SLB has released its second quarter results of 2024 (Q2 2024), recording net income attributable to SLB of $1.11 billion, a 4% sequential and an 8% year-on-year (YoY) increase. The diluted EPS on a GAAP basis was $0.77, up 4% sequentially and 7% YoY.
SLB’s adjusted EBITDA for Q2 2024 was $2.29 billion, an 11% sequential increase and a 17% YoY increase.
“We achieved solid second-quarter results, with broad-based international revenue growth and margin expansion across all Divisions. Our Core business continued to build on its positive momentum and our digital business accelerated, resulting in our highest quarterly international revenue since 2014,” said SLB CEO Olivier Le Peuch.
“These results demonstrate SLB’s strong position in key, resilient markets, as we continue to benefit from elevated activity in the Middle East & Asia, particularly in gas, and our clients’ increased investments in deepwater basins, exploration, and digital,” le Peuch added.
SLB’s revenue grew 5% sequentially, led by the Middle East & Asia, which increased 6%. The increase in this area was driven by capacity expansions, gas development projects, and production and recovery, with a majority of GeoUnits in the area achieving record revenue.
The company’s results were also attributed to enhanced offshore exposure, particularly in deepwater basins across Latin America, Europe & Africa, and in the US Gulf of Mexico.
Looking ahead, Le Peuch expressed confidence in the ongoing momentum in international markets, anticipating strong digital sales and the company’s cost efficiency programs to expand margins and achieve mid-teens growth in full-year adjusted EBITDA.
“Beyond 2024, the fundamentals of this cycle remain in place, and there is a long tailwind of growth opportunities, including long-cycle gas and deepwater projects, production and recovery activity, and the secular trends of digital and decarbonization. This represents a strong backdrop to continue our margin expansion and cash generation journey,” Le Peuch said.
“With our continued performance and ongoing emphasis on capital discipline and cost efficiency, we remain well positioned to outperform the market and deliver on our commitment to returns to shareholders,” he added.
