Weatherford International PLC (WFRD) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Weatherford International second quarter 2025 Results. (Operator Instructions) As a reminder, this event is being recorded.

女士們、先生們，感謝你們的支持。歡迎閱讀威德福國際 2025 年第二季業績報告。（操作員指示）提醒一下，此事件正在被記錄。

I would now like to turn the conference over to Luke Lemoine, Senior Vice President of Corporate Development. Sir, you may begin.

現在，我想將會議交給企業發展資深副總裁 Luke Lemoine。先生，您可以開始了。

Welcome, everyone, to the Weatherford International Second Quarter 2025 Earnings Conference Call. I'm joined today by Girish Saligram, President and CEO; and Anuj Dhruv, Executive Vice President and CFO. We'll start today with our prepared remarks and then open up for questions. You may download a copy of the presentation slides corresponding to today's call from our website's investor relations section.

歡迎大家參加威德福國際 2025 年第二季財報電話會議。今天與我一同出席的還有總裁兼執行長 Girish Saligram 和執行副總裁兼財務長 Anuj Dhruv。今天我們將首先發表準備好的發言，然後開始回答問題。您可以從我們網站的投資者關係部分下載與今天的電話會議相對應的簡報投影片的副本。

I want to remind everyone that some of today's comments include forward-looking statements. These statements are subject to many risks and uncertainties that could cause our actual results to differ materially from any expectation expressed herein. Please refer to our latest Securities and Exchange Commission filings for risk factors and cautions regarding forward-looking statements.

我想提醒大家，今天的一些評論包含前瞻性陳述。這些聲明受許多風險和不確定性的影響，可能導致我們的實際結果與本文表達的任何預期有重大差異。有關前瞻性陳述的風險因素和警告，請參閱我們向美國證券交易委員會提交的最新文件。

Our comments today also include non-GAAP financial measures. The underlying details and a reconciliation of GAAP to non-GAAP financial measures are included in our earnings press release, which can be found on our website. As a reminder, today's call is being webcast, and a recorded version will be available on our website's investor relations section following the conclusion of this call.

我們今天的評論還包括非公認會計準則財務指標。基本細節以及 GAAP 與非 GAAP 財務指標的對帳包含在我們的收益新聞稿中，您可以在我們的網站上找到。提醒一下，今天的電話會議正在進行網路直播，電話會議結束後，我們將在網站的投資者關係部分提供錄音版本。

With that, I'd like to turn the call over to Girish.

說完這些，我想把電話轉給 Girish。

Thanks, Luke, and thank you all for joining our call. I'll start with an overview of our performance and key highlights, and we'll then share our outlook on the markets. Anuj will then cover specifics on financial performance, balance sheet, detailed guidance. And I will wrap up with some thoughts on Weatherford's operating plans for this environment before opening for Q&A.

謝謝，盧克，也謝謝大家參加我們的電話會議。我將首先概述我們的業績和主要亮點，然後分享我們對市場的展望。然後，Anuj 將介紹財務績效、資產負債表和詳細指導等具體內容。在開始問答環節之前，我將總結威德福針對這個環境的營運計畫的一些想法。

As illustrated on slide 3, our second quarter results were in line with our expectations outlined in April. Despite significant market headwinds, the impact of divestitures in Argentina and minimal payments coming out of Mexico, the One Weatherford team delivered strong performance. I'm incredibly grateful for the team's unwavering spirit, customer focus and operating intensity that every single person brings every single day.

如投影片 3 所示，我們的第二季業績符合我們 4 月提出的預期。儘管面臨巨大的市場阻力、阿根廷資產剝離的影響以及墨西哥支付的極少款項，One Weatherford 團隊仍然表現出色。我非常感謝團隊中每個人每天所展現的堅定不移的精神、客戶至上精神和營運強度。

For context, normalizing for the Argentina divestitures, our revenue and adjusted EBITDA would have seen a noticeable improvement on a sequential basis. North America and Latin America performed as expected, with both geographies down sequentially. The former was driven by the seasonal spring breakup in Canada and the latter due to the effect of the Argentina divestitures. In Latin America, our view on Mexico hasn't changed and we still expect this to be down approximately 60% this year.

就背景而言，如果將阿根廷資產剝離正常化，我們的收入和調整後的 EBITDA 將會比上一季有顯著改善。北美和拉丁美洲的表現符合預期，兩個地區的銷售額都較上季下降。前者是受加拿大春季季節性休耕的影響，後者則是受阿根廷資產剝離的影響。在拉丁美洲，我們對墨西哥的看法沒有改變，我們仍然預計今年墨西哥的出口將下降約 60%。

However, we believe activity levels have now stabilized, and simultaneously, we have rightsized our cost structure in the country. As expected, project start-ups in Europe contributed to the growth in the ESSR region, further amplified by FX. I am very pleased with our team's performance in the Middle East, North Africa broader region with several noteworthy performances.

然而，我們相信活動水平現在已經穩定，同時，我們已經調整了該國的成本結構。正如預期的那樣，歐洲的計畫啟動促進了 ESSR 地區的成長，並因 FX 而進一步擴大。我對我們團隊在中東、北非等廣大地區的表現感到非常滿意，有幾場表現非常好。

The market in the Kingdom of Saudi Arabia has softened and will likely have a similar trajectory in the second half. However, we achieved sequential growth in the second quarter, underscoring our belief that we still have a longer-term growth opportunity. The market declines are primarily concentrated in the service-related segments, resulting in a higher decremental impact.

沙烏地阿拉伯王國的市場已經疲軟，下半年可能也會出現類似的走勢。然而，我們在第二季度實現了連續成長，這強調了我們仍然擁有長期成長機會的信念。市場下滑主要集中在服務相關領域，導致減損影響較大。

While we are seeing margin dilution from tariff cost pass-throughs and rising pricing pressure, we have mitigated these impacts through volume-based cost adjustments and structural cost reductions. This resulted in adjusted EBITDA margins for Q2 at 21.1%, which slightly declined relative to Q1. Adjusted free cash flow of $79 million in an interest paying quarter with minimal payments from Mexico is a testament to our unwavering focus on a north star of cash generation.

雖然我們看到關稅成本轉嫁和定價壓力上升導致利潤率下降，但我們透過基於數量的成本調整和結構性成本削減減輕了這些影響。這導致第二季調整後的 EBITDA 利潤率為 21.1%，相對於第一季略有下降。在支付利息的季度中，調整後的自由現金流為 7,900 萬美元，而來自墨西哥的付款很少，這證明了我們堅定不移地關注現金創造的北極星。

As shown on slide 6, we have now paid four quarterly dividends of $0.25 per share and repurchased approximately $186 million worth of shares over the past 4 quarters, which includes approximately $34 million during 2Q. While this amount may vary each quarter due to market conditions, we remain committed to our buyback program and still have ample capacity under our $500 million authorization.

如幻燈片 6 所示，我們現在已經支付了四個季度的股息，每股 0.25 美元，並且在過去 4 個季度中回購了價值約 1.86 億美元的股票，其中包括第二季度的約 3,400 萬美元。雖然這筆金額可能因市場狀況而每季有所不同，但我們仍然致力於我們的回購計劃，並且在 5 億美元的授權下仍然擁有充足的容量。

Now turning to our segment overview on Slides 8 through 11. The operational and technical highlights showcase advancements in new market penetration, technology adoption and continued innovation of our products and services portfolio. As noted in our earnings release, our continued success in securing high-impact contracts across key regions reflects the strength of our technology and the trust of our customers.

現在轉到投影片 8 至 11 上的部分概述。營運和技術亮點展示了我們在新市場滲透、技術採用和產品和服務組合持續創新方面的進步。正如我們的收益報告中所指出的，我們在關鍵地區持續成功獲得高影響力合約反映了我們技術的實力和客戶的信任。

In Offshore UK, bp awarded Weatherford a one-year contract to provide cementation products, completions, drilling services, intervention services and drilling tools and a one-year contract to provide line hanger systems for the Northern Endurance partnership CO2 storage project. In the Gulf of America, Shell awarded Weatherford a 3-year contract to provide intervention services and drilling tools.

在英國近海，bp 授予 Weatherford 一份為期一年的合同，為之提供固井產品、完井、鑽井服務、幹預服務和鑽井工具，以及一份為期一年的合同，為 Northern Endurance 合作夥伴的二氧化碳儲存項目提供線路懸掛系統。在美國灣，殼牌授予韋瑟福德一份為期3年的合同，為其提供修井服務和鑽井工具。

In Norway, Weatherford completed a successful field trial of TITAN RS technology for Equinor, following the acquisition of Ardyne. The trial delivered a full casing cut and recovery solution for the plug and abandonment market, reinforcing Weatherford's leadership in advanced well abandonment. These highlights underscore the differentiated value of our technology across global operations. Now turning to our outlook.

在挪威，威德福在收購 Ardyne 之後為 Equinor 成功完成了 TITAN RS 技術的現場試驗。這項試驗為封鎖和廢棄市場提供了完整的套管切割和回收解決方案，鞏固了威德福在先進井廢棄領域的領導地位。這些亮點凸顯了我們的技術在全球營運中的差異化價值。現在轉向我們的展望。

Last quarter, we provided what we believe was a prudent view for the balance of 2025, and we continue to believe this outlook is reasonable in today's market. We have tightened the range a bit on both ends as the visibility window improves. The overall international market has softened over the past year, a trend that could continue well into 2026.

上個季度，我們對 2025 年的平衡做出了我們認為是審慎的看法，並且我們仍然相信這種前景在當今市場上是合理的。隨著可見性視窗的改善，我們已經稍微縮小了兩端的範圍。過去一年，整體國際市場有所疲軟，趨勢可能持續到 2026 年。

While commodity prices remained relatively stable, they have led to increased caution and a slowdown in customer spending. Trade discussions continue to cause significant uncertainty and may lead to demand destruction in the short to midterm. In the first half, tariff impacts were modest as most inventory remained at pre-tariff levels. However, we expect a greater impact on both margins and demand in the second half.

儘管大宗商品價格保持相對穩定，但已導致消費者更加謹慎並減少支出。貿易談判持續造成重大不確定性，並可能在短期至中期內導致需求破壞。上半年，關稅影響較小，因為大多數庫存仍處於關稅實施前的水平。然而，我們預計下半年利潤率和需求都會受到更大的影響。

Concurrently, OPEC+ continues adding supply back to the market, increasing pressure on the global oil supply demand balance. While some customers have signaled future spending cuts, others have not, leaving the outlook uncertain. We continue to believe we are in a distinctly different phase of the cycle with some markets in a clear downturn.

同時，OPEC+持續向市場增加供應，加大全球石油供需平衡的壓力。雖然有些客戶已經表示未來會削減開支，但其他客戶卻沒有，因此前景並不明朗。我們仍然相信，我們正處於週期的明顯不同階段，一些市場明顯處於低迷狀態。

Uncertainty remains a defining feature for this market and downturn. While the shape and timing of a recovery are unclear, we anticipate market headwinds will persist for at least another 12 months. While we haven't seen clear direction from all customers yet, it's reasonable to expect sluggish activity levels in the second half of 2025 and first half of 2026.

不確定性仍然是這個市場和經濟衰退的決定性特徵。儘管復甦的形式和時間尚不明確，但我們預計市場逆風將持續至少 12 個月。雖然我們尚未看到所有客戶的明確方向，但可以合理地預期 2025 年下半年和 2026 年上半年的活動水準將低迷。

If global trade reductions and increased supply create a need for customers to reduce CapEx. That said, we remain hopeful that the industry discipline of recent years will result in a milder global downturn than the last three cycles. We have continued to adapt our cost structure over the past three quarters, and this will further evolve as the market unfolds.

如果全球貿易減少和供應增加導致客戶需要減少資本支出。儘管如此，我們仍然希望，近年來的行業紀律將導致全球經濟衰退比過去三個週期更為溫和。過去三個季度，我們不斷調整成本結構，隨著市場的發展，成本結構也將進一步演變。

Since Q3 of 2024 and excluding divestitures, we have reduced our head count by over 1,500 and lowered our annualized personnel expenses by more than $125 million. While much of this is offset by revenue declines, our swift actions have positioned us to continue operating efficiently. We continue to believe we are very well positioned to capitalize on stable or improving activity levels.

自 2024 年第三季以來（不包括資產剝離），我們已裁員 1,500 多人，並將年度人事費用降低了 1.25 億美元以上。雖然其中很大一部分被收入下降所抵消，但我們的迅速行動使我們能夠繼續有效地運作。我們仍然相信，我們完全有能力利用穩定或不斷提高的活動水平。

But we are also taking proactive steps to ensure we can respond swiftly in the event of a more pronounced slowdown. Even with the potential annualized double-digit revenue decline, we expect to deliver EBITDA margins in the low 20s this year, which remarkably is still better than where we were three-years ago. Giving precise outlooks on geo markets and product lines remains challenging in this market.

但我們也正在採取積極措施，以確保在出現更明顯的經濟放緩時能夠迅速做出反應。即使年度收入可能出現兩位數的下降，我們預計今年的 EBITDA 利潤率仍將在 20% 出頭，這比三年前的水平要好得多。在這個市場上，對地理市場和產品線做出準確的展望仍然具有挑戰性。

However, our overall outlook remains unchanged. With this in mind, we expect that 2025 North America revenues will decline by high single digits year-on-year and international will decline low double to mid-double digits. Adjusting for Mexico activity declines and our Argentina divestitures, we believe our 2025 international revenues will likely be down low to mid-single digits.

然而，我們的整體前景保持不變。考慮到這一點，我們預計 2025 年北美收入將年減高個位數，國際收入將年減兩位數至中兩位數。考慮到墨西哥業務的下滑和阿根廷業務的剝離，我們認為 2025 年國際收入可能會下降至個位數左右。

I'd like to turn the call over to Anuj before I come back with closing comments.

在我回來發表結束語之前，我想將電話轉給 Anuj。

Thank you, Girish. Good morning, and thank you, everyone, for joining us on the call. Girish has already shared an overview of our second quarter performance and an update on our capital return program. For a more detailed breakdown of the second quarter results, please refer to our press release and accompanying slide deck presentation.

謝謝你，吉里什。早安，感謝大家參加我們的電話會議。Girish 已經分享了我們第二季業績的概況以及資本回報計劃的最新情況。有關第二季度業績的更詳細分類，請參閱我們的新聞稿和隨附的幻燈片演示。

My comments today will center around our cash flow, working capital, balance sheet, liquidity and guidance. Turning to slide 22 for cash flows and liquidity. For the second quarter, we generated $79 million of adjusted free cash flow at a 31.1% free cash flow conversion rate versus 26.1% in Q1 2025. As you know, our free cash flow is generally weighted towards the second half of the year.

我今天的評論將圍繞我們的現金流、營運資金、資產負債表、流動性和指導。翻到第 22 張投影片，了解現金流和流動性。第二季度，我們產生了 7,900 萬美元的調整後自由現金流，自由現金流轉換率為 31.1%，而 2025 年第一季為 26.1%。如您所知，我們的自由現金流通常集中在下半年。

We do not expect 2025 to be any different but there is a significant expectation of payments from Mexico that we do not have precise visibility on. Net working capital efficiency, measured by net working capital as a percentage of revenues moved slightly from 26.3% in Q2 2024 to 26.7% in Q2 2025 primarily due to a lower revenue base and minimal collections in the quarter from Mexico.

我們預計 2025 年的情況不會有任何不同，但人們對墨西哥的付款預期很高，但我們對此並沒有準確的了解。淨營運資本效率（以淨營運資本佔收入的百分比衡量）從 2024 年第二季的 26.3% 小幅下降至 2025 年第二季的 26.7%，這主要是由於本季來自墨西哥的收入基數較低且收款額極少。

We expect our net working capital efficiency to improve going forward. And regardless of the stage of the cycle, continue to work towards our goal of maintaining net working capital efficiencies levels at 25% or better. We have continued to execute on and initiated a series of cost reduction actions across the company. In this context, we took an additional restructuring and severance charge of $11 million in Q2 following the $29 million in Q1.

我們預期我們的淨營運資本效率將會進一步提高。無論處於週期的哪個階段，我們都會繼續努力實現將淨營運資本效率水準維持在 25% 或更高的目標。我們繼續在全公司範圍內執行並啟動了一系列降低成本的行動。在此背景下，我們在第一季支付了 2,900 萬美元的重組和遣散費用之後，在第二季又額外支付了 1,100 萬美元。

Several actions have already been completed, and we expect to implement additional measures throughout the remainder of the year, as we stay agile and adapt to evolving market conditions. While many of our actions are tied to volume, we're also using this moment to drive long-term productivity through shared services, automation and generative AI.

我們已經完成了幾項行動，我們預計將在今年剩餘時間內實施更多措施，因為我們將保持敏捷並適應不斷變化的市場條件。雖然我們的許多行動都與數量有關，但我們也利用這一時機透過共享服務、自動化和產生人工智慧來推動長期生產力。

At the core of this effort is our continued investment in infrastructure systems as a non-negotiable priority. These systems are critical enablers of efficiency, scalability and bottom-line impact and we remain firmly committed to protecting and advancing them. We have always maintained that it is critical for us to invest in the future, but at the same time, that will never be a crutch to not perform.

這項努力的核心是我們繼續將基礎設施系統投資作為不可協商的優先事項。這些系統是效率、可擴展性和底線影響的關鍵推動因素，我們將繼續堅定地致力於保護和推進它們。我們始終認為，投資未來對我們來說至關重要，但同時，這絕對不會成為我們無法實現目標的障礙。

I'm very pleased to see both of them happening. During the second quarter, CapEx was $54 million versus $77 million in the first quarter, driven by adjustments to align with market conditions and completion of spending related to our Brazil subsea intervention contract. We expect CapEx to decline further and fall within our targeted range by year-end.

我很高興看到這兩件事的發生。第二季度，資本支出為 5,400 萬美元，而第一季度為 7,700 萬美元，這主要是由於根據市場情況進行調整以及完成與巴西海底幹預合約相關的支出。我們預計資本支出將進一步下降，到年底將降至我們的目標範圍內。

In Q2, we repurchased approximately $34 million worth of shares and paid a $0.25 per share quarterly dividend. In addition, we also bought back $27 million of our 8.625% notes and will continue to do so opportunistically in the market. Our net leverage ratio is less than 0.5x. We have approximately $1 billion of cash and restricted cash.

在第二季度，我們回購了價值約 3,400 萬美元的股票，並支付了每股 0.25 美元的季度股息。此外，我們還回購了 2,700 萬美元的 8.625% 票據，並將繼續在市場上伺機進行此類操作。我們的淨槓桿率低於0.5倍。我們擁有約10億美元的現金和限制性現金。

We reduced our trapped cash by over half during the quarter, and our liquidity is approximately $1.3 billion, which is the highest level since emergence. With this, we feel very confident in the strength of our balance sheet and the corresponding flexibility it provides to manage the company through this cycle. Turning to guidance, let me start with Q3.

本季度，我們減少了一半以上的滯留現金，目前我們的流動資金約為 13 億美元，這是自成立以來的最高水準。由此，我們對資產負債表的實力以及它為管理公司度過這一周期所提供的相應靈活性非常有信心。談到指導，讓我從 Q3 開始。

Third quarter revenues are expected to be modestly down with US land and Saudi as the primary headwinds. This should be partially offset by the seasonal rebound in Canada. We are expecting $1.165 billion to $1.195 billion in revenues. Looking at the broader second half 2025 versus the first half of 2025, we believe Brazil, North America offshore, UAE, Kuwait, Iraq, Australia, Azerbaijan, and Indonesia will experience notable growth.

預計第三季收入將小幅下降，主要阻力來自美國土地和沙烏地阿拉伯。這應該會被加拿大的季節性反彈部分抵消。我們預計營收為 11.65 億美元至 11.95 億美元。縱觀 2025 年下半年與 2025 年上半年，我們認為巴西、北美近海、阿聯酋、科威特、伊拉克、澳洲、亞塞拜然和印尼將經歷顯著成長。

And while we are hopeful for a slight uptick in Q4, we remain very cognizant of the broader slowdown and hence, expecting a generally flattish revenue trajectory in the second half as well. Adjusted EBITDA for Q3 is expected to be between $245 million and $265 million, and margins should tick up slightly from Q2 levels, driven by cost stabilization.

雖然我們對第四季的營收略有回升抱有希望，但我們仍然非常清楚整體經濟放緩的趨勢，因此預計下半年的營收走勢也將整體持平。預計第三季調整後的 EBITDA 將在 2.45 億美元至 2.65 億美元之間，受成本穩定的推動，利潤率將較第二季略有上升。

We expect free cash flow to be flat to slightly up from Q2 levels, followed by another increase in Q4. Payments from Mexico will be the differential factor on timing of cash flows, and these are not substantially included in our Q3 free cash flow guidance. For 2025, we've tightened the guidance range with the midpoint of revenue and EBITDA guidance remaining unchanged.

我們預計自由現金流將與第二季度水準持平或略有上升，然後在第四季度再次增加。來自墨西哥的付款將成為現金流時間的差異因素，而這些付款並未實質上包含在我們的第三季自由現金流指引中。對於 2025 年，我們收緊了指導範圍，收入和 EBITDA 指導的中點保持不變。

We expect revenues of $4.7 billion to $4.9 billion, adjusted EBITDA of $1.015 billion to $1.060 billion and free cash flow conversion to increase 100 basis points to 200 basis points year-on-year. Our effective tax rate can vary quarter-to-quarter depending on the geographic mix, and we still anticipate this will be similar to 2024 in the 20% range for 2025. CapEx is expected to trend down over the course of the year and land in the 3% to 5% of revenues for the full year. Thank you for your time today.

我們預計營收為 47 億美元至 49 億美元，調整後 EBITDA 為 10.15 億美元至 10.60 億美元，自由現金流轉換率將年增 100 至 200 個基點。我們的有效稅率可能因地理分佈而每季有所不同，我們仍然預計 2025 年的有效稅率將與 2024 年相似，在 20% 左右。預計資本支出將在全年呈下降趨勢，佔全年收入的 3% 至 5%。感謝您今天抽出時間。

I will now pass the call back to Girish for his closing comments.

我現在將電話轉回給 Girish，請他作最後發言。

Thanks, Anuj. I remain highly optimistic about Weatherford's future over the next several years. As market conditions continue to evolve, we are staying agile and ready to pivot as needed. The market has changed, and our approach must continue to adapt. Despite the headwinds, we remain focused on defending margins and maximizing cash generation.

謝謝，Anuj。我對韋瑟福德未來幾年的前景仍然非常樂觀。隨著市場條件的不斷發展，我們始終保持靈活並隨時準備好根據需要做出調整。市場已經發生變化，我們的方法也必須隨之適應。儘管面臨阻力，我們仍然專注於捍衛利潤率和最大化現金創造。

Over the past several years, we have been preparing the company to navigate potential market disruptions. First, our balance sheet is stronger than ever before with total liquidity of $1.3 billion, and we have approximately $1 billion of cash. Second, our cost structure has radically transformed since 2020 with further value creation opportunities ahead.

在過去幾年裡，我們一直在幫助公司應對潛在的市場混亂。首先，我們的資產負債表比以往任何時候都更加強勁，總流動資金為 13 億美元，我們擁有約 10 億美元的現金。其次，自 2020 年以來，我們的成本結構發生了根本性轉變，未來將有更多價值創造機會。

Third, we remain committed to our shareholder return plan. We set the dividend at a level that is sustainable through the cycle, and we intend to remain opportunistic, disciplined and thoughtful in our share repurchase program. Moving forward, we will be flexible with our operating structure, support costs and CapEx, adjusting as needed to align with market conditions.

第三，我們仍然致力於我們的股東回報計劃。我們將股息設定在一個在整個週期內可持續的水平，並且我們打算在股票回購計劃中保持機會主義、紀律和深思熟慮。展望未來，我們將靈活調整我們的營運結構、支援成本和資本支出，以適應市場狀況。

Our cost optimization program is being designed to go beyond volume adjustments. It's a multi-year program focused on achieving sustainable productivity gains through technology and lean processes, not just flexing head count due to market conditions. Also, working capital efficiency remains a core focus area to drive free cash flow conversion to a sustainable 50%.

我們的成本優化計劃旨在超越數量調整。這是一項多年計劃，致力於透過技術和精益流程實現可持續的生產力成長，而不僅僅是根據市場情況調整員工人數。此外，營運資本效率仍然是推動自由現金流轉換率達到永續的 50% 的核心關注領域。

The new Weatherford transformation is an ongoing journey, and the initiatives already position us to navigate this part of the cycle far better than in the past. It's now clear that the market will be more challenging than many expected just six months ago. However, I'm confident that our team will stay agile, adapt effectively and emerge as a stronger company through this period.

威德福的新轉型是一個持續的過程，這些舉措已經使我們能夠比過去更好地駕馭這一周期。現在很明顯，市場將比六個月前許多人預期的更具挑戰性。然而，我相信我們的團隊將保持敏捷，有效適應，並在這段期間發展成為更強大的公司。

And now, operator, please open the call for questions.

接線員，現在請開始提問。

(Operator Instructions) David Anderson, Barclays Capital.

（操作員指示）巴克萊資本的戴維·安德森。

I wanted to focus a little bit on Saudi. It's your largest international market, it's been going through quite a bit of transition this year. The rig count has fallen, Jafurah is potentially ramping up. You're expecting further softness in the second half. I was wondering if you could provide some more color around some of the moving parts in the Kingdom.

我想稍微關註一下沙烏地阿拉伯。這是你們最大的國際市場，今年經歷了相當大的轉變。鑽井數量已經下降，而 Jafurah 的潛在數量正在增加。預計下半年經濟將進一步疲軟。我想知道您是否可以提供一些有關王國中一些活動部分的更多細節。

And you mentioned you're growing against this backdrop. Maybe talk about how you're doing that. And then while we're here, if you could maybe talk about kind of when you see this start to turn positive again in KSA and potentially kind of what does international start to look like in 2026. So recognizing it's very, very early, all sorts of moving, all sorts of challenges out there. But a little bit of color on that would be very helpful as well.

您提到您是在這樣的背景下成長的。也許可以談談你是怎麼做到的。那麼，當我們在這裡時，您是否可以談談當您看到沙烏地阿拉伯的情況再次變得積極時，以及 2026 年國際情況可能會是什麼樣子。所以現在就認識到這一切還為時過早，還有各種各樣的變化和挑戰。但稍微加點顏色也會很有幫助。

Sure, Dave. So look, I'm incredibly pleased with how our teams operated and executed in the Kingdom. We have talked for the past several quarters about the softness in the market, really starting with an inflection point in Q1 last year, when Saudi changed the direction a little bit and drop from the $13 million to back to the $12 million. And since then, we've seen a bit of a steady decline in rig count, a lot of announcements.

當然，戴夫。所以，我對我們的團隊在沙烏地阿拉伯的運作和表現感到非常滿意。過去幾季我們一直在談論市場疲軟，實際上從去年第一季的一個轉折點開始，當時沙烏地阿拉伯稍微改變了方向，從 1,300 萬美元跌回 1,200 萬美元。自那時起，我們看到鑽井數量穩定下降，並發布了許多公告。

And there was another round recently that will sort of bleed itself out through third quarter. So there's clearly a downdraft. But we've always maintained through that we are underpenetrated in several businesses. And as we have transformed the company and really driven a significant amount of transformation of the portfolio, new technology introduction, there's an opportunity.

最近又有另一輪比賽將在第三季結束。因此，明顯存在下降氣流。但我們始終認為，我們在多個業務領域的滲透率還不夠。隨著我們實現公司轉型並真正推動產品組合的重大轉型和新技術的引進，我們迎來了機會。

So the way we've been able to drive that performance is really working very closely with Aramco showcasing and highlighting where we can bring value in -- a couple of years ago, we announced the LSTK contract, but that's fully baked in. And on a comp basis, that's not a delta. This year, it was last year. But it's really all about technology introduction and making sure we're staying very close to our customers there as well as very strong execution.

因此，我們能夠推動這一業績的方式實際上是與阿美公司密切合作，展示和強調我們可以帶來價值的地方——幾年前，我們宣布了 LSTK 合同，但這已經完全融入其中了。從比較角度來看，這並不是一個增量。今年，是去年。但這實際上都與技術引進有關，並確保我們與客戶保持密切聯繫，並且具有強大的執行力。

So look, as I mentioned in my prepared remarks, we think it will continue to be soft as we go through the rest of this year. There will be a decline in Q3 versus Q2, and I'm -- well, I'm still pretty confident about our performance. There will likely be a decline for us as well. The rig count is something that affects everyone. And we think that will sort of play itself out through the end of the year.

所以，正如我在準備好的發言中提到的那樣，我們認為在今年剩餘時間內，經濟將繼續保持疲軟態勢。第三季與第二季相比會有所下降，但我對我們的業績仍然很有信心。我們的業績可能也會下滑。鑽機數量影響著每個人。我們認為這種情況將在年底前逐漸顯現。

We are hopeful that there will be a little bit of a transition in 2026, but not counting on that, and it really is more likely to be the second half of '26. And then if you extrapolate that, -- that's sort of what we are seeing across the international markets, Mexico stabilized a little bit. So I think that will be -- that won't be an inflection next year on the negative like it was this year.

我們希望 2026 年會出現一點轉變，但不指望這一點，更有可能的是 2026 年下半年。如果你推斷一下——這就是我們在國際市場上看到的情況，墨西哥的情況有所穩定。所以我認為明年不會出現像今年一樣的負面轉折點。

But the rest of the markets, including especially the offshore side, we see softness through '25, probably into early '26. And really, the earliest recovery we see in the second half of '26. But again, we don't expect it to be a dramatic decline. I think that's really important to understand.

但我們認為，其餘市場（尤其是離岸市場）將在 2025 年乃至 2026 年初呈現疲軟態勢。事實上，我們看到的最早復甦是在 2026 年下半年。但我們再次強調，我們並不認為會大幅下滑。我認為理解這一點非常重要。

Scott Gruber, Citigroup.

花旗集團的史考特‧格魯伯。

I want to ask about the implied 4Q guide, solid guide overall, but the implied 4Q has a 3% to 4% bump in sales close to 100 basis points better margin. Is this largely year-end sales that looks normal for year-end sales, but just in a softer crude environment, those can be a little bit lighter? Or are you seeing some improvement in those countries which are still growing up?

我想問隱含的第四季指引，整體而言是可靠的指引，但隱含的第四季銷售額將成長 3% 至 4%，利潤率將提高近 100 個基點。這在很大程度上是年終銷售額，看起來很正常，但在原油環境較弱的情況下，銷售額可能會稍微低一些？或者您看到那些仍在成長的國家有所進步？

Yes. Scott, really, a couple of things.. So look, we have talked in the past about the ramps that we had built in, in the course of the year. And again, as we pointed out, if you look at set of Q2 performance versus Q1, we actually did have a ramp that was really based on project start-ups.

是的。斯科特，確實有幾件事...所以，你看，我們過去曾談論過我們在過去一年中建造的坡道。正如我們再次指出的那樣，如果將第二季的業績與第一季的業績進行比較，我們實際上確實有一個基於專案啟動的成長。

So if you exclude the Argentina divestitures, we had a pretty interesting ramp, I would say, order of magnitude sort of mid-single digits. And very similarly, we've got a ramp from Q3 to Q4, and it's really driven by two factors. The first, as you pointed out, is seasonality, we typically see year-end sales. We expect that to be a little bit more muted this year, though. And there's a lot of uncertainty on that given tariffs.

因此，如果不包括阿根廷的資產剝離，我們的成長將相當有趣，我想說，成長幅度大約在個位數的中等水平。非常相似的是，從第三季度到第四季度，我們的成長呈上升趨勢，這實際上是由兩個因素推動的。首先，正如您所指出的，是季節性，我們通常會看到年終銷售。不過，我們預計今年這種情況會稍微緩和一些。考慮到關稅，這方面存在許多不確定性。

But in addition, we have actually got a couple of significant project start-ups. So we've got very good visibility, very strong line of sight to those. And that's really what that guidance is based upon. So there's still some degree of uncertainty as there always is, but we feel pretty good about that ramp based on having orders in hand.

但除此之外，我們實際上已經啟動了幾個重要的專案。因此，我們對這些物體有非常好的能見度和很強的視線。這正是該指導所依據的。因此，一如既往，仍然存在一定程度的不確定性，但根據手頭上的訂單，我們對這一增長感到相當滿意。

Jim Rollyson, Raymond James.

吉姆羅利森、雷蒙詹姆斯。

Girish, going back to US land has obviously been a challenging area for the last couple of years, and it seems like it's only gotten a bit worse this year with the macro situation. Maybe just my recollection is for Weatherford, you guys have been more tied here recently to the production side versus drilling or completions but maybe you could refresh kind of that mix and what you're seeing?

吉里什，過去幾年，重返美國本土顯然一直是一個充滿挑戰的領域，而今年宏觀情況似乎變得更糟了。也許只是我的記憶是關於韋瑟福德的，你們最近更多地關註生產方面而不是鑽井或完井，但也許你可以刷新一下這種組合以及你所看到的？

And also if there's any quantification you might have, you mentioned tariffs, if there's any quantification you have on the impacts you're seeing there, too.

另外，如果您提到關稅，您是否可以進行量化，您是否也可以對您所看到的影響進行量化。

Yes. Jim, US land has been a very steady sort of decline. You're absolutely right. We are far more product oriented in US land as well as far more production product oriented. So artificial lift, obviously, it's a very big part of that for us. So US land was actually up just the core US land was actually up just a tad going from Q1 to Q2, obviously, the broader North America, offset by the Canada spring breakup and the decline.

是的。吉姆，美國土地一直在穩定下降。你完全正確。我們在美國本土更加重視產品，也更重視生產產品。因此，人工舉升顯然對我們來說是其中非常重要的一部分。因此，美國土地價格實際上有所上漲，從第一季度到第二季度，美國核心土地價格實際上僅略有上漲，顯然，北美其他地區的價格上漲，但被加拿大春季解凍和下降所抵消。

Now look, what we see happening in Q3 is a further decline, and that's really driven by a tariff impact. We were able to consume a significant amount of tariff-free inventory that we had in Q2. Interestingly enough, it created actually a bit of a rush to get some of the orders filled before the tariffs potentially hit. So it's still a lot of uncertainty on how exactly that will play out.

現在看，我們看到第三季的情況是進一步下降，這實際上是受關稅影響的。我們能夠消耗第二季的大量免關稅庫存。有趣的是，這實際上造成了一些訂單在關稅可能生效之前被匆忙完成的情況。因此，對於最終結果如何，仍存在許多不確定性。

And so if we do see an uptick on that, it will be because we've got more certainty there. But more than likely, we'll also have a little bit of dilution because of that tariff impact. Look, we don't really see the US land market changing dramatically over the next few quarters. Our hope is of as we get into Q4, we'll have clarity on tariffs, and we'll get into more of a stable situation versus sort of the continual decline that we've seen.

因此，如果我們確實看到這一數字有所上升，那是因為我們對此更加確定。但更有可能的是，由於關稅的影響，我們的權益也會受到一定程度的稀釋。看起來，我們確實沒有看到美國土地市場在未來幾季發生巨大變化。我們希望，隨著進入第四季度，關稅問題能夠更加明確，情況將更加穩定，而不是像我們看到的那樣持續下滑。

And our focus has remained to be on improving our cost position, defending margins, and we're really not going to chase price. Look, it is a hypercompetitive market. So look, we will continue to focus on margins drive value and manage that through, but it is a challenging market, no question at this point.

我們的重點仍然是改善我們的成本地位，捍衛利潤率，我們實際上不會追逐價格。看，這是一個競爭異常激烈的市場。所以，我們將繼續專注於利潤率、驅動價值並實現這一目標，但這是一個充滿挑戰的市場，目前毫無疑問。

Saurabh Pant, Bank of America.

美國銀行的 Saurabh Pant。

Maybe I want to touch on Mexico a little bit. I think it was good to hear about stability in that market. That market has moved quickly. Obviously, we know that. But maybe talk to that a little bit, Girish, that stability, how you're seeing at that market? Do you think we improve in the near term, medium term, your line of sight to that market?

也許我想稍微談談墨西哥。我認為聽到有關該市場穩定的消息是件好事。那個市場發展很快。顯然，我們知道這一點。但是，吉里什，也許可以稍微談談穩定性，您如何看待這個市場？您認為我們在短期或中期內對該市場的預期會有所改善嗎？

And then also on the cash side of the equation, right? I think you said you've got minimal payments coming out of Mexico, but then you do expect a ramp towards the end of the year, right? And we are seeing headlines coming out of the country saying the government might be raising money for Pemex to just meet their balance sheet and operational obligations. So maybe just talk to those two aspects in Mexico a little bit.

然後還有現金方面的問題，對嗎？我想您說過您從墨西哥收到的付款很少，但您預計到年底付款會增加，對嗎？我們看到來自國內的頭條新聞稱，政府可能正在為 Pemex 籌集資金，以履行其資產負債表和營運義務。所以也許我們只需稍微談談墨西哥的這兩個面向。

Sure. Yes. Look, first of all, it's exciting that we get to the fourth question before Mexico comes up. Look, so obviously, we've had a very significant decline in Mexico, and that's reflected in the Latin America numbers. It's reflected in the broader enterprise numbers. And then finally, the share of Mexico, right?

當然。是的。首先，令人興奮的是我們在墨西哥發言之前就進入了第四個問題。看起來，很明顯，我們在墨西哥出現了非常顯著的下滑，這反映在拉丁美洲的數據中。這反映在更廣泛的企業數據中。最後，是墨西哥的份額，對嗎？

Mexico used to be 11% - 12% of the company, and has dropped by more than 50%. So look, as we pointed out, this year, we expect it to be down 60%, but we think activity levels have now stabilized. So we really don't see a significant inflection from here to the end of the year. Given the nature of the Mexico business, there's always the sort of one well moves from one month or one quarter to the other.

墨西哥曾經佔該公司的11%-12%，現在已經下降了50%以上。因此，正如我們所指出的，今年我們預計它將下降 60%，但我們認為活動水準現在已經穩定下來。因此，從現在到年底，我們確實沒有看到明顯的變化。鑑於墨西哥業務的性質，總存在從一個月或一個季度轉移到另一個月份或一個季度的情況。

It causes a little bit of a variation given our size. But in sort of a broader aggregate sense, we feel pretty good about the stability of the business, and we feel very good about now how we have structured our team to respond to that activity level. And we are now getting into a much more of an operating cadence and rhythm working very closely with our customer base, Pemex and multiple other customers in the country to drive the operational effectiveness.

考慮到我們的規模，它會引起一些變化。但從更廣泛的整體意義上講，我們對業務的穩定性感到非常滿意，並且我們對現在如何建立我們的團隊來應對這種活動水平感到非常滿意。現在，我們正在進入更規範的營運節奏，與我們的客戶群、Pemex 以及該國的其他多個客戶密切合作，以提高營運效率。

On the cash side, it has been a very challenging period, as everyone understands. So as we've pointed out multiple times in our remarks, the team -- our team has done an outstanding job across the rest of the world and managing working capital to deliver the results with very few payments coming in. We are hopeful that the second half will see a significant change.

從現金方面來看，正如大家所理解的，這是一個非常具有挑戰性的時期。正如我們在演講中多次指出的那樣，我們的團隊在世界其他地區做得非常出色，並且管理著營運資金，在只收到很少的款項的情況下就取得了成果。我們希望下半年會出現重大變化。

We are extremely heartened by some of the commentary coming out, and we have a high degree of confidence both in the government as well as in Pemex that they will continue to work with us and the rest of the industry in managing the payment stream and getting everyone paid. Having said all of that, it is very unclear as to the precision of timing, which is why we thought it's prudent to provide guidance but be more explicit.

我們對一些評論感到非常振奮，我們對政府和 Pemex 都抱有很高的信心，相信他們將繼續與我們和業內其他公司合作，管理支付流程並讓每個人都能得到付款。儘管如此，時間的精確度仍然非常不清楚，這就是為什麼我們認為提供指導是謹慎的，但要更加明確。

That it really did not anticipate a significant bolus of payment. So we do expect that sometime in the second half, and we'll update you as we come back with Q3 earnings on where that really lies.

它確實沒有預料到會有大筆付款。因此，我們確實預計這會在下半年的某個時候發生，我們將在第三季收益公佈後向您通報實際情況。

James West, Melius Research.

詹姆斯·韋斯特（James West），Melius Research。

So very curious on the -- now that your balance sheet in such great shape and you've got a kind of cash and we've got some market volatility, the M&A environment should be picking up and pricing should be better. So I'm curious to hear about kind of the pipeline, kind of what's your thinking, what you're seeing in regards to technologies that are out there or businesses that are out there that might be nice tuck-ins or bolt-ons or maybe even somewhat transformational.

所以我非常好奇——現在你的資產負債表狀況非常好，而且你有一些現金，而且我們有一些市場波動，併購環境應該會好轉，定價也應該會更好。所以我很好奇想聽聽關於管道的情況，您的想法是什麼，您對現有的技術或業務有什麼看法，這些技術或業務可能是很好的補充或附加，甚至可能具有某種變革性。

And then maybe if I can throw in a second to Anuj, I'd love to get your thoughts as you're new to the company -- your initial -- these thoughts on Weatherford and its position and how you feel about the company kind of going forward? And what drove you?

然後，如果我可以和 Anuj 聊一聊，我很想聽聽您的想法，因為您是公司新人——您最初對 Weatherford 及其地位的看法，以及您對公司未來發展的看法？是什麼驅使著你呢？

Thanks, James. First of all, congratulations on the new role. So welcome back in this capacity. So James, look, I think the M&A landscape is really interesting. There's some very interesting opportunities and all of you have heard me on this call for now a couple of years with my view that I think the industry has an opportunity to improve returns through consolidation.

謝謝，詹姆斯。首先，恭喜你獲得新的職位。歡迎您以這個身分回來。詹姆斯，看，我認為併購情況真的很有趣。這裡有一些非常有趣的機會，大家已經在幾年前的電話會議上聽到我的觀點，我認為該行業有機會透過整合來提高回報。

But it has to be done sensibly, and it has to be done with the right returns focused. So that's what we have looked at. We've got a very robust pipeline. And look, our predominant focus is really going to be far more probably on the well construction leading into the production segments. And if we do something in the drilling side of it, It will really be something that is augmenting our leadership position in where we've already got leadership. So -- but we see a very robust pipeline, but these things are always a function of several variables. And most importantly, we are focused on the rigor of the length that we have put forward on making sure that it truly creates value through cash flow accretion and we have sensible valuations.

但這必須明智地進行，並且必須以正確的回報為重點。這就是我們所研究的。我們擁有非常強大的管道。而且，我們的主要關注點很可能是生產環節的油井建設。如果我們在鑽井方面採取一些行動，這將真正增強我們在已經擁有領導地位的領域的領導地位。所以——但是我們看到了一個非常強大的管道，但這些東西總是幾個變數的函數。最重要的是，我們專注於我們提出的嚴謹性，確保它真正透過現金流成長創造價值，並且我們擁有合理的估值。

So obviously, with the way the markets evolved over the past few months, that's become a tad bit more challenging. But look, there's plenty of different opportunities. And I think what we will see over the next few quarters, hopefully, is the ability to progress on some of those conversations. But again, with the intent that it has to have a strategic fit and the ability to create exaggerated value beyond just sort of the obvious math. So that's kind of how we look at it. I'll let Anuj take the second part.

顯然，隨著過去幾個月市場的發展，這變得更具挑戰性。但看看吧，還有很多不同的機會。我認為，在接下來的幾個季度裡，我們將看到其中一些對話能夠取得進展。但同樣，其目的必須具有戰略契合度，並且能夠創造超越顯而易見的數學計算的誇大價值。這就是我們看待這個問題的方式。我會讓 Anuj 負責第二部。

Sure. Thanks for the question, James. So today is my three-month anniversary, and so very happy to be celebrating here on this call with you all. So you asked two questions, James. I'll maybe take the second one first, why Weatherford. And so in the spirit of brevity, I'll say there's a solid foundation in place. We have a very strong balance sheet here. We have a hard working culture.

當然。謝謝你的提問，詹姆斯。今天是我結婚三個月的紀念日，我很高興透過這次電話會議與大家一起慶祝。所以你問了兩個問題，詹姆斯。我可能會先選第二個，為什麼是韋瑟福德。因此，為了簡潔起見，我會說我們已經擁有了堅實的基礎。我們的資產負債表非常強勁。我們擁有勤奮工作的文化。

There's a lot going on in the company to improve upon and ensure, I think, significant opportunity exists. And so really focusing now on your first question around what are my key priorities. I'd say there's four key items. First is capital allocation and long-term balance sheet strength. You heard me talk in Q1 and my second day here on the fortress balance sheet that we have here.

我認為，公司正在進行許多工作來改進並確保存在重大機會。所以現在真正關注的是你的第一個問題，我的首要任務是什麼。我認為有四個關鍵點。首先是資本配置和長期資產負債表實力。你們聽到了我在第一季以及我第二天關於我們這裡的堡壘資產負債表的講話。

This gives us flexibility and optionality, and this view is unchanged. Second, it's to drive free cash flow and margins. And right now, there's a lot of focus on cost, cyclical costs but we're also looking at structural cost improvements to drive longer-term efficiencies. I'd say as part of the free cash flow initiatives, there's numerous other initiatives underway in the company on optimizing working capital.

這給了我們靈活性和可選性，這種觀點是不變的。其次，它可以推動自由現金流和利潤率。目前，我們非常關注成本和週期性成本，但我們也在尋求結構性成本改進，以提高長期效率。我想說，作為自由現金流計畫的一部分，公司正在實施許多其他旨在優化營運資金的計畫。

And essentially, the aim is to further create a cash and margin mindset throughout the company. As Girish mentioned, this is our north star. Third, I'd say, simplification. So further building out our processes, utilizing systems and technology. I tell my team that speed is a strategy. And by improving these technologies and systems, it essentially allows us to move with speed and remain nimble.

本質上，其目的是在整個公司進一步建立現金和利潤觀念。正如 Girish 所說，這是我們的北極星。第三，我想說的是簡化。因此，進一步建構我們的流程，利用系統和技術。我告訴我的團隊，速度是一種策略。透過改進這些技術和系統，我們實際上可以快速行動並保持靈活性。

And then lastly, the key for me is to be a very strong business partner and to create more operational bandwidth, which ultimately will enable greater bandwidth for Girish as well to spend more time to focus on broader strategic themes.

最後，對我來說，關鍵是成為一個非常強大的業務合作夥伴並創造更多的營運頻寬，最終將為 Girish 提供更大的頻寬，並使其能夠花更多時間專注於更廣泛的策略主題。

Doug Becker, Capital One.

道格·貝克爾（Doug Becker），Capital One 公司。

Girish, you mentioned pricing pressure, which countries and what product lines is this most acute? And then separately, how would you frame the benefits from the incremental cost out measures being taken?

Girish，您提到了定價壓力，哪些國家和哪些產品線的定價壓力最為嚴重？然後，您將如何看待所採取的增量成本措施所帶來的好處？

Yes. Doug, look, pricing we talked about in the past, North America is clearly some place where we're seeing that. We see a lot of pressure, especially as the volumes come down, the rate count goes down. But that's something that we are very used to. On the international side, I would say we are starting to see a few pockets, and it's in multiple regions.

是的。道格，你看，我們過去談到的定價，北美顯然是我們能看到這種情況的地方。我們看到了很多壓力，特別是隨著交易量下降、利率下降。但這是我們非常習慣的事情。在國際方面，我想說我們開始看到一些案例，而且分佈在多個地區。

But I am continuously hopeful that the discipline that the industry has had over the past few years will maintain. And I think given the fact that as an industry, we didn't build up a whole ton of spare capacity, I think should keep us in good stead as we go through it. But clearly, there is a little bit greater emphasis on that.

但我一直希望該行業過去幾年來的紀律能維持下去。我認為，考慮到我們作為一個行業，並沒有累積大量的閒置產能，我認為這應該會讓我們在經歷這個過程時處於有利地位。但顯然，人們更加重視這一點。

But look, we remain very focused on maintaining margins and really, pricing is the first and most significant lever on that. From a segment standpoint, it's probably most noticeable, I would say, on the service businesses, which have seen the most decline. So really the DRE segment, and it's natural because with some of the activity declines in some regions, you've got excess tool capacity for multiple players, and they can get redeployed into other parts of the world.

但是，我們仍然非常注重維持利潤率，而定價實際上是實現這一目標的首要也是最重要的槓桿。從細分市場的角度來看，我認為最明顯的可能是服務業，其下滑幅度最大。所以這確實是 DRE 部分，這是很自然的，因為隨著某些地區活動的減少，多個參與者的工具容量過剩，他們可以重新部署到世界其他地區。

So that's really what's happening. To your other question, Doug, look, what we are doing right now, as we mentioned on the call, we're really driving our cost focus in a very thoughtful and systematic fashion and making sure that whatever we end up with is also scalable in addition to giving us the margin benefit. So look, up until now, I would say, for so far, the first six-months, it's really been an offset to the revenue declines.

這就是真實發生的事情。對於你的另一個問題，道格，你看，我們現在正在做的事情，正如我們在電話中提到的那樣，我們確實在以非常周到和系統的方式推動我們的成本重點，並確保我們最終得到的一切除了給我們帶來利潤效益之外，也是可擴展的。所以，到目前為止，我想說，就目前而言，前六個月確實已經抵銷了收入的下降。

And given the decrementals on the service piece, we haven't been able to quite match that. So we've seen a little bit of that margin degradation. But I would say, look, going forward, what we really get into with these cost reductions is the thesis of order of magnitude, 25 bps to 75 bps per year on an annualized basis of productivity. And I think we'll start to see that as we get into '26 and beyond on sort of flattish volumes.

考慮到服務方面的減少，我們還無法完全匹配這一點。因此，我們看到利潤率下降。但我想說，展望未來，我們真正要實現的成本削減是數量級的論點，即以年化生產力計算每年降低 25 個基點到 75 個基點。我認為，當我們進入 26 年及以後時，我們將開始看到銷量趨於平穩。

Derek Podhaizer, Piper Sandler.

德里克波德海澤、派珀桑德勒。

So you highlighted the $1.3 billion of liquidity, $1 billion of cash. You continue to reduce debt opportunistically. Can you may be expand on your strategy with the balance sheet from here. Just thinking about continued debt reduction and potentially refinancing? Just maybe expand on balance sheet, liquidity strategy, if you could.

所以你強調了 13 億美元的流動資金和 10 億美元的現金。您繼續投機性地減少債務。您能否從這裡利用資產負債表來擴展您的策略？只是想繼續減少債務並可能進行再融資？如果可以的話，也許可以擴大資產負債表和流動性策略。

Yes, sure. Look, for us, it's really not changed, but I'll let Anuj talk a little bit more about the specifics if you want to.

是的，當然。看，對我們來說，它確實沒有改變，但如果你願意的話，我會讓 Anuj 再多談談具體細節。

Sure. Thanks. So I'll take the time again to emphasize the comments you just made there around our balance sheet. As mentioned on the call, we have $1.3 billion of liquidity, which is the greatest or most liquidity we've had on our balance sheet since emergence. We have over $1 billion of cash. The team has done a great job over the last several years to bring down our net debt-to-EBITDA ratio.

當然。謝謝。因此，我將再次花時間強調您剛才對我們的資產負債表所發表的評論。正如電話會議中所提到的，我們擁有 13 億美元的流動資金，這是我們自成立以來資產負債表上最大的或最多的流動性。我們有超過10億美元的現金。過去幾年來，團隊做出了巨大努力，降低了我們的淨債務與 EBITDA 比率。

We currently sit at 0.49x. So all in all, we have a very robust balance sheet. It gives us optionality. It gives us flexibility as well. From a metric standpoint, taking a step back, we have communicated that our intent in the long run is to target a gross leverage ratio, gross leverage to EBITDA ratio of about one turn. And so we will continue to be opportunistic in the market to continue reducing debt as we see feasible and economical.

我們目前的本益比為0.49倍。總而言之，我們的資產負債表非常穩健。它為我們提供了選擇權。它也為我們提供了靈活性。從指標角度來看，退一步來說，我們已經傳達了我們的長期目標是實現總槓桿率，即總槓桿與 EBITDA 比率達到約一倍的目標。因此，我們將繼續在市場上尋找機會，在我們認為可行且經濟的情況下繼續減少債務。

If you look at our current actions in H1, we repurchased around $61 million of our 8.625% notes already. And we're in the market to just continuing to be opportunistic to see when we will do more open market repurchases. With regards to more of our long-term structural notes, we are in a position of strength. We have ample time before 2030 to go and address our notes.

如果你看我們上半年的行動，你會發現我們已經回購了約 6,100 萬美元的 8.625% 票據。我們只是繼續在市場上尋找機會，看看何時進行更多的公開市場回購。就我們更多的長期結構性票據而言，我們處於強勢地位。在 2030 年之前我們有充足的時間去解決我們的問題。

However, we do have a step down in October of this year. And so it will be even more attractive to potentially pursue refinancing thereafter. But there's really four key things that we look for when it comes to refinancing our 2030 notes. First, it's to reduce our overall tower size from $1.6 billion to towers that are a bit smaller and a bit more manageable.

不過，今年 10 月我們確實有一個降級。因此，此後尋求再融資將變得更具吸引力。但在為 2030 年票據進行再融資時，我們確實需要注意四個關鍵事項。首先，我們要將塔的整體規模從 16 億美元縮減為更小、更易於管理的塔。

Second is to manage our maturity profile by pushing out the towers a bit further and breaking out the size. Third, it's the lower our interest expense, and this ties back to our focus on free cash flow and driving cash outcomes. And lastly, it's to review and really eliminate and revise some of the covenants we had in place since emergence on the notes going forward.

第二是透過將塔進一步推遠並擴大規模來管理我們的成熟度概況。第三，我們的利息支出較低，這與我們對自由現金流和推動現金成果的關注有關。最後，我們要審查並真正消除和修改我們自票據出現以來所製定的一些契約。

Ati Modak, Goldman Sachs.

高盛的阿蒂·莫達克（Ati Modak）。

Argentinian asset sales, is there a way to quantify that? And then are there other parts of the portfolio that could be optimized as you think about the strategic aspects of cost in the business?

阿根廷資產出售，有沒有辦法量化？那麼，當您考慮業務成本的策略面時，投資組合中是否還有其他部分可以進行最佳化？

Yes. I'll talk for the second part first, Ati, if that's okay. So look, we've talked about this multiple times, and it's sort of the philosophy we took of we really want to focus on the intersection of product line and country and that's what we've been doing and really driving businesses that are sustainable over the long term from a cash generation standpoint.

是的。如果可以的話，Ati，我會先講第二部分。所以，你看，我們已經多次談論過這個問題，這是我們所秉持的理念，我們真正想要關注產品線和國家之間的交集，這就是我們一直在做的事情，並且從現金產生的角度真正推動著長期可持續發展的業務。

So we've been systematically over the past five-years working through businesses that were unprofitable, that were thought to be strategic, but didn't make money, and we said there's nothing strategic about losing money. So we've got an out of most of those. And now we are sort of on these last few things that are a significant cash burn.

因此，在過去五年裡，我們一直在系統地處理那些無利可圖的業務，那些被認為具有戰略意義但卻沒有賺錢的業務，我們認為虧損沒有任何戰略意義。因此，我們已經解決了大部分問題。現在我們正忙著最後幾件耗費大量現金的事情。

So Argentina was the most significant one. the pressure pumping business as well as some of the slickline and wireline businesses in Southern Argentina that were atrophying. So we executed on that earlier this year. There's, I would say, a few more that we have that are not anywhere close to the size of the Argentina divestiture but much smaller ones that we continue to have a dialogue on and determine the best path forward on whether we sort of simply exit or we find a optionality for sale of the business or something like that, but they're much, much smaller.

因此，阿根廷是最重要的一個國家，其壓力泵業務以及阿根廷南部的一些鋼絲和電纜業務正在萎縮。因此我們在今年稍早就實施了這項計劃。我想說的是，我們還有一些資產剝離項目，它們的規模遠不及阿根廷資產剝離項目，而是小得多，我們正在繼續就這些項目進行對話，並確定最佳的前進道路，是簡單地退出，還是尋找出售業務的選擇權或諸如此類的事情，但它們的規模要小得多。

Now the combined set of divestiture in Argentina, it's a little bit of a difficult thing because you did exist in Q2, and those then get into projections of how much we thought it would be. So probably the best comparison is sort of the sequential impact, sort of normalizing, so taking it out of Q1 as well. If we had done that, then the delta between Q1 and Q2 would have been an order of magnitude at a five-ish percent of our sequential revenue increase and sequential EBITDA increase.

現在，阿根廷的資產剝離組合有點困難，因為你在第二季度確實存在，然後這些就會進入我們認為的規模的預測。因此，最好的比較可能是連續影響，某種程度的標準化，因此也將其從 Q1 中剔除。如果我們這樣做了，那麼第一季和第二季之間的差額將會是一個數量級，也就是我們連續收入成長和連續 EBITDA 成長的 5% 左右。

So that's sort of the order of magnitude of the business. But look, ultimately, again, the reason we decided to make this change was one, it was an important strategic action for the customers that we ended up selling the business to. And secondly, this was a business that was going to be extremely capital intensive as we went into 2026. And so from an economic basis, on a cash flow basis, made a lot of sense for us.

這就是業務的數量級。但歸根結底，我們決定做出這項改變的原因只有一個，那就是對於我們最終將業務出售給的客戶來說，這是一項重要的策略行動。其次，到 2026 年，這項業務將會是資本密集的。因此，從經濟基礎和現金流角度來看，這對我們來說非常有意義。

(Operator Instructions) Josh Jayne, Daniel Energy Partners.

（操作員指示）Josh Jayne，Daniel Energy Partners。

I wanted to focus my question on MPD. And as it pertains to deepwater, could you talk about the opportunity set today for Weatherford. You highlighted a three-year deepwater development project in Mexico and then also in Aramco award for onshore and offshore. Are customers still evaluating incremental opportunities that MPD equipment at the same pace they have been? And could you speak to how MPD equipment is evolving and how you expect it to improve going forward?

我想把我的問題集中在 MPD 上。就深水而言，您能談談今天韋瑟福德面臨的機會嗎？您重點介紹了墨西哥為期三年的深水開發項目，以及阿美公司的陸上和海上獎項。客戶是否仍在以相同的速度評估 MPD 設備帶來的增量機會？您能否談談 MPD 設備是如何發展的以及您預計它未來將如何改進？

Yes, sure, Josh. Look, it's just a product line we continue to be extremely bullish on and a lot of the case studies and literature that we put out on this papers that we're putting out really point to the efficacy of MPD as a mechanism, not just to improve drilling outcomes, but in additional areas. So this concept of transitioning from managed pressure drilling, really a more holistic concept of managed pressure wells, we think is very significant for the industry.

是的，當然，喬希。你看，這只是一條我們一直非常看好的產品線，我們在這篇論文中提出的許多案例研究和文獻確實指出了 MPD 作為一種機制的有效性，不僅可以改善鑽井結果，還可以改善其他領域。因此，我們認為，從控壓鑽井轉變而來的這種概念，實際上是一種更全面的控壓井概念，對於產業來說非常重要。

So on the deepwater side, we have a very strong leadership position and we are very committed to maintaining that. What we are seeing is a fair degree of interest and a lot of different tender and quotation activity. So essentially, what that really means is multiple systems that have been quoted a combination of capital sales and rentals.

因此，在深水領域，我們擁有非常強大的領導地位，並且我們致力於保持這一地位。我們看到的是相當程度的興趣和大量不同的招標和報價活動。因此，本質上，這實際上意味著多個系統已被引用資本銷售和租賃的組合。

Now what we don't really see is any of this coming to fruition from a revenue standpoint, if you will, up until, I would say, the second half of next year, but certainly into the second half of next year and then going into 2027, we think there will be a significant uptick in activity. So we are seeing MPD become a differentiator for rig operators to make sure that they've got the capability and upgrading systems from Gen 1 to Gen 2, potentially Gen 3 and we've got very strong technology leadership there.

現在，從收入的角度來看，我們實際上看不到這些成果，如果你願意的話，直到明年下半年，但肯定會到明年下半年，然後到 2027 年，我們認為活動將會顯著增加。因此，我們看到 MPD 成為鑽機操作員的差異化因素，以確保他們擁有從第一代到第二代、甚至第三代的能力和升級系統，並且我們在那裡擁有非常強大的技術領導地位。

So a big push on that, lots of different activity, but it will take a little bit more time for that to come to fruition. But we are seeing some things like the project that we announced in Mexico with an IOC, which look is critical, not just for -- it's a three-year contract to provide MPD services, it's very significant, but it's also a testament to the diversification of the revenue base in Mexico.

因此，我們要大力推動這個目標，進行許多不同的活動，但要取得成果還需要一些時間。但我們看到了一些事情，例如我們在墨西哥與 IOC 宣布的項目，這看起來至關重要，不僅僅是因為——這是一份提供 MPD 服務的三年合同，它非常重要，而且它還證明了墨西哥收入基礎的多樣化。

This concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

我們的問答環節到此結束。我想將會議交還給管理階層，請他們發表結束語。

Great. Okay. Thank you all for joining. Again, I appreciate all of the interest, and we look forward to coming back in 90-days with an update on the third quarter. Thank you.

偉大的。好的。感謝大家的加入。再次感謝大家的關注，我們期待 90 天後回來更新第三季的情況。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。