斯倫貝謝公司 (SLB) 2022 Q4 法說會逐字稿

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

女士們，先生們，感謝你們的支持，歡迎來到 SLB 收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。

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, and welcome to the SLB Fourth Quarter and Full Year 2022 Earnings Conference Call. Today's call is being hosted from Houston, following our 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，利亞。早上好，歡迎來到 SLB 第四季度和 2022 年全年收益電話會議。在本週早些時候舉行的董事會會議之後，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還有首席執行官 Olivier Le Peuch；和首席財務官 Stephane Biguet。

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

在我們開始之前，我想提醒所有與會者，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聲明中預測的結果存在重大差異。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 fourth quarter press release, which is on our website.

我們今天的評論可能還包括非 GAAP 財務措施。更多細節和與最直接可比的 GAAP 財務措施的對賬可以在我們網站上的第四季度新聞稿中找到。

With that, I'll turn the call over to you, Olivier.

有了這個，我會把電話轉給你，奧利維爾。

Thank you, ND. Ladies and gentlemen, thank you for joining us on the call today. In my prepared remarks, I will cover our fourth quarter results and follow with a quick review of our full year 2022 achievements. Then I will share some thoughts on the outlook for the full year. Stephane will then provide more detail on our financial results, and we will open for your questions.

謝謝你，ND。女士們，先生們，感謝你們今天加入我們的電話會議。在我準備好的發言中，我將介紹我們第四季度的業績，然後快速回顧我們 2022 年全年的成就。然後我會分享一些關於全年展望的想法。然後，Stephane 將提供有關我們財務結果的更多詳細信息，我們將開放您的問題。

To begin, we sustained growth momentum through the fourth quarter, delivering strong revenue growth and further margin expansion, both sequentially and year-over-year. The quarter was characterized by very strong activity growth in the Middle East and offshore and was augmented by robust year-end sales in Digital.

首先，我們在第四季度保持了增長勢頭，實現了強勁的收入增長和進一步的利潤率擴張，無論是環比還是同比。本季度的特點是中東和離岸地區的活動增長非常強勁，數字業務強勁的年終銷售額也推動了這一增長。

Growth was once again broad-based, and our operational, commercial and earnings performance was outstanding. We ended the fourth quarter with sequential revenue growth and margin expansion in North America and in all international areas. In the international markets, quarterly revenue topped $6 million for the first time in more than 4 years. Additionally, our international revenue growth rate has visibly outpaced international rig count growth since the cycle trough in 2020. Service pricing, new technology and digital adoption all continued to trend positively.

增長再次實現了廣泛的增長，我們的運營、商業和收益表現非常出色。我們在第四季度結束時在北美和所有國際地區實現了連續的收入增長和利潤率擴張。在國際市場，季度收入 4 年多來首次突破 600 萬美元。此外，自 2020 年周期低谷以來，我們的國際收入增長率明顯超過了國際鑽井平台數量的增長。服務定價、新技術和數字採用都繼續呈積極趨勢。

Looking broadly over the second half of the year, the pace of growth in North America significantly moderated. At the same time, international accelerated, growing in excess of 20% compared to the first half of the year, almost twice the growth rate of North America. We are clearly witnessing the start of a new phase of -- in the growth cycle, which will increasingly be delivered by resilient international growth. This market dynamic led to a lower-than-usual cash flow performance at year-end. However, we further reduced net debt during the quarter and closed the year below our leverage target.

放眼下半年，北美的增長步伐明顯放緩。與此同時，國際增速較上半年增長超過20%，幾乎是北美增速的兩倍。我們清楚地見證了增長周期新階段的開始，這將越來越多地由富有彈性的國際增長來實現。這種市場動態導致年底的現金流表現低於往常。然而，我們在本季度進一步減少了淨債務，並在年底時低於我們的槓桿目標。

Overall, this fourth quarter results helped us surpass our revised full year revenue guidance, and we closed with EPS, [pre-] segment operating income and margins all at the highest levels in 7 years.

總體而言，第四季度的業績幫助我們超越了修訂後的全年收入指引，我們以 EPS、[pre-] 部門營業收入和利潤率收盤時均處於 7 年來的最高水平。

Switching to the full year. 2022 was pivotal for our industry and for SLB. It marked the second consecutive year of outperformance for the energy sector, providing further evidence of the multi-year up cycle and investment momentum that is underway. I would like to take a few minutes to reflect on what we achieved.

切換到全年。 2022 年對我們的行業和 SLB 來說至關重要。這標誌著能源行業連續第二年表現出色，進一步證明了多年上升週期和正在進行的投資勢頭。我想花幾分鐘時間回顧一下我們取得的成就。

We announced our new brand identity with sustainability embedded in everything we do and opened a new chapter for the company. This, firmly positioned, helped SLB to benefit from the underlying macro trends that will shape the future of the energy: Oil and gas technology innovation, industrial decarbonization, digital transformation and new energy systems.

我們宣布了我們的新品牌標識，將可持續性融入我們所做的一切，並為公司開啟了新篇章。這一穩固的定位幫助 SLB 受益於將塑造能源未來的潛在宏觀趨勢：石油和天然氣技術創新、工業脫碳、數字化轉型和新能源系統。

We executed consistently for our customers, achieving our best safety and operation integrated performance on record. We advanced our technology leadership and service quality differentiation, leading to more contract awards, higher technology adoption and increased pricing premium.

我們始終如一地為客戶執行任務，實現了有史以來最好的安全和運營綜合績效。我們提升了我們的技術領先地位和服務質量差異化，從而獲得了更多的合同授予、更高的技術採用率和更高的定價溢價。

In our Core divisions, we expanded pretax operating margins by more than 300 basis points. This was led by well construction, which expanded margins by more than 550 basis points. We also launched new products, service and solutions that increase efficiency and lower operational emissions. You have seen many examples of this in today's press release.

在我們的核心部門，我們將稅前營業利潤率提高了 300 多個基點。這是由油井建設帶動的，它將利潤率擴大了 550 多個基點。我們還推出了可提高效率和降低運營排放的新產品、服務和解決方案。您在今天的新聞稿中看到了很多這樣的例子。

Our fit-for-basin, technology access and transition technology portfolio have fueled growth and margin expansion in every division and every geographic area throughout the year. And we continue to strengthen our Core portfolio for growth and position for future resilience and returns with the acquisition of Gyrodata and the announced joint venture with Aker Solutions for Subsea.

我們的流域適用性、技術獲取和過渡技術組合推動了全年每個部門和每個地理區域的增長和利潤擴張。我們通過收購 Gyrodata 和宣布的與 Aker Solutions for Subsea 的合資企業，繼續加強我們的核心投資組合以實現增長和未來彈性和回報的定位。

In Digital, we had strong growth in exploration data, INNOVATION FACTORI and AI solution sales, and the adoption of our new tech digital platform is accelerating. We ended the year with more than 270 DELFI customers, more than 70% growth in DELFI users, and our SaaS revenue more than doubled. These positive undercurrents, combined with higher APS revenue, contributed to the Digital & Integration division's expanding pretax operating margins by more than 170 basis points.

在 Digital 方面，我們在勘探數據、INNOVATION FACTORI 和 AI 解決方案銷售方面實現了強勁增長，並且正在加速採用我們的新技術數字平台。到年底，我們擁有 270 多家 DELFI 客戶，DELFI 用戶增長超過 70%，我們的 SaaS 收入增長了一倍多。這些積極的潛流，加上更高的 APS 收入，使數字與集成部門的稅前營業利潤率擴大了 170 多個基點。

We continue to build adjacent expansion opportunities for our Digital business, both in operation data space and beyond oil and gas, such as carbon management.

我們繼續為我們的數字業務創造相鄰的擴展機會，包括運營數據空間和石油和天然氣以外的領域，例如碳管理。

And in New Energy, we progress technology development milestones, established new partnership partner in CCUS and made new investments that have created a focused yet comprehensive portfolio that offers promising growth opportunity for the future. Today, this portfolio comprise 5 business areas: Carbon solutions, hydrogen, geothermal and geo-energy, critical minerals and stationary energy storage. And we are accelerating our R&D efforts to develop technology solutions that address hard-to-abate industrial and power generation emissions.

在新能源方面，我們取得了技術發展里程碑，在 CCUS 中建立了新的合作夥伴，並進行了新投資，這些投資創造了一個有針對性但全面的產品組合，為未來提供了有希望的增長機會。今天，該產品組合包括 5 個業務領域：碳解決方案、氫、地熱和地能、關鍵礦物和固定儲能。我們正在加速研發工作，以開發解決難以減少的工業和發電排放的技術解決方案。

As you see, our 3 engines of growth are on solid footing and are positioned for market success. In sustainability, we reduced our own carbon emissions intensity in Scopes 1 and 2. And we continue to be one of the highest-ranked companies in our industry across the 4 rating agencies.

如您所見，我們的 3 個增長引擎立足於穩固的基礎上，並已為市場成功做好了準備。在可持續發展方面，我們在範圍 1 和範圍 2 中降低了自身的碳排放強度。在 4 家評級機構中，我們仍然是業內排名最高的公司之一。

We also made significant advance, launching SLB End-to-End Emission Solution, or SEES, an industry first to help our oil and gas customers address methane and other greenhouse gas emissions.

我們還取得了重大進展，推出了 SLB 端到端排放解決方案 (SEES)，這是幫助我們的石油和天然氣客戶解決甲烷和其他溫室氣體排放問題的行業先河。

Finally, for our shareholders, we demonstrated our commitment to superior returns. We increased our dividend by 40% in April 2022, followed by a further 43% increase announced today. And we resumed our share buyback program this month.

最後，對於我們的股東，我們展示了我們對卓越回報的承諾。我們在 2022 年 4 月將股息提高了 40%，隨後今天宣布進一步提高 43%。我們本月恢復了股票回購計劃。

These achievements highlight a remarkable year for SLB. It speaks to how we have successfully leveraged the breadth of our portfolio and our competitive strengths to deliver clear, leading outcomes for our customers and shareholders. We are primed for significant success and look forward to carrying momentum into the year ahead. I would like to extend my thanks to the entire SLB team for delivering an outstanding year.

這些成就凸顯了 SLB 非凡的一年。它講述了我們如何成功地利用我們產品組合的廣度和我們的競爭優勢，為我們的客戶和股東提供清晰、領先的成果。我們為取得重大成功做好了準備，並期待在來年保持勢頭。我要感謝整個 SLB 團隊帶來了出色的一年。

Moving to the macro. We enter 2023 against a backdrop of market fundamentals that remain compelling for both oil and gas and low carbon energy resource.

移動到宏。進入 2023 年，市場基本面對石油和天然氣以及低碳能源資源仍然具有吸引力。

First, despite concern for potential economic slowdown in certain regions, oil and gas demand growth remains resilient. The IEA forecasts that oil and gas demand will grow by 1.9 million barrels to reach approximately 102 million barrels per day. In parallel, markets will remain tightly supplied with modest production increase offset by the end of SPR release and well productivity declines in certain regions, most notably in North America.

首先，儘管擔心某些地區可能出現經濟放緩，但石油和天然氣需求增長仍然具有彈性。國際能源署預測石油和天然氣需求將增長 190 萬桶，達到每天約 1.02 億桶。與此同時，市場將繼續供應緊張，產量溫和增長將被 SPR 發布結束和某些地區（尤其是北美）的油井生產率下降所抵消。

Second, there is a greater sense of urgency around energy security. This is resulting in new investment in capacity expansion and diversity of supply. You will see this reflected in a number of new project sanctions, gas supply agreements signed and the return of offshore exploration, all at the pace unforeseen just 18 months ago.

二是能源安全緊迫感增強。這導致了對產能擴張和供應多樣性的新投資。你會看到這反映在一些新的項目制裁、簽署的天然氣供應協議和海上勘探的回歸中，所有這些都以 18 個月前無法預料的速度進行。

And third, the secular trends of digital and decarbonization are set to accelerate, driven by significant digital technology advancement in cloud and AI, favorable government policy support in New Energy investments and increased spending on low carbon initiatives by operator globally. Underpinning everything, commodity price remained at supportive levels for durable investment.

第三，在雲計算和人工智能領域的重大數字技術進步、政府對新能源投資的有利政策支持以及全球運營商增加低碳計劃支出的推動下，數字化和脫碳的長期趨勢將加速。支撐一切的是，大宗商品價格仍處於支持持久投資的水平。

In North America, spending growth is expected to be more restrained off an exceptionally strong year in 2022. Capital spending growth is expected to increase in high teens as rig counts potentially approach a plateau. Public companies, particularly the majors, are expected to increase short-cycle spending in key U.S. land basins, and drilling activity remain strong to build up well inventory and support target production increase. In the U.S. Gulf of Mexico, where we have a significant presence, we expect the strong spending uplift to continue.

在北美，預計 2022 年的支出增長將受到異常強勁的一年的抑制。隨著鑽機數量可能接近穩定期，資本支出增長預計將以十幾歲的高位增長。上市公司，尤其是大型公司，預計將增加美國主要陸地盆地的短期支出，鑽探活動依然強勁，以增加油井庫存並支持目標產量增長。在我們佔有重要地位的美國墨西哥灣，我們預計支出將繼續強勁增長。

Turning to international. Markets are poised for strong growth in the Middle East and Latin America geographically and more broadly in offshore and in gas. In the Middle East, we expect record levels of upstream investments, with a ramp-up in various capacity expansion projects designed to deliver more gas production and a combined oil increment of 4 million barrels per day through 2030. Offshore activity will continue to strengthen as tieback and new development projects mobilize and new FID are sanctioned, while Russian activity is expected to contract.

轉向國際化。市場有望在中東和拉丁美洲以及更廣泛的近海和天然氣領域實現強勁增長。在中東，我們預計上游投資將達到創紀錄水平，各種旨在提供更多天然氣產量的產能擴張項目將增加，到 2030 年石油產量將增加 400 萬桶/日。海上活動將繼續加強，因為回接和新的開發項目動員起來，新的 FID 得到批准，而俄羅斯的活動預計將收縮。

Excluding Russia, customers' capital spending internationally is expected to increase in the mid-teens. The combination of long-cycle oil capacity expansion projects, offshore deepwater resurgence and strong gas development activity will be a key driver for the multiyear duration of this cycle. This outlook is very favorable for SLB with multiple paths for resilient growth in Core, Digital and New Energy.

除俄羅斯外，客戶在國際上的資本支出預計將在十幾歲左右增加。長周期石油產能擴張項目、海上深水復蘇和強勁的天然氣開發活動的結合將成為這一周期持續多年的關鍵驅動力。這種前景對 SLB 非常有利，因為它有多種途徑可以在核心、數字和新能源領域實現彈性增長。

On a full year basis, our ambition is to grow revenue in excess of 15% compared to 2022, supported by the step-up in international and offshore momentum, which will augment growth established in North America. As a result, year-on-year adjusted EBITDA growth will be in the mid-20s, driven by further margin expansion.

在全年的基礎上，我們的目標是在國際和離岸勢頭增強的支持下，與 2022 年相比，收入增長超過 15%，這將增強在北美建立的增長。因此，在利潤率進一步擴大的推動下，經調整的 EBITDA 同比增長將在 20 多歲左右。

More specifically, in the international markets, we foresee growth in the high teens, excluding Russia, which is set to decline this year. We expect the highest growth rates to be realized in the Middle East and in offshore markets, particularly in Latin America and in Africa. North America, we anticipate about 20% growth supported by offshore strength, land drilling activity and higher pricing. Full year margin expansion will be driven by further positive pricing dynamics, increased technology adoption and improvements from our enhanced operating leverage, mainly internationally.

更具體地說，在國際市場上，我們預計青少年的增長將有所下降，不包括今年將下降的俄羅斯。我們預計中東和離岸市場將實現最高增長率，尤其是拉丁美洲和非洲。北美，我們預計在離岸實力、陸地鑽探活動和更高價格的支持下增長約 20%。全年利潤率的增長將受到進一步積極的定價動態、技術採用的增加以及我們主要在國際上增強的運營槓桿的改進的推動。

Let me share with you how we see this year unfolding. Directionally, during the first quarter, we anticipate a typical pattern of activity, beginning with the combined effect of seasonality and the absence of year-end product and digital sales.

讓我與您分享我們如何看待今年的發展。從方向上講，在第一季度，我們預計會出現典型的活動模式，首先是季節性的綜合影響以及年終產品和數字銷售的缺席。

Additionally, the first quarter will reflect some impact of year-on-year Russia activity decline. This will be followed by a rebound in the second quarter and further acceleration of growth trajectory in the second half of the year, particularly in the international markets. This typical pattern of activity and the favorable dynamics I described earlier combine to support the ambition we have set for full year growth and margin expansion.

此外，第一季度將反映俄羅斯活動同比下降的一些影響。隨後第二季度將出現反彈，下半年增長軌跡將進一步加速，尤其是在國際市場。這種典型的活動模式和我之前描述的有利動態相結合，支持我們為全年增長和利潤率擴張設定的雄心。

In addition, the beneficial impacts of an earlier-than-expected reopening in China, the easing of inflationary trends and any further restriction on Russia exports could lead to an acceleration of short cycle activity globally and fast tracking of FID internationally. This could present further upside over the second half of the year.

此外，中國早於預期的重新開放、通脹趨勢的緩和以及對俄羅斯出口的任何進一步限制的有利影響可能會導致全球短週期活動的加速和國際 FID 的快速跟踪。這可能會在今年下半年進一步上漲。

I will now turn the call over to Stephane.

我現在將把電話轉給斯蒂芬。

Thank you, Olivier, and good morning, ladies and gentlemen. Fourth quarter earnings per share, excluding charges and credits, was $0.71. This represents an increase of $0.08 compared to the third quarter and an increase of $0.30 or 73% when compared to the same period of last year. In addition, we recorded a net credit of $0.03, which brought our GAAP EPS to $0.74. You can find details of the components of this net credit in the FAQs at the end of our earnings press release.

謝謝奧利維爾，女士們先生們早上好。第四季度每股收益（不包括費用和貸項）為 0.71 美元。這比第三季度增加了 0.08 美元，比去年同期增加了 0.30 美元或 73%。此外，我們記錄了 0.03 美元的淨收益，這使我們的 GAAP 每股收益達到 0.74 美元。您可以在我們的收益新聞稿末尾的常見問題解答中找到有關此淨信貸組成部分的詳細信息。

Overall, our fourth quarter revenue of $7.9 billion increased 5% sequentially and 27% year-on-year. All divisions posted sequential revenue growth, led by Digital & Integration and Reservoir Performance. From a geographical perspective, North America revenue grew 6% sequentially, while international revenue grew 5%, led by the Middle East.

總體而言，我們第四季度的收入為 79 億美元，環比增長 5%，同比增長 27%。在數字與集成和油藏性能的帶動下，所有部門都實現了連續收入增長。從地域來看，北美收入環比增長 6%，而國際收入增長 5%，其中中東地區居首。

Fourth quarter pretax operating margins of 19.8% improved 104 basis points sequentially and 393 basis points year-on-year. Notably, over 70% of our geo units posted their best margins since 2016. Adjusted EBITDA margin for the quarter of 24.4% was 219 basis points higher than the same quarter of last year, exceeding the guidance we provided at the beginning of the year.

第四季度稅前營業利潤率為 19.8%，環比提高 104 個基點，同比提高 393 個基點。值得注意的是，我們超過 70% 的地理部門公佈了自 2016 年以來的最佳利潤率。本季度調整後的 EBITDA 利潤率為 24.4%，比去年同期高出 219 個基點，超過了我們年初提供的指導。

Let me now go through the fourth quarter results for each division. Fourth quarter Digital & Integration revenue of $1 billion increased 12% sequentially with pretax operating margins expanding 386 basis points to 37.7%. This growth was driven by year-end exploration data licensing sales in the Gulf of Mexico and Africa, increased APS project activity in Ecuador and higher digital sales internationally.

現在讓我看一下每個部門的第四季度業績。第四季度數字與集成收入為 10 億美元，環比增長 12%，稅前營業利潤率擴大 386 個基點至 37.7%。這一增長受到墨西哥灣和非洲年終勘探數據許可銷售、厄瓜多爾 APS 項目活動增加以及國際數字銷售增加的推動。

Reservoir Performance revenue increased 7% sequentially, while margins expanded 146 basis points, primarily due to new projects and activity gains internationally, led by the Middle East and the offshore basins.

Reservoir Performance 收入環比增長 7%，而利潤率增長 146 個基點，這主要是由於以中東和近海盆地為首的新項目和國際活動收益。

Well Construction revenue of $3.2 billion increased 5% sequentially due to strong activity from new projects and solid pricing improvements internationally, particularly in the Middle East and in Latin America. Margins of 21% declined 50 basis points as improved profitability from the higher activity in the Middle East and Latin America was more than offset by the onset of seasonal effects in the northern hemisphere.

Well Construction 的收入為 32 億美元，環比增長 5%，這歸功於新項目的強勁活動以及國際上穩固的定價改善，尤其是在中東和拉丁美洲。 21% 的利潤率下降了 50 個基點，原因是中東和拉丁美洲活動增加帶來的盈利能力改善被北半球季節性影響的出現所抵消。

Finally, Production Systems revenue of $2.2 billion was up 3% sequentially on higher international sales of artificial lift, completions and midstream production systems, partially offset by reduced sales of valves and subsea production systems. Margins improved 32 basis points due to favorable technology and project mix.

最後，由於人工舉升、完井和中游生產系統的國際銷售額增加，生產系統收入為 22 億美元，環比增長 3%，部分被閥門和海底生產系統銷售額的減少所抵消。由於有利的技術和項目組合，利潤率提高了 32 個基點。

Now turning to our liquidity. Cash flow from operations during the quarter was $1.6 billion, and free cash flow was $855 million. This performance did not reflect the increase we typically experience in the last quarter of the year as free cash flow was $200 million lower than in the previous quarter. This was due to a combination of the following 4 factors.

現在轉向我們的流動性。本季度運營現金流為 16 億美元，自由現金流為 8.55 億美元。這一業績並未反映我們通常在今年最後一個季度經歷的增長，因為自由現金流比上一季度減少了 2 億美元。這是由於以下 4 個因素的組合。

First, we experienced extraordinary year-on-year fourth quarter revenue growth of 27%, representing incremental revenue of almost $1.7 billion.

首先，我們第四季度的收入同比增長 27%，增幅接近 17 億美元。

Second, our inventory balance increased 22% year-on-year to support our increasing product backlog driven by the sizable share of tender awards we have secured going into 2023.

其次，我們的庫存餘額同比增長 22%，以支持我們在 2023 年獲得的相當大份額的投標獎勵推動下不斷增加的產品積壓。

Third, we pulled forward certain investments in CapEx in order to fully seize the continued revenue growth expected in 2023, particularly in our Well Construction and Reservoir Performance divisions. As a result, our capital investments increased $255 million sequentially. Our full year 2022 capital investments were therefore $2.3 billion, as compared to our initial guidance at the beginning of the year of $1.9 billion to $2 billion. Despite this increase, the CapEx portion of our capital investments was still at the midpoint of our 5% to 7% of revenue target.

第三，我們推進了對資本支出的某些投資，以充分把握 2023 年預期的持續收入增長，特別是在我們的油井建設和油藏性能部門。因此，我們的資本投資環比增加了 2.55 億美元。因此，我們 2022 年全年的資本投資為 23 億美元，而我們年初的初步指導為 19 億至 20 億美元。儘管有所增加，但我們資本投資的資本支出部分仍處於我們 5% 至 7% 收入目標的中點。

Lastly, lower-than-expected year-end accounts receivable collections contributed to reduced free cash flow. As you may recall, we had exceptional cash collections in the fourth quarter of 2021. We did not achieve the same level of year-end collections as last year. And as a result, our DSO in Q4 2022 was approximately 5 days higher than at the same time last year. However, it is worth noting that our 2022 year-end DSO was the second best we have achieved going back at least 2 decades. Therefore, this is just a timing issue.

最後，低於預期的年終應收賬款收款導致自由現金流減少。您可能還記得，我們在 2021 年第四季度的現金收款情況非常好。我們沒有達到與去年相同的年終收款水平。因此，我們在 2022 年第四季度的 DSO 比去年同期高出約 5 天。然而，值得注意的是，我們的 2022 年年底 DSO 是我們至少在過去 2 年取得的第二好的成績。因此，這只是一個時間問題。

Beyond free cash flow, our overall cash position was enhanced by the partial monetization of our investment in the Arabian Drilling Company, an onshore and offshore drilling rig company in Saudi Arabia. ADC completed an initial public offering during the fourth quarter. And in connection with this IPO, we sold a portion of our interest in the secondary offering that resulted in us receiving net proceeds of $223 million. We currently have a 34% interest in ADC.

除了自由現金流之外，我們對阿拉伯鑽井公司（沙特阿拉伯的陸上和海上鑽井平台公司）的投資部分貨幣化也增強了我們的整體現金狀況。 ADC 在第四季度完成了首次公開募股。在這次首次公開募股中，我們出售了我們在二次發行中的部分權益，使我們獲得了 2.23 億美元的淨收益。我們目前擁有 ADC 34% 的權益。

We also sold an additional portion of our shares in Liberty, which generated $218 million of net proceeds during the quarter. We currently have a 5% interest in Liberty.

我們還出售了我們在 Liberty 的額外部分股份，在本季度產生了 2.18 億美元的淨收益。我們目前擁有 Liberty 5% 的權益。

As a result of all of this, we ended the year with net debt of $9.3 billion. This represents an improvement of approximately $400 million sequentially and $1.7 billion compared to the end of 2021. This also represents our lowest net debt level since the first quarter of 2016. Consequently, our net debt-to-EBITDA leverage is now down to 1.4.

由於這一切，我們在年底的淨債務為 93 億美元。這表示環比增加了約 4 億美元，與 2021 年底相比增加了 17 億美元。這也是我們自 2016 年第一季度以來的最低淨債務水平。因此，我們的淨債務與 EBITDA 的槓桿率現已降至 1.4。

In addition, our gross debt reduced by almost $2 billion during the year. We repaid in the fourth quarter $900 million of debt that matured and repurchased $800 million of notes that were going to come due in 2024 and 2025. As a result of our strong operating results and the net debt reduction, our return on capital employed for 2022 was 13%, representing its highest level since 2014.

此外，我們的總債務在這一年中減少了近 20 億美元。我們在第四季度償還了 9 億美元的到期債務，並回購了 8 億美元的將於 2024 年和 2025 年到期的票據。由於我們強勁的經營業績和淨債務減少，我們 2022 年的已動用資本回報率為 13%，為 2014 年以來的最高水平。

Now looking ahead to 2023. We expect total capital investments, consisting of CapEx and investments in APS and exploration data, to be approximately $2.5 billion to $2.6 billion as compared to $2.3 billion in 2022. Based on this, our capital investments will grow at a slower pace than our expected revenue growth in 2023.

現在展望 2023 年。我們預計總資本投資（包括資本支出以及對 APS 和勘探數據的投資）約為 25 億至 26 億美元，而 2022 年為 23 億美元。基於此，我們的資本投資將以低於我們預期的 2023 年收入增長速度。

As a result, and when taking into account our 2023 guidance for EBITDA to increase in the mid-20s when compared to 2022, we are confident that our free cash flow will increase significantly in 2023. Accordingly, we reaffirm our ambition to deliver a minimum average of 10% free cash flow margin through the 2021 to 2025 period. This will allow us to continue increasing returns to shareholders as we leverage both the length and strength of the current growth cycle. Specifically for 2023, we expect to distribute visibly more than 50% of our free cash flow to our shareholders between dividends and stock buybacks.

因此，當考慮到我們 2023 年的 EBITDA 指引與 2022 年相比在 20 多歲左右增加時，我們相信我們的自由現金流量將在 2023 年顯著增加。因此，我們重申我們的目標是實現最低限度2021 年至 2025 年期間的平均自由現金流利潤率為 10%。這將使我們能夠繼續增加股東回報，因為我們可以利用當前增長周期的長度和強度。具體到 2023 年，我們預計將在股息和股票回購之間向股東分配明顯超過 50% 的自由現金流。

Today, we declared the 43% increase in our quarterly cash dividend to $0.25 per share, in line with our announcement at our recent Investor Day event. In addition, we have resumed our share repurchase program this month and are targeting a minimum amount of $200 million for the quarter. For 2023, we are targeting to return a total of $2 billion to our shareholders in the form of dividends and buybacks.

今天，我們宣布季度現金股息增加 43% 至每股 0.25 美元，這與我們在最近的投資者日活動中宣布的一致。此外，我們本月恢復了股票回購計劃，本季度的目標是至少回購 2 億美元。到 2023 年，我們的目標是以股息和回購的形式向股東返還總計 20 億美元。

I will now turn the conference call back to Olivier.

我現在將電話會議轉回 Olivier。

Thank you, Stephane. Ladies and gentlemen, I think we are ready for opening the floor to the questions.

謝謝你，斯蒂芬。女士們，先生們，我想我們已經準備好開始提問了。

(Operator Instructions) And 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 Evercore ISI 的 James West。

So I guess the first thing I wanted to touch on, Olivier, is the international business had a really strong second half, particularly strong fourth quarter. But from everything I understand and see in the market, is we're really just getting started with ramping activity, particularly in the Middle East, particularly in some of the offshore markets. But we're in the early stages of that. And so there should be a further acceleration in international activity. I know you gave some guidance for '23 in terms of what you're anticipating in terms of revenue and EBITDA.

所以我想我想談的第一件事是，奧利維爾，國際業務下半年表現非常強勁，尤其是第四季度。但從我對市場的了解和看到的一切來看，我們真的才剛剛開始增加活動，特別是在中東，特別是在一些離岸市場。但我們還處於早期階段。因此，國際活動應該進一步加速。我知道您就收入和 EBITDA 方面的預期為 23 年提供了一些指導。

But how would you characterize the next several quarters? We'll see, of course, the normal seasonality in 1Q. But as we get into kind of 2Q, 3Q of next year, we should see kind of big volume increases. And then of course price increases on top of that.

但是您如何描述接下來幾個季度的特徵？當然，我們會在第一季度看到正常的季節性。但隨著我們進入明年的第二季度、第三季度，我們應該會看到銷量的大幅增長。然後當然是價格上漲。

No, indeed. I think let me reframe a little bit of the guidance we shared. As we see today, the combination of offshore, Middle East and broad gas investments internationally will continue to support a very solid growth internationally.

不，確實如此。我想讓我重新構建一下我們分享的指南。正如我們今天所看到的，海上、中東和廣泛的國際天然氣投資的結合將繼續支持國際上非常穩健的增長。

We are seeing, as we have seen in the fourth quarter, an uptick into the rate of growth for Middle East, and that's driven by a commitment to oil capacity increase and further gas developments. And this, as I commented briefly in my prepared remarks, will lead Middle East investment to be on record, ever, as we anticipated in this year or next year. And as a result, will generate significant pull for our revenue going forward.

正如我們在第四季度所看到的那樣，我們看到中東的增長率有所上升，這是由對石油產能增加和進一步天然氣開發的承諾推動的。正如我在準備好的發言中簡要評論的那樣，這將導致中東投資創歷史新高，正如我們今年或明年所預期的那樣。因此，將對我們未來的收入產生巨大的推動作用。

But I think what I will say is that what is characterizing international, as we see it, is that it has a lot of resilience because it's multi-pronged, it's multiple engines, short and long, oil and gas, offshore and onshore. And I believe that the multiyear commitments for capacity expansion and gas development in Middle East is combining with offshore long cycle, a return of deepwater, which is the operating environment that will see the most activity increase this year. And also the return or the acceleration of exploration and appraisal offshore, which should be one of the defining characteristics of the quarters to come.

但我想我要說的是，正如我們所看到的，國際化的特點是它具有很大的彈性，因為它是多管齊下的，它是多個引擎，短程和長程，石油和天然氣，海上和陸上。而且我相信，中東產能擴張和天然氣開發的多年承諾與近海長周期相結合，深水回歸，這是今年活動增加最多的運營環境。還有海上勘探和評估的回歸或加速，這應該是未來幾個季度的決定性特徵之一。

So when you combine all of this, you are getting a very resilient multi-pronged and multiyear sustained growth pattern for international market. And I think that's what we see. And it will indeed support not only growth this year, but it will support your growth next year and the years to come. And it will be multi-pronged and fairly broad and with multiple geographic impact.

因此，當您將所有這些結合起來時，您將獲得一個非常有彈性的多管齊下和多年持續增長的國際市場模式。我認為這就是我們所看到的。它確實不僅會支持今年的增長，還會支持你明年和未來幾年的增長。它將是多管齊下的，相當廣泛的，具有多個地理影響。

Right. That's exactly what we're seeing. So excellent there. And then maybe if I could hone in just as a follow-up on the offshore markets because that's an area where Schlumberger has -- or sorry, SLB has an increased market share. It's also a high technology area of the business.

正確的。這正是我們所看到的。那裡太棒了。然後也許我可以磨練離岸市場的後續行動，因為這是 Schlumberger 擁有的領域 - 或者抱歉，SLB 的市場份額有所增加。這也是該業務的高科技領域。

Could you maybe talk through some of the things that are happening in offshore, shallow water plus really the deepwater area? And especially, what you're seeing in exploration and appraisal? Because that's, as you said, the defining characteristic here. And we haven't seen exploration in, well, a long time. So I'd love to get your thoughts there.

您能否談談近海、淺水區以及真正的深水區正在發生的一些事情？特別是，您在勘探和評估中看到了什麼？因為正如您所說，這是這裡的決定性特徵。而且我們已經很長時間沒有看到探索了。所以我很想听聽你的想法。

Yes, absolutely. First, I think to define, offshore has been, I think, seeing an uptick that started about 18 months ago. We don't see it abating and we see it continue to steadily grow.

是的，一點沒錯。首先，我想定義一下，離岸一直是，我認為，看到大約 18 個月前開始的上升。我們沒有看到它減弱，我們看到它繼續穩步增長。

I think what is changing this year is that whereas the shallow water environment was leading the growth to a large extent in the early part of this offshore cycle expansion, we are seeing the deepwater to catch up. And including, indeed, exploration and appraisal activity that is set to visibly outpace international offshore activity actually. So deepwater will be the highest operating environment activity growth in 2023. And as part of it, exploration and appraisal will be also outpacing and certainly rebounding.

我認為今年發生的變化是，雖然在海上循環擴張的早期階段，淺水環境在很大程度上引領了增長，但我們看到深水環境正在迎頭趕上。實際上，包括勘探和評估活動，這些活動明顯超過國際海上活動。因此，深水將是 2023 年最高的運營環境活動增長。作為其中的一部分，勘探和評估也將超過並肯定會反彈。

So it's visible in multiple region. And I think you have seen East Mediterranean with a couple of announcements by 2 or 3 major announcement of gas discovery that are set to be appraised further and then for future development. You have seen some, last year, announcement in the South Africa and Namibia Basin that also get additional appraisal and future development. And you have seen that the East Atlantic margin and/or Suriname and Guyana remains very hot. And finally, East Asia is also seeing some deepwater gas exploration at the same time.

所以它在多個區域可見。我想你已經看到東地中海有 2 或 3 個重要的天然氣發現公告，這些公告將被進一步評估，然後用於未來的開發。去年，您在南非和納米比亞盆地看到了一些公告，這些公告也得到了額外的評估和未來的發展。你已經看到東大西洋邊緣和/或蘇里南和圭亞那仍然很熱。最後，東亞也同時進行了一些深水天然氣勘探。

So you have this 4 or 5 offshore mostly deepwater area that are seeing exploration and appraisal. Results of gas and oil energy -- gas and energy security and oil -- pursuit of oil reserve replacements by major and by national -- large national oil companies. So I think this is happening.

所以你有這 4 或 5 個近海主要是深水區正在勘探和評估。天然氣和石油能源的結果——天然氣和能源安全以及石油——由主要國家和國家——大型國家石油公司尋求石油儲備替代。所以我認為這正在發生。

And this builds on top of the very high shallow water activity that has already rebounded and is set to further accelerate in the Middle East, where, be it in Saudi, in UAE or in Qatar, we have a combination of oil and gas offshore development plans that are in place. So offshore outlook is strong and is here to stay for years to come.

這是建立在已經反彈並將在中東進一步加速的非常高的淺水活動之上的，無論是在沙特阿拉伯、阿聯酋還是卡塔爾，我們都有石油和天然氣海上開發的組合到位的計劃。因此，離岸前景強勁，並將在未來幾年保持下去。

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。

Olivier. So 2 things really kind of -- 2 things really stood out to me today. I guess the first was you calling this a distinctive new phase of the cycle. But also really kind of what it means for the duration of the cycle, what I'd like to ask you about.

奧利維爾。所以 2 件事真的有點——2 件事今天對我來說真的很突出。我想首先是你稱這是周期的一個獨特的新階段。但也確實是關於週期持續時間的意義，我想問你的問題。

So first, on the Middle East. It's clearly not taken center stage. You've talked about a record level of upshoot in spending in the next few years. In a lot of ways, it's feeling like 2005 again. But I was wondering if you could talk about how this cycle could be different for SLB in this region, from the perspective of the types of work you're performing, how are the contracts being tendered differently? And really, what that means for the pricing opportunity, both within discrete services and integrated contracts?

首先，關於中東。它顯然沒有成為中心舞台。你談到了未來幾年支出的創紀錄增長。在很多方面，感覺又回到了 2005 年。但我想知道你是否可以談談這個地區的 SLB 週期有何不同，從你正在執行的工作類型的角度來看，合同的招標方式有何不同？實際上，這對離散服務和集成合同中的定價機會意味著什麼？

No. Thank you, Dave. Let me comment first on your remark on durability. I really believe that the cycle that we have entered internationally, that is characterized now by the Middle East joining the growth engine, if you like, is set to be very durable. I think -- and the driver of that, as I said, is a combination of 4 or 5 countries having committed capacity expansion for oil production for the future, and that are much in need as we can see that the tight supply is here to stay and to stretch the market. And also for regional gas development.

不，謝謝你，戴夫。讓我先評論一下你對耐用性的評論。我真的相信，我們在國際上進入的周期，如果你願意的話，現在以中東加入增長引擎為特徵，將會非常持久。我認為——正如我所說，這其中的驅動力是 4 或 5 個國家承諾擴大未來石油生產能力的組合，這些國家非常需要，因為我們可以看到供應緊張將留下來擴大市場。也用於區域天然氣開發。

And this is happening simultaneously in multiple countries. So this is set to happen, and will not last 1 year. These are long cycle offshore, onshore gas, and some of it on commercial and oil development. So this is first, durability is here to stay, and we are talking about years. And I think the targets are expanding anywhere from to 2027 to 2030, depending on the country, depending on the ambition they have on sustained capacity production.

這在多個國家同時發生。所以這注定會發生，而且不會持續 1 年。這些是長周期海上、陸上天然氣，其中一些用於商業和石油開發。因此，首先，耐用性將持續存在，我們談論的是多年。而且我認為目標正在擴大到 2027 年到 2030 年，具體取決於國家，取決於他們對持續產能生產的雄心。

So second is that what is quite unique, and this is a combination of offshore, onshore oil, gas, commercial oil and noncommercial oil. I think you have the Qatar commercial gas development, it is only set to further increase. You have the noncommercial development in Saudi. And in UAE, you have the other gas development in the region, including the East Med that has a -- fundamental potential of East Med gas development. And then you have the mix of offshore, onshore that I think is quite unique, particularly on the rebound on the shallow water increase of activity that you have seen.

其次是非常獨特的東西，這是海上、陸上石油、天然氣、商業石油和非商業石油的組合。我認為你有卡塔爾商業天然氣的發展，它只會進一步增加。你在沙特有非商業發展。在阿聯酋，該地區還有其他天然氣開發項目，包括具有東地中海天然氣開發基本潛力的東地中海。然後你有離岸，陸上的組合，我認為這是非常獨特的，特別是在你看到的淺水活動增加的反彈方面。

So that is unique and that gives us a unique opportunity to outperform and to use our fit-for-basin, to use our local content, to use our customer centricity and engagement that we have in the region, and to build on those market position to really benefit. And we are poised to certainly have record revenue in Middle East in -- during this cycle, and eclipse previous 2014 peak by a margin.

所以這是獨一無二的，這給了我們一個獨特的機會來超越並使用我們的適合流域，使用我們的本地內容，使用我們在該地區的以客戶為中心和參與，並在這些市場地位的基礎上再接再厲真正受益。在這個週期中，我們肯定會在中東創造創紀錄的收入，並略微超過 2014 年的峰值。

And how are the contracts different? Before -- last cycle, I don't think we really talked about integrated drilling contracts or kind of the LSTK contracts. I think it was mostly discrete services. So is that different today? And how does that change sort of your business? Is there more opportunity? There is some more risk there as well.

合同有何不同？在上一個週期之前，我認為我們並沒有真正談論過綜合鑽井合同或 LSTK 合同。我認為這主要是離散服務。那今天有什麼不同嗎？這對您的業務有何影響？還有更多的機會嗎？那裡也有更多的風險。

I think that what would characterize this cycle is performance. It's all about performance. And I think our ability to perform in this integrated contract, and as you have seen, what we have shared during this press release on the Jafurah contract and been able to up our performance to peer some of the North America performance. And performance will dictate market allocation, market share allocation and will dictate technology adoption.

我認為這個週期的特點是表現。一切都與性能有關。我認為我們在這份綜合合同中的執行能力，正如你所看到的，我們在本新聞稿中分享了關於 Jafurah 合同的內容，並且能夠提高我們的表現以與北美的一些表現相提並論。性能將決定市場分配、市場份額分配並將決定技術採用。

So our ability to fit for basin, our technology like we did in Qatar and other region, and local content like we're doing Saudi and other region, I think, is giving us opportunity to earn this contract and to use a pricing premium for this technology adoption to deploy digital. And you have seen the announcement we made a few months back with -- in the sustainability platform with Saudi Aramco, and more announcements will come.

因此，我們適應盆地的能力，我們在卡塔爾和其他地區所做的技術，以及我們在沙特和其他地區所做的本地內容，我認為，這讓我們有機會贏得這份合同，並使用定價溢價採用這種技術來部署數字。你已經看到我們幾個月前在沙特阿美的可持續發展平台上發布的公告，以後還會有更多公告。

So we are building our future in Middle East on multiple engines, and we are building them on the performance in execution, technology adoption and differentiation. And LSTK, while being a part of the landscape of the way we operate, is not the largest piece of our business in the Middle East.

因此，我們正在中東建立在多個引擎上的未來，我們正在將它們建立在執行、技術採用和差異化方面的表現上。 LSTK 雖然是我們運營方式的一部分，但並不是我們在中東地區最大的業務。

And just as a secondary question -- second question, just a follow-up on what James was asking about on the offshore side. Obviously, you feel confident in the duration. We're seeing this kind of shallow water business which you didn't really have in the Middle East before. But thinking about the deepwater side, we're seeing rig contracting picking up materially. Petrobras, it seems to be cornering the market on deepwater rigs. So I guess my question is sort of similar to my other question, how is this different this time?

作為次要問題——第二個問題，只是對詹姆斯在離岸方面提出的問題的跟進。顯然，您對持續時間充滿信心。我們看到了這種你以前在中東並沒有真正擁有過的淺水業務。但考慮到深水方面，我們看到鑽井平台承包大幅增加。 Petrobras，它似乎正在壟斷深水鑽井平台市場。所以我想我的問題有點類似於我的另一個問題，這次有什麼不同？

Is the customer base changing much from what you see? Is it going to be the same big players that we saw the last time? And so is that changing much? And I'm just sort of thinking that should we be expecting to see a bit more of a pronounced inflection in the second half of the year as deepwater comes on?

客戶群是否與您所看到的有很大變化？會是我們上次看到的那些大玩家嗎？那麼變化很大嗎？我只是在想，隨著深水的出現，我們是否應該期待在今年下半年看到更明顯的拐點？

Yes. I think that's what we are predicting as well. I think as I've indicated, the deepwater, we see the highest activity uptick compared to shallow and land because land is being impacted by the activity compression and decline in Russia internationally. And hence, this is what we anticipate as well, and we don't expect this to stop at the end of the quarter or next year -- this year. So this trend is set to continue, indeed.

是的。我認為這也是我們的預測。我認為，正如我已經指出的那樣，與淺水和陸地相比，我們看到深水的活動上升幅度最大，因為陸地正受到俄羅斯國際活動壓縮和下降的影響。因此，這也是我們的預期，我們預計這不會在本季度末或明年停止——今年。因此，這一趨勢確實會繼續下去。

Next, we go to Chase Mulvehill with Bank of America.

接下來，我們將與美國銀行一起前往 Chase Mulvehill。

Obviously, you covered a lot of ground on kind of international, the outlook, the multiyear outlook, pricing momentum is starting to build. And we touched a little bit on Dave's question here on offshore. So I kind of want to dig into that a little bit more and talk specifically on subsea.

顯然，你在國際、前景、多年前景、定價勢頭開始形成方面涵蓋了很多基礎。我們在 offshore 上略微談到了 Dave 的問題。所以我有點想深入研究一下，專門談談海底。

We keep hearing a lot of anecdotes out there, some really strong margins that are starting to get booked in backlog. So could you speak to the subsea market? What kind of fundamentals you're seeing out there? And I don't know if you're willing to kind of talk to -- if you think the industry, not necessarily Schlumberger, but if the industry can kind of get back to prior cycle peak margins on the subsea side.

我們一直聽到很多軼事，一些非常高的利潤率開始被積壓。那麼你能談談海底市場嗎？你在那裡看到什麼樣的基本面？而且我不知道你是否願意與 - 如果你認為這個行業，不一定是斯倫貝謝，但如果該行業能夠在海底方面恢復到之前的周期峰值利潤率。

I cannot comment on that industry. I think I can comment on what I see as activity outlook and what we see in our backlog and type of activity for subsea. So the undercurrent, if I was to use that terminology for subsea, are very strong because, on the outlook, the mid- and long-term outlook, because of this deepwater activity, that includes exploration, appraisal and future development. FID. Offshore FID for 2023 is set to be the highest since 2012, 2013, indicating that there is a pipeline of subsea activity in the horizon. And we have seen some of it materializing in our this year.

我無法評論那個行業。我想我可以評論我所看到的活動前景以及我們在積壓工作和海底活動類型中看到的內容。所以暗流，如果我要用海底這個術語，是非常強大的，因為在前景上，中長期前景，因為這種深水活動，包括勘探、評估和未來發展。 FID。 2023 年的海上 FID 將創下 2012 年和 2013 年以來的最高水平，表明地平線上有一系列海底活動。我們已經看到其中一些在今年實現了。

We are seeing also some infill drilling, tieback activity, which benefited us in recent quarters. And we are very, very sure that the market is inflecting for further growth. And indeed, the conditions are set for price to be accretive into the margin, into the backlog going forward to build up and to resume some extent previous subsea margin.

我們還看到了一些加密鑽井、回接活動，這在最近幾個季度使我們受益。我們非常非常確定市場正在為進一步增長而變化。事實上，價格增加到利潤率的條件已經確定，進入積壓訂單，以建立並在一定程度上恢復以前的海底利潤率。

But I cannot comment on the industry at large, but I believe this is an industry that is very critical to the success of offshore development, and where we see a lot of collaboration, engagement, technology development. And critical technologies like subsea processing, boosting, and trends are positive as we see it.

但我不能對整個行業發表評論，但我相信這是一個對離岸開發的成功非常關鍵的行業，我們看到很多合作、參與和技術開發。正如我們所看到的，海底處理、增壓和趨勢等關鍵技術是積極的。

And we are -- as you know, we made a strategic decision to align with -- to form a JV with Aker Solutions and Subsea 7 to address that market opportunity. And that, this announcement, reflects our view on the market.

我們——如你所知，我們做出了一項戰略決策——與 Aker Solutions 和 Subsea 7 組建一家合資企業，以應對這一市場機遇。而且，這個公告反映了我們對市場的看法。

Absolutely. All right. Just one follow-up, unrelated. If we kind of look at 1Q and just kind of think about the moving pieces, you walked through some of this with international seasonality. I didn't hear anything kind of explicitly on North America. But I don't know if you can kind of just step us through 1Q, moving pieces between North America and international. And maybe some color around margins.

絕對地。好的。只是一個跟進，無關的。如果我們看一下 1Q 並考慮一下移動的部分，你就會看到其中一些具有國際季節性。我沒有聽到任何關於北美的明確消息。但我不知道你是否可以讓我們通過 1Q，在北美和國際之間移動。可能還有一些顏色圍繞著邊緣。

Yes, first, because you pick on it, I think I'd like to first reflect on North America. North America has been a fantastic success in the last 18 months, 24 months. I think the rate of growth that the team has achieved, both in offshore and in land market, has outpaced the regrowth visibly. The success in our technology offering and fit and tech access model, that has been very successful there.

是的，首先，因為你選擇它，我想我想首先反思一下北美。在過去的 18 個月、24 個月裡，北美取得了巨大的成功。我認為該團隊在離岸和陸上市場取得的增長速度明顯超過了再增長速度。我們的技術產品以及適合和技術訪問模型的成功在那裡非常成功。

I think as we expanded margin, as you have seen, our margin, the very, I would say, distant if not very accretive level today in North America. So this is a very good base to be on.

我認為，當我們擴大利潤率時，正如你所看到的，我們的利潤率，我想說，如果不是今天在北美的增長水平，那是非常遙遠的。所以這是一個非常好的基礎。

And as the market 2023 unfolds, first day is a little bit of a shift to drilling to rebuild the DUC inventory that will favor us in a month and a couple of quarters to come, before the usual plateauing or a moderation of growth in the second half.

隨著 2023 年市場的展開，第一天有點轉變為鑽探以重建 DUC 庫存，這將在接下來的一個月和幾個季度內對我們有利，然後在第二個通常的平穩期或增長放緩之前一半。

[Which it pins] a level of rig activity in North America. And clearly, on the momentum of -- and it's typically -- it happens in the early part of the year before it plateaus in the second half, and that's nothing new. That's a pattern that we expect, hence it will have an impact on the first quarter. And then we see a continuation of the offshore strength and in -- be it in Gulf of Mexico, in East Canada or further North in Alaska. And this activity is set to continue to grow in 2023.

[它指出]北美的鑽井平台活動水平。很明顯，按照這種勢頭——通常情況下——它發生在今年年初，然後在下半年趨於平穩，這並不是什麼新鮮事。這是我們預期的模式，因此它將對第一季度產生影響。然後我們看到海上力量的延續，無論是在墨西哥灣、加拿大東部還是阿拉斯加北部。而且這項活動將在 2023 年繼續增長。

So NAm will be indeed an engine that will support growth in the first half. And by contrast, as I said, the usual pattern of seasonality internationally in the Northern Hemisphere will be offsetting this. And we will also, this year, have the effect of the Russia year-on-year decline that we expect to impact negatively. So you have a mix there that I think we have described. And -- but NAm will be an engine of growth in the second -- the first half.

因此，NAm 確實將成為支持上半年增長的引擎。相比之下，正如我所說，北半球國際上通常的季節性模式將抵消這一影響。今年我們還將受到俄羅斯同比下降的影響，我們預計這將產生負面影響。所以你有一個我認為我們已經描述過的組合。而且——但 NAm 將成為下半年增長的引擎——上半年。

Next, we go to Arun Jayaram with JP Morgan Chase.

接下來，我們將與摩根大通一起前往 Arun Jayaram。

I wanted to get your thoughts, Olivier, on the level of service intensity that you're seeing, particularly in the Middle East, perhaps relative to the 2009, '14 cycle, as well as thoughts on the spare -- OFS capacity in markets like the Middle East and offshore.

Olivier，我想听聽您對您所看到的服務強度水平的看法，尤其是在中東，可能與 2009 年 14 年周期相關，以及對備用市場 OFS 容量的看法比如中東和近海。

Yes. I think let me reflect first on the -- indeed, the service intensity. I think the -- again, as I said, I think there is a significant expansion happening at the same time concurrently. And there is a significant focus on performance. So this has led to an increase of service intensity in the contract where we operate. We are fully participating to this, and we are leading on many of them based on our performance.

是的。我想首先讓我反思一下服務強度。我認為 - 正如我所說，我認為同時發生了重大擴張。並且非常注重性能。因此，這導致我們運營的合同中的服務強度增加。我們正在全力參與其中，並且根據我們的表現，我們在其中許多方面處於領先地位。

But at the same time, we have much increased and much improved asset efficiency. And hence, we are able to deliver that service intensity, that performance-focused delivery to our customer without increasing our CapEx intensity. And we remain with our target of 5% to 7% total CapEx, as you have seen in our guidance today. So that's -- I think that's one aspect that I think is critical. And we use that discipline in our CapEx, that capital stewardship, to indeed use this to help us extract and guide further up, the pricing in the market.

但與此同時，我們大大提高了資產效率。因此，我們能夠在不增加資本支出強度的情況下向客戶提供這種服務強度，即以性能為中心的交付。正如您在我們今天的指南中看到的那樣，我們仍然保持 5% 至 7% 的總資本支出目標。這就是 - 我認為這是我認為至關重要的一個方面。我們在我們的資本支出中使用這種紀律，即資本管理，以確實使用它來幫助我們進一步提取和指導市場定價。

So the pricing is driven by, first and foremost, performance. As we see it, our performance gives us a premium. Technology, a unique technology that either impacting performance or impacting decarbonization as transition technology, or that is fit for the basin. And then obviously, the stretch in the capacity market that is now being obvious and is being tested in Middle East and in offshore, is driving another undercurrent of pricing positive trends.

因此，定價首先取決於性能。正如我們所見，我們的表現給了我們溢價。技術，一種獨特的技術，作為過渡技術影響性能或影響脫碳，或者適合流域。然後顯然，容量市場的擴張現在已經很明顯並且正在中東和海上進行測試，正在推動定價積極趨勢的另一股暗流。

Great. And just, I want to follow up on this -- on performance. Olivier, how are your key, call it, NOC partners, differentiated in between performance and, call it, the lowest-cost bid in terms of tender awards? Are you seeing more direct awards? But how is this -- how are the tendering process being impacted by this focus on performance?

偉大的。只是，我想跟進這個 - 關於性能。奧利維爾，你的關鍵，稱之為 NOC 合作夥伴，在績效和投標獎勵方面稱之為最低成本的投標之間如何區分？您是否看到了更多的直接獎勵？但這是怎麼回事——這種對績效的關注如何影響招標過程？

I think it has been a significant impact. I think if you look at the Kimberlite survey that has been just published, I think we remained the best performance supplier, as indicated by the total survey, based on technology, based on the delivery, service quality and operational efficiency that we deliver. And I think this is recognized. This is leading to either of 2 things: I would say, direct awards or -- and ability to negotiate premium on our service pricing or technology pricing to reflect our differentiation in performance.

我認為這產生了重大影響。我想如果你看看剛剛發布的金伯利調查，我認為我們仍然是表現最好的供應商，正如總調查所表明的那樣，基於技術，基於我們提供的交付、服務質量和運營效率。我認為這是公認的。這導致了兩件事中的任何一件：我會說，直接獎勵或 - 以及就我們的服務定價或技術定價進行溢價談判以反映我們在績效上的差異化的能力。

So the industry is measured by performance. And we believe that we have set the benchmark, and we continue to pursue collectively in our organization, through technology, through a process in operational efficiency, through digital operation, so that we can extract this performance and offer it to the customer, and they recognize it and they give you the premium.

所以這個行業是以業績來衡量的。我們相信我們已經樹立了標杆，我們將繼續在我們的組織中共同追求，通過技術，通過運營效率的流程，通過數字化運營，以便我們能夠提取這種性能並將其提供給客戶，他們認識到它，他們就會給你溢價。

Our next question is from Scott Gruber with Citigroup.

我們的下一個問題來自花旗集團的 Scott Gruber。

You guys posted some pretty impressive margins in North America last year. Do you think most of the margin benefit overall and the share gain benefit within drilling services from your new strategy has now been captured? Because it does appear that the market is going to stagnate here onshore for a period. I'm just curious about your ability to potentially still deliver exit-to-exit growth onshore in North America. Or whether the benefits, from a share perspective and from a margin perspective, had largely been captured.

你們去年在北美公佈了一些相當可觀的利潤率。您是否認為您的新戰略的整體利潤率收益和鑽井服務中的大部分收益收益現在已經獲得？因為看起來市場確實會在陸上停滯一段時間。我只是好奇你是否有能力在北美境內實現逐個退出的增長。或者，從份額角度和利潤角度來看，收益是否已基本實現。

No. I believe that the market has still room to grow. I believe first, from the activity, as I described, albeit I think it's very well known that the limited access to the Tier 1 inventory and acreage and the stretch on capacity in the market has created a negative inflection onto the well productivity. But we expect the major -- the public to this extent, and much less the private, to drive the growth this year.

不，我相信市場仍有增長空間。我首先相信，正如我所描述的那樣，從活動來看，儘管我認為眾所周知，一級庫存和種植面積的有限獲取以及市場產能的緊張已經對油井生產率產生了負面影響。但我們預計主要的 - 公眾在這種程度上，更不用說私人，將推動今年的增長。

In this market, we are well positioned because we have a technology access model and fit-for-basin technology that has, in drilling onshore, made a performance impact and has been recognized, hence has earned a premium.

在這個市場上，我們處於有利地位，因為我們擁有技術訪問模型和適合盆地的技術，這些技術在陸上鑽井中產生了性能影響並得到認可，因此贏得了溢價。

We have a production portfolio -- production system portfolio that is set also through our ESP or frac trees to succeed. So we see further runway, both in growth and in margin expansion, as the market is still stretched. And similar to international market, the market recognize the opportunity to differentiate to performance, particularly the public company.

我們有一個生產組合——也通過我們的 ESP 或壓裂樹設置的生產系統組合，以取得成功。因此，由於市場仍然緊張，我們看到了增長和利潤擴張方面的進一步發展。與國際市場類似，市場認識到有機會實現業績差異化，尤其是上市公司。

So our view is that in the North America, both land and offshore, there is not only activity-based growth coming this year, not to the same magnitude in land market like last year. And still support also pricing, considering the stretch and considering the recognized premium on fit technology and on performance. And part -- and this is true both on land and on offshore environment.

因此，我們的觀點是，在北美，無論是陸地還是海上，今年不僅會出現基於活動的增長，而且陸地市場的增長幅度與去年不同。並且仍然支持定價，考慮到拉伸並考慮到公認的貼合技術和性能溢價。部分 - 這在陸地和海上環境中都是如此。

Great. No, I appreciate all that color. And then just turning to Russia, you mentioned that Russian activity will be trending lower in '23. Is that a market comment? Or does that apply to your activity in the country as well?

偉大的。不，我很欣賞那種顏色。然後就轉向俄羅斯，你提到俄羅斯的活動將在 23 年呈下降趨勢。這是市場評論？還是這也適用於您在該國的活動？

No. That's -- I think we are clear, that's a market comment directionally and in line with some independent market analysts' view. This is 5 to -- or single-digit to teens digit decline, and we align with this view. And I think our market activity will decline accordingly.

不，那是——我認為我們很清楚，這是一個有方向的市場評論，符合一些獨立市場分析師的觀點。這是 5 到 - 或個位數到十幾位數的下降，我們同意這一觀點。我認為我們的市場活動將相應下降。

From the line of Roger Read from Wells Fargo.

來自 Wells Fargo 的 Roger Read。

I'd just like -- I'd like to come back to your positive commentary on the increase in the offshore, and particularly deepwater. I was just curious, to the extent you can share it with us, kind of the way to think about the impact on Schlumberger -- excuse me, SLB, as we go from kind of a conventional land rig, an international land rig, shallow water and then deepwater, right? Like so what's the sort of multiple of revenues, potential margin expansion as you go across those?

我只是想 - 我想回到你對近海，特別是深水增加的積極評論。我只是好奇，在某種程度上你可以與我們分享它，一種思考對斯倫貝謝影響的方式——對不起，SLB，因為我們從一種傳統的陸地鑽井平台，一個國際陸地鑽井平台，淺水然後是深水，對嗎？那麼，收入的倍數是多少，當你跨越這些收入時，潛在的利潤率擴張是多少？

Yes. I think we have commented this before, and we have commented that offshore is an intensity of 5x revenue intensity per rig. And we maintain that view, whether this can expand depending on the intensity, depending on the market mix, depending on the pricing, I think, is, I would say, a floor to some extent.

是的。我想我們之前已經對此發表過評論，並且我們已經評論過海上是每台鑽井平台 5 倍收入強度的強度。我們保持這種觀點，這是否可以根據強度、市場組合、定價來擴大，我認為，我想說，在某種程度上是一個底線。

But yes, we see the deepwater accelerating. And I think it's something that is not only in one region, but I think it's pretty broad. As I commented, it's Latin America, it's Africa, it's East Med and is to some extent also East Asia. Hence, this addition.

但是，是的，我們看到深水在加速。而且我認為這不僅在一個地區，而且我認為它非常廣泛。正如我評論的那樣，它是拉丁美洲，它是非洲，它是東地中海，在某種程度上也是東亞。因此，這個補充。

I mean, we're not talking about necessarily 50 rigs, but 1 and 2s and 3s rigs in those regions. And the fact that they are relating to also a content of exploration and appraisal is creating a mix that is favorable in the quarters to come, I will say.

我的意思是，我們不是在談論一定的 50 個鑽機，而是在這些地區的 1 台、2 台和 3 台鑽機。事實上，它們也與探索和評估的內容相關，這正在創造一種在未來幾個季度有利的組合，我會說。

Okay. And then my unrelated follow-up is to come back on the CapEx. Understand '22 running a little hot and the growth rate a little slower in '23, based on that accelerated CapEx. But what's the right way for us to think about CapEx as a percent of revenue? Because for a bit, it seemed like kind of 5% to 6%, running a little above that in '22. And by my own calculations, maybe still running above that in '23. So I just wondered if there's been a change in how you're thinking about it, or it just reflects market conditions as we look into '23 and the middle of the decade.

好的。然後我不相關的後續行動是回到資本支出上。基於加速的資本支出，了解 22 年的運行有點熱，23 年的增長率略慢。但是，對於我們來說，考慮資本支出佔收入百分比的正確方法是什麼？因為有一段時間，它似乎是 5% 到 6%，略高於 22 年的水平。根據我自己的計算，可能仍高於 23 年的水平。所以我只是想知道你對它的看法是否發生了變化，或者它只是反映了我們展望 23 世紀和 20 世紀中期的市場狀況。

I think you clearly have to distinguish the CapEx portion which is directly correlated to the level of activity and the APS investments. So together, as we guided, this is a total envelope for 2023 of $2.5 billion to $2.6 billion.

我認為您顯然必須區分與活動水平和 APS 投資直接相關的資本支出部分。因此，正如我們所指導的那樣，2023 年的總金額為 25 億至 26 億美元。

Within this, the CapEx portion, as we said, we will continue to target a range of 5% to 7% of revenue. So it allows us to flex it based on activity, but we will not go above this, and it will be probably pretty similar to the percentage we saw in 2022.

正如我們所說，在此範圍內，資本支出部分將繼續以收入的 5% 至 7% 為目標。所以它允許我們根據活動來調整它，但我們不會超過這個，它可能與我們在 2022 年看到的百分比非常相似。

Okay. Great. So no change in how you're thinking about the investments and how that affects return on capital employed and everything going forward.

好的。偉大的。因此，您對投資的看法以及這如何影響所用資本回報率以及未來的一切都沒有改變。

No, no, not at all. It's in still the same target range.

不，不，一點也不。它仍然在相同的目標範圍內。

And our next question is from Luke Lemoine with Piper Sandler.

我們的下一個問題來自 Luke Lemoine 和 Piper Sandler。

Olivier, you've outlined '23 international growth, and at your investor event kind of give us some parameters around '25. But then your comments today about international growth could keep going through '27 and possibly to 2030. I think we're all pretty familiar with Middle East, strong growth. Offshore as well growing substantially. But what do you see as some kind of the later-cycle growers? Or is this cycle mainly Middle East and offshore?

奧利維爾，你已經概述了 23 年的國際增長，並在你的投資者活動中為我們提供了 25 年左右的一些參數。但是你今天關於國際增長的評論可能會持續到 27 年甚至 2030 年。我認為我們都非常熟悉中東的強勁增長。離岸業務也在大幅增長。但你如何看待後期種植者？還是這個週期主要是中東和離岸？

Yes, I think, again, to make sure we are clear on the commentary we have shared. I think I was specific about the later part of the year, the '27 to 2030, all capacity and gas development commitments in the Middle East, okay? Offshore, similarly, I think it's a typical development and FID that are being blessed and sanctioned this year and years to come, have a 3 to 5 years horizon. So combining the -- what is expected to be the FID and dollar value in offshore environment in 2023 in the last 10 years with a pipeline that is still strong going forward, we indeed expect 3 to 5 years fall through on offshore from today.

是的，我想再次確保我們清楚我們分享的評論。我想我具體說明了今年下半年，從 27 年到 2030 年，中東的所有產能和天然氣開發承諾，好嗎？離岸，同樣，我認為這是今年和未來幾年受到祝福和批准的典型開發和 FID，具有 3 到 5 年的前景。因此，結合過去 10 年中 2023 年離岸環境中預期的 FID 和美元價值，以及未來仍然強勁的管道，我們確實預計從今天開始離岸將下降 3 到 5 年。

And combining with Middle East, the rest, I think, is more related to short cycle and is difficult to combine. But I think these 2 major growth engine internationally, I think, have the potential to sustain a very resilient growth of international environment for years to come. Indeed, that's correct. And that's our opportunity at this point.

而結合中東，其他的我覺得跟短週期關係比較大，很難結合。但我認為這兩個主要的國際增長引擎，我認為，有可能在未來幾年維持國際環境非常有彈性的增長。的確，這是正確的。這就是我們目前的機會。

Next, we go to Kurt Hallead with Benchmark.

接下來，我們將與 Benchmark 一起去拜訪 Kurt Hallead。

So Olivier, I wanted to kind of follow up as you kind of laid out your financial targets back from your Analyst Day in November, and it looks like you're very much on track to kind of meeting those targets. And I just want to get a sense now as we're kind of entering into 2023, are you getting a feeling that the market momentum in both international and offshore is even better than you thought it was when you laid out your plans on the Analyst Day in November?

所以奧利維爾，我想跟進一下，因為你在 11 月的分析師日制定了你的財務目標，看起來你很有可能實現這些目標。我現在只是想了解一下我們即將進入 2023 年，您是否感覺到國際和離岸的市場勢頭甚至比您在 Analyst 上製定計劃時想像的還要好十一月的一天？

No, I think generally speaking, I think, directionally, I think the market assumption we took, the macro backdrop we anticipated, are roughly the same. I think I will only put 2 comments. I think first is that the dynamic of this year has, as I commented in my remarks, a little bit of an upside, depending on the China economic rebound and opening. And that could lead later in the year to up cycle and FID acceleration. And that will have an uptick on the year outlook.

不，我認為一般來說，我認為，從方向上講，我認為我們採取的市場假設，我們預期的宏觀背景大致相同。我想我只會發表 2 條評論。我認為首先是，正如我在發言中所評論的那樣，今年的動態有一點上升，這取決於中國經濟的反彈和開放。這可能會在今年晚些時候導致上升週期和 FID 加速。這將對年度前景產生影響。

And secondly, I think the -- and I think building on the recent visit I had in the Middle East and the engagement I had with a lot of customers there, I think the strength of the -- and commitment to this capacity expansion and to this gas development program I think is here to stay, and will be resilient to your market condition, I would say.

其次，我認為 - 我認為基於我最近在中東的訪問以及我與那裡的許多客戶的接觸，我認為 - 的力量 - 以及對這種產能擴張和我認為這個天然氣開發計劃將繼續存在，並且會適應您的市場狀況，我會說。

So I believe that the duration of the cycle. I think we limited our guidance to 2025, but it's obvious -- becoming increasing obvious, that this cycle will expand and we'll have the strength to expand growth beyond '25, both on offshore and Middle East growth engine that will materialize.

所以我相信週期的持續時間。我認為我們將我們的指導限制在 2025 年，但很明顯 - 越來越明顯，這個週期將會擴大，我們將有能力將增長擴大到 25 年後，無論是在離岸還是中東增長引擎上都將實現。

Okay. That's great color. And then a lot of great information around your Core businesses. Just kind of curious now, what -- if you could give us a brief outlook on what's happening on the New Energy side.

好的。那是很棒的顏色。然後是關於您的核心業務的大量重要信息。現在有點好奇，如果你能給我們一個關於新能源方面正在發生的事情的簡要展望。

No. I think New Energy, I'm very pleased with the progress. I think we crystallized our strategy very much in the last 6 months. I think we have been commenting on it extensively during the Capital Market Day to outline the 5 selected domains in which we are investing in technology. We're investing in partnership. We're investing into equity and critical partner to accelerate our go-to-market, to accelerate our success.

不，我認為新能源，我對進展感到非常滿意。我認為我們在過去 6 個月裡非常明確了我們的戰略。我認為我們在資本市場日期間一直在廣泛評論它，以概述我們正在投資技術的 5 個選定領域。我們正在投資合作夥伴關係。我們正在投資於股權和關鍵合作夥伴，以加速我們的上市，加速我們的成功。

So continue to make progress on each of these 5 domains. And we have seen some announcements relating to CCUS, which I believe has a lot of momentum, and we are involved into dozens of projects this year. And we have crystallized and materialized some partnership, including the partnership with Linde for blue ammonia, blue hydrogen and gas processing. And we have been investing in that area as well for carbon capture. And we continue to make progress, and you have seen some announcement on geoenergy with Celsius, which is a very critical technology that is being assessed and being recognized in Europe as something that could really have an impact as a new technology, as a new domain that could transform a little bit the way the heating and cooling of buildings and cities are done.

因此，請繼續在這 5 個領域中的每一個領域取得進展。我們已經看到了一些與 CCUS 相關的公告，我相信這勢頭很大，我們今年參與了數十個項目。我們已經具體化並具體化了一些合作夥伴關係，包括與林德在藍色氨、藍色氫氣和氣體處理方面的合作夥伴關係。我們一直在該領域以及碳捕獲方面進行投資。我們繼續取得進展，你已經看到一些關於 Celsius 地能的公告，這是一項非常關鍵的技術，歐洲正在評估和認可它作為一項新技術，作為一個新領域可能真正產生影響這可能會稍微改變建築物和城市的供暖和製冷方式。

So we have a great long-term outlook on this, and more will come on this chapter. But in general, we are making progress on each of this domain, be it in pilots, be it in early commercial contracts, be it in technology milestones. We'll continue to inform you on these milestones so that you can judge the progress and continue to assess the potential.

因此，我們對此有一個很好的長期展望，本章將介紹更多內容。但總的來說，我們在每個領域都取得了進展，無論是在試點領域，還是在早期商業合同領域，還是在技術里程碑領域。我們將繼續通知您這些里程碑，以便您判斷進展情況並繼續評估潛力。

And then keep us -- we will keep you informed on our journey towards 2030 and the mission we have to the next decade. So I'm still positive and encouraged -- continue be encouraged with what the feedback we're getting from our partners and from our customers.

然後讓我們 - 我們會讓您了解我們邁向 2030 年的旅程以及我們對下一個十年的使命。所以我仍然是積極的和鼓舞的——繼續從我們的合作夥伴和我們的客戶那裡得到的反饋受到鼓舞。

Thank you. Thank you very much. So it's time to conclude. So ladies and gentlemen, as we conclude today's call, I would like to leave you with 4 key takeaways.

謝謝你。非常感謝你。所以是時候總結了。女士們，先生們，在我們結束今天的電話會議時，我想給你們留下 4 個要點。

First, our 2022 results represent another positive step in our financial and operational performance journey. Financially, we realized broad revenue growth and margin expansion, closed the fourth quarter with year-on-year EBITDA margin expansion ahead of our initial guidance and further reduced net debt. Operationally, the year was transformative, as we executed our strategy across 3 engine of growth and communicate our new brand purpose and identity. This firmly positions SLB to be the leader in the energy sector across multiple opportunities and time horizons.

首先，我們 2022 年的業績代表了我們在財務和運營績效之旅中又邁出了積極的一步。在財務上，我們實現了廣泛的收入增長和利潤率擴張，第四季度結束時 EBITDA 利潤率同比增長超過了我們的初步指導，並進一步減少了淨債務。在運營方面，這一年是變革性的，因為我們在三個增長引擎上執行了我們的戰略，並傳達了我們新的品牌目標和身份。這堅定地將 SLB 定位為跨越多個機會和時間範圍的能源領域的領導者。

Second, the macroeconomic environment remains highly supportive of multiyear up cycle in both oil and gas and low-carbon energy solutions. This is fundamentally driven by demand growth amidst very tight supply and further boosted by the prioritization of energy security and Decarbonization. These market conditions will continue to support steady growth in global oil and gas upstream investment for years to come and will prompt additional investments in low carbon energy solutions for a balanced planet.

其次，宏觀經濟環境仍然高度支持石油和天然氣以及低碳能源解決方案的多年上升週期。這從根本上是由供應非常緊張的情況下的需求增長推動的，並進一步受到能源安全和脫碳優先化的推動。這些市場條件將在未來幾年繼續支持全球石油和天然氣上游投資的穩定增長，並將促使對低碳能源解決方案的額外投資，以實現地球的平衡。

Third, the oil and gas industry is entering a new phase in the up cycle marked by the inflection in the Middle East and the strengthening of offshore activity. Taken together, this signals the onset of a new growth pattern internationally. These dynamics are closely aligned with our strengths and will enable us to benefit from a favorable pricing environment and further technology adoption. Additionally, we believe that the secular trends in digital transformation and decarbonization will only accelerate across all markets, presenting an advantaged position for SLB.

第三，石油和天然氣行業正進入以中東局勢轉折和海上活動加強為標誌的上升週期的新階段。總而言之，這標誌著國際上新增長模式的開始。這些動態與我們的優勢密切相關，將使我們能夠從有利的定價環境和進一步的技術採用中受益。此外，我們認為數字化轉型和脫碳的長期趨勢只會在所有市場加速，為 SLB 帶來優勢地位。

Finally, based on our confidence in the strength of the up cycle, our favorable market exposure and strong financial results, we reaffirm our ambition to significantly expand shareholders' returns in 2023 through a commitment to more than double the returns when compared to 2022 through a combination of increased dividends and share buybacks.

最後，基於我們對上升週期強度的信心、我們有利的市場敞口和強勁的財務業績，我們重申我們的雄心，即通過承諾與 2022 年相比回報增加一倍以上，從而在 2023 年顯著擴大股東回報。增加股息和股票回購的組合。

I could not be more satisfied with SLB's position at the onset of 2023, and have full confidence in our team's ability to fully seize the new phase of this sub cycle and accelerate our investment for the future. We look forward to once again exceeding your expectation throughout this year.

我對 SLB 在 2023 年伊始的位置感到非常滿意，對我們團隊有能力充分抓住這個子週期的新階段並加快我們對未來的投資充滿信心。我們期待今年再次超越您的期望。

Thank you very much for your time.

非常感謝您的寶貴時間。

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。