斯倫貝謝公司 (SLB) 2021 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，感謝你們的支持。

Welcome to the Schlumberger earnings conference call.

歡迎參加斯倫貝謝收益電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（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.

現在我想將會議轉交給投資者關係副總裁 ND Maduemezia。

Please go ahead.

請繼續。

Thank you, Lea.

謝謝你，莉亞。

Good morning, and welcome to the Schlumberger Limited First Quarter 2021 Earnings Conference Call.

早上好，歡迎參加斯倫貝謝有限公司 2021 年第一季度收益電話會議。

Today's call is being hosted from Houston, following the Schlumberger Limited Board meeting held earlier this week.

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休斯頓召開的。

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 will be making today are forward-looking.

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。

These matters involve risks and uncertainties that could cause our results to differ materially from those projected in these statements.

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。

I therefore refer you to our latest 10-K filing and our other SEC filings.

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.

我們今天的評論可能還包括非公認會計準則財務指標。

Additional details and reconciliation to the most directly comparable GAAP financial measures can be found in our first quarter press release, which is on our website.

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一季度新聞稿中找到。

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.

謝謝你，ND，女士們先生們早上好。

Thank you for joining us on the call.

感謝您加入我們的通話。

In my prepared remarks today, I will cover 3 topics: our first quarter results, our progress on our performance strategy, and finally, our outlook for the second quarter and second half of the year.

在今天準備好的發言中，我將討論三個主題：我們第一季度的業績、我們績效策略的進展，最後是我們對第二季度和下半年的展望。

Stephane will then give more details on our financial results, and we will open the floor for questions.

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 first quarter of 2021 was a strong step forward.

2021 年第一季度是向前邁出的一大步。

The quarter unfolded as we anticipated, with acceleration in North America activity and momentum continuing to build in the international markets, aside from the usual seasonal effects.

本季度的發展正如我們預期的那樣，除了通常的季節性影響外，北美活動加速，國際市場勢頭繼續增強。

We executed very well within that context.

我們在這種情況下執行得非常好。

We expanded our global operating margins for the third consecutive quarter, and free cash flow was once again solidly positive.

我們的全球營業利潤率連續第三個季度擴大，自由現金流再次穩定為正。

Here are some highlights in support of this performance.

以下是支持這一表現的一些亮點。

Well Construction sustained growth sequentially, and in North America, outpaced U.S. land rig count, demonstrating enhanced market participation in the recovery.

油井建設持續增長，在北美，其陸地鑽井數量超過了美國，表明市場對經濟復甦的參與度有所增強。

Reservoir Performance grew, when adjusted for the OneStim® divestiture.

根據 OneStim® 剝離進行調整後，油藏性能有所提高。

Digital & Integration delivered another strong quarter with resilient margins on track for our full year target.

數字與集成部門再次實現強勁的季度業績，利潤率富有彈性，有望實現我們的全年目標。

In North America, execution of our returns-focused strategy drove strong margin expansion, fully aligned with our double-digit margin targets.

在北美，我們以回報為中心的戰略的執行推動了利潤率的強勁擴張，與我們兩位數的利潤率目標完全一致。

And in international markets, despite severe seasonality and relative exposure in Russia and China, we continued growth across geographies.

在國際市場上，儘管季節性因素嚴重且俄羅斯和中國的風險相對較大，但我們仍在各個地區持續增長。

In this environment, as the industry prepares for an upcycle, performance matters, and decision on contract awards and capacity allocation are increasingly driven by technology and execution.

在這種環境下，隨著行業為升級週期做準備，績效問題以及合同授予和產能分配的決策越來越受到技術和執行的驅動。

We are very pleased with the outcome of several international multiyear contract awards, specifically in Middle East and in offshore, building a pipeline that will support growth in 2022 and beyond.

我們對多項國際多年期合同授予的結果感到非常滿意，特別是在中東和海上，建立了一條支持 2022 年及以後增長的管道。

We are determined to drive performance differentiation, leveraging our fit-for-basin technology and digital capabilities.

我們決心利用我們的台盆適配技術和數字能力來推動性能差異化。

This combination benefited our integration performance, with our largest LSTK operations achieving a 6% improvement in drilling efficiency during the quarter.

這種組合有利於我們的整合績效，我們最大的 LSTK 作業在本季度實現了鑽井效率 6% 的提高。

This strong start of the year, characterized by resilient revenue, sequential margin expansion and positive free cash flow position us very well to meet our full year financial ambitions and to deleverage our balance sheet.

今年的強勁開局，以彈性收入、連續利潤率擴張和正自由現金流為特點，使我們能夠很好地實現全年財務目標和去槓桿化資產負債表。

I want to congratulate the entire Schlumberger team, who delivered strong execution for our customers, having positioned us for the growth that is now underway.

我要祝賀整個斯倫貝謝團隊，他們為我們的客戶提供了強大的執行力，為我們目前正在進行的增長奠定了基礎。

Next, I would like to comment on 3 elements of our performance strategy that present further opportunity for growth in this upcoming cycle and beyond: digital, sustainability and Schlumberger New Energy.

接下來，我想談談我們績效戰略的三個要素，它們為即將到來的周期及以後的增長提供了進一步的機會：數字化、可持續發展和斯倫貝謝新能源。

Starting with digital.

從數字開始。

18 months ago, we stated our ambition to lead the digital transformation in our industry and to significantly grow new digital revenue streams.

18 個月前，我們表達了引領行業數字化轉型並大幅增長新數字收入來源的雄心。

I want today to update you with our progress.

今天我想向您通報我們的最新進展。

Our digital strategy is a platform strategy, leveraging unique and open platforms, DELFI*, OSDU(TM), and Agora*.

我們的數字戰略是平台戰略，利用獨特的開放平台、DELFI*、OSDU(TM) 和 Agora*。

Since launching our core DELFI platform, we have significantly expanded its market reach from Google(TM) Cloud to Microsoft® Azure, and more recently, using IBM-Red Hat® technology to enable hybrid cloud and offer fit-for-basin cloud solutions, as highlighted this morning in our collaboration with Yandex.

自從推出我們的核心DELFI 平台以來，我們已將其市場覆蓋範圍從Google(TM) Cloud 顯著擴大到Microsoft® Azure，最近還使用IBM-Red Hat® 技術來支持混合雲並提供適合流域的雲解決方案，正如今天早上我們與 Yandex 的合作所強調的那樣。

We'll continue to execute on this platform journey to expand the choice for our customers and to support our 3 digital business streams: workflow, data and operations.

我們將繼續執行這一平台之旅，以擴大客戶的選擇並支持我們的 3 個數字業務流：工作流程、數據和運營。

First, we offer our customers the opportunity to transition their technical workflows, from the desktop to the cloud, to realize productivity gains from DELFI workflow integration, collaboration and access to scalable cloud computing.

首先，我們為客戶提供將其技術工作流程從桌面過渡到雲的機會，通過 DELFI 工作流程集成、協作和訪問可擴展的雲計算來實現生產力提升。

Our market leadership on the desktop position us very well to capture this market.

我們在桌面領域的市場領先地位使我們能夠很好地佔領這個市場。

In the last 18 months, our customers have increasingly transitioned to the cloud, resulting in 50% growth of our contract backlog and a tenfold increase in full-time DELFI users.

在過去 18 個月中，我們的客戶越來越多地轉向雲，導致我們的合同積壓增長了 50%，全職 DELFI 用戶增加了十倍。

As we expand our cloud-native applications and enable additional workflow within DELFI, we expect increased adoption across our customer base, resulting in steady growth of our digital workflow revenue.

隨著我們擴展雲原生應用程序並在 DELFI 中啟用額外的工作流程，我們預計客戶群的採用率會增加，從而導致我們的數字工作流程收入穩定增長。

Second, recognizing that data is the key to unlock the industry digital transformation, we worked with the industry OSDU Forum to open source and contribute the underlying DELFI data ecosystem, helping to establish OSDU as the industry standard, an essential step to liberate data at scale for AI applications and to enable multivendor interoperable workflows.

其次，認識到數據是開啟行業數字化轉型的關鍵，我們與行業OSDU論壇合作，開源並貢獻了底層的DELFI數據生態系統，幫助將OSDU建立為行業標準，這是大規模解放數據的重要一步適用於人工智能應用程序並支持多供應商可互操作的工作流程。

In this context, we recently partnered with Microsoft to offer Azure customers access to our OSDU enterprise data management solution.

在此背景下，我們最近與 Microsoft 合作，為 Azure 客戶提供對我們 OSDU 企業數據管理解決方案的訪問權限。

We will augment this offering with additional AI capabilities and will also expand our geographical reach.

我們將通過額外的人工智能功能來增強這一產品，並將擴大我們的地理覆蓋範圍。

The market potential for this data business stream is very significant as it underpins every customer digital transformation, as exemplified by our recent announcement with Equinor.

該數據業務流的市場潛力非常巨大，因為它支撐著每個客戶的數字化轉型，我們最近與 Equinor 發布的聲明就是例證。

Third, our customer operations represent a unique opportunity to realize the promise of asset and field digital solution.

第三，我們的客戶運營為實現資產和現場數字解決方案的承諾提供了獨特的機會。

We designed an open IoT platform, Agora, to enable edge applications, complementing our DELFI platform operational workflows and integrating with our partner, Sensia.

我們設計了一個開放的物聯網平台 Agora，以支持邊緣應用程序，補充我們的 DELFI 平台操作工作流程並與我們的合作夥伴 Sensia 集成。

Using Agora and DELFI, we are deploying digital operation solutions for drilling and production, both with our customers and as part of our integrated projects.

使用 Agora 和 DELFI，我們正在與客戶一起部署鑽井和生產數字化運營解決方案，並將其作為我們集成項目的一部分。

This digital offering can significantly impact our own operations, as was demonstrated this quarter in the Ecuador project and in our main LSTK operations, and also greatly benefit our customers.

正如本季度厄瓜多爾項目和我們主要 LSTK 業務所證明的那樣，這種數字產品可以極大地影響我們自己的運營，並且也極大地使我們的客戶受益。

Our ambition is to establish critical market share in this white space and accelerate collaboration with industry partners to further its adoption.

我們的目標是在這一空白領域建立關鍵的市場份額，並加速與行業合作夥伴的合作，以進一步推動其採用。

These 3 digital business streams, workflow, data and operation, built on open platform are supporting our digital growth ambition.

這三個數字業務流，工作流程，數據和運營，建立在開放平台上，支持我們的數字增長雄心。

We are very pleased with the progress on our platform foundation with the adoption by a broad set of customers and are confident in the success of each business stream as we execute our road maps.

我們對平台基礎上所取得的進展以及廣泛客戶的採用感到非常高興，並對我們執行路線圖時每個業務流的成功充滿信心。

Moving now to sustainability.

現在轉向可持續發展。

We are strengthening our commitment to action, particularly as the industry face a decarbonization mandate and world leaders have reaffirmed commitments or advanced stronger goals in recent days.

我們正在加強我們的行動承諾，特別是在該行業面臨脫碳任務並且世界領導人最近幾天重申了承諾或提出了更強有力的目標的情況下。

As it relates to climate action, this goes beyond reducing our own greenhouse gas emissions, as we believe there is a significant opportunity for our technology and operating practice to decisively impact and accelerate the industry's decarbonization effort, as well as contribute towards emission reduction goals around the world.

由於它與氣候行動相關，這不僅僅是減少我們自己的溫室氣體排放，因為我們相信我們的技術和運營實踐有一個重大機會，可以決定性地影響和加速行業的脫碳努力，並為實現減排目標做出貢獻世界。

Our technology portfolio includes solutions that help our customers eliminate flaring, reduce fugitive methane emissions and leverage automation and digital surveillance to reduce environmental impact.

我們的技術組合包括幫助客戶消除火炬燃燒、減少逸散性甲烷排放以及利用自動化和數字監控來減少環境影響的解決方案。

This technology focus on low-carbon impact will be an increasing element of differentiation for Schlumberger in the future.

這項注重低碳影響的技術將成為斯倫貝謝未來日益增長的差異化要素。

An example that resonates with our customer is the complete electrification of offshore production systems, as outlined in our earnings release with the BP project for subsea electrification.

引起我們客戶共鳴的一個例子是海上生產系統的完全電氣化，正如我們在 BP 海底電氣化項目的收益發布中所概述的那樣。

This is the next offshore frontier, and it will also pave the way to full digital enablement.

這是下一個離岸前沿，也將為全面數字化鋪平道路。

Beyond our industry, our CCS partnership with LafargeHolcim and the bioenergy CCS project in Mendota, California are examples of cross-sectors initiatives aligned with climate actions.

除了我們的行業之外，我們與 LafargeHolcim 的 CCS 合作夥伴關係以及位於加利福尼亞州門多塔的生物能源 CCS 項目都是與氣候行動相一致的跨部門舉措的例子。

Specifically, in Schlumberger New Energy, we reached milestones in the sectors where we are participating across the energy transition: hydrogen, lithium, CCS, geothermal and geo-energy.

具體而言，在斯倫貝謝新能源領域，我們在參與能源轉型的領域實現了里程碑：氫、鋰、CCS、地熱和地能。

During the quarter, we established and accelerated new ventures, formed strategic partnerships and gained market exposure and are progressing in derisking technology for upscaling.

在本季度，我們建立並加速了新企業的建設，建立了戰略合作夥伴關係，獲得了市場曝光度，並在降低技術風險以實現升級方面取得了進展。

We'll continue to build out the New Energy portfolio throughout the year, and we will keep you updated on our progress.

我們將在全年繼續打造新能源產品組合，並隨時向您通報我們的進展情況。

We are extremely proud of the tangible results we have realized in only a short time as it clearly outlines the power of the Schlumberger brand and the potential of this new chapter for the future of the company.

我們對在短時間內取得的切實成果感到非常自豪，因為它清楚地概述了斯倫貝謝品牌的力量以及公司未來新篇章的潛力。

Turning to the outlook—upward revisions in global economic forecast-- growth forecast by the IMF and positive demand forecast adjustment by both IEA and OPEC reinforce the transition into a demand-led recovery, which will strengthen through the second half of 2021, absent new setbacks in vaccination rollouts or easing of lockdowns.

展望展望——全球經濟預測上調——國際貨幣基金組織(IMF) 的增長預測以及國際能源署(IEA) 和歐佩克(OPEC) 的積極需求預測調整，鞏固了向需求主導型複甦的轉變，如果沒有新的經濟增長，這種複蘇將在2021 年下半年得到加強。疫苗接種推廣或放鬆封鎖方面的挫折。

Against this backdrop, we are increasingly confident in our full year activity outlook.

在此背景下，我們對全年活動前景越來越有信心。

In North America, in the second quarter, we see sustained activity growth in U.S. land and the seasonal rebound of North America offshore being partially offset by the Canada breakup.

在北美，第二季度，我們看到美國陸地活動持續增長，北美海上季節性反彈被加拿大分裂所部分抵消。

As our first quarter results have shown, particularly in Well Construction, our new mix and sizable exposure in the North America market will increasingly contribute to our results.

正如我們第一季度的業績所顯示的那樣，特別是在油井建設方面，我們的新組合和在北美市場的大量業務將對我們的業績做出越來越大的貢獻。

Moving to international markets.

轉向國際市場。

Activity growth will broaden in the second quarter with the seasonal recovery in Russia and China, augmenting continued growth in Africa and the Middle East, while Latin America should remain resilient.

隨著俄羅斯和中國的季節性複蘇，第二季度的經濟活動增長將擴大，從而促進非洲和中東的持續增長，而拉丁美洲應保持彈性。

In addition, the offshore recovery will continue in the second quarter, including the gradual return of exploration and appraisal in key international markets.

此外，第二季度海上復甦將繼續，包括主要國際市場的勘探和評估逐步恢復。

The depth and diversity of our international franchise give us a great exposure to this market expansion, especially in Well Construction and Reservoir Performance, which will lead in the second quarter.

我們國際特許經營的深度和多樣性使我們能夠很好地參與這一市場擴張，特別是在油井建設和油藏性能方面，這將在第二季度領先。

More broadly, we anticipate all Divisions to grow sequentially at different pace and margin expansion to be led again by Reservoir Performance and Well Construction.

更廣泛地說，我們預計所有部門將以不同的速度連續增長，利潤率擴張將再次由油藏績效和油井建設引領。

In light of this, directionally, we expect total second quarter revenue to grow in mid-single digits and our operating margins to further expand by 50 to 100 basis points.

有鑑於此，我們預計第二季度總收入將實現中個位數增長，營業利潤率將進一步擴大 50 至 100 個基點。

Looking farther into the second half of 2021.

展望2021年下半年。

In North America, the pace of growth is expected to moderate on budget exhaustion and seasonal effect but could surprise to the upside, resulting in full year growth when excluding the impact of divestitures.

在北美，預計增長速度將因預算耗盡和季節性影響而放緩，但可能會出現意外上升，從而在排除資產剝離的影響後實現全年增長。

In the international markets, our confidence in the second half outlook has been strengthening based on the latest international rig count trends, CapEx signal and customer engagements.

在國際市場上，根據最新的國際鑽機數量趨勢、資本支出信號和客戶參與度，我們對下半年前景的信心不斷增強。

International activity will broaden and accelerate in the second half, impacting short to long cycle, both on land and offshore, including deepwater activity in the most advantaged offshore basins.

下半年國際活動將擴大和加速，影響陸地和近海的短週期到長周期，包括最有利的近海盆地的深水活動。

The magnitude of these leading indicators, combined with upward revisions to global economic growth and demand recovery, present the potential from -- for an even stronger inflection than initially anticipated for the second half of the year.

這些領先指標的規模，加上對全球經濟增長和需求復甦的向上修正，顯示出今年下半年出現比最初預期更強勁的拐點的潛力。

Therefore, we have greater confidence in the previous guidance of a double-digit increase in international revenue in the second half when compared to the same period last year.

因此，我們對此前下半年國際收入同比兩位數增長的指引更有信心。

And absent of a setback in a post-economic -- post-pandemic recovery, we foresee an upside for full year growth internationally, resulting in a stronger footing as we enter 2022.

在經濟大流行後復蘇不會出現挫折的情況下，我們預計國際全年增長將呈現上升趨勢，從而在進入 2022 年時奠定更堅實的基礎。

In the context of this top line growth and the steps we took to reset the earnings power, we are confident that we will fully realize our operating leverage to deliver our full year ambition of 250 to 300 bps margin expansion year-over-year.

在收入增長和我們採取措施重置盈利能力的背景下，我們有信心充分實現我們的運營槓桿，實現全年利潤率同比增長 250 至 300 個基點的目標。

We expect to continue expanding during -- margins during the recovery to support increasing cash flow throughout the year, which should provide subsequent deleveraging opportunities.

我們預計在復蘇期間利潤率將繼續擴大，以支持全年不斷增加的現金流，這將提供隨後的去槓桿化機會。

Now I would like to pass the call to Stephane.

現在我想把電話轉給斯蒂芬。

Thank you, Olivier, and good morning, ladies and gentlemen.

謝謝奧利維爾，女士們先生們早上好。

First quarter earnings per share was $0.21.

第一季度每股收益為 0.21 美元。

There were no charges or credits recorded during the first quarter of 2021.

2021 年第一季度沒有記錄任何費用或貸項。

Excluding the charges and credits recorded in the previous periods, this represents a decrease of $0.01 sequentially and $0.04 when compared to the first quarter of last year.

不包括前期記錄的費用和貸項，這意味著比上一季度減少了 0.01 美元，與去年第一季度相比減少了 0.04 美元。

Overall, our first quarter revenue of $5.2 billion decreased approximately 6% sequentially.

總體而言，我們第一季度的收入為 52 億美元，比上一季度下降約 6%。

However, if we adjust for the OneStim and artificial lift low-flow divestitures, which were completed during the fourth quarter of last year, revenue was essentially flat sequentially despite the first quarter seasonality.

然而，如果我們對去年第四季度完成的 OneStim 和人工舉升低流量剝離進行調整，儘管第一季度存在季節性因素，但收入基本上與上一季度持平。

Excluding the impact of divestitures, North America revenue increased 10% sequentially, reflecting a significant activity increase on land, partially offset by lower product sales offshore.

排除資產剝離的影響，北美地區收入環比增長 10%，反映出陸地活動顯著增加，但部分被離岸產品銷售下降所抵消。

International revenue declined only 3% sequentially despite the effects of the extended winter period we experienced in Russia and the usual seasonality in the Far East.

儘管受到俄羅斯冬季延長和遠東通常季節性的影響，國際收入僅下降了 3%。

Pretax operating margins were 12.7% and have now increased for 3 quarters in a row.

稅前營業利潤率為 12.7%，現已連續三個季度增長。

In addition, pretax operating margins were 230 basis points higher compared to the same quarter of last year.

此外，稅前營業利潤率比去年同期高出230個基點。

This represents the highest margin since the third quarter of 2019.

這是自 2019 年第三季度以來的最高利潤率。

This strong margin performance reflects the significant operating leverage we have created through the combination of the high-grading of our portfolio and our cost-out program, which is now essentially complete.

這種強勁的利潤率表現反映了我們通過高評級的投資組合和現已基本完成的成本支出計劃相結合而創造的巨大運營槓桿。

Company-wide adjusted EBITDA margins of 20.1% for the first quarter were flat sequentially as the positive impact of the OneStim divestiture was offset by the seasonal effects we typically experience in the first quarter.

第一季度全公司調整後 EBITDA 利潤率為 20.1%，與上一季度持平，因為 OneStim 剝離的積極影響被我們通常在第一季度經歷的季節性影響所抵消。

EBITDA margins were 203 basis points higher compared to the same quarter of last year.

EBITDA 利潤率比去年同期高出 203 個基點。

Let me now go through the first quarter results for each Division.

現在讓我回顧一下每個部門的第一季度業績。

First quarter Digital & Integration revenue of $773 million decreased 7% sequentially, driven by seasonally lower sales of digital solutions and multiclient licenses.

第一季度數字和集成收入為 7.73 億美元，環比下降 7%，原因是數字解決方案和多客戶端許可證銷售額季節性下降。

Margins only decreased by 37 basis points to 32% as the effects of the digital solutions and multiclient revenue declines were largely offset by improved profitability from APS projects.

由於數字解決方案和多客戶端收入下降的影響在很大程度上被 APS 項目盈利能力的提高所抵消，利潤率僅下降了 37 個基點至 32%。

Reservoir Performance revenue of $1 billion decreased 20% sequentially.

油藏績效收入為 10 億美元，比上一季度下降 20%。

However, excluding the impact of the divested OneStim business, revenue increased 3%, despite seasonally lower revenue in Russia and China.

然而，排除剝離 OneStim 業務的影響，儘管俄羅斯和中國的收入季節性下降，但收入仍增長了 3%。

The revenue growth was driven primarily by higher activity in Latin America and the Middle East.

收入增長主要是由拉丁美洲和中東地區的活躍活動推動的。

Margins increased 260 (sic) [261] basis points to 10.2%, largely due to the divestiture of the OneStim business that was dilutive to the Division's fourth quarter margins.

利潤率增加了 260（原文如此）[261] 個基點，達到 10.2%，這主要是由於 OneStim 業務的剝離稀釋了該部門第四季度的利潤率。

Well Construction revenue of $1.9 billion increased 4% sequentially, and margins increased 103 basis points to 10.8% due to increased activity in North America land and Latin America.

由於北美陸地和拉丁美洲的活動增加，油井建設收入環比增長 4%，達到 19 億美元，利潤率增長 103 個基點，達到 10.8%。

This growth was partially offset by the seasonal slowdown in drilling activity in Russia and China.

這一增長被俄羅斯和中國鑽探活動的季節性放緩部分抵消。

Production Systems revenue of $1.6 billion decreased 4% sequentially.

生產系統收入為 16 億美元，比上一季度下降 4%。

International revenue declined 4%, while North America was down 3%.

國際收入下降 4%，北美地區下降 3%。

Despite the revenue decline, margins only decreased 71 basis points to 8.7% as a result of cost measures as well as improved profitability in midstream production systems due to higher activity.

儘管收入下降，但由於成本措施以及活動增加導致中游生產系統盈利能力提高，利潤率僅下降 71 個基點至 8.7%。

Now turning to our liquidity.

現在轉向我們的流動性。

During the quarter, we generated $429 million of cash flow from operations and positive free cash flow of $159 million, despite severance payments of $112 million and the increase in working capital requirements we always experienced in the first quarter due to the annual payout of employee incentives.

本季度，我們的運營現金流為4.29 億美元，自由現金流為1.59 億美元，儘管我們支付了1.12 億美元的遣散費，並且由於員工激勵措施的年度支付，我們在第一季度始終經歷了營運資金需求的增加。

Our cash flow will improve throughout the rest of the year, consistent with our historical quarterly trends.

我們的現金流將在今年剩餘時間內有所改善，這與我們的歷史季度趨勢一致。

Our net debt at the end of the first quarter was $13.7 billion, a decrease of $207 million when compared to the end of the previous quarter.

第一季度末我們的淨債務為 137 億美元，比上季度末減少 2.07 億美元。

During the quarter, we made capital investments of $270 million.

本季度，我們進行了 2.7 億美元的資本投資。

This amount includes CapEx, investments in APS projects and multiclient.

該金額包括資本支出、APS 項目和多客戶端投資。

For the full year 2021, we are still expecting to spend between $1.5 billion to $1.7 billion on capital investments.

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。

On that note, let me take the opportunity to provide you with a quick update on our capital stewardship program.

就此而言，讓我藉此機會向您簡要介紹我們的資本管理計劃的最新情況。

Optimizing the allocation of our capital investments will be critical to maximize the benefits of the ongoing activity recovery, which is poised to accelerate in the next few quarters.

優化我們的資本投資配置對於最大限度地發揮持續經濟活動復甦的效益至關重要，而經濟活動復甦有望在未來幾個季度加速。

As part of the company's reorganization, we implemented a new capital allocation framework that governs all types of investments.

作為公司重組的一部分，我們實施了新的資本配置框架來管理所有類型的投資。

The underlying principle behind the framework is that investment opportunities are prioritized based on returns and cash flow before any other metric.

該框架背後的基本原則是，投資機會優先考慮回報和現金流，優先於任何其他指標。

At the corporate level, this framework allows us to critically assess our technology portfolio and rationalize our offering to reduce capital intensity and maximize returns.

在公司層面，該框架使我們能夠批判性地評估我們的技術組合併合理化我們的產品，以降低資本密集度並最大化回報。

At the Division level, we have strengthened our processes to ensure that new assets, as well as existing assets, are deployed where they will generate the highest returns.

在部門層面，我們加強了流程，以確保新資產以及現有資產部署在能夠產生最高回報的地方。

We are also leveraging this capital discipline to drive commercial behaviors and improve the quality of our revenue.

我們還利用這種資本紀律來推動商業行為並提高我們的收入質量。

With this in place, we remain confident in our ability to achieve double-digit cash flow margin -- free cash flow margin for the full year of 2021 and beyond.

有了這個，我們仍然有信心能夠在 2021 年全年及以後實現兩位數的現金流利潤率——自由現金流利潤率。

This will allow us to deleverage the balance sheet, which remains a top priority for us.

這將使我們能夠去槓桿化資產負債表，這仍然是我們的首要任務。

It is worth noting that during the quarter, the 2 major credit rating agencies confirmed our long-term credit ratings of A2 and A, respectively.

值得注意的是，本季度兩大信用評級機構分別確認了我們的長期信用評級為A2和A。

And both cited our expected strong cash flow profile and our commitment to deleveraging.

兩者都提到了我們預期強勁的現金流狀況以及我們對去槓桿化的承諾。

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.

謝謝你，斯蒂芬。

So I believe that we are ready to open the floor for the Q&A session.

所以我相信我們已經準備好開始問答環節了。

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

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

So Olivier, great to hear your increased conviction about international top line growth in the second half of this year.

奧利維爾，很高興聽到您對今年下半年國際營收增長的信心增強。

I'd love to hear or understand how you're thinking about the slope or shape of that recovery and then, really, as it relates more so to '22 and '23, which I think will be very important years.

我很想听聽或了解您如何看待復甦的斜率或形狀，然後，實際上，因為它與“22”和“23”更相關，我認為這將是非常重要的年份。

No.

不。

Thank you, James.

謝謝你，詹姆斯。

I think, first, I think -- I believe it's clear that we are about to enter demand-led recovery.

我認為，首先，我認為很明顯，我們即將進入需求主導的複蘇。

And I think the macro factor, both economic growth and what we are seeing indicates that the oil demand recovery will reach 2019 level by or before the end of 2022.

我認為宏觀因素，包括經濟增長和我們所看到的情況都表明，石油需求復蘇將在 2022 年底或之前達到 2019 年的水平。

In this context, I believe that we are ready and starting at, and during the second half of this year, facing the beginning of a demand-led recovery that will trigger a multiyear recovery cycle and industry upcycle.

在這種背景下，我相信我們已經做好準備，並在今年下半年開始面臨需求主導的複蘇，這將引發多年的複蘇週期和行業升級週期。

In this context, if you look at the recent period of underinvestment, look at the structural constraints in North America due to capital discipline, I believe that this will create the condition to create a significant pull on international supply.

在此背景下，如果你看看最近一段時期的投資不足，看看北美由於資本紀律而受到的結構性約束，我相信這將為對國際供應產生顯著拉動創造條件。

So this will support international supply activity buildup, not only at the end of this year, but well into '22 and '23.

因此，這不僅將在今年年底，而且在 22 世紀和 23 世紀，支持國際供應活動的增加。

In addition to this, I believe that the offshore, being a unique market, a privileged market for IOCs, some NOCs and focused independents will also see a gradual but very strong recovery over the long term.

除此之外，我相信離岸市場作為一個獨特的市場，是國際石油公司、一些國家石油公司和專注的獨立機構的特權市場，從長遠來看也將出現逐步但非常強勁的複蘇。

It is -- the offshore advantaged basins represents extremely good oil production plateau for some basins at low carbon footprint, so this will support also the long-term international recovery.

事實是，近海優勢盆地對於一些低碳足跡盆地來說代表著極其良好的石油生產平台，因此這也將支持長期的國際復甦。

So we believe really that we are very well positioned to outperform in this macro because we believe that this macro outlook that would include a growing international mix, including offshore, will play very well to our strength.

因此，我們確實相信，我們在這個宏觀方面處於跑贏大盤的有利位置，因為我們相信，包括不斷增長的國際組合（包括離岸）在內的宏觀前景將很好地發揮我們的優勢。

In addition, we have accelerated our strategy transformation, both the organizational transformation and key strategic elements that will place very well from efficiency performance focus from our capital stewardship, our fit-for-basin that is resonating very well for our customer, and finally, for our digital and decarbonization strategic focus we are putting.

此外，我們還加快了戰略轉型，無論是組織轉型還是關鍵戰略要素，都將很好地融入我們資本管理的效率績效重點、我們的適合盆地，這與我們的客戶產生了很好的共鳴，最後，對於我們的數字化和脫碳戰略重點。

So I believe that we are seeing the beginning of this multiyear growth.

所以我相信我們正在看到這種多年增長的開始。

We are also seeing that our performance strategy is resonating very well for customers, and we have been awarded several multiyear contract that is -- that are creating the backlog we need to support this growth going forward.

我們還看到，我們的績效策略引起了客戶的強烈共鳴，並且我們已經獲得了幾份多年期合同，這些合同正在創造我們支持未來增長所需的積壓。

So yes, I'm optimistic not only on the second half of this year but on an accelerated path in 2022 and the long cycle strength, including offshore, in '22, '23 and beyond.

所以，是的，我不僅對今年下半年持樂觀態度，而且對 2022 年的加速發展以及 22 年、23 年及以後的長周期強度（包括海上業務）持樂觀態度。

No.

不。

It's very clear, Olivier.

這很清楚，奧利維爾。

Maybe the second follow-up for me is on the margins.

也許對我來說第二次後續行動是在邊緣。

You've had good margin progression in the last 2 or 3 quarters.

在過去的 2 或 3 個季度中，您的利潤率取得了良好的進展。

How do you think about sustainable margin progression and expansion as the recovery takes hold?

隨著經濟復甦，您如何看待可持續的利潤增長和擴張？

I think going forward, James, as we enter this industry upcycle, I believe there are 3 elements that will favorably impact our margin expansion.

詹姆斯，我認為，展望未來，當我們進入這個行業升級週期時，我相信有 3 個因素將對我們的利潤率擴張產生有利影響。

First, I think is the -- as I described, is the very favorable macro outlook that combined the pace of international growth, the offshore element and also, as we are starting to see this quarter, the return of exploration and appraisal activity that is still needed to replenish the reserve and also that is becoming more near fleet exploration close to the offshore hubs in particular.

首先，我認為，正如我所描述的，是非常有利的宏觀前景，它結合了國際增長的步伐、離岸因素，以及正如我們在本季度開始看到的那樣，勘探和評估活動的回報仍然需要補充儲備，而且特別是在離岸樞紐附近的船隊勘探方面變得更加接近。

So these factors are very favorable.

所以這些因素都是非常有利的。

Secondly, I believe that we have created quality revenue initiatives as part of our initiatives.

其次，我相信我們已經制定了高質量的收入計劃，作為我們計劃的一部分。

First, fit-for-basin.

首先，適合盆。

Fit-for-basin technology is creating the premium that differentiate us in some critical basin, in some critical assets and give us the premium for revenue quality improvement.

適合流域的技術正在創造溢價，使我們在某些關鍵流域、某些關鍵資產中脫穎而出，並為我們帶來收入質量改善的溢價。

Similarly, I think our technology access, as we have seen in North America, has played a great role in helping us to expand market but also to command premium with our technology partner.

同樣，我認為我們的技術接入，正如我們在北美看到的那樣，在幫助我們擴大市場方面發揮了巨大作用，同時也為我們的技術合作夥伴贏得了溢價。

And finally, the success of digital will be accretive over the period to this.

最後，數字化的成功將在此期間不斷增加。

So the third element, I think, beyond this strategy, I think, is the step change we expect to materialize into our integration contracts.

因此，我認為，除了這一戰略之外，我認為第三個要素是我們期望在整合合同中實現的逐步變革。

From a performance efficiency using digital, as we have demonstrated already, using fit technology and using practice that are becoming best-in-class.

從使用數字化的性能效率來看，正如我們已經證明的那樣，使用適合技術和使用正在成為一流的實踐。

So we believe that these 3 elements, the backdrop, the key element of our strategy for revenue quality and the enhanced margin on our integrated contract will all combine to create a condition for further margin expansion and acceleration of our margin expansion going forward.

因此，我們相信，這三個要素，即背景、我們收入質量戰略的關鍵要素以及我們綜合合同的利潤率的提高，都將為進一步擴大利潤率和加速我們未來的利潤率擴張創造條件。

And our next question is from David Anderson with Barclays Capital.

我們的下一個問題來自巴克萊資本的大衛·安德森。

Just want to follow up on the discussion around the Middle East.

只是想跟進有關中東的討論。

You talked about robust growth in Saudi and Qatar this quarter.

您談到了本季度沙特和卡塔爾的強勁增長。

It really seems to be kind of the first tangible size of international inflection.

這似乎確實是國際變化的第一個有形規模。

I was just wondering if you could talk a little bit about that performance during the quarter and whether or not those were new contracts starting up or existing contracts starting-- coming back on.

我只是想知道您是否可以談談本季度的業績，以及這些是新合同的啟動還是現有合同的啟動——恢復。

But more importantly, I was wondering if you could just talk about the types of tenders that are being discussed in the Middle East.

但更重要的是，我想知道您是否可以談談中東正在討論的招標類型。

And do you see projects that would be expanding capacity in the region?

您是否看到了會擴大該地區產能的項目？

And also, do you think this will be more project management work?

另外，您認為這會增加項目管理工作嗎？

I think you talked about LSTK kind of doing a little bit better this quarter.

我認為您談到了 LSTK 本季度的表現稍好一些。

Do you think that's going to be a bigger part of the mix going forward?

您認為這會成為未來組合中更重要的部分嗎？

I think, first, to comment on our growth in Middle East, indeed, we had sequential growth in Middle East during the quarter.

我認為，首先要評論我們在中東的增長，事實上，我們在本季度在中東實現了連續增長。

And I think this was led by indeed, Saudi and Qatar, to a large extent.

我認為這在很大程度上確實是由沙特和卡塔爾領導的。

And this was due to 2 factors.

這是由於兩個因素造成的。

Qatar, I think, is our market position, combined with the activity growth, have resulted into activity.

我認為，卡塔爾是我們的市場地位，加上活動的增長，導致了活動。

In Saudi, I think it's more related to performance and activity share awards that resulted from our performance in execution in the quarter.

在沙特，我認為這與我們本季度執行績效所產生的績效和活動份額獎勵更相關。

And I think we see this factor of a strong market position we have, of performance differentiation to help us go forward.

我認為我們看到了我們擁有的強大市場地位和業績差異化這一因素來幫助我們前進。

So that's to maybe support and substantiate what we see going forward.

所以這也許是為了支持和證實我們所看到的未來。

In addition to this, as you have seen from last quarter to this quarter, we did announce some critical awards that are securing or expanding this market position in Middle East.

除此之外，正如您從上個季度到本季度所看到的那樣，我們確實宣布了一些重要獎項，這些獎項將確保或擴大我們在中東的市場地位。

Now there is a lot of LSTK and some of our peers have talked about large and very large contract tenders underway, so I cannot and will not comment on these as these tenders are underway.

現在有很多LSTK，我們的一些同行已經談到正在進行的大型和超大型合同招標，所以我不能也不會對此發表評論，因為這些招標正在進行中。

But what I can say is that the activity is rebounding, the activity outlook, both land and offshore in Middle East, is and will be strengthening.

但我可以說的是，活動正在反彈，中東陸地和海上的活動前景正在並將增強。

So our customers are indeed securing capacity and looking for best performer and looking for, in a sense, the condition that will make them successful in their ambition to augment their capacity and augment their production going forward.

因此，我們的客戶確實正在確保產能並尋找最佳表現者，並在某種意義上尋找使他們能夠成功實現未來增強產能和增加產量的雄心的條件。

So it will be performance that will matter most in the future for Middle East, in our opinion.

因此，我們認為，對於中東來說，未來最重要的是表現。

Makes sense.

說得通。

My other question is on the digital side.

我的另一個問題是關於數字方面的。

You made a lot of progress over the last year establishing your footprint with the platform with DELFI.

去年，您通過 DELFI 平台建立了自己的足跡，取得了很大進展。

Across a lot of IOCs and NOCs, I believe Chevron is actually even implementing across the Permian.

在許多國際石油公司和國家石油公司中，我相信雪佛龍實際上甚至正在整個二疊紀地區實施。

So it feels like you're kind of where you want to be in terms of your footprint.

因此，就您的足跡而言，感覺您已經到達了您想要到達的地方。

It was interesting to hear you talk about the 3 elements of the workflow, data and operations.

聽到您談論工作流程、數據和操作的三個要素，很有趣。

So I'm just wondering if you could just maybe expand a bit on how you see each the pace of growth in each of those and what is that dependent upon.

所以我只是想知道您是否可以稍微擴展一下您如何看待每個方面的增長速度以及它們依賴於什麼。

Partly I'm wondering, is the customers just getting more comfortable in using digital and day-to-day operations?

我想知道，客戶是否越來越習慣使用數字化和日常運營？

But do you also need to build out new software applications or maybe it's just something else?

但您是否還需要構建新的軟件應用程序，或者可能只是其他東西？

No.

不。

First, I think it's clear that we need to recognize an industry as it has gone out of this crisis and turn into a new landscape has realized that digital is a tenet of the future, and digital is here to impact efficiency performance and to make this industry more resilient for the long term.

首先，我認為很明顯，我們需要認識到一個已經走出這場危機並進入新格局的行業已經意識到數字化是未來的一個宗旨，數字化的作用是影響效率表現並使之成為現實。從長遠來看，行業更具彈性。

So first, there has been a catalyst in the last 18 months that accelerated adoption of digital.

首先，過去 18 個月出現了加速數字化採用的催化劑。

That's the first.

這是第一個。

We believe that our platform strategy is being recognized, accepted and across different customer type from national company to independent to the IOCs.

我們相信，我們的平台戰略正在得到不同客戶類型的認可和接受，從國內公司到獨立於國際奧委會的公司。

As you have seen, there is a large adoption of this because we have kept this platform open.

正如您所看到的，它被廣泛採用，因為我們保持了這個平台的開放性。

Now when it comes to the pace and growth factor that differentiates workflow, data, and operation, I believe that workflow is the one that is the most mature because it builds on our existing desktop market leadership we have.

現在，當談到區分工作流程、數據和操作的速度和增長因素時，我相信工作流程是最成熟的，因為它建立在我們現有的桌面市場領導地位之上。

And here, we are transitioning the existing customer base we have towards the cloud.

在這裡，我們正在將現有的客戶群轉向雲。

And each of them is realizing the power of the cloud from productivity, from collaboration, from access to scalable cloud computing, we simply need to reassure them that our platform is open and that they can make the choice, their choice on the cloud infrastructure, which we are doing.

他們每個人都從生產力、協作、可擴展雲計算的訪問中認識到雲的力量，我們只需向他們保證我們的平台是開放的，他們可以做出選擇，他們對雲基礎設施的選擇，我們正在做的事情。

The second data, I think, is renaissance of the data market that used to be a major market in digital 20 years ago.

我認為第二個數據是數據市場的複興，數據市場在 20 年前曾是數字領域的主要市場。

Everybody realized that without the data, we cannot unlock the power of digital transformation.

每個人都意識到，如果沒有數據，我們就無法釋放數字化轉型的力量。

So thankfully, the industry has come together and has created this OSDU platform, Open Subsurface Data Universe, driven by the Open Forum, and we have been fortunate to technically contribute our DELFI ecosystem to this.

值得慶幸的是，整個行業齊心協力，在開放論壇的推動下創建了這個 OSDU 平台，即開放地下數據宇宙，我們很幸運能夠在技術上為此貢獻我們的 DELFI 生態系統。

So on that foundation, every company will have to roll out and will certainly use the opportunity to roll out OSDU as a platform so that it unlocks the data access, liberate the data and then data provider and then service provider, a consulting company and the customer themselves will tap into this data using AI application, and this is where we want to participate, both the data transition to this new platform and the AI opportunity upon this.

因此，在此基礎上，每個公司都必須推出並且肯定會利用這個機會推出 OSDU 作為一個平台，以便它解鎖數據訪問，解放數據，然後是數據提供商，然後是服務提供商、諮詢公司和客戶自己將使用人工智能應用程序來利用這些數據，這就是我們想要參與的地方，包括數據轉移到這個新平台以及在此基礎上的人工智能機會。

Finally, operation.

最後是操作。

Operation is the biggest prize long term but also the most difficult to realize because every asset, every infrastructure on the field, every infrastructure at the edge is different.

運營是長期最大的回報，但也是最難實現的，因為每項資產、現場的每項基礎設施、邊緣的每項基礎設施都是不同的。

So while we believe that there is an immense opportunity to use digital in operation, and we are doing it very successfully internally, the complexity, the system integration needs and the fit-for-purpose digital deployment will slow down on the adoption of this.

因此，雖然我們相信在運營中存在使用數字化的巨大機會，並且我們在內部做得非常成功，但複雜性、系統集成需求和適合目的的數字化部署將減慢數字化的採用。

Yet we'll make progress and we'll continue to partner with other companies to make sure that we offer integrated offering to the industry.

然而，我們將取得進展，並將繼續與其他公司合作，以確保我們為行業提供集成的產品。

When you combine these 3 at the different pace of growth, you create the condition for multiplicity of revenue stream that will support our double digital ambition that we'll realize within the decade.

當您以不同的增長速度將這三者結合起來時，您就為收入來源的多樣性創造了條件，這將支持我們將在十年內實現的雙重數字化雄心。

Our next question is from Chase Mulvehill with Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Chase Mulvehill。

I guess first thing I wanted to hit on was kind of New Energy.

我想我首先想到的是新能源。

So I don't know if maybe at a high level, could you take a minute and talk to how Schlumberger is viewing the New Energy environment?

所以我不知道您能否花一點時間談談斯倫貝謝如何看待新能源環境？

And what are the key highlights of your New Energy transition strategy?

你們的新能源轉型戰略的主要亮點是什麼？

And it actually would be great if you could lay out a prospective road map as Schlumberger embarks on this New Energy transition journey.

當斯倫貝謝踏上新能源轉型之旅時，如果您能製定一份前瞻性的路線圖，那就太好了。

Yes.

是的。

Great question, Chase.

好問題，蔡斯。

I think as you have seen, we've decided to enter a new chapter for the company.

我想正如您所看到的，我們決定為公司翻開新的篇章。

And the way we decided to go after this is to first identify and selectively the domain in which we believe we can leverage our strength.

我們決定採取的方法是首先確定並選擇性地確定我們認為可以發揮我們優勢的領域。

The subsurface can leverage our strengths, our technology and global footprint to create and forge partnership, technology, acquisition, or organically grow the domain.

地下領域可以利用我們的優勢、技術和全球足跡來創建和建立合作夥伴關係、技術、收購或有機發展該領域。

So first, we have decided to explore and establish market position and diversify our market entrants into this domain.

因此，首先，我們決定探索並建立市場地位，並使我們的市場進入者多元化進入該領域。

So you have seen that we have, in parallel, from lithium to CCS, from hydrogen to geo-energy and geothermal created ventures, each of them with potentially a different partner for addressing a different industry sector, so that we diversify not only our approach but diversify and expand our market reach.

所以你已經看到，我們同時擁有從鋰到CCS、從氫到地能和地熱的企業，每個企業都有可能有不同的合作夥伴來解決不同的行業領域，因此我們不僅使我們的方法多樣化但要實現多元化並擴大我們的市場範圍。

So that has been the first, is to make sure that we diversify our investments, diversify our market approach and our type of partnership.

因此，首要任務是確保我們的投資多元化、市場方式和合作夥伴類型多元化。

So that has been our first, I would say, framework that we have used to develop this.

我想說，這是我們用來開發這個的第一個框架。

Now what is our ambition there?

現在我們的目標是什麼？

Ambition is to create the future of the company in the long run.

從長遠來看，我們的雄心是創造公司的未來。

So within the decade and within the next 2 or 3 years, specifically, we will derisk at scale this technology investment, these venture investments, working with our partners, working internally to develop those technology as we are for green hydrogen, as we will with our CCS Mendota bioenergy plant or with LafargeHolcim for CCS and cement plant.

因此，在十年內，特別是在未來2 到3 年內，我們將大規模消除這項技術投資、這些風險投資的風險，與我們的合作夥伴合作，在內部開發這些技術，就像我們開發綠色氫能一樣，我們將與我們的 CCS Mendota 生物能源工廠或與 LafargeHolcim 合作的 CCS 和水泥工廠。

We will work, develop, embark into venture where we will derisk, enhance, and then when it is derisked at scale, will then make bigger investments, large investments that will then support the long-term growth.

我們將工作、發展、開展風險投資，我們將消除風險、增強風險，然後當風險大規模消除時，我們將進行更大的投資，大規模的投資將支持長期增長。

Perfect.

完美的。

As a quick follow-up to James' first question around international.

作為詹姆斯關於國際比賽的第一個問題的快速跟進。

You mentioned that 2019 -- so next year, we could kind of get back to 2019 levels.

您提到 2019 年，所以明年我們可能會回到 2019 年的水平。

So I guess my question would be, 2019 was pretty tight and you're starting to see some pricing.

所以我想我的問題是，2019 年非常緊張，你開始看到一些定價。

So if we get back to 2019 levels next year, like what could this mean for pricing?

那麼，如果我們明年回到 2019 年的水平，這對定價意味著什麼？

And when we think about the full international cycle, could we actually see a real pricing cycle unfold internationally as the recovery gains momentum?

當我們思考整個國際週期時，隨著經濟復甦勢頭增強，我們是否真的能看到真正的定價週期在國際上展開？

First, I think our approach to this is, first and foremost, performance.

首先，我認為我們的方法首先是性能。

We believe that performance creates the revenue opportunity, the revenue quality and the margin expansion, we believe, that are the foundation of our strategy.

我們相信，業績創造收入機會、收入質量和利潤擴張，我們相信，這是我們戰略的基礎。

So now whether the market capacity in some basin for some specific business line will create the condition for pricing, I believe it will.

那麼現在一些流域的市場容量是否會為一些特定的業務線創造定價的條件，我相信會的。

But again, it will depend on how do we differentiate for performance, how do we make sure that our technology is unique and is in high demand and create conditions for the customer to accept to a premium on this technology.

但同樣，這將取決於我們如何在性能上實現差異化，我們如何確保我們的技術是獨一無二的、需求量很大，並為客戶接受這項技術的溢價創造條件。

And that's our approach.

這就是我們的方法。

Now whether the capacity -- global capacity will create, in a short term, global pricing, I don't think it will but I think it will, certainly in the coming quarters, create pricing inflection on some business lines in some basins.

現在，無論全球產能是否會在短期內創造全球定價，我認為不會，但我認為它肯定會在未來幾個季度內對某些流域的某些業務線產生定價變化。

We are already seeing it today in North America for very specific Well Construction technology that is in high demand and demand a premium.

今天，我們已經在北美看到了非常特殊的建井技術，這種技術的需求量很大，並且需要溢價。

And next, we go to the line of Scott Gruber with Citigroup.

接下來，我們轉到花旗集團的斯科特·格魯伯（Scott Gruber）的路線。

So the D&I margin of 32%, super impressive.

所以 D&I 利潤率為 32%，非常令人印象深刻。

How should we think about incrementals for that segment over the course of the year?

我們應該如何考慮這一細分市場在這一年中的增量？

By definition, they obviously need to be healthy, given the starting point.

根據定義，考慮到起點，他們顯然需要保持健康。

But what's a reasonable range?

但合理的範圍是多少呢？

And relatedly, as you get deeper into these digital management contracts with customers, obviously, profitability improves over time, will that be a material driver during the rest of the year?

與此相關的是，隨著您深入了解與客戶的數字管理合同，顯然，盈利能力會隨著時間的推移而提高，這會成為今年剩餘時間的實質性驅動因素嗎？

Or is that incremental margin benefit more in '22 and beyond?

或者說，增量利潤在 22 年及以後的收益會更大嗎？

No.

不。

I think, first, I think we are -- we provided a guidance for full year margin at 30%.

我認為，首先，我們提供了 30% 的全年利潤率指導。

And I think you have seen that the way we started the year is putting us in an excellent footing to realize that margin outlook.

我認為您已經看到，我們今年年初的方式使我們為實現利潤率前景奠定了良好的基礎。

And this margin comes from 2 major factors: one is the performance of our integration contracts; and secondly, the strength and margin of our digital business.

這個利潤來自兩個主要因素：一是我們整合合約的表現；二是我們的整合合約的表現。其次，我們數字業務的實力和利潤。

Now going forward and rolling into the later part of the year, obviously, the digital will gradually start to improve its size and will create and generate the fall through that we believe will support this 30% ambition and could, as we exit 2021, clearly outperform and put us on a better opportunity for margin expansion into 2022.

現在，進入今年下半年，顯然，數字化將逐漸開始擴大其規模，並將創造和產生下降，我們相信這將支持這 30% 的雄心，並且在我們退出 2021 年時，顯然跑贏大盤，讓我們有更好的機會在2022 年實現利潤率擴張。

So over time, long term, the digital will indeed grow, and we shared our ambition there and will clearly help continue to support these impressive margins and possibly expand it further in the long term.

因此，隨著時間的推移，從長遠來看，數字化確實會增長，我們在那里分享了我們的雄心，並且顯然將幫助繼續支持這些令人印象深刻的利潤，並可能在長期內進一步擴大它。

Got you.

明白你了。

And just shifting gears a little bit and maybe somewhat premature to ask, but just given that the international recovery outlook is strengthening, and obviously, the capital intensity of your portfolio is now in a decline, how do you think about the use of free cash flow?

只是稍微改變一下態度，也許有點為時過早，但考慮到國際復甦前景正在增強，而且顯然，你的投資組合的資本密集度現在正在下降，你如何看待自由現金的使用流動？

Is the focus purely on building cash and deleveraging?

重點純粹是積累現金和去槓桿化嗎？

What conditions would you look for to start enhancing the cash return?

您會尋找什麼條件來開始提高現金回報？

And as we move deeper into the recovery, is there a preference for dividend enhancement versus buybacks when the time is right to return cash?

隨著經濟復甦的深入，當返還現金的時機成熟時，是否會更傾向於增加股息而不是回購？

So I'll answer that question, Scott.

所以我會回答這個問題，斯科特。

Yes, you said that our immediate priority is indeed to deleverage the balance sheet.

是的，你說我們當前的首要任務確實是去槓桿化資產負債表。

At the same time, we want to make sure that we can sustain growth in our core business, of course, even though our CapEx intensity has reduced quite a bit compared to the past.

當然，與此同時，我們希望確保我們能夠維持核心業務的增長，儘管我們的資本支出強度與過去相比已經降低了很多。

But we also need to leave enough capacity to execute our strategy, particularly as it relates to new horizons of growth.

但我們還需要留出足夠的能力來執行我們的戰略，特別是因為它涉及新的增長領域。

So in any case, whether it relates to our core business or white spaces, as I mentioned during the prepared remarks, any new investment will be looked at under the strict lens of our return-based capital allocation framework.

因此，無論如何，無論是涉及我們的核心業務還是空白領域，正如我在準備好的發言中提到的那樣，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。

And beyond that, yes, once we have filtered all this project, we will return any excess cash to our shareholders through either dividend or stock repurchases.

除此之外，是的，一旦我們過濾了所有這些項目，我們將通過股息或股票回購將任何多餘的現金返還給我們的股東。

We do not have a prescribed split between the 2. It will depend on the conditions at that time, the time we have to make that decision, and in particular, the sustainability of cash flows.

我們對兩者之間沒有規定的劃分。這將取決於當時的條件、我們必須做出決定的時間，特別是現金流的可持續性。

And our next question is from Sean Meakim with JPMorgan.

我們的下一個問題來自摩根大通的 Sean Meakim。

So I appreciate the commentary on the outlook for the Middle East.

所以我很欣賞對中東前景的評論。

Maybe just a follow-up.

也許只是後續行動。

Can we talk about the legacy margin-dilutive LSTK contracts?

我們能談談傳統的保證金攤薄 LSTK 合約嗎？

Just to what extent have you been able to mitigate some of the challenges there?

您在多大程度上能夠緩解那裡的一些挑戰？

They're now a few years old.

他們現在已經幾歲了。

I was just curious, to what extent does the contract roll create an opportunity for resetting the margin impact for those contracts maybe in the medium term?

我只是很好奇，合同展期在多大程度上為這些合同的保證金影響在中期內重置提供了機會？

Yes.

是的。

I think, as you know, for the last 2 years, I think we have been increasing our focus management and operational focus on resolving or improving this highly dilutive contract that they were 2 or 3 years ago.

我認為，正如你所知，在過去的兩年裡，我認為我們一直在加強重點管理和運營重點，以解決或改進兩三年前的高度稀釋性合同。

And I think we have made great progress.

我認為我們已經取得了很大的進步。

I think whether they are exactly where I would like them to be and accretive to the overall margin, maybe not.

我認為它們是否正是我希望的那樣並增加了整體利潤，也許不是。

But I think we have made progress in 3 directions: first, in engaging our customers and making them realize the complexity and providing the support to execute this contract with better support and eliminating or mitigating some risk; secondly, by adopting and accelerating adoption within this contract of fit-for-basin technology that are unique and that will create, for the long run, an opportunity to set benchmark on those contracts, hence to keep our market position and enhance our future execution; and finally, we have, in the last few quarters, last few months, actually, to roll out our digital operation capability to extract further automation, further efficiency on this.

但我認為我們在三個方面取得了進展：第一，讓我們的客戶參與進來，讓他們意識到復雜性，為執行這個合同提供更好的支持，消除或減輕一些風險；其次，通過在本合同中採用並加速採用適合盆地的技術，這些技術是獨特的，從長遠來看，這將為這些合同設定基準創造機會，從而保持我們的市場地位並增強我們未來的執行力;最後，實際上，在過去的幾個季度、過去的幾個月裡，我們已經推出了我們的數字化運營能力，以進一步提高自動化程度和效率。

So we have improved, enhanced customer collaboration on those contracts.

因此，我們改進並加強了客戶在這些合同上的協作。

We have created the technology portfolio that is starting to mitigate and enhance the operational execution, and we have rolled out unique digital features that are creating.

我們已經創建了開始減輕和增強運營執行的技術組合，並且我們已經推出了正在創建的獨特數字功能。

So those conditions are unique.

所以這些條件是獨一無二的。

Customers recognize it and I think as we'll get opportunity to renew this contract and expand would obviously look for making sure the commercial terms and the revenue quality we'll exploit in the future will be more accretive than they are today.

客戶認識到這一點，我認為，隨著我們將有機會續簽這份合同並擴大業務，顯然我們會尋求確保我們未來將利用的商業條款和收入質量比今天更具增值性。

That's very helpful.

這非常有幫助。

It's encouraging as well.

這也令人鼓舞。

So just to come back maybe to cash flow.

所以也許回到現金流。

North of $2 billion for free cash looks to be the bar here for full year, just given the 10% margin target.

僅考慮到 10% 的利潤率目標，全年的自由現金似乎就超過 20 億美元。

Could you just maybe highlight any major levers that would materially deviate from that goal?

您能否強調一下可能會嚴重偏離該目標的任何主要槓桿？

And then I'm also just thinking beyond cash flow.

然後我也只是考慮現金流之外的事情。

Are there plans for potential further pruning of the portfolio to optimize fit-for-basin, maybe help accelerate delevering of the balance sheet?

是否有計劃進一步調整投資組合以優化盆地適應性，或許有助於加速資產負債表去槓桿化？

So look, Sean, I don't think there's anything that's going to deviate from us achieving double digit, i.e., possibly more than 10% free cash flow this year.

所以，肖恩，我認為沒有任何事情會妨礙我們實現兩位數，即今年可能超過 10% 的自由現金流。

There is a typical seasonality in the working cap and free cash flow throughout the year.

全年的工作上限和自由現金流具有典型的季節性。

So free cash flow will improve quarter after quarter like it has in the past and we will deliver that ambition.

因此，自由現金流將像過去一樣逐季改善，我們將實現這一目標。

It can be enhanced by exceptional proceeds.

它可以通過非凡的收益來增強。

We are continuously looking at our portfolio, as I mentioned earlier.

正如我之前提到的，我們正在不斷審視我們的投資組合。

We are particularly working on 2 key divestitures: one is I mentioned in the previous quarter in regards to our APS portfolio.

我們特別緻力於兩項關鍵的剝離：其中一項是我在上一季度提到的有關我們的 APS 投資組合的剝離。

We are looking at launching very soon in the next few days, actually, a formal process for the APS asset in Canada.

實際上，我們正在考慮在接下來的幾天內很快啟動加拿大 APS 資產的正式流程。

There's a lot of interest still and the economics have improved quite a bit.

人們仍然有很多興趣，而且經濟狀況也有了很大改善。

So we are quite hopeful there to close a good transaction.

因此，我們非常希望能夠達成一筆良好的交易。

And the second one is the rigs we have in the Middle East.

第二個是我們在中東擁有的鑽井平台。

We are actually even more advanced there.

實際上我們在那裡更先進。

We are in a formal process.

我們正處於正式流程中。

We have shortlisted a few interested buyers and they are just concluding the due diligence.

我們已經篩選了一些感興趣的買家，他們剛剛結束盡職調查。

So we should be closing or at least signing, sorry, this transaction in the next few months.

因此，我們應該在接下來的幾個月內完成或至少簽署這筆交易，抱歉。

So this will enhance the cash flow profile and the potential reduction of our net debt and the flexibility it will give on liquidity basically.

因此，這將改善現金流狀況，減少我們的淨債務，並基本上賦予流動性靈活性。

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 think we had noticed that you guys were a bit more upbeat on the offshore side of things.

我想我們已經註意到你們對離岸方面的事情更加樂觀了。

And basically, I'm wondering if you could frame how you think that market is going to trend relative to last cycle.

基本上，我想知道您是否可以框架一下您認為市場相對於上一個週期的趨勢。

And in particular, how do you think customers are thinking about exploration activity?

特別是，您認為客戶如何看待探索活動？

That's a great question.

這是一個很好的問題。

I think, first, it's worth saying that offshore basins and the most advantaged offshore basins are still very much very critical resource and core resource for some of our customers, IOCs, some unique NOCs and a few independents that are pure-play offshore independents from relative medium to large size.

我認為，首先，值得一提的是，對於我們的一些客戶、國際石油公司、一些獨特的國家石油公司和一些純粹的離岸獨立公司來說，近海盆地和最有優勢的近海盆地仍然是非常非常關鍵的資源和核心資源。相對中型到大型。

So first, this resource are precious.

所以首先，這個資源是寶貴的。

This resource typically have a good geology.

該資源通常具有良好的地質條件。

And as I said, both from the production plateau, they provide and/or the low-carbon opportunity they have in terms of mix of API grade, I think this excellent resource.

正如我所說，無論是從生產平台來看，他們都提供了 API 牌號組合方面的低碳機會，我認為這是極好的資源。

The second thing I believe is that the economics for offshore due to integration success, feed technology, and digital practice have improved from the last cycle.

我相信的第二件事是，由於整合的成功、飼料技術和數字化實踐，離岸經濟的經濟效益比上一個週期有所改善。

And I think opportunity exists for the industry to leverage this and accelerate some FID going forward.

我認為該行業有機會利用這一點並加速未來的 FID。

So another factor that is very critical as you touch the exploration appraisal is that most of the major and large NOC on this -- in this context are recognizing the impact of exploiting hubs, offshore hubs.

因此，當你接觸勘探評估時，另一個非常關鍵的因素是，在這種情況下，大多數主要和大型國家石油公司都認識到開發中心、離岸中心的影響。

And the offshore hubs, the opportunity is to exploit those hubs to improve the return on asset, improve return on infrastructure and focus on near-field or backyard exploration so that they maximize the return on existing infrastructure, existing FPSO, existing platform, so that it is also something that plays very well in our portfolio for infield drilling or for subsea tieback as we are expanding in this domain.

對於海上樞紐來說，機會在於利用這些樞紐來提高資產回報率、提高基礎設施回報率並專注於近場或後院勘探，以便最大限度地提高現有基礎設施、現有FPSO、現有平台的回報率，從而隨著我們在這一領域的擴張，它在我們的內場鑽井或海底回接產品組合中也發揮著非常好的作用。

So I believe that the exploration appraisal will not necessarily accelerate in frontier exploration but will accelerate in near-field exploration offshore, and we're starting to see this, this quarter and will accelerate during the second half of the year.

所以我認為，勘探評估不一定​​會在前沿勘探中加速，但會在近海近場勘探中加速，我們從本季度開始看到這一點，並將在今年下半年加速。

So I'm optimistic indeed on offshore.

所以我對離岸確實很樂觀。

And if you read some of the Rystad or IHS reports or some of the report highlighting the FID pipeline, you see that the FID pipeline that are pre-committed towards '22, '23 have the potential over '22, '23 and beyond to eclipse the last 2017, 2019 in terms of number of projects but also in terms of total CapEx invested in deepwater.

如果您閱讀一些 Rystad 或 IHS 報告或一些強調 FID 管道的報告，您會發現預先致力於“22”、“23”的 FID 管道有潛力在“22”、“23”及以後實現無論是項目數量還是深水投資資本支出總額，都超過了2017 年和2019 年。

Got it, that's helpful.

明白了，很有幫助。

And maybe just sticking with the offshore theme, could you help us think through on the Production Systems, I think you called out you expected all Divisions to grow sequentially.

也許只是堅持離岸主題，您能否幫助我們思考生產系統，我想您指出您希望所有部門都按順序增長。

But how should we think through the long-cycle portion of that business, particularly the subsea business?

但我們應該如何思考該業務的長周期部分，尤其是海底業務？

Yes.

是的。

I think first, the Production System, I think, is not only subsea system as both short- and long-cycle as exposure in short cycle in North America to the ESP, which is coming back strongly, and the Cameron surface equipment also servicing the frac and our partner, Liberty.

我認為首先，生產系統不僅是短週期和長周期的海底系統，就像北美短週期暴露於 ESP 一樣，ESP 正在強勁回歸，而且卡梅倫地面設備也為frac 和我們的合作夥伴 Liberty。

And also -- and internationally, it's indeed a mix of short for ESP and some completion equipment and long cycle for midstream as well as for subsea and surface equipment.

而且，在國際上，它確實是 ESP 和一些完井設備的簡稱，以及中游以及海底和地面設備的長周期的組合。

So it's a mix of long and short with very tangible exposure in North America, benefiting in short term and long term international long cycle, both recovery and production new projects.

因此，這是多空結合，在北美有非常明顯的敞口，從短期和長期的國際長周期、復甦和生產新項目中受益。

In that context and back to the point on offshore, I believe that the subsea market is very alive.

在這種背景下，回到海上這一點，我相信海底市場非常活躍。

And I think last year, the number of subsea trees were short of 200 compared to higher than 50 in 2019.

我認為去年海底樹木的數量還不到 200 棵，而 2019 年則超過 50 棵。

The prediction this year is to be above 200.

預計今年將超過200。

220 is our prediction and is aligned with the market prediction.

220是我們的預測，與市場預測一致。

And this will be more or less increasing going forward gradually to be within between 250 to 300 over the midterm period to support this offshore project.

在中期期間，這一數字將或多或少地逐漸增加到 250 至 300 之間，以支持該海上項目。

And our next question is from Marc Bianchi with Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Marc Bianchi。

The guidance for second quarter for the mid-single-digit revenue and 50 to 100 of margin improvement seems to suggest a little bit maybe weaker margin progression than I would have otherwise expected.

第二季度收入中個位數的指引和 50 至 100 的利潤率改善似乎表明利潤率進展可能比我原本預期的要弱一些。

And certainly, if I look at the operating leverage that the business has had over the past few quarters, it would seem that there's a little bit less operating leverage implied in second quarter.

當然，如果我看看該公司過去幾個季度的運營槓桿，就會發現第二季度的運營槓桿似乎有所減少。

So I'm curious, are there some unusual costs that you're realizing?

所以我很好奇，您是否意識到了一些不尋常的成本？

Perhaps there's start-up costs for some of these contracts you mentioned?

也許您提到的某些合同存在啟動成本？

Any color around that and how maybe that could progress beyond second quarter would be helpful.

圍繞這個問題的任何顏色以及第二季度之後如何進展都會有所幫助。

Yes, Marc, thank you for the question.

是的，馬克，謝謝你的提問。

So indeed, our guidance though for operating margin expansion between 50 and 100 bps into the mid-single digits will still imply on the high end of that -- on that range, 30-plus incremental [margin] (added by company after the call).

因此，事實上，我們對營業利潤率擴張50 至100 個基點至中個位數的指導仍然意味著該範圍的高端- 在此範圍內，增量[利潤率] 超過30 個（由公司在電話會議後添加） ）。

So I believe that this is the first remark.

所以我相信這是第一句話。

The second is that we are still on track, okay, and very confident on our 250 to 300 full year --300 bps full year margin expansion.

第二，我們仍然走在正軌上，對我們全年 250 到 300 --300 個基點的利潤率擴張非常有信心。

So in the second quarter, indeed, there are 2 factors: one is the fact that you are mobilizing for what the offshore return and some of the activity that are prepping and mobilizing for the second half already in the later part of the quarter.

因此，在第二季度，確實有兩個因素：一個是您正在為離岸回報進行動員，以及在本季度後期已經為下半年做準備和動員的一些活動。

But also there are some persistent but temporary COVID-related constraints and cost that as the lockdown are still in place in many countries, that adding cost upfront into those mobilization and making this mobilization cost maybe a little bit more than they would have been in other cycle the past.

但也存在一些持久但暫時的與新冠病毒相關的限制和成本，由於許多國家仍然實行封鎖，這增加了這些動員的前期成本，並使這種動員成本可能比其他國家的動員成本高一點。循環過去。

So these are the factors that are shaping up, but we are very confident that the margin expansion is in place and will continue going forward.

這些都是正在形成的因素，但我們非常有信心利潤率擴張已經到位並將繼續向前發展。

Wonderful.

精彩的。

And then you mentioned in your prepared remarks and then in -- also in the press release about the kind of double-digit growth for the second half in international setting up for kind of upside to already robust growth anticipated for 2022.

然後您在準備好的講話中提到，然後在新聞稿中提到，國際市場下半年將實現兩位數增長，為 2022 年預計已經強勁的增長帶來上行空間。

I'm curious what the baseline is for that comment.

我很好奇該評論的基線是什麼。

Are you referring to a market forecast that's out there?

您指的是現有的市場預測嗎？

Or are you referring to sell-side consensus?

或者你指的是賣方共識？

Just curious what the benchmark we should be thinking about is.

只是好奇我們應該考慮的基準是什麼。

No, it's a combination of facts.

不，這是事實的結合。

As I said, I think there are some market indicators on the CapEx of some of the NOC, national oil company.

正如我所說，我認為一些國家石油公司（國家石油公司）的資本支出有一些市場指標。

There is the rig count projection that we are making based on our engagement with customer and with rig contractor.

我們根據與客戶和鑽機承包商的合作進行鑽機數量預測。

And there are some market position or market enhancements and contract award that we have been benefiting in the last few quarters.

在過去幾個季度中，我們一直受益於一些市場地位或市場增強以及合同授予。

So the mix of our market position, favorable mix, the market expansion on international for that has an element of seasonal effect as well as reinvestment.

因此，我們的市場地位、有利的組合、國際市場擴張的組合具有季節性效應以及再投資的因素。

And the national oil company increasing their investment in second half all combine to make us more confident on where 3 months ago on the shape and inflection of this recovery in the second half.

國家石油公司下半年加大投資，這一切都讓我們對三個月前下半年復甦的形狀和轉折更有信心。

Ladies and gentlemen, I will now turn you back to Schlumberger for closing remarks.

女士們、先生們，我現在請斯倫貝謝請你們做總結髮言。

Okay.

好的。

Thank you very much.

非常感謝。

So thank you, and to conclude, I would like to offer 3 takeaways: first, the macroeconomic and activity outlook are increasingly supporting an attractive industry upcycle, characterized with an inflection in international activity, a consolidation of short-cycle activity and a return of advantaged offshore plays, all playing to our core strength.

謝謝大家，最後，我想提出三點要點：首先，宏觀經濟和經濟活動前景越來越支持有吸引力的行業上行週期，其特點是國際活動的拐點、短週期活動的鞏固以及經濟復甦的回歸。優勢離岸玩法，充分發揮我們的核心優勢。

In particular, we are increasingly optimistic about the international growth trajectory during the second half of the year, which absent of a setback in pandemic recovery, will result in full year international growth.

特別是，我們對今年下半年的國際增長軌跡越來越樂觀，如果大流行複蘇不會出現挫折，全年國際增長將實現。

As a consequence, we have reinforced our confidence in our 2021 financial targets on margin expansion and free cash flow generation.

因此，我們增強了對 2021 年利潤率擴張和自由現金流生成財務目標的信心。

Second, we are convinced that our performance strategy is aligned with the new industry landscape and is increasingly resonating with our customers as performance matters critically in this environment.

其次，我們確信我們的績效戰略符合新的行業格局，並且越來越引起客戶的共鳴，因為績效在這種環境中至關重要。

This is translating into market wins, partly in Middle East and offshore basins, and we support our ambition to outperform through the cycle.

這正在轉化為市場胜利，部分是在中東和近海盆地，我們支持我們在整個週期中表現出色的雄心。

In addition, the steady progress in our digital strategy will translate over time in expanding new revenue streams and accretive margins.

此外，我們數字化戰略的穩步進展將隨著時間的推移轉化為擴大新的收入來源和增加利潤。

Third, the margin expansion realized this quarter, both sequentially and year-on-year, is reflecting the impact of both our capital stewardship and the restructuring program and will translate into substantial operating leverage as the year progress and activity strengthened in all basins.

第三，本季度實現的利潤率擴張（無論是環比還是同比）都反映了我們的資本管理和重組計劃的影響，並將隨著今年的進展和所有流域活動的加強而轉化為巨大的運營槓桿。

We anticipate the upcoming quarters to further this margin expansion, with broad contribution from our Basins and Divisions.

我們預計未來幾個季度將在我們的盆地和部門的廣泛貢獻下進一步擴大利潤率。

Finally, our commitment towards both sustainability and New Energy is materializing in a growing portfolio of technology and ventures that will contribute to the global climate actions and to the future of the company.

最後，我們對可持續發展和新能源的承諾正在通過不斷增長的技術和企業組合來實現，這將為全球氣候行動和公司的未來做出貢獻。

Ladies and gentlemen, this year represents a unique opportunity for the new Schlumberger to execute on its new performance journey and outperform the market within an increasingly attractive outlook.

女士們、先生們，今年對於新的斯倫貝謝來說是一個獨特的機會，可以在日益有吸引力的前景中執行新的業績旅程並超越市場。

Thank you very much.

非常感謝。

Ladies and gentlemen, that does conclude your conference for today.

女士們、先生們，今天的會議到此結束。

Thank you for your participation and for using AT&T Teleconference Service.

感謝您的參與和使用 AT&T 電話會議服務。

You may now disconnect.

您現在可以斷開連接。