Summary
SLB LIMITED/NV (SLB) reported a strong first quarter for 2023, with total revenue reaching $7.74 billion, a significant 30% increase compared to the same period in 2022. Net income attributable to SLB also saw substantial growth, rising to $934 million from $510 million in Q1 2022, translating to a diluted earnings per share of $0.65, up from $0.36 year-over-year. This robust performance was driven by broad-based revenue growth across all reporting segments and geographies, particularly in the Well Construction and Production Systems divisions. The company highlighted a constructive multiyear outlook, with continued strength expected in international and offshore markets due to long-cycle development and capacity expansion projects. While the North American land market might see a plateau, overall global activity is anticipated to remain solid. SLB also reported substantial cash flow from operations of $330 million and continued its share repurchase program, demonstrating a commitment to returning value to shareholders.
Financial Highlights
47 data points| Revenue | $7.74B |
| R&D Expenses | $174.00M |
| Operating Income | $1.39B |
| Interest Expense | $117.00M |
| Net Income | $934.00M |
| EPS (Basic) | $0.65 |
| EPS (Diluted) | $0.65 |
| Shares Outstanding (Basic) | 1.43B |
| Shares Outstanding (Diluted) | 1.45B |
Key Highlights
- 1Total revenue increased 30% year-over-year to $7.74 billion.
- 2Net income attributable to SLB rose to $934 million, up from $510 million in the prior year.
- 3Diluted earnings per share grew to $0.65 from $0.36 in Q1 2022.
- 4All core divisions (Reservoir Performance, Well Construction, Production Systems) showed significant revenue growth and margin expansion.
- 5North America revenue grew 32% year-over-year, marking the eighth consecutive quarter of growth in the region.
- 6International revenue increased 29% year-over-year, driven by broad-based activity.
- 7The company returned $230 million to shareholders through its share repurchase program in Q1 2023.