SLB Announces Second-Quarter 2023 Results

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Last update:

  • Revenue of $8.10 billion increased 5% sequentially and 20% year on year
  • GAAP EPS of $0.72 increased 11% sequentially and 7% year on year
  • EPS, excluding charges and credits, of $0.72 increased 14% sequentially and 44% year on year
  • Net income attributable to SLB of $1.03 billion increased 11% sequentially and 8% year on year
  • Adjusted EBITDA of $1.96 billion increased 10% sequentially and 28% year on year
  • Cash flow from operations was $1.61 billion and free cash flow was $986 million
  • Board approved quarterly cash dividend of $0.25 per share

PARIS–(BUSINESS WIRE)–SLB (NYSE: SLB) today announced results for the second-quarter 2023.




Second-Quarter Results

(Stated in millions, except per share amounts)
Three Months Ended Change
Jun. 30,
2023
Mar. 31,
2023
Jun. 30,
2022

Sequential

Year-on-year
Revenue

$8,099

$7,736

$6,773

5%

20%

Income before taxes – GAAP basis

$1,293

$1,161

$1,152

11%

12%

Income before taxes margin – GAAP basis

16.0%

15.0%

17.0%

96 bps

-105 bps

Net income attributable to SLB – GAAP basis

$1,033

$934

$959

11%

8%

Diluted EPS – GAAP basis

$0.72

$0.65

$0.67

11%

7%

 

 

Adjusted EBITDA*

$1,962

$1,788

$1,530

10%

28%

Adjusted EBITDA margin*

24.2%

23.1%

22.6%

111 bps

163 bps

Pretax segment operating income*

$1,581

$1,391

$1,159

14%

36%

Pretax segment operating margin*

19.5%

18.0%

17.1%

154 bps

240 bps

Net income attributable to SLB, excluding charges & credits*

$1,033

$906

$715

14%

44%

Diluted EPS, excluding charges & credits*

$0.72

$0.63

$0.50

14%

44%

 

 

Revenue by Geography

 

 

International

$6,297

$5,985

$5,188

5%

21%

North America

1,746

1,698

1,537

3%

14%

Other

56

53

48

n/m

n/m

$8,099

$7,736

$6,773

5%

20%

 

 

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

n/m = not meaningful

 

 

 

 

 

(Stated in millions)

Three Months Ended

Change

Jun. 30,
2023
Mar. 31,
2023
Jun. 30,
2022

Sequential

Year-on-year

Revenue by Division

 

 

Digital & Integration

$947

$894

$955

6%

-1%

Reservoir Performance

1,643

1,503

1,333

9%

23%

Well Construction

3,362

3,261

2,686

3%

25%

Production Systems

2,313

2,207

1,893

5%

22%

Other

(166)

(129)

(94)

n/m

n/m

$8,099

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