Schlumberger Limited (SLB) Bundle
An Overview of Schlumberger Limited (SLB)
General Summary of Schlumberger Limited (SLB)
Founded in 1926, Schlumberger Limited (SLB) is a global leader in energy services, providing technology and expertise in oil and gas exploration and production. The company operates in over 120 countries, offering a wide range of products and services that include:
- Reservoir characterization and monitoring
- Drilling and completion services
- Production optimization
- Digital solutions and software
- Well construction and intervention services
As of 2024, SLB reported total sales of approximately $27 billion, marking a 12% increase year-on-year, driven by the acquisition of Aker Solutions' subsea business.
Company's Financial Performance in the Latest Financial Reports
For the third quarter of 2024, Schlumberger achieved a revenue of $9.2 billion, which was flat compared to the second quarter of 2024 but reflected growth in the Middle East and Asia. The company's financial highlights for the nine months ended September 30, 2024, include:
| Key Financial Metrics | Q3 2024 | Q3 2023 | 9 Months 2024 | 9 Months 2023 |
|---|---|---|---|---|
| Revenue | $9.2 billion | $8.3 billion | $27.0 billion | $24.1 billion |
| Net Income Attributable to SLB | $1.186 billion | $1.123 billion | $3.366 billion | $3.091 billion |
| Earnings per Share (Diluted) | $0.83 | $0.78 | $2.34 | $2.14 |
| Free Cash Flow | $2.359 billion | $1.758 billion | $2.359 billion | $1.758 billion |
Notably, international revenue grew by 16% year-on-year, underscoring the company's strong global presence despite a 3% decrease in North America revenue.
Introduction to Schlumberger as a Leader in the Industry
Schlumberger is recognized as one of the leading companies in the energy services sector, leveraging its extensive experience and advanced technology to remain competitive. The company's strategic focus on digital transformation and commitment to sustainability has positioned it well in a rapidly evolving market. As of 2024, SLB continues to invest in innovation, with a notable emphasis on carbon capture technologies and digital solutions that enhance operational efficiency.
With a robust backlog of $5.2 billion as of September 30, 2024, and a cumulative share repurchase program totaling $3.0 billion, SLB is well-equipped to navigate future challenges and capitalize on market opportunities.
Mission Statement of Schlumberger Limited (SLB)
Mission Statement of Schlumberger Limited (SLB)
Schlumberger Limited (SLB) is committed to delivering superior technology and services across the energy sector. The company's mission statement emphasizes its dedication to providing high-quality products and innovative solutions that meet the evolving needs of its clients globally. This mission serves as a guiding principle for SLB's long-term goals, ensuring that it remains focused on operational excellence and customer satisfaction.
Core Component 1: Commitment to Innovation
SLB’s mission underscores its commitment to innovation in technology and services. The company invests significantly in research and development, with capital investments reaching approximately $1.9 billion during the first nine months of 2024. This investment is crucial for maintaining a competitive edge and enhancing operational efficiencies for clients. For instance, the Digital & Integration segment recorded revenue of $3.1 billion, marking a 10% increase year-over-year, driven by advancements in digital technologies and automation.
Core Component 2: Sustainable Practices
Another critical aspect of SLB's mission is its focus on sustainability. The company aims to minimize its environmental impact while supporting clients in their sustainability goals. In 2024, SLB established a joint venture, SLB Capturi™, with Aker Carbon Capture ASA, investing NOK 4.1 billion (approximately $0.4 billion) to accelerate carbon capture technologies. This commitment is reflected in SLB’s revenue from Reservoir Performance, which grew to $5.4 billion, with significant contributions from enhanced oil recovery and carbon management initiatives.
Core Component 3: Global Reach and Client Focus
SLB's mission emphasizes its global presence and client-centric approach. The company operates in over 120 countries, providing services tailored to local market needs. In the third quarter of 2024, SLB reported total revenue of $9.2 billion, with international revenue growing by 16% year-on-year. The Well Construction segment alone generated $10.1 billion in revenue, reflecting the company’s robust operations in the Middle East and Asia.
| Financial Metric | 2024 (First Nine Months) | 2023 (First Nine Months) |
|---|---|---|
| Capital Investments | $1.9 billion | $1.9 billion |
| Digital & Integration Revenue | $3.1 billion | $2.8 billion |
| Reservoir Performance Revenue | $5.4 billion | $4.8 billion |
| Well Construction Revenue | $10.1 billion | $10.1 billion |
| Total Revenue | $27.0 billion | $24.1 billion |
Vision Statement of Schlumberger Limited (SLB)
Vision Statement Overview
As of 2024, Schlumberger Limited (SLB) emphasizes its commitment to delivering technology and services that enable the energy industry to meet the world's energy needs sustainably. The vision statement reflects a focus on innovation, efficiency, and environmental stewardship in its operations.
Commitment to Sustainability
SLB's vision includes a strong commitment to sustainability. The company aims to lead the energy transition by providing technologies that reduce carbon emissions and enhance resource efficiency. In 2024, SLB has made significant investments in carbon capture technology, exemplified by the establishment of the SLB Capturi™ joint venture with Aker Carbon Capture ASA, which focuses on large-scale carbon capture solutions.
Technological Innovation
Technological innovation is central to SLB's vision. The company reported a digital revenue of $3.1 billion for the first nine months of 2024, representing a 10% increase year-over-year. This growth is attributed to the adoption of advanced technologies such as cloud computing, artificial intelligence, and edge computing, aimed at enhancing operational efficiency and decision-making processes across its services.
Global Reach and Local Expertise
SLB's vision highlights the importance of combining global expertise with local knowledge. The company's revenue from international operations reached $21.9 billion in the first nine months of 2024, an increase of 16% compared to the previous year. This growth is driven by higher activity levels in the Middle East and Asia, showcasing SLB's ability to adapt its strategies to local market conditions while leveraging its global footprint.
Financial Performance Indicators
| Financial Metric | 2024 (YTD) | 2023 (YTD) |
|---|---|---|
| Total Revenue | $27.0 billion | $24.1 billion |
| Digital Revenue | $3.1 billion | $2.8 billion |
| International Revenue Growth | 16% | 8% |
| Capital Investments | $1.9 billion | $1.9 billion |
| Net Income | $3.4 billion | $3.1 billion |
Enhancing Energy Security
SLB's vision also encompasses a commitment to enhancing global energy security. The company is positioned to support long-cycle projects in deepwater and gas markets, which are critical for stable energy supply. In response to geopolitical events affecting energy markets, SLB is actively working to ensure that its services contribute to reliable and resilient energy systems worldwide.
Workforce and Community Engagement
SLB recognizes that its workforce is vital to achieving its vision. The company has invested in workforce development programs, emphasizing diversity, equity, and inclusion. As of September 30, 2024, SLB's total workforce stood at approximately 100,000 employees, reflecting its commitment to building a skilled and diverse team that can innovate and drive the company's goals forward.
Core Values of Schlumberger Limited (SLB)
Integrity
Integrity is a core value at Schlumberger Limited (SLB), emphasizing ethical behavior and transparency in all operations. This value is crucial for maintaining trust with clients, employees, and stakeholders.
In 2024, SLB has implemented a series of initiatives to enhance its integrity framework, including:
- Regular ethics training programs for employees, reaching over 95% participation among its global workforce.
- Establishment of a whistleblower hotline that received over 120 reports in the first nine months of 2024, demonstrating a commitment to accountability.
Safety
Safety is a fundamental value for SLB, reflected in its operations to protect employees and the environment. The company aims to achieve zero incidents across all its projects.
As of September 30, 2024, SLB reported:
- A 20% reduction in Total Recordable Incident Rate (TRIR) compared to the previous year.
- Investment of $150 million in safety training and technology upgrades to enhance operational safety.
Respect
Respect is integral to SLB's corporate culture, fostering an inclusive and diverse workplace. This value encourages collaboration and mutual respect among employees and stakeholders.
In 2024, SLB has taken significant steps to promote respect:
- Launched a diversity and inclusion initiative that aims to increase female representation in leadership roles by 30% by 2025.
- Conducted employee engagement surveys with an 85% response rate, indicating strong alignment with the company's respect values.
Excellence
Excellence drives SLB's pursuit of high performance and innovative solutions in the oil and gas industry. This value is vital for maintaining competitive advantage and meeting customer expectations.
Key indicators of SLB's commitment to excellence in 2024 include:
- Achieving a 12% year-on-year revenue growth, totaling $27 billion for the first nine months of 2024.
- Recognition as the industry leader in digital integration technologies, with $3.1 billion in revenue from digital services alone.
| Core Value | Key Metrics | Initiatives |
|---|---|---|
| Integrity | 95% ethics training participation | Whistleblower hotline with 120 reports |
| Safety | 20% reduction in TRIR | $150 million investment in safety |
| Respect | 30% target for female leadership by 2025 | 85% engagement survey response rate |
| Excellence | $27 billion revenue (9M 2024) | $3.1 billion from digital services |
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Article updated on 8 Nov 2024
Resources:
- Schlumberger Limited (SLB) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Schlumberger Limited (SLB)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Schlumberger Limited (SLB)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.