Schlumberger Files 10-Q for Q2 2024

TL;DR

SLB 10-Q filed. Financials for Q2 2024 are in. Check it out.

AI Summary

Schlumberger Limited/NV filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial data and disclosures are provided as required by the SEC.

Why It Matters

This filing provides investors and analysts with crucial financial information about Schlumberger's performance and financial health during the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Players & Entities

• SCHLUMBERGER LIMITED/NV (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240724 (date) — Date of filing
• 0000087347 (company) — Central Index Key for Schlumberger

FAQ

Key Financial Figures

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

Filing Documents

• slb-20240630.htm (10-Q) — 2494KB
• 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) — 10KB
• slb-ex32_2.htm (EX-32.2) — 10KB
• slb-ex95.htm (EX-95) — 60KB
• img114891783_0.jpg (GRAPHIC) — 3KB
• 0000950170-24-085905.txt ( ) — 9392KB
• slb-20240630.xsd (EX-101.SCH) — 933KB
• slb-20240630_htm.xml (XML) — 2160KB

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 16 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 21 Item 4.

Controls and Procedures

Controls and Procedures 21 PART II Other Information Item 1.

Legal Proceedings

Legal Proceedings 22 Item 1A.

Risk Factors

Risk Factors 22 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22 Item 3. Defaults Upon Senior Securities 22 Item 4. Mine Safety Disclosures 22 Item 5. Other Information 22 Item 6. Exhibits 23

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 ) Second Quarter Six Months 2024 2023 2024 2023 Revenue Services $ 5,902 $ 5,563 $ 11,578 $ 10,897 Product sales 3,237 2,536 6,268 4,938 Total Revenue 9,139 8,099 17,846 15,835 Interest & other income 85 82 169 174 Expenses Cost of services 4,523 4,288 8,939 8,417 Cost of sales 2,739 2,214 5,331 4,370 Research & engineering 188 163 369 337 General & administrative 94 96 215 187 Restructuring 111 - 111 - Merger & integration 16 - 27 - Interest 132 127 245 244 Income before taxes 1,421 1,293 2,778 2,454 Tax expense 276 246 535 464 Net income 1,145 1,047 2,243 1,990 Net income attributable to noncontrolling interests 33 14 63 23 Net income attributable to SLB $ 1,112 $ 1,033 $ 2,180 $ 1,967 Basic income per share of SLB $ 0.78 $ 0.73 $ 1.53 $ 1.38 Diluted income per share of SLB $ 0.77 $ 0.72 $ 1.51 $ 1.36 Average shares outstanding: Basic 1,428 1,423 1,429 1,425 Assuming dilution 1,443 1,442 1,445 1,444 See Notes to Consolidated Financial Statements 3 SCHLUMBERGER LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) (Stated in millions) Second Quarter Six Months 2024 2023 2024 2023 Net income $ 1,145 $ 1,047 $ 2,243 $ 1,990 Currency translation adjustments Unrealized net change arising during the period 30 ( 43 ) 53 ( 77 ) Cash flow hedges Net (loss) gain on cash flow hedges ( 26 ) 105 ( 43 ) 72 Reclassification to net income of net realized gain 6 ( 9 ) 5 ( 14 ) Pension and other postretirement benefit plans Amortization to net income of

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 June 30, 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 outstan

View Full Filing

View this 10-Q filing on SEC EDGAR