Wednesday, October 26, 2022

Schlumberger Announces Third-Quarter 2022 Results

  • Revenue of $7.5 billion increased 10% sequentially and 28% year on year
  • International revenue of $5.9 billion increased 13% sequentially and 26% year on year
  • North America revenue of $1.5 billion was flat sequentially and increased 37% year on year
  • GAAP EPS of $0.63 decreased 6% sequentially and increased 62% year on year
  • EPS, excluding charges and credits, of $0.63 increased 26% sequentially and 75% year on year
  • Cash flow from operations was $1.6 billion and free cash flow was $1.1 billion
  • Board approved quarterly cash dividend of $0.175 per share

(BUSINESS WIRE) -- Schlumberger Limited (NYSE: SLB) today announced results for the third-quarter 2022.



Third-Quarter Results

  

(Stated in millions, except per share amounts)

  

Three Months Ended

 

Change

  

Sept. 30,
2022

 

Jun. 30,
2022

 

Sept. 30,
2021

 

Sequential

 

Year-on-year

 

Revenue

 

$7,477

 

$6,773

 

$5,847

 

10%

 

28%

Income before taxes - GAAP basis

 

$1,134

 

$1,152

 

$691

 

-2%

 

64%

Net income - GAAP basis

 

$907

 

$959

 

$550

 

-5%

 

65%

Diluted EPS - GAAP basis

 

$0.63

 

$0.67

 

$0.39

 

-6%

 

62%

  

 

     

 

 

 

Adjusted EBITDA*

 

$1,756

 

$1,530

 

$1,296

 

15%

 

35%

Adjusted EBITDA margin*

 

23.5%

 

22.6%

 

22.2%

 

91 bps

 

133 bps

Pretax segment operating income*

 

$1,400

 

$1,159

 

$908

 

21%

 

54%

Pretax segment operating margin*

 

18.7%

 

17.1%

 

15.5%

 

161 bps

 

320 bps

Net income, excluding charges & credits*

 

$907

 

$715

 

$514

 

27%

 

77%

Diluted EPS, excluding charges & credits*

 

$0.63

 

$0.50

 

$0.36

 

26%

 

75%

        

 

 

 

 

Revenue by Geography

       

 

 

 

International

 

$5,881

 

$5,188

 

$4,675

 

13%

 

26%

North America

 

1,543

 

1,537

 

1,129

 

0%

 

37%

Other

 

53

 

48

 

43

 

n/m

 

n/m

  

$7,477

 

$6,773

 

$5,847

 

10%

 

28%

*These are non-GAAP financial measures. See sections titled "Charges & Credits", "Divisions", and "Supplemental Information" for details.

n/m = not meaningful

  (Stated in millions)
  Three Months Ended Change
  Sept. 30,
2022		 Jun. 30,
2022		 Sept. 30,
2021		 Sequential Year-on-year
Revenue by Division          
Digital & Integration 

$900

 

$955

 

$812

 

-6%

 

11%

Reservoir Performance 

1,456

 

1,333

 

1,192

 

9%

 

22%

Well Construction 

3,084

 

2,686

 

2,273

 

15%

 

36%

Production Systems 

2,150

 

1,893

 

1,674

 

14%

 

28%

Other 

(113)

 

(94)

 

(104)

 

n/m

 

n/m

  

$7,477

 

$6,773

 

$5,847

 

10%

 

28%

        

 

 

 

Pretax Operating Income by Division       

 

 

 

Digital & Integration 

$305

 

$379

 

$284

 

-20%

 

7%

Reservoir Performance 

244

 

195

 

190

 

25%

 

28%

Well Construction 

664

 

470

 

345

 

41%

 

92%

Production Systems 

224

 

171

 

166

 

31%

 

36%

Other 

(37)

 

(56)

 

(77)

 

n/m

 

n/m

  

$1,400

 

$1,159

 

$908

 

21%

 

54%

        

 

 

 

Pretax Operating Margin by Division       

 

 

 

Digital & Integration 

33.9%

 

39.7%

 

35.0%

 

-586 bps

 

-119 bps

Reservoir Performance 

16.7%

 

14.6%

 

16.0%

 

209 bps

 

77 bps

Well Construction 

21.5%

 

17.5%

 

15.2%

 

403 bps

 

635 bps

Production Systems 

10.4%

 

9.0%

 

9.9%

 

142 bps

 

55 bps

Other 

n/m

 

n/m

 

n/m

 

n/m

 

n/m

  

18.7%

 

17.1%

 

15.5%

 

161 bps

 

320 bps

n/m = not meaningful

Schlumberger CEO Olivier Le Peuch commented, “The second half of the year is off to a great start with strong third-quarter results that reflect the acceleration of international momentum and solid execution across our Divisions and areas. Sequentially, we delivered another quarter of double-digit revenue growth and margin expansion, as the pace of growth in our international business stepped up significantly, complementing already robust levels of activity in North America.



Contacts

Investor Relations Contacts:
Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo – Director of Investor Relations, Schlumberger Limited
Office +1 (713) 375-3535
investor-relations@slb.com

Media Contacts:
Josh Byerly – Vice President of Communications, Schlumberger Limited
Moira Duff – Director of External Communications, Schlumberger Limited
Office +1 (713) 375-3407
media@slb.com

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