Ladies and gentlemen, thank you for standing by and welcome to today's conference call on SLB's acquisition of ChampionX. At this time, all participants are in a listen-only mode. If you would like to ask a question, you may press one, then zero. You will hear acknowledgment that your line has been placed in queue. You may remove yourself from queue by repeating the same one zero command. As a reminder, this conference is being recorded. I would now like to turn the conference over to James R. McDonald, Senior Vice President of Investor Relations and Industry Affairs. Please go ahead. Thank you, Leah. Good morning, and welcome to our conference call following SLB's announced acquisition of ChampionX Corporation earlier today. Joining us on the call are Olivier Le Peuch, Chief Executive Officer of SLB, Stéphane Biguet, Chief Financial Officer of SLB, and Soma Somasundaram, President and CEO of ChampionX. Before we begin, I would like to remind all participants that some of the statements we will be making today are forward-looking. These matters involve risks and uncertainties that could cause our results to differ materially from those projected in these statements. I therefore refer you to our latest 10-K filing and other SEC filings, which can be found on our website. We are under no obligation and expressly disclaim any obligation to update, alter, or otherwise revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. SLB and ChampionX will file materials related to the proposed transaction with the Securities and Exchange Commission, including the registration statement that contain a proxy statement, perspective of the parties. Investors and security holders are urged to read those materials once they are available, which can be obtained from the SEC's website, www.sec.gov, and from the company's websites. SLB, ChampionX, their directors, executive officers, and certain members of management and their employees may be considered participants in the solicitation of proxies from their shareholders in connection with the proposed transaction. This will be described further in the proxy statement perspective when it is filed. I'll now turn the call over to Olivier. Thank you, James, and good morning, ladies and gentlemen. I'm excited to share today's news that you have agreed to acquire ChampionX. The combination of capabilities resulting from this transaction is a compelling value proposition for our industry. We'll be able to accelerate innovation with our customers, and I believe it will become a catalyst to unlock the potential of the production and recovery space. Both of our companies have loyal customer relationships, and we know those customers are seeking to maximize the value of their assets while improving efficiency in the production and reservoir recovery phase of their operations. This presents a significant opportunity for service providers who can partner throughout the entire production lifecycle, offering integrated solutions and delivering differentiated value. The acquisition of ChampionX, with its recognized leadership in production chemicals and well-established artificial lift portfolio, will help us achieve this by driving operational performance and recovery for our customers and further strengthening and diversifying our advantaged portfolio. Over the next few minutes, I will share more detail about the complementary nature of our business and how this transaction will support SLB's strategy. Let me focus on three areas where I believe that this acquisition will drive value. First, this acquisition will expand SLB's presence in the less cyclical and growing production and recovery space in a way that is closely aligned with our returns-focused, capital-light strategy. The majority of ChampionX revenue is driven by OpEx, which will become an increasing part of overall upstream exploration and production spend. Deliberately, increasing our exposure to the production chemicals and artificial lift markets positions us in a growing and resilient spend category into the next decade and beyond. The chemicals sector offers a steady and stable baseload of activity, decoupled from traditional rig count cycles and commodity prices. As assets age, chemical intensity and usage will further accelerate, and ChampionX is vertically integrated in this market with a significant manufacturing network that is well-positioned to deliver on this growing demand. In artificial lift, nearly 90% of oil wells will require one or several forms of lift solution during their producing life. With this acquisition, we establish a broad lift portfolio that will unlock future growth opportunity delivered through our shared innovation capability, complementary customer footprint, and a distinctive promise to deliver full-field, digitally enabled production optimization solution to our customers. Second, this transaction will accelerate our customers' performance. Our enhanced portfolio and technologies capabilities, including proven subsurface expertise, as well as our digital leadership, will accelerate innovation in production and recovery. Ultimately, this will drive new value creation and will enable a step change in the efficiency and longevity of producing assets. This directly supports our core strategy, which continue to be centered around driving performance and meeting growing energy demands, all while supporting decarbonization and emissions reduction. We do this through innovation, scale, and digitalization, and incorporating ChampionX technology and solution in our portfolio will represent the next step in the realization of that strategy.... Both SLB and ChampionX have made significant investments to integrate digital capabilities into our respective portfolio, including emerging technologies such as AI. Applying these to the full production and recovery cycle, we create additional value for our customers by structurally lowering the cost and carbon intensity of our customers' oil and gas production. Third, SLB's international leadership will complement ChampionX's significant footprint in North America. In international markets, we'll broaden ChampionX's global footprint through geographic expansion, a broader chemical technology portfolio, and increased go-to-market integration. And in the U.S., we'll leverage ChampionX customer relationships, operational agility, and field-proven technology to drive performance while realizing near-term synergies. Ultimately, SLB will capture more of the global OpEx spend, an aspect that will be crucial as brownfield production enhancements become even more critical in the coming decades. To close my introductory remarks, I'm very eager to welcome the ChampionX team to SLB once the transaction close. Their talent, technology, innovation, and commitment to customer success align with SLB's own culture and commitment to the same. By bringing ChampionX into SLB, we create a step change in value for our customers, our shareholders, and our employee as we continue to drive energy innovation for a balanced planet. I will now turn the call over to Stéphane, who will provide specific details of the transaction. Thank you, Olivier, and good morning, ladies and gentlemen. SLB has entered into an agreement to purchase ChampionX in an all-stock transaction. ChampionX shareholders will receive 0.735 shares of SLB in exchange for each share of ChampionX stock. The agreement places a value of $40.59 per ChampionX share, which represents a 14.7% premium based on the closing price of April 1, 2024. Upon closing, ChampionX shareholders will collectively own approximately 9% of SLB's outstanding shares. I will now highlight a few key elements of the transaction. Let me first comment on the synergies we referred to in our press release. We have done a substantial amount of work to understand the synergies that can be unlocked by this acquisition and have a high degree of confidence in our estimates. We expect the transaction to close before the end of 2024, making 2025 the first year we will extract meaningful benefits. We estimate annual pre-tax synergies to reach approximately $400 million within three years, with 70%-80% realized in 2026 and the remainder in 2027. These synergies consist primarily of reduced operating costs, supply chain optimization, and G&A savings, as well as the benefits from revenue synergies that are expected to grow significantly in future years, as Olivier commented earlier. Second, considering these synergies, and based on consensus estimates for both companies, we estimate the transaction to be accretive to free cash flow per share in 2025 and accretive to earnings per share in 2026. This includes certain assumptions regarding the purchase accounting, which can only be finalized upon the closing of the transaction. Based on these assumptions, we have estimated the annual incremental after-tax depreciation and amortization as a result of fair value adjustments to the net assets of ChampionX to be approximately $0.06-$0.07 per share. We also expect ChampionX margins to be accretive to our production chemicals and artificial lift businesses and to be further strengthened by the synergies I have just discussed. Finally, to highlight our confidence in the value that this transaction will create and in our ability to continue generating strong cash flows from our broader portfolio, we are raising our 2024 target for total returns of capital to shareholders from $2.5 billion to $3 billion. The $0.5 billion increase will be in the form of additional share repurchases. We are also setting our target for returns to shareholder in 2025 at $4 billion. The combined $7 billion of total returns to shareholders targeted over 2024 and 2025 reflects our commitment to maintaining a strong balance sheet and to remaining disciplined in our future capital allocation. I will now turn the conference call to Soma to share ChampionX's perspective on the transaction. Thank you, Stéphane. Good morning, everyone. Let me first provide some historical context to frame why I am excited about this combination. Since long before we became an independent, publicly traded company six years ago and completed our transformational Apergy's ChampionX merger nearly four years ago, we started out on a purposeful journey to build the best production-focused company in the energy industry.... driven by our vision of improving lives and focused on helping our customers unlock energy the world needs in an economically and environmentally sustainable way. We have long viewed the production well site as the playing field in which we are uniquely well-positioned to deliver impactful life-of-field production optimization solutions to our customers, and it is through this strategic lens that we have built a portfolio of differentiated production chemicals, artificial lift, digital, and emission monitoring technologies, which help operators meet their objective of maximizing the value of their producing assets. This has never been more relevant to customers than now, given the energy industry's backdrop of a structural shift towards capital discipline in the upstream industry. ChampionX has a very differentiated presence at the customer's well site, one which enables us to generate revenue and resilient cash flow throughout the lifecycle of the well. Our strategy and the work we do are highly focused around driving our customers' success and creating value for our shareholders. As I think about the ChampionX's strategic priorities we have shared with our shareholders and other stakeholders, I see this combination with SLB helping advance those priorities, given SLB's focus on technology and innovation and its deep customer intimacy with the upstream and midstream operators around the world in every major energy-producing region and operating environment. For our shareholders, this combination provides compelling value creation and the opportunity to share in significant upsides from the realization of synergies. Now, let me close with a few words about our 7,300 motivated ChampionX employees around the world, who are at the heart of our company. As they wake up every day, highly motivated and focused on rolling up their sleeves and working collaboratively to solve our customers' problem, we continuously seek to improve performance by systematically identifying and eliminating waste across the enterprise. We view this culture as a competitive advantage, and I am grateful for all their hard work, and they inspire me every day. Finally, I'm confident that our talented employees will remain wholly dedicated to this purpose, and that they will benefit from greater opportunities as part of SLB's global reach. I also appreciate the SLB's commitment to preserving and capitalizing on all that has made ChampionX successful. With that, I will turn the call back over to you, Olivier. Thank you, Soma. So ladies and gentlemen, I believe we are now ready to open the floor for your questions. Thank you. As a reminder, ladies and gentlemen, you may press 10 to place your line into the question queue. Our first question is from the line of James West with Evercore ISI. Please go ahead. Hey, good morning, gentlemen. Congratulations, Olivier and Stephane on acquiring an excellent franchise, and congratulations, Soma, on maximizing value here for your shareholders. Thank you. Thank you, James. Thank you. First question for me, kind of if we think about the rationale, and I totally understand, you know, capturing more of the OpEx spend, these are businesses that you're already in. But ChampionX obviously has a great franchise and a storied franchise here. I'm curious if you could describe a little bit more about your rationale for the transaction, why ChampionX and why now? Yeah, I think, I, I believe that you highlighted one of the elements. I believe that the market and the strategic priority of our customers increasingly turning towards production and recovery. I believe to address this comprehensively, to address this innovation, to address this to scale, and provide integration capability there, the same way we do across the rest of the lifecycle, we believe that we have to look for addition of capability to our portfolio. Partly in the domain of production chemicals, in the domain of the lift solution, the domain of digital for production optimization, and also to continue to address our quest for lowering emissions. So we believe that, the complementarity of, ChampionX portfolio, from the strengths of the portfolio across, production chemicals, from the, application of digital, that they have managed to do very well in their in the North America, particularly. The complementarity of lift solution they provide, both geographically and in the lift solution, all are representing, I would say, the key elements of what we believe will be necessary to continue to elevate performance of our customers' production and recovery workflows. So we believe that time is right, for the coming years, the coming decades. The investment in production will continue to rise, and we believe that being the partner of choice, having the most comprehensive portfolio, both in the U.S. and internationally, will equip us to prolong the cycle and to be successful with our shareholders. ... Got it. Makes perfect sense to me. I think it's a great acquisition for you guys. One follow-up question about shareholder returns here. You guys have been very clear initially that the $2.5 billion for 2024 was $2.5 billion plus. So that was driven home very significantly to me. So now we're talking about $3 billion and then $4 billion for next year. Is there potential upside to those numbers now, given this cash flow accretive transaction, and of course, how the cycle is starting to really play out in both, you know, Bakken land and deep water? Yes. Thanks, James. So for 2024, obviously the incremental cash flows from ChampionX will not be there, at least for the most part of the year. So we are quite confident we can increase our standalone returns to shareholder by still quite a significant amount, almost about $500 million. And again, all of this will be done through incremental buybacks. The additional increase from 2024 to 2025 is at least a $1 billion, and this is based on on two things. First, the organic growth of our own free cash flow based on the continued top line and earnings growth we see in this cycle. Of course, the additional contribution from the ChampionX businesses, which, as you may know, generate very good free cash flow and free cash flow conversion. So, with all this, we are quite confident to set that new target for 2025 of $4 billion of total returns to shareholders. A large portion of the increase, by the way, between 2024 and 2025 will likely be as well in the form of share repurchases. Got it. Great. Thanks, guys. Congrats again. Thank you. Thank you, James. Next, we go to David Anderson with Barclays. Please go ahead. Hi. Thanks. Good morning. First off, Soma, congratulations. Thanks. I can't believe it's only been six years. My God, it's like dog years now these days. I think you've just done a phenomenal job as an executive here, and I hope we continue to hear from you, so congratulations, Soma. Olivier- Thank you, David. So, Olivier, congratulations to you as well. Thanks. This is a great franchise you're purchasing here. I was just curious if you could help me understand a little bit how production chemicals fits in with your kind of overall production business, and how kinda going forward, you tie this all together. Is your idea to essentially provide a fully integrated production solutions, offering to your customers? You had talked about some of the revenue, revenue synergies. I'm having a little trouble understanding how those revenue synergies come about. If you could just sort of explain how you're envisioning this business to run over the next couple of years once you get it fully integrated. Yeah, the vision, Dave, is simply to, to become, as I said, the partner of choice for our customer throughout their production recovery phase. And we realize that, to do this, we have to have access and develop and innovate across all the critical elements that pertain to that phase. And one of them that we already have, but with a smaller footprint internationally, is production chemicals. So here, I'm, I'm thinking not about production chemicals, but also reservoir chemicals, which are critical to unlock some of the recovery and enhance production. So we realize that, as we go more and more integrated into our offering for production, producing assets with customers, there is more and more opportunity to combine and to innovate on the production chemicals, on the reservoir chemicals, and combine it with both lift solution and more than ESPs, and using the full panel of these solutions, but also to combine it for process equipment process capability in surface, in subsea or in a FPSO or in land installation. As we are evolving to today, running and operating on behalf of some of our customers and partners from assets, we realize that we can create significant value by optimizing the chemical injection, by combining our subsurface expertise into and digital to offer the best recovery, to offer the best production enhancement, and chemicals are very key to this. Chemicals is not a commodity. Chemicals is a technology. Chemicals is a distinct differentiator for production, and we believe that by having access to the large portfolio and the best-in-class portfolio of ChampionX, we are equipped. And similarly, the same applies to lift technology. We have a complementary offering, both geographically and in portfolio of technology. I believe to have a wider and a broader asset access to lift technology that can span downhole life. We will expect that most of the liquids that will have to be produced in the next decades will require some form of lift. To have a comprehensive lift solution, again, is critical for our success. But this is where we see synergy. Synergy is using the global footprint that we can offer to the ChampionX franchise, as you call it, both in chemical and in lift, and integration capability, workflow integration capability that combines subsurface, digital and equipment or product combination for getting the most of the asset. And our customers are excited about this. And presumably, the large component of offshore exposure is there as well. I'm sure was a major- Oh, obviously. part of this. Oh, obviously. I think, reinforce our international footprint by providing one more element of portfolio to build on the great success that ChampionX has had in providing to the FPSOs across the globe and to the producing assets at offshore. And for us, to better understand and better participate and partner of our customers to add value to this. Olivier, David, the only thing I would add here is, as you know, when the wells goes into production, the two things they need after—for the life of the well, is production chemicals, artificial lift, and good digital technology. And with the combination of the capabilities and the global reach, I think, you know, we will see our ability to support our customers and maximize value of those producing assets for long time to come. And I can only, I would say, really one last point, Dave, relating to digital. I think we have been very pleased when we engaged with ChampionX to realize the scale and the maturity of their digital offering onto the lift solution to optimize throughout the lifecycle. And I believe that this will not only complement, but integrate very well with our platform, edge platform approach that we have, and hence, connecting again, the subsurface reservoir to the equipment and producing capability of the field. So that, that's quite exciting, actually, and our team is excited for on the digital front. Absolutely. As a follow-up question, you know, the two-thirds of the business, which is production chemicals, that all makes a lot of sense. I can totally understand the value proposition there. But maybe just kind of briefly, if you could touch on the other third of the business here and kind of where this fits. Artificial lift is something that you guys have been building out quite a bit over the last, say, 10 years. I'm just curious where ChampionX's offering kinda complements you. I know they have a lot of rod lift in the U.S., which is not necessarily in your wheelhouse these days. And then secondarily, on the drill bit insert business, you have a business called Mega Diamond, which competes directly with ChampionX. So how are we thinking about that? Maybe it's too early to be talking about this, but if you could just sort of briefly touch on the two other businesses that are not production chemicals. Thank you. Yeah. Thank you, Dave. So I think the lift portfolio is very comprehensive with ChampionX. I think indeed, there is an ESP market and ESP offering that is not the same as our offering, and I think will be placed with customers in a different way, and could then will be remain complementary, highly complementary. It also includes PCP, includes rod lift and gas lift, all of which we believe are necessary, not only in the U.S., where it's being explored and successful, but also internationally. And it will be increasingly used to expand internationally. So again, our international franchise, the franchise of ChampionX in lift solution, not only in the U.S. but abroad, will be used. And unconventional is one of the application where I believe that some pressure lift and other solutions will be very applicable as unconventional develops at scale internationally. So we believe that this lift is actually a necessity, is a blessing for us to have access to this portfolio, because it provides a unique capability to serve our customers into the full lifecycle, but also this is what benefits the most from digital. So that's where we see the value going forward. Okay. Thank you. Thank you, Olivier. Thanks a lot, Dave. Our next question is from Arun Jayaram with JPMorgan Chase. Please go ahead. Good morning, Olivier, Stephane. Hello. I was wondering if you could talk about, you know, potential impact of the ChampionX deal to your 2025 financial targets that you laid out at the 2022 Investor Day. We do appreciate the increase in shareholder returns that you're putting forward this morning. Sure, and good morning, Arun. So look, it is a bit early to talk specifically about 2025. Clearly, this only adds to our journey in expanding margins, in expanding cash flows, and as you have seen, in increasing returns to shareholders. So our ambition remains to continue expanding margins. We still have the strength and durability of the cycle with us. As I mentioned, pre-tax synergies of approximately $400 million within the first three years. The highest contribution will come from cost synergies in the first couple of years, but it will then get complemented by revenue synergies accelerating over time. So this is only contributing incrementally to our 2025 ambitions and beyond, of course. Okay, that's helpful. Just to follow up, you know, we've seen a lot of consolidation in U.S. shale, largely at the hands of the majors and larger independents. A lot of these deals have been motivated by the potential for majors to increase resource recovery, particularly in U.S. shale reservoirs. Olivier, how does this transaction with ChampionX improve your ability to help customers achieve this target? ... You have, you're absolutely right. I think this is one of the key driver, and you will see the priority for our customers to focus more and more on the recovery factor for more and more on the production performance of their existing assets as they are disciplined on capital. Hence, you will see more and more technology intensity and partnership, strategic partnership to be developed with our customers, large and smaller customers. We believe that the customer relationship intimacy that ChampionX has developed, the comprehensive and complementary portfolio, we both will present customers from reservoir technology characterization to reservoir chemicals, production chemicals, and lift portfolio. That is will be completely unique and unmatched, I think, will help us to address this in the recovery. So that's where we believe it is critical and where we are already seeing traction and success with customers. Soma? Yeah. Olivier, I completely agree with you. And in the production process, you know, continuing to make sure that we have high flow assurance, you know, extending mean time between failures and the equipment, integrating digital technology to achieve maximum efficiencies. Along with that, using the emissions technologies to make sure that we are decarbonizing the production process. So these are all major, major focus for our customers and through this consolidation process as well. So I believe that, you know, the combination of technologies here, as well as the global reach and the complementary nature of, you know, the strengths of both companies, I'm really excited about the possibilities here. Great. Thank you. Our next question is from Neil Mehta with Goldman Sachs. Please go ahead. Good morning, team, and congratulations, both Olivier and Soma, on the transaction. Olivier, I wanted to kick off with you and just- Right. Maybe you could put this in the context of a broader M&A strategy. We saw the agreement to acquire the ownership of Aker Carbon Capture, and then obviously, today's transaction. We still have a very fragmented oil services and energy services space. So do you see a market structure that will consolidate more over time? And do you see SLB's role—what do you see as SLB's role in that consolidation? I will not comment on the, in the term of consolidation. I will comment in the term of fit for our strategy. Our, our strategy, I think, is a balanced strategy across, our core, our digital and new energy, and you will see us continuing to look for opportunity to add value and create value for our respective customers into these three different space. And I think indeed, the Aker Carbon Capture acquisition last week was aimed to accelerate and extend our addressable market and, create a, a base for growing, into the capture side of the CCS market, which we have identified as one of the key, low carbon and new energy business for us. You are seeing today that we are making an announcement to participate at larger scale and with the acquisition of ChampionX to accelerate our strategy for better returns and and better alignment with our customer priority in the core. This will continue to be what will guide us in our strategy forward, and I will not call it consolidation. I will not refer to the phase in which the market is. I think we are more aligned with our customers' priority. The customer are shifting towards being strategically looking at the production recovery, efficiency, and performance, and we believe it was compelling to join force with ChampionX to offer and address that gap and possibly, and likely, create a new chapter for production recovery in the industry, and that's our strategy. Yeah. Okay. That's helpful. The follow-up is around just the synergies. You talked about $400 million of pre-tax synergies. Maybe you could spend a little bit more time fleshing out what are some of the levers that I get you there and the confidence interval about achieving them. So, so Neil, as I said earlier, we, we think on the $400 million pre-tax synergies, first again, it will start with, with cost and, the earlier the better. We, we think 70%-80% of the total synergies can be, can be realized, within the first two years. Again, comes from, operating cost reductions, supply chain optimization, GNA savings. It's, I think it's worth noting that a portion of these synergies will be generated on, SLB's existing cost base, not, ChampionX. Such, for example, on our own, chemical spend. So, so it extends beyond the, the, the ChampionX business itself, which, which I think is great because it's, our broader platform can benefit from some of the, the, the capabilities of, of ChampionX. And then again, once the majority of cost synergies are realized, revenue synergies will scale, benefiting from the complementary offerings of the two companies, in particular, the expansion of ChampionX businesses internationally. Thanks, team. Thank you. We have- Thank you, Neil. We have the last question from Luke Lemoine with Piper Sandler. Please go ahead. Hey, good morning, and congrats on the deal. Morning, Luke. Good morning. Morning, Luke. Thank you. You hit on some of this in the answer to one of Dave's questions, but could you talk about how ChampionX's digital business enhances or accelerates your digital strategy, and where you see the ability to grow, you know, their digital business with what you're already doing at SLB? Yeah, a very, very good question. I think we were very pleased when we started to engage more closely with ChampionX, to realize that the scale, maturity, and comprehensive offering that they have, I think is highly complementary to what we do. We have a platform approach, cloud-based platform approach, and we have developed lately an edge platform to deploy a digital operation both for drilling and production operation. At the same time, ChampionX has developed a platform to monitor and to control equipment and have the largest amount of equipment connected that we could access in the US across the lift equipment and other surveillance and monitoring capability they offer to compressor and other equipment being seen. So what we'll do is that, and I think the integration during the planning phase, we look forward to, to look technically and, from the workflow, what we can do to connect and, combine the capability of offering, using the scale and the openness of our platform to the, the unique features, workflows, capability that, the platform of ChampionX offer today on their connected equipment. So again, we will connect the subsurface, we connect the workflows, the simulation, the modeling capability to connect the reservoir, the field characterization, and the field potential to the equipment, and create as such, optimization, solution. We have seen the early element of this, as we are partnering with customers to optimize chemical injection, as we have referred to this in the past, using control with our equipment and the equipment of third party. And we have seen that by accelerating accessing this digital portfolio, we will only accelerate this vision of comprehensive digital oil field, comprehensive digitally enabled production optimization. That's where we're aiming, and I believe that this will only accelerate and expand. If I may add, Okay. Luke, as you know, our digital technologies, ChampionX's digital technologies, are very has a very strong, deep domain expertise and developed in the production space, as we call the production well site is our playing field. And we have developed the digital technologies on everything from producing well, optimizing the production, failure prediction, smart chemical injection, all those aspects. So these are fit-for-purpose solutions which are well developed within the production technologies. And given SLB's platform approach of end-to-end digital solutions, our ability to take our digital solutions and plug it into the platform approach seamlessly, will create significant value for our customers. In addition, given Schlumberger's or SLB's, you know, total reach of hundreds of customers internationally, this digital technologies can be easily deployed seamlessly across all those customers as well. There is immense possibilities as our customers are continuing to adopt these digital technologies, and also it fits very well with their decarbonization efforts. Yeah, absolutely. I think at the end of the day, as we have commented many times, digital operation is a domain of our digital adoption that is expanding the most, and having access to the ChampionX's capability, complementing to our platform edge approach, will only accelerate the adoption of digital with our customers and will expand the reach of the ChampionX's current offering. Okay. Thanks, Olivier. Thanks, Soma. Thank you, Luke. Ladies and gentlemen, that is all the time we have for questions and answers this morning. I'll turn the conference back to Olivier Le Peuch, please go ahead. Thank you, Leah. Ladies and gentlemen, as we conclude today's call, I would like to leave you with the following takeaways: First, this acquisition will position SLB to deliver best-in-class workflow integration across production, chemicals, and artificial lift. This will enable us to meet the toughest subsurface challenge and ensure superior recovery for our customers in both North America and in international markets. Second, our enhanced portfolio, technology capabilities, and digital leadership will accelerate innovation in production recovery, driving value creation for our customers and stakeholders. And third, by strategically increasing our exposure to the less cyclical and growing production recovery space, we'll be even better positioned to continue growing SLB's earnings and cash flow, and returning incremental value to shareholders moving forward. I'm fully confident in our strategy and look forward to sharing more updates during our earnings call later this month. Lastly, I want to thank Soma, his leadership team, and the ChampionX board for their effort to make this opportunity a reality. With that, we will conclude our call this morning. Thank you all for joining. Ladies and gentlemen, that does conclude your conference for today. Thank you for your participation. You may now disconnect.