SLB has released its results of the year 2024, recording 10% year on year (YoY) increase in revenues amounting to $36.29 billion.
This was driven by the company’s acquisition of Aker Solutions in the fourth quarter (Q4) of 2023 alongside upstream operations in Europe, North Africa, and the Middle East during 2024.
The company’s Adjusted EBITDA for 2024 was $9.07 billion, marking a 12% YoY increase from the $8.107 billion reported in 2023
“2024 was a strong year for SLB as we successfully navigated evolving market conditions to deliver revenue and EBITDA growth, margin expansion and solid free cash flow,” said SLB Chief Executive Officer Olivier Le Peuch.
SLB said on Friday that the acquired business generated revenue of $1.93 billion during the full year of 2024 and $484 million during the fourth quarter of 2023.
In the upstream, SLB achieved revenues of $3.38 billion in the Middle East & Asia, reflecting a 2% sequential increase due to strong activity in the UAE, higher drilling in Egypt, and increased stimulation, intervention, and evaluation activity in Qatar.
Similarly, in Europe & Africa, revenues grew by 2% sequentially to $2.47 billion, bolstered by the acquired Aker subsea business.
“Our full-year results were highlighted by 12% international revenue growth. This performance was led by the Middle East & Asia and Europe & Africa, which grew 18% and 13%, respectively,” said LE Peuch.
This performance enabled SLB to generate $3.99 billion in free cash flow, enabling the company to return $3.27 billion to shareholders and reduce net debt by $571 million.
Notably, the company’s digital & Integration revenue increased 10% YoY, driven by 20% growth in digital, which reached $2.44 billion for the year.
“Sequentially, fourth-quarter revenue grew slightly, driven by digital sales in North America and higher activity in the Middle East, Europe and North Africa,” Le Peuch said.
In the fourth quarter, Egypt’s Khalda Petroleum Company awarded SLB a multiyear digital contract for Petrel subsurface software technology and a long-term contract for seismic imaging and processing over the West Kalabsha and Shushan concessions.
This contract includes a full integrity processing scope from deblending to full-waveform inversion (FWI), which will help Khalda Petroleum Company better understand subsurface features, identify potential hydrocarbon zones, and make informed decisions about exploration, drilling, and production.
