SLB (NYSE: SLB) today announced results for the fourth-quarter and full-year 2023.
Fourth-quarter revenue of
Fourth-quarter GAAP EPS of
Fourth-quarter EPS, excluding charges and credits, of
Fourth-quarter cash flow from operations was
Board approved a 10% increase in quarterly cash dividend to
Full-year revenue of
Full-year GAAP EPS of
Full-year EPS, excluding charges and credits, of
Full-year net income attributable to SLB of
Full-year adjusted EBITDA of
Full-year cash flow from operations was
Impressive Fourth-Quarter and Full-Year Performance
SLB CEO
'Sequentially, fourth-quarter revenue rose 8%, EPS (excluding charges and credits) increased 10% to
'Compared to the same quarter last year, international revenue outpaced
A Remarkable Year of Broad, Resilient, and Durable Growth
'We concluded the year with 37% growth in EPS (excluding charges and credits) and expanded adjusted EBITDA margin by 147 basis points (bps). Additionally, we generated
'Our strong full-year performance was fueled by substantial international growth, with approximately 90% of our international GeoUnits posting year-on-year increases, complemented by sustained performance in
'International revenue grew 20% year on year-by more than
'In the offshore basins, we benefited from long-cycle developments, capacity expansions, and exploration and appraisal activities with remarkable growth in
'In North America, while activity moderated as expected in the second half of the year, revenue increased by 12% year on year, outpacing the rig count. This outperformance was driven by our technology-leveraged portfolio in both US land and the US
'On a divisional basis, our Core business-comprising Reservoir Performance,
'Digital & Integration revenue increased 4% year on year. This was led by Digital, which continued strong growth momentum, delivering more than
'We also saw continued adoption of our Transition Technologies portfolio as customers look to enhance efficiency and reduce emissions. The imperative to operate more sustainably is translating into tangible investments by our customers, resulting in the portfolio generating more than
'We are also very pleased to see our strategic focus on customer centricity continue to translate into customer satisfaction, with our performance and value creation achieving recognition in various industry surveys.
'I am extremely proud of our full-year results, and I would like to thank the entire SLB team for delivering this outstanding performance.'
Further International Growth and Shareholder Returns Ahead
'As global energy demand continues to increase, international production is expected to play a key role in meeting supply through the end of the decade. Notably, we anticipate record investment levels in the
'In the international environment, despite elevated geopolitical tensions in various regions, we do not anticipate a significant impact on the sector's overall activity, absent any escalation. Furthermore, we expect the long-cycle investments across the
'In 2024, we will experience another year of strong growth driven by the international markets. Benefiting from these market dynamics, we foresee further growth led by Production Systems, strengthened by the additional subsea opportunities from our OneSubsea joint venture. Sustained momentum is expected in Reservoir Performance, accompanied by increased activity in
'Our performance and returns-focused strategy, combined with our differentiated market positioning and digital capabilities, will drive profitable growth and further margin expansion, setting a strong foundation for long-term outperformance.
'With confidence in the strength and longevity of the cycle and visibility into sustained strong cash flows, we are pleased to announce that our Board of Directors has approved a 10% increase to our quarterly dividend. Additionally, we plan to increase share repurchases in 2024, visibly enhancing returns to shareholders for the full year.
'With a clear strategy, a uniquely positioned portfolio, and the right team in place, we look forward to delivering value for our customers and our shareholders in the years ahead.'
Other Events
During the quarter, SLB repurchased 1.8 million shares of its common stock at an average price of
On
About SLB
SLB (NYSE: SLB) is a global technology company driving energy innovation for a balanced planet. With a global presence in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. Find out more at slb.com.
Contact:
Tel: +1 (713) 375-3535
Email: investor-relations@slb.com
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