SLB Increased Quarterly Revenue by 20%
U.S. oilfield services company SLB (formerly Schlumberger) increased its net income in 2Q 2023 by 7% to $1.03 billion compared to $959 million in the same period in 2022.
This is stated in a message published on July 21 on the company’s website.
Earnings per share rose to $0.72 from $0.67.
Earnings before one-off factors came in at $0.72/share, beating the FactSet consensus of $0.71/share.
SLB’s quarterly revenue increased to US$8.1 billion from US$6.77 billion a year earlier.
Experts on average predicted this indicator at the level of 8.204 billion US dollars.
The company’s North American revenue added 14% compared to Q2 2022 to $1.75 billion, while international revenue grew 21% to $6.3 billion.
As noted in SLB:
- we continue to see growth in investments in the upstream segment in the world.
The company repurchased $213 million worth of its own shares last quarter.
Its Board of Directors approved a dividend of $0.25/share for the 2nd quarter of 2023.
SLB lost 1.3% during pre-trading on July 21, 2023.
Since the beginning of this year, their value has increased by 7%.
As a reminder, on July 17, 2023, it became known that SLB would stop deliveries of its products and technologies to Russia from all its enterprises.
As SLB noted at the time:
- SLB is halting product and technology deliveries to Russia from all SLB facilities around the world in response to the ongoing expansion of international sanctions,
- this followed a previous SLB ban on shipments to Russia from the US, UK, EU and Canada,
- starting from March 2022, SLB has taken voluntary measures to reduce its activities in Russia and announced that it will not make new investments in Russia and will not introduce new technologies used in its service business,
- since then, the company has continued to dedicate significant resources to meeting and exceeding various international laws,
- SLB takes its responsibility to enforce export control laws and economic sanctions seriously and remains in solidarity with the international community in condemning the war in Ukraine and calling for an end to it.
Recall that Halliburton and Baker Hughes left the big four oilfield services companies in Russia, Weatherford reduced its presence, and SLB said it would continue its existing activities in full compliance with applicable international laws and sanctions.
