斯倫貝謝公司 (SLB) 2023 Q1 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, Lea. Good morning, and welcome to the SLB First Quarter 2023 Earnings Conference Call. Today's call is being hosted from Rio, Brazil, 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，莉亞。早上好，歡迎來到 SLB 2023 年第一季度收益電話會議。在本週早些時候舉行的董事會會議之後，今天的電話會議在巴西里約熱內盧舉行。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 first 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一季度新聞稿中找到。

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

有了這個，我會把電話轉給奧利維爾。

Thank you, ND. Ladies and gentlemen, thank you for joining us on the call today. In my prepared remarks, I will cover three topics. I will begin with an update on our first quarter results. Then I will share our latest view on the macro and our positioning for long-term success. And finally, I will close with our outlook for the second quarter and full year. Stephane will then provide more details on our financial results. And we'll 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，我將涵蓋三個主題。我將從我們第一季度業績的最新情況開始。然後我將分享我們對宏觀的最新看法以及我們對長期成功的定位。最後，我將結束我們對第二季度和全年的展望。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。

It has been a great start of the year as we have achieved results that set us on a solid footing for our full year financial ambitions. On a year-on-year basis, our financial and operational results were strong across all geographies and divisions. Following the remarks that I shared in our earnings release this morning, I would like to emphasize a few key highlights from the quarter.

這是今年的一個良好開端，因為我們取得的成果為我們全年的財務目標奠定了堅實的基礎。與去年同期相比，我們所有地區和部門的財務和運營業績都很強勁。繼我今天上午在收益發布中分享的言論之後，我想強調本季度的幾個主要亮點。

First, we delivered very solid year-on-year growth at a magnitude lasting more than a decade ago. Geographically, year-on-year growth rates in North America and internationally were comparable. More importantly, the rate of change is tipping more in favor of the international market, where sequentially we experienced the smallest seasonal decline in recent times. Collectively, our Core divisions grew year-on-year by more than 30% and expanded operating margins by more than 300 basis points.

首先，我們在十多年前實現了非常穩健的同比增長。從地域上看，北美和國際的同比增長率具有可比性。更重要的是，變化率越來越有利於國際市場，我們在國際市場上連續經歷了近期最小的季節性下降。總的來說，我們的核心部門同比增長超過 30%，營業利潤率提高了 300 多個基點。

We continue to position the Core for long-term success with significant contract wins and technology innovations that improve efficiency and lower carbon emissions. A great example is EcoShield, a geopolymer-based, cement-free well integrity system and one of our latest Transition Technologies launched earlier this quarter. You will find many examples of these contract wins and the performance impact of our new technologies in today's press release.

我們繼續通過重要的合同贏得和技術創新來提高效率和降低碳排放量，以取得長期成功。一個很好的例子是 EcoShield，這是一種基於地質聚合物的無水泥井完整性系統，也是我們本季度早些時候推出的最新過渡技術之一。在今天的新聞稿中，您會發現這些合同贏得的許多例子以及我們的新技術對性能的影響。

In digital, we maintained strong growth momentum and also secured more contract wins. At the division level, the amount of year-on-year revenue growth in digital was somewhat masked by significantly lower EPS revenue due to production interruption in Ecuador and lower project revenue in the Palliser asset in Canada. Additionally, digital continues to help us elevate our efficiency and margin performance in the Core as we deploy this solution at scale in our global operations.

在數字領域，我們保持了強勁的增長勢頭，也贏得了更多合同。在部門層面，由於厄瓜多爾的生產中斷和加拿大 Palliser 資產的項目收入下降，數字業務的收入同比增長在一定程度上被 EPS 收入大幅下降所掩蓋。此外，隨著我們在全球運營中大規模部署該解決方案，數字化繼續幫助我們提高核心業務的效率和利潤率。

And in New Energy, we continue to make progress across our portfolio, notably with new carbon capture and sequestration activities that raise our involvement to around 30 projects globally. CCS is recognized as one of the fastest-growing opportunity to reduce carbon emissions. And with the tailwinds from the U.S. Inflation Reduction Act and other initiatives around the world, we expect more projects to move forward to final investment decisions in the next 2 years.

在新能源領域，我們繼續在我們的產品組合中取得進展，特別是在新的碳捕獲和封存活動方面，我們在全球範圍內參與了大約 30 個項目。 CCS 被認為是增長最快的減少碳排放的機會之一。在美國《降低通貨膨脹法案》和全球其他倡議的推動下，我們預計未來 2 年將有更多項目進入最終投資決策階段。

Finally, we are delivering on our commitment to increase returns to shareholders. During the quarter, we relaunched our share buyback program with repurchases totaling more than $200 million worth of shares. I would like to really thank the entire SLB team for their hard work and for delivering yet another successful quarter.

最後，我們正在兌現增加股東回報的承諾。本季度，我們重新啟動了股票回購計劃，回購總價值超過 2 億美元的股票。我真的要感謝整個 SLB 團隊的辛勤工作，感謝他們又一個成功的季度。

Moving to the macro. We maintain a constructive multiyear growth outlook. Through the first quarter, the resilience, breadth and durability of the upcycle has only become more evident. I would like to take a few minutes to describe these factors.

移動到宏。我們維持建設性的多年增長前景。整個第一季度，上升週期的彈性、廣度和持久性只會變得更加明顯。我想花幾分鐘時間來描述這些因素。

To begin, the underlying demand, investments and activity during this cycle are resilient despite short-term economic and demand uncertainties. The combination of energy security, the initiation of long-cycle projects and OPEC's policy sets the condition for a decoupling of the activity outlook for short-term demand uncertainties.

首先，儘管存在短期經濟和需求不確定性，但本週期的潛在需求、投資和活動仍具有彈性。能源安全、長周期項目的啟動和歐佩克的政策相結合，為短期需求不確定性的活動前景脫鉤創造了條件。

Indeed, energy security remains a top priority for most countries and is driving structural investments that are governed primarily by national interest. The extent of these investments is resulting into a broad-ranging growth outlook, comprised predominantly of resilient long-cycle projects in the Middle East, the international offshore basins and in gas projects. Collectively, we expect these market segments to reach or exceed more than 2/3 of the total global upstream spend and support a long tail of resilient activity over the next few years.

事實上，能源安全仍然是大多數國家的首要任務，並且正在推動主要受國家利益支配的結構性投資。這些投資的範圍導致廣泛的增長前景，主要包括中東、國際近海盆地和天然氣項目的彈性長周期項目。總的來說，我們預計這些細分市場將達到或超過全球上游總支出的 2/3 以上，並在未來幾年支持長期的彈性活動。

In parallel, the North America market, characterized by higher short-cycle exposure, is also set to benefit from positive demand outlook and supportive commodity pricing. However, this will be impacted by an anticipated activity plateau in the short term, which will subsequently be reflected in production volumes.

與此同時，以較高的短週期敞口為特徵的北美市場也將受益於積極的需求前景和有利的商品定價。然而，這將受到短期內預期的活動平穩期的影響，隨後將反映在產量中。

Moving to the dimensions of breadth and duration. These are also best emphasized by the latest activity outlook for the Middle East and offshore market segments. Fundamentally, the pivot to both segments as anchors of supply growth is a defining attribute of this cycle. This is providing an unprecedented level of investment visibility and a scale that is setting many records.

轉向廣度和持續時間的維度。中東和離岸市場領域的最新活動前景也最能強調這些。從根本上說，轉向這兩個細分市場作為供應增長的支柱是這個週期的決定性特徵。這提供了前所未有的投資可見度和創下多項記錄的規模。

In the Middle East, the largest-ever investment cycle has now commenced. This will support ongoing capacity expansion projects over the next 4 years in both oil and gas. Consequently, this year, we expect to post our highest revenue ever in the Middle East, putting us on track to achieve our multiyear growth aspiration.

在中東，有史以來最大的投資週期現已開始。這將支持未來 4 年正在進行的石油和天然氣產能擴張項目。因此，今年我們有望在中東地區實現有史以來最高的收入，從而使我們走上實現多年增長目標的軌道。

Simultaneously, we are witnessing further activity expansion in the offshore market. Offshore activity continues to surprise to the upside with breadth and a diversity of opportunities across all major basins. In addition, the latest FID projections and industry reports indicate that the offshore sector is set for its highest growth in a decade with more than $200 billion in new projects through the next 2 years.

同時，我們正在目睹離岸市場的進一步活動擴張。海上活動繼續以廣度和多樣性在所有主要盆地的機會令人驚訝地上升。此外，最新的 FID 預測和行業報告表明，離岸行業將在未來 2 年內實現 10 年來的最高增長，新項目將超過 2000 億美元。

This growth will be supported by three layers of activity. First, the resumption of infill and tieback activity in mature basins, which was very visible across Africa in 2022. This will continue to strengthen in multiple geographies from this year onward. Second, ongoing large development projects in both oil and gas that are ramping up and starting to scale. This is evident in Latin America, such as Guyana and Brazil, and in the Middle East, such as in Saudi Arabia, UAE and Qatar.

這種增長將得到三層活動的支持。首先，成熟盆地恢復加密和回接活動，這在 2022 年在整個非洲非常明顯。從今年開始，這將在多個地區繼續加強。其次，正在進行的大型石油和天然氣開發項目正在加速並開始擴大規模。這在拉丁美洲（如圭亞那和巴西）以及中東（如沙特阿拉伯、阿聯酋和卡塔爾）很明顯。

And third, the resurgence of exploration and appraisal activity, which is starting to gather strong momentum in the existing basins and new frontiers. From West and South Africa to the East Mediterranean, we are starting to see exploration and appraisal at a pace that was unforeseen just a few months ago. Additionally, the activity pipeline continues to elongate with new licensing rounds and new blocks awarded. As a result, we believe that we'll continue to witness durable offshore investment for many years to come.

第三，勘探和評估活動的複蘇，在現有盆地和新邊界開始積聚強勁勢頭。從西非和南非到東地中海，我們開始看到勘探和評估正以幾個月前無法預料的速度進行。此外，隨著新的許可輪次和授予的新區塊，活動管道繼續延長。因此，我們相信我們將在未來許多年繼續見證持久的離岸投資。

Let me spend a couple of minutes highlighting what this means for SLB. As the cycle unfolds, the characteristics I have described continue to align with major strengths in our Core. This will support additional activity intensity for Well Construction; accelerated growth opportunity in Reservoir Performance through the return of exploration and appraisal activity; and further long-term growth potential for Production Systems.

讓我花幾分鐘時間強調一下這對 SLB 意味著什麼。隨著周期的展開，我所描述的特徵繼續與我們核心的主要優勢保持一致。這將支持 Well Construction 的額外活動強度；通過恢復勘探和評估活動，加快油藏性能的增長機會；以及生產系統的進一步長期增長潛力。

One such example is the TPAO Sakarya project in the Southern Black Sea offshore Turkey. This project involved all our Core divisions, supporting the development of a challenging subsea gas asset and a simultaneous construction of a gas production facility, demonstrating SLB's unique ability to integrate at scale from pore-to-process.

一個這樣的例子是土耳其黑海南部近海的 TPAO Sakarya 項目。該項目涉及我們所有的核心部門，支持具有挑戰性的海底天然氣資產的開發和天然氣生產設施的同步建設，展示了 SLB 從孔隙到過程進行大規模整合的獨特能力。

Looking more in depth. Our Production Systems division is in a unique position as a long-cycle lever of growth for us with quarterly year-on-year results demonstrating our ability to fully harness its potential. We believe momentum is set to continue, benefiting from our strong market presence in the Middle East and in offshore basins.

看得更深入。作為我們的長周期增長槓桿，我們的生產系統部門處於獨特的地位，季度同比業績表明我們有能力充分發揮其潛力。我們相信，受益於我們在中東和近海盆地的強大市場影響力，勢頭將繼續下去。

In this division, we anticipate cumulative bookings in the range of $10 billion to $12 billion in 2023, up significantly from 2022. We have taken a strong step forward towards this ambition with more than $3 billion bookings in the first quarter. And the outlook supports continued strong bookings through at least 2025. Overall, this will provide durable revenue growth and a significant installed base for services in the years to come.

在該部門，我們預計 2023 年的累計預訂量將在 100 億美元至 120 億美元之間，比 2022 年大幅增加。我們已朝著這一目標邁出了堅實的一步，第一季度的預訂量超過 30 億美元。前景支持至少到 2025 年的持續強勁預訂。總體而言，這將在未來幾年提供持久的收入增長和重要的服務安裝基礎。

In this context, our exposure to the deepwater subsea market remains an essential component of our growth opportunity. And we continue to strengthen this part of our portfolio with much success. In subsea, we have grown 20% over the last 2 years and are already generating EBITDA margins in the high-teens, building on our technology, performance in execution and the depth of our processing portfolio. We expect strong momentum for this part of our business to be sustained through 2025 and beyond.

在這種情況下，我們涉足深水海底市場仍然是我們增長機會的重要組成部分。我們繼續加強我們產品組合的這一部分，並取得了巨大成功。在海底，我們在過去兩年中增長了 20%，並且已經產生了十幾歲的 EBITDA 利潤率，建立在我們的技術、執行性能和我們處理組合的深度之上。我們預計這部分業務的強勁勢頭將持續到 2025 年及以後。

To conclude, we are in the midst of a unique cycle with qualities that enhance the long-term outlook for industry, resilience, breadth and durability, all reinforced by a pivot to the Middle East, offshore, gas and return of E&A. We could not ask for a better backdrop to execute our returns-focused strategy. During the early phase of this cycle, led by North America, our results have already demonstrated our ability to capture growth ahead of activity and expand margins visibly beyond pre-pandemic levels.

總而言之，我們正處於一個獨特的周期之中，其品質增強了行業的長期前景、彈性、廣度和耐用性，所有這些都因轉向中東、海上、天然氣和 E&A 的回歸而得到加強。我們不能要求更好的背景來執行我們以回報為中心的戰略。在這個週期的早期階段，以北美為首，我們的結果已經證明我們有能力在活動之前實現增長，並將利潤率明顯擴大到大流行前的水平之上。

Looking forward, we are positioned to fully harness the international and offshore momentum that is now underway and to further our margins expansion journey. In the quarters ahead, we'll continue to demonstrate our returns focus, capital discipline and commitment to shareholders' returns. I'm truly excited about the outlook for SLB.

展望未來，我們已準備好充分利用目前正在進行的國際和離岸發展勢頭，並進一步推進我們的利潤擴張之旅。在未來幾個季度，我們將繼續展示我們對回報的關注、資本紀律和對股東回報的承諾。我對 SLB 的前景感到非常興奮。

Next, I would like to comment on our progress over the shorter term. For the full year, our strong first quarter gives us renewed confidence in our financial ambitions for 2023. We are primed for revenue growth and margin expansion through the year, underpinned by a very solid international outlook.

接下來，我想評論一下我們在短期內取得的進展。全年來看，我們強勁的第一季度讓我們對 2023 年的財務目標重新充滿信心。在非常穩固的國際前景的支持下，我們為全年的收入增長和利潤率擴張做好了準備。

In North America, we still expect tangible market growth but at a lower rate than originally anticipated at the start of the year, mainly as a result of ongoing weakness in gas prices. Taken together, we expect the strong international growth to offset any weakness in North America, keeping our full year ambitions intact with year-on-year growth in excess of 15%, which should support adjusted EBITDA growth in the mid-20s.

在北美，我們仍預計有形市場增長，但增速低於年初的最初預期，這主要是由於天然氣價格持續疲軟。總而言之，我們預計強勁的國際增長將抵消北美的任何疲軟，保持我們全年的目標不變，同比增長超過 15%，這應該會支持 20 年代中期調整後的 EBITDA 增長。

More specific to the second quarter. Directionally, we expect revenue to grow about mid- to high single digits with operating margins expanding by 50 to 100 basis points, driven by a seasonal rebound in the international markets. Growth will be led by Middle East and Asia area and continued momentum in the offshore markets.

更具體到第二季度。在定向方面，我們預計在國際市場季節性反彈的推動下，收入將增長約中高個位數，營業利潤率將擴大 50 至 100 個基點。中東和亞洲地區以及離岸市場的持續增長將引領增長。

Building on this, we expect our second quarter adjusted EBITDA to reach new highs in this cycle, further expanding the earnings growth journey we initiated 11 quarters ago and taking another positive step towards achieving our full year ambitions.

在此基礎上，我們預計第二季度調整後的 EBITDA 將創下本週期的新高，進一步擴大我們 11 個季度前啟動的盈利增長之旅，並朝著實現全年目標邁出積極的一步。

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.

謝謝奧利維爾，女士們先生們早上好。

First quarter earnings per share excluding charges and credits was $0.63. This represents an increase of $0.29 or 85% when compared to the first quarter of last year. In addition, during the first quarter, we recorded a $0.02 gain relating to the sale of all of our remaining shares in Liberty, which brought our GAAP EPS to $0.65.

第一季度扣除費用和貸項後的每股收益為 0.63 美元。與去年第一季度相比，這增加了 0.29 美元或 85%。此外，在第一季度，我們記錄了與出售我們在 Liberty 的所有剩餘股份相關的 0.02 美元收益，這使我們的 GAAP 每股收益達到 0.65 美元。

Overall, our first quarter revenue of $7.7 billion increased 30% year-on-year as the growth cycle continues to unfold. This represents the highest quarterly year-on-year increase in more than a decade. International revenue was up 29% year-on-year while North America increased 32%.

總體而言，隨著增長周期的繼續展開，我們第一季度的收入為 77 億美元，同比增長 30%。這是十多年來最高的季度同比增幅。國際收入同比增長 29%，而北美增長 32%。

Company-wide adjusted EBITDA margin for the first quarter was 23.1%. In absolute dollars, adjusted EBITDA increased 43% year-on-year. As a reminder, our ambition is for adjusted EBITDA to grow in percentage terms in the mid-20s for the full year of 2023. The first quarter was certainly a strong start towards achieving this goal.

第一季度全公司調整後的 EBITDA 利潤率為 23.1%。以絕對美元計算，調整後的 EBITDA 同比增長 43%。提醒一下，我們的目標是在 2023 年全年調整後的 EBITDA 按百分比計算在 20 年代中期增長。第一季度無疑是實現這一目標的良好開端。

On a sequential basis, revenue decreased 2%, mostly driven by seasonally lower revenue in Asia and Russia as well as lower APS revenue in Ecuador. Russia represented approximately 5% of our consolidated Q1 revenue.

按順序計算，收入下降 2%，主要受亞洲和俄羅斯季節性收入下降以及厄瓜多爾 APS 收入下降的推動。俄羅斯約占我們第一季度綜合收入的 5%。

Sequentially, our pretax segment operating margins declined 178 basis points, largely due to seasonality and lower APS revenue. From a year-on-year perspective, margins expanded 298 basis points with significant margin growth in three of our four divisions.

隨後，我們的稅前部門營業利潤率下降了 178 個基點，這主要是由於季節性和較低的 APS 收入。從同比角度來看，我們四個部門中的三個部門的利潤率增長了 298 個基點，利潤率顯著增長。

Let me now go through the first quarter results for each division. First quarter Digital & Integration revenue of $894 million decreased 12% sequentially with margins declining 8 percentage points to 30%. These decreases were primarily due to lower APS project revenue and seasonally lower digital and exploration data licensing sales.

現在讓我看一下每個部門的第一季度業績。第一季度數字與集成收入為 8.94 億美元，環比下降 12%，利潤率下降 8 個百分點至 30%。這些減少主要是由於 APS 項目收入減少以及數字和勘探數據許可銷售的季節性減少。

The APS revenue decline was mostly a result of a pipeline disruption in Ecuador that temporarily reduced production and lower commodity prices impacting our project in Canada. As a result of these issues, APS revenue declined year-on-year.

APS 收入下降的主要原因是厄瓜多爾的管道中斷導致產量暫時減少，商品價格下跌影響了我們在加拿大的項目。由於這些問題，APS 收入同比下降。

But this effect was more than offset by strong digital growth, including a more than 50% increase in our cloud and edge solutions. Margins for the Digital & Integration division are expected to improve in Q2 as the pipeline issue in Ecuador has been resolved and as digital sales will increase sequentially, in line with the usual seasonal trend.

但這種影響被強勁的數字增長所抵消，包括我們的雲和邊緣解決方案增長超過 50%。隨著厄瓜多爾的管道問題得到解決，數字與集成部門的利潤率預計將在第二季度有所改善，並且數字銷售額將連續增長，與通常的季節性趨勢一致。

Reservoir Performance revenue of $1.5 billion decreased 3% sequentially while margins declined 207 basis points to 16.1%. These decreases were primarily due to seasonal activity reductions in Europe and Asia and lower revenue in Russia. Year-on-year, revenue grew 24% and margins increased 291 basis points, driven by strong growth internationally, both on land and offshore.

Reservoir Performance 收入為 15 億美元，環比下降 3%，而利潤率下降 207 個基點至 16.1%。這些減少主要是由於歐洲和亞洲的季節性活動減少以及俄羅斯的收入減少。收入同比增長 24%，利潤率增長 291 個基點，這得益於國際陸上和海上業務的強勁增長。

Well Construction revenue of $3.3 billion increased 1% sequentially while margins of 20.6% decreased 44 basis points. However, year-on-year revenue grew 36% while margins expanded 444 basis points with very strong growth across all areas on higher activity, increased pricing and a favorable technology mix.

Well Construction 的收入為 33 億美元，環比增長 1%，而 20.6% 的利潤率下降了 44 個基點。然而，由於活動增加、價格上漲和有利的技術組合，所有領域的收入同比增長 36%，利潤率增長 444 個基點，增長非常強勁。

Finally, Production Systems revenue of $2.2 billion was essentially flat sequentially and margins declined 148 basis points to 9.3% due to seasonality and the activity mix in Europe and Asia.

最後，由於季節性因素以及歐洲和亞洲的活動組合，生產系統收入為 22 億美元，環比基本持平，利潤率下降 148 個基點至 9.3%。

Year-on-year, revenue increased 38% while margins expanded 217 basis points, driven by strong activity across all areas, led by Europe, Latin America and North America. Margins also improved compared to the first quarter of last year as supply chain and logistics constraints continued to ease.

收入同比增長 38%，利潤率增長 217 個基點，這得益於以歐洲、拉丁美洲和北美為首的所有地區的強勁活動。由於供應鍊和物流限制繼續緩解，與去年第一季度相比，利潤率也有所提高。

Now turning to our liquidity. Our net debt increased approximately $1 billion sequentially to $10.3 billion. During the quarter, we generated $330 million of cash flow from operations and negative free cash flow of $265 million, reflecting the seasonal increase in working capital we typically experience in the first quarter.

現在轉向我們的流動性。我們的淨債務環比增加了約 10 億美元，達到 103 億美元。本季度，我們產生了 3.3 億美元的運營現金流和 2.65 億美元的負自由現金流，反映了我們通常在第一季度經歷的營運資金季節性增長。

This largely reflects the payout of our annual employee incentives and the buildup of working capital that will support our anticipated growth throughout the year. Our second quarter free cash flow is expected to be materially higher and to continue to increase into the third and fourth quarters.

這在很大程度上反映了我們年度員工激勵措施的支付以及將支持我們全年預期增長的營運資金的積累。我們第二季度的自由現金流預計將大幅增加，並將繼續增加到第三和第四季度。

Capital investments inclusive of CapEx and investments in APS projects and exploration data were $595 million in the first quarter. For the full year, we are still expecting capital investments to be approximately $2.5 billion to $2.6 billion.

第一季度，包括資本支出在內的資本投資以及對 APS 項目和勘探數據的投資為 5.95 億美元。對於全年，我們仍預計資本投資約為 25 億至 26 億美元。

During the quarter, we monetized our remaining investment in Liberty, which resulted in net proceeds of $137 million. We also spent $244 million, net of cash acquired, on acquisitions and investments in other businesses, the majority of which relates to the Gyrodata acquisition.

在本季度，我們將對 Liberty 的剩餘投資貨幣化，產生了 1.37 億美元的淨收益。我們還花費了 2.44 億美元（扣除獲得的現金）用於其他業務的收購和投資，其中大部分與 Gyrodata 的收購有關。

Finally, we resumed our stock repurchase program and repurchased 4.4 million shares during the quarter for a total purchase price of $230 million. We will continue to repurchase shares in the coming quarters. And as previously announced, we are targeting to return a total of $2 billion to our shareholders this year between dividends and stock buybacks.

最後，我們恢復了股票回購計劃，並在本季度回購了 440 萬股股票，總購買價格為 2.3 億美元。我們將在未來幾個季度繼續回購股票。正如之前宣布的那樣，我們的目標是今年在股息和股票回購之間向我們的股東返還總計 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 will open now the floor to your questions.

謝謝你，斯蒂芬。女士們，先生們，我想我們現在可以開始提問了。

(Operator Instructions) We go to the line of James West with Evercore ISI.

（操作員說明）我們通過 Evercore ISI 前往 James West 的路線。

Olivier, you and Stephane, you outlined kind of an unprecedented, quite frankly, amount of contract awards, amount of visibility into the cycle. And curious, as you talk to your customers now, what you see as the durability of those awards, given the global volatility in economies and things of that nature.

奧利維爾，你和斯蒂芬，你概述了一種前所未有的，坦率地說，合同授予的數量，對周期的可見度。好奇的是，當你現在與客戶交談時，考慮到全球經濟和類似性質的事物的波動，你認為這些獎項的持久性如何。

How are you thinking about the next several years? How are you guys perceiving kind of the steadiness of these contract awards and their ability to continue to go forward, even if we were to have a recession or something like that, and how that would influence your revenue and results?

您如何看待未來幾年？你們如何看待這些合同授予的穩定性及其繼續前進的能力，即使我們遇到經濟衰退或類似情況，這將如何影響您的收入和結果？

No, James, thank you. I think, indeed, I think we have highlighted, and I think in my prepared remarks, I shared the view that in the recent months and certainly in the last quarter, and I have been traveling in Asia, Middle East and South America, I have seen customers, I think, taking commitments and being ready to commit to the supply capacity and to the partnership they need to deploy and develop the assets going forward.

不，詹姆斯，謝謝你。我認為，確實，我認為我們已經強調，而且我認為在我準備好的發言中，我同意這樣的觀點，即在最近幾個月，當然在上個季度，我一直在亞洲、中東和南美洲旅行，我我認為，已經看到客戶做出承諾並準備承諾供應能力以及他們部署和開發資產所需的合作夥伴關係。

As we believe this cycle is unique through, as we said, element of resilience by the nature of investment and growth rate, including the long-term capacity expansion committed in Middle East, including the large long-cycle elements that are growing in proportion, led by offshore deepwater coming back.

正如我們所說，我們認為這個週期是獨一無二的，因為投資和增長率的性質具有彈性因素，包括中東承諾的長期產能擴張，包括按比例增長的大型長周期因素，由近海深水帶頭回歸。

The breadth, I think everywhere we go, every geo unit is seeing customer reaching out to mobilize resource, sometimes for short-cycle production enhancements, most of the time for development, commitment of assets and redevelopment expansion from infill to large-scale development. And durability is certainly improving. And duration of the cycle, I think, is improving as we see.

廣度，我認為無論我們走到哪裡，每個地理單位都看到客戶伸出手來調動資源，有時是為了短週期生產增強，大部分時間是為了開發、資產承諾和從填充到大規模開發的再開發擴展。耐用性肯定會提高。正如我們所見，我認為周期的持續時間正在改善。

Because beyond the Middle East, '27 targets of capacity expansion from -- for (inaudible) in the country. Other countries are targeting this towards the end of the decade. And here, I'm in the city in Brazil, Brazil has a clear ambition for 4 million barrel by 2030. And I've already committed up to 20 FPSO contract that will continue to build the pipeline of offshore activity subsea in particular going forward.

因為在中東以外，'27 個產能擴張目標來自 - （聽不清）在該國。其他國家的目標是在本十年末實現這一目標。在這裡，我在巴西的城市，巴西有明確的目標，到 2030 年達到 400 萬桶。我已經承諾了多達 20 個 FPSO 合同，這些合同將繼續建設海上活動管道，特別是在未來.

So I'm very positive about the mix, if you like, of short cycle on production enhancements to address the anticipated supply risk and the commitment -- long commitment from Middle East, from deepwater and offshore operator to complement the long cycle. It's not to offset and not now take precedent over this short cycle and so turn -- as we indicated, a turn into the cycle towards international offshore and Middle East in particular. So that's where we are very confident.

因此，如果你願意，我對提高生產的短週期組合非常積極，以解決預期的供應風險和承諾——來自中東、深水和海上運營商的長期承諾，以補充長周期。它不是為了抵消，也不是現在在這個短週期內採取先例，因此轉向 - 正如我們所指出的那樣，特別是轉向國際離岸和中東的周期。所以這就是我們非常有信心的地方。

Okay. That's perfect, Olivier. And then a follow-up for me. In terms of pricing, international and offshore versus maybe North America, kind of what you're seeing there in terms of the level of concern, or maybe not concern but level of willingness to accept pricing increases. It seems to me like customers internationally and offshore are more looking at or concerned about availability of service capacity rather than what it actually costs.

好的。太棒了，奧利維爾。然後是我的後續行動。在定價方面，國際和離岸與北美相比，你在那裡看到的是關注程度，或者可能不關注，而是接受價格上漲的意願程度。在我看來，國際客戶和離岸客戶更多地關注或關注服務能力的可用性，而不是實際成本。

Yes, I think the -- we are seeing pricing tailwinds. And we have seen pricing tailwinds in the global market for quite a few quarters and starting in North America. It has turned to international based on two things. First, indeed, securing capacity going forward, giving us -- giving -- considering the tight supply of equipment, unique technology, giving a level of sense of urgency to secure contract and elongating the contract. You have seen example of 9 years contract into the announcement we made today.

是的，我認為——我們看到了定價順風。從北美開始，我們已經看到全球市場的定價順風好幾個季度了。它基於兩件事轉向國際化。首先，確實，確保未來的能力，給我們 - 給予 - 考慮到設備供應緊張，獨特的技術，給人一種確保合同和延長合同的緊迫感。您已經在我們今天發布的公告中看到了 9 年合同的例子。

And at the same time, I think performance matters. Performance matters to offshore operator. Performance matters for first gas, first oil. And there's a sense of urgency to accelerate the cycle. This is one of the priority. And technology integration also makes a difference and is recognized and is driving a pricing premium. So the combination of supply capacity, the combination of, I would say, a sense of urgency for -- and quest for performance integration and technology deployment is driving pricing tailwinds that are serving us very well.

同時，我認為性能很重要。性能對離岸運營商很重要。先氣後油，性能很重要。並且有一種加速週期的緊迫感。這是優先事項之一。技術整合也有所作為，得到認可並推動定價溢價。因此，供應能力的結合，我想說的是，對性能集成和技術部署的緊迫感的結合正在推動定價順風，這對我們非常有用。

Next, we go to David Anderson with Barclays.

接下來，我們與巴克萊銀行一起去大衛安德森。

So question on kind of the duration of the cycle in your Core business. Well Construction is obviously a big part of that. I was hoping maybe you could talk about the pace of Well Construction that you see in front of you this year and where you should see the greatest uptick in activity and kind of the greatest shift in technology as well. I noticed that North America was up 9% sequentially, which is a bit of a surprise. But where does that Middle East ramp-up fit in here?

因此，請問您的核心業務週期的持續時間。 Well Construction 顯然是其中的重要組成部分。我希望也許你能談談你今年在你面前看到的 Well Construction 的步伐，以及你應該在哪些地方看到活動的最大增長以及技術的最大轉變。我注意到北美連續增長了 9%，這有點令人驚訝。但是，中東的增長在這裡適合什麼地方？

And kind of also a similar question to what James asked, a question of capacity. If I'm one of your customers, what am I most worried about today? Is it Well Construction? Is that kind of the -- I would have to think that has to be kind of towards the top of the list. But that -- if you can sort of help us understand that a little bit.

也有點類似於 James 提出的問題，即能力問題。如果我是您的客戶之一，我今天最擔心的是什麼？是好建築嗎？是那種——我不得不認為它必須排在列表的首位。但是，如果你能幫助我們理解一點的話。

Yes. No, I think you are correct. I think the supply of high-performance equipment in the Well Construction domain is under stretch today. I think we are working very closely with our customers to prioritize equipment, prioritize technology application and use integration, use digital to help deliver the performance they expect. So there is a stretch indeed in this. But going forward, I think we are committing the resource when we see the returns to be accretive to our margins and align with our expectation and ambition to continue to expand margins.

是的。不，我認為你是對的。我認為今天 Well Construction 領域的高性能設備供應緊張。我認為我們正在與客戶密切合作，優先考慮設備、技術應用和使用集成，使用數字技術來幫助提供他們期望的性能。因此，這確實有一定的局限性。但展望未來，我認為當我們看到回報增加我們的利潤率並符合我們繼續擴大利潤率的期望和雄心時，我們就會投入資源。

So where we see the most activity, clearly, this year is an uptick. And this will be the case as sequentially next quarter is in Middle East and offshore, I think a combination of an integrated contract we have in offshore with relatively complex assets on occasion that demands a lot of technology deployments. And the intensity of activity in Middle East, that is a mix of short-cycle and long-cycle development project, this combination is unique and I think will be pulling more resource, more equipment, more technology and will drive revenue forward up.

所以我們看到最活躍的地方，很明顯，今年是一個上升期。這將是下個季度在中東和離岸的連續情況，我認為我們在離岸擁有的綜合合同與相對複雜的資產相結合，有時需要大量技術部署。中東的活動強度，即短週期和長周期開發項目的組合，這種組合是獨一無二的，我認為將拉動更多的資源、更多的設備、更多的技術，並將推動收入向前增長。

And was the North America uptick, was that more offshore-driven than onshore this quarter?

北美是否有所上升，本季度離岸驅動比在岸驅動更多嗎？

Yes, it was, indeed, absolutely. I think offshore is not only international, I think offshore is happening in North America. North America as Northeast Canada, Alaska offshore and Gulf of Mexico, the combination of which is set to grow and outpace this year, the -- I would say, the U.S. land and North America land activity. So we are also getting the benefit of our fit-for-basin success in North America that continues to hold and help us maintain, grow our share and come on a premium on pricing.

是的，確實如此，絕對如此。我認為離岸不僅是國際性的，我認為離岸正在北美髮生。北美作為加拿大東北部、阿拉斯加近海和墨西哥灣，今年它們的組合將增長並超過——我想說的是美國陸地和北美陸地活動。因此，我們也受益於我們在北美的適合盆地的成功，這將繼續保持並幫助我們維持、增加我們的份額並在定價上獲得溢價。

And then Olivier, in the D&I business, APS obviously impacted the performance this quarter. I was wondering maybe if you could kind of pull back a little bit and help us understand how the digital business is performing. I think the goal is to hit a $3 billion revenue target.

然後是 Olivier，在 D&I 業務中，APS 顯然影響了本季度的業績。我想知道你是否可以稍稍退後一步，幫助我們了解數字業務的表現。我認為目標是達到 30 億美元的收入目標。

Wondering if you can kind of tell us where we are now in terms of that run rate. And in order to hit those targets, I'm just curious, is that about your existing customers using digital more? Is it adding more apps to DELFI? Is it adding more customers? Is it all of the above? Maybe help us understand a little bit more...

想知道您是否可以告訴我們我們現在的運行率。為了達到這些目標，我很好奇，您現有的客戶是否更多地使用數字技術？它是否向 DELFI 添加了更多應用程序？它增加了更多的客戶嗎？是以上所有嗎？也許可以幫助我們多了解一點......

All of the above.

上述所有的。

I had a feeling you would say that.

我有預感你會這麼說。

Indeed. But I think, indeed, Dave, I think first, in this quarter, obviously, the growth. And we have seen growth rate in digital that is aligned with our expectations, aligned with our ambition to double revenue from 2021 to 2025. We have seen, as Stephane mentioned during his prepared remarks, that the new technology edge and cloud is growing at more than 50%, continuing on the trajectory that we have set in the last couple of years. And we don't see any sign of this slowing down.

的確。但我認為，戴夫，我認為首先，在這個季度，顯然是增長。我們已經看到數字領域的增長率符合我們的預期，符合我們在 2021 年到 2025 年將收入翻一番的雄心。正如 Stephane 在他準備好的發言中提到的那樣，我們已經看到，新技術邊緣和雲的增長速度更快超過 50%，繼續保持我們在過去幾年設定的軌跡。而且我們沒有看到任何放緩的跡象。

And indeed, expansion will come from multiple dimensions, obviously getting more consumption from the existing customer we have. And we are today deploying one of the largest contracts in Petrobras, where we were and we are meeting with the team here, very satisfied deployment and growing number of users. That's an axis, then growing number of applications. And that's where we want to deploy and go beyond geoscience and our petrotechnical suite, if you like, to digital operation, production and digital operation into the drilling domain, automating the full rig Well Construction process.

事實上，擴張將來自多個方面，顯然會從我們現有的客戶那裡獲得更多消費。我們今天正在部署 Petrobras 最大的合同之一，我們在那里和我們在這裡的團隊會面，非常滿意的部署和不斷增長的用戶數量。這是一個軸，然後是越來越多的應用程序。這就是我們想要部署和超越地球科學和我們的石油技術套件的地方，如果你願意的話，到鑽井領域的數字化運營、生產和數字化運營，使整個鑽井建造過程自動化。

And again, in Brazil, we are very pleased to meet with Equinor and look after the Peregrino platform, where we're about to deploy for the first time in the world a full automated top side to bottom assembly, full automated autonomous digital journey that we'll realize this year. So we have both the geoscience application deployment, the digital operation. And we have new customers coming in. And you have seen some new contracts that we announced this quarter.

再一次，在巴西，我們很高興與 Equinor 會面並關注 Peregrino 平台，我們將在該平台上首次部署一個全自動的從上到下的裝配，全自動自主數字旅程，我們將在今年實現。所以我們既有地球科學應用部署，也有數字化運營。我們有新客戶進來。您已經看到我們本季度宣布的一些新合同。

So we are growing to the pace we are expecting to be on our trajectory to double. And indeed, this quarter, this was unfortunately masked fully by the APS setback. But we expect this to resume and to be actually one of the leading growth sequential that you would see in the second quarter.

因此，我們正在按照預期的速度增長，以實現翻倍的增長。事實上，本季度，不幸的是，APS 的挫折完全掩蓋了這一點。但我們預計這將恢復，並且實際上將成為您在第二季度看到的領先增長順序之一。

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

接下來，我們去Chase Mulvehill with Bank of America 的線路。

So a quick question. I guess, coming back to international and just kind of focusing there, we get questions on this international ramp. And because the last 6 months, we've seen some oil price volatility. We've seen a couple of OPEC+ cuts. And so we kind of get a lot of investor questions if there's been any signs of OPEC slowing down, any kind of planned projects or CapEx plans. So let me just ask you if you've seen any indications of OPEC+ members slowing things down at all in the Middle East.

所以一個快速的問題。我想，回到國際並專注於那裡，我們會在這個國際坡道上遇到問題。因為在過去的 6 個月裡，我們看到了一些油價波動。我們已經看到了幾次 OPEC+ 減產。因此，如果有任何歐佩克放緩的跡象、任何類型的計劃項目或資本支出計劃，我們就會收到很多投資者的問題。所以我只想問你，你是否看到任何跡象表明歐佩克+成員在中東放慢了速度。

No, we have not seen it. We have not seen any impact of businesses. And we don't believe there will be any. We believe that these companies and the national companies are really set and fully focused on mobilizing resource to execute their very ambitious capacity expansion plan. I think you are aware of all the commitments. And it's not only UAE and Saudi. This is across many countries in GCC. And I think this is to grow both oil capacity and also gas and commercial gas across the region.

不，我們還沒有看到。我們沒有看到任何業務影響。我們不相信會有任何。我們相信，這些公司和全國性公司確實已經準備好並完全專注於調動資源來執行他們雄心勃勃的產能擴張計劃。我想你知道所有的承諾。不僅是阿聯酋和沙特。這是海灣合作委員會的許多國家。我認為這是為了增加整個地區的石油產能以及天然氣和商業天然氣。

So I think I had -- I've been recently in the Middle East, and I have not seen any sign of (inaudible) and challenging. And again, the multiplicity of contract awards that were tendered in the last 18 months and most of them multiyear, if not beyond 5 years, are really indicative of the commitment and the capacity expansion plan that have started. Inflection has happened, and you will see this growing for the rest of the year. So we don't foresee any impact.

所以我想我有--我最近去過中東，我沒有看到任何（聽不清）和挑戰的跡象。再一次，過去 18 個月招標的多項合同授予，其中大部分是多年期（如果不超過 5 年），確實表明了承諾和已經開始的產能擴張計劃。拐點已經發生，你會看到這種情況在今年餘下的時間裡不斷增長。所以我們預計不會有任何影響。

Okay, awesome, appreciate the color there. The follow-up is really kind of on CCUS. You had a lot of announcements in your press release, which really highlighted your experience on the sequestration side. But there are other parts obviously of the value chain. And are there other parts that you would actually think that would be a good fit for SLB, like possibly the capture technology side?

好的，太棒了，欣賞那裡的顏色。後續行動真的有點像 CCUS。您在新聞稿中發布了很多公告，這確實突出了您在封存方面的經驗。但價值鏈顯然還有其他部分。您是否認為還有其他部分非常適合 SLB，例如捕獲技術方面？

No, absolutely, I think we have indeed a unique right of play into the sequestration that have translated into significant number of studies and services and modeling in digital that we have provided to a lot of customers. And these customers have approached us to participate, some of them emitters that are non-oil and gas as you have seen some of the examples we gave in the press release earlier today.

不，當然，我認為我們確實有獨特的權利參與封存，這些封存已經轉化為我們為許多客戶提供的大量研究、服務和數字建模。這些客戶已經聯繫我們參與其中，其中一些是非石油和天然氣的排放者，正如您在今天早些時候的新聞稿中看到的一些例子一樣。

And then we are using our technology and innovation capability to explore and to invest into capture technology or to partner as we are partnering with Linde into the application of CCS project across the domain of blue hydrogen and ammonia for decarbonizing the natural gas, ammonia and hydrogen production. So we are indeed either associating or investing into capture technology, hence broadening our scope beyond sequestration and using our right of play to expand and create a business that will stand on its own in the years to come.

然後我們正在利用我們的技術和創新能力來探索和投資捕集技術或合作，因為我們正在與林德合作，將 CCS 項目應用於藍色氫和氨領域，以對天然氣、氨和氫進行脫碳生產。因此，我們確實正在聯合或投資捕獲技術，從而將我們的範圍擴大到封存之外，並利用我們的參與權來擴大和創建一個在未來幾年能夠獨立存在的業務。

Next, we go to the line of Arun Jayaram with JPMorgan.

接下來，我們與摩根大通一起去 Arun Jayaram 的線。

Olivier, I wanted to get some insights on what you're seeing within the subsea segment of Production System. I think you highlighted broadly within Production Systems, $10 billion to $12 billion of backlog growth potential this year or bookings potential. I was wondering if you could maybe characterize SLB's technology offering and integration capabilities relative to your peers as well as provide any update on the strategic transaction that you announced last summer.

Olivier，我想了解一下您在 Production System 的海底部分所看到的情況。我認為您在生產系統中廣泛強調了今年 100 億至 120 億美元的積壓增長潛力或預訂潛力。我想知道你是否可以描述 SLB 相對於你的同行的技術產品和集成能力，以及提供你去年夏天宣布的戰略交易的任何更新。

Yes. Let me take it at the level of Production System first and let me give a quick zoom. So the booking we are talking about is at the Production System level, which is the division encompassing Production System equipment capability from subsea, as you pointed out, from -- actually in well completion, in well actually, subsea surface system processing capabilities.

是的。讓我先從生產系統的層面來看，然後讓我快速放大一下。因此，我們談論的預訂是在生產系統級別，正如您所指出的那樣，它是包含海底生產系統設備能力的部門，實際上是在完井中，實際上是在海底地面系統處理能力方面。

So when you put all of this together, you get an end-to-end from pore-to-process, from sandface-to-processing that is quite unique in integration and delivery capability. Hence, the opportunity we have to participate at scale and be a provider with our partner, Subsea 7, into the project of TPAO that you heard about, where the first gas to flare was realized yesterday and celebrated by the -- in country.

因此，當您將所有這些放在一起時，您將獲得從孔隙到工藝、從砂面到加工的端到端，這在集成和交付能力方面非常獨特。因此，我們必須有機會大規模參與並與我們的合作夥伴 Subsea 7 一起成為您聽說過的 TPAO 項目的供應商，該項目昨天實現了第一個燃燒氣體，並在國內慶祝。

And this is quite unique. So that's differentiated. We have end-to-end integration capability. We can design and deploy and develop a gas facility. And we have done it in the past. And we can link it, too, with our partners to our subsea development and participate to the completion architecture. So this end-to-end is quite unique and give us opportunity to participate at a large scale into development.

這是非常獨特的。所以這是有區別的。我們擁有端到端的集成能力。我們可以設計、部署和開發天然氣設施。我們過去也這樣做過。我們也可以將它與我們的合作夥伴聯繫到我們的海底開發並參與完井架構。所以這種端到端的方式非常獨特，讓我們有機會大規模參與開發。

Now very specific to subsea, I think we are also quite differentiated into the way that we can connect to the subsurface. And we have this integration capability from the subsea to the completion architecture. And one thing in particular I would like to highlight or two things, first is the electrical capability of transforming this subsea tree, this subsea control and this subsea well completion control into electric -- full electric capability.

現在非常具體到海底，我認為我們在連接到地下的方式上也非常不同。我們擁有從海底到完井架構的集成能力。我想特別強調一件事或兩件事，首先是將這種海底樹、這種海底控制和這種海底完井控制轉變為電動的電氣能力——全電動能力。

This is a game-changer for the deepwater industry, game-changer for low carbon and control -- digital control of subsea equipment and control of zone equipment and completion. This is very much again the case in Brazil. We are very fortunate to have established here a unique center of excellence. And we have, under the sponsorship of ANP, working with multiple operators that have joined us into a joint development program, where we are deploying and we will soon deploy everything from subsea tree to safety valve to flow control valve fully electric that will change the game and creating a new step. So that's differentiated.

這是深水行業的遊戲規則改變者，低碳和控制的遊戲規則改變者——海底設備的數字控制以及區域設備和完井的控制。巴西也是如此。我們很幸運在這裡建立了一個獨特的卓越中心。在 ANP 的讚助下，我們與多家運營商合作，加入我們的聯合開發計劃，我們正在部署並將很快部署從海底採油樹到安全閥再到全電動流量控制閥的一切，這將改變遊戲並創造一個新的步驟。所以這是有區別的。

The other differentiated obviously is our processing, boosting and processing capability. You remember the award that we got last year into Shell for gas processing subsea equipment into a large installation in -- and you have seen two awards this quarter in Brazil, highlighting our boosting capabilities. So we are unique into that position. And again, ability we have to integrate processing equipment subsea with the rest of equipment, well or surface, is unique.

另一個明顯的差異化是我們的處理、提升和處理能力。您還記得我們去年獲得的殼牌天然氣加工海底設備在大型裝置中的獎項 - 本季度您在巴西看到了兩個獎項，突出了我們的提升能力。所以我們在這個位置上是獨一無二的。再一次，我們將海底加工設備與其他設備（井或地面）集成在一起的能力是獨一無二的。

And that's something that is adding to our digital capability as well. So when it comes to the announced JV, I think we are seeing the process of going to the regulatory bodies in different parts of the world, so I cannot comment any further than what we commented earlier. This is an exciting outlook, exciting opportunity. But until close, we'll move forward.

這也增加了我們的數字能力。因此，當談到宣布的合資企業時，我認為我們正在看到進入世界不同地區監管機構的過程，所以除了我們之前發表的評論外，我無法發表更多評論。這是一個令人興奮的前景，令人興奮的機會。但在結束之前，我們會繼續前進。

Great. Olivier, my follow-up, you and the Board are in Rio this week. I was wondering if you could characterize on what you're seeing on the ground in terms of the upstream spending picture. And obviously, we've had a regime change recently with the new administration. Are you seeing any potential changes to the fiscal or regulatory regime that could impact spending over the next couple 2, 3 years?

偉大的。 Olivier，我的後續行動，你和董事會本週都在里約熱內盧。我想知道您是否可以根據上游支出情況來描述您在實地看到的情況。很明顯，我們最近與新政府發生了政權更迭。您是否看到可能影響未來 2、3 年支出的財政或監管制度的任何潛在變化？

If anything, this visit has been outstanding, outstanding for the Board, outstanding for engagement we have to customers and clearly highlighting the potential of Brazil to be fulfilling a significant supply growth. In the future, as I said, ANP and Brazil has ambition to reach or exceed 4 billion barrel from 3.3 billion today, I mean, on barrel per day. And they have already laid out the foundation of this of both production enhancement into the mature basin, the Campos Basin or the land basins and accelerating -- continue to accelerate the development of the subsalt deepwater with up to 20 FPSO already into the play.

如果有的話，這次訪問非常出色，對董事會來說非常出色，對我們與客戶的互動也非常出色，並清楚地強調了巴西實現顯著供應增長的潛力。未來，正如我所說，ANP 和巴西的目標是從今天的 33 億桶達到或超過 40 億桶，我的意思是，按每天桶計算。他們已經為成熟盆地、坎波斯盆地或陸地盆地的增產和加速——繼續加速鹽下深水開發奠定了基礎，多達 20 艘 FPSO 已經投入使用。

So I think they also are pushing forward to the next frontier. They are about to explore Equinor margin. That give us another leg, if you like, of Brazil growth in the future beyond the already committed multiyear FPSO contract that are in place. So we don't see any change. If anything, we see an acceleration and extension of the duration of this Brazil outlook.

所以我認為他們也在推進下一個前沿領域。他們即將探索 Equinor margin。如果你願意，這給了我們巴西未來增長的另一條腿，超越了已經承諾的多年期 FPSO 合同。所以我們看不到任何變化。如果有的話，我們看到巴西前景的持續時間加速和延長。

And if I had to highlight one noticeable change that I've seen, a commitment to decarbonize, a commitment to digitalize that I think is the new -- the leadership is recommitted to. And we have seen it. And you will see it in the future. Digital operation will accelerate in Brazil by the main operator here. And the country will accelerate this commitment to CCS.

如果我不得不強調我所看到的一個顯著變化，即脫碳承諾，我認為是新的數字化承諾——領導層再次承諾。我們已經看到了。你會在未來看到它。巴西的主要運營商將加速數字化運營。該國將加快對 CCS 的承諾。

We are very fortunate to be on the first and only bioenergy CCS project in Latin America with FS Bioenergia. And we met the team 2 days ago. And they are very pleased with the progress we are making on the CCS product in Brazil. So you will see more activity and no slowdown. But any upside -- only upside to the offshore environment and then a low-carbon and digital transition accelerating as well.

我們非常幸運能夠與 FS Bioenergia 一起參與拉丁美洲第一個也是唯一一個生物能源 CCS 項目。我們在 2 天前遇到了團隊。他們對我們在巴西的 CCS 產品方面取得的進展感到非常滿意。所以你會看到更多的活動，而且沒有減速。但任何好處——只有海上環境的好處，然後低碳和數字化轉型也在加速。

Next, we go to Neil Mehta with Goldman Sachs.

接下來，我們將與高盛一起前往尼爾·梅塔。

First question was around cash flow, and working capital specifically was a bigger outflow than we had modeled in the quarter. Does that all reverse over the course of the year and you could talk about some of the moving pieces around that?

第一個問題是關於現金流的，特別是營運資金的流出量比我們在本季度模擬的要大。在這一年中，這一切都會逆轉嗎？您可以談談這方面的一些變化嗎？

Sure, Neil. So yes, it does reverse. As you know, Q1 is always the lowest quarter of the year for free cash flow. As mentioned, we have the typical working cap buildup. Particularly, we have the payout of annual employee incentives. This is a one-off. It was about $500 million in the first quarter. And then we build inventory for anticipated growth, particularly in the Production System division, as we've mentioned.

當然，尼爾。所以是的，它確實逆轉了。如您所知，第一季度始終是一年中自由現金流量最低的季度。如前所述，我們有典型的工作上限積累。特別是，我們有年度員工激勵的支出。這是一次性的。第一季度約為5億美元。然後我們為預期的增長建立庫存，特別是在生產系統部門，正如我們提到的那樣。

So even though it was -- it remained negative, the free cash flow actually came slightly ahead of our own expectations. Our DSO was the lowest historically for a first quarter, so we were quite happy with that. So yes, it will increase in the second quarter. And it will accelerate in the second half on higher EBITDA, continuous capital discipline and working capital unwinding. Keeping in mind, we typically generate the majority of our annual cash flow in H2. But it will increase materially in Q2.

因此，儘管它仍然是負數，但自由現金流實際上略高於我們自己的預期。我們的 DSO 在第一季度是歷史最低的，所以我們對此非常滿意。所以是的，它會在第二季度增加。下半年，由於更高的 EBITDA、持續的資本紀律和營運資本的減少，它將會加速。請記住，我們通常會在下半年產生大部分年度現金流。但它會在第二季度大幅增加。

So when you put it all together, the 2023 full year free cash flow will be significantly higher than last year and clearly, on the trajectory to deliver the 10% free cash flow margin we committed for the 2021 to 2025 period. And just to close, this will allow us to, as Olivier mentioned and as I mentioned in my prepared remarks, to return $2 billion of -- to shareholders in the form of dividend and buybacks together.

因此，當你把所有這些放在一起時，2023 年全年的自由現金流量將大大高於去年，而且很明顯，我們將在 2021 年至 2025 年期間實現我們承諾的 10% 的自由現金流量利潤率。最後，正如 Olivier 和我在準備好的發言中提到的那樣，這將使我們能夠以股息和回購的形式向股東返還 20 億美元。

That's really helpful. The follow-up is just the margins at digital. I think it's hard to isolate because of some of the volatility around APS. Can you give us a sense of how you're seeing the underlying margin trends at the core digital business? And in Q2, that segment margin progression, I would imagine, strengthens as you work through some of these Ecuador challenges.

這真的很有幫助。後續只是數字的利潤率。我認為由於 APS 的一些波動性，很難將其隔離。您能否告訴我們您如何看待核心數字業務的潛在利潤率趨勢？在第二季度，我想，隨著厄瓜多爾面臨的一些挑戰，該細分市場的利潤率增長會得到加強。

Yes. So as a reminder for everyone, I think our Digital & Integration division, I think, comprise and combines digital and exploration data with our Asset Performance Solutions. So at the onset of our digital journey, we have set clear ambition for digital margin to be highly accretive to SLB, at the same time, to accelerate our growth to double our revenue from '21 to '25. We are on that journey and clearly delivering a very accretive margin to SLB.

是的。因此，提醒大家，我認為我們的數字與集成部門，我認為，包括數字和勘探數據並將其與我們的資產績效解決方案相結合。因此，在我們的數字之旅開始時，我們已經設定了明確的目標，即數字利潤將高度增加 SLB，同時加速我們的增長，使我們的收入從 21 歲增加到 25 歲。我們正在這段旅程中，顯然為 SLB 帶來了非常可觀的利潤。

So now we have demonstrated in the last few quarters last year that we -- when we leverage best performance in APS and our differentiated digital offering, we deliver D&I margin visibly in excess of 30%. Now notwithstanding similar setback as we had natural setback in APS, ambition for D&I as a combination is to continue to deliver highly accretive margins, certainly in the 30s.

所以現在我們在去年的最後幾個季度證明了我們 - 當我們利用 APS 的最佳性能和我們差異化的數字產品時，我們提供的 D&I 利潤率明顯超過 30%。現在，儘管我們在 APS 中遇到了類似的挫折，但 D&I 作為一個組合的雄心是繼續提供高增長的利潤率，當然是在 30 年代。

So going forward, we expect the margins of D&I to sequentially improve based on the very solid revenue growth from digital and very accretive margin for digital, combined with a return of growth for APS and returning a decent margin for APS. So as a whole, we're expecting to not only revenue increase but margin expand sequentially and to continue to be accretive -- highly accretive for the rest of the year.

因此，展望未來，我們預計 D&I 的利潤率將基於數字收入的穩健增長和數字利潤率的增長，以及 APS 的增長回報和 APS 可觀的利潤率相結合而逐步提高。因此，總的來說，我們預計不僅收入會增加，而且利潤率也會依次擴大，並繼續增長——在今年餘下時間裡會高度增長。

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

接下來，我們轉到花旗集團的斯科特·格魯伯（Scott Gruber）。

Olivier, you mentioned the resurgence in exploration, which is great to hear for SLB. One concern out there though is the potentially limited number of experienced geologists across the customer base to prosecute the exploration programs just because G&G departments were definitely scaled down during the pandemic. Is this a legitimate constraint on the strength of the exploration cycle? Or is this capability being rebuilt across the industry? What are you seeing on that front?

Olivier，你提到了探索的複興，這對 SLB 來說是個好消息。不過，一個令人擔憂的問題是，僅僅因為 G&G 部門在大流行期間肯定縮減了規模，因此整個客戶群中能夠執行勘探計劃的經驗豐富的地質學家數量可能有限。這是對探索週期強度的合理限制嗎？或者整個行業正在重建這種能力？你在前面看到了什麼？

No, I will not be overly concerned by this. I think there are two factors that are playing into this. The first at digital, I think, is having a significant productivity gain for processing, analyzing and generating prospects, as we call it, from modeling -- from structural modeling to prospect identification. The seismic dataset as well as the capability to process using digital capability has significantly improved. So the ability to create spotlight on the gas find or the oil pools, I think, is better than it's ever been and certainly much better than the last cycle.

不，我不會對此過分擔心。我認為有兩個因素在起作用。我認為，數字領域的第一個是在處理、分析和生成前景方面獲得顯著的生產力提升，正如我們所說的那樣，從建模——從結構建模到前景識別。地震數據集以及使用數字功能進行處理的能力已顯著提高。因此，我認為，在天然氣發現或油池上創造聚光燈的能力比以往任何時候都好，而且肯定比上一個週期好得多。

And secondly, I think there is a significant service consulting capability that we participate into that can help complement and provide support to our customers. But I would say digital, productivity, technology, that has improved and give higher accuracy, better geology interpretation capability, better structural modeling from seismic to well line and to modeling or to sampling like (inaudible) technology, all combine to give a significant support to the G&G team of our customers and to not slow down but actually accelerate and improve the productivity and ability to generate prospects. So I'm not concerned. And I believe that you will see this prospect to be fast-tracked from exploration to appraisal to development going forward.

其次，我認為我們參與的重要服務諮詢能力可以幫助補充和支持我們的客戶。但我要說的是，數字化、生產力、技術已經改進並提供了更高的準確性、更好的地質解釋能力、更好的從地震到井線的結構建模以及建模或採樣（聽不清）技術，所有這些都結合起來提供了重要的支持給我們客戶的 G&G 團隊，並不會放慢速度，而是實際上加速和提高生產力和產生潛在客戶的能力。所以我不擔心。我相信你會看到這個前景從勘探到評估再到發展的快速發展。

No, that's great. And just how would you compare the strength of this exploration cycle to those of the past? Is the trajectory trending us back towards that 2011 to 2014 period? Could we possibly get back to the mid- to late 2000s levels just as tieback opportunities are consumed? Just some color on the potential strength of this exploration cycle relative to history would be great.

不，那太好了。您如何比較這個探索週期的強度與過去的強度？軌跡是否使我們回到 2011 年至 2014 年期間？我們是否有可能回到 2000 年代中後期的水平，就像回接機會被消耗一樣？只是對這個探索週期相對於歷史的潛在強度的一些顏色會很好。

So I think I will contrast it more by saying the type of activity in exploration that is happening. And I think there are a lot of near-field exploration as it is called or backyard exploration that is being used by most operators that have gained access to critical asset, critical basin or advantaged assets. And they want to explore and do near-field exploration across and beyond and use tieback. So there is a lot of exploration happening across every basin, major basin, that characterize this and has been -- this trend has been going up.

所以我想我會通過說出正在發生的探索活動的類型來更多地對比它。而且我認為，大多數已經獲得關鍵資產、關鍵盆地或優勢資產的運營商正在使用所謂的近場勘探或後院勘探。他們想要探索並進行跨界和超越的近場探索，並使用回接。因此，每個盆地、主要盆地都在進行大量勘探，這就是這一點的特徵，而且這種趨勢一直在上升。

And this trend is certainly different from the greenfield, frontier exploration that characterized maybe the last cycle. However, this cycle, I think, beyond the near-field exploration, we are seeing a return of frontier exploration, driven by energy security, driven by the desire to replace reserves and to secure new gas particularly. And we see it happening across many basins.

這種趨勢肯定不同於可能是上一個週期特徵的綠地、前沿探索。然而，我認為，在這個週期中，除了近場勘探之外，我們正在看到前沿勘探的回歸，這是由能源安全驅動的，由更換儲量和特別是獲得新天然氣的願望驅動。我們看到它發生在許多盆地。

I mentioned before, the (inaudible) margin as one. You heard about obviously continuous exploration, which is almost becoming a near-field exploration across Guyana. But if you go across the Atlantic, you will find a lot of exploration happening in the south part of Africa, particularly some huge success for two or three operators into Namibia that are here on the onset of something that could be very significant for the industry in oil development.

我之前提到過，（聽不清）保證金是一個。你聽說過明顯的連續勘探，這幾乎正在成為跨越圭亞那的近場勘探。但是，如果你跨過大西洋，你會發現非洲南部正在進行大量勘探，特別是兩三個運營商在納米比亞取得的巨大成功，這些運營商在可能對該行業非常重要的事情開始之際在石油開發方面。

And then gas in East Med, I think, has been developing. And you heard about the development that we helped fast-track on the Black Sea. That was also gas. So security is incentivizing people to invest and operators to invest into certain regions with access to the demand market. And near-field is continuing to grow very well. So in combination, it's different from the past, and I will not try to compare the scale. But I think the quality of this exploration and the diversity in terms of customers and in terms of basin is quite unique and is really accelerating this year.

然後我認為 East Med 的天然氣一直在發展。你聽說了我們幫助黑海快速發展的發展。那也是氣體。因此，安全正在激勵人們投資和運營商投資進入需求市場的某些地區。近場繼續保持良好增長。所以結合起來，跟以往不一樣了，我就不去比較尺度了。但我認為這種勘探的質量以及客戶和盆地的多樣性是非常獨特的，而且今年確實在加速。

Next, we go to the line of Roger Read with Wells Fargo.

接下來，我們將轉到 Roger Read with Wells Fargo 的路線。

Maybe just to come back to the exploration appraisal kind of question. You mentioned that earlier, slowdown in North America offset or more than offset by what's going on in E&A. So I was just curious, what -- and I think you also mentioned it had materially improved in the last couple of months.

也許只是回到勘探評估類問題。你之前提到過，北美的經濟放緩抵消或超過了 E&A 的情況。所以我很好奇，什麼 - 我想你也提到它在過去幾個月裡有了實質性的改進。

What you think really has led to this increase in E&A? Because it's not as if commodity prices weren't good in '22, right? And there haven't been something exceptional thus far in '23. So is it a change in just how your customers are looking at their future inventories? Or is there something else that's helping to drive this improvement?

您認為真正導致 E&A 增加的原因是什麼？因為 22 年的商品價格並不是不好，對吧？到目前為止，23 年還沒有什麼特別的事情發生。那麼，這是否會改變您的客戶對未來庫存的看法？或者是否有其他因素有助於推動這種改進？

I think the energy security, the supporting commodity price outlook and the desire, indeed, to go and leverage the cycle, to explore and to tie back reserve to the existing advantaged basin or to fast-track gas or new oil pools as I described earlier. Now the timing of it, the acceleration, I think, is linked more to the availability of -- and the contracting of deepwater rigs or the contracting of rigs offshore or land on some occasion, when it is -- when this exploration is happening more than (inaudible).

我認為能源安全、支持大宗商品價格前景以及確實希望利用周期、探索並將儲備與現有優勢盆地或快速通道天然氣或新油池聯繫起來，如我之前所述.現在，我認為它的時機，加速，更多地與可用性以及深水鑽井平台的承包或海上或陸地鑽井平台的承包在某些情況下，當這種勘探正在發生時更多比（聽不清）。

But the cycle has started last year of E&A return, is accelerating in line to some extent with the offshore acceleration. And I think it will be part of the mix and will give an opportunity to extend and create a new leg of activity and a new leg of FID in 2 or 3 years from now, when those exploration will have been appraised and will be FID at that time.

但 E&A 回歸的周期從去年開始，在一定程度上與離岸加速相一致。我認為這將成為組合的一部分，並將提供機會在從現在起的 2 或 3 年內擴展和創建新的活動段和 FID 的新段，屆時將對這些勘探進行評估並將 FID那時。

So I think it's more -- it's an underlying trend that have started in the last few quarters and have accelerated. And I think that is a more long view that customers are taking and not looking at the short-term uncertainty or short-term commodity price variation and committing on one new basin or committing on expanding near-field exploration. So that's the way we have seen it.

所以我認為它更多 - 這是一個在過去幾個季度開始並加速的潛在趨勢。而且我認為這是一種更長遠的觀點，客戶正在採取而不是著眼於短期不確定性或短期商品價格變化，並致力於一個新盆地或致力於擴大近場勘探。這就是我們所看到的方式。

Okay. So maybe just the natural evolution within a cycle, I mean, as things get some duration, you would expect the exploration to pick up. One other question for you, just APS, so obviously, kind of highlighted had some issues.

好的。所以也許只是一個週期內的自然演變，我的意思是，隨著事情持續一段時間，你會期望探索會加速。另一個問題，只是 APS，很明顯，有點突出顯示了一些問題。

Looking back over the last couple of years, there's been talk of potentially disposing of these assets or at least not investing in them aggressively. I was just curious, it seems like M&A has picked up or at least talk of it within the E&P sector. So more likely, less likely, same to look for a way to exit these assets as you go forward?

回顧過去幾年，一直在談論可能處置這些資產，或者至少不積極投資於這些資產。我只是好奇，併購似乎在 E&P 領域有所升溫，或者至少在談論它。那麼更有可能，更不可能，同樣地尋找一種方法來退出這些資產，因為你前進？

So look, Roger, on APS, we really have to distinguish Ecuador. These are service contracts, tariff-based. There's no intention to exit. And we do need to maintain a minimum level of investment. But rest assured, these projects are highly positive in terms of not only earnings but cash flow.

所以看，羅傑，在 APS 上，我們真的必須區分厄瓜多爾。這些是基於關稅的服務合同。沒有退出的意思。我們確實需要保持最低水平的投資。但請放心，這些項目不僅在收益方面而且在現金流方面都非常積極。

The Canada asset is a bit different. This is a pure equity position. And it's also very accretive in terms of cash flow even at current commodity prices. And as you know, we ran a process on that particular asset last year. We were not satisfied with the offers we received. So at the moment, we are happy with keeping that asset and the cash flow it generates. But if one day, there is an offer at the right price, we'll certainly consider it.

加拿大的資產有點不同。這是一個純股權頭寸。即使以當前的大宗商品價格計算，它在現金流方面也非常具有增值性。如您所知，我們去年針對該特定資產運行了一個流程。我們對收到的報價不滿意。所以目前，我們很高興保留該資產及其產生的現金流。但如果有一天，有合適價格的報價，我們當然會考慮。

So ladies and gentlemen, I think I want to give a close to this call, it's almost to the hour. So to conclude today's call, I would like to leave you with the following takeaways. First, the quality of the unfolding upcycle in oil and gas is improving with unique attributes of resilience, breadth and duration. This is very much evidenced by the strengthening outlook in both Middle East and offshore markets and further reinforced by the tight supply balance as demand forecast approach new highs at year-end.

女士們先生們，我想我想結束這個電話會議，快到時間了。因此，在結束今天的電話會議時，我想給大家留下以下要點。首先，石油和天然氣正在展開的上升週期的質量正在改善，具有彈性、廣度和持續時間的獨特屬性。中東和離岸市場的前景走強充分證明了這一點，隨著年底需求預測接近新高，供應緊張進一步加強了這一點。

Second, our strong start of the year gives us further confidence in our full year financial ambition. Directionally, the dynamics in international markets will likely offset the moderation of activity growth in North America. In fact, we are witnessing a gradual shift from short- to long-cycle investment and a further transition to international with both effects closely aligned with our strengths and paving the way for an exciting outlook for years to come.

其次，我們今年的強勁開局讓我們對全年的財務目標更有信心。從方向上講，國際市場的動態可能會抵消北美活動增長的放緩。事實上，我們正在目睹從短期投資逐漸轉向長期投資，並進一步轉向國際投資，這兩種影響都與我們的優勢密切相關，並為未來幾年令人振奮的前景鋪平了道路。

Third, our overall performance demonstrates the strength of our portfolio, focused on the most attractive and resilient market segments globally, both in oil and gas and low-carbon solutions. Our divisions continue to align with customer's utmost priorities on value delivered through performance and integration with digital transformation and decarbonization as industry mandates. Additionally, pricing continues to trend positively, enabling us to extract more value for our products and services.

第三，我們的整體業績展示了我們產品組合的實力，專注於全球最具吸引力和彈性的細分市場，包括石油和天然氣以及低碳解決方案。我們的部門繼續與客戶的最高優先級保持一致，通過性能以及與數字化轉型和脫碳的集成作為行業要求來交付價值。此外，定價繼續呈積極趨勢，使我們能夠為我們的產品和服務提取更多價值。

As a result, we reaffirm our ambition to further expand margins as the cycle unfolds, to grow earnings to new levels in this cycle and to significantly increase returns to shareholders as further demonstrated this quarter. I remain very confident in the alignment of our strategy with the fundamental trends in the energy market and fully trust the SLB team to continue outperforming in this context.

因此，我們重申我們的雄心壯志是隨著周期的展開進一步擴大利潤率，在這個週期中將收益增長到新的水平，並顯著提高股東回報，正如本季度進一步證明的那樣。我仍然對我們的戰略與能源市場的基本趨勢保持一致充滿信心，並完全相信 SLB 團隊將在這種情況下繼續表現出色。

Now before I close, I wanted to announce that ND Maduemezia will be moving to a new career opportunity in SLB after a remarkable stance in his position as Investor Relations VP for the past 3 years. Thank you, ND, for the support and positive engagement with our investors and market analysts. Replacing ND is James McDonald, who is transitioning from his previous role as Americas Land Basin President. Welcome, James.

在我結束之前，我想宣布 ND Maduemezia 在過去 3 年擔任投資者關係副總裁期間表現出色，之後將轉向 SLB 的新職業機會。 ND，感謝您對我們的投資者和市場分析師的支持和積極參與。取代 ND 的是 James McDonald，他正在從之前的美洲陸盆地總裁一職過渡。歡迎，詹姆斯。

With this, I wanted to close today's call and wish you all the best. Thank you. Good day, everyone.

至此，我想結束今天的電話會議，祝大家一切順利。謝謝。今天是個好日子。

Ladies and gentlemen, this 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。