斯倫貝謝公司 (SLB) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Schlumberger earnings conference call. (Operator Instructions) As a reminder, today's conference call is being recorded. I would now like to turn the conference over to ND Maduemezia, the Vice President of Investor Relations. Please go ahead.

女士們，先生們，謝謝你們的支持。歡迎參加斯倫貝謝財報電話會議。 （操作員說明）作為提醒，今天的電話會議正在錄音中。我現在想把會議交給投資者關係副總裁 ND Maduemezia。請繼續。

Thank you, Lea. Good morning and welcome to the Schlumberger Limited Fourth-Quarter and Full-Year 2021 Earnings Conference Call. Today's call is being hosted from Houston, following the Schlumberger Limited Board meeting held earlier this week. Joining us on the call are Olivier Le Peuch, Chief Executive Officer; and Stephane Biguet, Chief Financial Officer.

謝謝你，莉亞。早上好，歡迎參加斯倫貝謝有限公司 2021 年第四季度和全年收益電話會議。在本週早些時候舉行的斯倫貝謝有限公司董事會會議之後，今天的電話會議在休斯頓舉行。與我們一起參加電話會議的是首席執行官 Olivier Le Peuch；和首席財務官 Stephane Biguet。

Before we begin, I would like to remind all participants that some of the statements we will be making today are forward-looking. These matters involve risks and uncertainties that could cause our results to differ materially from those projected in these statements. I therefore, refer you to our latest 10-K filing and our other SEC filings.

在開始之前，我想提醒所有參與者，我們今天將要發表的一些聲明是前瞻性的。這些事項涉及風險和不確定性，可能導致我們的結果與這些陳述中預測的結果大不相同。因此，我建議您參考我們最新的 10-K 文件和我們的其他 SEC 文件。

Our comments today may also include non-GAAP financial measures. Additional details and reconciliation to the most directly comparable GAAP financial measures can be found in our fourth-quarter press release, which is on our website.

我們今天的評論可能還包括非公認會計準則財務指標。可以在我們網站上的第四季度新聞稿中找到與最直接可比的 GAAP 財務指標的更多詳細信息和對賬。

With that, I will turn the call over to Olivier.

有了這個，我會把電話轉給 Olivier。

Thank you, ND. Ladies and Gentlemen, thank you for joining us on the call today. In my prepared remarks, I will cover our Q4 results and full-year 2021 achievements. Thereafter, I will follow with our view of the 2022 outlook and some insights into our near-term financial ambitions. Stephane will then give more detail on our financial results and we will open for your questions.

謝謝你，ND。女士們，先生們，感謝您今天加入我們的電話會議。在我準備好的講話中，我將介紹我們的第四季度業績和 2021 年全年的成就。此後，我將跟隨我們對 2022 年前景的看法以及對我們近期財務目標的一些見解。然後，Stephane 將詳細介紹我們的財務業績，我們將接受您的提問。

The fourth quarter was characterized by broad-based activity growth. With continued momentum in North America, activity acceleration in the international markets, and an accretive offshore market contribution, upon which we delivered strong sequential revenue growth, our sixth consecutive quarter of margin expansion, and outstanding double-digit free cash flow generation.

第四季度的特點是基礎廣泛的活動增長。隨著北美的持續發展勢頭、國際市場的活動加速以及離岸市場貢獻的增加，我們實現了強勁的連續收入增長、連續第六個季度的利潤率擴張以及出色的兩位數自由現金流產生。

These financial results conclude an exceptional year of financial performance for Schlumberger, at a pivotal time for the company and in our industry at large.

這些財務業績結束了斯倫貝謝非凡的一年財務業績，這是公司和整個行業的關鍵時刻。

Underlying these results are the following highlights from the quarter: Geographically, sequential growth in North America exceeded rig activity, growing in excess of 20% offshore, and international revenue growth accelerated, closing the second half of 2021, up 12% versus the prior year. All international areas posted growth, driven by gains in more than 75% of our international business units.

這些結果的基礎是本季度的以下亮點：從地理上看，北美的環比增長超過鑽井活動，海上增長超過 20%，國際收入增長加速，到 2021 年下半年結束，比上年增長 12% .在我們超過 75% 的國際業務部門增長的推動下，所有國際領域都實現了增長。

By division, revenue in all four divisions grew sequentially, and when compared to the same period last year. Digital Integration led growth, posting double-digit sequential growth and record-high margins. Well Construction and Reservoir Performance, our predominantly service-oriented Divisions, outperformed expectations with strong sequential growth and approximately 30% growth year-over-year on a pro-forma basis. Production Systems recorded year-end sales, which drove mid-single digit growth, though partially impacted by logistics challenge.

按部門劃分，所有四個部門的收入均環比增長，與去年同期相比。數字集成引領增長，實現兩位數的環比增長和創紀錄的利潤率。我們主要以服務為導向的部門井建設和油藏績效表現優於預期，環比增長強勁，備考同比增長約 30%。 Production Systems 錄得年終銷售額，推動了中個位數增長，但部分受到物流挑戰的影響。

Operating margins expanded in spite of seasonality effects, improving further beyond prepandemic levels. And finally, we generated outstanding cash flow from operation exceeding $1.9 billion in the quarter.

儘管受到季節性影響，營業利潤率仍有所擴大，進一步超出大流行前的水平。最後，我們在本季度產生了超過 19 億美元的運營現金流。

All in all, I am very pleased with our operational execution, our safety performance, and our financial results through the fourth quarter.

總而言之，我對我們第四季度的運營執行、安全績效和財務業績感到非常滿意。

Now let me briefly reflect on what we achieved in 2021. In our core, we fully operationalized our returns-focused strategy, leveraging our new Division and Basin organization to seize the start of the upcycle. In North America, this resulted in full-year topline revenue growth, excluding the effects of divestures, and significantly expanded margins achieving double digits, one of the financial targets we laid out in 2019.

現在讓我簡要回顧一下我們在 2021 年取得的成就。在我們的核心中，我們全面實施了以回報為中心的戰略，利用我們新的部門和盆地組織來抓住上升週期的開始。在北美，這導致全年營收增長（不包括資產剝離的影響），並顯著擴大了利潤率，實現了兩位數，這是我們在 2019 年制定的財務目標之一。

Internationally, we also grew the topline and expanded margins significantly, as international activity strengthened in the second half of the year. This also resulted in full-year international margins that exceeded 2019 levels.

在國際上，隨著下半年國際活動的加強，我們也顯著增加了收入並擴大了利潤率。這也導致全年國際利潤率超過 2019 年的水平。

Taken together, these margins resulted in the highest global operating margins of the last six years, setting an excellent foundation for further expansion, as activity accelerates and market conditions further support pricing improvement.

總之，這些利潤率創造了過去六年最高的全球營業利潤率，為進一步擴張奠定了良好的基礎，因為活動加速和市場條件進一步支持定價改善。

In Digital, our second engine of growth, I am very proud of the momentum we established during the year. We advanced on our goals to expand market access and accelerate adoption of our platform, AI capabilities, and powerful digital tools to reduce cycle time, improve performance, and lower carbon intensity.

在數字領域，我們的第二個增長引擎，我為我們在這一年建立的勢頭感到非常自豪。我們推進了擴大市場准入和加速採用我們的平台、人工智能功能和強大的數字工具的目標，以縮短週期時間、提高績效並降低碳強度。

We built partnerships to achieve comprehensive cloud access globally, collaborated with AI innovators to deploy machine-learning and AI solutions, and enabled digital operations through the automation of key workflows in Well Construction and production operations.

我們建立了合作夥伴關係以在全球範圍內實現全面的雲訪問，與人工智能創新者合作部署機器學習和人工智能解決方案，並通過鑽井和生產運營中關鍵工作流程的自動化實現數字化運營。

At the end of 2021, we have more than 240 commercial DELFI customers, recorded more than 160% DELFI user growth year over year, and saw a more than tenfold increase in compute-cycle intensity on our DELFI cloud platform.

截至 2021 年底，我們擁有超過 240 家商業 DELFI 客戶，DELFI 用戶同比增長超過 160%，我們的 DELFI 雲平台上的計算週期強度增加了十倍以上。

We also made significant progress in our data business streams and digital operations, advancing our OSDU commercial offerings, autonomous drilling, and the adoption of Agora Edge AI and IOT solutions with great success. The Q4 results, including significant uptake in digital sales and sizeable incremental margins, are a clear testament of this success.

我們還在數據業務流和數字化運營方面取得了重大進展，推進了我們的 OSDU 商業產品、自主鑽井以及採用 Agora Edge AI 和 IOT 解決方案並取得了巨大成功。第四季度的業績，包括數字銷售的顯著增長和可觀的利潤率增長，清楚地證明了這一成功。

In Schlumberger New Energy, we continue to advance the development of clean energy technologies and low-carbon projects. In 2021, we took a position in stationary energy storage, expanding our total addressable market, and advanced all of our venture in hydrogen, lithium, geoenergy, and a suite of CCUS opportunities, including our bioenergy CCS project.

在斯倫貝謝新能源，我們繼續推進清潔能源技術和低碳項目的發展。 2021 年，我們在固定式儲能領域佔據了一席之地，擴大了我們的總目標市場，並推進了我們在氫、鋰、地能和一系列 CCUS 機會方面的所有風險投資，包括我們的生物能源 CCS 項目。

Some notable milestones achieved include the signature of pilot agreements by Genvia, our hydrogen venture, with ArcelorMittal, Ugitech, Vicat, and Hynamics leading companies in steel and cement.

取得的一些顯著里程碑包括我們的氫能企業 Genvia 與安賽樂米塔爾、Ugitech、Vicat 和 Hynamics 在鋼鐵和水泥領域的領先公司簽署了試點協議。

And in Celsius, our geoenergy venture, we secured five commercial contracts in Europe and one in North America for a prestigious university campus. This was also a pivotal year for us in terms of our commitment to sustainability. We announced our comprehensive 2050 net-zero commitment, inclusive of Scope 3 emissions, and launched the Transition Technologies portfolio to focus on the decarbonization of oil and gas operations with much success.

在我們的地緣能源合資企業攝氏公司，我們在歐洲獲得了五份商業合同，在北美獲得了一份商業合同，用於建設一所著名的大學校園。就我們對可持續發展的承諾而言，這也是我們關鍵的一年。我們宣布了全面的 2050 年淨零排放承諾，包括範圍 3 排放，並推出了 Transition Technologies 產品組合，專注於石油和天然氣業務的脫碳，並取得了巨大成功。

In addition, Schlumberger earned an AA Rating by MSCI, and won an ESG Top Performer Award by Hart Energy, recognizing our sustainability efforts, our enhanced disclosures, and our commitment to apply our technologies and capabilities towards helping the world meet future energy demand.

此外，斯倫貝謝獲得了 MSCI 的 AA 評級，並獲得了 Hart Energy 的 ESG 最佳表現獎，以表彰我們在可持續發展方面所做的努力、我們增強的披露以及我們致力於應用我們的技術和能力來幫助世界滿足未來能源需求的承諾。

In summary, 2021 was a great year for Schlumberger. Beyond these operational and financial results and our ESG accomplishments, we made excellent progress in our core, digital, and new energy, the three engines of growth that support our success now and well into the future.

總之，2021 年對斯倫貝謝來說是豐收的一年。除了這些運營和財務業績以及我們的 ESG 成就之外，我們在核心、數字和新能源這三個支持我們現在和未來成功的增長引擎方面取得了出色的進展。

Above all, I am most proud of our people. Their unique ability to execute, remobilizing operations across the world through numerous pandemic constraints, adapting the logistics and supply-chain dynamics, and setting new performance benchmarks, all of which earned the recognition of our customers.

最重要的是，我為我們的人民感到最自豪。他們獨特的執行能力，通過眾多大流行限制在全球範圍內重新動員運營，適應物流和供應鏈動態，並設定新的績效基準，所有這些都贏得了我們客戶的認可。

I would like to thank the entire team for delivering a year of outperformance on every metric. They surpassed all of our targets this year and created excellent momentum as we enter 2022, for which I would like now to share our outlook.

我要感謝整個團隊一年來在每個指標上都表現出色。他們今年超過了我們的所有目標，並在我們進入 2022 年時創造了良好的勢頭，我現在想分享我們的展望。

Looking ahead, we have increased confidence in our view of robust multiyear market growth. Tight oil supply and demand growth beyond the prepandemic peak, are projected to result in a substantial step up in capital spending amid shrinking spare capacity, declining inventory balance, and supportive oil prices.

展望未來，我們對強勁的多年市場增長的看法增強了信心。在閒置產能萎縮、庫存餘額下降和油價支撐的情況下，預計石油供需增長超過疫情前峰值將導致資本支出大幅增加。

In addition, we expect more pervasive service pricing improvements in response to market conditions as technology adoption increases while service capacity tightens.

此外，我們預計隨著技術採用的增加和服務能力的收緊，服務定價將得到更普遍的改進，以響應市場狀況。

In essence, 2022 will be a period of stronger short-cycle activity resurgence driven by improved visibility in the demand recovery and greater confidence in the oil price environment. And as oil demand exceeds prepandemic levels in 2023 and beyond, long-cycle development will augment capital spending growth in response to the call on supply.

從本質上講，2022 年將是一個更強勁的短週期活動復甦時期，這是由需求復甦的可見性提高和對油價環境的信心增強所推動的。隨著石油需求在 2023 年及以後超過大流行前水平，長周期開發將響應供應需求而增加資本支出增長。

This demand-led capital spending growth sets the foundation for a strong multiyear upcycle. Indeed, this scenario is already being established, as the number of FIDs increases, service pricing has begun to improve, and multiyear long-cycle capacity expansion plans have started particularly internationally and offshore as seen during the last quarter.

這種以需求為導向的資本支出增長為強勁的多年上升週期奠定了基礎。事實上，隨著 FID 數量的增加，服務定價開始改善，多年長周期產能擴張計劃已經開始，特別是國際和海上的產能擴張計劃已經開始，如上個季度所示。

Turning to 2022, more specifically, we expect an increase in capital spending of at least 20% in North America, impacting both the onshore and offshore markets, while internationally, capital spending is projected to increase in the low-to-mid teens, building momentum from a very strong exit in the second half of 2021. All areas and operating environments short- and long-cycle, including deepwater are expected to post strong growth, with upside potential as Omicron disruptions dissipate as the year advances.

更具體地說，到 2022 年，我們預計北美的資本支出將至少增長 20%，這將影響在岸和離岸市場，而在國際上，預計中低齡青少年的資本支出將增加，建設2021 年下半年非常強勁的退出勢頭。包括深水在內的所有區域和運行環境的短期和長期週期預計將實現強勁增長，隨著 Omicron 中斷隨著時間的推移而消散，具有上行潛力。

In this scenario, increased activity and pricing will drive simultaneous double-digit growth—both internationally and in North America—that will lead our overall 2022 revenue growth to reach mid-teens.

在這種情況下，增加的活動和定價將推動國際和北美同時實現兩位數的增長，這將導致我們 2022 年的整體收入增長達到十幾歲。

Our ambition is to, once again, expand operating and EBITDA margins on a full-year basis, exiting the year with EBITDA margins at least 200 bps higher than the fourth quarter of 2021.

我們的目標是再次在全年基礎上擴大運營利潤率和 EBITDA 利潤率，以比 2021 年第四季度的 EBITDA 利潤率至少高出 200 個基點。

In this context, let me share how we see the year unfolding. Directionally, while we are still experiencing COVID-related disruptions, we anticipate typical seasonality in the first quarter, with revenue and margin progression similar to historical sequential trends, which will be seen most prominently in Digital & Integration.

在這種情況下，讓我分享一下我們如何看待這一年的發展。從方向上看，雖然我們仍在經歷與 COVID 相關的中斷，但我們預計第一季度將出現典型的季節性，收入和利潤率的增長與歷史連續趨勢相似，這將在數字與集成中最為突出。

This will be followed by a strong seasonal uptick in the second quarter across all divisions with growth further strengthening through the second half of the year supporting our full-year, mid-teens revenue growth ambition and EBITDA margin expansion.

隨後，所有部門將在第二季度出現強勁的季節性增長，下半年的增長將進一步加強，從而支持我們全年、青少年收入增長的雄心和 EBITDA 利潤率的擴張。

This growth and margin expansion trajectory gives us further confidence that we will reach or exceed our mid-cycle ambition of 25% adjusted EBITDA margin before the end of 2023, leading to adjusted EBITDA that should visibly exceed 2019 levels in dollar terms.

這種增長和利潤率擴張軌跡使我們進一步相信，我們將在 2023 年底之前達到或超過我們將達到或超過 25% 調整後 EBITDA 利潤率的中期目標，從而導致調整後的 EBITDA 以美元計算應明顯超過 2019 年的水平。

With this, I will now turn the call over to Stephane.

有了這個，我現在將把電話轉給 Stephane。

Thank you, Olivier and good morning ladies and gentlemen. Fourth quarter earnings per share, excluding charges and credits, was $0.41. This represents an increase of $0.05 compared to the third quarter of this year and of $0.19 when compared to the same period of last year.

謝謝你，奧利維爾，女士們先生們，早上好。第四季度每股收益（不包括費用和貸項）為 0.41 美元。這與今年第三季度相比增加了 0.05 美元，與去年同期相比增加了 0.19 美元。

In addition, we recorded a net credit of $0.01, bringing GAAP EPS to $0.42. This consisted of a $0.02 gain relating to the sale of a portion of our shares in Liberty Oilfield Services, offset by a $0.01 loss relating to the early repayment of $1 billion of notes.

此外，我們記錄了 0.01 美元的淨信用，使 GAAP 每股收益達到 0.42 美元。這包括與出售我們在 Liberty Oilfield Services 的部分股份有關的 0.02 美元收益，被與提前償還 10 億美元票據有關的 0.01 美元損失所抵消。

Overall, our fourth quarter revenue of $6.2 billion increased 6% sequentially. All Divisions posted sequential growth, led by Digital & Integration. From a geographical perspective, International revenue grew 5%, while North America grew 13%.

總體而言，我們第四季度的收入為 62 億美元，環比增長 6%。在數字與集成的帶動下，所有部門均實現了環比增長。從地域來看，國際收入增長 5%，而北美增長 13%。

Pretax operating margins improved 31 basis points sequentially to 15.8% and have increased for six quarters in a row. This sequential margin improvement was driven by very strong digital sales, which helped sustain overall margins, despite seasonality effects in the Northern Hemisphere. Company-wide adjusted EBITDA margin remained strong at 22.2%, which was essentially flat sequentially.

稅前營業利潤率環比增長 31 個基點至 15.8%，並連續六個季度增長。儘管北半球受到季節性影響，但非常強勁的數字銷售推動了這種連續利潤率的提高，這有助於維持整體利潤率。全公司調整後 EBITDA 利潤率保持強勁，為 22.2%，環比基本持平。

Let me now go through the fourth quarter results for each Division. Fourth-quarter Digital & Integration revenue of $889 million increased 10% sequentially with margins growing by 268 basis points to 37.7%.

現在讓我來看看每個部門的第四季度業績。第四季度數字與集成收入為 8.89 億美元，環比增長 10%，利潤率增長 268 個基點至 37.7%。

These increases were driven by significantly higher digital and exploration data licensing sales, which were partly offset by the effects of a pipeline disruption in Ecuador that impacted our APS projects.

這些增長是由顯著增加的數字和勘探數據許可銷售推動的，這部分被厄瓜多爾管道中斷影響我們的 APS 項目的影響所抵消。

Reservoir Performance growth further accelerated in the fourth quarter with revenue increasing 8% sequentially to $1.3 billion. This growth was primarily due to higher intervention and stimulation activity in the international offshore markets.

第四季度油藏業績增長進一步加快，收入環比增長 8% 至 13 億美元。這一增長主要是由於國際離岸市場的干預和刺激活動增加。

Margins were essentially flat at 15.5% as a result of seasonality effects and technology mix, largely driven by the end of summer exploration campaigns in the Northern Hemisphere.

由於季節性影響和技術組合，利潤率基本持平於 15.5%，主要受北半球夏季勘探活動結束的推動。

Well Construction revenue of $2.4 billion increased 5% sequentially due to higher land and offshore drilling, both in North America and internationally.

由於北美和國際的陸地和海上鑽井增加，Well Construction 收入為 24 億美元，環比增長 5%。

Margins of 15.4% were essentially flat sequentially as the favorable combination of increased activity and pricing gains was offset by seasonal effects.

15.4% 的利潤率環比基本持平，因為活動增加和定價收益的有利組合被季節性影響所抵消。

Finally, Production Systems revenue of $1.8 billion was up 5% sequentially, largely from new offshore projects and year-end sales. However, margins decreased 85 basis points to 9.0%, largely as a result of the impact of delayed deliveries due to global supply and logistic constraints.

最後，生產系統收入 18 億美元，環比增長 5%，主要來自新的海上項目和年終銷售。然而，利潤率下降 85 個基點至 9.0%，主要是由於全球供應和物流限制導致延遲交付的影響。

Now turning to our liquidity. Our cash flow generation during the fourth quarter was outstanding. We delivered $1.9 billion of cash flow from operations and free cash flow of $1.3 billion during the quarter. This was the result of a very strong working capital performance driven by exceptional cash collections and customer advances.

現在轉向我們的流動性。我們在第四季度產生的現金流非常出色。我們在本季度實現了 19 億美元的運營現金流和 13 億美元的自由現金流。這是由於出色的現金收款和客戶墊款推動了非常強勁的營運資金表現。

Cash flows were further enhanced by the sale of a portion of our shares in Liberty, generating net proceeds of $109 million during the quarter. Following this transaction, we hold a 31% interest in Liberty.

出售我們在 Liberty 的部分股份進一步增強了現金流，在本季度產生了 1.09 億美元的淨收益。交易完成後，我們持有 Liberty 31% 的權益。

On a full-year basis, we generated $4.7 billion of cash flow from operations and $3 billion of free cash flow. We generated more free cash in 2021 than in 2019, despite our revenue being 30% lower. This is largely attributable to our efforts of the last two years relating to the implementation of our capital stewardship program and the high grading of our portfolio.

在全年的基礎上，我們從運營中產生了 47 億美元的現金流和 30 億美元的自由現金流。儘管我們的收入下降了 30%，但我們在 2021 年產生的自由現金比 2019 年更多。這主要歸功於我們過去兩年在實施資本管理計劃和投資組合的高評級方面所做的努力。

As a result of all of this, we ended the year with net debt of $11.1 billion. This represents an improvement of $2.8 billion compared to the end of 2020. We are proud to say that net debt is now at its lowest level of the last five years.

由於所有這些，我們在年底的淨債務為 111 億美元。與 2020 年底相比，這意味著增加了 28 億美元。我們可以自豪地說，淨債務現在處於過去五年的最低水平。

During the [quarter] (corrected by company after the call), we also continued to reduce gross debt by repaying $1 billion dollars of notes that were coming due in May of this year. In total, our gross debt reduced by $2.7 billion in the last twelve months thereby significantly increasing our financial flexibility.

在[季度]期間（在電話會議後由公司更正），我們還通過償還今年 5 月到期的 10 億美元票據繼續減少總債務。總的來說，我們的總債務在過去 12 個月中減少了 27 億美元，從而顯著提高了我們的財務靈活性。

Now, looking ahead to 2022. We expect total capital investments, consisting of CapEx and investments in APS and exploration data, to be approximately $1.9 to $2 billion dollars, as compared to just under $1.7 billion in 2021. This increase will allow us to fully seize the multiyear growth opportunity ahead of us, while still achieving our double-digit free cash flow margin objective.

現在，展望 2022 年。我們預計總資本投資（包括資本支出以及對 APS 和勘探數據的投資）約為 1.9 至 20 億美元，而 2021 年則略低於 17 億美元。這一增長將使我們能夠充分利用抓住我們面前的多年增長機會，同時仍然實現我們兩位數的自由現金流利潤率目標。

We are entering this growth cycle with a business that is much less capital-intensive as compared to previous cycles. As a reminder, during the last growth cycle of 2009 to 2014, our total capital investment as a percentage of revenue was approximately 12%. We are, therefore, well positioned to fully reap the benefits of this growth cycle with the potential for enhanced free cash flow margins and return on capital employed.

與以前的周期相比，我們正在進入這個增長周期，其業務的資本密集度要低得多。提醒一下，在 2009 年至 2014 年的最後一個增長周期中，我們的總資本投資佔收入的百分比約為 12%。因此，我們有能力充分利用這一增長周期的好處，並有可能提高自由現金流利潤率和所用資本回報率。

With this backdrop, I would like to emphasize that based on the industry fundamentals and positioning of the Company that Olivier highlighted earlier, our financial outlook for 2022 is very strong. We have high expectations and, in 2022, we expect a triple double consisting of: double-digit return on capital employed; double-digit return on sales; and double-digit free cash flow margin. It is worth noting that we have not experienced this combination in a single year since 2015.

在此背景下，我想強調，基於 Olivier 之前強調的行業基本面和公司定位，我們對 2022 年的財務前景非常樂觀。我們寄予厚望，我們預計 2022 年將實現三倍增長，其中包括： 兩位數的資本回報率；兩位數的銷售回報率；和兩位數的自由現金流邊際。值得注意的是，自 2015 年以來，我們還沒有在一年內經歷過這種組合。

Finally, I am pleased to announce that we will hold a Capital Markets Day in the second half of the year. This event will allow us the opportunity to provide you with additional details relating to Schlumberger's strategy and financial objectives. Further information regarding this event will be forthcoming shortly.

最後，我很高興地宣布，我們將在下半年舉辦資本市場日。本次活動將使我們有機會為您提供有關斯倫貝謝戰略和財務目標的更多詳細信息。有關此事件的更多信息將很快發布。

I will now turn the conference call back to Olivier.

我現在將電話會議轉回給 Olivier。

Thank you, Stephane. So I believe that we are ready to turn the call to you for the questions. Thank you.

謝謝你，斯蒂芬。因此，我相信我們已準備好將電話轉給您提出問題。謝謝你。

(Operator Instructions) And our first question is from James West with Evercore ISI.

（操作員說明）我們的第一個問題來自與 Evercore ISI 的 James West。

So Olivier, I liked your increased confidence in achieving mid-cycle margins sooner rather than later. And I wanted to dig in a bit on why that confidence has increased. Obviously, we're starting at a bit higher level, but the target is a pretty solid target. And I'm curious what are the key drivers around that confidence increase?

所以 Olivier，我喜歡你對儘早實現中期利潤的信心增強。我想深入探討一下為什麼這種信心會增加。顯然，我們從更高的水平開始，但目標是一個非常可靠的目標。我很好奇這種信心增強的關鍵驅動因素是什麼？

Thank you, James. Let me explain why we have increased confidence. And I think some part of the answer on this question is in the quality of the results we have delivered in 2021 as a foundation.

謝謝你，詹姆斯。讓我解釋一下為什麼我們增加了信心。我認為這個問題的部分答案在於我們作為基礎在 2021 年交付的結果的質量。

And next, I believe that the current market condition are clearly supporting our places for double-digit CAGR growth over a few years. So in this backdrop, I think we have, we believe, 3 or 4 factors that will help us continue to guide upwards our margin expansion.

接下來，我相信當前的市場狀況顯然支持我們在幾年內實現兩位數的複合年增長率。因此，在這種背景下，我認為我們有 3 或 4 個因素將幫助我們繼續向上引導我們的利潤率擴張。

Firstly, we set a foundation. The foundation we have put in place in the last 18 months, the operating leverage reset, the integration performance execution, and the portfolio high-grading are here to stay. And this was already very visibly impacting the service-oriented Division of Well Construction and Reservoir Performance as you have seen throughout the year and partly the second half of last year. And we saw -- we obviously have passed already the 2018 margins performance.

首先，我們奠定了基礎。我們在過去 18 個月中建立的基礎、經營槓桿重置、整合績效執行以及投資組合的高評級將繼續存在。正如您在全年和去年下半年所看到的那樣，這已經非常明顯地影響了以服務為導向的油井建設和油藏性能部門。我們看到了——我們顯然已經超過了 2018 年的利潤率表現。

Secondly, I think the market mix. The market mix is set to improve and resonate to our profit of strength. Increased offshore activity mix has already started to happen, and we expect this to only accelerate as the year unfolds and further into 2022. The adoption of technology also is accelerating, as you have seen, including digital, but our fit-for-basin, our Transition Technology, and all the technology that extract performance for our operation are making an impact today, and are getting further adoption by customer and giving us a premium.

其次，我認為市場組合。市場組合將改善並與我們的實力利潤產生共鳴。海上活動組合的增加已經開始發生，我們預計這種情況只會隨著時間的推移和 2022 年而加速。正如您所見，技術的採用也在加速，包括數字技術，但我們適合盆地，我們的過渡技術，以及為我們的運營提升性能的所有技術今天都在產生影響，並得到客戶的進一步採用，並為我們帶來了溢價。

And finally, pricing. Where a year ago, we are talking about green shoot pricing in North America. Today, we are seeing and we are already recording some of pricing improvements in a broad -- on a broad market condition, both in North America and also internationally, when we are getting awarded new contracts as well as when we have to mobilize and deliver unique technology to our customer.

最後，定價。一年前，我們談論的是北美的綠芽定價。今天，我們看到並且我們已經記錄了一些廣泛的定價改進 - 在北美和國際的廣泛市場條件下，當我們獲得新合同以及我們必須動員和交付時為我們的客戶提供獨特的技術。

So as the year develop, we believe that these attributes: our foundation, operating leverage, our performance that differentiate the execution give us a premium, our market mix, our technology adoption, success with customer and finally pricing, giving a tailwind to this, will drive and further expand our margin to the 2025, the 25% margin expansion. So it's not about if, but it's about when. And we have gained confidence and we have moved forward, our confidence into this into the 2023.

因此，隨著這一年的發展，我們相信這些屬性：我們的基礎、運營槓桿、我們差異化執行的表現給我們帶來了溢價、我們的市場組合、我們的技術採用、與客戶的成功以及最終定價，這給了我們一個順風，將推動並進一步擴大我們的利潤率到 2025 年，即 25% 的利潤率擴張。所以這不是關於是否，而是關於何時。我們已經獲得了信心，我們已經向前邁進，我們對此充滿信心，直到 2023 年。

Okay. Great. That's very clear, Olivier. Maybe a second question for me. As we think about the cycle is really starting to take hold here, how should we think about the cadence of growth? You've given obviously numbers for 2022. But if we think about it by both geography and by Division, where do you see the -- I guess, the biggest growth where could there be some lagging areas like, just a little more color on that cadence would be very helpful.

好的。偉大的。這很清楚，奧利維爾。也許對我來說是第二個問題。當我們考慮到週期真的開始在這里站穩腳跟時，我們應該如何考慮增長的節奏？你已經給出了 2022 年的明顯數字。但是如果我們從地理和部門考慮它，你在哪裡看到 - 我猜，最大的增長可能有一些滯後的區域，比如，只是多一點顏色這種節奏會很有幫助。

Maybe in one word, the market will be -- growth will be very broad across all geography, across all division, first, as a backdrop. I think that's what we are realizing, and that's quite unique. But I think you have to characterize first, geographically, or very high level. I think it's possibly a tale of 2 half: with North America leading the uptick of growth -- activity growth in the first half; international, further accelerating in the second half. While we did end on the H2 -- over H2 of 12%. We expect this to be the base in the first half and accelerate further in the second half internationally, so that we are even accelerating into 2023 for international activity.

也許總而言之，市場將是——首先，作為背景，所有地區、所有部門的增長都將非常廣泛。我認為這就是我們正在實現的，這是非常獨特的。但我認為你必須首先在地理上或非常高的水平上進行表徵。我認為這可能是一個二分之二的故事：北美引領增長——上半年的活動增長；國際化，下半年進一步加速。雖然我們確實在 H2 結束 - 超過 H2 的 12%。我們預計這將成為上半年的基礎，並在下半年進一步加速國際化，因此我們甚至可以加速到 2023 年的國際活動。

Secondly, I believe that if we have to characterize what will lead and be accretive to growth, I would say, America's land because of activity uptick, but I will also put offshore environment and Middle East. These are the 3 engines of growth that we pull this year, growth to the target ambition we have put up mid-teens.

其次，我認為，如果我們必須描述什麼將導致和促進增長，我會說美國的土地因為活動增加，但我也會把離岸環境和中東放在一起。這些是我們今年拉動的 3 個增長引擎，增長到我們在十幾歲時提出的目標雄心。

So now per Division, I think the service-oriented Division of Reservoir Performance and Well Construction will be accretive to this. We expect followed by -- because they are benefiting from this social environment, they're benefiting from the pricing, and they have strong both NAM and international presence. So they're benefiting from long-cycle exposure and mix -- technology mix favorable.

所以現在每個部門，我認為以服務為導向的油藏性能和建井部門將對此有所增加。我們預計緊隨其後的是 - 因為他們從這種社會環境中受益，他們從定價中受益，並且他們在 NAM 和國際上都有強大的影響力。所以他們受益於長周期的曝光和混合——技術組合有利。

In addition, the Production Systems will also see growth, building on the short cycle exposure to North America and the backlog of contract that we have won in the last few quarters that will execute towards 2022.

此外，生產系統也將出現增長，這得益於我們在北美的短週期敞口以及我們在過去幾個季度贏得的將於 2022 年執行的積壓合同。

Finally, on Digital & Integration, it's a 2 phase of a division here. The -- we expect the digital to be accretive to our growth, while it will be moderated by or visibly moderated by a flattish environment for APS production, going forward. So that gives you the mix across the Division and across the geographies.

最後，在數字與集成方面，這是一個部門的 2 個階段。 - 我們預計數字化將促進我們的增長，而未來它將受到 APS 生產的平坦環境的影響或明顯減弱。這樣一來，您就可以跨部門和跨地區進行混合。

Our next question is from David Anderson with Barclays.

我們的下一個問題來自巴克萊銀行的大衛安德森。

Olivier, so you gave -- you laid out the margin expansion and kind of how you're going to see that. I have a question on the other side of that, just thinking about mobilization of large tenders. You're start up on the Jafurah contract in the Middle East, but I guess, typically what we've seen in the past is, in these mobilization periods these kind of extra costs that get weighed in. I'm just thinking about how that's looking in '22. I mean is that something that you think is you're going to have to absorb in '22 and that therefore, kind of '23 is sort of another margin uplift there? Or has that improved pricing on some of these contracts kind of encountered some of those mobilization? I think you had said something about getting better pricing from mobilization. So if you could just comment.

奧利維爾，所以你給了 - 你列出了利潤率擴張以及你將如何看待它。另一方面，我有一個問題，只是想動員大型招標。你剛開始在中東簽訂 Jafurah 合同，但我想，通常我們過去看到的情況是，在這些動員期間，這些額外成本會受到影響。我只是在想如何那是在 22 年。我的意思是你認為你將不得不在 22 年吸收的東西，因此，23 年是另一種利潤率提升嗎？或者，其中一些合同的定價改進是否遇到了其中一些動員？我想你曾經說過如何從動員中獲得更好的定價。因此，如果您可以發表評論。

Yes. I think, Dave, I think it's part of the mix of execution that we have. And I think we always mobilize for new product somewhere in the world. And we are committing to international growth and margin expansion this year.

是的。我認為，戴夫，我認為這是我們所擁有的執行組合的一部分。而且我認為我們總是在世界某個地方為新產品動員起來。我們今年致力於國際增長和利潤率擴張。

The last quarter was already having a witness of significant new project starts, yet we have marginally improved our margins last quarter, and we have seen the results of the core division. So we did it already. So I think as we accelerate deployments, yes, we are very critically assessing the cost of this start-up. We are working for customer to minimize. We are using our digital operation to remote and optimize our deployment of resource.

上個季度已經見證了重要的新項目啟動，但我們上個季度的利潤率略有提高，我們也看到了核心部門的成果。所以我們已經做到了。所以我認為，隨著我們加速部署，是的，我們正在非常嚴格地評估這家初創公司的成本。我們正在努力為客戶最小化。我們正在使用我們的數字操作來遠程和優化我們的資源部署。

And we believe that what we have done in last quarter, we'll continue to do in 2022. So I think directionally, we are still set to improve our margin internationally in 2022 despite and building on this new project. So we are very keen to start off this new project. We are very proud of the different contract award that we won last year. And I think this is part of the mix that we're executing. And the more we -- the more activity and the more growth, we will respond and continue to use efficiency and leverage our operating practice to minimize impact and engage with customer to get full recognition of our investment.

我們相信我們在上個季度所做的事情，我們將在 2022 年繼續這樣做。所以我認為，儘管並在這個新項目的基礎上繼續發展，我們仍將在 2022 年提高我們的國際利潤率。所以我們非常渴望開始這個新項目。我們對去年贏得的不同合同感到非常自豪。我認為這是我們正在執行的組合的一部分。我們越多 - 活動越多，增長越多，我們將做出回應並繼續使用效率並利用我們的運營實踐來最大程度地減少影響並與客戶互動以獲得對我們投資的充分認可。

Understood. Okay. On the Digital & Integration side, you grew really nicely in the topline this quarter. I was just curious, is that related to more new sales of customers? Or is it more about the adoption pace of your current customers into the workflow?

明白了。好的。在數字和集成方面，您在本季度的收入增長非常好。我只是好奇，這與更多的新客戶銷售有關嗎？還是更多關於您當前客戶在工作流程中的採用速度？

And I was just wondering, a second here, if you could just tell us how much that digital portion grew this year? I'm assuming it outgrew the 8% overall topline, but if you could provide any color on that, that would be really appreciated.

我只是想知道，在這裡，您能否告訴我們今年數字部分增長了多少？我假設它超過了 8% 的總收入，但如果你能提供任何顏色，那將不勝感激。

Yes. Let me give you a little bit of color into this. So first, I think if I have to characterize, I think, the uptick we've seen in digital sales at the end of the year is not a pure year-end sales effect on 1 or 2 large contract and 1 or 2 applications and software sales. It's broad. It's very diverse. It's touch and expand upon the platform strategy that developed different revenue streams. So it's about new DELFI cloud customer, and you have seen we have announced and have progressed one more time in last quarter.

是的。讓我給你一點色彩。首先，我認為如果我必須描述一下，我認為，我們在年底看到的數字銷售增長並不是對 1 或 2 個大合同和 1 或 2 個應用程序的純年終銷售影響，軟件銷售。它很廣泛。它非常多樣化。它觸及並擴展了開發不同收入來源的平台戰略。所以這是關於新的 DELFI 雲客戶，你已經看到我們在上個季度已經宣布並且又取得了進展。

It's about new revenue monetization in digital operation, including Agora, including drilling, remote operation, and automation. It's about new data business stream where we have been securing contract for OSDU foundation, where we are the first to commercialize enterprise data management solution on this OSDU. And it's the follow-through on the enterprise contract that we have won in 2021 or in 2020 on DELFI adoption.

這是關於數字化運營的新收入貨幣化，包括 Agora，包括鑽井、遠程操作和自動化。這是關於新的數據業務流，我們一直在與 OSDU 基金會簽訂合同，我們是第一個在此 OSDU 上商業化企業數據管理解決方案的公司。這是我們在 2021 年或 2020 年贏得採用 DELFI 的企業合同的後續行動。

So it's significant. It relates to the progress we have made in our platform. It relates to the acceleration of digital adoption by our customer and digital -- this pursuit of digital transformation by customer. And it translates into an uptick in each and every of the digital revenue stream we have created and the success from data to workflow and to operations. So it's diverse, it's broad and it's here to -- it's multifaceted. So it's here to continue to expand.

所以意義重大。這與我們在平台上取得的進展有關。它關係到我們的客戶加速數字化採用和數字化——這種客戶對數字化轉型的追求。它轉化為我們創造的每一個數字收入流的上升，以及從數據到工作流和運營的成功。所以它是多樣化的，它是廣泛的，它的存在是為了——它是多方面的。所以它在這裡繼續擴展。

So I'm positive on this because it's not a one-off. Obviously, there is a year-end sales effect there that we're not -- that would not repeat in the first quarter. But at the same time, something that I see expanding as a platform going forward. And we are in the early innings of this adoption. As we mentioned a quarter ago, we have 1,700 digital customers. And we are in the early innings of deploying and pursuing this large installed base with digital transformation. So it was the first cycle of this digital expansion and digital adoption. Actually, this would continue in 2022 and accelerate beyond.

所以我對此持肯定態度，因為這不是一次性的。顯然，那裡存在我們沒有的年終銷售效應——第一季度不會重複。但與此同時，我認為這是一個正在擴展的平台。我們正處於這種採用的早期階段。正如我們在一個季度前提到的，我們有 1,700 名數字客戶。我們正處於通過數字化轉型部署和追求這個龐大的安裝基礎的早期階段。因此，這是這種數字擴展和數字採用的第一個週期。實際上，這將在 2022 年繼續並加速。

And our next question is from Chase Mulvehill with Bank of America.

我們的下一個問題來自美國銀行的 Chase Mulvehill。

So I guess first question is just kind of around this looming investment cycle that you and I and hopefully, investors are starting to realize needs to happen. And you had mentioned that you expect a substantial increase in spending this cycle. So maybe you did -- you framed it a little bit, but -- so could you kind of add a little bit of context about how you see this cycle shaking out? What gives you confidence in it? And what it means for pricing for OFS?

所以我想第一個問題是圍繞著這個迫在眉睫的投資週期，你和我希望投資者開始意識到需要發生。您曾提到，您預計本週期的支出將大幅增加。所以也許你做到了——你對它做了一點框架，但是——你能不能添加一些關於你如何看待這個週期的背景？是什麼讓你對它充滿信心？這對 OFS 的定價意味著什麼？

The competitive dynamics have obviously changed, especially in international, where it feels like you've got more discipline, less players. And so just kind of frame the cycle and activity and where you see the most opportunity for growth. And then ultimately, what this could mean for pricing this cycle for OFS companies.

競爭動態明顯發生了變化，尤其是在國際比賽中，感覺就像你有更多的紀律，更少的球員。因此，只需確定週期和活動以及您認為最有增長機會的地方。然後最終，這對 OFS 公司的這個週期定價可能意味著什麼。

Great question. I think the fundamental as we see, they have not changed. And actually, some characteristics of the cycle have accelerated, have been accentuated in the recent months. So the first, the attributes that we put first is the outlook of economic GDP growth that concerning the oil intensity and energy intensity will still and will drive the oil demand as a key attribute beyond the previous peak, no later at the end of this year, according to the latest projection, and is set to expand visibly beyond not only in 2023, but in few years beyond this. So the first is the macro demand situation is set to be favorable for the next few years.

好問題。我認為正如我們所看到的基本面，它們並沒有改變。實際上，這個週期的一些特徵已經加速，在最近幾個月裡得到了強調。因此，首先，我們首先考慮的屬性是經濟 GDP 增長前景，即石油強度和能源強度仍然並將推動石油需求作為關鍵屬性超越前一個峰值，而不是在今年年底，根據最新的預測，不僅在 2023 年，而且在幾年之後，它的擴張速度都將顯著擴大。首先是未來幾年宏觀需求形勢向好。

Secondly, I think the supply demand imbalance and the supply, I would almost call it tardiness that we are facing is pointing not only an uplift on to the commodity price, but also is pointing to the investment return to investment across the broad portfolio of our customers. So you have seen it in North America, no surprise. North America is still and will remain structurally smaller than previous cycle due to the capital discipline but also due to the crunch of supply, including on the services side.

其次，我認為供需失衡和供應，我幾乎可以稱之為延遲，不僅指向商品價格的上漲，而且指向我們廣泛投資組合的投資回報。顧客。所以你在北美見過它，這不足為奇。由於資本紀律以及供應緊縮，包括服務方面，北美在結構上仍然並將繼續小於上一個週期。

Secondly, I think the international underinvestment for the last few years, actually, the last down cycle, combined with the dip in the last 2 years is creating condition for unnecessary injection of short-cycle capital and then long-cycle capital investment to respond to the supply. So we are seeing growth in North America, albeit a cut, we are seeing a rebound -- a visible rebound in short- and long-cycle investments, internationally.

其次，我認為過去幾年的國際投資不足，實際上是上一個下行週期，加上最近兩年的下跌，正在為不必要的短週期資本注入創造條件，然後進行長周期資本投資以應對供應。因此，我們看到了北美的增長，儘管有所下降，但我們看到了反彈——國際上短期和長期投資的明顯反彈。

And I will insist on the long-cycle because I believe that both oil capacity is being looked upon and by some OPEC member to secure future supply market share, but also the international and major are investing into their advantage offshore basins and we are seeing not only infill-drilling, but we are seeing FID for offshore that are accelerating going forward. So it's a mix of offshore rebound, solid including deepwater, international short cycle and oil capacity in land. And finally, solid growth in North America. So these are unique conditions that are tightening the capacity and that are creating the underlying pricing improvement condition.

我將堅持長周期，因為我相信石油產能正在受到一些歐佩克成員國的關注，以確保未來的供應市場份額，而且國際和主要國家正在投資於他們的優勢近海盆地，我們沒有看到僅加密鑽井，但我們看到海上 FID 正在加速向前發展。因此，它是海上反彈的混合體，包括深水、國際短週期和陸地石油產能。最後，北美的穩健增長。因此，這些是正在收緊產能並創造潛在定價改善條件的獨特條件。

Okay. Perfect. Appreciate the color. A follow-up to that would be, obviously this is -- this constructive backdrop for Schlumberger and the OFS industry, you've got a wall of free cash flow coming to you. And so when we look at this, obviously, you did $3 billion of free cash flow last year. And it looks like over the next 2 years, that should be growing. So how should we think about returning cash -- how Schlumberger is going to return cash to shareholders? And then how does M&A fit into this capital allocation strategy? Because, obviously, you're trying to reshape the company for new energy ventures and things like that as well.

好的。完美的。欣賞顏色。顯然，這是斯倫貝謝和 OFS 行業的建設性背景，您將獲得一堵自由現金流的牆。因此，當我們看到這一點時，很明顯，你去年實現了 30 億美元的自由現金流。看起來在接下來的 2 年裡，這應該會增長。那麼我們應該如何考慮返還現金——斯倫貝謝將如何將現金返還給股東？那麼併購如何適應這種資本配置策略？因為，很明顯，你正試圖為新能源企業和類似的事情重塑公司。

Chase, it's Stephane. Look, I like your expression on free cash flow. It was indeed quite strong last year with $3 billion. Now indeed, we visibly accelerated the leveraging of our balance sheet and -- but we are not quite there yet at the leverage ratio we committed to. So we have a clear line of sight now to achieving the target leverage we announced earlier even though there's still some uncertainty remaining in -- at the start of the year.

蔡斯，是斯蒂芬。看，我喜歡你對自由現金流的表達。去年確實相當強勁，達到了 30 億美元。現在確實，我們明顯加快了資產負債表的槓桿率，但我們還沒有達到我們承諾的槓桿率。因此，我們現在對實現我們早些時候宣布的目標槓桿有明確的看法，儘管在今年年初仍然存在一些不確定性。

Nevertheless, with the market fundamentals consolidating, particularly in the second half of the year and into 2023, we have even more confidence indeed now in generating significant excess cash this year and beyond. So we will be able to maintain quite a healthy balance sheet, and it will give us the flexibility to increase returns to shareholder as well as fund new growth opportunities. So we will certainly provide a comprehensive framework for future capital allocation as part of the Capital Market Day that we announced earlier. Returns to shareholders are obviously important and increased dividends and buybacks will definitely be part of this equation.

儘管如此，隨著市場基本面的鞏固，特別是在下半年和 2023 年，我們現在確實更有信心在今年及以後產生大量超額現金。因此，我們將能夠保持相當健康的資產負債表，這將使我們能夠靈活地增加股東回報並為新的增長機會提供資金。因此，作為我們之前宣布的資本市場日的一部分，我們肯定會為未來的資本配置提供一個全面的框架。對股東的回報顯然很重要，增加股息和回購肯定會成為這個等式的一部分。

As it relates to M&A, sorry, I didn't answer on M&A. It's also part of what we will -- it's, of course, part of the toolbox, and you'll get more details when we give you that more comprehensive framework again.

由於它與併購有關，抱歉，我沒有回答併購問題。它也是我們將要做的一部分——當然，它是工具箱的一部分，當我們再次為您提供更全面的框架時，您將獲得更多詳細信息。

Next, we go to the line of Arun Jayaram with JPMorgan.

接下來，我們與摩根大通一起前往 Arun Jayaram。

With the marginal supply source now moving from U.S. shale to OPEC, I wanted to see if you could frame, what kind of changes in spending patterns that you're seeing from the NOCs versus, call it maintenance work versus FIDs and things to increase productive capacity?

隨著邊際供應來源現在從美國頁岩油轉移到歐佩克，我想看看你是否可以框架，你從 NOC 看到的支出模式發生了什麼樣的變化，稱之為維護工作與 FID 以及提高生產力的事情容量？

I think what we have seen and we are already witnessing today, I think and it's visible in Middle East, but beyond is the short-cycle -- the return of short-cycle activity to assure, as you said, the maintenance of production and with a small but visible increment of output supply.

我認為我們已經看到並且我們今天已經在目睹了，我認為這在中東是可見的，但除此之外是短週期——正如你所說，短週期活動的回歸，以確保生產的維持和輸出供應量小但可見的增量。

What we are seeing is also a commitment and some FID in the pipeline to increase oil capacity, sustain oil capacity for -- with a few countries committing to participate fully and are laying out the foundation this year and next year into expanding the supply.

我們所看到的也是一項承諾和一些 FID 在管道中增加石油產能，維持石油產能 - 一些國家承諾全面參與，並正在為今年和明年擴大供應奠定基礎。

But what we should not forget about and is part very true for Middle East is, there's also a gas market that is being very sustained that have seen reinvestments. And it's part of the regional dynamic and that is already seeing -- is continuing to see double-digit growth. So I think it's a combination of gas market being sustained and having had less setback than oil in the recent time. Short-cycle expansion and long-cycle acceleration with new FID capacity, and this is true from deepwater Brazil to the future investment in -- and the current and future investment in Middle East or FID that are in the pipeline in Russia. So that's, again, very broad. And at combined short and long cycle. And if you were to project, I think 2022 is a supply-led activity rebound and 2023 will be a demand-led activity growth. And the capacity expansion, the long cycle will further -- would further contribute going forward into -- well into 2023.

但是我們不應該忘記並且對於中東來說非常真實的是，還有一個非常持續的天然氣市場，已經看到了再投資。它是區域動態的一部分，並且已經看到 - 繼續看到兩位數的增長。因此，我認為這是天然氣市場持續存在且近期受挫少於石油的組合。新的 FID 產能實現短週期擴張和長周期加速，從巴西深水區到未來的投資，以及俄羅斯正在籌備中的中東或 FID 的當前和未來投資，都是如此。所以這又是非常廣泛的。並在短週期和長周期相結合。如果你要預測，我認為 2022 年是供應主導的活動反彈，而 2023 年將是需求主導的活動增長。產能擴張，長周期將進一步 - 將進一步推動 - 到 2023 年。

Great. And my follow-up is, your outlook on 2022 embeds a 200 basis points of year-over-year margin expansions in the fourth quarter. So that would -- if I did my math right, that would put your EBITDA margins based on the outlook slightly above 24%. And so I wanted you to a little bit -- go ahead.

偉大的。我的後續行動是，您對 2022 年的展望包含了第四季度 200 個基點的同比利潤率增長。因此，如果我的數學計算正確，那麼基於前景的 EBITDA 利潤率將略高於 24%。所以我希望你稍微- 繼續。

As we exit -- it's an exit rate. We made a comparison 200 bps or higher as we exit 2022 when compared to the second half or Q4 of 2021...

當我們退出時——這是一個退出率。與 2021 年下半年或第四季度相比，我們在 2022 年退出時進行了 200 個基點或更高的比較……

Exactly. Okay. Got it. It's exit rate. So as we think about 2023, your outlook is that you could reach or exceed a mid-cycle EBITDA margin of 25%.

確切地。好的。知道了。是退出率。因此，當我們考慮 2023 年時，您的前景是您可以達到或超過 25% 的周期中期 EBITDA 利潤率。

Second half.

下半場。

Second half. Yes...

下半場。是的...

In the second half, we expect in the second half to reach or exceed indeed.

下半年，我們預計下半年確實會達到或超過。

Great. Great. And I just wanted to comment on -- the drivers of that would be just mix and just further pricing improvement?

偉大的。偉大的。我只是想評論一下——驅動因素只是混合和進一步的定價改進？

I think, again, as I commented in a previous question, I think operating leverage will continue to give us a fall-through as we continue to leverage the structure change we have done and digital operation in particular. The mix will be -- with long cycle and offshore will continue to be digital part of the technology adoption across the different basins, will also passed into the mix further. And finally, pricing will expand. So I think this is the combination that give us more confidence that we reached this mid-cycle prior to previous anticipation.

我認為，正如我在上一個問題中所評論的那樣，我認為運營槓桿將繼續給我們帶來失敗，因為我們將繼續利用我們已經完成的結構變化，特別是數字化運營。混合將是 - 週期長，海上將繼續成為不同盆地採用技術的數字部分，也將進一步傳遞到混合中。最後，定價將擴大。所以我認為這是讓我們更有信心在之前的預期之前達到這個中期週期的組合。

Our next question is from Scott Gruber with Citigroup.

我們的下一個問題來自花旗集團的 Scott Gruber。

So clearly, your capital intensity is going to be down versus last cycle. But just given potential growth rates that we're seeing coupled with you and peers keeping a lid on CapEx. It appears that the market could be quite tight exiting this year. So my question is, can you keep CapEx at a similar level to 2022 as a percent of sales into '23 and into '24, while still riding the multiyear growth cycle that we all hope unfolds?

很明顯，與上一個週期相比，您的資本密集度將下降。但考慮到我們看到的潛在增長率，再加上您和同行對資本支出的限制。看來今年市場可能會非常緊張退出。所以我的問題是，你能否將資本支出保持在與 2022 年相似的水平，作為 '23 和 '24 年銷售額的百分比，同時仍然保持我們都希望展開的多年增長周期？

So look, Scott, indeed, our capital intensity has reduced quite a bit and quickly just because we high-graded our portfolio, we extracted more operational efficiencies and we had our capital stewardship program as well, but where we deploy assets only to the best returns countries and contracts.

所以看，斯科特，確實，我們的資本密集度已經大大降低，而且很快就因為我們對我們的投資組合進行了高評級，我們提取了更多的運營效率，我們也有我們的資本管理計劃，但是我們只將資產部署到最好的位置返回國家和合同。

So now, for 2022, we are looking at spending total capital investment, including APS between 1.9 and 2. That's just a relatively small increase compared to 2021. As to the -- can we keep this into the future? It's a bit too soon to say. But we definitely, whatever increment we make, it's geared towards technology. It will be on the most accretive contracts.

因此，現在，對於 2022 年，我們正在考慮支出總資本投資，包括 1.9 到 2 之間的 APS。與 2021 年相比，這只是一個相對較小的增長。至於 - 我們可以將其保持到未來嗎？現在說有點太早了。但我們肯定，無論我們做什麼增量，它都是面向技術的。這將是最增值的合同。

We want that incremental technology investment to be priced appropriately. And for that matter, we already have a strong pipeline of contracts that allowed us to do that at favorable commercial condition. So we'll see how the year progress. But for the moment, we are quite confident that the envelope we gave you allow us to fully seize the growth in 2022 and prepare for 2023. We will see how we set the envelope in 2023. It cannot be a huge increase for sure.

我們希望對增量技術投資進行適當定價。就此而言，我們已經擁有強大的合同渠道，使我們能夠在有利的商業條件下做到這一點。因此，我們將看到這一年的進展情況。但就目前而言，我們很有信心，我們給你的信封讓我們能夠充分抓住2022年的增長，為2023年做好準備。我們將看看我們如何在2023年設定信封。這肯定不是一個巨大的增長。

But we'll keep the capital intensity of our business going forward in check. I think the capital stewardship part of our returns-focused strategy, it's clearly giving us a little bit of a new dynamic and a new mindset in our commercial and contractual engagement with customer. And we have the whole organization focused on effectively and efficiently using the CapEx -- the equipment pool that we have to deploy to the most accretive contract and the most accretive engagement we have. So we'll continue to use this discipline to make sure that we keep in check broadly the capital intensity in this cycle.

但我們將繼續控制我們業務的資本密集度。我認為我們以回報為重點的戰略中的資本管理部分，顯然在我們與客戶的商業和合同接觸中為我們提供了一些新的動力和新的思維方式。我們讓整個組織專注於有效和高效地使用資本支出——我們必須部署到最具增值性的合同和我們擁有的最具增值性的參與的設備池。因此，我們將繼續使用這一規則來確保我們在這個週期中廣泛地控制資本密集度。

Got it. And then of the $1.9 billion to $2 billion budget this year, are you able to state how much is APS? And if you do end up selling the Canadian project this year, how much could be APS portion step down on an annualized basis?

知道了。然後在今年 19 億到 20 億美元的預算中，你能說明 APS 是多少嗎？如果你今年最終出售了這個加拿大項目，那麼 APS 部分每年可以減少多少？

So look, we don't disclose the split of the guidance. There is a small increase in APS investment, but it's matched with increased cash flow. As you know, the way we look at APS investment is really based on the cash flow of the individual projects. And as an aside, we are generating very good cash flow within our APS project.

所以看，我們不透露指導的拆分。 APS 投資略有增加，但與現金流量增加相匹配。如您所知，我們看待 APS 投資的方式實際上是基於單個項目的現金流量。順便說一句，我們在 APS 項目中產生了非常好的現金流。

So overall, as Olivier mentioned, the business of APS because it's just a handful of projects is going to be pretty flat this year. And the investment level is definitely not going to increase in future years.

所以總的來說，正如 Olivier 提到的，APS 的業務因為它只是少數幾個項目，今年將相當平淡。未來幾年投資水平肯定不會增加。

Our next question is from Connor Lynagh with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Connor Lynagh。

I was wondering if we could go back to pricing for a minute here. And I'm curious if you could maybe characterize, it certainly sounds like pricing has become more broad-based, but are there specific areas globally or specific divisions in which you're realizing more pricing. And I guess the question is, when do we see this in the results? I mean, is this broad-based, and you're going to be seeing it in 2022? Or is this sort of early signs and is more of a 2023 dynamic?

我想知道我們是否可以在這裡回到定價一分鐘。而且我很好奇您是否可以描述一下，聽起來定價已經變得更加廣泛，但是在全球範圍內或特定部門中是否存在您正在實現更多定價的特定領域。我想問題是，我們什麼時候在結果中看到這一點？我的意思是，這是基礎廣泛的，你會在 2022 年看到它嗎？還是這種早期跡象，更像是 2023 年的動態？

I think it's broad based. But let me maybe underline what, where and how we see pricing condition getting developed, I think, and we see it in 3 ways. First, we believe that pricing condition and commercial term are linked to performance. So performance and execution, our performance contract are differentiated in the impact we provide to customer give us the opportunity to negotiate favorable commercial terms and keep or expand our market position with key customers. So I think this has started and this is depending on the region. This is something that impacts our service Division, I would say, our Reservoir Performance and Well Construction particularly.

我認為它是廣泛的。但讓我強調一下，我認為，我們認為定價條件是在什麼、在哪里以及如何發展的，我們從 3 種方式來看待它。首先，我們認為定價條件和商業條款與業績掛鉤。因此，績效和執行，我們的績效合同在我們為客戶提供的影響方面是不同的，這讓我們有機會談判有利的商業條款，並保持或擴大我們與主要客戶的市場地位。所以我認為這已經開始，這取決於地區。這會影響我們的服務部門，我想說，尤其是我們的油藏性能和油井建設。

The second one is linked to, I think, capacity -- and I think capacity on unique technology, capacity on equipment that is tight, be it for offshore deployments or be it for high-volume intensity basin like North America. So this, we have seen when the conditions are set, and we are getting an opportunity to expand from in green shoots to broad pricing improvement condition. So this we have seen happening for the last year in North America, and we see this starting to happen in offshore deployment where unique equipment have to be mobilized, have to be secured, and they are done at pricing condition that has improved over the last few months.

我認為，第二個與產能有關——我認為獨特技術的產能，緊缺的設備產能，無論是海上部署還是北美等高強度盆地。因此，我們已經看到條件何時設定，並且我們有機會從萌芽擴展到廣泛的定價改善條件。因此，我們去年在北美看到了這種情況，我們看到這種情況開始發生在海上部署中，必須調動獨特的設備，必須得到保護，並且它們的定價條件比去年有所改善幾個月。

Finally, inflation. Inflation is something that exists. It's related to market condition. Inflation is something that we always deal with. And today, we are seeing more into the OECD and North America, but we are dealing with inflation every day in every GeoUnit, as we call it, over the years, and we know how to manage it to engage with customers. It's more acute, and it's more pronounced in [in some parts of some basins], and we're responding it with engagement of our customer and using the contract term we have to offset the inflation pressure we are getting.

最後，通貨膨脹。通貨膨脹是存在的。這與市場狀況有關。通貨膨脹是我們一直在處理的事情。今天，我們對經合組織和北美的了解越來越多，但多年來，我們每天都在應對每個 GeoUnit 的通貨膨脹，正如我們所說的那樣，我們知道如何管理它以與客戶互動。它更加嚴重，並且在 [在某些盆地的某些地區] 更加明顯，我們正在通過客戶的參與和使用我們必須抵消我們所獲得的通貨膨脹壓力的合同條款來回應它。

So it's all about performance, including our technology. It's all about capacity tightening and it's about responding to the inflation pressure. So these 3 things are the lever we are using and that are starting to be more broad, each of them across the different basins. Hence, it's progressive, and it's touching and addressing different basin and all Divisions throughout 2022 and further into '23.

所以一切都與性能有關，包括我們的技術。這一切都是為了收緊產能，也是為了應對通脹壓力。因此，這三件事是我們正在使用的槓桿，並且開始變得更加廣泛，它們中的每一個都跨越不同的盆地。因此，它是進步的，它在整個 2022 年乃至 23 年觸及和解決不同的流域和所有部門。

That's all helpful context. The inflation topic, obviously, is one we haven't really talked about extensively. It hasn't seemed to prevent you guys from expanding margins significantly. But as we look into 2022, I'd say the market expectation seems to be that commodity deflation could occur, but labor inflation could increase. I'm curious what you're seeing on that front? And should we think about either of those having a meaningful impact on your margins either positively or negatively?

這都是有用的上下文。很明顯，通脹話題是我們沒有真正廣泛討論過的話題。它似乎並沒有阻止你們顯著擴大利潤。但當我們展望 2022 年時，我想說市場預期似乎是商品通貨緊縮可能會發生，但勞動力通脹可能會增加。我很好奇你在前面看到了什麼？我們應該考慮對您的利潤產生積極或消極影響的任何一個因素嗎？

I think, first, I think, as you mentioned, I think inflation is nothing new and had happened last year. And I think the performance of our supply organization, the way we are dealing with it, I think, has helped us to mitigate and shift to the right, if I may, some of these.

我認為，首先，我認為，正如你所提到的，我認為通貨膨脹並不是什麼新鮮事，去年就發生了。我認為我們的供應組織的表現，我們處理它的方式，我認為，已經幫助我們減輕和向右轉移，如果可以的話，其中一些。

And secondly, I think we have been able to engage commercially to offset and create net pricing condition. So I think we see this happening forward. And when it comes resource versus equipment, I think resource is always a hot topic in our organization. But I think we'll respond to this by further improving, accelerating our digital operation adoption so that we offset some of the pressure on our resources as much as we can. And can offset this pressure as well. So I think it's part of a toolbox that we use and that we'll continue to tune as the cycle unfolds.

其次，我認為我們已經能夠進行商業活動以抵消和創造淨定價條件。所以我認為我們看到這種情況正在發生。當談到資源與設備時，我認為資源一直是我們組織的熱門話題。但我認為我們將通過進一步改進、加速我們的數字化運營採用來應對這一問題，以便我們盡可能地抵消對資源的一些壓力。並且也可以抵消這種壓力。所以我認為它是我們使用的工具箱的一部分，我們將隨著周期的展開繼續調整。

Our next question is from Roger Read with Wells Fargo.

我們的下一個問題來自富國銀行的 Roger Read。

Certainly good to see things turning around here. I just had a couple of questions, follow up on some of the discussions about expectations on EBITDA margins, the mix that you expect to see. And I was curious what you would anticipate or what is embedded in the forecast in terms of a recovery in E&A spending within the overall spending increase? And if that's going to be less. And the reason I say that as we know several companies have essentially eliminated their E&A departments. How that might affect the EBITDA expansion that you anticipate '22 and on into '23?

很高興看到這裡的情況有所好轉。我只是有幾個問題，跟進一些關於 EBITDA 利潤率預期的討論，你期望看到的組合。我很好奇你會預測什麼，或者在總體支出增長中 E&A 支出的複蘇方面的預測中包含什麼？如果這會更少。我之所以這麼說，因為我們知道有幾家公司基本上已經取消了他們的 E&A 部門。這將如何影響您預計 22 年及 23 年的 EBITDA 擴張？

I think it's a valid question. But I think if you were to notice some of the highlights that we have released in the fourth quarter, we had a rebound of E&A data exploration sales as part of the -- so the E&A is albeit, very compressed compared to the peak of the last cycle.

我認為這是一個有效的問題。但我認為，如果你注意到我們在第四季度發布的一些亮點，我們將 E&A 數據勘探銷售作為其中的一部分出現反彈——因此 E&A 儘管與峰值相比非常壓縮最後一個週期。

I think is seeing a resurgence for 2 reasons. First, customers are trying to assess and reassess their reserves near around their hubs, be it on the land that they own or be it on the key offshore hubs that they have developed to make sure they can fast track in filtering and develop near-field exploration.

我認為看到復蘇有兩個原因。首先，客戶正在嘗試評估和重新評估其樞紐附近的儲量，無論是在他們擁有的土地上，還是在他們開發的主要離岸樞紐上，以確保他們能夠快速跟踪過濾和開發近場勘探。

So we see a lot of infrastructure-led exploration, not necessarily large greenfield new, and we don't expect this to be the trend going forward. But we see that exploration is much more surgical exploration, if I may use that word, to be near-field, backyard exploration, as we call it, around-near infrastructure so that the operator partly offshore get to accelerate the return on the existing infrastructure and get fast track, fast short-cycle return on existing offshore.

所以我們看到了很多以基礎設施為主導的探索，不一定是大型的新綠地，我們預計這不會成為未來的趨勢。但我們看到，勘探更像是外科勘探，如果我可以使用這個詞，是近場、後院勘探，正如我們所說，圍繞基礎設施，以便部分離岸的運營商加速現有的回報基礎設施，並在現有的離岸平台上獲得快速通道、快速的短週期回報。

So we see that in Latin America. We see that in Gulf of Mexico and Europe. In West Africa, this is very broad. So we are benefiting from it in our Reservoir Performance, we're benefiting from it in our -- in some of the key technology that we provide, including in digital.

所以我們在拉丁美洲看到了這一點。我們在墨西哥灣和歐洲看到了這一點。在西非，這非常廣泛。因此，我們在我們的水庫性能中從中受益，我們在我們提供的一些關鍵技術中受益，包括數字技術。

So I think, while it has been a step down compared to previous cycle, there is a keen interest and investment resurgence in E&A for this reason. And I think we'll see that as a backup of FID and it's true particularly offshore.

因此，我認為，雖然與上一個週期相比有所下降，但出於這個原因，人們對 E&A 的興趣和投資重新抬頭。我認為我們會將其視為 FID 的備份，尤其是在海外。

I appreciate that. And then just looking at the Digital & Integration segment, it's obviously one lot of us are focused on. And I know you've got a lot of expectations embedded in it as well. Was just curious if you look back over the last 12 months and forward over the next 12, kind of what's been a positive surprise? What's been maybe a little bit of a headwind there? And if there's been a headwind, maybe how you would anticipate that reversing as we look into '22 and '23? Probably more from the customer side, but if there's anything internal as well.

我很感激。然後只看數字和集成部分，顯然我們很多人都在關注它。我知道你也有很多期望。如果您回顧過去 12 個月並展望未來 12 個月，只是好奇，這是一個積極的驚喜嗎？那裡可能有點逆風？如果遇到逆風，當我們研究 22 年和 23 年時，你會如何預期這種逆轉？可能更多來自客戶方面，但如果有內部的東西也是如此。

No, internal. I think we are very pleased with the progress of the deploying and continuing to build the digital foundation and digital platform foundation that support our strategy. Now every customer has their own pace of adoption, their own intel in digital infrastructure they choose to deploy, in which we need to plug. So our choice 2 years ago, to go with open data ecosystem foundation, the choice we have made to go in partnership with different cloud providers, different industry partners to expand our market reach has unlocked some of this customer to come and join us in our digital journey with our platform.

不，內部。我認為我們對部署和繼續構建支持我們戰略的數字基礎和數字平台基礎的進展感到非常高興。現在，每個客戶都有自己的採用速度，他們選擇部署的數字基礎設施中有自己的英特爾，我們需要在其中插入。因此，我們在 2 年前選擇了開放數據生態系統基礎，我們做出的選擇是與不同的雲提供商、不同的行業合作夥伴合作以擴大我們的市場範圍，這釋放了一些客戶來加入我們的行列。使用我們的平台進行數字之旅。

So it's -- we continue to work on it. The last 2 years could have been better and larger adoption possibly. But I think we have the foundation in place. We are in the early innings, as I said, of full adoption considering the size, the oversized scale of our customer base. So I remain confident that this is just the first step, and this will only accelerate. So we have the right foundation. So digital is here to stay. Digital transformation is here to accelerate across the industry. And I think we are taking it one customer at a time, and this is what is happening. So we are positive.

所以它 - 我們繼續努力。過去 2 年可能會更好和更大的採用率。但我認為我們的基礎已經到位。正如我所說，考慮到我們客戶群的規模和超大規模，我們正處於全面採用的早期階段。所以我仍然相信這只是第一步，而且只會加速。所以我們有正確的基礎。因此，數字化將繼續存在。數字化轉型正在加速整個行業。我認為我們一次只接受一個客戶，這就是正在發生的事情。所以我們是積極的。

Our next question is from Neil Mehta with Goldman Sachs.

我們的下一個問題來自高盛的 Neil Mehta。

The first question is a modeling-specific one. Working capital, obviously, a big positive item this quarter. Can you talk about -- do you see it unwinding over the course of the year? And any just thoughts on trajectory there? And as it relates to that, Liberty, it looks like you sold $109 million of shares in the quarter. As it relates to that, should we think of that as a ratable exit? And is this run rate in the open market? Or are you going to be opportunistic around share price?

第一個問題是特定於建模的問題。營運資金顯然是本季度的一大利好項目。你能談談 - 你看到它在一年中放鬆嗎？還有關於軌蹟的任何想法嗎？與此相關的是，Liberty，看起來你在本季度賣出了 1.09 億美元的股票。與此相關的是，我們是否應該將其視為可評估的退出？這是公開市場的運行率嗎？還是你會在股價上投機取巧？

Thank you, Neil. So working capital, indeed, was significantly lower in the second half, especially in Q4. And again, this was very strong customer collections and customer advances. So looking at 2022, we expect the same pattern very seasonality in working capital. Usually, the -- it increases in the first quarter. We have payment of annual incentives to employees, and then gradually, it improves in the subsequent quarters, mostly on cash collection. So we'll see the same in 2022 we'll -- where we likely be higher levels in general working capital consumption as activity accelerates. Particularly considering the exit rates we are looking at.

謝謝你，尼爾。因此，下半年的營運資金確實明顯下降，尤其是在第四季度。再一次，這是非常強大的客戶收藏和客戶預付款。因此，著眼於 2022 年，我們預計營運資金的模式會出現相同的季節性變化。通常，它在第一季度會增加。我們向員工支付年度獎勵，然後在隨後的幾個季度逐漸改善，主要是現金回收。因此，我們將在 2022 年看到同樣的情況——隨著活動的加速，我們的一般營運資本消耗可能會更高。特別是考慮到我們正在研究的退出率。

But we'll strive to maintain this to a minimum. And in any case, we still want to generate double-digit free cash flow margin, and that's inclusive of any working capital movement, so that helps us managing with this boundary.

但我們將努力將其保持在最低限度。無論如何，我們仍然希望產生兩位數的自由現金流邊際，這包括任何營運資金的流動，這有助於我們管理這個邊界。

As to Liberty, yes, we are quite happy with our equity stake, has actually improved quite a bit since the transaction was announced. We did decide to monetize part of it -- to start monetizing part of the investment following the expiration of the lockup period. We still hold a significant share of the equity, as I highlighted, about 31% after the transaction. So we'll continue to monitor the value of the investment going forward, and we'll decide on further monetization based on market conditions.

至於 Liberty，是的，我們對我們的股權感到非常滿意，自交易宣布以來實際上已經有了很大的改善。我們確實決定將其中的一部分貨幣化——在鎖定期到期後開始將部分投資貨幣化。正如我強調的那樣，我們仍然持有相當大的股權，在交易後大約 31%。因此，我們將繼續監控未來投資的價值，並根據市場情況決定進一步貨幣化。

The follow-up is you announced a Capital Markets Day on this call earlier in the call, sometime in the second half. Can you just talk about what you want to achieve out of that day from a financial perspective? What type of framework?

後續行動是您在電話會議的早些時候（下半年的某個時間）宣布了本次電話會議的資本市場日。你能從財務角度談談你那天想要實現的目標嗎？什麼類型的框架？

I think we are willing to reengage with all of you in the live session, first and foremost. We want to lay out, clearly, our strategic framework going forward in the cycle and beyond, including our 3 engine of growth: core; digital; and new energy, and we will support it by laying out our financial framework for return -- including capital allocation and return to shareholder. That's what we aim at doing at that time. And we'll be clearly expressing in that setting the long-term target that we set.

首先，我認為我們願意在現場會議中與你們所有人重新互動。我們想清楚地展示我們在周期內及以後的戰略框架，包括我們的 3 個增長引擎：核心；數字的;和新能源，我們將通過制定我們的財務回報框架來支持它——包括資本配置和對股東的回報。這就是我們當時的目標。我們將明確表達我們設定的長期目標。

I believe we have time for one last question, operator?

我相信我們有時間回答最後一個問題，接線員？

That last question is from Keith MacKey with RBC Capital Markets.

最後一個問題來自 RBC Capital Markets 的 Keith MacKey。

Yes. I just wanted to maybe break -- ask you to dig into your North American outlook for the 20% increase in spending this year. Can you maybe just sort of break that out in terms of what you might expect for drilling versus completion versus price inflation in general?

是的。我只是想打破 - 請您深入了解您對今年支出增長 20% 的北美前景。您是否可以根據您對鑽井與完井與總體價格通脹的預期來打破這一點？

Yes. Good question. I think, first, I think the North America outlook we are providing is inclusive of offshore and onshore and onshore inclusive of U.S. and Canada. So I think it's a mix that is a bit not difficult, but it's a lot of variables at play to decipher here. So -- but to your specific question, we foresee indeed that the U.S. land, which is a big portion of this activity outlook, will be having a bias towards Well Construction as the market is rotating from depleting the DUCs to replenishing the DUCs, hence, Well Construction rig-based activity is -- will be the lead in a 20% plus. And I think we are set to respond to this with Well Construction portfolio in that environment, and this will be very favorable to us.

是的。好問題。我認為，首先，我認為我們提供的北美前景包括離岸和在岸以及在岸包括美國和加拿大。所以我認為這是一個有點不難的混合，但這裡有很多變量在起作用。所以——但對於你的具體問題，我們確實預見到，隨著市場從耗盡 DUC 轉向補充 DUC，美國土地（這一活動前景的很大一部分）將偏向於 Well Construction，因此, Well Construction 基於鑽機的活動是 - 將領先 20% 以上。而且我認為我們將在那種環境下通過 Well Construction 投資組合對此做出回應，這對我們非常有利。

And the offshore environment is broad. And I think offshore environment will be execution of Well Construction and also Reservoir Performance. And so when you put all these and you put a more modest and more moderate Canada environment, you have a mix that is favorable to our Well Construction and Production Systems in U.S. lands and favorable to our Reservoir Performance and Well Construction in offshore environments, all of which combine to give us this ambition about 20%.

離岸環境廣闊。而且我認為海上環境將是井建設和油藏性能的執行。因此，當你把所有這些都放在一個更溫和和更溫和的加拿大環境中時，你就會得到一個有利於我們在美國土地上的油井建設和生產系統以及有利於我們在海上環境中的油藏性能和油井建設的組合，所有這些其中加起來給我們這個雄心壯志的大約 20%。

Perfect. And maybe one quick follow-up. Just on the Canadian APS, I know there was a sales process outstanding. Just curious, if you can give any update on your thinking there currently.

完美的。也許是一個快速的跟進。就在加拿大 APS 上，我知道有一個出色的銷售流程。只是好奇，如果你能就你目前的想法提供任何更新。

So we have received several offers for APS asset in Canada as part of the process we launched last year. So while we were assessing those proposals, the market conditions actually continue to improve and the value of the asset increased as a result. So we actually took the decision that the offers we had received were not -- no longer reflective of the economic value and the cash flow potential of the asset. So we are not entertaining those offers at the moment. The asset is now generating very strong cash flows, but we remain open to all options.

因此，作為我們去年啟動的流程的一部分，我們收到了加拿大 APS 資產的多個報價。因此，當我們評估這些提議時，市場狀況實際上繼續改善，資產價值因此而增加。所以我們實際上決定我們收到的報價不再反映資產的經濟價值和現金流潛力。因此，我們目前不接受這些提議。該資產現在正在產生非常強勁的現金流，但我們仍然對所有選擇持開放態度。

So I believe we need to close the call. So before we close the call, I would like to leave you with a few takeaways. Firstly, the quality of our results during the fourth quarter, partially the cash flow generation and our digital sales, have helped us close a remarkable year with financial outperformance during 2021, supporting significant EBITDA margin expansion and very sizable reduction of our net debt. Credit to the entire Schlumberger team for outstanding execution across all basins and divisions.

所以我認為我們需要結束通話。因此，在我們結束通話之前，我想給您一些建議。首先，我們第四季度業績的質量，部分是現金流的產生和我們的數字銷售，幫助我們在 2021 年以財務優異表現結束了非凡的一年，支持顯著的 EBITDA 利潤率擴張和我們的淨債務大幅減少。感謝整個斯倫貝謝團隊在所有流域和部門的出色執行。

Secondly, our performance strategy, execution has resulted in significant progress in the adoption of our digital platform, the deployment of our fit-for-basin and Transition Technologies, and the successful acceleration of our new energy venture, each developing towards a sizable addressable market.

其次，我們的績效戰略和執行在採用我們的數字平台、部署我們的適合盆地和過渡技術以及成功加速我們的新能源業務方面取得了重大進展，每一項都朝著一個可觀的潛在市場發展.

Thirdly, during 2021, we had enhanced our market position with key customers ahead of the significant up cycle. And we will fully benefit from the scale and breadth of the favorable activity mix unfolding across all basins during '22 and beyond. This will result in significant growth and further margin expansion and will support our double-digit free cash flow ambition.

第三，在 2021 年，我們在顯著上升週期之前提升了與主要客戶的市場地位。我們將充分受益於 22 年及以後在所有流域展開的有利活動組合的規模和廣度。這將導致顯著增長和進一步的利潤率擴張，並將支持我們兩位數的自由現金流雄心。

Finally, the macro environment is increasingly supportive of a promotional super cycle. As this favorable market condition expand both onshore and offshore, well beyond 2022, we have increased confidence in reaching our mid-cycle EBITDA margin ambition of 25% in the second half of 2023.

最後，宏觀環境越來越支持促銷超級週期。隨著這一有利的市場條件在2022年之後在陸上和海上擴展，我們更有信心在2023年下半年實現25%的周期中期EBITDA利潤率目標。

Ladies and gentlemen, 2021 was a defining and transformative year for Schlumberger, and 2022 presents the unique environment to successfully build upon our success and accelerate our growth into the future. Thank you very much.

女士們，先生們，2021 年對於斯倫貝謝來說是具有決定性和變革性的一年，而 2022 年為我們提供了一個獨特的環境，可以成功地在我們的成功基礎上再接再厲，加速我們未來的發展。非常感謝。

Ladies and gentlemen, that does conclude your conference for today. Thank you for your participation and for using AT&T teleconference service. You may now disconnect.

女士們，先生們，今天的會議到此結束。感謝您的參與和使用 AT&T 電話會議服務。您現在可以斷開連接。