Nii et sel aastal valisime Ecuadori peamiselt seetõttu, et siin on suur operatsioon. I appreciate that color.

HCB korrigeeritud äritulud on eeldatavasti suurimad esimeses kvartalis ja madalaimad IV kvartalis.

The Great Gildersleeve: House Hunting / Leroy's Job / Gildy Makes a Will

Meie juunis toimuval Investoripäeval anname teile üksikasjalikuma tegevuskava pikaajaliseks kasvuks. Me anname teile oma pikaajalised eesmärgid, sealhulgas täpsemad uuendused toodete ja teenuste kohta, mida me kavatseme turule tuua. Kujundame ka oma kapitali struktuuri ja jaotamise kava, et anda teile rohkem nähtavust, et aktsionäridele rohkem kapitali tagasi maksta, ning jätkab samal ajal ka investeerimist ettevõtlusse. Sellega pöördun tagasi Larryle.

CVS Health Corp (CVS) Q4 2018 Kasumikonverentsi kõne ülekanne

Larry Merlo - president ja tegevjuht Hästi. Aitäh, Eva. Noh, CVS on palju paremas positsioonis, et pakkuda oma klientidele ja laiemale kogukonnale väärtust meie uue ettevõtlusmudeli kaudu ning meie mitmekesine ettevõte pakub meie sidusrühmadele väga tõhusat võimet muuta tervishoid rohkem kohalikuks, lihtsamaks ja odavamaks, vähendades samal ajal meie sõltuvust tulude väljastamisest ja lisandväärtusega teenuste kasu maksimeerimisest.

Järgmistel kuudel on meil pilootprojekti või pilootprojekti käivitamiseks mitmeid unikaalseid pakkumisi ning need võimalused kasutavad ettevõtte varasid diferentseeritud viisil, mille eesmärk on suurendada tarbijate kaasatust, parandades samal ajal tervist ja vähendades kulusid. Näiteks võimaldab MinuteClinicu teenuste laiendamine ja CVSi kogukonna varade ühendamine koos Aetna analyticsiga liikmele järgneva parema tegevuse ümber, et aidata inimestel saavutada paremaid tulemusi.

Ja me näeme tohutuid võimalusi ees, kas see parandab kinnipidamist, hooldustööde puudujääke, kaasab kõrge riskiastmega liikmeid hoolduskorraldajate kaudu või pakub uusi lähenemisviise keerukate haiguste juhtimisele. Võtke lihtsalt haigla tagasivõtmise leevendamine. Me mõistame tagasivõtmise tegureid ja nüüd saame neid tegureid lahendada. Aetnal oli Kui me selle numbri poole võrra edukalt lõikame, eemaldame rohkem kui miljonit dollarit kulusid, luues samal ajal parema patsiendikogemuse.

Veelgi enam, võimaluste nimekiri ulatub kaugeltki mõnedest mainitud näidetest. Oluline on see, et paljud neist ainulaadsetest teenusepakkumistest on lõppkokkuvõttes kättesaadavad meie terviseplaani klientidele, luues väärtust kogu tervishoiusüsteemis, ning see on nende varade ja võimete kombinatsioon, mis lõppkokkuvõttes tõstavad ettevõtte kasvu ja loovad olulise väärtuse.

So, with that, let's go ahead and open it up for your questions. Palun laske käia. Larry, Share valikuvoimalusi korgema juhtkonna, if we think about all the headwinds in particular that you outlined going back to your conference presentation last month, relative to then, what was it that you expected, and most importantly, as you think about all of the big ones -- whether it's Omnicare, Anthem, Centene transition, et cetera -- what do you think is the most transitory?

In particular, what do you have the most confidence in that are transitory that will be able to reverse itself, or at least improve, in '20 and beyond? Tere hommikust. Täname küsimuse eest. Mike, as you look at the transitory nature of the headwinds, you think about the impact of the investments and tax reform -- that rolls off midyear this year. You look at the inflation impact on our rebate guarantees -- that peaks in and rolls off at the end of We certainly expect the Omnicare performance to stabilize and improve.

And, as you think about the contribution of generics, as we've talked many times, there are going to be peaks and valleys that can occur in any given year.

As we sit here today and look at what that looks like forwe expect that to improve. So, many of these headwinds are transitory in nature, and also, keep in mind that there are parts of the business that have momentum -- growth in Medicare, growth in the commercial business.

We've got momentum in Retail, not just in front-store growth, but pharmacy growth as well, and we're really pleased with the speed with which we're executing the integration activities. Eva Boratto -- Executive Vice President and Chief Financial Officer And, Larry, the only thing that I would add there -- as Larry outlined, Share valikuvoimalusi korgema juhtkonna also see additional opportunities to continue to manage our cost base and reduce our core to help mitigate these headwinds as we go forward.

Tere hommikust kõigile. Let me just first go back to the guidance again. Looking at the different segments versus our numbers in the Street, it looks like the biggest headwind year over year is clearly on the Retail side. Larry, when you talked about things that were transitory -- obviously, Omnicare being one of them -- is that the biggest driver within Retail?

You talked about a new type of model around reimbursements. Is that something you believe will take hold in and reimbursement will start looking better? I just really want to understand how we think about how retail really turns around -- that would be the first part of my question. Where do we see that in the numbers and how is that coming along? This is Eva. Ma alustan. In terms of the streamlining efforts, that is on track, and we're delivering in line with our expectations.

It's reflected in both the PBM and the Retail segments. See on Kevin. I can also talk about the longer-term component. Our plan to improve profit outlook in Retail is focused on three very important things. First is to grow the top line. Increasing script volumes enables us to leverage the highly fixed-cost nature of retail pharmacy fulfillment. That's the first.

The second is to lower our fixed and variable costs. As Eva just spoke through, there's significant productivity improvement, namely automation within the pharmacy fulfillment progress as well as continued reduction in cost of goods sold through Red Oak. The third -- and, Larry mentioned this in his prepared remarks -- is the migration to a new and improved third-party payer contracting model.

We will align incentives with payers to lower overall healthcare costs and begin to reduce the pressure over time on the actual core pharmacy reimbursement rate. As I listen to you, Omnicare has been a headwind last year; Eva, you just talked about it being half of the headwind for Is this a strategic asset for CVS going forward? The growth opportunity with Omnicare was always focused on the independent and assisted living spaces, and those opportunities still exist, and they're consistent with our strategy of putting the customer at the nucleus of transforming care.

The challenges that we have in that business are really around the skilled nursing facilities, which have been worse than we originally expected.

Our next question comes from Ralph Giacobbe from Citi. Ralph Giacobbe -- Citigroup -- Analyst Tänan. Just going back, I was hoping -- and, I can certainly understand the directional commentary, but are you guys willing to actually sort of quantify the drag in each of the buckets as you laid out the headwinds and just Share valikuvoimalusi korgema juhtkonna us more clarity on the numbers and size of each of the drags?

In terms of -- I tried to quantify pieces of it. As you look at Retail, which has the most significant impact, the impact of Omnicare as well as the annualized impact of the tax reform investment is driving nearly half of the contraction on the Retail business, and think about the remainder -- clearly, the lack of generics -- as the biggest driver there. Certainly, on the PBM side, the impact of the cumulative nature of the rebate guarantees affected by the lower inflation is a pretty significant driver on the PBM business.

Additionally, we said it'll peak in ' We had some impact in ' It's what moves -- it was a key element moving us to the lower end of our guidance range.

And, we do expect that to move through Ralph Giacobbe -- Citigroup -- Analyst Olgu, olgu. See on kasulik. And then, just maybe a quick follow-up -- you've had a little more time to digest the HHS rebate proposal. And then, more broadly, you mentioned the new PBM net pricing model. I think you expect to see a small number initially and more rapid adoption beyond How do you drive that change, particularly if employers like the legacy model, and do you see yourselves moving perhaps to just that net pricing model and perhaps moving away from rebates altogether?

Ma võtan esimese osa ja seejärel pööran selle üle Derica'le, et rääkida uuest hinnakujunduse mudelist. Kui vaadata tagasimakse rolli, toetame täielikult administratsiooni eesmärki vähendada tarbijatele narkootikumide hindu ja Share valikuvoimalusi korgema juhtkonna väljaspool tasku ning CVS on esirinnas mitmeid uuenduslikke lahendusi, mis on selle eesmärgi vastu.

Tegelikult astusime sammu tagasi ja vaatasime tänase D osa programmi. Me läksime tagasi Niisiis, üks muresid, mis meil on, on see, et vähem abisaajaid registreerib D osa? Ja siis vaatate hinnangulist maksumust - miljardit dollarit 10 aasta jooksul - see paneb maksumaksjad konksule ja kaubamärgiga farmaatsiatoodete puhul tekib kasumlik ootamatus. Kindlasti on kaubandusruumis lahendusi, mida on võimalik Medicare'ile rakendada, ja te vaatate, mis need potentsiaalselt võiksid olla - me teeme täna koostööd kommertsklientidega, et vähendada tasulisi kulusid müügipunktide hinnaalandustega ja ennetava ravimi nimekirja kasutamine.

Me arvame, et sellised programmid on palju paremad lahendused kui pakutud roll ja meil on ka - oleme rääkinud Caremarki reaalajas makstavatest maksudest. Kevin sai sarnase programmi ka meie apteekides ja mõlemad teemaksud on vähendanud tarbijatele tasulisi kulusid.

Niisiis kaalume kommentaariperioodi jooksul kindlasti meie muret tagasimakse rolliga, kuid mis veelgi tähtsam, mida me usume, et sobivad lahendused on Investeeringute tulu selle põhjuse põhjus, mida me püüame lahendada.

See on Derica. Seoses meie uue hinnakujunduse mudeliga, mida me nimetame garanteeritud netokulu mudeliks, on meil kaks klienti, kes võtsid vastu Lisaks sellele oleme juba andnud kõigile hüvitiste konsultantidele lepingu keele eelnõu, nii et nad on suutnud jalutada ja näha kõiki elemente trahvi printimise ja detailide osas.

Allahindluste osas, kas meil on allahindlusi või allahindlusi, on see, mida me tegelikult tahame, ikka veel võimalus - ja see on HHS reegli küsimuses piggy tagasiside - meie võime täita vormindust, mis on metoodika, mida me oleme suutnud - vahend, mida oleme saanud ajalooliselt kasutada, et luua tootjatele tagasimakseid ja allahindlusi, et luua väärtust meie klientidele ja nende liikmetele. Niisiis, kui meil on juurdepääs sellele teabele, et seda teha tootjatega, saame täita GNC mudeli ja tõesti, mis see tähendab, et saame madalaima netokulu, ja see ei ole keskenduda koondhinna väärtusele.

Eva Boratto - asepresident ja finantsdirektor Järgmine küsimus. Meie järgmine küsimus pärineb Justini järvest Wolfe Researchist. Justin Lake - Wolfe Research - tegevdirektor Tänan, hea hommik.

Kõigepealt tahtsin arutada tagatise tagatisi ja murrangulisi geneerilisi ravimeid. Ma lihtsalt üritan neid Nii et see tundus nagu Larry, sa ütlesid, et geneerilised ravimid paranevad Andke meile igasugune suurusjärjekord ja siis sama asi tagasimaksete tagatiste puhul. See kõlab nagu See paraneb Võib-olla võiksite meile rääkida mõnedest heastamistöödest, mida olete oma suunistes tagastamise Share valikuvoimalusi korgema juhtkonna kohta võtnud.

Ma võtan esmalt üldise küsimuse. Seega on ndate geneeriliste ravimite üldine dollarikogus sarnane ndate nägemustega, kuid mõned peamised erinevused on olemas. Niisiis, sa kuulsid, et räägite st võrreldes ga võrreldes lahtiste geneeriliste ravimite vähesest väärtusest, ja see on peamiselt tingitud ajastusest, mille tulemuseks on aeglasem edasiminek 'ndatel puhkeperioodil.

Lõpuks näeme s, et me näeme geneerilisi ravimeid, mis käivituvad piiratud konkurentsiga, jäävad piiratud konkurentsiga ka pärast ainuõiguse kehtivusaja lõppu ning seda põhjustavad paljud tegurid, sealhulgas tootmise keerukus ja regulatiivse heakskiitmise ajakava.

Kuid nagu me ootame Mis puutub tagasimakse tagatistesse ja kokkupuutesse, siis tuletage meelde nii Eva kui ka Larry märkustest, et eeldame, et allahindluse mõju on Ja meil on samuti olnud võimalus minna tagasi ja kohandada oma kindlustusmudeleid seni, eeldame, et inflatsioonimäär on keskmisest ühest numbrist … nii, et see vastab palju enam praegustele suundumustele.

Justin Lake - Wolfe Research - tegevdirektor Kui ma saaksin lihtsalt järelkontrolli teha, siis viimane number, mille meile meile tagasimaksete tagastamise kohta andsite, oli miljonit dollarit, ja ma arvan, et see on maha arvatud tagasimakse tagatiste eest.

Arvestades, et tagasimakse tagatise väljamaksed on tõusnud, kas sa saad meile seal uuendada. Eva Boratto Kas kauplemissusteem on Fortnite asepresident ja finantsdirektor Justin, see on Eva. See oli eraldiseisev pärand CVS PBM ja ma ütleksin, et see on samas sihtnumbris, kui soovid, et see on üldjuhul kaks kuni kolm protsendipunkti. Justin Lake - Wolfe Research - tegevdirektor Tänan.

Ana Gupte, Ph. Minu küsimus oli seotud tervisetootmise poolega - tervisekahjustuste suhtega - et sa olid öelnud, et kogemusepõhine raamat loob nullimise. See on natuke rohkem, kui me olime oodanud. Samuti, kui plaanite turule minna koos Caremarki raamatuga. Kas see läheb selle aasta keskpaigaks 'ndatel või võib-olla hiljem? Eva Boratto - asepresident ja finantsdirektor Ana, see on Eva. Esiteks, ilmselgelt on HIF-i mehaanika, samuti kui vaatate meie äritegevuse kombinatsiooni, kasvame väga olulisel määral valitsuse teenuste sektoris, mis ilmselt suurendab ka seda MBR-i.

Ja see on aasta alguses ning meie arvates on nende hinnangute vaatamisel oluline olla ettevaatlik. Karen Lynch - CVS Healthi ja Aetna äriüksuse juhataja asepresident Ana, just selleks, et vastata teie küsimusele, kui me Caremarki raamatuga turule läheme, oleme ilmselgelt hindamas, kus meil on võimalusi.

Otsime kiiresti, kus meil on meditsiiniline ja mitte-apteek, ja vastupidi, tehes väga tihedat koostööd Dericaga. Me ehitame tooteid ja teenindusvõimalusi, et saaksime turule minna. Te peaksite ootama, et me läheme sel aastal turule, Kas see kombinatsioon aitab teil seda teha?

Kas see võib alata Ma arvan, et te rääkisite ka ettevõtte viimasest kommunikatsioonijärgsest suhtlusest ja kas see mõjutab teie Aetna raamatu hindamist? Tänan, Karen. Larry Merlo - president ja tegevjuht Aitäh, Ana.

Meie järgmine küsimus pärineb Barclaysilt Steven Valiquetelt. Steven Valiquette - Barclays - tegevdirektor Suur tänu. Niisiis, HCB segmendi puhul sisaldavad slaidid sellist märkust, et välja arvatud segmendi nihked, lisainvesteeringud ja HIFi mõju, eeldatakse, et äritulud kasvavad Ma arvan, et mõned investorid võisid oodata kasumi kasvu ndatel aastatel natuke tugevam, andes just tugeva Medicare Advantage liikmelisuse kasvu Aetna jaoks - tegelikult nii eelmisel kui ka sel aastal.

Seal on üldine arusaam, et uus magistriõpe ei ole aasta jooksul kasumlik, kuid võib-olla võite lihtsalt anda meile veidi rohkem värvi kõrgel tasemel Medicare Advantage Binaarsed valikud Tarbija ulevaated kasvu kohta Eva Boratto - asepresident ja finantsdirektor Steve, see on Eva.

Ma arvan, et Share valikuvoimalusi korgema juhtkonna aspektiks on meie ettevalmistatud märkustes märkida, et me teeme märkimisväärseid investeeringuid ümberkujundamisse. Mõned neist mõjutavad HCB segmenti, nii et tagasihoidlik kasv on ilmselgelt selle mõju arvessevõtmine. Karen Lynch - CVS Healthi ja Aetna äriüksuse juhataja asepresident Lubage mul kommenteerida üldist Medicare'i kasvu aastatel 19 ja 20 - mõlemad aastad. Me oleme tööstuse kasvust kõrgemal.

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Te peate kaaluma, kui vaatate meie Medicare'i äri, et jagada üksikisiku ja grupi vaheline segu. Loomulikult on nendel raamatutel erinevad marginaalprofiilid. Kui te arvate Nagu olete näinud, oleme me tööstuse kasvust kõrgemal. Tegelikult peegeldab see tõepoolest Medicare-sse investeerinud aastate arvu, mis peegeldab meie tegevuse alustamist, peegeldab meie laienemist erinevatesse geograafilistesse maakondadesse ja meie toodete tõelist juhtimist.

Steven Valiquette - Barclays - tegevdirektor Olgu, see on kasulik. Larry Merlo - president ja tegevjuht Tänan, Steve. Meie järgmine küsimus pärineb Ricky Goldwasserilt Morgan Stanley'lt. Oleme tööandja, kelle üle töötajad võivad uhkust tunda, töökoht, kus inimesed saavad areneda ja end turvaliselt tunda.

Keskendume ohutusele kõikjal — ka meie toodete käsitsemisel ja kasutamisel. Saavutame edu vaid koos töötades ning olles valmis pidevalt end parandama ja oma praegusi tööviise muutma. Usume, et suudame enda töötajaid kaasates ning motiveerides ja klientidega tihedalt koostööd tehes klientide ootusi ületada ning koos edu saavutada. Strateegia Strateegia Meie eesmärk on pakkuda jätkusuutlike ehitiste rajamiseks terviklikke terasepõhiseid katuse- ja ehitustoodete lahendusi.

Pakume klientidele toodete terviklahendusi, mis hõlmavad projekteerimist ja tehnilist tuge. Oma põhiturgudel Põhjamaades, Baltikumis ning Kesk- ja Ida-Euroopas keskendume ehitusturust suuremale kasvule — nii orgaaniliselt kui ka juba käivitatud äritegevuse tipptaseme programmi ning tooteportfelli arendamise kaudu.

Teave Ruukist

Kaalume enda jaoks esmatähtsates segmentides ja turgudel tootepakkumise tugevdamiseks ka uute ettevõtete omandamist. Meie tegevus sõltub klientide vajadustest ja me kasutame detsentraliseeritud tegevusmudelit, et kaasata töötajad otsuste tegemise protsessi ning tagada kiirem töö. Soovime olla kasumlikkuse ja ohutuse poolest ehitusmaterjalide sektori juhtiv ettevõte ning toetame oma strateegia elluviimist tervet ettevõtet hõlmavate arenguprogrammidega.

Samuti näeme nüüd, et FIDide arv kasvab üsna kiiresti. Eelmisel aastal oli umbes 50 offshore-FID-d ja me näeme nüüd selle aasta silmapiiril umbes Ja need ei ole mitte ainult sammud ja pruunid piirkonnad. See on ka roheline väli. Nii et ma arvan, et meil on aasta kohta üsna mõistlik nähtavus ja seni on see kujunenud päris palju kooskõlas ootusega. Sedita - Goldman Sachs - analüütik Okei. See on väga kasulik. Kas te arvate, et me näeme nihe, kui me läheme Ja siis saate ka puudutada usaldust hinnakujundusvõimaluste üle kogu maailmas, nii maal kui ka avamerel?

Ma arvan, et see on natuke varakult selline, et ma ütleksin, et ma arvan, et need viitavad süvaveele. Me näeme mõningast süvavee uurimise kasvu, kuid ma ütleksin, et Operaator Ja me läheme edasi Scott Gruberi ja Citigroupiga seotud küsimusele. Scott Andrew Gruber - Citigroup - analüütik Jah. Paal Kibsgaard - esimees ja tegevjuht Tere hommikust.

Scott Andrew Gruber -- Citigroup -- Analyst So I want to follow Share valikuvoimalusi korgema juhtkonna Angie's question and stay on the international side, looking at the growth potential. I am really curious about how you see long-term growth shaping up.

How many years of reasonable growth, call it, mid single-digit can be reasonably expected as reinvestment rates normalize and I am assuming no major change in crude?

Paal Kibsgaard -- Chairman and Chief Executive Officer Well, I think, if you look at where investment levels were back in the period toobviously, internationally now we are still almost around half of those investment levels. And if you were to say that the new normal is somewhere in between where we are and where we used to be, you still need multiple years of not even single-digit, but probably double-digit growth in order to get back to the -- even the halfway point between investment levels in and investment levels as of today.

So we still see a fairly decent runway for increased international investments and you also see the need for this in the production declines that we are now seeing in the mature production base internationally. Jaga voimalusi enne kasumit you guys did a great job on margin performance in the first quarter and I appreciate all the color on margins and the drivers of margins going forward this year.

Can you just provide Mbank binaarsed variandid color on the impact on incrementals going forward. Is it reasonable to expect incremental improvement of that order of magnitude in the second half could be better on some of the job mix and exploration and some of the start-up costs fading?

See on hea küsimus. Olivier, do you want to comment on that? So, indeed, I think, it's good to see that our top-line sales is increasing in international market and the mix is improving toward more offshore and more exploration. So that is certainly a play that is Share valikuvoimalusi korgema juhtkonna and alarming for our strengths.

Schlumberger NV (SLB) Q1 2019 Kasumikõne ülekanne

This being said, I think, the pricing environment internationally is still depressed compared to where we were and used to have in two or three or five years ago. And as Paal did comment, about half of our revenue is indeed getting a pull-through that is accretive to our margin and certainly in the expected pull-through that we have anticipated.

But we still have one quarter of revenue base that is changed based on contract condition, based on execution and based on pricing constraints that we have, highly competitive environments that is challenging us to add a full mix, that is accretive as we could hope. So we are resolute to fix and to focus on this quarter revenue that is not building the right margin. And we are hoping that this mix, with the increase offshore, increased exploration will gradually improve our pull-through for the coming quarters, but I would not expect this to be a step change compared to what we have seen in the last two quarters.

Appreciate the color. The business showed a really good order rate in the first quarter after a nice pickup in the second half of last year.

I think it's maybe one of the best quarters for the industry in terms of awards that I can remember. Thank you. Good question on Cameron. So as I did comment in my prepared remark, we do see indeed a gradual improvement of our book-to-bill ratio, the bookings part in subsea is supported by the shift to a more FID, offshore FID.

The pipeline of offshore FID is increasing. As Paal did comment earlier from 50 last year, the pipeline is in excess of 80 this year. So we do expect that the Subsea 3 award this year will be north ofsimilar to what we had last year. So that will fall-through into a set of bookings for integrated project or non-integrated. So we believe that the Subsea will maintain its book-to-bill full year ratio materially above 1.

This will include some step outs infield with existing customer and this will include integrated new field -- larger greenfield project like the two that we have won recently with Woodside, one of which for gas development in Senegal. So we believe that Share valikuvoimalusi korgema juhtkonna outlook is strong on the back of Subsea.

With regards to Drilling System, I think that this is a bit different as it is still a market where we benefited last year from quite a large set of land rig equipment and BOP take up, combined with mobilization and remobilization of deepwater rigs that we're preparing for the offshore companies.

This will certainly change a bit going forward. But our land rig equipment will increase further as we step going forward. So I believe that the outlook is strong. Book-to-bill ratio above 1 for the remainder of the year and aligned with the Subsea offshore development and Share valikuvoimalusi korgema juhtkonna a lesser extent, with the further mobilization of rig and the land activity being steady. Thank you Olivier for all that detail.

Thinking about also the cash flow in the quarter, Simon went through a lot of the detail and the working capital swing was as expected. But perhaps we could just come back to your confidence level in terms of free cash flow for the year at or above levels.

I think that's been the expectation that you set out there. And looking beyond free cash, beyond the SPM divestitures that you're working toward, are there any other non-core asset sales that could be contemplated. Look, in summary, if you look at the working capital deterioration beyond what we used to see in Q1, it's basically two things, pockets of delays in receivable collection, which is not very big, but it's already sorted out itself in the second quarter, and the other one is the build of inventory, which we experienced normally in Q1 and it was higher because what you heard about Cameron book-to-bill and the preparation for the projects to come.

So that's in summary, right? Normally, free cash flow in the first quarter, we struggle to keep it even because of the seasonality. Now as far as the Share valikuvoimalusi korgema juhtkonna year is concerned, we're very confident on the free cash flow. We -- as we already reported or declared that we will satisfy all our commitments from the cash that we will generate and it's still the case. Actually, as I see it, is it's slightly improving as we go with our outlook. Now you spoke about some divestitures.

There are divestitures in the pipeline. We're working on them. But there is nothing concrete to tell you about the timing. But it is certainly, it will be a positive and we're keeping this for further the growth of the business or anything else. As far as Sensia is concerned, Sensia, we signed it. Thank you for that.

It sounds like that's maybe at the lower end of what you had previously discussed. So I was wondering if you could just give us some insights.

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And can you give us an update? I think you idled a couple of frac crews during the course of the fourth quarter and whether or not there's been sufficient enough activity now to kind of bring those crews back in. And generally maybe just -- you talked about potential for pricing improvement internationally, so could you give us similar kind of context around pricing dynamics in the North America market? So, I would say, first of all, we see a fairly consistent discipline from the customer base at this stage around living within or at least much closer to their free cash flow.

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This I think is partly driven by the management teams, as well as from the investors side. As we go forward into the full year, visibility for the second half of the year is still fairly limited. For Q2, we are expecting the number of frac stages to go up, but a fair bit of that activity increase is going to be offset by the full impact of the pricing concessions that we gave in the fourth quarter and the first quarter.

We do expect hydraulic fracturing pricing to stabilize in terms of the bid pricing in the second quarter. Now how this is going to evolve for the second half of the year, lack of visibility I think is still the case.

I don't think though at this stage, that if we have a further run up of the oil price we're going to see the same a rapid increase in spending as we've seen in previous years. There might be some increase but probably not as much as we saw for instance in So I think that calls for another challenging year on hydraulic fracturing.

Our focus here is just to continue to drive the efficiency of our operations Share valikuvoimalusi korgema juhtkonna then focus on the commercial terms we have with our customers and the focus here is not necessarily top-line or market share. It's about margins, earnings contribution and cash. We have no CapEx plans to be deployed this year for fracking. We reactivated all the warm-stacked crews that we have set aside in Q4. They are now back up and running and we still have another eight fleets that we can deploy without any CapEx requirements.

So that's on the frac side. On the drilling side, we saw the rig count come down a bit in Q1 as expected. It might slide a little bit further in Q2 as well, and for sure, we don't expect any major rebound in rig activity over the course of this year. So that will have some impact on our Drilling business and mainly on the basic technologies. And we still see strong uptake on rotary steerable and still solid pricing and profitability on that.

So it's a bit of a mixed outlook for US land.

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I think it's going to be a challenging year. The other thing we are focusing on is to continue to build our position and the technology dialogue with the IOCs that are ramping up both drilling and completions activities.

We work very well with them in the international markets and I think that calls for a much more rich technology discussion going forward in US land. I appreciate that color.

Maybe as an additional follow-up, the emphasis points here on offshore. I seem to recall that maybe in prior cycle periods, shallow water offshore could generate somewhere like 5x the revenue of maybe a US -- equivalent US land rig and deepwater could be something around 10x the revenue opportunity. Given some of the changes that we've seen in the context of reservoir drilling complexity in the US land business, wondering if kind of some of those ratios kind of still -- kind of hold up and as we're kind of hitting down that path, can you give us some insights to kind of differential growth Schlumberger may have relative to some of its peers?

I can't confirm your numbers, although, I will directionally say that the earnings, I would say, potential we have internationally and whether that is on land or offshore, probably, more so offshore, is obviously a lot higher than what it is in US land down to the technology, down to the -- just the complexity of the operating conditions. So the return of international growth, and in particular, the return on offshore activity and exploration is what we have been waiting for. It's been quite a while of a wait here.

Last year we had growth internationally was in So this is five years of waiting. So we are more than ready for this. Next is the line of Bill Herbert with Simmons. You mentioned in segmenting your international incrementals one half of legacy was highly accretive, quarter was moderately accretive, a quarter was highly dilutive. Can you just segment that geographically for us.

The half of the legacy international incrementals that are highly accretive, where is that being generated? Ditto for the quarter that's moderately accretive and ditto for the quarter that's highly dilutive on a regional basis? Thanks, Bill, for the question. So I was expecting that is to come and we're not going to give more color on it. It has to do with how we handle this from a competitive standpoint, both what product lines, what geographies.

So, obviously, we know what this is and we have a very good handle on how Share valikuvoimalusi korgema juhtkonna segment the international portfolio of contracts and operations. So I don't really want to go into the details of it. We have specific plans for the contracts that fall into this fourth quartile of our international business.

But I don't really want to go into the details of what it is. That wouldn't be beneficial for our business. And then similar segmentation question. I -- the way I would answer this is basically, we see the IOCs will increase their spend, which again I think is good for us.

We are obviously quite active in working with them. With an increase in oil prices continuing over the course of this year, there could be some improvements to this. Share valikuvoimalusi korgema juhtkonna I think directionally, I don't see the same significant increase that you might have seen in earlier years mainly because of this new found discipline on staying much closer to the free cash flow. Do you feel comfortable with that?

So let me start by commenting on revenue outlook. So for Q2, we expect low-to-mid single-digit sequential revenue growth in the international business. This is due to the seasonal rebound that we'll see in the North Sea and Kauplemise korrelatsioonistrateegiad in contrast with the first quarter.

And we expect a more nominal sequential growth in Africa and Latin America when we compare to what we have seen in previous quarter against the growth that we have seen. In North America, I think, you heard the comment before, we expect limited sequential growth.

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Firstly, because of the seasonal breakout -- in break-up in Canada. Next because the -- if we see and have other fracturing activity up in stage counts, this will be largely offset by the impact of the lower pricing that was set during the key tendering and during Q1. So that summarizes the increment of revenue from Q1 to Q2. So as it comes from the margin, we continue to improve our operational efficiency and our present contractual terms with customers, so impacting the international business as we discussed.