Jim Rollyson: Jeff, I just had one question. On the pricing front, you’ve talked about this, obviously, over the past few quarters. And my recollection historically is international pricing kind of takes a longer cycle to roll over. I’m kind of curious what you think — what inning you think we’re in from a pricing perspective if we’re truly in this longer duration cycle and just how you think about that impact from here on margins since your margins are pretty strong relative to historical cycles already.
Jeff Miller: Look, I think that continue to strengthen. [Technical Difficulty]. We expect margins to continue to strengthen. The asset feedback, let’s see. We expect margins to continue to strengthen internationally because they tend to move 1/3, 1/3, 1/3. However, what’s important is, we’re also seeing growth in offshore at the same time. And so we’ve got a tightening of capacity that sort of comes at a higher rate from offshore work just because it requires more capital offshore than it does onshore. And so the type of activity that we’re seeing is continuing to tighten the market. At the same time, so that’s driving pricing to a large degree. And I think the type of activity that we see planned that is either underway or being tendered or just being planned that clearly extends well into the decade is going to serve to drive our pricing.
Operator: And it comes from the line of Kurt Hallead with Benchmark. Please proceed.
Kurt Hallead: I’m kind of curious here, Jeff, right, you given mentioned a number of different positive factors, right, that are driving your business, both internationally and domestically. And on the domestic front, right, your fleet mix, technology, service quality, et cetera. So with that dynamic and with that kind of mix, right, are you confident or comfortable enough to suggest that you think your North America revenue could grow in 2024, even if overall activity is flat or down?
Jeff Miller: Yes. Yes. I mean, again, I think we’ve got some unique opportunity. Asymmetric sort of positioning with Halliburton in terms of electric fleets that we’re able to do that the market wants and that we can produce that is unique to Halliburton. And also, as I’ve described, our drilling technology as that grows in North America that will be, again, an opportunity for growth for Halliburton that probably won’t be consistent across the broader piece of that. So yes, I am confident that Halliburton has the ability and will grow.
Kurt Hallead: Okay. Good. Great. Now I have a follow-up. I think in your prior conversations, I understood this correctly that when you’re being approached by customers to talk about e-fleet opportunities. You guys are kind of looking at contractual commitments that maybe could be as long as 3 years. Is that still the case?
Jeff Miller: Yes. Look, it’s a very good technology. We’ve talked about maximizing value in North America. That is what we’re doing. And part of maximizing value in North America is building technology that customers want and creates value for customers. And for that, this is a fairly low risk decision by an operator realistically. The operators that we’re talking to about e-fleets are the kind of operators that will always have equipment working. The reality is the first question is describe a scenario where you won’t be fracking at all and the answer to that is there is no scenario where a large operator will not be fracking. Then it becomes, why wouldn’t you want that one fleet at least to be your lowest cost operating fleet because it’s burning natural gas, it’s emitting less and it’s working at the highest performance.
At that point, this becomes a much easier discussion because it is the lowest cost operating fleet. It is extremely high efficiency and it lowers their overall cost. And so all of a sudden, that type of commitment isn’t a huge hurdle to get over for customers that are committed to the long term in this business and that’s been our experience. And I think that new capital should earn a return as part of maximizing value and we’ve got something that creates value for customers.
Operator: Thank you. And this concludes the Q&A answer period. I will now turn the call back over to Jeff Miller.
Jeff Miller: Thank you, Carmen. Before we close out, Halliburton delivered an impressive third quarter. And our margin strength demonstrated the power of our strategy. Everything I see today strengthens my conviction and the long duration of this up cycle. So I look forward to speaking with you next quarter, Carmen will close out the call.
Operator: Thank you. And with that, we thank you for participating in today’s conference. You may now disconnect.
