斯倫貝謝公司 (SLB) 2024 Q3 法說會逐字稿

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Thank you, everyone, for standing by. Welcome to the third-quarter SLB earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

謝謝大家的支持。 歡迎參加 SLB 第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

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

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

Thank you. Good morning, and welcome to the SLB third-quarter 2024 earnings conference call. Today's call is being hosted from New York following our Board meeting held earlier this week. Joining us on the call are Olivier Le Peuch, Chief Executive Officer; and Stephane Biguet, Chief Financial Officer.

謝謝。 早安，歡迎參加 SLB 2024 年第三季財報電話會議。 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紐約舉行的。 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. For more information, please refer 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。 如需了解更多信息，請參閱我們最新的 10-K 文件和其他 SEC 文件，這些文件可在我們的網站上找到。

Our comments today also will include non-GAAP financial measures. Additional details and reconciliations to the most directly comparable GAAP financial measures can be found on our third-quarter press release, which is on our website.

我們今天的評論還將包括非公認會計準則財務指標。 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 the registration statement with the proxy statement and prospectus. These materials can be found on the SEC website or from the parties' websites.

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

謝謝你，詹姆斯。 女士們先生們，感謝你們今天早上加入我們。

During the call, I will cover two topics. I will start by reviewing our third-quarter results, then I will discuss how we are leveraging our differentiated market positioning, digital leadership, and operating efficiency to navigate the evolving macroenvironment. And finally, I will provide an update on our full-year financial ambitions and our early outlook for 2025. Stephane will then provide additional details on our financial results, and we'll open the line to your questions. Let's begin.

在通話期間，我將討論兩個主題。 我將首先回顧我們的第三季業績，然後討論我們如何利用差異化的市場定位、數位領導力和營運效率來應對不斷變化的宏觀環境。 最後，我將提供有關我們全年財務目標和 2025 年早期展望的最新信息。 然後 Stephane 將提供有關我們財務業績的更多詳細信息，我們將開放熱線回答您的問題。讓我們開始吧。

SLB delivered strong third-quarter results with continued margin expansion. Sequentially, although revenue was flat, we expanded our adjusted EBITDA margin by more than 50 basis points to [20.5% to 3.6%] by driving efficiencies throughout the business and we generated very strong free cash flow of $1.81 billion. In international markets, revenue remained steady sequentially despite lower reactivity as committee devices as we've done in a more cautious approach to discussion short-cycle spending.

SLB 第三季業績強勁，利潤率持續擴張。隨後，儘管收入持平，但透過提高整個業務的效率，我們將調整後的 EBITDA 利潤率提高了 50 個基點以上，達到 [20.5% 至 3.6%]，並產生了 18.1 億美元的強勁自由現金流。在國際市場上，儘管委員會的反應性較低，但收入仍保持穩定，因為我們在討論短週期支出時採取了更謹慎的態度。

Demand for SLB's digital products and services continued to accelerate, and we saw continued growth in the Middle East and Asia to buy all capacity expansions and strong gas activity, as well as offshore projects. Meanwhile, revenue in Europe and Africa was largely unchanged, as home protection and recovery activity in North Africa was offset by decline in Latin America following a strong second quarter.

對 SLB 數位產品和服務的需求持續加速，我們看到中東和亞洲購買所有產能擴張和強勁的天然氣活動以及海上項目的持續成長。 同時，歐洲和非洲的收入基本上沒有變化，因為北非的家庭保護和恢復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 remain 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. In digital and integration, we delivered strong sequential growth, led by our digital business, which reached a new quarterly revenue high. We also continued to increase profitability, expanding our pre-tax segment operating margins to [46%], driven by our digital revenue and cost optimization. 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.

接下來，讓我談談各部門的表現。 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。 在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 [46%]。總體而言，我們的數位業務仍然保持著實現全年收入成長的步伐，我們在本季度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產品和合作夥伴關係。

Turning to the core divisions, production system continues to grow, benefiting from long-cycle development activity, particularly in the Middle East and Asia and in the Gulf of Mexico. I was proud to see that most pollution system business lines contributed to this performance as we continued to secure sizable bookings are also increasing. Our backlog for the future has our performance remained steady, supported by stable production and recovery spending and what construction declined slightly due to weaker land activity in North America and international markets.

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。 我很自豪地看到大多數污染系統業務線都對這一業績做出了貢獻，因為我們繼續確保大量預訂也在增加。 我們未來的積壓訂單使我們的業績保持穩定，這得益於穩定的生產和復甦支出以及由於北美和國際市場土地活動疲軟而導致的建築施工略有下降。

Overall these results demonstrate, I said these 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. I want to thank the SMB team for continuing to deliver for customers and shareholders in this dynamic environment. I'm extremely proud of their contribution and dedication to our performance strategy.

總的來說，這些結果表明，我所說的這些獨特的能力是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我們對資本紀律和運營效率的持續關注來駕馭不斷變化的市場的。 我要感謝 SMB 團隊在這個充滿活力的環境中繼續為客戶和股東提供服務。 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'm going to share some updates on our progress in digital. We delivered another quarter of strong digital growth as operators continue to increase our investments in digital technology to reduce cycle times and risk, enhance productivity, lower costs and Gabon and accelerate returns. This is present opportunities for high-margin growth. And we have taken a leading role in this space, but doing with our customers to accelerate that transition to the cloud, skidding new technology for drilling and production operations, and creating new markets by there being disruptive solution for data and AI.

接下來，我將分享我們在數位化方面的一些進展。 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，降低成本並加速回報，我們實現了另一個季度的強勁數位成長。 這是目前高利潤成長的機會。 我們在這個領域發揮了主導作用，但與我們的客戶一起加速向雲端的過渡，推動鑽井和生產作業的新技術，並透過數據和人工智慧的顛覆性解決方案創造新市場。

As part of this journey, we hosted a digital form in September when we brought more more than 1,000 customers and partners to innovate solutions and shape our shared vision of future. During this event, we launched the looming data and AI platform, which will accelerate advanced data ingenuity that capabilities at gate for SMB customers across the energy value chain. Today, we'll for approximately 150 AI and machine learning capabilities across our product and solutions. And we continue to work for customers and partners to innovate and deploy new ones.

作為這趟旅程的一部分，我們在 9 月舉辦了一次數位表單活動，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對未來的共同願景。 在此活動期間，我們推出了迫在眉睫的數據和人工智慧平台，該平台將加速先進的數據獨創性，為整個能源價值鏈的中小企業客戶提供支援。 今天，我們將在我們的產品和解決方案中提供約 150 種人工智慧和機器學習功能。 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 the number of cross-industry announcement during the fall. This includes a collaboration eventually out to double optionality value solution for energy as well as a partnership with Amazon Web Services to expand access to application from the Delphi platform and to evaluate the governors and decarbonization solution for Amazon digital infrastructure. Each of these agreements helps to expand our capability set and positions SLB as a key partner in digital and sustainability across the industry.

我們也公佈了秋季跨行業公告的數量。 這包括最終達成能源雙可選價值解決方案的合作，以及與亞馬遜網路服務的合作，以擴大對德爾福平台應用程式的訪問，並評估亞馬遜數位基礎設施的調控器和脫碳解決方案。 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. For the past few months, commodity prices have been under pressure. This is largely due to consume of an oversupplied market driven by higher output from non-OPEC plus produces uncertainty around OPEC plus supply releases, which are the month on China's growth. This has resulted in a cautionary approach to activity and discretionary spend by many customers. As highlighted in our Q3 results.

接下來我談談宏觀環境。 過去幾個月，大宗商品價格一直面臨壓力。 這主要是由於非歐佩克國家產量增加導致供應過剩的市場消費，這為歐佩克加上供應釋放帶來了不確定性，而這正是中國經濟成長的月份。 這導致許多客戶對活動和可自由支配的支出採取謹慎態度。 正如我們第三季業績中所強調的。

Despite this evolving market conditions, we believe the long-term fundamentals for oil and gas remain in place. Demand for energy is increasing, and energy security remains a global priority as witnessed by recent commodity price fluctuations due to geopolitical tension in the biggest in this environment, gas will continue to play an increasing all in the energy transition while all remain a large part of the energy mix for decades to come.

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。 能源需求不斷增加，能源安全仍然是全球優先事項，近期由於地緣政治緊張局勢導致大宗商品價格波動就證明了這一點，天然氣將繼續在能源轉型中發揮越來越大的作用，同時仍然是能源轉型的重要組成部分。

Internationally, gas investment remains strong, particularly in Asia, the Middle East and the North Sea and is expected to grow regardless of OPEC plus decision on oil production. Meanwhile, whereas short cycle or the investment has been more challenged, long-cycle deepwater logic globally and most capacity expansion project in Middle East remain economically and strategically sub everything.

在國際上，天然氣投資仍然強勁，特別是在亞洲、中東和北海，無論歐佩克和石油產量的決定如何，預計天然氣投資都會成長。 同時，雖然短週期或投資受到了更大的挑戰，但全球長週期深水邏輯和中東大多數產能擴張專案在經濟和戰略上仍然處於次要地位。

Specific to North America, we do not see U.S. activity rebound Veenendaal in the near term, and any potential increases in gas rigs could be quickly offset by further declining order rates due to increased operating efficiency. 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 adviser SLB. is well positioned to navigate in this evolving macro environment to have details or portfolio and multi-pronged strategic opposed a Costco digital and new energy.

具體到北美，我們認為美國的活動在短期內不會出現維嫩達爾的反彈，天然氣鑽機的任何潛在增長都可能被營運效率提高導致的訂單率進一步下降所迅速抵消。 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準。 隨著數位化和行業脫碳的長期趨勢。 擴展投資顧問 SLB。處於有利地位，可以在這個不斷變化的宏觀環境中導航，擁有與 Costco 數位和新能源相對的細節或產品組合和多管齊下的策略。

With that backdrop, let me conclude my opening remarks by sharing our outlook for the full year 2024 and our early thoughts regarding 2025. Specific to the fourth quarter, we expect muted revenue growth with a favorable mix of your and digital and product sales, partially offset led by E&P budget exhaustion, US land and cautious discretionary spending from certain international customers.

在此背景下，讓我透過分享我們對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。的良好組合，部分勘探與生產預算耗盡、美國土地和某些國際客戶謹慎的可自由支配支出導致的抵消。

And is continued cost optimization. We anticipate will deliver EBITDA margin expansion in the fourth quarter. For the full year 2020 for ongoing margin expansion will enable us to deliver full year adjusted EBITDA margins at or above 25%. Additionally, our strong cash flows, coupled with the announced sale of that by this asset in Canada, we support increase returns to our shareholders.

並且是持續的成本優化。 我們預計第四季 EBITDA 利潤率將擴大。 2020 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%。 此外，我們強勁的現金流，再加上加拿大宣佈出售該資產，我們支持增加股東回報。

In 2025, we see the potential for some spending in the international market to grow in the low to mid-single digits, while North America spending would be flat to slightly down. This directional outlook would depend on the geopolitical environment and commodity prices. I will share the data during January after we receive more feedback on customer budget.

到 2025 年，我們預計國際市場的部分支出有可能實現中低個位數成長，而北美支出將持平或略有下降。 這種方向性前景將取決於地緣政治環境和大宗商品價格。 在我們收到更多有關客戶預算的回饋後，我將在一月分享這些數據。

In conclusion as to be remains well positioned to deliver strong financial results as our optimized cost structure, portfolio rationalization, differential exposure to key international and offshore market and digital leadership, we support further margin expansion, higher cash innovation and increase returns to shareholders.

總之，由於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敞口以及數字領先地位，我們仍處於有利位置，能夠實現強勁的財務業績，我們支持進一步擴大利潤率、提高現金創新並增加股東回報。

I will now turn the 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. During the quarter, we recorded $0.02 of merger and integration charges relating to the acre subsea injunction next 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 consent in certain parts of our organization.

不計費用和貸項的第三季每股收益為 0.89 美元。 這意味著比上一季增加了 0.04 美元，與去年第三季相比增加了 0.11 美元，即 14%。 在本季度，我們記錄了與下一英畝海底禁令相關的合併和整合費用0.02 美元，以及與我們上季度啟動的計劃相關的0.04 美元費用，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同意。

Overall, our Q1 revenue of $9.2 billion was essentially flat sequentially. However, the third quarter represented another quarter of both sequential and year-on-year margin expansion, despite revenue growth rates moderating. These improvements were driven by very strong digital and integration and margins combined with the effect of the cost optimization program I just mentioned.

總體而言，我們第一季的營收為 92 億美元，與上一季基本持平。 然而，儘管營收成長率放緩，但第三季的利潤率仍連續和同比增長。 這些改進是由非常強大的數位化、整合度和利潤率以及我剛才提到的成本優化計劃的效果所推動的。

Additionally, the resilient long-cycle production systems business continued its top-line growth and margin improvement journey, benefiting from its strong backlog. Sequentially, our pretax segment operating margin expanded 48 basis points to 20.8%. Company-wide adjusted EBITDA margin increased 55 basis points to 25.6%, representing the highest level since the first quarter of 2016.

此外，有彈性的長週期生產系統業務受益於其強勁的積壓訂單，繼續其營收成長和利潤率改善之旅。 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%。 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. 3q. Digital & Integration revenue of 1.1 million increased 4% sequentially with margins expanding 456 basis points to 35.5%. The sequential revenue growth was entirely due to higher digital sales as ETS revenue was flat. 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.

現在讓我回顧一下每個部門的第三季業績。 3q。 數位與整合收入為 110 萬美元，季增 4%，利潤率擴大 456 個基點，達到 35.5%。 營收季增完全歸因於數位銷售的增加，而 ETS 收入則持平。 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 revaluation revenue in Latin America and the Middle East. Margins contracted 53 basis points due to the unfavorable technology mix.

由於國際市場較高的干預活動被拉丁美洲和中東較低的重估收入所抵消，18 億美元的水庫績效收入與上一季持平。 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. Margins decreased 19 basis points as a result of the lower activity.

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

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。 由於人工舉升完工的獲利能力提高，利潤率擴大 110 個基點至 16.7%。 所以階段和中游生產系統。

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. This represents a $1 billion increase in free cash flow as compared to last quarter, largely due to significant customer collections. Capital investments, inclusive of CapEx and investments in ATS projects and exploration data were $644 million in the first quarter. For the full year, we are still expecting capital investments to be approximately $2.6 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。 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。 第一季的資本投資（包括資本支出以及對 ATS 項目和勘探數據的投資）為 6.44 億美元。 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, the PALISADE EPS project in Canada. This transaction will reduce our direct exposure to commodity prices and the associated earnings volatility as well as reduce our capital intensity. It also allows us to eliminate significant future abandonment liabilities. Under the terms of the agreements, we received cash proceeds of approximately USD430 million, subject to closing adjustments that are typical for such a transaction.

在併購方面，正如昨天宣布的那樣，我很高興地報告，我們已經在加拿大簽署了最終的 PALISADE EPS 項目。 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。 它還使我們能夠消除未來重大的遺棄責任。根據協議條款，我們收到了約 4.3 億美元的現金收益，但需根據此類交易的典型成交調整進行調整。

This transaction will also result in us removing asset retirement obligations from our balance sheet. We have a present value of approximately $280 million. This transaction, which is subject to regulatory approvals and other customary closing conditions, is expected to close before the end of this year.

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。 我們的現值約為 2.8 億美元。 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 we're making. We now anticipate the transaction to more likely close in the first quarter of 2025.

轉向即將進行的 ChampionX 收購。 雙方的整合團隊一直在密切合作，我們對所取得的進展感到非常滿意。 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. During the third quarter, we repurchased 11.3 million shares of our total purchase price of 501 million. As a result of our strong cash flow performance, we expect to maintain this level of buyback in the fourth quarter.

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。 第三季度，我們回購了 1,130 萬股，總收購價為 5.01 億股。 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 commitments to return $3 billion to our shareholders in 2020 for stronger more, 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.

因此，我們將超越先前的承諾，在2020 年向股東返還30 億美元，以實現更強大的目標。現金流的能力的信心。

I will now turn the conference call back to Andy.

我現在將電話會議轉回給安迪。

Thank you, Stéphane. Ladies and gentlemen, we will open the floor to your questions.

謝謝你，斯特凡。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, good morning, Olivier and Yvonne. So and includes a obviously a more muted top line growth as we go through 25 is kind of expected here, but you guys have a lot of initiatives underway that will drive, I think, margin EBIT margin journey. The margin expansion journey, I guess is that it would I put it. Could you could you talk about some of the drivers there and how you see yourself on how you see that unfolding as we go through the year? I know you don't want to give too many specifics yet on the year, given the budget's been quantified. But term, just maybe help us a little bit on how this could unfold.

嘿，早上好，奧利維爾和伊馮。 因此，隨著我們進入 25 年，我們預計收入成長顯然會更加溫和，但你們正在進行許多舉措，我認為這將推動利潤率 EBIT 利潤率之旅。 我想這就是利潤擴張之旅。 您能否談談其中的一些驅動因素以及您如何看待自己以及您如何看待這一年的發展？ 我知道鑑於預算已經量化，您還不想透露今年的太多細節。 但術語，也許可以幫助我們了解這一切如何展開。

Yes. Good question. Thank you. Thank you, Jayme. So yes, indeed, we have the ambition to maintain our margin expansion journey as we enter 2025, our exit rate of 2024 with the results we have delivered in Q3. The ambition we have and the statement was made on further expansion in the fourth quarter will bode very well as we enter 2025 to start the year with a quick, if I may.

是的。 好問題。 謝謝。 謝謝你，杰梅。 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 年退出，並取得第三季的業績。 我們的雄心壯志以及第四季度進一步擴張的聲明將是一個好兆頭，因為我們進入 2025 年，可以快速開始新的一年。

I now looking forward, I think the guidance at this point market spend would indicate that there would benefit from another year of international growth outpacing North America, which again place and plays in our favor from a margin mix. And obviously, the combination of our digital technology, a technology that premium will continue to play favorably as we accelerate the technology introduction and continue the journey and ambition we have on the on digital to reach approximately $3 billion in the hands of a year of strong growth.

我現在展望未來，我認為目前市場支出的指導將表明，國際成長將在另一年超過北美，這將再次從利潤率組合中發揮對我們有利的作用。 顯然，我們的數位技術的結合，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，在一年的強勁增長中，這項技術的溢價將繼續發揮有利作用，達到約30 億美元生長。

And finally, I think we have initiated some cost out and operating efficiency focus for our team and our team. And this is already flowing through into our results and expect this to take full scale in 2025.

最後，我認為我們已經為我們的團隊和我們的團隊啟動了一些成本節約和營運效率關注點。 這已經體現在我們的業績中，並預計在 2025 年全面實現。

Got it. Okay. Great. And then now that were a little over a month out from your digital form that she held recently. Could you maybe share some of your initial thoughts on the success of the form? It seem to me at least is that the the uptake from in digital? And clearly, we just mentioned $3 billion in revenue, but for next year, but digital is the uptake is accelerating. And the year, the quality of the visual uptake, not just the cloud, but also used. All the AI. tools has accelerated as well. But I wanted to get sure you're at now that we've gotten underway, your thoughts on that.

知道了。 好的。 偉大的。 現在距離她最近持有的數位表格已經過了一個多月。 您能否分享一下您對該表格成功的一些初步想法？ 至少在我看來，這是數位化的吸收？ 顯然，我們剛剛提到了 30 億美元的收入，但對於明年，數位化的採用正在加速。 而當年，視覺品質的攝取，不只是雲，還有用。 所有的人工智慧。工具也在加速發展。 但我想確定一下您對我們的想法是否已經開始。

Now. I think up first up, I'm very pleased to report that this was our most likely on many aspects of our best term for them ever. And from the size, the scale of the attendance at the end of partners that came to join us, the number of customers that came and the spread on technology, I think we were having the opportunity to add opportunity to show the digital value proposition where 14 industry across the different domains from Georgetown subset Phase 2a operations showed that we have indicated platform, open platform approach with partners and the WebEx through extending our technology from a at the historic cola on-prem to cloud edge and now a guy including Gen-i.

現在。 首先，我很高興地向大家報告，從很多方面來看，這都是我們有史以來最有可能為他們提供的最佳任期。 從規模、前來加入我們的合作夥伴的出席規模、到來的客戶數量以及技術的傳播來看，我認為我們有機會增加展示數位價值主張的機會喬治城子集第2a 階段運營中不同領域的14個行業表明，我們已經與合作夥伴和WebEx 表明了平台、開放平台方法，透過將我們的技術從歷史悠久的可樂本地部署擴展到雲端邊緣，現在包括Gen-我。

So I think this is attending to and not really a validation by many customers that we can impact all aspects of the operation, unlock value in productivity in the Joe sound space in operation for perform months and in reducing costs and carbon going forward. So the pickup, if any that I have is that this market in term of TAM will expand going forward, will accelerate the expansion as customers realize that the days maturities to offer frame guys maturing to the the partnership ecosystem that we have developed.

因此，我認為這只是關注，而不是許多客戶的真正驗證，即我們可以影響營運的各個方面，釋放 Joe 音響空間在營運數月中的生產力價值，並降低未來的成本和碳排放。 因此，如果我有什麼看法的話，那就是這個 TAM 市場將繼續擴大，隨著客戶意識到為我們開發的合作夥伴生態系統提供框架的日子已經成熟，該市場將加速擴張。

And there is opportunity for them to capture this as they want to extract efficiency as they want to be more competitive. And I believe that the opportunity here is to accelerate the adoption of the two books that we have to invest. And in the last 10 years to up particularly a benefit from digital operation phase one. The main that I think as has really blossomed in the last the last 18 months is digital operation and production drilling, autonomous operation optimization, edge AIP. occasion that are really game changing the way we can perform with our customers, and that's where the future. So longer term going beyond the cycle growing for the long-term as a business for us.

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。 我相信這裡的機會是加速我們必須投資的兩本書的採用。 在過去 10 年裡，數位化營運第一階段尤其受益匪淺。 我認為在過去 18 個月裡真正蓬勃發展的主要是數位化營運和生產鑽探、自主營運優化、邊緣 AIP。真正改變我們與客戶合作的方式的場合，這就是未來。 因此，從長遠來看，作為我們的一項業務，超越了長期成長的周期。

Thanks very much.

非常感謝。

David Anderson, Barclays.

大衛安德森，巴克萊銀行。

Good morning, Arnie. So only customers. So if your customers are being more cautious based on larger projects are still moving ahead, are it seems pretty clear the cycles kind of plateauing here, our international spending, you're saying now low, mid single digits next year. If you look at the prior cycle, the second half of that was really driven by sustained deepwater development.

早安，阿尼。 所以只有客戶。 因此，如果您的客戶因大型專案仍在推進而變得更加謹慎，那麼這裡的周期似乎很明顯處於穩定狀態，我們的國際支出，您現在說明年將是低中個位數。 如果你看一下前一個週期，你會發現後半段實際上是由持續的深水開發所驅動的。

So my question is, do you think Warren can once again be a driver of growth rate beyond 25 is like 300 billion in FID in the last few years? You just announced a slew of Petrobras towards today, and I have maybe answering them on Horizon three question is, is that enough to drive growth overall spending higher? Or is it just really a function of oil prices, the infrastructure improved in order to kind of get to cycle kind of reaccelerate?

所以我的問題是，你認為沃倫是否可以再次成為過去幾年 FID 超過 25 億美元成長率的推動者？ 您今天剛宣布了一系列巴西國家石油公司的計劃，我可能在地平線第三個問題上回答了他們，這是否足以推動整體支出的成長？ 或者這實際上只是石油價格的函數，基礎設施的改善是為了某種程度的重新加速？

Yes. I think you have seen no realization that when commodity prices are under pressure, there is some pressure on short cycle that is suppressed and that may come back and we'll come back as soon because it impacts the infill drilling in the pack in terms of connectivity impact, short-cycle and commercial in some region. But it will most likely come back as soon as the commodity price a regain traction.

是的。 我認為您沒有意識到，當大宗商品價格面臨壓力時，短期週期會受到一些壓力，這種壓力可能會回來，我們會盡快回來，因為它會影響到填充鑽探連通性影響、短週期和部分地區的商業化。 但一旦大宗商品價格重新獲得牽引力，它很可能就會回歸。

But the long-cycle, apart from some decision on timing and project execution have been untouched. And we've got other your strong exploration activity that has unlocked a new reserve that as a break as a new feature pipeline of deepwater, as you've heard and seen across America across South Africa, of course, there is many, Danny and across Asia where gas is critical.

但除了時間安排和專案執行方面的一些決定外，長週期並沒有受到影響。 我們還有其他強大的勘探活動，解鎖了一個新的儲備，作為深水新功能管道的突破，正如您在美國和南非所聽到和看到的那樣，當然，有很多，丹尼和在天然氣至關重要的亞洲地區。

And the combination of these, as you know, I will be launching every year this year. I think the total of choice ID will approach $100 billion. And we expect that this rate of 100 beyond that I cited for offshore remain at that level or higher for the next two or three years. So the cumulative of a 23 to 26 off of offshore will exceed $500 billion of choice IT. 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.

如你所知，今年我每年都會推出這些產品的組合。 我認為選擇 ID 的總額將接近 1000 億美元。 我們預計，在未來兩三年內，這一 100 的比率將保持在該水平或更高水平，超出我所引用的離岸市場比率。 因此，23 到 26 個離岸IT 專案的累計價值將超過5000 億美元。 這表明該項目將執行超過 25 個，超過 26 個，並將成為該行業未來的成長引擎。

I'm afraid to hear the arm. We are also great to hear there is and how the Polish embark on glad to put that behind us. And now we can kind of focused much more in the digital business, of course. And I guess one thing that you had talked about our platform with our digital has been accretive accretive to growth and margin calls for declared. Matt, why don't you hit your metrics, Tom,

我害怕聽到手臂的聲音。 我們也很高興聽到有這樣的情況，以及波蘭人如何高興地將其拋在身後。 當然，現在我們可以更加關注數位業務。 我想您在我們的數位平台上談論的一件事一直在促進成長和宣布的保證金要求。 馬特，你為什麼不達到你的指標，湯姆，

I don't think you're ready to give up a new target here. Otherwise, you probably would have already done that. But I guess I'm just wondering about is where you see that growth coming from a you just talked about ceramic production side. So maybe that's not unlike growth, but a big part of this has been coming together can after from Hawaii construction. I'm wondering, deepwater can be also a huge driver of the business going forward.

我認為你還沒準備好放棄新的目標。 否則，你可能已經這麼做了。 但我想我只是想知道您剛才談到的陶瓷生產方面的成長來自哪裡。 所以也許這與成長沒有什麼不同，但其中很大一部分是在夏威夷建設之後聚集起來的。 我想知道，深水也可以成為未來業務的巨大推動力。

It is already. I think we are redeploying our well construction automation and optimization, autonomous operation, some offshore rigs and they can use developments when with the cost of rig operation matters. And this is something that will unlock the future. But I think you will our split into three categories. Ray, I think you have them. You have a platform transition cloud transition that has happened that affect the more than 1,001 thousand 500 customer. We have.

已經是了。 我認為我們正在重新部署我們的油井建設自動化和優化、自主操作和一些海上鑽井平台，當鑽井平台營運成本問題時，他們可以使用開發成果。 這將開啟未來。 但我想你會把我們分成三類。 雷，我想你有它們。 您已經發生了平台轉型雲端轉型，影響了超過 1,001,000 500 位客戶。 我們有。

It's a long transition that will continue to happen. one customer at the time cloud transition that we continue to drive of Delphi adoption across our customer space in Joseph Johnson and will continue to see this affecting and and being a long cycle, a long period of growth for years to come as a driver. The Circle Nisa, as you mentioned, as I mentioned, the digital operation between production and drilling with the measures of edge application, the Amazons of autonomous optimization application. And it is both seen by the digital services that our core our goods division offering well construction pollution system and those other bonds with having a much success with this digital offering that they are putting on the back of our Delphi. And we see into the pickup of our production and drilling operation capability by the customer themselves.

這是一個長期的轉變，並將繼續發生。 雲端轉型時的一位客戶表示，我們將繼續推動約瑟夫·約翰遜(Joseph Johnson) 在整個客戶領域採用德爾福(Delphi)，並將繼續看到這種影響，並且是未來幾年的長週期、長增長期的驅動因素。 Circle Nisa，正如您所提到的，正如我所提到的，生產和鑽井之間的數位化操作以及邊緣應用的措施，自主優化應用的亞馬遜。 從數位服務中可以看出，我們的核心產品部門提供了良好的建築污染系統，而其他債券則在德爾福的數位產品方面取得了巨大成功。 我們也研究了客戶自己對我們生產和鑽井作業能力的提升。

And finally, and the third leg of growth in our digital portfolio, we is the Amazons of the new data and AI capability as you have seen the Lumi that we have put in place. So we combined these three over the future lies and this will continue to be digital. As a consequence, we continue to be continued 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. So that's the way we see it. And I will not at this point to set the target for this next, but we will continue to see growth beyond 2025. With this context.

最後，也是我們數位產品組合成長的第三條腿，我們是新數據和人工智慧功能的亞馬遜，正如您所看到的，我們已經部署了 Lumi。 因此，我們在未來將這三者結合起來，這將繼續是數位化的。 因此，我們將繼續成為不斷成長的 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。 這就是我們的看法。 目前我不會設定下一步目標，但我們將在 2025 年之後繼續看到成長。

Thank you very much.

非常感謝。

Scott Gruber, Citigroup.

史考特‧格魯伯，花旗集團。

Yes, planning and glad to hear the sources of growth next year. I want to ask a question that were where we tried to separate the operating leverage that results from a growth from other margin drivers. So if we assume that upstream spending is flattish for the next three years, is there a certain level of margin expansion that you have visibility through further cost optimization and further growth in digital? I assume you would challenge the organization to continue to expand margins in a flat backdrop. I'm just curious what that potential rate of margin improvement could be.

是的，正在計劃並很高興聽到明年的成長來源。 我想問一個問題，我們試著將成長帶來的營運槓桿與其他利潤驅動因素分開。 因此，如果我們假設未來三年上游支出持平，那麼透過進一步的成本優化和數位化的進一步成長，您是否可以看到一定程度的利潤擴張？ 我認為您會挑戰該組織在平坦的背景下繼續擴大利潤率。 我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 on our margin expansion on data on that, the upstream spending outlook. And and as you actually mentioned, it comes from from several components. It IT governance primarily, I would say from a from the mix of activities in our various divisions, as we've indicated in digital is a booster to our overall company margins, technology mix performance to the margins as well.

所以是的。 首先，我們確實不僅在第四季甚至 2025 年看到上游支出前景數據的利潤率進一步擴張。 正如您實際上提到的，它來自多個組件。 我想說的是，它主要是 IT 治理，來自我們各個部門的活動組合，正如我們在數位領域所表明的那樣，數位化是我們公司整體利潤的助推器，技術組合績效也提高了利潤。

And yes, there's a there's an element of cost optimization, not only from the program. We we started at the end of last quarter, sorry, at the beginning of last quarter of Q3, but also from our continuous focus on the on cost, we will continue to adjust the delivery resources based on level activities, and we will continue to look for further optimization in infrastructure. So it's a mix of all these components that will continue to push our margins into a into 2025.

是的，存在成本優化的因素，而不僅僅是來自該計劃。 我們是從上季度末開始的，抱歉，是在Q3的最後一個季度初，但是也是從我們對成本的持續關注來看，我們會根據級別活動不斷調整交付資源，我們會繼續尋求基礎設施的進一步最佳化. 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. It's defined on how the financials you will be impacted by the power sale, how much EBITDA from down, how much CapEx comes out?

知道了。 它定義了電力銷售將如何影響您的財務狀況、EBITDA 下降多少、資本支出有多少？

Yes. So we are on balance. So we generate approximately $500 million of revenue per year on the asset than risk governance with pretax margins in the in the high 30s. Now you mentioned something very important. It also removes a quite a bit of investment, but we need to inject every year to maintain this number also with the CapEx is about a $150 million earlier.

是的。 所以我們處於平衡狀態。 因此，我們每年透過該資產產生約 5 億美元的收入，而不是風險治理，稅前利潤約在 30 美元以上。 現在你提到了一些非常重要的事情。 它還消除了大量投資，但我們需要每年註入資金才能維持這個數字，而先前的資本支出約為 1.5 億美元。

And as I mentioned as well in my prepared remarks, something not due to underestimate is removing in a future abandonment liabilities, which are which discounting the are about $280 million, but undiscounted are close to $1 billion. That's a good thing. This is going away from our balance sheet and the NT. and L., and it will reduce earnings volatility and capital intensity.

正如我在準備好的發言中提到的，並非低估的因素正在消除未來的廢棄負債，折現後的負債約為 2.8 億美元，但未折現的負債接近 10 億美元。 這是一件好事。 這將遠離我們的資產負債表和 NT。和L.，它將降低收益波動性和資本密集度。

Appreciate the color. Thank you.

欣賞顏色。 謝謝。

Arun Jayaram, JPMorgan.

阿倫‧賈亞拉姆，摩根大通。

Good morning, Olivier. You framed it that you're seeing a little bit of cautiousness in some of the short-cycle markets, North America, international oil with some resiliency and long-cycle gas and deepwater opportunities. I was wondering if you could care how would you characterize the price the current pricing dynamics internationally, just relative to your expectations of margin expansion from here?

早上好，奧利維爾。 您認為，您在一些短週期市場、北美、具有一定彈性的國際石油以及長週期天然氣和深水機會方面看到了一點謹慎。 我想知道您是否關心您如何描述當前國際定價動態的價格，僅相對於您對利潤擴張的預期？

I think we believe that the pricing environment is still a positive constructive. I would say, I think first to realizing that the industry is on capital discipline and industry has no spare capacity to move and two to place. And as I can take on some performance, technology and integration capabilities will give us opportunity to to support our pricing. And I don't see it in the current environment changing very much.

我認為我們認為定價環境仍然是積極的建設性的。 我想說，我認為首先要認識到該行業受到資本約束，並且該行業沒有多餘的產能可以轉移，兩個可以放置。 由於我可以承擔一些性能、技術和整合能力，這將使我們有機會支持我們的定價。 我認為在當前環境下它不會發生太大變化。

Fair enough. I had a follow up on new energy. You guys press release an update on your lithium DLE pilot in the quarter in Nevada, which highlighted a very high kind of recover iterate. I was wondering if you could talk about alleviate the next steps to commercialize this technology, how competitive the extraction cost today versus existing technology. Is wondering if you could just maybe frame the growth opportunity from lithium.

很公平。 我對新能源進行了跟進。 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恢復迭代。 我想知道您是否可以談談將該技術商業化的下一步措施，以及當今的提取成本與現有技術相比有何競爭力。 想知道您是否可以框架一下鋰的成長機會。

As you pointed out, I think first, we are very pleased to have achieved these milestones. Again, the milestones has been to produce lithium carbonate from our demonstration plant in Nevada using a drug concentration and purification process that we have indicated with our own IDM using summer. It takes a lot of technology and putting this together and then working for months to two units to digitally optimize it and to analyze this.

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。 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，使用我們在夏季使用我們自己的 IDM 所表明的藥物濃縮和純化過程。 這需要大量的技術並將其組合在一起，然後花費數月的時間對兩個單元進行數位最佳化並進行分析。

So our plan for all his arm is to go to work with a prospective partners and customers to see how this technology can be used and scaled to respond to a big demand that exists and some plans that some of our customers and partners have announced to use daily as metals to extract a lot John and producing them in large quantity in coming years. So we are looking for a while to use this technology to skinny to application as a license technology or was a partner where we will develop and run going forward. This technology with with our customers and partners. That's the way we look into it. And again, very good first and benchmark performance for such as the plant and exciting prospect long-term prospect for us in this new space.

因此，我們對他所有部門的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宣布使用的一些計劃每天作為金屬提取大量約翰並在未來幾年大量生產。 因此，我們正在尋找一段時間來使用這項技術來作為授權技術進行應用，或成為我們未來開發和運作的合作夥伴。 這項技術與我們的客戶和合作夥伴一起使用。這就是我們的研究方式。 再說一遍，該工廠的首次和基準性能非常好，而且我們在這個新領域的長期前景令人興奮。

Great. Thanks a lot.

偉大的。 多謝。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛。

Yes. Good morning, team. A couple financial questions. As many as we think about 2025 number, you had talked about that $10 billion EBITDA target for 25 on a 20% CAGR in light of some that that macro commentary. Can you just talk about some of those moving pieces as it relates to that guidance? You've given us a lot of moving pieces, but I'd like to just kind of tie that out.

是的。 早上好，團隊。 幾個財務問題。 正如我們想到的 2025 年數字一樣，您曾談到 25 年 100 億美元的 EBITDA 目標，複合年增長率為 20%，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？ 你給了我們很多感人的片段，但我想把它們連結起來。

So from a sensor and also so really yet, again, margin expansion is we are laser focused on this. We've been increasing EBITDA margins for your on your of for 15 consecutive quarters, and we don't intend to subservice VCs are this is our mission. And as I have Blaine, it's made of of several types of components.

因此，從感測器來看，實際上，我們再次專注於擴大利潤。 我們已經連續 15 個季度提高您的 EBITDA 利潤率，而且我們不打算為風險投資提供服務，因為這是我們的使命。 正如我所擁有的 Blaine，它是由多種類型的組件組成的。

Now to your specific question on 2025 and the absolute value of the of EBITDA compared to our to our long-term 21 to 25 Geiger ambitions, it is possible that, indeed, with the with the current macro outlook, again, to be to be refined than if we exclude for the moment, just to compare apples to apples with apples, sorry, if we exclude some generics, it's possible that the 21 to 25 Tiger, and we'll finish more in the high 10s rather than breaking that 20% mark.

現在，關於您關於 2025 年的具體問題，以及 EBITDA 的絕對值與我們的 21 至 25 Geiger 長期目標相比，確實，根據當前的宏觀前景，有可能是比我們暫時排除的情況要精細，只是為了將蘋果與蘋果進行比較，抱歉，如果我們排除一些仿製藥，則可能是21 至25 Tiger，我們將在前10 名中完成更多，而不是突破20 ％ 標記。

Thanks. That's really helpful. And then it was a super quarter for free cash flow and a has been our model by quite a bit, very strong collections. Can just talk about how you're thinking about. First of all, talk about the go-forward for for working capital and just the free cash profile into next year as well, including CapEx, which has been again trending in a constructive way.

謝謝。 這真的很有幫助。 然後這是自由現金流的超級季度，並且已經成為我們的模型，有很多非常強大的系列。 可以簡單談談你的想法。 首先，談談明年的營運資金和自由現金狀況，包括資本支出，資本支出再次以建設性的方式發展。

Yes, totally. So yes, we maintain capital discipline for sure. So this is a this is quite predictable, and it's a bit too soon to talk about CapEx for next term. But rest assured, it's going to the same capital discipline clearly will be well considering the macro environment. So. So now specifically to to our Q3 free cash flow, yes, always in the second half, we generate most of the year of free cash flow. And in Q3, this was in the way back more of an exacerbated compared to two of the year also. So yes, Q3 was very strong. And as we highlighted and as you mentioned, it really it was really driven by customer collections in a way. Q2 was a little bit low on collections of is a bit of a of a catch-up effect. And And Q4 will essentially be dependent on it will be strong. It will also be dependent on customer collections. But the as you can see, we do expect volatility in those collections from quarter to another.

是的，完全可以。 所以，是的，我們肯定會維持資本紀律。 因此，這是完全可以預測的，現在談論下個任期的資本支出還為時過早。 但請放心，同樣的資本紀律顯然會很好地考慮宏觀環境。 所以。 現在具體來說我們第三季的自由現金流，是的，總是在下半年，我們產生了一年中的大部分自由現金流。 在第三季度，與今年的兩次相比，情況更加嚴重。 所以是的，第三季非常強勁。 正如我們所強調的和您所提到的，在某種程度上，它確實是由客戶收藏所驅動的。 第二季的收藏量有點低，有點追趕效應。 第四季度基本上將依賴它的強勁。 它還將取決於客戶的收藏。 但正如您所看到的，我們確實預計這些系列會隨著季度的變化而波動。

So we will continue to push will In addition, nutrition is the behavior on the on a high note as it relates to working capital and free cash for working cap will continue to and to release as we finish the year and going into next year, again, a bit too soon to give you a number of our free cash flow. But definitely it will be higher than the than 2024, not only from our own operations, but of course, with the with the addition of transgenics. And and this is why we are quite comfortable to reaffirm or $4 billion target returns to shareholders for for next year because free cash flow will increase in '25.

因此，我們將繼續推動意志。你一些我們的自由現金流還為時過早。 但肯定會高於 2024 年，這不僅來自我們自己的運營，當然還包括基因改造技術的加入。 這就是為什麼我們很樂意重申明年股東回報 40 億美元的目標，因為自由現金流將在 25 年增加。

Craig, thanks, team. Thank you.

克雷格，謝謝，團隊。 謝謝。

Kurt Hallhead, Benchmark.

庫爾特‧霍爾黑德，《基準》。

Hi, good morning. Talking about that netted high barriers to getting everybody this morning on. So Olivier data in our highlights on a more tempered outlook as you go out into the 25. So appreciate that in the context of those dynamics, usually as the industry kind of goes into a more of a more moderate growth for some markets cannot go into a little bit of a slowdown there, some pricing pressures that maybe you can come along with that. I'm just wondering if you're starting to see are starting to have some of those conversations with your customer base and what if not, what may be different than kind of driving good discussions with the customers that go around?

嗨，早安。 今天早上談論這個問題給大家帶來了很大的障礙。 因此，奧利維爾（Olivier）數據在我們的重點中強調了進入25 年後的前景會更加溫和。進入那裡有一點放緩，也許你可以隨之而來一些定價壓力。 我只是想知道您是否開始看到與您的客戶群進行一些對話，如果沒有，那麼與周圍的客戶進行良好的討論可能會有什麼不同？

Yes. I think in all cycles at any point in the cycle, I think we will always get the under competitive pressure under pressure from a customer to lower the cost of proportional improve and for the value, we believe that I think first and foremost, as long as we continue to perform Cadia value exceeded expectation on the performance of operation, we'll release that any pressure would go with that could come from a competitive and or from a from a customer aspect.

是的。 我認為在所有周期中的任何一點上，我認為我們總是會受到來自客戶的競爭壓力，要求降低比例改進的成本，並且為了價值，我們認為我認為首先也是最重要的，只要隨著我們繼續實現卡迪亞價值超過預期的營運績效，我們將釋放隨之而來的任何壓力可能來自競爭和/或來自客戶方面。

Secondly, we believe that the industry is tight on capacity, capacity, equipment capacity of critical new technology and and the industry has demonstrated likely a strong capital discipline that as restrain this is risk, I would say. But as long as I think as long as we maintain a very high customer satisfaction to our performance, continued to deliver our technology continued to deliver on ticket at the value proposition, I think we will relieve any pressure that could arise in into a moderating growth on government and defense, our pricing and further improve our pricing when as it matters and handset protect our margins. Going follow-up. So it's a matter of execution. It's a matter of relationship, but it's also a matter of capital discipline across industry. And I believe the condition in the cycle as a bit different than what we have so far in the past.

其次，我們認為該行業在關鍵新技術的產能、產能、設備能力方面很緊張，而該行業可能表現出強大的資本紀律，我想說，這就是風險。 但只要我認為，只要我們對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，繼續按照價值主張提供服務，我認為我們將緩解增長放緩中可能出現的任何壓力在政府和國防方面，我們的定價並在重要時進一步提高我們的定價，手機保護我們的利潤。 正在跟進。 所以這是一個執行的問題。 這是關係的問題，也是整個產業資本紀律的問題。 我認為週期中的情況與過去的情況有些不同。

And I'm Luke at this constructively follow-up. You guys coming full circle to your digital form great event. By the way, what nontaxable kind of post the post meetings and so on and so forth. You know what we're going to one or two things that came out of those those meetings and discussions with potential clients of yours for your candor, there's a I product, you know, always surprising to you. They maybe didn't anticipate going.

我是盧克，參與這次建設性的後續行動。 你們圓滿結束了你們的數位形式盛會。 順便說一句，什麼是免稅的貼文、貼文會議等等。 你知道我們會從這些會議和與你的潛在客戶的討論中得出的一兩件事來表達你的坦誠，有一個我的產品，你知道，總是讓你感到驚訝。 他們可能沒想到會去。

I think the customers were, I think, first, many of them perhaps, but it themselves and 150 papers were presented by our customers, more than 10 of them presented their own application of digital to other customers that I think it was from a lot of learnings from for customers to watch each other and to learn from each other on how they use digital technology to unlock value.

我認為客戶首先可能是他們中的許多人，但我們的客戶本身和 150 篇論文，其中 10 多個客戶向其他客戶展示了他們自己的數字應用程序，我認為這是來自許多客戶客戶可以互相觀察並互相學習如何使用數位科技來釋放價值。

So if anything, I take away, I think at the high level, I think so and I realize that we are more than just the one Joe sensor application on the cloud and digital value proposition that expense costs, additional domain and across different technology stack, on-prem, cloud edge AI and the cost of the fundamental silencing and pollution sort of fulfill the full a value proposition we have in digital, I think, did surprise me that the customers as we continue to expand and have now a very comprehensive offering. That's the first takeaway.

因此，如果有什麼的話，我認為在高層，我是這麼認為的，我意識到我們不僅僅是雲端上的一個喬感測器應用程式和數位價值主張，費用成本，額外的領域和跨不同的技術堆疊我認為，本地部署、雲端邊緣人工智慧以及基本沉默和污染的成本完全滿足了我們在數位領域的價值主張，我認為，讓我感到驚訝的是，隨著我們不斷擴展，客戶現在擁有非常全面的奉獻。 這是第一個外帶。

I think the second is and I think the emergence of a I as I said, I expect the for the for the industry to unlock more value of digital, this industry data data, which I will say as we have deployed, as you heard 160 engineered, a I flew the main physics and full of the latest data sounds technique to unlock more performance into a digital application and the latest announcement of looming as a platform that complements Delphi and as a platform for putting and accessing all E&P data in one, a framework to integrate all the application across seamlessly and finally, to create a framework that allows our customers to use AI application and data sets across the different domains and unlock new insight.

我認為第二個是，我認為正如我所說，我希望為行業釋放更多數位價值，這個行業數據數據，我會說，正如我們已經部署的那樣，正如您所聽到的160設計，我飛行了主要物理和充滿最新的數據聲音技術，以釋放數位應用程式的更多性能，並且最新宣布即將成為一個補充德爾福的平台，並作為一個將和訪問所有勘探與生產數據的平台，一個無縫整合所有應用程式的框架，最終創建一個框架，讓我們的客戶可以跨不同領域使用人工智慧應用程式和資料集並解鎖新的見解。

Okay. New performance that's sort of Leumi data and AI is gaining a lot of inbound requests as we have just announced it. And we'll certainly be a factor of growth in the future as the industry recognize that there is a lot to and not from beta to liberate data and to realize value to a I including January application to develop, as you have heard with partners like NZD on these calls and others.

好的。 正如我們剛剛宣布的那樣，Leumi 數據和人工智慧的新性能正在獲得大量入站請求。 我們肯定會成為未來成長的一個因素，因為行業認識到，要解放數據並實現包括一月份應用程式開發在內的價值，還有很多工作要做，而不是從測試版開始，正如您從合作夥伴那裡聽到的這些電話和其他電話的紐元。

That's great. I appreciate that insight. Thank you.

那太棒了。 我很欣賞這種洞察力。 謝謝。

Saurabh Pant, Bank of America.

索拉布潘特，美國銀行。

Hi, good morning or Libyans defense as a good month. Good morning, Cai. I know there have been a lot of questions on digital, but I had one a conceptual one I don't mind, Olivier, as we think about on the upstream cycle maturing and growth slowing. I know digital has its own secular drivers. Slb specific drivers of growth in digital should be very different versus upstream spending. But conceptually or maybe how should we think about a variance that sensitivity to digital growth opportunity relative to what the upstream market is doing for growth in upstream spending slows from 10% to, let's say, low to mid-single digit that they do too much to digital growth outlook on our direct materially unrelated to we can.

嗨，早上好，利比亞的防守是個好月份。 早安，蔡。 我知道關於數位化存在著許多問題，但我有一個概念性的問題，我不介意，奧利維爾，因為我們正在考慮上游週期的成熟和成長放緩。 我知道數位化有其自身的長期驅動力。 SLB 數位成長的具體驅動因素應該與上游支出有很大不同。 但從概念上講，或者也許我們應該如何考慮這樣一種差異：相對於上游市場為上游支出成長所做的事情，對數位成長機會的敏感度從10% 放緩至低至中個位數，因為他們做得太多了數位成長前景與我們能否實現直接實質上無關。

I think as we are very early in the curve of adoption of digital, I believe that largely uncorrelated at this point and we see the TAM total addressable market of digitally now industry in upstream are actually going as the market may be moderating from upstream CapEx. We believe that the size of digital will actually, by contrast the growth and our ability to not only participate fully but also gain share in this market and a lot of white space in this market, such as with a limited time, I am of edge autonomous operation. I think we'll see a twice a loan growth opportunity that I will be largely the correlated.

我認為，由於我們正處於數位化採用曲線的早期階段，我相信在這一點上基本上不相關，而且我們看到上游數位化產業的TAM 總可尋址市場實際上正在發展，因為市場可能會因上游資本支出而放緩。 我們相信，相較之下，數位化的規模實際上會成長，我們不僅能夠充分參與，而且能夠在這個市場中獲得份額，並且在這個市場上有很多空白，例如在有限的時間內，我有優勢自主運作。 我認為我們將看到兩倍的貸款成長機會，我將在很大程度上與之相關。

Now that aspect of short term, I would say a discretionary decision on that can affect digital. But I think the long trend, I think I believe is a positive and long trend will continue to be a secular investment opportunity for customers that now they are realizing a cage value today. And as answer is no opportunity to differentiate their performance for tomorrow.

從短期來看，我想說，酌情決定可能會影響數位化。 但我認為長期趨勢，我認為我相信是一個積極的長期趨勢，對於現在正在實現籠子價值的客戶來說，將繼續是一個長期投資機會。 答案是沒有機會讓他們明天的表現脫穎而出。

Right. Right. Okay. Okay. No, that makes a lot of sense, Olivia, thank you. And I followed Stefan, maybe for you. Obviously, you are accelerating a cash return to shareholders this year. You have your $4 billion at least $4 billion target for next year. But just conceptually, 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 conceptually. Is it fair to assume to fund that percentage of free cash flow continues to go up as the cycle matures?

正確的。 正確的。 好的。 好的。 不，這很有道理，奧利維亞，謝謝你。 我跟著斯特凡，也許是為了你。 顯然，今年你們正在加速向股東現金回報。 你明年的目標是 40 億美元，至少 40 億美元。 但僅從概念上講，我們會考慮隨著今年周期的成熟，您可能希望向股東返還的自由現金流百分比，看起來您將非常接近 80%，這比從概念上講你的目標。 假設隨著週期的成熟，自由現金流的百分比繼續上升，這是否公平？

Well, you know, it is true. We will set a minimum a few years back of 50%. So yeah, we have clearly or exit, but I'm quite happy we were actually able to exceed vessel. I mean, it really depends on investment opportunity. I think 80%, this is already a very good number. It is hard to tell you if it if it can get to a 200% in 2025. I mean, it's really we are happy with where our balance sheet is. Deleveraging has been a focus for as she goes. We have done that, but focus from deleveraging to return story, depending on the investment opportunities, returns to shareholders remains the priority at the moment. So so yes, you will see that percentage clearly above our initial guidance of 50%. That's for sure.

嗯，你知道，這是真的。 幾年前我們會將最低比例設定為 50%。 所以，是的，我們顯然已經退出，但我很高興我們實際上能夠超越船隻。 我的意思是，這實際上取決於投資機會。 我覺得80%，這已經是一個非常好的數字了。 很難告訴你 2025 年是否能達到 200%。 去槓桿化一直是她所關注的焦點。 我們已經做到了這一點，但重點從去槓桿到回報故事，根據投資機會，股東回報仍然是目前的首要任務。 所以是的，您會看到該百分比明顯高於我們最初指導的 50%。 這是肯定的。

Yes, no, that's that's. That's perfect. That was not expecting you to raise it to 80% from 50 from a second. But conceptually that all makes a lot of centers. And thank you. I'll turn it back.

是的，不，就是這樣。 那很完美。 那並不是指望你將其從每秒 50 提高到 80%。 但從概念上講，這一切都構成了許多中心。 謝謝你。 我會把它轉回來。

Roger Read, Wells Fargo.

羅傑·里德，富國銀行。

Yes. Thank you. Good morning. I'm going to have only come back to digital. It's the same as the days to let me ask the question slightly differently for EBITDA. As you think about a high growth, you've got to get customers on board, you can add the opportunities available internally, right in terms of people and offering. So as we think not just the growth rate in '25 to $3 billion. But beyond that, what do you see is in a potential bottlenecks, be they internal or external that you've really got to deal with here in the front and center items are not having the right people on the right place and making inroads to add to your client base.

是的。 謝謝。 早安. 我只會回到數位領域。 這與讓我問 EBITDA 問題的日子略有不同。 當你考慮高成長時，你必須讓客戶加入，你可以在人員和產品方面添加內部可用的機會。 因此，我們認為不僅僅是 25 年到 30 億美元的成長率。 但除此之外，您看到的是潛在的瓶頸，無論是內部還是外部，您確實必須在前面和中心處理這些瓶頸，因為沒有在正確的位置上配備合適的人員，並且沒有取得進展來添加到您的客戶群。

Now, what's your thanks for the question. I think there is no nothing new. I think we have been working on ongoing, but on the go to market and from our own internal capability and the digital growth, and I think we have been more successful in the last few quarters. And I think it comes down to, I think, engaging for customers, a better understanding what I think, offering they're looking for. And I think this said, the going for multi-cloud environment going from hybrid cloud environment, on-prem and cloud, I think, has been an evolution that we have taken a two to three years back and I think is paying off and is unlocking the growth.

現在，你對這個問題有何感謝？ 我認為沒有什麼新意。 我認為我們一直在努力進行持續的工作，但從我們自己的內部能力和數位成長來看，我們正在進入市場，我認為我們在過去幾個季度取得了更大的成功。 我認為這歸結為與客戶互動，更好地理解我的想法，提供他們正在尋找的產品。 我認為這就是說，從混合雲環境、本地部署和雲端到多雲環境，我認為這是我們兩到三年前的一次演變，我認為正在得到回報，並且正在取得成果。

The other realization is that some customers on this study are focused on the application, but our focus on data and are willing to sort out and unlock the data, hence, the question on the Lumi as a platform to address the customer that are more interested into unlocking data and directly accessing a I to a data platform as it post year, adding to adopt the full suite.

另一個認知是，這項研究中的一些客戶關注的是應用程序，但我們關注的是數據，並且願意對數據進行整理和解鎖，因此，關於Lumi作為平台來解決更感興趣的客戶的問題解鎖數據並在年後直接存取數據平台，並採用全套套件。

And I think we have we have seen this. We have done investment into innovation factory to help calibrate for customers to tailor some people based in application to their needs. So we have already gone through this. Is it all attacker results? No, I think, as I said, is one customer at the time adoption on the cloud. However, I think somebody that help us a lot and I think is accelerating the fact that the digital operation led by our core division production system, well construction and and has our performance are becoming new agents of digital transformation for customers as they are pushing and getting successfully into to the adoption of digital services that are being delivered real time at the edge, such as autonomous drilling, operational, valuable insights are surveillance and optimization of some of our production system equipment.

我想我們已經看到了這一點。 我們對創新工廠進行了投資，以幫助客戶進行校準，並根據他們的需求量身定制一些人員。 所以我們已經經歷過這件事了。 這都是攻擊者的結果嗎？ 不，我認為，正如我所說，當時是一位客戶在雲端採用。 然而，我認為對我們幫助很大的人正在加速這樣一個事實：以我們的核心部門生產系統、良好的建設和我們的業績為主導的數位化營運正在成為客戶數位轉型的新推動者，因為他們正在推動和成功採用在邊緣即時提供的數位服務，例如自主鑽井、營運、有價值的見解是對我們一些生產系統設備的監視和優化。

And this is one well at the time. This is one transaction with Xyrem. So the rate of adoption here, I think kind of push we have made to you to CryoLife's, if I may, offering on the owned and the office in the planning to offering into operation and at least under one umbrella of a platform, a seamless and looking at the pace of adoption. And as we see this happening today, and we believe this will continue so that 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 are the recognized the ecosystem to work with. So these other two or three dimension that we have worked with in the last the last 18 months, two or three years, and that are starting to bear fruits and starting to translate into growth. And we don't see it changing going forward.

這在當時是一口井。 這是與 Xyrem 的一筆交易。 因此，我認為這裡的採用率是我們對 CryoLife 的推動，如果可以的話，在計劃中提供自有和辦公室，並至少在平台的一個保護傘下提供無縫的服務。 正如我們今天所看到的那樣，我們相信這種情況將繼續下去，如果您願意的話，這就是我們正在做的事情，並與合作夥伴合作，為我們的客戶提供更多選擇，使他們成為公認的合作生態系。 因此，我們在過去 18 個月、兩三年內合作的其他兩個或三個維度已經開始結出碩果，並開始轉化為成長。 我們認為這種情況未來不會改變。

I appreciate that. Yes, it sounds like incremental. And then eventually we get to cascade with this. As a follow-up to that, Stephane, you mentioned capital intensity, obviously declines with the sale here in Canada. T ops. What's the right way for us to think about capital intensity in terms of digital investments? Does it just capital and CapEx investment trail, the revenue growth for a period of time exceeded the, you know, is there a way to think about maybe add a crossover eventually in that where the growth continues, but the capital intensity would decline or does it rely so much on capital investments elsewhere? There's not an easy way to think about that.

我很欣賞這一點。 是的，這聽起來像是增量的。 然後最終我們會與此級聯。 作為後續行動，史蒂芬，你提到資本密集度隨著加拿大的銷售而大幅下降。 最高額。 我們如何看待數位投資的資本密集度？ 是否只是資本和資本支出投資軌跡，一段時間內的收入增長超過了，你知道，有沒有辦法考慮，也許最終會在增長繼續的情況下添加交叉，但資本強度會下降或不會它如此依賴其他地方的資本投資？ 思考這個問題並不容易。

So it is clearly different from our core business with a vessel. There's a little lag or reasonable like between investment CapEx in our core business and the and the related related the deployment of the tooling in the field in in digital, it's a it's a much longer cycle. So first, it's not CapEx. As you know, we expense all the investments because the investments are basically you can categorize them if you want in in product development to reshape research and development. And this has been done over tempted to say the last 30 years or so.

所以它與我們的船舶核心業務明顯不同。 我們核心業務的投資資本支出與數位領域的相關工具部署之間存在一點滯後或合理的差距，這是一個更長的週期。 首先，這不是資本支出。 如您所知，我們支出了所有投資，因為這些投資基本上是您可以對它們進行分類的，如果您想在產品開發中重塑研究和開發。 在過去 30 年左右的時間裡，這種做法已經過分了。

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 where we make arbitrage is within a given and lobes. All all growth in digital doesn't trigger incremental capital intensity because it's really smoothed over over many, many years. I would say the heavy investments have been made in the best already now is just leveraging the platform and supporting the the enriched offering for the for the customer.

當然，總會有新的解決方案來豐富平台。 我們需要每年繼續投資，但我們沒有看到在給定的波瓣內進行套利的地方出現高峰。 數位領域的所有成長都不會引發資本密集度的增量，因為它確實經過了許多年的平滑。 我想說的是，現在已經在最好的方面進行了大量投資，只是利用該平台並支持為客戶提供豐富的產品。

Great. Appreciate that, Magnus.

偉大的。 很欣賞這一點，馬格努斯。

Stephen Gengaro, Stifel.

史蒂芬·根加羅，斯蒂菲爾。

Thanks. Good morning, everybody. Most of them are at two for me. The first, just sort of thinking about the short term in the fourth quarter, 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? And I'm just also to curious on the Gulf of Mexico shelf, there's been any impact from the storm activity. You're not sure we got to your second question. Your concern about just the second part of your question, whether there's been much impact from the Gulf of Mexico storms?

謝謝。 大家早安。 大多數對我來說都是兩點。 首先，只是考慮第四季度的短期情況，您能否談談我們在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？ 我也對墨西哥灣大陸架感到好奇，風暴活動是否產生了影響。 你不確定我們是否回答了你的第二個問題。 您只關心問題的第二部分，墨西哥灣風暴是否造成了很大影響？

So I'll start with this to set up that we have seen muted the impact on the Gulf of Mexico stop progression and the governments who has been the driver for for growth in the third quarter sequentially. As it comes to the fourth quarter and your question, I think the puts and takes, I think, yes, days and eliminate seasonality, both on a positive side, which is a digital and product from production system, yarn sales that will normally and will create a boost to our to our revenue. And as I see seasonality effect on some part of the Nova and Mr. Fairbank starting to see either a part of the sequence of budget exhaustion. But in the U.S. plants, we see an offset. And I think these two, as we commented, will be partially offset and we see as a consumer muted growth going forward sequentially. But that's the puts and takes that that we are seeing going going forward.

因此，我將從這一點開始，我們已經看到對墨西哥灣的影響已經減弱，並且政府一直是第三季經濟成長的推動者。 至於第四季度和你的問題，我認為，我認為，是的，天數和消除季節性，都是積極的一面，這是生產系統的數位化和產品，紗線銷售通常會和將增加我們的收入。 正如我所看到的，季節性對新星號的某些部分的影響，費爾班克先生開始看到預算耗盡序列的一部分。 但在美國工廠，我們看到了抵銷。 我認為，正如我們所評論的，這兩者將被部分抵消，而且我們認為消費者的成長將連續放緩。 但這就是我們所看到的未來​​的走勢。

Great. Thank you, Ynon. And then the second question was really how much are you willing to comment on this? But as you've mentioned earlier, you've kind of been drawn to the integration team on the CHX. front. Has there been anything that you can talk about that has sort of increased or changed your thought process? Our optimism on the synergies.

偉大的。 謝謝你，伊農。 然後第二個問題是你願意對此發表多少評論？ 但正如您之前提到的，您有點被 CHX 的整合團隊所吸引。正面。 有沒有什麼事情是你可以談論的，這在某種程度上增加或改變了你的思考過程？ 我們對協同效應持樂觀態度。

While we are, as we said, we are we have been working quite a bit on both sides with the integration teams. And and what we are seeing is really giving us even more confidence than than we had originally on the on the transaction and on the synergies that we are not going to change our synergy target at this time. But but we clearly confirm it, and we're quite happy with what we are seeing that integration planning process.

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。 我們所看到的確實讓我們比最初對交易和協同效應更有信心，我們目前不會改變我們的協同目標。 但我們明確證實了這一點，並且我們對所看到的整合規劃流程感到非常滿意。

Great. Thank you. Thanks for the color.

偉大的。 謝謝。 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. Ladies and gentlemen, as we conclude, today's SMB remains well positioned to navigate commodity price fluctuations, benefiting from our unique operating footprint. Moving forward, we continue to harness our technicians, deployment and integration capabilities to capture high margin opportunity to deepen our been widening the door to new market that's answered. With our solid financial performance and focus on operating efficiency, we look forward to deliver further margin expansion, higher cash generation and increase returns to shareholders.

謝謝你，莉亞。 女士們先生們，正如我們得出的結論，今天的中小企業仍然能夠很好地應對商品價格波動，這得益於我們獨特的營運足跡。 展望未來，我們將繼續利用我們的技術人員、部署和整合能力來捕捉高利潤機會，以深化我們不斷擴大的新市場大門。 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、增加現金產生並增加股東回報。

Thank you for joining us this morning. With that, I will conclude our call.

感謝您今天早上加入我們。 至此，我將結束我們的通話。

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。