Schlumberger(SLB)
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Schlumberger(SLB) - 2022 Q4 - Annual Report
2023-01-24 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number 1-4601 Schlumberger N.V. (Schlumberger Limited) (Exact name of registrant as specified in its charter) Curaçao 52-0 ...
Schlumberger(SLB) - 2022 Q4 - Earnings Call Transcript
2023-01-20 19:34
Financial Data and Key Metrics Changes - Fourth quarter earnings per share (EPS), excluding charges and credits, was $0.71, an increase of $0.08 sequentially and $0.30 or 73% year-over-year [19] - Fourth quarter revenue reached $7.9 billion, up 5% sequentially and 27% year-over-year [19] - Pre-tax operating margins improved to 19.8%, up 104 basis points sequentially and 393 basis points year-over-year [20] - Adjusted EBITDA margin for the quarter was 24.4%, exceeding guidance and up 219 basis points year-over-year [20] Business Line Data and Key Metrics Changes - Digital & Integration revenue increased 12% sequentially to $1 billion, with pre-tax operating margins expanding to 37.7% [20] - Reservoir Performance revenue rose 7% sequentially, with margins expanding 146 basis points [20] - Well Construction revenue was $3.2 billion, up 5% sequentially, while margins declined by 50 basis points to 21% [21] - Production Systems revenue increased 3% sequentially to $2.2 billion, with margins improving by 32 basis points [21] Market Data and Key Metrics Changes - International revenue grew 5% sequentially, led by the Middle East, while North America revenue grew 6% sequentially [19] - International revenue topped $6 million for the first time in over four years, with growth rates outpacing rig count growth since 2020 [5] - The second half of 2022 saw international growth exceeding 20%, almost double that of North America [6] Company Strategy and Development Direction - The company is focused on sustainability, technology innovation, and digital transformation, positioning itself to benefit from macro trends in the energy sector [7][10] - The company aims to grow revenue by over 15% in 2023, supported by international and offshore momentum [16] - The strategic focus includes enhancing technology adoption and improving operating leverage, particularly in international markets [17] Management's Comments on Operating Environment and Future Outlook - The management highlighted resilient oil and gas demand growth, with IEA forecasting an increase of 1.9 million barrels per day [13] - There is a sense of urgency around energy security, leading to increased investments in capacity expansion [13] - The management anticipates a rebound in growth in the second quarter of 2023, with further acceleration in the second half [17] Other Important Information - The company reduced net debt to $9.3 billion, the lowest level since Q1 2016, with a net debt-to-EBITDA leverage of 1.4 [25] - A 43% increase in the quarterly cash dividend to $0.25 per share was announced, along with a share repurchase program targeting $200 million for the quarter [27] Q&A Session Summary Question: Outlook for international business growth - Management indicated that international growth, particularly in the Middle East, is expected to continue, driven by commitments to oil capacity increase and gas development [32][33] Question: Offshore market dynamics - Management noted that deepwater activity is set to increase significantly, with exploration and appraisal activities expected to outpace shallow water growth [35][36] Question: Differentiation in contracts and pricing opportunities - Management emphasized that performance will dictate market share allocation and pricing premiums, with a focus on integrated contracts and technology adoption [40][44] Question: North America market outlook - Management expects North America to support growth in the first half of 2023, with increased rig activity and a typical seasonal pattern [52] Question: Service intensity and pricing trends - Management highlighted an increase in service intensity and improved asset efficiency, which supports pricing power in the Middle East and offshore markets [56][57]
Schlumberger(SLB) - 2022 Q3 - Quarterly Report
2022-10-25 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file No.: 1-4601 | --- | --- | |------------------------------------------------------------------------------------------------|--------------------------------------------- ...
Schlumberger(SLB) - 2022 Q3 - Earnings Call Transcript
2022-10-21 17:56
Schlumberger Limited (NYSE:SLB) Q3 2022 Earnings Conference Call October 21, 2022 9:30 AM ET Company Participants Ndubuisi Maduemezia - Vice President, Investor Relations Olivier Le Peuch - Chief Executive Officer Stephane Biguet - Chief Financial Officer Conference Call Participants James West - Evercore ISI David Anderson - Barclays Chase Mulvehill - Bank of America Arun Jayaram - JPMorgan Neil Mehta - Goldman Sachs Scott Gruber - Citigroup Roger Read - Wells Fargo Luke Lemoine - Piper Sandler UPDATED TRA ...
Schlumberger(SLB) - 2022 Q2 - Quarterly Report
2022-07-26 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file No.: 1-4601 | --- | --- | |--------------------------------------------------------------------------------------------------------|------------------------------------------ ...
Schlumberger(SLB) - 2022 Q2 - Earnings Call Transcript
2022-07-22 17:55
Schlumberger Limited (NYSE:SLB) Q2 2022 Earnings Conference Call July 22, 2022 9:30 AM ET Company Participants Nd Maduemezia - Vice President, Investor Relations Olivier Le Peuch - Chief Executive Officer Stephane Biguet - Chief Financial Officer Conference Call Participants James West - Evercore ISI David Anderson - Barclays Chase Mulvehill - Bank of America Arun Jayaram - JPMorgan Neil Mehta - Goldman Sachs Scott Gruber - Citigroup Roger Read - Wells Fargo Connor Lynagh - Morgan Stanley Keith MacKey - RBC ...
Schlumberger Limited (SLB) CEO Olivier Le Peuch Presents at Bernstein 38th Annual Strategic Decisions Conference (Transcript)
2022-06-01 17:37
Schlumberger Limited (NYSE:SLB) Bernstein 38th Annual Strategic Decisions Conference June 1, 2022 Industry and Company Overview * **Industry**: Oil and Gas * **Company**: Schlumberger Limited (NYSE:SLB) * **Participants**: Olivier Le Peuch (CEO), Bob Brackett (Bernstein Analyst) Key Points Industry Environment 1. **Market Fundamentals**: Constructive due to low global inventories and spare capacity, driven by past underinvestment and the need for supply diversity following Russia's supply disruption [7]. 2. **Efficient Industry**: Emerging with greater capital discipline, focus on returns, and the power of digital to enhance performance and productivity [8]. 3. **Sustainability**: Increasing focus on sustainability commitments and climate actions, with decarbonization of oil and gas operations becoming a mandate [8]. Schlumberger's Position 1. **Geographic Focus**: Leveraging international franchise and high-performing North America business to benefit from broad-based oil and gas investment growth [9]. 2. **Technology and Digital**: Adopting digital platforms, cloud-enabled workflows, AI/ML applications, and digital operations to increase operational productivity and efficiency [10]. 3. **Sustainable Technology**: Developing sustainable technology, including the Transition Technology portfolio and end-to-end Emissions Solutions, to help operators meet sustainability commitments [10]. Examples of Schlumberger's Impact 1. **Autonomous Operations**: Autonomous operations on the Peregrino platform in Brazil demonstrate the future of well construction with digital native foundation and unique equipment and service integration capabilities [11]. 2. **Methane Detection**: Collaboration with the University of Texas on Project Astra to advance methane detection and achieve zero methane emissions [12]. 3. **Subsea Multiphase Compression**: Deploying subsea multiphase compression systems in the Ormen Lange Project in Norway to increase production and reduce CO2 emissions [13]. Financial Performance 1. **2021 Results**: Delivered $3 billion in free cash flow and expanded adjusted EBITDA margins by 320 basis points [13]. 2. **2022 Q1 Results**: Achieved 14% year-over-year revenue growth and 62% year-over-year EPS growth excluding charges and credits [14]. 3. **Dividend Increase**: Recently initiated a 40% dividend increase [14]. Future Outlook 1. **Compelling Environment**: Schlumberger is well-positioned to create value for customers and shareholders in a compelling industry environment [15]. 2. **Financial Outperformance**: Early stages of unprecedented financial outperformance, with high confidence in continued value creation for shareholders [15]. Additional Points 1. **Oil and Gas Cycle**: Comparing current cycle to the 2006-2008 cycle, with favorable factors including demand growth, underinvestment, capital discipline, and energy security concerns [18]. 2. **Russia and Ukraine**: Schlumberger's approach to operations in Russia, including compliance with international sanctions and suspension of new investments and technology deployment [24]. 3. **Capital Discipline**: Schlumberger's focus on capital discipline and its impact on pricing and margin expansion [28-30]. 4. **Inflation**: Schlumberger's ability to manage inflation and offset its impact on margins [32-33]. 5. **Talent Acquisition**: Schlumberger's strategies for retaining and attracting high-quality talent, including brand reputation, development opportunities, and commitment to sustainability and digital [35-36]. 6. **Digital Integration**: Growth potential of Schlumberger's digital and integration business, including cloud-based platforms and data management solutions [44-47]. 7. **New Energy**: Schlumberger's focus on technology-driven new energy solutions, including CCS and direct lithium extraction, with a focus on capital efficiency and adjacency to existing capabilities [55-60]. 8. **CCS**: Potential for CCS to become a significant market with economic incentives and end-user demand [63-68]. 9. **Value Proposition**: Schlumberger's value proposition as a technology innovator, global scale, and execution [70-71].
Schlumberger(SLB) - 2022 Q1 - Quarterly Report
2022-04-26 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file No.: 1-4601 | --- | --- | |-----------------------------------------------------------------------------------------------------------------|-------------------------------- ...
Schlumberger(SLB) - 2022 Q1 - Earnings Call Transcript
2022-04-22 17:51
Schlumberger Limited (NYSE:SLB) Q1 2022 Earnings Conference Call April 22, 2022 9:30 AM ET Company Participants Ndubuisi Maduemezia - Vice President of Investor Relations Olivier Le Peuch - Chief Executive Officer Stephane Biguet - Chief Financial Officer Conference Call Participants David Anderson - Barclays Capital Chase Mulvehill - Bank of America Merrill Lynch Arun Jayaram - JPMorgan Chase & Co. Neil Mehta - Goldman Sachs Scott Gruber - Citigroup Inc. Connor Lynagh - Morgan Stanley Roger Read - Wells Fa ...