Schlumberger Limited reported its financial results for the first quarter of 2025, revealing a total revenue of $8.49 billion, a decrease of 3% compared to $8.71 billion in the same period last year. The company's net income for the quarter was $829 million, down from $1.1 billion in the first quarter of 2024. This resulted in a basic income per share of $0.58, compared to $0.75 in the prior year. The decline in revenue and profitability was attributed to a combination of reduced international activity and a significant drop in drilling operations in key markets, particularly in Mexico.
In terms of operational performance, Schlumberger's North America revenue increased by 8% year-on-year to $1.72 billion, driven by higher digital sales and production systems in the U.S. offshore sector. However, international revenue fell by 5% to $6.77 billion, with Latin America experiencing a notable 10% decline due to decreased drilling activity. The company also recorded a restructuring charge of $158 million as part of its efforts to optimize its service delivery structure, alongside $48 million in merger and integration costs related to its pending acquisition of ChampionX Corporation.
The company’s balance sheet showed total assets of $49 billion as of March 31, 2025, with cash and short-term investments amounting to $2.94 billion. Schlumberger's long-term debt stood at $10.53 billion, a slight decrease from $11.02 billion at the end of 2024. The company’s total backlog was reported at $5.6 billion, with approximately 60% expected to be recognized as revenue over the next 12 months. The workforce reduction and restructuring initiatives are expected to align resources with current activity levels, potentially impacting future operational efficiency.
Looking ahead, Schlumberger anticipates continued challenges in the oil and gas sector due to fluctuating commodity prices and evolving market conditions. The company remains focused on protecting its margins and generating strong cash flow while navigating the uncertainties of the global economy. The anticipated closing of the ChampionX acquisition, expected in the second or early third quarter of 2025, is projected to enhance Schlumberger's capabilities in chemistry solutions and artificial lift systems, further positioning the company for future growth.
About SCHLUMBERGER LIMITED/NV
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