Schlumberger Reports Q2 2025 Revenue Decline to $8.546 Billion, Completes ChampionX Acquisition

Schlumberger Limited reported its financial results for the second quarter of 2025, revealing total revenue of $8.546 billion, a decrease of 6.5% from $9.139 billion in the same quarter of 2024. The company's net income attributable to SLB was $1.014 billion, or $0.75 per share, compared to $1.112 billion, or $0.78 per share, in the prior year. For the first half of 2025, total revenue was $17.035 billion, down from $17.846 billion in the first half of 2024, with net income attributable to SLB at $1.811 billion, compared to $2.180 billion in the same period last year.

The decline in revenue and profitability was attributed to several factors, including reduced activity in key markets such as Saudi Arabia and Mexico, as well as a decrease in Asset Performance Solutions (APS) revenue. The company noted that international revenue fell by 6% year-on-year, while North America saw a 4% increase, primarily driven by growth in data center infrastructure solutions. The effective tax rate for the second quarter was 18%, down from 19% in the same period of 2024.

Strategically, Schlumberger completed the acquisition of ChampionX Corporation on July 16, 2025, in an all-stock transaction valued at approximately $4.9 billion. This acquisition is expected to enhance SLB's capabilities in chemistry solutions and artificial lift systems, contributing to its growth in the production and recovery market. The company also recorded a $149 million gain from the sale of its interest in the Palliser APS project during the second quarter, which positively impacted its interest and other income.

Operationally, Schlumberger's total assets as of June 30, 2025, were $48.769 billion, slightly down from $48.935 billion at the end of 2024. The company reported a total backlog of $5.7 billion, with approximately 55% expected to be recognized as revenue over the next 12 months. Employee headcount was not disclosed, but the company indicated ongoing workforce reductions to align resources with activity levels, resulting in charges of $66 million in the second quarter.

Looking ahead, Schlumberger remains cautiously optimistic for the second half of 2025, supported by its diversified portfolio and strategic positioning in key markets. The company plans to manage costs in line with market conditions while focusing on delivering strong margins. Assuming stable commodity prices, SLB anticipates continued demand for its services, particularly in the context of energy security and capital discipline within the industry.