哈里伯頓 (HAL) 2026 Q2 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the second quarter 2026 Halliburton Company earnings conference call.

各位女士、先生，大家好，感謝您撥冗等候。歡迎參加哈里伯頓公司 2026 年第二季財報電話會議。

(Operator Instructions)

(接線員指示)

As a reminder, this conference call is being recorded. At this time, I would like to turn the conference over to Mr. David Coleman, Senior Director, Investor Relations. Sir, please begin.

提醒各位，本次電話會議將進行錄音。此刻，我想將會議交給投資人關係資深總監 David Coleman 先生。先生，請開始。

Hello, and thank you for joining the Halliburton second quarter 2026 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; Shannon Slocum, Executive Vice President and COO; and Eric Carre, Executive Vice President and CFO.

各位好，感謝您參加哈里伯頓 2026 年第二季電話會議。本次通話結束後，我們將於哈里伯頓網站提供今日網路直播錄影，為期七天。今天與我一同出席的有：董事長、總裁暨執行長 Jeff Miller；執行副總裁暨營運長 Shannon Slocum；以及執行副總裁暨財務長 Eric Carre。

Some of today's comments may include forward-looking statements that reflect Halliburton's views 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, 2025, Form 10-Q for the quarter ended March 31, 2026, current reports on Form 8-K and other Securities and Exchange Commission filings.

我們今天的部分評論可能包含前瞻性陳述，反映哈里伯頓對未來事件的看法。這些事項涉及風險與不確定性，可能導致我們的實際結果與前瞻性陳述存在重大差異。相關風險已於哈里伯頓截至 2025 年 12 月 31 日止年度的 Form 10-K、截至 2026 年 3 月 31 日止季度的 Form 10-Q、Form 8-K 當期報告及其他向美國證券交易委員會提交的文件中討論。

We undertake no obligation to revise or update publicly any forward-looking statements for any reason, except as required by law. Our comments today also include non-GAAP financial measures. Additional details and reconciliation to the most directly comparable GAAP financial measures are included in our second quarter earnings release and in the quarterly results and presentation section of our website.

除法律要求外，我們不承擔因任何原因公開修訂或更新任何前瞻性陳述的義務。我們今天的評論亦包含非 GAAP 財務衡量指標。更多細節以及與最直接可比的 GAAP 財務衡量指標之調節，已載於我們第二季財報新聞稿，以及本公司網站「季度業績與簡報」專區。

Now I'll turn the call over to Jeff.

現在我把電話交給 Jeff。

Thank you, David, and good morning, everyone. I am pleased with Halliburton's second quarter performance. Our international business delivered its highest second quarter revenue in more than a decade despite the disruption in the Middle East. Our North America business delivered sequential improvement and my outlook for our business is positive. Here are a few highlights from the second quarter.

謝謝你，David，各位早安。我對哈里伯頓第二季的表現感到滿意。儘管中東局勢造成干擾，我們的國際業務仍創下十多年來最高的第二季營收。我們的北美業務較前一季改善，我對業務前景持正面看法。以下是第二季的幾項重點。

We delivered total company revenue of $5.7 billion and adjusted operating margin of 12%. International revenue was $3.4 billion, an increase of 6% year over year. North America revenue was $2.3 billion, flat year over year. During the second quarter, we generated $824 million of cash flow from operations, $668 million of free cash flow, and repurchased approximately $200 million of our common stock.

公司合併營收為 57 億美元，調整後營業利潤率為 12%。國際營收為 34 億美元，年增 6%。北美營收為 23 億美元，與去年同期持平。第二季我們創造營運活動現金流 8.24 億美元、自由現金流 6.68 億美元，並回購約 2 億美元的普通股。

Now let's turn to our macro outlook. On our last call, I shared my belief that the situation in the Middle East would have meaningful and long-lasting implications for the global energy sector. What is ever more clear to me is how important energy is to a functioning global economy. The events we have seen since then only reinforced that view. Two points frame my view of the road ahead.

接下來談談我們對總體環境的展望。在上次電話會議中，我分享了我的看法：中東局勢將對全球能源產業帶來重大且長期的影響。我愈來愈清楚地看到，能源對全球經濟的正常運作至關重要。此後我們所見的事件只會更加強化這個觀點。有兩點構成我對未來道路的看法。

First, Energy security remains a central issue for both producing and consuming nations. To achieve it, countries must rebuild inventories, refill and expand strategic reserves and diversify supply; I expect this work will take years, not quarters. Second, reliable and affordable energy are prerequisites for prosperity and quality of life. As the global economy expands, demand for that energy grows with it. I believe the path forward runs squarely through a healthy oilfield services industry.

第一，能源安全仍是生產國與消費國的核心議題。為了達成能源安全，各國必須重建庫存、補充並擴大戰略儲備，並使供應來源多元化；我預期這項工作需要以「年」為單位，而不是以「季」為單位。第二，可靠且可負擔的能源是繁榮與生活品質的先決條件。隨著全球經濟擴張，對能源的需求也隨之成長。我相信，前進的道路必然要仰賴一個健全的油田服務產業。

Here is what I see today. In international markets, customer engagement is high. I see growing demand for our services and technology in every region we serve. Durable long-cycle investment is increasing in unconventional, offshore, and intervention markets and Halliburton wins in all three.

以下是我目前所看到的情況。在國際市場，客戶互動熱絡。我看到我們在所服務的每個地區，對服務與技術的需求都在增加。在非常規、離岸與介入作業市場中，具韌性的長週期投資正在增加，而哈里伯頓在這三個領域皆持續勝出。

In North America, activity responded positively as we expected. Over the long term, North America remains critical to global energy security, I expect the market will require more advanced technology and greater service intensity to simply sustain much less grow production. I believe the global outlook I just described and our differentiated technology and value proposition set the stage for Halliburton's future revenue growth and margin expansion.

在北美，活動如我們預期般出現正向反應。長期而言，北美對全球能源安全仍至關重要；我預期市場將需要更先進的技術與更高的服務強度，才能僅僅維持產量，更不用說成長產量。我相信，我剛才描述的全球展望，加上我們具差異化的技術與價值主張，為哈里伯頓未來的營收成長與利潤率擴張奠定了舞台。

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

接下來我把電話交給 Shannon。

Thanks, Jeff. Before I get into our operational results, I want to thank each of our employees who work in more than 70 countries around the world for their focus on our customers, safety performance, and execution. Let me start with international, where opportunities for Halliburton around the world are the strongest I've seen in many years. In the second quarter, Halliburton recorded international revenue of $3.4 billion and secured a number of significant awards.

謝謝你，Jeff。在我進入營運成果之前，我想感謝我們在全球 70 多個國家工作的每一位員工，專注於客戶、安全績效與執行力。我先從國際業務談起；就我所見，哈里伯頓在全球的機會是多年來最強勁的一次。第二季，哈里伯頓國際營收為 34 億美元，並取得多項重要獎項。

I'll start with the Middle East. I recently returned from the region where I met with our customers and our operations teams. Activity is recovering from the conflict flows, but the pace of recovery is still dependent on the day-to-day events in the region. Let me share a few observations from my visit.

我先從中東談起。我最近從該地區返國，期間與客戶及我們的營運團隊會面。活動正從衝突造成的中斷中復甦，但復甦速度仍取決於該地區每日的事件發展。我分享幾點此行觀察。

Land well construction activity was largely steady across the region in the second quarter with the exception of pockets of disruption in Iraq and Bahrain. When production comes back online, I expect a tailwind for our artificial lift and intervention businesses. Offshore activity increased for the quarter, though it's not yet back to pre-conflict levels.

第二季期間，除伊拉克與巴林部分地區出現干擾外，整個區域的陸上井建活動大致維持穩定。當產量恢復上線時，我預期將為我們的人工舉升與介入作業業務帶來順風。本季離岸活動增加，但尚未回到衝突前水準。

The offshore situation remains particularly fluid with operators assessing reactivations alongside recent security conditions. Iraq deserves a specific mention. Yesterday, we announced a significant integrated field management service award. This is a foundational project that I expect will transform our business in country. It redefines our opportunity set and puts our latest digital and technology offerings to work at scale.

離岸情勢仍特別多變，營運商在評估重新啟動作業的同時，也會考量近期的安全狀況。伊拉克值得特別一提。昨天，我們宣布取得一項重要的整合式油田管理服務獎項。這是一個基礎性專案，我預期將改變我們在該國的業務。它重新定義了我們的機會版圖，並讓我們最新的數位與技術產品得以大規模落地應用。

While the conflict dominates the discussion today, I see a bright future for Halliburton in the Middle East. Our recent wins in onshore well construction, integrated projects offshore, and the resumptions of our unconventional fracturing operations in Jafurah all strengthened my view.

雖然目前討論焦點多集中在衝突上，但我看好哈里伯頓在中東的光明前景。我們近期在陸上井建、離岸整合專案，以及在 Jafurah 恢復非常規壓裂作業的進展，都強化了我的看法。

Next, let's turn to our business outside the Middle East, where we expect year-over-year growth in the low double digits. Our growth engines, production services, drilling, unconventionals, and lift are key to delivering on the outlook. Here are a few recent developments.

接著談談中東以外的業務；我們預期年增幅將達到低雙位數。我們的成長引擎——生產服務、鑽井、非常規、以及舉升——是實現此展望的關鍵。以下是幾項近期進展。

First, in Production Services, the commissioning phase began for our newest North Sea stim vessel, the first operations of its multiyear contract expected at year end. This deployment strengthens our leading global stim business and importantly, represents the first offshore implementation of Octave, our automated pumping control system.

第一，在生產服務方面，我們最新的北海增產作業船（stim vessel）已進入試運轉階段，預計其多年期合約的首次作業將於年底展開。此一部署強化了我們領先全球的增產作業（stim）業務；更重要的是，這也代表 Octave——我們的自動化泵送控制系統——首次在離岸環境中導入。

Second, in directional drilling, Sekal, our recent acquisition is fully integrated with our Logix automation platform. And together, they deliver Halliburton's closed loop drilling solution. This integrated solution gives us a significant runway to scale on offshore rigs worldwide. Our system delivers more precise well placement, better reservoir contact, and faster drilling times. We saw this firsthand in Norway with back-to-back record wells for Aker BP this quarter.

第二，在定向鑽井方面，我們近期收購的 Sekal 已與我們的 Logix 自動化平台全面整合。兩者結合，共同提供哈里伯頓的閉環鑽井解決方案。這套整合式解決方案讓我們在全球離岸鑽機上具備顯著的擴張空間。我們的系統可實現更精準的井位部署、更佳的油藏接觸，以及更快的鑽井時間。本季我們在挪威親眼見證了這一點，為 Aker BP 連續打造破紀錄的井。

I am confident this technology and the opportunity to further deploy will deliver meaningful profitable growth for Halliburton. Finally, in international unconventionals, we saw further progress in multiple regions. In Algeria, we secured Sonatrach's first unconventional award, a multi-well integrated drilling and completions program. We are off to a strong start and have already delivered the longest lateral drill in the country to date. This project highlights the breadth and depth of our entire unconventional portfolio. In both drilling and completions and puts Halliburton in front of the next wave of development.

我有信心，這項技術以及進一步推廣部署的機會，將為哈里伯頓帶來具意義的獲利成長。最後，在國際非常規領域，我們在多個地區看到進一步進展。在阿爾及利亞，我們拿下 Sonatrach 的首個非常規項目授標，為一項多口井的一體化鑽井與完井計畫。我們開局強勁，且已交付該國迄今最長的水平段鑽井。此專案凸顯我們完整非常規產品組合的廣度與深度。涵蓋鑽井與完井，並使哈里伯頓站上下一波開發浪潮的前沿。

In Argentina, our first ZEUS fleet has been mobilized and is planned to start up in the fourth quarter. This deployment exemplifies Halliburton's unique capability to bring leading unconventional technology to international customers. I see a clear runway for Halliburton to build on its position in this growing market. Our international strategy is advancing. We differentiate on technology, we deliver on execution, and we collaborate closely with our customers.

在阿根廷，我們的首支 ZEUS 車隊已完成動員，並計畫於第四季啟動。此次部署展現哈里伯頓將領先的非常規技術帶給國際客戶的獨特能力。我看到哈里伯頓在這個成長中的市場上，具備清晰的延伸空間以鞏固其地位。我們的國際策略正在推進。我們以技術差異化、以執行力交付成果，並與客戶緊密合作。

When I look at our growth engines and the pipeline of opportunities ahead, I believe that our international business delivers meaningful, profitable growth for Halliburton. Now to North America where Halliburton delivered second quarter revenue of $2.3 billion. Second quarter activity built on the momentum we saw in the first quarter with stronger activity, modest pricing gains, and further technology adoption.

當我檢視我們的成長引擎與前方的機會管線時，我相信我們的國際業務將為哈里伯頓帶來具意義且可獲利的成長。接著談北美，哈里伯頓第二季營收為 23 億美元。第二季活動延續第一季的動能，活動更強、價格小幅上揚，且技術採用進一步提升。

Drilling activity was strong. Our D&E division grew 9% year over year. In completions, our focus remains on returns, not share and our option to redeploy equipment to international markets set a high bar for any North America fleet reactivation. Halliburton's maximized value strategy in North America leads with technology, automation, electrification, and real-time subsurface data gives our customers the tools to maximize recovery in their assets.

鑽井活動表現強勁。我們的鑽井與評估（D&E）事業部年增 9%。在完井方面，我們仍以報酬為重，而非市占；同時，我們可將設備重新部署至國際市場的選項，為任何北美車隊重啟設定了很高的門檻。哈里伯頓在北美的價值最大化策略，以技術、自動化、電氣化與即時地下數據為核心，為客戶提供工具，以在其資產中最大化採收率。

Let me give you a proof point. This quarter, we deployed the latest version of ZEUS IQ. This release adds near well and cross-well self-surface measurements, spans data inputs and gives customers well-by-well, treatment control and simul-frac operations. In plain terms, better fracture placement means more value for our customers.

我給各位一個實證。本季我們部署了最新版的 ZEUS IQ。此版本新增近井與跨井的自地表測量，擴展資料輸入，並為客戶提供逐井的處置控制與同步壓裂（simul-frac）作業。簡單說，更好的裂縫佈置意味著為客戶創造更高價值。

Let me close on North America with this. The market is in a recovery, and I am encouraged by the shift in trajectory. Activity is up, pricing is improving, and our playbook works. I expect continued progress throughout the year. Our priorities are clear. We focus on returns for Halliburton, and we deploy technology that improves performance and recovery for our customers.

我用這點來為北美部分作結。市場正在復甦，我對趨勢的轉變感到鼓舞。活動增加、價格改善，而我們的作戰手冊行之有效。我預期全年將持續取得進展。我們的優先事項很清楚。我們聚焦於為哈里伯頓創造報酬，並部署能提升客戶績效與採收率的技術。

Big picture. I like Halliburton's strength globally, with a balanced portfolio that spans international and North America onshore and offshore, mature and new plays. I am excited about our contract awards and our opportunity pipeline. I am confident these will translate into revenue growth and margin expansion.

從大局來看。我看好哈里伯頓在全球的實力，擁有均衡的產品組合，涵蓋國際與北美的陸上與離岸、成熟與新興區塊。我對我們的合約授標以及機會管線感到振奮。我有信心，這些將轉化為營收成長與利潤率擴張。

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

接下來，我把電話會議交給 Eric，請他提供更多財務結果的細節。Eric？

Thank you, Shannon, and good morning. Our Q2 reported net income per diluted share was $0.64. Adjusted net income per diluted share was $0.55. Total company revenue for Q2 2026 was $5.7 billion, an increase of 6% when compared to Q1 2026. Adjusted operating income was $683 million and adjusted operating margin was 12%. Our Q2 cash flow from operations was $824 million and free cash flow was $668 million. During Q2, we repurchased approximately $200 million of our common stock.

謝謝你，Shannon，大家早安。我們 2026 年第二季稀釋後每股淨利為 0.64 美元；調整後稀釋後每股淨利為 0.55 美元。2026 年第二季公司總營收為 57 億美元，較 2026 年第一季成長 6%。調整後營業利益為 6.83 億美元，調整後營業利益率為 12%。我們第二季營運活動現金流為 8.24 億美元，自由現金流為 6.68 億美元。第二季期間，我們回購約 2 億美元的普通股。

Now turning to the segment's results. Beginning with our Completion and Production division, revenue in Q2 was $3.2 billion, an increase of 6% when compared to Q1. Operating income was $474 million, an increase of 8% when compared to Q1. Operating income margin was 15%. These results were primarily driven by increased stimulation activity in the Western Hemisphere and improved well intervention services in Asia.

接著說明各事業部門的結果。先從完井與生產事業部開始，第二季營收為 32 億美元，較第一季成長 6%。營業利益為 4.74 億美元，較第一季成長 8%。營業利益率為 15%。這些結果主要受西半球增產刺激活動增加，以及亞洲井介入服務改善所帶動。

Partially offsetting these increases were lower specialty chemical activity in North America, resulting from the sale of our Chemical business, decreased cementing activity in Latin America, and lower activity across multiple product service lines in the Middle East.

部分抵銷上述增長的是：北美特用化學品活動下降（源於我們出售化學品業務）、拉丁美洲固井活動減少，以及中東多條產品服務線活動走弱。

In our Drilling and Evaluation division, revenue in Q2 was $2.5 billion, an increase of 5% when compared to Q1. Operating income was $338 million, a decrease of 4% when compared to Q1. Operating income margin was 13%. Revenue improvements were primarily driven by increased drilling-related services and higher wireline activity in North America and Europe, Africa. Partially offsetting these increases were lower software sales globally, decreased project management activity in Latin America, and lower wireline activity in the Middle East.

在鑽井與評估事業部，第二季營收為 25 億美元，較第一季成長 5%。營業利益為 3.38 億美元，較第一季下降 4%。營業利益率為 13%。營收改善主要由北美與歐洲、非洲的鑽井相關服務增加，以及測井（wireline）活動提升所帶動。部分抵銷上述增長的是：全球軟體銷售下降、拉丁美洲專案管理活動減少，以及中東測井活動降低。

Operating income decreased due to the seasonal roll-off of software sales. Now let's move on to geographic results. Our Q2 international revenue increased 5% sequentially. Europe Africa revenue in Q2 was $1 billion, an increase of 19% sequentially. These results were primarily driven by improved activity across multiple product service lines in the North Sea, increased well construction activity in Namibia and Egypt, higher completion tool sales in the East Med, and increased project management activity in Angola.

營業利益下降是因軟體銷售的季節性回落所致。接下來我們看地理區域的結果。第二季國際營收較前一季成長 5%。歐洲與非洲第二季營收為 10 億美元，較前一季成長 19%。這些結果主要由北海多條產品服務線活動改善、納米比亞與埃及井建設活動增加、東地中海完井工具銷售提升，以及安哥拉專案管理活動增加所帶動。

Middle East Asia revenue in Q2 was $1.3 billion, a decrease of 2% sequentially. These results were primarily driven by lower activity across multiple product service lines in Kuwait, Iraq, and Qatar due to the conflict in the Middle East. Latin America revenue in Q2 was $1.1 billion, a 3% increase sequentially. These results were primarily driven by increased stimulation activity in Argentina and Mexico and improved completion tool sales in Mexico.

中東與亞洲第二季營收為 13 億美元，較前一季下降 2%。這些結果主要由於中東衝突，導致科威特、伊拉克與卡達多條產品服務線活動降低。拉丁美洲第二季營收為 11 億美元，較前一季成長 3%。這些結果主要由阿根廷與墨西哥增產刺激活動增加，以及墨西哥完井工具銷售改善所帶動。

In North America, Q2 revenue was $2.3 billion, a 7% increase sequentially. This increase was primarily driven by higher stimulation and well construction activity in US land and higher fluids activity in the Gulf of America.

在北美，第二季營收為 23 億美元，較前一季成長 7%。此增長主要由美國陸上增產刺激與井建設活動提升，以及美洲灣（Gulf of America）流體業務活動增加所帶動。

Moving on to other items. In Q2, our corporate and other expense was $83 million. We expect our Q3 corporate expenses to be about $80 million. In Q2, we spent $46 million on SAPS for migration, which is included in our results. For Q3, we expect SAP expenses to be about $45 million.

接著談其他項目。第二季，我們的公司及其他費用為8,300萬美元。我們預期第三季公司費用約為8,000萬美元。第二季，我們在用於遷移的SAPS上支出4,600萬美元，已包含在我們的業績中。第三季，我們預期SAP費用約為4,500萬美元。

Net interest expense for the quarter was $83 million. For Q3, we expect net interest expense to increase about $5 million. Other net expense in Q2 was $31 million, we expect Q3 expense to be about $35 million.

本季淨利息費用為8,300萬美元。第三季，我們預期淨利息費用將增加約500萬美元。第二季其他淨費用為3,100萬美元，我們預期第三季費用約為3,500萬美元。

Our normalized effective tax rate for Q2 was 18.3%. Based on our anticipated geographic earnings mix, we expect our Q3 effective tax rate to be approximately 19%. Capital expenditure for Q2 were $235 million. For the full year 2026, we expect capital expenditures to be about $1.1 billion.

第二季我們的標準化有效稅率為18.3%。基於我們預期的各地區獲利組合，我們預期第三季有效稅率約為19%。第二季資本支出為2.35億美元。就2026年全年而言，我們預期資本支出約為11億美元。

Now let me provide you with comments on our Q3 expectations. In our Completion and Production division, we anticipate sequential revenue to be flat to down 2% and margins to improve 125 to 175 basis points. In our Drilling and Evaluation division, we expect sequential revenue to be down 3% to 5% and margins to improve 25 to 75 basis points.

現在我來提供我們對第三季的展望評論。在我們的完井與生產（Completion and Production）事業部，我們預期營收較前一季持平至下滑2%，且利潤率改善125至175個基點。在我們的鑽井與評估（Drilling and Evaluation）事業部，我們預期營收較前一季下滑3%至5%，且利潤率改善25至75個基點。

I will now turn the call back to Jeff.

我現在把電話交回給Jeff。

Thanks, Eric. Here are the important takeaways from today's call. I believe the global outlook for Halliburton is strong and will lead to revenue growth and margin expansion. In the international markets, I am excited about Halliburton's contract awards and pipeline of future opportunities. Outside the Middle East, we expect our international business to grow low double digits this year.

謝謝你，Eric。以下是今天電話會議的重要重點。我認為Halliburton的全球展望強勁，將帶動營收成長與利潤率擴張。在國際市場方面，我對Halliburton所獲得的合約授予以及未來機會的案源（pipeline）感到振奮。在中東以外，我們預期今年國際業務將以低雙位數成長。

In North America, I am encouraged by the recovery we saw this quarter, and we will execute on our strategy to maximize value. Finally, I expect that our consistent focus on returns and capital discipline will drive long-term success for Halliburton and its shareholders. Let's open it up for questions.

在北美方面，我對本季看到的復甦感到鼓舞，我們將執行策略以最大化價值。最後，我預期我們一貫聚焦於報酬與資本紀律，將推動Halliburton及其股東的長期成功。我們開放提問。

(Operator Instructions) Steve Richardson, Evercore.

（接線員指示）Steve Richardson，Evercore。

Jeff, last quarter, I think you showed quite a bit of foresight by talking about kind of the end of white space and the pickup of inbounds in North American completions specifically. I was wondering if you could talk about how that evolved during the quarter price costs and how much of that is kind of feeding into the margin outlook you have in the second half of the year, particularly in C&P?

Jeff，上個季度我認為你在談到北美完井（completions）特別是所謂「白地」（white space）接近結束，以及主動來詢（inbounds）增加方面，展現了相當程度的前瞻性。我想請你談談這在本季期間如何演變、價格與成本的變化，以及其中有多少反映在你對下半年、特別是C&P的利潤率展望中？

Yes. Thank you, Steve. Look, as I described, we see positive margin trajectory and white space is filled. We've seen rig adds. We're seeing white space filled, and it's a very constructive environment.

是的。謝謝你，Steve。你看，如我所描述的，我們看到利潤率走勢正向，而白地已被填補。我們看到鑽機數增加。我們看到白地被填補，這是一個非常具建設性的環境。

We are seeing price increases and it's a steady march. It's -- it doesn't all happen at once. We anecdotally we can describe price increases. But what our primary focus is across the entire fleet. And I'm very confident that we are seeing that trajectory continue actually into Q3.

我們看到價格上調，而且是穩步推進。這——不會一次全部發生。我們可以用一些個案來描述價格上調。但我們的主要重點是覆蓋整個機隊。我非常有信心，我們實際上看到這個趨勢延續到第三季。

So white space build up, looking forward, Q3, Q4, pleased with that. And so we are, again, focused on margin expansion, but all around the fleet, the entire fleet, not just one at a time. And in some cases, when we work on price, that includes moving some equipment overseas and to do better margins.

因此白地的填補，往前看第三季、第四季，我們對此感到滿意。所以我們再次聚焦於利潤率擴張，但涵蓋整個機隊、全部機隊，而不是一次只看一部分。而在某些情況下，當我們推動價格時，也包括把部分設備移往海外，以取得更好的利潤率。

And so when we think about maximizing value in North America that includes moving on price and also maximizing the value of the entire fleet, which will include putting equipment to work where it has the highest margins.

因此，當我們思考在北美如何最大化價值時，這包括推動價格，同時也包括最大化整個機隊的價值——也就是把設備投入到利潤率最高的地方運作。

That's great. I appreciate that. And then I was just wondering if you could just follow up on last quarter, you all were talking about sort of itemize the impact of what we're seeing in the Middle East and talked about a $0.07 to $0.09 kind of headwind. Can you maybe just maybe mark us to market on what you saw in the business and how you've kind of thought about the dislocations as it pertains to the second half?

很好。感謝你的說明。另外我想追問一下，上個季度你們談到要把我們在中東看到的影響做一些拆解，並提到約0.07到0.09美元的逆風。你能否更新一下（mark us to market）你們在業務上看到的情況，以及你們如何看待這些錯位（dislocations）對下半年的影響？

Yes. It's Shannon here, and Steve, I'll have Eric provide a little more color on the guide. I guess let me just talk about activity in general in the Middle East. It's been really highly fluid customers are thinking about their long-term view. They're looking at capacity, they're looking at risk and really understand how quickly they can bring that back.

是的。我是Shannon，Steve，我會請Eric就指引提供更多細節。我先談談中東整體活動狀況。情勢一直非常多變，客戶在思考他們的長期觀點。他們在看產能、在看風險，並真正理解他們能多快把產能恢復回來。

In Q2, we saw a positive progression in the Middle East of what was going on. And then when we got here over the last week or so, obviously, we've seen a little bit of a step back of escalations. So we've kind of had a little bit of starting up and then a bit of pulling back, but I think it's important to maybe emphasize the bigger picture here as far as we think about what's going in the Middle East.

第二季，我們看到中東的情況有正向進展。但在過去一週左右來到現在，顯然我們看到升級情勢有些回撤。所以我們有點像是先啟動、接著又稍微收縮；但我認為重要的是，從我們看待中東情勢的角度，或許要強調更大的全局。

Regardless of the pace of when it comes back, Halliburton will be ready. We have the operational footprint intact and also important to note is the business that we are winning in the Middle East, which is work that is absolutely going to get done. We talked about going back to work in Jafurah and unconventional.

不論恢復的速度如何，Halliburton都會準備就緒。我們的營運據點（operational footprint）仍然完整；同時也要注意的是，我們在中東贏得的業務——這些工作絕對會被執行。我們談到回到Jafurah以及非常規（unconventional）的工作。

The integrated work we won in reentry. The integrated work we've won offshore and also a really exciting project in Iraq with IFMS. So the pace is highly dependent and fluid, but we're winning work that will mean some of Halliburton in the future.

我們在修井再進入（reentry）方面贏得的整合型工作。我們在離岸（offshore）贏得的整合型工作，還有在伊拉克一個非常令人振奮、與IFMS相關的專案。因此節奏高度取決於情勢且變動很大，但我們正在贏得的工作，將意味著未來會有更多Halliburton的機會。

Yes, Steve, it's Eric. Regarding what's built in the guide. So our assumptions are for a steady activity compared to where we are today. So we haven't put in our guidance any recovery to prewar level, neither have we built in any major disruption. So it's basically steady from where we are, but it's just very difficult to forecast, as you understand.

是的，Steve，我是Eric。關於指引中納入了哪些假設。我們的假設是活動水準相較於我們今天所處的位置保持穩定。因此，我們的指引既沒有納入回到戰前水準的復甦，也沒有納入任何重大中斷。基本上就是以目前水準維持穩定，但如你所理解的，預測確實非常困難。

David Anderson, Barclays.

David Anderson，Barclays。

So you had a number of really nice wins in offshore this quarter. Europe Africa outperformed as well. I was wondering if you could talk about your offshore business and kind of how you see that performing over the next 12 to 18 months.

你們本季在離岸拿下了多個相當不錯的案子。歐洲非洲地區的表現也優於預期。我想請你談談你們的離岸業務，以及你們如何看待未來12到18個月的表現。

Should we start to see an inflection here by the fourth quarter? And kind of what are some of the key drivers. You're talking about technology a lot as an enabler here. So maybe if you could expand a little bit more on how that's driving growth going forward.

我們是否應該在第四季開始看到這裡出現拐點？以及有哪些關鍵驅動因素。你一直在談科技作為促成因素。所以也許你可以再多展開一點，說明它如何推動未來的成長。

Yes. Thanks, David. I guess, first, really love our position. Maybe just an industry comment and then maybe a little bit more about Halliburton on the inflection point. Yes, big markets around the world, deepwater markets like in the Caribbean, the revitalization of tieback work Deepwater Gulf of America.

是的。謝謝你，David。我想，首先，我們非常喜歡我們目前的定位。也許先做一點產業面的評論，然後再談談哈里伯頓在拐點上的看法。是的，全球有很多大型市場，像加勒比海這類深水市場，以及美國墨西哥灣深水區的回接（tieback）工程復甦。

Brazil, West Africa, as you mentioned, Norway and East Med are all really busy markets for us. While we're seeing a tightening of -- we're seeing rigs being tendered for those spaces, we're seeing a tightening of FPSOs in that market. Don't see that as probably a Q4 event. What I see that as more of a '27 event, probably later half of '27. But I think really important here is the -- to emphasize the bigger picture here is we were winning in all those markets.

巴西、西非，如你提到的挪威與東地中海，對我們而言都是非常忙碌的市場。我們看到市場正在收緊——我們看到這些區域開始招標鑽機，也看到該市場的FPSO供給在收緊。我不認為那會是第四季的事件。我更把它視為2027年的事件，可能在2027年下半年較晚的時候。但我認為這裡真正重要的是——要強調更大的圖景：我們在所有這些市場都在贏。

I just announced a really sizable win with TotalEnergies in Suriname. We still have a great footprint with Guyana there. West Africa, Namibia, Nigeria, and even Ivory Coast, adding have a good footprint there winning there. And obviously, Norway, North Sea has been a big market for us moving forward.

我剛宣布我們在蘇利南與道達爾能源（TotalEnergies）拿下一個相當可觀的案子。我們在蓋亞那仍然有很好的布局。西非方面，納米比亞、奈及利亞，甚至象牙海岸，我們也在那裡擴大並且有很好的布局、持續得標。當然，挪威、北海未來也一直是我們的重要市場。

So I really like the direction where offshore going. And I think, again, more importantly is that we're winning in that space.

所以我非常看好離岸（offshore）業務的發展方向。而且我認為同樣更重要的是，我們正在那個領域持續勝出。

Maybe a comment technically, Dave, just to follow that up. And I think a lot of those wins, most of that winning that you're seeing us do is on the back of two things, really, our value proposition to collaborate and engineer solutions to maximize asset value for our customers.

Dave，從技術面補充一下，延續剛才的話。我認為你看到我們拿下的很多勝利、我們大多數的得標，主要是建立在兩件事之上：第一，我們的價值主張在於與客戶協作並工程化解決方案，以最大化客戶資產價值。

And technology advances that we've made over just really the last few years with closed-loop geo steering, for example, you saw us acquire Sekal. That's an important step towards better adoption of that technology. It broadens our ability to implement that technology on more rigs than before.

第二，是我們在過去幾年、其實就是最近幾年所取得的技術進展，例如閉環地質導向（closed-loop geo steering）；你也看到我們收購了Sekal。那是推動更廣泛採用該技術的重要一步。它擴大了我們在更多鑽機上導入該技術的能力，相較以往更具規模。

And so very positive technically around what we're doing. And again, how we're working with our customers are delivering real results.

因此，從技術角度來看，我們正在做的事情非常正面。而且再次強調，我們與客戶合作的方式正在交付實質成果。

I appreciate those comments, Jeff. Maybe if we could shift over to the international side. International unconventionals are becoming a bigger part of your portfolio, Vaca Muerta is clearly in growth mode. You talked about Algeria, think you're also in UAE and Jafurah.

謝謝你的說明，Jeff。也許我們可以把焦點轉到國際市場。國際非常規正成為你們投資組合中更大的一部分，Vaca Muerta顯然處於成長模式。你提到阿爾及利亞，我想你們也在阿聯與Jafurah。

I was wondering if you could kind of put all this together and sort of kind of walk us through those various opportunities and your strategy. And I'm also sort of wondering about the impact on the C&P margins. Is sort of the ramp up? Is that kind of hold it weighing down margins to a certain extent as you're sort of building up in these different countries and you're not quite at the scale you want to be?

我想請你把這些整合起來，帶我們走一遍各種機會以及你們的策略。我也想了解對C&P利潤率的影響。這種爬坡（ramp up）是否在某種程度上壓低了利潤率，因為你們在不同國家建置中，規模尚未達到你們希望的水準？

Yes. Let me -- I'll comment on some of the activities and ask Eric to give more of the guidance here. But hey, as you said, we're really excited about David, the scale converting at scale Argentina with YPF, big win multiyear, multibillion with ZEUS.

是的。我先評論一些活動，然後請Eric在這裡提供更多指引。不過，正如你所說，我們對David提到的事情非常興奮：在阿根廷與YPF以規模推進、把規模轉化為成果；我們也透過ZEUS拿下大型多年期、數十億美元的重大得標。

Going back to Aramco and Jafurah. And if you kind of look at the big markets out there, Argentina starting there, it's growing market really Argentina, Algeria, Kuwait, Saudi, UAE, we have frac spreads in all of those locations today doing unconventional work.

再回到阿美（Aramco）與Jafurah。如果你看外面的主要市場，從阿根廷開始，這是一個成長中的市場；另外阿根廷、阿爾及利亞、科威特、沙烏地、阿聯——我們今天在所有這些地點都有壓裂隊（frac spreads）在做非常規作業。

But what I think is important across what we're doing in unconventional, this has been a deliberate focus of ours is continue to use our scale with a real emphasis on, as Jeff said, returns, but also putting technology at play globally and competing on technology not on horsepower. So I think that has been the recipe for us to being scaling this globally.

但我認為我們在非常規業務上所做的事情有一點很重要：這一直是我們刻意聚焦的方向——持續運用我們的規模，同時如Jeff所說，強調報酬；並且把技術在全球落地，靠技術競爭，而不是靠馬力（horsepower）競爭。所以我認為這就是我們能在全球擴張規模的配方。

Let me take the last bit of that as well in terms of margin as you think about those businesses around the world, yes, there's some mobilization that goes on around that. But it's part of our growth engines, and we know that with that scale comes margin expansion.

至於你最後提到的利潤率，從全球各地這些業務來看，是的，確實會有一些動員（mobilization）。但這是我們的成長引擎之一，而且我們知道，隨著規模擴大，利潤率也會擴張。

Arun Jayaram, JPMorgan.

Arun Jayaram，摩根大通（JPMorgan）。

Jeff, I was wondering if you could comment -- and Shannon on -- clearly, it appears that Hal is taking market share in international markets as just highlighted by a number of awards in the Middle East, Lat Am, et cetera. I wondered if you could maybe break down what you think is driving some of those share gains. Shannon did mention that you would expect these new opportunities to be margin accretive? And maybe you could just touch upon that as we think about framing second half of the year and into '27?

Jeff，我想請你——以及Shannon——評論一下：很明顯，Hal似乎正在國際市場取得市占，正如剛才提到的中東、拉丁美洲等多項得標所顯示。我想請你拆解一下，你認為是什麼在驅動這些市占提升。Shannon確實提到你們預期這些新機會會增厚利潤率（margin accretive）。也請你談談，當我們在框架化今年下半年以及一路到2027年的展望時，該如何看待這點？

Yes. I guess the short answer is yes, we -- these wins that we're talking about, we do see them as future work that will be accretive to our business I think a couple of things have been driving it. One, the market is tight. Nobody is really overbuilt in that market -- in the market. And that's a good thing, opportunity for expansion of margins for us.

是的。我想簡短的答案是肯定的——我們談到的這些得標，我們確實視為未來將對我們業務帶來增厚效果的工作；我認為有幾個因素在驅動。第一，市場很緊。沒有人在那個市場——在市場上——出現明顯的過度建置。而這是好事，對我們而言是利潤率擴張的機會。

And we think that macro outlook for what we're seeing will continue. But I think going back to how we engage with our customers on some of these projects, we knew they were coming down the pipe, I think our value proposition, how we collaborate with our customers.

而且我們認為，我們所看到的宏觀展望會持續。但回到我們在這些專案上如何與客戶互動：我們知道這些案子正在管線中逐步到來；我認為我們的價值主張，以及我們與客戶協作的方式。

And really, if you look at Halliburton's portfolio globally, technically, there's no real holes in it. When we compete all over the world in 70 countries. And I think it's a combination of value prop technology has been the difference maker for us over the last 12 months.

而且如果你看哈里伯頓在全球的產品組合，從技術面來說，沒有真正的缺口。我們在全球70個國家競爭。我認為這是價值主張與技術的結合，在過去12個月成為我們的關鍵差異化因素。

Got it. And then maybe just a follow-up on North America. One of the things that caught our attention is your intention to continue to perhaps mobilize equipment out of North America to meet some of these international opportunities, is that just a reflection as you see better margin opportunities for unconventional now outside of NAM?

了解。那再追問一下北美。有一點引起我們注意：你們打算持續把設備從北美調動出去，以滿足一些國際機會；這是否只是反映出你們看到目前在北美以外的非常規業務有更好的利潤率機會？

It's -- it really comes down to this. It's price first. We are actively working our entire fleet and getting price on that in North America. But we have zero hesitation of moving equipment around the world, whether it be in C&P or D&E to a place that generates returns for Halliburton.

這——其實歸結到一點。價格優先。我們正在積極運用我們在北美的整個機隊，並且在北美為此爭取價格。但只要某個地方能為哈里伯頓帶來報酬，不論是在C&P或D&E，我們對於把設備調往全球各地完全不會猶豫。

And when there's opportunities, we'll do that. And it's what you've been seeing on the C&P side frac with Argentina, you've seen that in Middle East. Algeria, all of these places have been going to a home that makes better margins returns for Halliburton.

而當有機會時，我們就會去做。這也是你們在 C&P 端的壓裂業務所看到的情況，像是在阿根廷，你們也在中東看到了。阿爾及利亞以及這些地方的業務，都正在流向一個能為哈里伯頓帶來更好利潤率回報的歸宿。

Saurabh Pant, Bank of America.

Saurabh Pant，美國銀行。

Eric, maybe I'll start with a quick clarification question for you. I want to make sure I heard it right. I think the revenue guidance, Eric, for the third quarter call for both segments, I think C&P flat to down 2% D&E down 3% to 5%. And I think within that in response to one of the initial questions you were thinking Middle East is steady, right? So flattish, call it, on a run rate basis.

Eric，我先從一個簡短的釐清問題開始。我想確認我聽得沒錯。我理解第三季的營收指引，Eric，兩個部門都是：我想 C&P 持平到下滑 2%，D&E 下滑 3% 到 5%。而且我想在你回應其中一個最初問題時，你提到中東是穩定的，對嗎？所以以運行率來看，大致持平。

Can you maybe talk to how should we think about the 2Q to 3Q revenue decline? Where is that coming from? Is it timing? Is it -- I know the chemical business sale happened in May of this year. Is it part that?

你能談談我們應該如何看待 2Q 到 3Q 的營收下滑嗎？這是從哪裡來的？是時點因素嗎？還是——我知道化學品業務的出售是在今年 5 月完成的。有一部分是因為那個嗎？

Maybe just talk with that a little bit, Eric, just to give us some color.

也許就這點稍微談一下，Eric，給我們一些背景。

Yes. So I'll give you some color on the guide. So starting with the D&E division, Revenue are primarily affected by a drop in revenue in our drilling fluid and testing business, the drilling fluid in the Gulf of America and Europe, testing across most international region. And there's really nothing structured. It's simply rig moves and of programs, et cetera.

好的。我來補充一些指引的背景。先從 D&E 事業部開始，營收主要受到我們鑽井液與測試業務營收下滑的影響：鑽井液在美洲灣與歐洲下滑，測試業務則在多數國際地區下滑。而這其實沒有什麼結構性因素。單純就是鑽機移動、作業計畫等因素。

Part of that is offset by the seasonal pickup of our software business in Q3. So that's kind of on the revenue side. On the margin side, the improvement is due to mix. We had a -- I mean drilling fluid was a very large contributor to Q2. In Q3, we're going to see less drilling fluids, more software sales, which are running at a structurally higher margins, which explain the guidance.

其中一部分會被我們第三季軟體業務的季節性回升所抵銷。所以這是營收面的情況。在利潤率方面，改善主要來自組合。我們——我是說，鑽井液在第二季是非常大的貢獻者。第三季我們會看到較少的鑽井液、更多的軟體銷售，而軟體的結構性利潤率更高，這也解釋了指引。

On the C&P side, top line revenue. You mentioned it, we have sold our chemical business. So we're not going to have any revenue coming from that in Q3. We're going to be slightly down in Latin America and Europe, Africa, which had a fantastic Q2 up 19%. And some of that is going to be offset by the recovery of our Middle East business.

在 C&P 方面，營收（上線）。你提到了，我們已經出售化學品業務。因此第三季不會再有任何來自該業務的營收。我們在拉丁美洲以及歐洲、非洲會略為下滑；而這些地區第二季表現非常出色、成長 19%。其中一部分將由我們中東業務的復甦所抵銷。

On the margin side, the main drivers of the improvement in our margins is the North America land frac business, which is going to see improved margins. The lift business as well, a recovery of completion tool delivery in the Gulf of America and also the Middle East recovery as in D&E. So these are the main elements of our Q3 guidance.

在利潤率方面，推動我們利潤率改善的主要因素是北美陸上壓裂業務，利潤率將提升。人工舉升（lift）業務也是如此；此外，美洲灣完井工具交付的復甦，以及中東的復甦（與 D&E 類似）。以上是第三季指引的主要要素。

I got it. I think that's very helpful. And then Jeff or Shannon, maybe this one is for you. I want to touch on your landmark business a little bit. I know digital and software doesn't come up too much here in the Q&A for you guys.

了解。我覺得這非常有幫助。接著 Jeff 或 Shannon，也許這題是問你們的。我想稍微談一下你們的 Landmark 業務。我知道在你們的問答環節，數位與軟體通常不太常被提到。

But -- you've had a strong business. Landmark has been a strong business for you, especially in drilling, logic, decision space. I think you've had a lot of success in that. And then like you had in your prepared remarks, you acquired Sekal last quarter. And today in your press release, you had the acquisition of InformatiQ.

但是——你們的業務一直很強。Landmark 對你們來說一直是強勁的業務，特別是在鑽井、LOGIX、決策等領域。我認為你們在那方面取得了很多成功。然後就像你在事先準備的發言中提到的，你們上季收購了 Sekal。而今天在新聞稿中，你們又宣布收購 InformatiQ。

Maybe just talk to the Landmark business a little bit. It seems like it's making a lot of positive progress, but maybe just talk to what you're doing there and maybe the opportunities over the next few years.

能否多談談 Landmark 業務？看起來它取得了很多正向進展，但想請你談談你們在那裡做了什麼，以及未來幾年的機會。

Yes. Thank you. Look, we really like our approach to digital broadly, both the software business and the automation business. And from a software perspective, our absolute focus on open architecture is very attractive to customers. And so strategically, AI open architecture and then deep science, data management, those are the four areas that I feel the most confident about where we are.

好的。謝謝。我們非常喜歡我們在數位領域的整體做法，包含軟體業務與自動化業務。從軟體角度來看，我們對開放式架構的絕對聚焦，對客戶非常有吸引力。因此在策略上，AI、開放式架構，以及深度科學、資料管理，這四個領域是我最有信心、也最看好我們定位的地方。

And look forward to watching that continue to get legs. Had several strategic wins over the last year, and I expect not only did those grow, but we just start to see a strengthening of that over time.

也期待看到它持續站穩腳步、擴大動能。過去一年我們拿下了幾個策略性勝利，我預期不僅會成長，隨著時間推移也會看到這塊業務持續走強。

From an automation perspective, you're correct, ZEUS IQ, LOGIX, Sekal, acquisitions that we make that we know help our customers drill better precise more precise wells or improve recovery or hydraulic fracturing for unconventional completions.

從自動化角度來看，你說得沒錯，ZEUS IQ、LOGIX、Sekal，這些收購都是我們做出的選擇，因為我們知道它們能幫助客戶把井鑽得更好、更精準，或提升採收率，或在非常規完井中改善水力壓裂。

And so that automation and answer products in terms of IQ, ZEUS IQ, and LOGIX what it does have been a big part of recent awards. And so we're seeing that manifest in actually the contracts that we are winning.

因此，這些自動化與「答案型」產品（例如 IQ、ZEUS IQ 與 LOGIX）所帶來的能力，已成為近期得標的重要一環。我們也看到這點實際反映在我們正在贏得的合約上。

It is a differentiator and it gives me a lot of confidence around why I believe or why the contracts that we're winning are accretive over time.

這是一個差異化優勢，也讓我對於為什麼我相信——或者說我們正在贏得的合約——會隨時間推移帶來增益（accretive）更有信心。

James West, Melius Research.

James West，Melius Research。

Jeff, you guys have stuck to your knitting in North America as the only integrated service provider, a fully integrated service server that's really left in the market, but you've also used it as a cash flow harvesting machine. And that's led to, I think, some of the significant growth that you're now seeing in the international markets as you deploy capital to those markets as you deploy capital into technologies and are increasingly taking share or at least minimum holding your own as others have failed there.

Jeff，你們在北美一直專注本業，作為唯一的整合型服務供應商——市場上真正僅存的、完全整合的服務供應商——同時你們也把它當作現金流的收割機。我認為這也帶動了你們現在在國際市場看到的一些顯著成長：你們把資本投入那些市場、投入技術，並且在其他人失利之際，愈來愈多地取得市占，或至少穩住你們的份額。

Could you talk about that strategy how you see the evolution of that strategy in those international regions, which are now -- I mean they're now coming to you. Just the amount of awards you've announced in the last two weeks has been highly impressive. And just wanted to just touch on kind of where are we in that kind of -- I don't know if I want to call it a pivot, but just the deliberate strategy.

你能談談這個策略，以及你如何看待它在那些國際地區的演進嗎？那些地區現在——我是說，現在正主動找上你們。光是你們在過去兩週宣布的得標數量就非常令人印象深刻。我想觸及一下我們目前處於哪個階段——我不確定是否該稱之為轉向（pivot），但就是這個有意識、刻意為之的策略。

Look, it is a deliberate strategy. It's where we have market-leading, both capability and technology, that's sought after internationally. And as that market grows, we are leading that market and plan to continue to lead in that market and unconventionals have been proven to be a successful way to deliver oil and gas. And now the rest of the world is doing more of it, and we plan to lead there. Still focused on North America.

你看，這確實是一個刻意為之的策略。我們在能力與技術上都具備市場領先地位，而這些在國際上是被追求的。隨著市場成長，我們正在引領這個市場，並計畫持續領先；而非常規已被證明是交付油氣的一種成功方式。現在世界其他地區也在做得更多，而我們計畫在那裡領先。同時仍然專注於北美。

And so we see solid trajectory in North America as well. However, we have leading margins in North America today. And plan to continue to keep those. And so as we push price up, there's always going to be some bumping around in the market. And that bump in and around in the market when you're already the market leader in terms of performance and margins comes with bringing up some equipment as we push.

因此我們也看到北美同樣呈現穩健的發展軌跡。不過，我們目前在北美擁有領先的利潤率。而且我們計畫持續維持這些優勢。因此當我們推升價格時，市場一定會出現一些波動。而當你已經在績效與利潤率方面是市場領導者時，這種市場的起伏，會伴隨著我們推進時把一些設備帶上來。

And the point is we've got opportunities around the world as well to put equipment to work. So this is -- I wouldn't describe it as a pivot, James, I'd describe it as a conscious, deliberate strategy to take advantage of our competitive advantage around the world while continuing to drive better performance in North America. I don't think the two are mutually exclusive, but some of the bumping around you're going to see in North America is us putting real pressure on pricing and margins in North America.

重點是，我們在全球也有機會讓設備投入運作。所以這——我不會把它形容為轉向（pivot），James，我會形容為一個有意識、深思熟慮的策略：在持續推動北美更佳表現的同時，善用我們在全球的競爭優勢。我不認為兩者互相排斥，但你在北美看到的一些波動，是因為我們正在對北美的定價與利潤率施加實質壓力。

Okay. Got it. That makes perfect sense. And then as we think about moving of equipment abroad how should we think about, I guess, the kind of margin opportunity set? I mean I know Eric already gave us some guidance for just next quarter, which is margin pretty significant margin improvement sequentially.

好的。了解。這完全說得通。那接著談到把設備移往海外，我們應該如何看待——我想是——利潤率的機會集合？我的意思是，我知道 Eric 已經就下一季給了一些指引，也就是利潤率將會出現相當顯著的季比改善。

But how should we think about the competitive landscape internationally when you do move equipment you have two things. You have: one, it's going to be better pricing; but also two, you're not going to need to put as much capital into the market because you've already got -- you had the deal already ready to go.

但當你把設備移出去時，從國際競爭格局來看，應該怎麼思考？你會有兩件事：第一，定價會更好；

Yes. I'll talk a bit about margins, James, and then I'll let Shannon talk about the competitive environment. So I think that directionally, I mean, you heard the Q3 guide. So margins are going to be up in both completion production, drilling and evaluation. I think the trend will continue.

是的。James，我先談一下利潤率，然後我會讓 Shannon 談競爭環境。我認為從方向上來看——你也聽到第三季的指引了。所以完井與生產（C&P）、鑽井與評估（D&E）的利潤率都會上升。我認為這個趨勢會持續。

We're -- with margin up in D&E in Q4. We think it continues in '27. We think the same trend is going to be there for C&P although you got to take into account the typical seasonality in Q4. So we'll have to see how that one plays out as we get closer to Q4, and then you get some Middle East unknown around all of that.

我們——第四季 D&E 的利潤率會上升。我們認為這會延續到 2027 年。我們也認為 C&P 會有同樣的趨勢，但你必須把第四季典型的季節性因素納入考量。所以我們得等更接近第四季時再看會如何發展，此外還有一些與中東相關的不確定性會影響整體情況。

Yes, James, I guess, kind of the short answer on how we think about when we move things around. You know, the country is moving to what is the efficiencies and logistics challenges around that. What's the scope of work? How long does it last? Everything from volumes being pumped to stages and access to sand and water.

是的，James，我想關於我們如何看待設備調度，簡短的回答是——你知道，涉及的是要移往哪個國家，以及相關的效率與物流挑戰。工作範疇是什麼？會持續多久？從泵送量、壓裂段數，到砂與水的取得與可用性，全部都要考量。

But really, it's a pretty straightforward answer after you get through all that is -- do we have term -- and do we make better margins if we put it in XYZ country? And we make those decisions every quarter when we're looking at that as if we have an opportunity to move it or somewhere in the world.

但其實，把這些都梳理完之後，答案相當直接——我們是否有長約（term）？以及把設備放到 XYZ 國家是否能帶來更好的利潤率？我們每一季在檢視是否有機會移動設備、或在全球其他地方有機會時，都會做出這些決策。

And it's really start -- there's different levels of maturity around unconventionals around the world. Those are mature obviously the ones we probably want to move as quickly as we can to. Others we look and say, okay, is it A well or is it a long-term program and we base our decisions around that?

而且，全球各地的非常規（unconventionals）成熟度不同。那些成熟的市場，顯然是我們可能希望盡快移過去的地方。其他市場我們會看著說，好，那是一口井（A well）還是一個長期計畫？我們會依此來做決策。

Derek Podhaizer, Piper Sandler.

Derek Podhaizer，Piper Sandler。

So you mentioned North America land, that's helping improve the C&P margins. I think the guide at the midpoint was 150 basis points. Top line seems to be impacted by the chemical business sale. Talked about Latin America, Europe, Africa, which had a stellar quarter, but maybe some more color on what you're seeing activity-wise impacting your US land frac revenue.

你提到北美陸上正在幫助改善 C&P 的利潤率。我想指引在中位數大約是 150 個基點。營收端看起來受到化學業務出售的影響。你談到拉丁美洲、歐洲、非洲，那邊本季表現非常亮眼；但能否再多談一些你在活動量方面看到的情況，這些如何影響你們美國陸上壓裂（frac）收入？

2Q, the theme was absorbing the white space. Are you still seeing that full calendar in 3Q as well? Any indication on pricing will be there to help even reactivate subside line equipment? Or you mentioned maybe that international unconventional market is more attractive to deploy that idled equipment. Just some more color on US land fracs, specifically impacting C&P.

第二季的主題是吸收「白色空檔」（white space）。第三季你們是否也仍然看到行程表滿檔？在定價方面，有沒有跡象顯示價格會到足以促使重新啟用閒置設備的水準？或者你提到國際非常規市場更具吸引力，可能更適合部署那些閒置設備。能否再多補充一些美國陸上壓裂的情況，特別是對 C&P 的影響？

Yes, sure. This is Shannon here, Eric. Yes, we're seeing a positive margin trajectory. C&P and certainly, D&E as well. White space in Q2 was taken up.

好的，當然可以。我是 Shannon，Eric。是的，我們看到利潤率呈現正向的改善軌跡。C&P 當然如此，D&E 也是。第二季的白色空檔已經被填補。

Q3, we're seeing the same thing in Q3. And I think an important point is we're also seeing pretty significant rig adds here. Over 30-plus rigs being added to North America. Not only is that a real positive for our D&E business, but kind of raises the bar, if you will, of activity sets moving in the future. So it makes us feel really good and there's not a very little capacity at all in the market on gas substitution, zero at all on electric.

第三季我們也看到同樣的情況。而且我認為一個重點是，我們也看到這裡新增了相當多的鑽機。北美新增超過 30 部鑽機。這不僅對我們的 D&E 業務是很大的正面因素，也某種程度上提高了未來活動水準的門檻。所以這讓我們感覺非常好；而且在天然氣替代（gas substitution）方面，市場幾乎沒有多餘產能；在電動化方面則完全沒有。

And so as we start seeing some of these smaller and medium-sized players moving a little quicker. Nobody is doing less out here. So I think that's an environment -- it doesn't happen overnight. It's a steady march and something, as Jeff mentioned, we look across our entire fleet, not just one fleet, of raising, if you will, that tide up on the entire scope of work we do.

因此，當我們開始看到一些中小型業者動作更快一些時，這裡沒有人在減少作業量。所以我認為那是一種環境——它不會一夜之間發生。這是一個穩步推進的過程；正如 Jeff 提到的，我們會檢視整個車隊（fleet），不只是單一車隊，去提升——如果你願意這麼說——我們所做的整體工作範疇的「水位」。

Got it. Okay. That's helpful. And then maybe moving over to Jafurah. You won an award there deploying a frac fleet for the basin. Obviously, there's a player over there that won majority of the committed work.

了解。好的。這很有幫助。那接著可能談到 Jafurah。你們在那裡得標，為該盆地部署一支壓裂車隊。顯然那邊有一家業者拿下了大部分的承諾工作量。

Is this the uncommitted work? Is there upside to the fleet that you're deploying over there? Maybe talk about some of the technology you could add into the Jafurah basin as it continues to scale over time. Just an exciting word, so maybe a little more color there.

這是未承諾的工作量嗎？你們部署到那邊的車隊是否還有上行空間？也許談談隨著 Jafurah 盆地隨時間持續擴張，你們可以加入哪些技術。這聽起來很令人振奮，所以能否再多給一些細節？

Yes, that's my exact words, excite. I'm really sad about it. It is a committed scope. We get terms that we're satisfied with volumes and wells per pad. And I think a big driver is, of course, we moved it because of long-term work there in the gas, and we can continue to see that market, in particular, gas growing, not just in conventional but unconventionals.

是的，那正是我用的詞：令人振奮（excite）。我對此真的很難過。這是一個已承諾的工作範疇。就作業量與每個井場（pad）的井數而言，我們拿到的條款是我們滿意的。而我認為一個很大的驅動因素當然是：我們把設備移過去，是因為那裡在天然氣方面有長期工作；而且我們也持續看到那個市場——特別是天然氣——在成長，不僅是傳統（conventional），也包括非常規（unconventionals）。

But a big driver of that was bringing really our automation subsurface and surface, moving that to Kingdom. And yes, I think we're excited to be back, and that will be a long-term program for us moving forward.

但其中一個很大的驅動因素，是把我們的自動化能力真正從地下與地面端整合起來，並將其移轉到 Kingdom。是的，我想我們很高興能回來，而這也將會是我們未來推進的長期計畫。

Neil Mehta, Goldman Sachs.

Neil Mehta，高盛。

Jeff, Shannon, maybe you can unpack a little bit about the opportunity set in Iraq. We've seen some of your large customers really lean into it and some big announcements last week. So as we think about the margin, the profitability associated with the opportunity set but also how you're thinking about some of the moving pieces around the geopolitics and the aboveground concerns that the market historically has had in that region?

Jeff、Shannon，也許你們可以再多拆解一下伊拉克的機會集合。我們看到你們一些大型客戶確實加大投入，上週也有一些重大公告。因此，當我們思考這個機會集合所帶來的毛利率與獲利能力，同時也思考地緣政治以及市場過去在該地區一直擔憂的地面風險等變動因素時，你們是如何看待的？

Yes. I'd say today, things obviously are very fluid in Iraq was just there a couple of weeks ago and just spent some time with the Prime Minister actually here over the last week. I'm encouraged by the direction of policy that's being made within the country, wanting companies like Halliburton to come to work within country.

是的。我會說，就目前而言，伊拉克的情勢顯然非常多變；我幾週前才剛去過，也在過去一週實際花了一些時間與總理會面。我對該國正在推動的政策方向感到鼓舞，他們希望像哈里伯頓這樣的公司能到當地開展業務。

As far as the war right now, it's still impacted as far as it's not close to prewar levels. But what I'm really excited about is this integrated fuel management award that we got it's really encompasses if you think about everything that Halliburton does from field development planning, production optimization, responsible to well construction, digital, a bit of the EPCM working there.

就目前的戰事而言，仍然有影響，水準還沒有回到戰前。但我真正感到興奮的是我們拿到的這個整合式燃料管理（integrated fuel management）標案；如果你把哈里伯頓所做的一切都納入思考，它幾乎涵蓋了從油田開發規劃、產量最佳化、到井筒建設，以及數位化，還有部分 EPCM 的工作。

But I think what's important is the big picture here is that is a contract for Halliburton that -- yes, it's good for Iraq. Yes, it's good for Halliburton, but it is a foundational building for us within a rack, something we think we can scale and build on. So broadly great for Iraq, but also really good for us in our Middle East business.

但我認為重要的是更宏觀的角度：這是一份屬於哈里伯頓的合約——是的，對伊拉克有利。是的，對哈里伯頓也有利，但它對我們在伊拉克的布局而言是一個基礎性的建設，我們認為可以在此之上擴大規模並持續深化。所以整體而言，對伊拉克很好，對我們的中東業務也非常有利。

And then the follow-up is here for Eric, is just around share repurchases and buybacks. One thing that has been a constant of 2026 as volatility, including your share price, which has done well but consolidated from peaks. And so how do you think about the buyback. Do we keep the $200 million run rate? Or is there an opportunity to be opportunistic with shares trading at a discount potentially, at least relative to where we were a couple of months ago?

接著這個追問是給 Eric 的，關於庫藏股與回購。2026 年的一個常態就是波動性，包括你們的股價；股價表現不錯，但從高點回落後進入盤整。因此你們如何看待回購？我們會維持每季 2 億美元的回購速度嗎？或者，若股價以折價交易（至少相對於幾個月前的水準），是否有機會更具機動性、逢低加碼？

Yes. Look, we haven't really changed our philosophy around buyback, Neil. We were a bit more conservative at the beginning of the year as we indicated on the Q4 call because the macro situation was very different at that time. Now our thinking is to reestablish pretty much the run rate that we've been on for the last couple of years. So you can expect buybacks to pickup, but we are going to continue to do this on a continuous basis rather than jump in the market.

是的。Neil，你看，我們其實沒有改變對回購的基本理念。如同我們在第四季電話會議所提到的，年初我們稍微保守一些，因為當時的總體環境與現在非常不同。現在我們的想法是，基本上重新建立過去幾年一直維持的回購節奏。所以你可以預期回購會加快，但我們會持續、連續性地進行，而不是突然跳進市場大舉買進。

Doug Becker, Capital One.

Doug Becker，Capital One。

It really seems like we're seeing evidence of the international growth engines ramping up back in January of last year, you mentioned international -- the international growth engines could add $2.5 billion to $3 billion of annual revenue in three to five years. Is that still a reasonable target? Or is there some upside there? And could we get a sense how each of the four engines is progressing relative to your expectations?

看起來我們確實看到國際成長引擎正在加速的證據。去年一月你提到，國際——國際成長引擎在三到五年內可增加每年 25 億到 30 億美元的營收。這仍然是合理的目標嗎？還是有一些上行空間？另外，我們能否了解四個引擎各自相對於你們預期的進展情況？

Yes. Doug, I think not only we're ahead of schedule as far as that $2.5 billion to $3 billion by 2028. We think there's upside on that number. We really love our position offshore and land on the drilling side of things. I think the acquisition of Sekal in particular, on the offshore has really strengthen our offshore positioning or technology advantage there.

是的。Doug，我認為不僅就 2028 年達到 25 億到 30 億美元這個目標而言，我們進度超前。我們也認為這個數字有上行空間。我們非常喜歡自己在鑽井業務方面、無論是海上或陸上的定位。我認為，尤其是收購 Sekal，在海上業務上確實強化了我們的海上定位與技術優勢。

Unconventionals, we talked about a lot already, whether it's the YPF, Aramco work, Sonotrach all good business for us. And I think that whole technology that we're deploying internationally will give us more legs in the future.

非常規方面，我們已經談了很多，不管是 YPF、Aramco 的工作，還是 Sonotrach，對我們來說都是很好的業務。而且我認為，我們在國際市場部署的整套技術，未來會讓我們走得更長、更有延展性。

And as far as intervention and left, we have a really -- we have a significant footprint on the intervention space, in particular, HDWO and coiled tubing. But we're really excited also about the trajectory we're seeing on our artificial lift business globally. So yes, I think there's upside on that number.

至於介入作業與人工舉升（artificial lift），我們在介入作業領域有非常——我們有相當大的布局，特別是在 HDWO 與連續油管（coiled tubing）。但我們也對全球人工舉升業務所呈現的成長軌跡感到非常振奮。所以是的，我認為那個數字有上行空間。

It certainly sounds encouraging. Eric, I did want to just first the second quarter C&P margin a little bit more, the guidance was for 50 to 100 basis points of sequential margin improvement. A little bit less than that. I'm just trying to get a sense of how much of that was related to the Chemical business versus, say, lower Middle East activity? Just want to understand that a little bit better.

聽起來確實令人鼓舞。Eric，我也想再追問一下第二季 C&P 的利潤率，指引是季比改善 50 到 100 個基點。實際上比這個略少一些。我想了解其中有多少是化學品業務所致，或例如中東活動量較低所致？只是想更清楚理解這一點。

Yes. I think in both divisions, we were a little higher than guidance on revenue. We were on the lower end of margin overall for both divisions as well. There's not a lot to read into it. If you take the CMP margins, for example, we had higher maintenance costs and mobilization of equipment that hit the numbers.

是的。我認為兩個事業部的營收都略高於指引。但兩個事業部的整體利潤率也都落在較低端。其實沒有太多需要過度解讀的。以 CMP 的利潤率為例，我們有較高的維護成本，以及設備動員（mobilization）帶來的成本，影響了數字。

We had delays in the Gulf of Mexico, which is structurally a high-margin business, and it was essentially a product line mix as well that drove the same results in the D&E guidance.

我們在墨西哥灣也遇到延遲；那裡結構上屬於高利潤率業務；此外，產品線組合也同樣推動了 D&E 指引中出現的相同結果。

Scott Gruber, Citigroup.

Scott Gruber，花旗集團。

I actually wanted to stay on the near-term margin guide. Eric, you mentioned mobilization impact, I think it was C&P. Just broadly, given the pace of growth for you guys, which is pretty impressive and the new contract wins, is our mobilization and start-up costs, a significant weight on margins today?

我其實想延續短期利潤率指引的話題。Eric，你提到動員的影響，我想是在 C&P。更廣泛地說，考量到你們的成長速度相當驚人，以及新合約得標的情況，目前動員與啟動成本是否正對利潤率造成顯著壓力？

And are those really fading in 3Q? Or are they still impacting just some more color on the mobilization and start-up costs and the trend towards normalizing.

而這些在第三季真的會消退嗎？或者仍在影響？希望你能就動員與啟動成本，以及其走向正常化的趨勢多提供一些說明。

Yes. I mean I can't give you an exact number in terms of the impact of mobilization because you have mobilization happening, mobilization or movement of equipment happening at all times in our business as we try to optimize where we put assets to work. The contract wins that we have had have elevated that number a little bit. So we have some headwinds related to that. I just can't quantify it exactly.

是的。我的意思是，我無法給你一個精確的數字來量化動員的影響，因為在我們的業務中，動員——也就是設備的動員或移動——一直都在發生，我們會持續最佳化資產投放的位置以提高使用效率。我們近期的合約得標確實讓這個數字略為上升。因此我們面臨一些相關的逆風。只是我無法精確量化。

One of the things just to point out under the hood in North America, we are seeing pricing and we are seeing improvement in that business. So as Eric described, Gulf of Mexico moves and mobilizations, et cetera. Underneath the hood, we're pleased that we are getting the traction in pricing and improvement in performance in our North America land business.

另外補充一點，在北美的內部細節上，我們看到定價正在改善，也看到該業務的改善。所以如 Eric 所描述的，墨西哥灣的移動與動員等等。在更底層的基本面上，我們很高興看到北美陸上業務在定價上取得進展，且營運表現也在改善。

Yes, that's what I wanted to go to you next is on the medium- to longer-term outlook for improvement. And I heard you guys mention that the new work is coming in and that's going to be margin accretive. I'm just curious on how to dimension that as we think about the go forward.

是的，這正是我接下來想請教你們的：關於中期到較長期的改善展望。我也聽到你們提到新的工作正在進來，而且這將有助於提升利潤率。我只是好奇，當我們思考未來走向時，該如何衡量這件事的規模。

We normally think about incrementals for Halliburton in that 30%, 35% range. But a lot of the new contract wins seem to be propelled by new technologies, and the mobilization and start-up costs should settle down in the years ahead.

我們通常認為哈里伯頓的增量利潤率大約在30%到35%的區間。但許多新合約的得標似乎是由新技術所推動，而動員與啟動成本在未來幾年應該會趨於穩定。

And then hopefully, we have a normalization of activity in the Middle East. As you kind of think through the potential path for margins, given those factors, should we be thinking about a couple of years of above normal incrementals for Halliburton in '27 and '28. Is that possible?

然後希望中東的活動能夠回歸常態。當你把這些因素納入考量、思考利潤率可能的走勢時，我們是否應該預期哈里伯頓在27年與28年會有幾年高於正常水準的增量利潤率？這有可能嗎？

Yes, your incremental expectations aren't wrong. Those are my expectations as well. And so we're getting underway. I like the trajectory that we're seeing on the ground in North America. We're winning big contracts all around the world.

是的，你對增量的預期沒有錯。那也是我的預期。所以我們正在展開行動。我喜歡我們在北美現場所看到的走勢。我們在全球各地都贏得了大型合約。

Yes, there's always going to be mobilization associated with those, but that doesn't diminish my -- when I say revenue growth and margin expansion, I expect margin expansion and those types of incrementals aren't inconsistent at all with my expectations.

是的，這些合約一定會伴隨動員，但這不會削弱我——當我說營收成長與利潤率擴張時，我確實預期利潤率會擴張，而這類增量水準與我的預期並不矛盾。

Can we do better than normal on incrementals I guess, is the question kind of given all those factors around technology and the Middle East coming back?

我的問題是，考量技術因素以及中東回歸等因素，我們在增量表現上是否有機會優於正常水準？

Yes. I think so. It's always possible. It's an odd mix with the Middle East where it is. We've got this pipeline of work that we know what will be done, and it will be done and it will start late this year into next year in different parts of the world.

是的。我認為有可能。這一直都有可能。中東目前的情況使得組合有點奇特。我們有一條我們知道會執行的工作管線，它會被執行，而且會在今年稍晚到明年於世界不同地區開始。

And so it's not -- it's a bit of an odd mix right now in terms of Middle East lower North America improving. And yes, some mobilization going on.

所以就目前而言，在中東偏弱、北美改善的情況下，組合確實有點奇特。而且是的，確實有一些動員正在進行。

Marc Bianchi, TD Cowen.

TD Cowen 的 Marc Bianchi。

I was curious if you could share the impact of the Middle East on the business in the second quarter?

我想請問你能否分享第二季中東對業務的影響？

It's pretty much landed where we thought it would land. Now it's difficult because it's difficult to say if there had been no conflict, the activity will be that much, and then compare it to the actual result is something you just can't do. But in terms of how we were thinking the quarter we evolved and the results that the Middle East delivered it's pretty much where we thought it would be, broadly speaking.

基本上落在我們原先預期的水準。現在這很困難，因為很難說如果沒有衝突，活動量會是多少，然後再拿來與實際結果比較——這是你無法做到的。但就我們對本季演變的看法，以及中東所交出的結果而言，整體來說大致符合我們的預期。

Okay. And then on the comment that the international business ex the Middle East will grow low double digits. I'm curious what do you think the broader market is doing? And where I'm going with this is like can we maybe infer some sort of growth above whatever the broader market is doing because of all these contracts that you've announced here in the last few quarters.

了解。另外，關於你提到不含中東的國際業務將以低雙位數成長，我好奇你認為整體市場的表現如何？我想問的是，基於你們在過去幾季宣布的這些合約，我們是否可以推論你們的成長可能會高於整體市場？

Yes, I do believe we're going to see outsized growth. I mean the growth engines that we described are driving this. These are places where we have clear competitive advantage and they are outgrowing the broader market. And I believe that we are outgrowing the broader market.

是的，我確實相信我們將看到更為突出的成長。我的意思是，我們所描述的成長引擎正在推動這一切。這些是我們具有明確競爭優勢的領域，而且它們的成長速度高於整體市場。我相信我們正在跑贏整體市場。

So I look forward to -- as these things feather in over the next little bit, the growth in -- our position in deepwater continues to strengthen. And a lot of that's outside the US and then also our strength in the Middle East as we just described. Those are meaningful step for us and most are on the back of our technology and value propositions. I'm comfortable those are differentiated.

因此我期待——隨著這些業務在接下來一段時間逐步貢獻，我們在深水領域的地位持續強化。而其中很大一部分是在美國以外，另外還有我們在中東的優勢，如同我們剛才所描述的。這些對我們而言是重要的進展，而且多數都建立在我們的技術與價值主張之上。我有信心這些具備差異化。

Jeff, would you say that the broader market without this benefit would be up something like mid-single digits?

Jeff，你會說如果沒有這些利多，整體市場大概會是中個位數的成長嗎？

Could be. Tough to call the entire broader market, but I do believe we're going to be at the very high end of that.

有可能。很難對整體市場下定論，但我確實相信我們會處在那個區間的非常高端。

Ladies and gentlemen, that concludes our Q&A session at this time. I would like to turn the conference back over to management for any closing remarks.

各位女士先生，現在我們的問答環節到此結束。我想把電話會議交回管理層，請他們做任何結語。

Okay. Thank you, Howard. Before we wrap up today's call, let me close with this, I believe the global outlook for Halliburton is strong and our differentiated technology and value proposition set the stage for Halliburton's future revenue growth and margin expansion. I look forward to speaking with you next quarter. Let's close out the call.

好的。謝謝你，Howard。在我們結束今天的電話會議之前，我想以這段話作結：我相信哈里伯頓的全球展望強勁，而我們具差異化的技術與價值主張，為哈里伯頓未來的營收成長與利潤率擴張奠定了舞台。我期待在下個季度再與各位交流。我們就結束本次電話會議。

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

各位女士先生，感謝您參與今天的會議。本節目到此結束。您現在可以掛線。祝各位有美好的一天。請講者待命。