斯倫貝謝公司 (SLB) 2020 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們，先生們，謝謝你們的支持。

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.

（操作員說明）作為提醒，本次會議正在錄製中。

I would now like to turn the call over to Simon Farrant, Vice President of Investor Relations.

我現在想把電話轉給投資者關係副總裁 Simon Farrant。

Please go ahead.

請繼續。

Good morning, good afternoon, good evening, and welcome to the Schlumberger Limited [First Quarter] (added by company after the call) 2020 Earnings Call.

早上好，下午好，晚上好，歡迎來到斯倫貝謝有限公司 [第一季度]（由公司在電話會議後添加）2020 年收益電話會議。

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

在本週早些時候舉行的斯倫貝謝有限公司董事會會議之後，今天的電話會議在休斯頓舉行。

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是首席執行官 Olivier Le Peuch；和首席財務官 Stephane Biguet。

For today's agenda, Olivier will start with--the call with his perspectives on the quarter and our updated review of the industry macro, after which, Stephane will give more details on our financial results.

對於今天的議程，Olivier 將從電話會議開始，介紹他對本季度的看法以及我們對行業宏觀的最新審查，之後，Stephane 將提供有關我們財務業績的更多細節。

Then we'll open up for questions.

然後我們會開放提問。

As always, before we begin, I'd like to remind the participants that some of the statements we're making today are forward-looking.

與往常一樣，在開始之前，我想提醒與會者，我們今天所做的一些陳述是前瞻性的。

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陳述中預測的結果大不相同。

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

因此，我建議您參考我們最新的 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.

可以在我們網站上的第一季度新聞稿中找到更多詳細信息以及與最直接可比的 GAAP 財務指標的對賬。

Now I'll turn the call over to Olivier.

現在我將把電話轉給 Olivier。

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

謝謝你，西蒙，女士們先生們，早上好。

I hope everyone is safe and well.

我希望每個人都平安無事。

This morning, I'm going to comment on 3 topics: our Q1 performance, how we're managing today's increasingly difficult operating environment and how we see the outlook for the second quarter.

今天上午，我將評論三個主題：我們的第一季度業績、我們如何管理當今日益困難的運營環境以及我們如何看待第二季度的前景。

Before I do that, I would first like to thank the Schlumberger people around the world who are demonstrating great resilience and adaptability.

在此之前，我首先要感謝世界各地的斯倫貝謝員工，他們展現了強大的應變能力和適應能力。

I'm very proud of our team and of what they have achieved in the first quarter.

我為我們的團隊以及他們在第一季度取得的成就感到非常自豪。

Despite the complications from the COVID-19 outbreak, they delivered strong organizational performance throughout the quarter.

儘管 COVID-19 爆發帶來了並發症，但他們在整個季度都取得了強勁的組織績效。

We kept very close to our customer as the crisis developed, and we were able to maintain well site operations with only minimal disruption across a few countries.

隨著危機的發展，我們與客戶保持了非常密切的關係，並且我們能夠在幾個國家/地區以最小的中斷維持井場運營。

The feedback I've received from our customers has been both positive and appreciative of our operational performance.

我從客戶那裡收到的反饋既是積極的，也是對我們運營業績的讚賞。

Despite the difficulty of the situation and the duress under which our people have been working, Q1 was one of the best quarter in terms of service quality and actually the best quarter ever in safety performance.

儘管情況困難，我們的員工一直在壓力下工作，但就服務質量而言，第一季度是最好的季度之一，實際上是有史以來安全性能最好的季度。

Let's start with the perspective on our first quarter results.

讓我們從對第一季度業績的看法開始。

The resilience of our performance given the COVID-19-related disruption and the early impact of the oil price collapse delivered earnings of $0.25 per share, only marginally short of our original expectation.

鑑於與 COVID-19 相關的中斷和油價暴跌的早期影響，我們表現的彈性帶來了每股 0.25 美元的收益，僅略低於我們最初的預期。

The quarter was characterized by the usual combination of seasonal impact in the Northern Hemisphere and the sequential decline of product and software sales.

本季度的特點是北半球的季節性影響通常與產品和軟件銷售的連續下降相結合。

However, toward the end of the quarter, activity started to decline in several basins due to the unprecedented drop in oil price and the increasing challenge posed by COVID-19.

然而，在本季度末，由於油價空前下跌和 COVID-19 帶來的挑戰越來越大，幾個盆地的活動開始下降。

The most severe impact was in North America land, where customers were fast to react with a sharp 17% cut in rig count.

最嚴重的影響發生在北美地區，客戶反應迅速，鑽機數量銳減 17%。

In our business segments, Reservoir Characterization revenue closed the quarter sequentially down 20%, partly on seasonal effects, but also as a consequence of customers curtailing their discretionary and exploration spending in the latter part of the quarter.

在我們的業務部門中，油藏表徵收入在本季度末環比下降 20%，部分原因是季節性影響，但也是由於客戶在本季度後期削減了可自由支配和勘探支出。

The margins declined on the absence of significant multiclient software license sales, weak exploration mix and lower contribution from discretionary software sales.

由於缺乏大量的多客戶端軟件許可銷售、勘探組合疲軟以及全權委託軟件銷售的貢獻較低，利潤率下降。

Drilling revenue declined sequentially on seasonal effects and the collapse in North America late in the quarter, but displayed resilience with margins flat sequentially on our operational execution and our focus on underperforming business units as well as continued success in our technology access strategy.

由於季節性影響和本季度末北美的崩潰，鑽井收入環比下降，但在我們的運營執行和我們對錶現不佳的業務部門的關注以及我們的技術訪問戰略的持續成功方面表現出彈性，利潤率環比持平。

Production revenue declined on lower activity in the international markets and weaker APS [Asset Performance Solutions] (added by company after the call) results.

由於國際市場活動減少和 APS [資產績效解決方案]（由公司在電話會議後添加）結果疲軟，生產收入下降。

While Production margin declined 100 basis points driven by the weaker international activity, the success of our OneStim® scale-to-fit strategy in North America matched resource to market needs and optimized our operational footprint.

雖然由於國際活動疲軟，生產利潤率下降了 100 個基點，但我們 OneStim® 規模匹配戰略在北美的成功使資源與市場需求相匹配，並優化了我們的運營足跡。

Cameron revenue was seasonally lower and suffered from the exposure of the short-cycle business to North America.

Cameron 收入季節性下降，並受到北美短週期業務的影響。

International Cameron revenue was also lower as we halted manufacturing in Italy and Malaysia in response to local restrictions to mitigate the spread of the COVID-19 virus.

國際 Cameron 的收入也有所下降，因為我們停止了在意大利和馬來西亞的生產以響應當地限制以減輕 COVID-19 病毒的傳播。

Despite these negative effects, Cameron margin increased sequentially, driven largely by this quarter's favorable mix in the OneSubsea® portfolio.

儘管存在這些負面影響，Cameron 的利潤率仍連續增長，主要是由於本季度 OneSubsea® 投資組合中的有利組合。

Looking at North America Land in more detail.

更詳細地查看北美土地。

A timely acceleration of our NAL strategy protected margins from excessive sequential decline.

我們的 NAL 策略的及時加速保護了利潤率免受過度連續下降的影響。

We began the quarter having scaled our OneStim fleet to fit the market, which resulted in higher utilization and minimal frac calendar gaps.

本季度開始，我們擴大了 OneStim 機隊以適應市場，從而提高了利用率和最小的壓裂日曆差距。

However, once oil prices began to collapse in March, customers rapidly dropped rigs and frac crews.

然而，一旦油價在 3 月份開始暴跌，客戶就迅速放棄了鑽井平台和壓裂人員。

Along with well construction and completion activity decreasing, the technology mix switched from driving performance to saving costs.

隨著建井和完井活動的減少，技術組合從提高性能轉向節省成本。

We reacted rapidly by stacking frac fleets to protect our margins and had reduced capacity by more than 27% and reduced our CapEx plan by 60% by the end of the quarter.

我們通過堆疊壓裂車隊以保護我們的利潤迅速做出反應，並在本季度末將產能減少了 27% 以上，並將我們的資本支出計劃減少了 60%。

In contrast, our international revenue closed 2% ahead year-on-year or 4% when accounting for the 2019 business divestitures.

相比之下，考慮到 2019 年的業務剝離，我們的國際收入同比增長 2% 或 4%。

Growth was resilient in key Schlumberger markets across Russia & Central Asia, Saudi Arabia & Bahrain, Far East Asia & Australia, Northern Middle East, Latin America North, and Norway & Denmark.

斯倫貝謝在俄羅斯和中亞、沙特阿拉伯和巴林、遠東亞洲和澳大利亞、中東北部、拉丁美洲北部以及挪威和丹麥的主要市場增長強勁。

Our first-quarter cash flow from operations more than doubled year-on-year to $784 million as a result of our heightened focus on collections and our resilience in key international markets.

由於我們更加關注收藏品以及我們在主要國際市場的彈性，我們第一季度的運營現金流同比增長了一倍以上，達到 7.84 億美元。

Let me now talk about what we are doing to protect the company and how we have focused on cash, liquidity, and the strength of our balance sheet in a period of high uncertainty, as the depth and extent of the coronavirus impact on global oil demand remains unknown.

現在讓我談談我們為保護公司所做的工作，以及在高度不確定的時期，我們如何專注於現金、流動性和資產負債表的實力，因為冠狀病毒對全球石油需求的影響的深度和程度仍然未知。

First, and after an in-depth review of the possible outcomes of the new oil order we are facing, we have made the very difficult but necessary decision to reduce our dividend by 75%.

首先，在對我們面臨的新石油訂單可能產生的結果進行了深入審查後，我們做出了非常困難但必要的決定，將股息減少了 75%。

This will protect our cash and liquidity in the current environment while giving us greater flexibility going forward.

這將在當前環境下保護我們的現金和流動性，同時為我們提供更大的靈活性。

We'll continue to exercise stringent capital stewardship, while retaining the ability to balance any capital return to shareholders as operational conditions evolve.

我們將繼續執行嚴格的資本管理，同時保留隨著運營條件的發展平衡股東的任何資本回報的能力。

Second, we have reduced our capital investment program by more than 30% across CapEx, APS and multiclient.

其次，我們將資本支出、APS 和多客戶端的資本投資計劃減少了 30% 以上。

We're also reducing our research and engineering investment by more than 20% in the second quarter to reflect the necessary adjustment to our 2020 commercialization program.

我們還在第二季度將我們的研究和工程投資減少了 20% 以上，以反映對我們 2020 年商業化計劃的必要調整。

Third, we have accelerated and increased our structural cost reduction in North America in alignment with the scale-to-fit strategy initiated during the fourth quarter [2019] (added by company after the call), adjusted for the new environment.

第三，我們加快並增加了在北美的結構性成本削減，以配合在第四季度 [2019] 期間啟動的規模匹配戰略（由公司在電話會議後添加），並針對新環境進行了調整。

As a result, we have unfortunately had to reduce our workforce in North America by close to 1,500 people during the first quarter.

結果，不幸的是，我們不得不在第一季度將我們在北美的勞動力減少了近 1,500 人。

We'll continue to decisively implement structural changes during the second quarter, both in North America and internationally to align our cost base with the anticipated short-term and second-half activity outlook—with full understanding that the pace and scale of decline is still uncertain but will be more abrupt than during any recent downturn.

我們將在第二季度繼續果斷地在北美和國際上實施結構性改革，以使我們的成本基礎與預期的短期和下半年活動前景保持一致——充分理解下降的速度和規模仍在不確定，但將比最近的任何低迷時期更加突然。

Finally, we have also taken exceptional temporary measures to conserve cash by implementing furloughs across many parts of our organization, both in North America and internationally, and by reducing compensation for the executive team and for the Board of Directors.

最後，我們還採取了特殊的臨時措施來節省現金，包括在北美和國際上我們組織的許多部門實施休假，並減少對執行團隊和董事會的薪酬。

The results of these actions represent a significant step towards protecting the company cash and liquidity in the face of the significant uncertainties.

面對重大不確定性，這些行動的結果是朝著保護公司現金和流動性邁出的重要一步。

I believe that our response so far has been swift and effective, as demonstrated by our margins and cash flow performance during the first quarter, while providing service to all of our customers with unique resilience and performance across all basins.

我相信到目前為止，我們的反應迅速而有效，正如我們在第一季度的利潤率和現金流表現所證明的那樣，同時為我們所有的客戶提供了在所有流域具有獨特彈性和表現的服務。

Stephane will discuss the strength of our balance sheet, our access to liquidity and our capital investment program in more detail in a few minutes.

Stephane 將在幾分鐘內更詳細地討論我們的資產負債表實力、我們獲得流動性的途徑以及我們的資本投資計劃。

Before that, let me give you our perspective for the second quarter.

在此之前，讓我向您介紹我們對第二季度的看法。

Despite the recent agreement by the world's largest oil producers to cut production, Q2 is likely to be the most uncertain and disruptive quarter that the industry has ever seen.

儘管全球最大的石油生產商最近同意減產，但第二季度可能是該行業有史以來最不確定和最具破壞性的季度。

We are, therefore, not in a position to provide guidance for the next quarter as we face 2 degrees of uncertainty beyond the severe impact of oil demand contraction and the level of commodity oil price.

因此，我們無法為下一季度提供指導，因為除了石油需求收縮和商品油價水平的嚴重影響之外，我們還面臨 2 度的不確定性。

First, it is very difficult to model or predict the frequency or magnitude of the COVID-19 disruption on field operations.

首先，很難模擬或預測 COVID-19 對現場操作造成乾擾的頻率或幅度。

Second, it is too early to judge the impact of the recent OPEC+ decision on the level of international activity as well as its repercussion on storage levels globally and related risks of production shut-ins.

其次，現在判斷最近歐佩克+決定對國際活動水平的影響及其對全球儲存水平的影響以及停產的相關風險還為時過早。

Let me, however, share our view on the key activity trends, starting with North America.

然而，讓我分享我們對主要活動趨勢的看法，從北美開始。

We anticipate both rig activity and frac completion activity to continue to decline sharply during the second quarter, to reach a sequential decline of 40% to 60%, which matches the full year budget adjustment guidance shared by most operators in North America land.

我們預計第二季度鑽機活動和壓裂完井活動將繼續大幅下降，環比下降 40% 至 60%，這與北美陸地大多數運營商共享的全年預算調整指導相符。

This would represent the most severe decline in drilling and completion activity in a single quarter in several decades.

這將是幾十年來單季度鑽井和完井活動最嚴重的下降。

Internationally, we see a less severe sequential decline as some long-cycle offshore and land development markets should remain relatively resilient and will partially offset the exploration activity drop as well as the expected activity adjustments that will result from the OPEC+ decision.

在國際上，由於一些長周期的海上和陸地開發市場應保持相對彈性，並將部分抵消勘探活動下降以及歐佩克+決定將導致的預期活動調整，因此我們認為連續下降的嚴重程度不那麼嚴重。

Directionally, at this time, and excluding the seasonal rebound of rig activity in Russia and China, the international rig count is expected to decline by low- to mid-teens sequentially.

從方向上看，目前，不包括俄羅斯和中國鑽機活動的季節性反彈，預計國際鑽機數量將環比下降 10% 到 10%。

However, this will vary greatly by basin and per customer.

但是，這將因流域和每個客戶而有很大差異。

We have been successful during the first quarter in providing the market with resilience and performance.

我們在第一季度成功地為市場提供了彈性和性能。

We anticipate building on this success, and we'll fully leverage our unique international franchise to retain optimum activity mix going forward.

我們預計在這一成功的基礎上再接再厲，我們將充分利用我們獨特的國際特許經營權，以保持未來的最佳活動組合。

As the quarter develops and we get more clarity on the timing and shape of demand recovery and better understand the OPEC+ deal's implementation and compliance, we'll be able to discuss our outlook for the second half of the year with you.

隨著本季度的發展，我們對需求復甦的時機和形式更加清晰，並更好地了解 OPEC+ 協議的實施和合規性，我們將能夠與您討論我們對下半年的展望。

Let me conclude by reinforcing the enormity of the task ahead.

最後，讓我強調未來任務的艱鉅性。

It will require a level of response and depth of resilience that have yet to be fully realized.

這將需要尚未完全實現的響應水平和彈性深度。

The actions we have taken so far have been focused on those things we can control in protecting our business—with a have clear priority on cash and liquidity—in an uncertain industry and global environment.

到目前為止，我們採取的行動一直集中在我們可以控制的那些事情上，以在不確定的行業和全球環境中保護我們的業務——明確優先考慮現金和流動性。

We'll continue to take the steps necessary to protect the safety and health of our people and pursue our ambition to be the performance partner of choice for our customers.

我們將繼續採取必要措施保護我們員工的安全和健康，並追求我們成為客戶首選績效合作夥伴的雄心。

The future of our industry poses difficult challenge—for people and for the environment—but continues to offer a unique opportunity.

我們行業的未來對人類和環境都提出了艱鉅的挑戰，但仍將繼續提供獨特的機會。

I believe that the resilience and performance of our people, our technology leadership, and our financial strength will clearly position us for success as the industry rebounds from this unprecedented downturn.

我相信，隨著行業從這場史無前例的低迷中反彈，我們員工的韌性和表現、我們的技術領先地位以及我們的財務實力將為我們取得成功奠定基礎。

On to you, Stephane.

交給你，斯蒂芬。

Thank you, Olivier.

謝謝你，奧利維爾。

Good morning, ladies and gentlemen, and thank you for participating in this conference call.

女士們，先生們，早上好，感謝您參加本次電話會議。

First quarter earnings per share, excluding charges and credits, was $0.25.

第一季度每股收益（不包括費用和貸項）為 0.25 美元。

This represents a decrease of $0.14 sequentially and $0.05 when compared to the same quarter of last year.

與去年同期相比，環比下降 0.14 美元，下降 0.05 美元。

During the quarter, we recorded $8.5 billion of pretax charges driven by current market conditions and valuations.

在本季度，我們記錄了 85 億美元的稅前費用，受當前市場狀況和估值的推動。

These charges primarily relate to goodwill, intangible assets and other long-lived assets.

這些費用主要與商譽、無形資產和其他長期資產有關。

As such, this charge is almost entirely noncash.

因此，這筆費用幾乎完全是非現金的。

You can find details of its components in the FAQs at the end of our earnings press release.

您可以在我們收益新聞稿末尾的常見問題解答中找到其組件的詳細信息。

These impairments were all recorded as of the end of March.

截至 3 月底，這些減值記錄全部記錄在案。

Therefore, the first quarter results did not include any benefit from reduced depreciation and amortization expense as a result of these charges.

因此，第一季度業績不包括因這些費用而減少的折舊和攤銷費用帶來的任何好處。

However, going forward, depreciation and amortization expense will be reduced by approximately $95 million on a quarterly basis.

但是，今後，折舊和攤銷費用將每季度減少約 9500 萬美元。

Approximately $45 million of this will be reflected in the Production segment.

其中大約 4500 萬美元將反映在生產部門。

The remaining $50 million will be reflected in the corporate and other line item.

剩餘的 5000 萬美元將反映在公司和其他項目中。

The quarterly after-tax impact of these reductions is approximately $0.06 in EPS terms.

這些削減的季度稅後影響約為每股收益 0.06 美元。

I will now summarize the main drivers of our first quarter results.

我現在將總結我們第一季度業績的主要驅動因素。

I will not go into much detail as Olivier already provided some key highlights, but I will spend more time updating you on our liquidity position.

由於 Olivier 已經提供了一些關鍵亮點，我不會詳細介紹，但我會花更多時間向您介紹我們的流動性狀況。

Overall, our first quarter revenue of $7.5 billion decreased 9% sequentially.

總體而言，我們第一季度的收入為 75 億美元，環比下降了 9%。

Pretax segment operating margins decreased 181 basis points to 10.4%.

稅前部門營業利潤率下降 181 個基點至 10.4%。

First quarter Reservoir Characterization revenue of $1.3 billion decreased 20% sequentially, while margins decreased 839 basis points to 14%.

第一季度油藏表徵收入為 13 億美元，環比下降 20%，而利潤率下降 839 個基點至 14%。

The sequential drop was a combination of seasonal effects and early signs of customers curtailing discretionary expenditures.

連續下降是季節性影響和客戶減少可自由支配支出的早期跡象的結合。

Drilling revenue of $2.3 billion decreased 6%, while margins were flat at 12.4%.

鑽井收入為 23 億美元，下降 6%，而利潤率則持平於 12.4%。

Approximately half of that revenue decline was due to the divestiture of our fishing and remedial tools business at the end of the fourth quarter.

大約一半的收入下降是由於在第四季度末剝離了我們的捕魚和補救工具業務。

Production revenue of $2.7 billion decreased 6% sequentially, and margins declined 98 basis points to 7.8%.

生產收入為 27 億美元，環比下降 6%，利潤率下降 98 個基點至 7.8%。

Cameron revenue of $1.3 billion decreased 10%, while margins slightly increased by 57 basis points to 9.7%.

Cameron 的收入為 13 億美元，下降了 10%，而利潤率略微上升了 57 個基點至 9.7%。

Our effective tax rate, excluding charges and credits, was 17% in the first quarter as compared to 16% in the previous quarter.

我們第一季度的有效稅率（不包括收費和抵免）為 17%，而上一季度為 16%。

Please note that it is going to be challenging to provide guidance around our effective tax rate going forward, as discussed in further detail in the FAQ at the end of our earnings release.

請注意，就我們未來的有效稅率提供指導將是一項挑戰，正如我們收益發布末尾的常見問題解答中進一步詳細討論的那樣。

Let me now turn to our liquidity.

現在讓我談談我們的流動性。

During the first quarter, we generated $784 million of cash flow from operations.

在第一季度，我們從運營中產生了 7.84 億美元的現金流。

As Olivier mentioned, this is more than double what we generated during the same quarter last year.

正如 Olivier 所說，這是我們去年同一季度產生的兩倍多。

We spent $407 million on CapEx and invested $163 million in Asset Performance Solutions, or APS, projects.

我們在資本支出上花費了 4.07 億美元，並在資產績效解決方案或 APS 項目上投資了 1.63 億美元。

We completed the sale of our interest in the Bandurria Sur Block in Argentina during the quarter.

我們在本季度完成了在阿根廷 Bandurria Sur Block 的權益出售。

The net proceeds from this transaction, combined with the proceeds we received from the divestiture of a smaller APS project, amounted to about $300 million.

這筆交易的淨收益，加上我們從剝離一個較小的 APS 項目中獲得的收益，約為 3 億美元。

Looking forward, after considering the Argentina divestiture and reductions in the rest of our project portfolio, our APS investments for the full year will not exceed $500 million.

展望未來，在考慮阿根廷資產剝離和我們其餘項目組合的減少後，我們全年的 APS 投資將不超過 5 億美元。

With this, as well as the significant reduction of our operating CapEx engaged during the quarter, our total capital spend for 2020, including APS and multiclient, will now be approximately $1.8 billion.

有了這個，以及我們在本季度參與的運營資本支出的大幅減少，我們 2020 年的總資本支出（包括 APS 和多客戶端）現在將約為 18 億美元。

This represents close to a 35% decrease as compared to 2019.

與 2019 年相比，這意味著減少了近 35%。

On the balance sheet side, we took a series of steps during the first quarter to reinforce our liquidity position.

在資產負債表方面，我們在第一季度採取了一系列措施來加強我們的流動性狀況。

First, we ended the quarter with total cash and investments of $3.3 billion.

首先，我們以 33 億美元的現金和投資總額結束了本季度。

While this cash balance is higher than what we generally like to carry, this was a conscious decision, and I am very comfortable with it considering the current situation.

雖然這個現金餘額比我們通常喜歡的要高，但這是一個有意識的決定，考慮到目前的情況，我對此感到非常滿意。

Our net debt increased by only $171 million during the quarter, closing at $13.3 billion, which is more than $1 billion lower than the level we were at a year ago.

本季度我們的淨債務僅增加了 1.71 億美元，收於 133 億美元，比一年前的水平低了 10 億多美元。

During the first quarter, we issued EUR 400 million of notes due in 2027 and another EUR 400 million of notes due in 2031.

在第一季度，我們發行了 4 億歐元於 2027 年到期的票據，另外發行了 4 億歐元於 2031 年到期的票據。

These notes carry a weighted average interest rate of 2% after being swapped into U.S. dollars.

這些票據在兌換成美元後的加權平均利率為 2%。

We also renewed during the quarter our revolving credit facilities.

我們還在本季度更新了循環信貸額度。

These committed facilities amount to a total of $6.25 billion and do not mature until between February 2023 and February 2025.

這些承諾的貸款總額為 62.5 億美元，直到 2023 年 2 月至 2025 年 2 月才到期。

We ended the quarter with $2.7 billion of commercial paper borrowings outstanding.

我們在本季度末有 27 億美元的未償商業票據借款。

Therefore, after considering the $3.3 billion of cash on hand, we had $6.8 billion of liquidity available to us at the end of the quarter.

因此，在考慮到手頭的 33 億美元現金後，我們在本季度末有 68 億美元的流動資金可供我們使用。

In addition, we entered last week into another committed revolving credit facility for EUR 1.2 billion.

此外，我們上週簽訂了另一項承諾的 12 億歐元循環信貸安排。

This is a 1-year facility that can be extended at our option for up to another year.

這是一個為期 1 年的設施，我們可以選擇將其延長一年。

We can also upsize the facility through syndication.

我們還可以通過辛迪加擴大設施規模。

To date, we have not drawn on this facility.

迄今為止，我們還沒有利用這個設施。

Finally, our short-term credit ratings, which are critical to maintain our privileged access to the commercial paper markets, were just recently reaffirmed by both Standards & Poor's and Moody's.

最後，我們的短期信用評級對於維持我們進入商業票據市場的特權至關重要，最近剛剛得到標準普爾和穆迪的重申。

In light of our available liquidity and the various actions undertaken during the quarter, our debt maturity profile over the next 12 months is quite manageable.

鑑於我們可用的流動性和本季度採取的各種行動，我們未來 12 個月的債務到期情況相當可控。

We only have $500 million of bonds coming due in the fourth quarter of this year and another $600 million coming due in the first quarter of 2021.

我們只有 5 億美元的債券將於今年第四季度到期，另外 6 億美元將於 2021 年第一季度到期。

Our preference is to refinance these obligations with new bonds, market permitting.

我們傾向於在市場允許的情況下用新債券為這些債務再融資。

To close, let me come back to what is probably the most important decision of the quarter as it relates to capital allocation.

最後，讓我回到本季度最重要的決定，因為它與資本配置有關。

In this environment, our strategic priority is obviously on conserving cash and further protecting our balance sheet.

在這種環境下，我們的戰略重點顯然是節省現金並進一步保護我們的資產負債表。

To this end, we have taken the prudent decision to reduce our quarterly dividend by 75%.

為此，我們已謹慎決定將季度股息減少 75%。

The revised dividend still supports our shareholder value proposition by maintaining both a healthy yield and a reasonable payout ratio as we navigate these uncertain times.

在我們度過這些不確定時期時，修訂後的股息仍然通過保持健康的收益率和合理的派息率來支持我們的股東價值主張。

It also allows for prudent organic investment while maintaining the self-discipline required under the capital stewardship program that we have committed to.

它還允許進行審慎的有機投資，同時保持我們承諾的資本管理計劃所要求的自律。

Finally, it gives us flexibility to adjust our capital return policy in the future, whether through increased dividends or stock buybacks when operating and business conditions improve.

最後，它使我們能夠靈活地在未來調整我們的資本回報政策，無論是通過增加股息還是在經營和業務狀況改善時回購股票。

I will now turn the conference call back to Olivier.

我現在將電話會議轉回給 Olivier。

Thank you, Stephane, thank you for this clarification.

謝謝你，斯蒂芬，謝謝你的澄清。

So ladies and gentlemen, I think we will open the floor for Q&A at this point.

女士們，先生們，我想我們現在將開始問答環節。

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

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

So Olivier, in terms of capital allocation strategy going forward, I know we have the dividend cut today, which is clearly a prudent move in light of the current environment, although we're going to stabilize and figure out how this market unfolds here in the next quarter or so.

所以奧利維爾，就未來的資本配置策略而言，我知道我們今天削減了股息，鑑於當前環境，這顯然是一個謹慎的舉措，儘管我們將穩定下來並弄清楚這個市場如何在這裡展開下個季度左右。

How do you think about capital allocation through this downturn?

您如何看待這次低迷時期的資本配置？

Previously, you guys were countercyclical and getting into the SPM.

以前，你們是反週期的，並進入了 SPM。

You've obviously disbanded that, so I doubt that's an area of capital.

你顯然已經解散了，所以我懷疑這是一個資本領域。

But how are you thinking about the allocation of capital?

但是您如何考慮資本配置？

So James, as you know, we have, as part of the strategy, reaffirmed our capital stewardship program and that's as a strategic step.

所以詹姆斯，如你所知，作為戰略的一部分，我們重申了我們的資本管理計劃，這是一個戰略步驟。

And I think under that umbrella, we did reaffirm our priority for our capital allocation.

我認為在這個保護傘下，我們確實重申了我們對資本配置的優先考慮。

And our cash from free cash flow from operation typically will be directed towards 3 buckets: the first one to maintain and support our ongoing operation, and that's part of what we do in essential of under strict capital allocation for the CapEx; the second one being obviously to maintain the strength of our balance sheet and to address the debt level that we need to maintain the right ratio; and finally, the dividend.

我們來自運營的自由現金流的現金通常將用於 3 個桶：第一個用於維持和支持我們正在進行的運營，這是我們在嚴格的資本支出資本分配下所做的重要工作的一部分；第二個顯然是保持我們的資產負債表的實力，並解決我們需要保持正確比率的債務水平；最後是股息。

Any excess cash beyond that, I think, will be directed towards either business opportunity that represent an accretive return to our capital under the new program of capital stewardship or return distribution to the shareholder in the form of buyback or in the form of future increase of our dividend.

我認為，除此之外的任何多餘現金都將用於在新的資本管理計劃下代表我們資本增值回報的商業機會，或以回購或未來增加的形式向股東分配回報我們的股息。

That's the way we will continue to use the framework under these conditions.

這就是我們將在這些條件下繼續使用該框架的方式。

Stephane, do you want to add anything?

斯蒂芬，你想補充什麼嗎？

You covered it.

你覆蓋了它。

Thank you.

謝謝你。

And our next question comes from the line of Sean Meakim with JPMorgan.

我們的下一個問題來自摩根大通的 Sean Meakim。

So maybe just to follow on to that.

所以也許只是繼續下去。

So good to hear the updated thoughts around capital allocation.

很高興聽到有關資本配置的最新想法。

Can we then maybe just kind of dovetail into thinking about sources and uses of cash?

那麼，我們是否可以與現金的來源和用途相吻合？

The balance sheet has a pretty front-loaded maturity cadence over the next couple of years.

在接下來的幾年裡，資產負債表的到期節奏非常快。

So the $4 billion that you'll keep on the balance sheet from the reduction of the dividend, that certainly will help.

因此，您將通過減少股息而保留在資產負債表上的 40 億美元，這肯定會有所幫助。

You closed the Bandurria Sur...

你關閉了 Bandurria Sur...

Operator, we lost Sean.

接線員，我們失去了肖恩。

(technical difficulty)

（技術難度）

Sure.

當然。

Can you hear me now?

你能聽到我嗎？

Yes, we can.

我們可以。

Great.

偉大的。

Okay.

好的。

Sorry about that.

對於那個很抱歉。

So the main question is about sources and uses of cash.

所以主要問題是關於現金的來源和用途。

The balance sheet maturity cadence is pretty front-loaded through 2023 and so it would be great to hear about how you think about sources and uses over the next couple of years to address that part of the balance sheet.

到 2023 年，資產負債表的到期節奏相當提前，因此很高興聽到您如何看待未來幾年的資源和用途來解決資產負債表的這一部分問題。

Thanks for the question.

謝謝你的問題。

For the upcoming maturities, at least in the next 12 months, as I said, we are pretty well spaced and the amounts are quite reasonable.

正如我所說，對於即將到期的，至少在接下來的 12 個月內，我們之間的間隔非常好，而且金額相當合理。

So really, what we will do is -- our objective is to refinance those maturities with new bonds, or if cash permits, we will pay down some of that debt to maintain the credit rating that we are targeting.

所以真的，我們要做的是——我們的目標是用新債券為這些到期債券再融資，或者如果現金允許，我們將償還部分債務以維持我們的目標信用評級。

And what we are targeting is really to ensure that we keep a strong investment-grade credit in this cyclical environment.

我們真正的目標是確保我們在這種週期性環境中保持強大的投資級信用。

So this will really be the way we will deal with the upcoming maturities, if that answer your question.

因此，如果這能回答您的問題，這將是我們處理即將到期的真正方式。

We have -- Sean, we have been -- on a continuous basis, we have been using bonds to refinance the maturities that were coming.

我們 - 肖恩，我們一直 - 在持續的基礎上，我們一直在使用債券為即將到期的債券進行再融資。

I think we did, as you heard Stephane today, we had 2 new bonds that were issued during the first quarter in Euro that was swapped back to dollar.

我想我們做到了，正如你今天聽到的 Stephane 所說，我們在第一季度以歐元發行了 2 支新債券，這些債券換回了美元。

And I think we have done that all along and as part of our program.

我認為我們一直都在這樣做，並且作為我們計劃的一部分。

And that this was reviewed during the Finance Committee, and there was an envelope agreed and approved by the Board going forward to refinance a large amount and go after the bond market to address those.

在財務委員會期間對此進行了審查，董事會同意並批准了一個信封，以進行大量再融資並在債券市場上解決這些問題。

We are confident with the current investment grade we have that we'll be successful in tapping in those market.

我們對我們目前的投資等級充滿信心，我們將成功地開拓這些市場。

And our next question is from Angie Sedita with Goldman Sachs.

我們的下一個問題來自高盛的 Angie Sedita。

So for Olivier or Stephane, maybe you could talk a little bit further about the cost-cutting and then give us some parameters potentially around the dollar size of the cost-cutting and the degree that it is fixed versus variable, if certain segments are impacted more so than others.

所以對於 Olivier 或 Stephane，也許你可以進一步談談成本削減，然後給我們一些參數，可能是關於削減成本的美元規模，以及如果某些細分市場受到影響，它是固定還是可變的程度比其他人更重要。

And beyond Q2, if we look into Q3 and Q4, thoughts around decremental margins.

在 Q2 之後，如果我們研究 Q3 和 Q4，關於遞減利潤率的想法。

Yes, quite a lot, Angie.

是的，很多，安吉。

So I think it -- so first, I think I'll stay quite generic in the statement I will make on purpose because I think there is a lot of uncertainty into the level of outlook activity-wise in the second half of the year.

所以我認為 - 首先，我認為我將在我將故意做出的聲明中保持相當籠統，因為我認為下半年的前景活動水平存在很多不確定性。

We are starting to understand where the quarter will land this quarter in North America, and we have taken actions to address and rightsize the organization.

我們開始了解本季度將在北美的哪個季度登陸，我們已採取行動解決和調整組織規模。

And I talked about the 40% to 60%.

我談到了 40% 到 60%。

So you can understand that the organization will be adjusted towards that end.

所以你可以理解，組織將為此進行調整。

And I think it will affect, more or less, across all product lines.

我認為它會或多或少地影響所有產品線。

OneStim will be certainly rightsized on the high end of that framework.

OneStim 肯定會在該框架的高端進行調整。

And we'll certainly have to execute faster the strategy of rightsizing or scale-to-fit, as we call it, and when talking about the structure costs and the fixed structure cost.

在談到結構成本和固定結構成本時，我們當然必須更快地執行調整規模或調整規模的策略，正如我們所說的那樣。

That's why we will put some effort to make sure that the restructure and the fit-for-basin and the hub concentration we are putting for OneStim in the next few months will be addressed, first and foremost, in parallel with the variable cost action that we are taking.

這就是為什麼我們將努力確保我們在未來幾個月內為 OneStim 進行的重組和適合流域以及樞紐集中的問題將首先與可變成本行動同時得到解決我們正在服用。

So North America is fairly clear because the activities direction and drop of activity is already well understood.

所以北美比較清楚，因為活動方向和活動下降已經很清楚了。

Internationally, I think it varies a lot from one geography to the next, and there is still a lot of uncertainty, partly with regards to the decision by the national companies to cut -- the extent of which they will cut or not.

在國際上，我認為從一個地區到另一個地區差異很大，並且仍然存在很多不確定性，部分是關於國家公司削減的決定——他們將削減或不削減的程度。

So we are more prudent in our approach internationally, but we are as well executing there and doing both the structure -- fixed structure and as well as variable in the coming weeks.

因此，我們在國際上的做法更加謹慎，但我們也在那裡執行並在未來幾週內完成結構 - 固定結構和可變結構。

So to give you a number, I don't think there is a number we can quote.

所以給你一個數字，我不認為我們可以引用一個數字。

The number will keep evolving, but it will be likely to be in excess of $1 billion to just talk about compensation going forward on an annual basis.

這個數字將不斷發展，但僅談論每年的薪酬可能會超過 10 億美元。

And this number will certainly change as we go forward.

隨著我們前進，這個數字肯定會發生變化。

So all in all, we'll continue to follow the curve, as we call it, albeit this year it's steeper and evolving faster.

總而言之，我們將繼續遵循我們所說的曲線，儘管今年它更陡峭，發展更快。

And we're addressing both the fixed and the variable as we have done in previous downturns.

我們正在解決固定和可變因素，就像我們在之前的經濟衰退中所做的那樣。

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 Scott Gruber。

I want to touch on working capital.

我想談談營運資金。

Given your end market forecast, how should we think about working capital?

鑑於您的終端市場預測，我們應該如何考慮營運資金？

Is there any way to dimension the potential benefit to cash this year or a potential range of where days outstanding could land at the end of the year?

有沒有辦法衡量今年現金的潛在收益或年底可能出現的未償還天數的潛在範圍？

And any lessons learned from the last cycle that can help the working capital this cycle?

從上一個週期中吸取的任何教訓可以幫助這個週期的營運資金嗎？

Yes, Scott, we indeed expect to see our working capital winding down over the next few quarters as activity reduces.

是的，斯科特，隨著活動的減少，我們確實希望看到我們的營運資金在接下來的幾個季度中逐漸減少。

Now the magnitude of that working capital really is dependent on several factors, of course.

當然，現在營運資金的規模實際上取決於幾個因素。

And probably the most significant, you're asking about lessons learned here, is the pace of cash collections we received from our customers.

您問到的經驗教訓可能最重要的是我們從客戶那裡收到的現金收款速度。

So immediately, as we saw the environment deteriorating, we refocused our entire organization on cash collections, and you have seen the early signs of this through our cash flow performance in Q1.

因此，當我們看到環境惡化時，我們立即將整個組織的重點重新集中在現金收集上，您已經通過我們在第一季度的現金流表現看到了這一點的早期跡象。

So now as much as we are working to prevent it, we could see payments being delayed over the next few quarters, but we will keep a very close eye on this.

因此，儘管我們正在努力防止這種情況發生，但我們可能會看到未來幾個季度的付款會被延遲，但我們將密切關注這一點。

Now we may see some offsets to the positive working capital effects from restructuring cash costs as we continue to adjust our structure.

現在，隨著我們繼續調整結構，我們可能會看到重組現金成本對營運資本的積極影響有所抵消。

But definitely, we will see -- from a normal working capital trend, we will see a release.

但我們肯定會看到——從正常的營運資金趨勢來看，我們會看到一個釋放。

And next, we have a question from Bill Herbert with Simmons.

接下來，我們有一個來自比爾赫伯特和西蒙斯的問題。

Two questions related to operating cash flow.

與經營現金流有關的兩個問題。

First, I'll hit the working capital one again.

首先，我將再次觸及營運資金。

Typically, in a downturn, your international customers are slow pay, if not everybody.

通常情況下，在經濟低迷時期，您的國際客戶即使不是所有人，也會支付緩慢的報酬。

And if you looked at 2015, it was a consumer of cash of $500 million or close to it.

如果你看看 2015 年，它的現金消費量為 5 億美元或接近 5 億美元。

Will it be a source of cash or a consumer of cash?

它將成為現金的來源還是現金的消費者？

And then secondly, your guidance with regard to depreciation, I think I heard you say down $95 million.

其次，您對折舊的指導，我想我聽到您說減少了 9500 萬美元。

From what, Q1 or Q4?

從什麼開始，Q1 還是 Q4？

Yes.

是的。

So on the working capital, you're right, the first year of the previous downturn, we did have a consumption from the receivables.

所以關於營運資金，你是對的，上一次經濟低迷的第一年，我們確實有應收賬款的消耗。

And again, we'll try to prevent this.

再一次，我們將努力防止這種情況發生。

We know the hotspots, and we keep a close eye on it, but it's -- there are some places where payments can be delayed for sure.

我們知道熱點，我們密切關注它，但它是 - 有些地方肯定會延遲付款。

On the D&A, yes, I did say $95 million.

在 D&A 上，是的，我確實說過 9500 萬美元。

It's pretax, obviously.

很明顯，是稅前的。

And it's compared to the first quarter of this year, so $95 million lower D&A going forward from Q1 2020 reference.

與今年第一季度相比，從 2020 年第一季度的參考值開始，D&A 減少了 9500 萬美元。

Next, we go on to a question from Kurt Hallead with RBC.

接下來，我們繼續回答來自 RBC 的 Kurt Hallad 的問題。

So I wanted to thank you for all the color so far in a difficult environment.

所以我想感謝你們在困難的環境中提供的所有顏色。

I want to follow up on a couple of specifics.

我想跟進幾個細節。

First, on Reservoir Characterization, you had pretty substantial decline in margins in the first quarter here, and wanted to get a sense as to what may have been driving that.

首先，關於油藏特徵，您在這裡第一季度的利潤率大幅下降，並想了解可能是什麼推動了這種情況。

And to whether or not that is now a new, sustained kind of margin dynamic in Reservoir Characterization.

以及這是否現在是油藏表徵中一種新的、持續的邊際動態。

So the -- Kurt, I think the reason why we had such a margin decline is due to 2 factors: The first is the fact that we had a severe top line decline of 20% sequentially.

所以——庫爾特，我認為我們的利潤率下降的原因有兩個：首先是我們的收入連續下降了 20%。

That's not unusual, but it was on the low side of what we -- on the high side what we typically see seasonally, and I think there are decrementals associated with this.

這並不罕見，但它處於我們通常看到的季節性的低端，我認為與此相關的是遞減。

Secondly, there were a few disruptions during the quarter that added to the cost that couldn't be recovered during the quarter.

其次，本季度出現了一些中斷，增加了本季度無法收回的成本。

And third, and maybe the most important one, I think is that the decision by the operators to start to tighten the purse in the later part of the quarter did impact what is typically making the quarter in the first quarter, which is the sales of multiclient license, license sales and also the discretionary software.

第三，也許是最重要的一點，我認為運營商決定在本季度後期開始收緊錢包確實影響了第一季度的通常情況，即銷售額多客戶端許可證、許可證銷售以及任意軟件。

So the Q1 is typically a low quarter for margin in Reservoir Characterization, seasonal effect, but this was compounded by the severity of the curtailment of spend in the latter part, in the last 6 weeks of the quarter that impacted what typically contributes positively to our Q1 quarter or any quarter, which is the end of the quarter sales for software for multiclient.

因此，第一季度通常是儲層特徵、季節性影響利潤率較低的季度，但由於該季度最後 6 週的支出削減的嚴重程度，這對通常對我們有積極貢獻的因素產生了影響。第一季度或任何季度，即多客戶端軟件的季度銷售結束。

So we expect this to continue, indeed.

因此，我們確實希望這種情況繼續下去。

However, we expect the seasonal effect to recover somewhat, albeit the exploration budget will be lower by about 40% from last year.

然而，我們預計季節性影響會有所恢復，儘管勘探預算將比去年減少約 40%。

That's the estimate from our engagement with the customer.

這是我們與客戶互動的估計。

Okay.

好的。

And then my follow-up question would then be on Cameron.

然後我的後續問題將針對卡梅倫。

In that context, margins there were fairly strong.

在這種情況下，那裡的利潤率相當高。

I think we can all expect that orders and FIDs and everything will wind up being pushed to the right.

我認為我們都可以期待訂單和 FID 以及一切最終都會被推到右邊。

So I guess my question would be more along the lines of the projects that are in backlog, how should we think about the margin progression in Cameron as the rest of the year evolves?

所以我想我的問題將更多地與積壓的項目有關，隨著今年剩餘時間的發展，我們應該如何考慮卡梅倫的利潤率進展？

There was -- there are 2 factors that did influence, 1 positive and 1 negative, the quarter, and 1 of them will continue.

有 - 有 2 個因素確實影響，1 個正面和 1 個負面，季度，其中 1 個將繼續。

So the negative factor that impacted the Cameron margin related to the short-cycle impact in North America declining more than we had anticipated.

因此，影響 Cameron 利潤率的負面因素與北美的短期影響有關，其下降幅度超出了我們的預期。

And this decline will continue.

而且這種下降還將繼續。

We are taking action to maintain or to control the decremental on that aspect.

我們正在採取行動來維持或控制這方面的遞減。

And the second factor was favorable mix in the OneSubsea long-cycle business.

第二個因素是 OneSubsea 長周期業務的有利組合。

So the mix of this will continue going forward.

因此，這種混合將繼續向前發展。

We expect this to be slightly declining in the second quarter because we will see more decline in North America, as was clearly highlighted in this call.

我們預計這將在第二季度略有下降，因為我們將看到北美出現更多下降，正如本次電話會議中明確強調的那樣。

And the favorable mix of OneSubsea will not repeat in the same magnitude for the next quarter.

OneSubsea 的有利組合將不會在下一季度以同樣的幅度重複。

However, we still feel that the long-term backlog we have in OneSubsea and, to some extent, in the new award we got in long-lead drilling will support sustaining the margin somehow in the long term.

但是，我們仍然認為，我們在 OneSubsea 中的長期積壓，以及在某種程度上，我們在長期鑽井中獲得的新獎項將支持以某種方式長期維持利潤率。

And next, we go to a question from David Anderson with Barclays.

接下來，我們回答大衛安德森與巴克萊銀行的問題。

Two questions on the international front there.

關於國際戰線的兩個問題。

You highlighted spending being down 15% this year.

您強調今年的支出下降了 15%。

It's obviously really complicated though, so many moving parts in there, and you don't have a ton of customer visibility, which I totally appreciate.

不過，這顯然真的很複雜，裡面有很多活動部件，而且你沒有大量的客戶可見度，我非常感謝。

But I was just wondering if you could just kind of talk about the different buckets that you're seeing out there.

但我只是想知道你是否可以談談你在外面看到的不同的桶。

You've got offshore versus Middle East versus Latin America.

你有離岸與中東與拉丁美洲。

Everything is kind of moving at different rates.

一切都以不同的速度移動。

Could you just kind of give us your thoughts generally on how you see all the different moving -- all the different parts moving?

你能否就你如何看待所有不同的移動——所有不同的部分移動——給我們你的想法？

And then secondarily, if you could just kind of dig in on kind of Middle East, Russia, and China.

其次，如果你能深入了解一下中東、俄羅斯和中國。

Just help us kind of collectively, how big is that part of your business?

只是幫助我們集體，你的業務有多大？

I'm not expecting you to give me a percentage number, but just kind of just give us a sense, because I would think that would be kind of the more stable part of your portfolio over the next 12 to 24 months.

我不指望你給我一個百分比數字，只是給我們一個感覺，因為我認為這將是你未來 12 到 24 個月投資組合中更穩定的部分。

Yes.

是的。

As you correctly said, Dave, I think there is a lot of moving parts.

正如你所說的那樣，戴夫，我認為有很多活動部分。

The rig projection that we are using as a proxy for future activity, I think, keep moving to the right or keep declining, okay?

我認為，我們用作未來活動代理的鑽井平台預測會繼續向右移動或繼續下降，好嗎？

And we have seen that in the recent weeks.

我們在最近幾週看到了這一點。

I think we stabilize during the second quarter due to the decision that some OPEC+ members will take the outcome of their commitments will get clearer.

我認為我們在第二季度會穩定下來，因為一些歐佩克+成員國將接受其承諾的結果將變得更加清晰。

But this being said, as we commented before, when I exclude Russia and China, which have a seasonal effect in the second quarter that is favorable, when I exclude that, the decline of rig activities is low- to mid-teens, sequential decline of rig in short term.

但話雖如此，正如我們之前評論的那樣，當我排除俄羅斯和中國時，它們在第二季度具有有利的季節性影響，當我排除這一點時，鑽井活動的下降幅度為低至十幾歲，連續下降短期內的鑽機。

The variability of that varies a lot.

它的可變性變化很大。

We said at the -- some of the West Africa, Europe, and to lesser extent, Gulf of Mexico, are getting more impacted than we will get in some of the land.

我們在西非、歐洲以及在較小程度上墨西哥灣的一些地區說，受到的影響比我們在某些土地上受到的影響更大。

Middle East activity or even China offshore or Australia or Qatar offshore, that will actually go up.

中東活動，甚至中國離岸或澳大利亞或卡塔爾離岸活動，實際上都會上升。

So there's a lot of moving parts, as you said.

所以正如你所說，有很多活動部件。

But generally speaking, there are pockets of resilience that are either linked to long-term gas oil development offshore and onshore.

但一般來說，有一些彈性與海上和陸上的長期瓦斯油開發有關。

And some of it could be like in Guyana.

其中一些可能就像在圭亞那一樣。

Some of it could be Qatar gas offshore.

其中一些可能是卡塔爾的海上天然氣。

Some of it can be deepwater Australia or China offshore or could be land Russia.

其中一些可能是深水澳大利亞或中國近海，也可能是陸地俄羅斯。

All this is making a pocket of resilience that we are trying to benefit from, where we either have strong or very strong market position, such as in Russia and Qatar offshore, for example, and we will exploit and leverage this during the second quarter.

所有這一切都在創造我們正試圖從中受益的彈性口袋，我們要么擁有強大的市場地位，要么擁有非常強大的市場地位，例如在俄羅斯和卡塔爾的近海市場，我們將在第二季度利用和利用這一點。

And some of it, where we will be trying to position our performance to get the most out of the activity.

其中一些，我們將嘗試定位我們的表現以充分利用活動。

So that's a mix going forward.

所以這是一個混合前進。

So pockets of up and down, and that will keep evolving.

因此，上下波動，這將不斷發展。

So that's the best I can share at this moment, Dave.

所以這是我目前能分享的最好的，戴夫。

I appreciate that.

我很感激。

And maybe just a follow-up question on your APS portfolio.

也許只是關於您的 APS 產品組合的後續問題。

The last time we went through all this, we had some issues that there's more oil price exposure than I think a lot of us realized.

上次我們經歷這一切時，我們遇到了一些問題，即油價風險比我認為我們很多人意識到的要多。

Can you just talk about -- I know that portfolio is a lot smaller today, but how much is tied to the oil price versus the fixed tariffs?

你能談談 - 我知道今天的投資組合要小得多，但與石油價格相比，固定關稅有多少？

And I know payments is kind of a question we have.

我知道付款是我們的一個問題。

And maybe you could also just comment on where Ecuador is right now and when you think operations could resume there.

也許您也可以評論厄瓜多爾現在的位置以及您認為何時可以在那裡恢復運營。

I'll take that question, Dave.

我會回答這個問題，戴夫。

So on the oil price exposure, it's about half of our APS revenue is on fixed tariff on service fee, while the other half has some element of indexation to oil or the gas prices.

因此，在油價風險方面，我們的 APS 收入大約有一半來自服務費的固定關稅，而另一半則與石油或天然氣價格掛鉤。

On that latter part, a good portion is already at the contractual minimum, even with the oil prices we had in the first quarter, so the lower oil prices will not make it worse.

在後半部分，很大一部分已經處於合同最低限度，即使我們在第一季度的油價也是如此，因此較低的油價不會讓情況變得更糟。

All in all, when you take all of this into account, we are not talking about a significant direct impact on our earnings at the lower oil prices of today.

總而言之，當你考慮到所有這些因素時，我們並不是在談論在今天較低的油價下對我們的收益產生重大直接影響。

So it's not a significant effect.

所以影響不大。

On your second question regarding Ecuador, I don't think it's really appropriate for me to speculate on what specific customers will do from a payment standpoint.

關於你關於厄瓜多爾的第二個問題，我認為從支付的角度推測特定客戶會做什麼對我來說並不合適。

However, our total receivable balance in Ecuador was below $500 million at the end of March, and we received timely payments during the quarter.

但是，截至 3 月底，我們在厄瓜多爾的總應收賬款餘額低於 5 億美元，並且我們在本季度及時收到了付款。

So we will be watching this very closely, but so far, the quarter was in line.

因此，我們將非常密切地關注這一點，但到目前為止，這個季度是一致的。

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

我們的下一個問題來自美國銀行證券的 Chase Mulvehill。

So I just wanted to ask real quickly about COVID-19 and obviously the impacts that it's having today.

所以我只是想快速詢問一下 COVID-19 以及它今天所產生的影響。

But if we think longer term, how do you think that the COVID-19 will impact how you operate over the medium to longer term?

但是，如果我們從長遠來看，您認為 COVID-19 將如何影響您在中長期內的運營方式？

I guess kind of what I'm asking here is, do you expect maybe to accelerate any remote operating or automation initiatives or maybe think about how you, your supply chain, if you try to have it less concentrated or maybe less reliant on China or anything like that.

我想我在這裡要問的是，您是否期望加速任何遠程操作或自動化計劃，或者考慮您的供應鏈，如果您嘗試降低其集中度或降低對中國的依賴，或者任何類似的東西。

So just kind of structurally, do you see any changes over the medium to longer term as a result of what's happening through COVID-19?

因此，就結構而言，您是否看到由於 COVID-19 發生的事情而在中長期內發生任何變化？

Yes.

是的。

Very good question, Chase.

很好的問題，蔡斯。

So let me first comment on the way.

所以讓我先評論一下這條路。

We did react and we did act and support our operation, our customers during this period.

在此期間，我們確實做出了反應，我們確實採取了行動並支持我們的運營，我們的客戶。

So we actually put in place for mid-January a full Crisis Management Team looking at all aspects.

因此，我們實際上在 1 月中旬設立了一個全面的危機管理團隊，負責各個方面。

First and foremost, looking at the way we are protecting the health of our people and managing the support to logistics, supply chain, and manufacturing.

首先，著眼於我們保護人民健康和管理對物流、供應鍊和製造的支持的方式。

And we did that for the last 3 months now going at full-scale across all organizations.

在過去的 3 個月裡，我們已經在所有組織中全面開展了這項工作。

And by doing that, we started to mitigate and understand the alternate path we have for logistics.

通過這樣做，我們開始減輕和理解我們為物流提供的替代路徑。

We set up the second source and -- or better understand the risk we were having towards some supply exposure between China or elsewhere in the world.

我們建立了第二個來源，並且——或者更好地理解了我們對中國或世界其他地方之間的一些供應敞口所面臨的風險。

And actually, we have no disruption.

實際上，我們沒有中斷。

The disruption we had were related to shutdown, states- or government-mandated in Malaysia or in Italy that we cannot offset.

我們所遭受的破壞與馬來西亞或意大利的州或政府強制關閉有關，我們無法抵消。

But aside from this, we were actually showing extremely good resilience on the logistics, on the movement of people as we have a lot of people that are in every country, local, and we do not depend as much as some of our peers and/or some of the operator on to flying team or international commuter in most of the country where we operate.

但除此之外，我們實際上在物流、人員流動方面表現出了極好的彈性，因為我們在每個國家和地區都有很多人，而且我們不像我們的一些同行和/或一些運營商在我們運營所在的大部分國家/地區加入飛行團隊或國際通勤者。

So we had extremely good resilience.

所以我們有非常好的彈性。

We did not let our customers down in any rig mobilization or in any product delivery at this point.

在這一點上，我們沒有讓我們的客戶在任何鑽機動員或任何產品交付中失望。

So I think our resilience from a multi-piece, tier channel we have used for the second sourcing and the resilience of diversity and hedge we have on our supply and manufacturing, I think, has been helping us.

因此，我認為我們從用於第二次採購的多部分、層級渠道的彈性以及我們對供應和製造的多樣性和對沖的彈性一直在幫助我們。

Now going forward, you are totally right, and I think we have accelerated our remote operation and automation of some of our operations.

現在展望未來，您是完全正確的，我認為我們已經加快了遠程操作和一些操作的自動化。

In the month of March, we had more than 60%, 6-0, 60% of our drilling operation that have -- that were using remote operation.

在 3 月份，我們有超過 60%、6-0、60% 的鑽井作業使用遠程操作。

So we have been exploiting with success the remote operation by reducing the footprint of our people on the rig site, having very positive impact on HSE, helping and supporting them remotely with an impact on service quality and providing efficiency and cost that benefit both the operator and ourselves.

因此，我們一直在成功地利用遠程操作，減少我們的人員在鑽井現場的足跡，對 HSE 產生非常積極的影響，遠程幫助和支持他們，影響服務質量，並提供有利於運營商的效率和成本和我們自己。

So this will continue, will accelerate.

所以這將繼續，將加速。

We have an excellent platform internally, and we have our DELFI platform externally where our clients are starting to adopt drilling, in particular, remote operation and automation.

我們內部有一個優秀的平台，外部有我們的 DELFI 平台，我們的客戶開始採用鑽井，特別是遠程操作和自動化。

This is accelerating as we speak.

正如我們所說，這種情況正在加速。

Another example, Chase, is as we were deploying DELFI, and you may have seen that into the earnings press release for Woodside, we were getting the request to accelerate due to the COVID[-19] (added by company after the call) restriction, accelerate the deployment of the cloud-based infrastructure so that the asset team, the geoscientists of our customer could work from home and have the full access to their data and to their powerful geoscience application.

另一個例子，Chase，在我們部署 DELFI 時，您可能已經看到，在 Woodside 的收益新聞稿中，由於 COVID[-19]（由公司在電話會議後添加）限制，我們收到了加速請求，加速基於雲的基礎設施的部署，以便資產團隊，我們客戶的地球科學家可以在家工作，並可以完全訪問他們的數據和強大的地球科學應用程序。

We're able to deploy and accelerate and with great satisfaction and success, and this has been used as an example going forward.

我們能夠以非常滿意和成功的方式部署和加速，這已被用作未來的示例。

So yes, it will be a differentiation that we'll use going forward.

所以是的，這將是我們將在未來使用的差異化。

All right.

好的。

Appreciate the color.

欣賞顏色。

One quick follow-up.

快速跟進。

Obviously, globally, we're starting to see some producing wells being shut in.

顯然，在全球範圍內，我們開始看到一些生產井被關閉。

And obviously, that's probably going to accelerate over the next couple of month or 2. But as we think about these wells that are shut in and as they come back online, could you talk to the impact, the service activity impact or the revenue that could impact your business as these wells are having to be brought back online maybe the back half of this year, kind of early in the next year?

顯然，這可能會在接下來的一兩個月內加速。但是當我們考慮這些關閉的油井並重新上線時，您能否談談影響、服務活動的影響或收入？可能會影響您的業務，因為這些油井必須在今年下半年或明年年初重新上線？

It's difficult to say, Chase.

很難說，蔡斯。

I think, first, I think it's difficult to judge the magnitude of the number of shut-ins.

我認為，首先，我認為很難判斷關閉數量的大小。

It will depend how fast and how much there will be an excess of supply going into topping the storage tanks.

這將取決於進入儲罐頂部的供應過剩的速度和數量。

So I think it depends on reservoir.

所以我認為這取決於水庫。

It depends on the location.

這取決於位置。

But generally speaking, yes, I think every well that is shut in, when it's put back, needs to get a bit of well management, scaling, and stimulation activity.

但總的來說，是的，我認為每口關閉的井，當它被放回時，都需要進行一些井管理、縮放和增產活動。

So that will favor the service activity at large whenever it comes back on the campaign of reservicing those wells and providing intervention and stimulation to make them back flowing at their maximum capacity.

因此，這將有利於整個服務活動，只要它恢復對這些油井進行保護並提供干預和增產以使它們以最大容量回流的活動。

So that will indeed be a positive, if I may, effect as we exit this very difficult period and we start to recover the full capacity of the oil-producing fields.

因此，如果我可以的話，這確實是一個積極的影響，因為我們退出了這個非常困難的時期，我們開始恢復石油生產領域的全部產能。

And our next question is from the line of George O'Leary with Tudor, Pickering, Holt.

我們的下一個問題來自 George O'Leary 與 Tudor、Pickering、Holt 的對話。

Just want to start off on the offshore side.

只想從離岸開始。

From an offshore perspective, shallow and deepwater rig count activity begins this downturn kind of at lower levels or well off prior cycle peak.

從近海的角度來看，淺水和深水鑽機數量活動在較低水平或遠低於前一個週期峰值的情況下開始了這種低迷。

So wondered if you could provide any color on how we should think about Schlumberger's offshore exposure entering this downturn versus prior cycles, whether as a percentage of revenue.

所以想知道您是否可以提供任何顏色來說明我們應該如何看待斯倫貝謝進入本輪衰退的離岸風險與之前的周期相比，無論是作為收入的百分比。

Just some kind of ballpark way to think about offshore exposure for you all.

只是一種為大家考慮離岸風險的大致方法。

As you said, I think the -- we have not recovered, far from it, the level of activity we have deepwater before the previous downturn.

正如你所說，我認為 - 我們還沒有恢復到上一次經濟衰退之前的深水活動水平。

The deepwater, particularly in the floating -- floater market has been recovering maybe 10% to 20% from the trough.

深水，特別是在浮動 - 浮動市場已經從低谷恢復了大約 10% 到 20%。

That's about it for the last 3 years.

這就是過去3年的事情。

There has been more rebounds, albeit not fully recovered on the shallow water market.

有更多的反彈，儘管淺水市場沒有完全恢復。

So obviously, this is a big part of our international portfolio, as this is key to the industry.

顯然，這是我們國際產品組合的重要組成部分，因為這是該行業的關鍵。

How do I see it forward?

我怎麼看它向前？

I think -- I believe that the deepwater will decline as much as the shallow, albeit I think it will not decline to the same magnitude that it had in the last downturn.

我認為——我相信深水將與淺水一樣下降，儘管我認為它不會下降到與上次經濟衰退時相同的程度。

There is not so much to give.

沒有太多可以給予的。

And there are quite a few large projects that are active today that will continue to operate.

並且有不少今天活躍的大型項目將繼續運作。

So I see both shallow and deepwater declining in months to come.

因此，我認為未來幾個月淺水和深水都會減少。

And I think the indication and the number I shared before, double-digit to mid-teens decline, sequentially apply to both, actually.

而且我認為我之前分享的指示和數字，兩位數到十幾歲的下降，實際上依次適用於兩者。

And I think we'll manage it, but I don't think that it will be the same magnitude, far from it, particularly for the deepwater.

而且我認為我們會管理它，但我認為它不會達到同樣的程度，遠非如此，尤其是對於深水區。

Okay.

好的。

That's very helpful color.

這是非常有用的顏色。

And then secondarily, just aside from now having Cameron in the fold and you guys sold the marine seismic vessels businesses, there's been a lot of changes, and you guys have been doing kind of yeoman's work to structurally change the business and become more fixed cost, CapEx-light.

其次，除了現在讓卡梅倫參與其中，你們出售了海洋地震船業務，發生了很多變化，你們一直在做一些自耕農的工作，從結構上改變業務並變得更加固定成本, 資本支出輕。

What notable way should we think about the Schlumberger portfolio being different, i.e., more resilient entering this downturn versus prior down cycles?

我們應該如何看待斯倫貝謝投資組合的不同之處，即，與之前的下行週期相比，在進入這次低迷期時更具彈性？

I think a major part of it will come from our exposure in North America, where we have made a decision to accelerate a new strategy, scale-to-fit and also asset-light technology access.

我認為其中很大一部分將來自我們在北美的曝光，我們已決定在北美加速新戰略、適應規模以及輕資產技術的訪問。

That's a major element of resilience in this downturn that will impact positively our way forward.

這是在這次低迷時期中恢復能力的一個主要因素，將對我們前進的道路產生積極影響。

And second, I would say, is our digital strategy that I think we have invested into the last downturn to give us a benefit.

其次，我想說的是我們的數字戰略，我認為我們已經投資於上一次經濟低迷期，以給我們帶來好處。

And certainly, that will be leveraged with what has happened with remote operations, automation and combination of executing our asset-light, particularly in North America and any, I would say, high-volume basins and some of it will be in overseas and Middle East or in China or elsewhere, where we will accelerate our technology access and supply strategy, and digital will complement this.

當然，這將與遠程操作、自動化和執行我們的輕資產組合所發生的事情相結合，特別是在北美和任何我想說的高產量盆地，其中一些將在海外和中東在東部、中國或其他地方，我們將加速我們的技術獲取和供應戰略，而數字化將對此進行補充。

So I believe that, going forward, we will gain better resilience from our exposure and support from digital and asset-light to technology access.

因此，我相信，展望未來，我們將從數字和輕資產到技術訪問的曝光和支持中獲得更好的彈性。

And next we have a question from Chris Voie with Wells Fargo.

接下來我們有一個來自富國銀行的 Chris Voie 的問題。

I wanted to ask about the international margin side.

我想問一下國際保證金方面。

So if you look back to the last downturn, 2014 plus, margins, it looks like held in quite well in the first year after the decline in activity.

因此，如果你回顧上一次經濟低迷時期，即 2014 年加上利潤率，在活動下降後的第一年，它看起來表現得相當不錯。

But then there was a pretty meaningful decline in 2016 as that year reflected more the new work that was awarded at lower prices and also cost absorption.

但隨後在 2016 年出現了相當顯著的下降，因為那一年更多地反映了以較低價格授予的新作品以及成本吸收。

Going into this one, if we assume a similar setup where most of the work that still happens in 2020 has been already awarded, but in 2021 it would be new work, I think it's a little bit different in that there's less pricing to give but potentially less cost available to cut as well.

進入這個，如果我們假設一個類似的設置，在 2020 年仍然發生的大部分工作已經被授予，但在 2021 年它將是新的工作，我認為它有點不同，因為提供的定價更少，但是可用於削減的成本也可能更低。

Could you maybe walk through how the margin profile going forward might compare this time around compared to last time?

您能否介紹一下這次與上次相比，未來的利潤率情況如何？

Yes.

是的。

It's difficult to comment until we, as I said earlier, we get better clarity on the second half of the exact mix of international adjustments as well as we get more clarity on when the COVID-19 crisis is getting an exit, a steady exit, so that it will give us better indication on 2021 outlook.

正如我之前所說，在我們更清楚地了解下半年國際調整的確切組合以及我們更清楚地了解 COVID-19 危機何時退出、穩定退出之前，很難發表評論，以便我們更好地了解 2021 年的前景。

But this being said, and you point it out yourself, I think there is much less pricing concession and -- to concede in this cycle, so that we will get a little bit of a different profile of margin compression going forward.

但話雖這麼說，你自己指出，我認為定價讓步要少得多，而且——在這個週期中讓步，這樣我們將在未來的利潤率壓縮方面獲得一點不同的情況。

I believe that we will be able to fare better in this cycle, true cycle, our margin compression that we have had in the previous one due: to a lesser exposure to price decline, for one; two, better efficiency, including some element of digital in our ability to operate and flex our operating capacity with the activity.

我相信我們將能夠在這個週期中表現得更好，真正的周期，我們在前一個週期中的利潤率壓縮，原因是：價格下跌的風險較小；二、更高的效率，包括我們運營能力中的一些數字元素，並通過活動來擴展我們的運營能力。

And I will say also possibly better resilience in some of the market that we mentioned before, where we have a stronger position.

我還要說，在我們之前提到的一些市場中，我們擁有更強的地位，可能會有更好的彈性。

Okay.

好的。

That's helpful.

這很有幫助。

And if I could get in a quick follow-up.

如果我能快速跟進。

In the release, you commented on how many fleets have been reduced in North America through the end of March.

在新聞稿中，您評論了截至 3 月底北美減少了多少機隊。

I'm wondering if you can give any color on how much further you might have cut at this point.

我想知道您是否可以就此時您可能進一步削減多少提供任何顏色。

And there's a lot of speculation that fleet count in North America might go extremely low.

並且有很多猜測認為北美的機隊數量可能會非常低。

Just curious if you can give any color on what you're seeing just at the leading edge there.

只是好奇你是否可以對你在前沿看到的東西給出任何顏色。

Yes.

是的。

We are seeing that the frac fleet going low, very low, but I think our trough, we anticipate will still be above 100 fleet, we believe, going forward.

我們看到壓裂機隊正在走低，非常低，但我認為我們的低谷，我們預計仍將高於 100 隊，我們相信，繼續前進。

Now we will not recover from that going forward.

現在，我們將無法從中恢復過來。

We see some models arguing that the fleet count will go as low as 50 or 60 for the full market.

我們看到一些模型認為整個市場的車隊數量將低至 50 或 60 個。

We don't believe this will be the case, at least to what we see and the indication we have.

我們認為情況不會如此，至少就我們所看到的和我們所掌握的跡象而言。

And we are aiming to maintain 10 to 15 or 10 to 12 fleet as a minimum operating in that environment and to have them active and deploying them through our fit strategy to the basin we favor and to the customer we believe are recognizing the performance we bring.

我們的目標是至少維持 10 到 15 或 10 到 12 個船隊在該環境中運營，並通過我們的適合策略將它們部署到我們青睞的盆地和我們認為認可我們帶來的性能的客戶中.

And ladies and gentlemen, we have time for one final question from Connor Lynagh with Morgan Stanley.

女士們，先生們，我們有時間回答康納·林納對摩根士丹利的最後一個問題。

I'm wondering if you could help me reconcile, it seems like based on your sequential activity commentary and your full year commentary that you expect the vast majority of the activity reductions to occur in the second quarter.

我想知道您是否可以幫助我調和，似乎根據您的連續活動評論和全年評論，您預計絕大多數活動減少將發生在第二季度。

Is that correct?

那是對的嗎？

And is that correct in both North America and international markets?

這在北美和國際市場是否正確？

Yes.

是的。

I think at the current assumption, with the visibility we have, I think there is a sharp decline.

我認為在目前的假設下，以我們的能見度，我認為急劇下降。

As I said, this quarter is the worst in terms of decline rate that the industry, I think, possibly will have ever seen in North America, clearly, and internationally, possibly.

正如我所說，就下降率而言，本季度是該行業在北美可能會出現的最糟糕的情況，很明顯，可能在國際上也可能出現過。

There will be further adjustments in the second half of the year in some markets, international market as well as maybe final rounding in North America.

下半年部分市場、國際市場、北美市場可能會有進一步調整。

But I believe that the most decline is happening this quarter and will stabilize over the summer.

但我相信最大的跌幅發生在本季度，並將在夏季穩定下來。

So yes, I think the indication we gave, I think, are certainly helping us to be with lesser decline and more stable environment from the exit rate of Q2 into the second half at this point.

所以，是的，我認為我們給出的指示，我認為，肯定有助於我們從第二季度的退出率到下半年的這一點，保持更小的下降和更穩定的環境。

Okay.

好的。

That's fair.

這還算公平。

And in that context, it certainly seems like you guys have been proactive on cost management thus far.

在這種情況下，到目前為止，你們似乎一直在積極進行成本管理。

But relative to historical decrementals, should we think about second quarter being a bit higher relative to usual, just given all that's going on, and just maybe mitigating from there?

但相對於歷史遞減量，我們是否應該認為第二季度相對於往常要高一些，只是考慮到正在發生的一切，並且可能會從那裡緩解嗎？

Or how would you think about the path?

或者你會怎麼想這條路？

I think commenting on the -- as I said earlier, giving you guidance on the second quarter from the top line first is difficult because the international market has a level of disruption, 3% to 5% possible on the rig disruption due to restriction for the COVID-19, combined with some decision on the -- of change of tack with some national company that will have to adapt the new OPEC+ voluntary cut, it is making the top line very difficult to predict in the second quarter.

我認為評論 - 正如我之前所說，首先從收入為您提供第二季度的指導是很困難的，因為國際市場存在一定程度的中斷，由於限制，鑽井平台中斷的可能性為 3% 到 5% COVID-19，加上一些必須適應新的歐佩克+自願減產的國家公司改變策略的決定，使得第二季度的收入很難預測。

And when it comes to the bottom line, I think the abruptness of the adjustment can be and will be coped with, to some extent, in North America.

談到底線，我認為調整的突然性在某種程度上可以並且將會在北美得到應對。

But the lag into the ability to reduce the cost internationally, it's not the same due to many factors.

但國際上降低成本的能力滯後，受多方面因素影響，並不相同。

Hence, the decremental in the next quarter will certainly be -- not be as good as we have historically done in a downturn.

因此，下一季度的下降肯定會——不如我們歷史上在低迷時期所做的那樣好。

Now through the cycle, through the cycle, I think our ambition is to fare better for the reason I mentioned before.

現在通過週期，通過週期，我認為我們的目標是因為我之前提到的原因而表現得更好。

But in the second quarter, I think it will be a messy quarter.

但在第二季度，我認為這將是一個混亂的季度。

At large from our activity prediction and our ability to adjust our cost structure or to react and to leverage the opportunity, we have also to uplift and get the most when there is an opportunity to upside.

總的來說，從我們的活動預測以及我們調整成本結構或做出反應並利用機會的能力來看，我們還必須在有上漲機會時提升並獲得最大收益。

And there will be upside.

而且會有上漲空間。

Thank you.

謝謝你。

So I believe with this, I think we need to close.

所以我相信這一點，我認為我們需要關閉。

So let me conclude by reiterating some key takeaway from this call.

因此，讓我重申本次電話會議的一些關鍵要點。

Firstly, I believe that the company performed well during the first quarter despite a very challenging environment with excellent resilience and performance across operations, particularly in international market, and a very respectable financial result, particularly in the cash flow from operation.

首先，我相信公司在第一季度表現良好，儘管環境非常具有挑戰性，具有出色的彈性和業務表現，特別是在國際市場上，以及非常可觀的財務業績，特別是在運營現金流方面。

I feel very proud of the Schlumberger team, who have delivered these under such stressful conditions.

我為斯倫貝謝團隊感到非常自豪，他們在如此緊張的條件下交付了這些產品。

Secondly, as we were presented with growing uncertainty on global economic outlook and a fast deteriorating commodity price, we acted swiftly, reducing our capital spend program significantly, accelerating our scale-to-fit strategy approach in North America and taking exceptional measure to protect our cash and liquidity for the second quarter and beyond.

其次，由於全球經濟前景的不確定性越來越大，大宗商品價格迅速惡化，我們迅速採取行動，顯著減少了資本支出計劃，加快了我們在北美的規模匹配戰略方法，並採取了特殊措施來保護我們的第二季度及以後的現金和流動性。

Thirdly, and after in-depth review of forward-looking scenarios, we decided to adjust the dividend to a new level as a prudent capital management decision, providing us with the liquidity and financial flexibility we need considering the significant uncertainty in the quarter to come.

第三，在深入審視前瞻性情景後，作為審慎的資本管理決策，我們決定將股息調整到新的水平，為我們提供考慮到未來一個季度的重大不確定性所需的流動性和財務靈活性.

Finally, as we navigate this unprecedented industry downturn, we continue to prioritize key elements of our strategy, namely: the capital stewardship initiative to protect the company's financial strength; the fit-for-basin strategy to increase the performance impact in key basins for our customers and create sustainable differentiation; and finally, the acceleration of the industry digital transformation to support higher efficiency gains in operation for our customers and for our own success.

最後，在我們度過這一前所未有的行業低迷時期，我們將繼續優先考慮我們戰略的關鍵要素，即：保護公司財務實力的資本管理計劃；適合流域的戰略，為我們的客戶增加關鍵流域的績效影響並創造可持續的差異化；最後，加速行業數字化轉型，為我們的客戶和我們自身的成功提供更高的運營效率收益。

May everyone stay safe and healthy.

願每個人都保持安全和健康。

Thank you for your attention.

感謝您的關注。

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.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。