SLB’s Q2 revenues cross $9.14 billion driven by higher investments

SLB on Friday announced a robust 13% increase in revenues and an 8% rise in net profit year-on-year, driven by increased investments in deepwater basins, exploration, and digital.

The company’s revenue stood at $9.14 billion with a 5% quarterly increase, while net profit stood at $1.11 billion. Adjusted EBITDA was reported at $2.29 billion, indicating an 11% sequential increase and a 17% rise year on year. The cash flow from operations amounted to $1.44 billion, and the free cash flow was $776 million. Additionally, the Board approved a quarterly cash dividend of $0.275 per share.

The company's divisions also demonstrated significant growth. The Digital & Integration division reported revenue of $1.05 billion, an 11% rise compared to the same period last year. The Reservoir Performance division achieved a revenue of $1.82 billion, growing and 11% Y-o-Y. Well Construction revenue increased by 1%, reaching $3.41 billion. Production Systems revenue surged by 7% sequentially and 31% year on year, reaching $3.03 billion.

Olivier Le Peuch, CEO of SLB, commented in a press statement saying, “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.

“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,” he added.

Sequentially, the revenue grew by 5%, led by a 6% increase in the Middle East & Asia region. This growth was driven by capacity expansions, gas development projects, and production and recovery efforts, with several GeoUnits achieving record revenue. Enhanced offshore exposure, particularly in deepwater basins across Latin America, Europe & Africa, and the US Gulf of Mexico, also contributed to the positive results.