SLB (NYSE: SLB) today announced results for the third-quarter 2023.
Revenue of
GAAP EPS of
Net income attributable to SLB of
Adjusted EBITDA of
Cash flow from operations was
Board approved quarterly cash dividend of
International Markets Driving Profitable Growth
SLB CEO
'Compared to the same quarter a year ago, international revenue grew 12%, outpacing
'I am very pleased with these results, which demonstrate how SLB is continuing to seize this multiyear growth cycle. Our differentiated technology and service offerings, combined with our focus on the quality of our revenue, enabled profitable growth and drove our adjusted EBITDA margin to a new cycle high of 25%.'
Strong Sequential Performance Led by the
'Third-quarter revenue increased 3% sequentially-by more than
'Similarly, revenue in our offshore business grew as our activity continues to benefit from operators working to renew supply, accelerate cycle times, and increase the productivity of their assets. This was particularly notable in offshore
'Overall, our third-quarter pretax segment operating margin expanded 73 bps sequentially. We also generated strong cash flow from operations of
'I want to thank the SLB team for delivering these impressive results.'
Growth Powered by the Core
'Looking ahead, we believe the market fundamentals remain very compelling for our business. The oil and gas industry continues to benefit from a multiyear growth cycle that has shifted to the international and offshore markets where we are the clear leader. Concurrently, upstream spending is accelerating as operators continue to invest in long-cycle developments, production capacity expansions, exploration and appraisal, and enhanced gas production. The long-term nature of these global investments underscores the breadth, durability, and resilience of this cycle, and we expect these market dynamics to continue to drive profitable growth in the years ahead.
'SLB's Core business has been primed for this opportunity. On a year-to-date basis, the Core business-comprising Reservoir Performance,
Strong Close to the Year
'In the fourth quarter, we expect continued sequential revenue growth driven by year-end sales in Digital & Integration and seasonal product and equipment sales in Production Systems. In addition, the fourth quarter will reflect the results of the OneSubsea joint venture.
'I remain highly confident in our business and look forward to the exciting opportunities ahead. We will remain focused on driving financial outperformance, and our teams will continue delivering strong results for our customers and stakeholders in the quarter ahead.'
Other Events
During the quarter, SLB repurchased 2.6 million shares of its common stock at an average price of
On
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
(C) 2023 Electronic News Publishing, source