SLB LIMITED/NV 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.