look, I think the second half looks stronger than the first half, most certainly. When we look around the world, it's pretty steady around the world. Obviously, larger tenders are going to be more competitive, and we see some of those. But by and large, it's a stable market internationally. And so I see, again, progress as we get certainly into the second half of the year around margins.

嗯，你看，我認為下半場比上半場好得多，這是肯定的。放眼全球，情況相當穩定。顯然，規模較大的招標項目競爭會更加激烈，我們也看到了一些這樣的項目。但總的來說，這是一個國際穩定的市場。因此，我再次看到，隨著我們進入下半年，利潤率方面肯定取得了進步。

Yes. So I've been -- as it relate. Go ahead, Saurabh. No, no, I was going to jump to your SAP question, but if you have a follow-up for Jeff, go ahead.

是的。所以，我一直——就這件事而言。請繼續，Saurabh。不不，我本來打算直接回答你關於 SAP 的問題，但如果你還有其他問題要問 Jeff，請便。

No, SAP. Let's cover SAP first, Eric.

不，是SAP。艾瑞克，我們先來聊聊SAP吧。

Okay. Yes. So SAP, we guided $45 million for Q1, and that's pretty much the run rate that you should be thinking about throughout 2026, $40 million to $45 million. We anticipate the project to complete in Q4 of this year, which is a little later than we had earlier guided. We've adjusted the plan slightly as we learn, progressing through the rollout of the system.

好的。是的。所以，SAP 第一季的預期營收為 4,500 萬美元，這基本上就是 2026 年全年的預期營收水平，4,000 萬美元到 4,500 萬美元。我們預計該項目將於今年第四季完成，比我們之前預期的要晚一些。隨著我們不斷學習，並在系統推廣過程中逐步完善，我們對計劃進行了一些調整。

We've also broadened the scope of the project to include some of the adjacent processes such as outsourcing or payroll and redesigning our overall OTC process. So in summary, about $45 million, $40 million, $45 million accrued until the end of the year, and project completed in Q4 with expected savings of about $100 million a year after the project is completed.

我們也擴大了專案範圍，納入了一些相關流程，例如外包或薪資發放，並重新設計了我們的整體場外交易流程。綜上所述，截至年底，累計金額約為 4,500 萬美元、4,000 萬美元、4,500 萬美元，該專案於第四季度完成，預計專案完成後每年可節省約 1 億美元。

Sorry, if I may go back to your first question a little bit here as well. So if I look at all of 2026, as I said, I think second half is better than the first half. But again, North America is taking a conservative posture. I think we've got some bright spots internationally.

抱歉，我能再稍微回答一下你的第一個問題嗎？所以，如果我縱觀整個 2026 年，正如我所說，我認為下半年比上半年好。但北美再次採取了保守的立場。我認為我們在國際上有一些亮點。

But I think the more important point is what's happening in terms of the rebalancing of the market. And that's really this pragmatic view of the world as opposed to idealistic, barrels are being absorbed, decline rates are higher now than they were in terms of because unconventionals are a larger part of the supply stack and quite frankly, exploration success has been anemic. And while all that's happening, demand is growing. So I think we're setting up for a rebalancing year and '26 of supply and demand to be followed by very sustained strength.

但我認為更重要的是市場再平衡方面正在發生的事情。這就是務實的世界觀，而不是理想主義的。原油正在被吸收，目前的產量下降率比以前更高，因為非常規油氣在供應結構中佔比更大，坦白說，勘探的成功率一直很低。與此同時，需求卻在成長。所以我認為，我們正在為供需關係的重新平衡做好準備，2026 年後將出現非常持續的強勢。

Right. No, that makes a ton of sense, Jeff. Like you said, rebalancing year, and really the focus should be on '27, '28, right? And hopefully, things go in the right direction. Thank you. Thanks a lot.

正確的。沒錯，傑夫，你說的很有道理。正如你所說，今年是重新平衡的一年，重點應該放在 2027 年和 2028 年，對吧？希望事情能朝著正確的方向發展。謝謝。多謝。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛集團。

Hey, Jeff. Good morning, team. A quick question here first on the international breakout. You said up slightly to '26 versus '25. Can you just go -- give us a tour around the world, Jeff, and give us a perspective by market? Where do you see increments and decrements?

嘿，傑夫。早安，各位同事。首先，關於國際突破，我有個簡單的問題。你說稍微上升到 26 年而不是 25 年。傑夫，你能帶我們環遊世界，並從各個市場的角度談談你的看法嗎？你在哪裡看到增量和減量？

Look, our outlook at this point is flattish to maybe up a little modestly. Look, I think Latin America leads the way in terms of growth. Brazil, deepwater is powering ahead. Argentina, we see quite a bit of growth, and that's obviously right in our wheelhouse. Ecuador, Guyana, obviously, Guyana has been a strong business for us and will continue to be. And so overall, Latin America, very much a bright spot.

你看，我們目前的預期是持平，或許會小幅上漲。我認為，拉丁美洲在成長方面處於領先地位。巴西深海捕撈業正蓬勃發展。阿根廷市場成長迅猛，這顯然正符合我們的強項。厄瓜多爾，圭亞那，顯然，圭亞那一直是我們的重要市場，並將繼續如此。因此，總體而言，拉丁美洲是一個非常亮點。

Middle East, I think it's flattish flattish, maybe even down slightly. And I say that just because I'm well aware of the activity growth in Saudi Arabia but taking a bit more conservative view of the timing and pacing of that coming back, it likely will, but it's less clear to me sort of how impactful and how early that would be. But overall, the rest of the Middle East is very solid business. Pleased with that business.

我認為中東地區地勢平坦，甚至可能略微下降。我這麼說是因為我非常清楚沙烏地阿拉伯的經濟活動正在成長，但對於經濟復甦的時間和速度，我持較為保守的看法，認為經濟可能會復甦，但我不太清楚復甦的影響有多大，以及復甦會多快。但整體而言，中東其他地區的商業環境非常穩健。對這家公司很滿意。

And then Asia Pacific really looks fairly flattish to us. A lot of gas demand in Asia. So positive things happening, but overall flattish for '26 anyway.

而亞太地區的經濟情勢在我們看來確實相當平坦。亞洲天然氣需求量大。所以好事在發生，但整體來說，2026 年整體情勢比較平淡。

Got it. That's a helpful break. And then maybe take a moment to talk about VoltaGrid. I think we've gotten more comfortable as an investment community around that business and the potential, and you've announced an important joint venture in (inaudible) From where you sit, how important is this business for you guys? How big can it be? Do you see yourselves as a logical consolidator over time? Do you like the minority to it? Just your perspective, anything you're willing to share about it.

知道了。那真是一次有益的休息。然後或許可以花點時間談談 VoltaGrid。我認為，作為投資界，我們對這項業務及其潛力越來越有信心，而且你們也宣布了一項重要的合資企業（聽不清楚）。從你們的角度來看，這項業務對你們來說有多重要？它能有多大？你們認為自己會隨著時間的推移而成為合乎邏輯的整合者嗎？你喜歡少數派嗎？就說說你的看法，任何你願意分享的內容。

Look, I'd say I'm really excited about where we are in the outlook for that business and the international piece of that business. I won't comment on the US, I think that's well understood and the pace of growth there and our role and ownership in VoltaGrid.

說實話，我對我們目前在該業務以及該業務的國際業務方面的前景感到非常興奮。我不打算對美國的情況發表評論，我認為大家都很清楚，包括美國的成長速度以及我們在VoltaGrid中的角色和所有權。

As we look around the world, a lot of interest from customers around the combination of VoltaGrid technology and Halliburton's proven execution and footprint and capability. And so solid pipeline, like the volume. And so I think that this could be a very big business over time. I mean, it's like all businesses where we're starting, we're very familiar with the business. It's going to grow at the pace that it will, but we've already committed to 400 megawatts.

放眼全球，客戶對 VoltaGrid 技術與哈里伯頓成熟的執行力、業務佈局和能力相結合表現出濃厚的興趣。因此，管道系統運作良好，交易量也很高。所以我認為，從長遠來看，這可能會發展成一項非常龐大的產業。我的意思是，就像我們創辦的所有企業一樣，我們對這個行業非常熟悉。它會按照它自己的速度發展，但我們已經承諾達到 400 兆瓦。

I think 400 megawatts is a good start as we place those, and what we've seen historically is that we place a few hundred megawatts and then that tends to grow over time as data centers expand. And there's just no question that there's not enough electricity power generation in the world today, in the US or anywhere else. So very confident in this, and I think it could be a very big business over time.

我認為 400 兆瓦是一個不錯的開端，因為我們從歷史經驗來看，我們先安裝幾百兆瓦，然後隨著資料中心的擴張，這個數字往往會隨著時間的推移而成長。毫無疑問，當今世界，無論是美國或其他任何地方，電力生產都嚴重不足。我對這個非常有信心，我認為隨著時間的推移，它會發展成一項非常大的業務。

David Anderson, Barclays.

大衛安德森，巴克萊銀行。

Great. Thank you very much. Good morning, Jeff. How are you? You talked about rebalancing of the market. I was wondering if you could talk more specifically about North America and the stimulation market and how that's rebalancing. You talked about the attrition going on, but I'm wondering how pricing is holding up here and whether or not you see this firming up throughout the year because you're also seeing equipment moving over to Middle East. I know you talked about you bringing some equipment down to Vaca Muerta. So how is that component kind of factoring into pricing? Do you expect pricing to kind of hold up here? And is this sort of a part of the rebalancing story?

偉大的。非常感謝。早安，傑夫。你好嗎？你談到了市場再平衡。我想請您更具體地談談北美和刺激市場，以及它是如何實現再平衡的。您談到了人員流失問題，但我想知道這裡的定價情況如何，以及您是否認為價格會在今年內趨於穩定，因為您也看到一些設備轉移到了中東。我知道你說過要帶一些設備去瓦卡穆埃爾塔。那麼，這個因素是如何影響定價的呢？你覺得這裡的物價會維持穩定嗎？這是否也是重新平衡的一部分？

Look, I think frac pricing is fairly stable at this point. We didn't -- Q4 is fairly stable. And as we go into Q1, our frac business stays very stable as well going into Q1. Now from a pricing standpoint, broadly, I think that given where pricing is and performance of companies in that market, we are fortunate that we outperformed them by -- the market by quite a bit. But pricing reaches a point where it's not -- companies aren't investing in it. We are moving equipment away from it. And so I think it's certainly stable at that level.

我認為目前壓裂價格相當穩定。我們沒有——第四季相當穩定。進入第一季度，我們的壓裂業務也保持非常穩定。從定價的角度來看，總的來說，我認為考慮到目前的定價水準和市場上各公司的表現，我們很幸運能夠比市場整體表現好得多。但定價達到一定程度後，就無法再進行投資了──公司不會再為此投入資金。我們正在將設備從那裡搬走。所以我認為它在這個水平上肯定是穩定的。

And yes, I think there's incentives to move equipment outside the US, which we're doing in some cases. And so I think we're at a bottom, and I would expect that, that improves over time. But I'm not going to give you a date when it improves. But I think the bias is towards there's no investment in the market in terms of more equipment, and equipment is wearing out, which we know. And equipment, in some cases, is moving outside the US and some equipment and ours in some cases, is being stacked. So I think all of those are positive and rational behavior in a market where we require returns.

是的，我認為有理由將設備轉移到美國境外，而我們也確實在某些情況下這樣做。所以我認為我們已經觸底反彈，而且我預計這種情況會隨著時間的推移而改善。但我不會告訴你情況何時會好轉。但我認為目前的偏見在於，市場上沒有對更多設備進行投資，而且設備也在老化，這是我們都知道的。有些設備正在運往美國境外，有些設備（包括我們的一些設備）正在被堆疊起來。所以我認為，在需要回報的市場中，所有這些都是積極和理性的行為。

That makes a lot of sense, of course, you do on that side. I was wondering if you could talk -- Eric, maybe you could talk a little bit more about the C&P margin progression throughout the year? The guide for first quarter is more or less in line with what we were looking for. But how should we think about kind of where the rest of the year shakes out on the margin side?

當然，從你的角度來看，這很有道理。我想問您是否可以談談—艾瑞克，您能否再詳細談談C&P利潤率在這一年中的變化？第一季的業績指引基本上符合我們的預期。但是，我們該如何看待今年剩餘時間裡，邊際效益會如何改變呢？

And perhaps you could also just talk a little bit how Multi-Chem, the sale of Multi-Chem impacts that and maybe the decision to sell Multi-Chem. And does that provide an uplift for margins throughout the year?

或許您也可以稍微談談 Multi-Chem 公司、Multi-Chem 公司的出售對該公司的影響，以及出售 Multi-Chem 公司的決定。那是否能提升全年的利潤率？

So the -- let me start with the Multi-Chem. So we think the sales should be completed this quarter. The impact on the margin will be positive. But frankly, it will not be material overall. Talking about the progression of C&P margin, we think the margin progress throughout the year. But let me give you some color as well to the guide of margins from Q4 to Q1 because while it is not out of line with the differential in margin that we've seen in prior year, the actual makeup is a bit different.

那麼——讓我先從多功能化學試劑開始。因此，我們認為銷售工作應該會在本季完成。對利潤率的影響將是正面的。但坦白說，這總體上不會產生實質影響。談到 C&P 利潤率的發展情況，我們認為利潤率在全年都有所提高。但我還想為大家補充一些關於第四季到第一季利潤率的說明，因為雖然它與我們前一年看到的利潤率差異並不相悖，但實際組成略有不同。

So if you look at the Q1, so we guided about 300 basis points down for C&P margins. So that is actually coming from three buckets. The first bucket, which is over half of the drop is related to the roll-off of completion to sales. That part is not unusual. What is a bit unusual is the amount of completion tool sales we had in Q4.

所以，如果你看一下第一季度，我們會發現我們對 C&P 利潤率的預期下調了約 300 個基點。所以實際上這些水來自三個桶子。第一個桶子（超過下降幅度的一半）與完成銷售的滾動有關。這部分並不罕見。第四季完工工具的銷售有點不尋常。

If you look at the progression Q3 to Q4, our completion tool revenue increase was 3x what we saw in the prior two years. So that talks a lot to the strength of our completion business. But that's about over half of the drop. Then you get about 25% of the drop that's related to the typical seasonality in the international business for C&P, as our C&P business is increasingly -- has an increasingly large footprint in the international markets, and that's about 3% to 6% reduction in revenue. So that's kind of typical with historical decreases. And the rest is really a product geographic mix issue, which is really not structural as it relates to C&P.

如果觀察第三季到第四季的成長情況，我們的完井工具營收成長是前兩年的 3 倍。這充分體現了我們完工業務的實力。但這大約只佔跌幅的一半多一點。然後，由於 C&P 國際業務的典型季節性因素，導致收入下降約 25%，因為我們的 C&P 業務在國際市場上的份額越來越大，這會導致收入下降約 3% 至 6%。所以這在歷史下降趨勢中算是比較典型的。其餘部分實際上是產品地域組合問題，與 C&P 相關的實際上並不是結構性問題。

And then there is a bit of a kind of an optical view on Q4 to Q1, which is we typically have a lot of tailwind with the US frac business, which goes through seasonal factor, I mean, seasonality in Q4 and benefits from an uplift going into Q1. We don't have any of that this year as our Q1 frac business in the US looks to be just straight flat to Q4. So again, a little bit of color as the makeup of the delta is a bit different from prior years.

然後，從第四季度到第一季的角度來看，我們通常會從美國壓裂業務中獲得很多順風，這受到季節性因素的影響，我的意思是，第四季度的季節性因素會促進業務成長，並受益於第一季的成長。今年我們沒有這方面的預期，因為我們在美國的第一季壓裂業務看起來與第四季持平。所以，由於三角洲的組成與往年略有不同，所以顏色也略有不同。

Arun Jayaram, JPMorgan.

Arun Jayaram，摩根大通。

Good morning. Jeff and Eric, I appreciate the outlook on 2026. I was wondering if we could maybe think about what your outlook comments around international and North America could mean for overall margins? You gave us some good color on where you expect revenues to kind of shake out. But just trying to narrow thoughts around the Street's today sitting at just under $4 billion of EBITDA for '26. And just want to get just general comfort level of where the Street sits today based on your outlook comments.

早安.Jeff 和 Eric，我很欣賞你們對 2026 年的展望。我想知道我們是否可以探討一下您對國際和北美市場的展望性評論對整體利潤率可能意味著什麼？您向我們詳細介紹了您預計的收入最終會達到什麼水平。但現在我們只想把注意力集中在華爾街目前對 2026 年 EBITDA 略低於 40 億美元的預期。我只是想根據您的評論，了解您對當前華爾街局勢的整體看法。

Go ahead, Eric.

請繼續，埃里克。

No, if you look at just kind of margins overall, as (inaudible) progresses, we think H2 is better than H1, so you're going to see some slight progression through the year. And while we typically don't comment on Street estimates or provide guidance at this stage on margins, the $4 billion that you quoted is really within the range of outcomes that we are looking at.

不，如果你只看整體利潤率，隨著（聽不清楚）的進展，我們認為下半年比上半年要好，所以你會看到全年都會有一些小幅增長。雖然我們通常不會對華爾街的預測發表評論，也不會在這個階段提供利潤率方面的指導，但您提到的 40 億美元確實在我們正在考慮的結果範圍內。

Great. That's helpful, Eric. And just my follow-up, Jeff, in your prepared comments, you talked about ZEUS IQ and some of the things that Halliburton is doing to help North American operators boost well productivity. I also wanted to talk to you a little bit about some of the updates we've gotten from the majors, where they're talking about using lightweight proppant and surfactants. And I was wondering if you could discuss some of these efforts and maybe how you're helping clients maybe to use some of these emerging technologies? And could these be needle movers for health?

偉大的。那很有幫助，埃里克。傑夫，我還有一個後續問題。在你準備好的評論中，你談到了 ZEUS IQ 以及哈里伯頓公司為幫助北美營運商提高油井生產力所做的一些事情。我還想和你們談談我們從各大公司得到的一些最新消息，他們正在討論使用輕質支撐劑和界面活性劑。我想請您談談這方面的努力，以及您是如何幫助客戶使用這些新興技術的？這些因素能否對健康產生重大影響？

Well, look, my comments are around our technology and the technology that we produce, and very pleased with what we are doing. And I think that the ability to place proppant and do things with proppant effectively is one of the really unique features of ZEUS IQ. And I think that's under all conditions, a very valuable solution.

嗯，我的評論主要圍繞著我們的技術和我們生產的技術，我對我們正在做的事情感到非常滿意。我認為，ZEUS IQ 能夠有效地放置支撐劑並進行支撐劑操作，是其真正獨特的功能之一。我認為在任何情況下，這都是一個非常有價值的解決方案。

And as I said, a building block to how recovery has improved because, quite frankly, where the sand goes has been an unknown in this business since it started in 1947. And really, just in the last year or two, have we been able to directly measure sand placement and also control, and this is where sand goes, and this is primarily because of the ZEUS setup and its ability to handle the pressure and the things required in order to respond to the residue.

正如我所說，這是沙子回收方式改進的一個基礎，因為坦白地說，自 1947 年這項業務開始以來，沙子的去向一直是個未知數。確實，就在過去一兩年裡，我們能夠直接測量沙子的放置位置，並控製沙子的去向，這主要是因為 ZEUS 裝置及其處理壓力和應對殘留物所需條件的能力。

James West, Melius Research.

James West，Melius Research。

Thanks. Good morning, Jeff and Eric. So Jeff, clearly, international outlook, second half better than first half, we get that, Venezuela, a little bit of a wildcard. But curious where you think there could be pockets of strength that emerge, knowing that neither you or I, as long as we were doing this, have a crystal ball and the cycle is always going to play out a little bit differently. But we've got a lot of things in the works here that could influence the oil price, and so could cause some markets to either inflect higher or lower. But where do you think maybe the surprises could come from if you think about a higher oil price environment in the second half and leading into, of course, as you described a solid upturn in '27, '28?

謝謝。早安，傑夫和埃里克。所以傑夫，很明顯，國際視野，下半場比上半場好，我們明白這一點，委內瑞拉，有點像個變數。但我很好奇你認為哪裡可能會湧現出力量的源泉，要知道，在我們做這件事的時候，你我都沒有水晶球，而且這個週期總是會以略微不同的方式展開。但我們正在規劃很多事情，這些事情可能會影響油價，導致一些市場走高或走低。但考慮到下半年油價上漲的環境，以及正如您所描述的 2027 年、2028 年的強勁反彈，您認為驚喜可能會來自哪裡？

Well, look, I think Argentina is one that's going to respond. It's already responding. But I think when I think about that market, the pace of interest in international investors in that market is high. I mean, that's become a very solid market that's going to become more and more responsive to commodity price in a positive way. Kudos to the operators in that market today who have taken on the challenge of building infrastructure and evacuating the hydrocarbons from the market. I mean, these are all of the things that very dynamic market can do and will do, and that's what we're seeing being done in Venezuela -- excuse me, in Argentina.

嗯，我覺得阿根廷是會回應的國家之一。它已經開始響應了。但我認為，當我想到那個市場時，國際投資者對那個市場的興趣非常高漲。我的意思是，這已經發展成為一個非常穩健的市場，而且會對大宗商品價格的積極反應越來越強烈。向如今在該市場中勇於接受挑戰、建設基礎設施並將碳氫化合物從市場中抽走的運營商致敬。我的意思是，這些都是充滿活力的市場能夠做到並且將會做的事情，而這正是我們在委內瑞拉——抱歉，是阿根廷——所看到的。

I think the Caribbean is another place we're really excited about possibilities and what could happen sort of throughout the Caribbean as we look at next year. I think that West Africa is another where we're seeing sort of renewed interest. And better -- it seems like better terms for operators and better terms for us where we're able to execute sort of all of our services in these markets, I'm pleased with that. I think that's a bright spot. And then ultimately, Algeria, I think, over time in '26 can become a brighter spot than we would expect. So thinking about upside surprise, I think those are some of the places where we could see those.

我認為加勒比海地區是另一個讓我們感到非常興奮的地方，我們非常期待明年整個加勒比海地區的發展前景。我認為西非是另一個我們看到重新燃起興趣的地區。而且，對於營運商和我們來說，似乎都有了更好的條件，我們能夠在這些市場中進行幾乎所有服務，對此我感到很滿意。我認為這是個亮點。最終，我認為，隨著時間的推移，阿爾及利亞在 2026 年可能會比我們預期的更光明。所以，考慮到可能出現的意外驚喜，我認為這些地方可能會出現這種情況。

Okay. That's very helpful, Jeff. And then just a follow-up for me on the power markets broadly, VoltaGrid is obviously with your investment there and taking them into the Middle East and leveraging your platform is critical here. How are you thinking about other potential investments in power? Is VoltaGrid kind of your -- our main objective here? Or are you talking with others? I mean, how do you think about just the build-out of the electrification theme and the data center theme and the power theme as it relates to Halliburton?

好的。傑夫，這很有幫助。然後，關於電力市場，我還有一個後續問題。 VoltaGrid 顯然與你們在那裡的投資有關，將他們帶到中東並利用你們的平台在這裡至關重要。您如何看待其他潛在的電力投資？VoltaGrid 是你們──或者說我們──的主要目標嗎？還是你在跟別人說話？我的意思是，您如何看待與哈里伯頓相關的電氣化主題、資料中心主題和電力主題的建設？

Well, thanks. It's one of the things that we take a step at a time as the bottom line. I mean, we're certainly aligned with VoltaGrid in the US. We're knowledgeable and have built out a team around power that's looking at our international business, both in the Middle East and beyond the Middle East most certainly.

謝謝。這是我們一步一步來處理的事情之一。我的意思是，我們當然與美國的VoltaGrid公司有著合作關係。我們擁有豐富的知識，並圍繞電力產業組建了一支團隊，致力於發展我們的國際業務，不僅包括中東地區，當然也包括中東以外的地區。

And so I think what we'll do like we do in all things around here is we take them a step at a time. We build businesses. We don't get ahead of our skis. And we look for the things that we think will be contributing to that. And so the outlook is really good in this area. We know a lot about it and would expect that we continue to grow that business as we get deals done.

所以我覺得我們會像處理這裡所有事情一樣，一步一步來。我們打造企業。我們不會搶在滑雪板前面。我們會尋找那些我們認為會對此有所貢獻的因素。因此，這一領域的前景非常樂觀。我們對此了解很多，並且預計隨著交易的完成，我們將繼續發展這項業務。

Stephen Gengaro, Stifel.

Stephen Gengaro，Stifel。

Thank you. Good morning, everybody. So curious, Jeff, what do you think about -- like the fourth quarter was stronger than we had thought, and there was less downtime, white space, et cetera. We've heard that from many going into earnings. Why do you think that was? Like does that tell you anything about the way E&Ps are thinking about it or is it just weather related? Is there any drivers behind that and what it might mean going forward?

謝謝。大家早安。傑夫，我很好奇，你覺得第四季比我們預想的要強勁，停機時間、空白期等等都減少了。我們從許多即將發布財報的公司都聽到了類似的說法。你覺得那是什麼原因？這是否能說明勘探開發公司是如何看待這個問題的，還是只是與天氣有關？這背後有哪些驅動因素？這對未來又意味著什麼？

Look, I think weather was a factor. I think a number of things conspired to make Q4 more solid than we expected. I think the operators that we work for stay busy. I mean, we've got a solid group of customers that take a long view of unconventionals and technology for that matter. And so for that reason, stayed busier certainly for us, and I think that's probably how this market may look more this way over time, although I expect there probably will be solid inflection if commodity price gives us some help.

我認為天氣是一個因素。我認為多種因素共同作用，使得第四季業績比我們預期的更加穩健。我認為我們服務的運營商一直都很忙。我的意思是，我們擁有一群非常規技術和創新技術的忠實客戶。因此，對我們來說，市場肯定會更加忙碌，而且我認為隨著時間的推移，市場可能會朝著這個方向發展，儘管我預計如果大宗商品價格給我們一些幫助，市場可能會出現明顯的轉折。

Thank you. And then the follow-up is just around sort of your expectations for sort of completion efficiency and sort of the impact on US production, just as we're sort of thinking about kind of frac demand relative to some of the other high-tech services you provide and how that kind of impacts US production. And if you think we have enough activity right now to sustain production.

謝謝。接下來，我們將討論您對完井效率的預期以及對美國產量的影響，因為我們正在考慮壓裂需求相對於您提供的其他一些高科技服務，以及這會對美國產量產生怎樣的影響。如果你認為我們目前的業務量足以維持生產的話。

Outlook is we're probably at maintenance sort of levels today, if not below those, is my view. And I think that technology, driving better recovery is really the key as we look ahead. I mean, to go faster, we are going faster, but we're pumping, continuous pumping at rates that you really just can't pump any faster.

我認為，我們目前的狀況可能處於維持現狀的水平，甚至可能低於維持現狀的水平。我認為，展望未來，科技能夠真正推動經濟復甦，這才是關鍵。我的意思是，為了加快速度，我們確實在加快速度，但是我們一直在以不可能再加快的速度持續泵送。

And so I think the real hurdle is going to be how to better produce a fantastic resource. And I know that technology is at the core of that, same as it has been everywhere. And so look, I think our frac fleets get bigger than they were in the past. And so I think it takes more horsepower to do more work. It takes more technology to keep the equipment both working, continuous pumping, requires technology as does certainly the ability to place sand.

所以我認為真正的困難在於如何更好地製作出優秀的資源。我知道，科技是這一切的核心，就像它在其他所有領域一樣。所以你看，我認為我們的壓裂船隊規模比過去更大了。所以我認為，做更多的工作需要更大的馬力。要保持設備正常運作需要更多技術，持續泵送需要技術，放置沙子的能力也同樣需要技術。

That said, our drilling services business is continuing to strengthen into what has been a slowing market, at least from a rig count standpoint, and I think that's a reflection, again, of technology, what we do with LOGIX, which is our automation platform for drilling, what the tools themselves are able to do. We see similar -- I mean, the uptake on that has been fantastic. And I think that's all driven by the real drilling requirements to drill longer wells, longer wells, more complex wells. And so look, I'm just pleased with the growth of technology for both of our divisions today.

儘管如此，儘管市場成長放緩（至少從鑽機數量來看），但我們的鑽井服務業務仍在持續增強。我認為這再次反映了技術進步，反映了我們利用 LOGIX（我們的鑽井自動化平台）所做的工作，以及這些工具本身的功能。我們看到了類似的情況——我的意思是，這方面的反應非常好。我認為這一切都是由鑽井的實際需求所驅動的，即鑽更長的井、更複雜的井。所以你看，我對我們兩個部門如今在技術方面取得的發展感到非常滿意。

Scott Gruber, Citigroup.

史考特‧格魯伯，花旗集團。

Good morning, Jeff and Eric. So I want to come back to power as the growth prospects. Certainly exciting, and excited to hear that they're bubbling to the surface internationally. How do the prospective returns on these power projects compare to your organic investments? You also have pockets of growth, obviously, within your core and maybe that expands with Venezuela. So just curious how the power project returns kind of compare? Are they higher, lower, broadly in line? And more importantly, kind of how does that shape the vigor with which you could deploy capital into the power opportunity set?

早安，傑夫和埃里克。所以，我希望能夠重返政壇，因為經濟成長前景良好。確實令人興奮，很高興聽到它們正在國際上嶄露頭角。這些電力項目的預期回報與您的現有投資相比如何？顯然，你們的核心區域內也存在一些成長點，而委內瑞拉的加入或許會擴大這些成長點。所以，我只是好奇這個電力計畫的回報情況如何？它們更高、更低，還是大致相同？更重要的是，這會如何影響你將資本投入權力機會的力道？

It's Eric here. So I think it will depend on the opportunities, the country, what type of other potential power sources we would be competing with. So it's really early to tell you that it's accretive, dilutive to our current return, it will depend. But overall, these are typically very long-term contract, you know, where you enter in it with a fairly low risk long-term, very good view of what you have to deliver. And if we look at the comparison of what's been happening in North America, then you could say the returns are probably higher than what we have today.

我是埃里克。所以我認為這將取決於機會、國家以及我們將要與之競爭的其他潛在能源類型。所以現在就斷言它會對我們目前的收益產生增值還是稀釋作用還為時過早，這要視情況而定。但總的來說，這些通常是長期合同，你知道，簽訂合約的風險相對較低，而且對你需要交付的內容也有非常清晰的認識。如果我們看看北美的情況，就會發現那裡的回報可能比我們今天所獲得的還要高。

Got it. Thank you, Eric. And then, Eric, maybe if you could walk through some of the items that will impact cash conversion this year. Thinking about working capital, do you anticipate continued catch-up payments from your customer in Mexico? Anything to note on cash taxes? And any comment on SAP spending for the full course of the year would be appreciated.

知道了。謝謝你，埃里克。然後，艾瑞克，或許你可以詳細介紹今年會影響現金轉換的一些因素。考慮到營運資金，您是否預期墨西哥客戶會繼續補繳款項？關於現金稅有什麼需要注意的嗎？如果您對SAP全年的支出有任何意見，我們將不勝感激。

I mean, look, there's a lot of moving parts in what you're describing. It's a bit early to comment on working capital impact, collections, et cetera. I mean, collections have been great throughout the year. It was a bit challenging as we talked on several calls. Collecting from Mexico, the situation seems to be going a lot better. So look, we'll give more details and we'll update our thoughts overall on all the kind of ins and outs that touches, the projection around free cash flow.

我的意思是，你看，你描述的事情涉及很多方面。現在評論營運資金影響、收款等方面還為時過早。我的意思是，今年的系列作品都很棒。由於我們進行了多次通話，所以過程有點挑戰性。從墨西哥收貨的情況似乎好多了。所以，我們會提供更多細節，並更新我們對所有相關因素（包括自由現金流預測）的整體看法。

Derek Podhaizer, Piper Sandler.

德里克·波德海澤，派珀·桑德勒。

Good morning. Just wanted to go back to the attrition discussion in US land, obviously, a lot of moving pieces here between equipment high-grading, idling, stacking, legacy diesel fleets, redeploying some of those fleets international, unconventional markets. But just when you look at your fleet and maybe canvas the market, is everything deployed that could be or are there a few fleets that could be thrown together? Just trying to think through the tangible attrition and your comment around the small increase in demand could tighten this market quickly. What does that look like for you and the market? And what could it mean for C&P specifically this year?

早安.我只是想回到美國本土的損耗討論上來，顯然，這裡有很多變數，包括設備升級、閒置、堆放、傳統柴油車隊，以及將其中一些車隊重新部署到國際、非常規市場。但是，當你審視你的艦隊，並可能考察市場時，所有可以部署的艦隊是否都已部署完畢，或者是否有一些艦隊可以拼湊起來？只是思考實際的人員流失，以及你關於需求小幅成長可能會迅速收緊市場的評論，就足以說明問題了。這對您和您的市場意味著什麼？那麼，這對今年的C&P產業來說具體意味著什麼呢？

Well, we have consciously stacked fleets. We stacked fleets in Q3, and we stacked some more fleets in Q4, all of which are -- could go back to work in -- for returns that are acceptable to us, and some of those may go internationally. But from our standpoint, our fleet is in really good shape. And there are things that could go to work that aren't working. And they will go to work when we see the appropriate level of pricing for those.

嗯，我們有意識地堆疊了艦隊。我們在第三季度囤積了一些車隊，第四季度又囤積了一些車隊，所有這些車隊都可以復工，獲得我們可接受的回報，其中一些車隊可能會出國運營。但從我們的角度來看，我們的船隊狀況非常好。有些本來可以奏效的事情卻沒能奏效。當價格達到合適的水平時，他們就會開始工作。

But when I look at the whole market in terms of attrition, I'll just use an observation in terms of fleet size. We've got, let's say, 65,000 horsepower out for a simul-frac. We see a number of fleets in the market running 120,000 horsepower to do similar work that tells me that equipment is being repaired and put together in an effort to keep it working, which tells me that expanding or taking those apart would be really a challenge. And so the market is moving more towards bigger fracs that require more equipment. And I think the ability to add fleets is just really not there. And so it doesn't take much, in my view, to create tightness just because the performance requirements are high, the technology requirements are increasing, and all of those things create quite a bit of tightness.

但當我從整個市場角度看待損耗情況時，我只會從機隊規模的角度來觀察。假設我們有 65,000 馬力用於同步壓裂。我們看到市場上有許多車隊使用 12 萬匹馬力的設備來完成類似的工作，這說明設備正在維修和組裝，以保持其正常運轉，這也說明擴展或拆卸這些設備將是一個真正的挑戰。因此，市場正朝著需要更多設備的大型壓裂作業發展。我覺得目前還沒有增加艦隊的功能。因此，在我看來，只需稍加努力，就能造成資源緊張，因為性能要求很高，技術要求也在不斷提高，所有這些因素都會造成相當大的資源緊張。

Got it. That's helpful. Moving over to the Middle East. I know in your comments, you talked about a flattish outlook even slightly down. Can you just maybe walk through some of the regions for us and what you're seeing specifically Saudi, UAE, Kuwait, Oman, Iraq, and anything else you'd like to highlight?

知道了。那很有幫助。接下來轉到中東地區。我知道你在評論中提到前景較為平穩，甚至略有下跌。您能否為我們介紹您所在的一些地區，特別是沙烏地阿拉伯、阿聯酋、科威特、阿曼、伊拉克，以及其他您想重點介紹的地方？

Look, I see fairly stable in most of those markets. There's always shifting from completion to drilling, and drilling to completion in some markets. I'd say UAE is strong. Kuwait is very strong for us. And I think the Iraq is a good story in terms of activity that we see coming up. And so look, I think as I look across the entirety of the Middle East, fairly stable. See, again, rigs being added in Saudi Arabia, very positive, but taking a bit of a more cautious view around the timing of that.

你看，我覺得大多數市場都相當穩定。在某些市場，鑽井和完井作業之間總是存在著轉換。我認為阿聯酋實力很強。科威特對我們來說非常重要。我認為就我們即將看到的局勢而言，伊拉克是一個很好的故事。所以你看，縱觀整個中東地區，我認為局勢相當穩定。再次看到沙烏地阿拉伯正在增加鑽井平台，這是一個非常正面的訊號，但對於增加鑽井平台的時機，我們持較為謹慎的態度。

Marc Bianchi, TD Cowen.

馬克·比安奇，TD Cowen。

Thank you. Jeff, I was hoping you could comment on the offshore market outlook in a little bit more detail. I think everybody is sort of anticipating some sort of uptick in the second half of '26, but there have been prior calls for upticks that didn't materialize. So just kind of curious what your view is on that.

謝謝。傑夫，我希望你能更詳細地談談離岸市場的前景。我認為大家都在期待 2026 年下半年經濟會有所好轉，但之前也有類似的預期，但最終都沒有實現。所以我就有點好奇你對此有什麼看法。

Look, I'll leave a lot of that through the rig contractors in terms of rig placements, et cetera, but we've won a lot of offshore work. It's very strong for us, continues to be a significant part of our international business. And I'd say the bias towards integration and our value proposition in offshore is important. And it's one of the reasons that we're winning work in offshore. It's really strong in Norway, in Latin America, West Africa, all of those will be busy for us.

你看，鑽井平台的放置等等，很多事情我都會交給鑽井承包商來做，但我們已經贏得了許多海上作業項目。它對我們來說非常重要，並且仍然是我們國際業務的重要組成部分。我認為，重視整合以及我們在離岸業務中的價值主張非常重要。這也是我們在海上業務持續成功的原因之一。它在挪威、拉丁美洲、西非都非常強勁，所有這些地區對我們來說都會很忙。

And I think the other indicator is our completion tool, order book is at an all-time high, which tends to be, again, biased towards deepwater and offshore work. So from our perspective, that's a strong business for us and expect it where we are for it to stay strong in 2026.

我認為另一個指標是我們的完工工具，訂單量已達到歷史最高水平，而訂單量往往再次偏向深水和海上作業。所以從我們的角度來看，這對我們來說是一項強勁的業務，我們預計它在 2026 年仍將保持強勁勢頭。

Okay. Great. Thanks. And then the other question I have was on Venezuela, going back to that. So you had mentioned that you're looking to grow the business as soon as commercial and legal terms are resolved and including payment certainty. Can you maybe level set for us what that timeline might look like? And is this going to be led by the IOCs and then Halliburton will follow? Or do you anticipate Halliburton moving in either coincident or perhaps before some of these IOCs make up their mind?

好的。偉大的。謝謝。然後，我的另一個問題是關於委內瑞拉的，回到那個主題。所以您曾提到，一旦商業和法律條款得到解決，包括付款確定性，您就希望擴大業務。您能否大致介紹一下這個時間表？這項工作將由國際奧委會牽頭，然後哈里伯頓公司跟進嗎？或者您預計哈里伯頓會在這些國際奧委會做出決定的同時，或者在此之前採取行動？

Well, I think there's a path to both of those. And as we work through what payment certainty looks like and how we solve for that, obviously, IOCs are an important part of that, but we also -- there are companies operating there today that we can work for under the right conditions and circumstances. And so from a timing perspective, as we solve those, which I don't -- I think there's a lot of will to solve for these things. And so I -- this is -- we can mobilize in weeks. I think it's in months that we -- but again, we work through those things, but I feel confident we can move fairly quickly as opportunities arise. And again, talking with lots of customers, some operating, some wanting to operate, and this will all be a continuum of getting back to work in Venezuela.

我覺得這兩者之間是有連結的。當我們探討支付確定性究竟是什麼樣子以及如何解決這個問題時，顯然，國際石油公司是其中的重要組成部分，但我們也——目前在那裡運營的公司，在合適的條件和情況下，我們也可以為他們工作。因此，從時間安排的角度來看，當我們解決這些問題時（雖然我並不認為——我認為我們有很多意願去解決這些問題）。因此，我們可以在幾週內完成動員。我認為還需要幾個月的時間——但是，我們會逐步解決這些問題，但我相信，一旦機會出現，我們就能迅速採取行動。再次強調，與許多客戶交談，其中一些客戶正在運營，一些客戶想要運營，這一切都將是委內瑞拉復工復產的持續過程。

Thank you. I'm afraid that's all the time we have for questions at this time. I would like to turn the conference back over to Mr. Miller for any closing remarks.

謝謝。恐怕我們目前只有這麼多時間回答問題了。我謹將會議交還給米勒先生，請他作總結發言。

Thank you, Howard. Before we wrap up today's call, let me close with this, I'm excited about Halliburton's opportunities now and in the years ahead. Our differentiated technology delivers exceptional value for our customers and for Halliburton, and the ongoing shift towards collaborative work means Halliburton is squarely where the market is headed. We look forward to speaking with you again next quarter.

謝謝你，霍華德。在結束今天的電話會議之前，我想最後說一句，我對哈里伯頓公司現在和未來幾年的發展機會感到興奮。我們差異化的技術為我們的客戶和哈里伯頓公司帶來了卓越的價值，而不斷向協作工作模式的轉變意味著哈里伯頓公司正處於市場發展的方向。我們期待下個季度再次與您交流。

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，感謝各位參加今天的會議。節目到此結束。您現在可以斷開連線了。祝大家今天過得愉快。