Q2 2024 Schlumberger NV Earnings Call Transcript
Key Points
- Schlumberger Ltd (SLB) reported a strong second-quarter performance with a 5% sequential revenue increase and an 11% growth in adjusted EBITDA.
- International revenue grew 6% sequentially, driven by record-high quarterly revenues in the Middle East and Asia.
- The company saw significant growth in offshore markets, particularly in deepwater basins like Brazil, West Africa, and Norway.
- Digital and integration divisions achieved highly accretive sequential growth, with digital business reaching a new quarterly high.
- Schlumberger Ltd (SLB) returned $1.5 billion to shareholders in the first half of the year through stock repurchases and dividends.
- North American revenue growth was constrained by weaker gas prices, capital discipline, and ongoing market consolidation.
- The company recorded $0.07 of charges related to a program aimed at realigning and optimizing support and service delivery structures.
- Well construction growth was partially offset by weaker land activity in North America.
- The company expects additional charges in the third quarter related to ongoing cost efficiency actions.
- Schlumberger Ltd (SLB) faced limitations on stock repurchases during the period between the mailing of the proxy for the ChampionX acquisition and the shareholders' vote.
Thank you, everyone, for standing by. Welcome to the SLB second-quarter earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
I would now like to turn the conference over to James R. McDonald, Senior Vice President of Investor Relations and Industry Affairs. Please go ahead.
Thank you, Leah. Good morning and welcome to the SLB second-quarter 2024 earnings conference call. Today's call is being hosted from London following our Board meeting held earlier this week. Joining us on the call are Olivier Le Peuch, Chief Executive Officer; and Stephane Biguet, Chief Financial Officer
Before we begin, I would like to remind all participants that some of the statements we'll be making today are forward-looking. These matters involve risks and uncertainties that could cause our results to differ materially from those projected in these statements. For more information, please refer to our latest 10-K filing and other SEC filings which can be
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