斯倫貝謝公司 (SLB) 2024 Q3 法說會逐字稿

Thank you, everyone, for standing by.

謝謝大家的支持。

Welcome to the third-quarter SLB earnings conference call.

歡迎參加 SLB 第三季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（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 James R. McDonald, Senior Vice President of Investor Relations and Industry Affairs.

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)。

Please go ahead.

請繼續。

Thank you, Leah.

謝謝你，莉亞。

Good morning, and welcome to the SLB third-quarter 2024 earnings conference call.

早安，歡迎參加 SLB 2024 年第三季財報電話會議。

Today's call is being hosted from New York following our Board meeting held earlier this week.

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紐約舉行的。

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.

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。

These matters involve risks and uncertainties that could cause our results to differ materially from those projected in these statements.

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。

For more information, please refer to our latest 10-K filing and other SEC filings, which can be found on our website.

欲了解更多信息，請參閱我們最新的 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。

Our comments today also include non-GAAP financial measures.

我們今天的評論還包括非公認會計準則財務指標。

Additional details and reconciliations to the most directly comparable GAAP financial measures can be found in our third-quarter press release, which is on our website.

有關最直接可比較的 GAAP 財務指標的更多詳細資訊和調整表，請參閱我們網站上的第三季新聞稿。

And finally, in conjunction with our proposed acquisition, SLB and ChampionX have filed materials with the SEC, including a registration statement with a proxy statement and prospectuses.

最後，結合我們擬議的收購，SLB 和 ChampionX 已向 SEC 提交了資料，包括帶有代理聲明和招股說明書的註冊聲明。

These materials can be found on the SEC's website or from the parties' websites.

這些資料可以在 SEC 網站或各方網站上找到。

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.

謝謝你，詹姆斯。

Ladies and gentlemen, thank you for joining us this morning.

女士們先生們，感謝你們今天早上加入我們。

During the call, I will cover a few topics.

在通話期間，我將討論一些主題。

I will start by reviewing our third-quarter results.

我將首先回顧我們的第三季業績。

Then, I will discuss how we are leveraging our differentiated market positioning, digital leadership, and operating efficiency to navigate the evolving macro environment.

然後，我將討論我們如何利用差異化的市場定位、數位化領導力和營運效率來應對不斷變化的宏觀環境。

And finally, I will provide an update on our full-year financial ambitions and our early outlook for 2025.

最後，我將提供有關我們全年財務目標和 2025 年早期展望的最新資訊。

Stephane will then provide additional details on our financial results, and we'll open the line to 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.

讓我們開始吧。

SLB delivered strong third-quarter results with continued margin expansion.

SLB 第三季業績強勁，利潤率持續擴張。

Sequentially, although revenue was flat, we expanded our adjusted EBITDA margin by more than 50 basis points to [25.6%] (corrected by company after the call) by driving efficiencies throughout the business, and we generated very strong free cash flow of $1.81 billion.

隨後，儘管收入持平，但我們透過提高整個業務的效率，將調整後的EBITDA 利潤率提高了50 個基點以上，達到[25.6%]（公司在電話會議後修正），並且我們產生了18.1 億美元強勁的自由現金流。

In the international markets, revenue remained steady sequentially despite lower rig activity as commodity prices resulted in a more cautious approach to discretionary short-cycle spending.

在國際市場，儘管鑽機活動減少，但收入仍保持穩定，因為大宗商品價格導致對可自由支配的短週期支出採取更加謹慎的態度。

Demand for SLB's digital products and services continued to accelerate.

對SLB數位產品和服務的需求持續加速。

And we saw continued growth in the Middle East and Asia, fueled by oil capacity expansions and strong gas activity, as well as offshore projects.

在石油產能擴張和強勁的天然氣活動以及海上計畫的推動下，我們看到中東和亞洲的持續成長。

Meanwhile, revenue in Europe and Africa was largely unchanged, as strong production and recovery activity in North Africa was offset by a decline in Latin America following a strong second quarter.

同時，歐洲和非洲的收入基本上沒有變化，因為北非強勁的生產和復甦活動被拉丁美洲第二季強勁的下滑所抵消。

Turning to North America, revenue increased 3% sequentially as higher offshore activity in the Gulf of Mexico was partially offset by lower drilling activity in US land as the market remained constrained by gas prices and ongoing capital discipline by operators.

轉向北美，收入環比增長 3%，原因是墨西哥灣離岸活動的增加被美國陸地鑽探活動的減少部分抵消，因為市場仍然受到天然氣價格和運營商持續資本約束的限制。

Next, let me touch on the performance of the divisions.

接下來，讓我談談各部門的表現。

In Digital and Integration, we delivered strong sequential growth led by our digital business, which reached a new quarterly revenue high.

在數位和整合方面，我們在數位業務的帶動下實現了強勁的連續成長，創下了季度收入新高。

We also continued to increase profitability, expanding our pre-tax segment operating margins to 36%, driven by higher digital revenue and cost optimization.

在更高的數位收入和成本優化的推動下，我們也持續提高獲利能力，將稅前部門營業利潤率擴大至 36%。

Overall, our digital business remains on pace to achieve full-year revenue growth in the high teens, and we announced a number of exciting new products and partnerships during the quarter that I will discuss a little later in today's call.

總體而言，我們的數位業務仍然保持著全年收入成長的步伐，在本季度我們宣布了許多令人興奮的新產品和合作夥伴關係，我將在今天的電話會議稍後討論這些內容。

Turning to the core divisions, Production Systems continues to grow, benefiting from long-cycle development activity particularly in the Middle East and Asia and in the Gulf of Mexico.

談到核心部門，生產系統持續成長，受益於長週期開發活動，特別是在中東、亞洲和墨西哥灣。

I was proud to see that most Production Systems business lines contributed to this performance, as we continued to secure sizable bookings while also increasing our backlog for the future.

我很自豪地看到大多數生產系統業務線都為這一業績做出了貢獻，因為我們繼續獲得大量訂單，同時也增加了未來的積壓訂單。

Reservoir performance remained steady, supported by stable production and recovery spending, and well construction declined slightly due to weaker land activity in North America and the international markets.

在穩定的生產和恢復支出的支持下，油藏表現保持穩定，由於北美和國際市場的土地活動疲軟，油井建設略有下降。

Overall, these results demonstrate SLB's unique ability to navigate the evolving market by leveraging our differentiated international and offshore positioning, our broad technology portfolio, and our continued focus on capital discipline and operating efficiency.

總體而言，這些結果證明了 SLB 透過利用我們差異化的國際和離岸定位、廣泛的技術組合以及對資本紀律和營運效率的持續關注，駕馭不斷變化的市場的獨特能力。

I want to thank the SLB team for continuing to deliver for our customers and shareholders in this dynamic environment.

我要感謝 SLB 團隊在這個充滿活力的環境中繼續為我們的客戶和股東提供服務。

I'm extremely proud of their contribution and dedication to our performance strategy.

我對他們對我們績效策略的貢獻和奉獻感到非常自豪。

Next, I wanted to share some updates on our progress in digital.

接下來，我想分享一些我們在數位化方面取得的進展的最新情況。

We delivered another quarter of strong digital growth as operators continued to increase their investments in digital technology to reduce cycle times and risk, enhance productivity, lower costs and carbon, and accelerate returns.

隨著營運商繼續增加對數位技術的投資，以減少週期時間和風險、提高生產力、降低成本和碳並加速回報，我們實現了另一個強勁的數位成長。

This is presenting opportunities for high margin growth, and we have taken a leading role in this space, partnering with our customers to accelerate their transition to the cloud, scaling new technology for drilling and production operations, and creating new markets by delivering disruptive solutions for data and AI.

這提供了高利潤成長的機會，我們在這一領域發揮了主導作用，與客戶合作加速他們向雲端的過渡，擴展鑽井和生產作業的新技術，並透過為客戶提供顛覆性解決方案來創造新市場。

As part of this journey, we hosted our Digital Forum in September, where we brought more than 1,000 customers and partners to innovate solutions and shape our shared digital future.

作為這段旅程的一部分，我們在 9 月舉辦了數位論壇，吸引了 1,000 多名客戶和合作夥伴來創新解決方案並塑造我們共同的數位未來。

During this event, we launched the Lumi data and AI platform, which will accelerate advanced data and generative AI capabilities at scale for SLB customers across the energy value chain.

在此活動期間，我們推出了 Lumi 數據和人工智慧平台，該平台將為整個能源價值鏈的 SLB 客戶大規模加速先進的數據和生成人工智慧能力。

Today, we offer approximately 150 AI and machine learning capabilities across our products and solutions.

如今，我們的產品和解決方案提供約 150 種人工智慧和機器學習功能。

And we continue to work for customers and partners to innovate and deploy new ones.

我們將繼續為客戶和合作夥伴努力創新和部署新產品。

We also unveiled a number of cross-industry announcements during the Forum.

我們也在論壇期間發布了一些跨行業的公告。

These include a collaboration with NVIDIA to develop generative AI solutions for energy, as well as a partnership with Amazon Web Services to expand access to applications from the Delfi platform and to evaluate decarbonization solutions for Amazon’s digital infrastructure.

其中包括與 NVIDIA 合作開發能源人工智慧解決方案，以及與 Amazon Web Services 合作擴大對 Delfi 平台應用程式的訪問，並評估 Amazon 數位基礎設施的脫碳解決方案。

Each of these agreements helps to expand our capability set and positions SLB as a key partner in digital and sustainability across the industry.

這些協議中的每一項都有助於擴展我們的能力，並使 SLB 成為整個行業數位化和永續發展的關鍵合作夥伴。

Next, let me discuss the macro environment.

接下來我談談宏觀環境。

Over the past few months, commodity prices have been under pressure.

過去幾個月，大宗商品價格一直面臨壓力。

This is largely due to concerns of an oversupplied market, driven by higher output from non-OPEC+ producers, uncertainty around OPEC+ supply releases, weaker demand from China, and softer economic growth rates in the US and Europe.

這主要是由於非歐佩克+產油國產量增加、歐佩克+供應釋放的不確定性、中國需求疲軟以及美國和歐洲經濟成長率疲軟推動的市場供應過剩擔憂。

This has resulted in a cautionary approach to activity and discretionary spend by many customers as highlighted in our third-quarter results.

正如我們第三季業績所強調的那樣，這導致許多客戶對活動和可自由支配支出採取謹慎態度。

Despite these evolving market conditions, we believe the long-term fundamentals for oil and gas remain in place.

儘管市場狀況不斷變化，我們相信石油和天然氣的長期基本面仍然存在。

Demand for energy is increasing and energy security remains a global priority, as witnessed by recent commodity price fluctuations tied to geopolitical tensions in the Middle East.

能源需求不斷增加，能源安全仍然是全球優先事項，最近與中東地緣政治緊張局勢相關的大宗商品價格波動就證明了這一點。

In this environment, gas will continue to play an increasing role in the energy transition while oil will remain a large part of the energy mix for decades to come.

在這種環境下，天然氣將繼續在能源轉型中發揮越來越重要的作用，而石油在未來幾十年仍將是能源結構的重要組成部分。

Internationally, gas investment remains strong, particularly in Asia, the Middle East, and the North Sea, and is expected to grow regardless of OPEC+ decisions on oil production.

在國際上，天然氣投資仍然強勁，特別是在亞洲、中東和北海，無論 OPEC+ 對石油生產的決定如何，天然氣投資預計都會成長。

Meanwhile, while short-cycle oil investments have been more challenged, long-cycle deepwater projects globally and most capacity expansion projects in the Middle East remain economically and strategically favorable.

同時，儘管短週期石油投資面臨更大挑戰，但全球長週期深水專案和中東大多數產能擴張專案在經濟和戰略上仍然有利。

Specific to North America, we do not see US activity rebounding in the near term, and any potential increases in gas rigs could be quickly offset by a further decline in oil rigs due to increased operating efficiency.

具體到北美，我們認為美國的活動短期內不會反彈，天然氣鑽井平台的任何潛在成長都可能很快就被石油鑽井平台因營運效率提高而進一步下降所抵消。

Overall, we expect this to result in a sustained level of global upstream investment in the years to come, with the secular trends of digital and industry decarbonization extending the investment horizon.

總體而言，我們預計這將導致未來幾年全球上游投資保持持續水平，數位化和產業脫碳的長期趨勢將延長投資期限。

SLB is well positioned to navigate in this evolving macro environment through our differentiated portfolio and multi-pronged strategic approach across core, digital, and new energy.

透過我們的差異化產品組合和跨核心、數位和新能源的多管齊下的策略方法，SLB 處於有利地位，可以在不斷變化的宏觀環境中駕馭。

With that backdrop, let me conclude my opening remarks by sharing outlook for the full year 2024 and our early thoughts regarding 2025.

在此背景下，讓我透過分享對 2024 年全年的展望以及我們對 2025 年的早期想法來結束我的開場白。

Specific to the fourth quarter, we expect muted revenue growth, with a favorable mix of year-end digital and product sales partially offset by E&P budget exhaustion in US land and cautious discretionary spending from certain international customers.

具體到第四季度，我們預計收入成長將放緩，年底數位和產品銷售的有利組合部分被美國土地勘探與生產預算耗盡以及某些國際客戶謹慎的可自由支配支出所抵消。

And with continued cost optimization, we anticipate we will deliver EBITDA margin expansion in the fourth quarter.

透過持續的成本優化，我們預計將在第四季度實現 EBITDA 利潤率的擴張。

For the full year 2024, ongoing margin expansion will enable us to deliver full-year adjusted EBITDA margins at or above 25%.

2024 年全年，持續的利潤率擴張將使我們能夠實現全年調整後 EBITDA 利潤率達到或超過 25%。

Additionally, our strong cash flows, coupled with the announced sale of our Palliser asset in Canada, will support increased returns to our shareholders.

此外，我們強勁的現金流，加上宣佈出售加拿大的 Palliser 資產，將支持增加股東回報。

In 2025, we see the potential for upstream spending in the international markets to grow in the low to mid-single digits, while North America’s spending will be flat to slightly down.

到 2025 年，我們預計國際市場的上游支出將出現低至中個位數的成長，而北美的支出將持平或略有下降。

This directional outlook will depend on the geopolitical environment and commodity prices, and we will share an updated view in January after we receive more feedback on customer budgets.

這個方向前景將取決於地緣政治環境和大宗商品價格，我們將在收到更多有關客戶預算的回饋後於 1 月分享更新的觀點。

In conclusion, SLB remains well-positioned to deliver strong financial results, as our optimized cost structure, portfolio rationalization, differentiated exposure to key international and offshore markets, and digital leadership will support further margin expansion, higher cash generation, and increased returns to shareholders.

總而言之，SLB 仍處於有利位置，能夠實現強勁的財務業績，因為我們優化的成本結構、投資組合合理化、對主要國際和離岸市場的差異化投資以及數位化領導力將支持進一步的利潤率擴張、更高的現金產生和更高的股東回報。

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。

Third-quarter earnings per share excluding charges and credits was $0.89. This represents an increase of $0.04 sequentially and $0.11, or 14%, when compared to the third quarter of last year.

不計費用和貸項的第三季每股收益為 0.89 美元。與去年第三季相比，這意味著比上一季成長了 0.04 美元，成長了 0.11 美元，即 14%。

During the quarter, we recorded $0.02 of merger and integration charges relating to the Aker Subsea and ChampionX transactions and $0.04 of charges in connection with the program we started last quarter to realign and optimize the support and service delivery structure in certain parts of our organization.

在本季度，我們記錄了與Aker Subsea 和ChampionX 交易相關的0.02 美元的合併和整合費用，以及與我們上季度啟動的計劃相關的0.04 美元的費用，該計劃旨在重新調整和優化我們組織某些部分的支援和服務交付結構。

Overall, our third-quarter revenue of $9.2 billion was essentially flat sequentially.

總體而言，我們第三季的營收為 92 億美元，與上一季基本持平。

However, the third quarter represented another quarter of both sequential and year-on-year margin expansion despite revenue growth rates moderating.

然而，儘管收入成長率放緩，但第三季的利潤率仍實現環比和同比擴張。

These improvements were driven by very strong digital and integration margins, combined with the effects of the cost optimization program I just mentioned.

這些改進是由非常強大的數位和整合利潤以及我剛才提到的成本優化計劃的影響所推動的。

Additionally, the resilient, long-cycle production systems business continued its top line growth and margin improvement journey, benefiting from its strong backlog.

此外，富有彈性的長週期生產系統業務得益於其強勁的積壓訂單，繼續實現營收成長和利潤率改善。

Sequentially, our pre-tax segment operating margin expanded 48 basis points to 20.8%.

隨後，我們的稅前部門營業利潤率擴大了 48 個基點，達到 20.8%。

Company-wide adjusted EBITDA margin increased 55 basis points to 25.6%, representing the highest level since the first quarter of 2016.

全公司調整後 EBITDA 利潤率成長 55 個基點，達到 25.6%，為 2016 年第一季以來的最高水準。

Let me now go through the third-quarter results for each division.

現在讓我回顧一下每個部門的第三季業績。

Third-quarter digital and integration revenue of $1.1 billion increased 4% sequentially, with margins expanding 456 basis points to 35.5%.

第三季數位和整合收入為 11 億美元，季增 4%，利潤率擴大 456 個基點，達到 35.5%。

The sequential revenue growth was entirely due to higher digital sales, as APS revenue was flat.

收入環比增長完全是由於數位銷售的增加，而 APS 收入持平。

The strong margin performance was driven by improved digital profitability as a result of the higher uptake of new digital solutions and the optimization of our digital support and delivery structure.

強勁的利潤率表現是由於新數位解決方案的採用率提高以及我們的數位支援和交付結構的優化而提高的數位獲利能力。

Reservoir performance revenue of $1.8 billion was flat sequentially as higher intervention activity in international markets was offset by lower evaluation revenue in Latin America and the Middle East.

由於國際市場較高的干預活動被拉丁美洲和中東較低的評估收入所抵消，油藏績效收入 18 億美元與上一季持平。

Margins contracted 53 basis points due to the unfavorable technology mix.

由於不利的技術組合，利潤率收縮了 53 個基點。

Well construction revenue of $3.3 billion decreased 3% sequentially on lower rig count in US land and Saudi and the completion of drilling projects in certain offshore markets.

由於美國陸地和沙烏地阿拉伯的鑽機數量減少以及某些海上市場鑽井計畫的完成，油井建設收入為 33 億美元，季減 3%。

Margins decreased 19 basis points as a result of the lower activity.

由於活動減少，利潤率下降了 19 個基點。

Finally, production systems revenue of $3.1 billion increased 3% sequentially, driven by higher sales of surface production systems, completions, and artificial lift, led by North America and the Middle East and Asia.

最後，生產系統收入為 31 億美元，環比成長 3%，這得益於以北美、中東和亞洲為首的地面生產系統、完井和人工舉升銷售額的成長。

Margins expanded 110 basis points to 16.7% on improved profitability in artificial lift, completions, surface and midstream production systems.

由於人工舉升、完井、地面和中游生產系統的獲利能力提高，利潤率擴大了 110 個基點，達到 16.7%。

With regard to our liquidity, our cash flow performance during the third quarter was very strong, as we generated $2.4 billion of cash flow from operations and free cash flow of $1.8 billion.

就我們的流動性而言，第三季我們的現金流表現非常強勁，營運現金流為 24 億美元，自由現金流為 18 億美元。

This represents a $1 billion increase in free cash flow as compared to last quarter, largely due to significant customer collections.

與上季相比，自由現金流增加了 10 億美元，這主要是由於大量客戶收款。

Capital investments, inclusive of CapEx and investments in APS projects and exploration data, were $644 million in the third quarter.

第三季資本投資（包括資本支出以及 APS 專案和勘探資料投資）為 6.44 億美元。

For the full year, we are still expecting capital investments to be approximately $2.6 billion.

我們仍預計全年資本投資約 26 億美元。

On the M&A front, as announced yesterday, I am pleased to report that we have signed a definitive agreement to sell our interest in the Palliser APS project in Canada.

在併購方面，正如昨天宣布的那樣，我很高興地報告，我們已經簽署了一份最終協議，出售我們在加拿大 Palliser APS 項目中的權益。

This transaction will reduce our direct exposure to commodity prices and the associated earnings volatility, as well as reduce our capital intensity.

這項交易將減少我們對大宗商品價格的直接曝險以及相關的獲利波動，並降低我們的資本密集度。

It also allows us to eliminate significant future abandonment liabilities.

它還使我們能夠消除未來重大的遺棄責任。

Under the terms of the agreement, we will receive cash proceeds of approximately USD430 million, subject to closing adjustments that are typical for such a transaction.

根據協議條款，我們將收到約 4.3 億美元的現金收益，具體取決於此類交易的典型成交調整。

This transaction will also result in us removing asset retirement obligations from our balance sheet with a present value of approximately $280 million.

這項交易也將導致我們從資產負債表中刪除資產報廢義務，其現值約為 2.8 億美元。

This transaction, which is subject to regulatory approvals and other customary closing conditions, is expected to close before the end of this year.

該交易尚待監管部門批准並滿足其他慣例成交條件，預計將在今年底前完成。

Turning to the pending ChampionX acquisition, the integration teams on both sides have been working together closely, and we are extremely pleased with the progress they are making.

至於即將進行的 ChampionX 收購，雙方的整合團隊一直在密切合作，我們對他們所取得的進展感到非常滿意。

We now anticipate the transaction to more likely close in the first quarter of 2025.

我們現在預計該交易更有可能在 2025 年第一季完成。

Finally, total returns to shareholders, in the form of stock repurchases and dividends, was approximately $2.4 billion on a year-to-date basis.

最後，年初至今以股票回購和股利形式為股東帶來的總回報約為 24 億美元。

During the third quarter, we repurchased 11.3 million shares for a total purchase price of $501 million.

第三季度，我們回購了 1,130 萬股股票，總收購價為 5.01 億美元。

As a result of our strong cash flow performance, we expect to maintain this level of buyback in the fourth quarter.

由於我們強勁的現金流表現，我們預計第四季將維持這種回購水準。

Consequently, we will exceed our previous commitment to return $3 billion to our shareholders in 2024.

因此，我們將超越先前的承諾，在 2024 年向股東返還 30 億美元。

Furthermore, we reaffirm that we will return a minimum of $4 billion to shareholders in 2025, reflecting our confidence in our ability to continue generating strong cash flows.

此外，我們重申，我們將在 2025 年向股東至少返還 40 億美元，這反映了我們對繼續產生強勁現金流的能力的信心。

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.

謝謝你，史蒂芬。

Ladies and gentlemen, we'll open the floor to your questions.

女士們先生們，我們將開始回答你們的問題。

(Operator Instructions) James West, Evercore ISI.

（操作員說明）James West，Evercore ISI。

Hey.

嘿。

Good morning, Olivier.

早上好，奧利維爾。

So Olivier, obviously, a more muted top line growth as we go through '25 is kind of expected here.

因此，奧利維爾，顯然，隨著我們進入 25 年，我們預計收入成長會更加溫和。

But you guys have a lot of initiatives underway that will drive, I think, margin journey, margin expansion journey, I guess is a better way to put it.

但你們正在進行很多舉措，我認為這些舉措將推動利潤之旅、利潤擴張之旅，我想這是一個更好的說法。

Could you talk about some of the drivers there and how you see, maybe you or Stephane, that unfolding as we go through the year?

您能談談那裡的一些驅動因素以及您（也許是您或史蒂芬）如何看待我們這一年的發展嗎？

I know you don't want to give too many specifics yet on the year, given the budget you're being quantified.

我知道考慮到您正在量化的預算，您還不想提供今年的太多細節。

But just maybe help us a little bit on how this could unfold.

但也許可以幫助我們了解這一切如何展開。

Yeah, good question.

是的，好問題。

Thank you.

謝謝。

Thank you, James.

謝謝你，詹姆斯。

So yes, indeed, we have the ambition to maintain our margin expansion journey as we enter 2025, our exit rates of 2024, with the results we have delivered in Q3.

因此，是的，確實，我們有雄心壯志在進入 2025 年時維持利潤率擴張之旅，並在 2024 年實現退出率，並在第三季度取得成果。

The ambition we have and the statement we have made on further expansion in the fourth quarter will bode very well as we enter 2025 to start the year with a kick, if I may.

如果可以的話，我們的雄心壯志以及我們在第四季度進一步擴張的聲明將是一個好兆頭，讓我們進入 2025 年，以良好的開局。

And now, looking forward, I think the guidance at this point, market spend will indicate that we will benefit from another year of international growth outpacing North America, which, again, plays in our favor from the margin mix.

現在，展望未來，我認為目前的指導，市場支出將表明我們將受益於另一年的國際成長超過北美，這再次從利潤率組合中對我們有利。

And obviously, the combination of our digital technology, our technology premium will continue to play favorably as we accelerate technology introduction and continue the journey and ambition we have on the digital to reach approximately $3 billion, hence another year of strong growth.

顯然，隨著我們加速技術引進並繼續我們在數位領域的旅程和雄心，我們的數位技術和技術溢價的結合將繼續發揮有利作用，達到約 30 億美元，從而又一個強勁增長的一年。

And finally, I think we have initiated some cost out and operating efficiency focus for our entire team.

最後，我認為我們已經為整個團隊啟動了一些成本削減和營運效率關注點。

And this is already falling through into our results, and I expect this to take full scale in 2025.

這已經體現在我們的業績中，我預計這將在 2025 年全面展開。

Got it.

知道了。

Okay, great.

好的，太好了。

And then now that we're a little over a month out from your Digital Forum that you held recently, could you maybe share some of your initial thoughts on the success of the forum?

現在距離您最近舉辦的數位論壇還有一個多月了，您能否分享一下您對論壇成功的一些初步想法？

It seemed to me, at least, that the uptake in digital -- clearly, you just mentioned $3 billion in revenue for next year, but digital uptake is accelerating and the quality of the digital uptake, not just going to cloud but also using all the AI tools, is accelerating as well.

至少在我看來，數位化的採用——顯然，你剛剛提到明年的收入將達到 30 億美元，但數位化的採用正在加速，而且數位化的品質不僅轉向雲，還使用所有技術。在加速發展。

But I wanted to get your, now that we've gotten a month away, thoughts on that.

但現在距離我們還有一個月的時間了，我想聽聽你對此的想法。

No, fair.

不，公平。

I think, first, I'm very pleased to report that this was, most likely on many aspects, our best forum ever.

我想，首先，我很高興地向大家報告，從很多方面來看，這很可能是我們有史以來最好的論壇。

And from the size, the scale of the attendance, the number of partners that came to join us, the number of customers that came and displayed their own technology, I think we were having the opportunity.

從規模、出席人數、前來加入我們的合作夥伴數量、前來展示自己技術的客戶數量來看，我認為我們有機會。

We had the opportunity to show the digital value proposition we offer to the industry across the different domains, from geoscience subsurface to operations, show it that we have an integrated platform, open platform approach with partners.

我們有機會展示我們為不同領域的行業提供的數位價值主張，從地下地球科學到運營，表明我們與合作夥伴擁有一個整合平台、開放平台方法。

And we are extending our technology from the historical on-prem to cloud, edge, and now AI, including GenAI.

我們正在將我們的技術從歷史上的本地部署擴展到雲端、邊緣，以及現在的人工智慧，包括 GenAI。

So I think this resulted into not only a realization by many customers that we can impact all aspects of the operation, unlock value in productivity in the geoscience space, in operation for performance, and in reducing costs and carbon going forward.

因此，我認為這不僅讓許多客戶認識到我們可以影響營運的各個方面，釋放地球科學領域生產力的價值，提高營運績效，並降低未來的成本和碳排放。

So the pickup, if any, that I have is that this market, in terms of TAM, will expand going forward, will accelerate the expansion as customers realize that there is maturity into offering.

因此，如果有的話，我認為這個市場，就 TAM 而言，將會繼續擴大，隨著客戶意識到產品已經成熟，將會加速擴張。

There is maturity into the partnership ecosystem that we have developed.

我們開發的合作夥伴生態系統已經成熟。

And there is opportunity for them to capture this as they want to extract efficiency, as they want to be more competitive.

他們有機會抓住這一點，因為他們想要提高效率，因為他們想要更具競爭力。

And I believe that our opportunity here is to accelerate the adoption of the toolbox that we have invested in the last 10 years to particularly benefit from digital operations.

我相信，我們的機會是加速採用我們在過去 10 年中投資的工具箱，特別是從數位化營運中受益。

There is one domain that I think has really blossomed in the last 18 months is digital operation in production, in drilling, autonomous operation, optimization, edge AI application that are really game changing the way we can perform with our customers.

我認為在過去 18 個月裡，有一個領域真正蓬勃發展，那就是生產、鑽井、自主操作、優化、邊緣人工智慧應用中的數位化操作，這些領域真正改變了我們與客戶合作的方式。

And that's where I see the future.

這就是我看到的未來​​。

So longer term, going beyond the cycle, growing for the long term as a business for us.

因此，從長遠來看，超越週期，作為我們的業務實現長期成長。

Thanks very much.

非常感謝。

David Anderson, Barclays.

大衛安德森，巴克萊銀行。

Hi.

你好。

Good morning, Olivier.

早上好，奧利維爾。

So your customers are being more cautious, so you're saying larger projects are still moving ahead.

所以你的客戶變得更加謹慎，所以你說更大的專案仍在進行中。

It seems pretty clear the cycle is kind of plateauing here.

很明顯，這個週期已經趨於穩定。

International spending you're saying now is low, mid to single digits next year.

你現在所說的國際支出很低，明年將是中位數到個位數。

But if we look at the prior cycle, the second half of that was really driven by sustained deepwater development.

但如果我們看看前一個週期，後半段實際上是由持續的深水開發所推動的。

So my question is, do you think deepwater can once again be a driver of growth, say, beyond '25?

所以我的問題是，您認為深水能否再次成為成長的驅動力，例如 25 年後？

There's something like $300 billion in FIDs the last few years.

過去幾年的 FID 金額約為 3000 億美元。

You just announced a slew of Petrobras awards today.

您今天剛宣布了巴西國家石油公司的一系列獎項。

And now, you have Namibia and Suriname on the horizon.

現在，納米比亞和蘇利南即將出現。

So my question is, is that enough to drive gross overall spending higher?

所以我的問題是，這足以推動整體支出更高嗎？

Or is it just really a function of the oil prices need to start to improve in order to kind of get this cycle kind of re-accelerating?

或者這實際上只是油價需要開始改善才能使這個週期重新加速的函數？

Yeah.

是的。

I think you have seen the realization that when commodity price is under pressure, there is some pressure on short cycle.

我想大家已經看到，當大宗商品價格承壓時，短週期也會受到一定的壓力。

That is suppressed.

那是被壓制的。

And that may come back and will come back as soon because it impacts in-field drillings.

這種情況可能會回來，而且很快就會回來，因為它會影響現場鑽探。

It impacts intervention activity.

它影響幹預活動。

It impacts short-cycle unconventional in some regions.

它對一些地區的短週期非常規能源產生影響。

But it will most likely come back as soon as the commodity prices regain traction.

但一旦大宗商品價格恢復動力，這種情況很可能就會捲土重來。

But the long cycle, apart from some decision on timing and project execution, have been untouched.

但除了時間安排和專案執行的一些決定外，長週期並未受到影響。

And we have had a year of strong exploration activity that has unlocked a new reserve that has appraised a new future pipeline of deepwater, as you have heard and seen, across the Americas, across South Africa, across the East Mediterranean, across Asia, where gas is critical.

我們經歷了一年的強勁勘探活動，釋放了一個新的儲備，評估了一條新的未來深水管道，正如你所聽到和看到的那樣，橫跨美洲、南非、東地中海、亞洲，其中氣體至關重要。

And the combination of these, as you know, is [representing] every year.

如您所知，這些的組合是每年[代表]。

This year, I think the total offshore FID will approach $100 billion.

今年，我認為離岸最終投資總額將接近1,000億美元。

And we expect that this rate of $100 billion FID for offshore will remain at that level or higher for the next two or three years.

我們預計，在未來兩三年內，離岸投資 1000 億美元的 FID 將保持在這一水平或更高。

So the cumulative over '23 to '26 of offshore will exceed $500 billion of offshore FID.

因此，23年至26年期間累計離岸FID將超過5,000億美元。

And that's a sign that this project will execute beyond '25, beyond '26, and will be a growth engine for the industry going forward.

這表明該項目將在 25 年、26 年後繼續執行，並將成為該行業未來的成長引擎。

That's great to hear.

很高興聽到這個消息。

Also great to hear is the sale of the power supply.

電源銷售也令人高興。

Glad to put that behind us.

很高興把它拋在腦後。

And now, we can kind of focus much more on the digital business, of course.

當然，現在我們可以更專注於數位業務。

And I guess one of the things that you had talked about at that forum was how digital has been accretive to growth and margins going forward.

我想您在該論壇上討論的一件事是數位化如何促進未來的成長和利潤。

And clearly, it's been that way already.

顯然，情況已經如此了。

So you're well on your way to hitting your $3 billion target in revenue next year.

因此，您明年將順利實現 30 億美元的收入目標。

And naturally, I have to ask you what's next.

當然，我必須問你接下來會發生什麼。

I don't think you're ready to give up the new target yet, otherwise you probably would have already done that.

我認為你還沒準備好放棄新目標，否則你可能已經這麼做了。

But I guess what I'm just wondering about is where do you see that growth coming from?

但我想我只是想知道你認為這種成長來自哪裡？

You just talked about it on that production side, so maybe that's another leg of growth.

您剛才談到了生產方面的問題，所以也許這是增長的另一條腿。

But a big part of this has been coming from the well construction.

但其中很大一部分來自於油井建設。

And I'm wondering if deepwater can be also a huge driver of the digital business going forward.

我想知道深水是否也能成為數位業務未來發展的巨大推動力。

It is already.

已經是了。

I think we are already deploying our well construction automation and optimization, autonomous operations in some offshore rigs and making huge difference when the cost of rig operation matters.

我認為我們已經在一些海上鑽井平台上部署了建井自動化和最佳化、自主操作，並在鑽井平台運作成本很重要時產生了巨大的影響。

And this is something that will unlock the future.

這將開啟未來。

But I think I will split it in three categories.

但我想我會把它分成三類。

I think you have a platform transition, cloud transition, that has happened that affects the more than 1,000, 1,500 customers we have.

我認為平台轉型、雲端轉型已經發生，影響了我們擁有的 1,000 至 1,500 多個客戶。

And it's a long transition that will continue to happen one customer at a time.

這是一個漫長的轉變，一次只會持續發生在一個客戶身上。

Cloud transition that will continue to drive our Delfi adoption across our customer space in geoscience.

雲端轉型將繼續推動我們在地球科學客戶領域採用 Delfi。

And we'll continue to see this affecting and being a long cycle, a long tail of growth for years to come as a driver.

我們將繼續看到這種影響，並成為未來幾年的長週期、長尾成長的驅動力。

The second is, as you mentioned, as I mentioned, the digital operation, be it in production and drilling with the emergence of edge applications, the emergence of autonomous optimization applications.

第二個是，正如您所提到的，正如我所提到的，數位化操作，無論是在生產和鑽井中，還是隨著邊緣應用程式的出現、自主優化應用程式的出現。

And this is both seen by the digital services that our core divisions are offering -- Well Construction, Production System, and Reservoir Performance.

我們的核心部門提供的數位服務——油井建設、生產系統和油藏動態——都體現了這一點。

We're having much success with this digital offering that they are putting on the back of our Delfi.

我們在 Delfi 的數位產品上取得了巨大成功。

And we see it into the pickup of our production and drilling operation capability by the customer themselves.

我們將其視為客戶自己提高我們的生產和鑽井作業能力。

And finally, and the third leg of growth in our digital portfolio, is the emergence of new data and AI capability.

最後，我們數位產品組合成長的第三個支柱是新數據和人工智慧功能的出現。

As you have seen, the Lumi that we have put in place.

正如您所看到的，我們已經安裝了 Lumi。

So we combine these three over the future horizon.

因此，我們在未來將這三者結合起來。

This will continue to be digital -- as a consequence, it will continue to be a growing TAM for us and will be an engine of growth that will be accretive to the top line and will deliver accretive margin to the company.

這將繼續是數位化的——因此，它將繼續成為我們不斷增長的 TAM，並將成為成長的引擎，增加收入，並為公司帶來增值的利潤。

So that's the way we see it.

這就是我們的看法。

And I will not, at this point, set the target for what is next, but we'll continue to see growth beyond 2025 with this context.

目前我不會設定下一步的目標，但在這種背景下，我們將繼續看到 2025 年後的成長。

Okay.

好的。

Thank you very much.

非常感謝。

Scott Gruber, Citigroup.

史考特‧格魯伯，花旗集團。

Yes, good morning.

是的，早安。

I'm glad to hear that you still see some growth next year.

我很高興聽到您明年仍會看到一些增長。

I'm going to ask a question that -- where we try to separate operating leverage, the results from growth from other margin drivers.

我要問一個問題——我們試著將營運槓桿與其他利潤驅動因素的成長結果分開。

So if we assume that upstream spending is flattish for the next three years, is there a certain level of margin expansion that you think you could achieve through further cost optimization and further growth in digital?

因此，如果我們假設未來三年上游支出持平，您認為透過進一步的成本優化和數位化的進一步成長可以實現一定程度的利潤擴張嗎？

I assume that you would challenge the organization to continue expanding margins in a flat backdrop.

我認為您會要求該組織在平坦的背景下繼續擴大利潤。

Just curious what that potential rate of margin improvement could be.

只是好奇潛在的利潤率改善率是多少。

So yes, first, we do see, not only in Q4 and into 2025, further margin expansion on that upstream spending outlook.

所以，是的，首先，我們確實看到，不僅在第四季度，而且到 2025 年，上游支出前景的利潤率進一步擴大。

And as you actually mentioned, it comes from several components.

正如您實際上提到的，它來自幾個組件。

It comes primarily, I would say, from the mix of activities in our various divisions.

我想說，它主要來自我們各部門的活動組合。

As Olivier indicated, digital is a booster to our overall company margins.

正如奧利維爾（Olivier）指出的那樣，數位化是我們公司整體利潤率的助推器。

Technology mix, performance contract, or performance in general pushes margins as well.

技術組合、績效合約或整體績效也會推高利潤。

And yes, there's an element of cost optimization, not only from the program we started at the end of last quarter -- sorry, at the beginning of last quarter of Q3, but also from our continuous focus on costs.

是的，有一個成本優化的要素，不僅來自我們在上個季度末啟動的計劃——抱歉，是在第三季度最後一個季度初，而且還來自我們對成本的持續關注。

We will continue to adjust delivery resources based on level activities, and we will continue to look for further optimization in our structure.

我們將繼續根據等級活動調整投放資源，並繼續尋求結構的進一步最佳化。

So it's a mix of all these components that will continue to push our margins into 2025.

因此，所有這些因素的結合將繼續推動我們的利潤率持續到 2025 年。

Got it.

知道了。

And Stephane, how would the financials be impacted by the Palliser sale?

Stephane，出售 Palliser 將如何影響財務狀況？

How much EBITDA comes out and how much CapEx comes out?

EBITDA 有多少，資本支出有多少？

Yeah.

是的。

So we, on Palliser, generate approximately $500 million of revenue per year on the asset.

因此，我們在 Palliser 上每年透過該資產產生約 5 億美元的收入。

And this comes with pre-tax margins in the high 30s.

稅前利潤高達 30 多美元。

Now, you mentioned something very important.

現在，你提到了一些非常重要的事情。

It also removes quite a bit of investment that we need to inject every year to maintain these numbers.

它還消除了我們每年需要注入的大量投資來維持這些數字。

The CapEx is about $150 million per year.

每年資本支出約 1.5 億美元。

And as I mentioned as well in my prepared remarks, something not to underestimate is removing future abandonment liabilities which, discounted, are about $280 million, but undiscounted are close to $1 billion estimate.

正如我在準備好的發言中提到的，不可低估的是消除未來的廢棄負債，折現後的負債約為 2.8 億美元，但未折現的估計接近 10 億美元。

So it's a good thing this is going away from our balance sheet and P&L, and it will reduce both earnings volatility and capital intensity.

因此，這遠離我們的資產負債表和損益表是一件好事，它將減少獲利波動性和資本密集度。

Appreciate the color.

欣賞顏色。

Thank you.

謝謝。

Arun Jayaram, JPMorgan.

阿倫‧賈亞拉姆，摩根大通。

Yeah, good morning.

是的，早安。

Olivier, you framed that you're seeing a little bit of cautiousness in some of the short-cycle markets -- North America, international oil -- with some resiliency in long-cycle gas and deepwater opportunities.

奧利維爾，您認為在一些短週期市場（北美、國際石油）中您看到了一些謹慎態度，而在長週期天然氣和深水機會方面則有一定的彈性。

I was wondering, how would you characterize the current pricing dynamics internationally just relative to your expectations of margin expansion from here?

我想知道，相對於您對這裡利潤率擴張的預期，您如何描述當前國際定價動態？

I think we believe that the pricing environment is still positive, constructive, I would say.

我認為我們認為定價環境仍然是積極的、建設性的。

I think first realizing that the industry is capital disciplined, and industry has no spare capacity to move and to place.

我認為首先要認識到這個產業是受資本約束的，而且產業沒有多餘的產能可以移動和安置。

And as a consequence, performance, technology, and integration capabilities still give us the opportunity to support our pricing.

因此，性能、技術和整合能力仍然使我們有機會支持我們的定價。

And I don't see it in the current environment changing very much.

我認為在當前環境下它不會發生太大變化。

Fair enough.

很公平。

I had a follow up on new energy.

我對新能源進行了跟進。

You guys press release an update on your lithium DLE pilot in the quarter in Nevada, which highlighted a very high kind of recovery rate.

你們發布了本季內華達州鋰 DLE 試點的最新消息，其中強調了非常高的回收率。

I was wondering if you could talk about, Olivier, the next steps to commercialize this technology.

奧利維爾，我想知道您是否可以談談將該技術商業化的下一步。

How competitive are the extraction costs today versus existing technology?

與現有技術相比，現今的開採成本有何競爭力？

I was wondering if you could just maybe frame the growth opportunity from lithium.

我想知道您是否可以框架一下鋰的成長機會。

Well, as you pointed out, I think first, we are very pleased to have achieved these milestones.

嗯，正如您所指出的，我認為首先，我們很高興實現了這些里程碑。

Again, the milestones have been to produce lithium carbonate from our demonstration plant in Nevada using a direct lithium extraction from brine and using a concentration and purification process that we have integrated with our own IP and using some external technology and putting this together and working for months to tune it, to digitally optimize it, and to realize this.

同樣，里程碑是從我們位於內華達州的示範工廠生產碳酸鋰，採用直接從鹽水中提取鋰的方法，並使用我們與自己的知識產權相結合的濃縮和純化工藝，並使用一些外部技術，並將其整合在一起並為之努力幾個月的時間來調整它，以數位方式優化它，並實現這一點。

So our plan forward is to work with prospective partners and customers to see how this technology can be used and scaled to respond to big demands that exist and some plans that some of our customers and partners have announced to use DLE as a method to extract lithium and produce lithium in large quantities in the coming years.

因此，我們的未來計劃是與潛在的合作夥伴和客戶合作，了解如何使用和擴展這項技術，以滿足現有的巨大需求，以及我們的一些客戶和合作夥伴已經宣布的使用DLE 作為提取鋰的方法的一些計劃並在未來幾年大量生產鋰。

So we are looking forward to use this technology to scale it for application as a licensed technology or as a partner, where we will develop and run going forward this technology with our customers and partners.

因此，我們期待使用這項技術來擴展其應用，作為授權技術或作為合作夥伴，我們將與我們的客戶和合作夥伴一起開發和運行這項技術。

That's the way we look into it.

這就是我們的研究方式。

And again, very good first and benchmark performance for such a DLE plant and exciting long-term prospect for us in this new space.

再說一次，這樣的 DLE 工廠具有非常好的首次和基準性能，並且對我們在這個新領域的長期前景令人興奮。

Great.

偉大的。

Thanks a lot.

多謝。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛。

Yeah.

是的。

Good morning, team.

早上好，團隊。

A couple of financial questions.

幾個財務問題。

Maybe as we think about 2025, over the summer, you had talked about that $10 billion EBITDA target for '25 on a 20% CAGR.

也許當我們想到 2025 年時，整個夏天，您談到了 25 年 100 億美元的 EBITDA 目標，複合年增長率為 20%。

Just in light of some of the macro commentary, can you just talk about some of those moving pieces as it relates to that guide?

根據一些宏觀評論，您能否談談與該指南相關的一些令人感動的內容？

And I think you've given us a lot of moving pieces, but I'd like to just kind of tie that out.

我認為你給了我們很多感人的內容，但我想把它們連結起來。

Sure, sure.

當然，當然。

Makes sense, Neil.

有道理，尼爾。

So really -- yeah, again, margin expansion is -- we are laser focused on this.

所以，實際上——是的，利潤擴張是——我們非常關注這一點。

We've been increasing EBITDA margins year on year for 15 consecutive quarters.

我們的 EBITDA 利潤率已連續 15 個季度年增。

And we don't intend to stop.

我們並不打算停止。

So this is our mission.

這就是我們的使命。

And as I explained, it's made of several types of components.

正如我所解釋的，它由多種類型的組件組成。

Now, to your specific question on 2025 and the absolute value of EBITDA compared to our long-term '21 to '25 CAGR ambitions, it is possible that, indeed, with the current macro outlook, again, to be refined.

現在，對於您關於 2025 年的具體問題以及 EBITDA 的絕對值與我們的長期「21 至 25 年複合年增長率」目標相比，確實，根據當前的宏觀前景，可能會再次得到​​完善。

And if we exclude for the moment, just to compare apples with apples, if we exclude ChampionX, it's possible that the '21 to '25 CAGR will finish more in the high teens rather than breaking that 20% bar.

如果我們暫時排除，只是為了比較蘋果與蘋果，如果我們排除 ChampionX，那麼 21 至 25 年的複合年增長率可能會更多地達到十幾歲，而不是突破 20% 的標準。

Thanks.

謝謝。

That's really helpful.

這真的很有幫助。

And then it was a super quarter for free cash flow.

然後這是自由現金流的超級季度。

You guys beat our model by quite a bit; very strong collections.

你們大大擊敗了我們的模型；非常強大的收藏。

Can you just talk about how you're thinking about -- first of all, talk about the go-forward for working capital and just the free cash flow profile into next year as well, including CapEx, which has been, again, trending in a constructive way.

您能否談談您的想法—首先，談談明年的營運資金和自由現金流狀況，包括資本支出，這再次成為趨勢一種建設性的方式。

Yeah, totally.

是的，完全可以。

So yeah, we maintain capital discipline for sure.

所以，是的，我們肯定會維持資本紀律。

So this is quite predictable and it's a bit too soon to talk about CapEx for next year.

因此，這是完全可以預測的，現在談論明年的資本支出還為時過早。

But rest assured, it's going to -- the theme of capital discipline clearly will be there considering the macro environment.

但請放心，考慮到宏觀環境，資本紀律的主題顯然將會存在。

So now, specifically to our Q3 free cash flow, yes, always in the second half, we generate most of the year free cash flow.

所以現在，特別是我們第三季的自由現金流，是的，總是在下半年，我們一年中的大部分時間都會產生自由現金流。

And in Q3, this was in a way more than exacerbated compared to over a year or so.

與一年多的時間相比，第三季的情況更加嚴重。

So yes, Q3 was very strong, and as we highlighted and as you mentioned, it was really driven by customer collections.

所以，是的，第三季非常強勁，正如我們強調的和您所提到的，它確實是由客戶集合驅動的。

In a way, Q2 was a little bit low on collections, so there's a bit of a catch up effect, and Q4 will essentially be dependent on -- it will be strong.

在某種程度上，第二季度的收藏量有點低，所以有一點追趕效應，而第四季度基本上將取決於——它會很強勁。

It will also be dependent on customer collection.

它還將取決於客戶的收集。

But as you can see, we do experience volatility in those collections from a quarter to another.

但正如您所看到的，我們確實經歷了這些系列的季度波動。

So we will continue to push.

所以我們將繼續推動。

We'll definitely finish the year on a high note as it relates to working capital and free cash flow.

我們肯定會以高調結束這一年，因為這與營運資金和自由現金流有關。

Working capital we’ll continue to release as we finish the year.

我們將在年底繼續釋放營運資金。

And going into next year, again, a bit too soon to give you a number for free cash flow.

進入明年，現在給你自由現金流的數字還為時過早。

But definitely, it will be higher than 2024, not only from our own operations, but of course with the addition of ChampionX.

但可以肯定的是，它將高於 2024 年，不僅來自我們自己的運營，當然還有 ChampionX 的加入。

And this is why we are quite comfortable to reaffirm our $4 billion target returns to shareholders for next year because free cash flow will increase in '25.

這就是為什麼我們很樂意重申明年為股東帶來 40 億美元的回報目標，因為自由現金流將在 25 年增加。

That's perfect.

那很完美。

Thanks, team.

謝謝，團隊。

Kurt Hallhead, Benchmark.

庫爾特‧霍爾黑德，《基準》。

Hi.

你好。

Good morning.

早安.

Good to hear everybody this morning.

很高興今天早上聽到大家的聲音。

So Olivier, you did highlight a more tempered outlook as you go out into 2025.

奧利維爾，您確實強調了在進入 2025 年時採取更溫和的前景。

So we appreciate that.

所以我們對此表示讚賞。

In the context of those dynamics, usually, as the industry kind of goes into a more moderate growth or some markets kind of go into a little bit of a slowdown, there's some pricing pressures that maybe come along with that.

在這些動態的背景下，通常，隨著行業進入更溫和的成長或某些市場進入稍微放緩，可能會隨之而來一些定價壓力。

Just wondering if you're starting to see or starting to have some of those conversations with your customer base.

只是想知道您是否開始看到或開始與您的客戶群進行一些對話。

And if not, what may be different that's kind of driving the discussions with the customers that go around?

如果不是，那麼可能有哪些不同之處可以推動與周圍客戶的討論？

Yeah.

是的。

I think in all cycle -- at any point in the cycle, I think it will always get under competitive pressure and under pressure from our customer to lower the cost of operation or improve the value.

我認為在所有周期中——在周期的任何時候，我認為它總是會受到競爭壓力和客戶的壓力，要求降低營運成本或提高價值。

We believe that, I think, first and foremost, as long as we continue to perform, create the value, exceed expectation on the performance of our operation, we’ll relieve any pressure, that could come from a competitive and or from a customer aspect.

我認為，我們相信，首先也是最重要的是，只要我們繼續表現、創造價值、超越對我們營運績效的期望，我們就可以緩解可能來自競爭和/或競爭的任何壓力。

Secondly, we believe that the industry is tight on capacity, capacity of equipment, capacity of critical new technology.

其次，我們認為產業產能緊張，設備產能緊張，關鍵新技術產能緊張。

And the industry has demonstrated lately a strong capital discipline that has restrained this risk, I would say.

我想說，該行業最近表現出強大的資本紀律，限制了這種風險。

But as long as -- I think as long as we maintain a very high customer satisfaction through our performance, continue to deliver our technology, continue to deliver our integrated value proposition, I think we will relieve any pressure that could arise into a moderating growth environment and defend our pricing and further improve our pricing when it has -- it matters, and hence protect our margins going forward.

但只要——我認為只要我們透過我們的業績保持非常高的客戶滿意度，繼續提供我們的技術，繼續提供我們的綜合價值主張，我認為我們將緩解可能出現的任何放緩增長的壓力環境並捍衛我們的定價，並在有影響力時進一步改善我們的定價，從而保護我們未來的利潤。

So it's a matter of execution, it's a matter of production, but it's also a matter of capital discipline across the industry.

所以這是一個執行的問題，這是一個生產的問題，但它也是一個整個產業的資本紀律的問題。

And I believe the condition in this cycle is a bit different than what we have suffered in the past.

我相信這個週期的情況與我們過去所經歷的情況有些不同。

And I'm looking at this constructively.

我正在建設性地看待這個問題。

Okay, that's great.

好的，太好了。

Maybe a follow up, coming full circle to your Digital Forum, great event, by the way.

順便說一句，也許是一個後續行動，回到你的數位論壇，這是一個很棒的活動。

In the context of the kind of post meetings and so on and so forth, what were one or two things that came out of those meetings or discussions with potential clients of yours for your generative AI products?

在此類會後會議等背景下，這些會議或與您的潛在客戶就您的生成式人工智慧產品進行的討論中得出了什麼一兩件事？

What was surprising to you that you maybe didn't anticipate going in?

是什麼讓你感到驚訝，以至於你可能沒有預料到會進去？

I think the customers were -- I think, first, many of them presented themselves and 150 papers were presented by our customers.

我認為客戶——我認為，首先，他們中的許多人展示了自己，我們的客戶展示了 150 篇論文。

More than 10 of them presented their own application of digital to other customers.

其中超過 10 名客戶向其他客戶展示了自己的數位應用。

And I think it was from a lot of learnings for our customers to watch each other and to learn from each other on how do they use digital technology to unlock value.

我認為這是我們的客戶從大量的經驗中學到的，他們互相觀察，互相學習如何使用數位科技來釋放價值。

So if anything, takeaway, I think at high level, I think customers realize that we are more than just one geoscience application on the cloud, and we have a digital value proposition that expands across different domains and across different technology stacks -- on-prem, cloud, edge, AI -- and across the different domains – geosciences, engineering, and production.

因此，如果有什麼不同的話，我認為在高層次上，我認為客戶意識到我們不僅僅是雲端上的一個地球科學應用程序，而且我們擁有一個跨不同領域和不同技術堆疊擴展的數位價值主張— —前置、雲端、邊緣、人工智慧——以及跨不同領域——地球科學、工程和生產。

So the full value proposition we have on digital, I think, did surprise many of the customers as we continue to expand and have now a very comprehensive offering.

因此，我認為，隨著我們不斷擴張並擁有非常全面的產品，我們在數位方面的完整價值主張確實讓許多客戶感到驚訝。

That's the first takeaway, I think.

我認為這是第一個要點。

The second is, I think the emergence of AI as an X-factor for the industry to unlock more value of digital.

第二，我認為人工智慧的出現是產業釋放更多數位價值的未知因素。

This industry is data rich, I would say.

我想說，這個行業數據豐富。

And hence, we have deployed, as you heard, 150 engineered AI, full of domain, full of physics, and full of the latest data science technique to unlock more performance into our digital application.

因此，正如您所聽到的，我們部署了 150 個工程人工智慧，充滿領域、充滿物理、充滿最新的數據科學技術，以釋放我們的數位應用程式的更多效能。

And the latest announcement of Lumi as a platform that complements Delfi and as a platform for putting and accessing all E&P data in one framework to integrate all the applications across seamlessly.

Lumi 的最新公告是，作為 Delfi 的補充平台，以及將所有勘探與生產數據放入框架中以無縫整合所有應用程式的平台。

And finally, to create a framework that allows our customers to use AI application on their data set across the different domains and unlock new insights or create new performance.

最後，創建一個框架，讓我們的客戶在不同領域的資料集上使用人工智慧應用程序，並解鎖新的見解或創造新的效能。

That sort of Lumi data and AI is getting a lot of inbound requests, as we have just announced it, and will certainly be a factor of growth in the future as the industry recognizes that there's a lot to unlock from data, to liberate data, and to realize value through AI, including GenAI application that we develop, as you have heard, with partners like NVIDIA, Mistral, and others.

正如我們剛剛宣布的那樣，這種 Lumi 數據和人工智慧正在收到大量入站請求，並且肯定會成為未來增長的一個因素，因為行業認識到有很多東西可以從數據中解鎖，解放數據，透過人工智慧實現價值，包括我們與NVIDIA、Mistral 等合作夥伴開發的GenAI 應用程式。

That's great.

那太棒了。

Appreciate that insight.

欣賞這種洞察力。

Thank you.

謝謝。

Saurabh Pant, Bank of America.

索拉布潘特，美國銀行。

Hi.

你好。

Good morning, Olivier and Stephane.

早上好，奧利維爾和史蒂芬。

I know there have been a lot of questions on digital, but I had one, a conceptual one, if you don't mind, Olivier.

我知道有很多關於數位化的問題，但我有一個，一個概念性的問題，如果你不介意的話，奧利維爾。

As we think about the upstream cycle maturing and growth slowing, I know digital has its own secular drivers, SLB-specific drivers, so growth in digital should be very different versus upstream spending.

當我們考慮上游週期的成熟和成長放緩時，我知道數位化有其自己的長期驅動力，即 SLB 特定驅動力，因此數位成長與上游支出應該有很大不同。

But conceptually, Olivier, how should we think about the variance, the sensitivity to digital growth opportunity relative to what the upstream market is doing?

但從概念上講，奧利維爾，我們應該如何考慮相對於上游市場正在做的事情的差異和對數位成長機會的敏感性？

So if growth in upstream spending slows from 10% to, let's say, low to mid-single digit, does it do too much to digital growth outlook or they are materially unrelated to each other?

因此，如果上游支出的成長從 10% 放緩至低至中個位數，這是否會對數位成長前景產生太大影響，或者它們之間實質上無關？

I think, as we are very early in the curve of adoption of digital, I believe they are largely uncorrelated at this point.

我認為，由於我們處於數位化採用曲線的早期階段，我相信它們在這一點上基本上是不相關的。

And we see the TAM, total addressable market, of digital in our industry, in upstream, actually growing, as the market may be moderating from upstream CapEx.

我們看到，我們行業上游的數位化總可尋址市場 TAM 實際上正在成長，因為市場可能會因上游資本支出而放緩。

We believe that the size of digital will actually, by contrast, grow, and our ability to not only participate fully, but also gain a share in this market and unlock white space in this market, such as with Lumi data and AI, and offer edge autonomous operations, I think will create for us a long growth opportunity that will be largely decorrelated.

我們相信，相較之下，數位化的規模實際上會成長，我們不僅有能力充分參與，而且有能力在這個市場中獲得份額，並釋放這個市場的空白空間，例如利用Lumi 數據和人工智慧，並提供我認為邊緣自主營運將為我們創造一個長期的成長機會，而這在很大程度上是不相關的。

Now, there are aspects of short-term, I would say, discretionary decision on that can affect digital.

現在，我想說的是，短期的酌情決定在某些方面可能會影響數位化。

But I think the long trend, I think, I believe, is positive, and long trend will continue to be a secular investment opportunity for customers that now they are realizing that it creates value today, and hence is an opportunity to differentiate their performance for tomorrow.

但我認為長期趨勢是積極的，長期趨勢將繼續成為客戶的長期投資機會，現在他們意識到它今天創造了價值，因此是一個使他們的業績脫穎而出的機會明天。

Right.

正確的。

Okay.

好的。

No, that makes a lot of sense, Olivier.

不，這很有道理，奧利維爾。

Thank you.

謝謝。

And my follow up, Stephane, maybe for you, obviously, you are accelerating cash return to shareholders.

我的後續行動，史蒂芬，也許對你來說，顯然，你正在加速向股東提供現金回報。

This year, you have your $4 billion, at least $4 billion target for next year.

今年的目標是 40 億美元，明年的目標至少是 40 億美元。

But just conceptually, as we think about the percentage of your free cash flow that you might want to return to shareholders as the cycle matures, this year, it looks like you're going to be pretty close to 80%, which is a lot higher than your target.

但僅從概念上講，當我們考慮隨著週期的成熟，您可能希望向股東返還自由現金流的百分比時，今年看起來您將非常接近 80%，這是一個很大的數字高於您的目標。

Conceptually, is it fair to assume, Stephane, that that percentage of free cash flow continues to go up as the cycle matures?

從概念上講，史蒂芬，隨著週期的成熟，自由現金流的百分比繼續上升，這樣的假設是否公平？

Well, it is true we set the minimum a few years back of 50%.

確實，幾年前我們將最低比例設定為 50%。

So yeah, we have clearly exceeded that, and I'm quite happy we were actually able to exceed that.

所以，是的，我們顯然已經超越了這個目標，我很高興我們實際上能夠超越這個目標。

So I mean, it really depends on investment opportunity.

所以我的意思是，這實際上取決於投資機會。

I think 80% is already a very good number.

我認為80%已經是一個非常好的數字了。

It's hard to tell you if it can get to 100% in 2025.

很難告訴你2025年能否達到100%。

I mean, it's really - we are happy with where our balance sheet is.

我的意思是，我們真的對我們的資產負債表狀況感到滿意。

Deleveraging has been a focus for a few years.

多年來，去槓桿化一直是人們關注的焦點。

We have turned that focus from deleveraging to returns.

我們已將重點從去槓桿化轉向回報。

So depending on investment opportunities, returns to shareholders remains the priority at the moment.

因此，根據投資機會，股東回報仍是目前的首要任務。

So yes, you will see that percentage clearly above our initial guidance of 50%.

所以，是的，您會看到該百分比明顯高於我們最初指導的 50%。

That's for sure.

這是肯定的。

Yeah.

是的。

No, that's perfect.

不，那是完美的。

I was not expecting you to raise it to 80% from 50%.

我沒想到你會把它從 50% 提高到 80%。

But conceptually, that all makes a lot of sense, Stephane.

但從概念上講，這一切都很有意義，史蒂芬。

Thank you.

謝謝。

I'll turn it back.

我會把它轉回來。

Roger Read, Wells Fargo.

羅傑·里德，富國銀行。

Yeah, thank you.

是的，謝謝。

Good morning.

早安.

I'm going to come back to digital; it's the theme of the day.

我將回到數位領域；這是今天的主題。

So let me ask the question slightly differently for you, Olivier.

因此，讓我以稍微不同的方式向您提出這個問題，奧利維爾。

As you think about it, high growth, you've got to get customers on board.

正如你所想，高成長，你必須吸引客戶。

You've got to have the opportunities available internally, right, in terms of people and offerings.

你必須在內部擁有可用的機會，就人員和產品而言。

So as we think not just the growth rate in '25 to $3 billion, but beyond that, what do you see as potential bottlenecks, be they internal or external, that you've really got to deal with here?

因此，我們不僅考慮 25 至 30 億美元的成長率，還考慮除此之外，您認為您真正需要解決的潛在瓶頸是什麼，無論是內部還是外部？

The front and center items about having the right people in the right place and making the inroads to your client base?

關於將合適的人放在合適的位置並進入您的客戶群的首要和中心事項是什麼？

Well, Roger, thanks for the question.

好吧，羅傑，謝謝你的提問。

I think it's nothing new.

我認為這不是什麼新鮮事。

I think we have been working on growing and understanding what can we do to unlock both from the go-to-market and from our own internal capability, the digital growth.

我認為我們一直在努力發展並了解我們可以做些什麼來釋放市場進入和我們自己的內部能力，即數位成長。

And I think we have been most successful in the last few quarters.

我認為我們在過去幾個季度取得了最大的成功。

And I think it comes down to, I think, engaging for customers, better understanding what, I think, offerings they are looking for.

我認為這歸結為吸引客戶，更了解他們正在尋找什麼產品。

And I think going from multi-cloud environment, going from hybrid cloud environment, on-prem and cloud, I think has been an evolution that we have taken two to three years back.

我認為從多雲環境，到混合雲環境、本地和雲，我認為這是我們兩三年前的一次演變。

And I think it's paying off and it's unlocking the growth.

我認為它正在得到回報，並且正在釋放成長。

The other realization is that some customers don't necessarily focus on the application, but are focused on the data.

另一個認知是，有些客戶不一定關注應用程序，而是關注數據。

And they are willing to sort out and unlock the data, hence, the creation of Lumi as a platform to address the customers that are more interested into unlocking data and directly accessing AI through a data platform, as opposed to having to adopt the full suite.

他們願意整理和解鎖數據，因此創建Lumi作為一個平台，以滿足那些更感興趣透過數據平台解鎖數據並直接存取AI的客戶，而不是必須採用全套套件。

And I think we have seen this.

我想我們已經看到了這一點。

We have done investment into our Innovation Factori to help collaborate with our customers to tailor some fit-for-basin application to their needs.

我們對創新因子進行了投資，以幫助與客戶合作，根據他們的需求客製化一些適合面盆的應用。

So we have already gone through this.

所以我們已經經歷過這件事了。

Is it all obstacles resolved?

所有的障礙都解決了嗎？

No.

不。

I think, as I said, it's one customer at a time, adoption on the cloud.

我認為，正如我所說，一次一個客戶，在雲端上採用。

However, I think something that helped us a lot, and I think is accelerating, is the fact that the digital operation led by our core division -- Production System, Well Construction, and Reservoir Performance -- are becoming new agents of digital transformation for our customers, as they are pushing and getting successful into the adoption of digital services that are being delivered real time at the edge, such as autonomous drilling operations or well-bore insights or surveillance and optimization of some of our Production Systems equipment.

然而，我認為對我們幫助很大並且正在加速的事實是，由我們的核心部門（生產系統、油井建設和油藏動態）領導的數位化營運正在成為數位轉型的新推動者。他們正在推動並成功採用在邊緣即時提供的數位服務，例如自主鑽井作業或井眼洞察或對我們的一些生產系統設備的監控和最佳化。

And this is one well at a time.

這是一次一口井。

This is one transaction at a time.

這是一筆一筆交易。

So the rate of adoption here, I think kind of push, we have made to coalesce, if I may, our offering in the office, in the planning, to offering into operation, and at least under one umbrella of platform, I think is unlocking the pace of adoption.

因此，我認為這裡的採用率是一種推動力，如果可以的話，我們已經將我們在辦公室、規劃中的產品合併到投入運營，並且至少在一個平台的保護下，我認為是加快採用速度。

And hence we see this happening today, and we believe this will continue.

因此，我們今天看到這種情況正在發生，我們相信這種情況將繼續下去。

So that's what we are doing to unlock, if you like, and working with partners to provide more options to our customers so that they recognize the ecosystem they work with.

這就是我們正在做的事情，如果你願意的話，我們會與合作夥伴合作，為我們的客戶提供更多選擇，以便他們可以認識到他們所使用的生態系統。

So these are the two or three dimensions that we have worked with in the last 18 months, two or three years, and that are starting to bear fruits and are starting to translate into growth, and we don't see it changing going forward.

因此，這些是我們在過去 18 個月、兩三年中所合作的兩個或三個維度，它們已經開始結出碩果，並開始轉化為成長，而且我們認為未來不會改變。

Appreciate that.

很欣賞這一點。

Yeah, it sounds like incremental, and then eventually we get to cascade with this.

是的，這聽起來像是漸進式的，然後最終我們會級聯起來。

As a follow up to that, Stephane, you mentioned capital intensity obviously declines with the sale here of the Canada E&P ops.

作為後續行動，史蒂芬，您提到隨著加拿大勘探與生產業務的出售，資本密集度明顯下降。

What's the right way for us to think about capital intensity in terms of digital investments?

我們如何看待數位投資的資本密集度？

Does capital -- CapEx investment trail the revenue growth for a period of time, exceed it?

資本－資本支出投資在一段時間內是否落後於收入成長，或超過收入成長？

Is there a way to think about maybe a crossover eventually in that, where the growth continues, but the capital intensity would decline?

有沒有辦法考慮最終可能出現的交叉，即成長持續，但資本密集度會下降？

Or does it rely so much on capital investment elsewhere there's not an easy way to think about that?

或者它是否過於依賴其他地方的資本投資而沒有一個簡單的方法來思考這個問題？

It's clearly different from our core business.

這與我們的核心業務明顯不同。

There's a little lag, or a reasonable lag, between investment CapEx in our core business and the related deployment of the tool in the field.

我們核心業務的投資資本支出與現場工具的相關部署之間存在一點滯後，或者說是合理的滯後。

In digital, it's a much longer cycle.

在數位領域，這是一個更長的周期。

So first, it's not CapEx, as you know.

首先，如您所知，這不是資本支出。

We expense all the investments, because the investments are basically -- you can categorize them, if you want, in product development, research and development.

我們支出所有投資，因為這些投資基本上是——如果你願意的話，你可以將它們分類為產品開發、研究和開發。

And this has been done over, tempted to say, the last 30 years.

可以說，在過去的 30 年裡，這種情況已經被重演了。

So there's always -- of course, to come up with new solutions to enrich the platform, we need to continue investing every year, but we are not seeing spikes in there.

因此，當然，為了想出新的解決方案來豐富平台，我們需要每年繼續投資，但我們沒有看到那裡的高峰。

We make arbitrages within a given envelope.

我們在給定的範圍內進行套利。

So our growth in digital doesn't trigger incremental capital intensity because it's really smoothed over many, many years.

因此，我們的數位成長不會引發資本密集度的增加，因為它確實經過了許多年的平滑。

I would say that the heavy investments have been made in the past already.

我想說的是，過去已經進行了大量投資。

Now, it's just enriching the platform and supporting the enriched offering for the customer.

現在，它只是豐富平台並支援為客戶提供豐富的產品。

Great.

偉大的。

Appreciate it.

欣賞它。

Thanks.

謝謝。

Stephen Gengaro, Stifel.

史蒂芬·根加羅，斯蒂菲爾。

Thanks.

謝謝。

Good morning, everybody.

大家早安。

Two for me.

給我兩個。

The first, just sort of thinking about the short term and the fourth quarter.

首先，只是考慮短期和第四季。

Can you talk a little bit about the sort of the puts and takes as we look at the fourth quarter and maybe even versus sort of normal seasonality that we get every year?

您能否談談我們第四季度的看跌期權和看跌期權的類型，甚至可能與我們每年得到的正常季節性相比？

And I'm just also curious on the Gulf of Mexico if there's been any big impact from the storm activity.

我也很好奇風暴活動是否對墨西哥灣產生了重大影響。

I'm not sure we got your second question.

我不確定我們是否收到你的第二個問題。

You are concerned about -- the second part of your question?

您擔心問題的第二部分？

Whether there's been much impact from the Gulf of Mexico storms.

墨西哥灣風暴是否造成了很大影響。

So I'll start with this to say that we have seen muted impact on the Gulf of Mexico storm in our operation.

因此，我首先要說的是，我們在我們的行動中看到了墨西哥灣風暴的輕微影響。

And the Gulf of Mexico has been the driver for growth in the third quarter sequentially.

墨西哥灣一直是第三季經濟成長的驅動力。

As it comes to the fourth quarter and your question, I think the puts and takes, I think, yes, there is an element of seasonality, both on the positive side, which is the digital and product from Production Systems’ year-end sales that will normally and will create a boost to our revenue.

至於第四季和你的問題，我認為，我認為，是的，存在季節性因素，無論是積極的一面，還是生產系統年末的數位和產品銷售通常會增加我們的收入。

And there is a seasonality effect on some part of the Northern hemisphere that are starting to see either part of the sequence or budget exhaustion part in US land, so we will see an offset.

北半球的某些地區存在季節性影響，這些地區開始在美國土地上看到序列的一部分或預算耗盡的部分，因此我們將看到抵消。

And I think these two, as we commented, will be partially offset, and we see as a consequence of muted growth going forward sequentially.

我認為，正如我們所評論的，這兩者將被部分抵消，我們認為這是連續增長緩慢的結果。

But that's a put and take that we are seeing going forward.

但這是我們未來看到的賣權。

Great.

偉大的。

Thank you.

謝謝。

And then the second question was really -- I'm not sure you're willing to comment on this, but as you've mentioned earlier, you've kind of been going through the integration team on the CHX front.

然後第二個問題是真的 - 我不確定您是否願意對此發表評論，但正如您之前提到的，您已經在 CHX 方面與整合團隊進行了交流。

Has there been anything that you can talk about that has sort of increased or changed your thought process or optimism on the synergies?

您是否可以談論任何事情，這些事情在某種程度上增加或改變了您的思考過程或對協同效應的樂觀態度？

Well, we are -- as we said, we have been working quite a bit on both sides with the integration teams.

嗯，正如我們所說，我們一直在與整合團隊進行雙方的大量工作。

And what we are seeing is really giving us even more confidence than we had originally on the transaction and on the synergies.

我們所看到的確實給了我們比最初對交易和協同效應更大的信心。

So we are not going to change our synergy target at this time, but we clearly confirm it and we're quite happy with what we're seeing in that integration planning process.

因此，我們目前不會改變我們的協同目標，但我們明確確認了這一點，並且我們對在整合規劃過程中看到的情況感到非常滿意。

Great.

偉大的。

Thank you.

謝謝。

Thanks for the color.

謝謝你的顏色。

And I'll turn the conference back to SLB for closing comments.

我將把會議轉回 SLB 以徵求結束意見。

Thank you, Leah.

謝謝你，莉亞。

Ladies and gentlemen, as we conclude today's call, I would like to leave you with the following takeaways.

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。

First, SLB remains well positioned to navigate commodity price fluctuations, benefiting from our unique operating footprint.

首先，受益於我們獨特的營運足跡，SLB 仍然能夠很好地應對大宗商品價格波動。

Moving forward, we will continue to harness our technology deployment and integration capabilities to capture high-margin opportunities in the international, deepwater, and gas markets.

展望未來，我們將繼續利用我們的技術部署和整合能力，抓住國際、深水和天然氣市場的高利潤機會。

Second, our digital business remains a key differentiator in the industry.

其次，我們的數位業務仍是產業的關鍵差異化因素。

This will continue to drive higher margin growth while opening the door to new markets.

這將繼續推動更高的利潤成長，同時打開新市場的大門。

And third, with our solid financial performance and focus on operating efficiency, we look forward to delivering further margin expansion, higher cash generation, and increased returns to shareholders.

第三，憑藉我們穩健的財務表現和對營運效率的關注，我們期待進一步擴大利潤率、提高現金產生能力並提高股東回報。

Thank you for joining us this morning.

感謝您今天早上加入我們。

With that, I will conclude our call.

至此，我將結束我們的通話。

Ladies and gentlemen, that does conclude your conference for today.

女士們、先生們，今天的會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。