Schlumberger Limited (SLB) reported strong financial performance for the third quarter of 2024, with total revenue reaching $9,159 million, a 10.2% increase from $8,310 million in the same quarter of 2023. For the first nine months of 2024, revenue totaled $27,005 million, up from $24,145 million year-over-year. The company’s income before taxes for Q3 2024 was $1,507 million, compared to $1,395 million in Q3 2023, while net income rose to $1,218 million from $1,136 million in the prior year. Net income attributable to SLB for Q3 2024 was $1,186 million, reflecting an increase from $1,123 million in Q3 2023.
Earnings per share also improved, with basic earnings per share at $0.84 for Q3 2024, up from $0.79 in Q3 2023, and diluted earnings per share rising to $0.83 from $0.78. For the nine months ended September 30, 2024, net income attributable to SLB was $3,366 million, compared to $3,091 million for the same period in 2023.
The company’s comprehensive income for Q3 2024 was $1,175 million, an increase from $1,106 million in Q3 2023. Current assets as of September 30, 2024, included $3,086 million in cash and $1,376 million in short-term investments, contributing to total assets of $49,775 million. Current liabilities included long-term debt of $11,864 million.
Strategically, SLB announced the acquisition of ChampionX Corporation in an all-stock transaction, expected to close in Q1 2025. This follows the earlier acquisition of Aker Solutions' subsea business, which contributed significantly to revenue growth. The company recorded severance charges of $65 million in Q3 2024 and $111 million in Q2 2024, reflecting ongoing restructuring efforts.
Segment performance for Q3 2024 showed varied results: Digital & Integration revenue was $1,088 million, up from $982 million; Reservoir Performance revenue increased to $1,823 million from $1,680 million; Well Construction revenue decreased to $3,312 million from $3,430 million; and Production Systems revenue surged to $3,103 million from $2,367 million.
Overall, SLB's financial results for Q3 2024 and the first nine months of the year indicate robust growth, driven by strategic acquisitions and improved operational performance across various segments.
About SCHLUMBERGER LIMITED/NV
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