Schlumberger Limited (NYSE:SLB) Q1 2023 Earnings Call Transcript

So to conclude today’s call, I would like to leave you with the following takeaways. First, the quality of the unfolding upcycle in oil and gas is improving, with unique attributes of resilience, breadth and duration. This is very much evidenced by the strengthening outlook in both Middle East and offshore markets and further reinforced by the tight supply balance as demand forecast approach new highs at year-end.Second, our strong start of the year gives us further confidence in our full year financial ambition. Directionally, the dynamics in international markets will likely offset the moderation of activity growth in North America. In fact, we are witnessing a gradual shift from short-to long-cycle investment and a further transition to international, with both effects closely aligned with our strengths and paving the way for an exciting outlook for years to come.Third, our overall performance demonstrates the strength of our portfolio, focused on the most attractive and resilient market segments globally, both in oil and gas and low-carbon solutions.

Our divisions continue to align with customers at most priorities on value delivered to performance and integration, with digital transformation and decarbonization as industry mandates.Additionally, pricing continues to trend positively, enabling us to extract more value for our products and services. As a result, we reaffirm our ambition to further expand margins as the cycle unfolds, to grow earnings to new levels in this cycle and to significantly increase returns to shareholders as further demonstrated this quarter. I remain very confident in the alignment of our strategy to formal trends in the energy market and fully trust the SLB team to continue outperforming in this context.Now before I close, I wanted to announce that ND Maduemezia will be moving to a new career opportunity in SLB after remarkable stands in his position as Investor Relations VP for the past three years.

Thank you, ND, for the support and positive engagement with our investors and market analysts. Replacing ND is James McDonald, who is transitioning from his previous role as Americas Land Basin President. Welcome, James.With this, I want to close today’s call and wish you all the best. Thank you. Good day, everyone.Operator Ladies and gentlemen, this does conclude your conference for today. Thank you for your participation. You may now disconnect.