斯倫貝謝公司 (SLB) 2022 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Schlumberger earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們，先生們，感謝您的支持，歡迎參加斯倫貝謝財報電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

I would now like to turn the conference over to the Vice President of Investor Relations, ND Maduemezia. Please go ahead.

我現在想將會議轉交給投資者關係副總裁 ND Maduemezia。請繼續。

Thank you, Lea. Good morning, everyone, and welcome to the Schlumberger Limited First-Quarter 2022 Earnings Conference Call. Today's call is being hosted from Oslo following the Schlumberger Limited Board meeting held earlier this week. Joining us on the call are Olivier Le Peuch, Chief Executive Officer; and Stephane Biguet, Chief Financial Officer.

謝謝你，莉亞。大家早上好，歡迎參加斯倫貝謝有限公司 2022 年第一季度收益電話會議。在本週早些時候舉行的斯倫貝謝有限公司董事會會議之後，今天的電話會議在奧斯陸舉行。與我們一起參加電話會議的是首席執行官 Olivier Le Peuch；和首席財務官 Stephane Biguet。

Before we begin, I would like to remind all participants that some of the statements we're 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. I therefore refer you to our latest 10K filing and our other SEC filings. Our comments today may also include non-GAAP financial measures. Additional details and reconciliation to the most directly comparable GAAP financial measures can be found in our first-quarter press release, which is on our website.

在開始之前，我想提醒所有參與者，我們今天所做的一些陳述是前瞻性的。這些事項涉及風險和不確定性，可能導致我們的結果與這些陳述中預測的結果大不相同。因此，我建議您參考我們最新的 10K 文件和其他 SEC 文件。我們今天的評論可能還包括非公認會計準則財務指標。可以在我們網站上的第一季度新聞稿中找到更多詳細信息以及與最直接可比的 GAAP 財務指標的對賬。

With that, I'll turn the call over to Olivier.

有了這個，我會把電話轉給 Olivier。

Thank you, ND. Good morning, ladies and gentlemen. Thank you for joining us on the call today. In my remarks, I will cover our first-quarter results and achievements, followed by our latest view of the market environment and our outlook for the second quarter and the rest of the year, particularly internationally. Stephane will then give more detail on our financial results, and we will open the floor for your questions.

謝謝你，ND。早上好，女士們，先生們。感謝您今天加入我們的電話會議。在我的講話中，我將介紹我們第一季度的業績和成就，然後是我們對市場環境的最新看法以及我們對第二季度和今年剩餘時間的展望，尤其是國際展望。然後，Stephane 將詳細介紹我們的財務業績，我們將為您提出問題。

Considering the global context during the first quarter, I'm very pleased with our start of the year. Sequentially, the quarter broadly reflected typical seasonal patterns, except for additional effects of the Russian ruble devaluation and a more pronounced sequential decline in Production Systems. Year-on-year, we delivered a strong increase in earnings and revenue growth, along with operating margin expansion. Our results were particularly strong in Well Construction and Reservoir Performance, where we are maximizing our leading market positions, our top-tier technology performance, and enhanced operating leverage to full effect, both internationally and North America.

考慮到第一季度的全球背景，我對今年的開局感到非常滿意。除了俄羅斯盧布貶值的額外影響和生產系統更明顯的連續下降之外，該季度總體上反映了典型的季節性模式。與去年同期相比，我們實現了盈利和收入增長的強勁增長，以及營業利潤率的擴大。我們在油井建設和油藏性能方面的業績尤其強勁，我們正在最大限度地發揮我們的領先市場地位、我們的頂級技術性能，並增強運營槓桿以充分發揮國際和北美的作用。

All Divisions and Areas grew year-on-year, resulting in 14% overall growth. This was achieved through double-digit revenue growth internationally and by fully capitalizing on our North America exposure, with 32% revenue growth. Operating margins expanded in both North America and in the international markets, and we started the year with the highest first-quarter margin since 2015. This establishes an excellent foundation for our full-year margin expansion ambition.

所有部門和地區均同比增長，整體增長 14%。這是通過國際上兩位數的收入增長和充分利用我們在北美的業務實現的，收入增長了 32%。北美和國際市場的營業利潤率均有所擴大，今年第一季度利潤率創下 2015 年以來的最高水平。這為我們的全年利潤率擴張目標奠定了良好基礎。

Well Construction and Reservoir Performance, our core service Divisions, had very strong momentum to start the year. In addition, we secured several new multiyear contracts and improving commercial conditions in a number of geographies and services. Digital & Integration also posted double-digit growth compared to the same period last year, with new critical commercial contracts and significant advance of our digital platform strategy with the launch of our first INNOVATION FACTORI in North America.

我們的核心服務事業部建井和油藏表現在年初的勢頭非常強勁。此外，我們獲得了幾份新的多年期合同，並改善了多個地區和服務的商業條件。與去年同期相比，數字與集成也實現了兩位數的增長，新的關鍵商業合同以及我們在北美推出首個創新工廠的數字平台戰略取得了重大進展。

In Production Systems, our core equipment Division, year-on-year growth was muted by the impact of supply chain bottlenecks, which have pushed deliveries into subsequent quarters. Despite these transitory challenges, I'm very pleased with the quality and size of the backlog and orders secured in the past 12 months. With improving supply conditions, I'm confident that the execution of our response plan will significantly improve backlog conversion, resulting into an accelerated revenue growth dynamic in the coming quarters.

在生產系統，我們的核心設備部門，同比增長受到供應鏈瓶頸的影響，這將交付推到了隨後的幾個季度。儘管存在這些暫時的挑戰，但我對過去 12 個月內獲得的積壓訂單和訂單的質量和規模感到非常滿意。隨著供應條件的改善，我相信我們的響應計劃的執行將顯著改善積壓訂單的轉化率，從而在未來幾個季度帶來加速的收入增長動力。

In Russia, the onset of the tragic conflict in Ukraine and corresponding sanction impacted the later part of the quarter. We swiftly initiated a series of actions to ensure the safety of our people and implement the restrictive measures concerning new investments and technology deployment to our Russia operations. We continue to closely monitor this dynamic situation and remain hopeful for a quick cessation of hostilities.

在俄羅斯，烏克蘭悲劇性衝突的爆發和相應的製裁影響了本季度的後期。我們迅速採取了一系列行動，以確保我們的人員安全，並對我們的俄羅斯業務實施新投資和技術部署的限制措施。我們將繼續密切關注這一動態局勢，並希望迅速停止敵對行動。

Overall, and despite unique challenges, I'm very pleased with the results of the quarter. I would like to extend my thanks to the entire Schlumberger team for successfully navigating these developments and delivering an excellent start to what promises to be a year of solid growth and achievement.

總體而言，儘管存在獨特的挑戰，但我對本季度的結果感到非常滿意。我要感謝整個斯倫貝謝團隊成功駕馭這些發展，並為有望成為穩健增長和成就的一年提供了良好的開端。

Turning now to the macro environment. The energy landscape has evolved significantly over the past few months. Recent events have, on one hand, resulted into a change in the pace of demand recovery, while energy security and supply diversification have also emerged as preeminent global drivers that would shape the future of our industry in addition to decarbonization, capital discipline, and digital transformation. This new dimension will have long-lasting positive implications for energy investments over the next few years.

現在轉向宏觀環境。在過去的幾個月裡，能源格局發生了顯著變化。一方面，最近發生的事件導致需求復蘇步伐發生變化，而能源安全和供應多樣化也已成為影響我們行業未來的重要全球驅動因素，此外還有脫碳、資本紀律和數字化轉型。這一新維度將對未來幾年的能源投資產生持久的積極影響。

I would like to share how we see these dynamics developing over the short- and long-term horizons, and more importantly, how this condition will play to Schlumberger's differentiated strength. First, in the short term, commodity prices are elevated as supply conditions continue to tighten due to the impact of capital discipline, consistent OPEC+ policy implementation, and the potential impacts of supply dislocation from Russia.

我想分享我們如何看待這些動態在短期和長期範圍內的發展，更重要的是，這種情況將如何發揮斯倫貝謝的差異化優勢。首先，在短期內，由於資本紀律、歐佩克+政策的持續實施以及俄羅斯供應錯位的潛在影響，供應狀況繼續收緊，商品價格上漲。

The industry is responding to this high commodity price environment with accelerated short-cycle investment in North America, led by the private producers, and a gradual increase in investment by the public operators, albeit tempered by capital discipline and bottlenecks in capacity and supply chain. Internationally, short-cycle investments are set to accelerate with the seasonal rebound in the second quarter and more strongly in the second half of the year, led by the Middle East and the key international offshore basin.

該行業正在應對這種高商品價格環境，以私營生產商為首的北美加速短期投資，以及公共運營商的投資逐步增加，儘管受到資本紀律和產能和供應鏈瓶頸的影響。在國際上，隨著第二季度的季節性反彈，在中東和主要的國際海上盆地的帶動下，短週期投資將在下半年更加強勁。

Second, the elevation of energy security as a priority will drive further capacity expansion and optionality to deliver more diverse oil and gas supply. This will support additional long-cycle development projects, exploration activity, and brownfield rejuvenation programs.

其次，將能源安全提升為優先事項將推動進一步的產能擴張和選擇性，以提供更多樣化的石油和天然氣供應。這將支持更多的長周期開發項目、勘探活動和棕地複興計劃。

Third, favorable condition for products and services net pricing improvement have clearly emerged and are expanding across both North America and the international market. This will be a defining characteristic of this up-cycle, considering the service sector's newfound capital discipline and commitment to margin expansion. This improvement is absolutely critical to support returns and investment in capacity that will be needed to deliver on both the short- and long-term oil and gas supply the world needs.

三是產品和服務淨定價改善的有利條件明顯顯現，並正在向北美和國際市場擴展。考慮到服務業新發現的資本紀律和對利潤率擴張的承諾，這將是這個上升週期的一個決定性特徵。這種改進對於支持滿足世界所需的短期和長期石油和天然氣供應所需的回報和產能投資絕對至關重要。

The combination of these effects creates an exceptional sequence for our sector, likely resulting in a cycle of higher magnitude and duration than previously anticipated. Schlumberger has led the sector in reinventing itself over the past few years, aligning closely with industry shifts, customer needs, and increased shareholder value.

這些影響的結合為我們的行業創造了一個特殊的序列，可能導致一個比以前預期的幅度和持續時間更高的周期。斯倫貝謝在過去幾年中引領該行業進行自我改造，緊跟行業變化、客戶需求和增加的股東價值。

Since launching our performance strategy, we targeted trends that are manifesting today by focusing on the development of fit-for-basin technologies, some of which are now unlocking much-needed energy supplies, and by reducing or eliminating GHG emission with our transition technology portfolio and our new end-to-end emissions solutions. We have also expanded manufacturing capacity in key basins, such as in North America and in the Kingdom of Saudi Arabia to tailor fit-for-basin technology delivery.

自推出績效戰略以來，我們通過專注於開發適合流域的技術（其中一些現在正在釋放急需的能源供應）以及通過我們的過渡技術組合減少或消除溫室氣體排放來瞄準當今表現出來的趨勢以及我們新的端到端排放解決方案。我們還在北美和沙特阿拉伯王國等關鍵盆地擴大了製造能力，以定制適合盆地的技術交付。

In Digital, we are enabling transformation in the sector, establishing the industry digital platform—DELFI*; creating more powerful AI solutions; and leading innovation in autonomy. This advance in digital enablement are improving both customer operations and our own efficiency as we evolve workflows and improve execution with insights from data.

在數字化方面，我們正在推動行業轉型，建立行業數字化平台——DELFI*；創建更強大的人工智能解決方案；並引領自主創新。隨著我們發展工作流程並利用數據洞察力改進執行，數字化支持方面的進步正在改善客戶運營和我們自身的效率。

Today, Schlumberger is best positioned to capture the benefits of this unique up-cycle. Given the steady execution of our strategy, breadth of our market presence, leading technology portfolio, and our ability to derive premium pricing for performance execution, and value creation for our customers.

今天，斯倫貝謝最有能力從這個獨特的上升週期中獲益。鑑於我們戰略的穩定執行、我們廣泛的市場佔有率、領先的技術組合，以及我們為執行績效和為客戶創造價值而獲得溢價的能力。

Now I would like to share with you our outlook for the second quarter and the second half of the year. Sequentially, we expect a solid quarter of growth in both North America and the international market. Growth in North America will be led by continued short-cycle activity offset by Canadian spring breakup. Internationally, growth will be driven by a seasonal rebound, albeit moderated by the absence of the usual second quarter uptick in Russia, owing to the uncertainty around the ruble depreciation, impact of sanctions, and customer activity decline.

現在我想與您分享我們對第二季度和下半年的展望。因此，我們預計北美和國際市場的季度增長將保持穩健。北美的增長將由持續的短週期活動引領，但被加拿大春季分手所抵消。在國際上，增長將受到季節性反彈的推動，儘管由於盧布貶值的不確定性、制裁的影響和客戶活動下降，俄羅斯沒有像往常一樣出現第二季度的上漲。

Taken together, this will result in global revenue growth around mid-single digits for the second quarter. We anticipate the operating margins to expand 50 to 100 basis points, driven by further operating leverage and the positive conditions I have outlined. In that context, our sequential margin expansion trajectory is set to resume and subsequently strengthen in the second half of the year, in line with our full year guidance.

總而言之，這將導致第二季度全球收入增長約為中個位數。在進一步的經營槓桿和我概述的積極條件的推動下，我們預計營業利潤率將擴大 50 至 100 個基點。在這種情況下，我們的連續利潤率擴張軌跡將在今年下半年恢復並隨後加強，這與我們的全年指導一致。

Looking further ahead, the second half of the year is shaping up to be particularly strong, based on our view of a significant pipeline of customer activity, upcoming product backlog conversion, and the growing impact of net pricing. This period of the year is typically the strongest half, and 2022 looks to be no exception. While the dynamic situation in Russia and the potential reduction in pace of the demand recovery present near-term concerns, we believe the continued tightness in supply, elevated commodity price, and supplemental investment intended to diversify oil and gas supply should represent a positive offset for 2022 and beyond.

展望未來，基於我們對重要的客戶活動渠道、即將到來的產品積壓轉換以及淨定價的影響越來越大的看法，下半年將變得特別強勁。一年中的這一時期通常是最強勁的一半，2022 年似乎也不例外。儘管俄羅斯的動態形勢和需求復蘇步伐可能放緩帶來近期擔憂，但我們認為供應持續緊張、大宗商品價格上漲以及旨在使油氣供應多樣化的補充投資應該是積極的抵消2022 年及以後。

Accordingly, second-half growth will be driven primarily by the international markets, led by the Middle East and key offshore basins. Indeed, the offshore activity already is growing sequentially and visibly year-on-year, will benefit some secular growth in both shallow and deepwater environment as the acceleration of infill drilling and tieback developments will combine with the resurgence of exploration drilling during the summer and with an acceleration of long-cycle development projects ahead of 2023.

因此，下半年增長將主要由以中東和主要海上盆地為首的國際市場推動。事實上，海上活動已經在逐年連續增長，這將有利於淺水和深水環境的一些長期增長，因為加密鑽井和回接開發的加速將與夏季勘探鑽井的複蘇相結合在 2023 年之前加速長周期開發項目。

Similarly, the Middle East region will benefit from the combination of reinvestment in short-cycle barrels as we approach the end of current OPEC+ agreements and from the commitment to capacity expansion in both oil production and gas development. Additionally, 2022 is set to benefit from higher discretionary spending and higher product sales and year-end deliveries as customers secure the necessary capacity for their 2023 growth plans.

同樣，隨著當前歐佩克+協議接近尾聲，中東地區將受益於對短週期桶的再投資以及石油生產和天然氣開發產能擴張的承諾。此外，隨著客戶確保其 2023 年增長計劃所需的產能，2022 年將受益於更高的可自由支配支出以及更高的產品銷售和年終交付。

Finally, and critically, we anticipate that net pricing impact will further expand in breadth and scale as the year progresses to benefit margin expansion during the second half and become a unique attribute of this up-cycle. With this backdrop and despite uncertainty linked to Russia, we believe that the favorable market conditions outlined should allow us to maintain our full-year ambition of year-on-year revenue growth in the mid-teens and adjusted EBITDA margin exiting the year at least 200 basis points higher than the fourth quarter of 2021.

最後，至關重要的是，我們預計隨著時間的推移，淨定價影響將在廣度和規模上進一步擴大，有利於下半年的利潤率擴張，並成為這一上升週期的獨特屬性。在這種背景下，儘管與俄羅斯有關的不確定性，我們認為，所概述的有利市場條件應該使我們能夠保持我們全年收入增長的目標，即在 10 歲左右，調整後的 EBITDA 利潤率至少在今年退出比 2021 年第四季度高出 200 個基點。

I will now turn the call over to Stephane.

我現在將把電話轉給 Stephane。

Thank you, Olivier, and good morning, ladies and gentlemen. First quarter earnings per share, excluding charges and credits, was $0.34. This represents a decrease of $0.07 sequentially and an increase of $0.13 when compared to the first quarter of last year. In addition, during the quarter, we recorded a $0.02 gain relating to the further sale of a portion of our shares in Liberty Oilfield Services, which brought our GAAP EPS to $0.36.

謝謝 Olivier，女士們先生們，早上好。第一季度每股收益（不包括費用和貸項）為 0.34 美元。與去年第一季度相比，這比上一季度減少了 0.07 美元，增加了 0.13 美元。此外，在本季度，我們錄得 0.02 美元的收益，與進一步出售我們在 Liberty 油田服務的部分股份有關，這使我們的 GAAP 每股收益達到 0.36 美元。

Overall, our first-quarter revenue of $6 billion decreased 4% sequentially, while pretax operating margins declined 84 basis points to 15%. These decreases reflect the seasonally lower activity and product sales that we typically experience in the first quarter. The conflict in Ukraine also had an impact on our first-quarter results, although this was largely limited to the effect of the depreciation of the ruble witnessed during the last month of the quarter.

總體而言，我們第一季度 60 億美元的收入環比下降 4%，而稅前營業利潤率下降 84 個基點至 15%。這些下降反映了我們通常在第一季度經歷的季節性活動和產品銷售下降。烏克蘭的衝突也對我們第一季度的業績產生了影響，儘管這在很大程度上僅限於本季度最後一個月盧布貶值的影響。

While margins were seasonally lower on a sequential basis, they did increase significantly as compared to the first quarter of last year. Pretax segment operating margin increased 229 basis points year-on-year, while company-wide adjusted EBITDA margins of 21% increased 94 basis points year-on-year, despite the inflationary factors we are facing. This reflects the strength of our operating leverage, new technology uptake, and increasing pricing traction.

雖然利潤率環比季節性下降，但與去年第一季度相比確實顯著增加。儘管我們面臨通脹因素，但稅前部門營業利潤率同比增長 229 個基點，而全公司調整後的 EBITDA 利潤率為 21%，同比增長 94 個基點。這反映了我們的經營槓桿、新技術的採用和不斷增加的定價吸引力的實力。

Let me now go through the first-quarter results for each division. First-quarter Digital & Integration revenue of $857 million decreased 4% sequentially, with margins declining 372 basis points to 34%. These decreases were primarily due to the effects of seasonally lower digital and exploration data licensing sales, partially offset by improved contribution from our APS projects in Ecuador, following the pipeline disruption of last quarter.

現在讓我來看看每個部門的第一季度業績。第一季度數字與集成收入為 8.57 億美元，環比下降 4%，利潤率下降 372 個基點至 34%。這些下降主要是由於季節性數字和勘探數據許可銷售下降的影響，部分被我們在厄瓜多爾的 APS 項目在上一季度管道中斷後的貢獻增加所抵消。

Reservoir Performance revenue of $1.2 billion decreased 6% sequentially, while margins declined 232 basis points to 13.2%. These decreases were due to lower activity in Latin America and the seasonal activity reduction in the Northern Hemisphere.

油藏績效收入為 12 億美元，環比下降 6%，而利潤率下降 232 個基點至 13.2%。這些減少是由於拉丁美洲的活動減少和北半球的季節性活動減少。

Well Construction revenue of $2.4 billion was essentially flat sequentially as seasonal reductions in Europe, Russia, and Asia were offset by strong drilling activity in North America, Latin America, and the Middle East. Margins of 16.2% increased 77 basis points sequentially despite the flat revenue, largely due to improved profitability in integrated drilling projects.

由於歐洲、俄羅斯和亞洲的季節性減少被北美、拉丁美洲和中東的強勁鑽探活動所抵消，Well Construction 收入為 24 億美元，環比基本持平。儘管收入持平，但利潤率為 16.2%，環比增長 77 個基點，這主要是由於綜合鑽井項目的盈利能力提高。

Finally, Production Systems revenue of $1.6 billion decreased 9% sequentially and margins decreased 192 basis points to 7.1%. This was due to the effect of lower revenue, following the traditionally higher fourth-quarter product sales, combined with delayed deliveries and increased logistics costs, resulting from global supply chain constraints. These are temporary challenges that we are diligently working to remedy. Once resolved, this will provide for favorable upside to our revenue and margins in future quarters, as our backlog is solid, and we will ultimately return to a normal pace of deliveries.

最後，生產系統收入為 16 億美元，環比下降 9%，利潤率下降 192 個基點至 7.1%。這是由於傳統上第四季度產品銷售較高，加上全球供應鏈限制導致交貨延遲和物流成本增加，導致收入下降。這些是我們正在努力解決的暫時性挑戰。一旦解決，這將為我們未來幾個季度的收入和利潤率帶來有利的上升空間，因為我們的積壓工作很穩固，我們最終將恢復正常的交付速度。

Now turning to our liquidity. During the quarter, we generated $131 million of cash flow from operations and negative free cash flow of $381 million. Our cash flow generation was seasonally low as a result of the increase in working capital requirements we always experienced in the first quarter. In addition to the typical payout of our annual employee incentives in the first quarter, we saw lower cash collections following the exceptional accounts receivable performance of the fourth quarter.

現在轉向我們的流動性。在本季度，我們從運營中產生了 1.31 億美元的現金流和 3.81 億美元的負自由現金流。由於我們在第一季度經常遇到的營運資金需求增加，我們的現金流產生季節性低。除了第一季度我們的年度員工激勵措施的典型支出外，在第四季度的出色應收賬款表現之後，我們還看到了較低的現金收款。

Our inventory balance also grew due to the product delivery delays in our Production Systems Division, but also to prepare for project start-ups in the second quarter and for the strong growth anticipated for the rest of the year. In addition, we took the decision to increase our safety stocks and lock in prices on certain long-lead items in order to secure supply and hedge against anticipated cost inflation.

由於我們的生產系統部門的產品交付延遲，我們的庫存餘額也有所增加，同時也為第二季度的項目啟動和預計今年剩餘時間的強勁增長做準備。此外，我們決定增加安全庫存並鎖定某些長期項目的價格，以確保供應並對沖預期的成本膨脹。

Although it is reflected outside of free cash flow, our overall cash position was enhanced by the further sale of a portion of our shares in Liberty, which generated $84 million of net proceeds. Following this transaction, we hold a 27% interest in Liberty. Our working capital and cash flow will improve each quarter for the rest of the year, consistent with our historical trends, and we remain confident in our ability to generate double-digit free cash flow margin on a full-year basis. This will allow us to continue deleveraging the balance sheet and exceed our previously stated leverage targets in 2022.

儘管它反映在自由現金流之外，但通過進一步出售我們在 Liberty 的部分股份，我們的整體現金狀況得到了加強，這產生了 8400 萬美元的淨收益。交易完成後，我們持有 Liberty 27% 的權益。我們的營運資金和現金流將在今年剩餘時間的每個季度都有所改善，這與我們的歷史趨勢一致，我們仍然對我們全年產生兩位數的自由現金流利潤率的能力充滿信心。這將使我們能夠繼續去槓桿化資產負債表，並超過我們之前在 2022 年設定的槓桿目標。

Based on this and the strengthening industry outlook that Olivier described earlier, we announced today a 40% increase in our quarterly dividend. The increase will be reflected in our July dividend and will result in approximately $140 million of additional dividend payments in 2022 and $280 million on an annualized basis. This will have a minimal impact on our leverage, and we will, of course, remain focused on strengthening the balance sheet.

基於這一點以及 Olivier 早些時候描述的行業前景不斷增強，我們今天宣布將季度股息提高 40%。這一增長將反映在我們 7 月份的股息中，並將導致 2022 年額外支付約 1.4 億美元的股息，並按年計算 2.8 億美元。這將對我們的槓桿影響最小，當然，我們將繼續專注於加強資產負債表。

I will now turn the conference call back to Olivier.

我現在將電話會議轉回給 Olivier。

Thank you, Stephane. I think we can open the floor to the Q&A session. Thank you very much.

謝謝你，斯蒂芬。我想我們可以開始問答環節。非常感謝你。

(Operator Instructions) And our first question comes from the line of David Anderson with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的大衛安德森。

So with everything that has happened over the past few months, potential -- the outlook over the next several years for your international business would seem to be a primary beneficiary here. I guess my question is the ramp up of that activity. We've seen a lot of NOCs announced contracts, more tenders are on the way. But we have to really see that materially as an activity and we don't have a ton of visibility on that market. I was just wondering if you could just help us understand what's happening on the ground there. It seems like it's just a matter of timing, but are there any challenges that you're facing with mobilizing equipment and services environment? You're clearly confident of being a second half story, can you -- could just provide a little bit more context into kind of how we're getting there, please?

因此，考慮到過去幾個月發生的一切，您的國際業務未來幾年的前景似乎是這裡的主要受益者。我想我的問題是該活動的增加。我們已經看到很多 NOC 宣布了合同，更多的招標正在進行中。但我們必須真正將其視為一項活動，而且我們在該市場上沒有太多的知名度。我只是想知道你是否可以幫助我們了解那裡正在發生的事情。這似乎只是時間問題，但您在移動設備和服務環境方面是否面臨任何挑戰？你顯然有信心成為第二個故事，你能不能提供更多的背景來說明我們是如何到達那裡的，好嗎？

No. Thank you, Dave. So indeed, first to put things in context, I think the international growth has started to be rebounding last year. I think, as you know, year-on-year in the second half last year, we had already posted more than double-digit growth year-on-year in the second half. You can see that on this quarter, we are already at 10% growth year-on-year, and the majority of our international GeoUnits actually posted double-digit and quite a few above 20% year-on-year. So clearly, the momentum of activity pick up internationally has been initiated, and it's not only short cycle, it's short- and long-cycle as some FID have already been signed last year and more are coming in the way.

不，謝謝你，戴夫。因此，確實，首先，我認為國際增長在去年開始反彈。我認為，如您所知，去年下半年同比，我們已經在下半年實現了超過兩位數的同比增長。您可以看到，在本季度，我們已經實現了 10% 的同比增長，我們的大部分國際 GeoUnits 實際上都實現了兩位數，不少於 20% 的同比增長。很明顯，國際活動的回暖勢頭已經啟動，而且不僅是短週期，而且是短週期和長周期，因為去年已經簽署了一些 FID，而且還有更多即將到來。

So now looking ahead and trying to understand how this is hedging in the future, I think, first, there is a dynamic of pull on international supply that will continue to happen as the demand recovery is happening. And as the market is looking for energy security and, hence, diversification of supply. So international basins at large will benefit from this dynamic in the years to come.

因此，現在展望未來並試圖了解這在未來是如何對沖的，我認為，首先，隨著需求復甦的發生，國際供應的拉動將繼續發生。由於市場正在尋求能源安全，因此，供應多樣化。因此，整個國際盆地將在未來幾年從這種動態中受益。

Secondly, you have the dynamic of short-cycle response to the tightness of supply as we face today and will face for the quarter to come. And this will point not only activity up-cycle in the second half of this quarter and in the subsequent quarter in all the short-cycle basins from Middle East to some short-cycle activity offshore, and it will be supplemented in the second half by an acceleration of the long-cycle development.

其次，您對我們今天面臨的供應緊張有短期反應的動態，並將在未來一個季度面臨。這不僅將中東所有短週期盆地的本季度下半期和下個季度的活動上升週期指向海上的一些短週期活動，而且在下半加快長周期發展。

Indeed, we believe that the conditions are set for long and short cycle to be contributing at the same time to the supply growth of international market. And long cycle is not only offshore, long cycle is some large capacity expansion that national company, major are continuing to post. And offshore markets will also see the condition of major and international producers continue to expand their investment.

事實上，我們認為，長周期和短週期的條件已經形成，可以同時促進國際市場的供應增長。而長周期不只是離岸，長周期是一些國內公司、各大公司繼續發力的大產能擴張。離岸市場也將看到主要和國際生產商繼續擴大投資的狀況。

So we are seeing this happening today. We are seeing this accelerating in the second half visibly as the combination of short and long will benefit international market. And the OPEC+, as you know, is ending their quota distribution at the end of the third quarter, and this will unlock short cycle. So we have to look Middle East. Middle East and a few countries have already made a commitment to capacity expansion in 2022 and beyond, and this will be supplementing the short-cycle investment. Offshore you have seen some FID approval. You have seen some exploration drilling resuming even last quarter that would just turn into FID and into subsea and deepwater activity uptick in the second half and furthermore in 2023.

所以我們今天看到了這種情況。我們看到這種情況在下半年明顯加速，因為空頭和多頭的結合將有利於國際市場。如你所知，歐佩克+將在第三季度末結束配額分配，這將解鎖短週期。所以我們必須看看中東。中東等一些國家已經承諾在2022年及以後進行產能擴張，這將是對短週期投資的補充。在海外，您已經看到了一些 FID 的批准。甚至在上個季度，你已經看到一些勘探鑽探恢復，這將在下半年和 2023 年變成 FID 並進入海底和深水活動增加。

So the conditions are set, as I said, for both short and long cycle to contribute to supply from international basins, and we are very well placed to respond to this, considering our favorable market exposure to international markets, our market position with NOCs, and our exposure to both major and independent into key basins internationally.

因此，正如我所說，為國際盆地的供應做出貢獻的短週期和長周期都設置了條件，考慮到我們對國際市場的有利市場敞口，我們在 NOC 中的市場地位，我們完全有能力應對這一點，以及我們在國際上主要和獨立的主要流域的接觸。

So Olivier, on the offshore side, you highlighted a number of -- numerous offshore awards in the release today. It covered -- I think it covered most regions. This has typically been a very highly margin-accretive business to Schlumberger. I'm just curious, how much of this is related to the events of the past few months? Are you seeing projects starting to accelerate? I would think you start to see a lot more on the short-cycle activity you're talking about short versus long. I would think maybe short-cycle activity, is it selling because of this? Is that true? Are you starting to see that materialize?

所以奧利維爾，在離岸方面，你在今天的新聞稿中強調了許多——無數的離岸獎項。它涵蓋了——我認為它涵蓋了大部分地區。對斯倫貝謝而言，這通常是一項利潤增長非常高的業務。我只是好奇，這與過去幾個月的事件有多大關係？您是否看到項目開始加速？我認為你開始看到更多關於你所說的短期與長期的短期活動。我想也許是短週期活動，是因為這個而賣嗎？真的嗎？你開始看到它實現了嗎？

No. I will comment in two sides. First, offshore markets remain very relevant to many of our customers internationally, very relevant. Why? Because the economics of offshore market, both shallow and deepwater, have improved a lot in the cycle.

不，我會從兩個方面發表評論。首先，離岸市場與我們的許多國際客戶仍然非常相關，非常相關。為什麼？因為近海市場的經濟性，無論是淺水還是深水，在這個週期中都有了很大的改善。

Secondly, many of these offshore reserves are very well placed from a carbon footprint. And I think this is something that plays again to reinvestment and expansion.

其次，這些離岸儲備中的許多都非常適合碳足跡。我認為這再次對再投資和擴張起到了作用。

And third, I think the technology, the integration capability, and digital have made offshore operations more efficient, more effective, having an impact on short-cycle offshore, infill drilling, tie back with huge technology differentiation we have there, and exploration -- near-field exploration on one hand.

第三，我認為技術、集成能力和數字化使海上作業更高效、更有效，對短週期海上作業、加密鑽井、與我們在那裡擁有的巨大技術差異和勘探產生了影響——一方面是近場探索。

And secondly, shorter long cycle. That is a characteristic that we'll see accelerating as the majors and IOCs and some NOC that have unique basin -- advantaged basin, we want to accelerate the FID and we want to accelerate the execution of the FID for contributing supply. And again, integration capability, technology for performance impact, and digital will all combine to make this a reality.

其次，更短的長周期。這是我們將看到加速的特徵，因為主要和國際石油公司以及一些擁有獨特盆地的國家石油公司 - 優勢盆地，我們希望加速 FID，我們希望加速 FID 的執行以貢獻供應。再一次，集成能力、性能影響技術和數字化都將結合在一起，使這成為現實。

So yes, we have already seen the impact of this and is only set to accelerate and were not necessarily linked to the event happening in the last few weeks. The last few weeks event will have the consequence of diversification of supply and security of supply. And this will favor offshore basins as one of the basins that can contribute to the long-term supply security.

所以是的，我們已經看到了這種影響，而且只會加速，不一定與過去幾週發生的事件有關。過去幾週的事件將產生供應多樣化和供應安全的後果。這將有利於海上盆地作為有助於長期供應安全的盆地之一。

Next, we have a question from Chase Mulvehill with Bank of America.

接下來，我們有一個來自美國銀行的 Chase Mulvehill 的問題。

So I wanted to follow-up on Dave's question here on the international side. I mean, obviously, it appears that this international recovery is going to exceed last cycle's recovery. So maybe -- I don't know if you want to take a moment and kind of talk about how this will impact pricing and margin. I mean I was actually just digging through some old models and looking at 2006, 2007, 2008 margins, and obviously, the industry margins back then were much, much better than they were last cycle. So what do you think it would take for the industry to really get back and move towards those 2006, 2007, 2008 margins?

所以我想在國際方面跟進戴夫的問題。我的意思是，顯然，這次國際復甦似乎將超過上個週期的複蘇。所以也許——我不知道你是否想花點時間談談這將如何影響定價和利潤率。我的意思是我實際上只是在挖掘一些舊模型並查看 2006 年、2007 年、2008 年的利潤率，顯然，當時的行業利潤率比上一個週期要好得多。那麼您認為該行業需要什麼才能真正恢復並朝著 2006 年、2007 年、2008 年的利潤率邁進？

I think the condition are set for directionally going there, clearly. And I think you have several factors playing. First, the level of activity expansion globally in every basin for every Division is creating the condition for tightness in the capacity of supply, of the service supply and the equipment supply. And this condition are extremely favorable for pricing power because our operators, our customers are looking to secure capacity and to secure delivery assurance as they reinvest into their basins, into their favorable assets to secure this participation to this supply market share.

我認為條件是明確地定向去那裡。我認為你有幾個因素在起作用。首先，全球各流域、各分部的活動擴張水平正在為供應能力、服務供應和設備供應的緊張創造條件。這種情況對定價權極為有利，因為我們的運營商、我們的客戶在重新投資到他們的盆地和有利資產以確保參與這一供應市場份額時，正在尋求確保產能並確保交付保證。

So first, the pricing movements, as I said, or the pricing attributes will be a key characteristic of this cycle. Secondly, I believe that the industry has realized that technology can make a huge impact on performance, on carbon footprint, and on digitalization to deliver efficiency that we need to accelerate the cycle and to deliver assurance of delivery of these extra barrels. So we believe that we have here the condition for an upside on the technology adoption, an upside on digital transformation of the industry trying to achieve operation automation, achieve drilling autonomy in terms of operation, and all that will combine in addition to decarbonization.

首先，正如我所說，定價變動或定價屬性將是這個週期的一個關鍵特徵。其次，我相信業界已經意識到，技術可以對性能、碳足跡和數字化產生巨大影響，以提供我們加速週期所需的效率，並確保交付這些額外的桶。因此，我們認為，我們有條件在技術採用方面取得優勢，在行業數字化轉型方面取得優勢，以實現運營自動化，在運營方面實現鑽井自主，以及除脫碳之外的所有這些。

So you have these trends that are new, that will augment the mix effect that this market is giving us today. We have a favorable mix, international and accretive offshore mix. We have a favorable pull and stretch on capacity of the industry with significant discipline on this side of the industry that will lead to pricing expansion. And finally, you have this adoption of digital, adoption of decarbonization, and adoption of any fit-for-basin performance technology that can make an impact to deliver because the industry wants to deliver and participate fully to this cycle. So that's the reason why we are positive on this cycle.

所以你有這些新的趨勢，這將增強這個市場今天給我們的混合效應。我們有一個有利的組合，國際和增值的離岸組合。我們對行業的產能有有利的拉動和拉伸，行業這一方面的紀律性很強，這將導致價格上漲。最後，您可以採用數字化技術、採用脫碳技術以及採用任何適合流域的性能技術，這些技術可以對交付產生影響，因為該行業希望交付並充分參與這個週期。所以這就是我們對這個週期持積極態度的原因。

Okay. If I could follow up quickly. You started to talking about digital a little bit. I mean there's obviously tightening supply chain, you've got emerging labor constraints, you've got accelerated international growth over the next 12 to 14 months, and all this should be pretty positive for digital as the industry kind of searches for ways to do things kind of faster, smarter, and harder. So with that said and with that as a backdrop, have you started to see accelerated digital adoption? And if so, what parts of the international market are you really starting to see accelerated adoption?

好的。如果我能迅速跟進。你開始談論數字了。我的意思是，供應鏈明顯收緊，勞動力限制不斷出現，未來 12 到 14 個月國際增長加速，所有這些對於數字化行業來說都應該是非常積極的，因為該行業正在尋找解決辦法事情變得更快、更智能、更難。因此，在此背景下，您是否開始看到加速數字化採用？如果是這樣，您真正開始看到國際市場的哪些部分加速採用？

No, I think you laid the case very well. I think digital will be an attribute of efficiency, performance, and transformation in this cycle, no doubt. Everybody recognizes it and everybody is investing towards participating to this digital transformation. We believe with our platform strategy, we have certainly the most compelling offer to the market. And we have been building, as you heard before, for the last three to five years, the foundation of our platform, and we have seen adoption accelerating last year.

不，我認為你把案子擺得很好。我認為，毫無疑問，數字化將成為這個週期中效率、性能和轉型的一個屬性。每個人都認識到這一點，每個人都在為參與這種數字化轉型而投資。我們相信，憑藉我們的平台戰略，我們肯定會為市場提供最引人注目的產品。正如您之前聽到的那樣，在過去的三到五年裡，我們一直在構建我們平台的基礎，去年我們看到採用速度加快。

So year-to-date, I'm very pleased with the performance, the early performance of the year to our Digital business out of our Digital & Integration Division. It is already contributing to a visible growth year-on-year. All the metrics that we are internally following, be it the customer adoption of our DELFI with the number of users that are using our cloud DELFI capability or be it the number of -- the scale and intensity of multicycle -- of cycle of computing cycle adoption, all these are going sequentially and year-on-year up. So adoption is happening. You have seen some announcement we have done during the quarter, and you continue to see adoption translating into contract and into growth, accretive growth for digital.

所以年初至今，我對我們的數字與集成部門的數字業務的表現感到非常滿意。它已經促成了明顯的同比增長。我們內部遵循的所有指標，無論是客戶對我們的 DELFI 的採用，還是使用我們的雲 DELFI 功能的用戶數量，或者是計算週期週期的數量——多周期的規模和強度採用，所有這些都在按順序進行，並且逐年上升。因此，採用正在發生。您已經看到我們在本季度發布的一些公告，並且您繼續看到採用轉化為合同和增長，數字化增長。

Finally, I think and we mentioned it into the EPR, we have been launching a year ago, our INNOVATION FACTORI. INNOVATION FACTORI are digital collaborative centers that we have placed strategically, and we just integrated the last one yesterday in Oslo, Norway. And we are using these places to expose our customers to the capability of our platform with AI and machine learning, using our partner capability integrating into DELFI.

最後，我想我們在 EPR 中提到了它，我們在一年前就推出了我們的創新工廠。創新工廠是我們戰略性地放置的數字協作中心，我們昨天剛剛在挪威奧斯陸整合了最後一個。我們正在利用這些地方向我們的客戶展示我們平台的人工智能和機器學習能力，利用我們的合作夥伴能力集成到 DELFI 中。

And the customer realized that we can achieve a lot. We have delivered 200 projects collaboratively with our customers and the customer understands the power of our platform through this exposure, and then come away with the ability to scale for enterprise deployment from this INNOVATION FACTORI capability. So this is one other dimension of adoption that we see and as part of our offering to the market. So yes, we are convinced this will be accretive to our growth this year, and this will be also having a fall-through -- positive fall-through of our margin that will support our margin expansion ambition for the full year.

客戶意識到我們可以取得很多成就。我們與客戶合作交付了 200 個項目，客戶通過這次曝光了解了我們平台的力量，然後通過這種創新工廠能力獲得了為企業部署擴展的能力。因此，這是我們看到的另一個採用維度，也是我們向市場提供的產品的一部分。所以是的，我們相信這將增加我們今年的增長，這也將導致我們的利潤率下降——正下降，這將支持我們全年利潤率擴張的雄心。

Next, we go to Arun Jayaram with JPMorgan.

接下來，我們與摩根大通一起前往 Arun Jayaram。

Olivier, I wanted to get your perspective on any changes you're seeing in customer spending behavior related to natural gas. You have a very strong international and now U.S. gas prices. I just wanted to get your thoughts if you're seeing any changes there, particularly given the fact that Russia supplies 155 Bcm of gas to Europe.

Olivier，我想了解您在與天然氣相關的客戶消費行為方面所看到的任何變化。你有一個非常強大的國際和現在美國的天然氣價格。如果你看到那裡有任何變化，我只是想听聽你的想法，特別是考慮到俄羅斯向歐洲供應 155 Bcm 的天然氣這一事實。

It's a very relevant question. I think it's a very topical subject with the operators. And indeed, we are seeing operators preparing, planning, and being ready for accelerating their gas supply to the world market, internationally and in North America as well. I think this is touching all aspects of exploration, development, and production of gas. And we are very pleased for our exposure, our exposure in North America and our exposure internationally.

這是一個非常相關的問題。我認為這是運營商非常熱門的話題。事實上，我們看到運營商正在準備、計劃並準備好加速向世界市場、國際市場和北美市場供應天然氣。我認為這涉及到天然氣勘探、開發和生產的各個方面。我們對我們的曝光率、在北美的曝光率和國際曝光率感到非常高興。

Internationally, as you know, we have exposure in conventional gas, and I think you have seen some recent announcement of renewing contracts in unconventional gas in Saudi. You are fully aware of our market exposure in Qatar that we have benefited for the last 2 years that have already grown visibly to commit more LNG train for supply to the world. And you have seen also that we are going to participate fully and we are participating fully into offshore integrated gas development similar to what we did a few years back with Zohr in East Mediterranean. We are doing with an asset for fully integrated gas in Turkey, in the Black Sea, where we are taking care of everything from development to the gas facility that will be from -- that will deliver first gas from this. So we are very well exposed.

如您所知，在國際上，我們接觸過常規天然氣，我認為您最近已經看到沙特宣布續簽非常規天然氣合同。您完全了解我們在卡塔爾的市場敞口，我們在過去 2 年中受益匪淺，我們已經顯著增加了向世界供應更多液化天然氣列車。您還看到我們將全面參與，我們將全面參與海上綜合天然氣開發，類似於幾年前我們在東地中海的 Zohr 所做的那樣。我們正在土耳其和黑海使用一項完全集成的天然氣資產，在那裡我們負責從開發到天然氣設施的所有工作，這些設施將從這裡提供第一批天然氣。所以我們暴露得很好。

And finally, unconventional gas internationally, in Middle East particularly, is getting significant support for regional consumption. And you are fully aware of the contract, a very large contract, integrated contract we have with Jafurah in Saudi Aramco. So the exposure we have on gas is unique, conventional, unconventional, offshore, onshore.

最後，國際上的非常規天然氣，尤其是中東地區，正在為區域消費提供重要支持。您完全了解我們與沙特阿美公司 Jafurah 簽訂的一份非常大的綜合合同。因此，我們對天然氣的接觸是獨特的、傳統的、非常規的、海上的、陸上的。

So -- and finally, if I have to add one dimension of technology onto it, I was very pleased. This week, we brought the Board to participate to visit in Norway. And we had the opportunity to visit our excellence -- Center of Excellence for subsea processing in Bergen, Norway, where we are manufacturing all of our processing, boosting equipment to serve gas markets in deepwater subsea environment. And in particular, the subsea wet gas compression that will be deployed for Ormen Lange to extend the life of Ormen Lange gas supply to U.K. for the long run. So these participate to the energy security. These participate to the gas development and production, and we are very pleased with our exposure. So we are seeing a signal of acceleration commitment, and we are very well leveraging that for the future.

所以——最後，如果我必須在其中添加一個維度的技術，我非常高興。本週，我們帶董事會參加了在挪威的訪問。我們有機會參觀了我們的卓越中心——位於挪威卑爾根的海底加工卓越中心，我們在那裡製造我們所有的加工設備，提升設備以服務於深水海底環境中的天然氣市場。特別是，將為 Ormen Lange 部署海底濕氣壓縮，以延長 Ormen Lange 向英國長期供氣的壽命。所以這些都參與到能源安全中。這些參與天然氣開發和生產，我們對我們的曝光感到非常滿意。因此，我們看到了加速承諾的信號，我們很好地利用了未來。

Right. I appreciate that. My follow-up is I wanted to talk a little bit about cash returns. You increased the dividend quite significantly this quarter. But maybe, Olivier or Stephane, you could talk about the framework you're thinking about future cash returns, and how should we be thinking about further dividend increases from here?

對。我很感激。我的後續行動是我想談談現金回報。您本季度大幅增加了股息。但也許，奧利維爾或斯蒂芬，你可以談談你正在考慮未來現金回報的框架，我們應該如何考慮從這裡進一步增加股息？

Look, it's a good question. Thank you. Yes, based on the market fundamentals we highlighted, we do expect to continue generating significant free cash flow throughout the cycle. If those favorable conditions persist as we currently anticipate, this will clearly allow us to, at the same time, maintain a strong balance sheet, fund new growth opportunities, and look for additional ways to increase shareholder returns throughout the cycle. So this can take the form of increased dividends, share repurchases, or a combination of both.

看，這是個好問題。謝謝你。是的，根據我們強調的市場基本面，我們確實希望在整個週期內繼續產生大量的自由現金流。如果這些有利條件如我們目前預期的那樣持續存在，這顯然將使我們能夠同時保持強勁的資產負債表，為新的增長機會提供資金，並尋找其他方法來增加整個週期的股東回報。因此，這可以採取增加股息、股票回購或兩者結合的形式。

So as it relates to a framework, we will, of course, provide further details at our upcoming Capital Markets Day. But at this moment, we set the dividend at a level we are comfortable with to allowing us to balance our continuing deleveraging commitments with the other capital allocation priorities.

因此，由於它與框架相關，我們當然會在即將到來的資本市場日提供更多細節。但此時此刻，我們將股息設定在我們可以接受的水平，以使我們能夠平衡我們的持續去槓桿承諾與其他資本配置優先事項。

Next, we have a question from Neil Mehta with Goldman Sachs.

接下來，我們有一個來自高盛的 Neil Mehta 的問題。

Great. The first question here is just more of a logistical question. I think in the back half of this year, the expectation is to do a Capital Markets Day. So one, any update in terms of timing? But secondly, what do you want to achieve at that event? What are the important strategic priorities that you want to discuss with the investment community?

偉大的。這裡的第一個問題只是一個後勤問題。我認為在今年下半年，期望是做一個資本市場日。那麼，在時間方面有任何更新嗎？但其次，您想在那次活動中實現什麼目標？您想與投資界討論的重要戰略重點是什麼？

So on the logistical side, Neil, the Capital Markets Day will be early November, and you'll receive the invitation pretty soon. I'll let Olivier comment on the main agenda.

所以在後勤方面，尼爾，資本市場日將在 11 月初，您很快就會收到邀請。我會讓 Olivier 評論主要議程。

Yes, the main agenda, as you know, I think, will be to achieve two or three key elements. The first is to lay out our updated view of the mid- and long-term outlook for our industry and across the engines that we want to participate fully into, the core, the digital, and new energy. And as such, document our view of the market scenario and the way our play will expose us to fully participate in each of these three.

是的，正如你們所知，我認為主要議程將是實現兩個或三個關鍵要素。首先是對我們行業的中長期前景以及我們希望全面參與的引擎、核心、數字和新能源提出我們的最新觀點。因此，記錄我們對市場情景的看法以及我們的遊戲方式將使我們充分參與這三者中的每一個。

The second, obviously, will be to articulate the elements of our strategy that will make you understand the tangible progress we have made, the critical milestones we'll meet by 2025 or by 2030. And finally, we'll document, I will say, our financial ambition and financial and capital framework to support this ambition of our strategic execution for the next five years and with the long horizon of 2030 for our target. So that's what we are aiming to achieve during this Capital Market Day.

顯然，第二個是闡明我們戰略的要素，讓您了解我們已經取得的切實進展，以及我們將在 2025 年或 2030 年之前實現的關鍵里程碑。最後，我們將記錄下來，我會說，我們的財務雄心和財務和資本框架，以支持我們在未來五年和 2030 年實現長期目標的戰略執行雄心。這就是我們在這個資本市場日的目標。

We look forward to it. And the follow-up is can you talk about your exposure to the increased CapEx here at Saudi Aramco and ADNOC? And how you see that trickling across your segments? Where do you expect spending to increase significantly here, across what business lines?

我們期待著它。接下來是您能否談談您在沙特阿美和 ADNOC 增加的資本支出中的風險敞口？你如何看待你的細分市場的涓涓細流？您預計在哪些業務領域的支出會顯著增加？

I think, generally speaking, I think it's not only Saudi Aramco and -- or Saudi and UAE, I think GCC countries and includes Iraq as well, I think, that are set for a significant rebound in both short cycle to respond to the -- unlocking the quota at the end of the year and then long cycle with capacity expansion commitments that several countries have made. So we expect the consequence of that would be first, in the second half of the year, activity will start to see an uptick in the form of short cycle, and that will affect both Reservoir Performance and Well Construction.

我認為，一般來說，我認為不僅沙特阿美和 - 或沙特和阿聯酋，我認為海灣合作委員會國家和包括伊拉克在內，我認為，這兩個國家都將在短期內大幅反彈，以應對 - - 在年底解鎖配額，然後是幾個國家做出的產能擴張承諾的長周期。因此，我們預計其後果將是首先，在今年下半年，活動將開始以短週期的形式出現上升，這將影響油藏性能和鑽井建設。

And we will see also this expanding into offshore and onshore capacity expansion more into 2023. As you know, several contracts have been put in place to support this capacity expansion by this operator with us and the industry at large. And this will see an acceleration of investment in 2023 that will expand beyond the short cycle visibly into this new development, new capacity, beyond what is happening today on gas and unconventional happening today in some of the integrated contract we already own. So it's -- it will be widespread, I would say, and across the -- all the Divisions as we move into 2023.

到 2023 年，我們還將看到這將擴展到海上和陸上產能擴張。如你所知，該運營商與我們和整個行業簽訂了幾份合同來支持產能擴張。這將看到 2023 年的投資加速，這將明顯超越短期週期，擴展到新的開發、新的產能，超越我們已經擁有的一些綜合合同中今天發生的天然氣和非常規發生的事情。因此，我想說，隨著我們進入 2023 年，它將在所有部門中廣泛傳播。

Next, we have a question from Scott Gruber with Citigroup.

接下來，我們有一個來自花旗集團的 Scott Gruber 的問題。

Yes. So I want to touch on the new energy outlook here, just given how the macro has changed. Obviously, valuations in new energy have come down and your cash flow outlook has improved. So does that mean that in the years ahead we could expect Schlumberger to be investing a bit more aggressively in new energy? Or with a better outlook for the core, is there less urgency to build out the new energy business? How should we think about that?

是的。所以我想在這裡談談新能源的前景，因為宏觀已經發生了變化。顯然，新能源的估值已經下降，您的現金流前景有所改善。那麼這是否意味著在未來幾年，我們可以預期斯倫貝謝會更加積極地投資於新能源？或者說，隨著核心業務前景的好轉，新能源業務的發展是否緊迫？我們應該怎麼想？

No, it remains -- on new energy, we made a critical strategic pillar of our long-term strategy. So we are set to continue to invest into the venture we have created. We are making tactical moves and strategic moves to accelerate organic and inorganic investments. And we continue to monitor the market and continue to hedge and grow our exposure to this. So the market condition that have slightly changed in the last few weeks do not change our view on the new energy outlook.

不，它仍然存在——在新能源方面，我們將其作為長期戰略的重要戰略支柱。因此，我們將繼續投資於我們創建的企業。我們正在採取戰術舉措和戰略舉措來加速有機和無機投資。我們將繼續監控市場，並繼續對沖和增加我們對此的敞口。因此，過去幾週略有變化的市場狀況並未改變我們對新能源前景的看法。

We have even seen some reinvestments, and you have seen this during the quarter, into geothermal as an alternate source of energy. You have seen that geo-energy being through the Celsius Energy venture that we have created was -- is a domain that was identified by EU, the European Union, to be invested in to substitute gas, and hence, to lessen the dependency on single source of supply of gas. And I think you can certainly anticipate and see that CCS at large is growing as an opportunity for oil industry. And for us, as we work not only with industry, as you have seen the announcement we have made with PETRONAS, but also we are working beyond the industry, as you have seen previous engagement we have and continue to do so.

我們甚至看到了一些再投資，您在本季度也看到了這種情況，將地熱作為替代能源。您已經看到，通過我們創建的攝氏能源項目，地能能源是歐盟確定的一個領域，歐盟將投資於替代天然氣，從而減少對單一能源的依賴氣源。而且我認為您當然可以預見並看到整個 CCS 正在成長為石油行業的機會。對我們而言，我們不僅與行業合作，正如您已經看到我們與 PETRONAS 所做的公告一樣，而且我們正在超越行業，正如您看到我們之前的參與並將繼續這樣做。

So I think we continue to develop and mature the technology, ready for scaling them, and we continue to make organic investments and securing inorganic opportunity to augment our capability into that space.

因此，我認為我們將繼續開發和成熟技術，為擴展它們做好準備，我們繼續進行有機投資並確保無機機會，以增強我們在該領域的能力。

And you started to touch on my follow-up, which relates to the commercial opportunity and how that develops here going forward. And it does seem like geothermal is going to get a pull here. But can you speak to the other commercial opportunities and how you think those evolve, particularly from a timing and cadence perspective given the backdrop? Does the commercial opportunity materialize more quickly across carbon capture and hydrogen electrolyzer et cetera?

你開始談到我的後續行動，這與商業機會以及未來如何發展有關。似乎地熱在這裡會受到拉動。但是您能否談談其他商業機會以及您認為這些機會是如何演變的，尤其是從時間和節奏的角度來看。碳捕獲和氫電解器等領域的商業機會是否會更快實現？

I think we have been commenting on this before, and I think we'll provide a very comprehensive view at our Capital Markets Day. And I think the biggest and long-term bigger potential is both on CCS and hydrogen market, we believe, first and foremost, and believe that the energy storage, including lithium processing or extraction as well as energy -- stationary energy storage as well as geo-energy geothermal are certainly shorter term and mid-term opportunity that we'll not miss to secure. But we'll come back with more detail and more better framework for you to understand our ambition there.

我想我們之前一直在評論這個問題，我認為我們將在資本市場日提供一個非常全面的觀點。我認為最大和長期更大的潛力在於 CCS 和氫市場，我們認為，首先，並且相信儲能，包括鋰加工或提取以及能源——固定式儲能以及地能地熱當然是我們不會錯過的短期和中期機會。但我們會回來提供更多細節和更好的框架，讓您了解我們在那裡的雄心壯志。

Next, we go to Connor Lynagh with Morgan Stanley.

接下來，我們和摩根士丹利一起去康納林納。

I wanted to ask about -- I just wanted to ask about the potential recovery in the back half. And particularly OPEC, you were alluding to the cessation of the supply agreement. I guess one thing that surprised us is while there have been some countries that have fallen short of their production targets, OPEC as a group has been able to raise production fairly significantly and there hasn't been as significant an increase in the rig count. I appreciate not all activity is captured in the rig count. But has that surprised you? And when do you think we see a sort of catch-up? Do we need to return to 2019 activity levels to get to 2019 production levels?

我想問一下——我只是想問一下後半場的潛在復蘇。尤其是歐佩克，你在暗示停止供應協議。我想讓我們感到驚訝的一件事是，雖然有些國家未能達到其生產目標，但歐佩克作為一個整體已經能夠相當顯著地提高產量，而且鑽機數量並沒有顯著增加。我很欣賞並非所有活動都包含在鑽機數量中。但這讓你感到驚訝嗎？你認為我們什麼時候會看到某種追趕？我們是否需要回到 2019 年的活動水平才能達到 2019 年的生產水平？

No. First, I think that the OPEC+ indeed has been very strict into implementing the policy in respect of the quota. Second, I think, with very few exceptions, the GCC has been able to indeed unlock this production without significant -- at this moment, significant increase in short-cycle activity to support that increase. This will transition into a necessary investment into supporting the sustained capacity in the coming months.

不是。首先，我認為歐佩克+在執行配額政策方面確實非常嚴格。其次，我認為，除了極少數例外，GCC 確實能夠在沒有顯著性的情況下解鎖這種生產——此時，短週期活動的顯著增加來支持這種增加。這將轉變為一項必要的投資，以支持未來幾個月的持續產能。

Until then and until now, it has been that the production of some critical countries were below their sustained capacity potential, hence, the need for reinvesting the need for accelerating investment drilling or intervention was measured and was not necessarily disproportionate compared to the past. I think you will see that transitioning into the second half and accelerating next year. And it will combine with capacity expansion they have committed to.

在此之前和直到現在，一些關鍵國家的產量一直低於其持續的產能潛力，因此，對加速投資鑽探或乾預的需求進行再投資的需求是經過衡量的，與過去相比並不一定不成比例。我認為你會看到這種轉變進入下半年並在明年加速。它將與他們承諾的產能擴張相結合。

So there will be a hike in activity on two fronts, the short cycle to this time sustain maximum capacity that is established and an investment that will expand this sustained capacity in the future. So that is set to happen. It wasn't necessarily a big surprise to us. I think that Middle East was a little bit of behind in terms of activity rebound internationally until now, but you will see this catching up in the second half and accelerating in 2023.

因此，將在兩個方面增加活動，此時的短週期維持已建立的最大產能，以及將在未來擴大這種持續產能的投資。所以這將發生。這對我們來說不一定是一個大驚喜。我認為到目前為止，中東在國際活動反彈方面有點落後，但你會看到下半年會趕上來，並在 2023 年加速。

All right. That's helpful context. Maybe just flipping over to the Russia side of things. I'm curious in your full-year revenue growth commentary, what are you contemplating in your Russia operations? Are you expecting significant activity declines? Could you help us frame what the cessation of new investments actually means for your activity levels in the near term here?

好的。這是有用的上下文。也許只是轉向俄羅斯方面。我很好奇您對全年收入增長的評論，您在俄羅斯業務中有何考慮？您是否預計活動會顯著下降？您能否幫助我們確定停止新投資對您近期活動水平的實際影響？

I think it's obviously an extremely dynamic situation. For one, the sanction certainly having an impact on the Russian economy and our operation would not be immune to those effects. But as currently, currency fluctuation as you have seen, our customer activity level today or tomorrow. So -- and there is also a possibility of further sanction. So the impact to the first quarter, as you have seen, was essentially limited to currency depreciation and dilution. It's very difficult at the moment to predict what the impact may be in the upcoming quarter, considering the uncertainty.

我認為這顯然是一個非常動態的情況。一方面，制裁肯定會對俄羅斯經濟產生影響，我們的運營也無法倖免於這些影響。但就目前而言，正如您所看到的，我們今天或明天的客戶活動水平。所以——還有進一步製裁的可能性。因此，如您所見，對第一季度的影響基本上僅限於貨幣貶值和稀釋。考慮到不確定性，目前很難預測下一季度可能產生的影響。

But on flip side, as I've described, the environment that we see and the dynamics we see in the market and the anticipated response to this call for energy security is creating the condition to offset this uncertainty and offset this risk. And also, the decision we have made to suspend new investment will mean that we'll be able to allocate this CapEx to this upcoming opportunity effective this year, and hence, being able to capture this upside in activity in this dynamic environment, and as you say, should allow us to offset and keep our financial ambition intact.

但另一方面，正如我所描述的，我們看到的環境和我們在市場中看到的動態以及對能源安全呼籲的預期反應正在創造條件來抵消這種不確定性並抵消這種風險。此外，我們暫停新投資的決定將意味著我們將能夠將資本支出分配給今年有效的即將到來的機會，因此，能夠在這個動態環境中捕捉到這一活動的上行空間，並且作為你說，應該允許我們抵消並保持我們的財務野心不變。

And next, we go to Roger Read with Wells Fargo.

接下來，我們和富國銀行一起去 Roger Read。

I guess I would like to ask two questions that are more or less margin focused. The first on Production Systems, which obviously is lagging for obvious reasons. But if we don't get a strong subsea or offshore deepwater recovery, what else can we expect that would lift the Production Systems margins as we go forward?

我想我想問兩個或多或少關注邊際的問題。第一個在生產系統上，由於顯而易見的原因，它顯然落後了。但是，如果我們沒有獲得強大的海底或近海深水採收率，我們還能指望在我們前進的過程中提高生產系統的利潤率嗎？

I think there are two elements, I think, we need to -- we should really separate here. The first is the transitory or temporary impact we have had on the excessive cost of logistics and delivery supply chain bottleneck that we have to work through that have led to temporary costs that I think will over time abate and will reduce as we work through this supply chain. We have a corrective action plan with diversification of source of supply using different logics routes, and you heard about our commitment to some critical safety stock for inventory to secure less disruption going forward.

我認為有兩個要素，我認為，我們需要-- 我們應該在這裡真正分開。首先是我們對物流和交付供應鏈瓶頸的過高成本所產生的暫時或暫時影響鏈。我們有一個糾正行動計劃，使用不同的邏輯路線來多樣化供應來源，您聽說我們承諾為庫存提供一些關鍵的安全庫存，以確保減少未來的中斷。

So this, disruption aside, that has had consequential cost, supplementary cost impact, I think we expect this to be more subdued as we go forward and we start to accelerate our conversion of our backlog. So what do we need? I think we have already this in the backlog. We have a very big backlog that we have accumulated for the last few quarters, that we keep growing.

因此，除了中斷之外，這已經產生了間接成本和補充成本影響，我認為隨著我們的前進，我們預計這種情況會更加溫和，並且我們開始加速我們積壓的轉換。那麼我們需要什麼？我認為我們已經在積壓中。我們有一個非常大的積壓，我們在過去幾個季度積累了，我們一直在增長。

And it's not only subsea. Our production system is made of subsea, as I mentioned, I think we are very proud of some of our market position in subsea, including what we have seen in Norway. But also have a completion with a few contracts that we won in the Middle East, in Brazil, in particular, artificial lift, PCP pumps that you have seen that we have won just in Kuwait, with very good position. Production chemicals that are being pulled as well and our midstream and surface -- Cameron capability that are fully leveraging particularly surface the up-cycle in North America.

而且不僅僅是海底。正如我所提到的，我們的生產系統是由海底製成的，我認為我們為我們在海底的一些市場地位感到非常自豪，包括我們在挪威所看到的。但也完成了我們在中東贏得的一些合同，在巴西，特別是人工舉升、PCP 泵，您已經看到我們剛剛在科威特贏得了非常好的位置。生產化學品以及我們的中游和地面——充分利用特別是在北美的上升週期的 Cameron 能力。

So if you combine all of these, we have not only short-cycle exposure with surface in North America of completions, artificial lift. We have long cycle with deepwater and some of our long-cycle participation into some gas facility, as I mentioned, in Turkey. You combine all of these and you have enough backlog to lift and create an uplift into our growth going forward and actually indicative of Production Systems to be accretive to our growth in the second half.

因此，如果將所有這些結合起來，我們不僅可以在北美完成短週期暴露，還可以進行人工舉升。正如我所提到的，我們在深水有很長的周期，並且我們的一些長周期參與了一些天然氣設施。你把所有這些結合起來，你就有足夠的積壓來提升和推動我們未來的增長，實際上表明生產系統將在下半年促進我們的增長。

That was very helpful. The other question I have is a little bit more far reaching. But as we think about -- or let me say, the base case is, let's assume what's happened in Russia stays as is, the sanctions, everything like that through the middle of the decade. Spending in other parts of the world is going to have to increase to make up for lost Russian production at a minimum loss Russian growth, if not absolute lost barrels. And I was wondering, as you look at your margins and you think about sort of an equal distribution of that spending or that production growth in other parts of the world, should it be no impact on Schlumberger's margins, a modest positive or a modest negative if Russia becomes a shrunken market and some of these other areas have to grow in response?

這很有幫助。我的另一個問題涉及的範圍更廣一些。但正如我們所想的——或者讓我說，基本情況是，讓我們假設在俄羅斯發生的事情保持原樣，制裁，像這樣的一切到本世紀中期。世界其他地區的支出將不得不增加，以彌補俄羅斯生產的損失，即使不是絕對損失的桶，也要以最小的損失來彌補俄羅斯的增長。我想知道，當您查看您的利潤率時，您會考慮在世界其他地區的支出或產量增長的某種平均分配，這是否會對斯倫貝謝的利潤率產生影響，適度的積極或適度的負面如果俄羅斯成為一個萎縮的市場，而其他一些地區必須增長作為回應？

I think I will not try to compare Russia margin with the rest of our portfolio. I think I will look at it from the strength of the cycle, from the lead market position we have, and from the starting point we have today with having restructured and reset operating leverage, the exposure with digital, the exposure with an increasing offshore long- and short-cycle mix; I think these attributes that convince us that our margin will continue to expand. As we have seen this quarter, we had increased year-on-year both NAM and international margin, and we have been posting the best margin since 2015 and yet despite an impact in the first quarter from Russia.

我想我不會嘗試將俄羅斯的利潤率與我們其他投資組合進行比較。我想我會從周期的強度、我們擁有的領先市場地位以及我們今天的起點來看待它，即重組和重置經營槓桿、數字風險敞口、離岸多頭風險增加的風險敞口- 和短週期混合；我認為這些屬性使我們相信我們的利潤將繼續擴大。正如我們在本季度所看到的那樣，我們的 NAM 和國際利潤率同比都有所增加，儘管第一季度受到俄羅斯的影響，但我們的利潤率一直是自 2015 年以來的最高水平。

So I think we are looking at it at -- as you say, the big picture. The big picture includes investment in oil and gas for energy security, diversification that will have a call on international supply as well as in North America, and an increasing mix of offshore and long cycle as capacity needs to be expanded and the reserves that have been depleted through the last down-cycle for the last seven years will need to be expanded again. So that mix is what makes us confident into our trajectory of margin expansion and into the potential uniqueness of this up-cycle compared to past, and hence, the confidence we have in the short and the long term.

所以我認為我們正在著眼於——正如你所說，大局。大局包括對石油和天然氣的能源安全投資、對國際供應和北美的需求的多樣化，以及隨著產能需要擴大和儲量增加而日益增加的海上和長周期組合。在過去七年的最後一個下行週期中耗盡的資源將需要再次擴大。因此，這種組合使我們對我們的利潤率擴張軌跡以及與過去相比這個上升週期的潛在獨特性充滿信心，因此，我們對短期和長期充滿信心。

And ladies and gentlemen, we have time for one last question. That's from the line of Ian MacPherson with Piper Sandler.

女士們，先生們，我們有時間回答最後一個問題。這是伊恩麥克弗森和派珀桑德勒的說法。

Just wanted to wrap up. Olivier, I wanted to ask directly, what is your view of the production trajectory for Russia, assuming the sanctions are what we see today? I know that you don't want to be too specific with regard to the cadence of your impact over the course of this year. But do you subscribe to the idea that, at best, Russia pivots from a steady grower to a steady decliner under the current sanctions regime?

只是想結束。奧利維爾，我想直接問一下，假設製裁是我們今天看到的，你對俄羅斯的生產軌蹟有何看法？我知道你不想在今年的過程中對你的影響節奏過於具體。但是，您是否同意在當前製裁制度下，俄羅斯充其量只能從穩定的增長者轉向穩定的下降者？

I think I cannot be speculating on this and the market condition. I think you see the same numbers as we do see. You see that there is, as I said, a potential risk of Russia supply dislocation. I think what is important is that the demand trajectory that is recovering and is set to further increase next year compared to previous prediction, not only to offset that but to also respond to the market, I think, will be contributing to overall growth.

我想我不能猜測這個和市場狀況。我想你看到的數字和我們看到的一樣。正如我所說，你看到了俄羅斯供應錯位的潛在風險。我認為重要的是，與之前的預測相比，明年的需求軌跡正在復蘇並將進一步增加，這不僅是為了抵消這一點，而且也是為了響應市場，我認為這將有助於整體增長。

So it's very difficult to predict. I think we are -- this is a very dynamic situation, and we are not here to speculate on that dynamic situation. We know that we have to account for assumption that it could be a demand dislocation. It could be a demand -- supply disruption from the Russia source of supply. Hence, we know and we have seen our customer rotating and starting to anticipate and position themselves for participating to the call on supply that will happen from the second half of this year and the years to come. So that's the only thing we can comment on.

所以很難預測。我認為我們是 - 這是一個非常動態的情況，我們不是在這裡推測這種動態情況。我們知道我們必須考慮這可能是需求錯位的假設。這可能是需求——俄羅斯供應來源的供應中斷。因此，我們知道並且我們已經看到我們的客戶輪換並開始預測和定位自己，以參與將於今年下半年和未來幾年發生的供應呼籲。所以這是我們唯一可以評論的。

That's a perfectly fair answer. But maybe put otherwise, how critical would you say that Schlumberger and your Western OFS peers are relative to the domestic Russian OFS industry with regard to their ability to lean on internal OFS resources as opposed to Western technology and kit?

這是一個完全公平的答案。但也許換一種說法，您認為斯倫貝謝和您的西方 OFS 同行相對於俄羅斯國內 OFS 行業在依靠內部 OFS 資源而不是西方技術和工具包的能力方面有多重要？

So again, we cannot speculate on this. I think we -- our first and foremost priority is to look after the safety of our people everywhere we operate, including Russia, and to comply with the utmost diligence to the sanction, international sanctions that are in place. To speculate about what are the consequences of the sanction onto the OFS industry in Russia, I think, is something that the future will tell us what is happening. But I think I don't want to be in a position to comment on this at this moment.

再說一次，我們不能推測這一點。我認為我們 - 我們的首要任務是照顧我們在我們經營的任何地方（包括俄羅斯）的人民的安全，並儘最大努力遵守現有的製裁和國際制裁。我認為，推測制裁對俄羅斯 OFS 行業的影響是未來會告訴我們正在發生的事情。但我想我現在不想對此發表評論。

Thank you very much. I believe that it's time to close this call. So in conclusion, I would like to leave you with three takeaways. Firstly, our first-quarter financial results represent a strong start to what promises to be a significant year for the company, in particular, the resilience and strength of our core services division and the full participation in the fast-growing North America market have contributed to a very solid year-on-year growth and margin expansion.

非常感謝你。我相信是時候結束這個電話了。所以最後，我想給你三個要點。首先，我們的第一季度財務業績代表了公司有望成為重要一年的強勁開端，特別是我們核心服務部門的彈性和實力以及對快速增長的北美市場的全面參與做出了貢獻實現了非常穩健的同比增長和利潤率擴張。

Secondly, the activity outlook shaping up favorably as 2022 progresses and is set to support our full-year mid-teens growth ambition, despite the uncertainty in our Russia operations. Furthermore, in the later part of the year, we'll gain from improving market conditions, favorable activity mix in key offshore basins in Middle East, and broader net pricing impact across North America and international markets.

其次，儘管我們在俄羅斯的業務存在不確定性，但隨著 2022 年的進展，活動前景將向好，並將支持我們全年的青少年增長目標。此外，在今年下半年，我們將受益於市場狀況的改善、中東主要海上盆地的有利活動組合以及北美和國際市場更廣泛的淨定價影響。

Our confidence in the favorable market conditions and our midterm outlook supports our margin expansion ambition and our commitment to generate double-digit free cash flow. As a result, we have decided to accelerate cash returns to shareholders through a visible increase in our dividend.

我們對有利的市場條件和中期前景充滿信心，這支持了我們擴大利潤率的雄心和我們對產生兩位數自由現金流的承諾。因此，我們決定通過顯著增加股息來加速股東的現金回報。

Finally, we believe that the consequences of the current crisis will reinforce the market fundamentals for a stronger and longer up-cycle, as a priority on energy security will favor reinvestment in oil and gas supply. Consequently, the outlook for the next few years is improving and absent of global economic setback should translate into an exceptional sequence for the industry. Thank you very much.

最後，我們認為，當前危機的後果將鞏固市場基本面，從而實現更強勁和更長的上行週期，因為能源安全的優先事項將有利於對石油和天然氣供應的再投資。因此，未來幾年的前景正在改善，全球經濟沒有出現挫折應該會轉化為該行業的特殊序列。非常感謝你。

Ladies and gentlemen, that does conclude your conference for today. Thank you for your participation. You may now disconnect.

女士們，先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連接。