斯倫貝謝公司 (SLB) 2023 Q2 法說會逐字稿

Ladies and gentlemen, thank you very much 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，非常感謝你們的支持，並歡迎參加 SLB 收益電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to the SVP of Investor Relations and Industry Affairs, James McDonald. Please go ahead.

現在我想將會議交給投資者關係和行業事務高級副總裁詹姆斯·麥克唐納 (James McDonald)。請繼續。

Thank you, Leah. Good morning, and welcome to SLB Second Quarter 2023 Earnings Conference Call. Today's call is being hosted from Paris, France 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，歡迎參加 SLB 2023 年第二季度收益電話會議。今天的電話會議是在本週早些時候舉行的董事會會議之後在法國巴黎召開的。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 will 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. Our comments today may also include non-GAAP financial measures. Additional details and reconciliation to the most directly comparable GAAP financial measures can be found in our second quarter press release, which is on our website.

在開始之前，我想提醒所有與會者，我們今天將發表的一些聲明具有前瞻性。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，我建議您參閱我們最新的 10-K 文件和其他 SEC 文件。我們今天的評論可能還包括非公認會計準則財務指標。更多詳細信息以及與最直接可比的 GAAP 財務指標的調節可以在我們網站上的第二季度新聞稿中找到。

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

這樣，我會將電話轉給奧利維爾。

Thank you, James. Ladies and gentlemen, thank you for joining us on the call today. In my prepared remarks, I will cover 3 topics. I will first review a few of our financial highlights from the quarter. Next, I will discuss the positive momentum we are seeing in the international and offshore markets. And third, I will share the exciting progress we are making in digital before concluding with our outlook for the third quarter and the full year. Stephane will then provide more details on our financial results, and we will open for your questions.

謝謝你，詹姆斯。女士們先生們，感謝您今天加入我們的電話會議。在我準備好的發言中，我將討論 3 個主題。我將首先回顧一下本季度的一些財務亮點。接下來，我將討論我們在國際和離岸市場看到的積極勢頭。第三，在結束對第三季度和全年的展望之前，我將分享我們在數字領域取得的令人興奮的進展。然後斯蒂芬將提供有關我們財務業績的更多詳細信息，我們將開放回答您的問題。

Our second quarter results continue to demonstrate the strength of our portfolio and our strategic positioning in the most attractive, accretive and resilient market globally. This is translating to financial performance and we closed the first half of the year with solid growth across revenue, earnings per share, free cash flow and expanded EBITDA and pretax segment operating margins.

我們第二季度的業績繼續證明了我們投資組合的實力以及我們在全球最具吸引力、增值性和彈性市場中的戰略定位。這轉化為財務業績，我們在上半年取得了收入、每股收益、自由現金流以及擴大的 EBITDA 和稅前部門營業利潤率的穩健增長。

International revenue continued its strong growth momentum, increasing 21% year-on-year as we capture broad growth across all divisions and geographic areas. Second quarter revenue increased by more than 20% year-on-year in 14 of our 25 international geounits. Most notably, Saudi Arabia, UAE, Mexico, Guyana, Brazil, Angola, Caspian and India all grew more than 30% over this period. This drove our highest year-on-year international incremental operating margin over the last 3 years, and it underscores the breadth of our portfolio that I continue to emphasize.

由於我們在所有部門和地理區域都實現了廣泛增長，國際收入繼續保持強勁增長勢頭，同比增長 21%。在我們的 25 個國際地區單位中，有 14 個地區的第二季度收入同比增長超過 20%。最值得注意的是，沙特阿拉伯、阿聯酋、墨西哥、圭亞那、巴西、安哥拉、里海和印度在此期間的增長率均超過 30%。這推動了我們過去三年最高的國際增量營業利潤率，並強調了我繼續強調的我們投資組合的廣度。

SLB growth -- SLB global reach shields us from regional fluctuation, as we have recently seen in North America and give us the ability to seize opportunities wherever they arise. This is a true differentiator for our business and positions us for long-term outperformance.

SLB 的增長——SLB 的全球影響力使我們免受區域波動的影響，正如我們最近在北美看到的那樣，並使我們能夠抓住機會，無論機會出現在哪裡。這是我們業務真正的差異化因素，使我們能夠實現長期優異的業績。

Following the remarks I shared in our earnings release this morning, I would like to reflect on a few notable highlights from the quarter. The broad growth characterizing this upcycle continues. Internationally, this was pervasive, and we were very pleased to see all divisions and geography grow revenue and expand margins sequentially.

在我今天早上在財報發布中分享的言論之後，我想回顧一下本季度的一些值得注意的亮點。這一上升週期的廣泛增長仍在繼續。在國際上，這種情況很普遍，我們很高興看到所有部門和地區的收入都在增長，利潤率也相繼擴大。

In North America, we continued to increase our revenue, highlighting our agility across the land markets and the expanded activity in the U.S. Gulf of Mexico, solidly outperforming the rig count. Our focus on the quality of our revenue continues to support our margins. Sequentially, we expanded our pretax segment operating margins. This was fueled by our strong international operating leverage, increased technology adoption and positive pricing trends that stem from inflation-driven contract adjustments and tight service capacity.

在北美，我們的收入繼續增加，突顯了我們在陸地市場的敏捷性以及美國墨西哥灣活動的擴大，遠遠超過了鑽機數量。我們對收入質量的關注繼續支撐我們的利潤。隨後，我們擴大了稅前部門的營業利潤率。這是由於我們強大的國際運營槓桿、技術採用的增加以及通貨膨脹驅動的合同調整和緊張的服務能力帶來的積極的定價趨勢推動的。

And with higher earnings and improved working capital, our sequential cash flow from operation grew considerably, and we generated free cash flow of nearly $1 billion during the quarter. I want to thank the entire SLB team for their hard work and exceptional performance, delivering value for our customers and our shareholders throughout the quarter.

隨著盈利的增加和營運資本的改善，我們的運營現金流量大幅增長，本季度產生了近 10 億美元的自由現金流。我要感謝整個 SLB 團隊的辛勤工作和卓越表現，他們在整個季度為我們的客戶和股東創造了價值。

Now let me take a moment to touch on the macro environment. As we have projected for the past few quarters, the international and offshore markets continue to exhibit strong growth as North America has moderated. This is playing to the strength of our business as international revenue represents nearly 80% of our global portfolio and offshore comprises nearly half of that. As the growth rate shifts further towards international, these market conditions are driving the breadth, resilience and durability of this upcycle and creating new opportunities for our business.

現在讓我花點時間談談宏觀環境。正如我們對過去幾個季度的預測，隨著北美經濟放緩，國際和離岸市場繼續呈現強勁增長。這正在發揮我們業務的優勢，因為國際收入占我們全球投資組合的近 80%，其中離岸收入佔其中近一半。隨著增長率進一步轉向國際化，這些市場條件正在推動這一升級週期的廣度、彈性和持久性，並為我們的業務創造新的機會。

Let me describe where this is taking place. In the international markets, the investment momentum of the past few years is accelerating. This is supported by resilient long-cycle developments in Guyana, Brazil, Norway and Turkey; production capacity expansion in the Middle East, notably in Saudi Arabia, UAE and Qatar; the return of exploration and appraisal across Africa and the Eastern Mediterranean; and the recognition of gas as a critical fuel source for energy security and the energy transition.

讓我描述一下這是在哪裡發生的。在國際市場上，這幾年的投資勢頭正在加速。圭亞那、巴西、挪威和土耳其的彈性長周期發展為此提供了支持；中東地區產能擴張，特別是沙特阿拉伯、阿聯酋和卡塔爾；整個非洲和東地中海勘探和評估的回歸；並認識到天然氣是能源安全和能源轉型的關鍵燃料來源。

In the Middle East, this is resulting in record levels of upstream investment. From 2023 to 2025, Saudi Arabia is expected to allocate nearly $100 billion to upstream oil and gas capital expenditure, a 60% increase compared to the previous 3 years as they invest attain a maximum sustained production capacity of 13 million barrels per day by 2027. Several other country in the region have also announced natural increases in capital expenditure that extend beyond 2025. Furthermore, we continue to witness a broad resurgence in offshore, driven by energy security and rationalization. Operators all over the world are making large-scale commitments to hasten discovery, accelerate development times and increase the productivity of their assets. This is resulting in increased infill and tieback activity in mature basins, new development projects both in oil and gas and support for new exploration.

在中東，這導致上游投資達到創紀錄的水平。從2023年到2025年，沙特阿拉伯預計將分配近1000億美元用於上游石油和天然氣資本支出，比前三年增加60%，因為他們的投資到2027年將達到每天1300萬桶的最大持續生產能力。該地​​區的其他幾個國家也宣布資本支出自然增加，並將持續到2025年以後。此外，在能源安全和合理化的推動下，我們繼續見證近海油氣的廣泛復甦。世界各地的運營商都做出了大規模承諾，以加速發現、縮短開發時間並提高其資產的生產力。這導致成熟盆地的加密和回接活動增加、石油和天然氣領域的新開發項目以及對新勘探的支持。

With this backdrop, we anticipate more than $500 billion in global FID between 2022 and 2025, with more than $200 billion attributable to deepwater. This reflects an increase of nearly 90% when compared to 2016-2019. These FID investments are global, taking place in more than 30 countries, and we are seeing the results with new projects in offshore basins across the world. This is reflected in the many contract awards highlighted in the earnings press release, notably in Mexico, Brazil and Turkey. These contracts, in addition to many others, are building a strong foundation of activity outlook decoupled from short-term commodity price volatility.

在此背景下，我們預計 2022 年至 2025 年間全球 FID 將超過 5000 億美元，其中深水領域將超過 2000 億美元。與 2016-2019 年相比，增長了近 90%。這些 FID 投資是全球性的，在 30 多個國家進行，我們正在世界各地近海盆地的新項目中看到成果。這反映在收益新聞稿中強調的許多合同授予中，特別是在墨西哥、巴西和土耳其。除了許多其他合約之外，這些合約正在為與短期大宗商品價格波動脫鉤的活動前景奠定堅實的基礎。

Moving forward, we expect further growth to be led by accelerating activity in Well Construction, new opportunities for Reservoir Performance in exploration and appraisal, expansion for Production Systems in subsea and digital will enhance it all. In our business and the industry as a whole, the increased adoption and integration of digital technologies remains one of the most significant opportunity for growth. Indeed, our industry generates massive amounts of data and by capturing that information and turning it into trusted and actionable insights, we can make energy production more accessible, more affordable and more sustainable. This is a critical moment for our industry, and there are 3 digital trends concurrently shaping its future, clearly setting the path for a higher value, lower carbon outlook.

展望未來，我們預計進一步的增長將由油井建設活動的加速、勘探和評估中油藏績效的新機遇、海底和數字化生產系統的擴展來引領，這一切都將增強這一切。在我們的業務和整個行業中，數字技術的採用和集成的增加仍然是最重要的增長機會之一。事實上，我們的行業會產生大量數據，通過捕獲這些信息並將其轉化為可信且可操作的見解，我們可以使能源生產更容易獲得、更實惠且更可持續。對於我們的行業來說，這是一個關鍵時刻，三大數字趨勢同時塑造著行業的未來，明確為更高價值、低碳前景奠定了道路。

First, the adoption of cloud computing at scale. For geoscience workflows, this is supporting significant productivity gains for geoscientists and engineers across asset development teams. This is happening at a time when our industry is compelled to accelerate the development cycle and derisk both subsurface and surface uncertainties. We continue to benefit from this trend in the adoption of our DELFI cloud-based digital platform, delivered through a flexible and personalized software-as-a-service, SaaS, subscription model, with the cumulative number of users in global customer organization growing 60% year-on-year to 5,400. As we shared in our earnings press release, Petrobras and ENAP are only just 2 example of customers deploying DELFI enterprise-wide with the aim of fundamentally changing how they work across the E&P value chain.

首先，大規模採用雲計算。對於地球科學工作流程來說，這有助於資產開發團隊的地球科學家和工程師顯著提高生產力。這種情況發生之際，我們的行業被迫加快開發週期並消除地下和地表的不確定性風險。我們繼續受益於採用 DELFI 基於雲的數字平台的這一趨勢，該平台通過靈活且個性化的軟件即服務、SaaS、訂閱模式提供，全球客戶組織的累計用戶數量同比增長 60%，達到 5,400 名。正如我們在財報新聞稿中分享的那樣，Petrobras 和 ENAP 只是在企業範圍內部署 DELFI 的客戶的兩個例子，其目的是從根本上改變他們在勘探與生產價值鏈中的工作方式。

Second, our industry is unlocking the power of data at scale. A single well can produce more than 10 terabytes of data per day and this doesn't even begin to touch on the total amount of upstream data across exploration, development and production workflows. The adoption of open data platform across the industry is liberating data for artificial intelligence, AI, applications at large -- at scale.

其次，我們的行業正在大規模釋放數據的力量。單口井每天可以產生超過 10 TB 的數據，這甚至還沒有開始觸及勘探、開發和生產工作流程中的上游數據總量。整個行業採用開放數據平台正在大規模釋放人工智能、人工智能和大型應用程序的數據。

SLB is benefiting from and driving this trend through both data foundation and AI deployment. We are seeing early success with the commercialization of our enterprise data solution powered by Microsoft Energy Data Services. This offering delivers the most comprehensive capabilities for subsurface data in alignment with the emerging requirements of the OSDU technical standard. And we are witnessing tremendous success with our INNOVATION FACTORI, where we have developed more than 100 AI solutions with more than 80 customers since 2021. All of them with rich domain content in addition to generic AI capabilities.

SLB 通過數據基礎和人工智能部署受益並推動了這一趨勢。我們看到由 Microsoft 能源數據服務支持的企業數據解決方案商業化取得了早期成功。該產品提供最全面的地下數據功能，符合 OSDU 技術標準的新興要求。我們見證了創新工廠的巨大成功，自 2021 年以來，我們已經為 80 多家客戶開發了 100 多個人工智能解決方案。除了通用人工智能功能之外，所有這些解決方案都具有豐富的領域內容。

Third, digital operation are gaining in maturity, transforming the way operators develop and utilize assets, from automation to autonomous operation across both well construction and production. We are clearly seeing an inflection in the deployment of digital operation with significant impact on efficiency, carbon footprint and performance. Today, customers are accelerating the adoption of our Neuro autonomous solutions, with Kuwait Oil Company and PETRONAS both using these technologies to reduce manual operations while increasing performance, enabling drilling consistency and rig time savings. Similarly, our partnership with Cognite, as a platform for unlocking access to production operations, is gaining momentum in the industry as exemplified with the Cairn contract highlighted in our earnings release.

第三，數字化運營日趨成熟，改變了運營商開發和利用資產的方式，從自動化到建井和生產的自主運營。我們清楚地看到數字化運營部署的變化對效率、碳足跡和績效產生了重大影響。如今，客戶正在加速採用我們的神經自主解決方案，科威特石油公司和馬來西亞國家石油公司都使用這些技術來減少手動操作，同時提高性能，從而實現鑽井一致性並節省鑽機時間。同樣，我們與 Cognite 的合作夥伴關係，作為解鎖生產運營的平台，在行業中的勢頭正在增強，我們的財報中強調的 Cairn 合同就是例證。

Finally, we continue to deploy DELFI Edge Agora technology to deliver real-time insights directly within operation from connected hardware, where data is generated and process with AI at the edge. We currently have more than 1,400 connected assets deployed, doubling year-on-year.

最後，我們繼續部署 DELFI Edge Agora 技術，直接在連接硬件的操作中提供實時洞察，其中數據是在邊緣通過 AI 生成和處理的。目前，我們部署了 1,400 多個互聯資產，同比翻了一番。

SLB is positioned to fully harness this positive market condition as well as our technology and digital leadership to drive financial outperformance and margin expansion. We are progressing on our journey to double the size of our digital business between 2021 and 2025, and the trend I've just discussed are reinforcing our confidence in the outcome of our strategic execution.

SLB 致力於充分利用這一積極的市場狀況以及我們的技術和數字領先地位來推動財務業績優異和利潤率擴張。我們正在努力在 2021 年至 2025 年間將數字業務規模擴大一倍，而我剛才討論的趨勢增強了我們對戰略執行結果的信心。

I will next describe how we see the rest of the year progressing. After a positive first half, we remain confident in our full year financial ambitions and our visibility into significant baseload of activity that reinforces our 2023 full year forecast and our growth ambition beyond. We continue to expect year-on-year revenue growth of more than 15% and adjusted EBITDA growth in the mid-20s.

接下來我將描述我們如何看待今年剩餘時間的進展。經過上半年的積極發展，我們對全年財務目標和對大量基本活動的可見性仍然充滿信心，這強化了我們 2023 年全年預測和未來的增長目標。我們繼續預計收入同比增長將超過 15%，調整後 EBITDA 增長將在 20 多歲左右。

Turning specifically to the third quarter, we expect revenue to grow by mid-single digits in the international markets with all international geographical area growing sequentially, led by the Middle East and Asia. In contrast, North America revenue will be slightly down. With our focus on the quality of revenue, harnessing operating leverage and further technology adoption, we expect global operating margins to further expand by more than 50 basis points sequentially. This will result into the highest EBITDA margin we have seen in this cycle.

具體到第三季度，我們預計國際市場的收入將實現中個位數增長，其中以中東和亞洲為首的所有國際地理區域都將連續增長。相比之下，北美地區的收入將略有下降。隨著我們對收入質量的關注、利用運營槓桿和進一步採用技術，我們預計全球運營利潤率將進一步擴大 50 個基點以上。這將導致我們在本週期中看到的最高 EBITDA 利潤率。

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. Second quarter earnings per share, excluding charges and credits, was $0.72. This represents an increase of $0.09 sequentially and $0.22 or 44% when compared to the second quarter of last year. We did not record any charges or credits during the current quarter. Overall, our second quarter revenue of $8.1 billion increased 5% sequentially, mostly driven by the international markets, led by the Middle East and Asia. Sequentially, our pretax segment operating margins increased 154 basis points due to the high-quality international revenue, which resulted in strong incremental margins. This performance highlights the underlying earnings potential of our international business, with new technology and high service intensity, particularly offshore, accelerating margin expansion.

謝謝奧利維爾，女士們先生們早上好。第二季度每股收益（不包括費用和貸項）為 0.72 美元。這意味著比上一季度增加了 0.09 美元，與去年第二季度相比增加了 0.22 美元，即 44%。本季度我們沒有記錄任何費用或貸項。總體而言，我們第二季度的收入為 81 億美元，環比增長 5%，主要受到以中東和亞洲為首的國際市場的推動。隨後，由於高質量的國際收入，我們的稅前部門營業利潤率增加了 154 個基點，從而帶來了強勁的利潤增量。這一業績突顯了我們國際業務的潛在盈利潛力，新技術和高服務強度（尤其是離岸服務）加速了利潤率擴張。

Company-wide adjusted EBITDA margin for the second quarter was 24.2%. In absolute dollars, adjusted EBITDA increased 28% 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. On a year-to-date basis, adjusted EBITDA has grown 35% so we are on track to achieve this goal.

第二季度全公司調整後 EBITDA 利潤率為 24.2%。按絕對美元計算，調整後 EBITDA 同比增長 28%。提醒一下，我們的目標是在 2023 年全年調整後 EBITDA 的百分比增長到 20 多歲。從年初至今，調整後 EBITDA 已增長 35%，因此我們有望實現這一目標。

Second quarter revenue increased 20% year-on-year as international revenue was up 21%, significantly outpacing North America revenue growth of 14%. The strong international growth was led by the Middle East and Asia and robust offshore activity. Pretax segment operating margins expanded 240 basis points year-on-year with significant margin growth in our core divisions.

第二季度收入同比增長 20%，其中國際收入增長 21%，大大超過北美地區 14% 的收入增長。強勁的國際增長由中東和亞洲以及強勁的離岸活動帶動。稅前部門營業利潤率同比增長 240 個基點，核心部門的利潤率大幅增長。

Let me now go through the second quarter results for each division. Second quarter Digital & Integration revenue of $947 million increased 6% sequentially with margins increasing 4 percentage points to 34%. The sequential revenue growth and margin expansion were primarily driven by higher digital sales following the seasonal low of the first quarter. Year-on-year, digital and integration revenue decreased 1%, and margins declined 6 percentage points due to the absence of exceptional exploration data transfer fees we recorded in the second quarter of last year.

現在讓我回顧一下每個部門的第二季度業績。第二季度數字與集成收入為 9.47 億美元，環比增長 6%，利潤率增長 4 個百分點，達到 34%。收入環比增長和利潤率擴張主要是由於第一季度季節性低點後數字銷售的增長推動的。由於沒有去年第二季度記錄的特殊勘探數據傳輸費，數字和集成收入同比下降 1%，利潤率下降 6 個百分點。

Growth in other digital products and services was strong, however, including a more than 60% year-on-year revenue increase in our cloud and edge solutions. Reservoir Performance revenue of $1.6 billion increased 9% sequentially, while margins improved 248 basis points to 18.6%. These increases were primarily due to strong growth internationally led by the Middle East and Asia. Year-on-year, revenue grew 23% and margins increased 396 basis points driven by strong growth internationally, both on land and offshore.

然而，其他數字產品和服務的增長強勁，包括我們的雲和邊緣解決方案的收入同比增長超過 60%。油藏動態收入為 16 億美元，比上一季度增長 9%，而利潤率提高 248 個基點，達到 18.6%。這些增長主要是由於以中東和亞洲為首的國際強勁增長。在國際陸地和海上強勁增長的推動下，收入同比增長 23%，利潤率增長 396 個基點。

Well Construction revenue of $3.4 billion increased 3% sequentially, while margins of 21.8% increased 115 basis points, driven by strong measurements, fluids and equipment sales activity as well as pricing improvements internationally. Year-on-year, revenue grew 25%, while margins expanded 424 basis points with very strong growth across all geographical areas on higher activity and improved pricing.

受強勁的測量、流體和設備銷售活動以及國際定價改善的推動，油井建設收入為 34 億美元，環比增長 3%，而 21.8% 的利潤率增長 115 個基點。收入同比增長 25%，利潤率增長 424 個基點，由於活動增加和定價改善，所有地理區域的增長都非常強勁。

Finally, Production Systems revenue of $2.3 billion increased 5% sequentially and margins expanded 274 basis points to 12%, representing the highest margin since the formation of the division. The sequential revenue growth was led by the Middle East and Asia, partially offset by the absence of significant project milestones we reached last quarter in Europe and Africa. Year-on-year, revenue increased 22%, while margins expanded 300 basis points, driven by higher sales of completions and surface production systems and the easing of supply chain and logistic constraints.

最後，生產系統收入為 23 億美元，環比增長 5%，利潤率擴大 274 個基點，達到 12%，這是該部門成立以來的最高利潤率。中東和亞洲地區的收入連續增長，但由於我們上季度在歐洲和非洲沒有實現重大項目里程碑，部分抵消了這一增長。受完工和地面生產系統銷量增加以及供應鍊和物流限制緩解的推動，收入同比增長 22%，利潤率擴大 300 個基點。

Now turning to our liquidity. During the quarter, we generated $1.6 billion of cash flow from operations and free cash flow of $986 million. This represents a $1.25 billion increase in free cash flow over the same quarter of last year, which is largely due to improved working capital. We expect this performance to continue throughout the rest of the year. As a result, our free cash flow in the second half of the year will be materially higher than the first half.

現在轉向我們的流動性。本季度，我們的運營現金流為 16 億美元，自由現金流為 9.86 億美元。這意味著自由現金流比去年同期增加了 12.5 億美元，這主要歸功於營運資本的改善。我們預計這一表現將在今年剩餘時間內持續下去。因此，我們下半年的自由現金流將大幅高於上半年。

Our net debt reduced approximately $200 million sequentially to $10.1 billion, which is $900 million lower than the same period last year. Capital investments, inclusive of CapEx and investments in APS projects and exploration data were $622 million in the second quarter. For the full year, we are still expecting capital investments to be approximately $2.5 billion to $2.6 billion. We continued our stock buyback program and repurchased 4.5 million shares during the quarter for a total purchase price of $213 million. We continue to target to return $2 billion to our shareholders this year between dividends and stock buybacks.

我們的淨債務比上一季度減少了約 2 億美元，達到 101 億美元，比去年同期減少了 9 億美元。第二季度資本投資（包括資本支出以及對 APS 項目和勘探數據的投資）為 6.22 億美元。我們仍預計全年資本投資約為 25 億至 26 億美元。我們繼續實施股票回購計劃，在本季度回購了 450 萬股股票，總購買價為 2.13 億美元。我們今年的目標仍然是通過股息和股票回購向股東返還 20 億美元。

I will now turn the conference call back to Olivier.

我現在將電話會議轉回給奧利維爾。

Thank you, Stephane. Ladies and gentlemen, I believe we are ready to open the floor to your questions.

謝謝你，斯蒂芬。女士們先生們，我相信我們已經準備好回答你們的問題了。

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

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

So Olivier, we've -- especially, you and I and Stephane have spent a lot of time together in the last 18 months. Let's -- if we go back to Luzern and then to the Analyst Day in New York City and recent events. We've become increasingly, I think all 3 of us, bullish on the cycle and the cycle's duration especially. I wonder if you could comment on the duration aspect you see now as you travel around the world, you meet with your customers, you're talking to your customers, what are they saying about their drilling programs over the next several years?

Olivier，我們——尤其是你、我和 Stephane 在過去 18 個月裡一起度過了很多時間。讓我們回到盧塞恩，然後看看紐約市的分析師日和最近發生的事件。我想我們三個人都越來越看好這個週期，尤其是周期的持續時間。我想知道您是否可以評論一下您現在在世界各地旅行、與客戶會面、與客戶交談時所看到的持續時間，他們對未來幾年的鑽探計劃有何評價？

You obviously made some pretty bullish comments around Saudi, but more broadly with your major customers, what are their expectations? And how are they thinking about duration of their upstream spending cycle?

顯然，您對沙特發表了一些非常樂觀的評論，但更廣泛地說，您對主要客戶的期望是什麼？他們如何考慮上游支出週期的持續時間？

No, very good question, James. I think you may have realized that recently, we characterized the cycle as breadth, resilience and durability, and let me comment a little bit further on durability and there are 2 or 3 elements to this. I think, obviously, we did comment on the return of offshore where the first year to flag it and to call for the return of offshore. And I think we have seen this international offshore resurgence materializing in the last 12 months and accelerating. And in the second half, actually, the offshore rig count will be higher than the land rig count increase. So this momentum is driven by the economics of offshore assets where the FID now, the vast majority of the FID are below $50 and favorably positioned for FID.

不，這是一個很好的問題，詹姆斯。我想你可能已經意識到，最近我們將周期描述為廣度、彈性和持久性，讓我對持久性做進一步評論，其中有 2 或 3 個要素。我認為，顯然，我們確實對離岸業務的回歸發表了評論，第一年就標記了它並呼籲離岸業務的回歸。我認為我們已經看到國際離岸業務的複蘇在過去 12 個月中實現並加速。實際上，下半年海上鑽井平台數量的增幅將高於陸地鑽井平台數量的增幅。因此，這種勢頭是由離岸資產的經濟性推動的，目前 FID 中的絕大多數 FID 都低於 50 美元，並且對 FID 有利。

Also the geologic and the low carbon nature of most of the assets. Accessibility, it is resource and is both oil and gas. So offshore is having a resurgence that is translating into a very significant pipeline of FID, and we see it across not only the IOCs and independent that are capturing this opportunity, but also the NOC that have placed a bet on offshore, as you can see from Brazil to Middle East or the North Sea.

還有大多數資產的地質和低碳性質。可達性，它是資源，既是石油又是天然氣。因此，離岸業務正在復蘇，這正在轉化為一個非常重要的最終投資決定管道，我們不僅看到抓住這一機會的國際石油公司和獨立石油公司，而且還看到在離岸業務上押注的國家石油公司，從巴西到中東或北海，你都可以看到這一點。

So we see this happening at scale. We see also the emergence, sort of the second leg of FID and future offshore expansion driven by exploration appraisal. Exploration appraisal is happening in many countries. There are many rounds of -- licensing rounds happening, a lot of exploration and appraisal is happening to find this next reserve and develop. So offshore is there to stay and not only in '24 or '25, but beyond as we can see, and with the second leg materializing.

所以我們看到這種情況正在大規模發生。我們還看到了最終投資決定的第二階段的出現以及由勘探評估驅動的未來海上擴張。許多國家正在進行勘探評估。正在進行多輪許可，正在進行大量勘探和評估，以尋找下一個儲量和開發。因此，離岸業務將繼續存在，不僅是在 24 年或 25 年，而且正如我們所看到的，隨著第二階段的實現，離岸業務還將繼續存在。

Beyond that, obviously, Middle East has made a significant commitment of capacity expansion, both in oil of 4 million barrels or so and in gas for regional consumption, displacing all for energy or for generating some blue ammonia -- or blue halogen products as well as further expanding their energy export in Qatar, particularly. So the Middle East capacity expansion is leading to, as we have been quoting, record level of investment from this year onward, and is not set to again stop in '24 as the vast majority of this capital expansion are towards the second half of the decade 2027 or 2030 for some of the target.

除此之外，顯然，中東已經做出了重大產能擴張承諾，包括400萬桶左右的石油和用於區域消費的天然氣，取代所有能源或生產一些藍色氨或藍色鹵素產品，並進一步擴大其在卡塔爾的能源出口。因此，正如我們一直引用的那樣，從今年開始，中東產能擴張將導致創紀錄的投資水平，並且不會在 24 年再次停止，因為對於某些目標來說，絕大多數資本擴張是在 2027 年或 2030 年的下半個世紀進行的。

So what we have seen lately and the feedback to the visits we have had is that the duration of the cycle as we were characterizing a year ago is actually extending and is to be believed, prolonging to the right, and with a combination of offshore resurgence being very solid and Middle East being capacity expansion beyond the next 3 years.

因此，我們最近看到的情況以及我們訪問的反饋是，我們一年前描述的周期持續時間實際上正在延長，並且可以相信，正在向右延長，而且海上復甦非常穩固，而中東的產能擴張將持續到未來三年以上。

Okay. Okay. That makes a lot of sense. And then the -- maybe a follow-up. As we think about -- or as you think about, I guess, revenue quality as we go through this, what looks to be and appears to be, and I think we agree on, a long duration cycle, you can upgrade your revenue quality either by choosing offshore over onshore or customers by customer. How are you thinking about that quality of the revenue base that you put in place now? And what are the main kind of drivers of that? I'm assuming it's -- you're looking for the highest return and highest margin, but what are the key metrics or key assumptions you have there?

好的。好的。這很有意義。然後——也許是後續行動。當我們思考——或者當你思考，我猜，我們經歷這個過程時的收入質量，看起來是什麼，我認為我們同意，一個長期週期，你可以通過選擇離岸而不是在岸或逐個客戶來提升你的收入質量。您如何看待您現在建立的收入基礎的質量？其主要驅動因素是什麼？我假設您正在尋找最高的回報和最高的利潤，但是您在那裡的關鍵指標或關鍵假設是什麼？

No, absolutely. I think we have been initiating the returns-focused strategy a few years back. And I think we are getting the character sort of cycle of this, favoring and accelerating our strategy as we get the opportunity to not only get a favorable mix that included a bit more offshore Middle East exploration appraisal but also higher technology adoption, including digital, including fit technology or including transition technology, all combining to give a premium to the -- and a higher revenue quality.

不，絕對是。我認為我們幾年前就開始實施以回報為中心的戰略。我認為我們正在經歷這種週期的特徵，有利於並加速我們的戰略，因為我們有機會不僅獲得有利的組合，包括更多的中東近海勘探評估，而且採用更高的技術，包括數字化、包括適合技術或包括過渡技術，所有這些結合起來可以給予溢價和更高的收入質量。

But I will not forget also the capital discipline that we have initiated as part of this strategy that is pushing us to high guide to the higher returns, higher margins contract as we move forward, and make sure that we get the best return for the capital we deployed and also to put a clear threshold on capital investment and capital strategy going forward. So the combination, as I said, of the favorable mix, the technology adoption at scale with some secular trends in digital and the capital discipline that we have used to execute our strategy are allowing us to create the revenue quality improvement and the high grading on every portfolio and every business line we have to drive margin expansion. And we have seen margin expansion increasing, and we will continue to pursue this as we move forward.

但我也不會忘記我們作為該戰略的一部分而啟動的資本紀律，它推動我們在前進的過程中獲得更高的回報、更高的利潤率，並確保我們為所部署的資本獲得最佳回報，並為未來的資本投資和資本戰略設定明確的門檻。因此，正如我所說，有利的組合、大規模的技術採用與數字領域的一些長期趨勢以及我們用於執行戰略的資本紀律相結合，使我們能夠提高收入質量，並在每個投資組合和每個業務線上獲得高評級，以推動利潤率擴張。我們已經看到利潤率不斷擴大，我們將在前進的過程中繼續追求這一目標。

Our next question is from David Anderson with Barclays.

我們的下一個問題來自巴克萊銀行的大衛·安德森。

So I was curious on the Middle East-Asia. It showed really impressive sequential growth during the quarter. I was wondering if you could talk a bit about what drove that. Was that just a reflection of the steady ramp-up of projects in Saudi and other Middle East markets? And also, you mentioned a directional drilling contract in the release. Was that a discrete contract? And are you starting to see higher pricing on those types of contracts now?

所以我對中東-亞洲很好奇。本季度的環比增長確實令人印象深刻。我想知道你是否可以談談是什麼推動了這一點。這是否只是沙特和其他中東市場項目穩步增加的反映？此外，您在新聞稿中提到了定向鑽井合同。這是一份離散合同嗎？您現在是否開始看到此類合同的定價更高？

Well, I think to be -- to stay very -- it's a very broad term, I think, it's Middle East and Asia, and there are several geo units, as we call them, that have been benefiting from very significant growth sequential and year-on-year. As we commented, many of them are in the 30% basket -- more than 30% basket growth year-on-year in that region, that area. But indeed, in the GCC and the Middle East, particularly, we are benefiting again, we say, from 3 things. We are benefiting from the capacity expansion program that have been initiated, that have turned into an inflection into reactivity and spend activity that you benefit from, considering our market exposure.

嗯，我認為 - 保持非常 - 這是一個非常廣泛的術語，我認為，它是中東和亞洲，並且有幾個地理單位，正如我們所說的那樣，受益於非常顯著的連續增長和同比增長。正如我們所評論的，其中許多都屬於 30% 的籃子——該地區的籃子同比增長率超過 30%。但事實上，特別是在海灣合作委員會和中東地區，我們說，我們再次從三件事中受益。考慮到我們的市場敞口，我們正受益於已經啟動的產能擴張計劃，該計劃已轉變為反應性和支出活動，您可以從中受益。

We have been renewing several contract and either encroaching or gaining market and strengthening our market position. And you have seen several announcements made. And this includes service capacity, service expansion contract more than, I would say, integrated contract. And finally, we have been benefiting from -- based on our performance from, I would say, pricing increments based on performance that have all combined service contract expansion, reactivity increase and pricing, all combining to result into an incremental revenue year-on-year and sequentially that we believe will be on the continuum for the rest of the year.

我們一直在續簽幾份合同，並正在蠶食或贏得市場並加強我們的市場地位。您已經看到了幾則公告。這包括服務能力、服務擴展合同，而不僅僅是綜合合同。最後，我們一直受益於——基於我們的業績，我想說，基於業績的定價增量，所有這些都結合了服務合同擴展、反應性增加和定價，所有這些結合在一起導致了同比和連續的增量收入，我們相信這將在今年剩餘時間裡持續增長。

Okay. And if I could shift over to the D&I segment. Could you provide some color on the non-APS businesses and how they've been trending? I'm particularly interested in the digital solutions business and kind of really what you're seeing in terms of digital adoption of your customers. I'm really not sure if you can provide any metrics or any examples, but just kind of curious how -- kind of how some of your customers are using it kind of this year versus a year ago, like is there any way to kind of show us kind of -- or kind of explain to us kind of how that digital adoption is trending?

好的。如果我可以轉向 D&I 部門。您能否提供一些有關非 APS 業務的信息以及它們的趨勢？我對數字解決方案業務特別感興趣，並且對客戶在數字化採用方面所看到的情況特別感興趣。我真的不確定您是否可以提供任何指標或任何示例，但只是有點好奇，您的一些客戶今年與一年前相比如何使用它，有沒有什麼方法可以向我們展示，或者向我們解釋數字化採用的趨勢如何？

Yes. I think as we keep saying, I think some of the digital success and digital business growth we are having today is a bit masked in our financial reporting results by the flat or declining EPS year-on-year that we have. So I think you have to look at it first on the financial overall result of this division. Secondly, I would say that as I described in my prepared remarks that there are 3 trends that we are capturing and that we are exposed to that are happening in the industry, all of them under the secular trend of digital transformation in this industry, one on cloud computing, making the best out of cloud computing, scalable computing and elastic competing access that cloud solutions such as DELFI gives, and hence, accelerating productivity of the asset team from exploration to asset development.

是的。我認為，正如我們一直所說的那樣，我認為我們今天所取得的一些數字化成功和數字化業務增長在我們的財務報告結果中被我們的每股收益同比持平或下降所掩蓋。所以我認為你必須首先看看這個部門的財務總體結果。其次，我想說，正如我在準備好的發言中所描述的那樣，我們正在捕捉並接觸到行業中正在發生的三個趨勢，所有這些趨勢都是在這個行業數字化轉型的長期趨勢下進行的，其中之一是雲計算，充分利用雲計算、可擴展計算和DELFI等雲解決方案提供的彈性競爭訪問，從而加快資產團隊從勘探到資產開發的生產力。

We are seeing it. You have seen the announcement of the Petrobras award that is square into that category of using cloud capability to accelerate and enable productivity in the geoscience team and quality of results for the asset development team. So that's one sector that -- and again, we measure it by either number of customers' expansion or adoption of users, which we have seen are quoted in my prepared remark at 60% growth year-on-year.

我們正在看到它。您已經看到了 Petrobras 獎項的公佈，該獎項屬於使用雲功能來加速和提高地球科學團隊的生產力以及資產開發團隊的結果質量的類別。因此，我們通過客戶擴張數量或用戶採用數量來衡量這一領域，我們在我準備好的評論中引用了這一點，同比增長 60%。

The second aspect is unlocking data, the vast amount of data that our industry manipulates, stores, manage and structured data, unstructured data to try to unlock this and democratize, if you like, AI. So we are fortunate to have a cloud-based solution, DELFI, that has AI domain capability embedded into it. We use it every day to help our customer unlock and get access to this AI capability. We have done it through INNOVATION FACTORI, 100 solutions deployed. So that's the second engine of digital growth, if you like, is the data structure, data transformation and AI capability. And that's again, we are speaking about growing at above 50% for that subsegment of our digital offering.

第二個方面是解鎖數據，我們的行業操縱、存儲、管理和結構化數據、非結構化數據的大量數據，試圖解鎖這些數據並使人工智能民主化。因此，我們很幸運擁有一個基於雲的解決方案 DELFI，它嵌入了 AI 領域功能。我們每天都使用它來幫助我們的客戶解鎖並訪問這種人工智能功能。我們通過 INNOVATION FACTORI 做到了這一點，部署了 100 個解決方案。如果你願意的話，這就是數字增長的第二個引擎，那就是數據結構、數據轉換和人工智能能力。我們再次談到，我們的數字產品細分市場將實現 50% 以上的增長。

And last and maybe the one that has the most growth potential that is untapped across the industry, digital operation. That's everywhere from well construction to producing assets. And that's why we deploy either some element of our cloud offering in drilling automation or in surveillance of assets or we deploy at the edge, on the asset, at the pump some device, and we call it the Agora edge solution, which have embedded AI at the edge that do not need to run trip to the cloud to optimize these assets and give -- and we use it and consume it in our APS assets to enhance the performance. So we are seeing the benefit of all these. At the same time, they're all growing at a different pace, different adoption across the NOC, the independent -- all the IOCs. And it will be a long tail of growth that will clearly have long durability and we continue to be a factor of secular trend in our industry to extract efficiency, low carbon productivity using this trend.

最後，也許是整個行業尚未開發的最具增長潛力的一個，即數字化運營。從油井建設到生產資產，這種情況無處不在。這就是為什麼我們在鑽井自動化或資產監控中部署雲產品的某些元素，或者在邊緣、資產、泵上部署一些設備，我們稱之為 Agora 邊緣解決方案，它在邊緣嵌入了人工智能，不需要運行到雲端來優化這些資產並提供——我們使用它並在我們的 APS 資產中使用它來增強性能。所以我們看到了所有這些的好處。與此同時，它們都在以不同的速度增長，在國家奧委會、獨立組織——所有國際奧委會中採用不同的方式。這將是一個長尾的增長，顯然將具有長期的持久性，我們將繼續成為我們行業長期趨勢的一個因素，利用這一趨勢來提高效率、低碳生產力。

So that's what we see, multiple engine of growth across multiple horizon, and with different technology where we have leadership in most and a footprint that allows us to tap into 1,500 customers for the long run.

這就是我們所看到的，跨越多個層面的多個增長引擎，並採用不同的技術，我們在大多數領域都處於領先地位，並且我們的足跡使我們能夠長期接觸 1,500 家客戶。

We will go ahead and move on to the line of Arun Jayaram with JPMorgan Chase.

我們將繼續前進，前往 Arun Jayaram 與摩根大通的路線。

My first question is on offshore. You've highlighted how 85% of global offshore FIDs are now underpinned by oil prices at $50 or below which is quite a bit below what we saw in the prior cycle where we thought that you needed, call it, mid-60s oil price to kind of justify offshore developments, particularly deepwater. I was wondering if you can give some thoughts on what is driving, call it, the lower breakevens than we saw prior cycle?

我的第一個問題是關於離岸的。您強調了目前 85% 的全球海上 FID 是如何由 50 美元或以下的油價支撐的，這比我們在上一個週期中看到的價格要低得多，我們認為您需要 60 年代中期的油價來證明海上開發（尤其是深水開發）的合理性。我想知道您是否可以對推動因素（即盈虧平衡點低於我們之前週期的因素）給出一些想法？

I would think -- there are several aspects to that. One obviously is the progress the industry at large has made in efficiency, integration, technology, performance at large that is getting the curve shifting to the left on drilling the cycle compressing on subsea and the overall development cycle to be more derisked to digital. So technology, integration, performance at large has helped the operator and the service industry to deliver faster and to deliver the lower total cost, the development of those assets.

我認為——這有幾個方面。其中一個明顯的問題是整個行業在效率、集成度、技術和性能方面取得的進步，這使得鑽探週期向左移動，壓縮了海底週期，並且整個開發週期更加數字化，降低了風險。因此，技術、集成和整體性能幫助運營商和服務行業更快地交付這些資產，並降低總成本。

The second element, I would think that exploration has been creating a portfolio of assets that can then been high-graded. And then the quality of the resource, the high quality of the geological play and lower carbon and better place that have a better production and recovery potential, have also emerged and have been more favorably primed and/or, I would say, prioritized by our customers. So these customers have choice and they focus on the best and the most advantageous assets and the most advantaged geological basins that have -- we have seen it from Brazil to Guyana, and we are seeing it in the Middle East for some of the gas assets as well.

第二個要素，我認為探索是創建一個可以進行高評級的資產組合。然後，資源的質量、地質活動的高質量、低碳以及具有更好的生產和回收潛力的更好的地方也出現了，並且得到了更有利的啟動和/或者，我想說，被我們的客戶優先考慮。因此，這些客戶有選擇，他們專注於最好、最有利的資產和最有利的地質盆地，從巴西到圭亞那，我們都看到了這種情況，我們在中東的一些天然氣資產也看到了這種情況。

So the third, I think, dimension that is, I think, accelerating in our opinion is what is called infrastructure-led development or infrastructure-led exploration and development, which make the returns on incremental oil, incremental gas from existing hubs, from existing platform, lower cost than in the past because the capability to infill tieback and expand from an existing platform, getting a better return on existing infrastructure. Hence, we have seen a significant improvement and have seen an increase investment into this infill and tieback, and ILX as this is called, infrastructure-led development, infrastructure-led exploration, and that's -- this is another trend that is lowering the average cost of FID for increment of oil pool or additional gas. So you combine all of this and you are getting better economics, hence, better and sustained and higher durability for the long-term offshore play.

因此，我認為，第三個維度，我認為，在我們看來，加速的維度是所謂的基礎設施主導型開發或基礎設施主導型勘探和開發，這使得來自現有樞紐、現有平台的增量石油、增量天然氣的回報比過去更低，因為有能力填充回接並從現有平台擴展，從而在現有基礎設施上獲得更好的回報。因此，我們看到了顯著的改善，並且看到了對這種填充和回接的投資增加，ILX，即所謂的基礎設施主導的開發、基礎設施主導的勘探，這是另一個趨勢，它降低了增加油池或額外天然氣的 FID 平均成本。因此，將所有這些結合起來，您將獲得更好的經濟效益，從而為長期海上作業帶來更好、持續和更高的耐用性。

Great. And just a follow-up. Olivier, we've been getting a few buy-side questions on the update on your website regarding Russia. I was wondering if you could just expand on what this means on a go-forward basis for SLB?

偉大的。只是後續行動。奧利維爾，我們收到了一些關於您網站上有關俄羅斯的更新的買方問題。我想知道您是否可以詳細說明這對於 SLB 的未來意味著什麼？

Simply said, I think Russia revenue represented approximately 5% of our consolidated revenue in the second quarter and the decision that we have made last Friday to halt remaining shipment to Russia from all SLB facility will not impact our financial gains. So this decision will extend what you have seen as our previous ban on shipments from the location that we had in the United States, the U.K., Canada into Russia, and we will continue to ensure that our remaining presence in Russia meets and exceeds all international sanctions.

簡而言之，我認為俄羅斯收入約占我們第二季度合併收入的 5%，我們上週五做出的停止從所有 SLB 設施向俄羅斯發貨的決定不會影響我們的財務收益。因此，這一決定將把您所看到的我們之前禁止從美國、英國、加拿大的地點運送到俄羅斯的禁令擴大，我們將繼續確保我們在俄羅斯的剩餘存在符合併超過所有國際制裁。

And I apologize, we will go back to the line of Scott Gruber with Citigroup.

我很抱歉，我們將回到斯科特格魯伯與花旗集團的路線。

D&I margins snapped back nicely in 2Q. And in the past, you've talked about D&I as a mid-30s type margin business, at least near term. But in terms of thinking about the second half, can you build off that 34%? Should we expect those to grind higher in 3Q and 4Q? And then more importantly, as we think about 2024 and given all the digital growth, you think D&I margins could push into the high 30s, especially with hopefully some of the APS headwinds abating?

D&I 利潤率在第二季度大幅回升。過去，您曾將 D&I 視為 30 年代中期的保證金業務，至少在近期是這樣。但考慮到下半年，你能繼續提高 34% 嗎？我們是否應該預期第三季度和第四季度會走高？更重要的是，當我們考慮到 2024 年並考慮到所有數字增長時，您認為 D&I 利潤率可能會升至 30 多歲，尤其是在 APS 的一些不利因素有望減弱的情況下？

Scott, Stephane here. So yes, you've seen the D&I margins returning to levels we like, in the mid-30s after the Q1 seasonal low. And just for clarification, this is almost entirely coming from digital because APS ended up somehow unexpectedly flat in terms of revenue. So really the entire margin expansion from Q1 to Q2 is digital, which is good news. So can it go up higher than 34%? Yes, potentially. You always have -- you can have certain sales like exploration, data, et cetera, but the mid-30s is a good goal post for us with a few percentages up and down depending on exceptional sales.

斯科特，斯蒂芬在這裡。所以，是的，您已經看到 D&I 利潤率在第一季度季節性低點之後回到了 30 多歲的水平，回到了我們喜歡的水平。需要澄清的是，這幾乎完全來自數字化，因為 APS 最終在收入方面出乎意料地持平。因此，從第一季度到第二季度的整個利潤率擴張實際上都是數字化的，這是個好消息。那麼漲幅能超過34%嗎？是的，有可能。你總是有——你可以有一定的銷售，比如勘探、數據等等，但 30 多歲對我們來說是一個很好的目標，根據特殊的銷售情況，有幾個百分比的上下浮動。

And we should still think about that in '24 as well?

我們在 24 年仍然應該考慮這一點嗎？

Yes. Through '24 and the trajectory we see in digital is not set to slow down because I think as I explained, multiple dimension and trends are concurrently shaping the future of our digital success, and I think we expect it to continue well into the -- beyond the cycle, as we call it, actually, and the accretive, I would say, contribution of digital will, over time, long term, be more and more accretive on the growth and more and more accretive on the margins.

是的。到了 24 年，我們在數字化領域看到的軌跡不會放緩，因為我認為正如我所解釋的，多個維度和趨勢正在同時塑造我們數字化成功的未來，我認為我們預計它會繼續很好地進入——超出我們所說的周期，實際上，我想說，隨著時間的推移，長期來看，數字化的貢獻將越來越多地促進增長，並越來越多地增加利潤。

Got it. And then just a quick one on North America. Pretty impressive performance in 2Q with revenues up in the rig count, in contrast to the rig count being down. Obviously, Gulf of Mexico is helping you guys. Are you also seeing continued growth in that fit-for-basin strategy? And then -- go ahead.

知道了。然後簡單介紹一下北美。第二季度的表現相當令人印象深刻，鑽機數量的收入有所增加，而鑽機數量卻有所下降。顯然，墨西哥灣正在幫助你們。您是否也看到了“適合盆地”策略的持續增長？然後——繼續吧。

Absolutely. I think that's what we call our agility and fit strategy in the -- and the land part of the North America has been helping to shield ourselves on some of the macro trends. I think we believe that the lack of exposure to pressure pumping at scale and the fit-for-basin technology strategy, partly in well construction has allowed us to continue to progress or to buffer some other activity decline and expose us to actually the mix of performance that has been resilient in North America land and then complemented -- augmented, if I may, by the North America offshore, where we have seen activity and revenue progression.

絕對地。我認為這就是我們所說的敏捷性和適應性戰略，北美陸地部分一直在幫助我們保護自己免受一些宏觀趨勢的影響。我認為，我們相信，由於缺乏大規模的壓力泵送和適合盆地的技術戰略，部分是在油井建設方面，這使我們能夠繼續取得進展或緩衝其他一些活動的下降，並使我們實際上接觸到北美陸地上一直具有彈性的性能組合，然後通過北美近海進行補充，如果可以的話，我們已經看到了北美近海的活動和收入的進展。

Next, we go to the line of Kurt Hallead with Benchmark.

接下來，我們轉到 Benchmark 的 Kurt Hallad 路線。

So you guys put up a really impressive free cash flow number in the quarter. You indicated that free cash flow dynamics would obviously improve in the second half of the year. So I'm just kind of curious, though, close to $1 billion of free cash flow in the quarter itself. Is this the dynamic now where you can continue to harvest that kind of cash? And is that level of free cash flow is something that you think could be sustainable as you go into the third and fourth quarter of this year?

所以你們在本季度提供了非常令人印象深刻的自由現金流數字。您表示下半年自由現金流動態將明顯改善。所以我只是有點好奇，這個季度的自由現金流接近 10 億美元。現在你可以繼續收穫這種現金嗎？您認為進入今年第三和第四季度時，這種自由現金流水平是否可持續？

So look, yes, we are also quite pleased with the free cash flow performance in the second quarter. It's -- as I said, it's mostly improved working capital on top of the earnings, of course. And as you know, there is quite some seasonality in our cash flow and working capital. So we came out of a seasonally low Q1 with quite a strong Q2. We again beat a quarterly record on DSO for our second quarter, and our inventory efficiency improved quite a bit as well. So it sets us quite well for the rest of the year. As you said, we always generate quite more cash in the second half. So the $1 billion level is a good starting point for Q3, Q4, and we'll take it from there. But we are slightly ahead of where we wanted to be, and I think we can continue that way for the second half.

所以看，是的，我們對第二季度的自由現金流表現也非常滿意。正如我所說，當然，除了盈利之外，主要是營運資金的改善。如您所知，我們的現金流和營運資金存在相當大的季節性。因此，我們在第一季度的季節性低迷中走出了第二季度的強勁表現。我們第二季度的 DSO 再次打破了季度記錄，我們的庫存效率也有了很大提高。因此，這讓我們在今年剩下的時間裡表現得很好。正如你所說，我們總是在下半年產生更多的現金。因此，10 億美元的水平是第三季度、第四季度的一個很好的起點，我們將從那裡開始。但我們稍微領先於我們想要的位置，我認為我們可以在下半場繼續這樣。

Got it. That's great. That's fantastic. And my follow-up. So Olivier, a lot of contract awards during the quarter. You discussed the emphasis on long-term visibility on a number of these projects. It's easy for us on the outside to kind of look at what goes on with an offshore driller and look at their contract start date sometime in the future. Maybe a little bit more challenging to kind of connect those dots to how a service company and at what point in time does a service company get slotted in for those projects.

知道了。那太棒了。這太妙了。還有我的後續行動。因此，奧利維爾在本季度獲得了很多合同。您討論了對其中許多項目的長期可見性的重視。對我們來說，外部人士很容易了解海上鑽井公司的情況，並了解他們未來某個時間的合同開始日期。將這些點與服務公司如何以及服務公司在什麼時間點參與這些項目聯繫起來可能更具挑戰性。

So I was just wondering, for the benefit of everybody on the call and understanding where your visibility is coming from, at what point in time do you guys think that Schlumberger get called into an offshore drilling project, for example? And what gives you the conviction and how can you convey that conviction to the investor base and understanding that this cycle really does -- is different and has longer legs than what we may have seen in the past?

所以我只是想知道，為了每個參加電話會議的人的利益並了解您的可見性來自哪裡，你們認為斯倫貝謝在什麼時間點被邀請參與海上鑽探項目？是什麼給了你這樣的信念？你如何向投資者群體傳達這種信念，並讓他們理解這個週期確實是不同的，並且比我們過去可能看到的周期更長？

No, I think it's a mix. It's a mix of -- I think we -- and you have seen many contracts, some of them have very long duration, more than 5 years or 7 years in recent award that we highlighted in April and this July. And I think 3 to 5 years is a typical contract terms that we have. Every contract you see, a framework contract that are being used to mobilize resource and to commit capacity across multiple years, and this contract either start this year or start next year. Hence, they go well beyond 2025 and support the thesis of durability duration beyond mid this decade.

不，我認為這是一個混合體。這是一個混合體——我想我們——你已經看到了很多合同，其中一些合同期限很長，在我們四月和今年七月強調的最近授予的合同中，有些合同期限超過 5 年或 7 年。我認為 3 到 5 年是我們的典型合同條款。您看到的每份合同都是用於調動資源並承諾多年產能的框架合同，該合同要么從今年開始，要么從明年開始。因此，它們的時間遠遠超出了 2025 年，並​​支持了本十年中期之後持久持續時間的論點。

And secondly, I would say that you see also that we were announcing a few of the subsea award, and we'll continue to see that in the second half. We quoted our total booking for Production Systems, which is the long cycle side of our business. So you have the contract I was referring to, service contract, 3, 5, 7 years, and many of them in Middle East and/or offshore, as you have seen. And then you have the bookings that then -- bookings that are then supporting 2 or 3 years of delivery, be it in subsea or be it in some of the large surface contract that you have seen in Qatar subsea, as you have seen in different parts of the Americas and -- or Turkey.

其次，我想說，你也看到我們宣布了一些海底獎項，我們將在下半年繼續看到這一點。我們引用了生產系統的總預訂量，這是我們業務的長周期方面。所以你有我提到的合同，服務合同，3年、5年、7年，其中許多是在中東和/或離岸，正如你所看到的。然後你就有了預訂，然後支持 2 或 3 年交付的預訂，無論是在海底還是在卡塔爾海底看到的一些大型水面合同中，就像你在美洲不同地區和土耳其看到的那樣。

And this is typically 2 or 3 years out of booking, and we have been quoting $10 billion to $12 billion for the full year on Production Systems, and we are confident this represent 1.1 to 1.3 book-to-bill ratio. And this -- as we will exit 2023, we'll have this booking to fuel at least 2 years of growth going forward in our long-cycle business. So you combine these and you get many of the elements of duration on international, Middle East and offshore markets.

這通常是預訂後 2 到 3 年的時間，我們一直在生產系統上全年報價 100 億到 120 億美元，我們相信這代表 1.1 到 1.3 的訂單出貨比。隨著我們將在 2023 年退出，我們將通過這筆預訂來推動我們的長周期業務未來至少兩年的增長。因此，將這些結合起來，您就可以獲得國際、中東和離岸市場的許多久期要素。

Our next question will come from Neil Mehta with Goldman Sachs.

我們的下一個問題將來自高盛的尼爾·梅塔。

The first question is just around more around Production Systems. Margins were really good there. So can you talk about how we should think about the margin trajectory? And also tie that into any commentary you have around the subsea, which has been a source of momentum.

第一個問題更多地圍繞生產系統。那裡的利潤率真的很好。那麼您能談談我們應該如何看待利潤軌跡嗎？並將其與您對海底的任何評論聯繫起來，這一直是動力的源泉。

Yes. I think Production Systems is, as I said, is an equipment, mostly product equipment and long cycle and -- on which we had suffered from some supply logistics constraints last year that we flagged, and we said at the [onset] as soon as this constraint will be behind us, we'll feel comfortable that the momentum on margin expansion will be matching what we have seen in the other core division that we have and this is starting to materialize. Our ambition is not stopping at this margin. Our long-term ambition is to continue to grow and expand in line with the overall core division as we believe that operating efficiency, including into this long cycle manufacturing efficiency, and the pricing environment for this unique technology we have from subsea to surface from completion to [actual list] of some process equipment that we are deploying across some offshore FPSO.

是的。正如我所說，我認為生產系統是一種設備，主要是產品設備和長周期，去年我們在該設備上遭受了我們標記的一些供應物流限制，我們一開始就說過，一旦這種限製過去，我們就會感到放心，利潤率擴張的勢頭將與我們在其他核心部門看到的情況相匹配，而且這一點正在開始實現。我們的野心並不止於此。我們的長期目標是繼續與整體核心部門保持增長和擴張，因為我們相信運營效率，包括這種長周期製造效率，以及我們在一些海上 FPSO 上部署的一些工藝設備從海底到地面從完工到[實際清單]的這種獨特技術的定價環境。

All of this combine to give us the, I would say, the confidence that this trajectory of margin expansion will not stop here and will continue to grow. You have heard about the booking, I was commenting on this. It's a booking and margin expansion journey for PS going forward.

我想說，所有這些結合起來讓我們有信心，這種利潤率擴張的軌跡不會止步於此，並將繼續增長。你聽說過預訂的事，我對此發表過評論。這是 PS 未來的預訂和利潤擴張之旅。

And Olivier, when we saw each other a couple of weeks ago, you had just spent a lot of time on the road visiting a lot of customers in different regions. Wonder if you can just kind of go around the world and talk about customer conversations, obviously, name agnostic, and what are you seeing in terms of different basins in terms of activity?

奧利維爾，幾週前我們見面時，您剛剛花了很多時間在路上拜訪了不同地區的許多客戶。想知道您是否可以環遊世界並談論客戶對話，顯然，名稱不可知論，以及您在不同流域的活動方面看到了什麼？

I don't want to be too specific, obviously. I think I will reflect more on the general sentiment. I think the general sentiment is that first and foremost, energy security and capacity expansion still dominate the decision and the economics are seen as very favorable and the outlook of the industry at large is seen as resilient and you have seen it for many major, reaffirming their 2030 production volume and adjusting their strategy to make sure they maximize the opportunity to either accelerate their gas transition or sustain their oil production. And this will mean investment, and we see that in all the engagement we have.

顯然，我不想說得太具體。我想我會更多地反思總體情緒。我認為，普遍的觀點是，首先也是最重要的是，能源安全和產能擴張仍然主導著這一決定，經濟被認為非常有利，整個行業的前景被認為具有彈性，許多主要石油公司都重申了 2030 年的產量並調整了戰略，以確保他們最大限度地利用加速天然氣轉型或維持石油生產的機會。這將意味著投資，我們在所有的參與中都看到了這一點。

And then the NOC is [beating] in the Americas, in Africa, Middle East or Asia, pursuing the 2 things, either their production enhancement to make sure they continue to lift their production performance, and then addressing security -- energy security through their gas development, typically. We see this everywhere, partly in Asia. So the customers are fairly focused on developing their gas assets, expanding and/or reverting some of the trends of declining oil production and to make sure they maximize the cycle, their participation to the cycle and their participation to the international pool -- supply pool that is happening. So it's broad.

然後國家石油公司在美洲、非洲、中東或亞洲追求兩件事，要么提高產量以確保繼續提高生產績效，然後解決安全問題——通常通過天然氣開發來解決能源安全問題。我們在任何地方都可以看到這種情況，部分是在亞洲。因此，客戶相當關注開發他們的天然氣資產，擴大和/或扭轉石油產量下降的一些趨勢，並確保他們最大化週期、參與週期以及參與國際池——正在發生的供應池。所以它很廣泛。

And as I commented during our time together, I think I commented that we are seeing also many newcomers that are expanding into deepwater, into exploration rounds that are across the globe in new territories or in new countries, and this will attract more investment. This will attract, if the geology are right, future FID. So it's, in general, driven by energy security, pool international supply and IOC's commitment to sustain their position towards the end of the decade.

正如我在我們在一起時所評論的那樣，我想我評論說，我們還看到許多新來者正在向深海領域擴張，進入全球新領土或新國家的勘探輪次，這將吸引更多投資。如果地質情況正確的話，這將吸引未來的 FID。因此，總的來說，這是由能源安全、匯集國際供應以及國際奧委會在本十年末維持其地位的承諾所驅動的。

And next, we go to a question from Luke Lemoine.

接下來，我們回答 Luke Lemoine 的問題。

Olivier, you're pressed to award with a 5-year contract with Petrobras for DELFI deployment across the organization, seeing if you can maybe talk about the opportunity for additional contracts with other NOCs or majors for enterprise-wide DELFI and kind of the level of interest there.

Olivier，您被迫與 Petrobras 簽訂一份為期 5 年的合同，以便在整個組織內部署 DELFI，看看您是否可以談論與其他 NOC 或專業公司簽訂額外合同以進行企業範圍 DELFI 的機會以及那裡的興趣程度。

Yes. We typically do not speak ahead of any public announcements, the work we are doing on the ground to continue to prepare for further penetration of our existing customers. But yes, there are fairly advanced discussion with several customers to prepare for a transition and adoption of DELFI cloud solution, either for their geoscience workflow or for some of the drilling operation as I was referring to or for some of the adoption of AI and unlocking that data. So we are seeing this. And yes, you will see -- you continue to see every quarter a new announcement that will come in the different, the 3 different dimension and trends that I was highlighting.

是的。我們通常不會在任何公開公告之前發表講話，我們正在實地開展工作，以繼續為進一步滲透現有客戶做好準備。但是，是的，我們與一些客戶進行了相當深入的討論，為過渡和採用 DELFI 雲解決方案做準備，無論是為了他們的地球科學工作流程，還是為了我提到的一些鑽井操作，或者為了採用人工智能和解鎖這些數據。所以我們看到了這一點。是的，你會看到——每個季度你都會繼續看到一個新的公告，這些公告將以我強調的不同的、三個不同的維度和趨勢發布。

And you will see large contract in the future, hopefully, materializing as well that we replicate the success we had with Chevron, who was the first very large enterprise deployment that many company are looking to towards and using to reflect some of their future opportunity they have with us. So that's happening at scale and we are pleased with progress. But again, it's a long journey and it's 1 customer at a time, and it will take years and the cycle will be long and will be accretive for the long run.

未來你會看到大合同，希望我們複製與雪佛龍合作的成功，這是第一個非常大型的企業部署，許多公司都希望並利用它來反映他們未來與我們合作的一些機會。所以這正在大規模發生，我們對進展感到高興。但同樣，這是一個漫長的旅程，一次只有一個客戶，這需要數年時間，週期很長，從長遠來看會是增值的。

And our next question is from Keith MacKey with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的 Keith MacKey。

Just wanted to first ask on the subsea JV with Subsea 7 and Aker originally expected to close at the end of next month. Can you just remind us of the key benefits of that transaction? Maybe give us an update on where you are in relation to closing. And if you expect any impact to the numbers or the way you might report the numbers in the Production Systems segment going forward, would be helpful.

只是想先詢問一下與 Subsea 7 和 Aker 的海底合資企業原本預計將於下月底關閉的情況。您能否提醒我們該交易的主要好處？也許可以向我們提供有關關閉的最新情況。如果您預計這些數字或未來報告生產系統部門中的數字的方式會受到任何影響，將會有所幫助。

Yes. First, I think we -- what we quoted at the time we announced the JV is that we expected this to close by Q3 this year, which is in 2 months from now. The progress we have made is that we have progressed towards obtaining the majority of the antitrust regulatory approval to move forward. We have progress in our planning in conjunction with our future partners and we'll be communicating on this as soon as we can to give you the materiality and the timing and the materiality of this as we will consolidate. Now it will be consolidated into the PS and into the revenue going forward at the time we will announce the closing, and we will give you the detailed information about that when it will be announced, and we'll give clarity on the way we will report it.

是的。首先，我認為我們在宣布合資企業時所引用的是，我們預計該合資企業將在今年第三季度完成，也就是從現在起的兩個月後。我們所取得的進展是，我們在獲得大部分反壟斷監管批准以繼續前進方面取得了進展。我們與未來的合作夥伴一起在規劃方面取得了進展，我們將盡快就此進行溝通，以便在我們整合後向您提供其重要性、時間安排和重要性。現在，當我們宣布結束時，它將被合併到 PS 和未來的收入中，我們將在宣佈時向您提供有關該消息的詳細信息，並且我們將明確報告的方式。

So good progress across the different jurisdiction and good progress, very good progress on the planning to prepare for the closing as well. So we're optimistic towards the near future.

因此，不同司法管轄區都取得了良好的進展，在為交割做準備的規劃方面也取得了很好的進展。因此，我們對不久的將來持樂觀態度。

And one final question for Stephane, just on the buyback. As free cash flow is set to increase in the second half of the year, should we expect any significant deviation from the $200 million-or-so run rate you've set for the first half of the year? Or is that still a good number to put in our models?

對於斯蒂芬來說，最後一個問題是關於回購。由於自由現金流將在今年下半年增加，我們是否應該預期會與您為今年上半年設定的 2 億美元左右的運行率出現重大偏差？或者這個數字仍然適合放入我們的模型中嗎？

Look, the way you have to look at it, Keith, is really on our commitment to return a total of $2 billion to shareholders and it's between dividends and buybacks. So, yes, if you do the math, you will get the average level of buyback in the second quarter -- or in the second half, sorry. But yes, it will continue, of course.

聽著，基思，你必須這樣看待它，這實際上是我們向股東返還總計 20 億美元的承諾，而且是在股息和回購之間。所以，是的，如果你算一下，你會得到第二季度或下半年的平均回購水平，抱歉。但是，是的，它當然會繼續下去。

And ladies and gentlemen, that is all the time we have for questions. I will now turn the conference back to the SLB leadership for closing comments.

女士們先生們，這就是我們提問的時間。現在我將把會議轉回 SLB 領導層徵求總結意見。

Thank you, Leah. Ladies and gentlemen, as we conclude today's call, I would like to leave you with the following takeaways. First, as our second quarter results clearly demonstrate our market position, performance differentiation and technology leadership are fit for the cycle, and we continue to drive our financial performance. Second, as upstream investments accelerate in the international and offshore markets, these regions will lead our growth and lay a strong foundation for ongoing outperformance in the years ahead. Third, following a solid first half and with significant visibility into the second half of the year, we have affirmed our confidence in our full year financial targets.

謝謝你，莉亞。女士們、先生們，在我們結束今天的電話會議時，我想向你們傳達以下要點。首先，我們第二季度的業績清楚地表明了我們的市場地位、業績差異化和技術領先地位適合這個週期，我們將繼續推動我們的財務業績。其次，隨著國際和離岸市場上游投資的加速，這些地區將引領我們的增長，並為未來幾年的持續優異表現奠定堅實的基礎。第三，繼上半年的強勁表現和下半年的明顯可見性之後，我們對全年財務目標充滿信心。

This is a compelling environment for our company. And today, we have more returns focused, disciplined and efficient than ever before. We could not ask for a better backdrop to execute our commitment to shareholder returns. I remain very confident in our strategy and fully trust the SLB team to continue delivering strong performance for our business. With this, I will conclude today's call. Thank you all for joining.

這對我們公司來說是一個極具吸引力的環境。如今，我們比以往任何時候都更加註重回報、更加嚴格、更加高效。我們找不到更好的背景來履行我們對股東回報的承諾。我對我們的戰略仍然充滿信心，並完全相信 SLB 團隊能夠繼續為我們的業務帶來強勁的業績。我就這樣結束今天的電話會議。感謝大家的加入。

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。