A：The speaker's company is positioned to lead in the recovery space by combining pollution control, chemistry, digital capabilities, subsurface expertise, and helping customers unlock additional reserves from existing reservoirs in a capital-efficient manner.

A：The digital business has strong momentum and is a key driver of long-term value creation. It is expected to become a bottom line of growth and an enabling cost per portfolio, with complete adoption anticipated over time.

A：The company is expanding its scope of new infrastructure solutions to support AI and digital capacity, has established a right to play in the industry, and is scaling the business through expanded capacity, deepening partnerships, and selective international growth.

A：Potential growth opportunities include areas such as thermal management, decarbonized power, and selling as a system integrator, which can offer expansion of market share and serve to offer value.

A：These business areas contribute to the company's portfolio evolution by moving toward higher-return, technology-driven, and less cyclic growth that is aligned with long-term trends shaping both energy systems and digital infrastructure.

A：The outlook for the second quarter is uncertain due to geopolitical disruptions, and precise guidance is challenging. However, a scenario is outlined where the decline in the Middle East could be offset by growth in other international markets and by the global growth of the digital and pollution system business.

A：First quarter earnings per share, excluding charges and credits, decreased by 14 cents compared to the first quarter of the prior year, while global revenue of 8.7 billion increased 3% year on year.

A：Revenue declined by 7% year on year and margins were negatively affected by higher procurement and logistics costs due to the conflict in the Middle East, supply chain disruptions, increased tariffs, project mix, and higher costs in one subsea area, as well as pricing headwinds in select markets.

A：The digital division's revenue increased 87% year on year, with annual recurring revenue growing 15% year on year. Digital pretax operating margins were essentially flat year on year, while adjusted EBITDA margin declined due to lower amortization relating to exploration data.

A：The decline in pretax operating margins for the construction and production systems was primarily due to lower profitability on account of the Middle East conflict and pricing headwinds in select markets. Additionally, the decline was attributable to lower stimulation and intervention activity resulting from disruptions in the Middle East.

A：The expected pattern for cash flow generation throughout the year is for free cash flow to gradually increase throughout the year, with the majority coming in the second half. Capital investments, including CapEx and investments in ETS projects and exploration data, were $500 million in the first quarter, and for the full year, they are expected to be approximately $2.5 billion.

A：The Middle East conflict impacted the company's financial results by causing a decrease in revenue and profitability due to lost revenue and higher procurement and logistics costs associated with the conflict. The conflict led to delayed collections, which further impacted cash flow. The impact on earnings per share for the second quarter, under a specific operational disruption scenario, is estimated to be negatively affected by an incremental 6 to 8 cents compared to the first quarter.

A：Investment cycles are expected to improve due to higher commodity prices, replenishment of supply demand balance, and heightened energy security concerns. A broad-based recovery is anticipated in 2027. The most upside potential is seen in deepwater projects across Africa, Asia, East Asia, and the Americas, particularly in the development of oil and gas resources. Offshore projects are considered very attractive economically, with subsea being a significant driver for growth this year and into the future as the scale of the offshore cycle is expected to continue.

A：Customers are comparing all options for recovery and closely working with the company for an initial phase of assessment and intervention before returning to full capacity. The recovery timeline varies by country, with some resuming operations within days and others requiring a longer phase of recovery due to security concerns.

A：The company is working closely with customers daily to understand their needs, mobilize equipment and resources, anticipate consequences, and provide services that will enable customers to remobilize and potentially expand their market share and position during and after this period.

A：The industrial and technical challenges in restoring production in the Middle East include assessing the damage and capabilities required for recovery, particularly in areas where operations were abruptly stopped. This will involve an initial phase of intervention and assessment before returning to full capacity, with complexities varying by country due to differing levels of security concerns.

A：Operators are expected to continue diversifying options across the globe, and there are plenty of basins yet to be developed, especially in Africa. The Middle East remains a low-cost region, and national companies will continue investing there while also developing in other regions like Africa, Americas offshore, Asia deep, and pollution recovery.

A：The acquisition is focused on upstream petrotech data specific to the independent North American market, which is highly complementary to the company's current offerings. It will expand the reach of the petrole workflow solution internationally, help address challenges in unco and development, and provide a new software suite to complement and expand the company's product offerings. The acquisition also aims to create unique insights and benefits for customers through strategic partnerships and the application of AI across the full data sets.

A：Strategic partnerships have been formed with companies like SMT global Energy and AI, and the company continues to secure additional customers, giving visibility into demand for data center capacity in 2027 and 2028. A notable achievement includes being selected as a design partner for Nvidia's Dsx AI Factory, which will enable the company to build modular infrastructure for large-scale future solutions. Further announcements are expected to demonstrate the breadth of customer reach and scale of operations going forward.

A：The potential exists for an improvement in the Middle East situation to drive SLB's second half 2026 results, as production recovery is a significant theme and could be a factor contributing to the company's growth in that period.

A：The company has a close partnership with customers in the Middle East to prepare for and mobilize in response to security concerns. They are working with customers to assist in regaining operational capacity and are focusing on recovery and large-scale development and expansion of capacity.

A：The company's digital revenue grew by 9% year over year, while margins fell by 473 basis points. The full year EBITDA margin was 25%, and the free tax operating margins were 28% in the previous year. However, the first quarter's EBITDA margin was lower due to the mix of data sold during the quarter. The company expects to see the same quarterly margin choppiness as in previous years, with the highest margins typically in the fourth quarter. They aim to deliver total EBITDA margins from digital at least 25% for the year.

A：The company believes in the resilience of the value add of their digital portfolio, as the adoption of digital is accelerating due to the need to differentiate and add efficiency in operations. This is driven by the growing adoption of digital operations year on year, particularly in drilling and production recovery. The company feels well-positioned in the market, given their unique capability, domain knowledge, and the ability to scale AI capabilities. They see digital as a long-term tailwind, with the potential to grow further as customers invest in software and applications for efficiency.

A：The company anticipates that with high commodity prices, customers have more optionality in spending. They plan to use this spending to accelerate exploration and invest in digital solutions. Some customers have announced reinvestment in exploration at scale to secure reserves and are using discretionarily spent funds to buy data sets, participate in pilots, and make faster decisions on platform software deployment.

A：The company provided margins for the one subsea business for the first quarter, which were affected by temporary timing factors related to project completions and starts. Despite a rough start in the first quarter, they expect margins to normalize in the coming quarters. They have a backlog that is 5% higher year on year and have better visibility on future growth than potential margin risks. Subsea is a vital domain for deep-water projects and the company has a unique processing portfolio. However, specific comparisons with the broader offshore E&L universe were not provided.

A：Equinor has announced ongoing renovation and enhancement of the project with Google in Norway and has made an acquisition to better participate in the intervention world of Deepwater Subsea. This strategy aligns with their core capabilities and is intended to help customers enhance production and provide more field services, including digital capabilities.

A：Equinor is seeking to build a portfolio that provides a more anchor presence, focusing on modular infrastructure solutions. They are considering areas such as thermal management that could complement their current assets and markets.

A：Equinor expects the results for the second quarter to be consistent with the first quarter, with a potential for a script-to-script cost increase from the Middle East being offset by improved operations in other international locations.

A：Equinor believes that as the conflict in the Middle East eases, investment in the deepwater market will become more attractive, as it represents a majority of the expected FID (Final Investment Decision) in 2027 and 2028. This could increase the addressable market size, providing potential to outperform previous guidance.

A：Equinor feels confident about its competitive position, having developed an integrated capability with a partner who can deliver when customers request an integrated offering. They have successfully upscaled for many customers and collaborate with BP and Equinor to provide support and improve subsea architecture design. Equinor believes its unique portfolio, particularly with subsea processing, has no match on the market.

A：Equinor has announced subsea awards in Malaysia in South China, Surinam, and Norway. They are optimistic about the future, with a strong pipeline of projects in Sub-Saharan Africa, Latin America, Asia, and the Middle East, indicating a continued focus on providing support and pursuing opportunities in these regions.

A：Equinor is facing pressure in the Middle East due to disruptions that have impacted supply chain networks locally and globally, with the most affected line item being logistics and transportation costs, followed by raw materials and chemicals. They are actively managing these pressures by mobilizing their commercial organization to recover increased costs, activating inflation pass-through clauses in contracts, and engaging in direct negotiations with suppliers and customers.

A：Equinor has integrated the acquisition of Samba successfully into their portfolio, growing year on year and expanding margins. Financial benefits include synergy revenue and technology synergies. Equinor has received positive feedback from customers, with many appreciating the integration process and recognizing the potential that Samba brings to their operations.