Services firm SLB grows Q1 net income year/year

US oilfield services firm SLB (formerly Schlumberger) reported Q1 2023 net income of $934mn on April 21, an 83% improvement from $510mn in the same period a year ago but down 12% from Q4 2022.

Adjusted EBITDA rose 43% year on year, to $1.8bn from $1.25bn, but was off 7% sequentially.

“We delivered strong year-over-year revenue growth and margin expansion at a scale that instills further confidence in our full-year financial ambition,” CEO Olivier Le Peuch said. “The quarter was defined by strong activity dynamics offshore and in the broader international basins, most notably in Well Construction and Production Systems.”

Cash flow from operations increased to $330mn from $131mn a year ago.