OSLO, Norway-Thursday 28 April 2022 [ AETOS Wire ]
- Revenue of $6.0 billion increased 14% year-on-year
- GAAP EPS of $0.36 increased 71% year-on-year
- EPS, excluding charges and credits, of $0.34 increased 62% year-on-year
- Cash flow from operations was $131 million, reflecting the seasonal increase in working capital
- Board approved a 40% increase in cash dividend to $0.175 per share
(BUSINESS WIRE)–Schlumberger Limited (NYSE: SLB) today reported financial results for the first-quarter 2022.
| First-Quarter Results | (Stated in millions, except per share amounts) | ||||||||
| Three Months Ended | Change | ||||||||
| Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Sequential | Year-on-year | |||||
| Revenue | $5,962 | $6,225 | $5,223 | -4% | 14% | ||||
| Income before taxes – GAAP basis | $638 | $755 | $386 | -16% | 65% | ||||
| Net income – GAAP basis | $510 | $601 | $299 | -15% | 70% | ||||
| Diluted EPS – GAAP basis | $0.36 | $0.42 | $0.21 | -14% | 71% | ||||
| Adjusted EBITDA* | $1,254 | $1,381 | $1,049 | -9% | 19% | ||||
| Adjusted EBITDA margin* | 21.0% | 22.2% | 20.1% | -115 bps | 94 bps | ||||
| Pretax segment operating income* | $894 | $986 | $664 | -9% | 35% | ||||
| Pretax segment operating margin* | 15.0% | 15.8% | 12.7% | -84 bps | 229 bps | ||||
| Net income, excluding charges & credits* | $488 | $587 | $299 | -17% | 63% | ||||
| Diluted EPS, excluding charges & credits* | $0.34 | $0.41 | $0.21 | -17% | 62% | ||||
| Revenue by Geography | |||||||||
| International | $4,632 | $4,898 | $4,211 | -5% | 10% | ||||
| North America | 1,282 | 1,281 | 972 | – | 32% | ||||
| Other | 48 | 46 | 40 | n/m | n/m | ||||
| $5,962 | $6,225 | $5,223 | -4% | 14% | |||||
| *These are non-GAAP financial measures. See sections titled “Charges & Credits”, “Divisions”, and “Supplemental Information” for details. | |||||||||
| n/m = not meaningful |
| (Stated in millions) | |||||||||
| Three Months Ended | Change | ||||||||
| Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Sequential | Year-on-year | |||||
| Revenue by Division | |||||||||
| Digital & Integration | $857 | $889 | $772 | -4% | 11% | ||||
| Reservoir Performance | 1,210 | 1,287 | 1,002 | -6% | 21% | ||||
| Well Construction | 2,398 | 2,388 | 1,936 | – | 24% | ||||
| Production Systems | 1,604 | 1,765 | 1,590 | -9% | 1% | ||||
| Other | (107) | (104) | (77) | n/m | n/m | ||||
| $5,962 | $6,225 | $5,223 | -4% | 14% | |||||
| Pretax Operating Income by Division | |||||||||
| Digital & Integration | $292 | $335 | $247 | -13% | 18% | ||||
| Reservoir Performance | 160 | 200 | 102 | -20% | 56% | ||||
| Well Construction | 388 | 368 | 210 | 5% | 85% | ||||
| Production Systems | 114 | 159 | 138 | -28% | -18% | ||||
| Other | (60) | (76) | (33) | n/m | n/m | ||||
| $894 | $986 | $664 | -9% | 35% | |||||
| Pretax Operating Margin by Division | |||||||||
| Digital & Integration | 34.0% | 37.7% | 32.0% | -372 bps | 201 bps | ||||
| Reservoir Performance | 13.2% | 15.5% | 10.2% | -232 bps | 299 bps | ||||
| Well Construction | 16.2% | 15.4% | 10.8% | 77 bps | 534 bps | ||||
| Production Systems | 7.1% | 9.0% | 8.7% | -192 bps | -159 bps | ||||
| Other | n/m | n/m | n/m | n/m | n/m | ||||
| 15.0% | 15.8% | 12.7% | -84 bps | 229 bps | |||||
| n/m = not meaningful |
Schlumberger CEO Olivier Le Peuch commented, “Our first-quarter results set us firmly on the path to deliver full-year revenue growth in the mid-teens and another year with a significant increase in earnings. Compared to the same quarter last year, revenue grew 14%; EPS—excluding charges and credits—increased 62%; and pretax segment operating margin expanded 229 basis points (bps), led by Well Construction and Reservoir Performance. These results reflect the strength of our core services Divisions, the broad-based activity increase, and the continued realization of our improved operating leverage.
“The quarter also marked the tragic start of the conflict in Ukraine, which is of grave concern. Accordingly, we established local and global crisis management teams to respond to the crisis and its effect on employees, business, and our operations. In addition to ensuring that our operations are compliant with developing sanctions, we took the step in the quarter to suspend new investment and technology deployment to our Russia operations. We urge the cessation of hostilities and are hopeful that peace will return to Ukraine and the entire region.
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