斯倫貝謝公司 (SLB) 2025 Q4 法說會逐字稿

Good morning. My name is Meghan and I'll be your conference operator today, and I would like to welcome everyone to the fourth-quarter and full-year 2025 SLB earnings call. (Operator Instructions) As a reminder, this call is being recorded.

早安.我叫梅根，今天我將擔任本次電話會議的接線員，歡迎大家參加 SLB 2025 年第四季及全年財報電話會議。（操作員說明）提醒您，本次通話正在錄音。

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

現在我將把電話交給投資者關係和行業事務高級副總裁詹姆斯·R·麥克唐納。請繼續。

Thank you, Meghan. Good morning, and welcome to the SLB fourth-quarter and full-year 2025 earnings conference call.

謝謝你，梅根。早安，歡迎參加 SLB 2025 年第四季及全年財報電話會議。

Today’s call is being hosted from Houston, following our Board meeting held earlier this week. Joining us on the call are Olivier Le Peuch, Chief Executive Officer; and Stephane Biguet, Chief Financial Officer.

今天的電話會議在休士頓舉行，此前我們於本週稍早召開了董事會會議。參加本次電話會議的有執行長 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.

在開始之前，我想提醒各位參與者，我們今天將要發表的一些聲明是前瞻性的。這些事項涉及風險和不確定性，可能導致我們的實際結果與這些聲明中預測的結果有重大差異。更多資訊請參閱我們最新的 10-K 文件和其他提交給美國證券交易委員會的文件，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 fourth-quarter and full-year earnings press release, which is on our website.

我們今天的評論也包括非GAAP財務指標。更多詳情以及與最直接可比較的 GAAP 財務指標的核對，請參閱我們網站上發布的第四季度和全年收益新聞稿。

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

接下來，我將把電話交給奧利維爾。

Thank you, James. Ladies and gentlemen, thank you for joining us today.

謝謝你，詹姆斯。女士們、先生們，感謝各位今天蒞臨。

I will begin by reviewing our fourth-quarter performance, followed by an update on market conditions and the unique opportunities we see developing for our business. I will then share our outlook for the first quarter and expectations for the full-year 2026. Stephane will then provide additional details on our financial results. And finally, we will open the line for your questions. Let’s begin.

我將首先回顧我們第四季度的業績，然後介紹市場狀況以及我們看到的業務發展所面臨的獨特機會。接下來，我將分享我們對第一季的展望以及對 2026 年全年的預期。接下來，Stephane將提供更多關於我們財務表現的細節。最後，我們將開放提問環節。讓我們開始吧。

We ended the year with strong operational and financial performance in the fourth quarter, achieving sequential revenue growth, margin expansion, and substantial cash flow generation. This performance reflects the breadth of our portfolio and the impact of our strategy in a challenging macro environment.

我們在第四季度取得了強勁的營運和財務業績，實現了營收環比成長、利潤率擴大和可觀的現金流，為這一年畫上了圓滿的句號。這項績效反映了我們投資組合的廣度以及我們的策略在充滿挑戰的宏觀環境下的影響力。

Sequentially, revenue increased by 9%, driven by high single-digit growth internationally and mid-teens growth in North America. Excluding ChampionX, organic revenue increased by 7% internationally and 6% in North America.

環比來看，營收成長了 9%，這主要得益於國際市場高個位數成長和北美市場兩位數中段成長。除 ChampionX 外，國際市場的有機收入成長了 7%，北美市場成長了 6%。

We saw sequential revenue growth across all our geographies for the first time since the second quarter of 2024. This demonstrates that global upstream activity has stabilized, with key markets showing early signs of a rebound. This helped us to deliver approximately $500 million of organic revenue growth this quarter, in addition to a roughly $300 million contribution from ChampionX, resulting from an extra month of consolidation.

自 2024 年第二季以來，我們首次在所有地區實現了營收的環比成長。這顯示全球上游活動已經趨於穩定，主要市場已出現復甦的早期跡象。這幫助我們在本季實現了約 5 億美元的有機收入成長，此外，由於 ChampionX 額外一個月的合併期，還貢獻了約 3 億美元。

Let me briefly discuss a few highlights from the quarter. First, we benefited from strong year-end product sales in Production Systems globally, higher exploration data sales, and strong demand for digital operations across all areas.

讓我簡要介紹一下本季的一些亮點。首先，我們受益於全球生產系統年末強勁的產品銷售、更高的勘探數據銷售額以及各個領域對數位化營運的強勁需求。

Second, activity increased across the Middle East, led by Saudi Arabia, and with momentum in UAE, due to the combination of sustained gas development and increased oilfield intervention activity.

其次，中東地區的活動增加，沙烏地阿拉伯引領了這一趨勢，阿聯酋也取得了進展，這得益於天然氣開發的持續推進和油田幹預活動的增加。

Third, we delivered strong results across Asia, with increased activity in Australia, East Asia, and Indonesia, as these markets continue to benefit from offshore gas developments.

第三，我們在亞洲取得了強勁的業績，在澳洲、東亞和印尼的業務活動有所增加，因為這些市場繼續受益於海上天然氣開發。

Notably, this quarter also marked the return to growth in Saudi Arabia and across Sub-Saharan Africa, with flat revenue in Mexico. These three basins actually accounted for the entire organic revenue decline in the full year of 2025, and directionally, we expect activity in these markets to improve as we move throughout 2026.

值得注意的是，本季沙烏地阿拉伯和撒哈拉以南非洲地區也恢復了成長，而墨西哥的營收則持平。這三個盆地實際上佔了 2025 年全年有機收入下降的全部，從趨勢上看，我們預計隨著 2026 年的推進，這些市場的活躍度將會改善。

Turning to the divisions, in the fourth quarter, Production Systems and Digital led the way, while Reservoir Performance was up slightly and Well Construction revenue was steady. The strength in Production Systems was driven by increased demand for production chemicals, artificial lift, and process technologies and solutions, as well as backlog execution in Completions and OneSubsea.

從各部門來看，第四季度，生產系統和數位化部門表現突出，油藏性能部門略有成長，油井建設部門收入保持穩定。生產系統業務的強勁成長得益於對生產化學品、人工舉升和製程技術及解決方案的需求增加，以及完井和OneSubsea業務的積壓訂單的執行。

When excluding the ChampionX contribution, this division still grew by double digits sequentially and maintained its momentum with several contract awards during the quarter, as you can see from today’s highlights.

即使不計 ChampionX 的貢獻，該部門仍然實現了兩位數的環比增長，並在本季度通過授予多項合約保持了增長勢頭，正如您從今天的亮點中所看到的那樣。

Digital also continued to grow at a healthy rate, driven by strong growth in Digital Exploration with year-end sales in the Gulf of America, Brazil, and Angola, as well as robust increases in Digital Operations and Platforms & Applications. Digital annual recurring revenue surpassed $1 billion, reflecting year-on-year growth of 15%.

數位業務也持續保持健康成長，這主要得益於數位探索業務的強勁成長，尤其是在美洲灣、巴西和安哥拉的年末銷售額，以及數位營運和平台及應用業務的強勁成長。數位業務年度經常性收入超過 10 億美元，較去年同期成長 15%。

We also announced several exciting Digital milestones in the fourth quarter, including launching Tela, an agentic AI assistant purpose-built to transform the upstream energy sector, and forming a partnership with ADNOC to launch an AI-powered Production System Optimization platform. These underscore the opportunity for AI to continue to reshape industry operations.

第四季度，我們也宣布了幾個令人興奮的數位化里程碑，包括推出 Tela，這是一款專為變革上游能源產業而打造的智慧 AI 助手，以及與 ADNOC 建立合作關係，推出 AI 驅動的生產系統優化平台。這些都凸顯了人工智慧持續重塑產業營運的機會。

Meanwhile, in Reservoir Performance, sequential growth was the result of increased stimulation activity in the Middle East and Asia and higher intervention activity in Europe and Africa. In Well Construction, higher offshore drilling activity in North America and Europe and Africa was offset by declines in some land markets.

同時，油藏性能的持續成長是由於中東和亞洲的增產活動增加以及歐洲和非洲的干預活動增加所致。在油井建設方面，北美、歐洲和非洲海上鑽井活動的增加被一些陸上市場的下滑所抵消。

Additionally, our fourth quarter revenue benefited from the resumption of production in the APS projects in Ecuador.

此外，由於厄瓜多爾 APS 項目恢復生產，我們第四季度的收入也受益匪淺。

Overall, our fourth quarter results are a positive indication of the opportunities that lie ahead. I want to thank the entire SLB team for delivering excellent performance for our customers throughout 2025 and finishing the year on a strong note.

總體而言，我們第四季的業績積極預示著未來充滿機會。我要感謝SLB團隊全體成員，感謝他們在2025年為我們的客戶提供了卓越的服務，並以強勁的勢頭為這一年畫上了圓滿的句號。

Turning to the market environment, near-term oversupply may continue to exert downward pressure on commodity prices through the first half of 2026, while elevated geopolitical uncertainties should provide a price floor. E&P operators are therefore expected to remain cautious and to backload their 2026 budgets.

從市場環境來看，短期供應過剩可能會在 2026 年上半年繼續對大宗商品價格施加下行壓力，而地緣政治不確定性加劇應該會為價格提供支撐。因此，預計油氣勘探開發業者將保持謹慎，並將 2026 年的預算推遲到 2026 年。

As supply and demand continues to rebalance into 2027, conditions will likely support a gradual recovery in upstream investment with activity in key international markets and offshore deepwater exiting 2026 at higher levels than 2025.

隨著供需關係在 2027 年繼續重新平衡，市場狀況可能會支持上游投資逐步復甦，主要國際市場和海上深水區域的活動在 2026 年底將高於 2025 年的水平。

Indeed, economic growth, increasing populations and large-scale manufacturing and infrastructure investments -- particularly in the US and China related to AI -- will inherently drive more demand for both oil and gas. Coupled with the natural decline of existing oil and gas assets, we believe these will be the key drivers for the rebalancing of supply and demand.

事實上，經濟成長、人口成長以及大規模製造業和基礎設施投資——尤其是在美國和中國與人工智慧相關的投資——必然會推動對石油和天然氣的更大需求。我們認為，隨著現有油氣資產的自然減少，這些因素將成為供需重新平衡的關鍵驅動因素。

In the meantime, our customers are focused on delivering the lowest-cost incremental barrels. This means capturing efficiencies at scale and in our view, that requires more technology, more integration, and more digital solutions. Today, operators are increasingly prioritizing performance assurance across the asset life cycle, reducing development timelines and accelerating optimization through digital solutions.

同時，我們的客戶專注於以最低成本交付增量桶。這意味著要大規模地提高效率，而我們認為，這需要更多的技術、更多的整合和更多的數位化解決方案。如今，營運商越來越重視資產生命週期內的效能保證，透過數位化解決方案縮短開發週期並加快優化速度。

SLB is uniquely positioned to deliver value in this environment by integrating equipment with intelligent and autonomous digital capabilities to reduce downtime, improve efficiency, and increase productivity, as witnessed by the rapid uptake in our Digital Operations.

SLB 憑藉其獨特的優勢，能夠透過將設備與智慧和自主數位功能集成，減少停機時間、提高效率和提升生產力，從而在這個環境中創造價值，正如我們的數位化營運迅速普及所證明的那樣。

Additionally, production and recovery have emerged as a critical domain for value creation, not only in brownfield and mature assets, but also across greenfield developments and tiebacks. This is not an either- or proposition between CapEx and OpEx, but an opportunity to increase our share of CapEx spend and capture OpEx white space with new solutions. With SLB’s expanded production portfolio, including the addition of ChampionX, we are uniquely positioned to meet the developing demand in the production space.

此外，生產和回收已成為價值創造的關鍵領域，不僅適用於棕地和成熟資產，也適用於綠地開發和回接專案。這並非資本支出和營運支出之間的二選一問題，而是一個透過新的解決方案來增加我們在資本支出中所佔份額並抓住營運支出空白的機會。憑藉 SLB 擴大的生產組合，包括新增的 ChampionX，我們擁有獨特的優勢來滿足生產領域不斷增長的需求。

Globally, the international markets are stabilizing and trending upward directionally, with Latin America and Middle East and Asia leading the rebound in 2026.

在全球範圍內，國際市場趨於穩定並呈現上升趨勢，拉丁美洲、中東和亞洲將在 2026 年引領市場反彈。

Regionally, the Middle East continues to represent the largest international market, with positive investment outlook. Indeed, there is a resurgence of oil production across the region driven by OPEC+ policy, while gas remains a strategic priority to meet regional demand and long-term capacity expansion.

從區域來看，中東仍是最大的國際市場，投資前景樂觀。事實上，在歐佩克+政策的推動下，該地區的石油產量正在復甦，而天然氣仍然是滿足區域需求和長期產能擴張的戰略重點。

In 2025, we witnessed double-digit growth in the United Arab Emirates, Iraq, and Kuwait, which was more than offset by the decline in Saudi Arabia.

2025年，阿聯酋、伊拉克和科威特實現了兩位數的成長，但這被沙烏地阿拉伯的下滑所抵消。

In 2026, the Middle East market will be characterized by a rebound in drilling and workover activity in Saudi Arabia, with rig counts potentially returning to early 2025 levels by the end of 2026, and this has already begun.

2026 年，中東市場將以沙烏地阿拉伯的鑽井和修井活動反彈為特徵，到 2026 年底，鑽機數量可能會恢復到 2025 年初的水平，而這種情況已經開始出現。

Offshore also continues to present compelling long-term growth opportunities for SLB, particularly in deepwater, where we expect activity to inflect toward the end of 2026 as white space subsides.

海上業務也繼續為 SLB 提供引人注目的長期成長機會，尤其是在深水區，我們預計隨著空白區域的減少，該區域的活動將在 2026 年底出現轉機。

With OneSubsea, we have the unique ability to combine subsea processing capabilities, digital solutions, and SLB’s integrated pore-to-process expertise across subsea intervention and integrated well construction to create differentiated value for customers.

借助 OneSubsea，我們擁有獨特的能力，可以將海底處理能力、數位化解決方案以及 SLB 在海底幹預和一體化油井建設方面的從孔隙到工藝的綜合專業知識相結合，從而為客戶創造差異化的價值。

Specific to the subsea market, more than 500 subsea trees are expected to be awarded across 2026 and 2027 -- about 20% higher than 2025 run-rate -- and this is an opportunity we aim to capitalize on.

具體到海底市場，預計 2026 年和 2027 年將授予 500 多棵海底採油樹——比 2025 年的產量高出約 20%——這是我們旨在抓住的機會。

In 2025, OneSubsea was awarded approximately $4 billion in subsea bookings, and we see a path for cumulative bookings exceeding $9 billion over the next two years, supported by this tendering activity.

2025 年，OneSubsea 獲得了約 40 億美元的海底工程訂單，在本次招標活動的支持下，我們預計未來兩年累積訂單將超過 90 億美元。

Finally, we’re excited about the strong progress of our Data Center Solutions business since its launch less than two years ago. This year, we plan to expand our range of offerings, our customer base, and the geographies we serve, paving the way for future growth. The opportunity is growing faster than anticipated, and we expect to exit the year at a quarterly revenue run-rate of $1 billion per year.

最後，我們很高興地宣布，自從資料中心解決方案業務推出不到兩年以來，該業務取得了強勁進展。今年，我們計劃擴大產品範圍、客戶群和服務地域，為未來的成長鋪路。市場機會成長速度超出預期，我們預計今年季度營收將達到每年 10 億美元。

Overall, SLB is clearly positioned to fully benefit from a rebound in international activity as supply demand rebalance supported by ongoing investments for oil capacity, gas expansion projects, and a constructive long-term outlook for deepwater. Regional activity dynamics further reinforce this favorable directional trajectory beginning in 2026.

總體而言，隨著石油產能的持續投資、天然氣擴張項目以及深水區建設性的長期前景，供需重新平衡，國際經濟活動反彈，SLB 顯然已做好充分準備從中受益。從 2026 年開始，區域活動動態將進一步強化這個有利的發展方向。

Let me now share our outlook for the year. The headwinds we faced in 2025 in certain markets may become tailwinds for our business this year. We anticipate this will translate into a higher fourth-quarter revenue exit rate in 2026 compared to the fourth quarter of 2025.

現在讓我來分享我們對今年的展望。我們在 2025 年某些市場面臨的不利因素，今年可能會變成我們業務的順風。我們預計這將導致 2026 年第四季的營收退出率高於 2025 年第四季。

For the full year, assuming oil prices remain range-bound in the high $50 to low $60 range, we expect 2026 revenue to be between $36.9 billion to $37.7 billion.

假設全年油價維持在每桶 50 美元至 60 美元之間，我們預期 2026 年的營收將在 369 億美元至 377 億美元之間。

In North America, we will benefit from the addition of seven months of activity from ChampionX, stronger offshore activity tied to customer plans, and accelerated growth in Data Centers, while upstream land activity will continue to decline year on year.

在北美，我們將受益於 ChampionX 帶來的七個月新增業務量、與客戶計劃相關的更強勁的離岸業務量以及資料中心業務的加速成長，而上游陸上業務量將繼續逐年下降。

In international markets, revenue is expected to trend upward over the year, resulting in a slight year-over-year increase. Growth will come from Latin America and the Middle East and Asia, while Europe and Africa is anticipated to decline slightly.

在國際市場，預計全年營收將呈上升趨勢，從而實現略微同比增長。成長將主要來自拉丁美洲、中東和亞洲，而歐洲和非洲預計將略有下降。

Let me now describe how these dynamics will unfold across the divisions. In Digital, revenue is expected to grow at the same pace as 2025, driven by Digital Operations. Production Systems will increase, mostly benefiting from a full year of ChampionX revenue. Reservoir Performance will be flattish, while Well Construction will decline slightly.

現在讓我來描述一下這些動態將在各個部門如何展開。在數位業務方面，受數位營運的推動，預計 2025 年的營收成長速度將與之前持平。生產系統將會增加，主要受益於 ChampionX 全年的收入。油藏性能將保持平穩，而油井建設將略有下降。

Revenue in the All Other category will be flat year on year, considering the loss of revenue from the divested Palliser asset will be offset by growth in Data Center Solutions. This revenue outlook translates into adjusted EBITDA between $8.6 billion to $9.1 billion with margins remaining in line with full-year 2025 levels.

考慮到剝離 Palliser 資產造成的收入損失將被資料中心解決方案的成長所抵消，其他所有類別的收入將與去年持平。這項收入預期將使調整後的 EBITDA 達到 86 億美元至 91 億美元，利潤率將與 2025 年全年水準保持一致。

Finally, with visibility into another year of strong cash flows, we will return more than $4 billion to shareholders in 2026, through the combination of the increased dividend that we announced this morning and share repurchases.

最後，由於預計未來一年現金流強勁，我們將在 2026 年透過今天早上宣布的提高股息和股票回購相結合的方式，向股東返還超過 40 億美元。

Turning to the first quarter, we anticipate revenue to decline by high single-digits sequentially, similar to the prior year, due to outsized year-end product sales and project milestones in Production Systems in the prior quarter. We also expect adjusted EBITDA margin to decrease by 150 basis points to 200 basis points versus the prior quarter. This seasonal dip will be followed by a rebound in activity during the second quarter, with further expansion into the second half, driven primarily by international markets.

展望第一季度，我們預計營收將環比下降近兩位數，與上年同期類似，這是由於上一季度生產系統方面年底產品銷售額大幅增長以及專案里程碑的完成。我們也預計，調整後的 EBITDA 利潤率將比上一季下降 150 至 200 個基點。季節性下滑之後，第二季經濟活動將出現反彈，下半年將進一步擴張，主要由國際市場推動。

Finally, before I hand over to Stephane, let me briefly touch on Venezuela. SLB is the only international service company actively operating in Venezuela today, as we are delivering a diverse set of services for an IOC under their license.

最後，在把麥克風交給史蒂芬之前，我想簡單地談談委內瑞拉。SLB是目前唯一一家在委內瑞拉積極營運的國際服務公司，我們根據許可證為一家國際石油公司提供各種服務。

With nearly a century of experience in Venezuela, we did maintain active facilities, equipment, and local personnel on the ground. Historically, we have been a leader in the country, and we remain confident that, with appropriate licensing, safety parameters, and compliance measures in place, we can rapidly ramp up activities in support of the oil and gas industry in Venezuela. We are excited, and we are already receiving a lot of inquiries from our customers.

我們在委內瑞拉擁有近一個世紀的經驗，並一直保持活躍的設施、設備和當地人員。從歷史上看，我們一直是該國的領導者，我們仍然相信，只要有適當的許可證、安全參數和合規措施，我們就能迅速擴大活動規模，為委內瑞拉的石油和天然氣行業提供支援。我們感到非常興奮，也收到了許多客戶的諮詢。

I will now turn the call over to Stephane to discuss our financial results in more detail.

現在我將把電話交給史蒂芬，讓他更詳細地討論我們的財務表現。

Thank you, Olivier. And good morning, ladies and gentlemen. Fourth-quarter earnings per share, excluding charges and credits, was $0.78. This represents an increase of $0.09 sequentially and a decrease of $0.14 compared to the fourth quarter of last year.

謝謝你，奧利維爾。女士們、先生們，早安。第四季每股收益（不計費用和收益）為 0.78 美元。這比上一季增加了 0.09 美元，比去年第四季減少了 0.14 美元。

We recorded $0.23 of net charges during the fourth quarter. This includes a $0.11 goodwill impairment charge relating to our carbon capture business; $0.08 of merger and integration charges; $0.07 related to workforce reductions; and $0.03 of other charges. Offsetting these charges is a $0.06 credit relating to the reversal of a valuation allowance that was recorded against certain deferred tax assets.

第四季我們錄得淨費用0.23美元。其中包括與我們的碳捕獲業務相關的 0.11 美元商譽減損費用；0.08 美元合併和整合費用；0.07 美元裁員相關費用；以及 0.03 美元其他費用。與這些費用抵銷的是 0.06 美元的貸項，該貸項與衝回針對某些遞延所得稅資產記錄的估值準備有關。

Overall, our fourth-quarter revenue of $9.7 billion increased $817 million, or 9% sequentially. Approximately $300 million of this increase is due to an additional month of activity from the acquired ChampionX businesses. Excluding the impact of this transaction, SLB’s fourth quarter global revenue increased 6% sequentially.

總體而言，我們第四季的營收為 97 億美元，比上一季成長了 8.17 億美元，增幅為 9%。其中約 3 億美元的成長是由於收購的 ChampionX 業務額外增加了一個月的業務活動。剔除此交易的影響，SLB第四季全球營收季增6%。

The sequential revenue step-up was higher than expected and was driven by strong year-end digital sales, significant backlog deliveries, and project milestones in Production Systems as well as higher Reservoir Performance activity in international markets.

環比收入成長高於預期，主要得益於年底強勁的數位銷售、大量積壓訂單的交付、生產系統項目里程碑的達成，以及國際市場油藏性能活動的增加。

Fourth-quarter adjusted EBITDA margin of 23.9% increased 83 basis points sequentially, primarily driven by very strong Digital performance. Margin growth during the quarter was, however, constrained by a loss in a carbon capture project that negatively impacted margins by approximately 50 basis points.

第四季調整後 EBITDA 利潤率為 23.9%，季增 83 個基點，主要得益於數位業務的強勁表現。然而，由於碳捕獲項目出現虧損，導致利潤率下降約 50 個基點，本季利潤率成長受到限制。

Let me now go through the fourth quarter results for each division. Fourth-quarter Digital revenue of $825 million increased 25% sequentially, while pretax operating margin expanded 557 basis points to 34%. These results were driven by strong year-end sales in Digital Exploration and increased revenue in both Digital Operations and Platforms & Applications.

現在讓我來看看各部門第四季的業績。第四季數位業務收入為 8.25 億美元，季增 25%，稅前營業利潤率成長 557 個基點至 34%。這些業績主要得益於數位探索業務的強勁年末銷售，以及數位營運和平台與應用業務收入的成長。

Notably, for the full year, Digital revenue of $2.7 billion grew 9%. The combination of this growth rate and the full-year EBITDA margin of 35% well exceeded the widely recognized Rule of 40. In addition, Digital annual recurring revenue surpassed $1 billion, reflecting year-on-year growth of 15%. Finally, trailing 12 months’ net recurring revenue was 103% at the end of the fourth quarter.

值得注意的是，全年數位收入為 27 億美元，成長了 9%。這一成長率與全年 35% 的 EBITDA 利潤率相結合，遠遠超過了廣為人知的 40 法則。此外，數位業務年度經常性收入超過 10 億美元，較去年同期成長 15%。最後，截至第四季末，過去 12 個月的淨經常性收入為 103%。

Reservoir Performance revenue of $1.7 billion increased 4% sequentially driven by strong international activity, particularly in Saudi Arabia, East Asia, Qatar, Indonesia, and Guyana. Pretax operating margin of 19.6% increased 105 basis points largely due to a favorable activity mix in the Middle East.

油藏性能業務收入達 17 億美元，環比成長 4%，主要得益於強勁的國際業務，尤其是在沙烏地阿拉伯、東亞、卡達、印尼和圭亞那的業務。稅前營業利潤率為 19.6%，成長了 105 個基點，這主要得益於中東地區業務組合的有利變化。

Well Construction revenue of $2.9 billion decreased 1% sequentially primarily driven by declines in Middle East & Asia, while pretax operating margin of 18.7% was slightly down.

油井建設收入為 29 億美元，季減 1%，主要原因是中東和亞洲地區的業務下滑；稅前營業利潤率為 18.7%，略有下降。

Production Systems revenue of $4.1 billion increased 17% sequentially, reflecting a full quarter of activity from ChampionX. Excluding the impact of the acquisition, Production Systems revenue increased 11%, driven by strong sales of completions and artificial lift as well as project milestones in Process Technologies, Subsea, and Valves.

生產系統營收為 41 億美元，季增 17%，反映了 ChampionX 一個季度的完整業績。不計收購的影響，生產系統收入成長了 11%，這主要得益於完井和人工舉升業務的強勁銷售，以及製程技術、海底和閥門業務的專案里程碑。

Pretax operating margin of 16% increased 20 basis points due to improved profitability in completions and production chemicals.

由於完井和生產化學品業務盈利能力的提高，稅前營業利潤率從 16% 提高了 20 個基點。

Now, turning to liquidity. During the fourth quarter, we generated $3 billion of cash flow from operations and $2.3 billion of free cash flow. This strong performance was due to the unwinding of working capital on significant customer collections and reduced inventory driven by year-end product deliveries.

現在，我們來談談流動性問題。第四季度，我們透過經營活動產生了 30 億美元的現金流，自由現金流為 23 億美元。這一強勁的業績得益於大量客戶款項的回收以及年底產品交付帶來的庫存減少，從而釋放了營運資金。

For the full year, we generated free cash flow of $4.1 billion, marking the third year in a row with free cash flow at or above $4 billion. As a result, net debt reduced by $1.8 billion during the quarter to end the year at $7.4 billion.

全年自由現金流為 41 億美元，連續第三年自由現金流達到或超過 40 億美元。因此，本季淨債務減少了 18 億美元，使全年淨債務降至 74 億美元。

Capital investments, including CapEx and investments in APS projects and exploration data were $716 million in the fourth quarter and $2.4 billion for the full year.

第四季資本投資（包括資本支出及對APS項目及勘探數據的投資）為7.16億美元，全年為24億美元。

For the full year, we returned a total of $4 billion to our shareholders with approximately $2.4 billion in stock repurchases and $1.6 billion in dividends.

全年來看，我們總共向股東返還了 40 億美元，其中約 24 億美元用於股票回購，16 億美元用於股息支付。

Looking ahead, let me now provide some additional color on our outlook for 2026 building on the details Olivier shared earlier. We expect revenue to benefit from a full year of ChampionX which will result in incremental revenue of approximately $1.8 billion in 2026. This increase will be partially offset by the effects of the 2025 divestitures of our interest in the Palliser APS project in Canada and of our rig business in the Middle East. These two businesses accounted for approximately $350 million in combined revenue in 2025.

展望未來，現在讓我根據 Olivier 先前分享的細節，進一步闡述我們對 2026 年的展望。我們預計 ChampionX 全面投入營運一年後，將在 2026 年帶來約 18 億美元的增量收入。這一增長將被 2025 年剝離我們在加拿大 Palliser APS 項目和中東鑽井業務的權益所帶來的影響部分抵消。預計到 2025 年，這兩家企業的總收入將達到約 3.5 億美元。

As Olivier mentioned, adjusted EBITDA margin for 2026 will be relatively consistent with 2025 levels with differing dynamics by division. Digital margin will increase slightly year-on-year on continued top line growth.

正如 Olivier 所提到的，2026 年的調整後 EBITDA 利潤率將與 2025 年的水準相對一致，但各部門的動態會有所不同。隨著營收持續成長，數位業務利潤率將較去年同期略有提高。

Production Systems margin will increase primarily driven by synergies from the ChampionX acquisition where we still expect to achieve approximately half of the $400 million of total synergies by the end of 2026, $30 million of which were achieved in 2025.

生產系統利潤率將主要得益於 ChampionX 收購帶來的綜效，我們預計到 2026 年底仍將達到 4 億美元總綜效的一半左右，其中 3,000 萬美元已於 2025 年實現。

About 75% of the synergies will benefit Production Systems with the remaining portion benefiting Well Construction and Reservoir Performance. The positive effect of ChampionX synergies on Production Systems margin will be partially offset by unfavorable technology mix within the division.

約 75% 的協同效應將使生產系統受益，其餘部分將使油井建設和油藏性能受益。ChampionX綜效對生產系統利潤率的正面影響將被該部門內不利的技術組合部分抵銷。

In Reservoir Performance and Well Construction, despite activity levels stabilizing, margins will be down year-on-year due to activity mix and pricing headwinds in select markets. From a below-the-line perspective, corporate costs will increase year-on-year driven by an incremental $70 million of intangible asset amortization expense as a result of a full year of ChampionX. Additionally, we expect our effective tax rate to be approximately 20%, representing a slight increase from 2025.

在油藏性能和油井建設領域，儘管活動水準趨於穩定，但由於特定市場的活動組合和價格逆風，利潤率將比去年同期下降。從線下營運的角度來看，由於 ChampionX 全年運營，導致無形資產攤銷費用增加 7,000 萬美元，公司成本將逐年增加。此外，我們預計實際稅率約為 20%，比 2025 年略有上升。

While we expect overall activity to stabilize and increase from today’s level in certain key international markets, we will remain disciplined in our capital allocation. In this regard, we expect our total capital investments to be approximately $2.5 billion in 2026. This should lead to another year of strong free cash flow generation.

雖然我們預期整體活動將趨於穩定，並在某些主要國際市場從目前的水平有所增長，但我們仍將保持資本配置的紀律性。在這方面，我們預計到 2026 年，我們的總資本投資將約為 25 億美元。這應該會帶來另一個強勁的自由現金流年。

As a result, today we announced a 3.5% dividend increase and we expect to return more than $4 billion to our shareholders in 2026 through a combination of dividends and stock buybacks. We are currently targeting to buy back the same $2.4 billion that we repurchased in 2025. However, this amount could increase as the year unfolds, depending on our free cash flow generation progress and our visibility on the business outlook.

因此，我們今天宣布股息增加 3.5%，並預計在 2026 年透過股息和股票回購相結合的方式，向股東返還超過 40 億美元。我們目前的目標是回購與 2025 年回購的 24 億美元相同的股票。然而，隨著時間的推移，這筆金額可能會增加，這取決於我們的自由現金流產生進度以及我們對業務前景的可見度。

I will now turn the conference call back to Olivier.

現在我將電話會議轉回給奧利維爾。

Thank you, Stephane. I believe Meghan, that we are ready for the Q&A session.

謝謝你，史蒂芬。我相信梅根，我們已經準備好進行問答環節了。

(Operator Instructions) Steve Richardson, Evercore ISI.

（操作說明）史蒂夫·理查森，Evercore ISI。

I was wondering if we can talk a little bit about CapEx. I understand -- I appreciate you've given some outlook here on 2026. There seems to be something with investors of an old rule of thumb about your CapEx leading revenue expectations, I thought it would be helpful if you could maybe give us some context around the trend line of CapEx. But also, how is the capital intensity of your forward business different than perhaps it was in the past?

我想問我們是否可以稍微談談資本支出（CapEx）的問題。我明白了—感謝您對2026年的一些展望。投資者似乎普遍認為資本支出會領先於收入預期，我想如果您能為我們提供一些關於資本支出趨勢線的背景信息，將會很有幫助。此外，您未來業務的資本密集度與過去相比有何不同？

Thanks for the question. Yes. So we increased CapEx slightly compared to last year to -- in total, with APS and exploration to $2.5 billion, as I just said. We think this is what we need to operate this year and to capture new opportunities as activity recovers gradually throughout the year, particularly in the international markets.

謝謝你的提問。是的。因此，與去年相比，我們的資本支出略有增加，總計（包括APS和勘探）達到25億美元，正如我剛才所說。我們認為這是我們今年營運所需要的，並且能夠抓住隨著全年業務活動逐步恢復而出現的新機遇，尤其是在國際市場。

So yes, compared to the past, our capital efficiency has improved quite a bit in the last few years. We can do more with less, basically. But clearly, we will not miss any opportunity if activity recovers faster. We want to be ready for a ramp-up and we'll bring more equipment and tools as needed.

是的，與過去相比，我們的資本效率在過去幾年有了相當大的提升。簡而言之，我們可以用更少的資源做更多的事情。但顯然，如果經濟活動恢復得更快，我們絕對不會錯過任何機會。我們希望做好擴大生產規模的準備，並將根據需要提供更多設備和工具。

By division, clearly, Reservoir Performance is probably the highest capital intensity followed by Well Construction and Production Systems, especially with the addition of ChampionX as quite lower capital intensity.

按類別劃分，很明顯，油藏性能可能是資本密集度最高的，其次是油井建設和生產系統，特別是加上 ChampionX 後，其資本密集度要低得多。

Thank you. And on the Middle East, your comments are appreciated about the other regions picking up the slack in Saudi in your view on the full year improving. I was wondering if you could talk what we're seeing is the IOCs are seeing a lot more opportunity across North Africa and the Middle East.

謝謝。至於中東地區，您認為其他地區將彌補沙烏地阿拉伯的不足，從而改善全年形勢，對此我們深表感謝。我想請您談談，我們看到國際奧委會正在北非和中東地區看到更多機會。

And I was wondering if you could talk a little bit about your mix or your expectation of your kind of customer mix as you go into '26? And how much of that is driving some of this optimism on improvement versus some of your traditional customers on the national oil companies?

我想請您談談您對2026年客戶群組成或預期情況的看法？與你們的一些傳統客戶（例如國家石油公司）相比，這種對前景改善的樂觀情緒在多大程度上是由這些因素推動的？

No. First, I will comment -- reinforce the trust and the confidence we have in our national company to continue to their execute their capital program. And I think indeed, we are foreseeing and already witnessing the rebound of the Saudi rig and drilling and workover activity, which is very favorable.

不。首先，我要強調的是——我們對我們的國家公司充滿信任和信心，相信他們能夠繼續執行其資本計劃。而且我認為，我們確實預見了沙烏地阿拉伯鑽井平台、鑽井和修井活動的復甦，並且已經目睹了這項復甦，這非常有利。

And I think, as I said, coming from a dip in 2025, rebounding at the end of 2026 to as we expect to the level of entry of 2025, which is a V-shape recovery. I think that will set the year very well and also the 2027 is a much stronger year going forward. So beyond that, obviously, the region is still continuous momentum, high momentum in Kuwait, in UAE, and has been witnessing significant growth.

正如我所說，我認為，在 2025 年經歷一次低谷後，到 2026 年底將反彈至我們預期的 2025 年初的水平，這將是一個 V 形復甦。我認為這將為新的一年奠定良好的基礎，2027年也將是未來發展勢頭更加強勁的一年。因此，除此之外，顯然該地區仍然保持著持續的成長勢頭，科威特和阿聯酋的成長勢頭尤為強勁，並見證了顯著的成長。

But coming to international, indeed, Libya, I think is attracting and there's conference this week, next week, and Libya is attracting a lot of investment, and we have been the early benefiter of this, and we see Libya a high trajectory of growth. We have seen it in the last couple of years, and we foresee this will continue in -- well into '26 and '27, driven by investment coming back in country from an international company.

但就國際而言，我認為利比亞確實很有吸引力，本周和下週都有會議，利比亞正在吸引大量投資，我們已經是早期受益者，我們看到利比亞將保持高速成長。過去幾年我們已經看到了這種情況，而且我們預見到這種情況會持續到 2026 年和 2027 年，這主要是由於一家國際公司將投資重新帶回國內所致。

Algeria has been successful in licensing round, and I think is exploring unconventional in the South and also gaining additional independence coming back into countries. So we see a rebound in Algeria that will strengthen in 2027.

阿爾及利亞在許可證發放輪次中取得了成功，我認為它正在南方探索非常規領域，並在回歸國家的過程中獲得更多的自主權。因此，我們預計阿爾及利亞經濟將反彈，並在 2027 年進一步加強。

Egypt in the region, I think, is back in offshore. Additional rigs will mobilize in deepwater offshore Egypt as well as in Egypt due to the support that Gabon has provided and again, the return of investment into Egypt.

我認為，埃及在該地區已經重新回到了離岸市場。由於加彭提供的支持以及對埃及投資的回歸，埃及近海深水區和埃及境內將部署更多鑽井平台。

And finally, Iraq, I think, has been a lot of growth last year. And will continue to be significant going forward, like is where some international companies are investing. I think we are associated with this directly. So we have a strong exposure in all of these markets where international company are joining.

最後，我認為伊拉克去年取得了很大的發展。而且未來仍將保持重要性，就像一些國際公司正在投資的領域一樣。我認為我們與此事直接相關。因此，我們在國際公司紛紛進入的所有這些市場都擁有強大的影響力。

And finally, I would say that the unconventional UAE is a place where newcomers are appraising the resource and ready to scale their investments from appraisal in '26 to '27 development going forward.

最後，我想說，非傳統的阿聯酋是一個新來者正在評估資源並準備擴大投資規模的地方，從 2026 年到 2027 年的發展評估開始，未來將持續發展。

So a combination of oil attractiveness in the region, Libya, Iraq, particularly for international company. And gas in the region, Qatar, obviously steady but also the upcoming UAE and unconventional and deepwater offshore East Med. So that's the template, and I said the favorable outlook from NOC and international company in the Middle East.

因此，該地區（利比亞、伊拉克）的石油資源對國際公司具有極大的吸引力。該地區的天然氣供應，卡達的天然氣供應顯然很穩定，但即將到來的阿聯酋以及東地中海非常規和深水近海天然氣供應也值得關注。這就是模板，我說過，來自中東國家石油公司和一家國際公司的樂觀前景。

James West, Melius Research.

James West，Melius Research。

So Olivier, curious, so with the headwinds bottoming here, Saudi, Mexico, some of the white space in deepwater, Sub-Saharan Africa, and everything looking kind of up and to the right, how are you thinking about the exit rate for '26 versus the exit rate we saw in '25. Certainly, it's going to be higher, but what kind of -- if you give us some observations or thoughts on kind of magnitude of how this up cycle will begin.

奧利維爾，我很好奇，鑑於目前沙烏地阿拉伯、墨西哥、深水區的一些空白區域、撒哈拉以南非洲等地的逆風正在觸底，而且一切看起來都在向好的方向發展，你認為 2026 年的退出率與 2025 年的退出率相比如何？當然，價格一定會更高，但是會是什麼樣的呢？如果您能就這一輪上漲週期將如何開始給出一些觀察或想法，那就太好了。

I think first, I think we have guided into our prepared remarks that we expect the fourth quarter of 2026 to be higher than the fourth quarter of 2025. And this will be led by the international rebound.

首先，我認為我們在準備好的發言稿中已經表明，我們預計 2026 年第四季將高於 2025 年第四季。而這將由國際市場的復甦引領。

Secondly, as we guided the first quarter as a marked decline compared to last year Q4, we will see a gradual recovery, again, driven mostly by international market throughout the year. That is setting the scene, as we said, for 2027 to be favorable driven by first and foremost continues rig gain momentum in Middle East with the addition of the rebound activity in Saudi and the combination of what the factor I mentioned before.

其次，正如我們先前預測的第一季與去年第四季相比將出現明顯下滑一樣，我們將看到逐步復甦，這同樣主要由國際市場在全年推動。正如我們所說，這為 2027 年的有利形勢奠定了基礎，首先是中東鑽井平台持續成長的勢頭，加上沙烏地阿拉伯活動的復甦以及我之前提到的其他因素。

Asia, I think, has been on the momentum and Latin America as well. I think a bit offshore basin Latin America albeit in Argentina. We are experiencing a slight rebound of Mexico driven by deepwater activity in Mexico coming back.

我認為亞洲和拉丁美洲都保持著強勁的發展勢頭。我認為是在拉丁美洲近海盆地，雖然具體地點在阿根廷。受墨西哥深海作業活動恢復的推動，墨西哥經濟出現小幅反彈。

And we will see -- we expect that gradually and into 2027, the activity in Sub-Sahara deepwater will resume to a higher level -- visibly higher level, the combination of FID in Namibia, in Mozambique, in Angola, and the early pickup of activity in Nigeria are already showing sign of a very promising '27, '28 cycle. So directionally, international gradually recovering and the exit rate in the end of this year to be driven by international addition so that it will result into Q4 of this year being higher than last year.

我們將看到——我們預計到 2027 年，撒哈拉以南深水區的油氣活動將逐步恢復到更高的水平——明顯更高的水平，納米比亞、莫三比克、安哥拉的最終投資決定，以及尼日利亞油氣活動的早期回升，已經顯示出 2027 年、2028 年周期非常有希望的跡象。因此，從方向上看，國際市場正在逐步復甦，今年年底的退出率將由國際市場的新增退出率推動，這將導致今年第四季的退出率高於去年同期。

Okay. That's helpful. Thank you. And then maybe a follow-up on the digital side of the business. Obviously, strong results in the fourth quarter. But my sense is we're still fairly underpenetrated on Lumi and Delfi and the cloud platforms and the AI platform that you have? My numbers may be a little bit dated, but I think a couple of 300 or so customers out of our 1,500 or so customers were on the cloud as of maybe a year ago.

好的。那很有幫助。謝謝。接下來或許可以跟進一下公司數位化的業務。顯然，第四季業績強勁。但我的感覺是，我們在 Lumi、Delfi 以及你們的雲端平台和 AI 平台上的滲透率仍然相當低？我的數據可能有點過時了，但我認為大約一年前，在我們大約 1500 個客戶中，有 300 個左右的客戶使用了雲端服務。

Could you give us a sense of kind of where that stands now? Or where you see that heading? I'm assuming everybody eventually goes there, most everybody goes there, but just the magnitude of what that could mean for your digital business. I'm assuming that it's pretty -- pretty accretive.

能大致介紹一下目前的情況嗎？或是你在哪裡看到那個標題？我假設每個人最終都會去那裡，大多數人都會去那裡，但這對你的數位業務來說意義重大。我猜想它應該相當——相當具有累積性。

No, long term, I think we believe that the potential digital to transform industry from the asset team productivity to the efficiency of digital operation between drilling or producing assets, I think, is very significant. I think we are just touching the early innings of that transformation, and we're using a multipronged approach towards this first and foremost strategy built on a platform approach to it.

不，從長遠來看，我認為數位轉型產業的潛力非常巨大，它能夠從資產團隊的生產力到鑽井或生產資產之間數位化營運的效率，帶來巨大的變革。我認為我們才剛開始這項轉型，我們正在採用多管齊下的方法來推動這項首要策略，而這項策略的基礎是平台方法。

And I think you mentioned the combination of Delfi, Lumi, and Tela, and we have been indeed gradually gaining a lot of traction with our customer to recognize that platform is the approach to have the most benefit to combine the geo science, the production, the drilling, the operation workflow improvement that everybody is looking for.

我想您提到了 Delfi、Lumi 和 Tela 的組合，我們確實已經逐漸獲得了客戶的廣泛認可，他們認識到平台是實現地球科學、生產、鑽井和運營工作流程改進的最佳途徑，而這正是每個人都在尋求的。

But if we look at the momentum that we are benefiting from today, the momentum comes from digital operation, that I think you have seen is getting significant benefits because it's where I think the river hits the ground and where the customers are seeing and materializing the savings in drilling performance in production and PT reduction in production optimization, and we are benefiting on that. But obviously, we are pursuing adoption of data and AI Lumi, which we launched four or five quarters ago. It's already having more than 50 customers of an adoption.

但如果我們看看我們今天所受益的勢頭，這種勢頭來自於數位化運營，我認為你們已經看到了它帶來的顯著效益，因為我認為這是關鍵所在，也是客戶看到並實現鑽井性能、生產效率和生產優化中PT減少所帶來的節省的地方，而我們也從中受益。但很顯然，我們正在推進數據和人工智慧 Lumi 的應用，這是我們在四、五個季度前推出的。目前已有超過 50 位客戶採用了此技術。

Tela, that we launched less than three months ago, has already more than a dozen customers that are engaging and working with us to create this foundation model that can transform their geoscience that can automate detect and optimize autonomously some producing assets, as you have seen with ADNOC announcement that we have done.

Tela 是我們不到三個月前推出的，目前已有十幾位客戶正在與我們合作，共同打造這一基礎模型，該模型可以改變他們的地球科學，實現對一些生產資產的自動檢測和優化，正如您在 ADNOC 的公告中所看到的那樣。

So we are pleased with the progress, surprised with the uptake on digital operation, believe this moment continues and are very confident that the secular trend that the industry is continuing to witness will benefit our platform approach and believe that Lumi, Delfi, and Tela will be at the core of this industry transformation going forward.

因此，我們對目前的進展感到滿意，對數位化營運的普及程度感到驚訝，相信這一勢頭將持續下去，並且非常有信心，行業正在經歷的長期趨勢將有利於我們的平台方法，並相信 Lumi、Delfi 和 Tela 將成為未來行業轉型的核心。

Arun Jayaram, JPMorgan.

Arun Jayaram，摩根大通。

I was wondering if you could frame your thoughts on the near-term and longer-term opportunity for SLB in Venezuela. You mentioned you're the only international service company now actively operating, but talk to us about what type of product lines could benefit if we do get a revitalization of the oil industry in Venezuela?

我想請您談談您對SLB在委內瑞拉的近期和長期發展機會的看法。您提到貴公司是目前唯一一家仍在營運的國際服務公司，那麼請您談談，如果委內瑞拉的石油業能夠重振旗鼓，哪些類型的產品線會從中受益？

Obviously, we have to preface this with the condition, the right conditions, including licensing, including payments and operating license will have to be put in place. But assuming that the condition are set for investment to resume and to accelerate, not only from the customer that we are serving to them and for new customers re-entering or entering the country.

顯然，我們必須先說明一個前提條件，必須具備相應的條件，包括許可證、付款和營業執照等。但假設投資恢復和加速的條件已經具備，不僅包括我們正在服務的客戶，還包括重新進入或進入該國的新客戶。

We have kept -- we have historically been the largest supplier, the largest partner of the national company and the largest supplier in service technology in-country. Historically, we have had about 10 years ago, more than 3,000 people, and we were recording visibly more than $1 billion revenue at that time. So we have the track record in integration.

我們一直保持著——從歷史上看，我們一直是全國最大的供應商、最大的合作夥伴以及全國最大的服務技術供應商。從歷史上看，大約 10 年前，我們擁有 3000 多名員工，當時我們的收入明顯超過 10 億美元。我們在整合方面有良好的業績記錄。

We have a unique subsurface digital leading role that we had at that time that we can resume. And we have today a significant set of assets that are ready to be deployed across the drilling services, across production with no less than 10 production set, across rig operation with rigs that we are ready to mobilize.

我們在當時擁有獨特的地下數位化領先地位，現在我們可以重新拾起這個地位。如今，我們擁有大量資產，隨時可以部署到鑽井服務、生產（至少 10 套生產設備）以及鑽機作業（我們已準備好調動鑽機）。

And I think across intervention, across drilling, for infill drilling or production optimization, we believe we have the capacity in country, and we believe that we have the access to the Venezuela nationals about 80 of them are already in country. We have more than 1,000 Venezuelan that we currently employ in the company and some of them will be welcoming to work back in Venezuela. And we have almost 2,000 alumni that I think we have kept in touch with that will be also ready to be joining us as we move forward.

我認為，無論是乾預措施、鑽井、加密鑽井或生產優化，我們相信我們在國內都具備相應的能力，而且我們相信我們能夠接觸到委內瑞拉國民，其中約有 80 人已經在國內。我們公司目前僱用了 1000 多名委內瑞拉員工，其中一些員工很樂意回到委內瑞拉工作。我們還有近 2000 名校友，我認為我們一直與他們保持聯繫，他們也準備好加入我們，共同向前發展。

So as I said, long term under the right conditions, we can be the leading partner for our customers there. And I think I've quoted the number where we were before. And I think the future will tell us when and as this can accelerate. But we are ready, and we're already seeing a lot of incoming calls, as I would say, to explore options going forward.

正如我所說，從長遠來看，在合適的條件下，我們可以成為當地客戶的領先合作夥伴。我想我之前已經提到過我們當時所在的數字了。我認為未來會告訴我們，這種情況何時以及以何種方式加速發展。但我們已經做好準備，正如我所說，我們已經接到很多電話，探討未來的各種可能性。

Great. That's helpful. Olivier, my follow-up. I was wondering if you could talk a little bit about your data center infrastructure business. You mentioned that you expect to reach a $1 billion run rate in revenue, if I heard you correct, by year-end. Can you talk a little bit about the solutions you're providing today and maybe how you're thinking about organic and even inorganic opportunities to grow that business over time?

偉大的。那很有幫助。奧利維爾，我的後續問題。我想請您簡單談談您的資料中心基礎設施業務。如果您沒聽錯的話，您提到預計到年底營收將達到 10 億美元。您能否談談您目前提供的解決方案，以及您如何考慮透過自然成長甚至無機成長來推動業務的長期發展？

Yeah. I think -- and you heard me correctly. I think this is amazing what we have put together in less than 18 months. I think the rate of growth the customer engagement that we are getting, the traction we're getting with hyperscalers and I think is amazing. And yes, we put together a setup that is focused on the modular manufacturing capability and co-engineering of data center solutions from several and cooling solutions.

是的。我想——你沒聽錯。我認為我們在不到18個月的時間內所取得的成就令人驚嘆。我認為我們目前的成長速度、客戶參與度以及我們在超大規模資料中心領域的進展都非常驚人。是的，我們建立了一個專注於模組化製造能力和資料中心解決方案協同工程以及冷卻解決方案的平台。

And we are aiming at increasing not only our scope, but also our footprint, as we announced last quarter, doubling our capacity to respond to the pipeline and to respond to the backlog we have. And we continue to be expanding both in terms of scope, in terms of around this manufacturing design capability for modular data center solution will be this year going and growing internationally.

我們不僅要擴大我們的範圍，還要擴大我們的影響力，正如我們上個季度宣布的那樣，我們將把應對管道建設和處理積壓訂單的能力提高一倍。我們將繼續擴大規模，今年我們將圍繞模組化資料中心解決方案的製造設計能力，在國際上不斷發展壯大。

We'll be this year, adding new customers to our portfolio and preparing ourselves to grow in throughout the year in 2027, $1 billion is the run rate, but it will be significantly above this in 2027. And we believe that we see growth the rest of the decade internationally.

今年，我們將為我們的客戶組合增加新客戶，並為 2027 年全年的成長做好準備。 10 億美元是目前的年化成長率，但到 2027 年將遠高於此。我們相信，未來十年國際市場將持續成長。

And indeed, as we explore and respond to the request from our customers who are looking for integrator in this space. We will look for complementing our current capability that we have bid organically and to look at what could help complement this and accelerate our market penetration and make us as a fulfilled partner of our customers going forward. technology throughout the life cycle of the data center for construction and operation.

的確，我們正在探索並回應客戶的需求，他們正在尋找該領域的整合商。我們將尋求補充我們目前自主研發的能力，並研究哪些因素可以幫助我們完善現有能力，加速市場滲透，使我們成為客戶未來值得信賴的合作夥伴。我們將致力於在資料中心建置和營運的整個生命週期中應用相關技術。

David Anderson, Barclays.

大衛安德森，巴克萊銀行。

If we compare SLB today versus 10 years ago, in addition to Digital, I think the biggest shift is now the emphasis on production recovery. I was wondering if you could talk a little bit more specifically about the growth opportunity in the next few years as we think about OneSubsea, ChampionX, artificial lift.

如果將今天的 SLB 與 10 年前進行比較，除了數位化之外，我認為最大的變化是現在更加重視生產恢復。我想請您更具體地談談未來幾年，隨著 OneSubsea、ChampionX 和人工舉陞技術的出現，有哪些成長機會。

If I think about OneSubsea, I'm thinking about backlog conversion accelerating. Guyana, Venezuela, potentially Venezuela could be growth engines in chemicals and then artificial lift in the Middle East. Could you sort of frame this growth opportunity for us over the next few years on this side of your business?

如果我想到 OneSubsea，我就會想到積壓訂單轉換速度的加快。圭亞那、委內瑞拉，以及可能成為中東地區化工和人工舉升領域成長引擎的委內瑞拉，都可能成為成長引擎。能否請您為我們介紹一下未來幾年貴公司這方面的成長機會？

Absolutely, Dave. I think production and recovery, as we call it, is a new chapter for the company, something that we have decided strategically to invest because we believe that first it is a market that has significant opportunity for value creation through technology, through integration, through digital, and we believe that we needed to own and have access to a broader portfolio, hence the access to the ChampionX, chemical, OpEx, and full field lift technology and the digital platform addition that put us very well placed into that market.

當然，戴夫。我認為，我們稱之為生產和回收的領域，是公司的新篇章。我們決定進行策略性投資，因為我們相信，首先，這是一個透過技術、整合和數位化創造價值的巨大市場機會；其次，我們相信我們需要擁有和使用更廣泛的產品組合，因此我們獲得了 ChampionX、化學品、OpEx 和全油田提昇技術，並增加了數位平台，這使我們在該市場中佔據了非常有利的地位。

So now the customer response is very positive. Indeed, I think if you look at the priority of our customers today into a challenging commodity pricing environment, it's all about getting more from the assets that have under production. And hence, the return of the higher value for lower cost is a priority.

目前客戶反應非常正面。的確，我認為，如果你看看我們客戶在當前充滿挑戰的大宗商品價格環境下的優先事項，那就是如何從那些尚未投產的資產中獲得更多收益。因此，以更低的成本獲得更高的價值是首要任務。

So we are getting a lot of intakes into our lift solutions, into our digital production as you have heard, and indeed trying to realize and realizing today the benefit of chemistry. Chemistry for not only production assurance, chemistry for -- but also chemistry for reservoir performance or recovery.

因此，正如你所聽到的，我們正在將很多東西引入到我們的電梯解決方案和數位生產中，並且確實正在努力實現並今天已經實現了化學的好處。化學不僅用於確保生產，還用於提高油藏性能或採收率。

So we believe that the integrated capability that we have built together will give us opportunity to create solutions for the market, end-to-end solution that will help to improve the performance of existing producing assets, will help transform existing assets into -- with a solution for recovery, solution for optimization and will help across to bring digital solutions.

因此，我們相信，我們共同建立的綜合能力將使我們有機會為市場創造解決方案，提供端到端的解決方案，幫助提高現有生產資產的性能，幫助將現有資產轉型為——提供回收解決方案、優化解決方案，並幫助實現數位化解決方案。

So yes, lift solution in the mature basin or into the most producing oil basin in the world, including Middle East. Yes, Subsea as a beneficiary for the long-term deepwater, but also the boosting processing capability we have in subsea that are quite unique and contribute to this recovery production gain and goal we have.

所以，是的，在成熟盆地或世界上產量最高的石油盆地（包括中東）中，都需要提升解決方案。是的，海底作業是長期深水作業的受益者，我們在海底作業中擁有的獨特提升處理能力也有助於實現我們所追求的產量提升和目標。

So yes, it is a new story for us. It's a new chapter. We're excited. Customer feedback is very strong because they believe that they need somebody that have the subsurface have the technology and has a full integrated portfolio to respond to the transformation of production recovery landscape as we have contributed and had the industry transformed the well construction or exploration historically.

是的，這對我們來說是一個全新的故事。這是一個新的篇章。我們很興奮。客戶回饋非常強烈，因為他們認為他們需要一家擁有地下資源、技術實力和完整綜合產品組合的公司來應對生產回收格局的轉變，就像我們過去所做的那樣，並推動了行業在歷史上對油井建設或勘探方式的變革。

That makes a lot of sense. Shifting gears a little bit to another area of potential growth in geothermal. You've been dabbling there for a number of years, but now as you noted in the release here, you're working with Ormat on a pilot project, I believe, later this year. in enhanced geothermal. It looks a lot of this, when we look at geothermal, a lot of this sounds a lot like shale in the early 2000s.

這很有道理。讓我們稍微轉換一下話題，談談地熱領域另一個潛在的成長點。您已經涉足該領域多年，但正如您在新聞稿中提到的，我相信您今年稍後將與 Ormat 合作開展一個增強型地熱試點計畫。當我們審視地熱能時，會發現許多這樣的現象，這聽起來很像 21 世紀初的頁岩氣。

We know the resource is there, but it's a matter of process and technique to solve for the economics. Do you agree with that conceptually? And -- and where is your confidence that this can be scaled up to create, say, 100 megawatt-plus geothermal plants in the next few years?

我們知道資源就在那裡，但如何從經濟角度解決這個問題，這取決於流程和技術。你從概念上同意這種說法嗎？那麼──你有什麼信心在未來幾年內將這種模式擴大規模，建成例如100兆瓦以上的地熱發電廠呢？

Let me, no, absolutely. I think Dave, I think -- let me first step back and explain the reason why we have partnered with Ormat and the potential we see in this partnership.

讓我來吧，不，絕對可以。戴夫，我想——首先讓我退後一步，解釋一下我們為什麼與 Ormat 合作，以及我們看到的這種合作的潛力。

First, is to put together the two leading companies in the field. We are subsurface leader in geothermal helping to characterize the geothermal source and then develop the wells, and develop the solution to produce the heat and the hot water from those wells. And Ormat is leaders into building a geothermal power plant and understanding the full life cycle.

首先，要將該領域的兩家領先公司合併在一起。我們是地熱領域的地下領導者，幫助確定地熱資源​​的特徵，然後開發油井，並開發從這些油井中生產熱量和熱水的解決方案。Ormat 在建造地熱發電廠和了解其完整生命週期方面處於領先地位。

So putting this together and providing industry for one integrated offering, I think, is -- was very well received by the industry and will help accelerate providing conventional geothermal bridge power or base power for some of the data center in the future. So that's clearly one -- the first aspect.

因此，我認為，將這些整合起來並為行業提供一個整合解決方案，受到了業界的熱烈歡迎，並將有助於加速未來為一些資料中心提供常規地熱橋接電源或基礎電源。所以這顯然是第一個方面。

The second, obviously, we have put this together because we believe that we want to together optimize, explore and optimize, through a development of an asset or two assets in the future in -- in the near future into the unconventional geothermal.

第二點，很顯然，我們把這些放在一起是因為我們相信，我們希望在未來透過開發一項或兩項資產，共同優化、探索和優化非常規地熱資源——在不久的將來。

And yes, we believe this is a field that has significant potential. But we want to lead right, we want to do science, we want to do this technology, we want to do with digital modeling of the process so that we get it right. And we understand how to scale it economically, how to make it viable, how to make it safe and then how to offer it together to the market in the near future. So that's the ambition.

是的，我們相信這是一個具有巨大潛力的領域。但我們希望走在正確的道路上，我們希望從事科學研究，我們希望發展這項技術，我們希望透過對過程進行數位化建模來確保萬無一失。我們知道如何經濟地擴大規模，如何使其可行，如何使其安全，以及如何在不久的將來將其一起推向市場。這就是我們的目標。

So we have done this for a reason. And I think we will be developing these assets. It will be experimenting these asset appraising and then getting ready for with technology, digital, and with joint offering to offer this at scale to the market in the US and beyond.

我們這樣做是有原因的。我認為我們將開發這些資產。它將對這些資產評估方法進行試驗，然後利用技術、數位化和聯合發行等手段，為在美國及其他地區大規模提供這些服務做好準備。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛集團。

I guess the first question is more of a macro question, Olivier. You have a unique perspective on this big debate that's in the market right now about how much OPEC spare capacity really lives there in markets like the Middle East and of course, recognizing that there's probably limitations about what you could say. Your perspective on that question, I think, would be helpful for us as we think about the back end of the oil curve.

奧利維爾，我想第一個問題更像是宏觀問題。你對目前市場上關於歐佩克在中東等市場究竟有多少剩餘產能的大爭論有著獨特的見解，當然，你也意識到，你所能說的話可能存在局限性。我認為，您對這個問題的看法對我們思考石油價格曲線的後端走勢會很有幫助。

I think you have been reading what I'm reading, and I think I don’t want to read it more, but I think OPEC+ has been unwinding 2.2 million barrels. I think when you fast forward a year from now when the imbalance that still exist in today will start to subside and then the market will balance itself.

我想你一直在看我正在看的東西，而且我也不想再看了，但我認為歐佩克+已經減產了220萬桶。我認為，一年後，當目前存在的失衡狀況開始緩解，市場將達到自我平衡。

I don't think there will be much spare capacity available, sign of which you see by the reinvestment into oil capacity sustenance investments that are happening today across the Middle East and all intervention and international activity in which we have a strong exposure is benefiting from this. So yes, I don't think -- and you have some of the OPEC members beyond the Middle East that are not necessarily having an easy path towards sustaining their existing production.

我認為不會有太多剩餘產能，這一點可以從目前中東地區對石油產能維持的再投資中看出，而我們大量參與的所有乾預和國際活動都從中受益。所以，是的，我認為──而且除了中東以外，一些歐佩克成員國也未必能輕易維持其現有產量。

So all in, I think it bodes very well to our focus on production recovery, which is focusing on providing the technology, the integrated capability to sustain production, enhance recovery. And I think that's where we will see adoption of this.

總而言之，我認為這對我們專注於生產恢復非常有利，我們的重點是提供技術和綜合能力來維持生產，並提高恢復能力。我認為這就是我們將會看到這項技術被廣泛採用的地方。

But I don't think there is significant spare beyond what has been released back to the market. Hence, the market will tighten and rebalance into '27 and beyond. Hence, will set the condition for a better outlook as an investment backdrop for the industry from '27 and beyond.

但我認為除了已經投放市場的庫存之外，並沒有太多的剩餘庫存。因此，市場將在 2027 年及以後收緊和重新平衡。因此，這將為2027年及以後該產業的投資前景創造更好的條件。

Yeah, that makes sense. And then another market, I would love to get your perspective on is Mexico. Olivier, this is probably the most constructive. I've heard you on Mexico in a little bit, but we're in a bottoming phase and maybe even a cash recovery phase. Your perspective on that market and how it should evolve from here as we think about SLB.

嗯，有道理。此外，我也想聽聽您對墨西哥市場的看法。奧利維爾，這可能是最有建設性的意見了。我剛才聽到你談到墨西哥的情況，但我們正處於觸底反彈階段，甚至可能正處於現金流恢復階段。您對該市場的看法，以及當我們考慮SLB時，它應該如何發展？

Yes. The market I would say has normalized from a market that has dropped significantly and has had a need for getting the confidence of the whole industry to reinvest. I think has normalized in the last few months.

是的。我認為市場已經從大幅下跌的局面中恢復正常，而先前整個產業都需要重拾信心才能重新投資。我認為最近幾個月情況已經恢復正常。

I think we anticipate it to be steady from the land activity for the foreseeable short to midterm, and we expect the condition are in place, getting in place for reinvestment going forward. In 2026, however, where we see the upside is in offshore activity in Mexico, where the deepwater asset that we are developing with, that is being developed by the Woodside will give us an upside. Whereas the activity in land now will make the assumption, it is steady, but we will have the potential to start to strengthen as we move into 2027.

我認為，在可預見的短期到中期內，土地活動預計將保持穩定，並且我們預計未來的再投資條件已經具備，正在逐步形成。然而，我們認為 2026 年的上漲空間在於墨西哥的近海活動，我們正在開發的深水資產，也就是伍德賽德正在開發的資產，將為我們帶來上漲空間。雖然目前陸地上的活動會讓人覺得比較穩定，但隨著我們進入 2027 年，陸地上的活動有可能開始增強。

Marc Bianchi, TD Cowen.

馬克·比安奇，TD Cowen。

I wanted to ask on -- you got this activity you've got these activity increases in your outlook for '26 for certain international markets. Earlier, I think a few months ago, there was some discussion of some pricing potential weakness. Can you talk about what that looks like today and what your expectation is embedded in the outlook here?

我想問一下—您在對2026年某些國際市場的展望中，看到了這些活動的成長。早些時候，大概幾個月前，曾有人討論過定價方面可能存在的疲軟跡象。您能否談談目前的情況如何，以及您對未來前景的預期？

Yeah. I think first to comment that I think the industry has been under pricing pressure in the last couple of years, starting with North America, and I don't see a change there. I think although we believe in North America, we are shielded to the mix of the portfolio we have, and exposure were data center and digital and our exposure in deepwater and Gulf of America is proportionally bigger. And also, the OpEx exposure where ChampionX is a little bit of shield towards some of the pricing pressure in North America..

是的。首先我想說的是，我認為在過去幾年裡，整個產業都面臨價格壓力，尤其是北美地區，我認為這種情況不會改變。我認為，雖然我們對北美市場充滿信心，但我們現有的投資組合構成能夠保護我們免受風險，我們的投資主要集中在資料中心和數位領域，而且我們在深水區和美洲灣的投資比例也相對較大。此外，ChampionX 在北美市場也能起到一定的價格壓力緩衝作用，進而降低營運成本風險。

Internationally, the matter has been -- and I keep repeating every time I get to comment on this, has remained highly competitive for larger, tender in international markets, and the market has been keeping pressure considering that the market has been declining the last 18 months or 12 months in the international market, hence the pricing pressure has sustained and in some critical markets.

在國際上，這個問題一直——我每次有機會評論這個問題時都會重複——在國際市場上，大型招標項目的競爭仍然非常激烈，而且考慮到過去 12 個月或 18 個月國際市場一直在下滑，市場壓力也一直存在，因此價格壓力持續存在，尤其是在一些關鍵市場。

And we have been responding with this -- to this pressure when we felt it was the appropriate things to do to keep upswing to the market. At the same time, I think we are able to maintain our margin steady in 2026 compared to 2025, building on the ChampionX synergy, building on the digital growth margin accretive business. And therefore, we are going to continue to use technology performance as differential to protect where we can our margin against the pricing pressure.

而我們也一直在用這種方式回應這種壓力——當我們認為有必要採取一些措施來維持市場上漲動能時，我們就採取了這些措施。同時，我認為，憑藉 ChampionX 的綜效和數位成長帶來的利潤提升，我們得以在 2026 年保持與 2025 年相同的利潤率。因此，我們將繼續利用技術性能作為差異化優勢，盡可能地保護我們的利潤率，以抵禦價格壓力。

Okay. Thank you for that. And the other question I had was related to the offshore outlook. You've talked about an expectation for improvement in offshore. And I think if we go back a year or two, there was an expectation for offshore improvement that didn't really materialize. So what are you seeing now that you think is different from that prior period and gives you the confidence to make those comments?

好的。謝謝。我的另一個問題與離岸前景有關。您曾談到對離岸業務改善的預期。我認為，如果我們回顧一兩年前，當時人們期望離岸業務有所改善，但這種期望並沒有真正實現。那麼，你現在看到的與之前時期相比有哪些不同之處，讓你有信心發表這些評論？

The comment I'm making is that I believe that the FID and the booking will improve in 2026, setting the right setup and context for 2027, 2028 offshore cycle rebound. Whether this is material in 2026, yes, in certain markets in East Asia, the activity of Indonesia the market will strengthen in deepwater. And I think this reflects into this year.

我的評論是，我相信2026年最終投資決定(FID)和預訂情況將會改善，為2027年、2028年離岸週期的反彈奠定正確的基礎和環境。這是否會在 2026 年成為實質事件？是的，在東亞某些市場，印尼深水市場的活躍度將會增強。我認為這體現在今年。

In Sub-Saharan Africa, this is more a trend of FID of project from Namibia to Angola and Mozambique that will set the context for a market rebound going forward. And this FID happening as we speak, being negotiated and being spending.

在撒哈拉以南非洲，從納米比亞到安哥拉和莫三比克，越來越多的計畫最終投資決定(FID)的趨勢，將為未來的市場反彈奠定基礎。而這項最終投資決定（FID）正在我們說話的時候進行談判和支出。

And in Americas, I think the continuous momentum in Brazil, in Guyana, Suriname, and I think are here to stay with the mature basin Gulf of America, mature basin of the North Sea, remaining steady somehow, although with a slight decline in the North Sea. So we believe that the FID, the economics are favorable and the pipeline of FID across Africa and Asia are set to create a rebound of activity going forward from -- as we turn into 2027.

在美洲，我認為巴西、圭亞那、蘇利南的持續成長動能將持續下去，成熟的美洲灣盆地、成熟的北海盆地也將保持穩定，儘管北海盆地略有下降。因此，我們相信，最終投資決定（FID）的經濟前景良好，非洲和亞洲的最終投資決定（FID）項目儲備將推動經濟活動在2027年之前反彈。

Scott Gruber, Citigroup.

史考特‧格魯伯，花旗集團。

So I want to come back to the Data Center Solutions business. Olivier, you mentioned expanding the business abroad. Could that $1 billion target capture any of the international growth opportunity? Would that be future upside? And how quickly could this materialize? And ultimately, as you leverage your global relationships, could the international opportunity become even larger than your US business?

所以我想重返資料中心解決方案業務。奧利維爾，你曾提到要將業務拓展到海外。這10億美元的目標能否把握國際成長機會？那會是未來的上漲空間嗎？這件事會以多快的速度成為現實？最終，隨著你利用你的全球關係，國際機會是否會比你的美國業務更大？

Difficult to say whether it could become larger, but easy to tell you that it will grow. And this year will be the first step into establishing ourselves in Asia and to provide this modular manufacturing solution to our customer there. Also, we initiated a partnership to design a next-generation data center in one country in the Asia region. And then we expect to also look at our relationship to embed and go further, including Middle East in the near future.

很難說它是否會變得更大，但可以肯定的是，它一定會長大。今年將是我們在亞洲站穩腳跟，並向當地客戶提供這種模組化製造解決方案的第一步。此外，我們還啟動了一項合作計劃，在亞洲地區的一個國家設計下一代資料中心。然後，我們希望在不久的將來審視我們與中東等地區的合作關係，以便進一步深化和擴展。

So these are the places where we have ambition to leverage our hyperscaler relationship and our modular manufacturing capability, ability to source locally, ability to manufacture everywhere. I think it's something unique that not so many companies can do and scale and replicate what we have done in the last 18 months. So that's what we look forward, and that's where we are excited about the international market.

因此，在這些地方，我們希望利用我們與超大規模資料中心的關係、模組化製造能力、本地採購能力以及全球製造能力。我認為這是我們在過去 18 個月所取得的獨特成就，許多公司都無法做到，也無法擴大規模並複製我們所做的一切。所以這就是我們所期待的，也是我們對國際市場感到興奮的地方。

But US is still the hot market. And US is where we believe we have the most exciting pipeline in '26 and in '27 coming our way and would not miss that market.

但美國市場依然火熱。我們相信，2026 年和 2027 年我們在美國擁有最令人興奮的專案儲備，我們絕對不會錯過這個市場。

Got it. Appreciate that color. And I want to come back to the question Stephen asked at the beginning on CapEx. So your $2.5 billion of CapEx this year will support the second half growth rate that you'll achieve, which we led by Digital and Data Center Solutions, some contribution from the core. But overall, the capital intensity of the portfolio is improving.

知道了。欣賞這種顏色。我想回到史蒂芬一開始提出的關於資本支出的問題。因此，您今年 25 億美元的資本支出將支持您在下半年實現的成長率，其中數位和資料中心解決方案部門將引領這一成長，核心部門也將做出一些貢獻。但總體而言，該投資組合的資本密集度正在改善。

So my question is, can you sustain similar growth rate for a couple of years into the future at a CapEx level that's still broadly around $2.5 billion given those kind of less capital-intensive drivers of growth? Or do you think CapEx would need to creep a bit higher?

所以我的問題是，考慮到這些資本密集度較低的成長驅動因素，在資本支出水準仍然大致在 25 億美元左右的情況下，能否在未來幾年內維持類似的成長率？或者您認為資本支出需要稍微增加一些？

Look, as I said before, we do what it takes to not miss any opportunity. But again, we have really improved our capital efficiency over the last five to six years, so we can really operate with less. But if growth really comes at high growth rates, we will have to increase beyond the $2.5 billion for sure.

正如我之前所說，我們會竭盡全力不錯過任何機會。但話說回來，在過去五、六年裡，我們的資本效率確實得到了顯著提高，所以我們現在真的可以用更少的資金來運作。但如果成長真的以高成長率實現，我們肯定需要增加超過 25 億美元的投入。

But as a percentage of revenue, that will still remain pretty low compared to what we were doing before and still quite in the low range -- in the low end of the range we had guided before, 5% to 7% of revenue. That's excluding APS and exploration data.

但就收入百分比而言，這仍然會比我們之前所做的要低得多，而且仍然處於較低的範圍內——在我們之前指導的範圍的低端，即收入的 5% 到 7%。這還不包括APS和勘探資料。

So yes, we'll increase as necessary, but it will go with increased cash flow as well. And some of the growth that we will be seeing is production and recovery as we elaborated on before as well as digital. And that doesn't require as much CapEx as the well-centric businesses. So this is how we can maneuver within that range, basically.

所以，是的，我們會根據需要增加投入，但同時也要增加現金流。我們將看到的成長一部分來自生產和復甦，正如我們之前詳細闡述的那樣，一部分來自數位化。而且，這種模式不需要像以油井為中心的企業那麼多的資本支出。所以，基本上，這就是我們在這個範圍內進行機動的方式。

So without some acceleration in the kind of core business, you would expect the CapEx to sales ratio to continue to improve over the next couple of years? Is that fair?

因此，如果沒有核心業務的加速成長，您是否預期未來幾年資本支出與銷售額比率將繼續改善？這樣公平嗎？

It will be more or less as a percentage of revenue, it will stay within that 5% to 7% we've guided before, but it's more below. As you have seen, we've been closer to 5% and 7%. So we will be -- we will remain at the low end of that range in the future.

佔收入的百分比大致會保持在我們之前預測的 5% 到 7% 之間，但會更低一些。如您所見，我們一直接近 5% 和 7%。所以，未來我們將繼續保持在該範圍的低端。

Ladies and gentlemen, as -- yeah. Thank you, Meghan. Ladies and gentlemen, as we conclude today’s call, I would like to leave you with the following takeaways.

女士們先生們，正如——是的。謝謝你，梅根。女士們、先生們，在我們結束今天的通話之際，我想和大家分享以下幾點要點。

First, our strategic focus on production and recovery, including ChampionX, Digital and Data Center Solutions present new pathways for growth, supporting our full-year revenue and margin guidance.

首先，我們對生產和復原的策略重點，包括 ChampionX、數位和資料中心解決方案，為成長提供了新的途徑，支持我們全年的收入和利潤率預期。

Second, I am confident that we will continue to generate strong cash flows, enabling us to return more than $4 billion of shareholder return in 2026.

其次，我有信心我們將繼續產生強勁的現金流，使我們能夠在 2026 年為股東帶來超過 40 億美元的回報。

Third, in the longer term, the outlook is becoming more positive for SLB. The recovery of Saudi Arabia, the positive pipeline in Subsea, the growth dynamic in both Digital and Data Centers are all catalysts. And Venezuela represents an upside.

第三，從長遠來看，SLB 的前景正變得越來越樂觀。沙烏地阿拉伯的經濟復甦、海底工程的積極發展前景以及數位和資料中心領域的成長勢頭都是催化劑。而委內瑞拉則代表著正面的一面。

In summary, the current cycle is recovering toward the strengths of SLB.

總之，當前週期正在朝向SLB的優勢方向恢復。

With this, I will conclude today’s call. Thank you all for joining.

今天的通話就到此結束。感謝各位的參與。

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了。