The following is a summary of the Schlumberger Limited (SLB) Q1 2024 Earnings Call Transcript:

Financial Performance:

Schlumberger reported a strong start to Q1 2024 with 13% year-on-year revenue growth, generating revenues of $8.7 billion.
EBITDA experienced mid-teens growth, with adjusted EBITDA margins expanding for the 13th consecutive quarter.
Earnings per share stood at $0.75, seeing a $0.12 increase from Q1 2023.
Despite generating $327 million of cash flow from operations, free cash flow was reported at negative $222 million due to annual employee incentive payouts and lower cash collections.
The company experienced a 6% decline in North American revenue due to weaker gas prices and market consolidation, but maintained double-digit growth in international revenue.

Business Progress:

Schlumberger experienced growth in 21 of their 25 international GeoUnits, with particular improvements seen in the Middle East, Asia, and North Africa.
Despite a slow start, digital sales grew in double-digits in Q1, and the company aims to maintain high-teen growth for the full year.
In response to increasing oil and gas demand, the company has focused on the Production and Recovery market and continued to advance its digital capabilities, including the rollout of the Delfi platform.
An agreement has been reached to combine Schlumberger’s carbon capture business with Aker Carbon Capture, potentially surging the company’s ability to deliver carbon capture solutions on a larger scale.
Schlumberger anticipates sequential revenue growth in the next quarter and plans expansion in regions like Middle East and Asia. Moreover, the acquisition of ChampionX is set to bolster the company’s position in the production chemicals business.