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Schlumberger N.V. (SLB+0.54%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, reporting a revenue increase of 10% year-on-year to $36.3 billion. The growth was driven by a 12% increase in international revenue, particularly in the Middle East & Asia regions.
Net income for the year was $4.6 billion, up from $4.3 billion in the previous year. The company generated $6.6 billion in cash flow from operations and $4.0 billion in free cash flow.
Schlumberger's acquisition activities included the purchase of Aker Solutions' subsea business, contributing to a 24% increase in Production Systems revenue. The company also announced a definitive agreement to acquire ChampionX Corporation in an all-stock transaction, expected to close in the first quarter of 2025.
The company's Digital & Integration division saw a 10% revenue increase, driven by digital growth. Schlumberger continues to focus on digital transformation and energy transition initiatives.
Schlumberger's board approved a 3.6% increase to the quarterly dividend, reflecting confidence in the business outlook and cash flow generation.
The company reported a decrease in North America revenue by 1%, attributed to lower drilling activity in US land.
Schlumberger's long-term debt stood at $11.0 billion as of December 31, 2024, with a net debt reduction of $571 million during the year.
The filing also outlines various risks, including geopolitical instability, cybersecurity threats, and the impact of the energy transition on demand for Schlumberger's products and services.
Schlumberger's sustainability goals include a net-zero greenhouse gas emissions target by 2050, with interim milestones set for 2025 and 2030.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Schlumberger N.V. annual 10-K report dated January 22, 2025. To report an error, please email earnings@qz.com.