Weatherford International PLC (WFRD) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Weatherford second-quarter 2026 results. (Operator Instructions) As a reminder, today's event is being recorded.

各位女士、先生，感謝您稍候。歡迎參加 Weatherford 2026 年第二季業績發表。(接線員指示) 提醒各位，今天的活動將被錄音。

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

現在我想將電話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 2026 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.

各位好，歡迎參加 Weatherford International 2026 年第二季財報電話會議。今天與我一同出席的有總裁暨執行長 Girish Saligram，以及執行副總裁暨財務長 Anuj Dhruv。我們將先進行事先準備的發言，之後開放提問。您可至我們網站的投資人關係專區下載與今日電話會議對應的簡報投影片。

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. Our comments today also include non-GAAP financial measures.

我想提醒各位，今天部分評論包含前瞻性陳述。這些陳述受到多項風險與不確定性影響，可能導致我們的實際結果與本文所表達的任何預期有重大差異。請參閱我們最新向美國證券交易委員會（SEC）提交的文件，以了解風險因素及與前瞻性陳述相關的注意事項。我們今天的評論亦包含非 GAAP 財務衡量指標。

The underlying details and a reconciliation of GAAP to non-GAAP financial measures are included in our earnings press release or accompanying slide deck, 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.

相關細節以及 GAAP 與非 GAAP 財務衡量指標之間的調節表，已包含於我們的財報新聞稿或隨附的投影片資料中，可於我們網站查閱。提醒各位，今天的電話會議將以網路直播方式進行，並將於會議結束後在我們網站的投資人關係專區提供錄影回放。

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

接下來，我想把電話交給 Girish。

Thanks, Luke, and thank you all for joining our call. I'll start with an overview of our second-quarter performance and short-term outlook, followed by a couple of key enterprise updates. Anuj will then cover specifics on financial performance, balance sheet, detailed guidance, and I will wrap up with some thoughts on the current operating environment and our focus areas before opening for Q&A.

謝謝你，Luke，也感謝各位參加我們的電話會議。我將先概述我們第二季的表現與短期展望，接著分享幾項重要的企業層面更新。之後 Anuj 將說明財務表現、資產負債表、詳細指引；最後我會就目前的營運環境與我們的重點聚焦領域做一些補充，然後開放問答。

To summarize our Q2 2026 performance, we delivered revenue of $1.105 billion, adjusted EBITDA of $223 million at a 20.2% margin, and adjusted free cash flow of $139 million, representing a 62.3% conversion on adjusted EBITDA. I would like to thank the One Weatherford team and especially our Middle East-based employees for their focus on customers safety and operational discipline as the region continues to work through a challenging operating environment due to the ongoing conflict.

總結我們 2026 年第二季的表現：我們實現營收 11.05 億美元，調整後 EBITDA 為 2.23 億美元、利潤率 20.2%，調整後自由現金流為 1.39 億美元，代表調整後 EBITDA 的轉換率為 62.3%。我要感謝 One Weatherford 團隊，特別是我們以中東為基地的員工；在該地區因持續衝突而面臨具挑戰性的營運環境之際，大家仍專注於客戶安全與營運紀律。

I am especially pleased with Q2 margin and cash performance given the challenging environment. We were hampered by the Middle East activity profile, not returning to pre-conflict levels driven by the geopolitical events that everyone is well aware of. Further, we had activity declines in Indonesia pockets of pricing headwinds leading to volume declines and a union strike in Norway that put further pressure.

在如此具挑戰性的環境下，我對第二季的利潤率與現金表現尤其感到滿意。我們受到中東活動概況的影響，因眾所周知的地緣政治事件，活動量尚未回到衝突前水準。此外，我們在印尼部分地區也出現活動下滑與定價逆風，導致量能下降；挪威的工會罷工亦帶來進一步壓力。

Despite those incremental pressures, our team rallied to deliver EBITDA margins north of 20% and essentially flat to Q1. Moreover, our adjusted free cash flow performance was excellent, driven by working capital execution, including strong payments from our largest customer in Mexico. I am again encouraged by progress on payments in Mexico and remain hopeful for the trend to continue in the second half.

儘管面臨這些額外壓力，我們的團隊仍齊心協力，交出超過 20% 的 EBITDA 利潤率，且與第一季基本持平。此外，我們的調整後自由現金流表現非常出色，主要受惠於營運資金執行到位，包括來自墨西哥最大客戶的強勁回款。我再次對墨西哥回款進展感到鼓舞，並仍期盼此趨勢能在下半年延續。

The Middle East region were the most visible impact of the conflict in the second quarter. Activity suspensions, project deferrals, and logistical disruptions that began in March carried through much of the quarter, and freight and logistics costs remain elevated, peaking in May before beginning to moderate.

中東地區是第二季衝突影響最為明顯的區域。自 3 月開始的活動暫停、專案延後與物流中斷貫穿了大部分季度；運輸與物流成本仍維持在高檔，於 5 月達到高峰後才開始趨緩。

Throughout this period, our priority has remained the safety of our people and business continuity for our customers, and our teams have done an exceptional job on both while tightly managing costs. While the quarter ended with signs of recovery, the recent and ongoing incidents across the region create an environment of uncertainty in the short-term outlook. We do expect the recovery to continue, but it will take some time to fully normalize.

在此期間，我們的首要任務始終是員工安全以及為客戶維持業務連續性；同時在嚴格控管成本方面，我們的團隊在兩者上都表現卓越。雖然季度末出現復甦跡象，但近期及持續發生於該地區的事件，使短期展望充滿不確定性。我們確實預期復甦將持續，但要完全恢復正常仍需要一些時間。

The financial impact in the first half was within the $30 million to $50 million profit range we outlined on our last call. And given the recent flare up, we expect that to increase over the course of the year and have incorporated that into our guidance. We did experience a revenue decline in Saudi Arabia due to the conclusion of our LSTK contract, and this will be further visible in the second half.

上半年財務影響落在我們上次電話會議所提及的 3,000 萬至 5,000 萬美元利潤影響區間內。鑑於近期衝突再度升溫，我們預期該影響將在全年期間增加，並已將其納入我們的指引之中。我們在沙烏地阿拉伯的營收因 LSTK 合約結束而下滑，而這一點在下半年將更為明顯。

We continue to view the Kingdom as an opportunity for growth, but at the same time are comfortable with not having an LSTK contract given the pricing levels in the market. I am very proud of our team's execution on this contract for the past three years and grateful to Aramco for the opportunity. We have a very strong presence in Saudi and we'll continue our journey on adding value through technology differentiation.

我們仍將沙國視為成長機會，但同時也認為在目前市場定價水準下，不再持有 LSTK 合約是可以接受的。我為團隊過去三年在該合約上的執行深感自豪，也感謝 Aramco 提供這個機會。我們在沙國擁有非常強大的據點，並將持續透過技術差異化來創造價值。

In Oman, we also concluded our five-year integrated contract with PDO. It is a testament to the operating prowess of our team that we finished the original scope 14 months ahead of schedule. On the back of this execution, I am pleased that we have won the Marmul extension with PDO that will commence in the third quarter.

在阿曼，我們也完成了與 PDO 的五年期整合合約。我們團隊的營運能力值得肯定，因為我們比原定進度提前 14 個月完成原始工作範圍。憑藉這項執行成果，我很高興我們已贏得與 PDO 的 Marmul 延伸案，並將於第三季開始。

Latin America declined sequentially, driven predominantly by Mexico, where activity came in below our expectations. Several wells were deferred and our largest customer in the country continued to prioritize its spending. Collections from our largest customer in Mexico was strong through the quarter and supported our working capital performance. We have aligned our cost structure and footprint in Mexico to current activity levels, and we are positioned to respond quickly as activity increases.

拉丁美洲營收較前一季下滑，主要由墨西哥所驅動；當地活動量低於我們的預期。多口井被延後，而我們在該國最大的客戶仍持續優先控管其支出。本季來自墨西哥最大客戶的回款表現強勁，支撐了我們的營運資金表現。我們已將墨西哥的成本結構與營運據點調整至符合目前活動水準，並已就位以在活動回升時快速因應。

I've also been pleasantly surprised with the progress in Venezuela, and now believe that Venezuela can provide a tangible contribution to revenue and margins in 2027. Our pipeline of opportunities with multiple customers is growing and we are anticipating closing on some of these in the second half.

我也對委內瑞拉的進展感到驚喜，並且現在相信委內瑞拉可在 2027 年對營收與利潤率帶來實質貢獻。我們與多家客戶的機會管線正在擴大，並預期在下半年完成其中部分案子的簽訂。

In Europe, Sub-Saharan Africa, and Russia, revenue grew sequentially on higher activity despite the labor strike in Norway impacting activity late in the second quarter. This will remain a headwind into the third quarter and will weigh on the region's near-term results. Russia revenues as a percent of enterprise revenue increased, but this was driven more by the decline of the rest of the world and impacted significantly by the conflict result in decline in the Middle East.

在歐洲、撒哈拉以南非洲與俄羅斯，儘管挪威的勞工罷工在第二季末影響了活動，但在活動量提升帶動下，營收仍較前一季成長。這將在第三季持續構成逆風，並拖累該地區的短期業績。俄羅斯營收占企業總營收的比重上升，但這更多是由於世界其他地區下滑所致，且中東因衝突導致下滑亦對其造成顯著影響。

Slide 7 through 9 lay out key highlights across our segments. WCC revenue declined 5% year over year, primarily for lower activity in MENA, partly offset by higher completions activity in Latin America. DRE revenue declined 13% year over year, primarily from lower wireline and drilling-related services activity in MENA, partly offset by higher managed pressure drilling activity in ESSR. PRI revenue declined 3% year-over-year, primarily from lower artificial lift activity in North America and Latin America.

投影片第 7 至第 9 頁列示我們各事業部門的重點摘要。WCC 營收年減 5%，主要因 MENA 活動量降低，部分被拉丁美洲完井活動增加所抵銷。DRE 營收年減 13%，主要因 MENA 的電纜測井與鑽井相關服務活動降低，部分被 ESSR 的受控壓力鑽井活動增加所抵銷。PRI 營收年減 3%，主要因北美與拉丁美洲的人造舉升活動降低。

Across all three segments, our product lines continue to benefit from differentiated technology, a strong installed base, and the operational and manufacturing capability we have built over the past several years.

在三大業務分部中，我們的產品線持續受惠於差異化技術、強大的裝機基礎，以及我們在過去數年所建立的營運與製造能力。

During the quarter, we continued to build momentum with new contract wins across our portfolio and key regions. I'm especially encouraged by the number and quality of deepwater awards this quarter. In Brazil, Constellation Oil Services awarded us two contracts for offshore well intervention and MPD in deepwater. Ventura Offshore awarded us a complete MPD solution for the SSV Victoria. And Valaris awarded us a two-year contract for MPD equipment and services offshore.

本季期間，我們持續在整體產品組合與關鍵區域取得新合約得標，動能不斷增強。我尤其對本季深水獎項的數量與品質感到振奮。在巴西，Constellation Oil Services 授予我們兩份合約，涵蓋深水離岸井介入作業與 MPD。Ventura Offshore 授予我們為 SSV Victoria 提供完整的 MPD 解決方案。Valaris 也授予我們一份為期兩年的離岸 MPD 設備與服務合約。

In West Africa, Noble Corporation awarded us multiple MPD contracts and a global aftermarket agreement in Nigeria. And Esso Exploration & Production Nigeria awarded us a deepwater integrated completions contract covering upper and lower completion solutions. And in Australia, Chevron awarded us a five-year framework contract for tubular running services, casing accessories, and other tools supporting a deepwater development project.

在西非，Noble Corporation 在奈及利亞授予我們多份 MPD 合約以及一項全球售後市場協議。Esso Exploration & Production Nigeria 亦授予我們一份深水整合完井合約，涵蓋上部與下部完井解決方案。在澳洲，Chevron 授予我們一份為期五年的框架合約，提供管柱下入服務、套管附件及其他工具，以支援一項深水開發專案。

We will see some of these MPD awards get delivered in the fourth quarter, and that is part of the ramp we expect to see in the second half. Beyond deepwater, KOC awarded us two five-year contracts for cementation products and completion services in Kuwait. PTTEP awarded us a 22-month downhole deployment valve contract in Thailand.

我們將在第四季交付其中部分 MPD 獎項，這也是我們預期下半年將出現的爬坡的一部分。除深水之外，KOC 在科威特授予我們兩份為期五年的固井產品與完井服務合約。PTTEP 在泰國授予我們一份為期 22 個月的井下投放閥合約。

And as I referenced earlier, PDO awarded us a three-year contract to provide integrated drilling services covering 247 wells in the Marmul field, supporting both production and injection operations following the successful completion of the 837 wells contract awarded in 2022.

此外，如我先前提及，PDO 授予我們一份為期三年的合約，提供整合鑽井服務，涵蓋 Marmul 油田的 247 口井；在 2022 年授予、涵蓋 837 口井的合約成功完成後，該合約將支援生產與注入作業。

Given all of the near-term market dynamics, we have adjusted our second-half guidance in what we believe is a realistic and responsible fashion. We do expect second half margins to be significantly higher than the first, but the quantum of improvement is slightly reduced versus our April expectations due to the ongoing nature of the Middle East conflict.

鑑於近期所有市場動態，我們以我們認為務實且負責任的方式調整了下半年指引。我們確實預期下半年利潤率將顯著高於上半年，但由於中東衝突持續，我們對改善幅度的預期較 4 月時略為下調。

Our total year thesis on margins is generally intact but it is difficult to offset the impacts of operational disruptions due to the Iran conflict. At the same time, we have increased confidence in our adjusted free cash flow conversion and are, therefore, increasing guidance on that metric.

我們對全年利潤率的整體論點大致仍然成立，但要抵銷伊朗衝突所導致的營運中斷影響相當困難。同時，我們對調整後自由現金流轉換率更具信心，因此上調該項指引。

We have been clear that we will not chase revenue at the expense of returns and we would rather step away from lower margin work and concentrate on higher quality revenue that strengthens the business. The clearest evidence of that discipline is our second-quarter margins and our third-quarter guidance, where we expect adjusted EBITDA margins to be up at least 100 basis points despite the ongoing conflict in the Middle East and the loss of revenue from the Saudi LSTK contract.

我們已明確表示，不會以犧牲報酬為代價去追逐營收；我們寧可退出低利潤率的工作，並專注於能強化業務的更高品質營收。最明確的證據就是我們第二季的利潤率以及第三季指引：儘管中東衝突仍在持續，且沙烏地 LSTK 合約帶來的營收流失，我們仍預期調整後 EBITDA 利潤率至少提升 100 個基點。

Let me also provide an update on our proposed redomestication to the United States. At our shareholder meetings on June 11, the proposals to redomesticate to Texas received support from more than 60% of the votes cast, but fell short of the 75% approval threshold required under Irish law. The engagement we had with shareholders through that process reinforced our conviction in the value creation potential of the move back to the US, and taking that feedback into account, we introduced an updated proposal to redomesticate to Delaware.

我也想就我們擬議中的遷冊回美國提供最新進展。在 6 月 11 日的股東會上，遷冊至德州的提案獲得超過 60% 的投票支持，但未達愛爾蘭法律所要求的 75% 核准門檻。我們在該過程中與股東的互動，強化了我們對遷回美國具備創造價值潛力的信念；在納入該回饋後，我們提出更新後的提案，擬遷冊至德拉瓦州。

The definitive proxy statement was recently filed and is being distributed to shareholders, and we will hold special shareholder meetings on September 3 to vote on the Delaware proposals. We continue to expect approximately $20 million to $30 million of annual cash savings beginning in 2027, with completion expected by the end of this year, subject to shareholder and Irish High Court approvals.

最終委託書聲明近期已提交並正分發給股東；我們將於 9 月 3 日召開特別股東會，就德拉瓦州相關提案進行表決。在取得股東與愛爾蘭高等法院核准的前提下，我們仍預期自 2027 年起每年可節省約 2,000 萬至 3,000 萬美元現金，並預計於今年年底前完成。

Importantly, the redomestication does not impact our global footprint, our customer commitments, or our ongoing operations, and our Board unanimously recommends that shareholders would vote for all of the related proposals.

重要的是，遷冊不會影響我們的全球佈局、對客戶的承諾或持續營運；董事會一致建議股東對所有相關提案投下贊成票。

During the quarter and as shown on slides 13 and 14, we also announced a definitive agreement to acquire NCS Multistage, which expands our completions portfolio and deepens our exposure to unconventional resources. It has been approved by the Boards of both companies and by NCS' controlling shareholder, and we expect it to close in the second half of 2026 subject to regulatory approvals and customary closing conditions.

本季期間，如投影片 13 與 14 所示，我們也宣布已簽署收購 NCS Multistage 的最終協議，將擴充我們的完井產品組合並加深我們對非常規資源的曝險。該交易已獲兩家公司董事會及 NCS 控股股東核准；在取得監管核准及符合慣常交割條件後，我們預期將於 2026 年下半年完成交割。

The industrial logic of this transaction is compelling. NCS' technology spans completions design, execution production optimization and late-life intervention, which completes our coverage of the well life cycle and enhances the application fit of our Well Construction products portfolio.

此交易的產業邏輯相當具吸引力。NCS 的技術涵蓋完井設計、執行、生產最佳化與晚期介入作業，補足我們對井全生命週期的覆蓋，並提升我們井建設（Well Construction）產品組合的適用性契合度。

It deepens our exposure to unconventional resources in North American basins and in the international unconventional markets, where we see the next leg of growth, including the Middle East and Argentina, along with the offshore opportunities such as the North Sea. And it is, at its core, a distribution play.

此舉也加深我們在北美盆地及國際非常規市場的曝險；我們認為下一波成長動能將來自這些市場，包括中東與阿根廷，以及如北海等離岸機會。而其核心本質是一項通路／分銷布局。

NCS has built a differentiated capital-light business with a concentrated footprint and Weatherford brings a customer base across six continents on which to scale them. The financial logic is equally clear. The consideration is structured predominantly in equity, preserving our balance sheet strength.

NCS 建立了具差異化、資本輕量的業務模式，且營運足跡相對集中；Weatherford 則帶來橫跨六大洲的客戶基礎，可用以擴大其規模。其財務邏輯同樣清晰。對價主要以股權方式結構化，得以維持我們資產負債表的強健。

We expect at least $15 million of annual cost synergies within 18 months of closing. NCS's operationally levered capital-light model that supports both our EBITDA margins and our cash conversion, fully consistent with the M&A criteria and our capital allocation framework.

我們預期在交割後 18 個月內，每年可實現至少 1,500 萬美元的成本綜效。NCS 具營運槓桿的資本輕量模式，將同時支撐我們的 EBITDA 利潤率與現金轉換率，完全符合我們的併購標準與資本配置框架。

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

接下來，我想把電話會議交給 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. For a more detailed breakdown of the results, please refer to our press release and accompanying slide deck presentation. My comments today will center around our cash flow, working capital, balance sheet, liquidity, capital allocation, and guidance.

謝謝你，Girish。各位早安，也感謝大家參與本次電話會議。Girish 已分享我們第二季表現的概覽。如需更詳細的結果拆解，請參閱我們的新聞稿及隨附的投影片簡報。我今天的評論將聚焦於我們的現金流、營運資金、資產負債表、流動性、資本配置與指引。

Turning to slide 23 for cash flows and liquidity. In the second quarter, we generated $139 million of adjusted free cash flow, representing a 62.3% adjusted free cash flow conversion. This compares favorably to the 31.1% conversion we delivered in the second quarter of 2025 and the 36.5% conversion we delivered in the first quarter of this year and was driven primarily by working capital relief, continued collections, including from our key customer in Mexico, and lower capital expenditures.

接著請看投影片 23 的現金流與流動性。第二季我們產生 1.39 億美元的調整後自由現金流，調整後自由現金流轉換率為 62.3%。相較之下，我們在 2025 年第二季的轉換率為 31.1%，今年第一季為 36.5%；本季改善主要來自營運資金釋放、持續回收款項（包括來自墨西哥的關鍵客戶）、以及較低的資本支出。

Our adjusted net working capital as a percentage of revenues was 27% in the second quarter, a sequential improvement of approximately 90 basis points despite the lower revenue base, driven largely by better receivables and payables management. This is the second consecutive quarter of improvement and it reflects the operational rigor we have put behind working capital across the organization. We remain fully committed to our internal initiatives aimed at achieving the goal of 25% or better.

第二季調整後淨營運資金占營收比重為 27%，儘管營收基礎較低，仍較前一季改善約 90 個基點，主要受惠於更佳的應收帳款與應付帳款管理。這是連續第二季改善，反映我們在全組織推動營運資金管理的營運紀律。我們仍全力投入內部計畫，目標是達成 25% 或更佳的水準。

As we stay agile and adapt to evolving market conditions, we're continually optimizing our cost structure. We have seen the impact of these cost actions in the second quarter, and they have helped partially offset the impact of revenue decrementals, pricing pressure, and the geopolitical conflict in the Middle East, and they were a key factor in holding our adjusted EBITDA margins essentially flat sequentially.

在我們保持敏捷並因應不斷演變的市場狀況之際，我們持續優化成本結構。我們已在第二季看到這些成本行動的影響，它們有助於部分抵銷營收遞減效應、定價壓力以及中東地緣政治衝突的影響，並且是使我們調整後 EBITDA 利潤率在環比上基本持平的關鍵因素。

During the second quarter, CapEx was $42 million or 3.8% of revenues, down approximately $12 million compared to the second quarter of 2025. We continue to remain in the 3% to 5% range across a 12- to 18-month cycle that we have laid out and will make the appropriate and prudent trade-offs through the cycle with cash returns guiding our decisions.

第二季資本支出（CapEx）為 4,200 萬美元，約占營收的 3.8%，較 2025 年第二季減少約 1,200 萬美元。我們仍將在已規劃的 12 至 18 個月週期內維持 3% 至 5% 的區間，並在週期中做出適當且審慎的取捨，以現金回饋作為決策指引。

In the second quarter of 2026, we returned $36 million to shareholders, comprising $20 million in dividends and $16 million in share repurchases. Since the inception of the shareholder return program, we have now returned more than $370 million to shareholders via share repurchases and dividends.

在 2026 年第二季，我們向股東回饋 3,600 萬美元，其中包含 2,000 萬美元股利與 1,600 萬美元庫藏股回購。自股東回饋計畫啟動以來，我們透過股票回購與股利已向股東回饋超過 3.7 億美元。

Our balance sheet remains very strong. At the end of the second quarter, we had approximately $1.14 billion of cash and restricted cash. Total liquidity was $1.7 billion, which includes total cash and credit facility. And our net leverage ratio declined to 0.34 times, despite the Middle East situation and resulting adjusted EBITDA declines, our leverage levels remain resilient and correspond to investment-grade equivalent ratios, demonstrating our commitment to prudent balance sheet management that provides us degrees of freedom.

我們的資產負債表仍然非常強健。截至第二季末，我們持有約 11.4 億美元的現金及受限制現金。總流動性為 17 億美元，包含現金總額與信貸額度。我們的淨槓桿比率降至 0.34 倍；儘管中東局勢及其導致的調整後 EBITDA 下滑，我們的槓桿水準仍具韌性，並對應於投資等級的等效比率，展現我們對審慎資產負債表管理的承諾，為我們提供更大的策略彈性。

Our focus on strengthening the capital structure over time has resulted in a stronger than ever fortress balance sheet, which provides a solid foundation to not just navigate business operations in a challenging environment, but also pursue strategic opportunities, as evidenced by the NCS Multistage acquisition.

我們長期專注於強化資本結構，使我們打造出前所未有的「堡壘式」資產負債表，這不僅為在充滿挑戰的環境中營運提供堅實基礎，也讓我們能追求策略性機會，NCS Multistage 的收購即為明證。

Turning to the third-quarter 2026 guidance on slide 24. We expect revenues to be in the range of $1.105 billion to $1.155 billion, and adjusted EBITDA to be between $235 million and $265 million. The sequential improvement reflects the progressive recovery of activity in the Middle East and operational improvements driving productivity, which are partially offset by activity declines in a few geographies and the LSTK contract falloff we referenced earlier.

接著看第 24 頁投影片的 2026 年第三季指引。我們預期營收介於 11.05 億至 11.55 億美元之間，調整後 EBITDA 介於 2.35 億至 2.65 億美元之間。環比改善反映中東活動逐步復甦，以及營運改善帶動生產力提升；但部分被少數地區活動下滑與我們先前提及的 LSTK 合約到期/減少所抵銷。

We expect adjusted free cash flow of more than $100 million in the third quarter. Collections from our largest customer in Mexico continue to be the biggest driver of variability in this regard, but we are encouraged by the past several months of consistent payments and transparent communication.

我們預期第三季調整後自由現金流將超過 1 億美元。墨西哥最大客戶的收款仍是此項目波動的最大驅動因素，但我們對過去數月持續穩定的付款以及透明的溝通感到鼓舞。

For the full-year 2026, we are updating our guidance with minimal changes to the midpoint of adjusted EBITDA despite the impacts from the Middle East, while raising our free cash flow conversion outlook on the strength of our first-half cash performance.

就 2026 全年而言，儘管受到中東影響，我們在調整後 EBITDA 的指引中位數僅做最小幅度調整，同時基於上半年現金表現強勁，上調自由現金流轉換率展望。

Revenues are now expected to be in the range of $4.54 billion to $4.80 billion, and adjusted EBITDA is expected to be in the range of $951 million to $1.046 billion. Adjusted free cash flow conversion is now expected to be in the mid- to high-40% range, an increase from our prior outlook. And our effective tax rate is expected to be in the low- to mid-20% range for 2026. As communicated across periods, our priorities are to drive margin and cash-based outcomes which we are confident will continue in the second half of 2026.

目前預期營收介於 45.4 億至 48.0 億美元之間，調整後 EBITDA 預期介於 9.51 億至 10.46 億美元之間。調整後自由現金流轉換率目前預期為中至高 40% 區間，較先前展望上調。而 2026 年的有效稅率預期為低至中 20% 區間。如同各期所傳達，我們的優先事項是推動利潤率與以現金為基礎的成果；我們有信心這些成果將在 2026 年下半年持續。

Thank you for your time today. I will now pass the call back to Girish for his closing comments.

感謝各位今天撥冗參與。我現在把電話交回給 Girish，請他做結語。

Thanks, Anuj. Before we open it up to questions, I want to step back and share how we see the environment evolving and what we are doing to position Weatherford for what comes next.

謝謝你，Anuj。在我們開放提問之前，我想先退一步，分享我們如何看待環境的演變，以及我們正在做什麼來讓 Weatherford 為接下來的發展做好定位。

On our last call, I laid out why we believe the industry is entering a period of structural multiyear demand for our services anchored in energy security. One quarter later, that thesis remains intact. But clearly, the ongoing geopolitical issues and the impact of demand destruction requires a recalibration on timing and pace.

在上次電話會議中，我說明了為何我們相信本產業正進入一段以能源安全為核心、對我們服務具有結構性多年需求的時期。一季之後，這個論點仍然成立。但顯然，持續的地緣政治問題以及需求破壞的影響，要求我們重新校準時點與節奏。

The rebuilding of supply capacity, redundancy and infrastructure across the Middle East and beyond is real, but it will not happen overnight. Tender cycles, rig availability, the normalization of logistics, and the sequencing of budgets all mean that the conversion of intent into activity and activity into revenue plays out over several months and quarters, not days and weeks. We saw that dynamic firsthand this quarter with the recovery beginning later and building more gradually than the headlines on a return to pre-conflict situations might suggest.

中東及其他地區供應能力、備援與基礎設施的重建確實正在發生，但不會一蹴可幾。招標週期、鑽機可用性、物流正常化，以及預算安排的先後順序，都意味著「意向轉為活動、活動轉為營收」會在數個月與數個季度內逐步展開，而不是在幾天或幾週內完成。本季我們親身見證了這種動態：復甦開始得較晚，且推進更為漸進，與媒體標題所暗示的「回到衝突前狀態」相比更為保守。

What has changed since April is that energy security has moved from rhetoric toward capital plans. Over the past quarter, I have visited customers in all of our geo zones, and it is very clear that across our customer base, national oil companies and their governments are explicitly anchoring investment programs in security of supply, both as exporters and importers.

自四月以來的變化在於，能源安全已從口號走向資本計畫。過去一季，我走訪了我們所有地理區域的客戶，非常清楚地看到，在我們的客戶群中，國家石油公司及其政府正明確以供應安全作為投資計畫的核心，不論其身分是出口國或進口國。

This thematic is consistent and very visible in gas-focused programs in the Eastern Mediterranean, Southeast Asia, in deepwater expansion in India and South America, and in the renewed policy emphasis on domestic production in North America.

這一主題一致且非常明顯，體現在東地中海與東南亞以天然氣為主的計畫、印度與南美的深水擴張，以及北美對國內生產的政策重點再度提升。

These are the building blocks of a durable multiyear cycle, but they build progressively. None of these programs converts to revenue in a single quarter, and we are managing the company on that basis. And although at times, it feels hard to change DNA across the sector, I am hopeful that the capacity discipline of the past few years in the sector translates into pricing discipline.

這些是可持續多年週期的基石，但它們會逐步累積。這些計畫沒有任何一項能在單一季度內轉化為營收，我們也以此為基礎來管理公司。此外，儘管有時要改變整個產業的「DNA」並不容易，我仍希望過去幾年產業的產能紀律能轉化為定價紀律。

Against that backdrop, our job is to position Weatherford to convert this environment into cash flow and returns. And you saw the blueprint in our second-quarter results. There are three central teams that run through the company to deliver on that objective. The first element is staying true to our North Star of free cash flow, driving increased dollars, margins, and conversion.

在此背景下，我們的工作是讓 Weatherford 做好定位，把這樣的環境轉化為現金流與報酬。你們已在我們第二季的結果中看到這份藍圖。公司內有三個核心團隊貫穿全公司，以實現該目標。第一個要素是忠於我們以自由現金流為「北極星」的方向，推動更高的金額、利潤率與轉換率。

We delivered $139 million of adjusted free cash flow at a 62.3% conversion and adjusted free cash flow margin of 13% of revenue in a quarter with meaningful operational disruption. That is not the product of one-time items. It is the product of structural improvements in working capital discipline, capital intensity, and asset utilization.

在一個營運受到顯著干擾的季度中，我們仍實現 1.39 億美元的調整後自由現金流，轉換率為 62.3%，調整後自由現金流利潤率為營收的 13%。這並非一次性項目的結果。而是營運資金紀律、資本強度與資產利用率等結構性改善的成果。

Our adjusted net working capital efficiency improved for the second consecutive quarter. Capital expenditures were 3.8% of revenue, and net leverage ended the quarter at 0.34 times despite relatively lower adjusted EBITDA base. We are institutionalizing this focus with an emphasis on further aligning and providing visibility to cash metrics across the company. And you can see this focus in our numbers.

我們的調整後淨營運資金效率已連續第二季改善。資本支出為營收的 3.8%，而在調整後 EBITDA 基礎相對較低的情況下，季度末淨槓桿仍為 0.34 倍。我們正透過強調在全公司進一步對齊並提升現金指標的可視性，將此一聚焦制度化。你們也能從我們的數字中看到這個重點。

We have raised our full-year 2026 free cash flow conversion outlook every quarter since we first provided it from the low- to mid-40% range in February, to the mid-40% range in April, and now to the mid- to high-40% range, all while absorbing the disruption of the conflict and each step closing the gap to our 50% through-cycle target.

自我們在二月首次提供 2026 全年自由現金流轉換率展望（低至中 40% 區間）以來，我們每一季都上調：四月上調至中 40% 區間，而現在上調至中至高 40% 區間；同時我們也吸收了衝突帶來的干擾，且每一步都在縮小與我們穿越週期 50% 目標之間的差距。

The second element is portfolio enhancement with technology differentiation being our strategy. The NCS Multistage acquisition is a clear expression of that. We recognize the earnings volatility that comes with our scale in a cyclical market. However, we will never do M&A purely for the sake of scale. It will always be rooted in strategic intent and conviction in financial returns.

第二個要素是透過技術差異化來強化產品組合，這是我們的策略。收購 NCS Multistage 清楚體現了這一點。我們也認知到，在景氣循環市場中，以我們目前的規模會伴隨獲利波動。然而，我們絕不會僅為了追求規模而進行併購。併購永遠會以策略意圖為根基，並建立在對財務報酬的信念之上。

We have the balance sheet capacity, experience, and operational bandwidth to do more but will always be hyper focused on delivering shareholder value as our priority. More importantly, we are clear that organic innovation is critical, and our new product introductions are debated and decided on that dimension. The growth in our offshore MPD, well services, integrated completions, and digital offerings are all testament to the philosophy and set the stage for more in the coming quarters and years.

我們具備資產負債表承載能力、經驗與營運量能，可以做得更多，但我們始終會高度聚焦於以創造股東價值為首要優先。更重要的是，我們很清楚有機創新至關重要，而我們的新產品導入也會在這個面向上充分討論並做出決策。我們在離岸 MPD、井下服務、整合完井與數位化產品的成長，都印證了這套理念，並為未來幾季與未來幾年奠定更進一步的基礎。

The third element is structural efficiency and effectiveness. Our investments in state-of-the-art ERP systems, a new structure to serve the offshore markets, the launch of our Managed Pressure Wells Center of Excellence, and several other initiatives are all aimed at state at taking us to the next level.

第三個要素是結構性的效率與效能。我們投資最先進的 ERP 系統、建立服務離岸市場的新組織架構、成立受控壓力井卓越中心（Managed Pressure Wells Center of Excellence），以及其他多項計畫，都是為了讓我們邁向下一個層級。

Not only do I expect them to improve our margin performance, I also expect them to serve as enablers to drive top line growth. So to conclude, the demand backdrop for our industry is strengthening on a structural multiyear basis anchored in energy security, but the recovery will be progressive, and we are managing the company accordingly.

我不僅預期這些措施能改善我們的利潤率表現，也預期它們能成為推動營收成長的促成因素。因此總結而言，我們產業的需求背景在能源安全的支撐下，正以結構性、多年的趨勢走強，但復甦將是循序漸進的，我們也據此來管理公司。

Further elevating our focus on free cash flow generation, conversion and margin, driving technology differentiation in the portfolio through strategic M&A and organic innovation, and building out the next generation of structurally different and scalable company.

進一步提升我們對自由現金流創造、轉換率與利潤率的聚焦，透過策略性併購與有機創新在產品組合中推動技術差異化，並打造下一代在結構上更具差異化且可擴展的公司。

While all of this is future focused, we remain deeply committed to delivering in the short term. To put this in perspective, our total year adjusted EBITDA guidance is reduced by approximately 1% at the midpoint versus April, while increasing our free cash conversion. The stock has seen a significantly more exaggerated impact, but we will keep doing what we have done every quarter, tell you exactly what we see, deliver against it and let our investors judge the results.

儘管這些都是著眼未來，我們仍然堅定承諾在短期內交出成果。具體而言，我們全年調整後 EBITDA 指引在中位數相較於 4 月下調約 1%，同時提高自由現金流轉換率。股價受到的影響明顯更為誇大，但我們會持續做我們每一季都在做的事：把我們看到的情況如實告訴各位，依此交付成果，並讓投資人評判結果。

Thank you for your time this morning. With that, operator, please open the floor for questions.

感謝各位今天早上的時間。接下來，接線員，請開放提問。

(Operator Instructions) David Anderson, Barclays.

(接線員指示) David Anderson，巴克萊。

So operational and financial discipline has been a theme of yours for some time now. I just want to talk about kind of how you're thinking about revenue growth versus margin growth in this next up cycle. You mentioned you were fine not winning that Saudi LSTK contract because there's low-margin work.

營運與財務紀律一直是你們一段時間以來的主題。我想談談在下一個上行循環中，你們如何看待營收成長與利潤率成長之間的取捨。你提到你們不介意沒有拿下沙烏地的 LSTK 合約，因為那是低利潤率的工作。

At the same time, your margins are moving up nicely in the second half without a big move in revenue. So I was wondering, could you talk about how you're going to balance that out of kind of growth versus margins? And in your approach to what appears to be an expanding set of opportunities once this upcycle starts to pick up?

同時，在營收沒有大幅上升的情況下，你們下半年利潤率卻提升得不錯。所以我想請你談談，你們將如何在成長與利潤率之間取得平衡？以及在這一輪上行循環開始加速時，面對看似擴大的機會集合，你們會採取什麼樣的做法？

Yeah, Dave. Look, it's a really important and something we spent a fair amount of time on. Look, the reality is, let me start with, you always need to have top-line growth to ultimately have a bottom line come through, right? So we're not naive and ignorant of that fact. And we can't cost cut our way to growth in the longer term.

是的，Dave。這確實非常重要，也是我們花了不少時間思考的議題。現實是，讓我先從一點開始：你最終一定需要營收成長，才能讓獲利端真正體現出來，對吧？所以我們並不天真，也不會忽視這個事實。而且從長期來看，我們不可能只靠削減成本來換取成長。

So we do need top-line growth. Having said that, look, there are contracts that we will be okay walking away from if it doesn't provide the right returns. On the Saudi LSTK piece you referenced, look, two things, I think, that are incredibly important.

因此我們確實需要營收成長。話雖如此，確實有些合約如果無法提供合適的報酬，我們也可以接受放棄。就你提到的沙烏地 LSTK 這件事，我認為有兩點極其重要。

First, I'm enormously grateful to Aramco for the opportunity, and I believe we added a lot of value in the past three years in executing the contract, and it truly helps strengthen our own capability. A lot of our capability in deep gas drilling in Aramco has come as a result of Aramco trusting us with that contract and allowing us to expand our capability.

第一，我非常感謝 Aramco 給我們這個機會，我相信在過去三年執行合約的過程中，我們創造了很大的價值，也確實強化了我們自身的能力。我們在 Aramco 的深層天然氣鑽井能力，有很大一部分正是因為 Aramco 信任我們、把這份合約交給我們，並讓我們得以擴充能力而來。

I think, look, the second thing is I'm very, very proud of the team for how they executed. The market is going to be what the market is and people will do different things and we've got to react to that. So what we try to do is say, look, is there a strategic intent on capability addition sometimes on a contract to take lower margins like we did on this one. And if that no longer exists, we are okay walking away.

第二，我也非常、非常以團隊的執行表現為傲。市場就是市場，人們會做不同的選擇，而我們必須對此做出反應。因此我們的做法是：我們會問自己，某些合約是否具有策略意圖、能帶來能力的增補，因而在某些情況下願意接受較低的利潤率，就像這次一樣。但如果這個前提不再存在，我們也可以接受退出。

What we've got to then do is say how do we have the right technology differentiation and the cost out within the company to get the appropriate margins. What I'm supremely confident of is that we have a backlog right now as well as a pipeline in front of us that allows us to go get that higher margin. And again, you see the proof in the proverbial pudding. You see the margins holding up very, very resiliently in the second quarter and picking up with our guidance on the third.

接下來我們必須做的是：如何在公司內部具備正確的技術差異化，同時把成本降下來，以取得適當的利潤率。我非常有信心的是，我們目前的在手訂單以及眼前的機會管線，讓我們有能力去爭取更高利潤率的業務。而且你也可以從結果看出端倪。你看到第二季利潤率非常有韌性地維持住，並且在我們對第三季的指引中呈現上升。

Thank you.

謝謝。

Scott Gruber, Citigroup.

Scott Gruber，花旗集團。

Girish, you mentioned that the Mid-East headwind was largely in line with your $30 million to $50 million estimate in the first half and that the impact will obviously continue in the second half. But curious about that kind of monthly cadence, is that moderating as you go into 3Q as you adjust ops and logistics? Or does the recent flare-up maintain that pace? And you obviously have good breadth across the region.

Girish，你提到中東的不利因素在上半年大致符合你們 3,000 萬到 5,000 萬美元的估計，而且影響顯然會在下半年持續。但我想了解那種按月的節奏：當你們調整營運與物流、進入第三季時，是否正在趨緩？還是近期的再度升溫讓影響維持在同樣的速度？而且你們在該區域的布局面向很廣。

So just curious, given the flare-up what you're seeing across the region today?

所以我想請教，在這次升溫之下，你們今天在整個區域看到的情況是什麼？

Yeah. Look, in terms of the impact of that -- the financial impact of the conflict, what I will start with saying is don't see it increasing right now, and I think that's positive. So let me be very clear about that. I do believe it's moderating, but that's always subject to what happens tomorrow, next week, next month, et cetera. So -- but our hope is that it continues to moderate.

是的。就其影響——也就是衝突帶來的財務影響而言，我先說明：目前我沒有看到它正在增加，我認為這是正面的。所以我想把這點講得非常清楚。我確實認為它正在趨緩，但這永遠取決於明天、下週、下個月等會發生什麼。不過，我們希望它能持續趨緩。

It will unlikely go to 0 until we get to a firm and permanent resolution. And we have baked that into the guidance, but it is still a fairly significant number. So I think extrapolating what we talked about is prudent.

在達成明確且永久的解決方案之前，它不太可能降到 0。我們已將這點納入指引之中，但這仍是一個相當可觀的數字。因此，我認為延伸我們所談到的假設是審慎的。

Look, from a region standpoint, it's very, very mixed. What we've seen over the past 10, 12 days is a very unfortunate played up once again, and that's created a significant amount of disruption. Prior to that, we had seen Saudi start returning to normalcy, resuming some of the offshore operations.

從區域角度來看，情況非常、非常分歧。我們在過去 10 到 12 天看到的是非常不幸的情勢再次升高，並造成相當程度的干擾。在那之前，我們看到沙烏地開始回歸常態，部分離岸作業也恢復進行。

The UAE has kind of continued on that same pace and actually increased in a few areas. Oman has, by and large, stayed fairly consistent and normal through this period. Where we've seen probably the most amount of disruption and delay is really Bahrain, Qatar, Iraq, and Kuwait. And we have started to see a little bit of recovery in all of those.

阿聯酋大致上延續了相同的步調，且在幾個領域實際上還有所增加。阿曼在這段期間大體上維持相當一致且正常。我們看到可能最多的中斷與延宕，主要是在巴林、卡達、伊拉克與科威特。而我們也開始在所有這些地區看到一些復甦。

I think now it's, again, a bit of uncertainty that's gotten introduced. But we remain hopeful in very close contact with our customers and making sure we're supporting them and our team through this period.

我認為現在又出現了一些不確定性。但我們仍抱持希望，並與客戶保持非常密切的聯繫，確保在這段期間我們能支持他們以及我們的團隊。

Appreciate the color. Thank you.

感謝提供這些補充說明。謝謝。

James West, Melius Research.

James West，Melius Research。

Girish. You again mentioned the multiyear cycle you see developing here. But you've also noted this will take some time. It's not just in one quarter, which is perfectly reasonable. Could you just address maybe the type of conversations and regions where you're having these discussions and help -- maybe help us frame the way to think about the -- a little bit early, but the '27 outlook.

Girish。你再次提到你看到這裡正在形成的多年期循環。但你也指出這需要一些時間。不會只在單一季度內發生，這完全合理。你能否談談你正在進行這些討論的對話類型與地區，並幫助我們建立一個思考框架——雖然可能還有點早——來看待 2027 年的展望。

Yeah, it is a bit early, James. But let me start with the first part of the question. So look, I would bucketize it into really sort of three elements. I will start with the most obvious one, which is our customers in the Middle East. And the conversations there are really focused around, first of all, the thematic business continuity and making sure that they can deliver to their plans, and we are an integral part of that.

是的，確實還有點早，James。但我先從問題的第一部分開始。我會把它歸納成三個要素。我先從最明顯的一個開始，也就是我們在中東的客戶。那裡的對話主要聚焦在，首先是「主題式」的業務連續性，確保他們能按計畫交付，而我們是其中不可或缺的一部分。

The second is really hardening of infrastructure and making sure that as things come back to normalcy, the production can resume and so we are set up and well positioned for that. And I think the third is going to be a conversation on, hey, look, once all of this is behind us, how do you get back to getting production back to the levels it was then higher regaining share, et cetera. So I think there will be an activity uptick, and we are preparing for the -- from that standpoint.

第二個重點是基礎設施的強化，並確保當情勢回歸常態時，生產能夠恢復，因此我們也能為此做好準備並處於有利位置。我認為第三個將會是關於：一旦這一切都過去之後，如何把產量拉回到當時的水準，甚至更高、重新奪回市占等。因此我認為活動量會上升，而我們也正從這個角度做準備。

If you then go to exporting countries around the rest of the world outside of the Middle East, I think several of them are looking at this opportunity saying, how do they position themselves as stable and resilient suppliers to countries that need their product.

如果再看中東以外、世界其他地區的出口國，我認為其中有幾個正把這視為一個機會，思考如何把自己定位為對需要其產品的國家而言，穩定且具韌性的供應商。

And so they are looking at potential plans to expand, but they're being cautious, they're being prudent about it. I think the biggest manifestation of that is that thematic we've been talking about for a while, which is offshore. And so I think it really bolsters and strengthens this offshore cycle that we see coming upon us in the next few years. And again, we are very well positioned on that front.

因此他們在評估擴張的潛在計畫，但同時也保持謹慎、審慎。我認為最明顯的體現，就是我們談了一段時間的那個主題：離岸。所以我認為這確實會支撐並強化我們預期未來幾年將到來的離岸循環。同樣地，在這方面我們也處於非常有利的位置。

The third is really countries that are in a position where they do have their own reserves, but they're still net importers, small or significant. And what they're really focused on is saying how do they get a little bit more security of supply and increased domestic production so that they are less dependent on that variability of geopolitical shock.

第三類則是那些本身有自有儲量、但仍是淨進口國的國家，規模可能小也可能大。他們真正聚焦的是：如何提升供應安全、增加國內產量，讓自己不那麼依賴地緣政治衝擊所帶來的波動。

So I think there will be a bigger focus and investment on domestic production places like Thailand, Indonesia, India, think you've got several countries in this regard. And so we think we will see an activity uptick in that.

因此我認為在泰國、印尼、印度等地，國內生產將會獲得更多關注與投資；在這方面有好幾個國家。所以我們認為那裡的活動量也會上升。

So look, you put it all together, I'm not going to give an outlook and guidance for '27 right now. But I think it's suffice to say that we are well positioned and '27 should definitely be a year of growth for us. And I think in the next few months, we'll be able to calibrate very specifically how much and the nature of that, but it's certainly shaping up to be a positive inflection.

總之，把這些放在一起看，我現在不會提供 2027 年的展望與指引。但我想可以說的是，我們處於有利位置，而 2027 年對我們而言肯定會是成長的一年。我認為在接下來幾個月，我們將能非常具體地校準成長幅度與其性質，但這無疑正朝著正向拐點發展。

Got it. Thank you.

了解。謝謝。

Saurabh Pant, BofA,

Saurabh Pant，BofA，

Girish, I think you briefly touched on this in your prepared remarks, but I want to touch on -- go back on Venezuela. I think you were talking about just getting more encouraged. I think you said you expect a more tangible contribution in both revenue and margins. Maybe Girish, if you can expand on this a little bit from a timing and ramp-up standpoint and then what product service lines that whether food could deploy in the country?

Girish，我想你在事先準備的發言中簡短提到過，但我想再回到委內瑞拉這個話題。我記得你提到你變得更受鼓舞。我想你說你預期在營收與利潤率兩方面都會有更具體的貢獻。Girish，也許你可以從時程與爬坡（ramp-up）的角度再多談一些，然後 Weatherford 在該國可以部署哪些產品與服務線？

And then ultimately, from an investor standpoint, what's the size of the opportunity? How big could the market be for Weatherford?

最後，從投資人的角度來看，這個機會的規模有多大？對 Weatherford 而言，市場可能有多大？

Sure. Yeah, look, I'll reiterate, I've been very pleasantly surprised. I think there's a lot of people, including myself who, back in January, February, were a little skeptical of how fast this could move. And I think it has moved a lot faster than many people anticipated. Obviously, we've got customers like Chevron, who are well entrenched there and know the landscape very well.

當然。是的，我再重申一次，我感到非常驚喜。我想很多人，包括我自己，在一月、二月時，對這件事能推進得多快都有些懷疑。而我認為它的進展速度比許多人預期的快得多。顯然，我們有像雪佛龍（Chevron）這樣的客戶，他們在當地根基深厚，對環境也非常熟悉。

So we continue to work with them on their plans. But we have seen a lot of other customers, not just announced plans, but there's a lot of conversation about further things. I'm encouraged as I travel around the world as to how many customers ask me about Venezuela.

因此我們持續與他們就其計畫合作。但我們也看到許多其他客戶，不僅宣布了計畫，還有大量關於進一步事項的討論。我在世界各地出差時，看到有多少客戶會問我委內瑞拉的情況，這讓我備受鼓舞。

So look, we are talking to several customers and the range of products and services really runs the gamut. A lot of it is the expected. We start with artificial lift and intervention services and well services as a means of increasing production. And again, that is the sort of sweet part of our portfolio.

所以，我們正在與多家客戶洽談，產品與服務的範圍幾乎涵蓋各個面向。其中很多是可預期的。我們會先從人工舉升、介入服務與井下服務著手，以提高產量。而且再次強調，這正是我們產品組合中的強項。

But I think it's also important to recognize at its peak, Venezuela was about $0.5 billion for us, and we did pretty much everything in the country, including drilling services and wireline. We also still have assets in the country. We are starting to ramp up our workforce in the country in anticipation of awards as well as the conversations that we're having with customers.

但我也認為重要的是要認知到，在高峰期，委內瑞拉對我們而言約為 5 億美元，我們在當地幾乎什麼都做，包括鑽井服務與電纜測井（wireline）。我們目前在當地仍有資產。我們也正開始在當地擴編人力，以因應預期的得標，以及我們與客戶正在進行的對話。

So I think it's a bit premature to say what is the exact size of it. I think it would be naive for me to assume that we're going to get back to anywhere close to that what it was at its peak of $500 million in the next few years. But I do certainly think this is something that will build in a fairly non-linear fashion of going from a few million dollars to tens of millions of dollars to several more. And we'll provide more color on that as we get into guidance for 2027 and beyond.

因此我認為現在要說它的確切規模還有點早。我若天真地假設未來幾年我們能回到接近高峰期 5 億美元的水準，那是不切實際的。但我確實認為這會以相當非線性的方式建立起來，從幾百萬美元到數千萬美元，再到更多。當我們進入 2027 年及以後的指引時，會提供更多補充說明。

Awesome. Thank you, Girish.

太棒了。謝謝你，Girish。

Derek Podhaizer, Piper Sandler.

Derek Podhaizer，Piper Sandler。

So Girish, in your opening comments, it sounded like maybe a little bit of slippage in the Pemex calendar. Could you maybe touch on that more in the outlook for Mexico as we work through the year? And then Anuj, you could hit on those Pemex collections. You struck a pretty confident tone in your remarks, so maybe provide some more detail on how these could progress through the rest of the year.

所以 Girish，在你開場的評論中，聽起來 Pemex 的時程表可能有一點點延宕。在我們今年推進的過程中，你能否在對墨西哥的展望上多談一些？然後 Anuj，你可以談談 Pemex 的回款。你在發言中語氣相當有信心，所以也許可以提供更多細節，說明這些情況在今年剩餘時間可能會如何發展。

Sure. So I'll start, Derek. Look, I think Pemex , as we have talked about now multiple times, we really think they've gotten to a point of stability. I think there's been a lot of anticipation about growth and increased budgets, et cetera. I am hopeful about that, but we are not betting on that.

當然。Derek，我先來。你看，我認為 Pemex——正如我們已多次談到的——我們確實覺得他們已經達到一個穩定的狀態。市場對成長與預算增加等有很多期待。我對此抱持希望，但我們不會把賭注押在這上面。

I also think, look, it's a bit of a function of the Pemex calendar is really there are well allocations, there's contract allocation. So it might be a tad bit more specific to us in the second quarter, but we see that normalizing over the second half, but I do think it will be more stable.

我也認為，這在某種程度上取決於 Pemex 的時程安排：實際上有井位配額，也有合約分配。所以對我們而言，第二季可能會稍微更具體地受到影響，但我們看到下半年會趨於正常化；不過我確實認為整體會更穩定。

And like I've said previously, I think as we get into 2027 and beyond, we do think that activity levels will increase. They're probably not going to increase 30%, 50%, anything like that. But I think a reasonable mid- to high-single-digit level kind of increase is warranted. And we are very well positioned to be able to do that, and we think we can scale up quite quickly.

而且如我之前所說，我認為到了 2027 年及之後，我們確實認為活動水準會提高。它們大概不會增加 30%、50% 之類的幅度。但我認為合理的中到高個位數增幅是有依據的。我們的布局非常到位，能夠做到這一點，而且我們認為可以相當快速地擴張規模。

Anuj?

Anuj？

Sure. So on collections from Pemex. So Q2 did mark the third straight quarter where we did receive sizable collections from -- we've talked at length about some of the structural changes that have happened there in Mexico. And since then, the collections or the payments thereof have generally been consistent. Our team has done a remarkable job, a remarkable job of working with our largest customer there, Pemex in Mexico, to continue to invoice for future collections.

好的。關於 Pemex 的回款。第二季標誌著我們連續第三個季度收到可觀的回款——我們也已經詳細談過墨西哥那邊發生的一些結構性變化。自那之後，回款或付款整體而言一直相對一致。我們的團隊做得非常出色，非常出色，與我們在當地最大的客戶——墨西哥的 Pemex——合作，持續開立發票以對應未來的回款。

And so we are cautiously optimistic that it continues. And generally, once we do invoice Pemex, the collections start coming in a few months thereafter. And so for the second half of the year, again, we are cautiously optimistic that this trend continues.

因此我們審慎樂觀，認為這種情況會延續。一般而言，一旦我們向 Pemex 開立發票，幾個月後就會開始回款。所以對於下半年，我們同樣審慎樂觀，認為這個趨勢會持續。

Great. Appreciate all the color.

很好。感謝提供這麼多補充說明。

James Rollyson, Raymond James.

James Rollyson，Raymond James。

Girish, you've been kind of pushing free cash flow conversion and generation pretty much since you came on board at Weatherford. So maybe this is for Anuj. But could you talk about just kind of your revised outlook for free cash flow conversion, given what second quarter looked like, kind of the fact that you're now in this mid to upper 40s getting close to your 50% number is your long-term target kind of changing to the higher end now well beyond 50%.

Girish，自從你加入 Weatherford 以來，你幾乎一直在推動自由現金流的轉換率與產生能力。所以這題也許是問 Anuj。但你能否談談，在看到第二季的表現後，你們對自由現金流轉換率的修正展望？目前你們已在 40% 中段到高段、接近你們長期目標的 50%；你們的長期目標是否會改為更高端、甚至遠高於 50%？

Yeah. Happy to take that one. So I appreciate you pointing out the focus on free cash flow and free cash flow conversion and generation. So this has been a deliberate, deliberate target internally for us, and it's the result of actions across multiple years to get to where we are. And so I appreciate you noting that here at the onset -- so yes, we did increase our overall target from mid-40% to mid- to high-40%.

是的。我很樂意回答。謝謝你指出我們對自由現金流、以及自由現金流轉換率與產生能力的重視。這一直是我們內部刻意、刻意設定的目標，也是跨越多年行動累積的成果，才走到今天。所以也謝謝你一開始就提到這點——是的，我們確實把整體目標從 40% 中段上調到 40% 中段到高段。

And this is really a function of the very strong free cash flow generation we've had here in the first half of the year. So if you look at Q1 plus Q2 combined, we are at around 49% of free cash flow conversion. And so this gives us the confidence to look at the second half of the year and revise higher our overall outlook.

這主要是因為我們今年上半年自由現金流產生非常強勁。如果把第一季加第二季合併來看，我們的自由現金流轉換率大約在 49%。因此，這讓我們有信心展望下半年，並把整體展望上修。

We've talked at length about our MO here is to drive cash and margin-based outcomes. And there are numerous initiatives that are underway across every single working capital category, across looking at how do we optimize our interest expense, across -- we have an initiative out there, as you all know, about redomesticating the Delaware, which will further help drive the free cash flow number as it relates to our tax efficiency and management. And so the team is laser focused to hit and improve upon in all of these areas.

我們已多次談到，我們這裡的運作模式（MO）是推動以現金與利潤率為基礎的成果。目前在每一個營運資金類別上都有多項計畫在推進，也在檢視如何最佳化利息費用；另外——各位也知道——我們有一項把公司重新遷回德拉瓦州（redomesticating to Delaware）的計畫，這將在稅務效率與管理方面進一步推升自由現金流數字。因此團隊高度聚焦，力求在所有這些領域達標並持續改善。

Free cash flow conversion has a -- other component of the formula, which is the CapEx component. We do run the business capital light, 3% to 5% is what we will continue to invest. But this piece here is key. The aim is not to singularly drive free cash flow conversion, the aim is to take that CapEx to high-grade EBITDA, to high-grade EBITDA margin, and then be vigilant in converting that to a 50% free cash flow number.

自由現金流轉換率的公式中還有另一個組成部分，也就是資本支出（CapEx）。我們的業務採取輕資本模式，未來仍將維持投資 3% 到 5%。但這一點很關鍵。目標並不是單純追求自由現金流轉換率；目標是把這些 CapEx 用來提升 EBITDA、提升 EBITDA 利潤率，然後嚴謹地把它轉換成 50% 的自由現金流數字。

Our history has been to put a target out there and ensure we have the might of the entire company aligned to go hit that target. And that is what we will do with this 50% number. And in the spirit of always improving, being a continuous improvement organization in the future, as we structurally are able to continue to deliver at a 50% free cash flow conversion, then and only then may we potentially raise the bogey.

我們一貫的做法是先提出一個目標，並確保全公司上下的力量一致對準、去達成那個目標。對於這個 50% 的數字，我們也會這麼做。而本著持續改善、成為持續改善型組織的精神，未來當我們在結構上能夠持續交付 50% 的自由現金流轉換率時，到了那個時候、也只有到了那個時候，我們才可能考慮把門檻（bogey）再往上調。

Appreciate that, Anuj. Thanks.

謝謝你，Anuj。感謝。

Doug Becker, Capital One.

Doug Becker，Capital One。

Girish, I was hoping you'd expand on NCS some more. Is this a deliberate move to increase your exposure to North American unconventionals? And how do you see the opportunity to expand their products across your global footprint?

Girish，我希望你能再多談一些 NCS。這是否是刻意要提高你們對北美非常規油氣的曝險？以及你如何看待把他們的產品擴展到你們全球版圖上的機會？

Yeah. Doug, I would say less about North America there a business that's very highly concentrated in North America, but that's really not the focus. It's really around what we can do with the technology. So to me, the unconventional parts, yes, is very, very interesting and exciting. And if you look at -- we've got a slide in the deck, page 14, I believe, which lays out the complementarity of the solution set, and it gives us now a full spectrum completion solution from heel to toe in the unconventional space.

是的。Doug，我會說這與北美的關聯較小——那是一個高度集中在北美的業務，但那並不是重點。重點其實在於我們能用這項技術做什麼。所以對我而言，非常規的部分確實非常、非常有趣也令人興奮。而且如果你看——我們簡報裡有一張投影片，我記得是第 14 頁，說明了解決方案組合的互補性，讓我們在非常規領域從井跟到井趾（heel to toe）具備完整光譜的完井解決方案。

And I think that's very powerful. So as we see unconventional growth in markets beyond North America, we see Argentina, we see the Middle East, we see other parts of the world. So we think that could be something that allows us to scale even more with our footprint. This is a business that operates very effectively in North America. So we -- obviously, we want to make sure we preserve and nurture and grow that. But the really exciting part is what we can do with our global footprint and scale this up.

我認為這非常有力。因此，當我們看到北美以外市場的非常規成長時，我們看到阿根廷、看到中東、也看到世界其他地區。所以我們認為，這可能讓我們能夠利用既有版圖進一步擴大規模。這是一個在北美營運非常有效率的業務。所以我們——顯然——希望確保能維持、培育並成長那一塊。但真正令人興奮的是，我們能如何運用全球版圖把它擴大規模。

Makes sense. Thank you.

有道理。謝謝。

Philip Jungwirth, BMO.

Philip Jungwirth，BMO。

Realizing NCS hasn't closed yet, but I was hoping you could elaborate a bit more on your M&A strategy, potential timing? And also just should we expect things more like NCS in the future?

我知道NCS尚未完成交割，但我希望您能再多談一些你們的併購（M&A）策略，以及可能的時間點？另外，未來我們是否應該預期會有更多像NCS這樣的案子？

Yeah. The crystal ball is always fascinating on this, Phil. So I appreciate the question. Look, what I'll start with is what I said earlier in my prepared remarks. For us, it's all about strategic intent, and that's rooted really in what that value proposition is. Does a target potentially give us something that significantly enhances our strategy or accelerates it versus just doing something for the sake of scale.

是的。Phil，這種事用「水晶球」來看總是很有意思。所以我很感謝這個問題。你看，我先從我先前在準備好的發言中提到的內容開始。對我們而言，核心在於策略意圖，而這其實根植於我們的價值主張。一個標的是否可能帶給我們某些東西，能顯著強化或加速我們的策略，而不是只是為了規模而做。

Beyond that, we look for businesses that are typically capital light, and there is a balance there, ultimately getting to greater amounts of free cash flow margins. So sometimes you have this business that are a little bit more capital intensive. We have some of those like our MPD and Drilling business. But as long as they're generating the right returns.

除此之外，我們會尋找通常資本需求較輕的業務，這之間也需要取得平衡，最終目標是提升自由現金流利潤率。所以有時候你會遇到一些資本密集度較高的業務。我們也有一些這樣的業務，例如我們的MPD與鑽井業務。但只要它們能產生合適的報酬。

And then we look at -- look, does our global footprint give us an opportunity to scale up more significantly. And we've seen that in several of the acquisitions that we have done, whether it was a couple of years ago with the Probe and ISI businesses or Ardyne, or hopefully now once we close NCSM. So that's sort of what we are looking at.

然後我們也會看——你看，我們的全球佈局是否能讓我們有機會更顯著地擴大規模。我們在過去幾項收購中已經看到這一點，不論是幾年前的Probe與ISI業務、Ardyne，或是希望在完成NCSM交割之後也能如此。所以這大概就是我們在看的方向。

So my hope is, look, as we look at the landscape in front of us, we think there's some very interesting opportunities for technologies that can, not just help, but enhance the overall portfolio, and we can scale up. At the same time, we will look at things that are potentially a tad bit larger. But again, the thesis is the same.

所以我希望，當我們看著眼前的產業版圖時，我們認為有一些非常有趣的技術機會，不只是幫助，而是能強化整體產品組合，而且我們可以把規模做大。同時，我們也會看一些可能稍微大一點的標的。但同樣地，投資論點是一致的。

We will not go after stuff just for the sake of scale. It's all about does it give us strategic optionality. Does it create more value and are we convinced of the financial returns.

我們不會只是為了規模而去追逐任何東西。重點在於它是否能給我們策略上的選擇權。它是否能創造更多價值，以及我們是否確信其財務報酬。

Thank you.

謝謝。

Keith Mackey, RBC Capital Markets.

Keith Mackey，RBC Capital Markets。

Girish, I don't think I've heard you talk about offshore as much as you did on today's call before, certainly, with several announced awards as well. Are these awards a true indication of the potential market inflection or are you gaining market share? Then could you also expand on your comment on how your offshore operations have been restructured?

Girish，我想我以前沒聽你在電話會議上像今天這樣談到離岸（offshore）這麼多，尤其你們也宣布了幾個得標案。這些得標是否真正反映市場可能出現拐點，還是你們正在取得市占？另外，你也能否延伸說明你提到的離岸營運如何完成重整？

Yeah. So Keith, I appreciate the question. Look, I think the short answer is yes to all of them, right? But look, different products, different services have different connotations. So if you look at the offshore space, first of all, I do believe that we are entering a -- or we're going through a period where that offshore cycle is strengthening.

是的。Keith，謝謝你的問題。你看，簡短答案是全部都是「是」，對吧？但不同產品、不同服務，其含義也不同。如果你看離岸領域，首先，我確實相信我們正在進入——或正處於一個離岸景氣循環走強的階段。

And we've talked about MPD in the past. The MPD business model is changing on the offshore side, but we still think there is a lot of opportunity for us as there are still rigs out there that do not have MPD systems. But what we have is a more unique and interesting opportunity of transforming that business from a pure capital sales model into a longer-term service partnership model, and that's something that we are working on, and you've seen that reflected in some of the announcements.

我們過去談過MPD。在離岸端，MPD的商業模式正在改變，但我們仍然認為有很多機會，因為外面仍有不少鑽機尚未配備MPD系統。但我們擁有一個更獨特且更有意思的機會：把這項業務從純粹的資本設備銷售模式，轉型為更長期的服務合作夥伴模式；這也是我們正在推進的方向，你也可以從一些公告中看到反映。

Our tubular running service business, that's a direct correlation to the number of wells drilled. I think with MPD, we are very comfortable with our market position in those, and it's really more of growing with the cycle. Then you have a business like completions where I think we've made a lot of inroads.

我們的管柱下入服務（tubular running service）業務，與鑽井口數有直接關聯。我認為在MPD方面，我們對自身的市場地位非常有信心，更多是隨著景氣循環成長。接著像完井（completions）這類業務，我認為我們已經取得了不少進展。

We announced a very significant award with Total in Denmark. It was our first true fully Integrated offshore Completions award. We followed that up with the award with Exxon in Nigeria. And I'm optimistic about more. And this is a function of very deliberate targeted investment and building out the portfolio over the past few years.

我們宣布了在丹麥與Total的一個非常重要的得標案。那是我們第一個真正「全整合式」離岸完井（Integrated offshore Completions）得標案。之後我們又拿下了在奈及利亞與Exxon的得標案。而且我對後續更多機會保持樂觀。這是過去幾年非常有意識、聚焦的投資，以及逐步建構產品組合的成果。

So I think over the next several years as the offshore cycle strengthens, my hope is that we will continue to grow that completions business in a place that we haven't. So you couple that then with what we have with NCSM on the unconventional side, the completions and integrated completions offering, I'm very, very excited about.

所以我認為在未來幾年，隨著離岸景氣循環走強，我希望我們能在過去相對較少著墨的領域，持續擴大完井業務。再把這點與我們在非常規（unconventional）端透過NCSM所擁有的完井與整合式完井方案結合起來，我非常、非常興奮。

Look, on the offshore operations piece, what this really is, is a response to the marketplace. We've always been focused on offshore. It's always been a strength for us. What we're doing now is two things really. The first is making sure we have an organization that can provide consistency of execution as well as normalization of commercialization across multiple geographies.

你看，關於離岸營運這一塊，這其實是對市場的回應。我們一直都專注於離岸。這一直是我們的強項。我們現在做的主要有兩件事。第一，是確保我們有一個組織，能在多個地理區域提供一致的執行力，並且在商業化上做到標準化。

So as you have operators and drilling contractors operate in multiple geographies ensuring that we have that same consistency across the board, whether it is in West Africa or it is in Brazil or the Gulf of America or the Caribbean or Asia, making sure that we can look at that consistently across the company.

因此，當營運商與鑽井承包商在多個地區作業時，我們要確保各方面都能維持同樣的一致性——不論是在西非、巴西、美洲灣（Gulf of America）、加勒比海或亞洲——確保我們能在公司層面以一致的方式來看待與管理。

The second piece of it is coupling that with fundamental capability in centers of excellence and our Managed Pressure Well Center of Excellence is a great example of that. We've just inaugurated and launched that this year. We had a fabulous event during OTC week very, very well attended by operators and drilling contractors.

第二，是把這點與卓越中心（centers of excellence）的核心能力結合起來；我們的受控壓力井卓越中心（Managed Pressure Well Center of Excellence）就是很好的例子。我們今年剛完成啟用並正式推出。在OTC週期間我們辦了一場非常精彩的活動，營運商與鑽井承包商出席非常踴躍。

So where we can bring together engineering, manufacturing, repair and maintenance, and remote operations capability to really create a very unique value proposition for customers.

因此，我們能把工程、製造、維修保養，以及遠端作業能力整合在一起，為客戶真正打造一個非常獨特的價值主張。

Awesome. Thanks for the color.

太好了。謝謝補充說明。

Josh Silverstein, UBS.

Josh Silverstein，UBS。

Girish, you mentioned some pockets of pricing weakness along with your disciplined approach. However, I'm sure a large number of your awards aren't just because you're dropping pricing. Can you talk about where you're seeing strength and what you're encouraged about?

Girish，你提到某些領域的定價走弱，同時也提到你們採取紀律性的做法。不過我相信你們很多得標不只是因為你們降價。你能談談你看到哪些地方有強勁表現，以及哪些方面讓你感到鼓舞嗎？

Yeah. Look, let me start with we try really hard not to drop pricing and certainly don't showcase when you have to do that to win. So we are -- look, we are fundamentally, we believe, the way to offset the pricing weakness in the market is to have two things. The first is you have to have technology differentiation and the second is you have to have a competitive cost base.

是的。你看，我先說，我們非常努力不去降價，當然也不會把「必須降價才能得標」當作賣點來宣傳。所以我們——你看，我們從根本上相信，要抵消市場的定價疲弱，需要兩件事。第一，你必須具備技術差異化；第二，你必須有具競爭力的成本基礎。

So as we see the pricing weakness in the market, I remind myself that hopefully, everyone is motivated by the same concept of value creation and so we use it as a motivator for us to say, hey, if we are seeing pricing weakness, we've got to go figure out how to be more competitive versus anything else. So -- but the technology differentiation piece, that is really what is the driver for the bulk of our activity.

因此，當我們看到市場定價走弱時，我也提醒自己，希望大家都被同一個「價值創造」的概念所驅動；所以我們把它當作一個推動力，告訴自己：嘿，如果我們看到定價走弱，我們就必須去想辦法讓自己更具競爭力，而不是做其他事情。所以——但技術差異化這一塊，才是真正驅動我們大部分業務活動的因素。

And look, we have tried very hard over the past several years to really get out of commodity businesses where the only differentiation is price. So we are very comfortable with that. We have always said we'd rather have much higher cash returns and profitability, even if it's on a slightly lower revenue base over time.

而且你看，過去幾年我們一直非常努力，真正退出那些唯一差異化只剩價格的商品化業務。所以我們對此非常有信心。我們一直都說，寧可在時間推移下，即使營收基礎略低一些，也要有更高的現金回報與獲利能力。

And so I think where we've got that, and you see that across the board, our managed pressure drilling offerings, tubular running services, in completions, in well services, and interventions and cementing products. Several of our businesses, we really don't have that as a significant issue.

所以我認為我們已經做到這點，而且你也能在各個領域看到：我們的受控壓力鑽井（MPD）產品與服務、套管下入服務（tubular running services）、完井、井下服務、介入作業以及固井產品。我們有好幾個業務板塊，這其實並不是一個重大的問題。

Ati Modak, Goldman Sachs.

Ati Modak，高盛。

Girish, can you talk about the decline in North America revenue in the quarter? It seems like it was driven by Canada, but help us understand that better. And then you mentioned NCS is strategic for expanding globally, but curious how you think about the North America impact of having that in the portfolio.

Girish，你能談談本季北美營收下滑的原因嗎？看起來是由加拿大所帶動，但請幫我們更好地理解。另外你提到 NCS 對全球擴張具有策略性，但我也好奇，你如何看待把它納入投資組合後，對北美的影響？

Sure. So Ati, look, definitely, yes. So it is a seasonal business, and the spring breakup in Canada that we experience every year is the contributing factor for the North America decline. Look, US land actually did have a positive sequential quarter. So I'm encouraged by that. We've seen rig count going up, albeit slightly. So I think there's a little bit more of encouragement in North America right now.

當然。Ati，你看，確實，是的。這是一個季節性業務，而我們每年在加拿大都會遇到的春季解凍期（spring breakup），是造成北美下滑的主要因素。你看，美國陸上其實環比是正成長。所以這點讓我感到鼓舞。我們也看到鑽機數量在上升，雖然幅度不大。因此我認為目前北美有更多一些令人鼓舞的跡象。

Overall, with NCS, I think we get a much stronger business. Look, we've always talked about in North America especially in the land side of the business, we are much more of a product-driven business. I think with NCS, we get even more capability on that. And I'm looking forward once we close to saying, how do we harness the capability that we have in the NCS organization and use that as a shot of adrenaline to our own organization and do more.

整體而言，透過 NCS，我認為我們會得到一個更強的業務。你看，我們一直在談，尤其在北美、特別是陸上業務這一塊，我們更偏向以產品驅動的業務模式。我認為有了 NCS，我們在這方面的能力會更強。而且我很期待在交易完成後，能夠思考：我們如何運用 NCS 組織所具備的能力，把它當作給我們自身組織的一劑強心針，做得更多。

And so while the proverbial one plus one may not get us to necessarily three, but I'm hoping it certainly gets us well over two.

所以，雖然俗話說的一加一未必一定等於三，但我希望它至少能讓我們遠遠超過二。

Thank you.

謝謝。

Josh Jayne, Daniel Energy Partners.

Josh Jayne，Daniel Energy Partners。

We've magically gone almost an hour without talking substantially about AI or data. Things continue to move quickly and obviously, a number of operators are increasing investments. Maybe you could just update us on how quickly things are moving and update on some of the investments you've made in traction you're getting not only in AI, but a number of the investments you've made surrounding data and real-time monitoring please?

我們幾乎神奇地講了快一個小時，卻還沒有實質深入談到 AI 或資料。事情持續快速推進，而且很明顯有不少營運商正在增加投資。你能否更新一下進展速度有多快，以及你們在 AI 方面、以及圍繞資料與即時監測所做的多項投資，目前獲得的進展與動能（traction）如何？

Yeah. Josh, I continue to remain very excited, and I think there is a lot of potential around it. I think a lot of people are still trying to figure out the exact monetization equation around this. Look, we've taken the approach of really deploying it in two dimensions. The first is in our portfolio and our offerings to customers.

是的。Josh，我仍然非常興奮，我認為這裡面有很大的潛力。我想很多人仍在摸索，這件事的變現方程式到底是什麼。你看，我們採取的做法是，從兩個維度來部署。第一個是在我們的產品組合，以及我們提供給客戶的解決方案中。

And you see this manifested in things like production optimization, you see it in some of our drilling programs you've seen it in tubular running services, where we are building that in and essentially enabling customers to get better outcomes. And that is really what we think resonates with them versus I'm going to be the person that sells you an AI widget, which today everyone can start going and developing on their own.

你可以在產量最佳化上看到這點，也能在我們的一些鑽井方案中看到；你也在套管下入服務中看到，我們把它內建進去，本質上是讓客戶能取得更好的成果。而這才是我們認為能引起他們共鳴的地方，而不是說「我要賣你一個 AI 小工具」，因為在今天，每個人都可以自己開始開發。

The other piece that is really interesting is from an internal standpoint of productivity. How do we get not just personal productivity but large-scale organizational efficiency through that. So I think we're seeing some early signs of progress. The biggest manifestation of this ultimately for us will be in our ERP systems, which we are designing with an AI-first mentality of saying, how do we harness the massive amount of data that we have.

另一個真正有意思的部分，是從內部生產力的角度。我們如何不只是提升個人生產力，而是藉此在大規模上提升組織效率。所以我認為我們已經看到一些早期進展的跡象。對我們而言，最終最主要的體現會在我們的 ERP 系統上；我們正以 AI-first 的思維來設計，也就是說，我們要如何運用我們所擁有的大量資料。

And then look, last but not least, I will point to in our digital portfolio. One of the things that I think we've got is a very unique capability of the ability to provide a unified data model to customers. So a lot of customers I talk to are struggling with this notion of they have a lot of data, and they have it from different vintages, they have it from different acquisitions, and they have a big data lake, and they're able to put it all together.

然後你看，最後但同樣重要的是，我想提到我們的數位產品組合。我認為我們具備一項非常獨特的能力：能為客戶提供統一資料模型（UDM）。所以我跟很多客戶談到，他們都在為這個概念所困擾：他們有大量資料，而且來自不同年代、不同併購來源；他們有一個很大的資料湖，也能把資料整合在一起。

But to make sense of the data is the challenge, and that's where we have a very compelling offering with our UDM with PetroVisor that allows customers to say, okay, this is how I normalize things and harmonize them together, and we're starting to get more traction with that commercially as well.

但挑戰在於如何理解並解讀這些資料；而這正是我們透過 PetroVisor 的 UDM 所提供的非常有吸引力的方案：讓客戶能說，好，這就是我如何把資料標準化並加以協調一致（harmonize），而我們在商業上也開始獲得更多動能。

Thanks. Appreciate it.

謝謝。感謝。

And that concludes our question-and-answer session. I'd like to turn the conference back over to management for any closing remarks.

以上為問答環節。我想把電話會議交回管理層，請他們做任何結語。

Great. Thank you all for joining the call today, and we look forward to updating you in 90 days on our third-quarter results. Thank you. Have a great day.

很好。感謝各位今天參與本次電話會議，我們期待在 90 天後向各位更新第三季業績結果。謝謝。祝各位有美好的一天。

Thank you. That concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.

謝謝。今天的電話會議到此結束。感謝各位出席今天的簡報。您現在可以掛斷電話線，祝您有美好的一天。