Financial Data and Key Metrics Changes - The company reported a fourth quarter revenue of $9.7 billion, an increase of $817 million or 9% sequentially, with approximately $300 million attributed to an additional month of activity from the acquired ChampionX businesses [18] - Adjusted EBITDA margin for the fourth quarter was 23.9%, an increase of 83 basis points sequentially, primarily driven by strong digital performance [18] - Fourth quarter earnings per share, excluding charges and credits, was $0.78, representing an increase of $0.09 sequentially and a decrease of $0.14 compared to the same quarter last year [17] Business Line Data and Key Metrics Changes - Digital revenue for the fourth quarter was $825 million, increasing 25% sequentially, with a pre-tax operating margin expanding to 34% [19] - Reservoir Performance revenue was $1.7 billion, up 4% sequentially, driven by strong international activity, particularly in Saudi Arabia and East Asia [19] - Production Systems revenue increased by 17% sequentially to $4.1 billion, reflecting a full quarter of activity from ChampionX [20] Market Data and Key Metrics Changes - The company observed sequential revenue growth across all geographies for the first time since Q2 2024, indicating stabilization in global upstream activity [5] - The Middle East market is expected to rebound in drilling and workover activity, particularly in Saudi Arabia, with rig counts potentially returning to early 2025 levels by the end of 2026 [11] - Latin America and Asia are leading the rebound in international markets, with double-digit growth noted in the UAE, Iraq, and Kuwait [11] Company Strategy and Development Direction - The company aims to leverage technology and digital solutions to enhance efficiency and reduce costs for customers, focusing on performance assurance across the asset lifecycle [10] - The integration of ChampionX is expected to provide synergies that will enhance production systems margins, with approximately half of the $400 million in total synergies anticipated by the end of 2026 [22] - The company is expanding its data center solutions business, expecting to reach a quarterly revenue run rate of $1 billion by year-end 2026 [13] Management's Comments on Operating Environment and Future Outlook - Management anticipates that near-term oversupply may exert downward pressure on commodity prices, but geopolitical uncertainties could provide a price floor [9] - The company expects a gradual recovery in upstream investment as supply and demand rebalance into 2027, driven by economic growth and infrastructure investments [9] - For 2026, the company projects revenue between $36.9 billion and $37.7 billion, with growth expected from Latin America and the Middle East, while Europe and Africa may see slight declines [14] Other Important Information - The company generated $3 billion of cash flow from operations in the fourth quarter, with free cash flow of $2.3 billion [21] - The company plans to return more than $4 billion to shareholders in 2026 through dividends and stock buybacks [24] - The company is the only international service company actively operating in Venezuela, with plans to ramp up activities as conditions allow [16][40] Q&A Session Summary Question: CapEx outlook and capital intensity - The company increased CapEx slightly to $2.5 billion, indicating improved capital efficiency compared to the past [25] Question: Customer mix and market opportunities - Management expressed confidence in national companies executing capital programs and noted a rebound in Saudi Arabian drilling activity [27] Question: Exit rate for 2026 - The company expects the fourth quarter of 2026 to be higher than the fourth quarter of 2025, driven by international market recovery [30] Question: Digital business penetration - The company is seeing significant traction in digital operations, with platforms like Lumi and Tela gaining customer adoption [35] Question: Venezuela's revitalization potential - The company has a strong historical presence in Venezuela and is prepared to ramp up operations if conditions allow [40] Question: Data center infrastructure growth - The company expects to reach a $1 billion run rate in revenue for its data center solutions by year-end 2026, with plans for international expansion [41]

Market Overview - US stock index futures are all down, with Dow futures down 0.23%, S&P 500 futures down 0.11%, and Nasdaq futures down 0.18% [1] - European indices show mixed performance, with Germany's DAX down 0.04%, UK's FTSE 100 up 0.04%, France's CAC40 down 0.40%, and Europe's Stoxx 50 down 0.41% [2][3] Commodity Prices - WTI crude oil increased by 1.89% to $60.48 per barrel, while Brent crude oil rose by 1.81% to $65.22 per barrel [3][4] Investment Trends - A new wave of "Sell America" is emerging, with global funds flocking to Asian tech stocks and gold, driven by tensions between the US and various sovereign governments, leading to significant selling pressure on dollar assets [5] - Emerging markets, particularly in Asia, are attracting global capital, with a focus on South Korea, China, Taiwan, and India [5] Company News - Schlumberger (SLB.US) reported Q4 net income exceeding expectations, driven by strong North American market demand, with revenue up 5% year-over-year to $9.75 billion [8] - Ericsson (ERIC.US) nearly doubled its Q4 profit, exceeding expectations, and announced a historic SEK 15 billion stock buyback plan [9] - Intel (INTC.US) reported Q4 revenue down 4.1% year-over-year to $13.7 billion, with guidance for Q1 2026 lower than analyst expectations [10] - Alcoa (AA.US) reported Q4 revenue of $3.4 billion, exceeding market consensus, driven by rising aluminum prices [10] - First Capital Credit (COF.US) reported Q4 revenue of $15.583 billion, a 53% year-over-year increase, but adjusted EPS fell short of analyst expectations [11] - Amazon (AMZN.US) is preparing to lay off thousands of employees, following a previous announcement of 14,000 job cuts [13] - Tesla (TSLA.US) has launched a fully autonomous taxi service in Austin, marking a significant milestone in its operations [14]

Core Insights - SLB's stock has experienced a significant rally, approaching a near two-year high following a substantial earnings beat, contributing to its historic gains this month [1] Company Performance - The recent earnings report indicates that SLB has outperformed market expectations, leading to a notable increase in stock value [1] Market Reaction - The stock's performance reflects strong investor confidence and positive market sentiment towards SLB, as evidenced by the rally in its share price [1]

分组1 - SLB reported quarterly earnings of $0.78 per share, exceeding the Zacks Consensus Estimate of $0.74 per share, but down from $0.92 per share a year ago, representing an earnings surprise of +4.84% [1] - The company posted revenues of $9.75 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.21% and up from $9.28 billion year-over-year [2] - SLB shares have increased approximately 28.5% since the beginning of the year, significantly outperforming the S&P 500's gain of 1% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.64 on revenues of $8.94 billion, and for the current fiscal year, it is $2.91 on revenues of $37.27 billion [7] - The Zacks Industry Rank indicates that the Technology Services sector is currently in the bottom 32% of over 250 Zacks industries, suggesting potential challenges for stock performance [8] - The estimate revisions trend for SLB was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6]

Core Viewpoint - SLB reported higher revenue in the fourth quarter and indicated that many challenges faced in the previous year have been resolved, positioning the company to benefit from increasing international activity [1] Group 1: Financial Performance - SLB logged higher fourth-quarter revenue, reflecting improved financial performance compared to previous periods [1] Group 2: Market Outlook - The company anticipates benefiting from increasing international activity, suggesting a positive outlook for future growth [1]

LePeuch表示，2025年受到大宗商品价格走低、地缘政治不确定性以及石油市场供应过剩的影响。他表 示："进入2026年，我们相信2025年在关键区域遭遇的逆风已成过往。"公司预计中东地区钻井活动将增 加，并强调"我们在该区域的业务布局，使我们在把握复苏机遇上处于有利地位。" 近期，在美国介入委内瑞拉局势后，斯伦贝谢及其同行一直受到市场高度关注。该公司在委内瑞拉仍保 持业务存在，随着美国大型油企重返该国市场，其需求预计将显著增长。 | SLB Q4 RESULTS AT A GLANCE | | | | | | --- | --- | --- | --- | --- | | Actual | | Consensus | Outcome | Difference* | | Q4 Results | | | | | | Revenues ($B) | 9.75 | 9.55 | Beat | 0.20 | | Adjusted EPS ($) | 0.78 | 0.74 | Beat | 0.04 | | SLB Q4 KEY COMMENTS | | | | | | Fourth-quarter revenu ...

The oilfield service company also raises its dividend, saying it plans to return more than $4 billion to shareholders in 2026. ...

Core Viewpoint - Schlumberger reported fourth-quarter revenue of $9.75 billion, exceeding expectations of $9.55 billion [1] - The adjusted earnings per share for the fourth quarter were $0.78, surpassing the forecast of $0.74 [1] - Adjusted EBITDA for the fourth quarter was $2.33 billion, slightly above the expected $2.31 billion [1] - Capital expenditures for the fourth quarter amounted to $516 million, lower than the anticipated $576.3 million [1]

Financial Performance - Fourth-quarter revenue of $9.75 billion increased 9% sequentially and 5% year on year[2] - Fourth-quarter GAAP EPS of $0.55 increased 10% sequentially but decreased 29% year on year[2] - Fourth-quarter net income attributable to SLB of $824 million increased 12% sequentially but decreased 25% year on year[2] - Full-year revenue of $35.71 billion decreased 2% year on year[2] - Full-year net income attributable to SLB of $3.37 billion decreased 24% year on year[2] - Total revenue for SLB in 2025 was $35.7 billion, a decrease of 2% compared to $36.3 billion in 2024[10] - SLB reported Q4 2025 revenue of $9,745 million, a 5% increase from $9,284 million in Q4 2024[57] - Net income attributable to SLB for Q4 2025 was $824 million, down 25% from $1,095 million in Q4 2024[57] - SLB's total revenue for the twelve months ended December 31, 2025, was $35,708 million, a decrease of 1.6% compared to $36,289 million in 2024[57] - Net income for the twelve months ended December 31, 2025, was $4,291 million, a decrease from $5,672 million in the previous year, representing a decline of 24.4%[66] Cash Flow and Dividends - Full-year cash flow from operations was $6.49 billion and free cash flow was $4.11 billion[2] - SLB generated $6.5 billion in cash flow from operations and $4.1 billion in free cash flow in 2025, returning $4.0 billion to shareholders[16][22] - Free cash flow for the fourth quarter of 2025 was $2,289 million, compared to $3,005 million in the previous quarter, reflecting a decrease of 23.8%[62] - Cash flow from operations for the twelve months ended December 31, 2025, was $6,489 million, slightly down from $6,602 million in the previous year[62] - The board approved a 3.5% increase in quarterly cash dividend to $0.295 per share[2] - The company paid dividends totaling $426 million in the fourth quarter of 2025, compared to $1,602 million in the previous quarter[62] Revenue Segmentation - Digital segment revenue increased 25% sequentially and 13% year on year, reflecting strong growth[6] - Digital revenue increased by 9% year-on-year to $2.66 billion, with an adjusted EBITDA margin of 34.9%[10][20] - Production Systems revenue grew by 12% year-on-year to $13.33 billion, with a pretax segment operating income of $2.18 billion, reflecting a 15% increase[10] - North America revenue increased by 12% year-on-year to $7.52 billion, while international revenue decreased by 5% to $27.94 billion[12] - Digital revenue reached $825 million, increasing 25% sequentially and 17% year-over-year, driven by strong growth in Digital Exploration and Digital Operations[35] - Reservoir Performance revenue was $1.75 billion, a 4% sequential increase, but a 3% year-over-year decline primarily due to reduced activity in Saudi Arabia and Europe[39] - Well Construction revenue decreased 1% sequentially to $2.95 billion and declined 10% year-over-year, impacted by reduced drilling activity across multiple regions[42] - Production Systems revenue increased 17% sequentially to $4.08 billion and 30% year-over-year, significantly boosted by the acquisition of ChampionX, which contributed $874 million in revenue[44] - Digital Division revenue increased by 9% year-on-year to $2.660 billion in 2025, with pretax operating income rising 22% to $745 million[97] - Data Center Solutions revenue surged 121% year-on-year to $460 million in 2025, compared to $208 million in 2024[102] Acquisitions and Strategic Initiatives - SLB acquired ChampionX, contributing $879 million in revenue and $206 million in adjusted EBITDA in the fourth quarter[3] - The acquisition of ChampionX contributed $1.46 billion in revenue during 2025, with $879 million in the fourth quarter alone[10][19][25] - The company anticipates benefits from the ChampionX acquisition, focusing on successful integration and achieving anticipated synergies[107] - SLB's partnership with Shell aims to develop AI solutions to enhance upstream operations, focusing on performance and efficiency gains[55] Operational Highlights - The company secured a five-year contract with Aramco for stimulation services in Saudi Arabia, part of a multi-billion dollar contract[53] - SLB's new technology, the OnWave™ platform, was deployed in Italy, enhancing data acquisition and well control, significantly improving fracture characterization[54] - The Reda Agile™ pump system installed in Libya achieved an initial flow rate of approximately 2,000 barrels of fluid per day[54] - SLB's cumulative incremental oil recovery in Oman exceeded 580,000 barrels over 33 jobs within 7 years[54] - The company expanded its operations in Shreveport, Louisiana, nearly doubling its facility footprint to meet growing data center demand[56] Future Outlook and Strategic Goals - SLB expects to return over $4 billion to shareholders in 2026, with a 3.5% increase in quarterly dividends starting April 2026[23][24] - The company is committed to achieving net-zero carbon emissions goals and interim emissions reduction goals, although these are subject to various risks and uncertainties[108] - SLB's business strategies include digital initiatives and "fit for basin" approaches, aimed at improving operational efficiencies and adapting to market conditions[107] - The company acknowledges potential impacts from global economic and geopolitical conditions on energy supply and operational performance[107] - SLB is focused on enhancing its technology to meet new challenges in exploration and addressing competitiveness from alternative energy sources[108] - The company is monitoring changes in exploration and production spending by customers, which could affect its financial performance[108] - SLB's operational modifications and supply chain challenges may influence its ability to achieve intended benefits from business strategies[108] - The company disclaims any obligation to update forward-looking statements, emphasizing the evolving nature of its sustainability-related goals[108]

Core Insights - SLB exceeded Wall Street profit estimates for the fourth quarter, driven by consistent demand for its oilfield equipment and services in North America [1] Company Performance - SLB reported a strong performance in the fourth quarter, indicating robust operational efficiency and market positioning [1] Industry Demand - The demand for oilfield equipment and services in North America remains steady, contributing positively to SLB's financial results [1]