斯倫貝謝公司 (SLB) 2024 Q1 法說會逐字稿

Thank you, everyone, for standing by. Welcome to the SLB First Quarter Earnings Conference Call.

謝謝大家的支持。歡迎參加 SLB 第一季財報電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded. I would now like to turn the conference over to James R. McDonald, Senior Vice President of Investor Relations and Industry Affairs. Please go ahead.

提醒一下，本次會議正在錄製中。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·R·麥克唐納 (James R. McDonald)。請繼續。

Thank you, Leah. Good morning, and welcome to the SLB First Quarter 2024 Earnings Conference Call. Today's call is being hosted from Kuala Lumpur, following our Board meeting held earlier this week.

謝謝你，莉亞。早安，歡迎參加 SLB 2024 年第一季財報電話會議。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吉隆坡舉行的。

Joining us on the call are Olivier Le Peuch, Chief Executive Officer; and Stephane Biguet, Chief Financial Officer.

與我們一起參加電話會議的還有執行長 Olivier Le Peuch；和財務長 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 other SEC filings, which can be found 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有重大差異。因此，我建議您參閱我們最新的 10-K 文件和其他 SEC 文件，這些文件可以在我們的網站上找到。

We are under no obligation and expressly disclaim any obligation to update, alter or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

除非法律要求，我們沒有義務並明確聲明不承擔更新、更改或以其他方式修改任何前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。

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. And finally, SLB and ChampionX will file materials related to the proposed transaction with the U.S. Securities and Exchange Commission including a registration statement that will contain a proxy statement prospective of the parties.

我們今天的評論可能還包括非公認會計準則財務指標。更多詳細資訊以及與最直接可比較的 GAAP 財務指標的調整可以在我們網站上的第一季新聞稿中找到。最後，SLB 和 ChampionX 將向美國證券交易委員會提交與擬議交易相關的資料，包括一份登記聲明，其中將包含雙方的委託書。

Investors and security holders are urged to read those materials once they are available, which can be obtained from the SEC's website and from the company's websites. SLB, ChampionX, their directors, executive officers and certain members of management and their employees may be considered participants in the solicitation of proxies from their shareholders in connection with the proposed transaction. This will be described further in the proxy statement perspective when it is filed.

一旦這些資料可用，投資者和證券持有人應立即閱讀，這些資料可以從 SEC 網站和公司網站取得。 SLB、ChampionX、其董事、執行官和某些管理層成員及其員工可能被視為與擬議交易相關的股東委託書徵集的參與者。這將在提交委託書時進一步描述。

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.

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。

During my prepared remarks, I will discuss 3 topics: I will begin by sharing an overview of our first quarter results. Then I will provide an update on the ongoing market dynamics and highlight areas where we anticipate opportunities for further growth. And finally, I will conclude with our outlook for the full year and the second quarter.

在我準備好的發言中，我將討論 3 個主題： 我將首先分享我們第一季業績的概述。然後我將提供有關當前市場動態的最新信息，並重點介紹我們預計有進一步增長機會的領域。最後，我將總結我們對全年和第二季的展望。

Stephane will then provide more details on our financial results, and we will open the line for your questions.

然後史蒂芬將提供有關我們財務業績的更多詳細信息，我們將開通您的提問熱線。

Let's begin. I'm very pleased with our strong start to 2024. Year-on-year, revenue grew 13% and EBITDA grew in the mid-teens, in line with our full year financial ambitions. Additionally, we demonstrated the differentiated value we deliver to our customers, the impact of our continued capital discipline and execution efficiency by expanding year-on-year adjusted EBITDA margins for the 13th consecutive quarter.

讓我們開始。我對 2024 年的強勁開局感到非常滿意。此外，我們透過連續 13 個季度擴大年比調整後 EBITDA 利潤率，展示了我們為客戶提供的差異化價值、持續資本紀律的影響和執行效率。

Internationally, we harnessed broad-based activity growth with 21 of our 25 international GeoUnits increasing revenue year-on-year. Even when excluding the Aker contribution, our international revenue grew by double digits.

在國際上，我們利用廣泛的活動成長，25 個國際地理單位中有 21 個的收入年增。即使排除阿克的貢獻，我們的國際收入也實現了兩位數成長。

These impressive results were led by the Middle East and Asia, which exhibited remarkable growth of 29% compared to the same period a year ago. Specifically in the Middle East and North Africa, year-on-year growth was supported by continued investments in long cycle developments and capacity expansion projects in both oil and gas across Algeria, Egypt, Iraq, Libya, Qatar, Saudi Arabia and the United Arab Emirates. And in Asia, we saw strong activity across the region, led by offshore, notably in China, Indonesia, Malaysia, the Philippines and India.

這些令人印象深刻的業績以中東和亞洲為首，與去年同期相比成長了 29%。特別是在中東和北非，阿爾及利亞、埃及、伊拉克、利比亞、卡達、沙烏地阿拉伯和阿拉伯聯合大公國對石油和天然氣長週期開發和產能擴張項目的持續投資支持了同比增長阿聯酋航空。在亞洲，我們看到整個地區的活動強勁，以離岸業務為首，特別是在中國、印尼、馬來西亞、菲律賓和印度。

Meanwhile, in North America, activity remains soft due to weaker gas price, sustained capital discipline and the effects of ongoing market consolidation. The slower activity contributed to revenue in the region declining by 6% year-on-year.

同時，在北美，由於天然氣價格疲軟、持續的資本紀律以及持續的市場整合的影響，經濟活動仍然疲軟。經濟活動放緩導致該地區收入年減 6%。

Next, I will comment on division's performance. I was very proud to see the power of the core divisions continues to drive our performance this quarter. In particular, you may have seen a remarkable growth in Production Systems, supported by our OneSubsea joint venture and in Reservoir Performance led by increased stimulation, evaluation, and intervention services. Well Construction also delivered resilient growth. I was also pleased to see our core margins visibly expand year-on-year, and I trust that this will continue as we remain focused on efficiency and value creation for our customers.

接下來，我將評論部門的表現。我非常自豪地看到核心部門的力量繼續推動我們本季的業績。特別是，您可能已經看到在我們的 OneSubsea 合資企業的支持下生產系統的顯著增長，以及在增產、評估和乾預服務增加的帶動下油藏表現的顯著增長。油井建設也實現了彈性成長。我還很高興看到我們的核心利潤逐年大幅擴大，我相信隨著我們繼續專注於為客戶提高效率和創造價值，這種情況將持續下去。

Turning to Digital & Integration. I continue to follow our performance very closely. Although we experienced the typical pattern of seasonally slower sales to start the year, digital still grew in the double digits year-on-year during the first quarter, and we expect a visible uptick of digital sales throughout the rest of the year. This will be supported by increased customer adoption and a baseload of ongoing projects as you can see from the quarterly highlights included in our press release this morning.

轉向數位化和整合。我將繼續密切關注我們的表現。儘管我們在年初經歷了季節性銷售放緩的典型模式，但第一季數位銷售額仍以兩位數成長，我們預計今年剩餘時間數字銷售額將大幅成長。正如您從今天早上的新聞稿中包含的季度亮點中看到的那樣，這將得到客戶採用率的增加和正在進行的項目的基本負載的支持。

For the full year, we maintain our ambition to grow our digital revenue in the high teens. Overall, I'm very pleased with the strong start to 2024. We'll remain focused on the quality of our revenue, capital discipline, and execution efficiency to generate strong cash flows and shareholder returns throughout the year.

全年，我們仍保持將數位收入成長到十幾歲的目標。總體而言，我對 2024 年的強勁開局感到非常滿意。

I want to thank the entire SLB team for delivering this first quarter performance. They continue to operate at a benchmark level for the industry, and I feel privileged to work with such a dedicated and talented team.

我要感謝整個 SLB 團隊交付的第一季業績。他們繼續以行業基準水平運營，我很榮幸能與這樣一支敬業且才華橫溢的團隊合作。

Next, let me shift into the ongoing market dynamics and how these are creating opportunities for our business. We're in the midst of a unique oil and gas cycle, characterized by strong market fundamentals, growing demand and an even deeper focus on energy security. As described on several occasions, this cycle continued to display breadth, resilience and longevity. This is very much the case in the Asia region where we are hosting this call today.

接下來，讓我談談當前的市場動態以及這些動態如何為我們的業務創造機會。我們正處於一個獨特的石油和天然氣週期之中，其特點是強勁的市場基本面、不斷增長的需求以及對能源安全的更深入的關注。正如多次描述的那樣，這一週期繼續展現出廣度、彈性和持久性。我們今天主持這次電話會議的亞洲地區的情況就是如此。

In this context, there are certain priorities that are increasingly critical to our customers. Project life cycle reduction, particularly in exploration and appraisal to accelerate time to first gas or first oil. Capital efficiency in the development phase to set new benchmarks in every basin. Step change in production and recovery for producing assets and for unconventional resources.

在這種情況下，某些優先事項對我們的客戶來說變得越來越重要。縮短專案生命週期，特別是在勘探和評估方面，以加快首次開採天然氣或石油的時間。開發階段的資本效率為每個流域樹立了新的基準。生產資產和非常規資源的生產和回收發生階段性變化。

And finally, adoption of digital and AI capabilities to transform operations and use of technology to abate emissions. Against this backdrop, we continue to innovate with our customers through the combination of integration, fit-for-basin technologies and digital, focusing on unlocking value by delivering lower cost and lower carbon barrels.

最後，採用數位和人工智慧功能來改變營運和使用技術來減少排放。在此背景下，我們透過整合、適合盆地的技術和數位化的結合，繼續與客戶一起創新，專注於透過提供更低的成本和更低的碳桶來釋放價值。

In our core oil and gas business, we are benefiting from these trends with our exposure to the fastest-growing and most resilient market. This cycle continues to be defined by broad growth across the international basins, and it is nowhere this is more evident than in the Middle East and global offshore markets.

在我們的核心石油和天然氣業務中，我們受益於這些趨勢，因為我們涉足成長最快、最具彈性的市場。這一周期繼續以國際盆地的廣泛增長為特徵，這一點在中東和全球離岸市場最為明顯。

In the Middle East, countries are investing to increase both oil and gas supplies through the end of the decade. The long cycle nature of the investments provides further confidence in the durability of the cycle, and we look forward to continue working for our customers to deliver on these targets.

在中東，各國正在投資以在本世紀末增加石油和天然氣供應。投資的長週期性質進一步增強了人們對週期持久性的信心，我們期待繼續為客戶努力實現這些目標。

And offshore, many of the FIDs from the past few years have commenced, leading to broad-based activity across Asia, Africa, Latin America and Europe. SLB has a strong foothold in each of these offshore regions, benefiting from our deep customer relationships, operational performance and fit-for-basin solutions. Through our OneSubsea joint venture, we offer an unmatched pore-to-process offering throughout the full life cycle of offshore assets, and we continue to deliver on our substantial offshore backlog.

在海外，過去幾年的許多最終投資決定已經開始，在亞洲、非洲、拉丁美洲和歐洲開展了廣泛的活動。 SLB 在這些離岸地區均擁有穩固的立足點，受益於我們深厚的客戶關係、營運績效和適合流域的解決方案。透過我們的 OneSubsea 合資企業，我們在海上資產的整個生命週期中提供無與倫比的從孔隙到加工的產品，並且我們將繼續交付大量的海上積壓訂單。

Now looking at the priorities for producing assets today and tomorrow, we recognize the need to increase our exposure to the production and recovery market, including the more resilient OpEx spend as operators work to offset natural decline, extend performance and maximize the value of their assets.

現在，著眼於當前和未來生產資產的優先事項，我們認識到需要增加對生產和回收市場的投資，包括更具彈性的營運支出，因為營運商努力抵消自然衰退、擴大業績並最大化其資產價值。

Our acquisition of ChampionX will further evolve our portfolio to capture this opportunity with the addition of a leading production chemicals business and well-established artificial lift portfolio with significant benefits to our customers in every producing basin in the world. This will be particularly visible in the offshore environment, which requires a higher intensity of production chemicals for flow assurance, reinforcing the long cycle value of our offshore strategy.

我們對ChampionX 的收購將進一步發展我們的產品組合，以抓住這一機遇，增加領先的生產化學品業務和完善的人工舉升產品組合，為世界上每個生產盆地的客戶帶來顯著的利益。這在海上環境中尤其明顯，因為海上環境需要更高強度的生產化學品來確保流量，從而增強了我們海上策略的長週期價值。

Another notable trend in the market is the enhanced focus on emission reduction and low carbon energy. Our early investments in this space are beginning to deliver promising results, both in the core through our Transition Technologies and in New Energy portfolio, notably in Carbon Capture and Sequestration.

市場另一個顯著趨勢是對減排和低碳能源的日益關注。我們在這一領域的早期投資已開始帶來可喜的成果，無論是在我們的轉型技術的核心領域，還是在新能源產品組合中，特別是在碳捕獲和封存方面。

CCS is one of the fastest-growing and most immediate opportunities to reduce carbon emissions, and we are leveraging our domain expertise and deep knowledge of the subsurface to respond to an increased demand in our storage solutions. At the same time, we're also expanding to address opportunities throughout the CCS value chain.

CCS 是減少碳排放的成長最快、最直接的機會之一，我們正在利用我們的領域專業知識和對地下的深入了解來應對儲存解決方案不斷增長的需求。同時，我們也不斷拓展業務，以抓住整個 CCS 價值鏈的機會。

As you saw in our announcement a few weeks ago, we have entered into an agreement to combine our carbon capture business with Aker Carbon Capture and will own 80% of the combined entity. This is an exciting opportunity to bring together our complementary technology portfolio, leading process design expertise and an established project delivery platform to innovate and deliver carbon capture technology solution at an industrial scale.

正如您在幾週前的公告中看到的那樣，我們已達成協議，將我們的碳捕集業務與 Aker Carbon Capture 合併，並將擁有合併後實體 80% 的股份。這是一個令人興奮的機會，將我們的互補技術組合、領先的製程設計專業知識和成熟的專案交付平台結合在一起，以創新和提供工業規模的碳捕獲技術解決方案。

Looking across our broad portfolio, it is clear that our 3 engines of growth, each with different technology and exciting project pipelines are positioning us for continued performance across all-time horizons. Supported by our strong international portfolio and our unique technology-driven approach to North America, we are truly making this investment cycle better for longer.

縱觀我們廣泛的產品組合，很明顯，我們的三個成長引擎，每個引擎都有不同的技術和令人興奮的專案管道，使我們能夠在整個歷史範圍內保持持續的業績。在我們強大的國際投資組合和北美獨特的技術驅動方法的支持下，我們真正使這個投資週期變得更好、更長。

Finally, I will conclude with our outlook for the full year and the second quarter. Based on the commentary I've just shared, the ongoing characteristics of the cycle and our strong first quarter results, we remain confident in our full year financial guidance with strength in international activity offsetting slower growth in North America.

最後，我將總結我們對全年和第二季的展望。根據我剛剛分享的評論、週期的持續特徵以及我們強勁的第一季業績，我們對全年財務指引仍然充滿信心，國際活動的強勁抵消了北美成長放緩的影響。

In particular, we anticipate activity momentum in international markets to continue, driven by increasing global demand and an even deeper focus on energy security. The relevance of oil and gas in energy mix continues to support further investments in capacity expansion, particularly in the Middle East and long-cycle projects across global offshore markets, fully aligned with our international revenue ambitions.

特別是，在全球需求不斷增長和對能源安全更加關注的推動下，我們預計國際市場的活動勢頭將持續下去。石油和天然氣在能源結構中的重要性繼續支持產能擴張的進一步投資，特別是在中東和全球海上市場的長週期項目，這與我們的國際收入目標完全一致。

Additionally, we expect to realize further growth in the strengthening production and recovery market as operators work to maximize the efficiency and longevity of their producing assets. Altogether, this continued to present a very strong outlook for our business during 2024 and beyond.

此外，隨著營運商努力最大限度地提高生產資產的效率和壽命，我們預計強化生產和回收市場將實現進一步成長。總而言之，這繼續為我們的 2024 年及以後業務呈現出非常強勁的前景。

Specific to the second quarter, we expect sequential revenue growth internationally in the mid-single digits and North America in the low-single digits. We also expect to expand adjusted EBITDA margins by 75 to 100 bps. By division, we expect sequential growth to be led by Digital and Integration, followed by Reservoir Performance, Production Systems and Well Construction, all of which are rebounding from the conclusion of winter seasonality.

具體到第二季度，我們預計國際地區的收入環比成長將達到中個位數，北美地區的環比收入成長將達到低個位數。我們也預計調整後 EBITDA 利潤率將擴大 75 至 100 個基點。按部門劃分，我們預計數位化和整合將引領連續成長，其次是油藏績效、生產系統和油井建設，所有這些都從冬季季節性結束後反彈。

I will now turn the call over to Stephane.

我現在將把電話轉給史蒂芬。

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

謝謝奧利維爾，女士們先生們早安。

First quarter earnings per share, excluding charges and credits, was $0.75. This represents an increase of $0.12 when compared to the first quarter of last year. In addition, during the first quarter, we recorded $0.01 of merger and integration charges associated with our 2023 acquisition of the Aker subsea business.

第一季每股收益（不含費用和貸項）為 0.75 美元。與去年第一季相比，增加了 0.12 美元。此外，在第一季度，我們記錄了與 2023 年收購 Aker 海底業務相關的 0.01 美元的合併和整合費用。

Overall, our first quarter revenue of $8.7 million increased 12.6% year-on-year. Excluding the impact of the Aker Subsea acquisition, revenue increased 6.5% when compared to the same quarter last year. International revenue was up 18% year-on-year and more than 10% when excluding the contribution from Aker, driven in particular by year-on-year growth of 29% in the Middle East and Asia.

總體而言，我們第一季的營收為 870 萬美元，年增 12.6%。排除收購 Aker Subsea 的影響，營收較去年同期成長 6.5%。國際營收年增 18%，若剔除 Aker 的貢獻則成長超過 10%，特別是在中東和亞洲年成長 29% 的推動下。

North America revenue decreased 6% year-on-year, primarily due to lower rig count in U.S. land and the effect of lower gas pricing, which impacted our APS project in Canada. Company-wide adjusted EBITDA margin for the first quarter was 23.6%, up 51 basis points year-on-year. In absolute dollars, adjusted EBITDA increased 15% year-on-year. This is in line with our guidance for adjusted EBITDA to grow in the mid-teens for the full year of 2024.

北美收入年減 6%，主要是由於美國陸地鑽機數量減少以及天然氣價格下降影響了我們在加拿大的 APS 計畫。第一季全公司調整後 EBITDA 利潤率為 23.6%，較去年同期成長 51 個基點。以絕對美元計算，調整後 EBITDA 年成長 15%。這符合我們對 2024 年全年調整後 EBITDA 成長百分之十幾的指引。

Our pretax segment operating margin increased 95 basis points, driven by strong incremental margins internationally. Let me now go through the first quarter results for each division. First quarter Digital & Integration revenue of $953 million increased 7% year-on-year as digital revenue experienced double-digit growth, while APS revenue was flat.

在國際利潤率強勁增量的推動下，我們的稅前部門營業利潤率成長了 95 個基點。現在讓我回顧一下每個部門的第一季業績。第一季數位與整合收入為 9.53 億美元，年增 7%，數位收入實現兩位數成長，而 APS 收入持平。

Margins declined 300 basis points year-on-year to 26.6% due to the effects of higher APS amortization expense and lower commodity prices on our APS project in Canada. Margins for the Digital & Integration division are expected to improve in Q2 and throughout the rest of the year as digital sales will increase sequentially in line with the usual seasonal trends.

由於加拿大 APS 計畫的 APS 攤銷費用增加和大宗商品價格下降的影響，利潤率較去年同期下降 300 個基點至 26.6%。數位與整合部門的利潤預計將在第二季和今年剩餘時間有所改善，因為數位銷售將按照通常的季節性趨勢連續成長。

Reservoir Performance revenue of $1.7 billion increased 15% year-on-year due to strong stimulation activity, particularly in Middle East and Asia and offshore. Margins expanded 356 basis points as compared to the first quarter of last year to 19.7%, driven by higher activity and improved pricing. Well Construction revenue of $3.4 billion increased 3% year-on-year as international growth of 9% was largely offset by lower revenue in North America. Margins of 20.5% were essentially flat year-on-year.

由於增產活動強勁，特別是在中東、亞洲和近海，油藏動態收入達 17 億美元，較去年同期成長 15%。在活動增加和定價改善的推動下，利潤率較去年第一季擴大 356 個基點至 19.7%。油井建設收入為 34 億美元，年增 3%，國際成長 9% 在很大程度上被北美收入下降所抵銷。 20.5%的利潤率與去年同期基本持平。

Finally, Production Systems revenue of $2.8 billion increased 28% year-on-year. Excluding the effects of the acquired Aker Subsea business, Production Systems revenue grew 6%, driven by strong international sales. Margins of 14.2% expanded 490 basis points year-on-year, driven by a favorable activity mix, strong execution and pricing improvements.

最後，生產系統營收為 28 億美元，年增 28%。排除收購 Aker Subsea 業務的影響，在強勁的國際銷售推動下，生產系統收入成長了 6%。在有利的活動組合、強勁的執行力和定價改善的推動下，利潤率為 14.2%，較去年同期成長 490 個基點。

Now turning to our liquidity. During the quarter, we generated $327 million of cash flow from operations. Free cash flow of negative $222 million was slightly better than the same period last year. These cash flows reflect the seasonal effects of the payout of our annual employee incentives and lower cash collections following very strong receivable performance in the fourth quarter of last year. Consistent with our historical trends, free cash flow is expected to be higher in the second quarter and to continue to increase in the third and fourth quarters.

現在轉向我們的流動性。本季度，我們的營運現金流量為 3.27 億美元。自由現金流為負2.22億美元，略優於去年同期。這些現金流反映了我們年度員工激勵支付的季節性影響，以及去年第四季應收帳款表現強勁後現金回款減少的影響。與我們的歷史趨勢一致，預計第二季自由現金流將更高，並在第三和第四季繼續增加。

Capital investments inclusive of CapEx and investment in APS projects and exploration data were $549 million in the first quarter. For the full year, we are still expecting capital investments to be approximately $2.6 billion.

第一季資本投資（包括資本支出以及 APS 專案和勘探資料投資）為 5.49 億美元。我們仍預計全年資本投資約 26 億美元。

During the quarter, we repurchased 5.4 million shares for a total purchase price of $270 million. As we disclosed a couple of weeks ago, we have raised our 2024 target for total returns of capital to shareholders from $2.5 billion to $3 billion. This $3 billion will be evenly split between dividends and share repurchases.

本季度，我們回購了 540 萬股股票，總收購價為 2.7 億美元。正如我們幾週前所揭露的那樣，我們已將 2024 年股東資本總回報目標從 25 億美元提高到 30 億美元。這 30 億美元將平均分配給股息和股票回購。

Lastly, we plan on filing our S-4 registration statement relating to the ChampionX acquisition in the next couple of weeks. The transaction will require the approval of ChampionX shareholders. During the period, after ChampionX mails its proxy for the merger until its shareholder vote, we are required to suspend our share buyback program. While this will not impact our total share repurchases for the year of approximately $1.5 billion, it will potentially result in our buybacks being more heavily weighted towards the second half of the year.

最後，我們計劃在未來幾週內提交與 ChampionX 收購相關的 S-4 註冊聲明。該交易需要獲得 ChampionX 股東的批准。在此期間，在 ChampionX 郵寄合併代理書直至股東投票之前，我們需要暫停我們的股票回購計劃。雖然這不會影響我們今年約 15 億美元的股票回購總額，但這可能會導致我們的回購在今年下半年更加重要。

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. And ladies and gentlemen, I believe we are opening the floor to your questions.

謝謝你，史蒂芬。女士們、先生們，我相信我們現在正在歡迎你們提問。

(Operator Instructions)

（操作員說明）

Our first question comes from James West with Evercore ISI.

我們的第一個問題來自 Evercore ISI 的 James West。

So Olivier, I know you alluded to it earlier, and you and I have had conversations about the cycle recently as well. But how are you thinking about in the last 6, 8 weeks or so as we've seen just increased amounts of contracts and rig awards and subsea equipment awards. How are you thinking about where we are in this cycle today and the duration of the cycle? Because it seems to me we're -- right now, it's a Middle East, Asia and offshore story, but certainly going to broaden out to more regions as well. So I'm curious to kind of get your big picture high-level thoughts.

奧利維爾，我知道你之前提到過，而且你和我最近也就這個週期進行了對話。但是，您如何看待過去 6、8 週左右的時間，因為我們看到合約、鑽機合約和海底設備合約數量不斷增加。您如何看待我們今天所處的這個週期的位置以及週期的持續時間？因為在我看來，目前這是一個中東、亞洲和離岸市場的故事，但肯定也會擴展到更多地區。所以我很想了解您的整體想法。

Thank you, James. So from our perspective, I think, first and foremost, I think the cycle attributes that we have described earlier, the breadth, the resilience, the durability or the longevity of the cycle are fully in place and are driven by a combination of strong fundamental energy demand, oil and gas demand, if anything, is trending upwards from the revision. Energy security is still on top of the agenda. There is no other place than Asia to realize this on the ground. And as such, I think the base of activity is being supported by very critical flow of investment, both, as you said, in capacity expansion, which is already committed. But also, I think in short-cycle and long-cycle of flow, deepwater and shallow.

謝謝你，詹姆斯。因此，從我們的角度來看，我認為，首先，我認為我們之前描述的周期屬性，即週期的廣度、彈性、持久性或壽命已經完全到位，並且是由強大的基本面共同推動的。需求、石油和天然氣需求（如果有的話）自修訂以來呈上升趨勢。能源安全仍是首要議題。除了亞洲之外，沒有其他地方可以實際實現這一點。因此，我認為活動的基礎得到了非常關鍵的投資流的支持，正如你所說，在產能擴張方面，這兩個方面都已經承諾了。而且，我認為流動的短週期和長週期、深水和淺水。

And I think I was here in Asia, and it was remarkable to see the breadth, the diversity of the opportunity, the number of countries, offshore, onshore, the new exploration appraisal cycle, the new entrants that are coming in Southeast Asia that were not before to invest because they are looking for securing gas supply, and they are looking to participate to maintain oil production.

我想我在亞洲，很明顯看到機會的廣度和多樣性，國家的數量，海上，陸上，新的勘探評估週期，東南亞的新進入者之前沒有進行投資，因為他們正在尋求確保天然氣供應，並且他們希望參與維持石油生產。

So I believe that if you combine this with what is happening in North America, which is North America operating within a threshold and not necessarily with significant anticipation of supply growth in that market in short term. This is only accentuating the characteristics of the cycle in international. And it can -- if I can reflect from the last 2 or 3 months of a lot of customer engagement, the sentiment is trending more positively than it was maybe 6 or 12 months ago. Hence, customer engaging to secure capacity on long projects such as deepwater and subsea and they are looking for partnership collaboration to make sure that we help them into securing the best capital efficiency, as I highlighted, look for integration to accelerate the project cycle to get faster to first oil, first gas. So if anything, I think I see more stronger pipeline of projects that will help us -- help this cycle to prolong beyond what we could anticipate a year ago.

因此，我認為，如果將其與北美正在發生的情況結合起來，即北美在一定閾值內運行，並且不一定對短期內該市場的供應增長有重大預期。這只是凸顯了國際週期的特徵。如果我能從過去 2 或 3 個月的大量客戶參與中反映出來，這種情緒的趨勢可能比 6 或 12 個月前更積極。因此，客戶致力於確保深水和海底等長期專案的能力，他們正在尋求合作夥伴合作，以確保我們幫助他們獲得最佳的資本效率，正如我所強調的那樣，尋求整合以加快專案週期，以獲得更快生產第一石油、第一天然氣。因此，如果有的話，我認為我看到了更多更強大的專案管道，這將幫助我們——幫助這個週期延長到超出我們一年前的預期。

Right. Got it. Okay. Makes a lot of sense. And then maybe just as a follow-up on the digital side and the rollout of the DELFI platform. How do you feel about the progress that's happening there, the adoption by customers? I know you've got a good number of customers so far, but still the penetration is probably not nearly where it will be in 3 to 5 years, but it's a powerful tool. And so how do you see adoption trending from here?

正確的。知道了。好的。很有道理。然後可能只是數位方面的後續行動和 DELFI 平台的推出。您對那裡正在發生的進展以及客戶的採用有何看法？我知道到目前為止您已經擁有了大量客戶，但滲透率可能還達不到 3 到 5 年後的水平，但它是一個強大的工具。那麼您如何看待這裡的採用趨勢？

I think the adoption continued to trend favorably. I think you'll continue to see as we deliver quarter-after-quarter both set of enhancements in digital operation, in cloud adoption, for geoscience workflow, in data and AI, you have seen the diversity of what we announced this quarter. I do expect the same next quarter and the following quarter because we believe that customers realizing that they need to unlock efficiency and they need to accelerate the cycle, and they need to extract lower carbon solutions for their assets. So this is pulling. So we are still -- and we have renewed our ambition and targets to reach or exceed high teens for digital growth this year.

我認為採用率持續呈現良好趨勢。我認為，當我們每季在數位化營運、雲端採用、地球科學工作流程、數據和人工智慧方面提供兩組增強功能時，您將繼續看到我們本季宣布的內容的多樣性。我確實預計下一個季度和下一個季度也會出現相同的情況，因為我們相信客戶意識到他們需要釋放效率，需要加速週期，並且需要為其資產提取低碳解決方案。所以這是拉動。所以我們仍然——並且我們更新了我們的雄心和目標，今年的數字增長達到或超過青少年。

And we started the year, I would say, considering the seasonal low teens growth year-on-year, double digits. That was fully aligned with what we could have anticipated. And it will continue. So I see quarter-after-quarter expansion of digital adoption. And I see more and more contribution from digital operation, be it drilling automation with production operation solution, and you will see that in the coming quarter and the upcoming transaction with ChampionX would only strengthen this production operation offering as it will complement and give us another platform to expand our digital adoption. So I remain very constructive, and I believe that it is a long trend of digital adoption that will continue throughout the rest of the decade.

我想說，考慮到季節性的低青少年成長率，我們今年伊始就實現了兩位數的成長。這完全符合我們的預期。而且這種情況還會持續下去。因此，我認為數位化採用將逐季擴大。我看到數位化營運做出了越來越多的貢獻，無論是鑽井自動化和生產營運解決方案，您都會看到，在下個季度以及即將與ChampionX 進行的交易只會加強這種生產營運產品，因為它將補充並為我們提供另一個擴大我們數位化採用的平台。因此，我仍然非常有建設性，我相信這是數位化採用的長期趨勢，並將在接下來的十年中持續下去。

Next, we move on to David Anderson with Barclays.

接下來，我們轉向巴克萊銀行的大衛安德森。

So just a question on kind of the timing of the ChampionX deal and sort of as it relates to where we are in the cycle. So these are all product lines that are targeting the production side of the well life cycle. Primary drivers can be OpEx spending particularly with deepwater development ramping up in the coming years. Conversely, the timing of acquiring a later cycle company might suggest that you're positioned for upstream spending to structurally slow in the coming years.

所以只是 ChampionX 交易的時間安排的問題，以及它與我們所處週期的位置有關的問題。因此，這些都是針對油井生命週期生產的產品線。主要驅動因素可能是營運支出，特別是隨著未來幾年深水開發的增加。相反，收購週期較晚的公司的時機可能表明您的上游支出在未來幾年將結構性放緩。

So could you just help us understand a little bit the dynamics as sort of the OpEx cycle and the CapEx cycle? I totally appreciate the duration of it, but I guess I'm sort of thinking about the sort of the cadence of the different cycles. Can you just help us understand kind of how the timing of that works out and maybe you'll just see the OpEx cycle expanding higher, but the 2 dynamics, I think, are causing a little bit of questioning in the market, I guess, today.

那麼您能否幫助我們了解一些營運支出週期和資本支出週期的動態？我完全欣賞它的持續時間，但我想我正在考慮不同周期的節奏。您能否幫助我們了解具體的時間安排，也許您會看到營運支出週期不斷擴大，但我認為這兩種動態正在市場上引起一些質疑，我想，今天。

Yes. No, it's a fair question. And I think first and foremost, stepping back in time. I think we have been -- as we prepared our core strategy a few years back, we identified that production recovery in particular production chemicals, reservoir chemicals, lift solution will be a domain where we need to invest technology, and we need to explore opportunity to accelerate our market participation because we believe 2 things: We believe, first, that this market will benefit from further innovation, from further integration, from further disruption, and hence create, through OpEx, the efficiency gains into production operation into recovery. And we believe that the market is discovering, to some extent has discovered, but has an opportunity to exploit more of these production chemicals, more of this optimized full life leap solution and combined with digital, so we believe that all in all, this market is not only an OpEx versus CapEx.

是的。不，這是一個公平的問題。我認為首先也是最重要的是，回到過去。我認為，當我們幾年前製定核心策略時，我們發現生產恢復，特別是生產化學品、油藏化學品、舉升解決方案將是我們需要投資技術的領域，我們需要探索機會加速我們的市場參與，因為我們相信兩件事：首先，我們相信這個市場將從進一步的創新、進一步的整合、進一步的顛覆中受益，從而透過營運支出創造生產營運恢復的效率增益。我們相信市場正在發現，在某種程度上已經發現，但有機會開發更多這些生產化學品，更多這種優化的全生命週期解決方案並與數字相結合，所以我們相信總而言之，這個市場不僅僅是營運支出與資本支出。

This market is responding to increased demand, an increased opportunity we see in the market that has been there growing, and for which we are willing to respond and the customer feedback and engagement we had realizing the potential of what we can put together from technology, from work through integration, from automation and from optimization from the main reservoir knowledge to process equipment will clearly create a new leg into the technology deployment and into the efficiency of producing assets.

這個市場正在響應不斷增長的需求，我們在市場中看到了不斷增長的機會，我們願意對此做出回應，並且我們已經意識到我們可以從技術中整合的潛力，以及客戶的反饋和參與，從工作到整合、從自動化、從主要油藏知識到製程設備的最佳化，顯然將為技術部署和生產資產的效率創造一個新的支柱。

So -- and I will not try to oppose OpEx. I will just say that the production recovery is becoming critical. It has been for the last few quarters is increasingly become part of the priority of our customers. Now we believe as well that this market has further resilience because the market every liquid produced in the world, more or less demand and an amount of production chemicals to assure its resilience in production.

所以——我不會試圖反對 OpEx。我只想說，生產恢復變得至關重要。在過去的幾個季度裡，它越來越成為我們客戶優先考慮的一部分。現在我們也相信這個市場具有進一步的彈性，因為市場上世界上生產的每種液體都有或多或少的需求和一定量的生產化學品，以確保其生產彈性。

And at the same time, we believe that as the long term, most of the assets will see higher water cuts, and some of the assets will see a more complex reservoir fleets coming up to the process facility. There will be an increasing need to adding more sophisticated and more technical production chemicals to the flow. So all in all, an opportunity today and a resilient outlook for tomorrow.

同時，我們認為，從長遠來看，大多數資產將出現更高的含水量，並且一些資產將看到更複雜的水庫船隊進入加工設施。將越來越需要在流程中添加更複雜和更具技術性的生產化學品。總而言之，今天是一個機會，明天的前景充滿活力。

So it's not so much, you see, I've seen CapEx slowing. It is more that you see OpEx side increasing and more technology increasing. That sounds...

所以，你看，我已經看到資本支出放緩了。更多的是你看到營運支出方面的增加和更多技術的增加。聽起來...

Exactly. I see -- what we see and the engagement with customer, we see that in their quest for production recovery opportunity, we see that a combination of production chemicals, digital capability including optimizing some production lift solutions and over intervention is in the need for modernizing innovation and automation. And we believe that the addition of this to our portfolio, the significant talent and capability we are getting through the addition of ChampionX will help us fast-track this new path of production recovery market expansion. That would be a combination of OpEx and CapEx, and OpEx will only supplement and add opportunity for growth and it is not at all relating to where we are in the cycle for CapEx.

確切地。我看到- 我們所看到的以及與客戶的接觸，我們看到在他們尋求生產恢復機會的過程中，我們看到生產化學品、數字能力（包括優化一些生產提升解決方案和過度幹預）的結合需要現代化創新和自動化。我們相信，將其添加到我們的產品組合中，以及我們透過 ChampionX 的添加而獲得的重要人才和能力，將幫助我們快速走上這條生產恢復市場擴張的新道路。這將是營運支出和資本支出的結合，營運支出只會補充和增加成長機會，與我們處於資本支出週期中的位置完全無關。

Understood. And then so just as a follow-up on the ChampionX deal. I was surprised to see you announce $400 million in synergies for a company that was well run as ChampionX is, can you help us break that down a little bit more? Like where do you see the greatest opportunity on the cost side? And also, if you could expand the revenue synergy side. To be honest, we hear about revenue synergies all the time but ultimately don't materialize. So what's different here in ChampionX, where you have more confidence in the revenue synergy side?

明白了。然後作為 ChampionX 交易的後續行動。我很驚訝地看到您宣佈為 ChampionX 這樣一家運作良好的公司提供 4 億美元的協同效應，您能幫助我們進一步解釋一下嗎？例如您認為成本方面最大的機會在哪裡？而且，如果你可以擴大收入綜效。老實說，我們一直聽到收入綜效，但最終並沒有實現。那麼 ChampionX 有何不同，您對收入協同更有信心？

So Dave, yes, thanks for the question. So again, yes, $400 million of annual synergies which we think we can achieve in the first 3 years. And as we said, 70% to 80% achieved in the second year, which makes the transaction accretive to earnings per share in year 2. So now we have the full integration team in place, refining estimates, going through all the buckets of synergies. So I'm not going to give you definitive numbers, but as a rough split, most of the synergies, most of the $400 million synergies, let's say, about 75% of it is related to costs and 25% related to initial revenue synergies, so of the 75% cost synergies, again, an approximate 75%, you can say that roughly half of that is on our own SLB spend. We mentioned earlier, we spent a lot of chemicals, for example, for overall operations. And with the manufacturing and internalization of spend we can do with ChampionX, we think we can have great savings there. And the over half or so of the cost synergies would be G&A and other operating cost savings if that helps.

戴夫，是的，謝謝你的提問。再說一次，是的，我們認為我們可以在前 3 年內實現每年 4 億美元的協同效應。正如我們所說，第二年實現了 70% 到 80%，這使得交易增加了第二年的每股收益。所以我不會給你明確的數字，但作為一個粗略的劃分，大部分協同效應，大部分 4 億美元的協同效應，比方說，其中大約 75% 與成本相關，25% 與初始收入協同效應相關，因此，在75% 的成本協同效應中，大約有75%，您可以說其中大約一半是我們自己的SLB 支出。我們之前提到，我們花費了大量的化學品，例如，用於整體運作。透過 ChampionX 可以實現支出的製造和內部化，我們認為我們可以在那裡節省大量資金。如果有幫助的話，超過一半左右的成本綜效將是一般管理費用和其他營運成本的節省。

Next, we move on to Arun Jayaram with JPMorgan.

接下來，我們將與摩根大通一起前往 Arun Jayaram。

Olivier, I wanted to get your perspective on the spending picture in Saudi Arabia and the potential impacts from SLB given the decision to maintain their maximum spare capacity at 12 million barrels, but obviously, a shift to higher levels of gas development. And I just wondered also if you could maybe address just the recent decision to suspend some shallow water drilling in the country.

Olivier，我想了解您對沙烏地阿拉伯支出情況的看法，並考慮到 SLB 決定將其最大閒置產能維持在 1,200 萬桶，但顯然會轉向更高水準的天然氣開發，其潛在影響。我只是想知道您是否可以解決最近暫停該國一些淺水鑽探的決定。

Yes. Thank you, Arun. I think let me first maybe for simplicity and from aligning our views. Maybe let me unpack first and give some additional colors on these rig suspension. And I think these are public data, and I think a total of 20 to 22 rigs are being suspended to devise for consolidation. But this is in the context of this both Safaniyah and Manifa project, oil incremental project expansion program that has been suspended. Both of these assets were having combined slightly above 20 jackups operating in these 2 assets at the end of last year.

是的。謝謝你，阿倫。我想首先讓我可能是為了簡單起見並協調我們的觀點。也許讓我先打開包裝並在這些裝備懸吊上添加一些額外的顏色。我認為這些都是公開數據，我認為總共有 20 到 22 個鑽孔機被暫停，以進行整合。但這是在 Safaniyah 和 Manifa 項目的背景下，石油增量項目擴建計畫已暫停。截至去年底，這兩項資產總計略多於 20 艘自升式鑽井平台在這兩項資產中運作。

The anticipation of the additional rig necessary for the expansion, we have added another dozen rigs. When you make the math at the end of this year, both of these assets will host slightly above 10 to a dozen rigs or a net 10 rigs less than at the end of last year. So that's first, what is happening on offshore. You contrast this with the gas market and a decision that was almost coincidental with the MSC decision, to increase the gas capacity towards 2030 by 60% compared to 2021.

考慮到擴建所需的額外鑽孔機，我們又增加了十幾台鑽孔機。如果你在今年年底進行計算，這兩個資產將擁有略高於 10 到 12 台的鑽機，或比去年年底淨少 10 台鑽機。首先是海上發生的事。您將其與天然氣市場以及與 MSC 幾乎一致的決定進行對比，即到 2030 年將天然氣產能比 2021 年增加 60%。

This is actually resulting in the total rig activity increase and net rig addition between now and the end of the year of a total approximately almost 60 rigs across the entire unconventional and commercial, both workover rigs, coiled tubing drilling units and drilling rigs for the unconventional Jafurah and for the conventional gas. So this switch from offshore to onshore, the switch from oil to gas is actually the execution of strategy of Saudi Aramco, I believe. And it happened that we have market exposure that is long on land, very long on land and it's balanced and actually long on gas. So as a consequence for us, while this is an activity that has changed and a mix that wasn't anticipated 6 months ago, this will not have a material impact on our ambition for growth for Saudi, this will not change our guidance for Middle East sustained growth. And this will continue to support our ambition to grow international and hence, fully aligned with The Street directed this morning.

這實際上導致從現在到今年年底，整個非常規和商業鑽機總數約近 60 座，包括修井機、連續油管鑽井裝置和非常規鑽機，鑽機活動總量增加，淨增加。 。所以我認為，這種從海上到陸上的轉變，從石油到天然氣的轉變，其實是沙烏地阿美戰略的執行。碰巧我們的市場敞口是做多陸地，非常多做多陸地，而且是平衡的，實際上做多天然氣。因此，對我們來說，雖然這是一項已經改變的活動，並且是6 個月前沒有預料到的組合，但這不會對我們沙烏地阿拉伯的成長雄心產生重大影響，這不會改變我們對中東的指導東部持續成長。這將繼續支持我們發展國際化的雄心，因此與《華爾街日報》今天上午的指導完全一致。

Great. That's helpful. And just my follow-up, Olivier, could you just characterize the rest of the spending picture in the GCC and the Middle East outside of Saudi?

偉大的。這很有幫助。我的後續問題，奧利維爾，您能描述一下海灣合作委員會和中東地區（沙烏地阿拉伯以外）的其他支出狀況嗎？

Yes. I think that's a very good point. Actually, it's very broad growth and activity uptick in almost all the country with possible exception of Egypt these days, considering the cash and the valuation situation. But almost every other country is having a very significant growth and I have been citing a few countries this morning, and I could not stop listing all of them. And it includes Qatar that is starting to now remobilize for addition of the West North field. Obviously, Kuwait, as we commented earlier that is coming now very well structured to execute their capacity expansion, UAE on both gas and oil. Oman is very steady. Iraq, as you have seen, we have had some nice contract also in that region.

是的。我認為這是一個很好的觀點。事實上，考慮到現金和估值情況，幾乎所有國家都出現了非常廣泛的成長和活動上升，埃及可能是個例外。但幾乎​​所有其他國家都出現了非常顯著的成長，今天早上我已經列舉了幾個國家，我無法停止列出所有這些國家。其中包括卡達，該國現在正開始重新動員以增加西北油田。顯然，科威特，正如我們之前評論的那樣，現在結構非常好，可以執行其天然氣和石油產能擴張，阿聯酋。阿曼很穩定。伊拉克，正如你所看到的，我們在該地區也有一些不錯的合約。

So we are very comfortable about the breadth, the diversity of the activity growth, rig activity growth in the region. And actually, a couple of rigs or more could actually be redirected from the offshore Saudi contract to supplement and to help accelerate some activity in the region, while some others are already being retained to some extent for future activity here in the Southeast Asia.

因此，我們對該地區活動成長和鑽機活動成長的廣度和多樣性感到非常滿意。事實上，一些或更多的鑽井平台實際上可以從沙特海上合約中重新定向，以補充和幫助加速該地區的一些活動，而其他一些鑽井平台已經在某種程度上被保留用於東南亞的未來活動。

So I believe that the Middle East, as we said earlier, last year broke and had a total market spend that was record high. I think this record is just extending this year and with a very good breadth of oil and gas onshore and offshore activity despite the slight change of mix in Saudi.

因此，我相信，正如我們之前所說，去年中東地區出現了崩潰，並且市場總支出創下了歷史新高。我認為這項紀錄今年剛剛延續，儘管沙烏地阿拉伯的混合情況略有變化，但陸上和海上石油和天然氣活動的範圍非常廣泛。

Next, we move on to Neil Mehta with Goldman Sachs.

接下來，我們轉向高盛的尼爾梅塔。

Yes. I had a couple of more financial questions. The first, just the second quarter commentary, if I look at Q1 EPS was $0.75, and I think The Street's got it moving to $0.84 in the second quarter. So just would love your perspective on how we should think about the 2Q versus 1Q build as you have pretty good visibility at this point into the second quarter.

是的。我還有幾個財務問題。第一個，只是第二季的評論，如果我看看第一季的每股收益是 0.75 美元，我認為華爾街在第二季將其調整到了 0.84 美元。因此，我很想聽聽您對我們應該如何看待第二季與第一季建設的看法，因為您對第二季的這一點有很好的了解。

So Neil, as we have mentioned, Q2, we always see the reversal of seasonality, if you want, and very strong margin expansion. So we just guided to 75 to 100 basis points of incremental EBITDA margin in terms of basis points. And the rest is below the EBITDA, you can very well assume to go down to EPS, but nonoperating expenses and just about all the rest is about the same as in the first quarter, if that helps.

因此，尼爾，正如我們所提到的，第二季度，如果你願意的話，我們總是會看到季節性的逆轉，以及非常強勁的利潤率擴張。因此，我們只是將 EBITDA 利潤率增量指引為 75 至 100 個基點。其餘的都低於 EBITDA，你可以很好地假設會下降到每股收益，但非營運費用和幾乎所有其他費用與第一季度大致相同，如果這有幫助的話。

That helps a thousand, pretty well with The Street. I guess the follow-up is just on EBITDA margins. It did come in a little bit softer than maybe where The Street was on digital and integration to a smaller extent, on Well Construction. Just love your perspective as we work our way through the year, how we should be thinking about EBITDA margins and your conviction on the recovery there?

這對《華爾街日報》很有幫助。我猜後續只是 EBITDA 利潤率。它確實比《華爾街日報》在數位化和整合方面（在油井建設方面的較小程度）要軟一些。只是喜歡您在我們這一年的工作中的觀點，我們應該如何考慮 EBITDA 利潤率以及您對那裡復甦的信念？

So as Olivier mentioned, it has been 13 consecutive quarters that we increased EBITDA margins year-on-year. So it was the case in the first quarter as well, and it will be the case in each and every single of the remaining quarters of the year. So this year-on-year growth of EBITDA and EBITDA expansion is with us for the year. Now you mentioned the D&I margins. As you know, they are typically the lowest in the first quarter of the year, this is mostly the seasonally lower digital sales.

正如奧利維爾所提到的，我們已經連續 13 個季度 EBITDA 利潤率同比增長。第一季也是如此，今年剩餘的每季也是如此。因此，今年 EBITDA 的年成長和 EBITDA 的擴張將持續存在。現在您提到了 D&I 利潤。如您所知，它們通常是一年中第一季的最低水平，這主要是數位銷售的季節性下降。

This year, it was made worse by a lower APS revenue due to 2 kind of related effects, actually, the lower gas pricing in our Palliser of Canada assets and higher amortization expense per unit of production. So this resulted in a year-on-year drop in the total digital and integration margin, but this is entirely due to APS, the digital margins are intact. And as the rest of the year unfolds, as Olivier mentioned, digital sales will increase quarter after quarter and this will be at high incremental margins for digital considering that most of the costs are fixed. So we clearly continue to shoot for overall D&I margins above 30% on a full year basis.

今年，由於兩種相關影響，APS 收入下降，情況變得更糟，實際上，我們加拿大 Palliser 資產的天然氣定價較低，以及單位產量攤提費用較高。因此，這導致總數字和整合利潤同比下降，但這完全是由於 APS，數位利潤完好無損。正如奧利維爾所提到的，隨著今年剩餘時間的展開，數位銷售將逐季成長，考慮到大部分成本是固定的，數位銷售的利潤率將很高。因此，我們顯然會繼續力爭全年整體 D&I 利潤率超過 30%。

Our next question is from Scott Gruber with Citigroup.

我們的下一個問題來自花旗集團的史考特·格魯伯。

Yes. I wanted to just circle back on the Saudi comments because a few investors have asked for some clarification. Olivier, did you mention that the rig growth was the net 60, 6-0, even with the losses of 20 jackups?

是的。我想回顧一下沙烏地阿拉伯的言論，因為一些投資者要求做出一些澄清。 Olivier，您是否提到鑽機淨增長為 60、6-0，即使損失了 20 艘自升式鑽井平台？

Yes. I think that -- I'm contrasting I think some offset case. So there will be increase. There was a plan that has not changed for Saudi to accelerate the gas expansion program, what has accelerated is it has improved the pace of this expansion program, driven by the raise of 50% to 60% target by 2030. And as a consequence of that, the whole year that was based on previous plans that now boosted by this accelerated expansion program will result into total rigs year-on-year that will, from beginning of the year to the end, add 60 rigs in total to the gas market, all onshore.

是的。我認為——我正在對比我認為的一些抵消案例。所以會有增加。沙烏地阿拉伯加速天然氣擴張計畫的計畫並未改變，但在 2030 年將天然氣成長 50% 至 60% 目標提高的推動下，沙烏地阿拉伯加快了擴張計畫的步伐。年底，天然氣市場將總共增加60 台鑽孔機。

So that's the reality of the market. Some of it in unconventional, up to 10 to 15 rigs in unconventional, some of it in the gas conventional some of it in intervention and workover, so that's a total activity that gas is a strong market for Saudi is becoming a significant market going forward. So that's where we expect activity to continue to grow going forward.

這就是市場的現實。其中一些是非常規的，多達10到15個非常規鑽井平台，一些是傳統的天然氣鑽井，一些是乾預和修井，所以天然氣是沙特的一個強大市場，正在成為未來的一個重要市場。因此，我們預計未來活動將持續成長。

And we are essentially favorably exposed to this activity set as we have an exposure that goes above, we are long on gas as we explained. And hence, we benefit from technology that we have deployed in Saudi that is fit for the Jafurah project, technology such as underbalanced coiled tubing drilling solution that is being used on Gabon gas and the technology that we use across for conventional gas is either integrated or (inaudible) compact. So that's the benefit we see, and that's the total rig that we see going forward.

我們基本上對這項活動有有利的敞口，因為我們的敞口高於我們所解釋的，我們對天然氣持多頭。因此，我們受益於我們在沙烏地阿拉伯部署的適合 Jafurah 項目的技術、用於加彭天然氣的欠平衡連續油管鑽井解決方案等技術以及我們用於常規天然氣的技術要么是集成的，要么是（聽不清）緊湊。這就是我們看到的好處，這就是我們看到的未來​​的總裝備。

It's encouraging, thanks for clarifying that. And then turning back to well construction margins. Should we be expecting those to come in about flat for the year. I know they'll improve seasonally and are always strong in the second half. Should we be thinking about kind of flat year-on-year and just thinking about the mix in that business, historically, with greater offshore activity and weaker U.S. onshore activity, I would just expect those margins to be grinding higher.

這是令人鼓舞的，感謝您澄清這一點。然後回到油井建設利潤。我們是否應該預期今年的營收將持平？我知道他們會隨著季節的變化而進步，並且在下半場總是很強大。如果我們考慮的是同比持平，並且只考慮該業務的組合，從歷史上看，隨著離岸活動的增加和美國在岸活動的疲軟，我只是預計這些利潤率會逐漸走高。

So maybe if you could comment on what's kind of keeping those flat year-on-year? Maybe the mix just isn't that impactful any more of the new sales strategy in the U.S., but just some color on the year-over-year margins in Well Construction would be great.

那麼，您是否可以評論一下是什麼讓這些數據與去年同期持平？也許這種組合對美國的新銷售策略不再有那麼大的影響，但只要對井建公司的年比利潤率做出一些改變就很好了。

So look, they were flat indeed in Q1 year-on-year. But for the full year, you should actually see margin expansion in Well Construction, the headwind we have a bit is the lower activity in North America, so that kind of masks the margin expansion internationally, but as we go through the year, you will see year-on-year growth in Well Construction. You have timing of certain stuff and adjustments on a quarterly basis. But on a year-on-year basis, you will clearly see margin expansion coming from international.

所以看，第一季它們確實與去年同期持平。但對於全年而言，您實際上應該看到油井建設的利潤率擴張，我們遇到的阻力是北美活動的減少，因此這掩蓋了國際上的利潤率擴張，但隨著我們度過這一年，您會發現油井建設年增。您可以按季度對某些內容進行計時和調整。但與去年同期相比，您會清楚地看到來自國際市場的利潤率擴張。

Maybe for clarity of the split on the net addition in the gas market in Saudi. The net addition due to the expansion acceleration is about 20 rigs. A bit more than half of that in unconventional and the rest in the commercial. So that's the resulting effect of this acceleration of gas expansion into Saudi, hence, the shift indeed from offshore to onshore and from oil to gas characterized by this accelerated expansion translating to 20 rigs and the reduction of the net offshore from end of year last year to the end of this year that is above 10, plus the mix changing for client.

也許是為了清楚了解沙烏地阿拉伯天然氣市場淨增量的劃分。由於擴張加速，淨增加的鑽孔機數量約為20個。其中一半以上是非常規的，其餘的則是商業廣告。這就是沙烏地阿拉伯天然氣加速擴張所產生的影響，因此，確實從海上到陸上、從石油到天然氣的轉變，其特點是這種加速擴張意味著 20 個鑽井平台，並且自去年年底以來淨海上減少到今年年底，這數字將超過10，再加上客戶的組合發生變化。

Next, we go to Kurt Hallead with Benchmark.

接下來，我們請 Benchmark 採訪 Kurt Hallad。

Thank you for sliding me in here. I appreciate that. So given the fact that you are currently in Kuala Lumpur and Asia seems to be one of your growth vehicles and something that really hasn't gotten a lot of airtime. Just kind of curious as to what you see is driving that growth? And what regions within Asia is standing out to you?

謝謝你把我推到這裡。我很感激。因此，考慮到您目前在吉隆坡，亞洲似乎是您的成長工具之一，而且確實沒有得到太多關注。只是有點好奇您所看到的是什麼推動了這種成長？亞洲哪些地區對您來說最引人注目？

Great question. I think, indeed, we had a reason to come here. And the reason why, first, the team has delivered and has been delivering a resilient growth and resilient margin expansion over the last 2 years since the rebound from the COVID time. And I think we have been observing, supporting the team, but I think spending 2 weeks in a region, I think, is clearly giving us a little bit more spotlight on to the strength of the region. I think, first and foremost, I have to say this region is characterized by the critical resource.

很好的問題。我想，我們確實有理由來到這裡。首先，自新冠肺炎疫情反彈以來，該團隊在過去兩年實現並一直實現彈性成長和彈性利潤率擴張。我認為我們一直在觀察、支持團隊，但我認為在一個地區待兩週顯然讓我們更加關注該地區的實力。我認為，首先，我必須說這個地區的特徵是關鍵資源。

They are putting to support security of supply, partially gas and investment they are doing to, I would say, to support and stabilize oil production and prevent further decline. So stabilizing oil production and accelerating gas is certainly the feeling that has come on to the entire region.

他們正在投入資金來支持供應安全，部分是天然氣和投資，我想說的是，他們正在做的事情是為了支持和穩定石油生產並防止進一步下降。因此，穩定石油生產和加速天然氣生產無疑是整個地區的感受。

And I think it's further accentuated by energy security and is translating into a new wave of investments. It was very telling to see that in Indonesia, in Malaysia, in South -- in offshore China, in Bangladesh, in India, we are seeing new round of exploration appraisal that have not been seen with new entrants into this market that were not there, certainly a few years back. And I think this is creating a new set of opportunity, both offshore primarily and some of them in deepwater assets, and I think that will create further opportunity for Subsea.

我認為能源安全進一步加劇了這一趨勢，並正在轉化為新一輪的投資浪潮。非常有說服力的是，在印尼、馬來西亞、南方——在中國近海、孟加拉、印度，我們正在看到新一輪的勘探評估，而新進入這個市場的人並不存在。年前。我認為這正在創造一系列新的機會，主要是海上資產，其中一些是深水資產，我認為這將為海底創造更多機會。

And at the same time, as I said, and I stress, there is also a focus apparently onto supporting and preventing production decline for oil. And this is visible across all assets, both onshore and offshore, and hence, intervention recovery technology is being put to add investment. So you combine this wave of new investment for accelerating gas from exploration to development projects with this intervention recovery-focused production on the existing declining assets that exist here in all markets across the region, and we get the recipe for a significant investment and a steady investment in every country from Indonesia to Malaysia, to Thailand, China offshore and onshore, India, Bangladesh, as I said, a new country. And I think this is very interesting and very exciting for the team, and we are responding to this by deploying assets, to bring resource and creating fit technology for the market to help us grow and continue to succeed in this region.

同時，正如我所說並強調的那樣，人們顯然也關注支持和防止石油產量下降。這在所有資產中都是可見的，無論是陸上還是海上，因此，幹預恢復技術正在被用來增加投資。因此，您將這一波加速天然氣從勘探到開發項目的新投資浪潮與針對該地區所有市場中存在的現有下降資產的以乾預復甦為重點的生產相結合，我們就得到了重大投資和穩定的秘訣。我認為這對團隊來說非常有趣且非常令人興奮，我們正在透過部署資產、為市場帶來資源和創造適合的技術來應對這一點，以幫助我們在該地區成長並繼續取得成功。

That's great. That's great color. I appreciate that. So maybe a follow-up here as you kind of referenced significant opportunities to tap into the production spending profile, your customer base and hence, the dynamic related to the ChampionX acquisition. When you look at the production chemical piece of the business, ChampionX is a clear leader there. And just kind of curious as to, is there, for a lack of a better phrase, like some secret recipes in production chemicals that you guys are bringing to the table that could potentially enhance margins and substantially boost the revenue growth rate or boost the ChampionX position?

那太棒了。那顏色真棒。我很感激。因此，也許這裡有一個後續行動，因為您提到了利用生產支出狀況、您的客戶群以及與 ChampionX 收購相關的動態的重要機會。當您審視該業務的生產化學品部分時，ChampionX 顯然是該領域的領導者。只是有點好奇，是否存在，因為缺乏更好的短語，例如你們帶來的生產化學品中的一些秘密配方，這些配方可能會提高利潤率並大幅提高收入增長率或提高 ChampionX位置？

I think there are multiple aspects to this, okay? First and foremost, I think we have been operating also in production chemicals, albeit at a smaller scale international market. We are actually having quite a portfolio in reservoir chemicals that are helping us extract recovery and optimize our intervention and stimulation program also in international markets.

我認為這有多個方面，好嗎？首先，我認為我們也一直在生產化學品，儘管國際市場規模較小。實際上，我們在油藏化學品方面擁有相當多的產品組合，可以幫助我們在國際市場上進行採收並優化我們的干預和增產計劃。

And we believe that combining this will help us open and compare and optimize fit for reservoir solutions, fit for process facility solution. And I think we both are coming from different positional strengths. We have a process portfolio, equipment process portfolio, both onshore and offshore. We have reservoir chemicals and subsurface domain expertise and fleet expertise and they have obviously fleet and understanding of the reservoir, of the production chemistry portfolio.

我們相信，將其結合起來將有助於我們開放、比較和優化儲層解決方案的適用性，以及製程設施解決方案的適用性。我認為我們都具有不同的地位優勢。我們擁有陸上和海上的工藝組合、設備工藝組合。我們擁有油藏化學品和地下領域的專業知識以及車隊專業知識，他們顯然擁有車隊並了解油藏和生產化學組合。

So I think combining both, I think, is, in our opinion, a unique opportunity and the feedback from customers is indicating that they see a lot of potential in this combination. We'll obviously try to add and extend this to a full integrated production solution, including digital including lift solutions, including intervention and including process equipment optimization that we deliver on FPSO and over place. So there is a place where this will have further effect, in my opinion, is in offshore environment.

因此，我認為，在我們看來，將兩者結合起來是一個獨特的機會，客戶的回饋表明他們看到了這種結合的巨大潛力。顯然，我們將嘗試將其添加和擴展為完整的整合生產解決方案，包括數位化提升解決方案、幹預以及我們在 FPSO 和現場提供的製程設備優化。因此，在我看來，這將在離岸環境中產生進一步影響。

And also, we will compare and complement each other on trying to find low carbon and solutions that help also create further differentiated portfolio of sustainable production chemical portfolio for the market. So we have quite an upside in technology, in addition to have an upside on market expansion to use our international footprint to complement the strength of ChampionX production chemical into North America.

此外，我們將相互比較和互補，努力尋找低碳和解決方案，幫助為市場創造進一步差異化的可持續生產化學品組合。因此，我們在技術方面擁有相當大的優勢，此外在市場擴張方面也有優勢，可以利用我們的國際足跡來補充 ChampionX 生產化學品在北美的實力。

And our last question comes from Luke Lemoine with Piper Sandler.

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

Olivier, on carbon capture, understand what SLB is doing and what Aker is doing. But can you help frame how you see this business developing along with how the combinations greater than the 2 stand-alone entities?

Olivier，關於碳捕獲，了解 SLB 在做什麼以及 Aker 在做什麼。但是，您能否幫助描述您如何看待該業務的發展以及該組合如何大於兩個獨立實體？

Yes, great question. First and foremost, I think we see CCS certainly the most obvious and the most attractive market. Total addressable markets adjacent to our space where we can contribute to decarbonization and of the initial space. So we believe we are first at market position and right of play into the sequestration through our technology, to our digital and solution to deliver not only site selection, but also site characterization and development of site for carbon sequestration. So that's -- and by doing this, we have significant access to a large number of customers within oil and gas through that and beyond oil and gas to the operator that need us that are willing to develop.

是的，很好的問題。首先，我認為 CCS 無疑是最明顯、最具吸引力的市場。與我們的空間相鄰的總可尋址市場，我們可以為脫碳和初始空間做出貢獻。因此，我們相信，透過我們的技術、我們的數位化和解決方案，我們在碳封存方面處於領先的市場地位和參與權，不僅可以提供場地選擇，還可以提供場地特徵和碳封存場地開發。因此，透過這樣做，我們可以透過該管道接觸到石油和天然氣領域的大量客戶，並透過石油和天然氣領域接觸到需要我們願意開發的營運商。

So we have this as a starting point that give us market access across many of the FIDs and many of the projects, and we quoted more than 30 projects, we are always part of at any point in time. And I think we have had quite a lot of experience there. So we also have invested into capture technology that we have done, such as RTI for non-aqueous solvent, which are trying -- where we are trying to disrupt the intervention, we have to disrupt the economics of capture for low stream -- low concentration stream of CO2 in hard-to-abate sector. But what Aker Carbon Capture brings into this is a commercial solution platform or recommercialize that will serve us as a base for expansion from the point of capture technology.

因此，我們以此為起點，為我們提供了許多最終投資決定和許多項目的市場准入，我們引用了 30 多個項目，我們在任何時候都始終是其中的一部分。我認為我們在那裡有很多經驗。因此，我們也投資了我們已經完成的捕獲技術，例如用於非水溶劑的 RTI，這些技術正在嘗試 - 我們試圖破壞幹預，我們必須破壞低流捕獲的經濟性 - 低難以減排領域的二氧化碳濃度流。但阿克碳捕獲帶來的是一個商業解決方案平台或重新商業化，它將為我們從捕獲技術的角度進行擴展提供基礎。

And also we'll build on the initial success they have had to deploy this platform on to some European markets and use our footprint where we see the market evolving fast in North America, Middle East and in Asia and using this platform and being the go-to-market for this carbon capture solution that they are offering, but supplementing it with our innovation that we are investing and using this as a platform to deploy innovation.

此外，我們還將在他們已經將該平台部署到一些歐洲市場的初步成功的基礎上，並利用我們的足跡，我們看到北美、中東和亞洲市場正在快速發展，並使用該平台並成為主流-將他們提供的碳捕獲解決方案推向市場，但用我們正在投資的創新來補充它，並將其用作部署創新的平台。

So combining sequestration and capture to offer this combined opportunity for the customers technology solution and using the platform of the commercial carbon capture, Aker Carbon Capture that exists today is commercial and using it as a platform to deploy and add and supplement this with new disruptive technology. That's the purpose, and that's the intention we have. That's the ambition we have in this market.

因此，將封存和捕獲相結合，為客戶提供這種組合機會的技術解決方案，並使用商業碳捕獲平台，目前存在的阿克碳捕獲是商業性的，並將其用作部署、添加和補充新的顛覆性技術的平台。這就是目的，這就是我們的意圖。這就是我們在這個市場的雄心。

Okay. And then maybe on North America, it's a smaller piece of your business, but can you talk about how you see it developing over the course of the year past 2Q?

好的。然後，也許在北美，這是您業務的一小部分，但您能談談您如何看待它在過去第二季度的一年中的發展嗎？

Yes. I think we have been originally guiding and we are keeping our guidance that we believe that on a full year basis, it will be more muted than we had anticipated at the beginning of the year, considering the softness of the market at the start of the year, the persistent low gas price, the capital discipline and also the consolidation in the market. And we expect, going forward, we guided low single-digit growth sequentially. We anticipate at the end of the year to still outperform the market that we see a year-on-year decline on the activity by posting muted, but positive growth. But the shortfall that we may have, considering this offset will be fully offset by international growth as we commented where we see resilience, and we see further growth potential in many markets. So hence, we have reiterated our full year guidance.

是的。我認為，我們最初的指導意見一直在維持，我們相信，考慮到年初市場的疲軟，全年的情況將比我們年初的預期更加溫和。我們預計，展望未來，我們將連續指導低個位數成長。我們預計，到今年年底，我們的活動將同比下降，但仍會跑贏市場，但會出現溫和但積極的增長。但考慮到這種抵消，我們可能存在的缺口將被國際成長完全抵消，正如我們評論的那樣，我們看到了彈性，我們看到許多市場的進一步成長潛力。因此，我們重申了全年指引。

We'll turn the conference back to Olivier Le Peuch for closing comments.

我們將把會議轉回由 Olivier Le Peuch 徵求總結意見。

Thank you very much. Ladies and gentlemen, to conclude today's call, I would like to leave you with the following takeaways. First, the global energy landscape remains very compelling for our business. Demand for energy is accelerating, and this is resulting in strong activity dynamics that are closely aligned with our 3 engines of growth. We will continue to innovate with customers across our core digital and new energy to meet this demand in the years to come.

非常感謝。女士們、先生們，在結束今天的電話會議時，我想向你們傳達以下要點。首先，全球能源格局對我們的業務仍然非常有吸引力。對能源的需求正在加速，這導致了與我們的三大成長引擎密切相關的強勁活動動力。我們將繼續與客戶在核心數位化和新能源領域進行創新，以滿足未來幾年的這項需求。

Second, SLB remains optimally positioned to harness the ongoing oil and gas cycle for further growth. We operate in the most resilient and fastest-growing markets internationally. And we have a unique portfolio of technology and services that differentiate us in North America. Together, our unmatched footprint and offerings will continue to set us apart and drive our outperformance globally.

其次，SLB 仍然處於最佳位置，可以利用正在進行的石油和天然氣循環來實現進一步成長。我們在國際上最具彈性和成長最快的市場中運作。我們擁有獨特的技術和服務組合，使我們在北美脫穎而出。總而言之，我們無與倫比的足跡和產品將繼續使我們與眾不同，並推動我們在全球範圍內取得優異的業績。

And third, after a strong start to 2024 and clear visibility into the year ahead, we look forward to achieving our full year financial ambition and commitment to shareholders' return. This is an exciting time for the industry, and I'm pretty confident in our strategy for the future. I could not hope for a better backdrop to continue delivering for our customers and shareholders. With that, we'll conclude this morning's call, thank you all for joining.

第三，在 2024 年強勁開局和對未來一年的清晰認識之後，我們期待實現全年財務目標和對股東回報的承諾。對於這個行業來說，這是一個令人興奮的時刻，我對我們的未來策略非常有信心。我不能指望有更好的背景來繼續為我們的客戶和股東提供服務。今天早上的電話會議到此結束，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。您現在可以斷開連線。