Schlumberger Files Q3 2024 10-Q

TL;DR

SLB filed its Q3 10-Q. Financials are in.

AI Summary

Schlumberger Limited/NV filed its 10-Q for the period ending September 30, 2024. The filing provides a detailed overview of the company's financial performance and position. Key financial data and disclosures are presented for the third quarter and year-to-date periods.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Schlumberger, a major player in the oilfield services industry, enabling informed investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Players & Entities

• SCHLUMBERGER LIMITED/NV (company) — Filer
• 0000087347 (company) — Central Index Key
• 20240930 (date) — Period of Report
• 20241023 (date) — Filing Date

FAQ

Key Financial Figures

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

Filing Documents

• slb-20240930.htm (10-Q) — 2671KB
• 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) — 61KB
• img114894666_0.jpg (GRAPHIC) — 3KB
• 0000950170-24-116535.txt ( ) — 9873KB
• slb-20240930.xsd (EX-101.SCH) — 962KB
• slb-20240930_htm.xml (XML) — 2198KB

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 22 Item 4.

Controls and Procedures

Controls and Procedures 22 PART II Other Information Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A.

Risk Factors

Risk Factors 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23 Item 3. Defaults Upon Senior Securities 23 Item 4. Mine Safety Disclosures 23 Item 5. Other Information 23 Item 6. Exhibits 24

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 ) Third Quarter Nine Months 2024 2023 2024 2023 Revenue Services $ 5,841 $ 5,719 $ 17,419 $ 16,616 Product sales 3,318 2,591 9,586 7,529 Total Revenue 9,159 8,310 27,005 24,145 Interest & other income 96 73 265 247 Expenses Cost of services 4,465 4,360 13,403 12,777 Cost of sales 2,772 2,232 8,103 6,601 Research & engineering 187 186 557 524 General & administrative 90 81 305 268 Restructuring 65 - 176 - Merger & integration 33 - 60 - Interest 136 129 381 373 Income before taxes 1,507 1,395 4,285 3,849 Tax expense 289 259 824 722 Net income 1,218 1,136 3,461 3,127 Net income attributable to noncontrolling interests 32 13 95 36 Net income attributable to SLB $ 1,186 $ 1,123 $ 3,366 $ 3,091 Basic income per share of SLB $ 0.84 $ 0.79 $ 2.36 $ 2.17 Diluted income per share of SLB $ 0.83 $ 0.78 $ 2.34 $ 2.14 Average shares outstanding: Basic 1,417 1,424 1,425 1,424 Assuming dilution 1,432 1,442 1,441 1,442 See Notes to Consolidated Financial Statements 3 SCHLUMBERGER LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) (Stated in millions) Third Quarter Nine Months 2024 2023 2024 2023 Net income $ 1,218 $ 1,136 $ 3,461 $ 3,127 Currency translation adjustments Unrealized net change arising during the period ( 42 ) ( 46 ) 11 ( 123 ) Marketable securities Unrealized gain arising during the period 14 - 14 - Cash flow hedges Net (loss) gain on cash flow hedges ( 5 ) 24 ( 48 ) 96 Reclassification to net income of net realized (gain) loss ( 2 )

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 September 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 ou

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View this 10-Q filing on SEC EDGAR