哈里伯頓 (HAL) 2026 Q3 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Halliburton Company's third-quarter 2026 earnings conference call. (Operator Instructions)

各位女士、先生，大家好，感謝您稍候。歡迎參加哈里伯頓公司 2026 年第三季財報電話會議。（接線員指示）

At this time, I would like to turn the conference over to Mr. David Coleman, Senior Director, Investor Relations. Sir, please begin.

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 third-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.

您好，感謝您加入哈里伯頓 2026 年第三季電話會議。本次電話會議結束後，我們將把今日網路直播的錄音在哈里伯頓網站上提供七天。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 about future events. These matters involve risks and uncertainties that could cause our actual results to materially differ from our forward-looking statements. These risks are discussed in Halliburton's Form 10-K for the year ended December 31, 2025, quarterly reports on Form 10-Q, current reports on Form 8-K, and other Securities and Exchange Commission filings.

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。相關風險已在哈里伯頓截至 2025 年 12 月 31 日止年度的 Form 10-K、Form 10-Q 季報、Form 8-K 即時報告，以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 third-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，已載於我們第三季財報新聞稿，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 third-quarter results. Our revenue exceeded our expectations, and we took important steps towards improving our margins. Here are a few highlights from the third-quarter. We delivered total company revenue of $5.7 billion and adjusted operating margin of 12.8%. International revenue was $3.5 billion, an increase of 9% year-over-year.

謝謝你，David，各位早安。我對哈里伯頓第三季的表現感到滿意。我們的營收超出預期，並採取了重要步驟以改善利潤率。以下是第三季的幾項重點。我們實現全公司營收 57 億美元，調整後營業利潤率為 12.8%。國際營收為 35 億美元，年增 9%。

North America revenue was $2.2 billion, a decrease of 9% year-over-year. During the third-quarter, we repurchased approximately $250 million of our common stock. Before Shannon covers our operations, let me share my thoughts on the market and early view of the year ahead and Halliburton's business today. Let's start with the market. We are another three months into one of the largest energy disruptions in history.

北美營收為 22 億美元，年減 9%。第三季期間，我們回購約 2.5 億美元的普通股。在 Shannon 說明營運之前，我先分享我對市場的看法，以及對未來一年的初步觀點與哈里伯頓目前業務的狀況。先從市場談起。我們又走過三個月，仍處於史上最大規模的能源擾動之一。

Commodity prices remain elevated, and geopolitical uncertainty is high. The world has lost an enormous amount of oil supply, and the shortfall continues to grow. Current estimates are that nearly 3 billion barrels of supply have been lost since the conflict began and that about 1 billion barrels have been drawn from global inventories. I expect the work to restore production, rebuild inventories, and strengthen energy security will drive multiyear demand growth for oilfield services.

大宗商品價格仍維持在高位，地緣政治不確定性也很高。全球已失去大量原油供給，且缺口仍在擴大。目前估計，自衝突開始以來，已流失近 30 億桶供給，且全球庫存約動用 10 億桶。我預期，恢復產量、重建庫存並強化能源安全的工作，將帶動油田服務在未來多年需求成長。

Turning to our outlook for the business, our early view of 2027 for Halliburton is revenue growth in the mid-single digits and operating income margins to expand about 200 basis points, or to about 15%. Let me share with you what underpins my view and how Halliburton's business today makes me confident we will achieve those results.

談到我們對業務的展望，我們對哈里伯頓 2027 年的初步看法是：營收成長約為中個位數百分比，營業利益率擴張約 200 個基點，亦即提升至約 15%。我想與各位分享支撐我看法的因素，以及哈里伯頓目前的業務狀況如何讓我有信心達成這些結果。

First, as a result of years of deliberate strategy and investment, our international business, in fact, all of our businesses outside of North America hydraulic fracturing are the strongest they have been in many years. These businesses are growing, profitable, and winning on technology and our collaborative value proposition.

第一，經過多年有意識的策略與投資，我們的國際業務——事實上，除北美水力壓裂以外的所有業務——都處於多年來最強的狀態。這些業務正在成長、具備獲利能力，並在技術與我們協作式價值主張上持續勝出。

My confidence is rooted in their strong execution, and I am excited about the pipeline of opportunities in 2027 and beyond. Second, I want to put North America hydraulic fracturing in the proper context for 2027. I could tell you anecdotes about pricing adjustments and list the reasons I think the North America frac market should improve.

我的信心來自於他們強勁的執行力，我也對 2027 年及之後的機會管線感到振奮。第二，我想把北美水力壓裂在 2027 年的定位放在正確的脈絡中。我可以分享一些關於價格調整的案例，並列出我認為北美壓裂市場應會改善的原因。

But what's important to understand is that Halliburton's path to growth and improved profitability that I just described does not require any recovery in North America frac. To us, it is purely upside. Shannon is going to take you through the operational details of this quarter, but I will leave you with this. I see growing multi-year demand for oilfield services. I see Halliburton delivering growth and margin improvement, and I see any North America frac business recovery as upside.

但重要的是要理解：我剛才所描述的哈里伯頓成長與獲利能力提升之路，並不需要北美壓裂出現任何復甦。對我們而言，那純粹是上行空間。Shannon 會帶各位了解本季的營運細節，但我想以這點作結。我看到油田服務存在多年期的需求成長。我看到哈里伯頓帶來成長與利潤率改善，而任何北美壓裂業務的復甦都將是上行空間。

With that, let me turn the call over to Shannon.

接下來，我把電話交給 Shannon。

Thanks, Jeff. Let me start with international. Our third-quarter revenue was $3.5 billion, up 3% sequentially. Much of the strength this quarter came from growth in our D&E division, which significantly outperformed our expectations on the top line and improved operating income margins 150 basis points sequentially. Let's get into the details. I'll start with the Middle East.

謝謝，Jeff。我先從國際業務開始。我們第三季營收為 35 億美元，較上一季成長 3%。本季的強勁表現多來自我們 D&E 事業部的成長，其營收表現顯著優於預期，並使營業利益率較上一季提升 150 個基點。我們來看細節。我先從中東開始。

The conflict, clearly, creates near-term uncertainty, but I am pleased with our third-quarter performance. Middle East results improved sequentially despite inflationary headwinds, which we expect to persist for some time. In the fourth-quarter, I expect Middle East revenue to grow both sequentially and year-over-year. Of the many things driving those expectations, I'll highlight two.

這場衝突顯然帶來短期不確定性，但我對第三季的表現感到滿意。儘管面臨通膨逆風（我們預期仍將持續一段時間），中東業績仍較上一季改善。在第四季，我預期中東營收將同時呈現季增與年增。在眾多驅動這些預期的因素中，我強調兩點。

A full quarter of Jafurah operations activity and an expanded share across integrated and discrete services in Saudi Arabia. Outside of the Middle East, Halliburton's international business is winning work, and we are delivering on our growth engines in a healthy market. We expect 2026 year-over-year growth in these regions to be about 12%. Let me say a word on why we win. Our value proposition is simple, but powerful.

其一是 Jafurah 作業活動完整貢獻一整季，其二是在沙烏地阿拉伯的整合式與單項服務中擴大市占。在中東以外，哈里伯頓的國際業務持續贏得工作，我們也在健康的市場中推進成長引擎。我們預期這些地區在 2026 年的年增率約為 12%。我想談談我們為何能勝出。我們的價值主張很簡單，但很有力。

We collaborate with our customers, and we engineer solutions that maximize the value of their assets. We differentiate on technology, and we deliver on execution. When customers award work on technical merit and total cost of ownership, Halliburton wins. I'll give you two examples from this quarter. The Bumerangue appraisal program for BP in Brazil and the Cronos ultra-deepwater gas development for Eni in Cyprus.

我們與客戶協作，並設計能將其資產價值最大化的解決方案。我們以技術差異化，並以執行力交付成果。當客戶以技術優勢與總持有成本（TCO）來授標時，哈里伯頓就能勝出。我舉本季兩個例子。巴西 BP 的 Bumerangue 評估計畫，以及賽普勒斯 Eni 的 Cronos 超深水天然氣開發案。

In each case, customers chose Halliburton for our technology in drilling, automation, formation evaluation, fluids, cementing, and completions and, importantly, our ability to collaborate with our customers early in the development cycle. Next, let me give you a brief update on our growth engines: production services, drilling, unconventionals, and artificial lift.

在這兩個案例中，客戶選擇哈里伯頓，原因在於我們在鑽井、自動化、地層評估、流體、水泥固井與完井方面的技術，以及同樣重要的——我們能在開發週期早期就與客戶協作的能力。接下來，我簡要更新我們的成長引擎：生產服務、鑽井、非常規，以及人工舉升。

Each is a market, we believe, will grow faster than the industry as a whole. We are tracking to our target of $3 billion of added annual revenue by 2028. This is a global target, that we see concrete evidence of it materializing as awards move to startup. In production services, we expect our North Sea frac vessel to begin operations at year-end.

我們相信，每一項所在的市場都將比整體產業成長更快。我們正朝著 2028 年前每年新增 30 億美元營收的目標推進。這是一個全球性目標；隨著得標案逐步進入啟動階段，我們看到具體證據顯示其正在成形。在生產服務方面，我們預期北海壓裂船將於年底開始營運。

And in unconventionals, we expect our first ZEUS fleet in Argentina to start up in the fourth-quarter as planned. I want to take a moment to highlight artificial lift. In Argentina, we won a multi-year ESP rental contract with a major operator, our largest award of the quarter. And with another customer, we delivered our first unconventional installation.

在非常規業務方面，我們預期在阿根廷的首支 ZEUS 車隊將如計畫於第四季啟動。我想花點時間強調人工舉升。在阿根廷，我們與一家主要營運商贏得一份多年期 ESP 租賃合約，這是本季我們最大的得標案。此外，與另一位客戶合作，我們交付了首個非常規安裝案。

This quarter, we also made our first installations in UAE and offshore Congo, and we received our first order for an offshore ESP in Brazil. I'm excited about the accelerating growth of our international footprint. One more market I want to mention is Venezuela, where we are open for business. Our management team is in place.

本季我們也在阿聯與剛果外海完成首次安裝，並在巴西取得首筆離岸 ESP 訂單。我對我們國際版圖加速擴張的成長感到振奮。我還想提到另一個市場：委內瑞拉，我們已開放營運、可承接業務。我們的管理團隊已就位。

Our facilities are open, key equipment has moved, and we generated revenue in Q3 in multiple product lines. Venezuela is a market we know well. And based on customer conversations, I expect to see solid growth moving forward. To conclude on international, our value proposition is winning. Our growth engines are delivering, and I am excited about the year ahead.

我們的設施已開放，關鍵設備已移入，且在第三季於多條產品線創造營收。委內瑞拉是我們非常熟悉的市場。根據與客戶的對話，我預期未來將看到穩健成長。總結國際業務，我們的價值主張正在勝出。我們的成長引擎正在發揮效益，我對接下來的一年感到期待。

Turning to North America, third-quarter revenue was $2.2 billion, down 5% sequentially. The frac market did not recover as strongly as anticipated, and our results reflect this. We run North America frac for returns, not share. And in the third-quarter, we moved several crews to new customers at better pricing. These moves created more downtime than we anticipated and weighed on our performance in the region and our C&P division.

轉向北美，第三季營收為 22 億美元，較前一季下滑 5%。壓裂市場的復甦不如預期強勁，我們的結果也反映了這點。我們在北美的壓裂業務以報酬為優先，而非市占率。在第三季，我們將數支車隊轉移至新客戶並取得更佳定價。這些調整造成的停工時間超出預期，拖累了我們在該區域以及我們完井與生產（C&P）事業部的表現。

In North America land, our Sperry Drilling services, drill bits, and drilling fluids businesses grew 23% year-over-year, well ahead of the rig count. Let me tell you what that looks like in each business. In drilling services, the trend is clear: longer laterals, more complex wells, and more rotary steerable drilling. iCruise delivers on all three, and we see strong demand in all sales channels.

在北美陸上，我們的 Sperry 鑽井服務、鑽頭與鑽井液業務年增 23%，明顯領先鑽機數的變化。我來說明各項業務的具體情況。在鑽井服務方面，趨勢很明確：更長的水平段、更複雜的井，以及更多旋轉導向鑽井。iCruise 在這三方面都能交出成果，我們在所有銷售通路都看到強勁需求。

In drilling fluids, Baroid also wins in long laterals, where wellbore stability can decide how fast the well gets drilled. We see growing adoption of our high-performance fluid systems. I expect to see this growth continue as wells get more complex, and customers demand greater efficiency. In drill bits, our technology-driven technology is paying off.

在鑽井液方面，Baroid 也在長水平段中勝出，因為井壁穩定性可能決定鑽井速度。我們看到客戶對高性能鑽井液系統的採用持續增加。隨著井況更複雜、客戶要求更高效率，我預期這項成長將持續。在鑽頭方面，我們以技術驅動的技術策略正在帶來回報。

One example of this is HyperSteer, a bit engineered to run with iCruise and deliver maximum steerability and speed. Our North America drill bit revenue per rig is up double digits from the first-quarter. Bottom line, North America production requires progressively more complex wells, and more complex wells means more growth for Halliburton.

其中一個例子是 HyperSteer，這是一款為搭配 iCruise 運行而設計的鑽頭，可提供最大的導向能力與速度。我們北美鑽頭每台鑽機的營收自第一季以來已呈現雙位數成長。總結來說，北美的生產需要日益複雜的井，而更複雜的井意味著哈里伯頓有更多成長。

Let me close on North America with how I think about this business as a whole. It generates solid cash flow. And over the last several years, we have made deliberate choices to reduce our exposure to commoditized activity and differentiate through technology. Today, both our drilling and completion businesses are more differentiated than ever before. Before I turn the call over, I want to thank our employees in more than 70 countries for their focus on our customers' safety and execution.

最後以我對北美整體業務的看法作結。它能產生穩健的現金流。而在過去幾年，我們有意識地選擇降低對商品化活動的曝險，並透過技術實現差異化。如今，我們的鑽井與完井業務都比以往任何時候更具差異化。在我把電話會議交接之前，我要感謝遍布 70 多個國家的員工，專注於客戶的安全與執行。

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

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。

Thank you, Shannon, and good morning. Our Q3 adjusted net income per diluted share was $0.60. Q3 revenue was $5.7 billion, adjusted operating income was $731 million, and adjusted operating income margin was 12.8%. Let me share what we saw in Q3 relative to our expectations. First, in our C&P division, revenue and operating margins were both below our expectations.

謝謝你，Shannon，大家早安。我們第三季調整後稀釋每股淨利為 0.60 美元。第三季營收為 57 億美元，調整後營業利益為 7.31 億美元，調整後營業利益率為 12.8%。我來分享第三季相較於我們預期所觀察到的情況。首先，在我們的 C&P 事業部，營收與營業利益率都低於我們的預期。

This was primarily due to lower-than-expected activity in hydraulic fracturing in North America land and Argentina and a slower startup of a new contract in Saudi Arabia. Turning to D&E. We delivered better-than-expected revenue and operating margins, led by US land, Middle East and Latin America. As expected, we saw a more favorable revenue mix during Q3 and higher incremental margins, resulting in stronger overall margins than anticipated.

這主要是因為北美陸上與阿根廷的水力壓裂活動低於預期，以及沙烏地阿拉伯一項新合約的啟動較慢。接著談 D&E。我們交出優於預期的營收與營業利益率，主要由美國陸上、中東與拉丁美洲帶動。如同預期，第三季我們看到更有利的營收組合與更高的增量利潤率，使整體利潤率強於原先預估。

Turning to other financial items in the quarter. Consistent with our expectations, free cash flow in Q3 was down from Q2 level, but we expect sequentially higher free cash flow in Q4. Capital expenditures for Q3 were $266 million. For the full year 2026, we expect capital expenditures to be about $1.1 billion. Moving on to our forward-looking expectations. Starting with an early view of 2027.

接著談本季其他財務項目。符合我們的預期，第三季自由現金流較第二季水準下降，但我們預期第四季自由現金流將較前一季增加。第三季資本支出為 2.66 億美元。就 2026 全年而言，我們預期資本支出約為 11 億美元。接著談我們對未來的展望。先從對 2027 年的初步看法開始。

We expect Halliburton to deliver revenue growth in the mid-single digits. This assumes a flat North America, Middle East activity in line with the second half of 2026 and steady growth in other regions. We expect operating income margins to expand about 200 basis points or to about 15%, driven by margins firming up in our core business, the start-up of new work, our cost reduction program and the ramp-down of S4.

我們預期哈里伯頓營收將呈現中個位數成長。此假設北美持平、中東活動量與 2026 年下半年一致，其他地區則維持穩定成長。我們預期營業利益率將擴張約 200 個基點，或提升至約 15%，主要受惠於核心業務利潤率走穩、新工作啟動、成本削減計畫，以及 S4 的收尾降載。

On this last point, I am pleased to announce that we are now live on S4, completing a major global transformation. I expect this is the beginning of further simplifying our business processes, adopting AI at scale in our back-office functions and driving further cost reductions. I want to thank the teams around the world who made this possible. Turning to Q4.

就最後一點，我很高興宣布我們現在已正式上線 S4，完成一項重大的全球轉型。我預期這將是進一步簡化業務流程、在後勤辦公職能大規模導入 AI，並推動更多成本降低的開始。我要感謝全球各地讓這一切成真的團隊。接著談第四季。

We expect total company revenue to remain approximately flat to Q3, around $5.7 billion and operating income margin to improve about 70 basis points. As a result, we expect Q4 earnings per share to be approximately $0.62 to $0.64. Let me provide some color on the guidance. In our C&P division, we expect Q4 revenue to increase 3% to 5% and operating margins to improve 75 to 125 basis points.

我們預期公司整體營收相較第三季大致持平，約為 57 億美元，營業利益率則改善約 70 個基點。因此，我們預期第四季每股盈餘約為 0.62 至 0.64 美元。我來補充一些指引的背景說明。在 C&P 事業部，我們預期第四季營收成長 3% 至 5%，營業利益率改善 75 至 125 個基點。

The main drivers are stronger performance in Latin America and the Middle East, higher seasonal completion tool sales and steady frac activity in North America land. In our D&E division, after a strong Q3, we expect Q4 revenue to be 3% to 5% lower and operating margins to be flat to up 50 basis points. We expect margin improvement across several product lines and a more favorable product mix.

主要驅動因素包括拉丁美洲與中東表現更強、季節性完井工具銷售增加，以及北美陸上壓裂活動維持穩定。在 D&E 事業部，第三季表現強勁之後，我們預期第四季營收將下滑 3% 至 5%，營業利益率持平至上升 50 個基點。我們預期多條產品線的利潤率改善，以及更有利的產品組合。

I will now turn the call back to Jeff.

我現在把電話會議交回給 Jeff。

Thanks, Eric. Here are the important takeaways from today's call. Halliburton delivered a solid third-quarter. Revenue exceeded expectations, and we took important steps towards improving our margins. Based on our early view of 2027, we expect mid-single-digit top-line growth and operating margins of about 15%. I am confident we will deliver revenue growth, margin expansion and leading returns for our shareholders.

謝謝你，Eric。以下是今天電話會議的重要重點。哈里伯頓交出穩健的第三季表現。營收超出預期，我們也採取了重要步驟來改善利潤率。根據我們對 2027 年的初步看法，我們預期營收（頂線）將呈現中個位數成長，營業利益率約為 15%。我有信心我們將為股東帶來營收成長、利潤率擴張與領先的報酬。

Let's open it up for questions.

我們現在開放提問。

(Operator Instructions) David Anderson, Barclays.

(接線員指示) David Anderson，巴克萊。

So within your 2027 framework that you provided, can you talk a little bit about the Middle East in terms of how you see that trending? You're having -- it's increasing this quarter and in fourth-quarter, which seems to be kind of going against trend. So how does that sort of play out in your mind over the next couple of quarters? And also within that guidance, that 200 basis point margin improvement, I'm curious how much international unconventionals are impacting that. Is that starting to be a driver for margins yet?

在你們提供的 2027 年框架之內，能否談談你們如何看待中東的趨勢走向？你們這一季以及第四季都在增加，這看起來有點逆勢而行。那麼在接下來幾個季度，你們腦中認為這會如何演變？另外，在那份指引中提到的 200 個基點的利潤率改善，我想了解國際非常規業務對此影響有多大。非常規業務是否已開始成為推動利潤率的因素？

David, it's Eric. Let me kind of provide some high-level view on the margin improvement first, and then I'll hand it over to Shannon to discuss the Middle East part of your question. So again, important to understand that the view on 2027 is an early view. It is based on two major assumptions. One, which is our business in North America is flat and our business in the Middle East is flat to H2 2026.

David，我是 Eric。我先就利潤率改善提供一些高層次的看法，然後再交給 Shannon 來談你問題中關於中東的部分。再次強調，理解 2027 年的觀點很重要，這是一個初步看法。它基於兩個主要假設。第一，我們在北美的業務持平，而我們在中東的業務持平直到 2026 年下半年。

So if we walk through the numbers from a very, very high-level perspective. So we should finish 2026 at about $22.5 billion. The growth we indicated for '27 means about $1 billion and change additional revenue, 200 basis points in margin means about $500 million to $600 million in operating profit. So about half of it is going to come from cost savings, operating cost savings, structural cost savings and the ramp down of the SAP S4 program.

如果我們以非常、非常高層次的角度來走一遍這些數字。我們應該會在 2026 年結束時達到約 225 億美元。我們對 2027 年所指出的成長意味著約 10 億美元出頭的額外營收；利潤率提升 200 個基點意味著約 5 億到 6 億美元的營業利益。其中大約一半將來自成本節省、營運成本節省、結構性成本節省，以及 SAP S4 計畫的逐步收尾。

So what remains is basically incremental margins on the additional revenue of about 20% to 30% range. So we think that's a very reasonable assumption. So that's at this stage, how we get to the 200-basis point improvement in margins.

剩下的基本上就是對新增營收所帶來的增量利潤率，大約在 20% 到 30% 的區間。我們認為這是非常合理的假設。所以在現階段，我們就是這樣達成利潤率提升 200 個基點的。

Yes, Dave, what we see in Middle East, I'll start with there, and then I'll move to the unconventional question, is that region has been incredibly resilient. It's, obviously, highly fluid right now. But we see a good market moving forward. As Eric said, H2 -- flat to H2 next year. But if you look at really the things that we have won over the last year or so, restarting in Jafurah unconventionals, the reentry work that we've won, integrated offshore work, our Iraq, we've seen Iraq starting to get busier, and we win some work there, as you know, with IFMS and also the expansion of artificial lift throughout the region, both Saudi, Kuwait, Oman and Iraq.

是的，Dave，關於中東，我先從那裡開始，然後再談非常規的問題。那個地區一直展現出極強的韌性。當然，目前情勢非常多變。但我們看到未來市場表現良好。如 Eric 所說，直到明年下半年持平。但如果你看看我們在過去一年左右真正贏得的項目，包括在 Jafurah 非常規的重啟、我們贏得的再進入作業、整合式離岸作業、以及我們在伊拉克——我們看到伊拉克開始更忙碌，我們也在那裡贏得一些工作，如你所知，包括 IFMS，還有整個區域人工舉升的擴張，涵蓋沙烏地、科威特、阿曼與伊拉克。

And all of that work, we see as accretive to our business. So we're really pleased with the direction of travel for our business and also believe that's an important market to the operators there, but also important market to the world. So we see that staying busy throughout next year. And as it relates to just unconventional as far as next year, we're really excited the direction we're going.

而所有這些工作，我們都認為對我們的業務具有增益（accretive）。因此，我們對業務的發展方向非常滿意，也相信這不僅對當地營運商是重要市場，對全球同樣重要。所以我們預期明年全年都會保持忙碌。至於明年的非常規業務，我們對前進方向感到非常振奮。

We're now operating in over six countries around the world, plus, actually, Argentina, Algeria, UAE, Kuwait, Australia and Saudi and adding a few more. But I think what's important is the work we're winning in unconventionals. It's not about the horsepower. It's about the technology and some deliberate decisions we made in those investments, and that's part of the reason you see that growth in unconventionals for us.

我們現在在全球超過六個國家營運，另外還包括阿根廷、阿爾及利亞、阿聯、科威特、澳洲與沙烏地，並且還會再增加幾個。但我認為重要的是，我們在非常規領域贏得的工作。這不是關於馬力（horsepower）。而是關於技術，以及我們在投資上做出的一些刻意決策；這也是你看到我們非常規業務成長的部分原因。

Appreciate the color of both Shannon and Eric. A follow-up here sort of related to that would be on Latin America. It looks particularly interesting for '27. I was wondering if you could talk about some of the specific opportunities that you're seeing over the next few years. Argentina, as you just mentioned. But we also have Mexico, which seems to be doing better and Venezuela being talked about quite a bit. Could you sort of address some of the upside that is potentially there for Latin America, not just in '27, but beyond?

感謝 Shannon 和 Eric 提供的補充說明。我這裡有一個相關的追問，關於拉丁美洲。看起來 2027 年特別有意思。我想請你談談未來幾年你們看到的一些具體機會。你剛提到阿根廷。但我們也有墨西哥，看起來狀況在改善，委內瑞拉也被談論很多。你能否談談拉丁美洲可能存在的一些上行空間，不僅是 2027 年，還包括更長期？

Yes, Dave. I'd say interesting but exciting. We believe Latin America will lead the charge for growth for us. Certainly, Argentina with the unconventional growth we've seen. As I mentioned in prepared remarks, Venezuela we're open for business, bases are open. We'll be delivering a dozen-plus ESPs to a major customer in Venezuela. Mexico, probably not an H1 recovery. It will stay fairly flat, but opportunities in H2.

是的，Dave。我會說不只是有意思，而是令人振奮。我們相信拉丁美洲將帶動我們的成長。當然，阿根廷方面，我們已看到非常規成長。如我在事先準備的發言中提到，委內瑞拉我們已準備好開展業務，基地也已開放。我們將向委內瑞拉的一家主要客戶交付十多套 ESP（電潛泵）。墨西哥方面，可能不會在上半年復甦。它會維持相對持平，但下半年會有機會。

But I don't want to forget about Suriname in this conversation. We have won some significant work between TotalEnergies and Petronas in an integrated way. But I think if I look at Latin America, a lot of the work they're winning is really centered around our value proposition is how we engage with our customers and also their confidence in our ability to execute.

但我不想在這個討論中忘了蘇利南。我們已以整合方式在 TotalEnergies 與 Petronas 之間贏得一些重要工作。不過我認為，如果我看拉丁美洲，他們贏得的許多工作其實都圍繞著我們的價值主張：我們如何與客戶互動，以及客戶對我們執行能力的信心。

Arun Jayaram, JPMorgan.

Arun Jayaram，摩根大通。

Jeff, fairly unusual for HAL to provide kind of outlook comments at this time of the year, particularly prior to budgeting season from the big oils, integrated and E&Ps. So I guess my first question is what gave you and the team confidence to provide this revenue and margin guidance kind of this early in the season? And maybe just give us a sense of how confident you are to deliver, call it, that mid-single-digit growth and the 200-plus basis points of margin expansion.

Jeff，HAL 在一年中的這個時間點提供某種前景評論相當不尋常，尤其是在大型石油公司、綜合型公司與 E&P 在預算季之前。所以我想我的第一個問題是：是什麼讓你和團隊有信心在這個季節這麼早就提供這份營收與利潤率指引？另外，也請你讓我們了解一下，你們對於達成（可以說）中個位數成長以及 200 個基點以上利潤率擴張的把握有多大。

Thank you, Arun. Look, I wanted to help you see what I see. That is the primary driver here. I don't like where margins are today. And we've made specific choices around cost structure, and I believe I'm confident that the direction of travel for margins is up. And wanted to make sure that I shared that with you sooner rather than later. And also make clear that this outlook, this plan does not depend on a North America frac recovery.

謝謝你，Arun。你看，我想幫助你看到我所看到的。這是這裡的主要驅動因素。我不喜歡目前的利潤率水準。而我們已針對成本結構做出具體選擇，我有信心利潤率的走勢方向是向上的。並且希望確保我能儘早與你分享，而不是拖到更晚。同時也要說清楚，這個展望、這個計畫並不依賴北美壓裂（frac）復甦。

From a confidence perspective, look, Halliburton's international depth is meaningful. And you heard Shannon allude to a lot of it, and you've seen the growth. The adoption of technology that we've worked on for a number of years is meaningful. We are seeing solid, steady drumbeat of technology adoption around the world.

就信心而言，你看，哈里伯頓在國際市場的深度很有分量。你也聽到 Shannon 提到其中很多面向，而且你也看到了成長。我們多年來投入並推動的技術採用，影響很大。我們看到全球各地技術採用呈現穩健、持續的節奏。

We've got confidence in the cost structure in terms of actions we've taken and also SAP being implemented. We got a lot of confidence in our core business and the kind of technology that's being adopted. And then, finally, it's the pipeline of new work. And we see it. It's moving from contract award to startup and into execution, that's happening. And I suppose, finally, the energy security is a real thing.

我們對成本結構很有信心，因為我們已採取相關行動，同時 SAP 也在導入。我們對核心業務以及正在被採用的那類技術非常有信心。最後，就是新工作機會的管線。我們看得到它。它正從合約授予走向啟動並進入執行，這正在發生。我想最後，能源安全確實是一個真實存在的議題。

And I know we're heading into an up cycle. And so, that all gives me a lot of confidence around 2027. And as I said, I wanted to make sure I shared that with you sooner rather than later.

而且我知道我們正走向一個上行週期。因此，這些都讓我對 2027 年非常有信心。正如我所說，我想確保我能儘早與各位分享，而不是拖到更晚。

Great. And just my follow-up is on North America. We have observed a pretty nice rebound in the rig count, yet completion activity has been quite measured. We do know a lot of the rigs being picked up are by private E&Ps and not the publics. Jeff and Shannon, can you talk a little bit about the disconnect? And when do you see this translating into incremental demand for fracking understanding that you've outlined some pretty conservative expectations of, kind of, call it, a muddle-along scenario today?

很好。我接著想追問的是北美的情況。我們觀察到鑽機數量出現相當不錯的反彈，但完井活動一直相當克制。我們也知道，新增的許多鑽機是由民營的 E&P（勘探與生產）公司增加的，而不是上市公司。Jeff 和 Shannon，你們能否談談這種落差？以及你們何時會看到這轉化為壓裂需求的增量？考量到你們目前對形勢的展望相當保守，某種程度上可稱為「勉強維持」的情境。

Yes, Shannon here. Yes, we see roughly 40 rigs being added in North America. So we have seen an uptick, as I've mentioned in the prepared remarks around Sperry bits and mud and the 23% growth we've seen just in Q3 alone. And we have seen privates adding and increasing their activity on the unconventional frac side of things. And our customers right now are in the middle of their budget cycle, but we are seeing some really good anecdotes that are -- that's playing out right here in front of us.

是的，我是 Shannon。是的，我們看到北美大約新增了 40 部鑽機。因此我們確實看到回升，正如我在事先準備的講稿中提到的，Sperry 鑽頭與泥漿業務，以及僅在第三季就看到的 23% 成長。我們也看到民營業者在非常規壓裂這一端增加並提升其活動量。而我們的客戶目前正處於預算編列週期中，但我們確實看到一些非常好的具體案例——而且這些正在我們眼前發生。

For example, we just had a big customer go in tender and only one service company showed up. We had another customer give us -- called us back and extended our e-fleet with price and then added another fleet on top of that. And we had several increases of prices throughout the quarter. So we're seeing those indicators, and we do know it is a very tight market, and there's not a whole lot of capacity out there.

例如，我們剛有一個大客戶進行招標，結果只有一家服務公司出席。我們還有另一個客戶回電給我們，以更高價格延長我們的電動壓裂車隊（e-fleet）合約，並在此之上又再增加了一支車隊。而且我們在本季期間多次調漲價格。所以我們看到了這些指標；我們也知道市場非常吃緊，外部可用產能並不多。

And so, when we think about 2027, again, early days as far as looking at '27, but we see there's a real opportunity for growth in frac in North America next year.

因此，當我們思考 2027 年時——再次強調，現在談 27 年仍屬早期——但我們看到明年北美壓裂業務確實有很大的成長機會。

Steve Richardson, Evercore.

Steve Richardson，Evercore。

I was wondering if I could just follow up on that last question a little bit, Shannon, if we could, on North American frac. Like, do we need to see your big customers pick up activity to be a little bit more pointed? Or are you seeing enough momentum in the market with broader activity that pricing comes through? And can you talk about how anomalous was 3Q from these moves and repricing that was going on?

我想就剛才那個問題再追問一下，Shannon，如果可以的話，關於北美壓裂。例如，我們是否需要看到你們的大客戶提升活動量，才能讓情況更明確？或者你們是否已經在更廣泛的市場活動中看到足夠的動能，使得價格能夠傳導上來？另外，你能談談第三季在這些調整與重新定價方面有多不尋常嗎？

Yes. Steve, on Q3, there was white space that we saw, and that was a good indicator. That white space was not dead time. It was us, actually, making deliberate choices to move crews around at a higher price. That's first. We are seeing Q4, we'll have some level of seasonality, but we're seeing that tight as well as far as white space.

是的。Steve，第三季我們看到有「空檔」（white space），而那是一個很好的指標。那些空檔並不是閒置時間。而是我們實際上做出有意識的選擇，把作業隊伍調動到價格更高的工作上。這是第一點。我們看到第四季會有一定程度的季節性，但就空檔而言，我們也看到同樣吃緊。

I believe the bigger customers, the bigger operators, we've, actually, here over the last week, seen indications of some of them going and looking at their frac schedule next year and, actually, have gotten phone calls. So all it takes is, really, one or two of these guys to put together a sizable program, and that changes things for Halliburton and will benefit in a big way.

我認為較大的客戶、較大的營運商，事實上在過去一週，我們已看到其中一些開始檢視他們明年的壓裂排程，並且我們也接到電話。所以真正只要其中一兩家把一個相當規模的計畫整合起來，情勢就會改變，對 Halliburton 也會帶來很大的受益。

Got it. And then, perhaps another follow-up on the Middle East. I appreciate you're guiding flat activity with the second half of this year of what we've observed. Can you talk a little bit about the incremental cost that the business is absorbing right now? And if there is a cessation of hostilities and things start to normalize, is there some upside in international margins there just from those costs rolling off?

了解。接著也許再追問一個關於中東的問題。我理解你們指引顯示活動量與今年下半年我們所觀察到的情況持平。你能否談談目前業務正在吸收的增量成本？如果敵對行動停止、情勢開始正常化，僅就這些成本回落而言，國際業務利潤率是否會有一些上行空間？

Yes. There is certainly an increased cost with just logistics and getting materials to location with everything going on within the Strait. We have built all of that cost assumptions into 2027, assuming that will continue. I see the upside, really, in -- if you look at H2, it's times two, really, that's up year-over-year. So we see growth there. But more importantly, the growth we see is from our core business, some of the awards that I mentioned.

是的。由於海峽內發生的各種情況，僅就物流以及把物料運到現場而言，成本確實上升。我們已把所有這些成本假設納入 2027 年的規劃中，並假設這種情況會持續。我看到的上行空間主要在於——如果你看下半年（H2），基本上是乘以二，年增是上升的。所以我們看到那裡有成長。但更重要的是，我們看到的成長來自我們的核心業務，以及我提到的一些得標案。

Saurabh Pant, Bank of America.

Saurabh Pant，美國銀行。

Eric, I think I heard on 2027 margin improvement, the 200 basis points, I think you were calling out half of that is from cost improvement, the SAP roll-off. Maybe, can you dig into that a little bit for us, Eric, how much of that is that roll-off versus cost cutting? And then, just in general, when we think about 2027 margin, I think there are several cross currents, these cost savings initiatives, but there are also some pricing headwinds.

Eric，我想我聽到你提到 2027 年利潤率改善 200 個基點，其中大約一半來自成本改善，也就是 SAP 成本的到期回落（roll-off）。也許你能再深入說明一下，Eric，其中有多少是這個 roll-off，多少是成本削減？另外更一般地來看，當我們思考 2027 年利潤率時，我認為有幾股相互拉扯的力量：這些節省成本的計畫，但同時也有一些定價逆風。

We're in a pretty inflationary environment and yet you are able to deliver these kind of margin improvements. Maybe, just unpack that a little bit for us, Eric.

我們處在一個相當通膨的環境中，但你們仍能交付這種幅度的利潤率改善。也許你能幫我們拆解一下，Eric。

Yes. So if I -- if we start with the cost reduction, which I say was about half of the improvement in margin in '27. So some of it comes from the cost-rightsizing exercise we did in Q3, which you can look at being partially operational costs and partially structural costs. So the structural costs will remain until we decide otherwise.

是的。所以如果我——如果我們先從成本降低談起，我說過這大約占 27 年利潤率改善的一半。其中一部分來自我們在第三季做的成本規模調整（cost-rightsizing）作業，你可以把它視為部分是營運成本、部分是結構性成本。因此，這些結構性成本會持續存在，直到我們另有決定。

Operational costs sometimes tend to address imbalances in terms of product lines or geographic revenue growth mix. So these might come back up over time. But we estimate overall that the cost reduction will be between $100 million and $150 million for next year. In terms of SAP, we've been spending about a little bit over $150 million a year.

營運成本有時是用來處理產品線或地理區域營收成長組合方面的不平衡。因此，這些成本可能會隨時間回升。但我們估計整體而言，明年的成本降低將介於 1 億至 1.5 億美元之間。至於 SAP，我們每年支出大約略高於 1.5 億美元。

It will not go away in one go because we have to maintain some level of support as we transition to the new system and make sure everything works fine. But overall, the savings are estimated to be anywhere in between $120 million and $150 million. So give or take, will be around $250 million, $300 million coming from cost savings.

它不會一次性完全消失，因為在我們轉換到新系統的過程中，仍需維持一定程度的支援，並確保一切運作正常。但整體而言，節省金額估計約在 1.2 億至 1.5 億美元之間。所以大致來看，成本節省帶來的效益約為 2.5 億到 3 億美元。

And the rest of it is, as I mentioned earlier, very reasonable assumptions on incremental margins from our core business. So yes, there are inflationary pressures. Some of them are already built in our Q3 numbers and our Q4 numbers. So we don't necessarily expect to have a lot more inflation from there. But offsetting that also, we are not assuming meaningful pricing increase, and we are seeing pricing firm up. So all in, we believe that our view of 2027 is a very balanced view with what we know today.

其餘部分，如我先前提到的，是基於我們核心業務增量利潤率的非常合理假設。所以是的，確實存在通膨壓力。其中一些已經反映在我們第三季與第四季的數字中。因此我們不一定預期在此之後還會有更多通膨。但與此同時，我們也沒有假設有顯著的價格上漲，而我們確實看到價格正在走強。綜合而言，我們相信以今天所掌握的資訊來看，我們對 2027 年的看法是非常平衡的。

No, that's very helpful, Eric. It does seem very balanced. I agree with that. And then, the second one, maybe, Jeff or Shannon, if you want to answer this. You did have some comments in your prepared remarks about Venezuela. I think you were talking about expecting solid growth going forward. And we know you signed a couple of MOUs recently with a couple of customers in the country. Just, maybe, talk to that a little bit. How big could Venezuela be? How fast could this move? And how should we think about this opportunity for Halliburton?

不，Eric，這非常有幫助。確實看起來相當平衡。我同意。接著第二個問題，也許 Jeff 或 Shannon 你們想回答。你們在事先準備的發言中對委內瑞拉有一些評論。我想你們提到預期未來會有穩健成長。我們也知道你們最近在該國與幾位客戶簽了幾份 MOU（合作備忘錄）。能否稍微談談這部分？委內瑞拉對你們而言可能有多大？這會推進得多快？我們應該如何看待這個對哈里伯頓的機會？

Yes, Shannon here. Yes. As I said, we are open for business team is in place, facilities open and equipment has moved. And we're getting multiple inbounds, and you've probably read all the reports that I have, a lot of major operators, Eni, Total, Chevron, Repsol, all looking at -- have either entered or will enter. The work that we started with has been primarily interventions as we expected.

是的，我是 Shannon。是的。如我所說，我們的「開放營運」團隊已就位，設施已開放，設備也已移入。我們收到多方主動洽詢，你可能也讀到和我一樣的各種報導，許多大型營運商——Eni、Total、Chevron、Repsol——都在評估；有些已經進入，有些將會進入。我們開始的工作主要是介入作業（interventions），這也符合我們的預期。

But just in the quarter here, we'll have 12 ESPs being delivered. And as far as size, before we left Venezuela, it was greater than a $0.5 billion business. We see that tracking to being a sizable country for us in the future. That won't happen overnight, but we do like our start to the year and it's trending in that direction.

不過就本季而言，我們將交付 12 套 ESP（電潛泵）。就規模來看，在我們離開委內瑞拉之前，那裡的業務規模超過 5 億美元。我們認為未來它會再次成為對我們而言相當重要的國家市場。這不會一夕之間發生，但我們很喜歡今年的開局，而且趨勢正朝那個方向發展。

Okay. No, that makes sense. And the fact that your portfolio is full has a lot more production in it, right? I think that should be helping as well.

好的。嗯，這很合理。而且你們的產品組合更完整、包含更多生產相關內容，對吧？我想這也應該會有所幫助。

James West, Melius Research.

James West，Melius Research。

Lots of good color already on the call. I wanted to dig in on 2 points. One is on the Middle East. Your guidance assumes flatlining from second half, which is, obviously, better than 2Q, but no growth. If we were to see some type of resolution here, what could that growth look like? Or maybe, another way to think about it is what was the level of activity or where you are relative to where you were pre-conflict?

電話會議上已經提供了很多很好的細節。我想深入追問兩點。第一是中東。你們的指引假設下半年持平，這顯然比第二季好，但沒有成長。如果我們看到某種形式的局勢解決，成長可能會是什麼樣子？或者換個方式問：目前的活動水準相較於衝突前，你們大概處於什麼位置？

Yes, James, thank you. Look, we've taken a view that we've got great line of sight to what we know is resilient, and that's how we think about 2027. But if things were to resolve immediately, somehow dare to dream would be my comment. I mean, I think we would see solid growth. I don't know how to even forecast that under the conditions we're under today other than what we have line of sight to.

是的，James，謝謝。你看，我們的觀點是：對於我們已知具韌性的部分，我們有很高的可視性（line of sight），這也是我們看待 2027 年的方式。但如果事情能立刻解決——某種程度上只能說「敢於做夢」——我的意思是，我認為我們會看到穩健成長。在今天這樣的條件下，除了我們目前可見的部分之外，我也不知道該如何去預測。

But obviously, a good business where we've done a lot of really good work. We've won some important contracts. And I think that if that were to somehow go away, the core business, sort of, the ongoing core business would build up pretty quickly.

但很明顯，那是一門很好的生意，我們在那裡做了很多非常出色的工作。我們也贏得了一些重要合約。我認為如果那些因素不知何故消失，核心業務——也就是持續進行的核心業務——會很快回升。

Okay. And then, maybe on North America, the -- or US frac, I guess, more and more to the point. You've moved equipment out because you didn't like the returns and the pricing. It sounds like from Jeff your comments, anecdotal comments and Shannon's comments that you're starting to see some movement on price. Could you, maybe, characterize, is this widespread yet? Is it, kind of, one-off?

好的。那再來可能是北美——或者更精準地說，美國壓裂（frac）。你們把設備移出，因為你們不喜歡那裡的報酬率與定價。從 Jeff 的評論以及 Shannon 的評論聽起來，你們開始看到價格有些動靜。你能否描述一下：這是否已經很普遍？還是比較像個別案例？

Like, where are we in the early days of that pricing cycle? Are we getting to that pricing cycle? Kind of, where -- I mean, you guys dominate the market. So kind of, where do you think we are in that cycle?

例如，我們在這一輪定價循環的早期階段處於什麼位置？我們正在進入那個定價循環嗎？大概在哪裡——我的意思是，你們在市場上占主導地位。所以你們認為我們目前在那個循環中的位置是什麼？

Yes. What we have seen, really starting in late Q2, is a steady progression of conversations on starting at the privates on more activity. And being opportunistic off, really, where the strip was at that time and some operators that have hedges and saying, I can create some value here. We -- the sense that we see -- what we see right now is more foundational, kind of, contracts being looked at and believing that commodity pricing is sticky. And that is driving another level.

是的。我們看到的情況是，從第二季末開始，與民營業者（privates）之間關於增加活動量的對話持續推進。他們把握機會，主要是基於當時的期貨曲線（strip）水準，以及一些有避險部位的營運商認為「我可以在這裡創造一些價值」。我們的感受——我們目前看到的是更偏向基礎性的、類似長約（contracts）的安排正在被重新檢視，並且相信商品價格具有黏著性（sticky）。這正在推動另一個層次的動能。

And I mentioned those anecdotes that we've been seeing, and those are real. And we've seen them, kind of, a steady drumbeat of more of those, and that right there alone has, really, created some tightness. And like I said, we're the largest in North America, and we're assuming that's flat for 2027, but we're, really, excited about the conversations we're having.

我提到的那些我們看到的軼事案例都是真的。而且我們看到這類案例以穩定的節奏持續增加；光是這一點，就確實造成了一些供給緊俏。如我所說，我們是北美最大的業者，我們對 2027 年的假設是持平，但我們對目前正在進行的對話感到非常振奮。

Yes. Let me just clarify or just add to that a little bit, just to say that as we described '27, that's an assumption that we have made. That is not our view for North America. We're, actually, quite excited about North America. We run a great frac business. But we do run it differently because our return expectations are different, maybe, than what the markets are.

是的。我再澄清一下或補充一點：我們在描述 2027 年時，那是我們做出的假設。那並不是我們對北美的看法。我們其實對北美相當興奮。我們經營的是一個很強的壓裂業務。但我們的經營方式不同，因為我們對報酬的期待可能與市場其他人不同。

And so, we run it for absolute returns, and we raise price or we lose share. As Shannon said, we are early in the process, but the anecdotes and the activity dialogue absolutely points in the right direction for recovery.

因此，我們以絕對報酬（absolute returns）為目標來經營：要嘛提高價格，要嘛失去市占。如 Shannon 所說，我們仍在早期階段，但這些軼事案例與活動量的對話，確實都指向復甦的正確方向。

Derek Podhaizer, Piper Sandler.

Derek Podhaizer，Piper Sandler。

I just wanted to revisit the international growth engines you mentioned in the prepared remarks. Last quarter, you said you were ahead of schedule. Originally, you talked about $2.5 billion to $3 billion by 2028. Just wanted to hear about your confidence as you look over the next couple of years. And now, you're, actually, talking towards the high end of that range.

我想回到你們在事先準備的發言中提到的國際成長引擎。上季你們說進度超前。最初你們談的是到 2028 年達到 25 億到 30 億美元。我想聽聽你們在展望未來幾年時的信心程度。而且現在你們實際上是在談朝區間高端靠攏。

So what type of visibility do you have into the different product lines, the regions, maybe, split it out onshore, offshore that's driving this expected growth? Just trying to think about these growth engines as we move into 2027.

那麼，你們對不同產品線、不同區域的能見度如何？也許可以拆分談談陸上、離岸各自驅動這個預期成長的因素。我只是想在我們邁入 2027 年時，理解這些成長引擎的樣貌。

Yes, the growth engines, first, they are growing, and we have a lot of visibility to those on track and, actually, ahead of schedule as far as our target. You start with drilling, really love our business. We mentioned 2 pretty significant awards here in the quarter, both in Brazil and East Med. Those are good examples of drilling moving in the right direction.

是的，先談成長引擎：它們確實在成長，而且就達成我們目標而言，我們對其進度有很高的能見度，並且實際上是超前進度。先從鑽井開始，我們非常喜歡我們的業務。我們提到本季拿下兩個相當重要的獎項（awards），分別在巴西與東地中海（East Med）。這些都是鑽井業務朝正確方向發展的好例子。

You look at unconventionals, I mentioned a dozen-plus countries around the world. We've, just within the last two months, added two spreads, one in Argentina and now have Jafurah up and running and have a good runway of over 30,000 stages that will need to be fracked in-Kingdom next year. Production services, the stim vessel starts up at the end of this quarter here.

再看非常規（unconventionals），我提到全球有十多個國家。就在過去兩個月內，我們新增了兩套壓裂車組（spreads），一套在阿根廷；另外 Jafurah 現在也已啟動運行，並且我們有很好的跑道：明年在沙烏地境內（in-Kingdom）將有超過 30,000 個段次（stages）需要進行壓裂。生產服務方面，增產作業船（stim vessel）會在本季末開始運作。

And then, lift, what a fantastic story that's been for Halliburton going from a single country when we acquired it. Now, we're in 21 countries and added two countries just in the last year. So all of those things are good baselines to the growth and the target I mentioned and they're multiyear. But I think what's important in this whole conversation, these have been deliberate choices we've made on strategy and choices we made on technology investment that is paying off.

然後再談到 Lift，對哈里伯頓而言，這真是一個精彩的故事：我們收購它時，它只在單一國家營運。如今我們已經遍及 21 個國家，而且光是去年就新增了兩個國家。所以，所有這些都為我提到的成長與目標提供了良好的基礎，而且是跨多年期的。但我認為在整個討論中重要的是，這些都是我們在策略上刻意做出的選擇，以及我們在技術投資上做出的選擇，而這些正在產生回報。

Got it. Great. That's super helpful. I know there's been a lot of discussion around the Middle East, more about looking into next year. But maybe, if you can help us understand some of the more recent disruptions that we saw, which turned into rig suspensions, both onshore and offshore conventional, unconventional. Maybe, just help us with the bit of the state of the market right now, specifically around Saudi and then maybe how we should think about as we trend towards the end of the year into next year.

了解。很好。這非常有幫助。我知道大家對中東有很多討論，更多是著眼於明年。但也許你可以幫我們理解一下我們最近看到的一些擾動，這些擾動導致了鑽機暫停作業，涵蓋陸上與海上、傳統與非常規。也請你稍微談談目前市場的狀況，特別是沙烏地，然後我們在今年年底走向明年時應該如何看待。

Yes. Derek, the recent over the last couple of weeks, yes, it's been fluid. There has been some disruptions. What I'd say that the events you've read about have not had a real material impact on operations. We see the rig count holding steady both offshore. You mentioned Saudi. There's a little bit of a dip in rig count in the unconventionables. That's not related to the crisis.

是的。Derek，最近這幾週，確實情勢一直在變動。確實出現了一些擾動。但我要說的是，你們讀到的那些事件並未對營運造成實質性的影響。我們看到鑽機數量在海上也維持穩定。你提到沙烏地。在非常規領域，鑽機數量有小幅下滑。那與這次危機無關。

We see those building back and see a real runway of activity moving forward. It's, obviously, very fluid. We keep a real close eye on that. But right now, like I said, the last couple of weeks have not had any impact on operations.

我們看到它們正在回升，並且看到未來活動量有很長的跑道。當然，情勢非常動態。我們會非常密切地關注。但就目前而言，如我所說，過去這幾週並未對營運造成任何影響。

Josh Silverstein, UBS.

Josh Silverstein，瑞銀（UBS）。

Last quarter, one of the big awards discussed was in Iraq over there, and as you guys, kind of, labeled it as transformational for you guys. Can you just discuss a little bit more details on, kind of, the timing of the ramp and just talk a bit about the margin profile for Iraq relative to maybe rest of the Middle East.

上一季，討論到的一個重大得標是在伊拉克那邊，而你們也把它形容為對你們具有轉型意義。你能否再多談一些細節，例如擴產爬坡（ramp）的時程，並談談伊拉克相較於中東其他地區的利潤率輪廓？

That project, IFMS project, that is a multiyear project. It's a bit of a wind up for a project of that size, but it is real significant work. The start of that project will begin sometime probably H1 of next year, and it will start with more of subsurface landmark studies, those sort of things. This is a full-field development. So it's -- think of us as going in there and studying the field, understanding where to drill, where to put the pads and all the infrastructure around it. It's a five- to eight-year project. So it will build over time.

那個專案，也就是 IFMS 專案，是一個跨多年期的專案。像那樣規模的專案需要一些前期準備，但確實是非常重要的工作。該專案的啟動大概會在明年上半年某個時間開始，起初會先從更多的地下（subsurface）Landmark 研究等這類工作著手。這是一個全油田（full-field）開發。所以可以把我們想像成進去研究油田、了解該在哪裡鑽井、在哪裡設置井場（pads）以及周邊所有基礎設施。這是一個為期五到八年的專案。因此會隨時間逐步擴大。

And as far as Iraq, it has been a very challenged market for us. And we see that win and also some activity that's coming that is going to be impactful for us structurally and help improve that market. The wins you've seen and the work we're going to be doing is not only good for Iraq, but it's good for Halliburton. So just a little bit of a wind up on the IFMS work, but excited about it.

至於伊拉克，對我們來說一直是一個非常具挑戰性的市場。而我們看到這次得標，以及接下來即將到來的一些活動，將在結構上對我們產生影響並有助於改善該市場。你們看到的這些得標，以及我們將要進行的工作，不僅對伊拉克有利，對哈里伯頓也有利。所以 IFMS 的工作會有一段前期鋪陳，但我們對此感到很興奮。

Got it. And then, maybe on the offshore front, you've highlighted LOGIX and some closed-loop drilling opportunities as key differentiators for you guys. Are these primarily helping you win market share? Or are you able to win market share and also gain margin with it as well?

了解。那再談海上方面，你們強調 LOGIX 以及一些閉環鑽井（closed-loop drilling）的機會是你們的關鍵差異化優勢。這些主要是幫助你們贏得市占率嗎？還是你們既能拿到市占，也能同時提升利潤率？

Yes. We really like our position offshore. Just over the -- just year-to-date, we've won about close to $4 billion of work, and we believe all of that is accretive -- the acquisition that we made of Sekal has been additive to that automation that you mentioned. And you look at the offshore wins we've had, I mentioned the Suriname work with TotalEnergies and Block 52 with Petronas, the East Med work.

是的。我們非常喜歡我們在海上的定位。僅就今年迄今，我們已經贏得接近 40 億美元的工作量，我們相信這些都是增厚（accretive）的——我們收購 Sekal 也為你提到的自動化帶來了加成。再看我們拿到的海上得標，我提到過與道達爾能源（TotalEnergies）在蘇利南的工作、與馬來西亞國油（Petronas）的第 52 區塊（Block 52），以及東地中海的工作。

We're going to see robust activity in Norway with $10 billion of investments going in exploration and development, and that's a big market for us. So that automation and some of the acquisitions and, really, the deliberate focus on technology has helped us pull through a lot of these offshore wins I mentioned. So really love our position globally with offshore.

我們將在挪威看到強勁的活動，因為有 100 億美元的投資投入勘探與開發，而那對我們來說是一個大市場。因此，你提到的自動化、一些收購，以及我們對技術的刻意聚焦，幫助我們推動並拿下我提到的許多海上得標。所以我們非常看好我們在全球海上業務的定位。

Scott Gruber, Citigroup.

Scott Gruber，花旗集團（Citigroup）。

As I listen to the call here, a lot of bullish data points across the international markets, really, from Venezuela, Argentina, deepwater and even your Middle East revenues are growing, which I think is a surprise to everybody. As I think about pricing abroad, you mentioned that prices are starting to stabilize. But what do you think would need to manifest from here for you and your peers to start to see more broad-based pricing gains?

我在聽這通電話時，看到國際市場有很多偏多的數據點，從委內瑞拉、阿根廷、深水，甚至你們的中東營收也在成長，我想這讓所有人都感到意外。談到海外定價，你提到價格開始趨於穩定。但你認為從現在起，需要出現什麼情況，才能讓你們和同業開始看到更廣泛的價格上漲？

Is it -- if we just see the Middle East activity normalize, would that be a sufficient consumption of capacity across tools and people to complement the absorption that's going on in other markets to start to see some pricing gains? Or what else do you think needs to happen?

是不是——如果我們只是看到中東活動回到正常水準，是否就足以在工具與人力方面消化產能，並與其他市場正在進行的吸收相互配合，從而開始看到一些價格上漲？或者你認為還需要發生什麼？

I would say pricing has continued to get better. It's been -- it's going to be accretive. We see a strong pipeline. This year, we've won roughly about $14 billion of work year-to-date. And our view is this is nobody has really overbuilt in this market, so it's tight. And what -- that tightness is, really, has us in a place where we're making deliberate choices of where we go.

我會說，定價一直在持續改善。而且——這將會是增厚（accretive）的。我們看到強勁的案源管線。今年迄今，我們大約贏得了 140 億美元的工作量。我們的看法是，這個市場沒有人真的過度擴建，所以供給是緊的。而這種緊俏，確實讓我們處在一個可以刻意選擇要去哪裡做的狀態。

And we had us -- just here in the last month, we had Sperry tools that were three different customers need them, we had to make a choice of where to go. So I think the general macro-outlook for us, we expect more tightening. With tightening, we think that creates an opportunity for more price. So yes, we see that as being accretive.

而且就在過去一個月，我們有 Sperry 工具同時被三個不同客戶需要，我們必須做出取捨，決定要去哪裡。所以我認為整體宏觀展望是，我們預期會更趨緊。在更趨緊的情況下，我們認為這會創造更多提價的機會。所以是的，我們認為這將是增厚的。

Got it. That sounds good. And just turning to free cash flow. You guys have been carrying some extra working capital through the SAP implementation phase. What does that mean for free cash in 4Q? And what's your early read on potential free cash conversion next year as margins improve and your cost base comes down?

了解。聽起來不錯。接著談自由現金流。你們在 SAP 導入階段一直帶著一些額外的營運資金。這對第四季自由現金意味著什麼？以及隨著利潤率改善、成本基礎下降，你們對明年潛在的自由現金轉換率（free cash conversion）目前的初步看法是什麼？

Yes, Scott, it's Eric. So look, in terms of free cash flow, we were a little below what we were expecting in Q3. Some of it was due to collections that were a bit lower that has started to fix itself this month and some headwinds in inventory related to S4 related to the buildup of inventory for a lot of the projects that Shannon mentioned as well as some concerns around Middle East logistics at large. If we look at Q4 and the overall year, so, for Q4, we think cash flow from operations will be about $1 billion.

是的，Scott，我是 Eric。你看，就自由現金流而言，我們第三季略低於原先預期。其中一部分是因為收款略低，不過這個月已開始自我修復；另外還有與 S4 相關的庫存逆風，原因是為了 Shannon 提到的許多專案而增加庫存，以及對整體中東物流的一些疑慮。如果我們看第四季以及全年，就第四季而言，我們認為營運活動現金流大約會是 10 億美元。

If you take out CapEx net of sales of about $300 million. So that lands you at about $1.6 billion of free cash flow for the year. As we look at 2027, we believe that goes up with the improved profits generated in the business, we think as well that free cash flow margins will improve in 2027.

如果你扣除約 3 億美元的資本支出（CapEx，扣除銷售後的淨額）。那麼全年自由現金流約為 16 億美元。展望 2027 年，我們相信隨著業務帶來的獲利改善，這個數字會上升；同時我們也認為 2027 年的自由現金流利潤率將會提升。

Keith Mackey, RBC Capital Markets.

Keith Mackey，RBC 資本市場。

The release called out Mexico for having improved performance quarter-over-quarter within multiple product and service lines. Can you just, maybe, give us a bit more color on what drove that and generally what you're seeing in the market in Mexico?

新聞稿提到墨西哥在多條產品與服務線上，季度對季度的表現有所改善。你能否再多補充一些細節，說明是什麼驅動了這些改善，以及你們在墨西哥市場整體看到的情況？

Yes. The Mexico business, we've continued to see it improve. I think the macro environment we're seeing into 2027 should be supporting even further activity. It's probably, as I said, more of an H2 event, but what has driven, really, the quarter has been software sales. That, really, is what's been the impact there.

是的。墨西哥業務我們持續看到改善。我認為我們看到的宏觀環境一路延伸到 2027 年，應該會支持更多活動。這可能如我所說，更偏向下半年（H2）的事件，但本季真正的驅動因素是軟體銷售。那確實就是主要影響來源。

Got it. Appreciate that. And just secondly, on the 2027 outlook, I appreciate the comments you've given so far. Just curious if you can, maybe, walk us through a little bit about how you might think the results of the US midterm elections might impact your guide either positively or negatively potentially? Do you think that there could be any impact depending on how the results go? Or is it something that we'll just have to monitor at this point?

了解。謝謝你的說明。第二個問題，關於 2027 年展望，我也感謝你目前提供的評論。我想請教，你能否談談美國期中選舉結果可能如何對你們的指引產生正面或負面的影響？你認為結果不同會帶來任何影響嗎？還是說目前只能先持續觀察？

Look, politics change all the time. I'm quite confident in our business under any political outcome. So that's not factored into our outlook. I think that macroeconomics and the requirement for energy has never been more acute than it is right now. And I think that a lot of quality of life is built around the availability and affordability of oil and gas, which sets up this industry, oilfield services, for a really strong few years.

你看，政治一直都在變。我對我們的業務在任何政治結果下都相當有信心。所以我們的展望並未將此納入考量。我認為宏觀經濟以及對能源的需求，從未像現在這樣迫切。而且我認為生活品質在很大程度上建立在石油與天然氣的可得性與可負擔性之上，這也讓這個產業——油田服務——在未來幾年具備非常強勁的前景。

Sebastian Erskine, Rothschild.

Sebastian Erskine，Rothschild。

I appreciate all the color on the call. Just in terms of the guidance and trying to back out. So obviously, roughly flat North America sort of implies that international growth of about, call it, 7% to 10% year-over-year. I mean, maybe, could you give a view how much of that you already have a view on in terms of, kind of, the contracted work that you've, kind of, secured over through this year versus how much would be new wins and some of the other sensitivity around the Middle East? Just trying to get a sense of that building blocks around, call it 7% to 10% growth year-over-year in '27, assuming based on that assumption.

感謝你在電話會議上提供的所有細節。就指引而言，我想嘗試倒推一下。很明顯，北美大致持平意味著國際業務年對年成長約 7% 到 10%。你能否分享一下，這其中有多少你們已經有把握（例如今年已簽約、已確保的工作量），相較之下有多少會來自新的得標，以及中東相關的其他敏感因素？我只是想了解一下，在你們假設 2027 年年對年成長約 7% 到 10% 的情境下，這些成長的組成要素大概是什麼。

Yes. I would say I heard North America and Middle East there, I believe. The Middle East business is contracted. We have real good line of visibility to that. In North America, I'd say, hey, everything -- our frac spreads are all working and busy. And again, we're not making any -- we believe that will be modeling right now is just flat for us in 2027. But yes, really North America, we think, is going to be higher than what we've talked about.

是的。我想我聽到你提到北美和中東。中東業務是有合約保障的。我們對此有非常清楚的能見度。至於北美，我會說，嘿，一切——我們的壓裂車隊（frac spreads）都在運作而且很忙。再說一次，我們目前的模型假設是 2027 年對我們而言就是持平。但沒錯，北美我們認為會比我們目前談到的水準更高。

Super. I appreciate it. And then, just very quickly, kind of, just on the guidance, just a clarification. I appreciate, Eric, you gave that number in terms of the '27. But in terms of the North America base, obviously, you've got this sort of unseasonal, kind of, the step-up on the fourth-quarter. So just in terms of is that based off the 2026 average or the 4Q exit rate in terms of flat North America?

太好了。謝謝。然後很快再確認一下指引，做個釐清。我知道 Eric 你提到了 2027 年的那個數字。但就北美的基準而言，顯然你們第四季有一個不太符合季節性的上升幅度。所以想確認一下：你們所說北美持平，是以 2026 年的平均水準為基礎，還是以第四季的期末水準（exit rate）為基礎？

Your question around '27? Or is it around Q4?

你的問題是關於 2027 年？還是關於第四季？

Yes, just in terms of the North American -- the flat North America into 2027, is that based off the average of the 2026 or the exit rate for 4Q?

是的，我是想問北美——也就是 2027 年北美持平——是以 2026 年的平均值為基礎，還是以第四季的期末水準為基礎？

Total year. Total year to total year.

全年。全年對全年。

I'm afraid that concludes our Q&A session. At this time, I would like to turn the conference back over to management for any closing remarks.

恐怕我們的問答環節到此結束。此時我想把電話會議交回管理層，請他們做任何結語。

Yes. Thank you, Howard. And before we wrap up today's call, let me just close with this. I see growing multiyear demand for oilfield services, and I am confident that in 2027, Halliburton will deliver revenue growth, margin expansion and leading returns for shareholders. 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，讓我做個總結。我看到油田服務存在多年期、持續成長的需求；我也有信心在 2027 年，哈里伯頓（Halliburton）將為股東帶來營收成長、利潤率擴張以及領先的報酬。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.

各位女士、先生，感謝您參與今天的電話會議。本次議程到此結束。您現在可以掛線。祝各位有美好的一天。