Schlumberger Limited/NV Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Schlumberger Limited/NV has filed its Q1 2024 10-Q report, detailing financial performance and instrument data.</b>

AI Summary

SCHLUMBERGER LIMITED/NV (SLB) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. Schlumberger Limited/NV filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to various financial instruments and segments, such as 'Four Point Zero Zero Percent Notes Due Two Thousand Twenty Five Member' and 'Other Countries Member'. Specific dates like 2023-12-31, 2024-03-31, and 2024-01-01 are referenced in relation to financial reporting periods and instrument maturities. The report details financial elements including 'Revenue From Contract With Customer Excluding Assessed Tax' and 'Cost Of Goods And Services Sold'. Key financial metrics and accounts such as 'Accounts Payable And Accrued Liabilities Current' and 'Retained Earnings Member' are present.

Why It Matters

For investors and stakeholders tracking SCHLUMBERGER LIMITED/NV, this filing contains several important signals. This filing provides a detailed look into Schlumberger's financial health and operational segments for the first quarter of 2024, crucial for investors assessing performance and future outlook. The inclusion of specific financial instruments and segment data allows for a granular analysis of revenue streams, costs, and debt obligations, aiding in valuation and risk assessment.

Risk Assessment

Risk Level: medium — SCHLUMBERGER LIMITED/NV shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a routine update on financial performance and does not contain significant new information that would drastically alter the risk profile, but it does detail various financial instruments and segments that require careful analysis.

Analyst Insight

Investors should review the detailed financial statements and segment performance within the 10-Q to understand Schlumberger's current operational and financial standing.

Key Numbers

• 2024-03-31 — Period End Date (Reporting period)
• 2024-04-24 — Filing Date (Date of submission)
• 1231 — Fiscal Year End (Company's fiscal year end)
• Q1 — Quarter (Reporting quarter)

Key Players & Entities

• SCHLUMBERGER LIMITED/NV (company) — Filer name
• SLB (company) — Ticker symbol
• 20240331 (date) — Period of report
• 20240424 (date) — Filing date
• HOUSTON (location) — Business address city
• 7135132000 (phone) — Business phone number
• OIL, GAS FIELD SERVICES, NBC [1389] (industry) — Standard Industrial Classification
• 0000087347 (company) — Central Index Key

FAQ

Risk Factors

• Regulatory Compliance [medium — regulatory]: The company must comply with various regulations in the oil and gas industry, which can impact operations and profitability.
• Market Volatility [high — market]: Fluctuations in oil and gas prices and demand can significantly affect Schlumberger's revenue and profitability.
• Operational Risks [medium — operational]: Risks related to the execution of complex projects, equipment failures, and supply chain disruptions can impact service delivery.
• Debt Obligations [medium — financial]: The company has various debt instruments, and managing these obligations is critical to financial stability.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.

Key Financial Figures

• $0.01 — ch registered common stock, par value $0.01 per share SLB New York Stock Exchan

Filing Documents

• slb-20240331.htm (10-Q) — 1700KB
• slb-ex22.htm (EX-22) — 4KB
• slb-ex31_1.htm (EX-31.1) — 12KB
• slb-ex31_2.htm (EX-31.2) — 12KB
• slb-ex32_1.htm (EX-32.1) — 9KB
• slb-ex32_2.htm (EX-32.2) — 10KB
• slb-ex95.htm (EX-95) — 62KB
• img114888901_0.jpg (GRAPHIC) — 3KB
• 0000950170-24-047250.txt (&nbsp;) — 7036KB
• slb-20240331.xsd (EX-101.SCH) — 916KB
• slb-20240331_htm.xml (XML) — 1328KB

Financial Statements

Financial Statements 3 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 19 Item 4.

Controls and Procedures

Controls and Procedures 19 PART II Other Information Item 1.

Legal Proceedings

Legal Proceedings 20 Item 1A.

Risk Factors

Risk Factors 20 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20 Item 3. Defaults Upon Senior Securities 20 Item 4. Mine Safety Disclosures 20 Item 5. Other Information 21 Item 6. Exhibits 22

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. SCHLUMBERGER LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME (Unaudited) (Stated in millions, except per share amounts ) Three Months Ended March 31, 2024 2023 Revenue Services $ 5,676 $ 5,334 Product sales 3,031 2,402 Total Revenue 8,707 7,736 Interest & other income 84 92 Expenses Cost of services 4,415 4,129 Cost of sales 2,592 2,156 Research & engineering 182 174 General & administrative 121 91 Merger & integration 11 - Interest 113 117 Income before taxes 1,357 1,161 Tax expense 259 217 Net income 1,098 944 Net income attributable to noncontrolling interests 30 10 Net income attributable to SLB $ 1,068 $ 934 Basic income per share of SLB $ 0.75 $ 0.65 Diluted income per share of SLB $ 0.74 $ 0.65 Average shares outstanding: Basic 1,431 1,426 Assuming dilution 1,447 1,446 See Notes to Consolidated Financial Statements 3 SCHLUMBERGER LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) (Stated in millions) Three Months Ended March 31, 2024 2023 Net income $ 1,098 $ 944 Currency translation adjustments Unrealized net change arising during the period 23 ( 34 ) Cash flow hedges Net loss on cash flow hedges ( 17 ) ( 33 ) Reclassification to net income of net realized gain ( 1 ) ( 5 ) Pension and other postretirement benefit plans Amortization to net income of net actuarial gain - ( 2 ) Amortization to net income of net prior service credit ( 6 ) ( 6 ) Income taxes on pension and other postretirement benefit plans 1 2 Other 5 - Comprehensive income 1,103 866 Comprehensive income attributable to noncontrolling interests 30 10 Comprehensive income attributable to SLB $ 1,073 $ 856 See Notes to Consolidated Financial Statements 4 SCHLUM

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Basis of Presentation The accompanying unaudited consolidated financial statements of Schlumberger Limited and its subsidiaries ("SLB") have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of SLB management, all adjustments considered necessary for a fair statement have been included in the accompanying unaudited financial statements. All intercompany transactions and balances have been eliminated in consolidation. Operating results for the three-month period ended March 31, 2024 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2024. The December 31, 2023 balance sheet information has been derived from the SLB 2023 audited financial statements. For further information, refer to the Consolidated Financial Statements and notes thereto included in the SLB Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on January 24, 2024. Recently Announced Transaction On April 2, 2024, SLB announced a definitive agreement to purchase ChampionX Corporation ("ChampionX") in an all-stock transaction. ChampionX is a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently, and sustainably around the world. Under the terms of the agreement, ChampionX shareholders will receive 0.735 shares of SLB common stock in exchange for each ChampionX share. At the closing of the transaction ChampionX shareholders will own approximately 9 % of SLB's outsta

View Full Filing

View this 10-Q filing on SEC EDGAR