Revenue of $6.0 billion increased 14% year-on-year
GAAP EPS of $0.36 increased 71% year-on-year
EPS, excluding charges and credits, of $0.34 increased 62% year-on-year
Cash flow from operations was $131 million, reflecting the seasonal increase in working capital
Board approved a 40% increase in cash dividend to $0.175 per share
(BUSINESS WIRE)--Schlumberger Limited (NYSE: SLB) today reported financial results for the first-quarter 2022.
First-Quarter Results
(Stated in millions, except per share amounts)
Three Months Ended
Change
Mar. 31, 2022
Dec. 31, 2021
Mar. 31, 2021
Sequential
Year-on-year
Revenue
$5,962
$6,225
$5,223
-4%
14%
Income before taxes - GAAP basis
$638
$755
$386
-16%
65%
Net income - GAAP basis
$510
$601
$299
-15%
70%
Diluted EPS - GAAP basis
$0.36
$0.42
$0.21
-14%
71%
Adjusted EBITDA*
$1,254
$1,381
$1,049
-9%
19%
Adjusted EBITDA margin*
21.0%
22.2%
20.1%
-115 bps
94 bps
Pretax segment operating income*
$894
$986
$664
-9%
35%
Pretax segment operating margin*
15.0%
15.8%
12.7%
-84 bps
229 bps
Net income, excluding charges & credits*
$488
$587
$299
-17%
63%
Diluted EPS, excluding charges & credits*
$0.34
$0.41
$0.21
-17%
62%
Revenue by Geography
International
$4,632
$4,898
$4,211
-5%
10%
North America
1,282
1,281
972
-
32%
Other
48
46
40
n/m
n/m
$5,962
$6,225
$5,223
-4%
14%
*These are non-GAAP financial measures. See sections titled "Charges & Credits", "Divisions", and "Supplemental Information" for details.
n/m = not meaningful
(Stated in millions)
Three Months Ended
Change
Mar. 31, 2022
Dec. 31, 2021
Mar. 31, 2021
Sequential
Year-on-year
Revenue by Division
Digital & Integration
$857
$889
$772
-4%
11%
Reservoir Performance
1,210
1,287
1,002
-6%
21%
Well Construction
2,398
2,388
1,936
-
24%
Production Systems
1,604
1,765
1,590
-9%
1%
Other
(107)
(104)
(77)
n/m
n/m
$5,962
$6,225
$5,223
-4%
14%
Pretax Operating Income by Division
Digital & Integration
$292
$335
$247
-13%
18%
Reservoir Performance
160
200
102
-20%
56%
Well Construction
388
368
210
5%
85%
Production Systems
114
159
138
-28%
-18%
Other
(60)
(76)
(33)
n/m
n/m
$894
$986
$664
-9%
35%
Pretax Operating Margin by Division
Digital & Integration
34.0%
37.7%
32.0%
-372 bps
201 bps
Reservoir Performance
13.2%
15.5%
10.2%
-232 bps
299 bps
Well Construction
16.2%
15.4%
10.8%
77 bps
534 bps
Production Systems
7.1%
9.0%
8.7%
-192 bps
-159 bps
Other
n/m
n/m
n/m
n/m
n/m
15.0%
15.8%
12.7%
-84 bps
229 bps
n/m = not meaningful
Schlumberger CEO Olivier Le Peuch commented, "Our first-quarter results set us firmly on the path to deliver full-year revenue growth in the mid-teens and another year with a significant increase in earnings. Compared to the same quarter last year, revenue grew 14%; EPS—excluding charges and credits—increased 62%; and pretax segment operating margin expanded 229 basis points (bps), led by Well Construction and Reservoir Performance. These results reflect the strength of our core services Divisions, the broad-based activity increase, and the continued realization of our improved operating leverage.
"The quarter also marked the tragic start of the conflict in Ukraine, which is of grave concern. Accordingly, we established local and global crisis management teams to respond to the crisis and its effect on employees, business, and our operations. In addition to ensuring that our operations are compliant with developing sanctions, we took the step in the quarter to suspend new investment and technology deployment to our Russia operations. We urge the cessation of hostilities and are hopeful that peace will return to Ukraine and the entire region.
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