斯倫貝謝公司 (SLB) 2021 Q3 法說會逐字稿

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

女士們、先生們，感謝你們的支持，並歡迎參加斯倫貝謝的財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我想將會議轉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 Third Quarter 2021 Earnings Conference Call. Today's call is being hosted from the Schlumberger Doll Research Center in Boston, following the Schlumberger 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 年第三季度收益電話會議。在本週早些時候舉行的斯倫貝謝董事會會議之後，今天的電話會議由波士頓斯倫貝謝娃娃研究中心主辦。與我們一起參加電話會議的還有首席執行官 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'll 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，我想提醒所有與會者，我們今天將發表的一些聲明具有前瞻性。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聲明中預測的結果存在重大差異。因此，我建議您參閱我們最新的 10-K 文件和其他 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 third quarter press release, which is on our website. With that, I'll turn the call over to Olivier.

我們今天的評論可能還包括非公認會計準則財務指標。更多詳細信息以及與最直接可比的 GAAP 財務指標的調節可以在我們網站上的第三季度新聞稿中找到。這樣，我會將電話轉給奧利維爾。

Thank you, ND. Good morning, ladies and gentlemen. Thank you for joining us on the call. In my prepared remarks today, I will cover 3 topics: our third quarter results, our view of the near-term macro and the exceptional growth opportunity ahead of us. I will then share some insights on the Middle East and offshore markets, and finally, a first view of the 2022 growth outlook. Stephane will then give more details on our financial results and we'll open the floor for questions.

謝謝你，ND。早上好，女士們，先生們。感謝您加入我們的通話。在今天準備好的發言中，我將討論三個主題：我們的第三季度業績、我們對近期宏觀經濟的看法以及我們面前的特殊增長機會。然後我將分享一些對中東和離岸市場的見解，最後是對 2022 年增長前景的初步看法。然後斯蒂芬將提供有關我們財務業績的更多詳細信息，我們將開始提問。

The third quarter results further emphasize our returns focus, consistent execution and the advantaged mix of our portfolio. Growth momentum was sustained and we delivered a fifth consecutive quarter of margin expansion, achieving the highest pretax operating margin since 2015 and cash flow from operations in excess of $1 billion.

第三季度業績進一步強調了我們對回報的關注、一致的執行力以及我們投資組合的優勢組合。增長勢頭得以持續，我們連續第五個季度實現利潤率擴張，實現了 2015 年以來最高的稅前營業利潤率，運營現金流超過 10 億美元。

Let me share with you some performance highlights from the quarter across our core, digital and new energy. In our core, first, margin expansion was led by Well Construction and Reservoir Performance where we fully seized the sequential growth opportunity, driving operating margins in both these divisions above mid-teens, the highest levels in the last 3 years. Revenue quality improved, boosted by favorable activity mix and higher new technology uptake that delivered strong margin expansion.

讓我與您分享本季度我們在核心、數字和新能源領域的一些業績亮點。在我們的核心領域，首先，利潤率擴張是由油井建設和油藏績效引領的，我們充分抓住了連續增長的機會，將這兩個部門的營業利潤率推高至十幾歲以上，這是過去三年來的最高水平。得益於有利的活動組合和更高的新技術採用率，收入質量得到改善，從而實現了利潤率的強勁增長。

Second, internationally, we recorded growth in all 3 areas with revenue up 11% year-on-year, consistent with our ambition of double-digit revenue growth compared to the second half of 2020. International margin further expanded, exceeding pre-pandemic levels and are at the highest since 2018. In North America, revenue growth was sustained, albeit impacted by transitory supply and logistics disruption. Margins also continued to expand with operating margins firmly at double digits.

其次，在國際上，我們在三個領域均實現增長，收入同比增長11%，符合我們2020年下半年實現兩位數收入增長的目標。國際利潤率進一步擴大，超過了疫情前的水平並達到2018 年以來的最高水平。在北美，儘管受到短暫供應和物流中斷的影響，但收入持續增長。利潤率也繼續擴大，營業利潤率穩定在兩位數。

Finally, we are pleased with the very sizable activity pipeline secured during the quarter through competitive tenders, direct awards, and contract extensions, some of which include net pricing improvement, building on our differentiated performance, integration capabilities, and technology. These wins enhance our market position, creating a long tail of activity and a platform to further new technology adoption and digital deployment, strengthening our leadership as we enter an exceptional growth cycle.

最後，我們對本季度通過競爭性招標、直接授予和合同延期確保的規模非常大的活動渠道感到滿意，其中一些包括淨定價的改進，建立在我們差異化的性能、集成能力和技術的基礎上。這些勝利增強了我們的市場地位，創造了長尾活動和進一步採用新技術和數字化部署的平台，在我們進入特殊增長周期時加強了我們的領導地位。

We are delivering on the promise of our performance strategy, which is increasingly impacting our top- and bottom-line results, both in North America and internationally. As the cycle accelerates, we will leverage our advantaged platform to capture the exciting growth and outperform the market in our core going forward.

我們正在兌現績效戰略的承諾，這對我們在北美和國際上的頂線和底線業績產生了越來越大的影響。隨著周期的加速，我們將利用我們的優勢平台來捕捉令人興奮的增長，並在我們的核心業務中跑贏市場。

Moving to Digital. We continued to progress our platform strategy this quarter, expanding our offering through the acquisition of Independent Data Services and a strategic investment in DeepIQ to further advance our digital technology offering and the adoption of AI solutions in our industry. In digital production operations, we announced a partnership with AVEVA to expand powerful edge and IoT solutions to the field, complementing our Agora* platform and Sensia solutions.

轉向數字化。本季度我們繼續推進我們的平台戰略，通過收購 Independent Data Services 和對 DeepIQ 進行戰略投資來擴大我們的產品範圍，以進一步推進我們的數字技術產品和人工智能解決方案在行業中的採用。在數字製作運營方面，我們宣布與 AVEVA 建立合作夥伴關係，將強大的邊緣和物聯網解決方案擴展到現場，補充我們的 Agora* 平台和 Sensia 解決方案。

And in digital drilling, we successfully completed the first fully automated section drilled offshore at the Hebron platform for ExxonMobil in Canada, as you have seen in this morning's earnings release. This achievement is a significant step for our industry, particularly offshore, and signals a momentous opportunity to apply digital technology to create a step change in well construction safety, performance, and carbon footprint.

在數字鑽井方面，我們在加拿大埃克森美孚的希伯倫平台成功完成了第一個全自動海上鑽井部分，正如您在今天早上的財報中看到的那樣。這一成就對於我們的行業（尤其是海上行業）來說是重要的一步，並標誌著應用數字技術在油井施工安全、性能和碳足跡方面實現跨越式變革的重大機遇。

As shared recently, we are seeing the adoption of digital solutions accelerate in our industry. And whilst we are in the early innings, we are excited about the prospect of transitioning the majority of our software customer base—of over 1,700 companies—to our digital platform during the next few years. This growing adoption will generate an expanding set of digital revenue streams over a long horizon as we transition every customer to new digital solutions for the data, workflows, and operations.

正如最近分享的那樣，我們看到數字解決方案在我們的行業中的採用正在加速。雖然我們還處於早期階段，但我們對在未來幾年內將我們的大部分軟件客戶群（超過 1,700 家公司）轉移到我們的數字平台的前景感到興奮。隨著我們將每個客戶轉變為數據、工作流程和運營的新數字解決方案，這種不斷增長的採用將在長期內產生不斷擴大的數字收入流。

Moving to New Energy, we advanced our portfolio by taking a position in stationary energy storage through our strategic investment in EnerVenue, a company with differentiated metal-hydrogen battery technology. This represents a new opportunity set and an expansion of total addressable market in a sector with significant growth opportunities.

轉向新能源領域，我們通過對擁有差異化金屬氫電池技術的公司 EnerVenue 的戰略投資，在固定儲能領域佔據一席之地，從而推進了我們的產品組合。這代表著一個新的機會集，以及一個具有重大增長機會的行業的總體潛在市場的擴大。

In geoenergy, following the success of the pilot in our technology facility in France, Celsius Energy has secured 5 commercial contracts in Europe. This is a significant achievement in the commercialization road map for Celsius as a low-carbon solution for heating and cooling buildings, contributing to global efforts in reducing emissions.

在地能方面，繼法國技術設施試點取得成功後，Celsius Energy 在歐洲獲得了 5 份商業合同。這是Celsius作為建築供暖和製冷低碳解決方案商業化路線圖上的一項重大成就，為全球減排努力做出了貢獻。

To conclude on this quarter's performance, we once again demonstrated excellent progress in our strategic execution across our portfolio, supporting outstanding results. And I want to thank the entire Schlumberger team not only for delivering another strong quarter but for their unwavering efforts to create enduring value for our customers and our shareholders.

總結本季度的業績，我們再次在整個投資組合的戰略執行方面取得了出色的進展，支持了出色的業績。我要感謝整個斯倫貝謝團隊，不僅感謝他們創造了又一個強勁的季度，而且感謝他們為我們的客戶和股東創造持久價值而做出的堅定不移的努力。

Now, I would like to turn to the near-term macro and growth opportunity ahead of us. The market fundamentals have improved steadily throughout 2021, especially over the last few weeks with oil and gas price attaining recent highs, inventories at their lowest levels in the recent history, a rebound in demand and encouraging trends in the pandemic containment efforts. This strengthening in industry fundamentals, combined with the action of OPEC+ and continued capital discipline in North America, have firmly established a prospect of an exceptional multiyear growth cycle ahead.

現在，我想談談我們面臨的近期宏觀和增長機會。 2021年，市場基本面穩步改善，特別是在過去幾週，石油和天然氣價格創出近期高點，庫存處於近期歷史最低水平，需求反彈，疫情防控工作呈現令人鼓舞的趨勢。行業基本面的加強，加上歐佩克+的行動以及北美持續的資本紀律，已經堅定地奠定了未來多年增長周期的前景。

In the international markets, all regions are set to benefit from this highly favorable environment, something not seen internationally since the last supercycle. This expansion will occur at different paces across different basins, operating environments and customer groups, resulting in a sustained multipronged growth cycle. Our broad exposure across these different dimensions put us in an advantaged position to fully seize this growth opportunity.

在國際市場上，所有地區都將受益於這種高度有利的環境，這是自上一個超級週期以來國際上從未出現過的情況。這種擴張將在不同的盆地、運營環境和客戶群中以不同的速度進行，從而形成持續的多管齊下的增長周期。我們在這些不同領域的廣泛涉足使我們處於充分抓住這一增長機會的有利地位。

For example, this growth inflection is already visibly underway in Latin America, sparked by the resumption of exploration and the initiation of long-cycle development campaigns. Activity has strengthened throughout 2021, and revenue in this market is already at 2019 pre-pandemic levels. Year-to-date revenue growth in Latin America is at 30%, with broad activity growth across multiple countries, including Argentina, Brazil, Ecuador and Guyana. This growth is expected to strengthen further in the coming years due to ongoing long-cycle development campaigns.

例如，在恢復勘探和啟動長周期開發活動的推動下，拉丁美洲已經明顯出現這種增長拐點。 2021 年全年活動有所加強，該市場的收入已達到 2019 年大流行前的水平。拉丁美洲今年迄今的收入增長率為 30%，阿根廷、巴西、厄瓜多爾和圭亞那等多個國家的業務活動廣泛增長。由於持續的長周期開發活動，預計未來幾年這種增長將進一步加強。

By contrast, in the Middle East, where activity has been more subdued in 2021, the market conditions are set for a material uptick of activity in the coming quarters. The combination of short-cycle activity to meet supply commitments, strategic oil capacity expansion and the acceleration of gas development projects will result in a significant increase in investment throughout 2022 and beyond. Our recent success in tender awards, as detailed in our earnings release, strengthens our market position, and with our strong presence and commitment, will benefit the most from this exciting outlook in the region.

相比之下，中東地區 2021 年的經濟活動較為低迷，但市場條件預計未來幾個季度的經濟活動將大幅增加。滿足供應承諾的短週期活動、戰略石油產能擴張和加速天然氣開發項目相結合，將導致 2022 年及以後的投資大幅增加。正如我們的收益發布中所詳述的，我們最近在招標中的成功加強了我們的市場地位，並且憑藉我們強大的影響力和承諾，我們將從該地區令人興奮的前景中受益最多。

In the offshore markets, we also set for a strong resurgence this cycle. Rig activity grew for the third sequential quarter internationally and is expected to build on the notable increase in development FIDs in the coming [years]. Advances in new technology, digital and integration are driving performance impact offshore, from discovery to well construction, production and recovery, and are creating the conditions for offshore operators to reinvest with confidence in this cycle.

在離岸市場，本週期我們也將強勁復甦。國際上連續第三季度的鑽機活動有所增長，預計未來幾年開發最終投資決定將顯著增加。新技術、數字化和集成化的進步正在推動從發現到建井、生產和採收的海上績效影響，並為海上運營商滿懷信心地在此週期進行再投資創造了條件。

In North America, the imminent resumption of lease sales in the Gulf of Mexico, where we have significant market presence, will drive additional offshore growth as operators capitalize on the advantage of this prolific basin and its existing takeaway infrastructure and extract more value from the core upstream position through exploration and tiebacks.

在北美，我們擁有重要市場份額的墨西哥灣即將恢復租賃銷售，隨著運營商利用這個多產盆地及其現有外賣基礎設施的優勢，並從核心地區獲取更多價值，將推動額外的離岸增長。通過勘探和回接獲得上游地位。

Taking these factors together, a broad offshore resurgence will result from IOCs building on their advantaged hubs, independents fast-tracking development on their recently acquired assets and NOCs unlocking their gas and oil reserve recovery potential. Our technology, digital enablement, and integration capability are critical advantages in this market environment and are resulting in significant new contract awards, both internationally and in North America.

綜合考慮這些因素，國際石油公司在其優勢樞紐上進行建設、獨立公司對其最近收購的資產進行快速開發以及國家石油公司釋放其天然氣和石油儲量回收潛力，將導致廣泛的海上復興。我們的技術、數字化支持和集成能力是這一市場環境中的關鍵優勢，並在國際和北美地區贏得了重要的新合同。

Finally, we're extremely pleased with our customer reception of our Transition Technologies* portfolio and the accelerated adoption of these technologies that reduce the carbon impact of oil and gas operations. This portfolio is focused on fugitive emissions, flaring, and electrification and is already helping customers decarbonize operations— advancing our net-zero ambition and strengthening our sustainability leadership in the industry. Some examples of this impact are cited in our highlights.

最後，我們對客戶接受我們的過渡技術*產品組合以及加速採用這些技術以減少石油和天然氣運營的碳影響感到非常高興。該產品組合專注於無組織排放、火炬燃燒和電氣化，並且已經在幫助客戶實現運營脫碳，從而推進我們的淨零目標並加強我們在行業中的可持續發展領導力。我們的亮點中引用了這種影響的一些例子。

Turning to the fourth quarter outlook. Directionally, we anticipate another quarter of growth with an ambition for growth across all Divisions. Growth will be led by Production Systems and Digital & Integration, benefiting from a year-end sales uplift tempered by seasonal -- typical seasonality in Reservoir Performance and Well Construction. This should result in an overall sequential growth rate similar to the prior quarter.

轉向第四季度展望。從方向上看，我們預計將有另一​​個季度的增長，並雄心勃勃地實現所有部門的增長。增長將由生產系統和數字與集成引領，受益於季節性的年終銷售增長——油藏性能和油井建設的典型季節性。這應該會導致整體連續增長率與上一季度相似。

With this fourth quarter outlook, we expect to reach our double-digit international growth ambition for the second half of 2021 when compared to the second half of 2020. It will also translate into full year revenue growth both internationally and in North America after adjusting for the effect of divestitures.

展望第四季度，與 2020 年下半年相比，我們預計 2021 年下半年將實現兩位數的國際增長目標。在調整後，這也將轉化為國際和北美地區的全年收入增長。資產剝離的影響。

Building on third quarter operating margin and recent highs, our ambition is to sustain this level of margin performance in the fourth quarter. Consequently, on a full year basis, we remain confident in attaining the high end of our guidance of 250 to 300 bps EBITDA margin expansion, an excellent foundation for expansion in the year ahead.

在第三季度營業利潤率和近期高點的基礎上，我們的目標是在第四季度維持這一利潤率水平。因此，就全年而言，我們仍然有信心實現 EBITDA 利潤率擴張 250 至 300 個基點的上限，這是未來一年擴張的良好基礎。

Now I would like to close my prepared remarks with our earliest views of 2022. Against the backdrop of the constructive environment I described earlier, our confidence in the onset of an exceptional growth cycle is reinforced. At this early point in the planning cycle, and absent a setback in economic and pandemic recoveries, we anticipate very strong global upstream capital spending growth. This growth will impact all basins, every operating environment, short- and long-cycle activity, and all customer groups.

現在，我想以我們對 2022 年的初步看法來結束我準備好的發言。在我之前描述的建設性環境的背景下，我們對非凡增長周期即將到來的信心得到增強。在規劃週期的早期階段，在經濟和大流行複蘇沒有出現挫折的情況下，我們預計全球上游資本支出增長將非常強勁。這種增長將影響所有流域、每種運營環境、短週期和長周期活動以及所有客戶群體。

In North America, we anticipate capital spending growth to increase around 20%, impacting both the onshore and offshore markets. Internationally, growth momentum will strengthen, and early indications point to strong capital spending growth in the low to mid-teens, driven by both short-cycle activity and the onset of multiyear capacity expansion plans.

在北美，我們預計資本支出增長將增長 20% 左右，這對在岸和離岸市場都會產生影響。在國際上，增長勢頭將增強，早期跡象表明，在短週期活動和多年產能擴張計劃啟動的推動下，資本支出將強勁增長。

Through our performance strategy, we have strengthened our position across multiple dimensions. In North America, we have enhanced our market position and are now biased to accretive growth onshore and will benefit from strong growth offshore in the Gulf of Mexico. And in the international markets, we have built a multiyear pipeline of strong activity in the most prolific basins that will lead the supply response both in oil and gas.

通過我們的績效戰略，我們在多個方面加強了我們的地位。在北美，我們已經增強了市場地位，現在偏向於陸上增長，並將受益於墨西哥灣海上的強勁增長。在國際市場上，我們在最多產的盆地建立了一條多年活躍的管道，這將引領石油和天然氣的供應反應。

More importantly, we have enhanced our earnings growth potential significantly, as demonstrated by multiple quarters of margin expansion. In North America, our operating margins are primed to exit the year at the highest levels since 2015, which combined with the favorable market position I've just described, is an excellent platform for margin expansion. Internationally, we're also set for peer-leading margin expansion as we exit 2021 with margins above prepandemic levels. The combination of strong activity growth and operating leverage will support durable margin expansion.

更重要的是，我們顯著增強了盈利增長潛力，多個季度的利潤率擴張就證明了這一點。在北美，我們的營業利潤率今年將達到 2015 年以來的最高水平，再加上我剛才描述的有利的市場地位，這是利潤率擴張的絕佳平台。在國際上，我們也準備在 2021 年結束時實現同行領先的利潤率擴張，利潤率高於大流行前的水平。強勁的活動增長和運營槓桿的結合將支持持久的利潤率擴張。

Additionally, through our fit-for-basin and Transition Technologies and capacity tightening, we see favorable conditions for broader net pricing net gains in the coming years in both North America and the international markets. Finally, as a result of our digital platform strategy and growing customer adoption, we anticipate an acceleration of our digital journey, resulting in accretive revenue and earnings growth.

此外，通過我們的適合盆地和過渡技術以及產能收緊，我們看到了未來幾年北美和國際市場更廣泛的淨定價淨收益的有利條件。最後，由於我們的數字平台戰略和不斷增長的客戶採用率，我們預計我們的數字化進程將會加速，從而帶來收入和盈利的增長。

Consequently, we expect margins to expand further in 2022, supporting material earnings growth potential and are increasingly confident in achieving our mid-cycle adjusted EBITDA margin ambition of 25% or higher and sustaining a double-digit free cash flow margin throughout the cycle. I'll now pass the call to Stephane.

因此，我們預計2022 年利潤率將進一步擴大，支持實質性盈利增長潛力，並對實現25% 或更高的周期中期調整後EBITDA 利潤率目標以及在整個週期內維持兩位數的自由現金流利潤率的信心越來越大。我現在將把電話轉給斯蒂芬。

Thank you, Olivier, and good morning, ladies and gentlemen. Third quarter earnings per share, excluding charges and credits, was $0.36. This represents an increase of $0.06 compared to the second quarter of this year and an increase of $0.20 when compared to the same period of last year. In addition, we recorded in the third quarter a $0.03 gain relating to a start-up company we had previously invested in. This company was acquired during the quarter and, as a result, our ownership interest was converted into shares of a publicly traded company.

謝謝奧利維爾，女士們先生們早上好。第三季度每股收益（不包括費用和貸項）為 0.36 美元。這意味著與今年第二季度相比增加了 0.06 美元，與去年同期相比增加了 0.20 美元。此外，我們在第三季度記錄了與我們之前投資的一家初創公司相關的 0.03 美元收益。該公司在本季度被收購，因此，我們的所有權權益轉換為一家上市公司的股票。

Overall, our third quarter revenue of $5.8 billion increased 4% sequentially. Pretax operating margins improved 120 basis points to 15.5% and have now increased 5 quarters in a row. Margins expanded sequentially in 3 of our 4 Divisions, with very strong incremental margin in both Reservoir Performance and Well Construction. This performance was due to a favorable geographic mix, driven by continued international revenue growth as well as a favorable technology mix with increased exploration and appraisal activity and new technology adoption.

總體而言，我們第三季度的收入為 58 億美元，比上一季度增長 4%。稅前營業利潤率提高了 120 個基點，達到 15.5%，現已連續 5 個季度增長。我們 4 個部門中的 3 個部門的利潤連續擴大，油藏性能和油井建設方面的利潤增量都非常強勁。這一業績歸功於有利的地理組合、持續的國際收入增長以及有利的技術組合（勘探和評估活動增加以及新技術採用）的推動。

Company-wide adjusted EBITDA margin of 22.2% in the quarter increased 90 basis points sequentially. It is worth noting that this margin expansion was achieved despite the well-documented disruptions in global supply chain systems and inflation in select commodities and materials as well as in logistics. Through our global supply chain organization, we are successfully engaging with our suppliers and customers to jointly navigate inflationary trends.

本季度全公司調整後 EBITDA 利潤率為 22.2%，比上一季度增長 90 個基點。值得注意的是，儘管全球供應鏈系統出現了有據可查的中斷以及特定商品和材料以及物流的通貨膨脹，但利潤率仍實現了增長。通過我們的全球供應鏈組織，我們成功地與供應商和客戶合作，共同應對通脹趨勢。

We are collaborating with our customers to optimize planning and, where applicable, make the necessary adjustments through existing contractual clauses or negotiation. As a result, so far, we have largely been able to shield ourselves from the inflation effects. As the growth cycle accelerates, we will continue to be proactive, dynamically adjusting sourcing strategies and leveraging our diverse global manufacturing footprint and supply network.

我們正在與客戶合作優化規劃，並在適用的情況下通過現有合同條款或談判進行必要的調整。因此，到目前為止，我們基本上能夠免受通貨膨脹的影響。隨著增長周期的加快，我們將繼續積極主動，動態調整採購策略，並利用我們多元化的全球製造足跡和供應網絡。

Let me now go through the third-quarter results for each Division. Third-quarter Digital & Integration revenue of $812 million was essentially flat sequentially as lower sales of digital solutions were offset by higher APS revenue. Pretax operating margins increased 154 basis points to 35%, largely as a result of improved commodity pricing in our Canada APS project. Reservoir Performance revenue of $1.2 billion increased 7% sequentially. This revenue growth was entirely driven by higher international activity. Margins expanded 202 basis points to 16%, largely due to higher offshore and exploration activity as well as accelerated new technology adoption.

現在讓我回顧一下每個部門的第三季度業績。第三季度數字與集成收入為 8.12 億美元，與上一季度基本持平，因為數字解決方案銷售額的下降被 APS 收入的增加所抵消。稅前營業利潤率增長 154 個基點，達到 35%，這主要是由於我們加拿大 APS 項目的商品定價改善。油藏動態收入為 12 億美元，比上一季度增長 7%。這一收入增長完全是由國際活動增加推動的。利潤率擴大 202 個基點至 16%，這主要是由於海上和勘探活動增加以及新技術採用加速。

Well Construction revenue of $2.3 billion increased 8% sequentially due to higher land and offshore drilling, both internationally and in North America. Margins increased 230 basis points to 15.2% due to the higher drilling activity and a favorable geographical mix. Finally, Production Systems revenue of $1.7 billion was essentially flat sequentially while margins decreased 27 basis points to 9.9%.

由於國際和北美陸地和海上鑽探的增加，油井建設收入為 23 億美元，比上一季度增長 8%。由於鑽探活動增加和有利的地理組合，利潤率增加 230 個基點至 15.2%。最後，生產系統收入為 17 億美元，與上一季度基本持平，而利潤率下降 27 個基點至 9.9%。

Now turning to our liquidity. Cash flow from operation was once again strong as we generated $1.1 billion of cash flow from operations and free cash flow of $671 million during the quarter. This represented a significant sequential increase when adjusting for last quarter's exceptional tax refund of $477 million. We paid $42 million of severance during the quarter. Excluding these payments, the working capital impact on our cash flow was neutral despite the revenue increase. This was driven by a very strong DSO performance.

現在轉向我們的流動性。運營現金流再次強勁，本季度我們產生了 11 億美元的運營現金流和 6.71 億美元的自由現金流。調整上季度 4.77 億美元的特殊退稅後，這代表了顯著的環比增長。本季度我們支付了 4200 萬美元的遣散費。排除這些付款，儘管收入增加，但營運資金對我們現金流的影響是中性的。這是由非常強勁的 DSO 性能推動的。

We expect the fourth quarter to show another quarter of strong free cash flow generation, which positions us favorably to achieve our ambition of delivering full year double-digit free cash flow margins. As a result of this strong cash flow performance, net debt decreased sequentially by $588 million to $12.5 billion.

我們預計第四季度將出現又一個強勁的自由現金流生成，這使我們有利於實現全年兩位數自由現金流利潤率的目標。由於現金流表現強勁，淨債務環比減少 5.88 億美元，至 125 億美元。

During the quarter, we made capital investments of $399 million. This amount includes CapEx, investments in APS projects and multi-client. For the full year 2021, we are now expecting to spend approximately $1.6 billion on capital investments. In total, during the first 9 months of the year, we have generated over $2.7 billion of cash flow from operations and $1.7 billion of free cash flow. As a result, we have been able to progress significantly on our commitment to deleverage the balance sheet. This is evidenced by the fact that gross debt has decreased by almost $1.5 billion since the beginning of the year. Net debt has reduced by $1.4 billion during the same period.

本季度，我們進行了 3.99 億美元的資本投資。該金額包括資本支出、APS 項目和多客戶端投資。 2021 年全年，我們預計資本投資支出約為 16 億美元。今年前 9 個月，我們總共產生了超過 27 億美元的運營現金流和 17 億美元的自由現金流。因此，我們在去槓桿化資產負債表的承諾方面取得了重大進展。自今年年初以來，總債務減少了近 15 億美元，這一事實證明了這一點。同期淨債務減少了 14 億美元。

Overall, I am very pleased with our cash flow performance and the progress we are making towards strengthening the balance sheet. This will provide us with greater flexibility in our capital allocation. I will now turn the conference call back to Olivier.

總的來說，我對我們的現金流表現以及我們在加強資產負債表方面取得的進展感到非常滿意。這將為我們的資本配置提供更大的靈活性。我現在將電話會議轉回給奧利維爾。

Thank you, Stephane. So I think we are ready for the Q&A session at this point.

謝謝你，斯蒂芬。所以我認為我們現在已經準備好進行問答環節了。

(Operator Instructions)

（操作員說明）

And our first question is from James West with Evercore ISI.

我們的第一個問題來自 Evercore ISI 的 James West。

So Olivier, 5 sequential quarters in a row of margin growth and really strong execution. How do you think about or how are you considering or planning for continued strong execution as revenue starts to really accelerate as we go into next year?

奧利維爾（Olivier）連續五個季度實現利潤增長，並且執行力非常強勁。當我們進入明年時，收入開始真正加速，您如何看待或如何考慮或計劃繼續強有力的執行？

Thank you, James, for the question. Indeed, we are very, very proud and very satisfied with the last 5 quarters. I think they have demonstrated our ability to leverage restructuring, portfolio high-grading, and the foundation we have put in place during this reset we have operated in the last 18 months. But furthermore, I think the -- looking forward as the cycle will unfold, I think there are 2 or 3 characteristics that are -- that will play favorably and that will help us continue to expand the margin as we have seen in the last quarter.

謝謝詹姆斯提出的問題。事實上，我們對過去 5 個季度感到非常非常自豪和非常滿意。我認為他們展示了我們利用重組、投資組合高評級的能力，以及我們在過去 18 個月的重組過程中奠定的基礎。但此外，我認為，隨著周期的展開，我認為有 2 或 3 個特徵將發揮有利作用，並將幫助我們繼續擴大利潤，正如我們在上個季度看到的那樣。

So first, I believe that the market outlook will create favorable market environment, exposing the basins where we have a strong position internationally and, in particular, Middle East so offshore, as I commented during my prepared remarks. Secondly, I believe that performance still matters and will matter increasingly, Hence, our technology offering, fit-for-basin, Transition Technologies and integration capability will continue to make a huge impact, will create a premium for service in both Well Construction, Reservoir Performance, and Production System.

因此，首先，我相信市場前景將創造有利的市場環境，暴露出我們在國際上擁有強大地位的盆地，特別是離岸的中東，正如我在準備好的發言中所評論的那樣。其次，我相信性能仍然很重要，而且會越來越重要，因此，我們的技術產品、適用於盆地、過渡技術和集成能力將繼續產生巨大影響，將為油井建設、水庫創造優質服務性能和生產系統。

Digital, we see an acceleration going forward, as you have seen that we have continued to evolve, progress, and mature our digital platform strategy, and we are in the last innings of developing this strategy on the platform, on the foundations. Hence, we are now seeing increased adoption and acceleration. And we expect, as I said earlier, that this will be increasingly accretive to growth and earnings going forward.

數字化方面，我們看到了前進的加速，正如你所看到的，我們不斷發展、進步和成熟我們的數字平台戰略，我們正處於在平台上、在基礎上製定這一戰略的最後階段。因此，我們現在看到了越來越多的採用和加速。正如我之前所說，我們預計這將越來越促進未來的增長和盈利。

And finally, as the revenue -- as the activity both internationally and in North America will increase, this will tighten the market and create a condition for pricing. So when you combine this favorable market exposure, the track record we have, the technology adoption that give us a premium and a performance differentiation, and integrated contract with digital, you have the formula for supporting our ambition for 25% or higher EBITDA margin by mid-cycle.

最後，隨著收入——國際和北美活動的增加，這將收緊市場並為定價創造條件。因此，當您將這種有利的市場曝光度、我們擁有的業績記錄、為我們帶來溢價和績效差異化的技術採用以及與數字化的集成合同結合起來時，您就擁有了支持我們實現25%或更高EBITDA 利潤率的雄心的公式：週期中期。

Right. Okay, great. That's very helpful, Olivier. And then maybe a follow-up on that. On the digital side, this will be the first cycle where we'll really see digital as a big part of the business. There's been, as you alluded to, widespread adoption but we haven't yet seen the growth cycle with that adoption. So how do you think that plays out? Is it going to allow you -- I mean, obviously, margins will be part of it, that does allow you to grab more market share? I mean, what are the -- what does digital do in an up-cycle, essentially a strong one like we're projecting?

正確的。好的，太好了。這非常有幫助，奧利維爾。然後也許是後續行動。在數字方面，這將是我們真正將數字視為業務重要組成部分的第一個週期。正如您提到的，已經得到了廣泛的採用，但我們還沒有看到這種採用的增長周期。那麼你認為結果如何呢？它會讓你——我的意思是，顯然，利潤將成為其中的一部分，這確實能讓你獲得更多的市場份額嗎？我的意思是，數字化在上升週期中做了什麼，本質上是像我們預測的那樣強大的周期？

I think I will highlight 3 things that will -- will be a result of our success and our investment and leadership in digital. First, obviously, the acceleration of digital adoption by customers through our workflow, data, and digital operation offering, and you are seeing element of this being announced every quarter. And you will continue to see this unfolding across the different customer groups and across different geographies. So this will mean accretive growth in 2022 to our top line by the digital offering we have.

我想我將強調三件事，這三件事將是我們的成功以及我們在數字領域的投資和領導力的結果。首先，顯然，客戶通過我們的工作流程、數據和數字運營產品加速了數字化採用，並且您每個季度都會看到這一元素的公佈。您將繼續看到這種情況在不同的客戶群體和不同的地區展開。因此，這將意味著我們擁有的數字產品將在 2022 年實現營收的增長。

The second aspect is the long-tail effect beyond the cycle. I believe that the effect is -- certainly will last, considering the very significant size of our customer portfolio, the fact that customers are going into it over the long run. We are seeing multiple effect of revenue stream being deployed across multiple quarters and multiple years across the different customer groups we are addressing. And finally, this is generating margins fall-through that are accretive to earnings and will be and continue to help us operate D&I at or above 30% or mid-30s and also will result into our ability to extract from digital operation and our own operation, particularly integrated performance in Well Construction, Reservoir Performance, the ability to extract more efficiency and hence, to expand and support margin expansion on those divisions.

第二個方面是超越週期的長尾效應。我相信，考慮到我們客戶組合的規模非常大，以及客戶長期參與其中的事實，這種影響肯定會持續下去。我們看到收入流在我們所解決的不同客戶群體的多個季度和多年中部署的多重影響。最後，這會導致利潤率下降，從而增加收益，並將繼續幫助我們以 30% 或以上或 30 歲左右的速度運營 D&I，也將導致我們從數字運營和我們自己的運營中獲取利潤的能力，特別是油井建設、油藏性能的綜合績效，以及提高效率的能力，從而擴大和支持這些部門的利潤擴張。

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。

Want to ask you a couple of questions about the unconventional contracts that you announced in Saudi and Oman. So could you just help us understand the pricing mechanisms there? Are these lump sum? Is there a baseline of stages per day? And also just curious where you're sourcing all this equipment? Do you have all this equipment? Does it require capital? Just a little bit more background on these contracts, please.

想問您幾個有關您在沙特和阿曼宣布的非常規合同的問題。那麼您能幫助我們了解那裡的定價機制嗎？這些是一次性付清的嗎？每天有階段基線嗎？我也很好奇您從哪裡採購所有這些設備？這些設備你都有嗎？需要資本嗎？請提供更多有關這些合同的背景信息。

I think this contract are large integrated contracts that we have been winning on our value proposition based on performance, on demonstrated efficiency and ability to deploy technology that make an impact on execution. So we do have the capacity in place. We have demonstrated to pilots and/or to engagement that we had before that we could deliver the required performance that the customers are expecting. And we have priced it accordingly and we demonstrated during the last few years that we have improved our ability to engage, digitalize our operation, and work with customers to get this integrated contract whether it's LSTK or other to be performing and delivering the margins and earnings we need.

我認為這份合同是大型綜合合同，我們贏得的價值主張基於性能、展示的效率和部署對執行產生影響的技術的能力。所以我們確實有能力。我們已經向飛行員和/或我們之前的參與證明，我們可以提供客戶期望的所需性能。我們已經對其進行了相應的定價，並且在過去幾年中我們證明了我們已經提高了參與、數字化我們的運營以及與客戶合作以獲得這份綜合合同的能力，無論是LSTK 還是其他來執行和交付利潤和收益我們需要。

So we will continue to extract value from these contracts over the period of time, so we are very proud of winning those contracts. They are based on performance, they are based on technology and our team on the ground. They have done a great job of demonstrating they could take these contracts and get value for customers and for ourselves.

因此，我們將在一段時間內繼續從這些合同中獲取價值，因此我們為贏得這些合同感到非常自豪。它們基於性能、技術和我們的實地團隊。他們出色地證明了他們可以接受這些合同並為客戶和我們自己創造價值。

And then in terms of the equipment required, do you need to add equipment? Do you need to build out at all?

那麼從需要的設備來看，是否需要添加設備呢？您是否需要進行擴建？

No, we have started to mobilize this equipment that we have already in place. And obviously, this will pull equipment from other place where we have. But we have the equipment in place and we're able to deliver upon the committed contract we are taking on both Oman and in Saudi.

不，我們已經開始調動我們已經到位的設備了。顯然，這將從我們擁有的其他地方拉取設備。但我們的設備已經就位，我們能夠履行我們在阿曼和沙特簽訂的承諾合同。

And so my other question is around offshore. You seem to be a bit more optimistic than most on the offshore market. You announced the several awards recently. Are you confident enough to say we're at an inflection point, you think, in offshore spend, which I would think would be quite accretive to your margins with higher utilization OneSubsea? And also all the technology you have in well construction you also mentioned digital as well. Could you just kind of talk a little bit about maybe kind of how you're seeing this unfolding over the next year or so?

我的另一個問題是關於離岸的。您似乎比離岸市場上的大多數人更加樂觀一些。您最近宣布了幾個獎項。您是否有足夠的信心說我們正處於離岸支出的拐點，我認為隨著 OneSubsea 利用率的提高，這將大大增加您的利潤？此外，您在井建設中擁有的所有技術也提到了數字化。您能否簡單談談您對未來一年左右的情況的看法？

Yes. I think I remain constructive about the offshore environment for a couple of reasons. First, because this offshore environment has been strengthening steadily for the last few quarters, and that's been the rig activity has been increasing lately. And I think we have, in the offshore international market, been growing in the mid-teens year-on-year in H2-over-H2. So that's proof that this activity translating into revenue opportunity.

是的。我認為我對離岸環境仍然持建設性態度，原因有幾個。首先，因為過去幾個季度近海環境一直在穩步加強，而且最近鑽井活動一直在增加。我認為，在離岸國際市場，我們的上半年同比增長率為十幾歲。這證明了這項活動可以轉化為收入機會。

And I think the offshore markets, both particularly internationally, have been growing and rebounding in the last 2 to 4 quarters. But now looking ahead and looking at the activity, we see a lot of leading indicator. First, the FIDs. If you look at the actual FID of this year or if you look at the projection of some of the WoodMac projection recently published, showing that there will be in excess of $100 million of offshore FID most likely sanctioned by the end of this year and that will almost double next year. And out of this, 50% of that will be deepwater.

我認為離岸市場，尤其是國際市場，在過去 2 到 4 個季度一直在增長和反彈。但現在展望未來並觀察活動，我們看到了很多領先指標。首先，FID。如果你看一下今年的實際 FID，或者看一下最近發布的 WoodMac 預測，就會發現到今年年底，最有可能批准的離岸 FID 金額將超過 1 億美元，並且明年將幾乎翻倍。其中，50%將是深水。

So there is an acceleration of FID back to the 2019 level that is on the horizon. And that is a result of IOCs going to exploit their advantaged basin and focusing on the hubs, the National Oil Company exploiting and unlocking the oil and gas reserve to participate to the supply. And finally, there has been a lot of assets trading hands in the last few quarters. And these international independents are also pursuing accelerated FID in different basins we are exposed.

因此，FID 即將加速回到 2019 年的水平。這是國際石油公司發揮優勢盆地、聚焦樞紐、國家石油公司開發釋放油氣儲備參與供應的結果。最後，過去幾個季度出現了大量資產交易。這些國際獨立人士也在我們所接觸的不同盆地尋求加速最終投資決定。

And the result of that is subsea backlog is growing. We are definitely above 1 book-to-bill ratio. And we will certainly be growing year-on-year in excess of 30% or 40% of booking from 2021 -- 2020 to 2021. So we are indeed quite positive and constructive and this plays very well to our portfolio because this Well Construction, Reservoir Performance in exploration appraisal, in large offshore contract are getting the benefit, and it was very visible during the third quarter. So you could take this as a proxy of the future.

其結果是海底積壓不斷增加。我們的訂單出貨比絕對高於 1。從 2021 年到 2020 年到 2021 年，我們的預訂量肯定會同比增長超過 30% 或 40%。所以我們確實非常積極和建設性，這對我們的投資組合非常有利，因為這個 Well Construction，勘探評估、大型海上合同中的油藏績效正在受益，這在第三季度非常明顯。所以你可以把它作為未來的代表。

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。

I guess, first thing, kind of a macro kind of higher-level question about kind of this investment cycle. There seems to be this growing narrative out there that the oil and gas industry is going to continue to under-invest this cycle, given the discipline narrative of the E&P industry and also kind of this energy transition focus. And obviously, you talked to more E&P and oil and gas producers than probably anybody worldwide.

我想，首先，關於這個投資週期的宏觀問題是一個更高層次的問題。鑑於勘探與生產行業的紀律敘述以及能源轉型的焦點，似乎有越來越多的說法認為，石油和天然氣行業在本週期將繼續投資不足。顯然，您與勘探與生產以及石油和天然氣生產商交談的數量可能比全世界任何人都多。

And so given the commentary that you expect exceptional growth in a multiyear cycle in the oil and gas industry, this obviously leads you to believe that there's not going to be this under-investment going forward. So maybe if you can kind of provide some color around this and thoughts around the disconnect between some investor perception that you're not going to see a reinvestment cycle going forward.

因此，考慮到您預計石油和天然氣行業在多年周期內將出現非凡增長的評論，這顯然會讓您相信未來不會出現這種投資不足的情況。因此，也許您可​​以就此提供一些色彩，並圍繞一些投資者看法之間的脫節提供一些想法，即您不會看到未來的再投資週期。

I think the condition set is a unique combination that we are living with. We are living with -- from the result of under-investment in the last 5 to 7 years, combined with a reset that we have experienced in the industry during 2020 and also an elevated capital discipline, partly in North America. When you combine this and look at the demand outlook that will surpass to the GDP growth expected for the next 2 or 3 years, that will surpass the 2019 level sometime next year, I think the result of which will create a pull on international supply and will create a necessity for reinvestment in our industry.

我認為條件集是我們所生活的獨特組合。我們正在承受過去 5 到 7 年投資不足的結果，再加上 2020 年我們在行業中經歷的重置，以及資本紀律的加強（部分是在北美）。當你把這一點結合起來，看看需求前景將超過未來 2 到 3 年預期的 GDP 增長，明年某個時候將超過 2019 年的水平，我認為其結果將拉動國際供應和將為我們的行業帶來再投資的必要性。

So the questions are very simple. There is an anticipated deficit of supply if there is no reinvestment into our industry. We have seen that many NOCs have signaled that they are set to reinvest into their capacity going forward. The IOCs are re-concentrating on their advantaged basins. They will not be the one leading the growth in this cycle but they will be the one pursuing still the advantaged basins to generate the cash they need to transition to new energy.

所以問題很簡單。如果沒有對我們行業的再投資，預計將出現供應短缺。我們看到許多國家石油公司已表示他們將對其未來的產能進行再投資。國際石油公司正在重新關注其優勢盆地。他們不會成為這一周期中增長的引領者，但他們將繼續追求優勢盆地，以產生向新能源轉型所需的現金。

The independents are taking benefit of this position, have inherited some prolific assets and are redeveloping those assets with our support and the support of the entire industry to participate to the supply. So I think the conditions are set, undoubtedly, that this demand will have to be met with supply and this supply cannot come with inventory, cannot come with only releasing the OPEC spare capacity. More will have to be built. Hence, it will create activity growth in the coming years. And it's not only a short in 2022. This FID I talked about, this capacity expansion in Middle East are long-term projects that will have a long-tail effect beyond the '22/'23 horizon.

獨立人士正在利用這一地位，繼承了一些豐富的資產，並在我們的支持和整個行業的支持下重新開發這些資產以參與供應。因此，我認為毫無疑問，條件已經確定，這種需求必須通過供應來滿足，而這種供應不能伴隨庫存，不能僅通過釋放歐佩克閒置產能來實現。還需要建造更多。因此，它將在未來幾年創造活動增長。而且這不僅僅是2022年的短期。我談到的這個FID，中東的產能擴張是長期項目，將在'22/'23範圍之外產生長尾效應。

Okay, all right. That's perfect. Just 1 quick follow-up. Just some clarification on your guidance. Fourth quarter, I think you said flat margins. Was that flat consolidated margins or was that flat for each segment? In other words, if you run the mix, could actually margins because favorable mix, could margins be up?

好吧，好吧。那很完美。只需 1 次快速跟進。只是對您的指導進行一些澄清。第四季度，我想你說的是利潤率持平。合併利潤率持平還是每個部門的利潤率持平？換句話說，如果你進行組合，實際上利潤率會因為有利的組合而上升嗎？

No, no. Chase, we don't disclose and we don't guide on down to the granular division. I think we are talking about a flattish margin, global margin and, in a sense, maintaining very, very high margin and exiting in the mid-teens globally for the company as operating margins and the same level of EBITDA margin. So that's the -- what matters for us is the exit rate and the implication of this exit rate as we enter 2022 as a platform, as a foundation for margin expansion going forward. So the mix is giving us this result of flat or about mid-teens margin, and that's what the ambition and we are very proud of this -- maintaining this level of margins.

不，不。蔡斯，我們不會透露，也不會指導細粒度的劃分。我認為我們談論的是持平的利潤率，全球利潤率，從某種意義上說，保持非常非常高的利潤率，並在全球範圍內以營業利潤率和相同水平的 EBITDA 利潤率退出。因此，對我們來說重要的是退出率以及當我們進入 2022 年時退出率的影響，作為一個平台，作為未來利潤率擴張的基礎。因此，這種組合給我們帶來了利潤率持平或大約在十幾歲左右的結果，這就是我們的雄心壯志，我​​們對此感到非常自豪——保持這一利潤率水平。

Our next question is from Arun Jayaram with JPMorgan Chase.

我們的下一個問題來自摩根大通的 Arun Jayaram。

Yes. My first question is, Olivier, there's 3 million to 4 million barrels of productive capacity off-line from OPEC. And as the cartel methodically brings back this output, call it, in [4 KBD] increments, wanted to get your thoughts, is this creating any near-term service opportunities for you? And I was wondering if you could maybe elaborate on any shifts globally in spending from maintenance CapEx-type spending to growth in productive capacity, oil and gas and what this means for Schlumberger.

是的。我的第一個問題是，Olivier，OPEC 有 300 萬到 400 萬桶的產能處於離線狀態。當卡特爾有條不紊地帶回此輸出時，請以 [4 KBD] 增量調用它，想了解您的想法，這是否為您創造了任何近期服務機會？我想知道您是否可以詳細說明全球支出從維護資本支出型支出向生產能力、石油和天然氣增長的轉變，以及這對斯倫貝謝意味著什麼。

Yes. I think the OPEC+ will continue to release this increment of oil to the market to be behind the supply curve beyond the demand curve. But we are continuing to see an increase of intervention activity, short-cycle activity that is starting to materialize in the OPEC+ countries where we are seeing mobilization of intervention stimulation as we have seen lifting and production maintenance activities. So that's the effect on short cycle.

是的。我認為OPEC+將繼續向市場釋放石油增量，使供給曲線落後於需求曲線。但我們繼續看到干預活動的增加，短週期活動開始在歐佩克+國家中實現，我們看到干預刺激的動員，就像我們看到的解除和生產維持活動一樣。這就是對短週期的影響。

This will also include a rig remobilization to do some infill drilling to start to support this increment of barrels for the country that have the capacity to expand fast. And this will turn into more long cycle as both the gas development is accelerating, and you have seen the Jafurah announcement from Saudi and the continuation of a large gas in the Middle East and elsewhere, as well as the commitment that 2 or 3 countries have taken in the Middle East particularly around the expansion of production capacity, permanent capacity towards the horizon of '24-2027, depending on the country. So what you talk about has an impact on short cycle but this is an underlying activity growth coming from long cycle as well.

這還包括重新調動鑽機進行一些加密鑽探，以開始支持有能力快速擴張的國家增加桶數。隨著天然氣開發的加速，這將變成更長的周期，你也看到了沙特的 Jafurah 聲明，以及中東和其他地方繼續開發大型天然氣，以及 2 或 3 個國家的承諾。在中東，特別是圍繞產能擴張、24-2027 年永久產能擴張​​，具體取決於國家/地區。所以你所說的對短週期有影響，但這也是來自長周期的潛在活動增長。

And our next question is -- Arun, do you have any follow-up? We'll move on and we'll go to the line of Connor Lynagh with Morgan Stanley.

我們的下一個問題是——阿倫，你有什麼後續行動嗎？我們將繼續前進，我們將走向康納·林納（Connor Lynagh）和摩根士丹利（Morgan Stanley）的路線。

Just on the first point here, I just wanted to return to Chase's question and just think through some of the dynamics in the fourth quarter here. So I would think with digital being an area that you called out as particularly strong in the fourth quarter as well as some activity growth that you're expecting, it would seem, assuming that supply chain issues aren't getting worse, that you would naturally have some expansion in the margin in the fourth quarter. So I'm just curious what I'm sort of missing in that framework. What's your -- what type of issues are you seeing or accounting for?

關於第一點，我只想回到蔡斯的問題，並思考一下第四季度的一些動態。因此，我認為，隨著數字化成為您在第四季度特別強勁的一個領域，以及您預期的一些活動增長，假設供應鏈問題沒有變得更糟，您似乎會第四季度的利潤率自然會有所擴大。所以我只是好奇我在這個框架中缺少什麼。您看到或解釋了什麼類型的問題？

No, it's a mix effect. I think you have to account for 2 effects: first, the production system that had some logistics and supply-related delay into delivery will have a sizable catch-up in the fourth quarter. And this segment where we are very happy with the double-digit margin and anticipate for margin expansion, this will be, in a mix, slightly dilutive to our margin overall. And that will offset some of the -- what you could expect from a digital fall through where we expect a strong end-of-year sales.

不，這是混合效果。我認為你必須考慮兩個影響：首先，由於物流和供應相關的交付延遲的生產系統將在第四季度大幅趕上。在這個細分市場，我們對兩位數的利潤率感到非常滿意，並預計利潤率會擴大，綜合來看，這將略微稀釋我們的整體利潤率。這將抵消一些你可以預期的數字下滑帶來的影響，而我們預計年終銷售將強勁。

But also you have to add to the mix the fact that you are, in going into a seasonal effect in Northern Hemisphere and to lower mix of exploration and appraisal, that will have an effect and seasonality of Reservoir Performance. That is something that we -- that happens every year. And where the third quarter is typically the high margin quarter due to this probable offshore exposure operation mix, that decline for 1 or 2 quarters before it rebounds strongly every spring. So that's -- when you put this mix together, you result into maintaining the margin at the level we are putting, which is something remarkable and entering the 2022 on a high ground.

但您還必須添加這樣一個事實：在北半球進入季節性影響並降低勘探和評估的組合，這將對儲層表現產生影響和季節性。這是我們每年都會發生的事情。由於這種可能的離岸業務組合，第三季度通常是高利潤季度，在每年春季強勁反彈之前會下降一兩個季度。所以，當你把這種組合放在一起時，你就會將利潤率維持在我們設定的水平，這是一件了不起的事情，並且在進入 2022 年時處於一個制高點。

That's helpful context. Second 1 is a higher-level question here. So you did have some integrated projects you disclosed in the press release. As we think about this portion of your business, I mean, it certainly has been characterized by yourself and peers as probably the later area where you were going to see pricing improvement. But I guess my question is effectively why?

這是有用的背景。第二個 1 是一個更高級別的問題。所以你確實在新聞稿中披露了一些綜合項目。當我們考慮您的這部分業務時，我的意思是，您和同行肯定將其描述為可能是您稍後會看到價格改善的領域。但我想我的問題實際上是為什麼？

It seemed to me that the service companies that can really execute that kind of large-scale integrated work is a very short list, and it seems like there's a lot of value to be delivered to the customer from that type of contract. So why isn't this an area that we should be more excited about over the next year or 2 here?

在我看來，真正能夠執行這種大規模集成工作的服務公司是一個非常短的名單，而且似乎可以從這種類型的合同中向客戶交付很多價值。那麼，為什麼這不是一個我們在未來一兩年應該更加興奮的領域呢？

Well, I think it has remained competitive due to the sheer size of this contract. But until the capacity in the market is stretched and is tightening, I think you will see that the market remains competitive in large integrated contract. But our capital discipline, the activity growing in all basins is set to create a condition for the tightening and hence, a lifting on the core pricing of our offering.

嗯，我認為由於這份合同的規模龐大，它仍然具有競爭力。但在市場容量緊張並收緊之前，我認為您會看到大型綜合合同市場仍然具有競爭力。但我們的資本紀律以及所有盆地不斷增長的活動將為緊縮創造條件，從而提高我們產品的核心定價。

Now we are still very satisfied with these awards because we have demonstrated that we -- through integration, through performance, through technology, including digital and (inaudible) we have been differentiated in our ability to sustain our performance on those contracts and create the value we need to elevate the margins.

現在，我們仍然對這些獎項感到非常滿意，因為我們已經證明，通過整合、通過績效、通過技術，包括數字化和（聽不清），我們在維持這些合同的績效和創造價值的能力方面已經脫穎而出。我們需要提高利潤。

And next, we have a question from Scott Gruber with Citigroup.

接下來，花旗集團的斯科特·格魯伯向我們提出了一個問題。

Olivier, you're feeling better about your mid-cycle 25%-plus EBITDA margin target, which seems warranted, given the backdrop here. But if I just look at consensus estimates, at least the market believes it would take you a while to achieve. So if you kind of extend consensus, assume 10% annual growth in '24, '25, extend the 30%-ish type incrementals, the market is forecasting in '22 and '23, it would actually take about 5 years to get to 25%-plus EBITDA margin. Do you think you can outpace 30% incrementals over the next few years and hit that 25% margin faster than 5 years?

Olivier，您對周期中期 25% 以上的 EBITDA 利潤率目標感覺更好，考慮到這裡的背景，這似乎是有道理的。但如果我只看共識估計，至少市場認為這需要一段時間才能實現。因此，如果你擴大共識，假設 24 年、25 年年增長率為 10%，再擴大 30% 左右的增量，市場預測 22 年和 23 年，實際上需要大約 5 年的時間才能達到EBITDA 利潤率超過25%。您認為未來幾年您的增量能否超過 30%，並以 5 年以內的速度實現 25% 的利潤率？

I think first, it's not a matter of if but when we'll hit and exceed this 25% EBITDA. We have been doing it. We have been delivering over 30% recently. The market condition, as we foresee for -- going forward, as I've commented earlier, are favorable with the right basin and operating environment mix that is favorable to our margin mix. Our technology adoption, performance through integration and digital operation and our accretive digital mix, I think, are putting the condition before pricing kicks in to give us the outlook, a positive outlook on this so that we will indeed ambition to achieve this before 5 years clearly.

我認為首先，這不是是否會實現的問題，而是我們何時能夠達到並超過 25% 的 EBITDA 的問題。我們一直在這樣做。最近我們的交付率已經超過30%。正如我們所預見的那樣，正如我之前所評論的那樣，未來的市場狀況是有利的，正確的盆地和運營環境組合有利於我們的利潤率組合。我認為，我們的技術採用、通過集成和數字化運營實現的性能以及我們不斷增加的數字化組合，在定價之前奠定了條件，為我們提供了前景，對此持積極的看法，以便我們確實有志於在5 年前實現這一目標清楚地。

And do you think you can get there without much pricing? The pricing gains just always take a while to kind of move across discrete products into the bundled contracts and then kind of into your average selling price. Do you think you can get the other drivers and get there faster without much pricing?

您認為無需付出太多代價就能實現這一目標嗎？定價收益總是需要一段時間才能從離散產品轉移到捆綁合同中，然後轉移到平均售價中。您認為您可以在不花太多錢的情況下找到其他司機並更快地到達目的地嗎？

Some of the performance to date, okay, pulling and elevating the performance of our Divisions to their highest level in 3 years or more and restoring to portfolio high-grading North America, already proved that we can move our margins through execution, through performance through high-grading visibly. So can we move forward? I think pricing will only accelerate the time by which this will be met. But we are still constructive that we will achieve this independently of pricing, and that pricing will come as a bonus to elevate beyond 25%.

迄今為止的一些業績，好的，將我們部門的業績拉升並提升到三年或更長時間的最高水平，並恢復到北美的高評級投資組合，已經證明我們可以通過執行、通過業績來提高利潤率高品位可見一斑。那麼我們可以繼續前進嗎？我認為定價只會加速實現這一目標的時間。但我們仍然有建設性地認為，我們將獨立於定價實現這一目標，並且定價將作為獎金提升至 25% 以上。

Our next question is we're going back to line of Arun Jayaram.

我們的下一個問題是我們要回到 Arun Jayaram 的路線。

So Olivier, year-to-date, you've reduced debt by about $1.5 billion. And I wanted to get your thoughts on how you're thinking about the priorities for free cash flow generation between cash return, the dividend, and the balance sheet, and also how you're thinking about Schlumberger's investment in Liberty now that the lockup recently expired.

Olivier，今年迄今為止，您已減少了約 15 億美元的債務。我想了解您如何考慮現金回報、股息和資產負債表之間自由現金流生成的優先事項，以及您如何考慮斯倫貝謝在最近禁售後對 Liberty 的投資已到期。

I'll take this, Arun. Look, our immediate priority remains the deleveraging of the balance sheet. And yes, we've progressed quite well and we are very happy with its own. So now we do have a clear line of sight to achieving our 2x net debt-to-EBITDA target leverage, and we said we should do that by the end of 2022.

我會接受這個，阿倫。看，我們的當務之急仍然是資產負債表去槓桿化。是的，我們進展得很好，我們對自己的進展感到非常滿意。因此，現在我們確實有一個明確的目標，即實現 2 倍的淨債務與 EBITDA 目標槓桿率，並且我們表示應該在 2022 年底之前實現這一目標。

With the earnings expansion, we are expecting in this growth cycle and our continuous focus on capital stewardship, yes, we will continue to generate significant excess cash in the next few years. So this will allow us to maintain a healthy balance sheet, and it will give us the flexibility to increase returns to shareholders as well as fund new growth opportunities.

隨著盈利的擴張，我們預計在這個增長周期中以及我們對資本管理的持續關注，是的，我們將在未來幾年繼續產生大量過剩現金。因此，這將使我們能夠保持健康的資產負債表，並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。

As it relates to returns to shareholders, this is something we will continue to review with our Board of Directors as the cycle unfolds and the deleveraging of our balance sheet accelerates. And as it relates to new growth opportunities, we will -- whether it's in digital, New Energy, any new investment, we will continue to look at under the strict lens of our returns-based capital stewardship framework.

由於它關係到股東回報，隨著周期的展開和資產負債表去槓桿化的加速，我們將繼續與董事會一起審查這一問題。由於它涉及新的增長機會，無論是數字、新能源還是任何新投資，我們都將繼續在基於回報的資本管理框架的嚴格框架下進行審視。

Your question on Liberty. Clearly, we are happy with the transaction we made now more than a year ago. We are benefiting from the recovery in North America through the significant appreciation of our equity stake there. And yes, monetization is clearly an option. The timing and the pace and the magnitude of this monetization will be based on the market conditions and the outlook. But we'll make sure we'll optimize it basically.

你關於自由的問題。顯然，我們對一年多前所做的交易感到滿意。通過我們在北美的股權大幅升值，我們受益於北美的複蘇。是的，貨幣化顯然是一種選擇。這種貨幣化的時機、速度和規模將取決於市場狀況和前景。但我們會確保從根本上對其進行優化。

Next, we'll go to the line of Roger Read with Wells Fargo.

接下來，我們將前往羅傑·里德 (Roger Read) 與富國銀行 (Wells Fargo) 的合作。

I guess I'd like to come back to the 25% margin goal for EBITDA but think of it maybe in a slightly different way. You've got obviously the typical cyclical recovery, so utilization, you'll get some pricing. You talked about digital as one of the big separating factors. And I was wondering if -- as you look at the goal of the 25%, maybe a weighting of where you think that could go if you thought what would be normal for utilization, normal for pricing and then digital on top? Is it 1/3, 1/3, 1/3? Is it 50-50? I'm just kind of curious how we should think about that coming through.

我想我想回到 25% 的 EBITDA 利潤率目標，但思考的方式可能略有不同。顯然，您已經經歷了典型的周期性複蘇，因此利用利用率，您將獲得一些定價。您談到數字化是最大的區分因素之一。我想知道，當您考慮 25% 的目標時，如果您認為利用率正常、定價正常，然後是數字化，那麼您認為可能的權重是多少？是1/3、1/3、1/3嗎？是50-50嗎？我只是有點好奇我們應該如何看待這件事。

I think it would be difficult to give you a precise outlook because this will depend on every division and almost on every geography, depending on a mix outlook we foresee. But suffice to say that I think our operating leverage will indeed be a base for margin expansion to the way we execute with efficiency using our own digital transformation to execute and extract performance from our execution. So that's the base.

我認為很難給你一個準確的前景，因為這將取決於每個部門和幾乎每個地區，取決於我們預見的混合前景。但我只想說，我認為我們的運營槓桿確實將成為我們使用自己的數字化轉型來執行並從執行中提取績效的高效執行方式的利潤率擴張的基礎。這就是基礎。

Above that, I will place the technology first and technology mix adoption from Fit-for-Basin that are highly differentiated and successful in all basins. I will include the Transition Technologies that are starting to emerge as a unique differentiator. And it will include also the integration delivery performance in integration contract.

除此之外，我將把技術放在首位，並採用 Fit-for-Basin 的技術組合，這些技術在所有流域中都具有高度差異性並取得了成功。我將包括那些開始作為獨特差異化因素出現的過渡技術。並且還將包括集成合同中的集成交付績效。

And then indeed and you are correct, our digital expansion will be favorable on top. So I think you have these 3 things, but I don't want to be starting to be trying to create a boundary between these, I don't think is appropriate. And I think it will depend on every basin and every division will have a different trajectory, but we are confident that across the profile we have, considering the international mix, considering the offshore, considering the technology adoption that is coming back, I think this -- we have the path forward.

事實上，你是對的，我們的數字化擴張將是最有利的。所以我認為你有這三件事，但我不想開始嘗試在這三件事之間建立界限，我認為這是不合適的。我認為這將取決於每個盆地和每個部門都有不同的軌跡，但我們有信心，在我們的概況中，考慮到國際組合，考慮到海上，考慮到正在回歸的技術採用，我認為這——我們有前進的道路。

Okay, great. And then just an unrelated follow-up. I was curious, you talked about a lot of major projects and so forth globally. We've seen obviously some pretty extreme pricing in LNG and natural gas overall. So if you just kind of looked at natural gas as a driver on the project side or the activity side, anything globally you could say? It looks like it's improved over recent months or recent quarters. Or anything on the sort of larger project side there (inaudible).

好的，太好了。然後只是一個不相關的後續行動。我很好奇，您談到了全球範圍內的很多重大項目等等。我們顯然已經看到液化天然氣和天然氣整體定價相當極端。因此，如果您只是將天然氣視為項目方或活動方的驅動力，那麼全球範圍內您能說什麼？近幾個月或最近幾個季度似乎有所改善。或者更大的項目方面的任何事情（聽不清）。

Gas is there for a long time as a critical supply, as a transition fuel as well. So I think you see that the existing reserves, be it on unconventional or conventional, offshore and onshore will be commercialized by our customers as long as they have a path to market through LNG or they have a path to market to pipeline. So we see this accelerating. You have seen some of the critical announcement we made this morning relating to onshore, offshore, unconventional and conventional gas developments, and we see it as a trend that is not about to stop.

長期以來，天然氣一直是重要的供應來源，也是過渡燃料。因此，我認為現有的儲量，無論是非常規還是常規的、海上和陸上的，只要我們的客戶有通過液化天然氣進入市場的途徑或有通過管道進入市場的途徑，他們都可以將其商業化。所以我們看到這種情況正在加速。你們已經看到了我們今天早上發布的一些有關陸上、海上、非常規和常規天然氣開發的重要公告，我們認為這是一種不會停止的趨勢。

Now, will it accelerate? I think the gas supply/demand is misbalanced this year, will recover a little bit next year but will continue its strong trajectory going forward. And there are few countries that are committed to accelerate their gas transition. India is the most visible one that will step change their consumption of gas and will then participate to fuel the gas demand and will itself expand in gas supply as well domestically.

現在，它會加速嗎？我認為今年天然氣供需失衡，明年將有所恢復，但未來將繼續保持強勁的勢頭。很少有國家致力於加速天然氣轉型。印度是最引人注目的國家，它將逐步改變天然氣消費，然後參與滿足天然氣需求，並擴大國內天然氣供應。

So Middle East, domestic gas, India as an engine of growth for gas beyond the current mix and some specific security supply that will trigger some gas development from existing gas, the redevelopment or short-cycle activity. So I'm optimistic, hence, very, very pleased with the gas contract we have been winning this quarter.

因此，中東、國內天然氣、印度作為天然氣增長的引擎，超出了目前的組合，以及一些特定的安全供應，這將引發現有天然氣的一些天然氣開發、再開發或短週期活動。所以我很樂觀，因此對我們本季度贏得的天然氣合同非常非常滿意。

And our next question is from Waqar Syed with ATB Capital Markets.

我們的下一個問題來自 ATB Capital Markets 的 Waqar Syed。

Olivier, just 1 broader question. You've given us some good guidance on upstream capital spending for international markets and North American markets for next year. Now with respect to exploration budgets in particular, do you see the growth rate of exploration spending in line with otherwise global spending or higher or lower?

奧利維爾，只是 1 個更廣泛的問題。您為我們明年國際市場和北美市場的上游資本支出提供了一些很好的指導。現在，特別是在勘探預算方面，您認為勘探支出的增長率與全球支出的增長率是否一致，或者更高還是更低？

It's too early to give a specific guidance for exploration. What I will say for exploration is that we are seeing 2 things coming back. We are seeing some seismic activity coming back, including there are some proof that the seismic boat utilization is going. But what is more critical is the near-field exploration is triggering more activity in exploration going forward as everybody wants to get better return on their existing infrastructure to create tieback. And hence, we have seen some licensing rounds as well. So licensing rounds, some seismic survey coming back and exploration, near-field exploration for future infill or tieback is what we see. So to give you a magnitude, directionally, it will increase, but to keep in mind it is too early.

現在給出具體的探索指導還為時過早。對於探索，我要說的是，我們看到有兩件事正在回歸。我們看到一些地震活動回來了，包括有一些證據表明地震船的使用正在進行。但更重要的是，近場勘探正在引發更多的勘探活動，因為每個人都希望在現有基礎設施上獲得更好的回報來創建回接。因此，我們也看到了一些許可輪次。因此，我們看到了許可輪次、一些地震勘測和勘探、未來填充或回接的近場勘探。因此，給你一個幅度，方向上，它會增加，但要記住，現在還為時過早。

Okay. And then with respect to the APS business, previously, there were some plans for asset divestitures. Are those plans on hold or are you still pursuing those?

好的。然後關於APS業務，之前有一些資產剝離的計劃。這些計劃是否已被擱置，或者您仍在追求這些計劃嗎？

Look, Waqar, for APS assets in Canada, which is what we discussed previously, we have received offers with various commercial constructs, and now we are just in the process of evaluating the potential merits and risks associated with those proposals. So this is what we are doing now. In the meantime, we are, of course, managing this asset as to optimize cash flows in the current commodity pricing environment, and it generates quite a lot of cash flow.

Waqar，對於加拿大的 APS 資產，這就是我們之前討論的，我們已經收到了各種商業結構的報價，現在我們正在評估與這些提議相關的潛在優點和風險。這就是我們現在正在做的事情。當然，與此同時，我們正在管理這項資產，以在當前大宗商品定價環境下優化現金流，它會產生相當多的現金流。

And next, we go to the line of Neil Mehta with Goldman Sachs.

接下來，我們來看看尼爾·梅塔（Neil Mehta）與高盛（Goldman Sachs）的合作。

I just want to go back to Arun's question on deleveraging. As you think about the right -- the optimal capital structure, is 2x net debt to EBITDA still the normalized way you would think about the business? And based on the visibility you have on the cash flow, when do you think you'll be in a position to hit that target?

我想回到阿倫關於去槓桿的問題。當您考慮正確的——最佳資本結構時，2 倍的 EBITDA 淨負債是否仍然是您考慮業務的正常方式？根據您對現金流的了解，您認為您何時能夠實現該目標？

It's a good question, Neil. Is 2x the right level? You could argue it's a good level throughout the cycle. Now in an up-cycle with the cash you generate, the excess cash, we would probably be happy to go below 2x, and it will give us the required flexibility, as I said, to look at growth, additional growth opportunities and potential incremental shareholder returns. So we may not stop at 2x. We can take this as an intermediary step, and we -- 2x will just be an average throughout the cycle, I think, is the right level.

這是個好問題，尼爾。 2x 的水平合適嗎？你可能會說這是整個週期的一個很好的水平。現在，在你產生的現金的上升週期中，多餘的現金，我們可能會很樂意低於2 倍，這將為我們提供所需的靈活性，正如我所說，以考慮增長、額外的增長機會和潛在的增量股東回報。所以我們可能不會停留在 2x 上。我們可以將此作為中間步驟，我認為 2x 將只是整個週期的平均值，這是正確的水平。

Yes. The follow-up is just on the digital business. You spent a lot of time talking about it on this call, but do you think you'll -- the company will ever get credit for the digital business, which is highly valuable, terrific margins, embedded within a more volatile services and technology business? Does the -- does that asset ultimately belong outside of your core business? And I look at Emerson and Aspen, the transaction that they recently did, try to put a better marker on the value of digital. It's a high-level question, but curious on what the optimal way to showcase the value of that business is.

是的。後續只是關於數字業務。你在這次電話會議上花了很多時間談論這個問題，但你認為你會——公司將永遠因為數字業務而獲得讚譽嗎？數字業務非常有價值，利潤豐厚，嵌入在更加不穩定的服務和技術業務中？該資產最終是否屬於您的核心業務之外？我看看艾默生和阿斯彭，他們最近進行的交易，試圖更好地標記數字的價值。這是一個高級問題，但很好奇展示該業務價值的最佳方式是什麼。

So first, we will continue to pursue. We have made investment into a digital platform. We are using it both internally and externally. We have critical customers that depend upon us and will continue to trust us for the future. So we are using it to accelerate our growth, be accretive on our growth and our returns. And whether we are getting the right value, I think it's up to you to review and give us the multiple expansion that we deserve for this.

所以首先，我們會繼續追求。我們投資了一個數字平台。我們在內部和外部都使用它。我們擁有依賴我們的重要客戶，並將在未來繼續信任我們。因此，我們利用它來加速我們的增長，增加我們的增長和回報。無論我們是否獲得了正確的價值，我認為這取決於您的審查並為我們提供我們應得的多重擴展。

I think we have been, so far, demonstrating enough margins -- sustained margin. To this, we anticipate the growth to now come to play visibly in the coming years. And I think our leadership in this is recognized. And yes, I would expect that this will be turning into a premium for valuation.

我認為到目前為止，我們已經展示了足夠的利潤——持續的利潤。為此，我們預計未來幾年增長將顯現出來。我認為我們在這方面的領導地位得到了認可。是的，我預計這將轉變為估值溢價。

I believe it's time to call. I'm not sure that we have time for another question.

我相信是時候打電話了。我不確定我們是否有時間回答另一個問題。

No further time, you may conclude.

你可能會得出這樣的結論：沒有更多的時間了。

So thank you very much. So I would like to conclude the call and I would like to leave you with a few key takeaways. First, during the third quarter, our growth momentum was sustained, both internally, internationally and in North America and drove peer-leading margin expansion, reflecting our operating leverage, advantaged market position, and increased technology adoption. We also generated sizable free cash flow, allowing us to materially reduce our net debt.

非常感謝。因此，我想結束此次通話，並向您傳達一些重要的信息。首先，在第三季度，我們的增長勢頭在內部、國際和北美都得到了持續，並推動了同行領先的利潤率擴張，反映了我們的運營槓桿、優勢的市場地位和技術採用的增加。我們還產生了可觀的自由現金流，使我們能夠大幅減少淨債務。

Secondly, our performance in execution, our proven integration capabilities, and our differentiated technology and digital portfolio are increasingly resonating with our customers and have resulted in sizable awards in the quarter across Middle East, offshore, and in gas development, in particular, all critical markets as the up-cycle unfolds.

其次，我們的執行績效、經過驗證的集成能力以及我們的差異化技術和數字產品組合日益引起客戶的共鳴，並在本季度在中東、海上和天然氣開發領域獲得了相當大的獎項，特別是在所有關鍵領域隨著市場上行週期的展開。

Thirdly, we are confident that the momentum of this up-cycle will continue, allowing us to close this year with another quarter of revenue and earnings growth, resulting in full year sequential growth internationally and pro forma North America and full year margin expansion on the high end of our guidance.

第三，我們相信這一上升週期的勢頭將持續下去，使我們能夠在今年結束時再實現一個季度的收入和盈利增長，從而實現全年國際和北美地區的環比增長以及全年利潤率的擴張。我們指導的高端。

Finally, with the backdrop of strengthening demand in the energy markets, the macro conditions are increasingly set for an exceptional multiyear growth cycle unfolding broadly during 2022, both internationally and North America and resulting in significant earnings growth potential for Schlumberger.

最後，在能源市場需求增強的背景下，宏觀條件越來越適合 2022 年國際和北美廣泛展開的特殊多年增長周期，從而為斯倫貝謝帶來巨大的盈利增長潛力。

Ladies and gentlemen, I could not be more satisfied with our strategy execution progress to date, the enthusiasm of our entire team, and the elevated trust of our customers. I look forward to the coming quarters with increased confidence. Our returns-focused strategic execution has created the conditions for a unique outperformance in our core and digital offering at the onset of this up-cycle whilst elevating our sustainability commitment and accelerating our new energy strategic initiatives. Thank you very much.

女士們、先生們，我對我們迄今為止的戰略執行進展、整個團隊的熱情以及客戶日益增長的信任感到非常滿意。我對未來幾個季度充滿信心。我們以回報為中心的戰略執行為我們的核心和數字產品在這個上升週期開始時取得獨特的優異表現創造了條件，同時提升了我們的可持續發展承諾並加速了我們的新能源戰略舉措。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。