The financial results of SLB showed that its revenues recorded $8.49 billion in Q1 2025 compared to $8.7 billion during the same period in 2024, the company said in a statement. It added that the net income attributable to SLB amounted to $797 million in Q1 2025, versus $1.07 billion in Q1 2024. The cash flow from operations reached $660 million increasing $333 million year on year (YoY).
Regarding the Middle East and Asia, SLB achieved revenues of $3 billion during Q1 2025 decreasing by 3% YoY. The company referred this decrease to a meaningful reduction in drilling and stimulation activity in Saudi Arabia, lower production systems sales in Egypt and Australia, and reduced drilling activity in India. “These declines were partially offset by significantly higher revenue in the United Arab Emirates and Kuwait”, the company elaborated.
“First-quarter adjusted EBITDA margin was slightly up year on year despite softer revenue as we continued to navigate the evolving market dynamics,” said SLB Chief Executive Officer, Olivier Le Peuch. “It was a subdued start to the year as revenue declined 3% year on year. Higher activity in parts of the Middle East, North Africa, Argentina and offshore U.S., along with strong growth in our data center infrastructure solutions and digital businesses in North America, were more than offset by a sharper-than-expected slowdown in Mexico, a slow start to the year in Saudi Arabia and offshore Africa, and steep decline in Russia,” he added.
“These results demonstrate SLB’s resilience in changing market conditions. We are continuously exercising cost discipline and aligning our resources with activity levels, leveraging our global reach and industry-leading innovation capabilities, expanding our differentiated digital offerings, and strategically diversifying the portfolio beyond oil and gas,” Le Peuch said.
“SLB is committed to returning more than 50% of its free cash flow to our shareholders, and we will materially exceed this target in 2025. We continue to have confidence in our ability to generate strong cash flow in the current environment and will return a minimum of $4 billion to shareholders through dividends and share repurchases this year,” the CEO noted.
