Q : How do you view the growth trajectory of the production-driven business, especially with the integration of Aker and ChampionX? A : Production Systems will see positive growth driven by production recovery. Investments in technology and integration opportunities are resulting in visible growth, particularly in the Middle East. This segment is expected to become a significant part of our long-term earnings potential.

Q : Do you expect a normal sequential improvement in international activities, or will the second half of the year be more weighted? A : We anticipate a typical pattern with a low first quarter, followed by a rebound in the second half. The second half will likely see higher activity, particularly in some resource plays and potential deepwater upside.

Q : Can you provide clarity on the updated outlook for 2025, specifically regarding revenue and adjusted EBITDA? A : We expect a flat revenue outlook globally, with adjusted EBITDA dollars at or above 2024 levels, excluding ChampionX. The mix of international and US activities will result in this steady outlook.

Q : How do you plan to accelerate the share repurchase program, and what factors might influence increasing returns to shareholders? A : We initiated an accelerated share repurchase transaction, buying $2.3 billion worth of shares. This represents about 80% of the total shares to be bought under the program. We may increase returns beyond $4 billion depending on free cash flow performance and potential M&A opportunities.

For the complete transcript of the earnings call, please refer to the full earnings call transcript .

This article first appeared on GuruFocus .