SLB Announces Fourth-Quarter and Full-Year 2022 Results
SLB reported strong fourth-quarter results with revenue of $7.9 billion, marking a 5% sequential increase and 27% year-over-year growth. GAAP EPS for the quarter was $0.74, a 17% sequential rise and 76% year-over-year increase. Full-year revenue reached $28.1 billion, representing a 23% year-on-year growth, with annual GAAP EPS of $2.39, up 81% year-over-year. The board approved a 43% increase in the quarterly cash dividend to $0.25 per share. Strong cash flow from operations was $3.7 billion, and free cash flow was $0.9 billion in Q4.
- Fourth-quarter revenue of $7.9 billion; 5% sequential and 27% YoY increase.
- Fourth-quarter GAAP EPS of $0.74; 17% sequential and 76% YoY rise.
- Full-year revenue of $28.1 billion; 23% YoY growth.
- Full-year GAAP EPS increased to $2.39; 81% YoY increase.
- Board approved a 43% increase in quarterly cash dividend to $0.25 per share.
- Fourth-quarter cash flow from operations at $1.6 billion and free cash flow at $0.9 billion.
- Free cash flow reduced to $0.9 billion in Q4 due to increased capex and lower year-end collections.
-
Fourth-quarter revenue of
increased$7.9 billion 5% sequentially and27% year on year -
Fourth-quarter GAAP EPS of
increased$0.74 17% sequentially and76% year on year -
Fourth-quarter EPS, excluding charges and credits, of
increased$0.71 13% sequentially and73% year on year -
Fourth-quarter cash flow from operations was
and free cash flow was$1.6 billion $0.9 billion -
Board approved a
43% increase in quarterly cash dividend to per share$0.25
-
Full-year revenue of
increased$28.1 billion 23% year on year -
Full-year GAAP EPS of
increased$2.39 81% year on year -
Full-year EPS, excluding charges and credits, of
increased$2.18 70% year on year -
Full-year net income attributable to SLB of
increased$3.4 billion 83% year on year -
Full-year adjusted EBITDA of
increased$6.5 billion 31% year on year -
Full-year cash flow from operations was
$3.7 billion
The exterior of the SLB corporate headquarters,
Fourth-Quarter Results
(Stated in millions, except per share amounts) | |||||||||
Three Months Ended | Change | ||||||||
2022 |
2022 |
2021 |
Sequential | Year-on-year | |||||
Revenue |
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Income before taxes - GAAP basis |
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Income before taxes margin - GAAP basis |
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192 bps |
|
495 bps |
|||
Net income attributable to SLB - GAAP basis |
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Diluted EPS - GAAP basis |
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Adjusted EBITDA* |
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Adjusted EBITDA margin* |
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89 bps |
|
219 bps |
|||
Pretax segment operating income* |
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Pretax segment operating margin* |
|
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104 bps |
|
393 bps |
|||
Net income attributable to SLB, excluding charges & credits* |
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Diluted EPS, excluding charges & credits* |
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Revenue by Geography |
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||||||
International |
|
|
|
|
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|
|||
1,633 |
1,543 |
1,281 |
|
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||||
Other | 52 |
53 |
46 |
n/m |
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n/m |
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||||
*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 | ||||||||
2022 |
2022 |
2021 |
Sequential | Year-on-year | |||||
Revenue by Division | |||||||||
Digital & Integration |
|
|
|
|
|
|
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Reservoir Performance | 1,554 |
1,456 |
1,287 |
|
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|
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3,229 |
3,084 |
2,388 |
|
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||||
Production Systems | 2,215 |
2,150 |
1,765 |
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Other | (132) |
(113) |
(104) |
n/m |
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n/m |
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Pretax Operating Income by Division |
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||||||
Digital & Integration |
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Reservoir Performance | 282 |
244 |
200 |
|
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|||
679 |
664 |
368 |
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||||
Production Systems | 238 |
224 |
159 |
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Other | (24) |
(37) |
(76) |
n/m |
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n/m |
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Pretax Operating Margin by Division |
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||||||
Digital & Integration |
|
|
|
386 bps |
|
-2 bps |
|||
Reservoir Performance |
|
|
|
146 bps |
|
265 bps |
|||
|
|
|
-50 bps |
|
564 bps |
||||
Production Systems |
|
|
|
32 bps |
|
173 bps |
|||
Other | n/m |
n/m |
n/m |
n/m |
|
n/m |
|||
|
|
|
104 bps |
|
393 bps |
||||
n/m = not meaningful |
SLB CEO
“Sequentially, fourth-quarter revenue grew
An Outstanding Year of Success with Significant Tailwinds
“We concluded the year with
“Overall, 2022 was transformative for SLB as we set new safety, operational, and performance benchmarks for our customers and strengthened our market position both internationally and in
“In North America, we seized the growth cycle throughout the year, increased our pretax operating margins close to 600 bps, and almost doubled our pretax operating income. We effectively harnessed our refocused portfolio, fit-for-basin technology, and performance differentiation to gain greater market access and improved pricing, particularly in the drilling markets where we significantly outperformed rig count growth. Today, we have built one of the highest-quality oilfield services and equipment businesses in
“In the international markets, after a first half of the year that was impacted by geopolitical conflict and supply chain bottlenecks, activity began to visibly inflect in the second half of the year, resulting in full year revenue growth of
“In this context, our investments in capex and inventory increased as we exited the year in support of new international and offshore project mobilizations. These factors, combined with lower-than-expected year-end collections, resulted in free cash flow reducing to
“Beyond our financial results, we made significant progress in our sustainability initiatives during the year. We reduced our Scope 1 and 2 carbon emissions intensity and launched several new Transition Technologies* to support the decarbonization of oil and gas. Our Transition Technologies portfolio revenue grew more than
“Finally, we initiated increased returns to shareholders, demonstrating confidence in our strategy, our financial outperformance, and our commitment to superior returns. We increased our dividend by
“I am extremely proud of our full-year results, and I would like to extend my thanks to the entire team for their outstanding performance.”
Primed for Strong Growth and Returns—A Distinctive New Phase in the Upcycle
Le Peuch said, “The fourth quarter affirmed a distinctive new phase in the upcycle. In the
“These activity dynamics, improved pricing, and our commercial success—particularly in the
“Looking ahead, we believe the macro backdrop and market fundamentals that underpin a strong multi-year upcycle for energy remain very compelling in oil and gas and in low-carbon energy resources. First, oil and gas demand is forecast by the
“Based on these factors, global upstream spending projections continue to trend positively. Activity growth is expected to be broad-based, marked by an acceleration in international basins. These positive activity dynamics will be amplified by higher service pricing and tighter service sector capacity. The impact of loosening COVID-19 restrictions and an earlier than expected reopening of
“Overall, the combination of these effects will result in a very favorable mix for SLB with significant growth opportunities in our Core, Digital, and New Energy. We expect another year of very strong growth and margin expansion. We have a clear strategy, an advantaged portfolio, and the right team in place to drive our business forward. I look forward to another successful year for our customers and our shareholders.”
Other Events
On
In
On
Fourth-Quarter Revenue by Geographical Area
(Stated in millions) | |||||||||
Three Months Ended | Change | ||||||||
2022 |
2022 |
2021 |
Sequential | Year-on-year | |||||
|
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1,619 |
1,508 |
1,204 |
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2,067 |
2,039 |
1,587 |
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2,508 |
2,334 |
2,107 |
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Eliminations & other | 52 |
53 |
46 |
n/m |
n/m |
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International |
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n/m = not meaningful |
International
Revenue in
Revenue in the
Fourth-Quarter Results by Division
Digital & Integration
(Stated in millions) | |||||||||
Three Months Ended | Change | ||||||||
2022 |
2022 |
2021 |
Sequential | Year-on-year | |||||
Revenue | |||||||||
International |
|
|
|
|
|
|
|||
288 |
229 |
263 |
|
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Other | 1 |
- |
2 |
n/m |
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n/m |
|||
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Pretax operating income |
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|
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|||
Pretax operating margin |
|
|
|
386 bps |
|
-2 bps |
|||
n/m = not meaningful |
Digital & Integration revenue of
Year on year, revenue growth of
Digital & Integration pretax operating margin of
Reservoir Performance
(Stated in millions) | |||||||||
Three Months Ended | Change | ||||||||
2022 |
2022 |
2021 |
Sequential | Year-on-year | |||||
Revenue | |||||||||
International |
|
|
|
|
|
|
|||
123 |
119 |
92 |
|
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||||
Other | 1 |
2 |
1 |
n/m |
|
n/m |
|||
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|
|
|
|
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||||
|
|
|
|||||||
Pretax operating income |
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|
|
|
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|
|||
Pretax operating margin |
|
|
|
146 bps |
|
265 bps |
|||
n/m = not meaningful |
Reservoir Performance revenue of
Year on year, revenue growth of
Reservoir Performance pretax operating margin of
(Stated in millions) | |||||||||
Three Months Ended | Change | ||||||||
2022 |
2022 |
2021 |
Sequential | Year-on-year | |||||
Revenue | |||||||||
International |
|
|
|
|
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|
|||
652 |
621 |
441 |
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Other | 55 |
57 |
46 |
n/m |
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n/m |
|||
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||||
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|||||||
Pretax operating income |
|
|
|
|
|
|
|||
Pretax operating margin |
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|
|
-50 bps |
|
564 bps |
|||
n/m = not meaningful |
Year on year, revenue growth of
Production Systems
(Stated in millions) | |||||||||
Three Months Ended | Change | ||||||||
2022 |
2022 |
2021 |
Sequential | Year-on-year | |||||
Revenue | |||||||||
International |
|
|
|
|
|
|
|||
575 |
578 |
484 |
- |
|
|
||||
Other | 2 |
3 |
3 |
n/m |
|
n/m |
|||
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||||
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|||||||
Pretax operating income |
|
|
|
|
|
|
|||
Pretax operating margin |
|
|
|
32 bps |
|
173 bps |
|||
n/m = not meaningful |
Production Systems revenue of
Year on year, double-digit revenue growth of
Production Systems pretax operating margin of
Quarterly Highlights
CORE
Contract Awards
As the strong growth cycle in oil and gas advances, SLB continues to secure new contracts in
-
Abu Dhabi National Oil Company (ADNOC) awarded SLB a framework agreement for integrated drilling fluids services to support onshore and offshore production over the next five years. The services include drilling fluids, liquid mud plants, personnel, and waste management. The agreement builds on existing SLB contributions to ADNOC’s vision to expand lower-cost, lower-carbon production and supports the acceleration of its production capacity target of five million barrels of oil per day by 2027.$1.4 billion -
In
Malaysia ,Sarawak Shell Berhad awarded SLB a long-term integrated drilling services (LTIDS) contract for exploration and development of offshore wells. The LTIDS will deliver solutions via technology, synergy, and simplification of processes across multiple business lines with a contract scope that encompasses drilling services and products inclusive of drilling and measurement, electrical wireline, drilling fluids, solids control, cementing, casing drilling, bits, mud logging, and management of third-party subcontractors. SLB will leverage its sustainability portfolio to help Shell deliver cleaner well operations in complex environments. -
Offshore
Angola , Azule Energy awarded SLB a contract for integrated completions in Block 15/06, including Agogo Field wells. This full-field development plan uses a completion design for these producing and injection wells that includes fit-for-purpose technologies suited for the deepwater environment, such as Alternate Path®† sand screens, FORTRESS* premium isolation valves, BluePack* production packers, Metris Extreme* high-pressure and high-temperature permanent pressure testing gauges, and a deep-set TRC-II* tubing-retrievable charged safety valve. -
In the
UK , Equinor awarded SLB a four-year contract extension to continue support forMariner Field development in theNorth Sea . The integrated drilling and well services contract includes drilling, measurement, electric wireline logging, drilling and completions fluids, solids control, cementing, completions, and electrical submersible pump systems, together with engineering and project management. Including delivery of more than 20 wells over the four years, the contract extension builds on the collaboration between Equinor and SLB and the implementation of well construction technologies and digital solutions that have enabled highest achievements in safety, performance, and sustainability in Mariner Field. -
Offshore
Trinidad and Tobago , bp awarded toSubsea Integration Alliance a large contract for its Cypre project, a two-phase liquid natural gas tieback. The contract scope covers the engineering, procurement, construction, and installation (EPCI) of the subsea production systems and subsea pipelines. The award represents Subsea Integration Alliance’s first fully integrated EPCI single contract with bp and the alliance’s first development in theCaribbean nation. -
In
India ,Cairn Oil & Gas , Vedanta Limited awarded SLB a contract to provide integrated services on its$400 million Rajasthan block over a five-year period. The scope of work encompasses 14 services from across all four of SLB’s Divisions, with the objective of improving efficiency in the intervention and workover space, thereby boosting production from the block.
Oil & Gas Decarbonization, New Technology, and Performance
SLB continues to develop and deploy innovative technologies that lower operational emissions and environmental impact in reservoir evaluation, well construction, production, and integrated operations for customers globally. Customer adoption of SLB technology is accelerating and continues to significantly impact performance leading to more efficient operations, lower carbon emissions, and higher returns for our customers. Notable highlights include:
-
In the US’
Midland Basin , Pioneer Natural Resources successfully deployed novel SLB cement-free slurry technology on an 18-well field testing campaign. This pilot inNorth America resulted in the complete elimination ofPortland cement from slurry designs, offering a unique opportunity for the oilfield industry to substantially decrease CO2 emissions related to well construction. In addition to aligning with Pioneer’s objective to lead in environmental stewardship through proactive measures, the field trials validated the ability of the technology to fit within standard oilfield cementing workflows without major changes to the design process, onsite execution, or post-job evaluation. This innovative SLB solution will be available to customers later this year to help lower oilfield operations emissions and achieve net-zero objectives. - The SLB fit-for-basin frac plug portfolio achieved significant global market adoption milestones. The FracXion Micro* fully composite frac plugs eclipsed 100,000 installations. The full portfolio of ReacXion* fully dissolvable frac plugs, an SLB footprint-reducing technology, achieved 50,000 installations and lowered operators’ CO2e emissions by reducing diesel consumption by an estimated 5.7 million liters. These technologies represent how SLB creates new opportunities by understanding customer needs to amplify our sustainability impact and reduce our customers' cost to operate.
-
In
Saudi Arabia , duringNovember 2022 and working in collaboration with Saudi Aramco Unconventional Resources, SLB’s integrated fracturing services team exceeded previous SLB records for stages and pumping hours per month by19% . This was achieved through applying latest technologies, best field practices, and close collaboration between Saudi Aramco and SLB. This level of efficiency rivals that of the most efficient fracturing crews inNorth America . Additionally, real-time job visibility and digitalization of SLB maintenance operations increased asset efficiency and reliability while reducing carbon footprint. -
Offshore
Norway , theWell Intervention and Stimulation Alliance comprising Aker BP,StimWell Services , and SLB conducted the world's first successful wireline and slickline autonomous operations. These are examples of the SLB Neuro* autonomous solutions, which offer enhanced technologies for improved well economics with repeatability, reliability, and reduced carbon. The automatic conveyance and spooling technology functions without user intervention and matches the performance achieved by experienced operators for safe and efficient execution. The system is now successfully integrated into routine wireline and slickline operations for theWell Intervention and Stimulation Alliance .
DIGITAL
Customers are increasingly choosing to leverage SLB’s portfolio of digital products and services to drive transformation, improve efficiency, and elevate productivity.
-
In
Brazil , Petrobras has awarded SLB a five-year contract to deploy digital solutions for E&P integrated workflows across the board with AI and machine-learning capabilities for more than 500 users. Enabled by the DELFI* cognitive E&P environment, the digital deployment will drive efficiency increases, innovation, and faster decision making to support Petrobras’ aggressive production development plans while helping to lower greenhouse gas emissions with proven reductions in processing time. -
In
Norway , Equinor awarded SLB a contract to deploy digital leak detection and virtual flow metering solutions for the multiphase production network during phase two of the Johan Sverdrup field. The SLB solution is based on the OLGA Online* production management system, which was selected by Equinor for its technical capabilities. The system will support early pipeline leak detection workflows and deliver accurate virtual flow metering solutions in a challenging technical and regulatory environment. The Johan Sverdrup field is an offshore oil discovery located in the Norwegian Continental Shelf and at plateau the field will produce 720,000 barrels of oil per day. -
Kuwait Oil Company (KOC) Innovation & Technology Group , Information Management Team, collaborated with SLB to build an integrated digital workflow using the DELFI cognitive E&P environment to continuously monitor water production in a producing oil field, enabling KOC to avoid potential oil losses of 465,000 barrels. Conventional approaches were unable to detect changes in water cut quickly, preventing KOC engineers from taking timely action to avoid oil losses. A solution was implemented using DELFI Data Science, a package of AI and analytics solutions for energy workflows that includes embedded technology fromDataiku , the platform for everyday AI. The solution provides automated water cut estimation and prediction that is 5,400 times faster than the conventional method. This enables data-driven decision making to minimize oil loss with a few simple clicks that yield results in seconds. Based on the success of this project, KOC recommended full implementation of this solution.
NEW ENERGY
SLB’s domain expertise and experience in technology industrialization is helping to lead the energy transition. We continue to work with partners across various industries to innovate clean energy solutions for a balanced planet.
- SLB and Linde entered into a strategic collaboration on carbon capture, utilization, and sequestration (CCUS) projects to accelerate decarbonization solutions across industrial and energy sectors. The collaboration will combine decades of experience in CO2 capture and sequestration; innovative technology portfolios; project development and execution expertise; and engineering, procurement, and construction (EPC) capabilities. CO2 is found or produced in many industrial and energy applications. This collaboration will focus on hydrogen and ammonia production, where CO2 is a by-product, and on natural gas processing. CCUS abates the emissions from these energy-intensive industries, creating new low-carbon energy sources and products. Using SLB and Linde’s global footprint across multiple sectors and industries, the collaboration will expand customer reach and will focus on designing business and operating models that maximize value for all stakeholders.
-
Genvia, the clean hydrogen technology venture of SLB, France’s CEA, and partners, was selected by the
European Commission as part of theImportant Project of Common European Interest in the hydrogen technology program (IPCEI-Hy2Tech). Genvia will receive up to200 million euros from the French Government’sFrance 2030 fund as part of the program. The grant will be used to accelerate the time to market of Genvia high-performance electrolyzer technology. -
SLB is collaborating with Oman’s
Ministry of Energy andMinerals and theOman Investment Authority in building a national strategy to develop the potential of Oman’s geothermal resources. This follows the completion of an extensive project to evaluate data from more than 7,000 oil, gas, and water wells, with the objective of mapping sweet spots for geothermal prospects in the country. The next phase will include assessment of the economic feasibility of the development of potential geothermal resources. This collaboration between theMinistry of Energy andMinerals ,Oman Investment Authority , and SLB is in line with Oman’s efforts to decarbonize the energy sector, achieve its net zero goal, and implement Oman Vision 2040. -
Celsius Energy, a venture of SLB’s New Energy business focused on heating and cooling solutions for buildings, was awarded a contract for one of the 10 largest geoenergy projects in
Europe , where demand for low-carbon and locally sourced energy is rising. This project, based in the eastern region ofFrance , will provide heating and cooling to dozens of buildings by combining geoenergy and waste heat from the world’s largest particle accelerator. Celsius Energy’s proprietary technology will enable the project to be completed with a limited drilling footprint of 174 bores and will leverage patented digital modeling and control capability for smart grid performance optimization.
FINANCIAL TABLES
Full-Year Results | (Stated in millions, except per share amounts) | |||||
Twelve Months Ended | ||||||
Change | ||||||
Revenue |
|
|
|
|||
Income before taxes - GAAP basis |
|
|
|
|||
Income before taxes margin - GAAP basis |
|
|
485 bps |
|||
Net income attributable to SLB - GAAP basis |
|
|
|
|||
Diluted EPS - GAAP basis |
|
|
|
|||
|
||||||
Adjusted EBITDA* |
|
|
|
|||
Adjusted EBITDA margin* |
|
|
152 bps |
|||
Pretax segment operating income* |
|
|
|
|||
Pretax segment operating margin* |
|
|
316 bps |
|||
Net income attributable to SLB, excluding charges & credits* |
|
|
|
|||
Diluted EPS, excluding charges & credits* |
|
|
|
|||
|
||||||
Revenue by Geography |
|
|||||
International |
|
|
|
|||
5,995 |
4,466 |
|
||||
Other | 201 |
168 |
n/m |
|||
|
|
|
||||
*These are non-GAAP financial measures. See sections titled "Charges & Credits", "Divisions", and "Supplemental Information" for details. | ||||||
n/m = not meaningful |
Condensed Consolidated Statement of Income | ||||||||
(Stated in millions, except per share amounts) |
||||||||
Fourth Quarter | Twelve Months | |||||||
Periods Ended |
2022 |
|
2021 |
|
2022 |
|
2021 |
|
Revenue |
|
|
|
|
||||
Interest & other income, net (1) | 174 |
57 |
610 |
148 |
||||
Expenses | ||||||||
Cost of revenue | 6,308 |
5,136 |
22,930 |
19,271 |
||||
Research & engineering | 178 |
145 |
634 |
554 |
||||
General & administrative | 99 |
109 |
376 |
339 |
||||
Interest | 121 |
137 |
490 |
539 |
||||
Income before taxes (1) |
|
|
|
|
||||
Tax expense (1) | 264 |
144 |
779 |
446 |
||||
Net income (1) |
|
|
|
|
||||
Net income attributable to noncontrolling interest | 18 |
10 |
51 |
47 |
||||
Net income attributable to SLB (1) |
|
|
|
|
||||
Diluted earnings per share of SLB (1) |
|
|
|
|
||||
Average shares outstanding | 1,420 |
1,403 |
1,416 |
1,400 |
||||
Average shares outstanding assuming dilution | 1,442 |
1,430 |
1,437 |
1,427 |
||||
Depreciation & amortization included in expenses (2) |
|
|
|
|
(1) |
See section entitled “Charges & Credits” for details. |
(2) |
Includes depreciation of property, plant and equipment and amortization of intangible assets, exploration data costs and APS investments. |
Condensed Consolidated Balance Sheet | ||||
(Stated in millions) |
||||
Assets | 2022 |
2021 |
||
Current Assets | ||||
Cash and short-term investments |
|
|
||
Receivables | 7,032 |
5,315 |
||
Inventories | 3,999 |
3,272 |
||
Other current assets | 1,078 |
928 |
||
15,003 |
12,654 |
|||
Investment in affiliated companies | 1,581 |
2,044 |
||
Fixed assets | 6,607 |
6,429 |
||
12,982 |
12,990 |
|||
Intangible assets | 2,992 |
3,211 |
||
Other assets | 3,970 |
4,183 |
||
|
|
|||
Liabilities and Equity | ||||
Current Liabilities | ||||
Accounts payable and accrued liabilities |
|
|
||
Estimated liability for taxes on income | 1,002 |
879 |
||
Short-term borrowings and current portion of long-term debt | 1,632 |
909 |
||
Dividends payable | 263 |
189 |
||
12,018 |
10,359 |
|||
Long-term debt | 10,594 |
13,286 |
||
Postretirement benefits | 165 |
231 |
||
Other liabilities | 2,369 |
2,349 |
||
25,146 |
26,225 |
|||
Equity | 17,989 |
15,286 |
||
|
|
Liquidity
(Stated in millions) |
||||||
Components of Liquidity | 2022 |
2022 |
2021 |
|||
Cash and short-term investments |
|
|
|
|||
Short-term borrowings and current portion of long-term debt | (1,632) |
(899) |
(909) |
|||
Long-term debt | (10,594) |
(12,452) |
(13,286) |
|||
Net Debt (1) |
|
|
|
|||
Details of changes in liquidity follow: | ||||||
Twelve | Fourth | Twelve | ||||
Months | Quarter | Months | ||||
Periods Ended |
2022 |
2022 |
2021 |
|||
Net income |
|
|
|
|||
Charges and credits, net of tax (2) | (303) |
(39) |
(50) |
|||
3,189 |
1,044 |
1,878 |
||||
Depreciation and amortization (3) | 2,147 |
549 |
2,120 |
|||
Stock-based compensation expense | 313 |
77 |
324 |
|||
Change in working capital | (1,709) |
105 |
(45) |
|||
US federal tax refund | - |
- |
477 |
|||
Other | (220) |
(161) |
(103) |
|||
Cash flow from operations | 3,720 |
1,614 |
4,651 |
|||
Capital expenditures | (1,618) |
(572) |
(1,141) |
|||
APS investments | (587) |
(167) |
(474) |
|||
Exploration data capitalized | (97) |
(20) |
(39) |
|||
Free cash flow (4) | 1,418 |
855 |
2,997 |
|||
Dividends paid | (848) |
(248) |
(699) |
|||
Proceeds from employee stock plans | 222 |
51 |
137 |
|||
Business acquisitions and investments, net of cash acquired plus debt assumed | (58) |
(13) |
(103) |
|||
Proceeds from sale of Liberty shares | 732 |
218 |
109 |
|||
Proceeds from sale of ADC shares | 223 |
223 |
- |
|||
Proceeds from sale of real estate | 120 |
- |
- |
|||
Purchases of Blue |
(259) |
(259) |
- |
|||
Proceeds from sales of Blue |
111 |
111 |
- |
|||
Taxes paid on net settled stock-based compensation awards | (93) |
(1) |
(24) |
|||
Other | (105) |
14 |
(81) |
|||
Decrease in net debt before impact of changes in foreign exchange rates | 1,463 |
951 |
2,336 |
|||
Impact of changes in foreign exchange rates on net debt | 261 |
(541) |
488 |
|||
Decrease in Net Debt | 1,724 |
410 |
2,824 |
|||
Net Debt, beginning of period | (11,056) |
(9,742) |
(13,880) |
|||
Net Debt, end of period |
|
|
|
(1) |
“Net Debt” represents gross debt less cash and short-term investments. Management believes that Net Debt provides useful information regarding the level of SLB’s indebtedness by reflecting cash and investments that could be used to repay debt. Net Debt is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, total debt. |
(2) |
See section entitled “Charges & Credits” for details. |
(3) |
Includes depreciation of property, plant and equipment and amortization of intangible assets, exploration data costs, and APS investments. |
(4) |
“Free cash flow” represents cash flow from operations less capital expenditures, APS investments, and exploration data costs capitalized. Management believes that free cash flow is an important liquidity measure for the company and that it is useful to investors and management as a measure of SLB’s ability to generate cash. Once business needs and obligations are met, this cash can be used to reinvest in the company for future growth or to return to shareholders through dividend payments or share repurchases. Free cash flow does not represent the residual cash flow available for discretionary expenditures. Free cash flow is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, cash flow from operations. |
Charges & Credits
In addition to financial results determined in accordance with US generally accepted accounting principles (GAAP), this fourth-quarter and full-year 2022 earnings release also includes non-GAAP financial measures (as defined under the SEC’s Regulation G). In addition to the non-GAAP financial measures discussed under “Liquidity”, net income, excluding charges & credits, as well as measures derived from it (including diluted EPS, excluding charges & credits; SLB Net income attributable to SLB, excluding charges & credits; effective tax rate, excluding charges & credits; and adjusted EBITDA) are non-GAAP financial measures. Management believes that the exclusion of charges & credits from these financial measures enables it to evaluate more effectively SLB’s operations period over period and to identify operating trends that could otherwise be masked by the excluded items. These measures are also used by management as performance measures in determining certain incentive compensation. The foregoing non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. The following is a reconciliation of certain of these non-GAAP measures to the comparable GAAP measures. For a reconciliation of adjusted EBITDA to the comparable GAAP measure, please refer to the section titled “Supplementary Information” (Question 10).
(Stated in millions, except per share amounts) |
||||||||||
Fourth Quarter 2022 | ||||||||||
Pretax | Tax | Noncont. Interests |
Net | Diluted EPS |
||||||
Net income attributable to SLB (GAAP basis) |
|
|
|
|
|
|||||
Gain on ADC equity investment | (107) |
(3) |
- |
(104) |
(0.07) |
|||||
Gain on sale of Liberty shares | (84) |
(19) |
- |
(65) |
(0.05) |
|||||
Gain on repurchase of bonds | (11) |
(2) |
- |
(9) |
(0.01) |
|||||
Loss on Blue |
139 |
- |
- |
139 |
0.10 |
|||||
Net income attributable to SLB, excluding charges & credits |
|
|
|
|
|
|||||
Fourth Quarter 2021 | ||||||||||
Pretax | Tax | Noncont. Interests |
Net | Diluted EPS |
||||||
Net income attributable to SLB (GAAP basis) |
|
|
|
|
|
|||||
Gain on sale of Liberty shares | (28) |
(4) |
- |
(24) |
(0.02) |
|||||
Early repayment of bonds (1) | 10 |
- |
- |
10 |
0.01 |
|||||
Net income attributable to SLB, excluding charges & credits |
|
|
|
|
|
(Stated in millions, except per share amounts) |
||||||||||
Twelve Months 2022 | ||||||||||
Pretax |
|
Tax |
|
Noncont.
|
|
Net |
|
Diluted
|
||
Net income attributable to SLB (GAAP basis) |
|
|
|
|
|
|||||
Fourth Quarter | ||||||||||
Gain on ADC equity investment | (107) |
(3) |
- |
(104) |
(0.07) |
|||||
Gain on sale of Liberty shares | (84) |
(19) |
- |
(65) |
(0.05) |
|||||
Gain on repurchase of bonds | (11) |
(2) |
- |
(9) |
(0.01) |
|||||
Loss on Blue |
139 |
- |
- |
139 |
0.10 |
|||||
Second Quarter | ||||||||||
Gain on sale of Liberty shares | (215) |
(14) |
- |
(201) |
(0.14) |
|||||
Gain on sale of certain real estate | (43) |
(2) |
- |
(41) |
(0.03) |
|||||
First Quarter | ||||||||||
Gain on sale of Liberty shares | (26) |
(4) |
- |
(22) |
(0.02) |
|||||
Net income attributable to SLB, excluding charges & credits |
|
|
|
|
|
|||||
Twelve Months 2021 | ||||||||||
Pretax |
|
Tax |
|
Noncont.
|
|
Net |
|
Diluted
|
||
Net income attributable to SLB (GAAP basis) |
|
|
|
|
|
|||||
Fourth Quarter | ||||||||||
Gain on sale of Liberty shares | (28) |
(4) |
- |
(24) |
(0.02) |
|||||
Early repayment of bonds (1) | 10 |
- |
- |
10 |
0.01 |
|||||
Third Quarter | ||||||||||
Unrealized gain on marketable securities | (47) |
(11) |
- |
(36) |
(0.03) |
|||||
Net income attributable to SLB, excluding charges & credits |
|
|
|
|
|
* Does not add due to rounding. |
Unless otherwise noted, all Charges & Credits are classified in Interest & other income, net in the Condensed Consolidated Statement of Income. |
(1) Classified in Interest in the Condensed Consolidated Statement of Income. |
Divisions
(Stated in millions) | ||||||||||||
Three Months Ended | ||||||||||||
Revenue | Income Before Taxes |
Revenue | Income Before Taxes |
Revenue | Income Before Taxes |
|||||||
Digital & Integration |
|
|
|
|
|
|
||||||
Reservoir Performance | 1,554 |
282 |
1,456 |
244 |
1,287 |
200 |
||||||
3,229 |
679 |
3,084 |
664 |
2,388 |
368 |
|||||||
Production Systems | 2,215 |
238 |
2,150 |
224 |
1,765 |
159 |
||||||
Eliminations & other | (131) |
(24) |
(113) |
(37) |
(104) |
(76) |
||||||
Pretax segment operating income | 1,557 |
1,400 |
986 |
|||||||||
Corporate & other | (169) |
(155) |
(140) |
|||||||||
Interest income(1) | 14 |
8 |
14 |
|||||||||
Interest expense(1) | (118) |
(119) |
(123) |
|||||||||
Charges & credits(2) | 63 |
- |
18 |
|||||||||
|
|
|
|
|
|
(Stated in millions) |
||||||||||||
Full Year 2022 | ||||||||||||
Revenue | Income Before Taxes |
Depreciation and Amortization (3) |
Net Interest Income (4) |
Adjusted EBITDA (5) |
Capital Investments (6) |
|||||||
Digital & Integration |
|
|
|
|
|
|
||||||
Reservoir Performance | 5,553 |
881 |
386 |
(34) |
1,233 |
478 |
||||||
11,397 |
2,202 |
524 |
(25) |
2,701 |
687 |
|||||||
Production Systems | 7,862 |
748 |
311 |
(11) |
1,047 |
346 |
||||||
Eliminations & other | (446) |
(177) |
271 |
(1) |
95 |
102 |
||||||
5,011 |
1,996 |
(60) |
6,948 |
2,302 |
||||||||
Corporate & other | (637) |
151 |
(486) |
|||||||||
Interest income (1) | 27 |
|||||||||||
Interest expense (1) | (477) |
|||||||||||
Charges & credits (2) | 347 |
|||||||||||
|
|
|
|
|
|
(Stated in millions) |
||||||||||||
Full Year 2021 | ||||||||||||
Revenue | Income Before Taxes |
Depreciation and Amortization (3) |
Net Interest Expense (4) |
Adjusted EBITDA (5) |
Capital Investments (6) |
|||||||
Digital & Integration |
|
|
|
|
|
|
||||||
Reservoir Performance | 4,599 |
648 |
415 |
- |
1,063 |
348 |
||||||
8,706 |
1,195 |
537 |
1 |
1,733 |
424 |
|||||||
Production Systems | 6,710 |
634 |
302 |
- |
936 |
267 |
||||||
Eliminations & other | (376) |
(253) |
269 |
(1) |
15 |
99 |
||||||
3,365 |
1,969 |
13 |
5,347 |
1,654 |
||||||||
Corporate & other | (573) |
151 |
(422) |
|||||||||
Interest income (1) | 31 |
|||||||||||
Interest expense (1) | (514) |
|||||||||||
Charges & credits (2) | 65 |
|||||||||||
|
|
|
|
|
|
(1) |
Excludes amounts which are included in the segments’ results. |
(2) |
See section entitled “Charges & Credits” for details. |
(3) |
Includes depreciation of property, plant and equipment and amortization of intangible assets, APS, and exploration data costs. |
(4) |
Excludes interest income and interest expense recorded at the corporate level. |
(5) |
Adjusted EBITDA represents income before taxes excluding depreciation and amortization, interest income, interest expense and charges & credits. |
(6) |
Capital investments includes capital expenditures, APS investments, and exploration data costs capitalized. |
(Stated in millions) | ||||||
Twelve Months Ended | ||||||
Change | ||||||
Revenue | ||||||
Digital & Integration |
|
|
|
|||
Reservoir Performance | 5,553 |
4,599 |
|
|||
11,397 |
8,706 |
|
||||
Production Systems | 7,862 |
6,710 |
|
|||
Other | (446) |
(376) |
n/m |
|||
|
|
|
||||
|
||||||
Pretax Segment Operating Income |
|
|||||
Digital & Integration |
|
|
|
|||
Reservoir Performance | 881 |
648 |
|
|||
2,202 |
1,195 |
|
||||
Production Systems | 748 |
634 |
|
|||
Other | (177) |
(253) |
n/m |
|||
|
|
|
||||
|
||||||
Pretax Segment Operating Margin |
|
|||||
Digital & Integration |
|
|
177 bps |
|||
Reservoir Performance |
|
|
177 bps |
|||
|
|
560 bps |
||||
Production Systems |
|
|
6 bps |
|||
Other | n/m |
n/m |
n/m |
|||
|
|
316 bps |
||||
|
||||||
Adjusted EBITDA |
|
|||||
Digital & Integration |
|
|
|
|||
Reservoir Performance | 1,233 |
1,063 |
|
|||
2,701 |
1,733 |
|
||||
Production Systems | 1,047 |
936 |
|
|||
Other | 95 |
15 |
n/m |
|||
|
|
|
||||
Corporate & other | (486) |
(422) |
n/m |
|||
|
|
|
||||
|
||||||
Adjusted EBITDA Margin |
|
|||||
Digital & Integration |
|
|
165 bps |
|||
Reservoir Performance |
|
|
-91 bps |
|||
|
|
380 bps |
||||
Production Systems |
|
|
-63 bps |
|||
Other | n/m |
n/m |
n/m |
|||
|
|
141 bps |
||||
Corporate & other | n/m |
n/m |
n/m |
|||
|
|
152 bps |
||||
n/m = not meaningful |
Geographical
(Stated in millions) |
||||||||||
Full Year 2022 | ||||||||||
Revenue | Income Before Taxes |
Depreciation and Amortization (3) |
Net Interest Income (4) |
Adjusted EBITDA (5) |
||||||
International |
|
|
|
|
|
|||||
5,995 |
1,106 |
353 |
12 |
1,470 |
||||||
Eliminations & other | 201 |
(158) |
210 |
(1) |
53 |
|||||
5,011 |
1,996 |
(60) |
6,948 |
|||||||
Corporate & other | (637) |
151 |
(486) |
|||||||
Interest income (1) | 27 |
|||||||||
Interest expense (1) | (477) |
|||||||||
Charges & credits (2) | 347 |
|||||||||
|
|
|
|
|
(Stated in millions) |
||||||||||
Full Year 2021 | ||||||||||
Revenue | Income Before Taxes |
Depreciation and Amortization (3) |
Net Interest Expense (4) |
Adjusted EBITDA (5) |
||||||
International |
|
|
|
|
|
|||||
4,466 |
561 |
343 |
12 |
916 |
||||||
Eliminations & other | 168 |
(286) |
273 |
(1) |
(14) |
|||||
3,365 |
1,969 |
13 |
5,347 |
|||||||
Corporate & other | (573) |
151 |
(422) |
|||||||
Interest income (1) | 31 |
|||||||||
Interest expense (1) | (514) |
|||||||||
Charges & credits (2) | 65 |
|||||||||
|
|
|
|
|
(1) |
Excludes amounts that are included in the segments’ results. |
(2) |
See section entitled “Charges & Credits” for details. |
(3) |
Includes depreciation of property, plant and equipment and amortization of intangible assets, APS, and exploration data costs. |
(4) |
Excludes interest income and interest expense recorded at the corporate level. |
(5) |
Adjusted EBITDA represents income before taxes excluding depreciation and amortization, interest income, interest expense and charges & credits. |
(Stated in millions) | ||||||
Twelve Months Ended | ||||||
Change | ||||||
Revenue | ||||||
|
|
|
||||
5,661 |
4,459 |
|
||||
7,201 |
5,778 |
|
||||
9,033 |
8,058 |
|
||||
Other | 201 |
168 |
n/m |
|||
|
|
|
||||
|
||||||
International | 21,895 |
|
|
|||
5,995 |
4,466 |
|
||||
Other | 201 |
168 |
n/m |
|||
|
|
|
||||
|
||||||
Pretax Segment Operating Income |
|
|||||
International |
|
|
|
|||
1,106 |
561 |
|
||||
Other | (158) |
(286) |
n/m |
|||
|
|
|
||||
|
||||||
Pretax Segment Operating Income Margin |
|
|||||
International |
|
|
167 bps |
|||
|
|
589 bps |
||||
Other | n/m |
n/m |
n/m |
|||
|
|
316 bps |
||||
|
||||||
Adjusted EBITDA |
|
|||||
International |
|
|
|
|||
1,470 |
916 |
|
||||
Other | 53 |
(14) |
n/m |
|||
|
|
|
||||
Corporate & other | (486) |
(423) |
n/m |
|||
|
|
|
||||
|
||||||
Adjusted EBITDA Margin |
|
|||||
International |
|
|
47 bps |
|||
|
|
404 bps |
||||
Other | n/m |
n/m |
n/m |
|||
|
|
142 bps |
||||
Corporate & other | n/m |
n/m |
n/m |
|||
|
|
152 bps |
||||
n/m = not meaningful |
Supplementary Information
Frequently Asked Questions
1) |
What is the capital investment guidance for the full-year 2023? |
|
Capital investment (composed of capex, exploration data costs, and APS investments) for the full-year 2023 is expected to be approximately |
|
|
2) |
What were cash flow from operations and free cash flow for the fourth quarter of 2022? |
|
Cash flow from operations for the fourth quarter of 2022 was |
|
|
3) |
What were cash flow from operations and free cash flow for the full year 2022? |
|
Cash flow from operations for the full year 2022 was |
|
|
4) |
What was included in “Interest & other income, net” for the fourth quarter of 2022? |
|
“Interest & other income, net” for the fourth quarter of 2022 was |
Gain on ADC equity investment* |
|
|
Gain on sale of Liberty shares* | 84 |
|
Gain on repurchase of bonds* | 11 |
|
Interest income | 33 |
|
Earnings of equity method investments | 78 |
|
Loss on Blue |
(139) |
|
|
||
*Refer to Question 12 |
5) | How did interest income and interest expense change during the fourth quarter of 2022? |
|
Interest income of |
|
|
6) |
What is the difference between SLB’s consolidated income before taxes and pretax segment operating income? |
|
The difference consists of corporate items, charges and credits, and interest income and interest expense not allocated to the segments as well as stock-based compensation expense, amortization expense associated with certain intangible assets, certain centrally managed initiatives, and other nonoperating items. |
|
|
7) |
What was the effective tax rate (ETR) for the fourth quarter of 2022? |
|
The ETR for the fourth quarter of 2022, calculated in accordance with GAAP, was |
|
|
8) |
How many shares of common stock were outstanding as of |
|
There were 1.420 billion shares of common stock outstanding as of |
(Stated in millions) |
||
Shares outstanding at |
1,418 |
|
Shares issued under employee stock purchase plan | - |
|
Shares issued to optionees, less shares exchanged | 1 |
|
Vesting of restricted stock | 1 |
|
Shares outstanding at |
1,420 |
9) | What was the weighted average number of shares outstanding during the fourth quarter of 2022 and third quarter of 2022? How does this reconcile to the average number of shares outstanding, assuming dilution, used in the calculation of diluted earnings per share? |
The weighted average number of shares outstanding was 1.420 billion during the fourth quarter of 2022 and 1.418 billion during the third quarter of 2022. The following is a reconciliation of the weighted average shares outstanding to the average number of shares outstanding, assuming dilution, used in the calculation of diluted earnings per share. |
(Stated in millions) |
||||
Fourth Quarter 2022 |
Third Quarter 2022 |
|||
Weighted average shares outstanding | 1,420 |
1,418 |
||
Unvested restricted stock | 20 |
21 |
||
Assumed exercise of stock options | 2 |
- |
||
Average shares outstanding, assuming dilution | 1,442 |
1,439 |
10) | What was SLB’s adjusted EBITDA in the fourth quarter of 2022, the third quarter of 2022, the fourth quarter of 2021, the full-year 2022, and the full-year 2021? |
|
SLB’s adjusted EBITDA was |
(Stated in millions) |
||||||
Fourth Quarter 2022 |
Third Quarter 2022 |
Fourth Quarter 2021 |
||||
Net income attributable to SLB |
|
|
|
|||
Net income attributable to noncontrolling interests | 18 |
12 |
10 |
|||
Tax expense | 264 |
215 |
144 |
|||
Income before taxes |
|
|
|
|||
Charges & credits | (63) |
0 |
(18) |
|||
Depreciation and amortization | 549 |
533 |
532 |
|||
Interest expense | 121 |
122 |
127 |
|||
Interest income | (33) |
(33) |
(15) |
|||
Adjusted EBITDA |
|
|
|
SLB’s adjusted EBITDA was |
(Stated in millions) |
||||
2022 |
2021 |
|||
Net income (loss) attributable to SLB |
|
|
||
Net income attributable to noncontrolling interests | 51 |
47 |
||
Tax expense | 779 |
446 |
||
Income before taxes |
|
|
||
Charges & credits | (347) |
(65) |
||
Depreciation and amortization | 2,147 |
2,120 |
||
Interest expense | 490 |
529 |
||
Interest income | (99) |
(33) |
||
Adjusted EBITDA |
|
|
Adjusted EBITDA represents income before taxes, excluding charges & credits, depreciation and amortization, interest expense, and interest income. Management believes that adjusted EBITDA is an important profitability measure for SLB and that it allows investors and management to more efficiently evaluate SLB’s operations period over period and to identify operating trends that could otherwise be masked. Adjusted EBITDA is also used by management as a performance measure in determining certain incentive compensation. Adjusted EBITDA should be considered in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. |
11) |
What were the components of depreciation and amortization expense for the fourth quarter of 2022, the third quarter of 2022, and the fourth quarter of 2021? |
|
The components of depreciation and amortization expense for the fourth quarter of 2022, the third quarter of 2022, and the fourth quarter of 2021 were as follows: |
(Stated in millions) | ||||||
Fourth Quarter 2022 |
Third Quarter 2022 |
Fourth Quarter 2021 |
||||
Depreciation of fixed assets |
|
|
|
|||
Amortization of intangible assets | 75 |
76 |
76 |
|||
Amortization of APS investments | 102 |
96 |
71 |
|||
Amortization of exploration data costs capitalized | 25 |
18 |
40 |
|||
|
|
|
12) |
What were the components of the pretax net credit of |
|
The components of the pretax net credits were as follows (in millions): |
Gain on ADC equity investment(a) |
|
|
Gain on sale of Liberty shares(b) | 84 |
|
Gain on repurchase of bonds(c) | 11 |
|
Loss on Blue |
(139) |
|
|
(a) |
SLB has an investment in the |
(b) |
During the fourth quarter of 2022, SLB sold 14.1 million of its shares in Liberty and received net proceeds of |
(c) |
During the fourth quarter of 2022, SLB repurchased |
(d) |
|
13) |
How does SLB calculate ROCE (return on capital employed)? |
|
SLB calculates ROCE as a ratio, the numerator of which is (a) net income, excluding charges and credits plus (b) after tax net interest expense, and the denominator of which is (x) stockholders’ equity, including non-controlling interests (average of beginning and end of each quarter in the year), plus (y) net debt (average of beginning and end of each quarter in the year). ROCE is a measure of the efficiency of our capital employed, and is a comprehensive indicator of long-term company and management performance. |
About SLB
SLB (NYSE: SLB) is a global technology company driving energy innovation for a balanced planet. With a global presence in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. Find out more at slb.com.
*Mark of SLB or an SLB company. Other company, product, and service names are the properties of their respective owners.
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Conference Call Information
SLB will hold a conference call to discuss the earnings press release and business outlook on
This fourth-quarter and full-year 2022 earnings press release, as well as other statements we make, contain “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts. Such statements often contain words such as “expect,” “may,” “can,” “believe,” “predict,” “plan,” “potential,” “projected,” “projections,” “precursor,” “forecast,” “outlook,” “expectations,” “estimate,” “intend,” “anticipate,” “ambition,” “goal,” “target,” “scheduled,” “think,” “should,” “could,” “would,” “will,” “see,” “likely,” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as statements about our financial and performance targets and other forecasts or expectations regarding, or dependent on, our business outlook; growth for SLB as a whole and for each of its Divisions (and for specified business lines, geographic areas, or technologies within each Division); oil and natural gas demand and production growth; oil and natural gas prices; forecasts or expectations regarding energy transition and global climate change; improvements in operating procedures and technology; capital expenditures by SLB and the oil and gas industry; our business strategies, including digital and “fit for basin,” as well as the strategies of our customers; our effective tax rate; our APS projects, joint ventures, and other alliances; our response to the COVID-19 pandemic and our preparedness for other widespread health emergencies; the impact of the ongoing conflict in
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investor-relations@slb.com
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Source: SLB
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