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SLB · SLB

25 filings

10-K

SLB 10-K Annual Reports

SLB - 25 annual reports

Filing record · 2016–202610-K1110-Q338-K144

2025
SLB Annual Report, Year Ended Dec 31, 2025
SLB Limited/NV (SLB) reported total revenue of $35.7 billion for the year ended December 31, 2025, a slight decrease of 2% from the previous year, impacted by lower commodity prices and geopolitical uncertainty. Despite these challenges, the company demonstrated resilience by accelerating its strategy, notably completing the acquisition of ChampionX for $4.9 billion in an all-stock transaction during the third quarter. This acquisition significantly bolstered the Production Systems division, enhancing SLB's position in the production and recovery market. Financially, SLB generated $6.5 billion in cash flow from operations and $4.1 billion in free cash flow, enabling the return of $4.0 billion to shareholders through dividends and share repurchases. The company also saw robust growth in its Digital and Data Center Solutions businesses, signaling strategic diversification. Looking ahead, SLB anticipates improved market conditions in key regions and remains committed to returning substantial capital to shareholders in 2026.
Jan 23, 2026
2024
SLB Annual Report, Year Ended Dec 31, 2024
SLB LIMITED/NV (SLB) reported strong financial performance for the fiscal year ended December 31, 2024, demonstrating resilience and strategic growth. The company achieved a 10% year-over-year revenue increase to $36.3 billion and a 12% rise in pretax segment operating income, driven by robust international performance, particularly in the Middle East & Asia and Europe & Africa regions. Digital & Integration revenue saw a significant 10% uplift, propelled by a 20% surge in digital services, highlighting the success of its digital transformation initiatives, including the Lumi™ data and AI platform and the Delfi™ offering. The company generated $6.6 billion in cash flow from operations and $4.0 billion in free cash flow, allowing for substantial returns to shareholders, including a 3.6% increase in the quarterly dividend and a $2.3 billion accelerated share repurchase program. SLB is strategically positioned to capitalize on future energy demand growth, supported by its core businesses, expanding digital capabilities, and growing investments in New Energy sectors like decarbonization and critical minerals. The pending acquisition of ChampionX is expected to further enhance its production and recovery capabilities, adding resilience to its portfolio.
Jan 22, 2025
2023
SLB Annual Report, Year Ended Dec 31, 2023
SLB Limited/NV (SLB) reported a strong financial performance for the fiscal year ended December 30, 2023, with revenue increasing by 18% year-over-year to $33.1 billion. This growth was driven by broad-based international expansion and technology-leveraged offerings, particularly in the Middle East and offshore basins. The company highlighted significant margin expansion, with pretax segment operating margin increasing by 185 basis points to 20%. This robust performance translated into substantial cash flow generation, with $6.6 billion in cash flow from operations and $4.0 billion in free cash flow, enabling debt reduction and significant returns to shareholders. The company is strategically focused on three growth engines: Core, Digital, and New Energy. The Core business, encompassing Reservoir Performance, Well Construction, and Production Systems, saw accelerated growth. The Digital & Integration segment demonstrated continued momentum, driven by the adoption of its Delfi™ platform and AI-driven solutions. SLB is also actively investing in its New Energy portfolio, focusing on carbon solutions, hydrogen, geothermal, stationary energy storage, and critical minerals, positioning itself for the long-term energy transition. Looking ahead to 2024, SLB anticipates continued strong growth, primarily fueled by international markets, with specific strength expected in Production Systems due to the contribution from the OneSubsea joint venture. The company's commitment to shareholder returns is evident through a recent 10% increase in its quarterly dividend and plans for increased share repurchases. SLB's diversified business model, technological innovation, and strategic focus on both traditional and new energy sectors position it well for sustained performance.
Jan 24, 2024
2022
SLB Annual Report, Year Ended Dec 31, 2022
SLB (formerly Schlumberger) has demonstrated a strong financial performance in 2022, marked by a 23% increase in revenue to $28.1 billion, driven by double-digit growth across all its divisions and geographical segments. This growth reflects a strategic focus on high-grading its portfolio, optimizing operations, and enhancing its go-to-market approach through its Basin organization. The company has successfully navigated the early stages of an energy sector upcycle, particularly in North America where it saw significant margin expansion and outperformance in drilling markets. International markets also showed resilience, with activity increasing in the second half of the year, positioning SLB to benefit from expected continued upstream investment by national oil companies. SLB is actively pursuing its transformation into a global technology company focused on energy innovation for a balanced planet. This includes investments in its core oil and gas services, alongside a growing emphasis on digital solutions and new energy technologies like carbon capture, hydrogen, and stationary energy storage. The company also made significant progress on its sustainability goals, reinforcing its commitment to a net-zero emissions target by 2050. Financially, SLB strengthened its balance sheet by reducing net debt and increased shareholder returns through a substantial dividend increase, signaling confidence in its strategic direction and future performance.
Jan 25, 2023
2021
SLB Annual Report, Year Ended Dec 31, 2021
SLB (formerly Schlumberger) reported a revenue of $22.9 billion for the fiscal year ended December 31, 2021, a slight decrease of 3% year-over-year, primarily due to the divestiture of its North America pressure pumping business (OneStim) and the North America low-flow artificial lift business. Excluding these divestitures, the company's global revenue actually grew by 3%, with North America increasing by 8% and international revenue by 2%. The company saw a significant rebound in the second half of 2021, with revenue growing 12% year-over-year, and an 18% increase when adjusted for divestitures, indicating a strong recovery driven by global oil and gas activity. Looking ahead, SLB anticipates favorable industry macro fundamentals for 2022, projecting double-digit growth in both international and North American markets. The company's strategic focus on strengthening its core business, optimizing its go-to-market approach with a "fit-for-basin" strategy, and expanding into "horizons of growth" including digital solutions and energy transition technologies positions it well for sustained growth. SLB also highlighted its commitment to sustainability, setting a net-zero emissions target by 2050 and outlining interim milestones for emissions reduction.
Jan 26, 2022
2020
SLB Annual Report, Year Ended Dec 31, 2020
SLB LIMITED/NV (SLB) filed its 2020 10-K on January 26, 2021, reporting significant impacts from the COVID-19 pandemic and a challenging oil and gas market. The company experienced a substantial revenue decline of 28% year-over-year to $23.6 billion, primarily driven by a sharp 48% drop in North American revenue due to reduced customer spending and activity. International revenue showed more resilience, declining 19% year-over-year. SLB implemented significant restructuring and cost-saving measures throughout 2020, including workforce reductions and asset impairments totaling $12.5 billion in charges and credits. The company also strategically repositioned its business, notably contributing its North American onshore hydraulic fracturing business (OneStim) to Liberty Oilfield Services in exchange for a 37% equity stake, signaling a shift towards increasing its international revenue mix. Despite the downturn, SLB maintains a strong liquidity position and a commitment to capital stewardship, including a reduced dividend policy.
Jan 27, 2021
2019
SLB Annual Report, Year Ended Dec 31, 2019
SLB LIMITED/NV (SLB) reported its 2019 fiscal year results in its 10-K filing. The company's revenue remained largely flat year-over-year at $32.9 billion. A key driver of this stability was strong international revenue growth (up 7%), which offset a significant decline (down 10%) in North America. This shift reflects a broader industry trend of increased investment in international exploration and production, while North American operators faced budget constraints and capital discipline. The company faced significant headwinds in 2019, notably a substantial goodwill impairment charge of $8.8 billion, primarily impacting the Drilling and Cameron segments, along with other impairments and restructuring charges totaling over $13 billion pre-tax. These charges significantly impacted net income, resulting in a net loss for the year. Despite these challenges, SLB continued its strategic initiatives, including the formation of the Sensia joint venture and the divestiture of certain businesses, aimed at optimizing its portfolio and improving future performance.
Jan 22, 2020
2018
SLB Annual Report, Year Ended Dec 31, 2018
SLB LIMITED/NV (SLB) reported a robust increase in revenue for the fiscal year 2018, reaching $32.8 billion, an 8% rise from the previous year. This growth was primarily fueled by a significant 26% surge in North America revenue, driven by increased land activity and strong performance in its OneStim business. Despite a challenging fourth quarter marked by a steep decline in oil prices and a subsequent slowdown in US land well completion activity, the company demonstrated resilience. International revenue remained relatively flat year-over-year, but showed signs of a positive trend reversal with increased activity from national oil companies investing in longer-term resource development. Looking ahead to 2019, SLB anticipates a gradual recovery in oil prices, supported by production cuts from OPEC and Russia, and a more balanced global supply and demand dynamic. While North America faces uncertainty due to increased capital costs and a focus on free cash flow, the company expects solid, single-digit growth in international markets. The company's financial performance in 2018 also saw a notable $215 million gain from the sale of its marine seismic acquisition business.
Jan 23, 2019
2017
SLB Annual Report, Year Ended Dec 31, 2017
Schlumberger (SLB) reported full-year 2017 revenue of $30.4 billion, up 9% year-on-year, driven largely by a full year of Cameron (acquired April 2016) and a strong recovery in North American land activity, where revenue rose over 80%. However, the company posted a net loss attributable to Schlumberger of $1.505 billion (diluted EPS of -$1.08), compared with a loss of $1.687 billion in 2016. The loss was driven by $3.764 billion of pretax charges and credits, the largest being a $1.114 billion WesternGeco seismic restructuring charge tied to the decision to exit marine and land seismic acquisition, a $938 million Venezuela write-down, and a $247 million headcount reduction charge, along with a $76 million net charge from US tax reform. Excluding these items, the company's performance was materially better, with the pretax operating margin expanding 111 basis points to 13%. Balance sheet and cash flow metrics show continued pressure but improving direction. Cash flow from operations fell to $5.7 billion from $6.3 billion, and free cash flow declined to $1.7 billion from $2.5 billion, which did not fully cover the $2.8 billion in dividends paid. Net debt widened to $13.1 billion from $10.1 billion, largely because of dividends and acquisitions, while total debt declined modestly to $18.2 billion. Management expects 2018 capital expenditures of about $2.1 billion, anticipates a 15-20% increase in North American E&P spending and roughly 5% international growth, and projects that the US tax reform will lower the 2018 effective tax rate by 2 to 3 percentage points. For investors, the key questions are whether the seismic exit and Venezuela write-downs mark the end of large one-time charges, whether the cyclical recovery can lift cash generation enough to sustain the $2.00 annual dividend, and how quickly leverage can be managed. The filing points to a constructive outlook for 2018 while highlighting ongoing risks from oil price volatility, international political exposure (about 74% of 2017 revenue came from outside the US), and tight cash flow coverage of dividends.
Jan 24, 2018
2016
SLB Annual Report, Year Ended Dec 31, 2016
Schlumberger's 2016 10-K reports a sharp downturn-driven contraction alongside a transformational acquisition. Revenue fell 22% to $27.8 billion (from $35.5 billion), and excluding the Cameron Group, which contributed $4.2 billion over nine months, revenue declined 34%. The company swung to a loss from continuing operations of $1.7 billion ($1.24 per diluted share), driven by $3.8 billion in pretax impairments, workforce reductions and merger charges, versus $2.1 billion of income in 2015. Management describes 2016 as the deepest and longest industry crisis in more than 30 years, and says activity stabilized in Q3 2016 with a slight Q4 revenue uptick, suggesting the cycle bottom has been reached. The balance sheet and cash flow picture weakened materially. Cash flow from operations fell to $6.3 billion (from $8.8 billion), free cash flow dropped to $2.5 billion (from $5.0 billion), and dividends paid of $2.6 billion exceeded free cash flow. Net debt rose to $10.1 billion from $5.5 billion, and total debt reached $19.6 billion, largely due to the $3.0 billion of debt assumed in the Cameron deal and the $6.0 billion Senior Notes issued in late 2015. Management is guiding to a roughly 30% increase in North American E&P spending in 2017, led by land operators, with international recovery expected to lag and begin late in 2017 into 2018. Management also flagged elevated receivable exposure, with Venezuela approximately 12% and Ecuador approximately 12% of accounts receivable at year-end 2016. For investors, the key tensions are the depth of earnings erosion, the leverage increase, and dividend coverage versus the expected cyclical recovery. The Cameron integration adds scale in subsea and surface equipment, a 2016 backlog of $3.1 billion for OneSubsea and Drilling Systems, and a longer-term pore-to-pipeline strategy, but the near-term benefits depend on a sustained recovery in activity and pricing.
Jan 25, 2017
2015
SLB Annual Report, Year Ended Dec 31, 2015
SLB Limited/NV (SLB) filed its 2015 10-K report on January 26, 2016, detailing a challenging year marked by a significant industry-wide downturn in oil and gas prices. The company experienced a 27% decrease in revenue to $35.5 billion compared to 2014, primarily driven by reduced customer spending on exploration and production, particularly in North America. This downturn led to substantial charges and credits in 2015, including workforce reductions, fixed asset impairments, and inventory write-downs, totaling $2.575 billion pretax. Despite the adverse market conditions, SLB is strategically positioning itself for the future. The company announced a definitive agreement to merge with Cameron International Corporation in August 2015, a significant move expected to close in the first quarter of 2016, subject to regulatory approvals. Management remains constructive about the medium-term market outlook, anticipating a tightening of supply and demand dynamics. The company also continued its commitment to returning capital to shareholders through dividends and share repurchases, albeit at a reduced pace in 2015 compared to the previous year, reflecting the challenging economic environment.
Jan 27, 2016
2014
SLB Annual Report, Year Ended Dec 31, 2014
Schlumberger (SLB) closed 2014 with record revenue of $48.6 billion, up 7% and the fifth consecutive year of growth, driven by a 16% surge in North America (land up 22%, led by pressure pumping share gains) and a 4% rise in International revenue. Pretax operating income reached $10.6 billion (up 13%) and pretax operating margin expanded 113 bps to 21.8%. However, reported results were heavily affected by $1.77 billion in pretax charges taken mainly in Q4 2014 (WesternGeco vessel restructuring, a Venezuela currency devaluation, a workforce reduction and an SPM project impairment). Diluted EPS from continuing operations fell to $4.31 from $5.10 in 2013, and net income attributable to Schlumberger declined to $5.4 billion from $6.7 billion, which also reflected a $205 million loss from discontinued operations tied to a sanctions-related legal contingency. Cash generation remained strong, with operating cash flow of $11.2 billion and free cash flow of $6.2 billion, which funded $4.7 billion of share repurchases and $2.0 billion of dividends. Management reported that the board raised the quarterly dividend 25% to $0.50 in January 2015. Management also warned that falling oil prices, which declined more than 40% late in 2014, create short-term uncertainty for 2015 customer spending. In response, the company restructured and resized the business, and capital expenditures are expected to fall to about $3.4 billion in 2015 from $4.0 billion. Balance sheet leverage increased modestly, with net debt rising to $5.4 billion from $4.4 billion. Gross debt was $13.3 billion against $7.5 billion of cash and short-term investments. Growth prospects in 2015 include a planned $1.7 billion acquisition of a roughly 45% stake in Eurasia Drilling Company, expected to close in Q1 2015. Investors should weigh the strong 2014 franchise and cash returns against the sharp downside risk from the commodity-price cycle and the one-time charges.
Jan 29, 2015
2013
SLB Annual Report, Year Ended Dec 31, 2013
Schlumberger (SLB) closed 2013 with record revenue of $45.3 billion, up 8% from $41.7 billion in 2012, and diluted EPS from continuing operations of $5.10, up from $3.91. Growth was driven mainly by international markets, which made up roughly 73% of revenue, with the Middle East & Asia Area up 23% and Europe/CIS/Africa up 8%. North America grew 3% despite weak land pricing, helped by offshore Gulf of Mexico activity. Reported results were also lifted by a $1.03 billion pretax gain from forming the OneSubsea joint venture with Cameron, which partly offset $420 million of net charges elsewhere. Operating margins expanded, with pretax operating margin up 119 bps to 20.6%. Cash generation and capital returns were strong. Operating cash flow rose to $9.8 billion from $6.5 billion, supported by working capital discipline. Schlumberger repurchased $2.6 billion of stock in 2013 under a new $10 billion authorization, and dividends paid reached $1.61 billion. The board also approved a 28% increase in the quarterly dividend to $0.40 in January 2014. Net debt fell to $4.4 billion from $5.1 billion, and long-term debt rose to $10.4 billion. Capex was $3.9 billion, with 2014 guidance of about $3.8 billion. Investors should weigh several risks. The filing discloses a U.S. grand jury investigation tied to historical operations in sanctioned countries such as Sudan, Cuba and Iran, and Schlumberger cannot estimate the outcome. Iran operations were wound down in 2013 and reported as discontinued, with a $69 million loss. Venezuela's currency devaluation and possible 2014 remeasurement losses (about $150 million at the auction rate) add uncertainty, and North American land pricing pressure persists. Overall, the company presents a resilient, internationally weighted growth story with a rising dividend and buybacks, offset by legal and geopolitical exposure.
Jan 31, 2014
2012
SLB Annual Report, Year Ended Dec 31, 2012
SLB Limited/NV (SLB) reported record revenue of $42.15 billion for the fiscal year ended December 30, 2012, marking a 14% increase from the previous year. This growth was primarily driven by strong exploration and development activities, both offshore and in key international markets. The company experienced robust revenue growth across all its geographic areas and product groups, with international operations showing a 16% increase and North America showing a 9% increase. Looking ahead, SLB anticipates continued global oil demand growth, supported by increasing production in North America. The company's financial position remains strong, with significant cash reserves and a commitment to returning value to shareholders through dividends and share repurchases. The dividend was increased by 13.6% in early 2013. While global macroeconomic conditions present some uncertainty, SLB is well-positioned to navigate the evolving energy landscape.
Jan 31, 2013
2011
SLB Annual Report, Year Ended Dec 31, 2011
Schlumberger Limited (SLB) reported strong financial performance for the fiscal year 2011, driven by significant revenue growth and improved operational efficiency. The company's strategy to integrate recent acquisitions, particularly Smith International and Geoservices, has broadened its service portfolio and enhanced its market position across all major oilfield service segments: Reservoir Characterization, Drilling, and Reservoir Production. Despite global economic uncertainties and modest oil demand growth, Schlumberger leveraged increased exploration and production (E&P) expenditures by oil and gas companies, particularly in North America's liquids-rich plays and international deepwater areas. The company's proactive approach to technology development and adoption, coupled with strategic acquisitions and operational integration, has positioned it well to capitalize on market opportunities. While facing risks associated with international operations, commodity price volatility, and regulatory changes, Schlumberger demonstrated resilience and growth. The company's robust cash flow generation and commitment to returning value to shareholders through dividends and share repurchases underscore its financial strength and strategic execution.
Feb 1, 2012
2010
SLB Annual Report, Year Ended Dec 31, 2010
Schlumberger's FY2010 10-K shows a company transformed by scale and acquisition. Revenue rose 21% to $27.45 billion, driven by the August 2010 merger with Smith International (about $3.3 billion of revenue contributed over four months) and the Geoservices acquisition, while Oilfield Services grew 8% organically to $22.08 billion. Net income attributable to Schlumberger was $4.27 billion, or $3.38 diluted EPS, up from $2.61 in 2009, but this figure was flattered by a $1.27 billion non-cash gain from remeasuring the previously held 40% stake in M-I SWACO. Net of charges and credits, underlying earnings were materially weaker in 2010 than the headline suggests, and gross margin fell to 21.7% from 24.0% on acquisition inventory write-ups and pricing pressure in Europe/CIS/Africa. The balance sheet expanded significantly: total assets nearly doubled to $51.8 billion, goodwill rose to $13.95 billion and intangibles to $5.16 billion, and net debt increased to $2.64 billion from $126 million. Cash flow from operations was $5.5 billion, capital expenditures were $2.9 billion, and the company returned roughly $2.8 billion to shareholders through dividends ($1.04 billion) and buybacks ($1.72 billion). Management guided to a stronger 2011, with capex expected to approach $4.0 billion and a 19% quarterly dividend increase to $0.25 announced in January 2011. Key risks flagged include oil and gas price volatility, the Deepwater Horizon moratorium and related US Gulf of Mexico regulation, roughly 76% of revenue from non-US operations, ongoing US grand jury and FCPA-related inquiries (including Panalpina and sanctioned-country matters), dilution from the Smith merger in the near term, and climate and hydraulic fracturing regulation.
Feb 4, 2011
2009
SLB Annual Report, Year Ended Dec 31, 2009
SLB Limited (SLB) reported its 2009 annual results, highlighting a challenging year marked by the global economic downturn which significantly impacted oil and gas exploration and production spending. Total revenue for the year decreased by 16% to $22.7 billion compared to 2008. The Oilfield Services segment, the company's largest, saw a 16% revenue decline, primarily driven by reduced activity and pricing pressure in North America due to lower natural gas prices. WesternGeco, the seismic services segment, experienced a more substantial revenue drop of 25% as customers reduced discretionary spending. Despite the revenue decline and increased expenses such as workforce reductions and pension curtailments, SLB demonstrated resilience by maintaining its technological leadership and investing in infrastructure and strategic acquisitions. The company ended the year with a strengthened balance sheet, including a significant cash position. Management expressed cautious optimism for 2010, anticipating a gradual recovery in oil prices and customer confidence, though natural gas markets remained oversupplied. The company remains committed to long-term growth and capital deployment strategies, including share repurchases and dividends.
Feb 5, 2010
2008
SLB Annual Report, Year Ended Dec 31, 2008
Schlumberger Limited (SLB) reported robust revenue growth of 17% in 2008, reaching $27.2 billion, driven primarily by its Oilfield Services segment, which saw a 20% increase. Despite strong performance throughout most of the year, the fourth quarter was impacted by the global economic downturn, leading to a sequential decline in revenue and downward pressure on service pricing. The company's international operations continue to be a significant revenue driver, accounting for approximately 78% of total revenue. While Oilfield Services demonstrated resilience, the WesternGeco segment experienced a 4% revenue decline due to lower multiclient sales and reduced land activity. However, WesternGeco's backlog reached a record $1.8 billion, indicating future potential. The company maintained a strong financial position with significant cash reserves and managed its debt effectively. Looking ahead to 2009, Schlumberger anticipates a challenging environment with weakening activity across the board, particularly in North American gas drilling and mature offshore basins, prompting proactive cost adjustments while preserving long-term R&D commitments.
Feb 11, 2009
2007
SLB Annual Report, Year Ended Dec 31, 2007
SLB LIMITED/NV (SLB) filed its 2007 Annual Report on February 13, 2008, detailing a strong year of growth and performance. The company, a global leader in oilfield services, reported a 21% increase in total revenue to $23.28 billion, driven primarily by robust international demand in its Oilfield Services segment. Profitability also saw significant improvement, with pretax segment income rising 31% year-over-year. WesternGeco, the company's seismic solutions division, also experienced substantial growth, with revenue up 20% and a strong backlog. The report highlights SLB's strategic focus on technological innovation and international expansion. The company's diversified service offerings, spanning the entire reservoir life cycle, continue to be a key differentiator. Despite varying global economic conditions and commodity price fluctuations, SLB demonstrated resilience and adaptability, particularly in regions like the Middle East & Asia, Europe/CIS/Africa, and Latin America, which showed strong year-on-year revenue growth. North America, while facing a different market dynamic driven by natural gas, remained a stable contributor. Management expressed confidence in the company's ability to navigate future challenges and capitalize on opportunities in an evolving energy landscape.
Feb 13, 2008
2006
SLB Annual Report, Year Ended Dec 31, 2006
SLB LIMITED/NV (SLB) filed its 2006 10-K on February 15, 2007, detailing a year of significant growth and strategic acquisitions. The company, a global leader in oilfield services, reported a substantial 34% increase in consolidated revenue to $19.23 billion, driven by strong performance in both its Schlumberger Oilfield Services and WesternGeco segments. This growth was fueled by increased oil and gas industry expenditures, rising service prices, and the successful integration of acquired technologies and businesses. Key strategic moves in 2006 included the full acquisition of WesternGeco and the completion of the PetroAlliance Services acquisition in Russia. These actions, alongside robust organic growth across its GeoMarket regions, position SLB for continued expansion in a dynamic energy landscape. The company also demonstrated a commitment to returning value to shareholders, increasing its quarterly dividend and continuing its share repurchase program, reflecting confidence in its future financial performance and operational strength.
Feb 16, 2007
2005
SLB Annual Report, Year Ended Dec 31, 2005
SLB LIMITED/NV (SLB) reported strong financial performance for the year ended December 31, 2005, driven by significant growth in its Oilfield Services segment. Total operating revenue increased by 25% to $14.31 billion, with Oilfield Services revenue up 24% to $12.65 billion and WesternGeco revenue up 34% to $1.66 billion. Net income more than doubled to $2.21 billion, or $3.64 per diluted share. The company benefited from rising oil and gas prices, increased industry activity, and the successful introduction of new technologies. The company's strategic focus on its core oilfield services business has yielded positive results, with strong operational margins and a robust outlook for continued growth in 2006. WesternGeco also demonstrated excellent performance, with its proprietary Q-Technology gaining significant market traction. The company continued its deleveraging efforts and managed its capital effectively, positioning itself for sustained growth in the dynamic energy market.
Feb 24, 2006
2004
SLB Annual Report, Year Ended Dec 31, 2004
SLB LIMITED/NV (SLB) presented a strong financial performance for the fiscal year ended December 31, 2004, marked by significant revenue growth and a strategic transformation into a pure oilfield services company. The company successfully divested its non-oilfield businesses, including SchlumbergerSema and Axalto, completing a major restructuring program. This strategic shift resulted in a substantial reduction in net debt and a focus on its core Oilfield Services and WesternGeco segments. Oilfield Services demonstrated record revenue and operating income, driven by robust global demand for oil and gas and increased exploration and production spending. WesternGeco returned to profitability, benefiting from the expansion of its Q* Technology and strong multi-client sales. The company anticipates continued growth driven by technology innovation, strategic acquisitions in key markets like Russia, and a focus on production-oriented services for mature fields.
Mar 4, 2005
2003
SLB Annual Report, Year Ended Dec 31, 2003
SLB LIMITED/NV (SLB) filed its 2003 Form 10-K on March 2, 2004, detailing a year focused on strategic repositioning and core business emphasis. The company announced its intention to sell the SchlumbergerSema business in September 2003, a sale that officially closed in January 2004. This move signals a significant shift towards focusing on its primary segments: Oilfield Services and WesternGeco, aiming to leverage technology and innovation in a dynamic energy market. Financially, 2003 showed a rebound in profitability compared to the significant net loss in 2002, driven by robust performance in the Oilfield Services segment across all geographic regions. The company also made strides in reducing its net debt and improving key financial metrics like return on capital employed, setting ambitious targets for further debt reduction in 2004. Strategic initiatives, including the phased acquisition of Russia's PetroAlliance, underscore SLB's commitment to strengthening its core oilfield services presence globally.
Mar 3, 2004
2002
SLB Annual Report, Year Ended Dec 31, 2002
SLB Limited/NV (SLB) reported a challenging year in 2002, marked by a significant net loss of $2.32 billion. This loss was largely attributable to a substantial goodwill impairment charge of $2.64 billion related to the SchlumbergerSema segment, reflecting difficulties in the telecommunications and IT services sectors. Despite the overall net loss, the core Oilfield Services (OFS) segment demonstrated resilience, generating $9.35 billion in revenue and a pretax segment income of $1.33 billion. Revenue in OFS saw a 5% decline year-over-year, primarily due to reduced activity in North America and Latin America, though this was partially offset by growth in Europe/CIS/West Africa and the Middle East & Asia. SchlumbergerSema's revenue grew 32% compared to 2001, significantly boosted by the acquisition of Sema plc in April 2001, though its operational performance as a whole showed a pretax segment income of only $34 million. The company continued to strategically divest non-core assets, such as the Reed Hycalog drillbits business. Looking ahead, SLB aimed to improve its liquidity position, which was negative at year-end 2002, with a target of reducing net debt below $4 billion by the end of 2003, contingent on segment operating results and successful divestitures.
Feb 27, 2003
1999
SLB Annual Report, Year Ended Dec 31, 1999
Schlumberger's 1999 results were weak as the oilfield downturn hit its core business. Total operating revenue fell 22% to $8.4 billion from $10.7 billion, and operating income dropped 58% to $546 million. Net income fell to $367 million ($0.65 diluted EPS) from $1.01 billion ($1.81) in 1998. Income from continuing operations was $329 million ($0.58 diluted), after charges of about $129 million after tax in 1999. Oilfield Services, the largest segment, drove the decline: revenue fell 25% in line with a roughly 22% drop in the average rig count and a sharp cut in E&P spending. Resource Management Services and Test & Transactions were also weaker, with operating income down 82% and 46%, respectively, in terms of operating net income. The company's balance sheet and strategic position shifted during the year. The December 1999 spin-off of its offshore drilling unit, Sedco Forex, reduced total assets to $15.1 billion from $16.1 billion and removed a large fixed-asset base. Liquidity (cash and investments net of debt) rose to $1.23 billion from $731 million, helped by a $450 million warrant exercise by Dow Chemical and $204 million from the sale of financial instruments. Capital spending fell to $792 million from $1.46 billion, and operating cash flow was $1.52 billion. Long-term debt was steady at about $3.18 billion, and stockholders' equity was $7.7 billion. The quarterly dividend was held at $0.1875 per share ($0.75 annually). For investors, the key questions are the pace of the oil industry recovery and whether the cost cuts and portfolio moves, including the drilling fluids joint venture with Smith International, the Merak and Secure Oil Tools acquisitions, and the IndigoPool e-business launch, can restore margins. Return on equity from continuing operations fell to 6% from 13%. The filing notes that current liquidity and expected operating cash flow should cover business requirements, and management described the Year 2000 transition as successful, at a cost of about $60 million.
Mar 30, 2000