斯倫貝謝公司 (SLB) 2026 Q1 法說會逐字稿

Good morning. My name is Megan, and I will be your conference operator today and would like to welcome everyone to the first quarter SLB earnings call.

各位早安。我叫 Megan，今天將擔任本次電話會議的接線員，並歡迎各位參加 SLB 第一季財報電話會議。

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

（接線員指示）提醒各位，本次通話將被錄音。我現在把電話交給投資人關係與產業事務資深副總裁 James R. McDonald。請開始。

Good morning, and welcome to the SLB first-quarter 2026 earnings conference call. Today's call is being hosted from Houston, following our Board meeting held earlier this week .

各位早安，歡迎參加 SLB 2026 年第一季財報電話會議。今天的會議自休士頓主持，緊接在本週稍早舉行的董事會會議之後。

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

與會者包括執行長 Olivier Le Peuch，以及財務長 Stephane Biguet。

Before we begin, I would like to remind all participants that some of the statements we will be making today are forward-looking. These matters involve risks and uncertainties that could cause our results to differ materially from those projected in these statements. For more information, please refer to our latest 10-K filing and other SEC filings, which can be found on our website. Our comments today also include non-GAAP financial measures. Additional details and reconciliations to the most directly comparable GAAP financial measures can be found in our first-quarter earnings press release, which is on our website.

在開始之前，我想提醒所有與會者，我們今天將發表的部分聲明屬於前瞻性陳述。這些事項涉及風險與不確定性，可能導致我們的實際結果與這些陳述中的預期存在重大差異。更多資訊請參閱我們最新的 10-K 申報文件及其他向 SEC 提交的文件，皆可於我們網站查閱。我們今天的評論亦包含非 GAAP 財務衡量指標。更多細節以及與最直接可比的 GAAP 財務衡量指標之調節表，請參閱我們第一季財報新聞稿（已發布於我們網站）。

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

接下來，我把電話交給 Olivier。

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

謝謝你，James。各位女士、先生，感謝各位加入我們。

Before we begin, I would like to acknowledge our people, customers and partners in the Middle East as they navigate this challenging and uncertain time. Our strong presence in the region dates back more than 85 years, and I am proud of the resilience and unity demonstrated by our people as they work in lockstep with our customers to safeguard our teams and assets while preparing for the eventual resumption of operations. I want to commend the entire SLB team for their continued care, commitment and support for one another and for our customers.

在開始之前，我想向我們在中東的員工、客戶與合作夥伴致意，因為他們正面對這段充滿挑戰與不確定的時期。我們在該地區的深厚布局可追溯至 85 年以上，我為同仁展現的韌性與團結感到自豪；他們與客戶緊密協作，在為營運最終恢復做準備的同時，確保團隊與資產的安全。我也要表揚整個 SLB 團隊持續展現的關懷、承諾，以及彼此與對客戶的支持。

Turning to today's call, I will start with our first-quarter performance, followed by an update on the evolving situation in the Middle East and our outlook in the mid-to long-term. I will then cover our strategic initiatives, including ChampionX, digital, and data centers, and provide our thoughts for the second quarter.

回到今天的會議，我將先說明第一季表現，接著更新中東局勢的演變以及我們的中長期展望。然後我會談到我們的策略性舉措，包括 ChampionX、數位化與資料中心，並分享我們對第二季的看法。

Stephane will then take you through the financials, and we will open the line for your questions.

接著 Stephane 將帶各位檢視財務數據，之後我們將開放提問。

Let's begin. First quarter. It was a challenging start to the year, marked by severe disruptions in the Middle East that impacted our first-quarter revenue and earnings. At the onset of the conflict, customer decisions to safeguard personnel and assets led to an initial wave of operational shutdowns. As the conflict persisted, further activity curtailments followed as a result of production shut-ins.

我們開始吧。第一季是艱難的開局，中東的嚴重干擾影響了我們第一季的營收與獲利。衝突爆發之初，客戶為了保護人員與資產而做出的決策，導致第一波營運停工。隨著衝突持續，因停產（production shut-ins）而出現進一步的活動縮減。

The impact of these actions was most pronounced in Qatar, due to force majeure and the suspension of offshore operations, and in Iraq, due to security conditions. We also experienced a more gradual impact from offshore rig shutdowns in other countries in the region, driven by a combination of security concerns and export capacity disruptions.

這些行動的影響在卡達最為明顯，原因是不可抗力（force majeure）以及離岸作業暫停；在伊拉克則因安全情勢所致。我們也在該地區其他國家經歷了離岸鑽機停工所帶來的較為漸進式影響，這是由安全疑慮與出口能力受阻等因素共同驅動。

In addition to the situation in Middle East, unfavorable activity mix and higher costs further weighed on the quarter, most notably in OneSubsea.

除了中東局勢之外，不利的活動組合與較高成本也進一步拖累本季表現，其中以 OneSubsea 最為顯著。

Looking across the Divisions, Production Systems and Digital grew year-on-year, while Reservoir Performance and Well Construction declined mostly due to the impact of the conflict.

從各事業部來看，生產系統（Production Systems）與數位（Digital）年增成長，而油藏績效（Reservoir Performance）與井建（Well Construction）則主要因衝突影響而下滑。

In Production Systems, year-on-year revenue increased 23%, due to the acquisition of ChampionX, which continues to deliver accretive growth. Additionally, we are on track to achieve our synergies target.

在生產系統方面，年增營收成長 23%，主要來自收購 ChampionX；該收購案持續帶來增益性成長（accretive growth）。此外，我們也正按計畫達成協同效益目標。

On a pro forma basis, ChampionX also grew year on year, demonstrating the increasing demand in the production market.

以擬制（pro forma）基礎來看，ChampionX 亦呈現年增成長，顯示生產市場需求持續提升。

Turning to Digital, revenue increased 9% year on year, driven by strong uptake in Digital Operations. Of note, automated footage drilled increased by 145% year on year as customers continue to adopt digital and AI-powered solutions to boost operational performance and efficiency.

再看數位業務，營收年增 9%，主要由數位營運（Digital Operations）的強勁採用所帶動。值得注意的是，隨著客戶持續採用數位與 AI 驅動的解決方案以提升營運績效與效率，自動化鑽進尺數（automated footage drilled）年增 145%。

Also, Data Center solutions remained a bright spot, with 45% growth year on year. The momentum in this area continues, as you saw with our recent announcement to serve as the modular design partner for NVIDIA DSX AI factories.

此外，資料中心解決方案仍是亮點，年增 45%。此領域的動能持續延伸，正如各位在我們近期公告中所見：我們將擔任 NVIDIA DSX AI 工廠的模組化設計合作夥伴。

With our growing backlog, we remain on track to exit the year at $1 billion run rate and expect the growth rate to accelerate in 2027.

隨著在手訂單（backlog）增加，我們仍按計畫在年底達到 10 億美元的年化營運規模（run rate），並預期 2027 年成長率將加速。

Overall, despite the challenges of the quarter, I'm pleased that the strategic decisions and portfolio actions that we are taking in digital, data center solutions and production and recovery are delivering results.

整體而言，儘管本季面臨挑戰，我很高興我們在數位、資料中心解決方案，以及生產與採收（production and recovery）方面所做的策略決策與投資組合調整，正在帶來成果。

I would like to express a big thank you to our teams in the Middle East and across the world who continue to deliver each day for our customers in this very dynamic environment.

我也要向我們在中東以及全球各地的團隊致上誠摯感謝，他們在這個高度動態的環境中，仍持續每天為客戶交付成果。

Now, let me turn to how we expect the market to evolve as the conflict in the Middle East is resolved. Firstly, we anticipate that oil prices will settle at levels above the pre conflict baseline. This reflects the new balance of liquid supply and demand, which has been significantly altered by more than 500 million barrels of lost production impact thus far.

接下來談談，隨著中東衝突獲得解決，我們預期市場將如何演變。首先，我們預期油價將在高於衝突前基準的水準上趨於穩定。這反映出液體供需的新平衡；迄今為止，超過 5 億桶的產量損失已顯著改變了供需結構。

In this environment, energy security will remain at the forefront. We expect many countries to accelerate efforts to diversify supply, strengthen domestic resource development, and rebuild strategic and commercial inventories that have been drawn down during the conflict. In short, the fragility of the global energy complex we are witnessing today demonstrates the strategic importance and long-term value of oil and gas.

在此環境下，能源安全仍將是首要議題。我們預期許多國家將加速推動供應多元化、強化國內資源開發，並重建在衝突期間被消耗的戰略與商業庫存。簡言之，我們今日所見全球能源體系的脆弱性，凸顯了油氣的戰略重要性與長期價值。

Together, these dynamics are expected to support a constructive macro environment for upstream investment over the coming years. In the near term, activity will be led by efforts to restore production capacity across the Middle East for both oil and gas.

綜合而言，這些動態預期將在未來數年支撐上游投資的建設性總體環境。短期內，活動將由恢復中東地區油氣產能的努力所帶動。

While some countries executed orderly shut-ins and should be able to resume production within days or weeks, other areas particularly where disruptions were more abrupt may require a more gradual ramp-up, including additional well intervention.

雖然部分國家採取有序停產，應可在數天或數週內恢復生產，但其他地區——特別是干擾較為突然的地方——可能需要更為漸進的爬坡，包括額外的井介入作業（well intervention）。

As a result, while the near-term recovery will be gradual and differ across countries, we see an upside in the outlook, barring demand destruction from a prolonged conflict. We are committed and ready to support our customers across the region.

因此，雖然短期復甦將是漸進式且各國不一，但在不出現因衝突延長而導致需求遭破壞（demand destruction）的前提下，我們認為展望存在上行空間。我們已承諾並準備好在整個地區支持客戶。

Beyond the region, we expect a broad-based response across both short-and long-cycle investment. Short-cycle activity is likely to strengthen first, particularly in North America and parts of Latin America, where operators can respond quickly to higher prices.

在該地區之外，我們預期短週期與長週期投資都將出現廣泛回應。短週期活動可能會率先增強，特別是在北美與拉丁美洲部分地區，因為營運商能對較高油價快速反應。

In addition, well intervention activities that can yield additional production will get a natural boost across all basins.

此外，能帶來額外產量的井介入活動，將在所有盆地自然獲得提振。

At the same time, we expect renewed momentum in long-cycle developments, especially in offshore and deepwater markets, as customers look to secure durable, large-scale sources of supply. This is also likely to improve certainty of offshore FID approvals, while also supporting increased exploration activity.

同時，我們預期長週期開發將重拾動能，尤其是在離岸與深水市場，因客戶希望確保具耐久性、可大規模供應的來源。這也可能提升離岸最終投資決策（FID）核准的確定性，並支持勘探活動增加。

As we can read in third-party reports, the FID pipeline in 2026 is strengthening and directionally heading over $100 billion total investment approval, visibly ahead of the last two years, and with another step-up expected in 2027, with deepwater resource getting a large portion of these investments.

正如我們在第三方報告中所見，2026 年的 FID 管線正在增強，投資核准總額方向性地朝超過 1,000 億美元邁進，明顯高於過去兩年；且預期 2027 年將再上台階，其中深水資源將獲得相當大比例的投資。

Regionally, this presents opportunities in Africa, Asia and Latin America. Africa represents one of the most compelling long-term opportunities, with a significant base of underdeveloped oil and gas resources. We expect portfolio allocation to shift more favorably toward this region over time.

就區域而言，這在非洲、亞洲與拉丁美洲帶來機會。非洲是最具吸引力的長期機會之一，擁有大量尚未充分開發的油氣資源基礎。我們預期投資組合配置將隨時間更有利地轉向該地區。

Asia will continue to prioritize access to gas, both onshore and offshore, as it works to diversify supply through development of national resources. And across Latin America, from Guyana to Brazil to Suriname we see continued strength in deepwater developments, complemented by short-cycle growth in unconventionals in Argentina.

亞洲將持續優先確保天然氣取得，涵蓋陸上與離岸，並透過開發國家資源來推動供應多元化。而在拉丁美洲，從蓋亞那到巴西再到蘇利南，我們看到深水開發持續強勁，同時在阿根廷非常規資源（unconventionals）方面也有短週期成長作為補充。

Separately, Venezuela continues to represent an exciting growth opportunity where we can expand on our existing operations in country.

另外，委內瑞拉仍是一個令人振奮的成長機會，我們可在當地既有營運基礎上進一步擴張。

To conclude, in the context of energy security and the rebalancing of supply and demand, we see three primary drivers of increased investment over the coming years.

總結而言，在能源安全以及供需再平衡的背景下，我們看到未來數年投資增加的三大主要驅動因素。

First, the replenishment of depleted commercial inventories and strategic reserves. Second, the diversification of supply, including greater redundancy in sourcing. And third, increased emphasis on developing local resources to enhance long-term resilience.

第一，補充已耗減的商業庫存與戰略儲備。第二，供應多元化，包括在來源上建立更高的冗餘度。第三，更加重視開發本地資源，以提升長期韌性。

Our Core business will benefit from these dynamics, supporting a positive outlook for SLB into 2027 and 2028.

我們的核心業務將受惠於這些動態，支撐 SLB 在 2027 與 2028 年的正向展望。

Let me now describe the additional strategic growth levers for SLB, production and recovery, digital and data centers. Starting with production and recovery this is becoming increasingly critical as the industry faces structural challenges in replacing reserves and sustaining production from existing assets.

接下來我將說明 SLB 額外的策略性成長槓桿：生產與採收、數位，以及資料中心。先從生產與採收談起——隨著產業在補充儲量與維持既有資產產量方面面臨結構性挑戰，這一點正變得愈發關鍵。

In this context, technologies that enhance recovery and extend the life of mature fields are no longer optional they are essential.

在此背景下，能夠提升採收率並延長成熟油田壽命的技術不再是可有可無，而是不可或缺。

Against the macro we just discussed, this is a defining moment for production and recovery. These technologies have the potential to shape the next stage of recovery in unconventional assets and to create a step-change in production enhancement in every basin and resource play, from deepwater to conventional and from gas to oil.

在我們剛才討論的宏觀背景下，這是生產與採收的關鍵時刻。這些技術有潛力塑造非常規資產下一階段的採收，並在每一個盆地與資源開發區塊（從深水到常規、從天然氣到原油）帶來生產增強的躍升式變化。

With ChampionX, we are uniquely positioned to lead in this space. By combining production chemistry, artificial lift, digital capabilities, and subsurface domain expertise, we are helping customers unlock additional barrels from existing reservoirs in a capital-efficient manner. This is particularly relevant as operators look to maximize recovery, improve returns and bring incremental supply to market in support of energy security.

憑藉 ChampionX，我們在此領域具備獨特的領先優勢。透過結合生產化學、人工舉升、數位能力以及地下領域專業知識，我們正以資本效率更高的方式協助客戶從既有油藏中解鎖更多產量。當營運商致力於最大化採收、提升報酬並將增量供給推向市場以支持能源安全時，這一點尤其重要。

We hosted our first production and recovery summit in Houston a couple of weeks ago and were very pleased with the engagement from our customers from every region around the world. They increasingly recognize the potential of this domain and the opportunities it presents to unlock growth for the industry.

幾週前，我們在休士頓舉辦了首屆生產與採收高峰會，並對來自全球各地、各區域客戶的高度參與感到非常滿意。他們愈來愈認同此領域的潛力，以及其為產業解鎖成長所帶來的機會。

Turning to digital, this business continues to build strong momentum and is a key driver of both differentiation and long-term value creation for SLB. While still a relatively small portion of our revenue today, its impact extends well beyond its size.

接著談數位業務，該業務持續累積強勁動能，並且是 SLB 差異化與長期價值創造的關鍵驅動力。雖然目前在我們營收中仍占相對較小的比重，但其影響力遠超過其規模。

Our approach is grounded in domain expertise, where AI, data, and software are integrated into our platforms and workflows to deliver measurable performance outcomes. This is not about standalone tools it is about embedding intelligence across the full life cycle of reservoir development and production.

我們的方法以領域專業為基礎，將 AI、資料與軟體整合進我們的平台與工作流程中，以交付可衡量的績效成果。這不是關於獨立工具，而是將智慧嵌入油藏開發與生產的全生命週期。

Our teams continue to make exciting developments, particularly in agentic AI. And as the number of use cases increases and value of these technologies are proven in the field, we anticipate increased adoption.

我們的團隊持續取得令人振奮的進展，特別是在代理式 AI（agentic AI）方面。隨著使用案例數量增加，且這些技術在現場的價值獲得驗證，我們預期採用率將提高。

Over time, we expect digital to become an increasingly important lever for growth, both as a standalone business and as an enabler across our broader portfolio, and we are excited to share more about this business during our Digital Investor Day in June.

隨著時間推移，我們預期數位將成為愈來愈重要的成長槓桿，既可作為獨立業務，也可作為我們更廣泛產品組合的賦能者；我們也期待在六月的數位投資人日分享更多關於此業務的內容。

Finally, data centers represent a new and rapidly expanding opportunity for SLB. Building on our core strengths in engineering, manufacturing, and project execution, we are extending our scope of modular infrastructure solutions to support the accelerating demand for AI and digital capacity.

最後，資料中心為 SLB 帶來一個全新且快速擴張的機會。基於我們在工程、製造與專案執行方面的核心優勢，我們正擴展模組化基礎設施解決方案的範疇，以支援 AI 與數位容量加速成長的需求。

In less than two years, we have established our right to play in this industry, proven by our manufacturing know-how and supply chain capabilities. We are building on this expertise to support design engineering and performance optimization of the data center buildout, and we are currently scaling the business through expanded capacity, deepening partnerships and selective international growth.

在不到兩年的時間內，我們已在此產業建立了參與競爭的資格，這由我們的製造專業與供應鏈能力所證明。我們正以此專長為基礎，支援資料中心建置的設計工程與效能最佳化；目前也正透過擴充產能、深化合作夥伴關係以及選擇性的國際成長來擴大該業務規模。

While still at an early stage, this business is already demonstrating the characteristics we look for capital-light growth, strong demand visibility and a clear path to becoming a meaningful contributor to earnings over time.

儘管仍處於早期階段，該業務已展現我們所尋求的特徵：輕資本成長、強勁的需求能見度，以及隨時間推移成為獲利的重要貢獻者的清晰路徑。

Looking ahead, we see additional upside through opportunities such as thermal management, decarbonized power and serving as a system integrator. These are areas where our capabilities can further differentiate our offering and expand our addressable market.

展望未來，我們也看到透過熱管理、去碳化電力以及擔任系統整合商等機會所帶來的額外上行空間。這些領域能讓我們的能力進一步差異化我們的產品供給，並擴大可服務市場。

We also continue to assess potential opportunities to accelerate this trajectory through targeted M&A. Taken together, these three areas production and recovery, digital, and data center solutions reflect how we are evolving our portfolio toward higher-return, technology-driven, and less cyclical growth. They are complementary, scalable and aligned with the long-term trends shaping both energy system and digital infrastructure.

我們也持續評估透過有針對性的併購（M&A）來加速此一發展軌跡的潛在機會。綜合而言，這三個領域——生產與採收、數位，以及資料中心解決方案——反映我們正將產品組合演進至更高報酬、技術驅動且景氣循環性較低的成長方向。它們彼此互補、可擴展，並與塑造能源系統與數位基礎設施的長期趨勢一致。

Let me now share our view on how the second quarter may unfold.

接下來我分享我們對第二季可能走勢的看法。

First, it is uncertain how long geopolitical disruptions will last and how the recovery in the Middle East will unfold. At the same time, we are facing higher procurement and logistics costs driven by the conflict. As a result, it is challenging to provide precise guidance for this quarter.

首先，地緣政治干擾將持續多久，以及中東的復原將如何發展，仍存在不確定性。同時，我們也面臨因衝突所推升的更高採購與物流成本。因此，要為本季提供精準指引具有挑戰。

However, there is a scenario where operational disruptions in the region persist through the middle of the second quarter and then begin to gradually ease. Under this assumption, we estimate that the sequential revenue and earnings decline in the Middle East will be fully offset by all other International markets combined, where we anticipate mid-to high-single-digit revenue growth, with improved margins.

然而，存在一種情境：該地區的營運干擾持續到第二季中段，之後開始逐步緩解。在此假設下，我們估計中東地區營收與獲利的季比下滑，將可由其他所有國際市場合計完全抵銷；在這些市場中，我們預期營收將呈現中到高個位數成長，且利潤率改善。

Meanwhile, North America revenue is expected to be flat sequentially.

同時，北美營收預期季比持平。

By Division, under the Middle East scenario that I just highlighted, Digital and Production Systems will grow globally, while Reservoir Performance and Well Construction will decline globally.

按事業部門來看，在我剛才強調的中東情境下，數位與生產系統將在全球成長，而油藏績效與井建設將在全球下滑。

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

我現在把電話會議交給 Stephane，請他更詳細地說明我們的財務結果。

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

謝謝你，Olivier，各位女士、先生們，早安。

First-quarter earnings per share, excluding charges and credits, was $0.52. This represents a decrease of $0.20 when compared to the first quarter of last year.

第一季每股盈餘（排除費用與收益）為 0.52 美元。與去年第一季相比，下降 0.20 美元。

During the quarter, we recorded $0.02 of merger and integration charges primarily related to the ChampionX transaction.

本季我們認列 0.02 美元的併購與整合費用，主要與 ChampionX 交易相關。

Overall, our first-quarter global revenue of $8.7 billion increased 3% year on year. Excluding the impact of the ChampionX acquisition in the third quarter last year, revenue declined by $607 million, or 7% year on year.

整體而言，我們第一季全球營收為 87 億美元，年增 3%。若排除去年第三季 ChampionX 收購的影響，營收年減 6.07 億美元，或年減 7%。

When compared to the fourth quarter of last year, revenue fell by just over $1 billion, or 10.5%. This decline was approximately 200 basis points, or about $200 million, higher than we expected at the time of our last earnings call in January. This was primarily due to the impact of the conflict in the Middle East, as we experienced operational disruptions throughout the month of March.

與去年第四季相比，營收下降略高於 10 億美元，或 10.5%。這一下滑幅度比我們在一月上次財報電話會議時的預期高出約 200 個基點，約 2 億美元。主要原因是中東衝突的影響，因為我們在三月整月都遭遇營運中斷。

Company-wide adjusted EBITDA margin for the first quarter was 20.3%, down 346 basis points year on year. Margins were negatively affected by high decrementals on the Middle East revenue impact. We did not make any material adjustment to our cost base during the quarter as our immediate focus was the protection of our people and preserving operational capacity for the expected future rebound in activity.

公司整體第一季調整後 EBITDA 利潤率為 20.3%，年減 346 個基點。利潤率受到中東營收衝擊所帶來的高遞減效應（high decrementals）負面影響。本季我們未對成本基礎做任何重大調整，因為我們的當務之急是保護員工安全，並保留營運產能，以因應預期未來活動反彈。

We also incurred additional logistics and materials costs as a result of supply chain disruptions due to the conflict.

由於衝突導致供應鏈中斷，我們也承擔了額外的物流與材料成本。

Beyond the effects of the Middle East conflict, first-quarter margins were impacted year on year by increased tariffs, project mix and higher costs in OneSubsea as well as pricing headwinds in select markets, particularly in Well Construction.

除中東衝突影響外，第一季利潤率年比也受到關稅上升、專案組合，以及 OneSubsea 成本上升的影響，另在部分市場亦面臨定價逆風，尤其是在井建設業務。

Let me now go through the first quarter results for each Division.

接下來我將逐一說明各事業部門第一季的結果。

First-quarter Digital revenue of $640 million increased 9% year on year primarily driven by 87% growth in Digital Operations. This was supported by increased digital services adoption and new technology introduction as well as the acquisition of ChampionX.

第一季數位營收為 6.40 億美元，年增 9%，主要由數位營運（Digital Operations）87% 的成長所帶動。這得益於數位服務採用率提升與新技術導入，以及 ChampionX 的收購。

Notably, annual recuring revenue for the Division stood at $1.02 billion at the end of the first quarter, representing year-on-year growth of 15%.

值得注意的是，截至第一季末，該事業部門的年度經常性收入（annual recurring revenue）為 10.2 億美元，年增 15%。

Digital pre-tax operating margin of 20.9% was essentially flat year on year. However, adjusted EBITDA margin of 26.1% declined 473 basis points due to lower amortization relating to Exploration Data as a result of the mix of surveys sold during the quarter.

數位稅前營業利潤率為 20.9%，年比基本持平。然而，調整後 EBITDA 利潤率為 26.1%，下降 473 個基點，原因是本季出售的勘探資料（Exploration Data）測勘組合影響，導致相關攤銷較低。

As you know, Digital margins are historically lowest in the first quarter due to seasonality and steadily increase throughout the year, reaching their highest level in the fourth quarter, as evidenced by last quarter's results. This trend will continue and, consequently, we expect to achieve full-year Digital adjusted EBITDA margin that is at least equivalent to last year's level of 35%.

如各位所知，數位業務利潤率歷來在第一季因季節性因素而最低，並在全年逐步上升，於第四季達到最高水準，上一季的結果已證明此點。此趨勢將持續，因此我們預期全年數位調整後 EBITDA 利潤率至少可達到與去年 35% 相當的水準。

Reservoir Performance revenue of $1.6 billion decreased 6% year on year while pre-tax operating margin of 16.1 % decreased 47 basis points. These decreases were due to lower stimulation and intervention activity, primarily as a result of the disruptions in the Middle East.

油藏績效（Reservoir Performance）營收為 16 億美元，年減 6%；稅前營業利潤率為 16.1%，下降 47 個基點。這些下降主要因增產（stimulation）與介入（intervention）活動減少，主要源於中東地區的干擾。

Well Construction revenue of $2.8 billion decreased 6% year on year primarily from lower activity due to the disruption s in the Middle East, partially offset by higher offshore drilling activity in Europe & Africa, Latin America and North America.

井建設（Well Construction）營收為 28 億美元，年減 6%，主要因中東地區干擾導致活動降低；部分被歐洲與非洲、拉丁美洲及北美較高的離岸鑽井活動所抵銷。

Pre-tax operating margin of 15.2% contracted 463 basis points year on year due to lower profitability on account of the Middle East conflict as well as pricing headwinds in select markets.

稅前營業利潤率為 15.2%，年減 463 個基點，原因是中東衝突導致獲利能力下降，以及部分市場的定價逆風。

Finally, Production Systems revenue of $3.5 billion increased 23% year on year. Excluding the impact of the ChampionX acquisition, first-quarter revenue decreased 6% year on year. On a pro forma basis, revenue from the ChampionX production chemicals and artificial lift businesses grew 2% compared to the first quarter of 2025.

最後，生產系統（Production Systems）營收為 35 億美元，年增 23%。若排除 ChampionX 收購的影響，第一季營收年減 6%。以擬制（pro forma）基礎計算，ChampionX 的生產化學品與人工舉升業務營收較 2025 年第一季成長 2%。

This strong ChampionX performance was offset by the impact of the Middle East conflict, lower OneSubsea revenue, and, independent of the conflict, lower product deliveries in Saudi Arabia.

ChampionX 的強勁表現被中東衝突的影響、OneSubsea 營收較低，以及在不受衝突影響的情況下沙烏地阿拉伯產品交付量較低所抵銷。

Production Systems pre-tax operating margin of 14.2% declined 240 basis points year on year due to lower profitability in surface production systems, completions and OneSubsea.

生產系統稅前營業利潤率為 14.2%，年減 240 個基點，主要因地面生產系統、完井以及 OneSubsea 的獲利能力較低。

As it specifically relates to OneSubsea, pre-tax margin in the first quarter was 14.4% compared to 18.1% in the first quarter of 2025. Margins were affected by the concurrent wind-down of several large programs and the initiation of new projects with high start-up costs.

就 OneSubsea 而言，第一季稅前利潤率為 14.4%，相較於 2025 年第一季的 18.1%。利潤率受到多個大型專案同步收尾，以及啟動具高啟動成本的新專案所影響。

OneSubsea margins are expected to increase over the remainder of the year.

預期 OneSubsea 的利潤率在今年剩餘期間將會提升。

ChampionX partially offset those effects as we continued to make progress with our synergy realization. As a result, ChampionX's margins this quarter were higher than in both Q4 and Q1 of last year and were accretive to both Production Systems and total SLB margins.

ChampionX 部分抵銷了上述影響，因為我們持續在協同效益實現方面取得進展。因此，ChampionX 本季利潤率高於去年第四季與去年第一季，並對生產系統及 SLB 整體利潤率皆具增益（accretive）。

Now, turning to our liquidity. Our net debt increased $797 million sequentially to $8.2 billion.

接著談談我們的流動性。我們的淨負債較前一季增加 7.97 億美元，至 82 億美元。

During the quarter, we generated $487 million of cash flow from operations. Free cash flow was slightly negative at $23 million on account of the payment of annual employee incentives and the seasonal increase in working capital that we typically experience in the first quarter.

本季我們自營運活動產生 4.87 億美元現金流。由於支付年度員工獎勵，以及我們通常在第一季會出現的營運資金季節性增加，自由現金流略為負值，為 -2,300 萬美元。

This was compounded this year by delayed collect ions in the Middle East stemming from the conflict.

今年又因衝突導致中東地區收款延遲，使情況更加惡化。

We expect our cash flow generation to follow our historical pattern with free cash flow gradually increasing throughout the year with the majority coming in the second half. Capital investments, inclusive of capex and investments in APS projects and exploration data were $510 million in the first quarter.

我們預期現金流生成將遵循歷史模式：自由現金流將在全年逐步增加，且大部分將在下半年貢獻。第一季資本投資（包含資本支出、APS 專案投資及勘探資料投資）為 5.10 億美元。

For the full year, we are still expecting capital investments to be approximately $2.5 billion.

就全年而言，我們仍預期資本投資約為 25 億美元。

During the quarter, we repurchased $451 million of our stock, and we still expect to repurchase a minimum of $2.4 billion for the full year, in line with 2025.

本季我們回購了 4.51 億美元自家股票，且我們仍預期全年至少回購 24 億美元，與 2025 年一致。

As a reminder, we are targeting to return more than $4 billion to our shareholders in 2026 through a combination of dividends and stock buybacks.

提醒一下，我們的目標是在 2026 年透過股利與股票回購的組合，向股東回饋超過 40 億美元。

Before I wrap up, let me come back to our second-quarter outlook and more specifically to the Middle East. I would first like to clarify that the Middle East represented approximately 70% of our Middle East & Asia business in the first quarter.

在我結語之前，讓我回到我們對第二季的展望，並更具體談談中東。首先我想澄清，中東在第一季約占我們「中東與亞洲」業務的 70%。

Under the specific scenario that Olivier highlighted earlier, where operational disruption in the region continues until the middle of the quarter and then starts to alleviate, we estimate that it would negatively impact our second quarter earnings per share by an incremental $0.06 to $0.08 when compared to the first quarter. This is the result of lost revenue as well as higher

在 Olivier 先前提到的特定情境下，也就是該地區的營運中斷持續到本季中段，之後開始緩解，我們估計相較第一季，將使第二季每股盈餘額外減少 0.06 至 0.08 美元。這是因營收流失以及較高的

procurement and logistics costs associated with the conflict.

採購與物流成本（與衝突相關）所致。

I will now turn the conference call back to Olivier.

我現在把電話會議交回給 Olivier。

Thank you, Stephane. I believe we are now ready for taking your questions.

謝謝你，Stephane。我相信我們現在已準備好回答各位的提問。

We will now begin the Q&A session. (Operator Instructions)

我們現在開始問答環節。（接線員指示）

Dave Anderson, Barclays.

Barclays 的 Dave Anderson。

Hi, good morning, Olivier. How are you?

嗨，早安，Olivier。你好嗎？

Morning, Dave. Good morning.

早安，Dave。早安。

So looking past some of the near-term disruptions, I was wondering if you could expand a bit more on your views on how the investment cycle has changed. You mentioned a broad-based recovery in '27 and '28. Is that predicated on oil prices being structurally higher now? And can you also comment on kind of which end markets that you see the most upside in as you sit here today?

所以，先不看一些短期干擾，我想請你再多談一點你對投資循環如何改變的看法。你提到在 27 年與 28 年會有廣泛復甦。這是否建立在油價如今結構性走高的前提上？另外，你也能否評論一下，就你目前所見，哪些終端市場的上行空間最大？

I think there are multiple reasons why I think I believe that the industry will benefit from an uptick in investment first, indeed, I think we are projecting that the commodity price will be higher after this than they were before.

我認為有多個原因讓我相信產業將受惠於投資回升。首先，確實，我們預測大宗商品價格在這之後會高於之前。

But more importantly, I think the significant impairment of the supply, demand balance I think has created the need for replenishing these inventories, replenishing the strategic reserve and also have heightened the risk of energy security.

但更重要的是，我認為供需平衡遭到顯著破壞，造成必須補充庫存、補充戰略儲備的需求，同時也提高了能源安全風險。

And hence, as a reason, as a consequence of this, there will be multiple factors that will play into an increased investment outlook. Firstly, to replenish inventory and strategic reserve will supplement the natural demand in oil and gas. Secondly, the energy security will draw decision -- national decision to invest into local resource and to diversify the source of supply, including creating some redundancy if and as necessary and clearly maintaining in the future higher inventory stock spare to prevent future short of supply.

因此，作為原因與結果，將有多項因素推動投資展望上升。第一，補充庫存與戰略儲備將在油氣自然需求之外形成額外需求。第二，能源安全將促使決策——國家層級的決策——投資本地資源並分散供應來源，包括在必要時建立一定的冗餘；並且未來明顯會維持更高的庫存水位，以防止再次出現供應短缺。

So I believe that these are aligning with trends that are already in place that are already indicating that offshore was set for a rebound as we exit 2026 and 2027, so we believe that this combination will both affect the short cycle impact in a short of time and the long cycle at scale into '27 and '28. So we have said in our opinion for an uptick into the cycle strengths going forward.

所以我相信，這些因素正與既有趨勢相互呼應；這些趨勢已顯示，當我們走出 2026 年並進入 2027 年時，離岸市場將迎來反彈。因此我們認為，這種組合將在短時間內影響短週期活動，並在 27、28 年以規模推動長週期活動。總之，我們的觀點是，未來循環強度將出現上行。

So Olivier, you had talked about deepwater looking particularly attractive in that outlook. Obviously, that's part of the long-cycle story there. Can you talk about where you see the most upside in terms of SLB business? Is it more on the Well Construction and Reservoir Performance side? Could OneSubsea be a big driver? Just trying to think about the part of your business that would be most impacted.

所以 Olivier，你談到在這個展望下深水看起來特別具吸引力。顯然那是長週期故事的一部分。你能談談你認為 SLB 業務中哪一塊的上行空間最大嗎？是更多在井筒建設（Well Construction）與油藏績效（Reservoir Performance）這邊？OneSubsea 會是很大的驅動因素嗎？我只是想了解你們業務中最可能受到影響的部分。

So first, I think we are confident that offshore, I think, has been very attractive economically now. And I think where large resource asset for operator to unlock and develop going forward, I think it's the reason why we are seeing this uptick into the FID pipeline and the predictions by many reports saying that this will at scale exceed what we have seen in the last couple of years.

首先，我認為我們有信心，離岸在經濟性上現在非常具吸引力。而且我認為，對營運商而言，未來要解鎖並開發的大型資源資產很多，這也是我們看到最終投資決策（FID）管線上升的原因；許多報告也預測其規模將超過過去幾年的水準。

So the macro assets are very positive on deepwater, and this is true across--I would be very clear, across Africa, Asia, East Asia and Americas, so different regions. Africa, as I stated in my remarks, I think it's certainly one of the most beneficiary for this, and it has vast undeveloped still resource, both oil and gas on the West and on the East, and clearly set to be developed, and this is where we see potential acceleration of FID in the coming quarters.

因此，深水的宏觀面非常正向，而且這點在各地區皆然——我會很清楚地說，涵蓋非洲、亞洲、東亞與美洲等不同區域。非洲如我在談話中所述，無疑是最受惠的地區之一，西岸與東岸仍有大量未開發的油氣資源，且顯然將進入開發階段；我們也在此看到未來幾季 FID 可能加速。

Americas is very strong from Brazil to Gulf of America. And I believe this will continue to play a part in Central America that we see support. And Asia because of gas, we see a double down on the development of gas and deepwater resource, and we are seeing a lot of development happening these days in Indonesia.

美洲從巴西到美洲灣（Gulf of America）都非常強勁。我相信這股動能也將延伸到中美洲，並獲得支撐。亞洲方面，由於天然氣因素，我們看到對天然氣與深水資源開發的加碼投入，而近期在印尼也有大量開發正在進行。

And you have seen some of the announcements we have made earlier today in the earnings press release and with subsea being awarded in Malaysia and in South China Sea, a critical award.

而你也看到我們今天稍早在財報新聞稿中所發布的一些公告，包括在馬來西亞與南海獲得海底（subsea）專案授標，這是一項關鍵的授標。

So I believe that Core at large will benefit from this rebound. We have strong market position across the different divisions. But yes, indeed, subsea, we expect OneSubsea to benefit at scale. And as guided historically, previously, I think we expect OneSubsea to benefit, to have a higher booking this year and last year visibly, and to then have a growth trajectory in '26 and into '27 and '28 as we see the scale of this offshore cycle developing.

因此，我相信整體核心業務（Core）都將受惠於這波反彈。我們在各事業部門都有強勢的市場地位。但沒錯，海底領域方面，我們預期 OneSubsea 將以規模受惠。並且如同我們過去的指引，我們預期 OneSubsea 今年與去年相比將明顯有更高的接單（booking），並在 26 年以及 27、28 年，隨著離岸循環規模發展而呈現成長軌跡。

James West, Melius Research.

Melius Research 的 James West。

Hey, good morning, Olivier, Stephan.

嘿，早安，Olivier、Stephan。

Good morning, James.

早安，James。

The Middle East is your backyard. You guys have owned that market for a century or more. You don't leave conflict zones when conflicts happen, and you're always there for the recovery. As you think about the recovery and how it could unfold, I know you made some comments in your prepared remarks about this. But as you talk to the customers, what do they want to do?

中東是你們的主場。你們在那個市場深耕了一個世紀甚至更久。當衝突發生時，你們不會離開衝突地帶，而且你們總是在復甦時期也在場。當你思考復甦以及它可能如何展開時——我知道你在事先準備的談話中有提到一些——但當你與客戶交談時，他們想怎麼做？

What do they need you for initially? And how do you think the kind of momentum builds, assuming that we--the conflict resolves on the time line that you've kind of laid out and others have laid out?

一開始他們需要你們做什麼？以及在假設——衝突依照你所描述的時間線、以及其他人所描述的時間線解決的情況下——你認為這種動能會如何建立？

First, I think, to be clear, I think we are working in lockstep for customers every day, every week. We continue to work closely with them to understand. And as they are contemplating all options for recovery and continue to observe the outcome of the discussion and the geopolitical events happening on the back, and we stand ready.

首先，我想說清楚，我們每天、每週都與客戶緊密協作、步調一致。我們持續與他們密切合作以了解情況；在他們評估各種復甦選項、並持續觀察相關討論結果與背後發生的地緣政治事件之際，我們也隨時待命。

So I think we are more in standby as we speak. But yes, multiple scenarios are being considered.And there are some countries where there is a resumption of operation will be relatively fast and could turn into days and weeks. And there are countries as a facility and/or a field have been stopped and shutting abruptly where we'll be needing to intervene on those field.

所以就目前而言，我們比較像是在待命狀態。但沒錯，正在考量多種情境。而且有些國家營運恢復會相對快速，可能在數天到數週內就能轉變。也有一些國家，因設施和／或油田被迫停止、突然關閉，我們將需要介入這些油田。

Hence, it will be an initial phase of assessment, initial phase of intervention before the production can come back to full capacity. And there is a country or region--or not region, but zone in the region where security will remain a concern and will delay the recovery.

因此，在產能恢復至滿載之前，將會先進入初步評估階段與初步介入階段。此外，在該地區內有某些國家或區域——更準確地說，是該地區中的某些地帶——安全仍將是顧慮，並將延後復甦。

So it's a gradual recovery. But yes, we are working very closely with customers, both to mobilize equipment or resource and also to anticipate the reservoir consequence and the type of services that we need to provide as the conflict start to be stabilizing and as the customer have the confidence to remobilize.

所以這會是逐步復甦。但沒錯，我們正與客戶非常緊密合作，一方面動員設備或資源，另一方面也預先評估油藏的影響以及我們需要提供的服務類型，隨著衝突開始趨於穩定、且客戶有信心重新動員。

So we see long-term clear upside in the region. And we see that some countries will actually use it to catch up and maybe expand the capacity to recover from the market share and the production loss during this period.

因此，我們看到該地區長期且明確的上行空間。我們也看到一些國家實際上會利用這個機會追趕進度，甚至擴增產能，以彌補這段期間市占與產量的損失。

Got it. Okay, very helpful. And then maybe a quick follow-up. Understanding that most energy countries and, of course, companies and countries want to diversify supplies now, do you see more of the--your customers that are Middle East based maybe stepping outside of the region? They've already started to do that a little bit. But stepping outside more post conflict?

了解。好的，很有幫助。接著可能快速追問一下。考量到現在多數能源國家，當然也包括企業與國家，都希望供應多元化，你是否看到更多——你們以中東為基地的客戶——可能走出該區域？他們已經開始有一些動作了。但在衝突之後會更進一步走出去嗎？

No, I think that generally, I think operators will continue to diversify their options across the entire world. And I think there are plenty of basins that still stands undeveloped. And I think I highlighted Africa, I think there's a lot of oil and gas resources that are set to be developed. And I think the fiscal terms and the security condition have improved actually in the region and will make it make it very critical.

不，我認為整體而言，營運商會持續在全球範圍內分散其選項。我也認為仍有許多盆地尚未開發。我提到過非洲，我認為那裡有大量油氣資源將被開發。而且我認為該地區的財政條款與安全條件其實已改善，這將使其變得非常關鍵。

But the Middle East remain a low-cost barrel and low-cost gas country at scale. And hence, it will continue to attract investment as well. And I think the national resource holder in the region will continue to develop at scale the resource.

但中東仍是具規模的低成本原油與低成本天然氣地區。因此，它也將持續吸引投資。我認為該地區的國家資源持有者也會持續以規模化方式開發資源。

So we see a mix, but I think beneficiary of this, I think maybe additional investment will go into Africa, into Americas offshore, into Asia deepwater and into production and recovery across all regions, we believe, because this is where the fastest incremental barrel can come from.

所以我們看到的是一種組合；但我認為受益者之一，可能會有額外投資流向非洲、美洲離岸、亞洲深水，以及各區域的增產與採收率提升，我們相信如此，因為最快的增量桶數就會來自這些地方。

Steve Richardson, Evercore ISI.

Steve Richardson，Evercore ISI。

Good morning. I was wondering if we could talk a little bit about Digital. You made this acquisition with S&P. And from what we understand, this is a largely US-centric data business and data sets. So can you talk about what the longer-term vision is there? And be sure to hit on how and if that's an enabler of some of the other things you're doing in the broader business outside of Digital.

早安。我想知道我們是否可以談談數位業務。你們與 S&P 做了這項收購。依我們了解，這主要是一個以美國為中心的資料業務與資料集。所以你能談談那裡的長期願景是什麼嗎？也請務必說明這是否、以及如何，能夠賦能你們在數位以外、更廣泛業務中正在做的其他事情。

Yes, absolutely. As described in our press release this morning, we have come to an agreement with S&P Global Energy to acquire actually their upstream petrotechnical software, so it's not their data. And this is mostly deployed in North America independent and the workflows are quite specific to unconventional market.

是的，當然可以。如同我們今天早上的新聞稿所述，我們已與 S&P Global Energy 達成協議，收購其上游岩石物理／油藏工程（petrotechnical）軟體，因此不是他們的資料。這套軟體主要部署在北美的獨立業者，其工作流程相當針對非常規市場。

So this is highly complementary to the offering we have. And as we go forward, this will complement the offering in North America, give us opportunity to expand the reach of this petrotechnical workflow solution internationally for the [ivory] markets.

因此，這與我們現有的產品高度互補。展望未來，這將補強我們在北美的產品組合，並讓我們有機會將這套岩石物理／油藏工程工作流程解決方案的觸角擴展到國際上的 [ivory] 市場。

And also will help us to maybe expand and address the next change into the unconventional development and recovery, and use this new software suite to complement what we have and add [scales], add domain and create and unlock new unconventional workflow into North America.

同時也將幫助我們或許能擴展並因應非常規開發與採收率提升的下一波變化，並使用這套新的軟體套件來補足我們現有能力，加入 [scales]、加入專業領域，並在北美創造與解鎖新的非常規工作流程。

So it gives us a broader market access. It give us a tool that is fit for the unconventional market where we're not having the same offering today, and this just expands our product suite into the domain.

因此，它讓我們能接觸更廣的市場。它也提供我們一個適用於非常規市場的工具，而我們目前在這方面並沒有同樣的產品供給，這只是把我們的產品套件在該領域進一步擴充。

Now separately, as you may have seen also into the earnings press release announcement, we have entered an agreement to pursue a strategic partnership with S&P Global Energy with AI, giving opportunity to use the power of Lumi and Tela, including specific domain foundation models that we'll using the data sets, the global data sets of S&P Global Energy so that we, together, provide our customers with unique insights to AI, applying AI capability, applying our domain and our domain foundation model, our capability on the full data sets of S&P Global Energy.

另外，如你可能也在財報新聞稿公告中看到的，我們已與 S&P Global Energy 達成協議，推動一項以 AI 為核心的策略合作夥伴關係，讓我們有機會運用 Lumi 與 Tela 的能力，包括特定領域的基礎模型；我們將使用 S&P Global Energy 的全球資料集，讓我們雙方能共同為客戶提供獨特的 AI 洞見——運用 AI 能力、運用我們的領域知識與領域基礎模型能力，在 S&P Global Energy 的完整資料集上發揮作用。

So that's unique. And I think that would be very, very appreciated by customers and benefits the customer greatly going forward.

所以這是獨特的。我認為客戶會非常、非常欣賞，並在未來大幅受益。

That's great. And I suspect we'll hear much more about that at the Analyst Day in June. I'm wondering if you could give us a brief update on the data center business and your outlook there in terms of securing additional customers, your commercial approaches there and expectations for the balance of the year relative to what you talked about a quarter ago. Thanks.

很棒。我想我們在六月的分析師日會聽到更多相關內容。我想請你簡要更新一下資料中心業務，以及你們在那裡的展望：包括爭取更多客戶的進展、商業化策略，以及相較於一季前你們談到的內容，對今年剩餘期間的預期。謝謝。

Yes. I think you have seen we continue to progress. I think we continue to reiterate our ambition and our goal that we'll reach or exceed the [$1 billion] run rate as we close this year. And actually, we have made great progress this quarter to secure additional customers that give us further visibility into the demand for our capacity in 2027 and '28.

是的。我想你已看到我們持續取得進展。我們也持續重申我們的企圖心與目標：在今年結束時，我們將達到或超過約 10 億美元的年化營收（run rate）。而且實際上，本季我們在爭取更多客戶方面取得很大進展，讓我們對 2027 與 2028 年對我們產能的需求有更高的可見度。

And as indicated, developing more growth and scaling more than what I have mentioned as an exit rate going forward.

並且如先前所示，我們正在推動更多成長與擴大規模，超過我先前提到的未來退出年化水準（exit rate）。

So you have seen one announcement on NVIDIA that has chosen us and selected us as their design partner for the DSX AI factory. It means a lot. It means that we have been selected amongst others as a partner they believe they can trust to develop this modular infrastructure solution for DSX center, large-scale future Vera Rubin solution center that need to be scaled fast, and we will add our capability to build this site and manufacture this equipment off-site and bring this modular infrastructure to this NVIDIA customer in the future.

所以你已看到一項關於 NVIDIA 的公告：他們選擇並指定我們作為 DSX AI 工廠的設計合作夥伴。這意義重大。這代表在眾多候選者之中，我們被選為他們信任的合作夥伴，用以開發這套模組化基礎設施解決方案，服務於 DSX 中心、未來需要快速擴展的大型 Vera Rubin 解決方案中心；我們將加入我們的能力來建置該場址、在場外製造這些設備，並在未來把這套模組化基礎設施交付給這位 NVIDIA 客戶。

So that's great. And I think you will see additional announcements coming that--which shows the breadth of our customer reach and the scale of our operation going forward.

所以這很棒。我認為你將看到更多後續公告——這些將展現我們客戶觸及面的廣度，以及我們未來營運規模的擴張。

So we are very pleased with the progress and this will continue to grow in '26 and clearly at scale in '27.

因此，我們對進展非常滿意；這項業務將在 2026 年持續成長，並且在 2027 年明顯進入規模化。

Arun Jayaram, JPMorgan.

Arun Jayaram，JPMorgan。

Yes, good morning. Olivier, production and recovery seems to be an important theme this morning. I was wondering if you could highlight some of the industrial and technical challenges in restoring production, which is off-line in the Middle East. And do you think that--assuming that we get to an improvement in the situation in the Middle East in 2Q, could this be a driver of SLB's second half '26 results?

是的，早安。Olivier，今天早上「增產與採收率提升」似乎是一個重要主題。我想請你說明一下，在中東恢復目前停產的產量時，會面臨哪些工業與技術挑戰？另外你是否認為——假設中東局勢在第二季改善——這可能會成為推動 SLB 2026 年下半年業績的因素？

So firstly, I will not be commenting on behalf of our customers in the Middle East as they go through the assessment of their facilities. Some of them, as you know, have been damaged by this crisis. I will more comment on the engagement, collaboration and close partnership we have with our customers to prepare for, and as they are ready to mobilize as they believe the security concerns are no more present.

首先，我不會代表我們在中東的客戶發言，因為他們正在對其設施進行評估。你也知道，其中一些設施在這次危機中受損。我更想談的是：我們與客戶之間的投入、協作與緊密夥伴關係，如何為其做準備；以及當他們認為安全疑慮不再存在、準備好動員時，我們如何配合。

And I think, first and foremost, I think some, as I said, they're shutting down already. And I think this would just be a resumption of operation that will just be redeployment of resource, remobilization of resource. And I think with no necessarily significant impact in short term.

我認為，首先，如我所說，有些已經是關停狀態。我認為這將只是營運恢復，也就是資源重新部署、資源再動員。我認為短期內不一定會有顯著影響。

Others will need well intervention activity, and that's where we have an upside, and we want to work with our customers to see how we can help restore the production and add and use the production and recovery technology set to help us regain the capacity production that was preconflict.

其他則需要進行井下介入作業，而這正是我們的上行機會；我們希望與客戶合作，看看我們如何協助恢復產量，並運用增產與採收率提升的技術組合，幫助我們把產能恢復到衝突前的水準。

So long term, as we said earlier, we see more upside. I think once this resumption of operation gradually resume throughout the following months and possibly quarter for some countries, we see that there is an upside into the desire for some country there to uplift their capacity and to participate in the replenishment of the depleted inventory and [substantial] reserve. So we are seeing gradual intervention first, recovery, production and recovery focus and then large-scale development and expansion of capacity for some countries.

因此，長期而言，如我們先前所說，我們看到更多上行空間。我認為一旦營運恢復在接下來數月、甚至對某些國家而言可能跨越季度而逐步展開，我們看到當地一些國家有意提升產能，並參與補充已消耗的庫存與 [substantial] 儲備。因此，我們看到先是逐步介入、接著是復原、聚焦增產與採收率提升，然後對某些國家而言會進入大規模開發與擴產。

Great. I have a follow-up to Stephen's question on digital. If I look at year-over-year trends, Olivier, your revenue was up 9%, but your margins fell by 473 basis points. I was wondering if you could talk about what you saw on the margin front and perhaps the recovery potential for digital margins over the balance of the year.

很好。我想就 Stephen 關於數位的問題追問一下。若我看年對年趨勢，Olivier，你們營收成長 9%，但利潤率下滑了 473 個基點。我想請你談談你們在利潤率方面看到的情況，以及今年剩餘期間數位利潤率的回升潛力。

I'll take this question, Arun. It's Stephane. So as you know, we closed last year in digital with full year EBITDA margin of 35% and the pretax operating margin of 28%. There's a bit of a distinction between the pretax margin and the EBITDA here. We started 2026 with pretax margin of just about 21%, which is essentially in line with where we started in the first quarter of 2025.

Arun，這題我來回答。我是 Stephane。如你所知，我們去年數位業務全年 EBITDA 利潤率為 35%，稅前營業利潤率為 28%。稅前利潤率與 EBITDA 在這裡有些差異。我們在 2026 年的起步，稅前利潤率約為 21%，基本上與 2025 年第一季的起點一致。

EBITDA margins, however, were indeed lower, and this is exclusively due to lower amortization from the mix of exploration data that we sold during the quarter. So if you step back anyway, as I said earlier, the first quarter of the year is typically the lowest for digital margin. So if you look at where we started, same as last year, and we fully expect to see the same pattern we have seen over the years, we will reach the highest margins in the fourth quarter, and it is clearly our ambition to deliver the total EBITDA margins from digital of at least 35% this year as well.

不過，EBITDA 利潤率確實較低，而這完全是因為本季我們出售的勘探資料組合所帶來的攤銷較低所致。所以如果你退一步來看，正如我先前所說，一年第一季通常是數位業務利潤率最低的季度。因此，如果你看我們的起點，和去年一樣，我們完全預期會看到多年來一貫的相同模式：我們將在第四季達到最高利潤率；而且我們也明確以今年同樣要交付數位業務整體 EBITDA 利潤率至少 35% 為目標。

So this is the choppiness of quarterly movements that it's not a concern to us.

所以，這就是季度波動的顛簸性，對我們而言並不是問題。

Scott Gruber, Citi Research.

Scott Gruber，花旗研究（Citi Research）。

Yes, good morning, Olivier and Stephane. I got a couple of questions on digital. So in a world where code-ready becomes easier and more commoditized, can you speak to the resilience of the value add of your digital portfolio? And as you kind of take moves to shape the portfolio like you've done with the S&P acquisition, how do you think about kind of expanding that value add and enhancing that resilience?

是的，早安，Olivier 和 Stephane。我有幾個關於數位業務的問題。在一個「code-ready」變得更容易、也更商品化的世界裡，你能談談你們數位產品組合增值能力的韌性嗎？另外，當你們像透過 S&P 收購那樣採取行動來塑造產品組合時，你們如何思考擴大這種增值、並提升其韌性？

No, I think the customers are accelerating the adoption of digital because they believe that no matter what the cycle is turning into, a highly favorable cycle or a challenging cycle, they believe they need to differentiate, they need to add and extract efficiency, productivity in the geoscience and planning workflow, operational performance and efficiency into the drilling and into the production and recovery space.

不，我認為客戶正在加速採用數位化，因為他們相信無論景氣循環走向如何——不論是非常有利的循環或是充滿挑戰的循環——他們都需要差異化，需要在地球科學與規劃工作流程中提升並釋放效率與生產力，並在鑽井以及生產與提高採收率的領域提升營運績效與效率。

And they have seen that the digital capability, and you can see it by the adoption of digital operation growing at--very nicely year-on-year and is driven by drilling, it's driven by production, operational workflow where customers are adopting AI solution, adopting software solution that can transform the performance of doing operations like drilling automation, can transform production workflow to render ESPs autonomous.

而且他們已經看到數位能力的價值；你也可以從數位營運的採用率逐年非常不錯地成長看出來，這成長由鑽井帶動、由生產帶動，也由營運工作流程帶動——客戶正在採用 AI 解決方案、採用能夠改變作業績效的軟體解決方案，例如鑽井自動化；也能改造生產工作流程，使 ESP（電潛泵）走向自主化。

And I think this capability will be looked for, for every customer. So every use case we see is reasoning across customers in every basin. And I think we see this not only resilience. We see this as a long-term tail of any cycle and something that digital will continue to have a tailwind in our industry because we have data like no other industry has.

我認為每一位客戶都會需要這種能力。因此，我們看到的每一個使用案例，都在各個盆地、各類客戶之間產生共鳴。我們不僅看到韌性；我們也把這視為任何循環下的長期趨勢尾巴，而且數位化在我們產業將持續受惠於順風，因為我們擁有其他產業無可比擬的資料。

We have scientists and engineers that love to play with data, and we have AI that is starting to come at play as a catalyst to become an X factor, if you like, to unlock productivity. So we are, I think, unique in our capability. We have a domain knowledge that is deep, and we have the platform that can help scale this AI capability going forward.

我們有喜歡玩資料的科學家與工程師，而 AI 正開始發揮作用，成為一個催化劑——如果你願意這麼說——成為一個 X 因子，用來解鎖生產力。因此，我們在能力上是獨特的：我們有深厚的領域知識，也有能在未來協助擴大這項 AI 能力的平台。

So we feel that I think it is the right time for the industry to adopt AI at scale. We think that we have the platform, we have the deep domain and the first use case that are starting to be realized recently and the power of agentic in our industry will only reinforce this growth opportunity, and it's not only resilience, it's growth going forward. And we show more of this in the upcoming event in the Digital Investor Forum.

所以我們認為，現在正是產業以規模採用 AI 的正確時機。我們認為我們擁有平台、擁有深厚的領域能力，也有一些第一批使用案例最近開始落地；而「代理式（agentic）」能力在我們產業的力量，只會進一步強化這個成長機會——這不只是韌性，而是未來的成長。我們也會在即將到來的 Digital Investor Forum 活動中分享更多。

I definitely look forward to it. And a follow-up here, just with an outlook for higher oil prices, at least over the medium term, how does that impact the digital business? I assume your seismic sales could improve? How meaningful could that be? And then kind of more importantly, would you anticipate customers taking some of this excess cash that they're generating and spend it on more software, more applications to get a bigger boost for their own internal efficiency?

我非常期待。接著追問一下：在油價走高的展望下——至少在中期——這會如何影響數位業務？我猜你們的地震資料銷售可能會改善？這會有多大意義？然後更重要的是，你是否預期客戶會把他們產生的部分超額現金，用於購買更多軟體、更多應用，以更大幅提升其內部效率？

Yes. Obviously, when the commodity prices are high, and I think the customers have more optionality with their discretionary spend, they use it into domain, in digital and they accelerate exploration. And I think we foresee and we have seen it and we have seen signals that exploration is coming back.

是的。顯然，當大宗商品價格高時，我認為客戶在可自由支配支出上有更大的選擇性，他們會投入到領域（domain）與數位化，並加速勘探。我們預見到、也已經看到，而且也看到一些訊號顯示勘探正在回來。

We have seen some announcements of some company reinvesting in exploration at scale because I believe they want to secure reserves to participate in long-term energy security. And at the same time, yes, they use this discretionary spend smartly and using this occasion to buy data assets to accelerate the exploration.

我們看到一些公司宣布以規模重新投資勘探，因為我相信他們希望確保儲量，以參與長期能源安全。同時，是的，他們也會更聰明地運用這些可自由支配支出，趁這個機會購買資料資產來加速勘探。

And we'll benefit from that, but also participate to more pilots and then make decisions faster to accelerate their platform software deployment in their organization.

我們將從中受益，同時也會參與更多試點（pilot），並更快做出決策，以加速他們在組織內的平台軟體部署。

Sebastian Erskine with Rothschild & Co Redburn.

Sebastian Erskine，Rothschild & Co Redburn。

Hi, good morning, gentlemen. Thanks for taking my questions. Good morning.

嗨，早安，各位先生。謝謝讓我提問。早安。

I just look to start on SLB OneSubsea. It's really one of the jewels in the SLB crown, you guided at full year '25 results of $9 billion in sort of order intake over the next two years. But I wonder if you could give perhaps some outlook on the margin expansion potential within the OneSubsea business, particularly with comparisons with sort of broader offshore E&C universe.

我想先從 SLB OneSubsea 開始。它確實是 SLB 王冠上的明珠之一；你們指引 2025 全年在未來兩年內的訂單流入約 90 億美元。但我想請問，你們是否能提供 OneSubsea 業務利潤率擴張潛力的展望，特別是與更廣泛的離岸 E&C（工程與建造）同業相比？

Is there more room for integration with the rest of your portfolio or further efficiencies related to the existing kind of Aker subsea business? Any color on the margin outlook for OneSubsea?

它是否還有更多空間與你們其餘產品組合進一步整合，或是與既有的 Aker 海底業務相關的進一步效率提升？能否分享一些 OneSubsea 的利潤率展望？

Yes, sure, Sebastian. You have noticed that actually for the first time, we gave you our margin for--in OneSubsea for the first quarter. Unfortunately, they were not as brilliant this quarter, but these are temporary effects for--due to the timing of project completions and start-ups.

好的，當然可以，Sebastian。你應該注意到，事實上我們是第一次向你們提供 OneSubsea 第一季的利潤率。不幸的是，本季表現沒有那麼亮眼，但這些是暫時性的影響，主要是由於專案完工與啟動時點的安排所致。

So you've seen where the margins were in the same quarter of last year, pretax margins of 18%, which means EBITDA margin very close to 20%. So this is what we expect from this business over the cycle at the minimum.

所以你們看到去年同一季度的利潤率：稅前利潤率 18%，這意味著 EBITDA 利潤率非常接近 20%。這是我們對這項業務在整個循環中至少的期待水準。

And even though we started on a rough note in the first quarter, we expect the margins to normalize in the coming quarters then. And hopefully, on the back of backlog that is increasing year-on-year, we are actually up 5% year-on-year on the backlog. We have better visibility on the growth going forward and a potential margin uplift.

即使我們在第一季開局較為顛簸，我們也預期利潤率會在接下來幾季恢復正常。並且在積壓訂單逐年增加的支撐下——我們的積壓訂單年增 5%——我們對未來成長有更好的能見度，也有利潤率上行的潛力。

Yes, I just want to add a couple of things. Yes. So that's production and recovery. I think I just want to add that, obviously, subsea as a domain of deepwater, I think, is essential for our customers and production and recovery plays a great role. And I think we have a unique processing--subsea floor processing portfolio.

是的，我想再補充幾點。是的，這是關於生產與提高採收率。我想補充的是，顯然，海底（subsea）作為深水領域的一部分，對我們的客戶至關重要，而生產與提高採收率扮演了很重要的角色。我們也擁有獨特的處理——海底井口處理（subsea floor processing）產品組合。

We have seen one more announcement that we are continuing to renovate and to enhance the project we have in Gullfaks in--with Equinor in Norway. And we have done one acquisition that complements offering to help us better participate into the intervention world of deepwater subsea.

我們又看到一項公告：我們正持續翻新並強化我們在挪威與 Equinor 於 Gullfaks 的專案。同時我們也完成了一項收購，用以補強我們的產品供給，幫助我們更好地參與深水海底介入（intervention）市場。

So we believe, indeed, that production and recovery strategy and the connection with our--of our Core capability is essential going forward. It will help customers leverage OneSubsea to enhance the production of existing fields and provide more life of field services, as we call it, including digital capability to this subsea installation. So it's both on the E&C cycle. And then on the life of field services long term that will benefit.

因此，我們確實相信，生產與提高採收率策略，以及它與我們核心能力的連結，對未來至關重要。這將幫助客戶運用 OneSubsea 來提升既有油田的產量，並提供更多我們所稱的「油田全生命週期服務」（life of field services），其中也包括把數位能力帶入這些海底裝置。所以，這同時受益於 E&C 循環，也受益於長期的油田全生命週期服務。

Really appreciate the color there. And then just a follow-up, I think, Olivier, in the prepared remarks, you mentioned towards the end of the data center solutions section, you were kind of considering potential further M&A following the closure or the announcement of the S&P Global deal. What areas are you seeking to add in terms of your portfolio? Any color on that would be helpful.

非常感謝這些說明。接著追問一下：我想是 Olivier，你在事先準備的發言中提到，在資料中心解決方案那一段的結尾，你們在完成或宣布 S&P Global 交易之後，正在考慮進一步的併購。你們希望在產品組合中增加哪些領域？若能提供一些方向會很有幫助。

Yes, we are looking at everything where we believe that we could build a portfolio that give us a more technology anchor into our portfolio so that as we build more modular infrastructure solution across the full space, thermal management is one that obviously come to mind. And we look at the opportunity, we believe, could complement the offering we have and the go-to-market that we have catered and the height of play we have catered into the space.

是的，我們正在檢視所有我們相信可以打造一個產品組合、並為我們的組合帶來更強技術錨點（technology anchor）的領域。如此一來，當我們在整個領域打造更模組化的基礎設施解決方案時，熱管理（thermal management）顯然是首先會想到的一個方向。我們也在評估相關機會，並相信這些機會可以補強我們既有的產品供給與我們已建立的市場進入策略（go-to-market），以及我們在該領域所鎖定的重點戰場。

Marc Bianchi, TD Cowen.

Marc Bianchi，TD Cowen。

Hi. Thank you very much. I just first wanted to quickly clarify on the outlook here for second quarter. So you're essentially saying that results will be the same as first quarter and there's sort of a $0.06 to $0.08 incremental hit from Middle East that's being offset elsewhere. Is that the message you're trying to deliver here?

嗨，謝謝你們。我首先想快速釐清一下第二季的展望。所以你們基本上是在說，結果會和第一季相同，而中東帶來約 0.06 到 0.08 美元的額外衝擊，會在其他地方被抵消。這是你們想傳達的訊息嗎？

Yes. No, that's a good summary, Marc. Just to be clear, this is under the specific scenario that we highlighted where the operational disruptions start to ease more or less at the middle of the quarter and then gradually recover. So in this scenario, we can offset the negative impact of $0.06 to $0.08 incremental effect of Middle East with the rest of the international operations.

是的。不，Marc，這個總結很好。為了釐清，這是在我們先前強調的特定情境之下：營運中斷大約在本季中段開始緩解，之後逐步復原。因此在此情境下，我們可以用其他國際業務來抵銷中東帶來的每股盈餘增量負面影響0.06至0.08美元。

Yes. Great, great, Stephane. The other question I had, going back to OneSubsea and sort of the $9 billion of awards over '26 and '27, is given sort of the outlook here, do you see upside to that now? And how are you sort of thinking about your competitive positioning? We hear a lot from your other competitor about their integrated capabilities. Can you kind of talk about how you see OneSubsea positioned from a competitive perspective?

是的。很好、很好，Stephane。我另一個問題是回到OneSubsea，以及在2026年與2027年合計約90億美元的得標金額。就目前的展望來看，你們現在是否看到這個數字有上行空間？另外你們如何看待自身的競爭定位？我們常聽到你們的另一位競爭對手談到他們的整合式能力。你能否談談你們如何從競爭角度看待OneSubsea的定位？

So first, I think commenting on the cycle. I think the more reserve the dynamic plays favorably as the conflict ends, the more we believe that the investment will be attractive into the deepwater market as it is a majority actually of what we foresee as FID in '27 and '28. And hence, the more it will play into the size of the addressable market. Hence, if FID has firmed up, if not accelerated in '27 or even in '26, this will give us a potential to outperform the guidance we have given.

首先，我想先評論一下景氣循環。我認為，隨著衝突結束，儲量動態越偏向有利的一面，我們就越相信對深水市場的投資會更具吸引力；而深水其實占我們預期在2027年與2028年做出FID（最終投資決策）的多數。因此，這也會反映在可服務市場規模上。也因此，如果FID已經趨於穩固，甚至在2027年或2026年加速，這將使我們有機會優於我們所給出的指引。

So yes. Now on the position, we feel very good with the position we have, extremely good. We have a partner with Subsea7 gave us when and as customers ask for integrated offering the integrated capability to deliver, and we have done it at scale with many customers.

所以是的。至於定位方面，我們對目前的定位感覺非常好，極其有信心。我們與Subsea7的合作夥伴關係，讓我們在客戶提出整合式方案需求時，具備交付整合能力；而且我們已經與許多客戶以規模化方式完成交付。

We feel that we have developed partnership and collaborative engagement with several customers that have led us to be getting--working jointly with our customers to help and provide support to increase and improve the design of the subsea architecture and unlock FID, and this is through with the partner we have in--with Equinor, with bp.

我們認為，我們已與多位客戶建立了夥伴關係與協作式互動，促使我們能與客戶共同合作，協助並支持其提升與改善海底系統架構設計、推動並解鎖FID；這也透過我們與Equinor、與bp的合作夥伴關係來實現。

And we believe that we have a unique portfolio with subsea processing that is having no match on the market. And you have seen the announcement today, and you will continue to see a pipeline of projects that will make it pretty unique in the marketplace.

我們也相信，我們在海底處理（subsea processing）方面擁有獨特的產品組合，市場上無可匹敵。你們今天已看到相關公告，接下來也會持續看到一系列專案管線，讓我們在市場上更具獨特性。

You have seen the Ormen Lange subsea gas compression that unlock a new level of recovery for the field of Ormen Lange in Norway. You have seen the additional announcement we did today on the Gullfaks project where we'll rework with our customer to make sure that we extend the life and improve the performance of this capacity of subsea processing so that it unlocks next level of recovery.

你們已看到Ormen Lange的海底天然氣壓縮專案，為挪威Ormen Lange油氣田解鎖了新的採收率提升層級。你們也看到我們今天對Gullfaks專案的新增公告，我們將與客戶合作進行再工程/改造，確保延長壽命並提升這套海底處理能力的效能，從而解鎖下一層級的採收率提升。

So yes, we feel good about our integrated capability--integration capability with good pipeline offer that you have seen. We were awarded in Malaysia, in South China Sea, in Suriname and in Norway announced today. And we'll continue to have a pipeline of exciting project going forward across the basin. I mentioned earlier, Americas, Asia and Africa. So we are pleased with the OneSubsea progress and continue to support them fully.

所以是的，我們對我們的整合能力——與良好的專案管線——感到很有信心，你們也已經看到。我們在馬來西亞、南海、蘇利南以及挪威（今日公告）都獲得了專案。我們也將持續在各個盆地推進令人振奮的專案管線。我先前提到，美洲、亞洲與非洲。因此，我們對OneSubsea的進展感到滿意，並將持續全力支持他們。

Neil Mehta, Goldman Sachs.

Neil Mehta，高盛。

Morning. You guys talked a lot about some of the cost impacts that you're seeing in the Middle East and how that's impacting margins, and I think we all understand that at a conceptual level, things like freight. But can you just kind of give us some of the line items that might be causing the pressure point and help us understand what are some of the specific items that are pressure points?

早安。你們談了很多關於在中東看到的一些成本影響，以及這如何影響利潤率；我想我們在概念上都理解，例如運費之類。但你們能否具體說明一下，哪些成本科目可能造成壓力點，幫助我們理解有哪些具體項目是壓力來源？

Sure, sure, we can do that. So clearly, from the situation in the Middle East, it introduced quite some strain on supply chain networks locally, but with ripple effects in other places in the world. So probably the line item, but the most impacted is logistics and transportation costs clearly.

當然、當然，我們可以說明。很明顯，中東局勢使當地供應鏈網路承受相當大的壓力，並在全球其他地區產生連鎖效應。所以受影響最大的科目，最主要就是物流與運輸成本。

Coming next is raw materials, those which are derived from petroleum products, of course, and that would also include chemicals. So it's raw materials and logistics mostly. So this has impacted our margins in the first quarter, and it will linger for a while.

其次是原物料，尤其是由石油產品衍生的那些，當然也包括化學品。因此主要是原物料與物流。這已影響我們第一季的利潤率，而且還會持續一段時間。

Now we are not going to let just that hit our cost. We have mobilized our commercial organization to recover some of these increased costs, and we are activating inflation passthrough clauses that we have in our contracts. And if we don't, we are in direct negotiations with both our suppliers and our customers to offset these effects. So we are kind of used to these spikes in costs coming from inflation and we'll try to recover as much as we can.

不過我們不會就讓這些直接侵蝕成本。我們已動員商務團隊來回收部分增加的成本，並啟動合約中的通膨轉嫁條款。如果無法適用，我們也正與供應商及客戶進行直接談判，以抵銷這些影響。我們對於通膨帶來的成本尖峰算是有經驗，會盡力回收我們能回收的部分。

And my last question. It's been a couple of months now that ChampionX has officially been in the SLB portfolio. Just any observations about what it's bringing to the table here and how you've been able to integrate the system into the broader company?

我最後一個問題。ChampionX正式納入SLB投資組合已經幾個月了。你們對它帶來的貢獻有什麼觀察？以及你們如何把這個系統整合進更大的公司架構中？

First, I think I will reiterate the results part of the ChampionX's addition to the portfolio, as Stephane highlighted, I think ChampionX has been portfolio accretive to the company in the first quarter, and I think it has been growing year-on-year and expanding margin year-on-year.

首先，我想重申ChampionX加入投資組合在成果上的表現。如Stephane所強調，我認為ChampionX在第一季對公司是增益性的（portfolio accretive），而且我認為它的年對年成長，以及年對年利潤率擴張都很明顯。

Second, I will come back to the three days we spend with our Board in Midland. I think it was a pleasure to see in action our ChampionX employees integrating fully in a pore to pipeline, if you like, a tool that we made for our customers with our Board of Directors to showcase our fit for-basin technology in the Permian, highly integrated, already getting pulled through, already getting synergy, revenue synergy and technology synergy that customers are appreciative.

第二，我想回到我們在Midland與董事會一起度過的三天。我很高興看到ChampionX員工在現場的實際運作，已經完全融入我們所謂從地層孔隙到管線（pore to pipeline）的整體方案——這是我們為客戶打造的工具——並與董事會一起展示我們在二疊紀盆地的「適配盆地」（fit-for-basin）技術：高度整合、已經開始被客戶拉動採用、已經產生協同效應，包括營收協同與技術協同，客戶也非常認同。

The second highlight of this trip was meeting of our customers. We also had many customers with our Board of Directors in Midland. And I think it was a pleasure to give--to get feedback, very direct and transparent feedback from our customers.

這次行程的第二個重點是與客戶會面。我們也在Midland與董事會一起接待了許多客戶。我認為能夠獲得客戶非常直接且透明的回饋，是一件令人愉快的事。

They were very pleased with the integration progress, and they have seen the light of the potential that ChampionX with the great SLB can bring to the operation in the Permian. So we are seeing the benefits on the financial results.

他們對整合進度非常滿意，也看到了ChampionX結合強大的SLB能為二疊紀盆地營運帶來的潛力。因此，我們在財務結果上正看到這些效益。

We are seeing an exciting opportunity for production and recovery as we commented on the summit that we also said lately, and we see the enthusiasm of our team starting with the ChampionX employees and the customers that are appreciative and recognize this is something unique that we have and something that can unlock the potential of production and recovery, particularly in unconventional but in all of our basin in the world as well.

我們也看到在產量提升與採收率改善方面的令人振奮機會，正如我們在峰會上以及近期所提到的；同時也看到團隊的熱情——從ChampionX員工開始——以及客戶的肯定與認可。他們認為這是我們獨有的能力，能解鎖產量與採收率的潛力，特別是在非常規領域，但同樣也適用於我們在全球各個盆地的業務。

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

謝謝。我現在把電話交回SLB作結語。

So thank you very much. So ladies and gentlemen, as we conclude today's call, I would like to leave you with the following reflection.

非常感謝。各位女士、先生，在我們結束今天的電話會議之際，我想留給各位以下幾點思考。

First, while recent events have created near-term disruption, they have also reinforced the need for secure and reliable energy, which will support oil price above pre-conflict levels and create an enduring backdrop for oil and gas investment.

第一，雖然近期事件造成短期干擾，但也再次凸顯安全且可靠能源的需求，這將支撐油價高於衝突前的水準，並為油氣投資創造長期且持續的背景條件。

Second, production and recovery, digital and data center solutions are creating the foundation for accelerated growth.

第二，生產與採收率提升、數位化與資料中心解決方案，正在為加速成長奠定基礎。

And finally, I want to take a moment to recognize that this year marks 100 years of SLB.

最後，我想花一點時間指出，今年是SLB成立100週年。

As we celebrate this milestone, I'm proud that we are not only honoring an extraordinary legacy, but also building the foundation for the next century of innovation, performance and leadership.

在我們慶祝這個里程碑之際，我很自豪我們不僅是在致敬一段非凡的傳承，也正在為下一個世紀的創新、績效與領導力奠定基礎。

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

至此，我將結束今天的電話會議。感謝各位參與。

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

今天的電話會議到此結束。您現在可以掛線。