斯倫貝謝公司 (SLB) 2024 Q4 法說會逐字稿

Good morning.

早安.

My name is Kate, and I will be your conference operator today and would like to welcome everyone to the fourth quarter SLB earnings call.

我叫凱特，今天我將擔任你們的會議操作員，歡迎大家參加第四季 SLB 財報電話會議。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

After the speaker's remarks, there will be a Q&A session.

演講者發言後，將進行問答環節。

(Operator Instructions) This call is being recorded.

（操作員說明）此通話正在錄音。

I will now turn the call over to James R. McDonald, Senior Vice President of Investor Relations and Industry Affairs.

我現在將把電話轉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, Kate.

謝謝你，凱特。

Good morning, and welcome to the SLB fourth quarter and full year 2024 earnings conference call.

早安，歡迎參加 SLB 第四季和 2024 年全年收益電話會議。

Today's call is being hosted from Houston 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休士頓舉行的。

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

執行長 Olivier Le Peuch 和財務長 Stephane Biguet 加入了我們的電話會議。

Before we begin, I would like to remind all participants that some of the statements we will 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.

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 include non-GAAP Financial measures, additional details and reconciliations to the most directly comparable GAAP financial measures can be found in our fourth quarter and full year earnings press release, which is on our website.

我們今天的評論還包括非 GAAP 財務指標，更多詳細資訊以及與最直接可比較的 GAAP 財務指標的調整可以在我們網站上的第四季度和全年收益新聞稿中找到。

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 party's websites.

這些資料可以在 SEC 網站或當事人的網站上找到。

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 on the call.

女士們先生們，感謝您參加我們的電話會議。

This morning, I will begin by discussing our fourth quarter and full year results.

今天早上，我將首先討論我們的第四季和全年業績。

Then I will provide an update on the evolving macro environment and our early activity outlook for the first quarter and the full year.

然後我將提供有關不斷變化的宏觀環境的最新資訊以及我們對第一季和全年的早期活動展望。

And finally, I will describe how SLB's diverse portfolio is uniquely positioned to continue delivering strong financial results in 2025 and beyond.

最後，我將介紹 SLB 的多元化投資組合如何發揮獨特優勢，在 2025 年及以後繼續實現強勁的財務表現。

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

然後史蒂芬將提供有關我們財務業績的更多詳細信息，我們將開通提問熱線。

Let's begin.

讓我們開始吧。

We concluded the year with solid earnings and free cash flow, growing earnings both sequentially and year on year, and maintaining our cycle-high margins.

我們以穩健的盈利和自由現金流結束了這一年，盈利環比和同比增長，並保持了周期高利潤率。

Although the rate of upstream investment growth continued to moderate during the quarter, SLB benefited from our broad exposure to global markets, the diversity of our portfolio across the upstream oil and gas life cycle and from our differentiated digital offerings.

儘管本季上游投資成長率持續放緩，但 SLB 受益於我們對全球市場的廣泛接觸、我們在上游石油和天然氣生命週期中的投資組合的多樣性以及我們差異化的數位產品。

Notably, we saw strong growth in the Middle East where once again, we achieved a new quarterly revenue high with contributions from the UAE, Iraq, Kuwait and Qatar.

值得注意的是，我們在中東地區看到了強勁的成長，在阿聯酋、伊拉克、科威特和卡達的貢獻下，我們再次創下了季度營收新高。

And we also performed very well in North America, where we benefited from higher activity in US land along with higher digital scales in the US Gulf of Mexico.

我們在北美的表現也非常好，我們受益於美國陸地的較高活動以及美國墨西哥灣較高的數位規模。

Despite the well-known declines in Saudi Arabia and in Mexico, our fourth quarter financial performance remained consistent and resilient.

儘管沙烏地阿拉伯和墨西哥的業績下滑是眾所周知的，但我們第四季的財務表現仍然保持穩定和彈性。

This demonstrates the strength of SLB’s diversified portfolio.

這體現了 SLB 多元化投資組合的實力。

Overall, we closed the year with fourth quarter international revenue reaching a new record high and we generated strong free cash flow of $1.63 billion for the quarter.

總體而言，我們以第四季度的國際收入創下新高來結束這一年，該季度我們產生了 16.3 億美元的強勁自由現金流。

Turning now to the full year.

現在轉向全年。

We achieved our full year adjusted margin target of 25%, Generated robust free cash flow of $4 billion and returned $3.3 billion to shareholders.

我們實現了 25% 的全年調整後利潤率目標，產生了 40 億美元的強勁自由現金流，並向股東返還 33 億美元。

Across the Core divisions, we grew by 9% compared to the previous year.

與前一年相比，我們的核心部門成長了 9%。

Production systems led the way growing by 24% and expanding margin by almost 300 bps for the full year.

生產系統引領全年成長 24%，利潤率擴大近 300 個基點。

This performance was supported by double digit revenue increases in surface system, completions and artificial lift, leading to 9% organic growth for the division that was complemented by the Aker subsea acquisition.

這項業績得到了地面系統、完井和人工舉升兩位數收入成長的支撐，導致該部門實現了 9% 的有機成長，並輔以 Aker 海底收購。

Reservoir performance also continued its momentum growing by 9% year on year and expanding margin by approximately 100 bps with strong stimulation and intervention activity.

憑藉強勁的增產和乾預活動，油藏表現也持續保持年增 9% 的勢頭，利潤率擴大約 100 個基點。

And in well construction, although revenue was flat year on year, it continues to lead margins in the Core.

在油井建設方面，儘管收入同比持平，但其核心利潤率仍繼續領先。

Overall, across our Core divisions, our technology leadership, domain expertise and scale are enabling us to continue innovating tailored solutions for our customers in every region.

總體而言，在我們的核心部門，我們的技術領先地位、領域專業知識和規模使我們能夠繼續為每個地區的客戶創新量身定制解決方案。

And I'm proud to share that our fit-for-basin revenue crossed $1 billion for the first time in 2024.

我很自豪地告訴大家，我們的台盆安裝收入在 2024 年首次突破 10 億美元。

This was also very exciting year for digital as demand for our product and services continued to accelerate and we formed strategic partnerships with industry leaders, including NVIDIA, Amazon Web Services and Palo Alto Networks.

對於數位化來說，今年也是非常令人興奮的一年，因為對我們產品和服務的需求持續加速，我們與 NVIDIA、Amazon Web Services 和 Palo Alto Networks 等行業領導者建立了策略合作夥伴關係。

Our customers continue to embrace the power of cloud computing, AI and digital operations to shorten cycle times and improve operating efficiencies, and this led to digital revenue growing 20% for the full year exceeding our targets of high teens growth.

我們的客戶繼續利用雲端運算、人工智慧和數位營運的力量來縮短週期時間並提高營運效率，這導致全年數位收入成長 20%，超過了我們的高青少年成長目標。

Finally, we continue to increase our exposure beyond oil and gas.

最後，我們繼續增加石油和天然氣以外的業務。

There is a significant growth momentum in the low carbon markets where we have a strong position through our portfolio of technologies for carbon capture and sequestration, geothermal and critical minerals.

低碳市場有著顯著的成長勢頭，我們透過碳捕獲和封存、地熱和關鍵礦物的技術組合在該市場中佔據了強勢地位。

And we are complementing this with a growing exposure to data center infrastructure solutions, by responding to hyperscalers to deliver a solution that meets the demands of a rapidly evolving digital landscape.

我們透過不斷增加對資料中心基礎設施解決方案的接觸來補充這一點，透過回應超大規模企業提供滿足快速發展的數位環境需求的解決方案。

Combined, revenue from these activities exceeded $850 million in 2024, and we expect this to increase significantly in 2025.

2024 年，這些活動的收入總計超過 8.5 億美元，我們預計這一數字將在 2025 年大幅增加。

As you can see, we are pursuing a wide range of opportunities within and beyond oil and gas and this is positioning us to benefit from a very diverse mix of new and existing customer spend.

正如您所看到的，我們正在石油和天然氣領域內外尋求廣泛的機會，這使我們能夠從新舊客戶支出的多樣化組合中受益。

I want to thank the SLB team for delivering this progress.

我要感謝 SLB 團隊的進展。

We should all be proud.

我們都應該感到自豪。

I'm very impressed by our team's innovative spirit, customer centricity and performance mindset and I look forward to building on our successes in the year ahead.

我們團隊的創新精神、以客戶為中心和績效思維給我留下了深刻的印象，我期待在未來的一年裡繼續取得成功。

Next, let me discuss the evolving macroenvironment.

接下來，讓我談談不斷變化的宏觀環境。

Over the back half of 2024, customer adopted a more cautious approach to near term activity and discretionary spending, primarily driven by concerns of an oversupplied oil market.

2024 年下半年，客戶對近期活動和可自由支配支出採取了更謹慎的態度，這主要是出於對石油市場供應過剩的擔憂。

Although these concerns persist, we anticipate the oil supply imbalance will gradually abate.

儘管這些擔憂依然存在，但我們預期石油供應失衡將逐漸緩解。

Global economic growth and a heightened focus on energy security coupled with rising energy demand from AI and data centers will support the investment outlook for the oil and gas industry throughout the rest of the decade.

全球經濟成長和對能源安全的高度關注，加上人工智慧和資料中心不斷增長的能源需求，將支持石油和天然氣產業在未來十年的投資前景。

Looking at the global oil supply, we expect that OPEC+ will maintain its focus on commodity price stability throughout 2025.

展望全球石油供應，我們預期 OPEC+ 2025 年將持續關注大宗商品價格穩定。

And in the US, the ongoing focus on capital discipline by operators will limit near-term supply growth in the region.

在美國，營運商對資本紀律的持續關注將限制該地區的近期供應成長。

In this environment, the current level of global upstream investment seems to be keeping the market in balance, absent of any further geopolitical disruptions.

在這種環境下，當前的全球上游投資水準似乎使市場保持平衡，沒有任何進一步的地緣政治幹擾。

Overall, we expect global upstream investment to be steady in 2025 compared to 2024,with the deceleration in some resource plays being offset by original growth across select countries and customers.

整體而言，我們預計 2025 年全球上游投資將比 2024 年保持穩定，部分資源產業的減速將被部分國家和客戶的原始成長所抵消。

Let me now provide a bit more detail on our 2025 activity outlook.

現在讓我更詳細地介紹我們 2025 年的活動前景。

In international markets, while certain countries will continue to experince strong growth, this will be balanced by reducing spending in others.

在國際市場上，雖然某些國家將繼續強勁成長，但這將透過減少其他國家的支出來平衡。

For instance, in the Middle East and Asia, increases in the United Arab Emirates, Kuwait, Iraq, China and India will be offset by declines in Saudi Arabia, Egypt and Australia.

例如，在中東和亞洲，阿拉伯聯合大公國、科威特、伊拉克、中國和印度的成長將被沙烏地阿拉伯、埃及和澳洲的下降所抵消。

In Latin America growth in Argentina and Brazil will be tempered by decreased spending in Mexico and Guyana.

在拉丁美洲，阿根廷和巴西的成長將因墨西哥和圭亞那支出的減少而受到抑制。

And in Europe and Africa, growth in North Africa, Nigeria, Azerbaijan and Kazakhstan will be more than offset by declines in Scandinavia and West Africa.

在歐洲和非洲，北非、奈及利亞、亞塞拜然和哈薩克的成長將被斯堪的納維亞半島和西非的下滑所抵消。

Turning to North America.

轉向北美。

Oil and gas activity is expected to decline due to lower publicly announced CapEx in US land, higher drilling efficiency and a slow recovery in gas until LNG capacity expansions are resolved.

由於公開宣布的美國陸地資本支出較低、鑽井效率較高以及天然氣復甦緩慢（在液化天然氣產能擴張解決之前），石油和天然氣活動預計將下降。

However, data center infrastructure solution revenue is growing rapidly in this region, supporting growth outside of our core business.

然而，該地區的資料中心基礎設施解決方案收入正在快速成長，支持了我們核心業務之外的成長。

Specific to the offshore markets, we expect a muted environment in 2025 attributed to white space in deepwater activity, particularly in the North Sea, Australia and Angola, Central and East Africa.

具體到離岸市場，我們預期 2025 年市場環境將較為平靜，原因是深水活動空白，特別是在北海、澳洲、安哥拉、中非和東非。

Looking ahead, we anticipate this white space in deepwater to start improving as the year progresses in preparation for the significant number of FIDs ramping up in 2026 across several deepwater basins.

展望未來，我們預計，隨著時間的推移，深水的這一空白區域將開始改善，為 2026 年多個深水盆地大量 FID 做好準備。

Let me now describe how this activity dynamics will unfold across the divisions.

現在讓我來描述一下這種活動動態將如何在各部門展開。

In Digital & Integration, we expect revenues to remain steady year on year with growth in digital being offset by a decline in APS due to the Palliser divestiture.

在數位和整合方面，我們預計收入將比去年同期保持穩定，數位業務的成長被 Palliser 剝離導致的 APS 下降所抵消。

Digital will maintain its very strong growth momentum with full year revenue growth in the high teens supported by digital operation and data and AI solutions.

數位化業務將保持非常強勁的成長勢頭，在數位化營運、數據和人工智慧解決方案的支持下，全年收入將實現十幾歲的成長。

Meanwhile, in the Core, we expect revenue to be flat year by year with modest growth in Production System and Reservoir Performance, offsetting the decline in Well Construction across the regions.

同時，在核心地區，我們預期營收將逐年持平，生產系統和油藏性能適度成長，抵銷各地區油井建設的下降。

In Production Systems, growth will be driven by artificial lift, completions, valve and midstream production systems, while Reservoir Performance will be supported by intervention and unconventional activity growth in international markets.

在生產系統中，成長將受到人工舉升、完井、閥門和中游生產系統的推動，而油藏表現將受到國際市場幹預和非常規活動成長的支持。

Overall, when excluding the impact of ChampionX, we expect the mix of geographies and divisions I just described to result in a steady revenue outlook for 2025.

總體而言，在排除 ChampionX 的影響後，我們預計我剛才描述的地理和部門的組合將帶來穩定的 2025 年收入前景。

This would translate into adjusted EBITDA dollars and margins being at or above 2024 levels.

這將轉化為調整後的 EBITDA 美元和利潤率等於或高於 2024 年的水平。

Now turning to the first quarter, we expect revenue and adjusted EBITDA to be at similar levels as last year in line with our full year guidance.

現在轉向第一季度，我們預計營收和調整後 EBITDA 將與去年持平，符合我們的全年指引。

This will be followed by an activity rebound in the second quarter, particularly in international markets.

隨後，第二季的經濟活動將出現反彈，特別是在國際市場。

Finally, let me discuss why I believe SLB is the best positioned company to navigate the evolving market dynamics that I just discussed.

最後，讓我談談為什麼我相信 SLB 是最有能力駕馭我剛才討論的不斷變化的市場動態的公司。

Looking at the evolution of the market in 2025 and beyond, SLB's size, digital leadership, integration capabilities and performance advantage are differentiators.

綜觀 2025 年及以後的市場演變，SLB 的規模、數位領先地位、整合能力和效能優勢都是差異化因素。

Our diversified portfolio across global operating areas and business line and our combined exposure to short and long cycle projects bring resilience, enabling us to navigate regional and market fluctuations.

我們在全球營運領域和業務線的多元化投資組合以及對短週期和長週期專案的綜合投資帶來了彈性，使我們能夠應對區域和市場波動。

For example, our digital business is growing with accretive margins at an elevated rate as customers embrace the power of this data and AI to drive performance and efficiency across their workflows and producing assets.

例如，隨著客戶利用這些數據和人工智慧的力量來提高整個工作流程和生產資產的效能和效率，我們的數位業務正在以更高的速度成長，利潤不斷增加。

Our integration capabilities are shaping our engagement with customers beyond NOCs, allowing us to add further resiliency and diversity against the industry backdrop.

我們的整合能力正在塑造我們與國家石油公司以外的客戶的互動，使我們能夠在行業背景下進一步增強彈性和多樣性。

And production and recovery is becoming a larger part of our business as customer work to maximize their producing assets, and this will be further enhanced by the contribution from ChampionX.

隨著客戶努力最大化其生產資產，生產和回收正在成為我們業務的重要組成部分，而 ChampionX 的貢獻將進一步增強這一點。

Furthermore, and as it is showed in our success in 2024 across low-carbon and digital infrastructure, we are developing new growth pathways beyond oil and gas in fast growing markets decoupled from the same sector.

此外，正如我們 2024 年在低碳和數位基礎設施方面的成功所表明的那樣，我們正在與同一行業脫鉤的快速增長市場中開發石油和天然氣以外的新增長途徑。

As you can see, we're operating from a very strong position and as we remain focused on cost optimization and process enhancement, leveraging digital transformation to become a more efficient organization, this will support our margin expansion journey.

正如您所看到的，我們的營運處於非常有利的地位，並且我們仍然專注於成本優化和流程增強，利用數位轉型成為更有效率的組織，這將支持我們的利潤擴張之旅。

The combination of strengths I've just described along with our continued business performance, provide us with confidence in our ability to continue delivering strong cash flows and increased return to shareholders.

我剛剛描述的優勢與我們持續的業務表現相結合，使我們對繼續提供強勁現金流和增加股東回報的能力充滿信心。

You have already seen the action we have taken in our earnings release today as we increase our dividend and accelerated share repurchases to start the year.

您已經看到了我們在今天的財報中所採取的行動，我們在年初增加了股息並加速了股票回購。

I will now turn the call over to Stephane to discuss these announcements and our financial results in more details.

我現在將把電話轉給史蒂芬，更詳細地討論這些公告和我們的財務表現。

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

謝謝奧利維爾，女士們先生們早安。

I will start by providing an overview of our full year results before getting into the specifics of our fourth quarter performance.

首先，我將概述我們的全年業績，然後再詳細介紹我們第四季的業績。

Full year 2024 revenue of $36.3 billion, grew 10% year on year with the acquired Aker subsea business accounting for half of the growth.

2024年全年營收363億美元，年增10%，其中收購的Aker海底業務佔成長的一半。

Organic revenue grew 5%, entirely driven by the international markets.

有機收入成長了 5%，完全由國際市場推動。

This was led by the Middle East, which grew 19% year on year to reach a record high, despite the well-publicized headwinds in the second half of the year.

其中以中東地區為首，儘管下半年存在廣為人知的不利因素，但該地區仍同比增長 19%，創下歷史新高。

International pretax segment operating margins of 21.4% improved 44 basis points year on year with more than two thirds of our international GeoUnits experiencing both top line growth and margin expansion year on year.

國際稅前部門營業利潤率為 21.4%，年增 44 個基點，超過三分之二的國際 GeoUnit 實現了營收成長和利潤率同比增長。

In North America, full year 2024 revenue declined 1% compared to the previous year.

在北美，2024年全年營收較前一年下降1%。

However, pretax segment operating margins of 17% only dropped by 23 basis points with pricing pressure mostly offset by a favorable technology mix, cost efficiencies and higher digital revenues.

然而，稅前部門營業利潤率為 17%，僅下降了 23 個基點，定價壓力大部分被有利的技術組合、成本效率和更高的數位收入所抵消。

From a division standpoint, organic growth was led by digital and integration which grew 10% year on year, entirely driven by our digital business.

從部門的角度來看，有機成長由數位和整合引領，年成長 10%，完全由我們的數位業務推動。

On a full year basis, digital revenue of $2.44 billion grew 20% year on year supported by close to 35% growth from cloud, AI and edge technology.

全年數位營收為 24.4 億美元，年增 20%，雲端、人工智慧和邊緣技術成長近 35%。

Our digital business was accretive to both SLB's overall revenue growth and its global margins.

我們的數位業務促進了 SLB 的整體收入成長和全球利潤率。

Finally, our full year adjusted EBITDA margin of 25% increased by 52 basis points year on year reaching the highest levels since 2015.

最後，我們全年調整後 EBITDA 利潤率為 25%，年成長 52 個基點，達到 2015 年以來的最高水準。

Turning to the fourth quarter results.

轉向第四季業績。

Fourth quarter revenue of $9.3 billion increased 1% sequentially driven by record high digital revenue.

受創紀錄的數位收入推動，第四季營收達到 93 億美元，季增 1%。

From a geographical perspective, the Middle East led the way, with 5% sequential revenue growth driven by the startup of unconventional gas activities in the United Arab Emirates as well as strong performance in Egypt and Qatar.

從地域角度來看，中東地區處於領先地位，由於阿拉伯聯合大公國非常規天然氣活動的啟動以及埃及和卡達的強勁表現，收入環比增長了 5%。

Adjusted EBITDA margin for the fourth quarter reached the cycle high of 25.7%.

第四季調整後 EBITDA 利潤率達到週期高點 25.7%。

This is 33 basis points higher than the same period of last year.

比去年同期高出33個基點。

Fourth quarter earnings per share excluding charges and credits was $0.92. This represents an increase of $0.03 sequentially and $0.06 when compared to the same period of last year.

不計費用和貸項的第四季每股收益為 0.92 美元。這意味著比上一季增加了 0.03 美元，與去年同期相比增加了 0.06 美元。

We recorded $0.15 of net charges during the fourth quarter.

第四季我們記錄了 0.15 美元的淨費用。

This included $0.10 of impairment relating to certain equity investments and fixed assets, $0.04 in connection with our ongoing cost out program, $0.03 of merger and integration charges relating to the Aker Subsea and ChampionX transactions and a $0.02 gain on the sale of an equity investment.

其中包括與某些股權投資和固定資產相關的0.10 美元減損、與我們正在進行的成本削減計劃相關的0.04 美元、與Aker Subsea 和ChampionX 交易相關的0.03 美元合併和整合費用以及出售股權投資的0.02美元收益。

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

現在讓我回顧一下每個部門的第四季業績。

Fourth quarter Digital & Integration revenue of $1.2 billion increased 6% sequentially driven by 10% growth in digital, while APS revenue was essentially flat.

第四季數位和整合收入為 12 億美元，在數位業務成長 10% 的推動下環比增長 6%，而 APS 收入基本持平。

Pretax operating margin expanded 274 basis points to 38.3% as a result of higher digital sales and cost efficiencies.

由於數位銷售和成本效率的提高，稅前營業利潤率擴大了 274 個基點，達到 38.3%。

Reservoir Performance revenue of $1.8 billion declined 1% sequentially on reduced intervention and stimulation activity.

由於幹預和增產活動減少，油藏動態收入為 18 億美元，季減 1%。

Margins increased 35 basis points to 20.5% due to improved profitability in evaluation services.

由於評估服務獲利能力的提高，利潤率增加了 35 個基點，達到 20.5%。

Well Construction revenue of $3.3 billion decreased 1% sequentially and margins contracted 70 basis points, primarily due to lower drilling activity in Mexico and Saudi Arabia.

油井建設收入為 33 億美元，環比下降 1%，利潤率收縮 70 個基點，主要是由於墨西哥和沙烏地阿拉伯的鑽探活動減少。

And finally, Production Systems revenue of $3.2 billion increased 3% sequentially on higher international sales of artificial lift, midstream production systems and completions.

最後，由於人工舉升、中游生產系統和完井項目的國際銷售額增加，生產系統收入達到 32 億美元，較上季成長 3%。

Pretax operating margins decreased 93 basis points to 15.8% due to lower profitability in subsea, partially offset by improved profitability in artificial lift and midstream production systems.

由於海底獲利能力下降，稅前營業利潤率下降 93 個基點至 15.8%，但部分被人工舉升和中游生產系統獲利能力的提高所抵消。

Now turning to our liquidity.

現在轉向我們的流動性。

We generated $2.4 billion of cash flow from operations and $1.6 billion of free cash flow during the fourth quarter.

第四季我們產生了 24 億美元的營運現金流和 16 億美元的自由現金流。

This strong performance resulted in full year free cash flow of $4 billion.

這一強勁的業績導致全年自由現金流達 40 億美元。

As a result, we reduced our net debt by $1.1 billion during the quarter to $7.4 billion.

結果，本季我們的淨債務減少了 11 億美元，達到 74 億美元。

This represents our lowest net debt level since the first quarter of 2016.

這是我們自 2016 年第一季以來的最低淨債務水準。

Capital investments, including CapEx and investments in APS projects and exploration data, were $759 million in the fourth quarter and $2.6 billion for the full year.

第四季資本投資（包括資本支出以及 APS 專案和勘探資料投資）為 7.59 億美元，全年為 26 億美元。

Looking ahead, we will continue to be disciplined as it relates to our capital investments.

展望未來，我們將繼續在資本投資方面遵守紀律。

In 2025 we expect to reduce capital investments excluding the impact of ChampionX to approximately $2.3 billion with the CapEx portion at the low end of our previously shared guidance of 5% to 7% of revenue.

到 2025 年，我們預計將不包括 ChampionX 影響的資本投資減少至約 23 億美元，資本支出部分處於我們先前分享的收入指引的下限，即佔收入的 5% 至 7%。

During the fourth quarter, we repurchased 11.8 million shares of our common stock for a total purchase price of $501 million.

第四季度，我們回購了 1,180 萬股普通股，總購買價為 5.01 億美元。

For the full year, we returned a total of $3.3 billion to our shareholders in the form of dividends and stock repurchases.

全年，我們以股息和股票回購的形式向股東返還了總計 33 億美元的資金。

With continued focus on capital discipline and clear visibility into strong cash flow generation in 2025, we are committed to increasing returns to shareholders once again this year.

憑藉對資本紀律的持續關注以及對 2025 年強勁現金流產生的清晰可見性，我們致力於今年再次提高股東回報。

When combining the increased quarterly dividend that was announced today with increased share repurchases, we are targeting to return a minimum of $4 billion to our shareholders in 2025.

將今天宣布的增加季度股利與增加股票回購相結合，我們的目標是在 2025 年向股東返還至少 40 億美元。

Notably, as you saw in our earnings announcement this morning, we entered into accelerated share repurchase transactions to repurchase $2.3 billion of our company's common stock.

值得注意的是，正如您在今天早上的收益公告中看到的那樣，我們進行了加速股票回購交易，回購了公司價值 23 億美元的普通股。

These transactions not only reflect our confidence in our continued financial performance but also our belief that our stock is undervalued relative to the strength of our business.

這些交易不僅反映了我們對持續財務表現的信心，也反映了我們的信念：相對於我們的業務實力，我們的股票被低估。

Furthermore, this will accelerate the repurchasing of shares that will be issued in connection with the pending ChampionX transaction.

此外，這將加速回購與待決 ChampionX 交易相關的股票。

As it relates to ChampionX, the transaction received CIFIUS clearance in December and the engagement with other regulatory authorities is progressing well.

由於與 ChampionX 相關，該交易於 12 月獲得了 CIFIUS 的批准，並且與其他監管機構的合作進展順利。

We continue to work towards closing the transaction before the end of the first quarter.

我們將繼續努力在第一季末之前完成交易。

With respect to our other pending transaction, we expect the divestiture of our interest in the Palliser APS project in Canada to close in the next few months.

關於我們的其他待決交易，我們預計加拿大 Palliser APS 專案權益的剝離將在未來幾個月內完成。

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。

Kate, I believe we are ready to open the floor to the questions.

凱特，我相信我們已經準備好開始提問了。

(Operator Instructions) Dave Anderson, Barclays.

（操作員說明）Dave Anderson，巴克萊銀行。

In your outlook, talking about the outlook for international upstream spending from a flat outlook overall, but a lot of puts and takes in areas you were highlighting.

在您的展望中，談到國際上游支出的前景時，整體前景平淡，但在您強調的領域有很多看跌和接受。

I was wondering if you could sort of simplify a little bit in terms of Schlumberger's exposure, kind of where are the two or the three regions or countries that are kind of -- have the most upside for you?

我想知道您是否可以稍微簡化一下斯倫貝謝的風險敞口，即對您來說最有利的兩個或三個地區或國家在哪裡？

Have the potential to get better and kind of maybe where are the kind of two or three regions that could potentially get worse?

有可能變得更好，也許哪裡有兩三個地區可能會變得更糟？

Like where is the sort of the upside and the downside scenarios in your international outlook?

例如您的國際前景中的上行和下行情境在哪裡？

Yeah.

是的。

I think I will start with the Middle East at large.

我想我將從整個中東開始。

The Middle East at large being impacted as you all know by the decline of activity -- sequential decline of activity in Saudi, is still a very bright spot when it comes to multiple countries and multiple customers having their commitments -- ongoing commitment to either expand capacity in -- oil capacity for the future, such as UAE, Iraq and Kuwait.

眾所周知，整個中東地區受到活動下降的影響——沙烏地阿拉伯的活動連續下降，但對於多個國家和多個客戶所做的承諾來說，這仍然是一個非常亮點——持續承諾擴大規模未來的石油產能，例如阿聯酋、伊拉克和科威特。

And gas, gas -- and unconventional and gas or conventional gas across the region is becoming a theme that will result into 40% expansion from 2020 to 2040 of gas production.

整個地區的天然氣、天然氣以及非常規天然氣或常規天然氣正在成為一個主題，這將導致 2020 年至 2040 年天然氣產量增加 40%。

So this resilient commitment this resilient budget are resulting growth that is very -- is offsetting the decline we are seeing particularly in Saudi and to a lesser extent, in the -- in Egypt and offsetting globally as the Middle East as a region with, in our opinion, still long-term resilient, if not long-term growth.

因此，這種有彈性的承諾和有彈性的預算正在帶來的成長，正在抵消我們所看到的下降，特別是在沙烏地阿拉伯，在較小程度上，在埃及，並在全球範圍內抵消中東作為一個地區的影響，我們認為，即使不是長期成長，但仍具有長期彈性。

And I believe that the short cycle activity that was a bit suppressed in the last few months will come back as a result of the oil oversupply to be abated over time and resulting to this combination of more short cycle and this long-cycle project gas and unconventional oil and oil capacity all again, running at all cylinders.

我相信，由於石油供應過剩隨著時間的推移而減弱，過去幾個月受到一定抑制的短週期活動將會捲土重來，從而導致更短週期和長週期項目天然氣和非常規油和油容量全部再次運行，在所有氣缸上運行。

So I believe Middle East for us is certainly a bright spot.

所以我相信中東對我們來說肯定是個亮點。

It will continue to be an advantage basin for us and the international market.

它將繼續成為我們和國際市場的優勢盆地。

Secondly, despite the commentary I put on the deepwater still having quite a lot of white space and resulting into a lower activity than could have been anticipated in 2025 in certain basins, certain resource plays, I believe that this is creating the conditions for these rigs to be picked up.

其次，儘管我對深水仍然有相當多的空白區域進行了評論，導致某些盆地、某些資源區的活動低於 2025 年的預期，但我相信這正在為這些鑽井平台創造條件被撿起。

Later in anticipation of the FIDs that are panning up and that will result in 2026 and '27 partially you are fully aware of Suriname, Namibia the Indonesia, the Southeast China and other parts of the globe where exploration has been very active in new basins and will turn in the coming quarters, in the coming months into appraisal and into FID.

隨後，預計最終投資決定將在 2026 年和 27 年進行，部分您將充分了解蘇利南、納米比亞、印尼、中國東南部和全球其他地區，這些地區的新盆地勘探非常活躍，將在未來幾個季度、幾個月內進行評估並最終投資決定。

So, I'm still optimistic long term and very constructive about the deepwater despite a gap this year created by this activity.

因此，儘管今年因這項活動造成了差距，但我對深水仍持長期樂觀和非常建設性的態度。

But yes, this is what I will recommend to look at from international.

但是，是的，這就是我建議從國際角度關注的內容。

I would conclude by maybe the gas, international gas market is still, due to security in Asia, due to regional demand in the Middle East, will still drive long-term investments and unconventional activity across the international market.

我的結論是，由於亞洲的安全和中東的區域需求，國際天然氣市場仍然會推動整個國際市場的長期投資和非常規活動。

Thank you.

謝謝。

And perhaps we can shift the focus a little bit on the production side of the business.

也許我們可以將重點稍微轉移到業務的生產方面。

This is an area where kind of, in your portfolio, is becoming a bigger part of the mix as you added in Aker and as we're pulling in ChampionX going forward.

正如您在 Aker 中添加的那樣，以及我們在未來引入 ChampionX 時，這個領域在您的投資組合中正在成為更重要的組成部分。

You highlighted kind of pro forma was about 9% year-on-year growth, kind of excluding Aker in overall production systems.

您強調預計將同比增長約為 9%，這在某種程度上不包括整個生產系統中的 Aker。

Looking forward, how are you viewing sort of the growth trajectory of kind of the overall production driven business?

展望未來，您如何看待整體生產驅動型業務的成長軌跡？

Should that be high -- I mean, 9% as a starting point, where does it go from here when you kind of fold everything in?

這個數字應該很高嗎——我的意思是，以 9% 作為起點，當你把所有東西都折疊起來時，它會從這裡開始走向何方？

Is this like a -- do you see kind of high single digit, low double digit going forward?

這就像──你認為未來會出現高個位數、低兩位數的情況嗎？

Do you have enough visibility to kind of help us understand that?

您是否有足夠的知名度來幫助我們理解這一點？

Because that looks to be the part of your business that could be showing much greater growth over the next few years.

因為這看起來是您業務的一部分，在未來幾年內可能會顯示出更大的成長。

Yeah.

是的。

I think as you have seen in our commentary, Production Systems will be having positive growth driven by this production recovery.

我認為正如您在我們的評論中所看到的，生產系統將在生產復甦的推動下實現正成長。

We are seeing that Reservoir Performance is pulled this year by intervention and stimulation production recovery activity.

我們看到，今年的油藏表現受到干預和增產恢復活動的拉動。

So these things are here to stay.

所以這些東西會一直存在。

The investment we're making in technology, the investment we are making in our portfolio, the investment we are making in creating integration opportunity in this space is resulting this year into visible growth pull in the Middle East, across the broader basin.

我們在技術方面的投資、我們在投資組合方面的投資、我們在這一領域創造整合機會方面的投資，將在今年為中東乃至整個盆地帶來明顯的成長拉動。

So we are very positive that this will become a long-term earnings potential for us.

因此，我們非常樂觀地認為這將成為我們的長期獲利潛力。

It will become more and more a backlog driven significant part of our mix in the long term.

從長遠來看，它將越來越成為我們組合中積壓驅動的重要組成部分。

It's related to OpEx, albeit relative to long cycle CapEx.

它與營運支出有關，儘管與長週期資本支出有關。

So we are very constructive about the long-term future of production and recovery.

因此，我們對生產和復甦的長期未來非常有建設性。

This is a ground challenge, I would say, that the industry is facing to ultimately increase the recovery and demonstrate that digital integration and fit technology can uplift the recovery factor of the -- most of the basins and can improve the production of existing producing assets and it's true from US shale to Middle East to basin -- deepwater basin.

我想說，這是該行業面臨的一個根本挑戰，即最終提高採收率，並證明數位整合和擬合技術可以提高大多數盆地的採收率，並可以提高現有生產資產的產量從美國頁岩到中東再到盆地——深水盆地都是如此。

And so I think this is something that we are strategically investing into from technology, from portfolio and that's something where we are starting to see the benefit as this year, indeed, the production recovery across the Reservoir Performance, across Production System and in digital will outpace the growth we see from exploration and development in 2025 and expect this to continue going forward.

因此，我認為這是我們從技術、投資組合方面進行戰略投資的事情，這是我們開始看到好處的事情，因為今年，事實上，整個油藏性能、整個生產系統和數位化的生產恢復將到2025 年，我們將超過勘探和開發的成長，並預計這種情況將繼續下去。

Scott Gruber, Citi.

史考特‧格魯伯，花旗銀行。

Good color on the market.

市面上顏色很好。

I guess following on from Dave's question just around the outlook for international activities and revenues, do you expect a normal sequential improvement in 2Q or the second half of the year going to be a little bit higher weighted?

我想，繼戴夫關於國際活動和收入前景的問題之後，您是否預計第二季或下半年的正常連續改善權重會稍高一些？

Kind of just how do you see the shape of the year progressing, is it normal or a little bit more kind of second half weighted?

您如何看待今年的進展，是正常的還是下半年加權的？

No, I think it's fair to assume that we see the typical pattern of a low first quarter, followed by a rebound in the second half and followed by, late in the year, strong activity in part in some resource plays and including the upside that we foresee that could materialize in deepwater.

不，我認為可以公平地假設，我們看到了第一季度低迷，隨後下半年反彈，隨後在今年晚些時候，一些資源行業的強勁活動，包括上行空間的典型模式。中實現。

But yes, I think it's an H2 higher activity and higher, I would say, upside to some extent, following an H1 pattern that will have -- will have a low in Q1 resulting from the seasonal effect and also resulting from the sequential decline from some of the highs we had in the fourth quarter, as you may have seen with our record high international revenue.

但是，是的，我認為下半年的活動更高，我想說，在某種程度上，遵循上半年的模式，由於季節性影響，第一季將出現低點，也是由於連續下降所致我們在第四季度創下了一些新高，正如您可能已經在我們創紀錄的國際收入中看到的那樣。

Got it.

知道了。

And are you able at this juncture to comment on Russia and the continuity of your operations there?

現在您能對俄羅斯以及您在那裡的業務的連續性發表評論嗎？

Have you had a chance to digest the latest sanctions' language?

您有機會消化最新的製裁措詞嗎？

And you may provide an update as just to the kind of overall contribution to the business.

您可以提供有關對業務的整體貢獻類型的最新資訊。

Yes.

是的。

Let me comment on this.

讓我對此發表評論。

Our revenue in Russia continues to decline and accounted for 4% of our global revenue in 2024, down from 5% in the previous year.

我們在俄羅斯的收入持續下降，到 2024 年占我們全球收入的 4%，低於前一年的 5%。

And as you know, since the start of the conflict, we have taken voluntary measures to curtail our Russia activity, including halting shipments of product and technology into Russia from all SLB facilities worldwide in 2023.

如您所知，自衝突爆發以來，我們已採取自願措施限制我們在俄羅斯的活動，包括在 2023 年停止從全球所有 SLB 設施向俄羅斯運送產品和技術。

And actually, we are reviewing the new US sanctions and at this point, we believe that our voluntary measures are aligned with the new sanctions.

實際上，我們正​​在審查美國的新制裁措施，目前我們認為我們的自願措施與新制裁措施是一致的。

Arun Jayaram, JPMorgan.

阿倫‧賈亞拉姆，摩根大通。

Olivier, I wanted to see if you could provide maybe a little bit of clarity around the updated outlook for 2025.

Olivier，我想看看您能否就 2025 年更新後的展望提供一些清晰的資訊。

Is it fair you expect flattish revenue on a stand-alone basis and adjusted EBITDA at or above 2024 levels?

您預期獨立收入持平且調整後 EBITDA 等於或高於 2024 年水準是否公平？

Is that -- I just want to make sure that I have that correct?

我只是想確保我的說法正確嗎？

Yeah.

是的。

I think, this is -- you correctly captured what we prepared and disclosed in our prepared remarks indeed.

我認為，您確實正確地抓住了我們在準備好的發言中準備和披露的內容。

We foresee that the mix of activity, both international and in the US, the mix of the give and takes that are contrasted this year will result into a flat also revenue outlook globally and will result into also our ability to deliver earnings EBITDA dollar to be at or above 2024, excluding all of this, excluding ChampionX.

我們預計，國際和美國的活動組合以及今年對比的給予和索取的組合將導致全球收入前景持平，並將導致我們實現 EBITDA 美元盈利的能力2024 年或以上，不包括所有這些，也不包括 ChampionX。

Okay.

好的。

Got it.

知道了。

And just maybe you could elaborate.

也許你可以詳細說明一下。

You mentioned how in some of your non-oil and gas segments, low carbon solutions, carbon capture, minerals, data center solutions that you're seeing, what could be some significant growth in 2025.

您提到您所看到的一些非石油和天然氣領域、低碳解決方案、碳捕獲、礦物、資料中心解決方案在 2025 年可能會顯著成長。

Can you just provide maybe a little bit of thoughts, I think you cited a $850 million number for 2024.

您能否提供一點想法，我認為您引用了 2024 年 8.5 億美元的數字。

What kind of growth are you -- could we see off that level?

你是什​​麼樣子的成長——我們能看到這個水平嗎？

I'll take this.

我要這個。

Arun, it's Stephane.

阿倫，我是史蒂芬。

So yes, just to unwrap it a little bit that more than $850 million is made of -- of low carbon activities, for example, carbon sequestration and capture and geothermal as well as new activities, we have started to -- we have started in 2024, which relate to the data center infrastructure solutions.

所以，是的，只是稍微展開一下超過 8.5 億美元的低碳活動，例如碳封存和捕獲、地熱以及新活動，我們已經開始 - 我們已經開始2024年，涉及數據中心基礎設施解決方案。

So altogether, in 2024, this was more than $850 million.

因此，到 2024 年，這一數字將超過 8.5 億美元。

And just to clarify, some of these activities are recorded as part of our core business, such as carbon sequestration, geothermal where we provide reservoir characterization, drilling services, or even digital solutions.

需要澄清的是，其中一些活動被記錄為我們核心業務的一部分，例如碳封存、地熱，我們提供儲層表徵、鑽井服務，甚至數位解決方案。

So some of it is captured in the relevant core divisions or in digital and some of the other activities, such as carbon capture, like our Capturi joint venture, is captured under the other category in our divisional reporting.

因此，其中一些是在相關核心部門或數位部門中捕獲的，而其他一些活動，例如碳捕獲，如我們的 Capturi 合資企業，則在我們部門報告的其他類別下捕獲。

So this is just to clarify.

所以這只是為了澄清。

Now going forward, this is growing very fast, faster than our core business.

現在展望未來，它的成長速度非常快，比我們的核心業務還要快。

So this is providing another way to offset some of the headwinds on the core business and is particularly growing on the CCS side, on the geothermal, and those data center infrastructure solutions I mentioned.

因此，這提供了另一種方式來抵消核心業務的一些不利因素，尤其是在 CCS 方面、地熱以及我提到的資料中心基礎設施解決方案方面。

Okay, thanks a lot.

好的，非常感謝。

Thank you.

謝謝。

Thank you.

謝謝。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛。

I just wanted to talk about the share repurchase program.

我只是想談談股票回購計畫。

You indicated that you wanted to accelerate the authorization and how do you think about taking advantage of some of the volatility in the stock?

您表示希望加快授權速度，您如何考慮利用股票的一些波動？

And you said at least $4 billion or so, how do you think about capturing upside to the extent the free cash flow materializes?

您說至少 40 億美元左右，您如何考慮在自由現金流實現的情況下捕捉上行空間？

Sure, Neil.

當然，尼爾。

So first, you mentioned it.

首先，你提到了這一點。

Our goal here with especially the accelerated share transaction is to take advantage of what we believe is a low valuation for our stock especially as we start the year.

我們的目標，尤其是加速股票交易，是利用我們認為股票估值較低的優勢，尤其是在年初。

So mechanically, what we did is we paid $2.3 billion upfront to the bank, which are helping us with this program.

所以機械地，我們所做的就是向銀行預付 23 億美元，銀行正在幫助我們實施這個計畫。

We paid that $2.3 billion actually earlier this week, and we received delivery on January 13, exactly of approximately 48 million shares of our stock, and this represents about 80% of the total shares to be bought under the program.

實際上，我們在本週早些時候支付了 23 億美元，並於 1 月 13 日收到了交付，大約有 4800 萬股我們的股票，這約佔該計劃下購買的總股票的 80%。

So those shares was -- 48 million shares were delivered to us and are now removed from our outstanding share count.

因此，這些股票已交付給我們 4800 萬股，現在已從我們的流通股總數中刪除。

Now there will be a true-up in the next few months before the end of May, the banks go at their pace, but the deadline is end of May.

現在，五月底之前的幾個月內將進行調整，銀行按照自己的步調行事，但最後期限是五月底。

There will be a true-up based on the volume weighted average price of the shares minus a discount.

將根據股票的成交量加權平均價格減去折扣進行調整。

And then we will receive the remaining shares.

然後我們將收到剩餘的股份。

So with all this, there's $2.3 billion of shares that can be removed right away from our outstanding share count and at what we believe is a very favorable price.

因此，有了這一切，就有 23 億美元的股票可以立即從我們的流通股數量中移除，而且價格是我們認為非常優惠的。

To the second part of your question, that $2.3 billion is to take care of the majority of what we include in the total $4 billion returns to shareholders.

對於你問題的第二部分，這 23 億美元將用於支付我們為股東提供的 40 億美元總回報中的大部分內容。

So we mentioned this $4 billion is indeed a minimum.

所以我們提到這40億美元確實是最低限度。

We do have the option to increase -- we will -- if we increase this $4 billion, it will be only in the form of additional buybacks.

我們確實可以選擇增加——我們會的——如果我們增加這 40 億美元，也只會以額外回購的形式。

So you -- we will -- we can go -- we will go a bit above the $2.3 billion because this was just a high-level estimate of the total for the year.

所以你——我們將——我們可以——我們將略高於 23 億美元，因為這只是今年總額的高水平估計。

So we will go slightly above, but we can go even beyond that to exceed the $4 billion total returns to shareholders.

因此，我們將略高於這一水平，但我們甚至可以超越這一水平，以超過 40 億美元的股東總回報。

We'll decide this as we -- as the year unfolds, depending on how much the ChampionX businesses, for example, will contribute to free cash flow once the transaction closes, depending on our free cash flow performance and in the year and potential M&A opportunities.

我們將在這一年中做出決定，具體取決於ChampionX業務在交易結束後將為自由現金流做出多少貢獻，具體取決於我們的自由現金流表現以及今年的自由現金流表現以及潛在的併購機會。

But there is clearly the option to increase that $4 billion total returns.

但顯然可以選擇增加這 40 億美元的總回報。

Okay.

好的。

That's very helpful.

這非常有幫助。

And then the follow-up is just can you just talk about where we stand in helping the market better isolate the value of the digital business.

接下來，您能談談我們在幫助市場更好地分離數位業務價值的立場嗎？

I know Canada was an important piece of it.

我知道加拿大是其中的重要組成部分。

And then maybe post ChampionX, there could be some segment re-segmenting.

然後也許在 ChampionX 之後，可能會有一些細分市場的重新細分。

So just how do we think about that $3 billion number and when we can get a little bit more clarity about the multiyear outlook for it on a stand-alone basis?

那麼我們如何看待這個 30 億美元的數字以及我們何時才能更清楚地了解它的多年前景呢？

Yeah, Neil, I think we are still very confident that the dynamics we are witnessing and are leveraging to grow our digital business across the different elements that we have in our offering will continue across the rest of the decade.

是的，尼爾，我認為我們仍然非常有信心，我們正在見證並正在利用我們提供的不同元素來發展我們的數位業務的動態將在接下來的十年中持續下去。

We will be -- this will continue to be accretive, as we have said, from the margin.

正如我們所說，我們將繼續從邊際上實現增值。

And yes, we'll be in a position, and we'll decide in the coming months or quarters, the best way to provide further disclosure and appropriate disclosure so that you and everybody can understand how this is being built and understand the making of digital. the actual performance of digital accretive.

And yes, we'll be in a position, and we'll decide in the coming months or quarters, the best way to provide further disclosure and appropriate disclosure so that you and everybody can understand how this is being built and understand the making of數位的.數字增值的實際表現。

And we will, in due time, project beyond 2025 and set our ambition for the years to come and highlight that we believe that market leadership position we have taken, the platform approach we have, the combination of digital operation workflow and the first mover advantage we have had in cloud and AI will continue to contribute to give us tailwinds and accretive growth across the rest of the decade clearly above and beyond the upstream market spend going forward.

我們將在適當的時候規劃 2025 年之後的目標，並設定未來幾年的目標，並強調我們相信我們已經佔據的市場領導地位、我們擁有的平台方法、數位化營運工作流程和先發優勢的結合我們在雲端運算和人工智慧領域所取得的成就將繼續為我們在未來十年的剩餘時間內帶來順風和增值成長，明顯高於未來上游市場的支出。

So we see this as a very advantaged position that we have. that will give enough disclosure detail so that everybody understand not only the making of but also the trajectory, the trend and actual performance -- underlying performance for margins and capital.

所以我們認為這是我們擁有的一個非常有利的地位。這將提供足夠的揭露細節，以便每個人不僅了解其形成過程，而且了解其軌跡、趨勢和實際績效——利潤和資本的基本績效。

Thanks.

謝謝。

Saurabh Pant, Bank of America.

索拉布潘特，美國銀行。

Thank you.

謝謝。

Good morning Olivier, Stephane.

早安，奧利維爾，史蒂芬。

If you don't mind, I'll start with a clarification to Arun's clarification.

如果您不介意的話，我將首先對阿倫的澄清進行澄清。

So it's a double clarification.

所以這是雙重澄清。

But the 2025 guide, that does still include the Palliser asset in Canada, right, because that sale has not closed yet?

但 2025 年指南仍然包括加拿大的 Palliser 資產，對吧，因為銷售尚未結束？

So yeah, that transaction has not closed.

是的，該交易尚未結束。

So yes, this -- but still the guide includes the divestiture of Canada after the few months we still need or potentially in the few weeks, we still need to close the transaction.

所以，是的，但指南仍然包括在我們仍然需要的幾個月或可能在幾週內完成交易後對加拿大的剝離。

Right.

正確的。

No, I got that.

不，我明白了。

That's what I was guessing.

這就是我的猜測。

Okay.

好的。

Perfect.

完美的。

And then Olivier, I want to touch a little bit on pricing, like you said, across your portfolio, some markets are going up, some are going down.

然後奧利維爾，我想談談定價，就像你說的，在你的投資組合中，有些市場正在上漲，有些市場正在下跌。

And as a result, the '25 outlook is about flattish.

因此，25 年的前景基本持平。

But what does that mean for pricing?

但這對於定價意味著什麼呢？

We all know the industry, you and your peers have been disciplined in terms of CapEx deployment and capacity deployment in the cycle.

我們都知道這個行業，您和您的同行在周期內的資本支出部署和容量部署方面都受到了紀律約束。

But are there any pockets where pricing is or is likely to soften as we go through '25?

但是，隨著我們進入 25 年，是否存在價格已經或可能會軟化的領域？

Should investors be worried about that?

投資人應該擔心這一點嗎？

No, I think I believe that the market remains capital discipline.

不，我想我相信市場仍然是資本紀律。

The market internationally being -- international being at athe cycle high in terms of activity remain stretched in terms of capacity.

國際市場在活動方面處於高週期，但在容量方面仍然捉襟見肘。

You have a combination and here will support pricing to be resilient.

你有一個組合，這將支持定價具有彈性。

Now obviously, it's a competitive market and we are seeing this.

顯然，這是一個競爭激烈的市場，我們也看到了這一點。

But I think I trust that the pricing trend is not necessarily inflecting, considering that the market is still at activity high internationally.

但我認為，考慮到國際市場仍然活躍，定價趨勢不一定會改變。

And I think we have the benefit of performance, technology, and integration capability that are giving us the ability to defend and support our pricing going forward.

我認為我們擁有性能、技術和整合能力的優勢，這使我們有能力捍衛和支持我們未來的定價。

So I'm constructive on this.

所以我對此持建設性態度。

Okay.

好的。

Fantastic.

極好的。

And if I can sneak one more in very quickly.

如果我能很快再偷偷溜進來一隻就好了。

Like you said, the cycle is maturing, right?

就像你說的，這個週期正在成熟，對嗎？

And this seems like it should be a good opportunity for the industry, including SLB to go back and assess the cost structure, right?

而這對包括SLB在內的整個產業來說應該是一個很好的機會回去評估成本結構吧？

So if I'm thinking about the self-help side of the equation, taking cost out, is there some opportunity that you have, Olivier, over the next year or so to look at your cost structure and maybe something comes out of it that can help your margins if you can talk to that a little bit?

因此，如果我考慮等式的自助方面，除去成本，奧利維爾，您在未來一年左右的時間裡是否有機會審視您的成本結構，也許從中可以得到一些結果如果您能談談這一點，可以幫助您提高利潤嗎？

So I'll take this, Saurabh.

所以我會接受這個，Saurabh。

So first, we have progressed quite well in executing the program we initiated mid last year, which as you may remember, covered both the adjustment of operational resources in certain geographies and the optimization of our support structure.

首先，我們在執行去年年中啟動的計劃方面取得了很好的進展，您可能還記得，該計劃既涵蓋了某些地區運營資源的調整，也涵蓋了我們支持結構的優化。

So that first set of action is almost complete, and it's what supported our margin expansion in the third and fourth quarter of last year.

因此，第一組行動幾乎已經完成，這也是我們去年第三和第四季利潤率擴張的支撐。

And you can see that, by the way, particularly in digital with our D&I margin reaching 38% in Q4 compared to 34% in the same period of the previous year.

順便說一句，您可以看到，特別是在數位領域，我們的 D&I 利潤率在第四季度達到 38%，而去年同期為 34%。

So of course, those first set of action will continue to support margins going forward.

當然，第一組行動將繼續支持未來的利潤率。

Beyond the specific cost out program, we are, of course, continuously monitoring both the operational resources and the support resources versus our activity levels as well as versus efficiency benchmarks that we set for ourselves.

當然，除了具體的成本計劃之外，我們還會根據我們的活動水平以及我們為自己設定的效率基準持續監控營運資源和支援資源。

So yes, this may result into additional adjustments as necessary in certain parts of the organization.

所以，是的，這可能會導致組織的某些部分根據需要進行額外的調整。

This is really one of the key levers to protect or improve our margins and with certain additional digital tools we have in our functional back office, et cetera, we still have efficiencies to extract.

這確實是保護或提高我們利潤的關鍵槓桿之一，並且借助我們在職能後台等中擁有的某些附加數位工具，我們仍然可以提高效率。

Okay.

好的。

Fantastic.

極好的。

That's great color.

那顏色真棒。

Okay.

好的。

Olivier, Stephane.

奧利維爾、史蒂芬.

Thank you.

謝謝。

Thanks for that.

謝謝你。

I'll turn it back.

我會把它轉回來。

Thank you.

謝謝。

Roger Read, Wells Fargo.

羅傑·里德，富國銀行。

Yeah.

是的。

Thank you.

謝謝。

And good morning, congrats on the quarter and glad to see accelerated share repos.

早安，恭喜本季度，很高興看到股票回購加速。

What I'd like to dig into just maybe a little deeper here on the digital side.

我想在數字方面更深入地探討一下。

I know you've already answered a few questions on it.

我知道您已經回答了一些相關問題。

But I'm just curious, as you look at the business here, what are some of the things we should focus on in terms of growth opportunities, right?

但我只是好奇，當你審視這裡的業務時，在成長機會方面我們應該關注哪些事情，對嗎？

You highlighted a series of contracts or collaborations that move forward during the fourth quarter.

您強調了第四季度推進的一系列合約或合作。

But is the limitation on growth here to the extent one exists a function of internal resources, be that people or capital?

但這裡對成長的限制是否有內部資源（無論是人員或資本）的功能？

Is it any hesitancy from the customers?

顧客有猶豫嗎？

Is there hesitancy to spend overall affecting what they're willing to spend on the digital side?

是否對整體支出猶豫不決，從而影響他們願意在數字方面支出？

Well, I think let me first describe and clarify the vectors of growth that we see the growth pathways to digital.

好吧，我想先讓我描述和澄清我們看到的數位成長路徑的成長向量。

And I think I would summarize it in three buckets: first, digital operation.

我想我可以總結為三個面向：第一，數位化營運。

The ability we have to provide products or to provide services and solutions to help our customers extract efficiency in drilling, in production, in producing assets, and to transform the way we operate and to transform the way they operate.

我們有能力提供產品或提供服務和解決方案，幫助我們的客戶提高鑽井、生產、生產資產的效率，並改變我們和他們的運作方式。

And I think here, it comes in the form of product that we sell that help the customer automate their operation and extract value and/or come to the form of the service solution we are selling, such as the one that you may have seen into one of our press release statement that is a Neuro autonomous geosteering and hence, we are creating a new value and selling it one way at a time and one customer at a time, and then the adoption will come from the success and the value demonstrates to our customers.

我認為在這裡，它以我們銷售的產品形式出現，幫助客戶自動化操作並提取價值和/或以我們正在銷售的服務解決方案的形式出現，例如您可能已經看到的解決方案我們的新聞稿聲明其中之一是神經自主地質導向，因此，我們正在創造一種新價值，並一次以一種方式向一位客戶銷售，然後採用將來自於成功，價值將證明我們的客戶。

So that's the first bucket is digital operation at large.

因此，第一個桶子是整個數位化操作。

This is the fastest-growing segment we have seen in the last couple of years, and we expect this to be still growing and the rate adoption depends on the value we demonstrate and the ability we have to connect to the digital operation work flows for the customers, and do it for every well and do it for every pad for every producing asset and every rig, and I think this is happening at scale.

這是我們在過去幾年中看到的成長最快的細分市場，我們預計該細分市場仍將成長，採用率取決於我們展示的價值以及我們連接到數位營運工作流程的能力客戶，為每一口井、每一個生產資產和每台鑽孔機的每個平台都這樣做，我認為這正在大規模發生。

The only limit is the infrastructure to untangle when we want to connect to the real connected assets.

唯一的限制是當我們想要連接到真正的連接資產時需要理清的基礎設施。

But I think this is happening.

但我認為這種情況正在發生。

We recognize a lot of success in this, and this is decoupled completely from the CapEx and OpEx spend.

我們認識到這方面取得了巨大的成功，並且這與資本支出和營運支出完全脫鉤。

This is a discretionary and supplemental spend that customers are committing to when they see the value can be extracted.

這是客戶在看到可以提取價值時承諾的可自由支配的補充支出。

Second bucket is the cloud transition.

第二個面向是雲端轉型。

We have initiated this cloud transition by creating a unique platform, the industry-leading platform, Delfi that allows our customer to get the benefits of cloud computing at scale, and to create new workflows on the cloud.

我們透過創建一個獨特的平台（業界領先的平台 Delfi）啟動了雲端轉型，它使我們的客戶能夠大規模獲得雲端運算的優勢，並在雲端上創建新的工作流程。

And this adoption is coming one customer at a time.

這種採用一次只針對一位客戶。

It depends on the -- again, the balance of on-prem and cloud transition.

這再次取決於本地部署和雲端過渡的平衡。

We offer hybrid support to our customers.

我們為客戶提供混合支援。

And you may have seen during the last few months and quarter, we keep having one customer at a time adoption.

您可能已經看到，在過去的幾個月和一個季度中，我們每次都有一個客戶採用。

This is a long tail of customer adoption.

這是客戶採用的長尾。

We have 1,500 customers in our digital portfolio.

我們的數位產品組合中有 1,500 家客戶。

We have 200 of them have signed the transition to the cloud, and we expect there are another 1,000 that will over the years to come continue to transition.

其中 200 家已經簽署了向雲端過渡的協議，我們預計還有 1,000 家將在未來幾年繼續過渡。

And every time we transition, we see an uplift into our SaaS and into our total revenue.

每次轉型時，我們都會看到 SaaS 和總收入的提升。

And again, this is a transition from desktop and on-prem to cloud capability that customers will continue to do to extract efficiency into their own geoscientists into their own workflow from exploration to production.

再說一次，這是從桌面和本地到雲端功能的轉變，客戶將繼續這樣做，將效率提高到他們自己的地球科學家從勘探到生產的工作流程中。

And finally, -- and we have been unlocking a new market by creating a new platform called Lumi on data and AI that creates the benefit of connecting unstructured data, connecting clouds, and on-prem data sets very complex data sets, both from exploration to -- and that's unique, that's domain rich and customer realizing this.

最後，我們透過在資料和人工智慧上創建一個名為Lumi 的新平台來解鎖一個新市場，該平台創造了連接非結構化資料、連接雲端和本地資料集的好處，非常複雜的資料集，都來自探索到——這是獨一無二的，領域豐富，客戶意識到了這一點。

And we are seeing a pick-up in adoption of this.

我們看到這一點的採用有所增加。

And as customer not only want to unlock the power of that data and use and look for a platform that can do this openly and with scale, but also they want to get access to an AI platform, and we offer a domain engineered AI capability and the platform capability that we offer to our customers.

由於客戶不僅希望釋放資料的力量並使用和尋找可以公開且大規模地實現這一點的平台，而且他們還希望訪問人工智慧平台，我們提供領域工程人工智慧功能和我們為客戶提供的平台功能。

So here, you have a combination of digital operation, cloud transition, and data and AI that give us multiple growth paths that are all independent and decoupled from the CapEx and OpEx spend as we see.

因此，在這裡，您擁有數位營運、雲端轉型以及數據和人工智慧的組合，為我們提供了多種成長路徑，正如我們所看到的，這些成長路徑都是獨立的，並且與資本支出和運營支出支出脫鉤。

As you can see this year, our ambition is still very high on a market that is about flat.

正如你今年所看到的，在市場基本上持平的情況下，我們的雄心仍然很高。

I appreciate that.

我很欣賞這一點。

Great, great description.

很棒，很棒的描述。

I'll turn it back there.

我會把它轉回那裡。

Thank you.

謝謝。

Kurt Hallead, Benchmark.

庫爾特·哈勒德，基準。

Hey, good morning, everybody.

嘿，大家早安。

Hey, good morning.

嘿，早安。

Olivier, I think what I'd like to do is maybe follow up on Roger's line of questioning with a focus on the digital, but even kind of get down to the maybe an update on the adoption rate that you've seen with respect to Lumi.

奧利維爾，我想我想做的可能是跟進羅傑的提問，重點是數位化，但甚至可能涉及您所看到的採用率的最新情況盧米。

And if you have some early success stories that you can potentially reference?

您是否有一些可以參考的早期成功案例？

And I think when you guys had talked about this last September, you saw some pretty significant growth opportunities in your potential customer base, going from maybe 300 customers to 1,500 customers or something along those lines.

我認為，當你們去年 9 月談論這個問題時，你們在潛在客戶群中看到了一些非常重要的成長機會，從 300 名客戶增加到 1,500 名客戶或類似的數量。

So maybe just an update on Lumi first would be great.

所以也許先更新 Lumi 就好了。

Yeah.

是的。

No, Lumi, I think we are very pleased.

不，盧米，我想我們很高興。

I think we launched this less than four months ago.

我想我們是在不到四個月前推出的。

So it's early, early days.

所以現在還早，早。

But I think the interest, the pilots, number of pilots we have is very, very strong.

但我認為我們的興趣、飛行員和飛行員數量都非常非常強烈。

And I think, again, it's both the customers that are interested in connecting the data sets and unlocking the power of data to production workflow or to geoscience workflow and also the customers are interested in to getting access to our AI platform with gen AI and/or engineered AI capability set.

我再次認為，客戶有興趣連接資料集並釋放資料在生產工作流程或地球科學工作流程中的力量，而且客戶也有興趣透過 gen AI 存取我們的人工智慧平台和/或工程人工智慧能力集。

So while you're seeing this, it;s too early to disclose numbers in terms of revenue and in terms of growth rate because it's -- we are talking weeks, okay, post launch, but I think we are very -- we've been very pleased with the takeup with the interest, with the intake with the number of pilots that we have.

因此，當你看到這一點時，現在披露收入和增長率方面的數字還為時過早，因為我們正在討論幾週後的情況，好吧，發布後，但我認為我們非常 - 我們'我們對我們的飛行員興趣和飛行員數量感到非常滿意。

And you have a few customers across the world that you will see will continue to adopt Lumi going forward.

您將看到世界各地的一些客戶未來將繼續採用 Lumi。

And you will see example that we give of using AI into operation to optimize assets, and you will see more and more examples of customers adopting this just for their benefit and for playing with or using AI as a capability set beyond what we can offer directly on our rigs, and what we can offer directly on our producing assets.

您將看到我們給出的使用人工智慧來優化資產的範例，並且您將看到越來越多的客戶採用此範例只是為了他們的利益，並將人工智慧作為我們可以直接提供的能力集來發揮或使用在我們的鑽孔機上，以及我們可以直接在我們的生產資產上提供什麼。

So I'm confident.

所以我有信心。

It's too early to give you numbers, but I think the trend is very interesting and the early feedback, early number of pilots, and early adoption to test and explore what can this do is very, very good.

現在給你數字還為時過早，但我認為這種趨勢非常有趣，早期的回饋、早期的試點數量以及早期採用來測試和探索它可以做什麼是非常非常好的。

Great.

偉大的。

Appreciate that.

很欣賞這一點。

And maybe a follow-up just on full circle on the macro.

也許是宏觀上的一個完整循環的後續行動。

We talked through the dynamics for this year and how things appear to be kind of mapping out and predicated on your commentary about a rebalance in the oil market on the horizon and boding well for investment through the end of the year.

我們討論了今年的動態，以及事情似乎是如何規劃的，並根據您對即將到來的石油市場重新平衡以及年底投資前景良好的評論進行預測。

Just a -- how do you think it could all play out?

只是──你認為這一切會如何發展？

Do you think your customer base is getting a little bit more wary than they were about project economics?

您是否認為您的客戶群對專案經濟學變得更加謹慎了？

Or is this more just a tap to break if it's by just what we've done and then we can kind of start -- if you will, start jogging again in 2026?

或者，這只是一個突破，如果我們已經做到了這一點，然後我們就可以開始——如果你願意的話，在 2026 年再次開始慢跑？

No, first and foremost, I think the adjustment that we have seen in the last six months, I think was driven by the oversupply – the concern about an oversupplied oil market and hence the cautious approach on the timing for FID, the cautious approach on discretionary spending that are translatingd into a moderating pace of growth particularly in the international market and a continuation of compression of activity in the US.

不，首先也是最重要的，我認為我們在過去六個月中看到的調整是由供應過剩推動的——對石油市場供應過剩的擔憂，因此對 FID 的時機採取了謹慎的態度，謹慎的對可自由支配支出的態度正在轉化為成長速度放緩，特別是在國際市場上，以及美國經濟活動的持續壓縮。

Now the outlook, both from the long-term rebalance, from the gas, energy play in the data center and the global energy security, will all combine to pull this -- to pull it through.

現在，無論是長期再平衡、資料中心的天然氣、能源發展以及全球能源安全的前景，都將共同推動這一進程——使其渡過難關。

So where some of it will materialize at the end of this year and early pickup in deepwater or a higher level of short-cycle activity in the second half of the year will depend on the macroeconomics.

因此，其中一些將在今年年底實現，以及下半年深水的早期回升或更高水平的短週期活動將取決於宏觀經濟。

But I think directionally, as we said, we see an outlook which is steady, flat year-on-year, and we see the signal, the early signs of long-term upside in '26 driven by deepwater FID, driven by the continuous gas, including unconventional, and driven by short cycle that we'll have to come back in full play to sustain this production going forward.

但我認為，從方向上看，正如我們所說，我們看到的前景是穩定的，與去年同期相比持平，我們看到了信號，即在深水FID 的推動下，26 年長期上漲的早期跡象，在持續的推動下天然氣，包括非常規天然氣，在短週期的推動下，我們必須充分發揮作用，以維持未來的生產。

That's awesome.

太棒了。

Thank you so much.

太感謝了。

Really appreciate it.

真的很感激。

Stephen Gengaro, Stifel.

史蒂芬·根加羅，斯蒂菲爾。

Thanks and good morning everybody.

謝謝大家，早安。

The first is when we think -- you dug into a little bit at the beginning of the call.

第一個是當我們思考時——你在通話開始時深入探討了一些內容。

But when we think about maybe the margin profile of the different segments in 2025, could you just give us some flavor for how you're thinking about the puts and takes in the different segments?

但是，當我們考慮 2025 年不同細分市場的利潤狀況時，您能否向我們介紹您如何考慮不同細分市場的賣出和賣出？

We typically don't guide, and we are not aiming to guide, I think, but you can understand that the mix is slightly changing as we commented that, in the Core, the growth of Production Systems and Reservoir Performance will be offset by the decline in Well Construction.

我認為，我們通常不提供指導，而且我們的目的也不是提供指導，但您可以理解，混合情況正在略有變化，因為我們評論說，在核心中，生產系統和油藏性能的增長將被油井建設下降。

So, you can do the math and understand the consequence of this.

因此，您可以進行數學計算並了解其結果。

You also understand that Digital & Integration to the benefit of digital growth will have margin expansion.

您也了解，數位化和整合有利於數位化成長，利潤率也會擴大。

So you build all of this, and you get a different mix than last year.

所以你建立了所有這些，並且你得到了與去年不同的組合。

You add the cost out program and discipline that we need to reinforce on pricing to match our ambition to maintain earnings at or above the level that we delivered in 2024, excluding ChampionX.

您添加了我們需要在定價方面加強的成本支出計劃和紀律，以符合我們將盈利維持在或高於 2024 年交付水平（不包括 ChampionX）的目標。

Okay.

好的。

Great.

偉大的。

That's helpful.

這很有幫助。

And then just my follow-up question was just your perspective on what's happening in Mexico, what you sort of think about when you think about Mexico?

我的後續問題是您對墨西哥正在發生的事情的看法，當您想到墨西哥時會想到什麼？

Maybe the prospects for a recovery maybe in '26 or later?

也許復甦的前景可能是在 26 年或更晚？

I think it's too early to call.

我認為現在打電話還為時過早。

I think this -- the government, the budget, and the leadership team of PEMEX is under transition.

我認為，墨西哥國家石油公司的政府、預算和領導團隊正在過渡。

I think it's -- what is clear is that Mexico activity will decline and has already declined.

我認為，很明顯的是，墨西哥的經濟活動將會下降，而且已經下降了。

This is offset by -- in Latin America by Argentina and Brazil.

這被拉丁美洲的阿根廷和巴西所抵銷。

So it's something that we have a diversified portfolio across Latin America.

因此，我們在拉丁美洲擁有多元化的投資組合。

This is our strength.

這是我們的力量。

And I think we believe that we will leverage the growth in select countries where there is resilience or growth as indicated, particularly in Argentina and resilience growth in Brazil to offset the exposure that we foresee in Mexico, but it's too early to call the outlook and outcome of the election, change of leadership and the priority of the government towards PEMEX.

我認為，我們相信，我們將利用具有復原力或成長的選定國家的成長，特別是阿根廷和巴西的復原力成長來抵消我們預見的墨西哥的風險，但現在判斷前景和成長還為時過早。

Okay.

好的。

Yeah, great.

是的，太棒了。

Thank you for the color.

謝謝你的顏色。

Thank you.

謝謝。

I will turn the call over to SLB for closing comments.

我會將電話轉交給 SLB 以徵求結束意見。

Thank you, Kate.

謝謝你，凱特。

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, our 2024 results underscore the strength of SLB divest portfolio to navigate evolving market dynamics.

首先，我們 2024 年的業績強調了 SLB 剝離投資組合在應對不斷變化的市場動態方面的實力。

Moving forward, we will continue to harness our unique market exposure and performance advantage to further our margin expansion journey, deliver strong cash flows, and increased returns to shareholders.

展望未來，我們將繼續利用我們獨特的市場曝光和業績優勢，進一步擴大利潤率，提供強勁的現金流，並增加股東回報。

Second, we remain focused on expanding the value we create for our customers through our technology leadership, integration capabilities, offshore exposure, and an expanded production recovery portfolio through the announced acquisition of ChampionX.

其次，我們仍然致力於透過我們的技術領先地位、整合能力、離岸業務以及透過宣布收購 ChampionX 擴大生產回收產品組合來擴大我們為客戶創造的價值。

Finally, I'm confident in our strategy, inclusive of the progress we are making growing beyond oil and gas and in our ability to continue creating value for our customers, partners and shareholders.

最後，我對我們的策略充滿信心，包括我們在石油和天然氣領域之外的進展，以及我們繼續為客戶、合作夥伴和股東創造價值的能力。

With this, I will conclude today's call.

我就這樣結束今天的電話會議。

I look forward to sharing our progress with you throughout the year.

我期待與您分享我們這一年的進步。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。