Truly International News Journal

Truly International News Journal

Thursday, October, 6, 2022

Press Release

Schlumberger Announces Fourth-Quarter and Full-Year 2021 Results
S

                            Houston, United States:
                         Fourth-quarter revenue of $6.22 billion increased 6% sequentially and 13% year-on-year
Fourth-quarter GAAP EPS of $0.42 increased 8% sequentially and 56% year-on-yearFourth-quarter EPS, excluding charges and credits, of $0.41 increased 14% sequentially and 86% year-on-year
Fourth-quarter cash flow from operations was $1.93 billion and free cash flow was $1.30 billion
Board approved quarterly cash dividend of $0.125 per shareFull-year revenue was $22.9 billion
Full-year GAAP EPS was $1.32Full-year EPS, excluding charges and credits, was $1.28Full-year cash flow from operations was $4.65 billion and free cash flow was $3.00 billion

 

Schlumberger Limited (NYSE: SLB) today reported results for the fourth-quarter and full-year 2021.

 

Fourth-Quarter Results

 

 
 
(Stated in millions, except per share amounts)
 
 
Three Months Ended
 
Change
 
 
Dec. 31, 2021
 
Sept. 30, 2021
 
Dec. 31, 2020
 
Sequential
 
Year-on-year
Revenue*
 

        <p class="bwalignr bwcellpmargin">$6,225</p>

         

        <p class="bwalignr bwcellpmargin">$5,847</p>

         

        <p class="bwalignr bwcellpmargin">$5,532</p>

         

        <p class="bwcellpmargin bwalignc">6%</p>

         

        <p class="bwcellpmargin bwalignc">13%</p>

    Income before taxes - GAAP basis
         

        <p class="bwalignr bwcellpmargin">$755</p>

         

        <p class="bwalignr bwcellpmargin">$691</p>

         

        <p class="bwalignr bwcellpmargin">$471</p>

         

        <p class="bwcellpmargin bwalignc">9%</p>

         

        <p class="bwcellpmargin bwalignc">60%</p>

    Net income - GAAP basis
         

        <p class="bwalignr bwcellpmargin">$601</p>

         

        <p class="bwalignr bwcellpmargin">$550</p>

         

        <p class="bwalignr bwcellpmargin">$374</p>

         

        <p class="bwcellpmargin bwalignc">9%</p>

         

        <p class="bwcellpmargin bwalignc">61%</p>

    Diluted EPS - GAAP basis
         

        <p class="bwalignr bwcellpmargin">$0.42</p>

         

        <p class="bwalignr bwcellpmargin">$0.39</p>

         

        <p class="bwalignr bwcellpmargin">$0.27</p>

         

        <p class="bwcellpmargin bwalignc">8%</p>

         

        <p class="bwcellpmargin bwalignc">56%</p>

     
         
         
         
         
         
         
         

        <p class="bwalignc bwcellpmargin"> </p>

         

        <p class="bwalignc bwcellpmargin"> </p>

    Adjusted EBITDA**
         

        <p class="bwalignr bwcellpmargin">$1,381</p>

         

        <p class="bwalignr bwcellpmargin">$1,296</p>

         

        <p class="bwalignr bwcellpmargin">$1,112</p>

         

        <p class="bwcellpmargin bwalignc">7%</p>

         

        <p class="bwcellpmargin bwalignc">24%</p>

    Adjusted EBITDA margin**
         

        <p class="bwalignr bwcellpmargin">22.2%</p>

         

        <p class="bwalignr bwcellpmargin">22.2%</p>

         

        <p class="bwalignr bwcellpmargin">20.1%</p>

         

        <p class="bwalignc bwcellpmargin">2 bps</p>

         

        <p class="bwalignc bwcellpmargin">208 bps</p>

    Pretax segment operating income**
         

        <p class="bwalignr bwcellpmargin">$986</p>

         

        <p class="bwalignr bwcellpmargin">$908</p>

         

        <p class="bwalignr bwcellpmargin">$654</p>

         

        <p class="bwcellpmargin bwalignc">9%</p>

         

        <p class="bwcellpmargin bwalignc">51%</p>

    Pretax segment operating margin**
         

        <p class="bwalignr bwcellpmargin">15.8%</p>

         

        <p class="bwalignr bwcellpmargin">15.5%</p>

         

        <p class="bwalignr bwcellpmargin">11.8%</p>

         

        <p class="bwalignc bwcellpmargin">31 bps</p>

         

        <p class="bwalignc bwcellpmargin">401 bps</p>

    Net income, excluding charges & credits**
         

        <p class="bwalignr bwcellpmargin">$587</p>

         

        <p class="bwalignr bwcellpmargin">$514</p>

         

        <p class="bwalignr bwcellpmargin">$309</p>

         

        <p class="bwcellpmargin bwalignc">14%</p>

         

        <p class="bwcellpmargin bwalignc">90%</p>

    Diluted EPS, excluding charges & credits**
         

        <p class="bwalignr bwcellpmargin">$0.41</p>

         

        <p class="bwalignr bwcellpmargin">$0.36</p>

         

        <p class="bwalignr bwcellpmargin">$0.22</p>

         

        <p class="bwcellpmargin bwalignc">14%</p>

         

        <p class="bwcellpmargin bwalignc">86%</p>

     
         
         
         
         
         
         
         

        <p class="bwalignc bwcellpmargin"> </p>

         

        <p class="bwalignc bwcellpmargin"> </p>

    Revenue by Geography
         
         
         
         
         
         
         

        <p class="bwalignc bwcellpmargin"> </p>

         

        <p class="bwalignc bwcellpmargin"> </p>

    International
         

        <p class="bwalignr bwcellpmargin">$4,898</p>

         

        <p class="bwalignr bwcellpmargin">$4,675</p>

         

        <p class="bwalignr bwcellpmargin">$4,343</p>

         

        <p class="bwcellpmargin bwalignc">5%</p>

         

        <p class="bwcellpmargin bwalignc">13%</p>

    North America*
         

        <p class="bwalignr bwcellpmargin">1,281</p>

         

        <p class="bwalignr bwcellpmargin">1,129</p>

         

        <p class="bwalignr bwcellpmargin">1,167</p>

         

        <p class="bwcellpmargin bwalignc">13%</p>

         

        <p class="bwcellpmargin bwalignc">10%</p>

    Other
         

        <p class="bwalignr bwcellpmargin">46</p>

         

        <p class="bwalignr bwcellpmargin">43</p>

         

        <p class="bwalignr bwcellpmargin">22</p>

         

        <p class="bwcellpmargin bwalignc">n/m</p>

         

        <p class="bwcellpmargin bwalignc">n/m</p>

     
         

        <p class="bwalignr bwcellpmargin">$6,225</p>

         

        <p class="bwalignr bwcellpmargin">$5,847</p>

         

        <p class="bwalignr bwcellpmargin">$5,532</p>

         

        <p class="bwcellpmargin bwalignc">6%</p>

         

        <p class="bwcellpmargin bwalignc">13%</p>

     
         
         
         
         
         
         
         
         
         
         
    *Schlumberger divested certain businesses in North America during the fourth quarter of 2020. These businesses generated revenue of $284 million during the fourth quarter of 2020. Excluding the impact of these divestitures, global fourth-quarter 2021 revenue increased 19% year-on-year. North America fourth-quarter 2021 revenue, excluding the impact of these divestitures, increased 45% year-on-year.
    **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
     
         
        Dec. 31, 2021
         
        Sept. 30, 2021
         
        Dec. 31, 2020
         
        Sequential
         
        Year-on-year
    Revenue by Division
         
         
         
         
         
         
         
         
         
         
    Digital & Integration
         

        <p class="bwalignr bwcellpmargin">$889</p>

         

        <p class="bwalignr bwcellpmargin">$812</p>

         

        <p class="bwalignr bwcellpmargin">$832</p>

         

        <p class="bwcellpmargin bwalignc">10%</p>

         

        <p class="bwcellpmargin bwalignc">7%</p>

    Reservoir Performance*
         

        <p class="bwalignr bwcellpmargin">1,287</p>

         

        <p class="bwalignr bwcellpmargin">1,192</p>

         

        <p class="bwalignr bwcellpmargin">1,247</p>

         

        <p class="bwcellpmargin bwalignc">8%</p>

         

        <p class="bwcellpmargin bwalignc">3%</p>

    Well Construction
         

        <p class="bwalignr bwcellpmargin">2,388</p>

         

        <p class="bwalignr bwcellpmargin">2,273</p>

         

        <p class="bwalignr bwcellpmargin">1,868</p>

         

        <p class="bwcellpmargin bwalignc">5%</p>

         

        <p class="bwcellpmargin bwalignc">28%</p>

    Production Systems**
         

        <p class="bwalignr bwcellpmargin">1,765</p>

         

        <p class="bwalignr bwcellpmargin">1,674</p>

         

        <p class="bwalignr bwcellpmargin">1,649</p>

         

        <p class="bwcellpmargin bwalignc">5%</p>

         

        <p class="bwcellpmargin bwalignc">7%</p>

    Other
         

        <p class="bwalignr bwcellpmargin">(104)</p>

         

        <p class="bwalignr bwcellpmargin">(104)</p>

         

        <p class="bwalignr bwcellpmargin">(64)</p>

         

        <p class="bwcellpmargin bwalignc">n/m</p>

         

        <p class="bwcellpmargin bwalignc">n/m</p>

     
         

        <p class="bwalignr bwcellpmargin">$6,225</p>

         

        <p class="bwalignr bwcellpmargin">$5,847</p>

         

        <p class="bwalignr bwcellpmargin">$5,532</p>

         

        <p class="bwcellpmargin bwalignc">6%</p>

         

        <p class="bwcellpmargin bwalignc">13%</p>

     
         
         
         
         
         
         
         

        <p class="bwalignc bwcellpmargin"> </p>

         

        <p class="bwalignc bwcellpmargin"> </p>

    Pretax Operating Income by Division
         
         
         
         
         
         
         

        <p class="bwalignc bwcellpmargin"> </p>

         

        <p class="bwalignc bwcellpmargin"> </p>

    Digital & Integration
         

        <p class="bwalignr bwcellpmargin">$335</p>

         

        <p class="bwalignr bwcellpmargin">$284</p>

         

        <p class="bwalignr bwcellpmargin">$269</p>

         

        <p class="bwcellpmargin bwalignc">18%</p>

         

        <p class="bwcellpmargin bwalignc">25%</p>

    Reservoir Performance
         

        <p class="bwalignr bwcellpmargin">200</p>

         

        <p class="bwalignr bwcellpmargin">$190</p>

         

        <p class="bwalignr bwcellpmargin">95</p>

         

        <p class="bwcellpmargin bwalignc">5%</p>

         

        <p class="bwcellpmargin bwalignc">111%</p>

    Well Construction
         

        <p class="bwalignr bwcellpmargin">368</p>

         

        <p class="bwalignr bwcellpmargin">$345</p>

         

        <p class="bwalignr bwcellpmargin">183</p>

         

        <p class="bwcellpmargin bwalignc">6%</p>

         

        <p class="bwcellpmargin bwalignc">101%</p>

    Production Systems
         

        <p class="bwalignr bwcellpmargin">159</p>

         

        <p class="bwalignr bwcellpmargin">$166</p>

         

        <p class="bwalignr bwcellpmargin">155</p>

         

        <p class="bwcellpmargin bwalignc">-4%</p>

         

        <p class="bwcellpmargin bwalignc">3%</p>

    Other
         

        <p class="bwalignr bwcellpmargin">(76)</p>

         

        <p class="bwalignr bwcellpmargin">$(77)</p>

         

        <p class="bwalignr bwcellpmargin">(48)</p>

         

        <p class="bwcellpmargin bwalignc">n/m</p>

         

        <p class="bwcellpmargin bwalignc">n/m</p>

     
         

        <p class="bwalignr bwcellpmargin">$986</p>

         

        <p class="bwalignr bwcellpmargin">$908</p>

         

        <p class="bwalignr bwcellpmargin">$654</p>

         

        <p class="bwcellpmargin bwalignc">9%</p>

         

        <p class="bwcellpmargin bwalignc">51%</p>

     
         
         
         
         
         
         
         

        <p class="bwalignc bwcellpmargin"> </p>

         

        <p class="bwalignc bwcellpmargin"> </p>

    Pretax Operating Margin by Division
         
         
         
         
         
         
         

        <p class="bwalignc bwcellpmargin"> </p>

         

        <p class="bwalignc bwcellpmargin"> </p>

    Digital & Integration
         

        <p class="bwalignr bwcellpmargin">37.7%</p>

         

        <p class="bwalignr bwcellpmargin">35.0%</p>

         

        <p class="bwalignr bwcellpmargin">32.4%</p>

         

        <p class="bwalignc bwcellpmargin">268 bps</p>

         

        <p class="bwalignc bwcellpmargin">537 bps</p>

    Reservoir Performance
         

        <p class="bwalignr bwcellpmargin">15.5%</p>

         

        <p class="bwalignr bwcellpmargin">16.0%</p>

         

        <p class="bwalignr bwcellpmargin">7.6%</p>

         

        <p class="bwalignc bwcellpmargin">-43 bps</p>

         

        <p class="bwalignc bwcellpmargin">792 bps</p>

    Well Construction
         

        <p class="bwalignr bwcellpmargin">15.4%</p>

         

        <p class="bwalignr bwcellpmargin">15.2%</p>

         

        <p class="bwalignr bwcellpmargin">9.8%</p>

         

        <p class="bwalignc bwcellpmargin">20 bps</p>

         

        <p class="bwalignc bwcellpmargin">559 bps</p>

    Production Systems
         

        <p class="bwalignr bwcellpmargin">9.0%</p>

         

        <p class="bwalignr bwcellpmargin">9.9%</p>

         

        <p class="bwalignr bwcellpmargin">9.4%</p>

         

        <p class="bwalignc bwcellpmargin">-85 bps</p>

         

        <p class="bwalignc bwcellpmargin">-38 bps</p>

    Other
         

        <p class="bwalignr bwcellpmargin">n/m</p>