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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221019006128/en/

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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