斯倫貝謝公司 (SLB) 2022 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Schlumberger earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們，先生們，感謝您的支持，歡迎參加斯倫貝謝財報電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

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

我想將會議轉交給投資者關係副總裁 ND Maduemezia。請繼續。

Thank you, Leah.

謝謝你，莉亞。

Good morning, everyone, and welcome to the Schlumberger Limited Second Quarter 2022 Earnings Conference Call. Today's call is being hosted from Paris, following the Schlumberger Limited Board meeting held earlier this week. Joining us on the call are Olivier Le Peuch, Chief Executive Officer; and Stephane Biguet, Chief Financial Officer.

大家早上好，歡迎參加斯倫貝謝有限公司 2022 年第二季度收益電話會議。在本週早些時候舉行的斯倫貝謝有限公司董事會會議之後，今天的電話會議在巴黎舉行。與我們一起參加電話會議的是首席執行官 Olivier Le Peuch；和首席財務官 Stephane Biguet。

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

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

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

我們今天的評論可能還包括非公認會計準則財務指標。可以在我們網站上的第二季度新聞稿中找到與最直接可比的 GAAP 財務指標的更多詳細信息和對賬。

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

有了這個，我會把電話轉給 Olivier。

Thank you, ND.

謝謝你，ND。

Good day, ladies and gentlemen. Thank you for joining us on the call. In my prepared remarks today, I will cover 3 topics, starting with our second quarter results and our latest view of the macro environment. Thereafter, I will conclude with our outlook for the second half of the year and its compelling attributes, which are very supportive of our raised guidance for the full year.

女士們，先生們，美好的一天。感謝您加入我們的電話會議。在我今天準備好的演講中，我將討論 3 個主題，從我們的第二季度業績和我們對宏觀環境的最新看法開始。此後，我將總結我們對下半年的展望及其引人注目的特徵，這些特徵非常支持我們提高的全年指引。

The second quarter was a defining moment in the overall trajectory of the year, with significant growth in revenue, margin expansion and earnings per share. Our execution was solid, and directionally, all trends were positively in our favor: Strong international activity growth and steady drilling momentum in North America, sustained offshore recovery and the broadening impact of improved pricing. We leveraged the power of our Core, our global footprint and differentiated technology to seize widening industry activity, demonstrating our ability to capture growth in every land and offshore basin from North America to most remote international basin.

第二季度是今年整體發展軌蹟的決定性時刻，收入、利潤率和每股收益均顯著增長。我們的執行是穩健的，並且在方向上，所有趨勢都對我們有利：強勁的國際活動增長和北美穩定的鑽探勢頭、持續的海上復甦以及定價改善的擴大影響。我們利用我們的核心力量、我們的全球足跡和差異化技術來抓住不斷擴大的行業活動，展示我們在從北美到最偏遠的國際盆地的每一個陸地和近海盆地獲得增長的能力。

This was reflected in the broad dimension of growth in our second quarter results, as customers stepped up activity with a focus on increased performance and production. Above all, we effectively harnessed these positive dynamics and delivered very strong sequential quarterly revenue and earnings growth.

這反映在我們第二季度業績的廣泛增長方面，因為客戶加強了活動，重點是提高性能和產量。最重要的是，我們有效地利用了這些積極的動力，實現了非常強勁的季度收入和盈利增長。

In addition to the details provided in our earnings press release this morning, let me reiterate some performance highlights from the quarter. We recorded 14% revenue increase, the largest sequential revenue increase in more than a decade, as revenue growth exceeded rig count increases, both internationally and in North America. Year-on-year revenue growth accelerated to 20%, further sustaining robust growth momentum with a visible inflection in international markets at 15% growth over same period last year. Growth was very broad across all dimensions: area, Divisions, land and offshore, with spending visibly higher across all customer types.

除了今天上午我們的收益新聞稿中提供的詳細信息外，讓我重申本季度的一些業績亮點。我們錄得 14% 的收入增長，這是十多年來最大的連續收入增長，因為收入增長超過了國際和北美鑽機數量的增長。收入同比增速加快至 20%，進一步保持強勁的增長勢頭，國際市場同比增長 15% 明顯拐點。各個方面的增長都非常廣泛：區域、部門、陸地和離岸，所有客戶類型的支出都明顯更高。

Internationally, sequential growth was recorded in all of our Middle East and Asia GeoUnits and all of Latin America, and ECA growth was pervasive across Europe, Scandinavia and West Africa. In North America, we continue to post very solid growth offshore and onshore and on increased drilling and completions activity. The rise of offshore activity, particularly deepwater, was a key driver for our second quarter sequential growth in most regions and in support of all Divisions. Globally, all 4 Divisions posted double-digit revenue growth and expanded margins sequentially, resulting in the highest quarterly operating margins level since 2015.

在國際上，我們所有的中東和亞洲 GeoUnits 以及整個拉丁美洲都實現了連續增長，而 ECA 的增長在歐洲、斯堪的納維亞半島和西非普遍存在。在北美，隨著鑽井和完井活動的增加，我們繼續在海上和陸上實現非常穩健的增長。海上活動，尤其是深水活動的興起，是我們第二季度在大多數地區實現連續增長的關鍵驅動力，並為所有部門提供了支持。在全球範圍內，所有 4 個部門均實現了兩位數的收入增長，並連續擴大了利潤率，創造了自 2015 年以來的最高季度營業利潤率水平。

In addition, another feature of the quarter was broadening pricing improvement, impacting all Divisions, geographies and operating environments.

此外，本季度的另一個特點是擴大定價改進，影響所有部門、地區和運營環境。

Finally, the quarter also marked a number of new contract wins and an increase in backlog for Production Systems and our rig equipment business, another leading indicator of the strength of activity pipeline ahead of us. Notably, price improvement is also being reflected in Production Systems backlog, which is significant for its later cycle implication for sustained margins expansion on an overall portfolio basis.

最後，本季度還標誌著生產系統和我們的鑽機設備業務的一些新合同的贏得和積壓的增加，這是我們前面的活動管道強度的另一個領先指標。值得注意的是，價格改善也反映在生產系統積壓中，這對於其後期週期對整體投資組合持續利潤率擴張的影響意義重大。

To sum up, the second quarter emphasizes our clearly differentiated operational performance, strategic execution and financial results, both in North America and internationally. We have very strong momentum and have secured a solid pipeline of activity ahead of us. I'm very proud of the entire Schlumberger team for delivering these exceptional results and demonstrating our unique value proposition for both our customers and our shareholders.

總而言之，第二季度強調了我們在北美和國際上明顯差異化的運營業績、戰略執行和財務業績。我們擁有非常強勁的勢頭，並在我們面前確保了堅實的活動渠道。我為整個斯倫貝謝團隊提供這些卓越的成果並為我們的客戶和股東展示我們獨特的價值主張而感到非常自豪。

Turning now to the macro. First, energy security and urgency to establish more diverse and reliable sources of oil and gas supply has become increasingly apparent through the year, exacerbated by the effect of ongoing conflict in Ukraine and a notable increase in periodic supply disruptions in certain regions.

現在轉向宏。首先，能源安全和建立更加多樣化和可靠的石油和天然氣供應來源的緊迫性在一年中變得越來越明顯，烏克蘭持續衝突的影響以及某些地區周期性供應中斷的顯著增加加劇了這種情況。

Second, supply and excess spare capacity remains very tight as recent OPEC and EIA demand outlooks for '22 and '23 remain constructive, continuing to suggest a call on supply from North America and a more significant call on supply from the international basins. Third, despite near-term concerns of a global economic slowdown, the combination of energy security, favorable break-even prices and the urgency to grow long-term oil and gas production capacity will continue to support strong upstream E&P spending growth.

其次，供應和過剩的閒置產能仍然非常緊張，因為最近歐佩克和 EIA 對 22 年和 23 年的需求前景仍然具有建設性，繼續暗示北美供應的需求以及國際盆地供應的更重要需求。第三，儘管近期對全球經濟放緩的擔憂，能源安全、有利的收支平衡價格以及增加長期油氣產能的緊迫性將繼續支持上游勘探與生產支出的強勁增長。

Consequently, we are witnessing a decoupling of upstream spending from potential near-term demand volatility, resulting in resilient global oil and gas activity growth in 2022 and beyond. Additionally, the factors supporting pricing tailwinds, more specifically the tightening service supply capacity, both in NAM and increasingly, in international markets, will continue to represent a defining characteristic of this upcycle and will support both revenue growth and margin expansion, more than offsetting inflation.

因此，我們正在目睹上游支出與潛在的近期需求波動脫鉤，從而導致 2022 年及以後的全球石油和天然氣活動增長具有彈性。此外，支持定價順風的因素，更具體地說，是北美市場和國際市場日益收緊的服務供應能力，將繼續代表這一上升週期的一個決定性特徵，並將支持收入增長和利潤率擴張，而不是抵消通脹.

Looking more specifically at the second half of the year, we see very robust activity dynamics characterized by distinct acceleration of investment in the international basins and the continued strengthening of offshore activity as all operators, including IOCs, step-up spending. The energy security situation continues to drive structural activity increase, resulting from the increased focus on short-term production and the mid to long-term capacity expansion across oil and gas plays. In addition, we also expect further exploration and appraisal activity and the pricing dynamics experienced so far to add further support to both the growth trajectory and the margins performance during the second half. These positive undercurrents will lead to an attractive mix and an increase in short- and long-cycle international projects, complementing already robust short-cycle activity in North America.

更具體地說，在今年下半年，我們看到了非常強勁的活動動態，其特點是對國際盆地的投資明顯加速，以及隨著包括國際石油公司在內的所有運營商增加支出，海上活動的持續加強。能源安全形勢繼續推動結構性活動增加，這是由於對短期生產的更多關注以及油氣行業中長期產能擴張的結果。此外，我們還預計進一步的勘探和評估活動以及迄今為止所經歷的定價動態將為下半年的增長軌跡和利潤率表現提供進一步的支持。這些積極的暗流將導致有吸引力的組合和短期和長期國際項目的增加，補充北美已經強勁的短期活動。

Directionally, during the second half of the year, we expect a strong continuation of growth in the Core led by Production Systems through the rest of the year, with Digital & Integration benefiting from typically seasonally strong year-end sales. Also, and as a result of the rotation of investment towards international basins, we anticipate the highest growth rate during the second half to occur internationally, setting up a very nice backdrop for 2023 outlook.

從方向上看，在下半年，我們預計在今年剩餘時間裡，以生產系統為主導的核心業務將繼續強勁增長，而數字和集成則受益於通常季節性強勁的年終銷售。此外，由於投資轉向國際盆地，我們預計下半年的最高增長率將出現在國際上，為 2023 年的前景奠定了非常好的背景。

Based on this, we expect our H2 revenue this year to grow by at least high teens compared to the same period last year. Full-year revenue growth will therefore be in the high teens, resulting in revenue of at least $27 billion for 2022. Furthermore, our adjusted EBITDA, in absolute dollar terms, will increase by at least 25% for the full year of 2022 when compared to 2021.

基於此，我們預計今年下半年的收入將比去年同期至少增長十幾倍。因此，全年收入增長將處於高位，導致 2022 年的收入至少為 270 億美元。此外，我們調整後的 EBITDA（以絕對美元計算）與 2022 年全年相比將增長至少 25%到 2021 年。

Indeed, 2022 is shaping up to be an outstanding year for Schlumberger. The power of our Core, our digital and decarbonization leadership and the expansive attributes of this upcycle enable us to leverage a focused North America business with an unparalleled international breadth, the combination of which favorably exposes Schlumberger to durable top-line growth, earnings and further margin expansion potential that is unmatched in the sector.

事實上，2022 年對於斯倫貝謝來說將是非凡的一年。我們的核心力量、我們在數字化和脫碳方面的領先地位以及這一上升週期的廣泛屬性使我們能夠利用具有無與倫比的國際廣度的專注於北美的業務，這兩者的結合使斯倫貝謝有利於實現持久的收入增長、收益和進一步在該行業中無與倫比的利潤率擴張潛力。

Beyond this, the momentum we are building through the second half of the year and the exit rates that we will achieve bode very well for our 2023 outlook and financial ambition, both of which we will share in more details at our investor conference in November. I look forward to seeing many of you in person at this event.

除此之外，我們在下半年建立的勢頭以及我們將實現的退出率對我們的 2023 年前景和財務目標來說是個好兆頭，我們將在 11 月的投資者會議上分享更多細節。我期待在這次活動中見到你們中的許多人。

I will now turn the call over to Stephane.

我現在將把電話轉給 Stephane。

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

謝謝 Olivier，女士們先生們，早上好。

Second quarter earnings per share, excluding charges and credits, was $0.50. This represents an increase of $0.16 sequentially and $0.20 when compared to the second quarter of last year. This also represented the highest quarterly earnings per share since the fourth quarter of 2015. In addition, during the first quarter, we recorded a $0.14 gain relating to the further sale of a portion of our shares in Liberty Energy and a $0.03 gain relating to the sale of certain real estate, which brought our GAAP EPS to $0.67.

第二季度每股收益（不包括費用和貸項）為 0.50 美元。與去年第二季度相比，這比上一季度增加了 0.16 美元和 0.20 美元。這也是自 2015 年第四季度以來的最高季度每股收益。此外，在第一季度，我們記錄了與進一步出售我們在 Liberty Energy 的部分股份有關的 0.14 美元的收益和與出售某些房地產，這使我們的 GAAP 每股收益達到 0.67 美元。

Overall, our second quarter revenue of $6.8 billion increased 14% sequentially. This represented the strongest sequential quarterly growth since 2010. All 4 Divisions experienced double-digit increases. Changes in foreign currency exchange rates had virtually no impact on the sequential revenue increase.

總體而言，我們第二季度的收入為 68 億美元，環比增長 14%。這是自 2010 年以來最強勁的季度環比增長。所有 4 個部門均實現了兩位數的增長。外匯匯率的變化對連續收入增長幾乎沒有影響。

Pretax operating margins expanded 212 basis points sequentially to 17.1%, and EBITDA margins increased 157 basis points to 22.6%. These increases largely reflect the seasonal rebound in activity, a favorable technology mix, particularly on higher offshore activities, and strong exploration data licensing sales in our Digital & Integration Division. Margins also increased significantly as compared to the second quarter of last year. Pretax segment operating margins increased 279 basis points year-on-year, while adjusted EBITDA margins increased 133 basis points year-on-year. This margin performance is even more notable considering the inflationary headwinds we continue to face. This demonstrates our ability to manage inflation through our supply chain organization as well as through pricing adjustments from our customers.

稅前營業利潤率環比增長 212 個基點至 17.1%，EBITDA 利潤率增長 157 個基點至 22.6%。這些增長主要反映了活動的季節性反彈、有利的技術組合，尤其是在較高的海上活動方面，以及我們數字與集成部門的強勁勘探數據許可銷售。與去年第二季度相比，利潤率也顯著增加。稅前部門營業利潤率同比增長 279 個基點，而調整後的 EBITDA 利潤率同比增長 133 個基點。考慮到我們繼續面臨的通脹逆風，這種利潤率表現更加顯著。這表明我們有能力通過我們的供應鏈組織以及通過我們客戶的定價調整來管理通貨膨脹。

Let me now go through the second quarter results for each Division. Second quarter Digital & Integration revenue of $955 million increased 11% sequentially, with margins increasing 570 basis points to 39.7%. These increases were primarily due to higher exploration data licensing sales, including $95 million of transfer fees.

現在讓我來看看每個部門的第二季度業績。第二季度數字與集成收入為 9.55 億美元，環比增長 11%，利潤率增長 570 個基點至 39.7%。這些增長主要是由於勘探數據許可銷售額增加，包括 9500 萬美元的轉讓費。

Reservoir Performance revenue of $1.3 billion increased 10% sequentially beyond the impact of the seasonal rebound in activity, driven by growth both on land and offshore. Margins improved 143 basis points to 14.6%, primarily as a result of the seasonal recovery and higher offshore and exploration activity.

受陸上和海上增長的推動，油藏績效收入 13 億美元，環比增長 10%，超出了活動季節性反彈的影響。利潤率提高 143 個基點至 14.6%，主要是由於季節性複蘇以及海上和勘探活動增加。

Well Construction revenue of $2.7 billion increased 12%, driven by strong growth and improved pricing both internationally and in North America. Margins increased 134 basis points to 17.5% due to the higher activity, combined with a favorable technology mix and improved pricing.

Well Construction 收入為 27 億美元，增長了 12%，這得益於強勁的增長以及國際和北美的定價改善。由於活動增加，加上有利的技術組合和改進的定價，利潤率增加了 134 個基點至 17.5%。

Finally, Production Systems revenue of $1.9 billion increased 18% sequentially and margins increased 190 basis points to 9%. Global supply chain and logistics constraints started to abate, resulting in higher product deliveries and backlog conversion. International growth outpaced North America growth and was particularly strong in the Europe/CIS/Africa area.

最後，生產系統收入 19 億美元，環比增長 18%，利潤率增長 190 個基點至 9%。全球供應鍊和物流限制開始減弱，導致更高的產品交付和積壓轉換。國際增長超過北美增長，在歐洲/獨聯體/非洲地區尤為強勁。

Now turning to our liquidity. During the quarter, we generated $408 million of cash flow from operations and negative free cash flow of $119 million. Working capital consumed $936 million of cash during the quarter, largely driven by higher receivables due to the significant revenue growth. However, our DSO improved sequentially. Inventory also increased as we continue to manage lead times in anticipation of continuous growth in the second half of the year, particularly in our Production Systems Division. Consistent with our historical trends, we expect our working capital and cash flow generation to significantly improve over the second half of the year.

現在轉向我們的流動性。在本季度，我們從運營中產生了 4.08 億美元的現金流和 1.19 億美元的負自由現金流。營運資金在本季度消耗了 9.36 億美元現金，主要是由於收入顯著增長導致應收賬款增加。然而，我們的 DSO 連續改進。庫存也增加了，因為我們繼續管理交貨時間，預計下半年將持續增長，特別是在我們的生產系統部門。與我們的歷史趨勢一致，我們預計我們的營運資金和現金流量將在下半年顯著改善。

During the quarter, we made capital investments of $527 million. This amount includes CapEx and investments in APS projects and seismic exploration data. Although it is reflected outside of free cash flow, our overall cash position was enhanced by the further sale of a portion of our shares in Liberty, which generated $430 million of net proceeds. We currently hold a 12% interest in Liberty. During the quarter, we also sold certain real estate, which resulted in proceeds of $120 million. As a result, our net debt improved by $406 million during the quarter to $11 billion. This level of net debt represented a $2 billion improvement compared to the same period last year. Furthermore, we have now achieved our previously-stated leverage target of 2x net debt-to-EBITDA.

本季度，我們進行了 5.27 億美元的資本投資。該金額包括資本支出以及對 APS 項目和地震勘探數據的投資。儘管它反映在自由現金流之外，但通過進一步出售我們在 Liberty 的部分股份，我們的整體現金狀況得到了加強，這產生了 4.3 億美元的淨收益。我們目前持有 Liberty 12% 的權益。在本季度，我們還出售了某些房地產，獲得了 1.2 億美元的收益。結果，我們的淨債務在本季度增加了 4.06 億美元，達到 110 億美元。與去年同期相比，這一淨債務水平增加了 20 億美元。此外，我們現在已經實現了我們之前提出的 2 倍淨債務與 EBITDA 的槓桿目標。

We expect our leverage to continue decreasing throughout the rest of the year on a combination of higher earnings and improved free cash flow, allowing us to further strengthen our balance sheet. This will provide us with the financial flexibility required to continue funding growth and increase returns to shareholders throughout the cycle.

我們預計，由於收益增加和自由現金流改善，我們的槓桿率將在今年剩餘時間內繼續下降，從而使我們能夠進一步加強資產負債表。這將為我們提供在整個週期內繼續為增長提供資金並增加股東回報所需的財務靈活性。

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.

謝謝你，斯蒂芬。

Ladies and gentlemen, I believe we are opening the floor to the questions.

女士們，先生們，我相信我們正在開始提問。

(Operator Instructions) Our first question goes to the line of James West with Evercore ISI.

（操作員說明）我們的第一個問題是 James West 與 Evercore ISI 的合作。

Olivier, Stephane.

奧利維爾，斯蒂芬。

So Olivier, curious how you're thinking about the evolution of the -- specifically the international cycle as we go through the next several quarters, and really into next year? I mean where clearly -- OFS or energy is decoupling from the global economy, you're going to see some changes in probably activity levels, the mix, the pricing. It seems to me that kind of the best is still to come, I think, for the cycle. So just kind of curious of your broad outlook for International?

所以奧利維爾，很好奇你是如何考慮的 - 特別是國際週期，因為我們經歷了接下來的幾個季度，真正進入明年？我的意思是清楚地——OFS 或能源正在與全球經濟脫鉤，你將看到可能的活動水平、組合和定價方面的一些變化。在我看來，最好的情況還在後頭，我認為，對於這個週期。所以只是有點好奇你對國際的廣闊前景嗎？

No, first, I want to reinforce that the macro environment we are facing is quite unique. It's a confluence of unprecedented low spare capacity, 8 years of underinvestment in international basins and a call for energy security that is creating a double sourcing of both oil and gas, partly international basins. So when you put that together, it creates not only a short cycling pulse on production enhancements to respond to that energy security, but also reinforce the need for expanding oil capacity, accelerating gas development and the entire set of international basins, both offshore and onshore benefit from it, as we see.

不，首先，我想強調的是，我們面臨的宏觀環境非常獨特。這是空前的低備用產能、國際盆地 8 年投資不足以及對能源安全的呼籲的匯合，這正在創造石油和天然氣的雙重來源，部分是國際盆地。因此，當你把這些放在一起時，它不僅會在提高產量方面產生短暫的循環脈衝，以應對能源安全，而且還會加強擴大石油產能、加速天然氣開發和整套海上和陸上國際盆地的需求正如我們所見，從中受益。

So we have seen an inflection in the sentiment of our customers, both our national oil company, international oil company and international independents, to respond to that call and turning and accelerating the investments and rotating their investment internationally visibly. So, this is certainly a multi-leg, I would call it, multiphase, both oil and gas positive environment forward. So we have seen that Latin America has been the first benefit from that inflection, and we see that continuing going forward as from Guyana to Brazil, to Colombia and as a short cycle to Argentina as a shale exposed environment. We foresee this to be continuing, including exploration offshore Colombia, our Atlantic margin in Brazil, this is set to continue going forward.

因此，我們看到我們的客戶（包括我們的國家石油公司、國際石油公司和國際獨立人士）的情緒發生了變化，以響應這一號召，轉向和加速投資，並在國際上明顯地輪換他們的投資。所以，這肯定是一個多階段的，我稱之為多階段的，石油和天然氣的積極環境向前發展。因此，我們已經看到拉丁美洲是這種轉變的第一個受益者，我們看到從圭亞那到巴西、哥倫比亞以及作為頁岩暴露環境的阿根廷的短週期繼續向前發展。我們預計這將繼續下去，包括哥倫比亞近海的勘探，我們在巴西的大西洋邊緣，這將繼續向前發展。

We are seeing this to rotate in ECA, as you may have seen, more than offsetting the constraints we have in Russia-Ukraine region, and creating a superb undercurrent, to call it, and all offshore basins in this region. And we have seen it in very strong in Europe, West Africa and Scandinavia with the unique tax incentive set that will start to be kicking in next year will only accelerate that trend, and East Mediterranean or Black Sea will also see continuous growth going forward.

正如您可能已經看到的那樣，我們看到這種情況在 ECA 中輪換，不僅抵消了我們在俄羅斯-烏克蘭地區的限制，還創造了一個極好的暗流，可以稱之為，以及該地區的所有近海盆地。我們已經看到它在歐洲、西非和斯堪的納維亞非常強勁，明年將開始實施的獨特稅收激勵措施只會加速這一趨勢，東地中海或黑海也將看到持續增長。

So -- and you turn to Middle East and Asia. I think you have a combination of oil capacity commitment increase by both UAE, Saudi, and to an extent, Kuwait, that will play out. And will, in the case of KSA, create an uptick in offshore activity partly from next year. You see that the gas that is being developed at large scale in the Middle East, both for domestic and for fuel substitution, that will continue to play to our strength in Qatar and unconventional in both UAE and Saudi, if not Oman. And then you have the Asia market. That is also not shy of investments, and you see that long term into the South China Sea as well.

所以 - 你轉向中東和亞洲。我認為阿聯酋、沙特以及科威特在一定程度上都會增加石油產能承諾，這將發揮作用。並且，就 KSA 而言，將從明年開始部分增加離岸活動。您會看到，中東正在大規模開發的天然氣，無論是用於國內還是用於燃料替代，這將繼續發揮我們在卡塔爾的優勢，以及在阿聯酋和沙特（如果不是阿曼）的非傳統優勢。然後是亞洲市場。這也毫不避諱投資，您也可以在南中國海看到這種長期投資。

So I think it's multi-branched, multi-color, I would say, and it has started strong in LAM and will turn to further ECA, further Middle East with this inflection being materialized as the quarters are executed going forward.

所以我認為它是多分支、多色的，我會說，它在 LAM 開始強勁，並將轉向進一步的 ECA，更遠的中東，隨著季度的執行，這種變化正在實現。

Okay. Okay. Got it. That's very helpful, Olivier.

好的。好的。知道了。這很有幫助，奧利維爾。

Maybe a quick follow-up from me. You have your digital event coming up here in September. I've been following kind of the list of speakers, very impressive group that you're assembling. And I'm curious where you see the industry now, where you see Schlumberger in the industry and the digitalization or the digital journey of the industry? It seems to me that we're -- we've been inflecting but we seem to be inflecting even further in digital, and certainly, the results are proving that out in your income statement as well. So curious about digital.

也許是我的快速跟進。您將在 9 月舉辦數字活動。我一直在關注演講者名單，你們正在組建的非常令人印象深刻的小組。我很好奇你現在在哪裡看到這個行業，你在哪裡看到斯倫貝謝在這個行業以及這個行業的數字化或數字化旅程？在我看來，我們 - 我們一直在影響，但我們似乎在數字化方面的影響更大，當然，結果也在您的損益表中證明了這一點。對數字很好奇。

No, I think you are correct. And I think the number and the rich panels that we are assembling into this digital forum in September is there for two reasons.

不，我認為你是對的。而且我認為我們在 9 月份在這個數字論壇中組裝的數量和豐富的面板有兩個原因。

First and foremost is because the industry believes in digital, that digital can add a significant step-up in efficiency that will continue to impact positively cost, cash generation and will contribute to decarbonization of operations. So that's the reason why we are seeing customers coming in high numbers, in record numbers to our digital forum.

首先是因為該行業相信數字化，數字化可以顯著提高效率，這將繼續對成本、現金產生產生積極影響，並將有助於運營的脫碳。這就是為什麼我們看到大量客戶湧入我們的數字論壇的原因。

And the second reason we have this success is our thought leadership and platform strategy that has been adopted and that has been the cornerstone of our success in digital, and we are using it to continue to transition all of our customer base towards this cloud platform. And this is a long tail, and this will certainly last all this decade and beyond, and we are looking forward to success, long success here. But also, we are using this platform and the digital capability to continue to enhance our operation, to continue to transform our digital operations, to impact our customers and our own operations for efficiency and for performance. So lifting up through efficiency, lifting up the performance and hence, getting a premium or getting an increment of market position. So it has a dual effect. But the success of the digital forum is certainly the credit to our team, but also the proof that digital is now mainstream into this industry.

我們取得這一成功的第二個原因是我們採用的思想領導力和平台戰略，這是我們在數字化領域取得成功的基石，我們正在利用它繼續將我們的所有客戶群轉移到這個雲平台。這是一條長長的尾巴，肯定會持續這十年甚至更久，我們期待著成功，在這裡取得長久的成功。而且，我們正在使用這個平台和數字能力來繼續增強我們的運營，繼續轉變我們的數字運營，影響我們的客戶和我們自己的運營以提高效率和績效。因此，通過效率提升，提升績效，從而獲得溢價或增加市場地位。所以它具有雙重作用。但數字論壇的成功無疑是我們團隊的功勞，也證明了數字化已經成為這個行業的主流。

Our next question is from David Anderson with Barclays.

我們的下一個問題來自巴克萊銀行的大衛安德森。

So going across your numbers, you grew in every region in every segment. But the one I thought was really interesting was MENA. It grew 7% this quarter, but it didn't even -- in the Middle East, it hasn't even started yet.

因此，查看您的數字，您在每個細分市場的每個地區都有增長。但我認為真正有趣的是中東和北非。本季度增長了 7%，但它甚至沒有——在中東，它甚至還沒有開始。

So I was wondering if you could just kind of start there and just help us give us a sense of kind of where you stand today in terms of project mobilization and how that region is building out? And I'm just kind of curious when do you fully expect to be up and running on the contracts you have in hand?

所以我想知道您是否可以從那裡開始，幫助我們了解您今天在項目動員方面的立場以及該地區的建設情況？我只是有點好奇，你什麼時候能完全按照你手頭的合同啟動和運行？

And I guess related to that, it's been a while since we've seen a ramp-up in activity over there. But we've often seen start-up delays and higher costs that lead up to the work. So aside from just pure execution, are there ways that you can navigate some of these risks? Are there lessons learned from past cycles? Or is it different because this is much more integrated drilling work that didn't exist in prior cycles?

我想與此相關，我們已經有一段時間沒有看到那裡的活動增加了。但是我們經常看到導致工作的啟動延遲和更高的成本。因此，除了純粹的執行之外，還有什麼方法可以規避其中的一些風險？是否從過去的周期中吸取了教訓？還是因為這是以前週期中不存在的更加綜合的鑽井工作而有所不同？

No. I think I believe that our team has improved its execution track record. We have, as you may remember, 3 years ago, we took some action on to our underperforming contracts. And we learned and applied some best practice, best lessons and project management to technology deployment and to the discipline in our competency management deployment and use of digital to help us execute this contract in a better way. And from the way we manage the maintenance cycle of our equipment to the way we deploy and do remote operations to control and help and support our people on the ground, I think we have progressed a lot in the last few years.

不。我認為我認為我們的團隊已經改善了執行記錄。您可能還記得，3 年前，我們對錶現不佳的合同採取了一些行動。我們學習並應用了一些最佳實踐、最佳經驗教訓和項目管理到技術部署以及我們的能力管理部署和使用數字化的紀律，以幫助我們以更好的方式執行這份合同。從我們管理設備維護週期的方式到我們部署和進行遠程操作以控制、幫助和支持我們在當地的人員的方式，我認為我們在過去幾年中取得了很大進步。

And as such, the major contracts we are starting always has -- have a learning period. But I think we are accelerating this learning period by contrast to previous cycles. And I think we are set for success on all these projects before soon. And -- but we always have somewhere, somehow, in international basin, a major project start-up. And -- but we expect this to be, I would say, the background that we'll have going forward, but our execution, track record, lessons learned, use of digital best practice and disciplined organization, including our competency that we deploy, has helped us to accelerate the lesson learned and to reach maturity in terms of performance, margins on those projects faster than in previous second half.

因此，我們開始的主要合同總是有一個學習期。但我認為與之前的周期相比，我們正在加速這個學習期。我認為我們很快就會在所有這些項目上取得成功。而且 - 但我們總是在某個地方，不知何故，在國際盆地，一個重大的項目啟動。而且 - 但我們希望這將成為我們前進的背景，但我們的執行、跟踪記錄、經驗教訓、數字最佳實踐的使用和紀律嚴明的組織，包括我們部署的能力，幫助我們加速吸取經驗教訓，並在這些項目的績效和利潤率方面比前下半年更快地達到成熟。

So I'm positive. And as I said, there is an inflection building up in Middle East activity that will materialize in 2 or 3 countries visibly into the second half, and will accelerate next year as we will see more offshore shallow activity partially into the GCC environment in Middle East led by the Saudi oil major development that they're accelerating for oil capacity increase towards their 2027 1 million barrels. This will translate into activity. So further activity increase will materialize, and we will benefit from it. The industry will certainly have a large ramp-up going forward. So it's the early cycle of growth in Middle East.

所以我很積極。正如我所說，中東活動的拐點將在 2 或 3 個國家明顯實現到下半年，並且明年將加速，因為我們將看到更多的近海淺層活動部分進入中東的海灣合作委員會環境在沙特石油重大發展的引領下，他們正在加速將石油產能提高到 2027 年的 100 萬桶。這將轉化為活動。因此，進一步的活動增加將會實現，我們將從中受益。該行業肯定會在未來有很大的增長。所以這是中東的早期增長周期。

The offshore market was actually my second question there. You're -- the really -- the offshore markets are really tailormade for your technology profile. Exploration, drilling, subsea boosting, so -- and recognizing what you did that, there's a ramp-up on the shallow water side and the jackups in the Middle East. Is it too soon to say an overall kind of offshore inflection is here? We noticed a lot of your -- Yes. We saw a lot of your oil offshore, Gulf of Mexico, it's not too soon? Okay.

離岸市場實際上是我在那裡的第二個問題。你是——真正的——離岸市場真的是為你的技術概況量身定做的。勘探、鑽探、海底增壓，所以——並且認識到你做了什麼，在淺水區和中東的自升式鑽井平台上都有了提升。現在說這裡出現整體的離岸拐點還為時過早嗎？我們注意到你的很多——是的。我們在墨西哥灣的海上看到了很多你的石油，現在還不算太早？好的。

No, it's not too soon. In the second quarter, International offshore was accretive to our growth, international visibly, and you can see it into the ECA growth. And I think if you read some of the reports published by EIA and others, I think you see that -- you see that the outlook for 2022, 2025 on offshore investments and FID activity will outpace visibly the 2016-2019 cycle.

不，現在還不算早。在第二季度，國際離岸對我們的增長起到了促進作用，國際化明顯，你可以在 ECA 增長中看到它。而且我認為，如果您閱讀 EIA 和其他人發布的一些報告，我想您會看到 - 您會看到 2022 年、2025 年離岸投資和 FID 活動的前景將明顯超過 2016-2019 年周期。

So we have early innings of this offshore cycle, but it's quite interesting. And it includes more exploration and more appraisal activity than we could have anticipated considering the -- some of the macro, but we are seeing it from Namibia to Colombia to Asia. We are seeing interesting exploration happening to north of Brazil in the Atlantic Margin. We are seeing acceleration of appraisal and exploration that combine and increase the beneficiary mix, I would say, that we are seeing in the offshore environment.

所以我們有這個離岸週期的早期階段，但這很有趣。考慮到一些宏觀因素，它包括比我們預期的更多的勘探和評估活動，但我們從納米比亞到哥倫比亞再到亞洲都看到了它。我們在大西洋邊緣的巴西北部看到了有趣的探索。我們正在加速評估和勘探，這結合併增加了受益者組合，我想說，我們在離岸環境中看到了這一點。

So yes, we are very well exposed as we recently commented during a conference in June. We were -- we believe that the average revenue intensity that we collect from an offshore environment is -- can be up to 5x or more what we collect in the land environment. And the scope that we have is quite unique from, as you said, from subsea to exploration, from data licensing to integrated rig well construction. So it's quite unique, and we'll benefit increasingly on that offshore outlook.

所以，是的，正如我們最近在 6 月的一次會議上所評論的那樣，我們已經暴露得很好。我們 - 我們相信我們從離岸環境中收集的平均收入強度是 - 可以高達我們在陸地環境中收集的 5 倍或更多。正如您所說，從海底到勘探，從數據許可到綜合鑽井平台建設，我們擁有的範圍非常獨特。所以它非常獨特，我們將越來越多地從這種離岸前景中受益。

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

我們的下一個問題來自美國銀行的 Chase Mulvehill。

I guess I want to come back to the topic on international, and maybe follow up a little bit on James' question.

我想我想回到關於國際的話題，也許會跟進詹姆斯的問題。

Obviously, we've now seen kind of 3 of the diversified service companies, international results. I mean, they've all surprised to the upside, so it feels like that activity may be a little bit higher than kind of what we all thought kind of heading into 2Q. But could you talk about the fundamental tightness that you're seeing across the international market, and whether you're seeing kind of broad-based pricing at this point? Or is it just kind of more pockets of pricing increases? So just a little bit on pricing across the international side.

顯然，我們現在已經看到了3種多元化服務公司的國際化成果。我的意思是，他們都對上漲感到驚訝，所以感覺這種活動可能比我們都認為進入第二季度的那種活動要高一些。但是，您能否談談您在國際市場上看到的基本面緊張，以及此時您是否看到了一種基礎廣泛的定價？還是只是更多的價格上漲？所以只是一點點關於國際方面的定價。

No, it's definitively broadening. As activity continues to ramp up and includes an offshore mix that typically has more pull on equipment, considering the backup and considering the length of assignment of this equipment on the offshore rigs, this is creating a pinch on the supply capacity that results into a broadening pricing pressure and pricing uplift that we are seeing in all environments, I would say. Both from existing contracts where we have the opportunity to negotiate and offset more than offset inflation as a new tender, and/or direct award where customers want to secure future capacity, they want to secure technology. They want to secure performance, and as such, are accepting and are directly negotiating pricing increments on existing scope.

不，它肯定會擴大。隨著活動繼續增加，包括通常對設備有更大吸引力的海上組合，考慮到備用設備並考慮到海上鑽井平台上該設備的分配長度，這對供應能力造成了壓力，導致供應能力擴大我想說的是，我們在所有環境中都看到了定價壓力和價格上漲。無論是從現有合同中，我們有機會作為新招標進行談判和抵消，而不是抵消通貨膨脹，和/或客戶希望獲得未來產能的直接合同，他們都希望獲得技術。他們希望確保性能，因此，他們正在接受並直接就現有範圍的定價增量進行談判。

So we are benefiting from this. The pricing environment is definitely broadening and improving. And we believe that going forward, as we see the inflection of international investment that has started to accelerate in the second half as we anticipate second half international rate of growth will outpace the North America rate of growth, we see that to generate more floor and uplift for the pricing environment going forward.

所以我們從中受益。定價環境肯定在擴大和改善。我們相信，展望未來，隨著我們看到下半年國際投資的拐點開始加速，因為我們預計下半年國際增長率將超過北美增長率，我們認為這將產生更多的底線和未來定價環境的提升。

Yes, all makes sense, and we agree with you there.

是的，一切都說得通，我們同意你的看法。

Can we -- as a kind of a related follow-up, can you expand on kind of, I guess, maybe your ultimate earnings power of the company? Obviously, you gave us some EBITDA guidance here. And when we think about the earnings for this year, you'll surpass last cycle's peak. But how should we be framing kind of the earnings power of Schlumberger this cycle? And then maybe just kind of weave in the discussion around EBITDA margins and your confidence in maybe hitting the 25% mid-cycle margins that you had kind of guided as a target for kind of year-end '23. Do you think you can kind of hit that a little bit earlier now, given that you're outperforming on the margin side?

我們能否——作為一種相關的後續行動，你能否擴展一下，我猜，也許是你對公司的最終盈利能力？顯然，您在這裡給了我們一些 EBITDA 指導。當我們考慮今年的收益時，您將超過上一個週期的峰值。但是我們應該如何構建斯倫貝謝這個週期的盈利能力呢？然後也許只是圍繞 EBITDA 利潤率的討論以及您對達到 25% 的周期中期利潤率的信心，您曾將其作為 23 年年底的目標。鑑於您在邊際方面的表現出色，您認為您現在可以早一點實現這一目標嗎？

No. I think as we have said before, I think there are 2, 3 reasons why we are confident about our margin trajectory, earnings power going forward.

不。我認為正如我們之前所說，我認為有 2、3 個原因讓我們對我們的利潤率軌跡和未來的盈利能力充滿信心。

First is that we have high graded our portfolio in North America that has lifted our margin in North America to deliver that we are comfortable now, that we are competing and accretive. Secondly, we have created a significant reset in our operating leverage less than 2 years ago that is paying off and paying off at the time we are expanding and growing. And third, we believe that a combination of a tight supply already very visible in North America and broadening, as I said, in international, combined with performance, technology performance, integration performance differentiation, is creating a further premium that will fall through to our earnings.

首先是我們在北美的投資組合評級很高，這提高了我們在北美的利潤率，以實現我們現在感到舒適，我們正在競爭和增值。其次，在不到 2 年的時間裡，我們已經對我們的運營槓桿進行了重大調整，這在我們擴張和成長的同時得到了回報和回報。第三，我們認為，在北美已經非常明顯的供應緊張和在國際上不斷擴大的組合，以及性能、技術性能、集成性能差異化，正在創造進一步的溢價，這將落入我們的收益。

So we have a probable mixed outlook that includes offshore. We have differentiating technology and integration performance, and we have the foundation, the operating reset that we have done and the high-grading we did forward. So you combine this with the upside that digital brings to this, and you get all in a significant upside that we have in our margin. And we had anticipated 25% EBITDA margin sometime next year, and I think we are still very confident about that target.

因此，我們的前景可能喜憂參半，其中包括離岸市場。我們有差異化的技術和集成性能，我們有我們所做的基礎，我們所做的操作重置和我們所做的高等級。因此，您將其與數字化帶來的優勢結合起來，您將獲得我們利潤中的巨大優勢。我們曾預計明年某個時候 EBITDA 利潤率將達到 25%，我認為我們對這個目標仍然非常有信心。

Okay. Perfect. I'll turn it back over.

好的。完美的。我會把它翻過來。

Next, we have a question from Arun Jayaram with JPMorgan.

接下來，我們有一個來自摩根大通的 Arun Jayaram 的問題。

Olivier. Obviously, some concerns around Russia kind of heading into the print. But I was wondering if you could provide more color on the drivers of the 20% sequential top line growth that you saw in Europe/CIS/Africa that manifested despite a decline in Russian revenue?

奧利維爾。顯然，對俄羅斯的一些擔憂已經進入印刷版。但我想知道您是否可以提供更多關於您在歐洲/獨聯體/非洲看到的 20% 連續收入增長的驅動因素，儘管俄羅斯收入下降，但仍表現出來？

I think it's built on multiple GeoUnits in West Africa and Europe and Scandinavia, to a lesser extent, that has been benefiting from project timing from -- particularly in the production system that you have seen has benefited from a significant sequential growth. A large portion of that was in Europe.

我認為它是建立在西非、歐洲和斯堪的納維亞半島的多個 GeoUnits 之上的，在較小程度上，這一直受益於項目時間安排——特別是在你所看到的生產系統中，它受益於顯著的連續增長。其中很大一部分在歐洲。

The same in offshore environment. I think we have offshore environment is picking up in that region. And this has been very beneficial to us, including some explore into other performance. So you combine all of this, and we have had a fairly substantial growth, and we don't see this necessarily abating a lot in the coming quarters. So I think we see a lot of further offshore and activity both in Africa, Europe, Scandinavia accelerating, as I said, next year, and that will more than offset the risk we are facing in the Russia outlook.

在海上環境中也是如此。我認為我們在該地區的離岸環境正在回升。這對我們非常有益，包括對其他性能的一些探索。所以你把所有這些結合起來，我們已經有了相當可觀的增長，我們認為這在未來幾個季度不一定會減少很多。所以我認為，正如我所說，明年我們看到非洲、歐洲、斯堪的納維亞半島的更多離岸活動和活動加速，這將抵消我們在俄羅斯前景中面臨的風險。

Great. Great.

偉大的。偉大的。

And just my follow-up, Olivier, you mentioned how Schlumberger is hosting an Investor Day in November. I was wondering if you could talk about some of the objectives of that upcoming event? And what do you hope to showcase and highlight to investors at that time?

就在我的後續行動中，Olivier，您提到了斯倫貝謝如何在 11 月舉辦投資者日。我想知道您能否談談即將舉行的活動的一些目標？您當時希望向投資者展示和強調什麼？

I think we commented on this during the last call. And I think it is an event where we invite investors and analysts to update them on our view first on the cycle, our strategy to execute on this cycle, and our long-term ambition we have for the company, building on our Core and our digital and our new energy investment that will go forward. So that's where. And you will see technology, you will see I think elements of our strategy, and we will expose all of you to the view we have on the macro and the long-term ambition for the company.

我想我們在上次通話中對此進行了評論。我認為這是一個活動，我們邀請投資者和分析師首先向他們更新我們對周期的看法，我們在這個週期中執行的戰略，以及我們對公司的長期抱負，建立在我們的核心和我們的數字化和我們的新能源投資將向前發展。所以就是這樣。你會看到技術，你會看到我認為我們戰略的元素，我們會讓你們所有人了解我們對公司的宏觀和長期抱負的看法。

And our next question is from Neil Mehta with Goldman Sachs.

我們的下一個問題來自高盛的尼爾梅塔。

Team. Olivier. First question was just around your Canada APS assets, and how are you thinking about that? Are you still considering the sale? Or has the thought process changed given the macro environment? And alongside that, the monetization of the Liberty position as well. Should we be thinking that Schlumberger will look to continue to exit?

團隊。奧利維爾。第一個問題是關於您的加拿大 APS 資產，您對此有何看法？你還在考慮出售嗎？或者考慮到宏觀環境，思維過程是否發生了變化？除此之外，自由職位的貨幣化也是如此。我們是否應該認為斯倫貝謝會繼續退出？

[Arun], it's Stephane here.

[阿倫]，這裡是斯蒂芬。

So look, on Palliser in Canada, or our asset for APS, we are quite happy with the performance of this asset. Actually, it's generating very strong cash flows. So it's a great asset, and we are making the most of it at the moment.

所以看，在加拿大的 Palliser 或我們的 APS 資產上，我們對這項資產的表現非常滿意。實際上，它正在產生非常強勁的現金流。所以這是一項巨大的資產，我們目前正在充分利用它。

As it relates to Liberty, you have seen that we decided to monetize a large part of our investment in the second quarter when the market conditions were favorable. So we now hold only 12% of the equity. We will simply -- we'll continue to monitor our investment going forward, and we'll decide further monetization based on market conditions like we did earlier.

由於它與 Liberty 相關，您已經看到我們決定在第二季度市場條件有利時將大部分投資貨幣化。所以我們現在只持有12%的股權。我們將簡單地 - 我們將繼續監控我們的投資，我們將像之前所做的那樣根據市場條件決定進一步的貨幣化。

Okay. That's good. That's helpful color.

好的。那挺好的。這是有用的顏色。

And then the second is a philosophical question. Schlumberger is now getting to the point where the business is generating a decent amount of free cash flow on visibility for that free cash flow to grow. How do you think about return of capital? And as you think about the preferred methodology to return that capital, do you think a buyback or a dividend is the most effective way to get that cash back to shareholders?

第二個是哲學問題。斯倫貝謝現在已經到了這樣的地步，即該業務正在產生可觀的自由現金流，因為該自由現金流能夠增長。您如何看待資本回報？當您考慮返還該資本的首選方法時，您認為回購或分紅是將現金返還給股東的最有效方式嗎？

Sure. Look, first, as you know, we increased our dividend by 40% starting with the July payment, so this was a first step in increasing returns to shareholders in this growth cycle.

當然。首先，如您所知，我們從 7 月份的付款開始將股息增加了 40%，因此這是在這個增長周期中增加股東回報的第一步。

Now, as earnings and cash flows indeed continue to grow over the cycle, we will review opportunities constantly to increase returns to shareholders. And it will be either in the form of increased dividends or share repurchases. We will also see exceptional cash proceeds from our continuous portfolio high-grading program, so this will give us further optionality. We will decide between dividends and share repurchases in due time. Dividend, of course, has to be sustainable, affordable for the long term, but share repurchases will be part of the equation as well.

現在，隨著收益和現金流確實在整個週期內持續增長，我們將不斷審查機會以增加股東回報。它將以增加股息或股票回購的形式出現。我們還將從我們的持續投資組合高評級計劃中看到可觀的現金收益，因此這將為我們提供更多的選擇權。我們將在適當的時候決定分紅和股票回購。當然，股息必須是可持續的、長期負擔得起的，但股票回購也將成為等式的一部分。

Our next question comes from Scott Gruber with Citigroup.

我們的下一個問題來自花旗集團的 Scott Gruber。

Yes. So as you mentioned there's growing recession fears in the broader market, and that's weighed on oil and it's weighed on your stock. But Olivier, as you mentioned, there seems to be great resiliency here to the growth outlook. But I am curious, roughly at what oil price do you think the multiyear double-digit recovery could be in peril? It just seems like there's a pretty big buffer between the current price and where that price could be. I'm wondering your thoughts on -- I think it's important.

是的。因此，正如您所提到的，大盤中對經濟衰退的擔憂日益加劇，這對石油造成了壓力，也對您的股票造成了壓力。但是，正如您所提到的，Olivier 似乎對增長前景有很大的彈性。但我很好奇，你認為油價在多少年兩位數的複蘇可能會處於危險之中？似乎當前價格與該價格可能的位置之間存在相當大的緩衝。我想知道你的想法——我認為這很重要。

I think -- first, I think we are living through a supply-led unbalance. I think it's quite unique, and it will take time before it recovers towards a demand supply balance. So I think the quarters to come will be definitely quarters to be replenishing and securing enough spare capacity to avoid the exposure, the overexposure to risk on the energy supply.

我認為 - 首先，我認為我們正在經歷供應主導的不平衡。我認為這是非常獨特的，它需要一段時間才能恢復到供需平衡。因此，我認為未來幾個季度肯定會補充並確保足夠的備用產能，以避免暴露，過度暴露於能源供應風險。

And -- but you have the undercurrent that is on energy security that is creating a double sourcing, that is a new attribute of demand that -- and supply, sorry, on supply that is doubling down. So I think the buffer is pretty wide, in my opinion. And hence, the short term and some of the risk on the slowing and/or inflection into the demand growth going forward, there is a decoupling and there is resilience into the investment cycle that we are seeing as we speak.

而且 - 但是你有能源安全的暗流正在創造雙重採購，這是需求的一個新屬性 - 供應，抱歉，供應正在加倍。所以我認為緩衝區非常寬。因此，短期內以及未來需求增長放緩和/或出現拐點的一些風險，我們正在看到的投資週期存在脫鉤和彈性。

So whether this lasts, it's very difficult to say how long it will last. But I think we see that this cycle is stronger, longer and pricier than we had anticipated because of those unique conditions that the security supply has just added a new dimension to it. So I think there is a lot of space in my opinion.

所以這是否持續，很難說它會持續多久。但我認為我們看到這個週期比我們預期的更強大、更長、更昂貴，因為安全供應剛剛為其增加了一個新維度的獨特條件。所以我認為我認為有很大的空間。

Yes, we agree. And a follow-up on exploration, I know you touched on it and touched on it's benefiting mix. But I'm curious just how you see the recovery here on the exploration side, this cycle? The general assumption coming in was that exploration would lag. But just given a deep downturn in exploration activity and given a renewed focus on energy security, should we now be assuming that exploration activity will actually rise in excess of the general recovery as it usually is? Is that possible here?

是的，我們同意。在探索的後續行動中，我知道你談到了它並談到了它的有益組合。但我很好奇你如何看待探索方面的複蘇，這個週期？進來的一般假設是探索會滯後。但是，鑑於勘探活動的深度下滑並重新關注能源安全，我們現在是否應該假設勘探活動實際上會像往常一樣超過總體復甦？這裡可能嗎？

No. What we are witnessing actually is that below the radar screen, if I may use that expression, is that we are seeing a lot of exploration and appraisal programs that have been -- that are being initiated with some good supply that we are seeing in the new frontier, call it, in the Namibia, call it in Colombia, all the place. And we are seeing program and support for new exploration in Asia as well.

不。我們實際目睹的是，在雷達屏幕下方，如果我可以使用這個表達，我們正在看到許多勘探和評估計劃，這些計劃正在啟動，我們看到了一些良好的供應在新的邊境，叫它，在納米比亞，叫它在哥倫比亞，到處都是。我們也看到了對亞洲新探索的計劃和支持。

So yes, we are cautiously optimistic that indeed, the exploration cycle is back to a scale that I think will be accretive to our mix, and will be giving us the unique exposure from our exploration data licensing and/or from our reserve performance portfolio and digital also as we typically have a lot of license and digital solutions that address the exploration geoscience workflows. So we see this as a mix that is accretive to our future, and that is coming a little bit ahead of what we could have anticipated in this cycle.

所以，是的，我們謹慎樂觀地認為，勘探週期確實回到了我認為將增加我們組合的規模，並將為我們提供勘探數據許可和/或儲量性能組合的獨特曝光率，以及數字化，因為我們通常有很多許可證和數字化解決方案來解決勘探地球科學工作流程。因此，我們認為這是對我們未來的增值，這比我們在這個週期中的預期提前了一點。

Appreciate that color.

欣賞那個顏色。

Our next question is from Roger Read with Wells Fargo.

我們的下一個問題來自富國銀行的 Roger Read。

Yes. Yes, what I would like to maybe understand, and focusing on kind of the back half and the exit this year on the EBITDA guidance, you didn't really raise that despite the stronger Q2, obviously, some positives on pricing. I was just wondering what you see to keep you, I don't know if cautious is the right term, but let's just say conservative in terms of EBITDA guidance relative to revenue guidance? Is that Russia or something else that's flowing through?

是的。是的，我可能想了解的是，並關註今年 EBITDA 指導的後半部分和退出，儘管第二季度表現強勁，但您並沒有真正提出這一點，顯然，定價方面有一些積極因素。我只是想知道您看到什麼可以留住您，我不知道謹慎是否是正確的術語，但我們只是說相對於收入指導的 EBITDA 指導保守？是俄羅斯還是其他正在流經的地方？

I think first, let me reiterate the guidance we provided. We provided the guidance that revenue will be a full year of $27 million dollars at least, and we provided a guidance that our EBITDA in dollar terms will grow by at least 25% year-on-year throughout from 2021. So if you use this, you see that it goes up above the current consensus and have been adjusted for the actual EBITDA that we had in the second quarter. So we foresee a raise in the EBITDA dollar for the full year with this guidance that I just shared.

我想首先，讓我重申我們提供的指導。我們提供的指導是，全年收入至少為 2700 萬美元，我們提供的指導是，從 2021 年起，我們以美元計算的 EBITDA 將同比增長至少 25%。所以如果你使用這個，您會看到它高於當前的共識，並且已經根據我們在第二季度的實際 EBITDA 進行了調整。因此，根據我剛剛分享的這一指導，我們預計全年 EBITDA 美元將有所增長。

Yes. I understand that. I guess I was just really coming at the sort of 24 -- the up 200 basis points from Q2 -- Q4 of '21 to Q4 of '22. Given the seasonality and other things should help.

是的。我明白那個。我想我真的是在 24 歲——從第二季度到 21 年第四季度到 22 年第四季度上升了 200 個基點。考慮到季節性和其他事情應該會有所幫助。

Yes. This is still our ambition, and I think this ambition is based on the seasonal impact that we anticipate through a particularly digital year-end sales that will follow our digital forum and the mix that we believe will be favorable. So we include international and offshore that are accelerating in the second half. So this is still the ambition we have set for the team, and this is the reason why we have guided to the 25% full year EBITDA growth in dollar terms or higher.

是的。這仍然是我們的雄心壯志，我認為這種雄心壯志是基於我們預期的季節性影響，通過我們的數字論壇之後的特別數字化年終銷售以及我們認為有利的組合。因此，我們將下半年加速發展的國際和離岸業務包括在內。因此，這仍然是我們為團隊設定的目標，這也是我們將全年 EBITDA 增長率（以美元計價為 25% 或更高）的原因。

Okay. And then this is a little more of a -- especially given the commentary earlier about best quarter since back in '15, and this is a cycle where a lot of the E&P companies, integrateds, are being conservative in terms of their pace of spending increase relative to what we see in the commodity prices.

好的。然後這是一個多一點的 - 特別是考慮到早先關於自 15 年以來最佳季度的評論，在這個週期中，許多勘探與生產公司（綜合體）在支出速度方面都比較保守相對於我們在大宗商品價格中看到的有所增加。

I was just wondering, as you look at this cycle of this part of the recovery so far, what you can see in the back half of this year, thinking about next. What looks the same, what looks different? I mean, obviously, you expect the exploration recovery to continue. But if we just look at the, call it, development side, are we leaning more heavily into that? Is the mix more positive than in some other cycles? Or should it ultimately look a lot like any other cycle, just -- it's going to be stronger in one place, weaker in other?

我只是想知道，當你看到到目前為止這部分複甦的這個週期時，你會在今年下半年看到什麼，然後考慮下一步。什麼看起來一樣，什麼看起來不一樣？我的意思是，很明顯，您預計勘探復甦將繼續。但如果我們只看，稱之為開發方面，我們是否更傾向於這方面？這種組合是否比其他一些週期更積極？或者它最終應該看起來很像任何其他週期，只是 - 它會在一個地方更強，在另一個地方更弱？

No. I think what is quite characteristic of the cycle is the broad nature of this cycle. We see it -- we are growing across the 4 divisions. We are growing across the 4 areas, and we are seeing this set to continue. So we see, as I said, a strong inflection in international that will outpace in terms of rate of growth in North America from the second half. We see also offshore, the return of offshore being a characteristic that will only expand going forward.

不，我認為這個週期的特點是這個週期的廣泛性。我們看到了——我們正在跨越 4 個部門成長。我們在 4 個領域都在增長，並且我們看到這將繼續下去。因此，正如我所說，我們看到國際市場出現強烈的拐點，從下半年開始，北美的增長率將超過這一點。我們還看到離岸，離岸的回歸是一個只會在未來擴大的特徵。

The -- if you were to just look at the -- in terms of numbers, the number of jackups being operating in shallow waters is actually on par higher than it has been for the previous cycles, more than 300, and deepwater is starting to catch up.

——如果你只看——就數字而言，在淺水區作業的自升式平台的數量實際上比之前的周期要高，超過 300 個，深水區開始跟上來。

So I think we have a -- we have a mix of signals that are clearly broadening the activity outlook. Hence, if I want to differentiate, it's more the supply-led and tightness of the market, creating pricing condition that is unique in this cycle in addition to the broad nature of growth across almost all countries in this -- in the coming quarters.

所以我認為我們有 - 我們有明顯擴大活動前景的各種信號。因此，如果我想區分，更多的是供應主導和市場的緊張，除了在未來幾個季度幾乎所有國家的廣泛增長之外，創造了在這個週期中獨一無二的定價條件。

Positive in all -- Yes. It's positive in all dimensions, I will say. Customers, geographies and division business lines. So that's what we foresee is unique, and it's broad. It's production enhancement, it's some appraisal acceleration, and it's a development program, both oil and gas.

總的來說是積極的——是的。我會說，它在各個方面都是積極的。客戶、地區和部門業務線。所以這就是我們所預見的獨一無二的，而且是廣泛的。這是提高產量，加速評估，是石油和天然氣的開發計劃。

Next, we move on to Connor Lynagh with Morgan Stanley.

接下來，我們繼續討論摩根士丹利的 Connor Lynagh。

We've been talking a lot about pricing, but I wanted to maybe just put a finer point on something.

我們一直在談論定價，但我想也許只是在某些事情上提出一個更好的觀點。

One of the big investor concerns on both Schlumberger and the broader oil services industry is the degree to which you'll be able to extract pricing or improve margins not just in some of the less core geographies, but also with some of your big national oil company customers. So I'm curious, based on how broad-based your comments have suggested pricing is, are you already seeing pricing or margins improve in some of your biggest regions with some of your biggest customers? Are your conversations indicating that more is to come? Just curious if you could address that.

投資者對斯倫貝謝和更廣泛的石油服務行業的最大擔憂之一是，您能夠在多大程度上提取定價或提高利潤率，不僅是在一些不太核心的地區，而且還包括您的一些大型國家石油公司客戶。所以我很好奇，根據您的評論建議定價的廣泛性，您是否已經看到在您的一些最大客戶的一些最大地區的定價或利潤率有所提高？你的談話是否表明會有更多的事情發生？只是好奇你是否能解決這個問題。

No. As I commented before, it's broad. It's happening today, and it's expanding. So now is it in -- for every contract, for every customer, and that's what we are working on. But the customer understands, the customers realize that the market is becoming tight. The customers care for performance. The customer wants to secure capacity for their future plan. And hence, we are seeing success into our engagement with all of our customers into a positive response and adjustment of our price in the existing contract or into new contract. Into, as I said, a contract extension that are negotiated one-on-one and with pricing increments or -- and into tender environment where the pricing is seen being lifted.

不，正如我之前評論的那樣，它很廣泛。它今天正在發生，並且正在擴大。所以現在它在 - 每個合同，每個客戶，這就是我們正在做的事情。但客戶明白，客戶意識到市場正在變得緊張。客戶關心性能。客戶希望為他們的未來計劃確保容量。因此，我們看到我們與所有客戶的合作取得了成功，積極響應和調整我們在現有合同或新合同中的價格。正如我所說，進入一對一談判並增加定價的合同延期，或者 - 進入定價被提升的招標環境。

So it's broad, and it will continue to happen. And I think while -- a year ago, it was mostly in North America with [inaudible] internationally. I would say that it's very established in North America, and it's broad now in International across all customers. And yes, some will take more time to materialize and some we'll face at a later date, but we are confident that the momentum has started and the market we support going forward.

所以它是廣泛的，它會繼續發生。我認為，一年前，它主要在北美，[聽不清] 國際。我會說它在北美非常成熟，現在在國際上的所有客戶都很廣泛。是的，有些需要更多時間才能實現，有些我們將在以後面對，但我們相信勢頭已經開始，我們支持的市場向前發展。

Got it. Maybe pivoting a little bit here. We've talked tangentially about Russia, but I was wondering if you could just clarify what your expectations are for the country, for your operations there? And effectively, what the wind-down might look like relative to your plans to cease investment in the new contracts there?

知道了。也許在這裡旋轉一點。我們已經談過俄羅斯了，但我想知道你能否澄清一下你對這個國家的期望，對你在那裡的業務的期望？實際上，相對於您停止對那裡的新合同進行投資的計劃，結束可能會是什麼樣子？

No, I think I would just reiterate what we said earlier and bring a little bit of clarity. But our position is unchanged since we communicated earlier this year at the onset of this crisis, and we have suspended new investment and technology deployment into Russia.

不，我想我只是重申我們之前所說的並帶來一點清晰。但自今年早些時候在這場危機爆發時進行溝通以來，我們的立場沒有改變，我們暫停了對俄羅斯的新投資和技術部署。

However, our structure gives us the flexibility to have operations in country in full compliance with international sanctions. So at the same time, we continue to monitor the situation very, very closely, very carefully. And we always put the safety of our people and assets as a first priority. So we cannot and will not comment on the future, but we have taken a disposition to support.

但是，我們的結構使我們能夠靈活地在完全遵守國際制裁的國家開展業務。因此，與此同時，我們將繼續非常、非常密切、非常仔細地監控情況。我們始終將人員和資產的安全放在首位。所以我們不能也不會對未來發表評論，但我們已經採取了支持的態度。

And ladies and gentlemen, we have time for one last question. That is from Keith MacKey with RBC Capital Markets.

女士們，先生們，我們有時間回答最後一個問題。這是來自 RBC Capital Markets 的 Keith MacKey。

Just would like to dig into a little bit more on the cash flow and free cash flow expectations for the second half of the year. Stephane, you mentioned that you expect that to improve. Just curious if you can put some color or magnitude around that? And is a double-digit free cash flow margin for the second half of the year in the cards?

只是想進一步了解下半年的現金流和自由現金流預期。 Stephane，你提到你希望這會有所改善。只是好奇你是否可以在它周圍加上一些顏色或大小？下半年有兩位數的自由現金流利潤率嗎？

Sure, sure. So look, first, let me come back to the second quarter to put some color. Our free cash flow was indeed slightly negative, even though the cash flow from operations improved sequentially. So as you have seen, it's all in the working capital. And to give a bit more details, 2/3 of the sequential working capital increase was due to an increase in receivables. But as I mentioned earlier, our DSO improved sequentially. So really, the increase in receivables is due to the significantly higher activity we experienced in the quarter.

一定一定。所以看，首先，讓我回到第二季度來給一些顏色。我們的自由現金流確實略微為負，儘管來自運營的現金流環比有所改善。如您所見，這一切都在營運資金中。更詳細地說，連續營運資金增加的 2/3 是由於應收賬款的增加。但正如我之前提到的，我們的 DSO 連續改進。所以實際上，應收賬款的增加是由於我們在本季度經歷的活動顯著增加。

Also, the inventory has increased, as I mentioned. We are preparing to fulfill our growing backlog, particularly in our Production Systems Division. We mentioned this is the fastest-growing division, so we want to seize all the opportunities there. So really, the working capital buildup we saw this quarter is to support the accelerated growth we are experiencing.

此外，正如我所提到的，庫存增加了。我們正準備完成我們不斷增長的積壓工作，特別是在我們的生產系統部門。我們提到這是增長最快的部門，所以我們想抓住那裡的所有機會。所以真的，我們本季度看到的營運資金增加是為了支持我們正在經歷的加速增長。

As it relates to the rest of the year, we do expect the same pattern we see every year in the second half, where working capital gradually improves on higher customer collections. When we have lower inventories due to higher product sales towards the second half. So we fully expect our free cash flow to significantly improve in the second half as per historical trends. And clearly, we maintain our ambition to generate double-digit free cash flow margin over the cycle for sure.

由於它與今年剩餘時間有關，我們確實預計下半年每年都會出現同樣的模式，即隨著客戶收款的增加，營運資金逐漸增加。由於下半年產品銷售增加，我們的庫存減少。因此，我們完全預計下半年我們的自由現金流將按照歷史趨勢顯著改善。顯然，我們肯定會保持在整個週期內產生兩位數的自由現金流利潤率的雄心。

Got it. Okay. And maybe just a follow-up on capital. It looks like you moved to the top end of your $1.9 billion to $2 billion range. Can you talk about where this was? Is it activity driven versus inflation driven? It's ultimately where you think you'll land for the year under your $27 billion revenue guidance.

知道了。好的。也許只是對資本的跟進。看起來你移動到了 19 億到 20 億美元範圍的頂端。能說說這是哪裡嗎？是活動驅動還是通脹驅動？在 270 億美元的收入指導下，這最終是你認為你今年將登陸的地方。

So just -- yes. Just to confirm, we are expecting our total capital investments, which include the CapEx, exploration data cost and APS investments for the full year, be approximately $2 billion.

所以只是 - 是的。只是為了確認一下，我們預計我們的總資本投資，包括全年的資本支出、勘探數據成本和 APS 投資，約為 20 億美元。

As Olivier highlighted, clearly, we are seeing higher demand for technology and equipment mostly in our core service divisions. This is where the most of the CapEx goes, Well Construction and Reservoir Performance. They are recording very strong year-on-year growth, so this is expected to continue. So we will continue, of course, to maintain discipline in the way we deploy any additional resource, allocating those to the countries and contracts with the best returns in accordance with our capital stewardship framework.

正如 Olivier 強調的那樣，我們清楚地看到，我們的核心服務部門對技術和設備的需求增加了。這就是大部分資本支出、油井建設和油藏性能的去向。他們的同比增長非常強勁，因此預計這種情況將持續下去。因此，當然，我們將繼續在部署任何額外資源的方式上保持紀律，根據我們的資本管理框架將這些資源分配給具有最佳回報的國家和合同。

So just one note, the CapEx portion of our total capital investment remains at the low end of our target range of 5% to 7% revenue, and we fully intend to maintain that commitment throughout the growth cycle.

因此，請注意，我們總資本投資的資本支出部分仍處於我們 5% 至 7% 收入目標範圍的低端，我們完全打算在整個增長周期內保持這一承諾。

And I do understand we have time for one more. That is Marc Bianchi with Cowen.

我明白我們還有時間再做一次。那是馬克·比安奇和考恩。

I wanted to ask first on Russia, just to follow up. I think last you updated, Russia was about 5% of total company revenue, but at the time, the ruble had significantly devalued. We've seen an appreciation in the ruble since. Can you comment on where that revenue mix is today?

我想先問一下俄羅斯，然後再跟進。我想你上次更新時，俄羅斯約占公司總收入的 5%，但當時盧布已經大幅貶值。從那以後，我們看到了盧布的升值。你能評論一下今天的收入組合在哪裡嗎？

Yes. Marc, sorry. Russia, throughout the first 6 months of 2022, is actually -- is about 5% of our total worldwide revenue.

是的。馬克，對不起。在 2022 年的前 6 個月中，俄羅斯實際上——約占我們全球總收入的 5%。

Got it. Okay. Stephane. As we look at the back half of the year, perhaps you could provide a little more color on the segments. I understand you mentioned D&I and Production Systems driving the improvement, but the D&I benefit would be largely fourth quarter, which is typical with seasonality. But there was an exceptional second quarter, so maybe you could just provide a little more color on the progression as we move through third quarter for the business?

知道了。好的。斯蒂芬。當我們回顧今年下半年時，也許您可以在細分市場上提供更多顏色。我知道你提到了推動改進的 D&I 和生產系統，但 D&I 的好處主要是第四季度，這是典型的季節性。但是第二季度的表現非常出色，所以當我們進入第三季度的業務時，也許您可以為進展提供更多的色彩？

Yes, we have indeed a very strong quarter in D&I due to some very strong data exploration sales. But at the same time, I think we will see indeed the D&I coming back to restoring its usual margin to low to mid-30s and to progress through the H2 to finish on a strong end of the year through the effect of digital year-end sales as we have experienced in previous years.

是的，由於一些非常強勁的數據探索銷售，我們在 D&I 方面確實有一個非常強勁的季度。但與此同時，我認為我們確實會看到 D&I 確實會恢復其通常的利潤率至 30 年代中期的低水平，並通過數字化年終的影響在下半年取得進展，以強勁的年終結束我們在前幾年所經歷的銷售。

So while it was very strong, I think it's still in the 30s, and we expect to keep it in the 30s, if not in the mid-30s going forward. So we will see the uptick in the end of the year.

因此，雖然它非常強大，但我認為它仍處於 30 年代，我們希望將其保持在 30 年代，如果不是在 30 年代中期的話。因此，我們將在年底看到上漲。

Very good.

很好。

Time to close indeed, thank you. So ladies and gentlemen, to conclude, let me share with you 3 key takeaways. Firstly, as our second quarter results demonstrate, our differentiated global market position, our industry-leading performance and our technology portfolio are uniquely matched to the market dynamics of this cycle.

確實是時候關閉了，謝謝。所以女士們，先生們，最後，讓我與你們分享三個關鍵要點。首先，正如我們第二季度的業績所顯示的那樣，我們差異化的全球市場地位、我們行業領先的業績和我們的技術組合與這個週期的市場動態相得益彰。

Secondly, the market fundamentals continue to support significant investment growth in our sector with an anticipated decoupling and resilience against the uncertainty of the pace of future demand growth. At the same time, the market conditions are increasingly supportive of net pricing impact onto current and future contracts both in North America and internationally.

其次，市場基本面繼續支持我們行業的顯著投資增長，具有預期的脫鉤和抵禦未來需求增長速度不確定性的彈性。與此同時，市場狀況越來越支持淨定價對北美和國際當前和未來合同的影響。

Finally, our confidence in the activity mix outlook for the second half, particularly the rotation of investment internationally, combined with pricing tailwinds, has led us to revise our full year expectation for both the revenue and earnings growth. This bodes extremely well for future beyond year-end as we continue to secure significant service and equipment backlog to support our ambition in this upcycle.

最後，我們對下半年的活動組合前景充滿信心，尤其是國際投資輪換，加上定價順風，導致我們修改了對收入和盈利增長的全年預期。這預示著年底以後的未來非常好，因為我們將繼續確保大量的服務和設備積壓，以支持我們在這個升級週期中的雄心壯志。

Ladies and gentlemen, I believe there is no better time for Schlumberger as we continue to execute with much success our returns-focused strategy and are set to continue to outperform in a market increasingly aligned with our strengths. Thank you very much.

女士們先生們，我相信對於斯倫貝謝來說，現在是最佳時機，因為我們將繼續大獲成功地執行我們以回報為中心的戰略，並且將在一個越來越符合我們優勢的市場中繼續表現出色。非常感謝。

Ladies and gentlemen, that does conclude your conference for today. Thank you for your participation. You may now disconnect.

女士們，先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連接。