斯倫貝謝公司 (SLB) 2021 Q2 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.

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。

I would now like to turn the conference over to the Vice President of Investor Relations, ND Maduemezia. Please go ahead.

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, Leah. Good morning, and welcome to the Schlumberger Limited Second Quarter 2021 Earnings Conference Call. Today's call is being hosted from Paris, following the Schlumberger Limited Board meeting held earlier this week.

謝謝你，莉亞。早上好，歡迎參加斯倫貝謝有限公司 2021 年第二季度收益電話會議。今天的電話會議是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在巴黎召開的。

Joining us on the call are Olivier Le Peuch, Chief Executive Officer; and Stephane Biguet, Chief Financial Officer.

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 second 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。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二季度新聞稿中找到。

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

這樣，我會將電話轉給奧利維爾。

Thank you, ND, and good morning, ladies and gentlemen. Thank you for joining us on the call. In my prepared remarks today, I will cover 3 topics: our second quarter results, the near-term industry macro environment and the outlook for the third quarter and the remainder of the year. Finally, I will share my perspective on how Schlumberger is positioned for sustained outperformance in this macro context. Stephane will then give more details on our financial results, and we will open the floor for questions.

謝謝你，ND，女士們先生們早上好。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：我們的第二季度業績、近期行業宏觀環境以及第三季度和今年剩餘時間的前景。最後，我將分享我對斯倫貝謝如何在這一宏觀背景下實現持續優異表現的看法。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。

Our second quarter results demonstrate very broad strength in our core portfolio as we continue to fully capitalize on the short- and long-cycle activity recovery across divisions, operating environments and geographies, both in North America and internationally. The combination of revenue quality, solid execution and vastly improved operating leverage delivered our fourth consecutive quarter of margin expansion.

我們第二季度的業績展示了我們核心投資組合的廣泛實力，因為我們繼續充分利用北美和國際各部門、運營環境和地區的短週期和長周期活動復甦。收入質量、穩健的執行力和大幅提高的運營槓桿相結合，使我們的利潤率連續第四個季度實現增長。

Let me share with you some performance highlights during the quarter.

讓我與您分享本季度的一些業績亮點。

Internationally, the depth and diversity of our portfolio enabled us to take hold of the recovery in the second quarter, restoring margins to pre-pandemic levels, ahead of the anticipated acceleration in these markets. In North America, we achieved our double-digit margin ambition, a key milestone in our 2021 financial targets. All divisions fully leveraged the activity recovery to post sequential top line growth and significant margin expansion, including Production Systems, which reached double-digit margins during the quarter.

在國際上，我們投資組合的深度和多樣性使我們能夠在第二季度實現復甦，在這些市場預期加速之前將利潤率恢復到大流行前的水平。在北美，我們實現了兩位數的利潤率目標，這是我們 2021 年財務目標的一個重要里程碑。所有部門都充分利用活動復甦來實現營收環比增長和利潤率顯著擴張，其中生產系統部門在本季度達到了兩位數的利潤率。

Growth and margin expansion were led by Reservoir Performance and Well Construction, both posting growth internationally and in North America. Reservoir Performance growth was driven by the exploration and seasonal recovery, higher offshore activity and new technology adoption, all of which resulted in sequential margin expansion in excess of 370 basis points. Well Construction accelerated its rate of growth sequentially, outpacing rig count growth both in North America and internationally, with strong contribution from offshore basins.

增長和利潤率擴張由 Reservoir Performance 和 Well Construction 引領，在國際和北美地區均實現增長。油藏業績增長是由勘探和季節性複蘇、海上活動增加和新技術採用推動的，所有這些都導致利潤率連續增長超過 370 個基點。油井建設連續加快了增長速度，超過了北美和國際上鑽機數量的增長，其中海上盆地的貢獻強勁。

In U.S. land, the Division grew more than 30%, double the sequential rig count growth rate over the quarter. This does not only reflect enhanced market participation, but also improving revenue quality.

在美國陸地，該部門增長了 30% 以上，是本季度連續鑽機數量增長率的兩倍。這不僅體現了市場參與度的增強，也體現了收入質量的提高。

And cash flow, finally, from operation was $1.2 billion, enabling us to begin deleveraging the balance sheet this quarter.

最終，運營產生的現金流為 12 億美元，使我們能夠在本季度開始對資產負債表進行去槓桿化。

In addition to the impact of operating leverage, there were 2 contributing factors to this financial outperformance: first, the offshore activity mix; and second, technology adoption. The offshore rebound in the second quarter was led by high single-digit deepwater activity growth, partly in Brazil, and also included a mid-teens growth in exploration and appraisal activity across Europe and the Middle East. This market condition presented a favorable mix and resulted in higher revenue quality for both Reservoir Performance and Well Construction.

除了經營槓桿的影響之外，還有兩個因素促成了這種財務表現：第一，離岸活動組合；第二，技術採用。第二季度海上反彈是由深水活動高個位數增長（部分在巴西）帶動的，還包括歐洲和中東勘探和評估活動的中位數增長。這種市場狀況呈現出有利的組合，並導致油藏性能和油井建設的收入質量更高。

In addition, as customers commit to future offshore development activity, we received significant deepwater awards for our OneSubsea® business line, resulting in a doubling of the booking volume versus the prior quarter and a year-to-date book-to-bill ratio exceeding 1.5.

此外，隨著客戶致力於未來的海上開發活動，我們的 OneSubsea® 業務線獲得了重要的深水獎項，導致預訂量比上一季度翻倍，年初至今的預訂出貨比超過1.5.

The other contributing factor is increasing new technology uptake. The rate of adoption of our latest generation technology increased by 1/3 during the quarter and included, in particular, Transition Technologies, digital and fit-for-basin solutions, which benefited all divisions and most basins. This is a clear recognition of the performance impact our technologies generate for our customers, and it gives us increased confidence in the contribution of technology adoption towards margin expansion in this up cycle.

另一個影響因素是增加新技術的採用。本季度，我們最新一代技術的採用率增加了 1/3，特別是過渡技術、數字化和適合流域的解決方案，這使所有部門和大多數流域受益。這是對我們的技術為客戶帶來的性能影響的明確認可，也讓我們對技術採用對這一上升週期中利潤擴張的貢獻更有信心。

In addition, we continue to advance our digital and new energy strategies, extending the reach of our digital platform with a number of key agreements and awards as customers forge ahead with their digital transformations. And in New Energy, we continue to progress all of our ventures, including the recently announced strategic collaboration with Panasonic North America to develop our new battery-grade lithium production process in Clayton Valley, Nevada.

此外，我們繼續推進數字化和新能源戰略，隨著客戶推進數字化轉型，通過多項關鍵協議和獎項擴大我們的數字化平台的覆蓋範圍。在新能源領域，我們繼續推進所有業務，包括最近宣布與松下北美公司的戰略合作，在內華達州克萊頓谷開發新的電池級鋰生產工藝。

Finally, during the second quarter, we announced our commitment to achieve net-zero greenhouse emissions by 2050. I'm very proud to lead the first service company that has set net-zero ambition that includes Scope 3 emissions. We have laid out an approach to climate change that is science-based aligned with the 1.5 degrees Celsius target of the Paris Agreement and is built on a comprehensive near-term road map to achieve our goal with interim milestones in 2025 and 2030.

最後，在第二季度，我們宣布了到 2050 年實現溫室氣體淨零排放的承諾。我非常自豪能夠領導第一家設定了包括範圍 3 排放在內的淨零目標的服務公司。我們制定了一種以科學為基礎的應對氣候變化的方法，與《巴黎協定》1.5攝氏度的目標相一致，並建立在全面的近期路線圖的基礎上，以在2025年和2030年實現我們的中期里程碑目標。

As a company that prides itself on technology innovation, we aim to net the balance of emissions we produce in 2050 with carbon-negative actions.

作為一家以技術創新而自豪的公司，我們的目標是通過負碳行動在 2050 年實現排放平衡。

This plan also includes the launch of our Transition Technologies portfolio to support our customers on their journeys to net zero, such as the avoidance of flaring with Ora wireline technology and the track record of CYNARA CO2 membrane separation technology, as you have seen in this morning's release.

該計劃還包括推出我們的過渡技術產品組合，以支持我們的客戶實現淨零排放，例如利用Ora 有線技術避免燃燒以及CYNARA CO2 膜分離技術的跟踪記錄，正如您在今天早上的報導中看到的那樣發布。

Our net-zero ambition and the launch of Transitions Technology (sic) [Transition Technologies] is an opportunity to contribute to the decarbonization of the industry, building through innovation, a resilient future that delivers higher carbon -- higher value and lower carbon.

我們的淨零目標和Transitions Technology（原文如此）[Transition Technologies] 的推出是一個為行業脫碳做出貢獻的機會，通過創新構建一個有彈性的未來，提供更高的碳——更高的價值和更低的碳。

Overall, I'm very pleased with our revenue quality, solid execution, enhanced market participation, both in North America and internationally, and most importantly, the translation of all of these elements into another successive quarter of margin expansion.

總的來說，我對我們在北美和國際上的收入質量、紮實的執行力、增強的市場參與度感到非常滿意，最重要的是，所有這些要素都轉化為又一個連續季度的利潤擴張。

I want to thank here the entire Schlumberger team as they continue to execute and deliver outstanding performance for our customers and our communities despite COVID impact in several parts of the world.

在此，我要感謝整個斯倫貝謝團隊，儘管新冠疫情對世界多個地區造成了影響，但他們仍然繼續為我們的客戶和社區提供卓越的業績。

Next, I would like to share my view on the macroeconomic environment supporting our industry. While the rise of the COVID-19 Delta variant and resurgence of related disruptions could impact the pace of economic reopening, recent market projections continue to affirm an improving global economic outlook.

接下來我想分享一下我對支撐我們行業的宏觀經濟環境的看法。儘管 COVID-19 Delta 變種的興起和相關中斷的再次出現可能會影響經濟重新開放的步伐，但最近的市場預測繼續證實全球經濟前景正在改善。

Global GDP growth is now expected to approach 6% in 2021 and more than 4% in 2022, which should continue to drive a progressive recovery of oil demand. This outlook is supported by recent oil demand updates, which reflect the anticipation of wider vaccine-enabled recovery, improved mobility and additional fiscal stimulus in large economies through the second half of the year.

目前預計2021年全球GDP增長將接近6%，2022年將超過4%，這將繼續推動石油需求逐步復甦。這一前景得到了最近石油需求更新的支持，這些更新反映了人們對下半年大型經濟體通過疫苗實現更廣泛復甦、流動性改善和額外財政刺激的預期。

Looking farther out, the IEA projects that global oil demand will reach 100 million barrels per day and surpass pre-COVID levels by the end of 2022 in the absence of further policy change.

展望未來，IEA 預計，如果沒有進一步的政策變化，到 2022 年底，全球石油需求將達到 1 億桶/日，並超過新冠疫情前的水平。

With oil price at elevated levels, the supply response to this demand recovery is developing broadly as anticipated. Indeed, this combination has resulted in a call on short-cycle production as well as an uptick in long-cycle project, reflected in new FIDs and encouraging recovery in both offshore developments and near-field exploration activity through the second quarter.

隨著油價處於高位，供應對需求復甦的反應正如預期的那樣廣泛發展。事實上，這種結合導致了對短週期生產的需求以及長周期項目的增加，這反映在新的最終投資決定中，並鼓勵第二季度海上開發和近場勘探活動的複蘇。

In North America, this supply response is reflected in the rig count and frac fleet trends, which sustained strong growth through the first half of the year. Private operators led activity growth which resulted from the acceleration of DUC completion and increased drilling activity to replenish DUC inventory. By contrast, the embrace of capital discipline by the public operators is highlighted by the rig count still being significantly below the Q1 2020 total despite WTI price exceeding pre-pandemic levels.

在北美，這種供應反應反映在鑽機數量和壓裂船隊趨勢上，這些趨勢在今年上半年持續強勁增長。私營運營商引領了活動增長，這是由於 DUC 完井速度加快以及為補充 DUC 庫存而增加的鑽探活動所致。相比之下，儘管 WTI 價格超過了大流行前的水平，但鑽機數量仍遠低於 2020 年第一季度的總數，這突顯了公共運營商對資本紀律的接受。

In this context, despite a solid activity growth outlook, we maintain our view that the North American market will be structurally smaller than in previous cycles as a consequence of capital discipline and industry consolidation.

在這種背景下，儘管經濟活動增長前景穩健，但我們仍然認為，由於資本紀律和行業整合，北美市場的結構將比之前的周期要小。

Moving to international markets. The deficit of investment needed to deliver the required oil supply presents a sustained growth opportunity, particularly in the low-cost, advantaged basins. We remain constructive on the structural pull on international supply and the resulting activity impact. This was already visible in the second quarter with a strong seasonal rebound and offshore recovery despite the impact of COVID disruption in part of Asia and in the Middle East. This also marked the second consecutive quarter of international rig count growth.

轉向國際市場。提供所需石油供應所需的投資赤字提供了持續增長的機會，特別是在低成本、優勢盆地。我們對國際供應的結構性拉動及其由此產生的活動影響仍持建設性態度。儘管受到新冠疫情對亞洲部分地區和中東地區的影響，但這一點在第二季度已經顯現出來，季節性反彈和離岸復甦強勁。這也標誌著國際鑽機數量連續第二個季度增長。

Looking further out, we see favorable conditions for durable investment growth driven by the combination of actions by NOCs, internationally focused investment by public E&P operators and the expectation of continued supply discipline by OPEC+, all in response to the steady evolution of demand. The current pace of international tendering contract awards and increasing book-to-bill ratio support this view. Against this backdrop, Schlumberger is extremely well positioned, both in international markets and in North America. Our market exposure is biased to accretive growth. And with a series of new contract wins, our leading digital and fit-for-basin technology portfolio and our performance strategy, we will create value for our customers and deliver industry-leading returns.

展望未來，我們看到國家石油公司的行動、公共勘探與生產運營商的國際重點投資以及歐佩克+持續供應約束的預期共同推動的持久投資增長的有利條件，所有這些都是為了應對需求的穩定變化。當前國際招標合同授予的速度和不斷增加的訂單出貨比支持了這一觀點。在此背景下，斯倫貝謝在國際市場和北美市場都處於極其有利的地位。我們的市場敞口偏向於增值增長。通過贏得一系列新合同、我們領先的數字化和適合盆地的技術組合以及我們的績效戰略，我們將為客戶創造價值並提供行業領先的回報。

Turning to the third quarter outlook. In North America, we see another quarter of growth, albeit somewhat moderating in U.S. land, led by private operators and horizontal oil drilling and a seasonal recovery in Canada. North America offshore will remain resilient, albeit with the hurricane season in view.

轉向第三季度展望。在北美，我們看到美國陸地又出現四分之一的增長，儘管有所放緩，這主要是由私營運營商和水平石油鑽探以及加拿大的季節性複蘇帶動。儘管考慮到颶風季節，北美近海仍將保持彈性。

Moving to the international markets. Positive growth momentum is expected to continue through the third quarter across all areas. Short-cycle activity will be augmented by longer-cycle project start-up.

走向國際市場。預計所有領域的積極增長勢頭將持續到第三季度。短期活動將通過較長周期的項目啟動而得到增強。

In this context, directionally, we expect our global third quarter revenue to grow by mid-single digits led by Reservoir Performance and Well Construction divisions, while our pretax segment operating margins should further expand by 50 to 100 basis points.

在此背景下，我們預計，在油藏績效和油井建設部門的帶動下，我們的全球第三季度收入將實現中個位數增長，而我們的稅前部門運營利潤率應進一步擴大50 至100個基點。

With this outlook for the third quarter, we remain confident in achieving double-digit international growth in the second half of 2021 when compared to the second half of 2020. As a consequence, and absent further COVID setback in operational recovery, we now foresee full year revenue growth both internationally and in North America, when excluding the impact of divestiture.

考慮到第三季度的前景，與2020 年下半年相比，我們仍然有信心在2021 年下半年實現兩位數的國際增長。因此，在運營復甦方面沒有進一步受新冠疫情影響的情況下，我們現在預計將全面實現剔除資產剝離的影響後，國際和北美地區的年收入增長。

With activity recovery ahead of us through the third quarter and strong signal of a durable recovery beyond that, we can now clearly see a path to the high end of our full year EBITDA margin expansion guidance for 2021.

隨著第三季度經濟活動的複蘇，以及此後持久復甦的強烈信號，我們現在可以清楚地看到通往 2021 年全年 EBITDA 利潤率擴張指導上限的道路。

Looking further ahead, the fundamentals remain very favorable, with a growing economic rebound, supportive oil prices and a demand and supply outlook all representing a set of unique conditions that will support an exceptional growth cycle. Furthermore, this cycle will be broad-based across geographies and operational environment, land, offshore, North America and particularly, international markets. The second quarter was a strong indication of the future outlook and a testament of our restored earnings power under these conditions.

展望未來，基本面仍然非常有利，經濟反彈不斷增強、油價具有支撐性以及供需前景，所有這些都代表著一系列獨特的條件，將支持特殊的增長周期。此外，這一周期將廣泛應用於各個地區和運營環境、陸地、海上、北美，特別是國際市場。第二季度有力地表明了未來的前景，也證明了我們在這種情況下恢復了盈利能力。

In summary, I'm very pleased with our strong quarter -- second quarter results across our entire portfolio, which demonstrates the effectiveness of our strategy in delivering our long-term financial ambition.

總之，我對我們整個投資組合強勁的第二季度業績感到非常滿意，這證明了我們的戰略在實現長期財務目標方面的有效性。

I will now pass the call to Stephane.

我現在將把電話轉給斯蒂芬。

Thank you, Olivier, and good morning, ladies and gentlemen. Second quarter earnings per share was $0.30. This represents an increase of $0.09 compared to the first quarter of this year and an increase of $0.25 when compared to the same period of last year, excluding charges. There were no charges or credits recorded during the first or second quarters of 2021.

謝謝奧利維爾，女士們先生們早上好。第二季度每股收益為 0.30 美元。這意味著與今年第一季度相比增加了 0.09 美元，與去年同期相比增加了 0.25 美元（不包括費用）。 2021 年第一季度或第二季度沒有記錄任何費用或貸項。

Overall, our second quarter revenue of $5.6 billion increased 8% sequentially. North America revenue increased 11% sequentially, while international revenue increased 7%, both outpacing respective rig count growth.

總體而言，我們第二季度的收入為 56 億美元，比上一季度增長 8%。北美收入環比增長 11%，國際收入增長 7%，均超過各自鑽機數量的增長。

Pretax operating margins were 14.3% and have now increased 4 quarters in a row. This represents the highest margin since the fourth quarter of 2015. Notably, margins expanded sequentially across all 4 divisions. This performance was driven not only by the seasonal rebound in the Northern Hemisphere, but also a favorable revenue mix as a result of increased offshore activity, new technology adoption and increased exploration and appraisal activity.

稅前營業利潤率為 14.3%，現已連續 4 個季度增長。這是自 2015 年第四季度以來的最高利潤率。值得注意的是，所有 4 個部門的利潤率均連續擴大。這一業績不僅受到北半球季節性反彈的推動，而且還得益於海上活動增加、新技術採用以及勘探和評估活動增加帶來的有利收入組合。

Company-wide, adjusted EBITDA margin of 21.3% for the second quarter increased 118 basis points sequentially and is the highest since the third quarter of 2018. I am very pleased with this margin performance, which reflects the benefit of significant operating leverage we have created through the combination of the high-grading of our portfolio and our cost reduction program. This performance also gives me the confidence that we will continue to increase margins in the third quarter and beyond.

第二季度全公司調整後EBITDA 利潤率為21.3%，環比增長118 個基點，是2018 年第三季度以來的最高水平。我對這一利潤率表現非常滿意，這反映了我們創造的重要運營槓桿帶來的好處通過將我們的高品質產品組合與我們的成本削減計劃相結合。這一業績也讓我相信我們將在第三季度及以後繼續提高利潤率。

Let me now go through the second quarter results for each division.

現在讓我回顧一下每個部門的第二季度業績。

Second quarter Digital & Integration revenue of $817 million, increased 6% sequentially, while pretax operating margins increased 147 basis points to 33%. These increases were primarily driven by strong digital solution sales.

第二季度數字與集成收入為 8.17 億美元，環比增長 6%，稅前營業利潤率增長 147 個基點，達到 33%。這些增長主要是由強勁的數字解決方案銷售推動的。

Reservoir Performance revenue of $1.1 billion increased 12% sequentially. This revenue growth was entirely driven by higher international activity, which resulted in international revenue increasing by 13%. Margins expanded 373 basis points to 13.9%, largely due to the seasonal recovery in the Northern Hemisphere and increased offshore and exploration activity as well as favorable technology mix in the Middle East and Africa.

油藏動態收入為 11 億美元，比上一季度增長 12%。這一收入增長完全是由國際活動增加推動的，這導致國際收入增長了 13%。利潤率擴大 373 個基點至 13.9%，這主要是由於北半球的季節性複蘇、海上和勘探活動的增加以及中東和非洲有利的技術組合。

Well Construction revenue of $2.1 billion increased 9% sequentially, while margins increased 209 basis points to 12.9%. These improvements were driven by strong performance both in North America and internationally. U.S. land revenue grew by over 30%, significantly outpacing the increase in rig count. International activity increased beyond the seasonal rebound as many countries experienced double-digit revenue growth.

油井建設收入為 21 億美元，比上一季度增長 9%，而利潤率增長 209 個基點，達到 12.9%。這些改進是由北美和國際上的強勁表現推動的。美國土地收入增長超過 30%，大大超過了鑽機數量的增長。由於許多國家的收入實現了兩位數的增長，國際活動的增長超越了季節性反彈。

Finally, Production Systems revenue of $1.7 billion increased 6% sequentially, and margins increased 146 basis points to 10.2%. These increases were primarily driven by higher activity in Europe, Africa and North America.

最後，生產系統收入為 17 億美元，環比增長 6%，利潤率增長 146 個基點，達到 10.2%。這些增長主要是由歐洲、非洲和北美的活動增加推動的。

Now turning to our liquidity. During the quarter, we generated $1.2 billion of cash flow from operations, and positive free cash flow of $869 million despite severance payments of $72 million. The amounts included the receipt of $477 million U.S. federal tax refund relating to prior years. This refund helped support our deleveraging efforts during the quarter. In this regard, our gross debt decreased by $861 million during the quarter. We have begun to execute on our commitment to deleverage, as demonstrated by the early redemption in June of all $665 million of notes that were coming due in September. We also repaid $236 million of commercial paper during the quarter. Net debt decreased sequentially by $632 million to $13 billion, the lowest level since the fourth quarter of 2017.

現在轉向我們的流動性。本季度，我們的運營現金流為 12 億美元，儘管遣散費為 7,200 萬美元，但自由現金流為 8.69 億美元。這些金額包括收到的與前幾年相關的 4.77 億美元美國聯邦退稅。這筆退款有助於支持我們本季度的去槓桿化努力。在這方面，本季度我們的總債務減少了 8.61 億美元。我們已經開始履行去槓桿化的承諾，六月份提前贖回了九月份到期的全部 6.65 億美元票據就證明了這一點。本季度我們還償還了 2.36 億美元的商業票據。淨債務環比減少 6.32 億美元，至 130 億美元，為 2017 年第四季度以來的最低水平。

During the quarter, we made capital investments of $351 million. This amount includes CapEx, investments in APS projects and multiclient. For the full year 2021, we are still expecting to spend between $1.5 billion to $1.7 billion on capital investments.

本季度，我們進行了 3.51 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，我們仍預計資本投資支出在 15 億至 17 億美元之間。

In total, during the first half of 2021, we generated over $1.6 billion of cash flow from operations and over $1 billion of free cash flow. These amounts are fully expected to increase in the second half of the year, consistent with historical trends. As a result, we remain confident in our ability to achieve double-digit free cash flow margin for the full year of 2021 and beyond. This will allow us to continue to deleverage the balance sheet and provide us with flexibility in our capital allocation.

2021 年上半年，我們總共產生了超過 16 億美元的運營現金流和超過 10 億美元的自由現金流。預計這些金額將在今年下半年增加，與歷史趨勢一致。因此，我們對 2021 年全年及以後實現兩位數自由現金流利潤率的能力仍然充滿信心。這將使我們能夠繼續去槓桿化資產負債表，並為我們的資本配置提供靈活性。

One last item worth highlighting is that during the quarter, we replaced our EUR 750 million credit facility with a new 3-year EUR 750 million sustainability-linked revolving credit facility. The terms of this facility are aligned with the interim emissions reduction targets disclosed as part of our net-zero emissions commitment announced this quarter. This is a first for Schlumberger and further demonstrates our commitment to fully participate in the decarbonization of the industry.

最後值得強調的一點是，在本季度，我們用新的 3 年期 7.5 億歐元可持續發展相關循環信貸額度取代了 7.5 億歐元信貸額度。該設施的條款與我們本季度宣布的淨零排放承諾的一部分所披露的臨時減排目標一致。這是斯倫貝謝的第一次，進一步表明了我們全面參與行業脫碳的承諾。

I will now turn the conference call back to Olivier.

我現在將電話會議轉回給奧利維爾。

Thank you, Stephane. I think we are ready to open the floor for questions. Thank you.

謝謝你，斯蒂芬。我想我們已經準備好開始提問了。謝謝。

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

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

So Olivier, really strong performance and execution in the second quarter kind of across the board and really strong margin performance, I thought. What's the sustainability of this type of margin improvement as we go through the back half of this year and in particular, probably 2022 when things really get going and the cycle really takes off?

我認為，奧利維爾在第二季度的表現和執行力非常強勁，而且利潤率表現也非常強勁。今年下半年，尤其是 2022 年，當事情真正開始發展、週期真正起飛時，這種利潤率改善的可持續性是什麼？

Yes. Thanks, James. You are correct. I think we are very proud of this margin expansion. I think there were several factors I will highlight first on the second quarter and then project how we believe we have sustainability of margin expansion.

是的。謝謝，詹姆斯。你是對的。我認為我們對利潤率的擴大感到非常自豪。我認為我將首先在第二季度強調幾個因素，然後預測我們如何相信我們的利潤率擴張具有可持續性。

So first and foremost, I think the performance was led by revenue expansion, revenue growth. I think revenue growth has worked out to be at or ahead of our expectation, both internationally and in North America. I think credit to our team, credit to the customer centricity, the new organization and our performance.

因此，首先也是最重要的，我認為業績是由收入擴張、收入增長帶動的。我認為無論是在國際上還是在北美，收入增長都達到或超過了我們的預期。我認為這要歸功於我們的團隊、以客戶為中心、新的組織和我們的表現。

Secondly, I think the -- we have seen a significant effect of our operating leverage as well as operational efficiency playing in full light during the quarter, and we expect this to be the base of our margin expansion for the quarters to come. So this was in full display in all divisions and has led to this significant margin expansion, particularly in the service-led Reservoir Performance and Well Construction.

其次，我認為，我們已經看到我們的運營槓桿和運營效率在本季度充分發揮了顯著作用，我們預計這將成為我們未來幾個季度利潤率擴張的基礎。因此，這在所有部門中都得到了充分體現，並導致了利潤率的大幅增長，特別是在以服務為主導的油藏性能和油井建設方面。

Thirdly, the revenue quality, as I recall it, was led by activity -- favorable activity mix coming from the seasonal rebound in some basins, some regions. And that included an offshore mix that was favorable to those 2 division as well as well as an exploration and appraisal uptick, mid-teens exploration and appraisal offshore quarter-on-quarter during the second quarter. So when you combine this, this is representing a revenue mix quality that I think is unique. This was supplemented by technology adoption. Technology adoptions linked to our fit-for-basin solution for customers that are seeing success. Digital, as you heard during the remarks prepared by Stephane, and lately the new technology Transition Technologies portfolio, a combination of which is creating revenue quality that is then impacting favorably our margin.

第三，據我所知，收入質量是由活動主導的——有利的活動組合來自一些盆地、一些地區的季節性反彈。其中包括對這兩個部門有利的海上組合，以及第二季度海上勘探和評估的增長，海上勘探和評估季度環比增長。因此，當你將其結合起來時，這代表了我認為獨特的收入組合質量。技術的採用對此進行了補充。我們採用的技術與我們為取得成功的客戶提供的適合台盆的解決方案相關。正如您在 Stephane 準備的講話中所聽到的那樣，數字化以及最近的新技術過渡技術組合，它們的組合正在創造收入質量，從而對我們的利潤產生有利的影響。

Lastly, and this was only notable -- not noticeable in North America, we had a couple of green shoots on pricing on Well Construction that is also starting to be recognized.

最後，這只是值得注意的——在北美並不引人注目，我們在油井建設定價方面出現了一些新芽，這也開始得到認可。

So project this forward, I think the seasonal rebound will not always be there every quarter. The unique exploration and appraisal uptick mix that we got also will not repeat. But you can count on us to leverage the future growth in the industry, both in North America and internationally to seize the operating leverage and operating efficiency we have, the favorable mix and the technology adoption that should fuel our margin expansion going forward.

因此，預測這一點，我認為季節性反彈不會總是每個季度都會出現。我們所獲得的獨特的勘探和評估上升組合也不會重複。但您可以信賴我們將利用北美和國際行業的未來增長來抓住我們現有的運營槓桿和運營效率、有利的組合和技術採用，從而推動我們未來的利潤率擴張。

Right. Okay. Well, it certainly provided a good glimpse into what the renewed earnings power of Schlumberger is. Perhaps if we could touch on digital for a second because it's kind of in a league of its own at this point. The technology adoption seems to be continuing to be strong and maybe accelerating. Margins were a bit ahead of at least what we were expecting. What is your outlook there on the digital side as we go through the next few quarters and especially again in 2022 and '23?

正確的。好的。嗯，這確實讓我們很好地了解了斯倫貝謝的新盈利能力。也許我們可以談談數字技術，因為它在這一點上是獨一無二的。技術的採用似乎繼續強勁，甚至可能還在加速。利潤率至少超出了我們的預期。當我們經歷接下來的幾個季度，尤其是 2022 年和 23 年時，您對數字方面的前景有何看法？

I think the progress we made this quarter was twofold. First, progress on our platform strategy. We continue to complete the platform foundations, the partnership, the enablement that give us extended market access, such as what we are using from the IBM Red Hat technology to access hybrid clouds and unlock, if you like, about 1/3 of the addressable market by this hybrid cloud and [in-country] solution we provide. And I think we have made much progress there, and I think we are in the eighth or the ninth inning, if you like, on the platform readiness for full scalability and expansion. And we made progress on the adoption of DELFI as you have seen some announcements, and we continue to progress on rolling out for the client that have already adopted DELFI. Hence, our revenue on the DELFI and the new technology of digital was significantly accretive to our growth, significantly accretive to [D&I] and resulted into margin expansion flow-through that was visible this quarter.

我認為我們本季度取得的進展是雙重的。首先，平台戰略取得進展。我們將繼續完善平台基礎、合作夥伴關係和支持，以擴大市場准入，例如我們使用 IBM Red Hat 技術來訪問混合雲，並解鎖（如果您願意）約 1/3 的可尋址空間通過我們提供的混合雲和[國內]解決方案來開拓市場。我認為我們已經在這方面取得了很大進展，如果你願意的話，我認為我們在平台準備完全可擴展性和擴展方面處於第八或第九局。正如您所看到的一些公告，我們在採用 DELFI 方面取得了進展，並且我們繼續在為已經採用 DELFI 的客戶推出方面取得進展。因此，我們在 DELFI 和新技術數字技術上的收入顯著促進了我們的增長，顯著促進了 [D&I]，並導致了本季度可見的利潤擴張。

So that will not continue the same every quarter. It depends on the seasonality and on the specific, but expect the -- directionally to continue to grow.

因此，這種情況不會每個季度都持續下去。這取決於季節性和具體情況，但預計會繼續定向增長。

And 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。

So clearly, we're starting to see the international upstream market starting to pick up as you noted double-digit increases in many countries. I noticed you didn't mention Saudi, which I would expect to start picking up in the coming months. So when do you think that piece falls into place? And how do you see the cadence for Middle East activity through the end of this year? And kind of what does that mean for '22 growth? I would think that kind of, at this point, I'd be surprised if growth wasn't up at least double digits internationally, especially with the positive commentary around offshore. Just wondering if you could comment, please.

很明顯，我們開始看到國際上游市場開始回暖，正如您注意到許多國家出現兩位數增長一樣。我注意到您沒有提到沙特，我預計該國將在未來幾個月內開始增加。那麼你認為這件事情什麼時候會落實到位呢？您如何看待今年年底中東活動的節奏？這對於 22 世紀的增長意味著什麼？我認為，在這一點上，如果國際上的增長沒有達到至少兩位數，我會感到驚訝，尤其是在離岸方面的積極評論的情況下。只是想知道您是否可以發表評論。

Yes. First, in short term, I would like to reiterate my positive commentary on the second quarter growth. It was all basins, all divisions internationally so it was broad and inclusive of Middle East. Now in the context of the Middle East, in particular, the growth was maybe more muted or less aggressive and less accretive to the overall growth than other basins. And there are a couple of reasons for that.

是的。首先，就短期而言，我想重申我對第二季度增長的積極評價。它是國際上的所有盆地和所有部門，因此它範圍廣泛且包容中東。現在，特別是在中東地區，與其他盆地相比，增長可能更加溫和或不那麼激進，對整體增長的促進作用也較小。這有幾個原因。

And the first and foremost reason is relating to the supply constraints that are still outstanding on the back and as such, muting some of the short-cycle activity that we could have expected to rebound faster. So now going forward, there are a couple of factors that will play favorably short term and midterm.

第一個也是最重要的原因與供應限制有關，這些限制仍然突出，因此削弱了一些我們原本預計會更快反彈的短週期活動。因此，展望未來，有幾個因素將在短期和中期發揮有利作用。

Short term, there will be a relief of some of these supply constraints that will continue to inch up the short-cycle activity, including in Saudi. There is a commitment in Middle East for gas development. And I think Qatar was the first to expand their commitment, and we have benefited greatly from that rebound in activity for the last couple of quarters, and this will extend also to a couple of other countries, including Saudi.

短期來看，其中一些供應限制將得到緩解，這將繼續推動包括沙特在內的短週期活動。中東承諾開發天然氣。我認為卡塔爾是第一個擴大承諾的國家，我們從過去幾個季度的經濟活動反彈中受益匪淺，這也將擴展到包括沙特在內的其他幾個國家。

And lastly, as we turn into 2022, we have heard some signal from a couple of countries in GCC that have signaled that they will commit to production capacity increase to fulfill their opportunity to gain share as there will be a pull on international supply. So this will result from 2022 in combination of short cycle, gas development, and long cycle across that region. And hence, they will catch up, and they will certainly be a region that will lead the activity growth and will support in second half our double-digit year-on-year H2 and next year into a strong growth going forward.

最後，當我們進入 2022 年時，我們聽到了一些海灣合作委員會國家發出的一些信號，這些國家表示，由於國際供應將會受到拉動，他們將致力於增加產能，以抓住獲得份額的機會。因此，從 2022 年起，這將是該地區短週期、天然氣開發和長周期相結合的結果。因此，他們將迎頭趕上，並且肯定會成為引領活動增長的地區，並將在下半年支持我們實現兩位數的同比增長，並在明年實現強勁增長。

Finally, if I have to make a comment on this, I think you may have seen some contract wins and contract award in Middle East. And we believe that on top of this activity growth, we have the potential to outperform and then getting a further tailwind to our growth going forward.

最後，如果我必須對此發表評論，我想您可能已經看到了中東的一些合同贏得和合同授予。我們相信，除了這種活動增長之外，我們還有潛力超越大盤，並進一步推動我們未來的增長。

So if we look a little bit further out, you've kind of talked big picture about EBITDA exceeding 2019 levels with only about 50% of that lost revenue coming back. Just wondering if anything has changed in that view, either in terms of the timing of that growth coming, that revenue coming back or the EBITDA level? Has anything sort of changed in that kind of longer-term view that we're thinking about?

因此，如果我們看得更遠一些，您會發現 EBITDA 超過了 2019 年的水平，但收入損失的只有 50% 左右。只是想知道這種觀點是否發生了變化，無論是增長的時間、收入的恢復還是 EBITDA 水平？我們正在考慮的長期觀點有什麼變化嗎？

No. Obviously, with the results we just delivered, we are increasing our confidence in our ability to reach and expand our margin going forward as the cycle unfolds. So starting with the next 2 or 3 years, we see now a strong case for a double-digit floor as an activity growth with an upside scenario. We see that the contract wins and the market position we have will benefit us to pull from this additional growth going forward. And the operational leverage, the activity mix including offshore and the technology adoption in doing digital will all create the condition, as I commented earlier, to expand our margins.

不。顯然，根據我們剛剛交付的結果，我們對隨著周期的展開而達到和擴大利潤率的能力越來越有信心。因此，從未來 2 到 3 年開始，我們現在看到了兩位數下限的有力理由，因為活動增長具有上行前景。我們看到，贏得合同和我們擁有的市場地位將使我們受益於未來的額外增長。正如我之前所說，運營槓桿、包括離岸在內的活動組合以及數字化技術的採用都將為擴大我們的利潤創造條件。

So the ambition we have set to recover the net EBITDA dollar with less than half of the -- about half of the revenue recovery, I think, are still valid. And the mid-cycle ambition to expand the margin visibly is in full play.

因此，我們設定的以不到收入恢復一半（大約一半）的方式恢復淨 EBITDA 的雄心仍然有效。週期中期明顯擴大利潤率的雄心正在充分發揮。

Next, we have a question from Chase Mulvehill with Bank of America.

接下來，我們有來自美國銀行的 Chase Mulvehill 的提問。

I guess the first question -- Olivier, first question, I just kind of wanted to ask about inflationary pressures. Obviously, supply chain seems to be tightening across the industry. We hear about raw material cost inflation. So maybe if you could just take a moment and talk about your ability to kind of control the supply chain and control cost or either pass along cost on the OFS side and also on the Cameron side as well.

我想第一個問題——奧利維爾，第一個問題，我只是想問有關通脹壓力的問題。顯然，整個行業的供應鏈似乎正在收緊。我們聽說原材料成本上漲。因此，也許您可​​以花點時間談談您控制供應鍊和控製成本的能力，或者將成本轉嫁到 OFS 方面以及卡梅倫方面。

No, it's a very valid question, and it's something that we observe and some facts and some trends that has materialized in some index-- indices going up. But I believe that the toolbox we have and professional and very expanse organization we have in our planning and supply chain and manufacturing organization that are used to manage some inflationary pressure has allowed us to mitigate and hedge at this inflationary pressure and contain cost inflation into -- under our rules.

不，這是一個非常有效的問題，這是我們觀察到的一些事實和一些趨勢，這些事實和趨勢已經在一些指數中體現出來——指數上漲。但我相信，我們擁有的工具箱以及我們在規劃、供應鍊和製造組織中擁有的專業且非常廣泛的組織，用於管理一些通脹壓力，使我們能夠減輕和對沖這種通脹壓力，並將成本通脹控制在 - - 根據我們的規則。

Now when and as this happens and on the specifics of logistics or specific material, we are engaging with our customers using the contract terms we have to leverage an adjustment, and we have done so success with several customers. So we are confident that the combination of our supply chain capability with global and local leverage and the customer-centricity engagement approach we have, ability to sit and discuss commercial terms give us the ability to support this and continue to drive forward and expand our margins.

現在，當這種情況發生時，根據物流或特定材料的具體情況，我們正在使用我們必須利用調整的合同條款與客戶進行接觸，並且我們已經與幾個客戶取得了成功。因此，我們相信，我們的供應鏈能力與全球和當地的影響力以及我們所擁有的以客戶為中心的參與方法相結合，坐下來討論商業條款的能力使我們有能力支持這一點，並繼續推動和擴大我們的利潤。

Awesome. A quick follow-up here, probably for Stephane. When we think about free cash flow, obviously, it's going to be accelerating as you get into 2022. You'll be doing deleveraging, as you talked about, paying down some debt. But at what point should we think about incremental cash coming back to shareholders, probably a dividend [bump] first and then maybe buybacks. But is there a certain leverage ratio that we should be looking at or thinking about you guys targeting before you kind of think about increasing?

驚人的。這裡有一個快速跟進，可能是針對斯蒂芬的。當我們考慮自由現金流時，顯然，隨著進入 2022 年，它將會加速。正如您所說，您將進行去槓桿化，償還一些債務。但我們應該在什麼時候考慮將增量現金返還給股東，可能首先是股息[增加]，然後可能是回購。但是，在你們考慮增加槓桿率之前，我們是否應該考慮或考慮你們的目標槓桿率？

Yes, yes. So Chase, we do have a target leverage ratio at this stage. It is going down to less than 2x net debt to EBITDA. Now with our strong cash flow performance and the EBITDA expansion, we are quite confident that we can achieve this target sometime by the end of 2022.

是的是的。所以大通，我們現階段確實有一個目標槓桿率。其淨債務與 EBITDA 之比將降至不到 2 倍。現在，憑藉我們強勁的現金流表現和 EBITDA 擴張，我們非常有信心能夠在 2022 年底之前實現這一目標。

Now we will, of course, need to continue investing in our core business to fully reap the benefits of this growth cycle, but this will be done with the same discipline we are exercising today and within the target range of 5% to 7% for the operating part of our CapEx, i.e., excluding APS and multiclient.

當然，現在我們需要繼續投資於我們的核心業務，以充分享受這一增長周期的好處，但這將按照我們今天所實行的相同紀律來完成，並在 5% 至 7% 的目標範圍內完成。我們資本支出的運營部分，即不包括APS 和多客戶端。

So accounting for this, however, we will still generate significant excess cash flow throughout the growth cycle. This is, of course, very good news. It gives us optionality in our capital allocation, particularly to execute our strategy and to fund our new horizons of growth.

然而，考慮到這一點，我們在整個增長周期中仍將產生大量過剩現金流。這當然是一個非常好的消息。它為我們提供了資本配置的選擇權，特別是執行我們的戰略並為我們新的增長視野提供資金。

Now whether it relates to our core portfolio or expansion into digital or new energy, any new investment will be looked at under the strict lens of our return-based capital allocation framework.

現在，無論是與我們的核心投資組合有關，還是與數字或新能源領域的擴張有關，任何新投資都將在我們基於回報的資本配置框架的嚴格框架下進行審視。

Beyond that, indeed, we will continue to review our shareholder distribution policy based on the sustainability of cash flows and potential exceptional cash inflows, for example, proceeds from divestiture. So this is where we will take it.

除此之外，事實上，我們將繼續根據現金流的可持續性和潛在的異常現金流入（例如剝離收益）來審查我們的股東分配政策。這就是我們要採取的地方。

And our next question is from Scott Gruber with Citigroup.

我們的下一個問題來自花旗集團的斯科特·格魯伯。

Yes. Great quarter.

是的。很棒的季度。

Thank you, Scott.

謝謝你，斯科特。

So just as a clarification question to start. The 10% free cash conversion rate relative to revenues, we should be including the tax refund when we think about the conversion rate for the full year. Is that correct, Stephane?

所以只是作為一個澄清問題開始。相對於收入的 10% 自由現金兌換率，當我們考慮全年的兌換率時，我們應該包括退稅。這是正確的嗎，斯蒂芬？

Yes, you should, actually. But you have a few offsets and not necessarily in the same quarter, but we continue to pay severance payments. I'm talking about offsets to the tax refund, Scott. So we continue to pay severance payments with the tail end. The process is finished, but there are still payments coming. So when you put all of it together, the tax refund is not fully a plus.

是的，實際上你應該這樣做。但你有一些抵消，不一定是在同一季度，但我們繼續支付遣散費。我說的是抵消退稅，斯科特。所以我們繼續用尾款支付遣散費。該過程已完成，但仍有付款。因此，當你把所有這些放在一起時，退稅並不完全是一個優點。

Now excluding the 2 exceptional items going opposite way, tax refund and severance, we can actually still generate the 10% plus free cash flow margin. So we should be exceeding now that we have the tax refund for sure.

現在排除兩個相反的特殊項目，即退稅和遣散費，我們實際上仍然可以產生 10% 以上的自由現金流利潤。所以現在我們肯定可以退稅了，我們應該已經超出了。

Yes. Got you. And then I was actually surprised to see the Well Construction share gains in the U.S. is super impressive. Was that kind of a onetime catch-up just with high oil prices, customers now willing to pay up for your technology? Or do you see continued share gain potential onshore, whether it's Well Construction or elsewhere, even in light of private really driving the growth? Are you seeing gains with private? Just some color on U.S. share gain potential would be great.

是的。明白你了。然後我真的很驚訝地發現美國的油井建設份額增長非常令人印象深刻。難道只是因為高油價而一度追趕，現在客戶願意為你的技術付費嗎？或者您是否認為陸上股票持續增長的潛力，無論是油井建設還是其他地方，即使考慮到私人真正推動了增長？您是否看到私人收益？只要對美國股市的上漲潛力有一些了解就很好了。

No. Absolutely, Scott, we are very proud of this achievement, and let me give you the 3 drivers for it in terms of top line growth. First and foremost, performance in the way we execute, and I think has led to from cementing to drilling, directional drilling or bits market share gain with both private and with operators, public operators in the U.S.

不。當然，斯科特，我們對這一成就感到非常自豪，讓我向您介紹實現營收增長的 3 個驅動因素。首先也是最重要的是，我們執行方式的表現，我認為這導致了從固井到鑽井、定向鑽井或鑽頭的市場份額的增加，無論是美國私營運營商還是公共運營商。

The second factor is that, as you remember, as part of our North America strategy pivot we did initiate 2 years ago, we accelerated our technology access, giving access of fit-for-basin technology to some local DD company that are then using, renting or buying our equipment and using it to serve their local customers, mostly, if not exclusively, private. So this has been going quarter-on-quarter, and this is helping us to reach market and expand our market share beyond what we could do to our service arm.

第二個因素是，正如您所記得的，作為我們兩年前啟動的北美戰略支點的一部分，我們加速了我們的技術獲取，向一些當地的DD 公司提供了適合盆地的技術，這些公司當時正在使用，租用或購買我們的設備並用其為當地客戶提供服務，這些客戶大部分（如果不是全部）都是私人客戶。因此，這種情況一直在逐季度進行，這有助於我們進入市場並擴大我們的市場份額，超出了我們對服務部門所能做的範圍。

And finally, as I mentioned in my -- in one of my response earlier, we had some green shoots where our performance was in high demand, our directional drilling equipment was seen as unique to deliver the curve. Hence, we could extract some pricing premium. So the combination of these 3 have delivered this [30% plus] quarter-on-quarter top line delivery, far outpacing the rig count growth.

最後，正如我在我之前的回復中提到的，我們的性能需求很高，我們的定向鑽井設備被認為是提供曲線的獨特設備。因此，我們可以提取一些溢價。因此，這三者的結合實現了季度環比營收交付 [30% 以上]，遠遠超過了鑽機數量的增長。

So there were some exceptional, as always, but I would expect that the dynamic and directionally this to continue going forward, partly the market share gain.

因此，一如既往，有一些特殊的情況，但我預計這種動態和方向將繼續向前發展，部分是市場份額的增加。

Next, we go to Connor Lynagh with Morgan Stanley.

接下來，我們將採訪摩根士丹利的康納·林納 (Connor Lynagh)。

I wanted to ask about labor. Obviously, you had to take the challenging decision to reduce your workforce dramatically last year. I'm curious as we now look back towards growth, how well positioned are you to capitalize on the market demand? Do you have excess labor? Do you need to hire substantially? And I'm particularly curious in international regions where you may have some more long-cycle constraints on that.

我想問一下勞動的事。顯然，去年您必須做出具有挑戰性的決定，大幅減少勞動力。我很好奇，當我們現在回顧增長時，您是否能充分利用市場需求？你有多餘的勞動力嗎？您需要大量招聘嗎？我對國際地區特別好奇，那裡可能有一些更長期的限制。

Yes, it's a very good question. It's something that we're working out to continue to make progress. But I think in a nutshell, I think the step change we did in some of the operational environment, our operational practice, including digital operation, has given us the opportunity to respond on the first peak of this cycle without deploying the same resource set as we had in the past, hence, getting direct efficiency gain as we mobilize and grow with the cycle.

是的，這是一個非常好的問題。這是我們正在努力繼續取得進展的事情。但我認為簡而言之，我認為我們在一些運營環境、我們的運營實踐（包括數字化運營）中所做的逐步改變，使我們有機會應對本週期的第一個高峰，而無需部署與因此，我們過去在動員並隨著周期增長時獲得了直接的效率增益。

Going forward, and already initiated in some geographies where we had more than double-digit growth, as I mentioned, we had access to some resource that we onboarded during the quarter to respond to the contract we are winning. So the long cycle actually nature of international give us a bit more long-term visibility to this condition. Hence, our market approach is to target specific geographies and business line where we believe we can be generating accretive returns and growth and prepare for it by mobilizing ahead the resource or moving resource to address those.

展望未來，正如我所提到的，我們已經在一些地區實現了兩位數以上的增長，我們可以使用本季度引入的一些資源來響應我們贏得的合同。因此，國際的長周期實際上使我們對這種情況有了更長期的了解。因此，我們的市場方法是針對特定的地區和業務線，我們相信我們可以在這些地區和業務領域產生增值回報和增長，並通過提前動員資源或轉移資源來解決這些問題來為此做好準備。

So I think we have a global access to talent. We are using a lot and at scale this remote operation. So it is a challenge for us to respond to high demand, but we believe that we have the operational environment to make it a success.

所以我認為我們可以在全球範圍內獲取人才。我們正在大量且大規模地使用這種遠程操作。因此，應對高需求對我們來說是一個挑戰，但我們相信我們擁有使其成功的運營環境。

That's helpful context. Sort of a similar question, but on the steel or equipment side of things, basically, I'm wondering if you could based on your expectations for how much activity will grow over the next, call it, 6 to 12 months, as you look in some of the more differentiated markets and the more consolidated supplier markets, call it Middle East, offshore, et cetera. Do you feel that there is adequate equipment to meet continued growth beyond that point? Do you feel the capacity will be tightening significantly? Just appreciate an update there.

這是有用的背景。類似的問題，但在鋼鐵或設備方面，基本上，我想知道您是否可以根據您對未來活動將增長多少的預期，將其稱為 6 到 12 個月，正如您所看到的在一些差異化程度較高的市場和更加統一的供應商市場中，稱為中東、離岸等。您認為有足夠的設備來滿足該點之後的持續增長嗎？您覺得產能會明顯收緊嗎？只是感謝那裡的更新。

I think in the early part of the cycle, I think we will use and the industry will use the excess supply that came from the compression of activity that came for the last 2 years. And -- but again, we have very much professionalized our planning and supply organization. And I think from the Cameron to the asset that we have to deploy, I think we are trying to take a long-term view and scenario-based view on the future, looking beyond the 12-month horizon, and I'm starting to prepare and put some options so that we can respond to this growth going forward. Early part will not necessarily create a tightness, but the mid-cycle for sure, before the mid-cycle, this will create the condition for tightening supply and hence, some pricing conditions.

我認為在周期的早期階段，我認為我們將利用過去兩年活動壓縮帶來的過剩供應，整個行業也將利用這一過剩供應。而且，我們的規劃和供應組織已經非常專業化。我認為從卡梅倫到我們必須部署的資產，我認為我們正在嘗試對未來採取長期觀點和基於場景的觀點，超越 12 個月的視野，我開始準備並提出一些選擇，以便我們能夠應對未來的增長。早期不一定會造成供應緊張，但周期中期肯定會出現供應緊張，在周期中期之前，這將為供應緊縮創造條件，從而創造一些定價條件。

Next, we go to Neil Mehta with Goldman Sachs.

接下來，我們請教高盛的尼爾·梅塔。

The first question is around portfolio optimization, perhaps you guys can weigh in on how you're thinking about the path for asset monetization, I'm thinking Canada, maybe the Middle East? What are the opportunities? And how large could the asset sale market be for Schlumberger?

第一個問題是關於投資組合優化，也許你們可以談談你們如何思考資產貨幣化的路徑，我在想加拿大，也許是中東？有哪些機會？對於斯倫貝謝來說，資產出售市場有多大？

So look, Neil, we -- as it relates to the divestitures we disclosed last quarter, first, the APS asset in Canada, it's -- both are progressing as planned by the way. So in Canada, we have more than 10 parties actively looking at the information in our data room, and we plan to receive first round offers by the end of next month. Good news is that the economics keep on improving. So we are hopeful we can achieve a successful transaction.

所以，尼爾，我們——因為這與我們上季度披露的資產剝離有關，首先是加拿大的 APS 資產——順便說一下，兩者都在按計劃進行。因此，在加拿大，我們有超過 10 方正在積極查看我們數據室中的信息，我們計劃在下個月底之前收到第一輪報價。好消息是經濟持續改善。因此，我們希望能夠實現成功的交易。

The Middle East rigs, likewise, progressing. We are negotiating with the shortlisted bidders. We have completed their due diligence, and it's going as planned. So I think really, these are the 2 divestitures that we have over equity positions where we have options for monetization in the future such as our Liberty stake, but this is something we will -- the timing and the magnitude we'll look at in due time.

中東鑽井平台也同樣取得進展。我們正在與入圍投標人進行談判。我們已經完成了他們的盡職調查，一切正在按計劃進行。所以我認為，實際上，這是我們對股權頭寸的兩次剝離，我們在未來可以選擇貨幣化，例如我們的 Liberty 股份，但這是我們將要考慮的事情——我們將在截至日期。

Yes. Great. And then I would appreciate some of the comments you made on Saudi broadly, but maybe you could just step back and talk about OPEC+, including other regions within that cartel or in the plus side of OPEC. How are you seeing activity trends here? And what role do you think Schlumberger is going to play in terms of building out capacity that they are talking about?

是的。偉大的。然後，我將感謝您對沙特發表的一些廣泛評論，但也許您可以退後一步，談談 OPEC+，包括該卡特爾內的其他地區或 OPEC 的有利地區。您如何看待這裡的活動趨勢？您認為斯倫貝謝在他們所談論的產能建設方面將發揮什麼作用？

I think, first, we have, I'll say, a privileged market position with most of the NOCs in this OPEC+ consortium. We have seen across the broad spectrum of these NOCs' activity starting to build back, seasonal rebounds playing strongly in Russia. And we expect, as I said, this short cycle to recover for the next 2 to 4 quarter as the demand will be lifted as the constraints will be lifted, and we see that more than 1 or 2 countries will actually commit to this capacity expansion.

我認為，首先，我想說的是，我們在這個 OPEC+ 財團中的大多數國家石油公司中享有特權的市場地位。我們看到這些國家石油公司的廣泛活動開始恢復，季節性反彈在俄羅斯表現強勁。正如我所說，我們預計這一短週期將在接下來的2 到4 個季度恢復，因為隨著限制的解除，需求將會增加，而且我們看到超過1 或2 個國家實際上將致力於這種產能擴張。

And we have the footprint. We have the relationship. We have the fit-for-basin to leverage and then to respond to this capacity buildup and this growth opportunity in those from Russia to Middle East, particularly. So I feel confident that these market share pursuits that as the market comes back from '22, '23 will be giving us an opportunity to leverage our market position and move up.

我們有足跡。我們有關係。我們有適合盆地的資源來利用，然後應對這種能力建設和增長機會，尤其是從俄羅斯到中東的地區。因此，我相信，隨著市場從 22 年、23 年恢復過來，這些市場份額的追求將為我們提供利用我們的市場地位並提升的機會。

Next, we go to Arun Jayaram with JPMorgan Chase.

接下來，我們與摩根大通一起前往阿倫賈亞拉姆。

Maybe just a follow-up to Neil's question on NOCs. I guess you're seeing some positive activity trends from the NOCs. And would you characterize these activities thus far as just more regarding sustaining capital requirements? Or are you seeing any potential mix shift in terms of increasing productive capacity? And again, we did note some increases, I guess, on the exploration side in terms of your revenue base.

也許只是尼爾關於國家奧委會的問題的後續行動。我想您會看到國家奧委會的一些積極的活動趨勢。到目前為止，您是否將這些活動描述為更多地涉及維持資本需求？或者您是否看到在提高生產能力方面存在任何潛在的組合轉變？我想，我們確實注意到在探索方面的收入基礎有所增加。

Yes. I think as I commented before, we have to distinguish first the gas and the oil market. And on gas market, I think the activity has been more sustained and as seen in Qatar, a significant commitment to accelerate the North field redevelopment and expansion. So that has been very positive, and we have the benefit of that exposure. And the gas remained steady and supported elsewhere.

是的。我認為正如我之前所說，我們必須首先區分天然氣和石油市場。在天然氣市場上，我認為這一活動更加持續，正如卡塔爾所看到的那樣，這是加速北方油田重建和擴張的重大承諾。所以這是非常積極的，我們從這種曝光中受益。天然氣保持穩定並在其他地方得到支撐。

On oil, you have a mix. But in short term, it's mostly a short cycle in anticipation of the supply constraints relief. And for 2 or 3 of the country that participate to the GCC, they have already made public commitments that they will expand, and they will participate at scale into the post rebalance, if you like, of the supply and then participate to the capture of international share of supply into 2023. So that will mean plan that will materialize from planning, from contract and from execution into 2022.

在石油方面，你有一個混合。但短期來看，這主要是一個短期週期，預計供應限制將得到緩解。對於參與海灣合作委員會的兩個或三個國家來說，他們已經公開承諾將擴大供應，如果你願意的話，他們將大規模參與供應再平衡，然後參與捕獲到2023 年，國際供應份額將增加。因此，這意味著計劃將在2022 年之前從規劃、合同和執行中實現。

Great, great. Olivier, you recently provided some longer-term outlook comments for new energy citing, call it, the 10% kind of growth CAGR as you help your clients decarbonize. I was wondering if you could give us some thoughts on maybe the baseline for that long-term forecast and areas of your Transition Technologies portfolio that you're seeing perhaps the greatest traction as we sit here today.

很棒很棒。 Olivier，您最近對新能源提供了一些長期前景評論，並引用了您幫助客戶脫碳時的 10% 複合年增長率。我想知道您是否可以給我們一些關於長期預測的基線以及您今天坐在這裡可能看到的最大牽引力的轉型技術產品組合領域的一些想法。

Yes. Let me first clarify and not mix in the same umbrella. The New Energy portfolio that we have developed with the purpose to create a new chapter beyond oil and gas to participate at scale to the energy transition from hydrogen to CCS and geo energy or lithium, as you have heard, from the Transition Technologies that we believe are very pertinent to the decarbonization of our oil and gas industry, helping our customers to reduce their footprint, CO2 footprint, to reduce their GHG emission. And in this context, we are focusing on flaring elimination or reduction, and you are using, in particular, the Ora wireline technology to avoid returning the fluids to the surface and burn and dispose through flaring and do the reservoir characterization and testing in situ, if you like. And that's a unique technology that has significant impact on both efficiency and on the CO2 footprint for everyone using it.

是的。首先澄清一下，不要混在同一把傘裡。我們開發的新能源產品組合旨在開創石油和天然氣之外的新篇章，大規模參與從氫到 CCS 和地能或鋰的能源轉型，正如您所聽到的，來自我們相信的轉型技術與我們石油和天然氣行業的脫碳非常相關，幫助我們的客戶減少他們的足跡，二氧化碳足跡，以減少他們的溫室氣體排放。在這種情況下，我們重點關註消除或減少火炬燃燒，而您正在使用 Ora 電纜技術，以避免流體返回地面並通過火炬燃燒和處置，並進行油藏表徵和現場測試，如果你喜歡。這是一項獨特的技術，對每個使用它的人的效率和二氧化碳足跡都有重大影響。

And we are looking at methane emission detection and containment. And we are looking at, as you have seen in the press release this morning also the CYNARA CO2 membrane that have superior performance for large acid gas treatment, if you want, to do CO2 sequestration and capture.

我們正在研究甲烷排放檢測和遏制。正如您在今天早上的新聞稿中所看到的，我們正在研究 CYNARA CO2 膜，它對於大量酸性氣體處理具有卓越的性能，如果您願意的話，可以進行二氧化碳封存和捕獲。

So you have these 2 aspects. So the Transition Technologies will come more and more into play. And most of the customer I meet are asking us whether we can help them and have a conversation engagement on to methane detection, flaring or other techniques that eliminate or reduce significantly the footprint of CO2 on every operation on their Scope 3 [upstream], if you like, in addition to their Scope 1 direct emission. And then (inaudible) and that will be part of our technology growth, technology adoption in the quarters to come.

所以你有這兩個方面。因此，過渡技術將越來越發揮作用。我遇到的大多數客戶都在問我們是否可以幫助他們，並就甲烷檢測、火炬燃燒或其他技術進行對話，以消除或顯著減少其範圍 3 [上游] 每項操作中的二氧化碳足跡，如果您喜歡的，除了他們的範圍1 直接排放。然後（聽不清）這將成為我們未來幾個季度技術增長和技術採用的一部分。

And then longer term, we will build on our New Energy portfolio that we are building. And then once we have -- continue to build this, we will grow at scale from hydrogen to CCS and [geo] (corrected by company after the call) energy with Celsius for the heating and cooling of buildings to lithium production of the pilot that we are initiating, and the contribution from Panasonic give us the opportunity to do so. So these are 2 different avenue for growth short term and long term.

從長遠來看，我們將在我們正在構建的新能源產品組合的基礎上繼續發展。然後，一旦我們繼續建設這個項目，我們將大規模發展，從氫氣到 CCS 和[geo]（由公司在電話會議後更正）能源，用於建築物的加熱和冷卻，再到試點的鋰生產我們正在發起，松下的貢獻使我們有機會這樣做。因此，這是短期和長期增長的兩種不同途徑。

Next, we go to Tommy Moll with Stephens.

接下來，我們和斯蒂芬斯一起去湯米·莫爾。

I wanted to start on your Digital & Integration margin. Your second -- your incremental this quarter was notably higher versus the trend and an impressive one at that. Fair to say that the full year for 2021 ought to be shaping up above the 30% type of range that we talked about last quarter. And then as you look beyond, is there any kind of through-cycle or normalized way you would frame the incremental margin opportunity for us there?

我想從你們的數字和集成利潤開始。第二個——本季度的增量明顯高於趨勢，而且令人印象深刻。公平地說，2021 年全年的增長應該高於我們上季度討論的 30% 的範圍。然後，當您展望未來時，是否有任何類型的貫穿週期或標準化方式可以為我們構建增量利潤機會？

So look, Tommy, yes, it is shaping up to be slightly above the 30%. At this level, we are happy anyway with 30% in Q2. There is a bit of seasonality actually on software and maintenance sales, which are lower in Q1. So it's kind of normal to see a nice uptick between Q1 and Q2.

所以，湯米，你看，是的，這個比例正在略高於 30%。就這個水平而言，無論如何，我們對第二季度的 30% 感到滿意。軟件和維護銷售實際上有一點季節性，第一季度較低。因此，第一季度和第二季度之間出現良好的上升是很正常的。

So -- however, throughout the year on a full year basis, yes, we'll be a bit above 30% now. This is the kind of margins, which throughout the cycle, this is a fixed cost business. So as we accelerate the deployment of our digital solutions and the adoption improves, we could see margins increasing from there. So it's quite a healthy business, and this is why we are focusing on it basically.

所以，但是，從全年來看，是的，我們現在會略高於 30%。這是一種利潤率，它在整個週期中，這是一個固定成本的業務。因此，隨著我們加速數字解決方案的部署以及採用率的提高，我們可以看到利潤率隨之增加。所以這是一項相當健康的業務，這就是我們基本上關注它的原因。

That's helpful. And I wanted to follow up with a big picture question on your New Energy strategy. If you think about from a strategic standpoint, you're the largest service -- you're the largest platform globally with the oil and gas incumbents. What, if any, advantages does that confer on you vis-a-vis some of the smaller pure plays attacking some of these markets, the scale and the customer relationships that you have?

這很有幫助。我想跟進一個關於你們的新能源戰略的大局問題。如果你從戰略角度考慮，你是最大的服務——你是全球最大的石油和天然氣平台。相對於一些攻擊這些市場、規模和客戶關係的小型純企業，這會給您帶來什麼優勢（如果有的話）？

And then if you also think about the other side of the equation where their cost of capital may, in fact, be much lower than yours, so you potentially have a different algorithm by which you decide how to allocate capital across these opportunities. So how do you think about when to put capital to work versus when the ask may be a little bit too rich and you're going to preserve your dry powder for another opportunity?

然後，如果您還考慮等式的另一邊，他們的資本成本實際上可能比您的低得多，因此您可能會採用不同的算法來決定如何在這些機會之間分配資本。那麼，您如何考慮何時投入資金，以及何時要求可能有點太高而您要保留乾粉以備下次機會呢？

No, very good question. I think first and foremost, I think let me highlight the, I think, 2 different, I would say, factor that will indeed leverage our current platform.

不，很好的問題。我認為首先也是最重要的是，我想讓我強調一下，我認為，兩個不同的因素確實會利用我們當前的平台。

First is the global deployment capability we have. We can industrialize and ship technology and deploy technology anywhere in the world, and we have done so for more than 80 or 90 years. And I think our ability to create franchise in every country from technology developed centrally or we developed locally, I think, is something that is unique, and I think that differentiates from many of the pure plays.

首先是我們擁有的全球部署能力。我們可以將技術工業化、運輸並在世界任何地方部署技術，我們這樣做已經有 80 或 90 多年了。我認為，我們通過集中開發或本地開發的技術在每個國家創建特許經營權的能力是獨一無二的，我認為這與許多純粹的遊戲不同。

The relationship we have and the customer base we have today will be occasionally, and I think will be in the sense of the CCS where our customers have the opportunity to participate or in some of the downstream operation where they have a carbon capture or blue hydrogen opportunity would be an opportunity for us to continue to work with that customer base and expand. And at the same time, some of this company are turning into integrated energy company that will also participate at scale in the same market as we do. So that relationship will be useful, but I will more, I would say, highlight the global deployment capability.

我們今天擁有的關係和客戶群將是偶爾的，我認為這將是在 CCS 的意義上，我們的客戶有機會參與或參與一些他們擁有碳捕獲或藍氫的下游操作機會將是我們繼續與該客戶群合作並擴大規模的機會。與此同時，其中一些公司正在轉型為綜合能源公司，也將像我們一樣大規模參與同一市場。因此，這種關係將是有用的，但我想說的是，我會更多地強調全球部署能力。

Now when it comes to capital allocation and capital deployment, I think it's very difficult to pinpoint too specific here. I think we will look again -- continue to mature this venture, prepare for scale as we start to, I would say, progress on our milestones, progress on our partnership and progress on the business model and the supply chain model that are quite different from the one we experience today. And then in that context, we'll make the appropriate capital allocation decision to be accretive to our long-term growth and to our returns.

現在說到資本配置和資本部署，我覺得很難說得太具體。我想我們會再次審視——繼續成熟這個企業，為規模化做準備，我想說，我們開始在我們的里程碑上取得進展，在我們的合作夥伴關係上取得進展，在業務模式和供應鏈模式上取得進展，這些都是完全不同的從我們今天所經歷的來看。然後在這種背景下，我們將做出適當的資本配置決定，以促進我們的長期增長和回報。

And ladies and gentlemen, our final question comes from Marc Bianchi with Cowen.

女士們先生們，我們的最後一個問題來自馬克·比安奇和考恩。

Olivier, you mentioned the return to 100 million barrels of consumption and sort of a share shift from North America to international where the oil is coming from. I'm curious if you think that the international activity needs to surpass 2019 levels to deliver that much oil and what you think the time line is to get there.

奧利維爾，您提到消費量恢復到 1 億桶，以及份額從北美轉移到石油來源地國際。我很好奇您是否認為國際活動需要超過 2019 年的水平才能輸送這麼多石油，以及您認為達到這一目標的時間安排是怎樣的。

I think in short term, the rebalance will be mostly down to the release of the spare capacity that exists. Now if you look at the current production of the U.S., which is 1.5 million barrels or about below in U.S. land, below what it was in early 2020, this gap has not yet been breached. And I think I do not expect this to be breached as we exit 2022. So there will be an increment of oil supply that will pull on international market that the market can deliver today. But for sustainability in '23 and '24, the market will have to commit capacity. Hence, this is the reason why in Middle East and other country, you see this (inaudible) commitment of capacity. And this is the reason why you see the return of offshore and the commitment of FID.

我認為短期內，再平衡將主要取決於現有閒置產能的釋放。現在，如果你看看美國目前的產量，即美國土地產量為 150 萬桶或更低，低於 2020 年初的產量，這一差距尚未被突破。我認為，當我們退出 2022 年時，我預計這一點不會被打破。因此，石油供應將會增加，這將拉動市場今天可以交付的國際市場。但為了 23 年和 24 年的可持續發展，市場必須承諾產能。因此，這就是為什麼在中東和其他國家，您會看到這種（聽不清）容量承諾的原因。這就是為什麼你會看到離岸業務的回歸和最終投資決定的承諾。

We have 50 FID about already to date. We expect to be 100 FID, most of them in offshore at the end of the year. This is 50% more than it was last year, and the trajectory is towards 150, another 50% increment after that.

迄今為止，我們大約已經有 50 個 FID。我們預計最終投資決定將達到 100 個，其中大部分在今年年底在海上。這比去年增加了 50%，並且趨勢是朝著 150 的方向發展，此後又增加了 50%。

So now going forward and expanding beyond, I would expect within the next 2 to 3 years, obviously, with this dynamic and the pull on the international supply will create the floor of activity to reach and/or exceed the level of 2019 activity within that time frame.

因此，現在展望未來並擴大範圍，我預計在未來 2 到 3 年內，顯然，憑藉這種動態和對國際供應的拉動，將為活動創造下限，以達到和/或超過 2019 年的活動水平大體時間。

Okay. Great. Very helpful. Separately, on -- you mentioned APS a couple of times in the press release. It sounds like maybe activity has ramped a bit in Canada, where you have a bit more oil price exposure. I'm just curious how investors should think about the sensitivity to oil price from APS at this point. And then if you do have a successful transaction and sell the business, just how material of a shortfall in cash flow would that create just vis-a-vis what we're seeing right now?

好的。偉大的。很有幫助。另外，您在新聞稿中多次提到了 APS。聽起來加拿大的活動可能有所增加，那裡的石油價格敞口更大。我只是好奇投資者此時應該如何考慮 APS 對油價的敏感性。然後，如果您確實進行了成功的交易並出售了業務，那麼與我們現在所看到的情況相比，這會造成多大程度的現金流短缺？

I'll take these questions. So look, the -- actually, the activity itself didn't really change, and activity here is more measured in terms of production, of course. So we did have a bit of a nice windfall on increased WTI in the second quarter from our Canada asset, but it's -- in the grand scheme of things, it's not material.

我來回答這些問題。所以看，實際上，活動本身並沒有真正改變，當然，這裡的活動更多地是根據生產來衡量的。因此，我們確實從第二季度 WTI 增加的加拿大資產中獲得了一筆不錯的意外之財，但從長遠來看，這並不重要。

In Ecuador, by the way, at this level of WTI, our tariffs are either fixed or when they are variable, they are capped. And we have passed that cap. So there is little sensitivity to oil price at this level besides Canada.

順便說一句，在厄瓜多爾，在 WTI 的這個水平上，我們的關稅要么是固定的，要么當關稅是可變的時，關稅是有上限的。我們已經超過了這個上限。因此，除了加拿大之外，對於這個水平的油價幾乎不敏感。

Now it makes it a very good time to actually monetize our assets, right? It's -- it has generated cash flow lately because of the oil price and the investment level we put in there.

現在是真正將我們的資產貨幣化的好時機，對吧？由於油價和我們投入的投資水平，它最近產生了現金流。

Historically, it's an asset that requires quite a bit of CapEx. And so when we close the transaction, we shouldn't see a big impact on our cash flow, and we'll get, of course, hopefully, very good proceeds from the transaction.

從歷史上看，這是一項需要大量資本支出的資產。因此，當我們完成交易時，我們的現金流不會受到太大影響，當然，我們希望能從交易中獲得非常好的收益。

And speakers, I'll turn the conference back over to you for closing remarks.

各位發言者，我將把會議轉回給你們做閉幕詞。

Thank you very much. So to conclude the call, I would like to leave you with a few key takeaways. First, the second quarter results clearly demonstrate both the strength of our market position, particularly internationally, with sequential growth in all divisions and basins, and our significant operating leverage, resulting in more than 200 basis points of operating margin expansion internationally with all divisions contributing significant fall-through.

非常感謝。因此，在結束這次通話時，我想向您傳達一些重要的信息。首先，第二季度的業績清楚地表明了我們的市場地位的實力，特別是在國際市場上的地位，所有部門和流域都實現了連續增長，而且我們的運營槓桿顯著，導致國際上的運營利潤率擴大了200 個基點以上，所有部門都做出了貢獻顯著的失敗。

Second, the activity and customer trends observed during the quarter reinforce our conviction in an increasingly favorable outlook, a broad recovery across all basins and operating environments and with a much improved contribution from new technology adoption.

其次，本季度觀察到的活動和客戶趨勢增強了我們對前景日益樂觀、所有盆地和運營環境的廣泛復甦以及新技術採用的貢獻大大提高的信念。

Third, and absent further COVID setbacks impacting activity or economic rebounds, we are confident that the momentum for this up cycle, both North America and internationally, will continue during the second half of 2021 and will lead to another quarter of growth and margin expansion.

第三，如果新冠肺炎疫情沒有進一步影響經濟活動或經濟反彈，我們有信心北美和國際上這一上升週期的勢頭將在2021 年下半年持續，並將帶來又一個季度的增長和利潤率擴張。

As a consequence, we remain confident in our second half guidance shared previously for international growth and have increased our confidence in our full year margin expansion and cash flow generation.

因此，我們對之前分享的下半年國際增長指引仍然充滿信心，並增強了對全年利潤率擴張和現金流生成的信心。

Finally, as we look further ahead, the conditions are set for an exceptional growth cycle in response to the call for supply in 2022 and future demand growth in subsequent years. This will increasingly favor international supply impacting land and offshore, short and long cycle globally.

最後，當我們進一步展望未來時，為響應 2022 年的供應需求和隨後幾年的未來需求增長，特殊的增長周期已經具備了條件。這將越來越有利於影響全球陸地和海上、短週期和長周期的國際供應。

Ladies and gentlemen, our returns-focused strategy, international footprint, digital, decarbonization, and new energy strategic initiatives are highly differentiated, and we support our outperformance ambition throughout the cycle and beyond as we continue to write a new chapter for the company. Thank you very much.

女士們、先生們，我們以回報為中心的戰略、國際足跡、數字化、脫碳和新能源戰略舉措具有高度差異化，我們支持我們在整個週期及以後的卓越業績目標，繼續為公司譜寫新篇章。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. 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。您現在可以斷開連接。