斯倫貝謝公司 (SLB) 2025 Q1 法說會逐字稿

Good morning. My name is Megan and I'll be your conference operator today and would like to welcome everyone to the 1st quarter SLB earnings call. (Operator Instructions)

早安.我叫梅根，今天我將擔任你們的會議主持人，歡迎大家參加第一季 SLB 收益電話會議。（操作員指示）

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

提醒一下，本次通話正在錄音。現在我將把電話轉給投資者關係和產業事務資深副總裁 James R. McDonald。請繼續。

Thank you, Megan. Good morning, and welcome to the SLB first-quarter 2025 earnings conference call. Today's call is being hosted from Houston, following our board meeting in the Middle East last week. Joining us on the call are Olivier Le Peuch, Chief Executive Officer; and Stephane Biguet, Chief Financial Officer.

謝謝你，梅根。早安，歡迎參加 SLB 2025 年第一季財報電話會議。繼上週我們在中東舉行的董事會會議之後，今天的電話會議在休士頓舉行。參加電話會議的還有執行長 Olivier Le Peuch；以及財務長 Stephane Biguet。

Before we begin, I would like to remind all participants that some of the statements we will be making today are forward-looking. These matters involve risks and uncertainties that could cause our results to differ materially from those projected in these statements. For more information, please refer to our latest 10-K filing and other SEC filings which can be found on our website.

在我們開始之前，我想提醒所有與會者，我們今天所做的一些演講是前瞻性的。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。欲了解更多信息，請參閱我們最新的 10-K 文件和其他 SEC 文件，這些文件可以在我們的網站上找到。

Our comments today also include non-GAAP Financial measures, additional details and reconciliations to the most directly comparable GAAP financial measures can be found in our first quarter earnings press release, which is on our website.

我們今天的評論還包括非 GAAP 財務指標，更多詳細資訊和與最直接可比較的 GAAP 財務指標的對帳可在我們網站上的第一季財報新聞稿中找到。

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. These materials can be found on the SEC's website or from the party's websites. With that, I will turn the call over to Olivier.

最後，結合我們提議的收購，SLB 和 ChampionX 已向美國證券交易委員會提交了資料，包括一份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 網站或該黨的網站上找到。說完這些，我將把電話轉給奧利維爾。

Thank you, James. Ladies and gentlemen, thank you for joining us on the call this morning. I'll begin by discussing our first-quarter performance. Then I will provide updates on the evolving macro, and how we will manage our business in this uncertain environment.

謝謝你，詹姆斯。女士們、先生們，感謝你們今天早上參加我們的電話會議。我將首先討論我們第一季的業績。然後，我將提供有關不斷變化的宏觀形勢的最新信息，以及我們將如何在這種不確定的環境中管理我們的業務。

Stephane will then provide more details on our financial performance, and we'll open the line for questions. Let's begin.

隨後，Stephane 將提供有關我們財務業績的更多細節，然後我們將開放式熱線回答問題。讓我們開始吧。

As you have seen in our earnings press release this morning, it has been a soft start of the year. In addition to the typical seasonal activity decline in the Northern Hemisphere and the absence of year-end products and software sales, upstream investments has remained constrained by the oversupplied oil markets.

正如您在我們今天上午的收益新聞稿中看到的，今年的開局並不順利。除了北半球典型的季節性活動下降以及年終產品和軟體銷售的缺失之外，上游投資仍然受到石油市場供應過剩的限制。

This has been amplified over the past few weeks with additional economic uncertainty stemming from the acceleration of supply releases by OPEC plus and recent tariff announcements. Against this more challenging backdrop, I was proud to see our teams continue to deliver for our customers, and we finished the quarter by achieving further adjusted EBITDA margin expansion year on year.

過去幾週，由於石油輸出國組織（OPEC）加速釋放供應以及近期的關稅公告，經濟不確定性進一步加劇，這種情況進一步加劇。在這種更具挑戰性的背景下，我很自豪地看到我們的團隊繼續為客戶提供服務，並且我們在本季度結束時實現了調整後的 EBITDA 利潤率同比進一步擴大。

Overall, across the business, first quarter revenues decreased by 3% year on year as our strong results in North America were more than offset by lower revenue in the international markets, attributed to a combination of lower drilling activity in Mexico and Saudi Arabia and a steep decline in Russia.

總體而言，第一季整個業務的收入年減了 3%，因為我們在北美的強勁業績被國際市場的收入下降所抵消，而國際市場收入下降是由於墨西哥和沙烏地阿拉伯的鑽井活動減少以及俄羅斯的急劇下滑。

Excluding declines in these three countries, international revenue was steady year on year, and we achieved double digit growth in a number of markets, including the United Arab Emirates, North Africa, Kuwait, Argentina, and China, as well as a solid performance in Europe and Scandinavia. Altogether, this resulted in international rig count outperformance.

除這三個國家的下滑外，國際營收年增穩定，在阿聯酋、北非、科威特、阿根廷、中國等多個市場均實現了兩位數成長，歐洲和斯堪的納維亞地區也表現穩健。總體而言，這導致國際鑽井數量表現優異。

Turning to North America, we delivered positive results, driven by the offshore market, with higher sales of both digital and subsea production systems. We also continued growth momentum in our data center infrastructure solution business in this region. However, this growth was partially offset by lower drilling revenue in US land due to rig efficiency gains.

轉向北美，在海上市場的推動下，我們取得了積極的業績，數位和海底生產系統的銷售額均有所增長。我們在該地區的資料中心基礎設施解決方案業務也持續保持成長勢頭。然而，由於鑽機效率提高，美國陸地鑽井收入下降，部分抵消了這一增長。

Next, let me discuss the performance of our divisions. In the Core, Production System continues to lead the way with steady revenue growth and further margin expansion. Customers continue to demonstrate strong demand for surface production systems, completions and artificial lift

接下來我來介紹一下我們各部門的表現。在核心業務方面，生產系統持續保持領先地位，收入穩定成長，利潤率進一步擴大。客戶對地面生產系統、完井和人工舉升系統的需求持續強勁

This late-cycle business is becoming more profitable, with margins increasing by 197 basis points year on year, supported by a favorable activity mix, execution efficiency, and conversion of improved price backlog.

這項後期週期業務的獲利能力正在增強，利潤率年增 197 個基點，這得益於良好的活動組合、執行效率以及改進的價格積壓轉換。

Specific to subsea, we remain constructive on the market outlook with a significant pipeline of projects planned over the next couple of years. I was pleased to see margins in this area expand materially compared to the same period last year as a result of strong execution and the realization of cost synergies within our OneSubsea joint venture.

具體到海底，我們對市場前景仍然持樂觀態度，並計劃在未來幾年內進行大量專案。我很高興看到，由於我們OneSubsea合資企業的強勁執行和成本協同效應的實現，該領域的利潤率與去年同期相比大幅擴大。

In Reservoir Performance, revenue was slightly down year on year, and margins were significantly impacted by challenges on several new projects that resulted in start-up and operational cost overruns. We continue to see strong demand for unconventional stimulation in international markets, including the United Arab Emirates and Argentina. However, this was fully offset by lower evaluation and exploration activity as a result of lingering white space in deepwater.

在油藏績效方面，收入年比略有下降，利潤率受到幾個新項目挑戰的嚴重影響，導致啟動和營運成本超支。我們繼續看到包括阿拉伯聯合大公國和阿根廷在內的國際市場對非常規刺激措施的強勁需求。然而，由於深水區仍存在空白，評估和勘探活動的減少完全抵消了這種影響。

In Well Construction, revenue declined year on year due to lower drilling activity across both North America and international markets. Despite this decline, I was pleased to see that one-third of our international geounits actually grew year on year in the first quarter.

在油井建設方面，由於北美和國際市場的鑽井活動減少，收入較去年同期下降。儘管有所下降，但我很高興地看到，第一季我們三分之一的國際地理單位實際上比去年同期成長。

In Digital & Integration, growth was entirely driven by Digital, where revenue grew 17% year on year as customers continue to embrace digital technologies and solutions. Customers are accelerating the adoption of digital and AI solutions to extract further efficiency and performance across the upstream lifecycle, both in planning and in operations across development and production. In the earnings press release, you can see several examples of customers adopting our digital solutions.

在數位與整合領域，成長完全由數位驅動，由於客戶繼續採用數位技術和解決方案，其收入年增 17%。客戶正在加速採用數位和人工智慧解決方案，以在整個上游生命週期（包括規劃以及開發和生產的營運）中進一步提高效率和效能。在收益新聞稿中，您可以看到幾個客戶採用我們的數位解決方案的例子。

Finally, as an update on our progress beyond oil and gas, we continue to expand positive momentum in the low-carbon markets driven by our Capturi acquisition, as well as in our data center infrastructure business. Combined revenue from CCS, geothermal, critical minerals, and data center solutions is on pace to visibly exceed $1 billion in 2025. Overall, I'm proud of the performance our team delivered this quarter, and I want to thank the entire SLB team for their hard work and commitment to customer success.

最後，作為我們在石油和天然氣以外領域取得進展的最新進展，在收購 Capturi 的推動下，我們繼續在低碳市場以及資料中心基礎設施業務中擴大積極勢頭。到 2025 年，CCS、地熱、關鍵礦物和資料中心解決方案的總收入將有望顯著超過 10 億美元。總的來說，我為我們團隊本季的表現感到自豪，我要感謝整個 SLB 團隊的辛勤工作和對客戶成功的承諾。

Next, let me discuss the macro environment and how SLB is adapting accordingly. The industry is navigating global economic uncertainty stemming from the supply-demand imbalance and recent tariff announcements. In this environment, commodity prices are challenged, and until they stabilize, customers are likely to take a more cautious approach to near-term activity and discretionary spending.

接下來，讓我討論一下宏觀環境以及 SLB 如何相應地進行調整。該行業正在應對由供需失衡和最近的關稅公告引起的全球經濟不確定性。在這種環境下，大宗商品價格面臨挑戰，在價格穩定之前，消費者可能會對短期活動和可自由支配的支出採取更謹慎的態度。

Beginning with the supply-demand balance, we expect to see new supply enter the market as OPEC+ has announced plans to increase their production beginning in May. This comes at a time when the macroeconomic picture remains uncertain due to global trade concerns, which have the potential to result in lower liquid demand than originally expected for the year.

從供需平衡開始，我們預計將看到新的供應進入市場，因為 OPEC+ 已宣布計劃從 5 月開始增加產量。目前，由於全球貿易擔憂，宏觀經濟狀況仍不明朗，這有可能導致今年的流動性需求低於最初的預期。

Taken together, these factors are resulting in an uncertain market backdrop. At this point, we expect global upstream investment to decline compared to 2024, with customer spending in the Middle East and Asia being more resilient than the other regions across the rest of the world.

綜合起來，這些因素導致了市場背景的不確定性。目前，我們預計全球上游投資將與 2024 年相比下降，中東和亞洲的客戶支出將比世界其​​他地區更具彈性。

Against this uncertain backdrop, we will remain focused on what we can control. We'll continue to execute our strategy, deliver differentiated performance for our customers, carefully manage costs, and remain committed to returns to shareholders.

在這種不確定的背景下，我們將繼續專注於我們能夠控制的事情。我們將繼續執行我們的策略，為客戶提供差異化的效能，謹慎管理成本，並繼續致力於回報股東。

In the Core, we remain positive on the long-term fundamentals for both oil and gas, and we will continue to deepen our partnership with our customers throughout the life cycle of their assets. This includes an increased emphasis on the production and recovery market, where we expect to unlock new growth potential and long-term resilience through opportunities for technology deployment

在核心業務方面，我們對石油和天然氣的長期基本面保持樂觀，並將在客戶的整個資產生命週期中繼續深化與客戶的合作夥伴關係。這包括更加重視生產和恢復市場，我們期望透過技術部署機會釋放新的成長潛力和長期韌性

In Digital, customers are investing in solutions to reduce cycle time, improve performance, and drive efficiency. And we continue to pursue opportunities in AI, cloud computing, and digital operations. Today, we are seeing the decoupling of digital investment from upstream spending, and this will increasingly represent a unique and exciting opportunity for our business.

在數位化領域，客戶正在投資解決方案以縮短週期時間、提高效能和提高效率。我們將繼續尋求人工智慧、雲端運算和數位化營運領域的機會。今天，我們看到數位投資與上游支出脫鉤，這將越來越成為我們業務的獨特而令人興奮的機會。

In our business beyond oil and gas, we will continue to capitalize on low-carbon markets with our new energy offerings, particularly in carbon capture and geothermal, while harnessing adjacencies as we have demonstrated with a rapidly growing data center infrastructure solution business.

在石油和天然氣以外的業務中，我們將繼續利用我們的新能源產品，特別是在碳捕獲和地熱領域，開拓低碳市場，同時利用鄰近優勢，正如我們在快速增長的數據中心基礎設施解決方案業務中所展示的那樣。

Let me quickly elaborate on our data center business. Over the past two years, we have engaged hyperscalers, whom we partner with in digital, to unlock new opportunities for our business through the development of data centers. This has resulted in a significant contract award for the provision of manufacturing services and modular cooling units, which we are currently fulfilling.

讓我快速闡述一下我們的資料中心業務。在過去的兩年裡，我們與超大規模企業在數位領域展開合作，透過開發資料中心為我們的業務開闢新的機會。這導致我們獲得了提供製造服務和模組化冷卻裝置的重要合同，目前正在履行該合約。

Based on our performance and unique capabilities, we are also gaining access to new opportunity pipelines. And we are expanding our technological offerings with low-carbon solutions to serve new potential customers. Overall, this is a very exciting and fast-growing market, driven by AI demand and we expected it to contribute to our diversified exposure beyond oil and gas in the coming years.

基於我們的業績和獨特能力，我們也獲得了新的機會管道。我們正在透過低碳解決方案擴展我們的技術產品，以服務新的潛在客戶。總體而言，這是一個非常令人興奮且快速成長的市場，由人工智慧需求驅動，我們預計它將在未來幾年為我們在石油和天然氣以外的多元化投資做出貢獻。

Beyond our operational performance, we have also been on a journey of cost optimization and process enhancement. And moving forward, this will support our mission to protect margins despite softer customer spending. What matters in this environment is our ability to continue to generate strong margins and cash flows, deliver resilient returns to shareholders, and come out stronger.

除了營運績效之外，我們也一直在努力優化成本和改進流程。展望未來，儘管客戶支出減少，但這仍將支持我們保護利潤率的使命。在這種環境下，重要的是我們能否繼續創造強勁的利潤率和現金流，為股東帶來強勁的回報，並變得更強大。

Our first-quarter results demonstrate our ability to do this, and I believe that the combination of our strategy and cost actions will help to protect our business moving forward. As a result, we remain committed to returning at least $4 billion to shareholders in 2025.

我們第一季的業績證明了我們有能力做到這一點，我相信我們的策略和成本行動相結合將有助於保護我們業務向前發展。因此，我們仍然致力於在 2025 年向股東返還至少 40 億美元。

Now, before I hand over to Stephane, let me quickly share our guidance for the second quarter and the rest of the year. Specific to the second quarter, assuming there is no further escalation of tariffs and that oil prices remain approximately at current levels, we expect revenue to be flat sequentially, excluding ChampionX, with an adjusted margin expansion between 50 to 100 basis points.

現在，在交給 Stephane 之前，請允許我快速分享我們對第二季和今年剩餘時間的指導。具體到第二季度，假設關稅沒有進一步上調，且油價保持在當前水平左右，我們預計不包括ChampionX在內的收入將環比持平，調整後的利潤率將擴大50至100個基點。

Looking at the full year, while a number of different scenarios could materialize, including tariffs and OPEC+ actions. Assuming oil prices remain similar to current levels, we expect flat to mid-single-digit revenue growth in the second half of the year compared with the first half, excluding ChampionX. This will be supported by a combination of the seasonal activity uptick, new startups in deepwater, and further growth in our digital and data center business. And under these conditions, we also expect further margin expansion.

縱觀全年，可能會出現多種不同的情況，包括關稅和 OPEC+ 行動。假設油價保持在當前水平，我們預計下半年的營收成長將與上半年持平至中個位數（不包括 ChampionX）。季節性活動增加、深水區新創公司以及數位和資料中心業務的進一步成長將為此目標提供支援。在此條件下，我們也預期利潤率將進一步擴大。

Look, I know there is a lot of uncertainty in this market, but we have been here before. We're operating from a strong position and have a clear priority of preserving margins while generating robust cash flows. Our broad exposure is providing resilience against uncertainty and short-cycle weakness, as we have seen in our results today. And I am confident that our people, our technology leadership, and our financial strength will clearly position us for long-term success. I now turn the call over to Stephane to discuss our financial results in more details.

我知道這個市場存在著許多不確定性，但我們以前也遇到過這種情況。我們的經營狀況良好，並且明確優先考慮保持利潤率，同時產生強勁的現金流。正如我們今天的結果所看到的那樣，我們廣泛的投資機會為抵禦不確定性和短期週期疲軟提供了韌性。我相信，我們的員工、我們的技術領導力以及我們的財務實力將為我們長期成功奠定基礎。現在我將電話轉給 Stephane，讓他更詳細地討論我們的財務表現。

Thank you, Olivier. And good morning, ladies and gentlemen. First quarter earnings per share, excluding charges and credits was $0.72. This represents a decrease of $0.03 when compared to the first quarter of last year.

謝謝你，奧利維爾。女士們、先生們，大家早安。第一季每股收益（不計費用和貸項）為 0.72 美元。與去年第一季相比，下降了 0.03 美元。

We recorded $0.14 of charges during the quarter. This included $0.11 of charges in connection with our cost-out program that we initiated last year. And $0.03 of merger and integration charges related to the ChampionX and Aker Subsea transactions.

我們在本季記錄了 0.14 美元的費用。其中包括與我們去年啟動的成本削減計劃相關的 0.11 美元費用。以及與 ChampionX 和 Aker Subsea 交易相關的 0.03 美元的合併和整合費用。

Overall, our first-quarter revenue of $8.5 billion decreased 3% year on year. International revenue decreased 5% year on year, largely driven by reduced activity in Mexico, Saudi Arabia, offshore Africa, and Russia. North America revenue increased 8% year on year due to higher digital and subsea production system sales, as well as strong growth in our data center infrastructure solutions.

總體而言，我們第一季的營收為 85 億美元，年減 3%。國際收入較去年同期下降 5%，主要原因是墨西哥、沙烏地阿拉伯、非洲近海和俄羅斯的活動減少。由於數位和海底生產系統銷售額增加，以及資料中心基礎設施解決方案的強勁成長，北美收入年增 8%。

Company-wide adjusted EBITDA margin for the first quarter was 23.8%, up 18 basis points year on year. Pretax segment operating margin was 18.3%, representing a 60 basis point decline year on year, as two of our four divisions experienced lower margins, partially mitigated by the effects of our cost-out program. As we navigate the current market dynamics, we will continue to exercise cost discipline, and we will align our resources with activity levels in the coming quarters as necessary to protect our margins and cash flows.

第一季全公司調整後EBITDA利潤率為23.8%，較去年同期成長18個基點。稅前部門營業利潤率為 18.3%，年減 60 個基點，因為我們四個部門中有兩個部門的利潤率較低，但部分受到成本削減計劃的影響。當我們應對當前市場動態時，我們將繼續嚴格控製成本，並根據需要在未來幾季調整我們的資源與活動水平，以保護我們的利潤率和現金流。

As it relates to tariffs, the evolving landscape clearly introduces uncertainty, which makes it challenging to fully assess their impact at this time. Broadly speaking, we are partially protected by our activity mix, with approximately 80% of our revenue derived from international markets, as well as by our diversified supply chain network that includes in-country manufacturing and local sourcing.

就關稅而言，不斷變化的情況顯然帶來了不確定性，這使得目前全面評估其影響變得具有挑戰性。廣義上講，我們的業務活動組合在一定程度上保護了我們，其中約 80% 的收入來自國際市場，此外，我們還擁有多元化的供應鏈網絡，包括國內製造和本地採購。

However, parts of our operations are still potentially exposed to increasing tariffs, primarily from imports of raw material into the US in our Production Systems division, as well as exports from the US, subject to retaliatory tariffs.

然而，我們的部分業務仍有可能面臨關稅上調的風險，主要是我們生產系統部門進口到美國的原材料，以及從美國出口的產品，都可能面臨報復性關稅。

Under the current tariff framework, the majority of the impact is on import and export flows between the US and China. So, any resolution or conversely escalation between those two countries can significantly impact the tariffs we may be subject to.

在現行關稅框架下，主要影響的是中美之間的進出口貿易。因此，這兩個國家之間的任何解決方案或相反的升級都可能對我們可能繳納的關稅產生重大影響。

While those discussions are taking place, we are taking proactive steps to mitigate the potential impacts. This includes reviewing how to further optimize our supply chain and manufacturing network, as well as diligently pursuing all applicable exemptions and drawbacks. We are also actively engaging with customers to recover tariff-induced cost increases through contractual adjustments.

在進行這些討論的同時，我們正在採取積極措施來減輕潛在的影響。這包括審查如何進一步優化我們的供應鏈和製造網絡，以及努力尋求所有適用的豁免和退稅。我們也積極與客戶合作，透過合約調整來彌補關稅導致的成本增加。

We have made progress on all these fronts in the last two weeks, and we are stepping up those actions across the organization as we speak. As the second quarter progresses and ongoing trade negotiations continue, we will hopefully gain better visibility of where tariffs may settle and the extent to which we will be able to mitigate their effects on our business.

過去兩週，我們在所有這些方面都取得了進展，並且我們正在整個組織內加強這些行動。隨著第二季度的進展和正在進行的貿易談判的繼續，我們希望能夠更好地了解關稅可能在哪裡得到解決，以及我們能夠在多大程度上減輕其對我們業務的影響。

Let me now go through the first quarter results for each division. First quarter, Digital & Integration revenue of $1 billion increased 6% year on year, driven by 17% growth in Digital revenue. This growth was partially offset by lower APS revenue due to a temporary pipeline disruption that impacted production in our projects in Ecuador. While this issue has been resolved, it did cost us $0.01 of earnings in the quarter.

現在讓我來介紹一下每個部門第一季的業績。第一季度，數位與整合收入 10 億美元，年增 6%，其中數位收入成長 17%。由於管道暫時中斷影響了我們在厄瓜多爾的專案生產，導致 APS 收入下降，從而部分抵消了這一增長。雖然這個問題已經解決，但它確實給我們本季造成了 0.01 美元的收益損失。

Digital & Integration margin of 30.4% expanded 380 basis points year on year, entirely due to improved profitability in Digital. Reservoir Performance revenue of $1.7 billion decreased 1% year on year as strong unconventional stimulation and intervention activity was offset by lower evaluation and exploration activity.

數位與整合利潤率為 30.4%，較去年同期擴大 380 個基點，這完全歸功於數位業務獲利能力的提高。油藏績效收入為 17 億美元，年減 1%，因為強勁的非常規刺激和乾預活動被較低的評估和勘探活動所抵消。

Margins of 16.6% declined 311 basis points as compared to the first quarter of last year due to the less favorable activity mix, as well as projects start-up costs.

由於活動組合不太有利以及專案啟動成本，利潤率為 16.6%，與去年第一季相比下降了 311 個基點。

Well Construction revenue of $3 billion declined 12% and margins declined 71 basis points year on year on significantly lower drilling activity. Mexico and Saudi Arabia alone represented approximately two-thirds of the revenue decrease.

由於鑽井活動大幅減少，油井建設收入為 30 億美元，年減 12%，利潤率下降 71 個基點。光是墨西哥和沙烏地阿拉伯就佔了收入減少的約三分之二。

Finally, Production Systems revenue of $2.9 billion increased 4%, while margins of 16.2% grew 197 basis points year on year. These results were driven by the resilience of our portfolio in production and recovery activities and were augmented by significant revenue growth in our data center infrastructure solutions business.

最後，生產系統營收為 29 億美元，成長 4%，利潤率為 16.2%，較去年同期成長 197 個基點。這些結果得益於我們的產品組合在生產和恢復活動中的彈性，並得益於我們資料中心基礎設施解決方案業務的顯著收入成長。

Now turning to our liquidity. During the quarter, we generated $660 million of cash flow from operations, a significant increase compared to the first quarter of last year. We generated positive free cash flow of $103 million, despite the payment of annual employee incentives and the seasonal increase in receivables due to continued capital discipline and working capital management. Despite the uncertain economic environment, we expect our cash flow generation to remain strong and to grow throughout the year, consistent with our historical trends.

現在談談我們的流動性。本季度，我們產生了 6.6 億美元的營運現金流，與去年第一季相比大幅成長。儘管支付了年度員工獎勵並且應收帳款因季節性增加，但由於持續的資本紀律和營運資本管理，我們仍產生了 1.03 億美元的正自由現金流。儘管經濟環境不確定，我們預計我們的現金流產生將保持強勁並全年成長，與我們的歷史趨勢一致。

Capital investments, inclusive of CapEx and investments in APS projects and exploration data were 557 million in the first quarter. For the full year, we are still expecting capital investments to be approximately 2.3 billion, excluding any impact from the anticipated closure of the ChampionX transaction.

第一季的資本投資（包括資本支出和對 APS 項目和勘探數據的投資）為 5.57 億美元。就全年而言，我們仍預期資本投資約 23 億，不包括 ChampionX 交易預計結束的影響。

Our net debt increased $2.7 billion sequentially to $10.1 billion. This increase largely reflects the $2.3 billion we spent on our accelerated share repurchase transactions during the quarter. This ASR transaction was completed in April and resulted in us reducing ultimately our shares outstanding by a total of 56.8 million shares. 47.6 million of its shares were received in the first quarter, while the remaining 9.2 million shares were received in April. The ASR transactions, together with the dividend increased announced last quarter, will allow us to meet our commitment to return a minimum of $4 billion to shareholders in 2025.

我們的淨債務季增 27 億美元，達到 101 億美元。這一成長主要反映了我們本季在加速股票回購交易上花費的 23 億美元。這項 ASR 交易於 4 月完成，最終導致我們共減少了 5,680 萬股流通股。其中 4,760 萬股是在第一季收到的，其餘 920 萬股是在 4 月收到的。ASR 交易加上上季宣布的股息增加將使我們能夠履行在 2025 年向股東返還至少 40 億美元的承諾。

Let me conclude with an update on our pending M&A transactions. While these transactions are obviously taking more time to complete than initially anticipated, we are pleased with the progress made during the quarter and continue to work towards successful closure.

最後，請容許我介紹一下我們即將進行的併購交易的最新情況。雖然這些交易顯然比最初預期需要更多時間才能完成，但我們對本季的進展感到滿意，並將繼續努力成功完成。

As it relates to ChampionX, as we announced a couple of weeks ago, the United Kingdom Competition and Markets Authority has agreed to consider our proposed actions to address their concerns as part of their Phase 1 review. We will continue our collaboration with the UK and other regulators towards an anticipated closing in the second quarter or early third quarter of 2025.

就 ChampionX 而言，正如我們幾週前宣布的那樣，英國競爭與市場管理局已同意考慮我們提出的行動，以解決他們的擔憂，作為其第一階段審查的一部分。我們將繼續與英國和其他監管機構合作，預計於 2025 年第二季或第三季初完成。

With respect to our other pending transaction, we now expect the divestiture of our interest in the Palliser APS project in Canada to close in the second quarter. I will now turn the conference call back to Olivier

對於我們其他未決交易，我們現在預計對加拿大 Palliser APS 專案的權益剝離將在第二季度完成。我現在將電話會議轉回給奧利維爾

Thank you, Stephane. I think, Megan, we are ready for taking the questions from the floor. Thank you.

謝謝你，史蒂芬。梅根，我想我們已經準備好回答大家的提問了。謝謝。

(Operator Instructions) David Anderson, Barclays.

（操作員指示）巴克萊銀行的大衛安德森。

So we've heard from a number of other service companies this week on the outlook, some have been more sobering than others. But I think we're starting to frame sort of some of the potential outcomes for international North America for the rest of the year.

本週我們從許多其他服務公司聽到了有關前景的看法，其中一些公司的看法比其他公司更令人擔憂。但我認為，我們正在開始為今年剩餘時間內北美國際市場的一些潛在結果制定一個框架。

You said, upstream spending, you're expecting to decline this year, but I was hoping you could maybe clarify a little bit how you see international North America from here at these oil prices. And how is the factor into your guide for mid-single-digit growth in the second half of the year in which you have a very different mix than your peers?

您說，預計今年上游支出將會下降，但我希望您能稍微澄清一下，在目前的油價下，您如何看待北美國際市場。那麼，在你們的下半年中個位數成長預期中，與同業相比，你們的業績組合有很大不同，這個因素對預期有何影響？

Absolutely. Thank you, Dave, for the question. Indeed, I would like to clarify. So as you know and as we have highlighted in the prepared remarks, global upstream spend will be down year-on-year and with a higher decline than originally anticipated. There is no argument against that, nor against the current public data independent of the tariff impact itself. It's already slowing down.

絕對地。謝謝你，戴夫，提出這個問題。確實，我想澄清一下。因此，正如您所知，正如我們在準備好的評論中所強調的那樣，全球上游支出將同比下降，並且降幅將高於最初的預期。對此並沒有什麼異議，對於獨立於關稅影響本身的當前公開數據也沒有異議。它已經慢下來了。

What is important is how SLB is positioned against this backdrop. in NAM, we see more downside exposure in NAM than international market in this negative revision. But first, if we look at NAM and our position there, we are not tied to regional frac fleets.

重要的是在這樣的背景下SLB如何定位。在北美，我們認為在這次負面修正中北美的下行風險比國際市場更大。但首先，如果我們看看北美市場和我們在那裡的地位，我們並不依賴區域壓裂船隊。

And actually we are long in offshore, in digital, and in production in this market. And furthermore, we have a data center solution there. So I think if you look at it, our exposure here has been three factors due to the strategy we initiated about five years ago. And we're reaping now the benefit of having better resilience against the short cycle exposure we have as part of NAM because our offshore production market exposure, digital, and now the new business. Even excluding the data center infrastructure solution, our year on year would have been going year on year, proving that resilient is in place for now.

實際上，我們在這個市場的離岸、數位和生產領域已經耕耘多年。此外，我們在那裡有一個資料中心解決方案。所以我認為，如果你看一下，你會發現我們在這裡的曝光度有三個因素，這要歸功於我們大約五年前啟動的策略。現在，由於我們在離岸生產市場、數位化以及新業務方面的投入，我們作為 NAM 的一部分，能夠更好地抵禦短週期風險，從而獲益匪淺。即使不包括資料中心基礎設施解決方案，我們的同比數據仍然是同比上升的，證明我們目前已經具備了彈性。

Now, flipping to international, we see less exposure or less decline proportionally directionally than in North America as the resilience, as I said, of Middle East and Asia, including offshore, including unconventional, including gas, will continue to play a role into holding better this this market.

現在，轉向國際，我們發現風險敞口或下降比例比北美要小，因為正如我所說，中東和亞洲的彈性，包括海上、非常規和天然氣，將繼續發揮作用，更好地保持這個市場。

So we have the right exposure offshore. We have the right exposure in gas internationally, particularly on commercial. We are growing as you have seen our digital, and production and recovery remain the nice exposure we have across the globe, speaking of which, I believe that the upcoming acquisition and integration of ChampionX would not only enhance our resilience, but improve our mix in North America and give us further digital and further offshore exposure across the world as well.

因此我們在海外擁有適當的曝光度。我們在國際天然氣領域，尤其是商業天然氣領域擁有良好的聲譽。如您所見，我們的數位化、生產和復原仍在不斷發展，這仍然是我們在全球範圍內的良好曝光。談到這一點，我相信即將進行的對 ChampionX 的收購和整合不僅會增強我們的彈性，還會改善我們在北美的業務組合，並讓我們在全球範圍內進一步擴大數位化和離岸曝光。

So I feel good about where we are in this cycle. And I think, just wanted to reconcile a bit why we maybe have a differentiated performance going forward, we expect.

所以我對於我們目前所處的週期感到很滿意。我認為，只是想稍微解釋一下為什麼我們預期未來可能會有差異化的表現。

Great, thank you. Very much appreciated on the different mix here. I wanted to focus on one of your kind of core countries of Saudi Arabia. You mentioned it got off to a bit of a slow start this year. We recently heard another rig company just talked about another rig being dropped. Can you talk how you see Saudi playing out kind of from here for the rest of the year?

太好了，謝謝。非常感謝這裡的不同組合。我想重點關注你們的核心國家之一沙烏地阿拉伯。您提到今年開局有點慢。我們最近聽說另一家鑽孔機公司剛剛談到另一台鑽孔機被放棄。您能否談談您如何看待沙烏地阿拉伯在今年剩餘時間內的表現？

On the one hand, do you think conventional oil activity maybe picks up later this year with these OPEC barrels coming back in the market? And then you have the unconventional natural gas activity ramping up. So I guess I'm wondering, overall, should we start to see sort of more sustained growth from Saudi starting later this year and into 2026. A lot of moving parts here. If you could help us understand those.

一方面，您是否認為隨著歐佩克石油重返市場，今年稍後常規石油活動可能會回升？然後，非常規天然氣活動正在逐漸增加。所以我想知道，總的來說，我們是否應該從今年晚些時候到 2026 年開始看到沙烏地阿拉伯出現更持續的成長。這裡有很多活動部件。如果您能幫助我們理解這些。

Thank you. Yeah, a lot of moving parts indeed. And I think again you have to set the clock back to what happened last year. I think, an adjustment of the ambition from 13 to 12 [MSC] that has led to a steep decline of activity that is translating into what we are seeing today year on year on our related activity.

謝謝。是的，確實有很多活動部件。我認為你必須再次回顧去年發生的事情。我認為，將目標從 13 個調整到 12 個 [MSC] 導致活動急劇下降，這導致了我們今天看到的相關活動逐年下降。

Now, when it comes to this year and next, I think, indeed, the priority of the Kingdom clearly to stabilize production and to be able to respond to this OPEC+ pull as they materialize in the short term at least and to continue to execute that gas ambition to grow 40% their gas and beyond by 2030. And as such, the gas land and unconventional gas will remain a priority that we see and receive further activity increase.

現在，談到今年和明年，我認為沙烏地王國的首要任務顯然是穩定產量，並且至少在短期內能夠對 OPEC+ 的增產做出反應，並繼續執行到 2030 年天然氣產量增長 40% 及以上的宏偉目標。因此，天然氣土地和非常規天然氣仍將是我們的優先考慮事項，其活動將進一步增加。

Now, if they are pending further reduction to adjust to the level of activity to adjust to the commodity price, like other countries will do possibly. But I think directionally, the commitment to long-term gas, the commitment to maintain, and the activity that relates to maintaining this 12 million barrels [MSC] will indeed represent likely an uptick as we go into 2026 for Saudi.

現在，如果他們等待進一步降低調整活動水準來調整商品價格，就像其他國家可能會做的那樣。但我認為，從方向上看，對長期天然氣的承諾、維持的承諾以及與維持這 1200 萬桶 [MSC] 相關的活動，對於沙烏地阿拉伯來說，在進入 2026 年時確實可能會出現上升趨勢。

So that's what we expect. So yes, a lot of moving parts, but our exposure there is we love our position in Saudi. I was just recently with a few board members visiting the Kingdom, and I think we had the opportunity to measure firsthand, the engagement, I would say, the proximity we have and the feedback on our performance that is stellar. And I think we're going to like to keep it that way and thank the team for what they are delivering under difficult market condition.

這正是我們所期望的。是的，有很多活動部件，但我們在那裡的曝光度是我們熱愛我們在沙烏地阿拉伯的地位。我最近剛與幾位董事會成員一起訪問了沙特王國，我想我們有機會親身體驗這裡的參與度、我們的親密程度以及對我們表現的出色反饋。我認為我們會保持這種狀態，並感謝團隊在困難的市場條件下所做的貢獻。

But yes, I think I believe that the worst is behind us in terms of decline, and if there is some adjustment this year, I believe that the gas-led growth will help us rebound going forward.

但是的，我認為最糟糕的衰退時期已經過去，如果今年有所調整，我相信天然氣帶動的成長將有助於我們在未來反彈。

Scott Gruber, Citigroup.

花旗集團的史考特‧格魯伯。

I want to ask about what EBITDA margin level you think you can defend in a modestly weaker market year on year. Previously, with the cost restructuring, it sound like you were targeting to defend 25%. It looks like take a margin slightly north of 25% in the second half to get there this year. But do you think you can get the EBITDA margin back to the 25% level in the second half, excluding the impact of ChampionX.

我想問一下，在市場同比略有疲軟的情況下，您認為可以維持什麼樣的 EBITDA 利潤率水準。之前，透過成本重組，聽起來您的目標是保住 25% 的份額。看起來，今年下半年的利潤率將略高於 25%，才能達到這個目標。但是，您認為排除 ChampionX 的影響後，下半年 EBITDA 利潤率能回到 25% 的水平嗎？

I think excluding the ChampionX and excluding escalation of tariffs, I think, I believe that if we assume that the conditions we have put out, with oil price remaining in check with approximately current level. And the guidance we gave on the growth in the second half. And the leverage we will have and the realization of our cost out program, the digital effect and the rest will have the ambition to grow our margin in the second half. And we'll try to keep our ambition to approximately 25% for the full year.

我認為，排除 ChampionX 和關稅上調之外，我認為，我相信，如果我們假設我們已經提出的條件，油價將保持在當前水平左右。以及我們對下半年成長的指導。我們將擁有的槓桿作用以及成本削減計劃的實現、數位效應和其他因素將有助於我們在下半年提高利潤率。我們將努力將全年目標保持在 25% 左右。

That's something that we will ambition. But the tariff is a big question mark. And I think if the tariff were to stay or escalate from where they are, obviously the impact you will have as Stephane described. I think will have -- will represent a headwind to this marginal expansion in the second half.

這是我們夢寐以求的。但關稅仍是一個大問號。我認為，如果關稅保持不變或從現在的水平上調，顯然會產生影響，正如史蒂芬所描述的那樣。我認為，這將對下半年的邊際擴張造成阻力。

I appreciate the color. And then turning to digital. How do you think about the cadence of digital growth in this environment? On the one hand, digital is obviously an efficiency enabler. I think in that vein it could accelerate, but on the other hand, there is some exploration spend, some discretionary spend within the digital mix. How do you think about the resilience of digital growth in this environment? And should we continue to think about that high teens growth rate for the year?

我很欣賞這個顏色。然後轉向數位化。您如何看待這種環境下數位化成長的節奏？一方面，數位化顯然是提高效率的推動因素。我認為從這個角度來看它可能會加速，但另一方面，在數位組合中存在一些探索支出和一些可自由支配的支出。您如何看待這種環境下數位成長的彈性？我們是否應該繼續考慮今年的高成長率？

I think this remains our ambition. We believe that this secular trend of digital adoption in the industry is actually accelerating. Now, there will be some discretionary decision. There will be some pressure here and there. There will be some projects that will be reconsidered.

我認為這仍然是我們的目標。我們相信，行業數位化應用的長期趨勢實際上正在加速。現在，將會有一些自由裁量權的決定。這裡和那裡都會有一些壓力。有些項目將會被重新考慮。

But overall I think we believe that the realization of the efficiency gain, both productivity for the -- and effectiveness for the planning geoscience workflows and the direct impact on the performance of the cost of ownership or operational workflows, I think is still playing out and resonating very well for customers at the time they want to extract efficiency.

但總的來說，我認為我們相信，效率提升的實現，包括規劃地球科學工作流程的生產力和效率，以及對擁有成本或營運工作流程績效的直接影響，我認為在客戶想要提高效率時，仍然在發揮作用並產生很好的共鳴。

So against the global upstream CapEx, I think as we commented in the previous question that we declined year-on-year, we are still seeing mid- to high teens, clearly, growth into our digital business. driven by this secular trend that we are fully capturing.

因此，相對於全球上游資本支出，我認為正如我們在上一個問題中評論的那樣，我們的支出同比有所下降，但我們的數位業務顯然仍保持著中高水準的成長。我們正在充分把握這一長期趨勢。

Our technology strategy and our platform strategy is clearly playing out. And you have seen the diversity of the awards that we get different customers, different regions, geoscience operation progress we are making with many customers across the world.

我們的技術戰略和平台戰略顯然正在發揮作用。你已經看到了我們獲得的獎項的多樣性，這些獎項來自不同的客戶、不同的地區，我們與世界各地的許多客戶一起取得了地球科學作業進展。

Arun Jayaram, JPMorgan.

摩根大通的阿倫‧賈亞拉姆 (Arun Jayaram)。

Olivier, I was wondering if you could elaborate on SLB strategy kind of to diversify the portfolio beyond oil and gas. I think you mentioned you're on pace to exceed maybe $1 billion of revenue this year versus, I think, $850 million last year, but maybe talk about some of the steps you're taking there and some of the longer-term growth potential.

奧利維爾，我想知道您是否可以詳細說明 SLB 策略，以使投資組合多元化，不再局限於石油和天然氣。我想您提到過，今年您的收入預計將超過 10 億美元，而去年的收入為 8.5 億美元，但您可以談談您在這方面採取的一些措施以及一些長期成長潛力。

No. Thank you, Arun. I think, yes, I think we have initiated about three to four years ago, a strategy with new energy. And I think the major aspect of that will continue to impact us in short term in three ways. First is CCS, where we took a position to acquire Capturi. And I think we have our SLB Capturi venture, I think, is the capture technology that I think we have four active projects and many projects in the field that will continue to materialize and create a growth pattern going forward.

不。謝謝你，阿倫。是的，我想我們大約在三、四年前就啟動了一項新能源策略。我認為，短期內，這個問題的主要影響將繼續以三種方式對我們產生影響。首先是 CCS，我們收購了 Capturi。我認為我們的 SLB Capturi 項目是捕獲技術，我認為我們有四個活躍的項目和該領域的許多項目，這些項目將繼續實現並創造未來的成長模式。

So this, combined with our sequestration adjacent to the core capability in exploration and characterization of this reservoir sequestration capability, I think it's leading to a visible growth on our CCS all in, and this will continue. So we don't see the pattern slowing down. We see this as a long-term market position we want to continue to own and grow.

因此，結合我們在勘探和表徵儲層封存能力方面的核心能力，我認為這將導致我們的 CCS 整體呈現顯著增長，而且這種情況還將繼續下去。因此，我們並未看到這種模式放緩。我們認為這是一個我們希望繼續擁有並發展的長期市場地位。

Geothermal, starting from commercial geothermal has been something that has been gaining more focused and more adoption for customers. And now there is a lot of pilots on new generation or next-generation geothermal that is being highly supported by the new administration, particularly in the U.S.

地熱能，從商業地熱開始，已經越來越受到客戶的關注與採用。目前，新一代或下一代地熱能試點計畫已啟動，並得到了新政府的大力支持，尤其是在美國。

I believe this is also something that would continue to grow. And finally, I will mention, the lithium -- direct lithium extraction where I think the pilots we have successfully completed last year. The first pilot at scale in the US, I think, is again resonating very well with the critical minerals priority of the current administration. And we see this in South America. We see this in Saudi, where we're actually participating into a pilot as well.

我相信這也會繼續增長。最後，我要提一下鋰——直接提取鋰，我認為我們去年已經成功完成了試點。我認為，美國的首次大規模試點再次與現任政府的關鍵礦產優先事項產生了共鳴。我們在南美洲也看到了這種情況。我們在沙烏地阿拉伯也看到了這種情況，我們實際上也參與了一項試點。

So this is successful. And separately you have seen that data center is something that we have used. I think the relationship, the engagement we had to position ourselves as a provider of manufacturing capability, manufacturing services, as well as modular cooling solutions for the data center. And the success is great. And I think I'm very pleased with the progress of the team.

所以這是成功的。另外，您也看到了我們使用的資料中心。我認為，我們必須透過這種關係和參與將自己定位為製造能力、製造服務以及資料中心模組化冷卻解決方案的供應商。並且取得了巨大的成功。我認為我對球隊的進步感到非常滿意。

We have a plant in Louisiana that is serving this business. And we have a large contract that we are fulfilling, and that has been an area of growth in North America. And we expect it to continue going forward this year and next clearly.

我們在路易斯安那州有一家工廠專門為這項業務服務。我們正在履行一份大合同，這是北美的一個成長領域。我們預計今年和明年這一趨勢將持續下去。

So yes, the ambition is to go from the $850 million plus to visibly more than $1 billion when we put all of this together. And we're not expect it to slow in '26 but to continue to accelerate.

所以是的，我們的目標是將所有這些加在一起，從 8.5 億美元增加到 10 億美元以上。我們預計它在 26 年不會放緩，而是會繼續加速。

Great. That's helpful. Maybe my follow-up is for Stephane and just to maybe clarify some of the outlook comments. My team tried to estimate what your outlook comments would translate into 2025 EBITDA. We're getting to somewhere between $8.4 billion to $8.5 billion. I don't know, Stephane, if you could maybe give some color if that makes sense. And maybe the clarification is, how are you treating Palliser in some of the tariff-related impacts in terms of the full year outlook?

偉大的。這很有幫助。也許我的後續行動是為了史蒂芬，也許只是為了澄清一些展望評論。我的團隊試圖估計您的展望評論將轉化為 2025 年 EBITDA。我們的金額大約在 84 億美元到 85 億美元之間。我不知道，史蒂芬，你是否可以提供一些解釋，如果這有意義的話。也許需要澄清的是，從全年展望來看，您如何看待 Palliser 受到的一些與關稅相關的影響？

So Arun, we will stick with revenue only guidance for the rest of the year. As Olivier mentioned, the growth, assuming current oil price more or less stay at the current level. So we’ll stick with revenue. We think it's premature to give you an EBITDA for the second half and hence, for the full year.

因此，阿倫，我們將在今年剩餘時間內堅持僅提供收入指導。正如奧利維爾所提到的，假設當前油價基本上保持在當前水平，那麼成長就會實現。因此我們將堅持收入。我們認為現在公佈下半年甚至全年的 EBITDA 還為時過早。

And some of the reason is indeed the tariff, the application of tariffs, we think giving you a number on tariff at this stage would not be useful for financial modeling, unfortunately, we'd love to, but it's quite difficult. But as I said, we are partially shielded by domestic manufacturing and sourcing. But it is clear, if it stays that way, we will have an impact. We will try to mitigate it, and we are already doing that through optimization of supply chain and through ultimately trying to pass the impact to customers.

部分原因確實是關稅，關稅的應用，我們認為在這個階段給出關稅數字對於財務建模沒有用處，不幸的是，我們很樂意這樣做，但這相當困難。但正如我所說，我們在某種程度上受到國內製造和採購的保護。但很明顯，如果保持這種狀態，我們就會產生影響。我們將盡力減輕影響，並且我們已經透過優化供應鏈並最終嘗試將影響轉嫁給客戶來做到這一點。

But what matters at the end is that we are still seeing margin expansion in the second quarter despite tariff being affected now, and this is to the tune of 50 to 100 basis points, as we mentioned for Q2 sequentially. And for the second half of the year, margin expansion, assuming again that oil prices stay more or less at this level, we will have growth in H2. And this will come with margin expansion, but quantifying that margin expansion in H1 to H2, it would not be the right thing for us to do today.

但最終重要的是，儘管關稅現在受到影響，我們仍然看到第二季的利潤率擴大，正如我們在第二季度連續提到的那樣，利潤率將達到 50 到 100 個基點。對於下半年，利潤率將擴大，假設油價繼續保持在這個水平，我們將在下半年成長。這會帶來利潤率的擴大，但量化上半年到下半年的利潤率擴大，對我們今天來說並不是正確的做法。

Totally understand. Thanks a lot, Stefan.

完全理解。非常感謝，史蒂芬。

Thank you.

謝謝。

Neil Mehta, Goldman Sachs.

高盛的尼爾·梅塔。

So as you think about ChampionX, recognize there's some limitations about, what you can say around this, but where are we in terms of the gating items at this point? It does feel like we're in the end zone here, but curious -- red zone, but curious what your perspective is on what remains outstanding and confidence around closing.

因此，當您考慮 ChampionX 時，請認識到存在一些限制，您可以對此發表一些看法，但是就目前的門控項目而言，我們處於什麼位置？感覺我們確實已經到達終點區了，但很好奇——紅色區域，但很好奇您對尚未完成的事情的看法以及對結束的信心。

Yeah. I think as Stephane did comment on in his prepared remarks, I think we are very pleased with the progress we made very recently, partly the UK CMA authorities and obtained that they have accepted that we're going to remedies extension of Phase 1 through remedies as it has been commented, and they have accepted remedies.

是的。我認為，正如史蒂芬在他的準備好的發言中評論的那樣，我認為我們對最近的進展感到非常高興，部分原因是英國 CMA 當局已經接受我們將通過補救措施延長第一階段，正如有人評論的那樣，他們已經接受了補救措施。

So we have now to work through these remedies and implement them as soon as that effectively we can. And that's the reason why we have increased our confidence to conclude at the end of the quarter or early next quarter.

因此，我們現在必須研究這些補救措施，並儘快有效地實施它們。這就是我們更有信心在本季末或下個季度初完成任務的原因。

Now the other outstanding, I think Norway is known to be outstanding. And I think we have been engaged very effectively in the last few days and few weeks with the Norwegian Authority. And I believe as well that I think we are -- as we commented, going to hopefully a resolution there. So that's the reason why we maintain our confidence into the end of this quarter or early next quarter.

現在另一個傑出人物是挪威，我認為挪威是出了名的傑出。我認為，過去幾天和幾週我們與挪威當局進行了非常有效的接觸。我也相信，正如我們所評論的，我們有望達成解決方案。這就是我們對本季末或下個季度初保持信心的原因。

And Olivier, I would love you to share your thoughts on the macro, particularly from the supply side. You spent a lot of all around the world. Where do you expect activity if we're in a lower commodity price environment to be dialed back? Or do you think it's relatively price inelastic? Is there a price level at which point you see activity particularly cut back?

奧利維爾，我希望您能分享您對宏觀的看法，特別是從供應方面來看。您在世界各地花了很多時間。如果我們處於較低的商品價格環境中，您預期活動會在哪裡減少？還是您認為它的價格相對缺乏彈性？是否存在一個價格水平，在這個價格水平上您會看到活動特別減少？

Just your perspective on the near-term macro? And then also your perspective on the long-term macro because you've had an underinvestment view that ultimately, long term, that's going to catch up here, does this reinforce that?

您對近期宏觀的看法是什麼？然後還有您對長期宏觀的看法，因為您一直認為投資不足，但從長遠來看，最終會出現這種情況，這是否會強化這種看法？

Yeah. I think starting with the long term, maybe, easier. I believe that the position of oil and gas to feed the energy mix of the world and progress -- and driven by different demands, be it the global south, be it AI, be it electrification, I think will continue to pull for the long term. And this combined with the natural decline that is pressing on many basins as you've seen, will continue to call for replenishments and maintaining, if not increasing, the investment we see today.

是的。我認為從長期來看，也許更容易。我相信，石油和天然氣在滿足世界能源結構和進步方面的地位——並且受到不同需求的推動，無論是全球南方，還是人工智慧，還是電氣化，我認為它將長期持續發揮作用。如您所見，再加上許多盆地水位自然下降，我們將繼續需要補給並維持（甚至增加）我們今天看到的投資。

So long term the view is intact. And I think the role of offshore to address this, the role of the commitment of execution to capacity expansion in the Middle East, the role of gas particularly to security of gas supply in Asia, and the development of unconventional international to address this, I think will continue to be the areas of growth that we foresee long term to remain. And I'm not talking about digital here.

因此從長遠來看，這一觀點是完好的。我認為，海上能源在解決這一問題上的作用、履行在中東擴大產能方面的承諾、天然氣在確保亞洲天然氣供應安全方面的作用，以及為解決這一問題而開發的非常規國際能源，我認為將繼續成為我們預見的長期增長領域。我在這裡談論的不是數字。

But in short term, I think it's very difficult to gauge. But I think generally speaking, the short-cycle activity will be the first exposed. And Americas has quite a few areas of short cycle, starting with the US land, and I think this will be the first that certainly will have the most impact.

但從短期來看，我認為這很難衡量。但我認為一般來說，短週期的活動會先暴露出來。美洲有不少短週期領域，首先是美國本土，我認為這肯定會是第一個產生最大影響的領域。

Internationally, I think the resilience, as we mentioned, of Middle East, many countries are committed here relatively independent of oil price for their capacity expansion. And be it UAE, be it Kuwait and activity in some other part of the country around the Middle East will continue to stay and/or if not accelerate.

從國際上看，我認為正如我們所提到的，中東地區具有韌性，許多國家都致力於相對不受油價影響的產能擴張。無論是阿聯酋、科威特或中東其他地區的活動都將持續保持，甚至加速。

Asia, driven by energy security, will also have resilience driven by deepwater activity Offshore, deepwater activity there that is strong and not forget about China that is holding the activity because they base it on a 5-year plan, not necessarily on the oil price of today. So you combine all this, you still have quite a few exciting pocket of growth geographically.

在能源安全的推動下，亞洲也將具有由深水活動所推動的復原力。近海的深水活動非常強勁，而且不要忘記中國正在進行這些活動，因為他們以五年計劃為基礎，而不一定以今天的油價為基礎。所以，如果你把所有這些結合起來，從地理位置上看，你仍然會發現不少令人興奮的成長點。

And you have some secular trends in digital. You have increased production recovery. And you have unconventional internationally that will continue to be areas of growth. So yes, there are opportunities to capture and there are ways to offset the decline of the short term decline we're expecting the total capex spend.

並且你發現了數位領域的一些長期趨勢。您已提高了生產恢復率。而且，國際上存在的非常規現象將繼續成為成長領域。所以是的，有機會可以抓住，也有辦法抵消我們預期的短期總資本支出的下降。

Roger Read, Wells Fargo.

富國銀行的羅傑‧里德 (Roger Read)。

Good morning. Maybe if we could, Olivier, just -- you were mentioning deepwater there. We certainly -- well, it didn't sound like exploration was an uplift for you in Q1. We've certainly seen the industry start to lean into exploration a little more.

早安.也許如果我們可以的話，奧利維爾，只是 - 你在那裡提到了深水。我們當然——聽起來探索對你在第一季來說並不是什麼好事。我們確實看到該行業開始更加傾向於探索。

And I was just wondering if you could kind of take us around the world a bit on where we are seeing things pick up. I mean West Africa has looked good. Certainly, Latin America, ex-Mexico has continued to look pretty good in South America. And then I was just curious, anything else on that front.

我只是想知道您是否可以帶我們環遊世界，看看我們看到哪些地方正在發生一些事情。我的意思是西非的情況看起來不錯。當然，除墨西哥之外的拉丁美洲在南美洲的表現依然相當不錯。然後我只是好奇，關於這方面還有其他事嗎？

Yeah, I think the reserve replacement ratio is still what drives the IOCs and many large independents and some critical NOCs to continue to explore. And we have seen a rebound in commitment to exploration in the last 18 months that I don't see changing directionally, although there will be some discussion taken by some customers. And we have to go one customer at a time to review this.

是的，我認為儲量替代率仍然是推動國際石油公司、許多大型獨立石油公司和一些關鍵的國家石油公司繼續勘探的動力。在過去的 18 個月中，我們看到了勘探承諾的反彈，我認為方向不會改變，儘管一些客戶會進行一些討論。我們必須一次接待一位顧客來審查此事。

But directionally, I think the need for replacing reserve for mild measures and the need for developing long term oil long term gas play in Asia or in the offshore basin at large I think remains intact. And I think you are seeing it's translating to FID that we expect to be panning up in '26, '27 that will impact subsea business going forward.

但從方向上看，我認為採取溫和措施替代儲備的必要性以及在亞洲或整個海上盆地開發長期石油和天然氣資源的必要性仍然保持不變。我認為您會看到它轉化為 FID，我們預計將在 26 年、27 年實現這一目標，這將影響未來的海底業務。

But yes, exploration is not over. And exploration takes two forms. I think three forms I would say. One is the near field exploration in mature basins, Gulf of Mexico, or even Brazil or the North Sea, including the Norwegian sector. And then you have the frontier basin, be it Namibia, be it Surinam, be it part of Asia, Indonesia particularly that have seen new fresh exploration investment.

但是，探索尚未結束。探索有兩種形式。我認為有三種形式。一類是成熟盆地的近場勘探，墨西哥灣，甚至巴西或北海，包括挪威地區。然後是邊境盆地，無論是納米比亞、蘇利南還是亞洲部分地區，尤其是印度尼西亞，這些地區都出現了新的勘探投資。

And finally, you have the other way to explore, which is digital exploration. And I think this is what we are benefiting from as well, a lot of reprocessing, a lot of activity for data processing. And hence, we are exposed to those. So yes, I think that the exploration will remain healthy, but this year, may suffer from discretionary decision and from some lingering white space, as we call it, in deepwater.

最後，你還有另一種探索方式，那就是數位探索。我認為這也是我們所受益的，大量的再處理，大量的數據處理活動。因此，我們接觸到了這些。所以是的，我認為勘探工作將保持健康，但今年可能會受到自由裁量權決定和深水區一些揮之不去的空白區域的影響。

Appreciate that. The other question I had, just because it was called out as part of this quarter, things softer in Russia. Ironically, there was an article in the press today implying that Russia activity was at a multiyear high in the first quarter. So a bit of a juxtaposition there. It's just -- if you could give us any more insights on what you're seeing there?

非常感謝。我還有另一個問題，因為它是本季提出的，俄羅斯的情況比較溫和。諷刺的是，今天媒體上有一篇文章暗示俄羅斯第一季的活動達到了多年來的最高水準。因此，這裡有一點並列。只是——您能否向我們提供更多關於您在那裡看到的情況的見解？

I think I will restrict the comment on Russia because we have taken this position to implement sanctions and critical control of our activity there. And this is what has led to a deep decline in Russia, and we expect this to continue as we continue to restrain and take every measure to sanction technology access and technical support to our team.

我想我會限制對俄羅斯的評論，因為我們採取這一立場是為了實施制裁並嚴格控制我們在俄羅斯的活動。這就是導致俄羅斯經濟深度衰退的原因，我們預計這種情況將持續下去，因為我們將繼續克制並採取一切措施批准我們團隊的技術存取和技術支援。

Appreciate that. Thank you.

非常感謝。謝謝。

Stephen Gengaro, Stifel.

史蒂芬·根加羅（Stephen Gengaro），Stifel。

Thank you and good morning, everybody. I was wondering as you talked about the outlook, and I was sort of focused on the production segment here, can you talk a little bit about your views on the resiliency of that business versus other parts of the company? And maybe even the margin stability or contribution to margin expansion you see coming from that segment as we go through the year?

謝謝大家，早安。我想知道，當您談到前景時，我主要關注的是生產部門，您能否談談您對該業務相對於公司其他部門的彈性的看法？或許，隨著我們度過這一年，您會看到該部門的利潤率穩定或利潤率擴大的貢獻？

I mean I will not comment directionally on the margin. I think we don't provide guidance on margins on our divisions. However, I think the strength of the Production Systems division, I think it stems from the adoption of this technology and the success we have in market position across the globe, both international and in North America. It has been a growing market in North America, US land particularly lately.

我的意思是我不會對邊緣做出方向性的評論。我認為我們沒有提供各部門利潤率的指導。然而，我認為生產系統部門的優勢源於這項技術的採用以及我們在全球市場（包括國際和北美）的成功。北美市場，尤其是美國市場最近一直在不斷成長。

So I think we have a market share market gain, market position due to technology. We have fit technology. We have a unique electrical completion technology. We have -- we are unlocking some efficiency in performance in artificial lift. And we have some success in subsea, partly in processing that is in combination giving us this distraction into this market. So that's the first.

所以我認為我們憑藉科技獲得了市場佔有率和市場地位。我們擁有合適的技術。我們擁有獨特的電氣完井技術。我們正在提高人工舉升的效能效率。我們在海底領域取得了一些成功，部分是在加工領域，這些結合起來讓我們分散了對這個市場的注意力。這是第一個。

Secondly, I think, indeed, as you said, we expect that the long cycle side of this production system will be more resilient against this market uncertainty as we see it. And some of the short cycle, it's all about performance.

其次，我認為，正如您所說，我們預計該生產系統的長週期方面將更能抵禦我們所看到的市場不確定性。而一些短週期，則全是關於性能的。

If we maintain our performance as we have in the US land market, I think, we'll maintain our market position or go against the tide and be able to grow in those markets. So I feel confident about the ability of the Production Systems to continue grow this year and to continue to gain market position or to leverage the long-cycle exposure particularly in deepwater for success.

如果我們保持在美國土地市場的表現，我認為，我們將保持我們的市場地位，或逆勢而上，並能夠在這些市場中實現成長。因此，我對生產系統今年繼續成長、繼續獲得市場地位或利用長週期曝光（特別是在深水領域）取得成功的能力充滿信心。

So I feel confident, but I will not comment on the margin. We are confident that the team is executing very well and has -- will contribute to protecting our margin and contribute to margin expansion going forward.

所以我很有信心，但我不會對利潤率發表評論。我們相信，團隊的執行力非常好，並將有助於保護我們的利潤率，並有助於未來的利潤率擴大。

Great. And then the second question I have was around your confidence in free cash generation for the year. I mean, you're obviously committed to returning a significant amount of cash. How do we think about you sort of stress testing that against the uncertain macro and sort of preservation of cash and balance sheet versus returning capital? Like is there a stage at which you slow that down or your confidence is pretty high?

偉大的。我的第二個問題是關於您對今年自由現金產生的信心。我的意思是，你顯然致力於歸還大量現金。我們如何看待你針對不確定的宏觀因素以及現金和資產負債表的保存與資本回報進行的壓力測試？例如，在某個階段，你會放慢速度，還是你的信心會非常高？

So first, thanks for the question, Stephen. So we did start the year on cash flow as we expected, even a bit better, as I mentioned. And we are still quite confident that it will follow the pattern we usually see every year, and it will increase significantly in the following quarters. And the second half is really when we make the majority of the free cash flow for the year.

首先，感謝史蒂芬提出這個問題。因此，正如我所提到的那樣，我們今年的現金流確實符合預期，甚至更好。我們仍然非常有信心，它將遵循我們每年通常看到的模式，並在接下來的幾季大幅成長。下半年其實是我們全年自由現金流的主要來源。

So yes, you're absolutely right. We do stress testing. H2 is uncertain, as we said, in a lower activity scenario, which is not the best case today, but in case commodity pricing drop further. We would actually expect headwinds on earnings to be partially offset by lower working cap requirements that would provide quite a buffer.

是的，你完全正確。我們進行壓力測試。正如我們所說，在活動減少的情況下，H2 是不確定的，這不是目前最好的情況，但如果商品價格進一步下跌，情況就會是這樣。我們實際上預計，獲利方面的不利因素將被較低的工作上限要求部分抵消，從而提供相當大的緩衝。

So in many cases, we believe actually, our free cash flow for the year will continue clearly to support our commitment of minimum $4 billion returns to shareholders. So we are confident on our cash flow. And we are confident that clearly, this commitment is not going to change.

因此，在許多情況下，我們實際上相信，我們今年的自由現金流將繼續明確支持我們向股東提供至少 40 億美元回報的承諾。因此我們對我們的現金流充滿信心。我們堅信，這項承諾不會改變。

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

Keith MacKey, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Keith MacKey。

Hi, good morning. Just wanted to start out maybe on the margins now. Olivier, without commenting on segment margins, specifically, certainly, we did see Production Systems and Digital up nicely year over year, which seem to support the business very well.

嗨，早安。現在可能只是想從邊緣開始。奧利維爾，我們不對分部利潤率發表評論，具體來說，我們確實看到生產系統和數位化業務同比增長良好，這似乎對業務提供了很好的支持。

But can you just comment on the strategy from here relative to what you're seeing in the cycle in terms of where ultimately the business goes relative to what we're seeing as the cycle being a later cycle in the general oil and gas market? And just how you think that all plays out with the different segments and being a more across E&P life cycle business?

但是，您能否根據您在周期中看到的情況，就最終業務走向而言，相對於我們所看到的周期，即整個石油和天然氣市場的後期週期，您能否就此策略發表評論？您認為這一切在不同的細分市場中將如何發揮作用，並成為涵蓋整個 E&P 生命週期的業務？

Yeah. I believe the strategy we have, first and foremost, to continue to I think leverage the market position we have, the strategy we had in the NAM as I mentioned. I think it's fit for this market condition going forward.

是的。我認為，我們的策略首先是繼續利用我們現有的市場地位，也就是我提到的我們在北美的策略。我認為它適合未來的市場狀況。

We believe that our exposure internationally, very diverse, broad exposure, both onshore and offshore and gas exposure, including unconventional, digital and production, as you mentioned, actually will continue to support and position us -- I would call it position recovery, and I think that includes element of our Reserve Performance division as well as our Production Systems division.

我們相信，我們在國際上的業務非常多樣化，廣泛的業務，包括陸上和海上以及天然氣業務，包括非常規、數字和生產，正如您所說，實際上將繼續支持和定位我們 - 我稱之為地位恢復，我認為這包括我們的儲備績效部門以及生產系統部門的要素。

I think, it will have resilience going forward. The drilling, as you have seen, I think, is more directly linked to the rig activity that I think in this uncertain environment has and will continue to be getting downward pressure. But I think from -- as you commented earlier from the margin, we will continue to anticipate, take cost action, and continue to extract efficiency from our organization to partially offset this and continue to focus on maintaining our margins.

我認為，它未來將具有韌性。如您所見，我認為鑽探與鑽井活動有更直接的聯繫，我認為在這種不確定的環境下，鑽井活動已經並將繼續面臨下行壓力。但我認為——正如您之前從利潤率方面所評論的那樣，我們將繼續預測、採取成本行動，並繼續從我們的組織中提取效率以部分抵消這一點，並繼續專注於維持我們的利潤率。

So we believe that, as we said, the ambition remains intact to protect our margins with all the commentary and provision of oil price and tariffs. I think ambition remains intact that in this mix, we believe that digital growth and the growing success we have in Production System and containing the margin pressure on the Result Performance and Well Construction will results into maintaining and protecting our margin as much as we can, excluding tariffs as we come up with.

因此，我們相信，正如我們所說的那樣，透過所有有關油價和關稅的評論和規定，保護我們的利潤的雄心壯志依然沒有改變。我認為我們的雄心壯志仍然沒有改變，在這種組合中，我們相信數位成長和我們在生產系統中取得的不斷成功以及對結果性能和井建設的利潤壓力將導致我們盡可能地維持和保護我們的利潤，不包括我們提出的關稅。

Yeah. I appreciate the comments there. Maybe just one more on tariffs. I know the situation is certainly incredibly fluid. But does the guidance that you've provided imply a continuation of existing tariffs that are on or -- or can you help us think about those pieces a little bit more?

是的。我很感謝那裡的評論。也許再提一個關於關稅的問題。我知道情況確實極不穩定。但是，您提供的指導是否意味著繼續徵收現有的關稅——或者您能否幫助我們更多地考慮這些問題？

Well, for the second quarter, absolutely, yes. It's assuming current tariffs unchanged. But 50 to 100 basis point margin extension sequentially includes the current tariff framework. And again for the second half, it will depend on the final tariff framework which we all know will change in one way or another. So it will -- the margin expansion will fluctuate based on that.

嗯，對於第二季度來說，絕對是的。假設當前關稅保持不變。但 50 至 100 個基點的利差擴大將依次包括當前的關稅框架。對於下半年，這將取決於最終的關稅框架，我們都知道它將以某種方式改變。所以利潤率的擴大將隨之波動。

Okay. Thanks very much.

好的。非常感謝。

Thank you.

謝謝。

Dan Kutz with Morgan Stanley.

摩根士丹利的丹‧庫茨 (Dan Kutz)。

Hey, thanks a lot. Good morning. So I was maybe hoping we could dig in a little bit deeper on new energy across your kind of five pillars and I guess, the -- I don't know if you want to call it the sixth pillar with the data center infrastructure.

嘿，非常感謝。早安.所以我可能希望我們可以更深入地探討一下你們的五大支柱中的新能源，我想，我不知道你是否想把它稱為第六大支柱，即資料中心基礎設施。

But I think you guys have done a great job of quantifying the opportunities around data center infrastructure and kind of get the sense that among the five other pillars, CCUS is maybe the largest. But as you think about your $3 billion 2030 new energy revenue target, how do you think about the contributions across those five pillars. Where do you see kind of the more or less growth potential, more or less contribution? Any color you can share there would be great. Thank you.

但我認為你們在量化資料中心基礎設施機會方面做得很好，並且感覺到在其他五大支柱中，CCUS 可能是最大的。但是，當您考慮 2030 年 30 億美元的新能源收入目標時，您如何看待這五大支柱的貢獻。您認為哪些方面的成長潛力較大或更小，貢獻較大或更小？如果您能分享任何顏色就太好了。謝謝。

Yeah. We're not ready to -- we are not here to comment as an update on our $3 billion ambition for New Energy. But indeed, I think CCS all in, as I call it, okay, both the sequestration and all the services, including digital that we have there will be a large component of that, okay, clearly.

是的。我們還沒準備好——我們在這裡不是為了評論我們 30 億美元新能源目標的最新進展。但事實上，我認為 CCS 總體而言，正如我所說，無論是封存還是所有服務，包括我們擁有的數位服務，都將佔其中很大一部分，顯然如此。

Geothermal has quite a good momentum. And I think it's too soon to say whether the unconventional, or next-generation geothermal being pursued both in Europe and in the US with the support of the authority everywhere, I think will unlock and give us the second leg of growth clearly, too early to say.

地熱發展勢頭良好。我認為現在判斷歐洲和美國在各地當局支持下推行的非常規或下一代地熱能是否能開啟並給我們帶來第二輪增長還為時過早。

The lithium, as I commented, I think, is a smaller opportunity, but I think it's quite exciting. And we are getting a lot of inbound request to use the pilot and to test against the critical mineral ambition that many of our prospect customers have, be it a mining company or be it a few companies that are from oil and gas that are stepping into that business.

正如我所評論的，我認為鋰是一個較小的機會，但我認為它相當令人興奮。我們收到了許多請求，希望使用試點計畫並測試許多潛在客戶的關鍵礦產目標，這些客戶包括礦業公司，也包括一些涉足該業務的石油和天然氣公司。

Hydrogen is more a next decade ambition that we have and the same for energy storage, I would say. And data center, I think the ambition we have is continue to consolidate and leverage the success we have with this engagement we have developed and success growth that we have developed and expand towards low carbon solutions that are the need for decarbonizing the power source of this data center as well as providing effective cooling and support some manufacturing capacity deployed and deliver these data centers.

我想說，氫氣是我們未來十年的目標，對於能源儲存也是如此。對於資料中心，我認為我們的目標是繼續鞏固和利用我們在這項合作中取得的成功以及我們已經開發的成功成長，並擴展到低碳解決方案，這些解決方案需要對資料中心的電源進行脫碳，並提供有效的冷卻並支援部署和交付這些資料中心的一些製造能力。

We will have -- at the end of this year, they've supported more than 15 data center solution across the US. So that's quite something that we are proud of. So again, you can see all of this as a sum of business that it will grow at a higher rate than the oil and gas sector for the years to come. Hence, it is again adding to the to the resilience and to the ability we have to navigate a difficult time as we have today and keep extracting off or resilience across the future.

到今年年底，他們已經為全美 15 多個資料中心解決方案提供了支援。這是一件讓我們感到十分自豪的事。所以，你可以把所有這些看作是一個業務總和，未來幾年它的成長速度將高於石油和天然氣產業。因此，它再次增強了我們的韌性和能力，使我們能夠度過當今的困難時期，並在未來繼續保持韌性。

Awesome. That's all really helpful. And then maybe a quick one just on the APS on the Asset Performance Solutions business. I'm sure the highest priority is kind of getting the Palliser deal across the finish line, but how do you think about the remainder of that portfolio. My understanding is the Ecuador asset, which is kind of fairly oil levered is the biggest remaining or perhaps only remaining component.

驚人的。這些都非常有幫助。然後也許可以快速討論一下資產績效解決方案業務的 APS。我確信最優先的任務是完成 Palliser 交易，但您如何看待該投資組合的剩餘部分。我的理解是，厄瓜多爾資產在某種程度上是相當依賴石油的資產，是現存的最大或可能是唯一剩下的部分。

Is that something that you guys could potentially be divesting at some point in the future? Or is that an asset that you're planning on keeping. Just wondering how you think about the APS portfolio moving forward following the Palliser transaction?

這是你們未來某個時候可能要剝離的東西嗎？或者這是您計劃保留的資產。只是想知道您對 Palliser 交易之後 APS 投資組合的發展有何看法？

Yes. So indeed, following Palliser, we will only be left with Ecuador, and it will remain that way. And in Ecuador, we have three projects. And as we explained in the past, these projects are quite different from equity positions, such as we have in Canada. They are more like service contracts with the local NOC with the operator.

是的。因此，事實上，繼帕利瑟之後，我們將只剩下厄瓜多爾，而且情況將一直如此。在厄瓜多爾，我們有三個項目。正如我們過去所解釋的那樣，這些項目與我們在加拿大的股權投資有很大不同。它們更像是當地NOC與營運商簽訂的服務合約。

So you are actually closer to our core business here. The only difference, if I may say, is that we are paid in in production equivalent through a barrel instead of an invoice for services. So at this stage, we -- it's quite economic. These projects are providing a lot of cash flow for the company, they are providing good profitability.

因此您實際上更接近我們的核心業務。我可以說，唯一的區別是，我們是透過一桶石油而不是服務發票來獲得等同於產量的報酬。因此，在現階段，我們──這是相當經濟的。這些項目為公司提供了大量的現金流，帶來了良好的獲利能力。

So considering the nature of the projects, they are likely to stay at least for -- they have a finite contractual term actually, which we can negotiate and extend with our customer. But at this moment, for the next few years, you have to assume they will stay within our portfolio.

因此，考慮到專案的性質，它們可能會停留至少一段時間——實際上它們有一個有限的合約期限，我們可以與客戶協商並延長。但目前，在接下來的幾年裡，你必須假設它們將留在我們的投資組合中。

Understood. Thank you both very much. I'll turn it back.

明白了。非常感謝你們兩位。我會把它轉回去。

Ladies and gentlemen, as we conclude today's call, I would like to leave you with the following takeaways. First, while the market outlook remains uncertain, SLB is positioned to demonstrate resilience through our strategy leveraging our global reach, innovation capabilities, differentiated digital offering, diversification beyond oil and gas and disciplined cost management.

女士們、先生們，在我們結束今天的電話會議之際，我想給你們留下以下幾點看法。首先，儘管市場前景仍不明朗，但 SLB 能夠透過我們的策略展現韌性，利用我們的全球影響力、創新能力、差異化的數位產品、超越石油和天然氣的多元化以及嚴格的成本管理。

Second, we are confident in our ability to continue generating strong cash flows despite the evolving market dynamics and remain focused on protecting margins and committed to increase return to shareholders in 2025.

其次，儘管市場動態不斷變化，但我們有信心繼續產生強勁的現金流，並將繼續專注於保護利潤率，並致力於在 2025 年提高股東回報。

And finally, we look forward to creating value for our customers, partners and shareholders in the coming quarters. With this, I will conclude today's call. Thank you all for joining.

最後，我們期待在未來幾季為我們的客戶、合作夥伴和股東創造價值。今天的電話會議到此結束。感謝大家的加入。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。