Schlumberger Limited (SLB) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

April 21, 2023 9:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by and welcome to the SLB Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, there will be an opportunity for your questions. As a reminder, this conference is being recorded.

I would now like to turn the conference over to the Vice President of Investor Relations ND Maduemezia. Please go ahead.

ND Maduemezia - VP, IR

Thank you, Leah. Good morning, and welcome to the SLB first quarter 2023 earnings conference call. Today's call is being hosted from Rio, Brazil, following our Board meeting, held earlier this week.

Joining us on the call are Olivier Le Peuch, Chief Executive Officer; and Stephane Biguet, Chief

Financial Officer.

Before we begin, I would like to remind all participants that some of the statements we will be making today are forward-looking. These matters involve risks and uncertainties that could cause our results to differ materially from those projected in these statements. I therefore refer you to our latest 10K filing and our other SEC filings.

Our comments today may also include non-GAAP financial measures. Additional details and reconciliation to the most directly comparable GAAP financial measures can be found in our first quarter press release, which is on our website.

With that, I will turn the call over to Olivier.

Olivier Le Peuch - CEO

Thank you, ND.

Ladies and gentlemen, thank you for joining us on the call today. In my prepared remarks, I will

cover three topics. I will begin with an update on our first quarter results; then, I will share our latest view on the macro and our positioning for long-term success; and finally, I will close with our outlook for the second quarter and full year. Stephane will then provide more details on our financial results, and we will open for your questions.

It has been a great start of the year as we achieved results that set us on a solid footing for our fullyear financial ambitions. On a year-on-year basis, our financial and operational results were strong across all geographies and Divisions.

Following the remarks that are shared in our earnings release this morning, I would like to emphasize a few key highlights from the quarter. First, we delivered very solid year-on-year growth at a magnitude last seen more than a decade ago. Geographically, year -on-year growth rates in North America and internationally were comparable. More importantly, the rate of change is tilting more in favor of the international markets, where sequentially we experienced the smallest seasonal decline in recent times.