SLB LIMITED/NV Quarterly Report for Q1 Ended Mar 31, 2014

Summary

SLB Limited/NV (SLB) reported a strong first quarter for 2014, demonstrating robust revenue and net income growth compared to the prior year. Revenue increased by 6% year-over-year to $11.24 billion, driven by broad-based strength across its operating segments and geographies, particularly in North America and the Middle East & Asia. Net income attributable to Schlumberger surged by 26.5% to $1.59 billion, leading to a significant improvement in diluted earnings per share to $1.21 from $0.94 in the prior year's comparable quarter. The company's operational performance highlights effective cost management and the successful deployment of new technologies, contributing to an expansion in pretax operating margins, especially in international markets.

Key Highlights

• 1Total revenue for Q1 2014 reached $11.24 billion, a 6% increase year-over-year, signaling continued demand for SLB's oilfield services and equipment.
• 2Net income attributable to Schlumberger was $1.59 billion, a substantial 26.5% increase from $1.26 billion in Q1 2013.
• 3Diluted earnings per share (EPS) rose to $1.21, up from $0.94 in the prior year's first quarter, indicating improved profitability on a per-share basis.
• 4The company saw significant revenue growth in the Middle East & Asia (19%) and North America (12%), indicating strong market positions in key energy-producing regions.
• 5Pretax operating margins expanded year-over-year, particularly in international segments, driven by technology uptake and cost management.
• 6SLB continued its aggressive share repurchase program, spending $899 million in Q1 2014, reflecting confidence in its financial position and commitment to returning capital to shareholders.
• 7Cash flow from operations was robust at $1.64 billion, providing ample liquidity to fund capital expenditures and shareholder returns.

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