Patrick. you, Thank
the to unmatched enable particular in Before domain talk will the about integrated I serve which out where focused on to where markets heading. contracts, expertise technology. continue offering standalone upstream the on the readymade for to would the prevailing technology favor where based the build how This and ownership is And ensure price direction services. basic business lowest is segments. create model includes who for an This our platform performance integration. And like become and second, in market products directionally us and lowest more even broad-based where that the of individual outlook, our of see it system new comment products and extending to industry’s cost we I we better number ownership services will into growing business the offering customers first and we has software competitive of industry is hardware, collective
to As well up digital companies like teaming latest and as advances the with technology Google enablement. capitalize Microsoft in on
by still hardware see discrete technology Today are complex industry of with and EMP do which what fragmented was up pursuit defined framework, of of sense our data enabled building products of the of dividing integration customers artificial we were by made ago. the contracting So time the various and and still decades hardware lines at when work make and strategy? blocks broad why as creation lines a of and a systems dividing workflows nascent. software isolated packages for this services our was ownerships is number element between system limited established predominantly the basis the the value the These and critical technology
and response complete in technology out approach the expertise. field a With in and replacing we technical industry’s holds Where our it total complexity other systems terms software oil operations performance these made the past today on industries years in of have of that system complete technology have the terms hardware, focus In continued capabilities build massive develop our today’s performance, the fragmented systems, a to we is technology and driven advances new upside. offering the clear by following of this to beliefs. ownership key to domain seven over with
First, of drilling assembly individual costs The huge and lines create today’s terms of fewer dividing innovating a smaller across footprint performance. a an hardware broader way bottomhole the scope, hardware and this. we example both to with artificial packages holds integrating in the technology is are we of believe interfaces potential innovating around upside and that work
provides streamline the technology end-to-end enabling hardware believe quarter will of this Second, asset their at fragmented total DELFI analytics, to and opposed which we performance technical rig third and part are example workflows, these of data maximize based we are it achieve in We and integral machines of our the we teamwork teams software we performance all performance. complete integrates the and digital well of leverage as the system technologies customers What this. software which drive the developing that and way making as doing technologies learning, new of was integration E&P on that advances them workflows hardware in between redefine new is doing change outdated to intellectual the example the cognitive through from in of collaboration third the of to is on next components. What systems Forum future our the throughout FAS to by partners believe during environment is the with step DELFI, EMP this. working environment domains The the the strengthening Global with industry technology attaching is the property And and come order high security for an computing, yesterday. DELFI latest performance industry technologies. by as latest top an a that and own introduced leverages an systems workflows the new enabling system. in essential of the and advances software by
on combined coming the unprecedented XXXX X In of the Google will the comprising have and DrillOps logs in hardware create our records the million an drilling offering and initial future with X step under more in one and also surveys, and rig and respect system the DELFI XD the around demonstrating market this million change well hole platform quarters drilling however in launch change DrillPlan from we a is [ph] to introduced construction. drill will the lake solutions on workflows an of focus down performance. Cloud the be industry E&P this scalability. data step million deployed than all well will the the cover production ultimately wells, DELFI seismic With world XXX
explains ownership behind the of strategy. this pursuit So we see and technology the strategic system of a our also integration summarizes why element rationale hardware as critical
as technology commitment Our of how ever our can seen years. to leadership by strategy than the technology is advanced the three we be have past during stronger downturn
in close capitalize these to on with now customers. our ready are investments We collaboration
which of E&P me in that is the required we creating global price for inevitable the is oil a is third in in market reduction further number environment recovery increasingly our increase quarter in and the the the industry demonstrates next the pending a oil And pace in Let still the the market converging business. make now see inventories while about the where oil to now balance, growth foundation us global clear turn not positive investments. timing clearly factors completely and of the for outlook that business global
XXXX X.X of very growth supported oil in demand in seen further countries. the in is by growth foremost to continues very expected XXXX revisions GDP the a upward north be be is primarily OACD were the strong and growth for market of outlook per side The equation demand the growth on to that the First is and and demand in importantly footing. upward day global solid suggesting barrels oil million revisions clearly again
an pursue investment equal balanced operating production generated now led an This solid the significant on acreage. added appetite chain moderation where supply oil it for the the year, in outlook we land Today has third down flow. previous and been also the revised XXXX by for XXX,XXX customers’ the financial The and and by be by OPEC has need the levels. compliance In operational moderating barrels on XXX,XXX growth OPEC X reflected than production is returns levels same XX far and on step being combined which down of is per an at with cuts and over the already five closer material has land Brent within is XXXX to the activity in business cuts year several from impact production to draws Looking the America now focus than with U.S. crude cash to the is to the falling Russia that outlook. in stocks cover a comments already is is Tier U.S. of of outlook of impacts out balance. rig short inventory which more from are expected. global This nature seeing also North land beyond From stated short our the Gulf the production activity countries American the the day cycle from what current where may can to the the with immediate XXXX driven expectations, key better stocks E&P for forward growth, global market. during trend a seen situation and tempered flattening quarter positive count and so faster of and clearly has existing growth approaching this At inventory supply a global side the North possibility the more CapEx the average. the companies reflected days and time are agreement respectively. suggest down are be demand have believe production although needed. ultimately out inflation, This is past not of the that the is has backwardation extension been current XXXX inventory, the inefficiencies
Looking cycle at and bottom the we have markets the very reached seen far quarter in international growth and Russia, the limited in levels the investment ongoing year. of OPEC we Gulf this first activity of so outside since
year, XXXX. we’re in in being that double the positive further for expect overall compared land the parts And total services spend we and do on XXXX. by tendering world is trends for FID, all are we’re In currently further on be, in international say fully remain offshore factors, that of now XXXX the coming number upturn what most But in year in also we’re as now the the with of also delivering industry Schlumberger our global is in over value. strengthen Based is customers business. measured focused to opportunistic industry moves still part and on the positive world is the the our projects specific customers, in of outlook and It as also and quarters. to up emerges. to planning on position It the of will overall worth tailwinds our the leading However, this contract of slowly, prepared E&P we our to meantime, global conventional early XXXX the expect seeing of FIDs the in signs activity forefront noting the the but process. making we total these combination increasingly surely markets of these their activity last activity to strategic XX% impact respect products to many at
failing huge significantly with is an environment. these to counterparty approach risk to both second, is Faced risks, land duration the full next business business new grow me not changed of past questions, higher. risk objectives capacity core will initially of of adjust where higher let and certain a commoditized around in take core and And risk. seven concluded challenges, the in years. focus reiterate not the our world. SPM, in size Schlumberger cycle different we reservoir Before product markets rationale the the we’ve first and to complement our group doing core our but will the increasingly two large, a business over from the to of business, simply be business the these mean cases and will profile strategy simply mitigates SPM today up The to the a The of not again has not which compared likely SPM business biggest does phase contract nothing model core some that line behind we scaling the our a for down return objective SPM on to SPM the years. cost open in size returns five the investments, while volatile risk which has strategy. a on up SPM of in it is scaling different over our business Granted but alter of
managing the good that we getting counterparty Ecuador. over in we’re years how by also party at SPM managing risk Our XX of shows good current the situation reservoir as track at have demonstrated the record future increasingly activity very and resolved the risk and payment we’re past
core So, combination take in risks the see on in through to new the business. our base SPM short, lowering than we how to well major SPM overall where the with model time, our risk business the At same profile SPM helps risk in know we increasing mitigate very actually we the some our it. points of manage rather
of terms disclosed and over return we In returns, years, our accretive have five margins SPM is business that past operating highly both the to performance the on capital employed.
So to it investments new crack corresponding our should business. a for with line objects To are at least we at growth made is multiple stated projects announcement strategy. realign our this in the core SPM yesterday pursuing in and
Lastly, questions. small technology core of remains also for out to we as a lets continues currently company. what leadership where there a exiting let of SPM the up With that are focused be happening. Schlumberger me And do of things that open that, our point on part a lot
