斯倫貝謝公司 (SLB) 2025 Q2 法說會逐字稿

Good morning. My name is Meghan, and I'll be your conference operator today and would like to welcome everyone to the second quarter SLB earnings call.

早安.我叫梅根，今天我將擔任你們的會議主持人，歡迎大家參加第二季 SLB 收益電話會議。

(Operator Instructions)

（操作員指示）

As a reminder, this call is being recorded.

提醒一下，本次通話正在錄音。

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

現在我將把電話轉給投資者關係和行業事務高級副總裁詹姆斯·麥克唐納 (James R. McDonald)。請繼續。

Thank you, Meghan. Good morning, and welcome to the SLB second-quarter 2025 earnings conference call. Today’s call is being hosted from Paris, following our Board meeting held earlier this week.

謝謝你，梅根。早安，歡迎參加 SLB 2025 年第二季財報電話會議。本週稍早我們舉行了董事會會議，今天的電話會議在巴黎舉行。

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

參加電話會議的還有執行長 Olivier Le Peuch 和財務長 Stephane Biguet。

Before we begin, I would like to remind all participants that some of the statements we 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. 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 second quarter earnings press release, which is 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。我們今天的評論還包括非公認會計準則財務指標。更多詳細資訊以及與最直接可比較的 GAAP 財務指標的對帳可在我們網站上的第二季收益新聞稿中找到。

With that, I will turn the call over to Olivier.

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.

謝謝你，詹姆斯。女士們、先生們，感謝你們參加我們的電話會議。

Before we begin, I would like to officially welcome the ChampionX team to SLB. Earlier this week, we shared the news that our transaction is now complete, and this is a start of an exciting new chapter for our company.

在我們開始之前，我想正式歡迎 ChampionX 團隊加入 SLB。本週早些時候，我們分享了交易現已完成的消息，這對我們公司來說是一個令人興奮的新篇章的開始。

I could not be prouder to lead the company at this juncture, building on an unmatched talent pool and portfolio of technologies to serve our customer and create value for our shareholders. Now as we begin today’s call, I would like to start by walking you through our second quarter performance.

我非常自豪能夠在這個關鍵時刻領導公司，利用無與倫比的人才庫和技術組合來服務我們的客戶並為我們的股東創造價值。現在，我們開始今天的電話會議，我想先向大家介紹我們第二季的表現。

Then I will share how we see the broader macro environment evolving, comment on our new chapter with ChampionX and what that means for our business in the second half of the year. After that, Stephane will provide more details on our financial performance, and then we will open the line for your questions.

然後，我將分享我們如何看待更廣泛的宏觀環境的發展，評論我們與 ChampionX 的新篇章以及這對我們下半年的業務意味著什麼。之後，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您的問題。

Let’s begin. This was a solid quarter for SLB as we delivered steady revenue and slight EBITDA margins expansion despite the considerable macro headwinds and market volatility of the past few months. These results are a clear reflection of our broad operating footprint, our technology leadership and our strong execution.

讓我們開始吧。對於 SLB 來說，這是一個穩健的季度，儘管過去幾個月面臨巨大的宏觀不利因素和市場波動，我們仍然實現了穩定的收入和略微的 EBITDA 利潤率成長。這些結果清楚地反映了我們廣泛的經營範圍、我們的技術領先地位和我們強大的執行力。

In international markets, revenue grew by 2%, benefitting from pocket of growth in the Middle East, Asia, and North Africa, fully offsetting sequential headwinds in Saudi Arabia and certain offshore markets. Specific to the Middle East & Asia, long-term fundamental for oil remain strong, and both conventional and unconventional gas are providing an additional tailwind for activity across the region.

在國際市場，收入成長了 2%，受益於中東、亞洲和北非地區的成長，完全抵消了沙烏地阿拉伯和某些海上市場的連續逆風。具體到中東和亞洲，石油的長期基本面仍然強勁，常規和非常規天然氣都為該地區的活動提供了額外的順風。

During the quarter, we experienced strong growth in Iraq, the UAE, Kuwait, East Asia, China and Australia. Meanwhile, in North America, although revenue declined sequentially, we continue to outpace the market, led by increased sales across most of our business lines in production systems, and higher digital sales in US land.

本季度，我們在伊拉克、阿聯酋、科威特、東亞、中國和澳洲實現了強勁成長。同時，在北美，儘管收入環比下降，但我們繼續領先市場，這得益於我們生產系統大部分業務線的銷售額成長，以及美國本土數位銷售額的成長。

The revenue decline stemmed mostly from the seasonal spring breakup in Canada and non-repeat of exploration data sales in US offshore. In the offshore market, certain projects have pushed to the right, most notably in Sub-Sahara Africa.

收入下降主要源自於加拿大春季季節性休市以及美國近海勘探資料銷售不再重複。在海上市場，某些項目已經向右推進，最明顯的是撒哈拉以南非洲地區。

However, we continue to maintain a steady backlog in OneSubsea, and there is a significant number of offshore projects preparing for FID. Altogether, these dynamics reinforce our confidence in the long-term growth for this market.

不過，OneSubsea 的訂單積壓情況依然穩定，而且有大量海上項目正在為 FID 做準備。總而言之，這些動態增強了我們對該市場長期成長的信心。

Next, let me discuss the performance of our divisions. In the Core, Production Systems led the way again this quarter, benefitting from increased sales of artificial lift and midstream production systems. Overall, our service quality and reliability continue to differentiate our offering in this space, and we have been awarded several new projects during the quarter.

接下來我來介紹一下我們各部門的表現。在核心業務中，生產系統本季再次領先，受益於人工舉升和中游生產系統銷售額的成長。總體而言，我們的服務品質和可靠性繼續使我們在該領域的產品脫穎而出，並且我們在本季度獲得了幾個新項目。

Meanwhile, in Well Construction, revenue was flattish sequentially with growth in Iraq, the UAE, North Africa and Nigeria offset by lower activity in Namibia and North America. In Reservoir Performance, revenue declined slightly due to lower evaluation and stimulation activity, partially offset by solid intervention work.

同時，油井建設業務收入環比持平，伊拉克、阿聯酋、北非和奈及利亞的成長被納米比亞和北美業務活動的減少所抵消。在油藏動態方面，由於評估和刺激活動的減少，收入略有下降，但被紮實的干預工作部分抵消。

Turning to Digital & Integration, our Digital revenue remained steady with double-digit growth across the combination of our platforms, applications and digital operations, offset by lower exploration data this quarter.

談到數位與集成，我們的數位收入保持穩定，平台、應用程式和數位營運相結合實現了兩位數成長，但本季勘探數據的下降抵消了這一增長。

We now have more than 7,800 users across the Delfi platform, representing double-digit growth year on year. This is a continued reflection of our customers' focus on unlocking, through digital, higher levels of performance and efficiency in their assets.

目前，Delfi 平台用戶數已超過 7,800 名，較去年同期成長兩位數。這持續體現了我們的客戶致力於透過數位化手段提高其資產的性能和效率。

Finally, we continued to exhibit growth in CCS where we successfully executed several large-scale projects in the carbon market this quarter. We are now participating in the entire value chain from point of capture with SLB Capturi, to permanent storage with SLB Sequestri.

最後，我們在 CCS 領域繼續呈現成長勢頭，本季我們在碳市場成功執行了幾個大型專案。我們現在參與了從 SLB Capturi 的捕獲點到 SLB Sequestri 的永久儲存的整個價值鏈。

This combined offering is being successfully utilized at the Longship CCS project in Norway, and we believe this will continue to present new opportunities for our carbon solution business. All in all, this quarter was challenging with lots of moving parts, yet we produced solid results.

這項組合產品已成功應用於挪威的 Longship CCS 項目，我們相信這將繼續為我們的碳解決方案業務帶來新的機會。總而言之，本季充滿挑戰，有許多變化因素，但我們取得了穩健的業績。

Considering the uncertainty and market volatility, the entire SLB team has delivered remarkably well. And having met with many customers during the quarter, I am assured of our differentiated performance and the trust that our customers continue to place in us.

考慮到不確定性和市場波動，整個 SLB 團隊表現非常出色。在本季與許多客戶會面後，我確信我們的差異化表現和客戶對我們的持續信任。

Next, I will discuss what we are seeing in the macro environment and how we expect this to evolve over the second half of the year. During the first half of the year, the oil and gas industry demonstrated its strength and resilience, proving that it can operate through uncertainty without a significant drop in upstream spending, highlighting the different attributes of this cycle.

接下來，我將討論我們所看到的宏觀環境以及我們在下半年將如何發展的期望。今年上半年，石油和天然氣行業展現了其實力和韌性，證明其可以在上游支出沒有大幅下降的情況下在充滿不確定性的環境中運營，凸顯了這一周期的不同屬性。

As we look to the second half of the year, the macro environment continues to be uncertain, particularly with the announcement of the new OPEC+ supply releases into a well-supplied market. For the moment, incremental barrels are being absorbed by peak summer demand, China re-stocking and the replenishment of global crude inventories that are sitting below five-year historical averages.

展望下半年，宏觀環境仍然不確定，尤其是在 OPEC+ 宣布向供應充足的市場釋放新的供應量之後。目前，新增石油產量正被夏季需求高峰、中國補庫存以及低於五年歷史平均的全球原油庫存補充所吸收。

All in, while sustained release could exert pressure on commodity price in the near-term, the removal of the overhang of OPEC+ voluntary cuts will allow for market stabilization over time. While it is difficult to predict the outcome from the combination of further supply release, persistent geopolitical risk and lingering tariffs negotiations, it is fair to assume sustained resilience in the market outlook, absent of a dramatic shift in commodity price.

總而言之，雖然持續釋放可能會在短期內對大宗商品價格造成壓力，但消除 OPEC+ 自願減產的過剩壓力將使市場逐漸穩定下來。雖然很難預測進一步的供應釋放、持續的地緣政治風險和曠日持久的關稅談判等因素綜合作用的結果，但只要大宗商品價格不發生劇烈波動，就可以合理地預期市場前景將持續保持彈性。

Regionally, the Middle East and Asia will continue to display the most resilience in the short term, driven by lower breakevens and the sustained focus on energy security. Meanwhile, advantaged offshore projects will lend support to a steady market across Europe, Africa and Americas.

從地區來看，受損益平衡點較低和對能源安全的持續關注推動，中東和亞洲將在短期內繼續表現出最強的彈性。同時，優勢海上計畫將支撐歐洲、非洲、美洲等地區市場穩定發展。

In contrast, land activity across North America and Latin America have the greatest downside risk due to short cycle spend. Globally, we expect operators to remain focused on critical in-flight development projects, and an acceleration of efficiency gains, with a heavier focus on production and recovery, and continued investments in digital and AI.

相較之下，由於週期短，北美和拉丁美洲的土地活動下行風險最大。在全球範圍內，我們預計營運商將繼續專注於關鍵的飛行開發項目，加速提高效率，更加註重生產和恢復，並繼續對數位和人工智慧進行投資。

Next, let me describe this growing market and the opportunity that we see with ChampionX. Today, customers are on a quest to unlock and optimize the full production potential of their assets while improving efficiency in the reservoir recovery phase of their operations.

接下來，讓我描述一下這個不斷成長的市場以及我們在 ChampionX 上看到的機會。如今，客戶正在尋求釋放和優化其資產的全部生產潛力，同時提高其營運油藏採收階段的效率。

This is creating a less cyclical and growing market opportunity that is more OpEx-driven and is less sensitive to short-term commodity cycles. The addition of ChampionX enhance our portfolio by providing the capabilities we need to lead this effort.

這創造了一個不那麼週期性、不斷成長的市場機會，這個市場更由營運支出驅動，對短期商品週期的敏感度較低。ChampionX 的加入增強了我們的產品組合，為我們提供了領導這項工作所需的能力。

ChampionX strength in production chemicals and artificial lift enhance our portfolio in two essential and fast-growing segments that are critical to long-term asset performance. In production chemicals, ChampionX adds scale, vertical integration and a strong global manufacturing footprint to deliver solutions to address the rising demand from aging infrastructure and complex wells and our combined artificial lift portfolio has the breadth to optimize production across the full life cycle of the well.

ChampionX 在生產化學品和人工舉升方面的優勢增強了我們在兩個對長期資產表現至關重要的重要且快速成長的領域的產品組合。在生產化學品方面，ChampionX 增加了規模、垂直整合和強大的全球製造足跡，以提供解決方案來滿足老化基礎設施和複雜油井日益增長的需求，並且我們的組合人工舉升產品組合具有在油井的整個生命週期內優化生產的廣度。

Additionally, ChampionX brings a unique digital production technology portfolio that we will expand into new markets and new applications. Integrating these capabilities into SLB’s existing portfolio will allow for greater innovation and customer value creation, as we take a further step toward delivering a fully integrated service offering anywhere in the world, from reservoir to surface facility, from completion through decommissioning.

此外，ChampionX 帶來了獨特的數位生產技術組合，我們將把它擴展到新的市場和新的應用領域。將這些功能整合到 SLB 現有的產品組合中，將實現更大的創新和客戶價值創造，因為我們將進一步朝著在世界各地提供完全整合的服務邁進，從油藏到地面設施，從完井到退役。

Geographically, this acquisition also extends our broad global reach. ChampionX deep presence in North America pairs well with SLB's international leadership, enabling us to bring their technologies to new markets while also deepening our capabilities in the US.

從地理上看，此次收購也擴大了我們的全球影響力。ChampionX 在北美的深厚影響力與 SLB 的國際領導地位相得益彰，使我們能夠將其技術帶入新市場，同時深化我們在美國的能力。

Taken together, this is a highly complementary fit, one that strengthens our portfolio, accelerates our growth in resilient markets, and reinforces our ability to deliver value at every stage of the production lifecycle. And just as important, we’re combining two organizations that share a strong culture of innovation, operational excellence, and customer focus.

總而言之，這是一個高度互補的組合，它增強了我們的產品組合，加速了我們在彈性市場中的成長，並增強了我們在生產生命週期的每個階段提供價值的能力。同樣重要的是，我們將合併兩個擁有強大創新文化、卓越營運和客戶至上的企業。

Overall, this will enable us to integrate the full production landscape with the best people, the deepest domain expertise and most innovative technology solutions guided by a shared passion for innovation and a commitment to delivering for customers in every basin around the world.

總體而言，這將使我們能夠將整個生產格局與最優秀的人才、最深厚的領域專業知識和最具創新性的技術解決方案相結合，並以共同的創新熱情和為全球每個盆地的客戶提供服務的承諾為指導。

I’m truly excited to welcome the ChampionX team to SLB and look forward to what we will achieve together.

我非常高興地歡迎 ChampionX 團隊加入 SLB，並期待我們共同取得的成就。

Now before I hand over to Stephane, let me quickly share our guidance for the second half of the year. Starting August 2025, we will begin consolidating ChampionX into our results. Therefore, we expect second half revenue to be between $18.2 billion and $18.8 billion for the second half.

現在，在交給 Stephane 之前，請容許我快速分享我們對今年下半年的指導。從 2025 年 8 月開始，我們將開始將 ChampionX 合併到我們的結果中。因此，我們預計下半年營收將在 182 億美元至 188 億美元之間。

This second half increase will be a result of the five months contribution of ChampionX, combined with steady revenue in our legacy SLB business compared to the first half, driven by growth in production systems and digital, fully offsetting the anticipated activity decline in the US and certain deepwater markets.

下半年的成長將得益於 ChampionX 五個月的貢獻，加上我們傳統 SLB 業務與上半年相比收入穩定，這得益於生產系統和數位化的成長，完全抵消了美國和某些深水市場預期的活動下降。

Moreover, revenue will be backloaded in the fourth quarter, reflecting a full quarter of ChampionX as well as the seasonal uplift from year-end digital and product sales. We also expect second half EBITDA margins to be flat compared to the second quarter, inclusive of the ChampionX contribution and inclusive of about 20 basis points to 40 basis points of tariff impact.

此外，營收將在第四季度有所回落，這反映了 ChampionX 整個季度的收入以及年底數位和產品銷售的季節性成長。我們也預計下半年 EBITDA 利潤率將與第二季度持平，其中包括 ChampionX 的貢獻以及約 20 個基點至 40 個基點的關稅影響。

I will now turn the call over to Stephane to discuss our financial results and the plan for ChampionX financial integration in more detail.

現在我將把電話轉給 Stephane，更詳細地討論我們的財務表現和 ChampionX 財務整合計劃。

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

謝謝你，奧利維爾。女士們、先生們，早安。

Second quarter earnings per share excluding charges and credits was $0.74. This represents an increase of $0.02 sequentially and a decrease of $0.11 when compared to the second quarter of last year. While the net amount of charges and credits recorded during the quarter had no impact on our EPS, we did incur $0.09 of charges relating to headcount reductions and the impairment of an equity method investment as well as $0.02 of merger and integration charges related to the ChampionX and OneSubsea transactions.

第二季不計費用和貸項的每股收益為0.74美元，比上一季增加0.02美元，比去年同期減少0.11美元。雖然本季記錄的費用和貸項淨額對我們的每股盈餘沒有影響，但我們確實產生了與裁員和權益法投資減損相關的 0.09 美元費用，以及與 ChampionX 和 OneSubsea 交易相關的 0.02 美元合併和整合費用。

These charges were offset by an $0.11 gain relating to the sale of our interest in the Palliser APS project in Canada. Overall, our second quarter revenue of $8.5 billion increased 1% sequentially, driven by 2% growth in the international markets.

這些費用被我們出售加拿大 Palliser APS 專案的權益所獲得的 0.11 美元收益所抵銷。整體而言，我們的第二季營收為 85 億美元，季增 1%，這得益於國際市場 2% 的成長。

Our pretax segment operating margins increased 20 basis points sequentially to 18.5% as margins increased in three of our four divisions. Companywide adjusted EBITDA margin for the second quarter was 24%, representing a sequential increase of 21 basis points.

由於我們四個部門中有三個部門的利潤率有所提高，我們的稅前部門營業利潤率環比增長 20 個基點，達到 18.5%。第二季公司調整後 EBITDA 利潤率為 24%，季增 21 個基點。

Let me now provide you with more details for each division. Second quarter Digital & Integration revenue of $1 billion decreased 1% sequentially. Digital revenue was flat as double-digit sequential growth from the combined effects of platforms, applications and digital operations was offset by lower exploration data sales following a strong first quarter.

現在讓我向您提供每個部門的更多詳細資訊。第二季數位與整合收入為 10 億美元，季減 1%。數位收入持平，因為平台、應用程式和數位營運的綜合效應帶來的兩位數連續成長被第一季強勁成長後的勘探數據銷售下降所抵消。

Lower APS revenue in Canada drove the overall 1% revenue decrease for the division. Digital & Integration margins expanded 240 basis points to 32.8%, driven by greater digital adoption and efficiency gains. We expect digital revenue growth and margin expansion to continue in the second half of the year, with a significant uptick in the fourth quarter benefiting from year-end sales.

加拿大 APS 收入下降導致該部門整體收入下降 1%。受數位化應用和效率提升的推動，數位與整合利潤率擴大 240 個基點，達到 32.8%。我們預計數位收入和利潤率將在下半年繼續成長，第四季將受益於年終銷售的大幅成長。

In order to provide you with increased visibility into this business as it continues to grow, I am pleased to announce that we will start reporting the results of our digital business as a separate segment, beginning in the third quarter.

為了讓您更清楚地了解該業務的持續成長，我很高興地宣布，從第三季開始，我們將開始將數位業務的業績作為一個單獨的部門進行報告。

Turning to our Reservoir Performance division. Revenue of $1.7 billion declined 1% sequentially due to a slowdown in evaluation and stimulation activity across international markets, partially offset by strong intervention activity.

轉向我們的油藏性能部門。由於國際市場評估和刺激活動放緩，收入 17 億美元，環比下降 1%，但強勁的干預活動部分抵消了這一影響。

Margins improved 203 basis points to 18.6% as a result of the higher intervention activity and the absence of startup costs that impacted the first quarter. Well Construction revenue of $3 billion was essentially flat sequentially, while margins of 18.6% decreased 119 basis points primarily due to an unfavorable technology and geography mix internationally.

由於幹預活動增加以及沒有影響第一季的啟動成本，利潤率提高了 203 個基點，達到 18.6%。油井建設收入為 30 億美元，與上一季基本持平，而利潤率為 18.6%，下降了 119 個基點，主要原因是國際上技術和地理組合不利。

Finally, Production Systems revenue of $3 billion increased 3% sequentially driven by strong sales in artificial lift, midstream production systems and valves, as well as increased data center infrastructure solutions revenue.

最後，生產系統收入達 30 億美元，環比增長 3%，這得益於人工舉升、中游生產系統和閥門的強勁銷售以及數據中心基礎設施解決方案收入的增長。

Margins increased 28 basis points to 16.4% primarily due to continued growth and a favorable activity mix.

利潤率增加 28 個基點至 16.4%，主要得益於持續成長和有利的活動組合。

Now turning to our liquidity. We generated $1.1 billion of cash flow from operations and free cash flow of $622 million during the quarter. This represents a $519 million increase in free cash flow compared to last quarter, which is largely due to seasonal improvements in working capital.

現在談談我們的流動性。本季度，我們產生了 11 億美元的營運現金流和 6.22 億美元的自由現金流。這意味著自由現金流與上一季相比增加了 5.19 億美元，這主要是由於營運資金的季節性改善。

Consistent with our historical trends, we expect our free cash flow in the second half of this year to be materially higher than in the first half on improved earnings, higher customer collections and lower inventories.

與我們的歷史趨勢一致，由於獲利增加、客戶回款增加和庫存減少，我們預計今年下半年的自由現金流將大幅高於上半年。

Capital investments, inclusive of CapEx and investments in APS projects and exploration data were $520 million in the second quarter. For the full year, we now expect capital investments to be approximately $2.4 billion, reflecting the impact of the ChampionX acquisition.

第二季的資本投資（包括資本支出和對 APS 項目和勘探數據的投資）為 5.2 億美元。就全年而言，我們目前預計資本投資約為 24 億美元，這反映了 ChampionX 收購的影響。

Regarding our M&A activity, as I mentioned earlier, we completed the sale of our Palliser asset in Canada near the end of the second quarter. As a result, we received $316 million of net cash proceeds in the second quarter, and an additional $22 million in the third quarter.

關於我們的併購活動，正如我之前提到的，我們在第二季末完成了加拿大 Palliser 資產的出售。結果，我們在第二季獲得了 3.16 億美元的淨現金收益，在第三季又獲得了 2,200 萬美元。

For reference, we generated $215 million of revenue in the first half of the year from the Palliser asset, with EBITDA margin in the low 50s and pretax margin in the low 30s.

作為參考，我們今年上半年從 Palliser 資產中創造了 2.15 億美元的收入，EBITDA 利潤率在 50% 出頭，稅前利潤率在 30% 出頭。

Let me now turn to the ChampionX acquisition and what it means for SLB's future financial performance. First, from a financial reporting perspective, we will begin consolidating ChampionX effective August 1, 2025.

現在讓我來談談 ChampionX 收購及其對 SLB 未來財務表現的意義。首先，從財務報告的角度來看，我們將從 2025 年 8 月 1 日起開始合併 ChampionX。

This means we will consolidate two months of ChampionX results in the third quarter of 2025. The ChampionX activities will be reported under our Production Systems division, which is where SLB's legacy production chemicals and artificial lift businesses currently sits.

這意味著我們將在 2025 年第三季合併兩個月的 ChampionX 表現。ChampionX 活動將在我們的生產系統部門下進行報告，該部門目前負責 SLB 的傳統生產化學品和人工舉升業務。

The only exception to this relates to ChampionX's digital activities, which will be reported under our new digital division. It is worth mentioning that we will be aligning ChampionX with SLB's definition of digital. As a result, the digital revenue that we will report coming from the ChampionX business will be lower than what was previously disclosed by ChampionX.

唯一的例外與 ChampionX 的數位活動有關，該活動將在我們新的數位部門下報告。值得一提的是，我們將使 ChampionX 與 SLB 對數位化的定義保持一致。因此，我們報告的 ChampionX 業務的數位收入將低於 ChampionX 之前披露的收入。

We will provide you with pro forma historical financial information to assist with modeling the combined businesses together with the additional granularity into our digital business in our third quarter earnings release.

我們將在第三季財報中為您提供備考歷史財務信息，以協助對合併後的業務進行建模，並將額外的粒度融入我們的數位業務。

As it relates to synergies, we spent the past 12 months refining our preliminary estimates and developing actionable plans. We are now even more comfortable with our initial assessment that we will be able to generate $400 million of annual pretax synergies within the first three years after closing.

就協同效應而言，我們花了過去 12 個月的時間完善初步估計並制定可行的計劃。現在，我們對初步評估更有信心，我們將能夠在交易完成後的前三年內產生每年 4 億美元的稅前協同效應。

The largest portion will come from cost synergies, which represent approximately 75% of the $400 million. Roughly half of these cost synergies will come from supply chain savings, which will be generated, not only from ChampionX operations, but also from SLB's existing cost base, including the chemical spend in our legacy businesses.

最大部分將來自成本綜效，約佔 4 億美元的 75%。這些成本協同效應中大約一半將來自供應鏈節省，這不僅來自 ChampionX 運營，還來自 SLB 現有的成本基礎，包括我們傳統業務中的化學品支出。

The other half of the cost synergies will come from operating costs and G&A savings. With regard to the expected annual revenue synergies of approximately $100 million when translated into incremental pretax income, we have only included the opportunities with the highest probability of realization.

成本綜效的另一半將來自於營運成本和一般及行政費用的節省。對於預期每年約 1 億美元的收入綜效轉化為增量稅前收入，我們僅納入了實現機率最高的機會。

These have been identified at the country and customer level.

這些已在國家和客戶層面得到確認。

Let me now conclude with the direct impact of the acquisition on our financial metrics. As it relates to margins, we have demonstrated this quarter the resiliency of SLB's margins despite a challenging macro environment.

現在讓我來總結一下此次收購對我們財務指標的直接影響。就利潤率而言，儘管宏觀環境充滿挑戰，本季我們仍證明了 SLB 利潤率的彈性。

This resilience will be reinforced by the addition of ChampionX, which has delivered continuous margin expansion over the last few quarters. For that matter, when excluding the drilling technology business that was disposed of concurrently with the closing of the SLB transaction, ChampionX finished the second quarter of 2025 with revenue of approximately $850 million and adjusted EBITDA of approximately $190 million, delivering visible margin expansion both sequentially and year over year.

ChampionX 的加入將增強這種韌性，該公司在過去幾季中實現了利潤率的持續擴大。事實上，如果不包括與 SLB 交易同時處置的鑽井技術業務，ChampionX 在 2025 年第二季結束時的收入約為 8.5 億美元，調整後的 EBITDA 約為 1.9 億美元，利潤率環比和同比均有顯著增長。

We expect both the legacy SLB businesses and ChampionX to continue delivering strong margin performance in the second half of this year. This will, however, be partially offset by the impact of tariffs. Assuming no changes to the tariffs that are currently in place, we estimate that this will cost us between 20 basis points and 40 basis points of margin in the second half.

我們預計，傳統的 SLB 業務和 ChampionX 將在今年下半年繼續實現強勁的利潤表現。然而，這將被關稅的影響部分抵消。假設現行關稅不變，我們估計這將導致我們下半年的利潤損失20個基點至40個基點。

Altogether, this will result in our companywide adjusted EBITDA margin in the second half of the year being essentially flat when compared to the second quarter of the year. Said another way, our adjusted EBITDA margins, including the contribution of ChampionX, would have expanded by about 20 basis points to 40 basis points in the second half if not for the impact of the tariffs.

總體而言，這將導致我們下半年全公司調整後的 EBITDA 利潤率與上一季基本持平。換句話說，如果沒有關稅的影響，包括 ChampionX 的貢獻在內，我們調整後的 EBITDA 利潤率將在下半年擴大約 20 個基點至 40 個基點。

Looking forward, our margins will be further enhanced by the $400 million in synergies that I previously discussed. With the detailed plans our integration team have developed, we believe that we will be able to realize at least half of the synergies within the first 18 months of the transaction.

展望未來，我之前討論過的 4 億美元的綜效將進一步提高我們的利潤率。透過我們整合團隊制定的詳細計劃，我們相信我們將能夠在交易後的前18個月內實現至少一半的協同效應。

As a result, we expect the transaction will be accretive to both margins and earnings per share on a full-year basis in 2026. This reflects certain assumptions regarding the purchase accounting, which will be finalized in the coming months.

因此，我們預計該交易將在 2026 年全年增加利潤率和每股收益。這反映了有關購買會計的某些假設，這些假設將在未來幾個月內最終確定。

Based on these assumptions, we have estimated the incremental annual recurring pretax intangible asset amortization expense to be approximately $80 million over and above ChampionX historical annual intangible asset amortization expense of approximately $50 million.

根據這些假設，我們估計增量年度經常性稅前無形資產攤銷費用約為 8,000 萬美元，高於 ChampionX 歷史年度無形資產攤銷費用約 5,000 萬美元。

This incremental amortization expense equates to approximately $0.04 of EPS on an after-tax basis. The calculation also reflects the fact that we issued 141 million shares of SLB stock in connection with this transaction.

此增量攤銷費用相當於稅後每股收益約 0.04 美元。該計算也反映了我們在此次交易中發行了 1.41 億股 SLB 股票的事實。

It is worth mentioning that, since the announcement of the ChampionX transaction in April 2024, we have been accelerating the repurchasing of our shares. To that end, since the announcement, we have reduced our total shares outstanding by 78 million.

值得一提的是，自2024年4月宣布ChampionX交易以來，我們一直在加速回購我們的股份。為此，自宣布這項消息以來，我們已將流通股總數減少了 7,800 萬股。

This represents 55% of the shares we just issued in this transaction. Finally, I wanted to briefly come back to the second half guidance that Olivier shared earlier where we expect second half revenue to be between $18.2 billion to $18.8 billion.

這占我們在本次交易中剛發行的股份的55%。最後，我想簡要回顧一下奧利維爾之前分享的下半年指引，我們預計下半年收入將在 182 億美元至 188 億美元之間。

If we are to compare this H2 outlook to H1, by including ChampionX and excluding Palliser in H1, and considering ChampionX on a full six month basis in H2, this would result in second half revenue growth from flat to low single digit when compared to the first half, driven by both our legacy portfolio and ChampionX.

如果我們將下半年的前景與上半年進行比較，透過在上半年包括 ChampionX 並排除 Palliser，並在下半年以整整六個月為基礎考慮 ChampionX，這將導致下半年的收入增長與上半年相比從持平到低個位數，這得益於我們原有的投資組合和 ChampionX。

I will now turn the call back to Olivier.

我現在將電話轉回給奧利維爾。

Thank you, Stephane.

謝謝你，史蒂芬。

I believe we are ready for your questions.

我相信我們已經準備好回答您的問題了。

(Operator Instructions)

（操作員指示）

David Anderson, Barclays.

巴克萊銀行的大衛安德森。

Thank you for the detail, Stephane. I was rapidly doing the math here. Thanks for taking care of that.

謝謝你的詳細說明，Stephane。我正在快速地做著這裡的計算。謝謝你的照顧。

So kind of essentially, two half is -- second half is flat with first half. I was just wondering, Olivier, if you could provide a little bit more detail kind of behind this. You had mentioned customers selectively adjusting activity.

因此，從本質上來說，後半部分與前半部分相當。我只是想知道，奧利維爾，你是否可以提供一些更詳細的資訊。您曾提到客戶選擇性地調整活動。

I was curious if this is primarily just related to the shorter cycle programs in the US land and Saudi slowing down, but more broadly, I'm curious if you've seen a noticeable change in customer behavior since OPEC started bringing barrels back.

我很好奇這是否主要與美國本土的較短週期計劃和沙烏地阿拉伯的放緩有關，但更廣泛地說，我很好奇自從歐佩克開始恢復石油供應以來，你是否看到客戶行為發生了明顯變化。

It feels like we're in a bit of a wait and see mode with respect to oil pricing and customer spending. Just hoping you could provide some insight into how you see this energy macro developing over the next few quarters.

感覺我們對石油價格和消費者支出有點觀望。只是希望您能提供一些見解，讓您了解未來幾季能源宏觀的發展。

So first, to be coming back to the guidance, I think the guidance reflect, from the low to the high end guidance, flat to LSD and with potential to go even beyond this. So we have definitely growth. We project growth in the second half compared to the first half when accounting for the moving parts in and out of our portfolio clearly, okay?

因此，首先，回到指導上，我認為指導反映了從低端到高端指導、持平到 LSD 甚至有可能超越這一點。所以我們肯定有成長。當我們清楚地考慮到投資組合的變動部分時，我們預測下半年將比上半年成長，好嗎？

And driven -- as we said, driven by the Production Systems ChampionX combination getting an uplift in the second half of the year, partially in the fourth quarter, and also by digital year end sales. This combination more than offsetting if you like, some of the headwinds that are in selective market still affecting the drilling activity and to a lesser extent, the Reservoir Performance portfolio.

正如我們所說，生產系統 ChampionX 組合在下半年、部分在第四季度以及數位年終銷售方面均有所提升。如果你願意的話，這種組合可以抵消選擇性市場中的一些不利因素，這些因素仍然影響鑽井活動，並且在較小程度上影響油藏性能組合。

So all of this, coming back to your question about selective customer adjustment, I believe that the major adjustments in international markets are largely beyond this and people have been prepared and adjusting their spending rates and their activity outlook to account for uncertainty and somehow the declining commodity price that they have seen here in H1.

所以，回到你關於選擇性客戶調整的問題，我相信國際市場的重大調整在很大程度上超出了這一點，人們已經做好準備，調整他們的支出率和活動前景，以應對不確定性以及他們在上半年看到的商品價格下跌。

However, as we have seen more recently, the short cycle markets have been more reactive to the persistent slightly lower commodity price than anticipated. Yet all in, we are seeing this as a resilient market going forward, assuming that the price will stay range bound to what we have seen between 60 and 65 or 60 and high 60s, and I think we believe that there are a few things at play that could change this.

然而，正如我們最近看到的那樣，短週期市場對持續略低的大宗商品價格的反應比預期的更為強烈。但總體而言，我們認為未來市場將具有韌性，假設價格將維持在我們所看到的 60 至 65 之間或 60 至 60 多之間的區間內，而且我認為，我們相信有一些因素可能會改變這種狀況。

But most of the cuts and most of the adjustment in selective market and selective country have been done with the exception, as I said, of the low cycle -- of the short cycle, partly in North America and in some markets internationally that are short cycle.

但正如我所說，大部分削減和大部分調整都是在選擇性市場和選擇性國家進行的，但低週期——短週期——除外，部分在北美和一些國際短週期市場。

So hence we are -- that's the reason why we guided the way we guided the second half.

因此我們這樣做了——這就是我們以這種方式指導下半場的原因。

And then in your release and also in your commentary, you noted a few things going on in deepwater. You called out Namibia for some slowing. But I was just wondering just broadly speaking, in deepwater, are you concerned about just kind of near term activity just slowing here?

然後在您的新聞稿和評論中，您提到了一些深水區正在發生的事情。您呼籲納米比亞放慢腳步。但我只是想知道，從廣義上講，在深水區，您是否擔心短期內活動會放緩？

Is Namibia sort of a one off, or are you worried that you're starting to see some of these projects pushing to the right because if you look at kind of rigs and rig schedules, subsea deliveries, pipe orders, it looks like deepwater is sort of poised for a pretty good uptake and kind of by mid '26?

納米比亞是一次性事件嗎？還是說您是否擔心開始看到一些項目向右推進，因為如果您查看鑽機和鑽機時間表、海底交付、管道訂單，看起來深水已經準備好迎接相當好的吸收，大概在26年中期？

I'm just wondering if that's -- if you agree with that or things are sort of sliding to the right a little bit.

我只是想知道——您是否同意這一點，或者事情是否正在稍微向右傾斜。

Yeah. First to comment on what we have seen for the last 12 months to 18 months, we have seen a white space developing, and indeed, the least critical projects to shift to the right, but we still have seen the rich pipeline of advantaged projects that are key for the portfolio of international operators, partly the IOCs to be going forward with anticipated FID, and you see it in Suriname that the Namibia effect is an effect of a long period of appraisal exploration success that is now going into a deep I would say learning and decision for the way forward.

是的。首先評論一下我們在過去 12 個月到 18 個月中看到的情況，我們看到了一個空白領域正在發展，事實上，最不重要的項目正在向右移動，但我們仍然看到豐富的優勢項目渠道，這些項目對於國際運營商的投資組合至關重要，部分國際石油公司正在按照預期的 FID 向前發展，你可以在蘇利南看到，納米比亞效應是長期評估我們的發展方向。

So I will not try to overreact on to the Namibia temporary effect, but I'm more excited about what I see in Americas at large for oil assets on some of the Africa assets that are going in Phase 3 or that are reaching FID.

因此，我不會對納米比亞的暫時影響反應過度，但我對美洲整體石油資產以及一些正在進入第三階段或即將達成最終投資決定的非洲資產的表現更為興奮。

Obviously, in Central America, the Suriname assets, the Brazil very sustained activity and Vienna exciting activity as well Gulf of Mexico combined. I think it is a market that has only upside going forward and by contrast, in the eastern hemisphere driven by gas markets from Indonesia big discovery to Mozambique, soon to be relaunched and still is made as a very prolific and exciting basin.

顯然，在中美洲，蘇利南資產、巴西非常持續的活動和維也納令人興奮的活動以及墨西哥灣的結合。我認為這是一個只有上行空間的市場，相比之下，在東半球，受印尼大發現到莫三比克的天然氣市場的推動，很快就會重新啟動，並且仍然是一個非常多產和令人興奮的盆地。

I think I see the conditions that are set for indeed a rebound directionally in the years to come, and certainly, I think the hypothesis of 2026, I think is a valid hypothesis that I think we'll have to look forward to see unfolding.

我認為，我看到了未來幾年確實出現方向性反彈的條件，當然，我認為 2026 年的假設是一個有效的假設，我認為我們必須期待看到它的發展。

Scott Gruber, Citigroup.

花旗集團的史考特‧格魯伯。

I'm curious about how you view the growth outlook for your now larger production business. How would you dimension both the underlying growth for the production market and then how you can enhance that growth with revenue synergies, especially as you apply your digital applications?

我很好奇您如何看待現在規模更大的生產業務的成長前景。您如何衡量生產市場的潛在成長，以及如何透過收入綜效來促進這種成長，尤其是在應用數位應用程式時？

When you put those two factors together, what's a medium term reasonable growth outlook for the production business?

將這兩個因素放在一起，生產業務的中期合理成長前景如何？

I think I will not try to comment on it because the definition of a production market is something that I think we'll have to come back and give you a little bit more detail on our combined portfolio, but I will say that three elements that will drive synergy, that will drive this market to grow in our minds.

我想我不會嘗試對此發表評論，因為我認為我們必須回過頭來定義生產市場，並向您提供有關我們合併後的產品組合的更多細節，但我想說，有三個要素將推動協同效應，這將推動這個市場在我們心中增長。

First and foremost, I think that the customers -- our customers have told us, our customers and operators are focused on trying to extract more value from production and recovery phase of the assets. To contrast with early end completion of development phase of the asset.

首先，我認為客戶—我們的客戶告訴我們，我們的客戶和營運商都專注於嘗試從資產的生產和恢復階段中獲取更多價值。與資產開發階段提前完成形成對比。

They're trying to get the most of the existing aging assets to make sure that they extend the plateau. They improve the performance, and they improve the recovery to extract more from the existing assets. So the unique combination that we have access to with the addition of the ChampionX give us an unmatched portfolio, and I think I'm not talking about only Production Systems, artificial lift or production chemicals.

他們正試圖充分利用現有的老化資產，以確保延長使用壽命。它們提高了性能，並提高了恢復能力，從而從現有資產中提取更多收益。因此，透過添加 ChampionX，我們能夠獲得的獨特組合為我們提供了無與倫比的產品組合，我認為我所說的不僅僅是生產系統、人工舉升或生產化學品。

I'm talking about intervention. I'm talking about surface equipment. I'm talking about the ability we have to integrate, innovate, and add digital. So what will drive growth in this is the ability to partner with our customers to provide integrated offering beyond the specifics of this artificial lift, production chemistry and add digital capability to it and offer end to end a solution that includes well services, well intervention and includes equipment at the surface that can help enhance the production capability.

我說的是乾預。我說的是地面設備。我說的是我們的整合、創新和增加數位化的能力。因此，推動這一領域成長的是我們能夠與客戶合作，提供超越人工舉升、生產化學等具體內容的綜合服務，並為其添加數位化功能，提供端到端的解決方案，包括油井服務、油井幹預和地面設備，以幫助提高生產能力。

So we see this as a market that will have more resilience, less cyclicality because it's inclusive of OpEx expense, and the long term resilience and long term growth that will certainly outpace the global CapEx market for the decades to come.

因此，我們認為這個市場將具有更強的彈性、更少的週期性，因為它包含了營運支出，而且其長期彈性和長期成長肯定會在未來幾十年超過全球資本支出市場。

That's what we see and we see this as a white space, as an innovation space, and as a space where customer are very pleased to see and the feedback we have got the engagement we had. They look forward to see what we can put together by innovation, by integration, and with digital in this market.

這就是我們所看到的，我們將其視為一個空白空間，一個創新空間，一個客戶非常高興看到並且從我們參與中獲得回饋的空間。他們期待看到我們透過創新、整合和數位化在這個市場上所取得的成果。

So we are quite excited.

所以我們非常興奮。

And then your portfolio changes, they're pushing the company to become less capital intensive, more free cash generative. How do you think about kind of where you can take CapEx to sales, free cash conversion in '26 and beyond, such as you realize the synergies?

然後你的投資組合發生變化，他們會推動公司降低資本密集度，增加自由現金的產生。您如何看待在 26 年及以後將資本支出轉化為銷售額、自由現金轉換，以實現綜效？

For instance, can you push that free cash conversion rate toward something like a 60% level on a sustained basis? How do we think about those capital intensity and free cash metrics over time now?

例如，您能否持續將自由現金轉換率推高至 60% 左右的水平？我們現在如何看待這些資本密集度和自由現金指標隨時間的變化？

So Scott, first, maybe on 2025 as a reference, we kind of anticipated the soft activity and brought down the total capital investment 10% lower compared to last year. So we are basically at maintenance CapEx level this year and at the very low end of our 5% to 7% CapEx as a percentage of the revenue range.

所以史考特，首先，也許以 2025 年為參考，我們預測了軟活動，並將總資本投資與去年相比降低了 10%。因此，我們今年的資本支出基本上處於維持水平，並且處於資本支出佔收入範圍的 5% 至 7% 的極低端。

So going forward, if we see growth, we will certainly add growth CapEx to that. We have that agility and ChampionX clearly brings down that percentage a bit more, but we are already very low. We may or may not change the range, but the ChampionX is clearly helping with the low capital intensity.

因此，展望未來，如果我們看到成長，我們肯定會增加成長資本支出。我們擁有這種敏捷性，ChampionX 顯然將這個百分比進一步降低，但我們已經很低了。我們可能會或可能不會改變範圍，但 ChampionX 顯然有助於降低資本強度。

Regarding EBITDA to free cash flow conversion, we don't really track it that way. We prefer looking at free cash flow margin. You know that we are looking on a full cycle basis to be above 10% of revenue in terms of free cash flow margin, and we are exceeding this now as we speak and intend to do the same going into the following years, partially because of the positive contribution from ChampionX.

關於 EBITDA 到自由現金流的轉換，我們實際上並沒有以那種方式進行追蹤。我們更願意關注自由現金流利潤率。您知道，我們希望在整個週期內，自由現金流利潤率能夠超過收入的 10%，而我們現在就已經超過了這個數字，並打算在接下來的幾年裡繼續保持這一水平，部分原因是 ChampionX 的積極貢獻。

Arun Jayaram, JPMorgan.

摩根大通的阿倫‧賈亞拉姆 (Arun Jayaram)。

First question is global upstream spending is on track to decline in 2025 versus 2024. I was wondering if you could share with us your views on how you see this playing out for SLB across different regions internationally.

第一個問題是，2025 年全球上游支出相對於 2024 年而言將呈現下降趨勢。我想知道您是否可以與我們分享您對 SLB 在全球不同地區發展的看法。

I wonder if you can comment on Mexico and Saudi and North America, and perhaps the timing of a potential inflection point in spending trends.

我想知道您是否可以對墨西哥、沙烏地阿拉伯和北美進行評論，以及支出趨勢的潛在轉折點時間。

Quite a lot packed into the question here.

這裡的問題包含了很多內容。

The first, indeed, I think the -- it is clear now that the market is in -- the total market is in slight decline in 2025 compared to '24. We see both more in North America than we see it internationally. There is more resilience in the Middle East and Asia market due to the broad commitment to all capacity expansion, the development of unconventional and conventional gas across the region and the focus on energy security in Asia.

首先，事實上，我認為——現在很明顯，市場處於——與 24 年相比，2025 年的整個市場將略有下降。我們在北美看到的這種情況比在國際上看到的還要多。由於廣泛致力於所有產能擴張、整個地區非常規和常規天然氣的開發以及對亞洲能源安全的關注，中東和亞洲市場具有更強的彈性。

So that provides a bit of a buffer and I think that's very visible. As we have commented before internationally, the other international market, I think, is impacted by two aspects this year, the white space in deepwater market. The Mexico, that has been reducing significant drilling activity based on restructuring and reaching a new bottom in terms of activity and some of the, I would say short cycle activity in the rest of part in Latin America.

因此這提供了一點緩衝，我認為這是非常明顯的。正如我們之前在國際上所評論的那樣，我認為其他國際市場今年受到兩個方面的影響，即深水市場的空白。墨西哥一直在透過重組減少重大鑽探活動，並在活動方面達到了新的低谷，而我想說的是拉丁美洲其他地區的一些短週期活動。

North America, I think there is no secret that the short cycle has been declining in the last couple of months, more deeply than everyone will anticipate. So it will represent certainly the highest, I would say drag on to the total CapEx for the year.

北美，我認為短週期在過去幾個月中一直在下降，並且下降幅度比大家預期的要大，這並不是什麼秘密。因此，我認為它肯定會代表最高的，並且會拖累全年的總資本支出。

Now before we talk about inflection, I would like to talk about resilience. Now that this adjustment has been done in the first half, I believe, as we have demonstrated into our second half outlook when collecting for the in and out, we are anticipating growth and this is because we believe that there is resilience on some part of the international market.

在我們討論拐點之前，我想先討論一下韌性。現在，上半年已經完成了這項調整，我相信，正如我們在收集進出數據時對下半年前景所表明的那樣，我們預計會出現增長，這是因為我們相信國際市場的某些部分具有彈性。

There is still an appetite for executing the most advantaged project albeit some unconventional development or some large gas or oil development that are under play. And we believe that our market position that we have, which is hedged across different business lines, across different geography, give us the resilience that I think you see in our numbers in the second half.

儘管正在進行一些非常規開發或大型天然氣或石油開發，但人們仍然有興趣執行最具優勢的專案。我們相信，我們在不同業務線、不同地區所佔據的市場地位賦予了我們韌性，我想您可以從下半年的數據中看到這一點。

So I think now, inflection, if we look at are trying to look ahead and directionally. I think looking beyond 2025, we believe that continue to see the attribute of a cycle rebound, okay, that will be driven by several -- by first, the phenomenon of energy market and we have some information that I could use of the critical of oil and gas supply.

所以我認為，現在，如果我們觀察拐點，就試著向前看，有方向性。我認為展望 2025 年以後，我們相信我們將繼續看到週期性反彈的屬性，好的，這將受到幾個因素的推動 - 首先是能源市場的現象，我們有一些資訊可以用來判斷石油和天然氣供應的關鍵。

So specifically, if I like to look directionally ahead and beyond 2025, we're anticipating that the combination of the liquid market rebalancing, the continued investment in oil capacity expansion in the Middle East, the accelerating global gas supply, both, conventional, unconventional internationally or in North America and the robust pipeline that I commented before in the offshore deepwater project and finally, the increase of production recovery focused for the customer when combined with digital and the AI trend will lend support to grow investment going forward.

因此，具體來說，如果我想展望 2025 年以後的未來，我們預計流動性市場再平衡、中東石油產能擴張的持續投資、全球天然氣供應加速增長（包括國際或北美的常規和非常規天然氣供應）、以及我之前在海上深水項目中評論過的強大管道，最後，以客戶為中心的產量恢復的提高，再加上數字化和人工智能增長趨勢，將為未來增長

We are -- we see that this is directionally shaping up. I will not comment on exact timing, but I think I will first remind everybody that there is resilience in this market despite this market uncertainty, and the future is still rich with a lot of projects internationally, rich with gas driving activity in many parts of the world, and rich with long term deepwater projects that will add really intensity going forward.

我們——我們看到這正在朝著正確的方向發展。我不會對確切的時間發表評論，但我想我首先要提醒大家，儘管市場存在不確定性，但市場仍然具有彈性，未來國際上仍有許多項目，世界許多地方都有許多天然氣驅動活動，長期深水項目也很多，這些項目將真正增加未來的強度。

And my follow up question, appreciate the comments around your expectations around the second half outlook plus some of the outlook comments on ChampionX. But Olivier and Stephane, could you help us maybe break down your expectations for how you see things playing out in 3Q versus 4Q?

我的後續問題是，感謝您對下半年前景的預期以及 ChampionX 的一些前景評論。但是 Olivier 和 Stephane，您能否幫助我們分析您對第三季和第四季狀況的預期？

We could. I think let us give you a little bit more colors onto this guide that we could give and share in Q3 versus Q4. So first, at very high level, we have gathered that the second half will be back end loaded. And now more specifically to the third quarter, we expect first -- this third quarter will be impacted first by the addition of two months of ChampionX. That's a positive addition.

我們可以。我想讓我們為這份指南提供更多色彩，以便我們在第三季和第四季提供和分享。首先，從高層來看，我們已經了解到下半年將會是後端加載。現在更具體地說是第三季度，我們預計，第三季將首先受到兩個月的 ChampionX 的影響。這是一個積極的補充。

By a negative addition of the full quarter absence of Palliser following its divestiture. By also the impact negative, I would say, of activity decline in the US and certain offshore market and finally, and more recently by an incident that we have had on Ecuador pipeline disruption.

由於 Palliser 資產剝離後整個季度都沒有營業，因此產生了負面影響。我想說，這也受到美國和某些海上市場活動減少的負面影響，最後，以及最近厄瓜多爾管道中斷事件的影響。

This would translate all in into a slightly higher revenue sequentially from Q2 to Q3.

這將轉化為第二季至第三季營收的連續略高。

Now trying to contrast this with Q4, with respect to the fourth quarter, we see revenue to be higher by high single digits versus the first quarter has an uptick, reflecting first, a full quarter of ChampionX and secondly, the seasonal uplift will see from year end digital and products set.

現在嘗試將其與第四季度進行對比，就第四季度而言，我們看到收入將比第一季度高出高個位數，這首先反映了 ChampionX 整個季度的成長，其次，季節性成長將從年底的數位和產品套裝開始。

I hope I gave you a little bit more color on the top line and the Q3 and uptick in Q4 that will help circle back the relative revenue in Q3 and Q4.

我希望我能為您提供更多關於營收、第三季度和第四季度增長的詳細信息，這將有助於彌補第三季度和第四季度的相對收入。

Yeah. Let me just add, Olivier -- okay. Yeah, I just wanted to add, what Olivier described that Q3 and Q4 directional split is what leads us to say that when you exclude the Palliser operations from H1, reinstate ChampionX in H1 and add ChampionX for six months in the second half, this is where you see growth and there's a range there.

是的。讓我補充一下，奧利維爾——好的。是的，我只是想補充一點，奧利維爾所描述的第三季度和第四季度的方向性分裂讓我們可以說，當你從上半年排除 Palliser 業務，在上半年恢復 ChampionX，並在下半年添加六個月的 ChampionX 時，你就會看到增長，而且那裡有一個範圍。

This is the range of flat to low single digit between H1 and H2 when you compare like for like. I hope -- it's a lot of moving pieces, but I hope it's clear.

如果進行同類比較，這是 H1 和 H2 之間持平至低個位數的範圍。我希望——它有很多移動的部分，但我希望它是清晰的。

Neil Mehta, Goldman Sachs.

高盛的尼爾·梅塔。

Olivier, Stephane, a couple of questions. First on ChampionX, appreciate all the comments around synergies, but maybe you can unpack if you spend more time on ChampionX assets as part of this integration process and talking to customers about the application of some of their products.

奧利維爾、史蒂芬，有幾個問題。首先關於 ChampionX，我感謝大家對協同效應的評論，但如果您在這個整合過程中花更多時間在 ChampionX 資產上，並與客戶討論他們的一些產品的應用，也許您可以解開這個謎團。

Any incremental thoughts, particularly on leveraging the platform -- leveraging the products into your international platform?

有什麼漸進的想法嗎，特別是關於利用平台—將產品融入您的國際平台？

No, absolutely. I think we are very blessed to have two very highly complementary portfolios both technically and geographically. And I think the strength of ChampionX in the US, the ability to innovate locally with their customers, I think it's something that we want to expand, apply to some of the other business we are running into North America to also have better impact, more focused impact, and more fit technology to our customer base in the US and hence benefits as a level of side synergy, if you like, from our reporting model and engagement model for customers in North America.

不，絕對不是。我認為我們非常幸運，擁有兩個在技術和地理上高度互補的投資組合。我認為 ChampionX 在美國具有優勢，能夠與客戶一起在本地進行創新，這是我們想要擴展的，應用到我們在北美開展的其他一些業務中，以便對我們在美國的客戶群產生更好的影響、更有針對性的影響和更適合的技術，因此，如果您願意的話，可以從我們的報告模式和針對北美客戶的參與模式中獲得一定程度的協同效應。

But secondly and critically, I think using the broad portfolio both of artificial lift and obviously of chemical production of -- and the ability to innovate of ChampionX into the international market where we have established a go to market access and established customer relationships.

但其次也是至關重要的一點是，我認為利用 ChampionX 的人工舉升和化學生產等廣泛的產品組合以及創新能力，我們已經在國際市場上建立了市場准入並建立了客戶關係。

So yes, we will expect this first from a complimentary portfolio and from a market access. But secondly, as I mentioned before, I think the customer feedback we got beyond access to certain technologies that exist today, they believe that by combining our domain subsurface, recovery capability including Reservoir Performance intervention, our digital and our integration to actually go the belief that I think we can help them unlock the value of some assets internationally, and they are very much interested to see what is next in our value proposition beyond just an expansion of our product portfolio into international markets.

所以是的，我們首先希望從互補的投資組合和市場准入中獲得這一點。其次，正如我之前提到的，我認為我們得到的客戶反饋不僅僅是獲得現有的某些技術，他們相信透過結合我們的地下領域、包括油藏性能幹預在內的恢復能力、我們的數位化和我們的集成，實際上相信我們可以幫助他們釋放一些國際資產的價值，他們非常有興趣看到我們的價值主張的下一步是什麼，而不僅僅是將我們的產品組合擴展到國際市場。

So integration, digital, domain, subsurface integration, I think will be what will drive the synergy going forward beyond the geographical expansion, as I mentioned.

因此，正如我所提到的，我認為整合、數位、領域、地下整合將成為推動協同效應超越地理擴張的動力。

We appreciate the color around margins being relatively flattish in the back half. Can you provide any segment level perspective on the margins? Where do you see things trending better, where do you see things trending softer just so we can get a little more granularity for the model?

我們很欣賞後半部邊緣周圍的顏色相對平坦。您能否提供關於利潤率的任何細分層面的觀點？您認為哪些方面的情況會變得更好，哪些方面的情況會變得更溫和，這樣我們就可以獲得更精細的模型？

So in the second half, you will -- directionally, you will clearly see Digital and Integration, but you will see, it's actually digital. In the second half, the margins will continue to increase. That's really on the back of the year end sales, including exploration data sales.

因此在下半部分，從方向上看，你會清楚地看到數位化和集成，但你會看到，它實際上是數位化的。下半年，利潤率還會持續上升。這實際上得益於年終銷售額，包括勘探資料銷售額。

Production Systems, we are quite happy with the margin journey so far. So we will probably at least maintain that level. With ChampionX, the Production Systems, EBITDA margins will actually increase. ChampionX will be accretive to Production Systems.

生產系統，我們對迄今為止的保證金旅程感到非常滿意。所以我們可能至少會保持這個水準。有了 ChampionX，生產系統、EBITDA 利潤率實際上會增加。ChampionX 將對生產系統產生增值作用。

And the other two core divisions, Reservoir Performance and Well Construction, we are expecting to be relatively flat with the second quarter, in line with the overall guidance for the company.

而另外兩個核心部門，油藏性能和油井建設，我們預期第二季將相對持平，符合公司的整體預期。

Roger Read, Wells Fargo.

富國銀行的羅傑‧里德 (Roger Read)。

Thanks, again for the help on all the outlook.

再次感謝您對所有前景的幫助。

I guess two questions I'd like to come out. In terms of the pace of synergies with ChampionX, you've had a lot more time obviously from when the deal was announced to closing here. What might look different or more accelerated on synergies and what might look better in terms of the integration process as we look at what you may do with the top line of this business over the next say 18 months?

我想問兩個問題。就 ChampionX 的協同效應速度而言，從宣布交易到最終完成，顯然你們已經擁有了更多的時間。當我們考慮在未來 18 個月內您可能對這項業務的營收採取什麼措施時，在協同效應方面哪些可能看起來不同或更快，以及在整合過程中哪些可能看起來更好？

So as we discussed on the prepared remarks, first, the majority of synergies is cost, right, and the bulk is both supply chain saving. So this is -- compared to our initial estimates, it has -- they are more or less in terms of overall envelope the same as what we had initially and the pace can be a bit faster actually because now we have done the homework.

正如我們在準備好的評論中所討論的那樣，首先，協同效應的大部分是成本，對，大部分是供應鏈的節省。因此，與我們最初的估計相比，它們在總體範圍上與我們最初的估計大致相同，而且速度實際上可以更快一些，因為現在我們已經完成了作業。

It is literally by product code and supplier and geography, so we can execute those supply chain synergies faster. So this is why initially, if you recall, it's one of the reasons why we had said at the time that the transaction will be accretive in the second year following the transaction, and now we think within the first 18 months, so on a full year basis for 2026, the transaction will be accretive, and this requires about half of the total $400 million synergies to be achieved in 2026, which we think is realistic based on our plans.

它實際上是按產品代碼、供應商和地理位置劃分的，因此我們可以更快地實現這些供應鏈協同效應。因此，如果您還記得的話，這就是為什麼最初我們說過交易將在交易後的第二年實現增值的原因之一，而現在我們認為在前 18 個月內，即在 2026 年全年的基礎上，交易將實現增值，這就需要在 2026 年實現總計 4 億美元協同效應的約一半，我們認為根據我們的計劃，這是現實的。

On the integration itself, I'll leave it to Olivier.

關於整合本身，我將把它留給 Olivier。

No. Integration, I think the team has worked hard for the last 12 months to do integration planning. I think we are very pleased to launch it yesterday live with all the ChampionX employees, and I think the reception is very strong.

不。整合，我認為團隊在過去 12 個月裡一直努力進行整合規劃。我認為我們很高興昨天與所有 ChampionX 員工一起現場啟動它，而且我認為反應非常熱烈。

I think we have a very strong workbook and playbook for integration that will touch all aspects of orientation process and onboarding but obviously much more importantly, I think the way we face together the customers and trying to create this revenue synergy, this white space with the combined portfolio.

我認為我們有一個非常強大的工作手冊和整合劇本，它將涉及定位過程和入職的各個方面，但顯然更重要的是，我認為我們共同面對客戶的方式，並試圖創造這種收入協同效應，透過合併後的投資組合創造這種空白。

So there is really an effort that has been made to prepare this from day one, and I think we will be in the next few weeks and months rolling out this integration playbook and be in a position to start to capture revenue synergy clearly very soon and add to the established cost synergy that will be executed from -- immediately.

因此，從第一天起我們就為此做出了努力，我認為我們將在接下來的幾周和幾個月內推出這一整合方案，並能夠很快開始明確地實現收入協同效應，並增加將立即執行的既定成本協同效應。

So I would say very pleased with progress, very pleased with the reception of the ChampionX team, and also very pleased, extremely pleased the feedback that we're receiving when engaging with customers that want to preserve the ChampionX strengths, but at the same time, I'm excited to see the innovation, to see the expansion.

因此，我想說，我對進展感到非常高興，對 ChampionX 團隊的接待感到非常高興，而且對我們在與希望保持 ChampionX 優勢的客戶接觸時收到的反饋也感到非常高興，非常高興，但與此同時，我很高興看到創新，看到擴張。

As I said, the integration and digital capability that we can add and subsurface domain that could unlock some more value both in North America and internationally. So good progress, strong team, fully aligned and quite an exciting start.

正如我所說，我們可以添加的整合和數位能力以及地下領域可以在北美和國際上釋放更多價值。進展順利，團隊強大，協調一致，開局相當令人興奮。

Follow up question is Mexico's been a big topic over the last several quarters. The most recent comments from the President of Mexico, she indicated they would like to grow gas supply out to 2030. Doesn't look like what they've been doing recently would lead to that.

後續問題是，墨西哥在過去幾季一直是個熱門話題。墨西哥總統最近表示，他們希望在 2030 年之前增加天然氣供應量。看起來他們最近的所作所為不會導致這種情況。

So any insights in terms of what you're seeing out of the political leadership of Mexico, Pemex itself, and then what's been obviously the issue in terms of getting accounts receivable and all that in?

那麼，您對墨西哥政治領導階層、Pemex 本身有何見解？在取得應收帳款等方面，明顯有哪些問題？

No. I would not want to comment on behalf of the decision that the government in Pemex will view. I think they need to go through the motion of restructuring and/or addressing the critical issue that they are facing and finding a bottom and then rebounding.

不。我不想代表政府對 Pemex 的決定發表評論。我認為他們需要進行重組和/或解決他們面臨的關鍵問題，找到底部然後反彈。

We believe we're there. We're just waiting now to see what are the next steps that could help unlock the value of obviously the assets in Mexico and the dynamic of Pemex to rebound from this. We stand ready. We have been in the country for decades and we are ready to respond a bit on the gas development or other development.

我們相信我們已經到達那裡。我們現在只是在等待，看看接下來的措施將如何幫助釋放墨西哥資產的價值，並幫助 Pemex 實現反彈。我們已做好準備。我們在這個國家已經待了幾十年了，我們準備對天然氣開發或其他開發做出一些回應。

We are not only working for Pemex in Mexico, we are working with independents, local independent, that have been very active. And we have a very exciting project for Woodside, deepwater, Mexico starting early next year that we are all prepared for both subsea and well construction that I think we're excited about.

我們不僅為墨西哥的 Pemex 工作，我們還與非常活躍的獨立公司、當地獨立公司合作。我們在墨西哥伍德賽德深水區有一個非常令人興奮的項目，將於明年初啟動，我們已經做好了海底和油井建設的準備，我想我們對此感到非常興奮。

That is adding dimension to the Mexico rebound. So difficult to predict what is next. We continue to work very closely with partnership with Pemex and trying to get some more intelligence from the government, but I don't want to be commenting more than this, and again, we remain focused on doing the best and adapting to the market activity there.

這為墨西哥經濟的反彈增添了動力。很難預測接下來會發生什麼。我們繼續與 Pemex 密切合作，並試圖從政府那裡獲得更多情報，但我不想發表更多評論，而且，我們仍然專注於做到最好並適應那裡的市場活動。

Josh Silverstein, UBS.

瑞銀的喬希·西爾弗斯坦（Josh Silverstein）。

I appreciate you stripping out the business, the digital business as a standalone unit to highlight the value here. You had previously talked about top line standalone digital growth kind of in the mid to high teens this year. I want to see if you're still on track for that level and then if you could provide any details around the growth contributions from Delfi cloud and the AI platforms within that outlook.

我很欣賞您將業務、數位業務剝離出來作為獨立單元來突出其價值。您之前曾談到，今年獨立數位業務的營收成長率將達到十五到十幾個百分點。我想看看您是否仍在朝著這個水平前進，然後您是否可以提供有關 Delfi 雲端和 AI 平台在該前景中的成長貢獻的任何詳細資訊。

Yeah. We don't split typically. I think we have been commenting just this quarter that I think the combination of cloud legacy application that is desktop and digital operation is growing at double digits. We have a significant uptick in the second half of the year.

是的。我們通常不會分開。我認為我們本季就一直在評論說，我認為桌面和數位操作的雲端遺留應用程式的組合正在以兩位數的速度增長。下半年我們出現了顯著的成長。

We said mid to high teens in the past. I think we are continuing to ambition to be as committed to grow and certainly to outpace significantly. That's what matters is to outpace significantly the rest of the market and be in meetings or by contracts with the much lower and declining CapEx.

我們過去說的是十幾歲到十幾歲。我認為我們將繼續致力於發展，並在某種程度上實現大幅超越。重要的是大幅超越市場其他參與者，並以更低且不斷下降的資本支出參加會議或簽訂合約。

So decoupled activity, decoupled investment profile is what we are accessing and yeah, I think it's a long -- as I said, it's a long digital transformation. It's a long journey we have started with the industry and I think our leadership, be it in cloud, be it in digital operation, be it in legacy desktop or in exploration data, as a combination, we continue to do everything to make sure that it's highly differentiated in terms of growth rate compared to the -- and we expect this to be the case for the foreseeable future.

因此，我們正在接觸的是脫鉤的活動和脫鉤的投資概況，是的，我認為這是一個漫長的過程——正如我所說，這是一個漫長的數位轉型過程。我們在這個行業中開始了一段漫長的旅程，我認為我們的領導地位，無論是在雲端運算、數位營運、傳統桌面還是探索數據方面，作為一個整體，我們將繼續盡一切努力確保它在增長率方面與其他公司相比具有高度差異化——我們預計在可預見的未來情況將會如此。

And as you have seen, the market -- the margin has improved. We expect the margin to further improve in the second half, the back end of the year. That's in the fourth quarter, and becoming accretive and remaining accretive highly in terms of margins and continuing to be accretive in terms of supply and growth.

如您所見，市場利潤率已經提高。我們預計利潤率將在下半年即年底進一步提高。這是在第四季度，利潤率開始增值並保持高度增值，供應和成長也持續增值。

So I think we commented on the some users characteristics that are linked to the cloud adoption. We have seen this quarter to just give you a data point. 40 million CPU hours being consumed, 50% more than Q2 last year.

所以我認為我們評論了一些與雲端採用相關的用戶特徵。我們看到本季僅給您一個數據點。消耗了 4,000 萬個 CPU 小時，比去年第二季增加了 50%。

At the same time, we have seen also almost 1,000 of wells being, drilled using DrillPlan, one of our planning cloud application that we use and with our customers. So I think we continue to see momentum. And we are confident that I think it will be for sure much higher growth than the rest and one of the highest growth business line we have in SLB and you will from Q3 get more detail and we will disclose this transparently so that the value that we can extract from this will be recognized by investors.

同時，我們也看到近 1,000 口井正在使用 DrillPlan 進行鑽探，DrillPlan 是我們和客戶一起使用的規劃雲端應用程式之一。所以我認為我們會繼續看到這種勢頭。我們有信心，我認為它的增長肯定會比其他業務高得多，並且是 SLB 中增長最快的業務線之一，您將從第三季度獲得更多詳細信息，我們將透明地披露這一點，以便投資者認可我們從中提取的價值。

And maybe just to follow up and I know there's more details to come on the third quarter, but are there any additional types of disclosures you might be able to provide here on these kind of key AI and fast driven products towards companies that are more specifically focused on this as well?

也許只是為了跟進，我知道第三季度會有更多細節，但是您是否可以針對這些關鍵的人工智慧和快速驅動產品向更專注於此的公司提供任何其他類型的披露？

Well, obviously, we have, as you know, decided to establish a new platform called Lumi for data and AI adoption across our customers and I think we are very pleased with the early impact this had. A lot of TOV as we call it. A lot of early tests and adoption across really all the segment of our customer base attracted by the ability to connect and to integrate data and to have a toolbox of AI capability that we offer from our partners.

嗯，顯然，如你所知，我們決定建立一個名為 Lumi 的新平台，供我們的客戶採用數據和人工智慧，我認為我們對它產生的早期影響感到非常滿意。正如我們所說，很多 TOV。我們在整個客戶群中進行了大量的早期測試和採用，這些客戶被我們合作夥伴提供的連接和整合資料的能力以及人工智慧功能工具箱所吸引。

So that AI workflows can be enabled through our platform by customers and letting the customer play with their data and using our toolbox to then do use GenAI or to use AI capability on top. That's what is exciting. That's what customers are coming to our platform for, and that's what the early success of Lumi is giving us.

這樣，客戶就可以透過我們的平台啟用 AI 工作流程，讓客戶使用他們的資料並使用我們的工具箱來使用 GenAI 或在其上使用 AI 功能。這才是令人興奮的事。這就是為什麼客戶來到我們平台的原因，也是 Lumi 早期成功為我們帶來的好處。

So yes, I think continued momentum there, and this is only the early, early steps of that adoption.

是的，我認為那裡的勢頭會持續下去，而這只是採用該政策的早期階段。

I will now turn the call over to SLB for closing remarks.

現在我會把電話轉給 SLB 做結束語。

Thank you, Meghan.

謝謝你，梅根。

Ladies and gentlemen, as we conclude today's call, I would like to leave you with the following takeaways. First, SLB’s diverse portfolio and broad operating footprint enable us to overcome regional headwinds and evolving macro dynamics to deliver solid results as we demonstrated in this quarter.

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，SLB 多元化的投資組合和廣泛的營運足跡使我們能夠克服區域阻力和不斷變化的宏觀動態，從而實現本季所展現的穩健績效。

Second, we're increasing our exposure to the growing production recovery market with the addition of ChampionX. Our combined portfolio, technology capability and digital leadership will position SLB to unlock value for our customers while delivering best in class workflow integration across production chemicals and artificial lift.

其次，透過加入 ChampionX，我們將加大對不斷成長的生產恢復市場的關注。我們的產品組合、技術能力和數位領導力將使 SLB 能夠為客戶釋放價值，同時提供涵蓋生產化學品和人工舉升的最佳工作流程整合。

And finally, global oil and gas markets have this proven resillient, and we are optimistic about the opportunities ahead and our ability to deliver steady growth in the second half of the year.

最後，全球石油和天然氣市場已證明具有彈性，我們對未來的機會和下半年實現穩定成長的能力感到樂觀。

With this, I conclude today's call.

今天的電話會議到此結束。

Thank you, all for joining.

謝謝大家的參與。

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。