斯倫貝謝公司 (SLB) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Schlumberger Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們，先生們，謝謝你們的支持。歡迎參加斯倫貝謝收益電話會議。 （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 conference over to the Vice President of Investor Relations, ND Maduemezia. Please go ahead.

我現在想將會議轉交給投資者關係副總裁 ND Maduemezia。請繼續。

Thank you, Leah. Good morning, everyone, and welcome to the Schlumberger Limited Third Quarter 2022 Earnings Conference Call. Today's call is being hosted from Houston, 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.

謝謝你，莉亞。大家早上好，歡迎參加斯倫貝謝有限公司 2022 年第三季度收益電話會議。在本週早些時候舉行的斯倫貝謝有限公司董事會會議之後，今天的電話會議在休斯頓舉行。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 third 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三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。

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. Good morning, ladies and gentlemen. Thank you for joining us on the call. In my prepared remarks today, I will cover 3 topics, starting with our third quarter results and our latest view of the macro environment. Thereafter, I will conclude with our outlook for the remainder of this year.

謝謝你，ND。早上好，女士們，先生們。感謝您加入我們的電話會議。在我今天準備好的演講中，我將涵蓋 3 個主題，從我們的第三季度業績和我們對宏觀環境的最新看法開始。此後，我將總結我們對今年剩餘時間的展望。

The second half is developing to be one of the most exciting times for the company in the recent past. We started with solid results led by the international market, and we continued to execute at a very high level, delivering another quarter of double-digit revenue growth with earnings per share and EBITDA at their highest level since 2015.

下半年正在發展成為該公司最近最激動人心的時刻之一。我們以國際市場為首的穩健業績開始，我們繼續以非常高的水平執行，實現了又一個季度的兩位數收入增長，每股收益和 EBITDA 達到 2015 年以來的最高水平。

In addition to the details captured in our earnings release this morning, I would like to take a moment to reflect on some of the key highlights for the quarter. To start, year-on-year revenue growth accelerated to 28%, the highest growth since 2011, more than a decade ago.

除了今天上午發布的財報中的詳細信息外，我還想花點時間回顧一下本季度的一些關鍵亮點。首先，收入同比增長加速至 28%，這是自 2011 年以來的最高增長，十多年前。

Internationally, all areas grew, and the pace of growth increased to 13% sequentially and 26% year-over-year. Activity and revenue trends confirm the onset of another phase in the global growth cycle, one that will be increasingly driven by the international and the offshore markets. Through our breadth and technology integration, we are optimally positioned to benefit strongly from the acceleration of activity that is expected in the quarters and years ahead.

在國際上，所有領域都在增長，增長速度環比增長至 13%，同比增長 26%。活動和收入趨勢證實了全球增長周期的另一個階段的開始，這一階段將越來越多地受到國際和離岸市場的推動。通過我們的廣度和技術整合，我們處於最佳位置，可以從未來幾個季度和幾年預期的活動加速中受益匪淺。

In our Core, all divisions continue to execute very well, and the impact of operating leverage and improved net pricing was reflected in our results. All divisions in our Core posted margin expansion led by Well Construction, our biggest division, which posted over 400 bps sequential improvement.

在我們的核心部門，所有部門的執行情況都非常好，經營槓桿和淨定價改善的影響也反映在我們的業績中。在我們最大的部門 Well Construction 的帶動下，我們核心的所有部門都實現了利潤率增長，環比增長超過 400 個基點。

We also held our Digital Forum in Lucerne, Switzerland, bringing together captains of industry in energy and information technology, over 1,000 thought leaders, partners and customers. This year's forum was our biggest yet and marks an inflection point for digital. Our long-term competitiveness as an industry depends on our ability to effectively harness technology, data and deeper collaboration. During the 3 days of active engagement, it became increasingly clear to all participants that through digital, we enter the future better equipped to deliver higher value in terms of performance and decarbonization.

我們還在瑞士盧塞恩舉辦了數字論壇，匯集了能源和信息技術行業的領軍人物、1,000 多名思想領袖、合作夥伴和客戶。今年的論壇是我們迄今為止最大的論壇，標誌著數字化的轉折點。我們作為一個行業的長期競爭力取決於我們有效利用技術、數據和更深入協作的能力。在三天的積極參與中，所有參與者都越來越清楚，通過數字化，我們可以更好地進入未來，在性能和脫碳方面提供更高的價值。

In parallel, we also continued to strengthen our Core portfolio, increasing our opportunity set in lucrative offshore markets. We announced an agreement to form a joint venture with Aker Solutions and Subsea 7. This agreement will bring together a complementary portfolio of technologies and unmatched integration capability to help customers increase production, improve efficiency and meet their decarbonization goals.

與此同時，我們還繼續加強我們的核心產品組合，增加我們在利潤豐厚的離岸市場的機會。我們宣布了與 Aker Solutions 和 Subsea 7 組建合資企業的協議。該協議將匯集互補的技術組合和無與倫比的集成能力，以幫助客戶提高產量、提高效率並實現其脫碳目標。

In the Core and in Digital, our technologies are increasingly being adopted and are positively impacting our customer performance. We secured several significant multiyear contract wins during the quarter and continue to build a solid pipeline of activity for the future.

在核心和數字領域，我們的技術越來越多地被採用，並對我們的客戶績效產生積極影響。我們在本季度獲得了幾份重要的多年合同，並繼續為未來建立穩固的活動渠道。

And finally, in New Energy, we continue to make significant advances building partnerships, investing and developing new capability. We announced an agreement with RTI International to accelerate the industrialization and scale-up of innovative nonaqueous solvent CO2 capture technology. We also made an investment in ZEG Power to accelerate the development of technology for clean hydrogen production from natural gas. Both of these are advancing our road map for hydrogen and CCUS.

最後，在新能源方面，我們繼續在建立合作夥伴關係、投資和開發新能力方面取得重大進展。我們宣布與 RTI International 達成一項協議，以加速創新的非水溶劑 CO2 捕集技術的產業化和規模化。我們還投資了浙能電力，以加快天然氣清潔制氫技術的發展。這兩者都在推進我們的氫能和 CCUS 路線圖。

Recent policy decisions in the U.S. and Europe are supportive of our selected New Energy domains, technology-led approach and market growth opportunity. We expect to announce additional progress in the coming weeks and months, as we continue to position the company for long-term participation across the entire energy value chain.

美國和歐洲最近的政策決定支持我們選擇的新能源領域、技術主導的方法和市場增長機會。我們預計將在未來幾周和幾個月內宣布更多進展，因為我們將繼續讓公司長期參與整個能源價值鏈。

To sum up, we entered the second half of the year with the expectation for strong growth momentum and raised our revenue guidance for the full year. This was predicated on a robust international outlook, the strengthening of offshore activity and the broadening impact of service pricing improvement.

綜上所述，我們進入了下半年，預期強勁的增長勢頭，並提高了全年的收入預期。這是基於強勁的國際前景、離岸活動的加強以及服務定價改進的擴大影響。

I'm very pleased with the evolution of these dynamics and our execution thus far, both of which continue to result in differentiated operational performance and solid financial results. I would like to thank the entire Schlumberger team for delivering another exceptional quarter.

到目前為止，我對這些動態的演變和我們的執行感到非常滿意，這兩者都將繼續帶來差異化的運營績效和穩健的財務業績。我要感謝整個斯倫貝謝團隊交付了另一個出色的季度。

Turning now to the macro. We have strengthened our view in a multiyear upcycle as we are on the cusp of yet another year of course. Despite concerns over the slowdown of global growth rates and the potential for recession, the fundamentals of energy as a critical resource remain very constructive.

現在轉向宏。我們在多年的上升週期中加強了我們的觀點，因為我們當然正處於又一年的風口浪尖。儘管對全球增長率放緩和經濟衰退的可能性感到擔憂，但能源作為一種關鍵資源的基本面仍然非常具有建設性。

First, in the near term, a seasonal uptick in demand as winter approaches is pitted against a very intricate supply landscape for both oil and gas through the end of the year. This situation is exacerbated by the ongoing energy crisis in Europe. Looking further out into the horizon, the demand-supply picture remains delicate, with this imbalance amplified by geopolitics, increased instance of supply disruption and limited spare global capacity.

首先，在短期內，隨著冬季的臨近，需求的季節性上升與年底前非常複雜的石油和天然氣供應格局相矛盾。歐洲持續的能源危機加劇了這種情況。展望未來，供需形勢依然微妙，地緣政治、供應中斷事件增加和全球閒置產能有限加劇了這種不平衡。

Second, the growing necessity of energy security and supply-source diversification will also bring -- also drive urgent increase in energy investment. A significant step-up in investment is required to create supply redundancy, rebalance markets and rebuild global spare capacity to levels that provide for sustainable economic growth.

其次，能源安全和供應來源多樣化的需求日益增加，也將帶來——也推動能源投資的迫切增加。需要大幅增加投資，以創造供應過剩、重新平衡市場並將全球閒置產能重建到能夠實現可持續經濟增長的水平。

And third, recent OPEC+ decisions and the extension of its framework for cooperation through 2023 are additional factors that will enable operation -- operators to invest with a higher degree of confidence in their commodity price assumptions. Taken together, these dynamics will result in a supply-led upcycle characterized by resilient upstream investment that is decoupled from near-term demand volatility.

第三，最近 OPEC+ 的決定及其將合作框架延長至 2023 年是使運營商能夠運營的額外因素——運營商對其商品價格假設有更高的信心進行投資。總而言之，這些動態將導致以供應為主導的上升週期，其特點是上游投資具有彈性，與近期需求波動脫鉤。

We expect investment growth will be durable, reinforced by the long-term demand trajectory, multi capacity expansion plans, lower operating breakeven price and supportive commodity prices. Growth will be simultaneous in North America and in international markets. This started first in North America market, and we are already witnessing the next phase of growth with an acceleration in pace in the offshore and international markets that was very visible in the third quarter.

我們預計投資增長將是持久的，這得益於長期需求軌跡、多產能擴張計劃、較低的運營盈虧平衡價格和支撐性商品價格。北美和國際市場將同步增長。這首先在北美市場開始，我們已經見證了下一階段的增長，離岸和國際市場的步伐在第三季度非常明顯。

In the U.S. land markets, we are participating more profitably in the more accretive and lower capital-intensive market segments where our technology, performance premium and our technology access business model are driving solid revenue and margin growth.

在美國土地市場，我們更有利地參與更具增值性和資本密集度較低的細分市場，我們的技術、性能溢價和我們的技術訪問業務模式正在推動穩健的收入和利潤率增長。

In the international and offshore markets, we have increased market access and enhanced our participation across the value chain through a combination of portfolio actions, fit-for-basin technology and higher wallet share on account of our performance and integration capabilities. The next phase of global market inflection is expected to be driven by increasing activity in the Middle East.

在國際和離岸市場，由於我們的業績和整合能力，我們通過組合行動、適合流域的技術和更高的錢包份額，增加了市場准入並加強了我們在整個價值鏈中的參與。預計下一階段全球市場拐點將受到中東活動增加的推動。

Looking ahead to the fourth quarter, we expect another quarter of sequential revenue growth and EBITDA margin expansion to close the year. Sequential growth will reflect historical seasonal trends. The international markets will be driven by a sequential uptick in the Middle East activity as capacity expansion projects begin to mobilize. Global offshore activity will continue to strengthen, offset by the approaching seasonality in the Northern Hemisphere, while North America land activity is expected to moderate its growth trend.

展望第四季度，我們預計將在今年結束另一個季度的連續收入增長和 EBITDA 利潤率擴張。連續增長將反映歷史的季節性趨勢。隨著產能擴張項目開始動員，國際市場將受到中東地區活動連續上升的推動。全球海上活動將繼續加強，但被北半球即將到來的季節性因素所抵消，而北美陸地活動預計將緩和其增長趨勢。

This combination will result in fourth quarter year-on-year revenue growth in the mid-20s and 200 bps EBITDA margin expansion when compared to the fourth quarter of 2021. Against this backdrop, we will visibly surpass our previously raised revenue guidance for the full year. This updated outlook will wrap up what is set to be an outstanding year for the company.

與 2021 年第四季度相比，這種組合將導致第四季度的收入同比增長 20 年代中期和 200 個基點的 EBITDA 利潤率。在此背景下，我們將明顯超過我們之前提高的全部收入指導年。這一更新後的展望將結束對公司來說將是傑出的一年。

Looking further ahead, we have increased our conviction on our strategy and the growth opportunities across our 3 engines: the Core, Digital and New Energy. Constructive oil and gas market fundamentals, energy security and the need to accelerate the energy transition will support increased investment in both clean energy technology development and lower carbon oil and gas production.

展望未來，我們更加堅信我們的戰略以及我們三個引擎的增長機會：核心、數字和新能源。建設性的油氣市場基本面、能源安全以及加速能源轉型的需要，將支持增加對清潔能源技術開發和低碳油氣生產的投資。

We have positioned the company to outperform in the long term with multiple technology-led opportunities across the entire energy value chain. These opportunities cover oil and gas, industrial decarbonization and new energy systems, all supported by digital transformation. We are ready to apply our technology, global scale and industrialization capabilities to lead in this energy landscape and deliver outstanding value for our customers and shareholders.

我們已將公司定位為在整個能源價值鏈中擁有多個以技術為主導的機會，從而在長期內表現出色。這些機會包括石油和天然氣、工業脫碳和新能源系統，所有這些都得到數字化轉型的支持。我們已準備好運用我們的技術、全球規模和工業化能力，在這一能源領域處於領先地位，並為我們的客戶和股東創造卓越的價值。

And finally, we will hold our Investors Conference in New York in a couple of weeks where I look forward to seeing most of you. During this event, we'll articulate our ambition for the future, including our near-term goals for 2023. As part of this year's Investors Conference, you will also have an immersive opportunity to see and touch some of our exciting new technologies and meet with members of our expanded management team. I'm truly excited about this upcoming event.

最後，我們將在幾週後在紐約舉行我們的投資者會議，我期待與你們中的大多數人見面。在本次活動中，我們將闡述我們對未來的抱負，包括我們對 2023 年的近期目標。作為今年投資者大會的一部分，您還將有一個身臨其境的機會，看到和接觸我們一些令人興奮的新技術並會見與我們擴大的管理團隊的成員。我對即將到來的活動感到非常興奮。

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。

Third quarter earnings per share, excluding charges and credits, was $0.63. This represents an increase of $0.13 sequentially and $0.27 when compared to the third quarter of last year. This was the highest quarterly earnings per share, excluding charges and credits, since the fourth quarter of 2015.

第三季度每股收益（不包括費用和貸項）為 0.63 美元。與去年第三季度相比，這比上一季度增加了 0.13 美元和 0.27 美元。這是自 2015 年第四季度以來最高的季度每股收益（不包括費用和貸項）。

Overall, our third quarter revenue of $7.5 billion increased 10% sequentially. We witnessed a clear acceleration of growth during the quarter, as evidenced by the 28% year-on-year revenue increase.

總體而言，我們第三季度的收入為 75 億美元，環比增長 10%。我們見證了本季度增長的明顯加速，收入同比增長 28% 就是明證。

Consistent with our expectations, activity shifted towards the international markets, particularly offshore. As a result, we experienced international sequential revenue growth of 13%, which significantly outpaced North America. Although we experienced volatility in certain foreign currency exchange rates across the world, the overall net effect on our revenue was negligible, both sequentially and year-on-year.

與我們的預期一致，活動轉向國際市場，特別是離岸市場。因此，我們的國際收入環比增長 13%，大大超過了北美。儘管我們在全球範圍內經歷了某些外幣匯率的波動，但對我們收入的整體淨影響微不足道，無論是環比還是同比。

Turning to our profitability. Pretax segment operating margins expanded 161 basis points sequentially to 18.7%, and adjusted EBITDA margins increased 91 basis points to 23.5%. Margins also increased significantly as compared to the third quarter of last year with pretax segment operating margins increasing 320 basis points year-on-year, while adjusted EBITDA margins increased 133 basis points. This significant margin expansion illustrates the benefits of the operating leverage and pricing momentum we have as well as our ability to manage inflationary headwinds.

轉向我們的盈利能力。稅前部門營業利潤率環比增長 161 個基點至 18.7%，調整後 EBITDA 利潤率增長 91 個基點至 23.5%。與去年第三季度相比，利潤率也顯著增長，稅前部門營業利潤率同比增長 320 個基點，而調整後的 EBITDA 利潤率增長 133 個基點。這種顯著的利潤率增長說明了我們擁有的經營槓桿和定價勢頭的好處，以及我們管理通脹逆風的能力。

Let me now go through the third quarter results for each division. Third quarter Digital & Integration revenue of $900 million decreased $55 million sequentially, while margins were down 586 basis points to 33.9%. The effect of increased digital sales was offset by the absence of $95 million of exploration data transfer fees that we recorded last quarter.

現在讓我來看看每個部門的第三季度業績。第三季度數字與集成收入為 9 億美元，環比下降 5500 萬美元，利潤率下降 586 個基點至 33.9%。數字銷售增加的影響被我們上季度記錄的 9500 萬美元勘探數據傳輸費用的缺失所抵消。

Reservoir Performance revenue of $1.5 billion increased 9% sequentially, while margins improved 209 basis points. These increases were driven by higher intervention and stimulation activity, both on land and offshore.

油藏績效收入為 15 億美元，環比增長 9%，而利潤率提高了 209 個基點。這些增長是由陸地和海上更高的干預和刺激活動推動的。

Well Construction revenue of $3.1 billion increased 15% sequentially, driven by strong activity growth both internationally and in North America as well as improved pricing. Margins expanded 403 basis points to 21.5% due to higher offshore activity, a favorable technology mix and solid pricing improvements.

受國際和北美活動強勁增長以及定價改善的推動，Well Construction 收入為 31 億美元，環比增長 15%。由於離岸活動增加、有利的技術組合和穩健的定價改進，利潤率擴大了 403 個基點至 21.5%。

Finally, Production Systems revenue of $2.2 billion increased 14% sequentially, primarily driven by higher product deliveries and backlog conversions as supply chain logistics constraints continued to ease. The revenue increase was led by international markets, which grew 17% sequentially. As a result, margins returned to double digits, increasing sequentially by 142 basis points to 10.4%, their highest level since the third quarter of 2019.

最後，生產系統收入 22 億美元，環比增長 14%，主要是由於供應鏈物流限制繼續緩解，產品交付量增加和積壓轉換。收入增長主要由國際市場帶動，環比增長 17%。結果，利潤率恢復到兩位數，環比增長 142 個基點至 10.4%，為 2019 年第三季度以來的最高水平。

Now turning to our liquidity. During the quarter, we generated $1.6 billion of cash flow from operations and free cash flow of $1.1 billion. This performance represents a significant improvement compared to the first half of the year as working capital started to unwind during the quarter despite the sequential revenue growth. Consistent with historical seasonal patterns, we expect this trend to accelerate in the fourth quarter, resulting into free cash flow improving sequentially.

現在轉向我們的流動性。在本季度，我們從運營中產生了 16 億美元的現金流和 11 億美元的自由現金流。儘管收入連續增長，但由於營運資金在本季度開始減少，這一業績與上半年相比有了顯著改善。與歷史季節性模式一致，我們預計這一趨勢將在第四季度加速，從而導致自由現金流連續改善。

During the quarter, we made capital investments of just over $500 million. This amount includes CapEx and investments in APS projects and exploration data. For the full year of 2022, we are expecting capital investments to be approximately $2.2 billion as we continue to support very strong revenue growth, particularly in our Well Construction and Reservoir Performance divisions.

在本季度，我們進行了超過 5 億美元的資本投資。該金額包括資本支出以及對 APS 項目和勘探數據的投資。在 2022 年全年，我們預計資本投資約為 22 億美元，因為我們將繼續支持非常強勁的收入增長，特別是在我們的油井建設和油藏性能部門。

Net debt improved by $1.3 billion during the quarter to end at $9.7 billion. This level of net debt represents a $2.7 billion improvement compared to the same period last year. Our net debt-to-EBITDA leverage is now down to 1.6x, and we expect it to drop even further during the fourth quarter on a combination of higher earnings and improved free cash flow.

本季度淨債務增加了 13 億美元，最終達到 97 億美元。與去年同期相比，這一淨債務水平增加了 27 億美元。我們的淨債務對 EBITDA 的槓桿率現在降至 1.6 倍，我們預計第四季度將進一步下降，原因是收益增加和自由現金流改善。

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. And ladies and gentlemen, I think we are ready for the Q&A session.

謝謝你，斯蒂芬。女士們，先生們，我想我們已經為問答環節做好了準備。

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

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

So Olivier, I wanted to touch on the biggest business right now, which is your Core and the fact that it's strengthening so significantly, but it's also a -- the Core has changed over the last several years. And I'd love to hear kind of your thoughts on how the next -- maybe not the next quarter, but the next couple of years should play out for the Core business, given where the cycle is going, how it's heading internationally, how it's heading offshore and how Schlumberger has positioned itself for where the increased capital spending will be.

所以奧利維爾，我想談談現在最大的業務，那就是你的核心，事實上它正在顯著加強，但它也是——核心在過去幾年中發生了變化。我很想听聽你對下一個季度的看法——也許不是下個季度，但考慮到週期的走向，它在國際上的走向如何，未來幾年應該為核心業務發揮作用它正在走向海外，以及斯倫貝謝如何為增加的資本支出定位。

No, I think I would like to comment qualitatively on the strength and the power of the Core. First and foremost, I think it's built on the 2 critical foundations. One is performance. Performance matters in this industry, and performance give us differentiation. And I think here from our technology reliability, from the competency of our people and the way we remote digitally control and monitor operation, we are leading and we are recognized as such in the industry.

不，我想我想定性地評論核心的力量和力量。首先，我認為它建立在兩個關鍵基礎之上。一是性能。性能在這個行業很重要，而性能使我們與眾不同。我認為，從我們的技術可靠性、我們員工的能力以及我們遠程數字控制和監控操作的方式來看，我們處於領先地位，並且在行業中得到認可。

The second is our customer intimacy. Our customer intimacy coming from the geographical basins and engagement we have that give us opportunity to deliver this fit-for-basin technology that are creating a unique differentiator and creating loyalty with our customers. So I believe these are the foundations.

第二是我們的客戶親密度。我們的客戶親密度來自地理流域和我們擁有的參與度，這使我們有機會提供這種適合流域的技術，這些技術正在創造獨特的差異化並與我們的客戶建立忠誠度。所以我相信這些是基礎。

Now the delivery comes from our integration, our technology and our people competency and field operation. When you combine this, and we have done that for decades, but I think -- and when the market comes with a higher revenue intensity in offshore markets and in unique projects where integration matters and technology mix and impact and create value for the customer, we see more adoption of our technology. We see more market share consolidation, and we see and recognize more pricing premium.

現在交付來自我們的集成、我們的技術、我們的人員能力和現場操作。當你把它結合起來，我們已經這樣做了幾十年，但我認為——當市場在離岸市場和獨特項目中出現更高的收入強度時，整合很重要，技術混合，影響並為客戶創造價值，我們看到更多采用我們的技術。我們看到更多的市場份額整合，我們看到並認識到更多的定價溢價。

So we see this trend to continue as the international market, the offshore market, the Middle East is the next leg of growth internationally. And we believe that the adjustment we did in our portfolio, the high-grading we did in North America to tune the portfolio to be fit and focused on the capital-light and technology differentiation and this, combined with international footprint and strength we have retained, I think, give us a unique set of benefits as the market continue to unfold going forward.

因此，我們認為這一趨勢將繼續，因為國際市場、離岸市場、中東是國際增長的下一個階段。我們相信，我們在投資組合中所做的調整，我們在北美為調整投資組合以適應並專注於輕資本和技術差異化所做的高評級，再加上我們保留的國際足跡和實力，我認為，隨著市場繼續向前發展，它會給我們帶來一系列獨特的好處。

Okay. Great. That's very helpful, Olivier. And then maybe a follow-up from me on the Digital side of your business, obviously, a successful forum in Lucerne recently. I kind of have my own kind of takeaways, I guess, from the event and the things that were announced during the event. But I'd love to hear kind of your takeaways of the level of success, how you think you'd win, how you see the adoption playing out of Digital?

好的。偉大的。這很有幫助，奧利維爾。然後可能是我在您業務的數字方面的後續行動，顯然，最近在盧塞恩舉辦了一個成功的論壇。我想，從活動和活動期間宣布的事情中，我有自己的收穫。但我很想听聽你對成功程度的看法，你認為你會如何獲勝，你如何看待數字化的採用？

I think it was, obviously, as we said, not only the biggest yet, but the most successful yet event on the back of multiple factors. The first, the quality and level of the audience that did participate to this on both our strategic partners and our customers that made the effort to attend and engage to the event. And all agreed that this event was a defining moment for them and, they believe, for the industry as it created an inflection point in recognizing the value of digital in performance impact, in decarbonization and in the efficiency going forward for the industry, building as a factor of resiliency and performance for the long term for the industry. So I think that's the highest takeaway.

正如我們所說，我認為這顯然不僅是迄今為止最大的，而且是在多種因素的支持下最成功的活動。首先，我們的戰略合作夥伴和努力參加活動的客戶都參與了此次活動的觀眾的質量和水平。所有人都同意，這次活動對他們來說是一個決定性的時刻，他們相信，對於這個行業來說，它創造了一個轉折點，認識到數字化在績效影響、脫碳和行業未來效率方面的價值，建立一個影響行業長期彈性和績效的因素。所以我認為這是最高的收穫。

Now the other key ability we have is -- and we had is that we had a product acknowledgment from the customers that were attending and from the customers that were watching while it was happening that our platform and our ecosystem with the partners we have created around our platform is becoming very mature and is delivering value and has already been proving its worth for many, many customers. So the buzz around the success of the platform and the value from subsurface to surface to remote operation or digital operation has been recognized, and this will call for more success.

現在我們擁有的另一個關鍵能力是——我們擁有的是，我們從參加的客戶和正在觀看的客戶那裡得到了產品認可，同時我們的平台和我們的生態系統與我們圍繞創建的合作夥伴我們的平台正在變得非常成熟並正在提供價值，並且已經為許多客戶證明了它的價值。因此，圍繞平台成功的熱議以及從地下到地面到遠程操作或數字操作的價值已經得到認可，這將需要更多的成功。

So I believe we had an inflection point in the adoption, and we are seeing it through the different contracts, and you have seen some of them that are coming through in the press release. And you will see more coming in the coming months and quarters that reflect the adoption of scale of our solution. And it's not only subsurface, it's not only this domain, it's expanding. It's expanding. And I think the announcement we made with Microsoft to offer an Enterprise Data Solution and the first commercial solution, OSDU, is making an impact.

所以我相信我們在採用過程中遇到了一個轉折點，我們通過不同的合同看到了這一點，你已經看到了其中一些在新聞稿中得到通過的合同。在接下來的幾個月和幾個季度中，您會看到更多反映我們解決方案規模化的情況。它不僅在地下，不僅在這個領域，而且還在擴展。它正在擴大。我認為我們與微軟宣布提供企業數據解決方案和第一個商業解決方案 OSDU 正在產生影響。

Similarly, the announcement we made with Aker on the Cognite data foundation to expand and provide the only subsurface to operation, integrated ecosystem for workflows and interoperability is unique. So the adoption is about to scale. And finally, you have seen that we also announced that the power of our platform has attracted the commitments and the collaboration with Saudi Aramco to go beyond upstream and to create a platform for carbon management. So I believe the table is set for success, if I may, going forward. And you will start to see this, this quarter and in the years to come.

同樣，我們與 Aker 在 Cognite 數據基礎上發布的聲明是獨一無二的，旨在擴展並提供唯一的地下操作、工作流和互操作性的集成生態系統。因此，採用率即將擴大。最後，您已經看到我們還宣布，我們平台的力量已經吸引了與沙特阿美公司的承諾和合作，以超越上游並創建一個碳管理平台。因此，如果可以的話，我相信桌子已經為成功做好了準備。您將在本季度和未來幾年開始看到這一點。

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。

I want to ask you about service intensity. Something that jumped out in the release to me was you said that international revenue is already exceeding 2019 levels, but on a 25% lower rig count. Kind of my question is, what's changed so much over the last 3 or 4 years? It seems to be increasing service intensity. I don't think it's pricing, at least not yet. So is it more technology being used? Is it reversal of efficiency gains? And where is this most prevalent in your business? Is it Well Construction where it's most prevalent? Just help me understand the service intensity patterns you're seeing.

我想問你關於服務強度的問題。在發布中讓我跳出來的是你說國際收入已經超過 2019 年的水平，但鑽機數量減少了 25%。我的問題是，在過去的 3 或 4 年裡發生瞭如此大的變化？似乎正在增加服務強度。我不認為這是定價，至少現在還沒有。那麼它使用了更多的技術嗎？是效率收益的逆轉嗎？這在您的業務中最普遍的地方是什麼？是井建設最流行的地方嗎？請幫助我了解您所看到的服務強度模式。

You are correct. And I think the -- as part of the mix as well, the international has made a comeback ahead of our basins. And you will see the next leg of growth coming from Middle East activity in the coming quarters, but I think that's one factor.

你是對的。而且我認為 - 作為組合的一部分，國際已經在我們的盆地之前捲土重來。您將在未來幾個季度看到中東活動的下一個增長，但我認為這是一個因素。

But I think technology, to deliver performance, our customers are more focused on critical assets where they want execution and they want performance enhancements and higher return on their capital, lower cost, high return, but this translates into higher adoption of feed technology, adoption of digital technology and the power of integration.

但我認為技術，為了提供性能，我們的客戶更專注於他們想要執行的關鍵資產，他們想要性能增強和更高的資本回報、更低的成本、高回報，但這轉化為更高的飼料技術採用率、採用率數字技術和集成的力量。

So when we have the power of integration technology adoption and are increasingly being recognized for performance and some of it through contracts that are performance-based, I think we are gaining recognition and we are, in effect, creating a net increase in the intensity of service, but also a net pricing impact. And I think that pricing has many, many dimensions. It comes from a mix of adoption of technology. It comes from the performance that -- for which we are getting commercial contracts recognized and share the value of the performance it creates.

因此，當我們擁有採用集成技術的力量，並且通過基於績效的合同獲得越來越多的績效認可時，我認為我們正在獲得認可，實際上，我們正在創造強度的淨增長服務，但也會產生淨定價影響。我認為定價有很多很多方面。它來自多種技術的採用。它來自績效——我們正在為此獲得商業合同的認可，並分享其創造的績效價值。

And it comes from pricing, catalog pricing, as I would say, the combination of which is creating a net effect that we have been benefiting from. And indeed, particularly in Well Construction where, I think, the breadth of capacity we have that is unique across the industry, the track record of benchmark of performance, the competence of our people, the digital operation transformation we did, all have impacted our cost of service delivery, for one; have impacted the performance we have created for our customers and, as such, has created the service intensity that is creating higher earnings.

正如我所說，它來自定價、目錄定價，它們的組合正在創造我們一直受益的淨效應。事實上，尤其是在 Well Construction，我認為，我們在整個行業中獨一無二的能力廣度、績效基準的跟踪記錄、我們員工的能力、我們所做的數字化運營轉型，都影響了我們服務交付成本，一；影響了我們為客戶創造的績效，因此創造了創造更高收益的服務強度。

And then just sticking on the Well Construction business, you also said, and you noted in the release, that a lot of the growth so far this year has come out of North America and Latin America. It was interesting that Middle East, Asia has actually lagged.

然後只是堅持 Well Construction 業務，您還說，並且您在新聞稿中指出，今年迄今為止的很多增長來自北美和拉丁美洲。有趣的是，中東和亞洲實際上落後了。

With everything you're talking about with the Middle East, should we be expecting this trend to kind of reverse next year? Should we expect Well Construction to be sort of the leader -- I'm sorry, should Middle East be the leader in Well Construction next year? And you hit another level of margins this quarter. Should we expect those margins to continue to go higher as this mix shifts more into the Middle East?

就你所說的中東而言，我們是否應該期待這種趨勢明年會逆轉？我們是否應該期望 Well Construction 成為領導者——對不起，明年中東應該成為 Well Construction 的領導者嗎？你在本季度達到了另一個水平的利潤率。隨著這種組合更多地轉移到中東，我們是否應該期望這些利潤率繼續走高？

That's a fair hypothesis going forward. I think the Middle East has been lagging the growth and the rebound primarily due to the some of the constraint on the short cycle over the last 18 months due to OPEC+. But I think the 4 or 5 countries that have set some new expansion plan have initiated this expansion plan in the second half and are set to accelerate their expansion plan going forward. I think it includes Saudi, it includes UAE, Kuwait, Iraq and what has been the first to expand, which is Qatar, on the LNG commitment towards 2027 will continue to expand as well. So I think the combination of this will create a new leg of growth next year internationally, and we will be set to benefit from it across all the divisions.

這是一個公平的假設。我認為中東一直落後於增長和反彈，主要是由於歐佩克+在過去 18 個月中對短週期的一些限制。但我認為，已經制定了一些新的擴張計劃的 4 或 5 個國家已經在下半年啟動了這個擴張計劃，並將加快他們的擴張計劃。我認為它包括沙特，它包括阿聯酋、科威特、伊拉克以及第一個擴大的國家，即卡塔爾，對 2027 年的液化天然氣承諾也將繼續擴大。因此，我認為這兩者的結合將在明年創造新的國際增長點，我們將在所有部門中從中受益。

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

我們的下一個問題來自美國銀行的 Chase Mulvehill。

I guess maybe a follow-up -- a quick follow-up to Dave's question around pricing or, I guess, maybe some of your earlier comments around pricing. I'd like to flesh that out a little bit more and think about kind of international pricing and the potential momentum that this could see this cycle. I mean, personally, I think that investors are underestimating the potential pricing momentum that international could see this cycle. I think that people forget what discipline in market consolidation and higher barriers to entry can actually do for pricing. And obviously, international ticks all those boxes.

我想可能是後續行動——對 Dave 關於定價的問題的快速跟進，或者，我想，也許是您之前關於定價的一些評論。我想進一步充實這一點，並考慮一下國際定價以及可能看到這個週期的潛在動力。我的意思是，就個人而言，我認為投資者低估了國際市場可能會看到這個週期的潛在定價勢頭。我認為人們忘記了市場整合的紀律和更高的進入壁壘實際上可以對定價產生什麼影響。很明顯，國際市場符合所有這些條件。

And then we haven't invested in international, our OFS companies have it in almost a decade. So it seems like there's a recipe for rather quickly tightening of fundamentals in a real pricing cycle in international. So I'd just kind of be curious of your thoughts, what you're seeing on pricing and kind of as we look forward over the next couple of years, what are your expectations on fundamental tightness that could drive some real pricing momentum?

然後我們還沒有投資於國際，我們的 OFS 公司在近十年內就有了。因此，在國際上的實際定價週期中，似乎有一個快速收緊基本面的秘訣。所以我有點好奇你的想法，你對定價的看法以及我們對未來幾年的展望，你對可能推動一些真正定價勢頭的基本面緊縮有什麼期望？

Well, I think we are seeing this already today. And I think we have -- pricing impact started, as I said, 2 years ago, 1.5 years ago in North America has been broadening, has been very visible internationally in the last quarter. So the -- all the fundamental elements for -- are in place, indeed. First and foremost, I think the capital discipline that we have in our organization is remaining firmly in place. Capital stewardship is clear to us, and we deploy an asset in the contract and in the market to be a credit or returns.

好吧，我想我們今天已經看到了。而且我認為我們已經 - 正如我所說，定價影響在 2 年前開始，1.5 年前在北美一直在擴大，在上個季度在國際上非常明顯。所以——所有的基本要素——確實已經到位。首先，我認為我們組織中的資本紀律仍然牢固。資本管理對我們來說很清楚，我們在合同和市場中部署資產作為信用或回報。

The service intensity also, considering the deployment of more offshore rigs, is also increasing the pool on the existing net pool of resource technology that is getting further stretched on the demand of supply in our capacity. And finally, as I said earlier, the performance factor on the base foundation of our operations, be it our core performance, be it technology that are fit for basin and are creating a performance premium for our customers, on digital -- operation of digital portfolio that we are rolling out are all creating a performance impact that the customers are looking for.

考慮到更多海上鑽井平台的部署，服務強度也增加了現有資源技術淨池的池，這進一步滿足了我們產能的供應需求。最後，正如我之前所說，我們運營基礎的績效因素，無論是我們的核心績效，無論是適合盆地並為我們的客戶創造績效溢價的技術，數字化——數字化運營我們正在推出的產品組合都在創造客戶正在尋找的性能影響。

Customers are willing to develop and are keen to develop their assets, provided that we develop them -- if we help them develop them efficiently at a lower capital intensity and with beating the curve and creating new performance benchmark. And I think this has a price, and I think we differentiate in this environment. So we expect the future, indeed, internationally to support this pricing and these market conditions.

客戶願意並熱衷於開發他們的資產，前提是我們開發它們——如果我們幫助他們以較低的資本密集度有效地開發它們，並超越曲線並創造新的績效基準。我認為這是有代價的，我認為我們在這種環境中有所區別。因此，我們預計未來，事實上，國際上將支持這種定價和這些市場條件。

Okay. Awesome. I appreciate the color. Unrelated follow-up, if we can kind of go to the subsea business and just kind of maybe a state-of-the-union update, just kind of general market outlook, pricing is starting to move. Maybe I don't know if there's any updates on kind of where margins -- subsea margins are today. And how much margin expansion you might be able to see over the coming year or 2?

好的。驚人的。我很欣賞這種顏色。不相關的後續行動，如果我們可以涉足海底業務，並且可能只是對聯盟狀態的更新，只是一般的市場前景，定價開始發生變化。也許我不知道是否有任何關於利潤率的更新——今天的海底利潤率。在未來一兩年內，您可能會看到多少利潤率增長？

No, as we commented earlier and we commented in making off of our subsea JV, and we addressed some of this as in previous communication, we are very constructive into the deepwater market going forward. The recent pipeline of FID that has been blessed in recent months, the pipeline that is set in 2023 according to WoodMac is at $170 billion of FID, that will be the highest in the last 10 years, since 2011.

不，正如我們之前評論的那樣，我們在關閉我們的海底合資企業時發表了評論，我們在之前的溝通中解決了其中的一些問題，我們對未來的深水市場非常有建設性。最近幾個月得到祝福的 FID 管道，根據 WoodMac 的數據，在 2023 年設置的管道為 1700 億美元，這將是自 2011 年以來過去 10 年中的最高水平。

And the mobilization of projects across the different deepwater basin continues. There are some critical and very positive trends in Brazil, in Norway, Guyana continue to be and that Latin America basin with still some appraisal, both from the Colombia gas offshore or the Suriname will be complemented by further activity in Africa and also in Asia. So we are positive on the outlook.

跨不同深水盆地的項目動員仍在繼續。巴西、挪威、圭亞那繼續存在一些關鍵且非常積極的趨勢，拉丁美洲盆地仍有一些評估，無論是來自哥倫比亞海上還是蘇里南的天然氣，都將得到非洲和亞洲進一步活動的補充。因此，我們對前景持樂觀態度。

The number of trees is growing and has grown visibly to now exceed 300 trees. And these are -- this is setting the market condition for supporting higher price and, again, linked to performance in life cycle reduction, performance in merger, in reservoir recovery using boosting and processing technology that are becoming increasingly critical. And hence, we believe the conditions are set to be positive for deepwater partly for subsea market.

樹木的數量正在增長，並且已經明顯增長到現在超過 300 棵樹。這些是 - 這為支持更高的價格設定了市場條件，並且再次與生命週期縮短的性能，合併的性能，使用增壓和處理技術的儲層回收的性能相關聯，這些性能變得越來越重要。因此，我們認為深水市場的條件將是積極的，部分海底市場也是如此。

All right. Perfect. I appreciate the color. I'll turn it back over.

好的。完美的。我很欣賞這種顏色。我會把它翻過來。

Next, we go to Arun Jayaram with JPMorgan.

接下來，我們與摩根大通一起前往 Arun Jayaram。

I wanted to -- perhaps if you could elaborate a little bit more on Well Construction. Your margins grew 400 basis points sequentially. Maybe you could elaborate on just the drivers of the margin expansion and help put some of the results at Well Construction into historical context with the top line at above $3 billion in terms of 3Q.

我想 - 如果你能詳細說明一下 Well Construction 的話。您的利潤率連續增長 400 個基點。也許您可以詳細說明利潤率擴張的驅動因素，並幫助將 Well Construction 的一些業績納入歷史背景，第三季度的收入超過 30 億美元。

I think it's a combination where we are obviously extremely pleased with the performance of Well Construction during the last quarter, but not only during the last quarter. I think it has been a division that has been on a journey for the last few years where we realized that we had the opportunity to put together the best and the biggest portfolio and the most comprehensive breadth of capabilities across the technology portfolio for Well Construction.

我認為這是一個組合，我們顯然對 Well Construction 在上個季度的表現感到非常滿意，但不僅僅是在上個季度。我認為這是一個在過去幾年中一直在發展的部門，我們意識到我們有機會將最好和最大的產品組合以及最全面的能力整合到 Well Construction 的技術組合中。

We adjusted and changed the structure and the organization to combine all of this in one division less than 3 years ago and about a few years ago, and we are reaping the benefit from this, both from a technology adoption, from performance in integration and from customer intimacy, giving us opportunity to expand our market access and expand our success and then critically creating the pricing impact and the earnings impact we want.

不到 3 年前和大約幾年前，我們調整和改變了結構和組織，將所有這些整合到一個部門中，我們正在從中受益，包括技術採用、集成性能和客戶親密度，讓我們有機會擴大我們的市場准入並擴大我們的成功，然後至關重要地創造我們想要的定價影響和收益影響。

So part of this, we have fit-for-basin technology that have created a unique performance impact on [Well Construction] as such. We have digital operation that we are increasingly using to impact the performance and the accuracy of our well placements and the efficiency of our operation, as such, reducing our cost of service delivery. And we continue to introduce, as we said, technology that are making an impact and the difference on the market.

因此，其中一部分是，我們擁有適合盆地的技術，這些技術對 [Well Construction] 本身產生了獨特的性能影響。我們越來越多地使用數字化運營來影響我們的井佈置的性能和準確性以及我們的運營效率，從而降低我們的服務交付成本。正如我們所說，我們將繼續推出對市場產生影響和差異的技術。

So we are positive for the outlook. It's the biggest division. It has and will continue to lead in the core going forward. And we remain very, very optimistic about the outcome, and we believe that the customer recognize the performance and look forward using and adopting Well Construction.

因此，我們對前景持樂觀態度。這是最大的分歧。它已經並將繼續在核心領域處於領先地位。我們對結果仍然非常非常樂觀，我們相信客戶認可性能並期待使用和採用 Well Construction。

Great. Just a follow-up. One of the sources of upside versus our model was the revenue growth in Europe/CIS/Africa. I was wondering if you could help us understand, I think, an over 20% increase in sequential revenues, drivers of 3Q and thoughts as we enter into fourth quarter in terms of that broader region.

偉大的。只是一個後續。與我們的模型相比，優勢之一是歐洲/獨聯體/非洲的收入增長。我想知道您是否可以幫助我們理解，我認為，當我們進入第四季度時，就更廣泛的地區而言，連續收入增長超過 20%、第三季度的驅動因素和想法。

I think it was mostly offshore. It was driven by a significant contract that we have been executing in an offshore environment, in Europe, in the Black Sea, in Norway, in Africa, a rebound of operation. I think the mix has been highly favorable, and this is the power of our Core and including Well Construction that has been planned out very well. We have many contracts that we have announced and we have been communicating earlier like the [Oman-Namibia] project. I think we had some progress there. We have our Black Sea deepwater project, and we have more that have been combining to create much impact on Production Systems and Well Construction during the quarter.

我認為它主要是在海上。它是由我們在離岸環境、歐洲、黑海、挪威、非洲執行的一項重要合同推動的，這是業務的反彈。我認為這種組合非常有利，這就是我們核心的力量，包括精心規劃的鑽井建設。我們已經宣布了許多合同，並且我們之前一直在溝通，例如 [阿曼-納米比亞] 項目。我認為我們在那裡取得了一些進展。我們有我們的黑海深水項目，我們還有更多的項目正在結合起來，在本季度對生產系統和油井建設產生很大影響。

Our next question is from Neil Mehta with Goldman Sachs.

我們的下一個問題來自高盛的 Neil Mehta。

And looking forward to seeing you here in a couple of weeks. I guess we'll talk a lot about strategy then, so maybe some tactical questions for you. As you think about fourth quarter considerations, it sounds like margins and top line are going to be improving. But can you just give us any color on how you think about the sequential 3Q to 4Q across business lines as it comes to earnings? And then the follow-up is on working capital. You had made a comment that you expect it to accelerate into the fourth quarter. Any comments there would be great.

並期待在幾週後在這裡見到你。我想那時我們會談論很多關於策略的事情，所以也許有一些戰術問題要問你。當您考慮第四季度的考慮時，聽起來利潤率和收入將有所改善。但是，您能否就收益方面如何看待跨業務線的連續第三季度至第四季度的收益給我們任何顏色？然後跟進的是營運資金。您曾發表評論說您預計它會加速到第四季度。那裡的任何評論都會很棒。

I think, first, I think I've been sharing in my prepared remarks some guidance that's comparing fourth quarter to the fourth quarter of last year with mid-20s revenue growth and 200 bps EBITDA expansion. And I think from the geography of business line, I would only comment that we see an uptick in Middle East to materialize, and we expect digital to further accelerate and to reflect the year-end sales that we typically have. So it's a positive outlook, continued growth both internationally and in North America, and margin expansion to set to continue its very successful journey.

我認為，首先，我認為我在準備好的講話中分享了一些指導，這些指導將第四季度與去年第四季度與 20 年代中期的收入增長和 200 個基點的 EBITDA 擴張進行了比較。而且我認為從業務線的地理位置來看，我只會評論說我們看到中東地區的增長將實現，我們預計數字化將進一步加速並反映我們通常擁有的年終銷售額。因此，這是一個積極的前景，國際和北美的持續增長，以及利潤率的擴大，將繼續其非常成功的旅程。

And then on working capital, you start to see some of that release come up in this quarter. But just how should we think about that here over the next couple of quarters?

然後在營運資金方面，你開始看到本季度發布的一些版本。但是，在接下來的幾個季度中，我們應該如何考慮呢？

Yes. Neil, as you saw, indeed, the working capital improved quite a bit in the third quarter. This is how we predicted, and it resulted into strong free cash flow. Going into Q4, you will see this accelerate as we typically see at the end of the year. So working capital will continue to unwind, and free cash flow will continue to increase. We have typically, at the end of the year, higher customer collections. We have the effect of higher product deliveries, reducing inventory. So this is what we expect.

是的。尼爾，正如你所看到的，確實，第三季度的營運資金有了很大改善。這就是我們預測的方式，並產生了強勁的自由現金流。進入第四季度，你會看到這種加速，正如我們通常在年底看到的那樣。因此，營運資金將繼續減少，自由現金流將繼續增加。在年底，我們通常會有更高的客戶收款。我們有更高的產品交付量，減少庫存的效果。所以這就是我們所期望的。

Next, we go to Scott Gruber with Citigroup.

接下來，我們去花旗集團的斯科特格魯伯。

I had a question also on digital. On digital, one aspect that appears to be underappreciated is just the time required to migrate onto the DELFI system. While you get paid for the migration process, I imagine that the margins are definitely better than the deployment phase. So is it accurate to say that after a few years of selling the platform and undertaking the migration process for customers, are you coming upon an inflection point just in terms of getting customers utilizing the system and transitioning to the data consumption phase? Kind of where are we at in that process?

我也有一個關於數字的問題。在數字方面，似乎被低估的一個方面就是遷移到 DELFI 系統所需的時間。雖然您在遷移過程中獲得報酬，但我認為利潤肯定比部署階段要好。那麼，在銷售平台和為客戶進行遷移過程幾年之後，您是否正處於讓客戶使用系統並過渡到數據消費階段的拐點？我們在那個過程中處於什麼位置？

I think it's a very good observation. I think we expect, indeed, that the journey of digital transformation for our customers will take time. And I think it's a long tail of transformation. We expect that will impact our results for a decade to come, I would say. However, we are indeed observing an inflection point that is reflecting onto the maturity of that platform and to the acceptability of this platform as the most effective platform that the customers have seen in terms of impacting their life cycle reduction, impacting the productivity of their asset team and providing them access to cloud computing resource and to digital operation capability that is not available to them today.

我認為這是一個非常好的觀察。我認為我們確實預計，我們客戶的數字化轉型之旅將需要時間。我認為這是轉型的長尾。我想說，我們預計這將影響我們未來十年的業績。然而，我們確實觀察到一個轉折點，反映了該平台的成熟度以及該平台作為客戶在影響其生命週期縮短、影響其資產生產力方面所見的最有效平台的可接受性團隊，並為他們提供對雲計算資源和數字運營能力的訪問，而這些能力是他們今天無法獲得的。

So we are seeing the adoption of our customers. We mentioned in the past that we have a baseline of 1,500 customers that are currently using our digital solution and our previous software suite of products. And we believe that we are today between 200 and 300 of those customers, about 20% of these that have already adopted and have started to move and transition onto the platform. And we expect this to accelerate both in number of customers, but also into the expansion these customers are using -- the way they are using our platform and expanding the workflows, expanding the scope, indeed, having the data enterprise solution as a necessity to go and reset and transform their data infrastructure and then adopting workflows from subsurface workflows to operational workflows. So there are multiple dimensions, complete intensity dimension, workflow dimension and customer -- number of customer dimension that we are set to benefit for the years ahead.

因此，我們看到了客戶的採用。我們過去曾提到，我們有 1,500 名客戶的基線，他們目前正在使用我們的數字解決方案和我們以前的軟件產品套件。我們相信，我們今天有 200 到 300 家這樣的客戶，其中大約 20% 已經採用並開始遷移到平台上。我們希望這不僅會加速客戶數量，還會加速這些客戶正在使用的擴展——他們使用我們平台的方式和擴展工作流程，擴大範圍，事實上，將數據企業解決方案作為必要的去重置和轉換他們的數據基礎設施，然後採用從地下工作流程到運營工作流程的工作流程。所以有多個維度，完整的強度維度，工作流程維度和客戶——我們將在未來幾年受益的客戶數量。

Great. I appreciate all that color. And then switching gears to the New Energy portfolio and decarbonization. You guys have been active in building out that New Energy portfolio, while at the same time developing solutions and partnerships to help drive decarbonization of the oil and gas industry itself. Olivier, can you just compare the commercial opportunity of the 2? I would surmise that the commercial opportunity on the decarbonization front is greater over the next 5 years versus New Energy, but I wanted to hear your perspective.

偉大的。我欣賞所有這些顏色。然後轉向新能源組合和脫碳。你們一直在積極構建新能源產品組合，同時開發解決方案和合作夥伴關係，以幫助推動石油和天然氣行業本身的脫碳。 Olivier，你能比較一下兩者的商機嗎？我推測，與新能源相比，未來 5 年脫碳方面的商業機會更大，但我想听聽您的觀點。

I think it's both. We believe that there is a compelling event and accompanying need and utmost priority for the oil and gas to decarbonize itself. It comes into the engagement we have and the success we're having with energy transition technology portfolio to reduce the carbon footprint or the Scope 1 and 2 of our customers. It comes in bright lights with the portfolio we have created, the [SES] portfolio, end-to-end emission management for methane, in particular, and getting more traction and more success with this portfolio.

我認為兩者兼而有之。我們認為，石油和天然氣自身脫碳是一個令人信服的事件和伴隨的需求和最優先事項。它涉及我們的參與以及我們在能源轉型技術組合方面取得的成功，以減少碳足跡或我們客戶的範圍 1 和 2。它與我們創建的產品組合、[SES] 產品組合、尤其是甲烷的端到端排放管理相得益彰，並通過該產品組合獲得更大的吸引力和更大的成功。

So I believe that this is happening at scale. And our customers are turning into a clear, I would say, initiative -- set of initiatives to reduce the oil and -- the carbon footprint of their operations and to target a lower-carbon oil and a lower-carbon gas production. So this is the first trend and this is happening at scale, and this will include CCS opportunity that we are developing as well in parallel.

所以我相信這正在大規模發生。我想說，我們的客戶正在變成一個明確的倡議——一系列倡議，以減少石油和——他們運營的碳足跡，並以低碳石油和低碳天然氣生產為目標。所以這是第一個趨勢，並且正在大規模發生，這將包括我們正在同時開發的 CCS 機會。

On the side of this, there is a lot happening into the clean energy. And I believe that the -- you have seen some announcement in the IEA. You have seen some announcements in the REPowerEU that are aligned with the domain we have selected, the -- be it the geo-energy for efficiency, be it the critical mineral to lithium or be it the hydrogen with getting credit at large and, obviously, CCS with the 45Q improving to help us address not only the CCS opportunity to -- that are close to our oil and gas customers, but also the ones that are close to your hard-to-abate sector. So I believe that I will not try to contrast both. I will more recognize that both represent huge opportunity of growth, existing customers and with new customers and that we are set to go and build opportunity on both.

在這方面，清潔能源發生了很多事情。我相信你已經在 IEA 看到了一些公告。您已經在 REPowerEU 中看到了一些與我們選擇的領域相一致的公告，無論是提高效率的地能，無論是鋰的關鍵礦物，還是獲得廣泛認可的氫，顯然, CCS 隨著 45Q 的改進，不僅幫助我們抓住 CCS 機會——那些靠近我們的石油和天然氣客戶，而且也靠近那些靠近你難以減少的行業的客戶。所以我相信我不會試圖對比兩者。我會更加認識到，這兩者都代表著巨大的增長機會，現有客戶和新客戶，我們將在兩者上建立機會。

Got it. I appreciate the color.

知道了。我很欣賞這種顏色。

Next, we go to Roger Read with Wells Fargo.

接下來，我們去富國銀行的 Roger Read。

Congratulations here on the quarter. Look forward to seeing you all in a couple of weeks. I guess what I wanted to ask is 2 different things. One, as you look at the margins, and obviously, that's one of the positives here and we compare -- I'm just going to say EBITDA margins, but you can choose whichever you want. We look back over time, you've gotten back in the right kind of neighborhood here for what we would expect Schlumberger to deliver.

在此祝賀本季度。期待在幾週內見到大家。我想我想問的是兩件不同的事情。一，當您查看利潤率時，顯然，這是我們比較的積極因素之一——我只想說 EBITDA 利潤率，但您可以選擇任何您想要的。隨著時間的推移，我們回顧過去，您已經回到了我們期望斯倫貝謝提供的正確類型的社區。

If we look at what you're doing in terms of better market expansion, service intensity you've mentioned, pricing power and the digital, should it be the kind of situation where we can start thinking about margins getting back over the next several years to levels you've seen when business is truly firing on all cylinders? Or is that a little too optimistic here?

如果我們從更好的市場擴張、您提到的服務強度、定價能力和數字化方面來看您正在做的事情，是否應該是我們可以開始考慮在未來幾年內恢復利潤率的那種情況達到您在業務真正火力全開時看到的水平？還是這裡有點過於樂觀了？

I think we -- first, we will look forward to see you at the event in 2 weeks and indeed comment on this and give you more color. But it's clear that we are seeing and we are very positive on the outlook, both on the market fundamentals are in place to support our ambition for growth across the Core, Digital and New Energy for the recent mentioned before and discussed during this Q&A.

我想我們——首先，我們期待在兩週後的活動中見到你，並確實對此發表評論並為你提供更多色彩。但很明顯，我們看到並且我們對前景非常樂觀，市場基本面都已到位，以支持我們在之前提到的和本問答中討論的最近在核心、數字和新能源領域實現增長的雄心。

And also, we believe that the investment we have done and the performance we are delivering for customers is giving us indeed the earnings power that will translate in margin expansion going forward. So this is set, and I think we'll comment more and give you more color on our ambition forward.

而且，我們相信我們所做的投資和我們為客戶提供的業績確實為我們提供了盈利能力，這將轉化為未來的利潤率擴張。所以這是確定的，我認為我們會發表更多評論，並為我們的雄心壯志提供更多色彩。

No, that's fair. I knew that was kind of a leading question on that, but I thought I'd try it. The other one is, and this might be getting a little ahead of what you want to talk about in a couple of weeks, but can you remind us where you want to take the balance sheet in terms of fee? Are you comfortable enough with where your overall debt structure is and where we would think about more of a continuous or somewhat reliable way to think about dividend increases or anything else you would do with free cash?

不，這很公平。我知道這是一個重要的問題，但我想我會嘗試一下。另一個是，這可能比你想在幾週內談論的內容提前了一點，但你能提醒我們你想在費用方面把資產負債表放在哪裡嗎？您是否對自己的整體債務結構感到滿意，以及我們會在哪裡考慮更多連續或可靠的方式來考慮股息增加或您會用自由現金做的任何其他事情？

So Roger, first, we are quite happy with the progress we've made in deleveraging the balance sheet. We have not set a new target, a new leverage target at this stage. But as I mentioned earlier, we do continue to see the balance sheet continue to increase.

所以羅傑，首先，我們對我們在去槓桿化資產負債表方面取得的進展感到非常滿意。在這個階段，我們沒有設定新的目標，新的槓桿目標。但正如我之前提到的，我們確實繼續看到資產負債表繼續增加。

As it relates to the uses of capital, as you saw, we made the first step in increasing returns to shareholders by increasing our dividend by 40% starting with the July payment. And in the future, as cash flows grow over the cycle, clearly, there will be opportunities to continue improving returns to shareholders. And clearly, as well, we will provide you more details in -- on November [4] in New York.

正如您所看到的，由於它與資本的使用有關，我們在增加股東回報方面邁出了第一步，從 7 月份的付款開始，我們的股息增加了 40%。而在未來，隨著現金流在整個週期中的增長，顯然，將有機會繼續提高股東回報。很明顯，我們將在 11 月 [4] 在紐約為您提供更多詳細信息。

And our last question will come from Luke Lemoine with Piper Sandler.

我們的最後一個問題將來自 Luke Lemoine 和 Piper Sandler。

Olivier, maybe to attack Roger's question just a little different way. I wanted to see if you could touch on this multiyear international cycle, how it's unfolding? And can you talk about how you see that versus 2005 to 2008 when pricing was very strong?

奧利維爾，也許只是以不同的方式來攻擊羅傑的問題。我想看看你能否談談這個多年的國際週期，它是如何展開的？您能否談談與 2005 年至 2008 年定價非常強勁時相比，您如何看待這一點？

I think it's always difficult to compare and make analog between bidding cycle. But I think I will more focus on what is unique about this cycle. I think the conditions are set, and it includes a few critical, I would say, factors that I think -- I don't think can be comparable and will lead to a unique cycle.

我認為在投標週期之間進行比較和類比總是很困難的。但我想我會更關注這個週期的獨特之處。我認為條件已經設定，其中包括一些我認為的關鍵因素，我認為這些因素無法比較，並且會導致一個獨特的循環。

One, I would say, is the global gas market is uniquely constrained and is structurally imbalanced. And I think this will lead the gas market both offshore, onshore, unconventional and conventional to continue to have a long growth cycle independently of the, I would say, some headwinds on economic market.

其一，我想說的是，全球天然氣市場受到獨特的限制並且結構失衡。我認為這將導致海上、陸上、非常規和常規天然氣市場繼續保持較長的增長周期，而不受經濟市場的一些不利因素的影響。

Second is offshore. Offshore has indeed started. Offshore, we have conditioned from a breakeven price that are with all FID below $60, if not $40, that are set to support a very strong offshore environment for oil and in the gas environment, obviously, and this is very visible both in deepwater and in Middle East. Middle East will have one of the highest growth in offshore environment with more than 30 rigs. We are just contracted in the last 6 months by Saudi for oil development offshore.

二是離岸。離岸確實開始了。在海上，我們以盈虧平衡價格為條件，所有 FID 低於 60 美元（如果不是 40 美元），顯然，這將支持非常強大的海上石油和天然氣環境，這在深水和在中東。中東將成為海上環境增長最快的地區之一，擁有超過 30 台鑽井平台。在過去的 6 個月裡，我們剛剛與沙特簽訂了海上石油開發合同。

And last, I would say that the Middle East is set to have a combination of factors that include the maximum sustained capacity commitments or the enhanced capacity that had been committed by many countries in excess of forming and buying between 2025 and 2030. And we'll not be surprised to see this commitment to be accelerated forward so that the Middle East is the swing producer of and expand the capacity.

最後，我要說的是，中東將有多種因素組合，包括最大持續產能承諾或許多國家在 2025 年至 2030 年期間承諾的超過形成和購買的增強產能。我們看到這一承諾被加快推進以使中東成為產能的搖擺生產國並擴大產能，我們不會感到驚訝。

And the result of this, because Middle East is also growing in its gas ambition and not only because of the LNG commitment from Qatar to exceed 120 MTPA by 2027, but also because the unconventional and conventional resource are being exploited for domestic and for regional markets. And all that combined, the oil capacity expansion, the gas will result into the largest-ever investment cycle in Middle East. And this is starting, and this will be happening in the next 2 or 3 years. So 2 or 3 years, Middle East will benefit from the largest investment cycle that we have seen.

其結果是，因為中東的天然氣野心也在增長，不僅因為卡塔爾承諾到 2027 年液化天然氣產量超過 120 MTPA，還因為非常規和常規資源正在被開髮用於國內和區域市場.所有這些，石油產能擴張，天然氣將導致中東有史以來最大的投資週期。這正在開始，這將在未來 2 或 3 年內發生。所以兩三年後，中東將受益於我們所見過的最大的投資週期。

So you have unique characteristics that can and cannot be compared with the past. So I just want to focus on getting the best of this future market, positioning ourself using our performance attributes, using our unique technology and preparing the team to participate at scale and being successful for our customers in this environment.

所以你有獨特的特徵，可以也不能與過去相提並論。所以我只想專注於充分利用這個未來的市場，利用我們的性能屬性定位自己，利用我們獨特的技術，讓團隊做好大規模參與的準備，並在這個環境中為我們的客戶取得成功。

Thank you. So I believe that this will -- we will close this call. So ladies and gentlemen, I think to conclude, let me summarize with key takeaways that I would like you to remember.

謝謝你。所以我相信這將——我們將結束這次電話會議。所以女士們，先生們，我想總結一下，讓我總結一下我希望你們記住的關鍵要點。

Firstly, the Q3 results represent another quarter of outstanding execution and financial outperformance in our returns-focused strategy. This was achieved through the combined effects of significant international activity inflection, technology adoption, operating leverage and pricing premiums. These results give us the confidence in our ability to deliver upon our promise and exceed our revised guidance for full year 2022.

首先，第三季度的業績代表了我們以回報為中心的戰略中又一個季度的出色執行和財務表現。這是通過重大國際活動變化、技術採用、經營槓桿和定價溢價的綜合影響實現的。這些結果使我們有信心兌現承諾並超越我們修訂後的 2022 年全年指引。

Secondly, we are witnessing a decoupling of upstream investment from uncertainties in the near-term economic outlook. Constructive market fundamentals, reinforced by the energy crisis, are decisively aligning in support of a multiyear upcycle. Furthermore, the activity mix and investment trends continue to evolve very favorably in alignment with our strengths, both geographically and across the breadth of our portfolio.

其次，我們正在目睹上游投資與近期經濟前景的不確定性脫鉤。受能源危機強化的建設性市場基本面正在果斷地調整以支持多年的上升週期。此外，活動組合和投資趨勢繼續非常有利地發展，與我們的優勢相一致，無論是在地理上還是在我們投資組合的廣度上。

Finally, the secular trends of digital transformation and decarbonization continue to gain momentum for a higher value and lower carbon future of our industry, whilst at the same time, the global urgency on climate actions is resulting into an acceleration of clean energy investments. This is creating a unique combination of opportunities we are set to pursue at scale through our 3 engines of growth: Core, Digital and New Energy.

最後，數字化轉型和脫碳的長期趨勢繼續為我們行業的更高價值和更低碳的未來獲得動力，同時，全球對氣候行動的緊迫性正在加速清潔能源投資。這創造了一個獨特的機會組合，我們將通過我們的 3 個增長引擎大規模追求：核心、數字和新能源。

Ladies and gentlemen, I could not be more satisfied with our performance to date, and with our outlook for the full year, to close a sequence of 3 years with remarkable progress against a very challenging backdrop. We are ready to further this success and continue our journey towards a bright future for the company.

女士們，先生們，我對我們迄今為止的表現以及對全年的展望感到非常滿意，在充滿挑戰的背景下結束了為期 3 年的序列並取得了顯著進展。我們已準備好進一步取得成功，並繼續朝著公司的光明未來邁進。

Thank you very much.

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。