SLB to add $5 billion in revenue this year, sees similar growth in 2024
2023.09.06 12:04
© Reuters. FILE PHOTO: The entrance to oilfield service provider SLB’s office in Houston, Texas, showing the former Schlumberger’s new name and logo, is seen in this handout image taken June 2023. Courtesy of SLB/Handout via REUTERS
HOUSTON (Reuters) – SLB is on track to add about $5 billion in revenue this year, and sees similar potential for growth in 2024, mainly helped by increased drilling in international markets, CEO Olivier Le Peuch said at a conference on Wednesday.
SLB, the world’s largest oilfield service company and former Schlumberger (NYSE:), is betting on a recent resurgence in offshore and international drilling in regions like the Middle East to boost revenue as North America drilling has lagged.
SLB said it expects to add about $5 billion in revenue in 2023, compared with its previous estimate to increase revenue by 15%, which worked out to a $4.2 billion growth.
It also expects to grow earnings before interest, tax, depreciation and amortization (EBITDA) by $1.5 billion this year. It had previously forecast adjusted EBITDA percentage growth in the mid-20s, which at its midpoint translated to $1.6 billion.
“Directionally, we see the potential to repeat this by adding similar revenue and EBITDA dollar growth in 2024,” Le Peuch said at a Barclays energy conference.
International core revenue is projected to exceed $23 billion in 2023, representing growth in the high teens, Le Peuch added.
