Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2023 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q1 |
Entity Registrant Name | SCHLUMBERGER LIMITED/NV |
Entity Central Index Key | 0000087347 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 1,425,330,904 |
Entity Shell Company | false |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity File Number | 1-4601 |
Entity Tax Identification Number | 52-0684746 |
Entity Address, Address Line One | 5599 San Felipe |
Entity Address, City or Town | Houston |
Entity Address, State or Province | TX |
Entity Incorporation, State or Country Code | P8 |
Entity Address, Country | US |
Entity Address, Postal Zip Code | 77056 |
City Area Code | 713 |
Local Phone Number | 513-2000 |
Document Quarterly Report | true |
Document Transition Report | false |
Title of 12(b) Security | common stock, par value $0.01 per share |
Security Exchange Name | NYSE |
Trading Symbol | SLB |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue | ||
Total Revenue | $ 7,736 | $ 5,962 |
Interest & other income | 92 | 50 |
Expenses | ||
Research & engineering | 174 | 141 |
General & administrative | 91 | 97 |
Interest | 117 | 123 |
Income before taxes | 1,161 | 638 |
Tax expense | 217 | 118 |
Net income | 944 | 520 |
Net income attributable to noncontrolling interests | 10 | 10 |
Net income attributable to SLB | $ 934 | $ 510 |
Basic income per share of SLB | $ 0.65 | $ 0.36 |
Diluted income per share of SLB | $ 0.65 | $ 0.36 |
Average shares outstanding: | ||
Basic | 1,426 | 1,412 |
Assuming dilution | 1,446 | 1,434 |
Services | ||
Revenue | ||
Total Revenue | $ 5,334 | $ 4,222 |
Expenses | ||
Cost of services and sales | 4,129 | 3,387 |
Product | ||
Revenue | ||
Total Revenue | 2,402 | 1,740 |
Expenses | ||
Cost of services and sales | $ 2,156 | $ 1,626 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 944 | $ 520 |
Currency translation adjustments | ||
Unrealized net change arising during the period | (34) | (106) |
Cash flow hedges | ||
Net gain (loss) on cash flow hedges | (33) | 9 |
Reclassification to net income of net realized (gain) loss | (5) | 17 |
Pension and other postretirement benefit plans | ||
Amortization to net income of net actuarial loss | (2) | 16 |
Amortization to net income of net prior service credit | (6) | (5) |
Income taxes on pension and other postretirement benefit plans | 2 | |
Comprehensive income | 866 | 451 |
Comprehensive income attributable to noncontrolling interests | 10 | 10 |
Comprehensive income attributable to SLB | $ 856 | $ 441 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash | $ 1,501 | $ 1,655 |
Short-term investments | 1,003 | 1,239 |
Receivables less allowance for doubtful accounts (2023 - $339; 2022 - $340) | 7,578 | 7,032 |
Inventories | 4,286 | 3,999 |
Other current assets | 1,032 | 1,078 |
Current assets total | 15,400 | 15,003 |
Investments in Affiliated Companies | 1,554 | 1,581 |
Fixed Assets less accumulated depreciation | 6,691 | 6,607 |
Goodwill | 13,113 | 12,982 |
Intangible Assets | 3,021 | 2,992 |
Other Assets | 4,076 | 3,970 |
Total Assets | 43,855 | 43,135 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 8,700 | 9,121 |
Estimated liability for taxes on income | 1,038 | 1,002 |
Short-term borrowings and current portion of long-term debt | 2,140 | 1,632 |
Dividends payable | 374 | 263 |
Current Liabilities Total | 12,252 | 12,018 |
Long-term Debt | 10,698 | 10,594 |
Postretirement Benefits | 168 | 165 |
Deferred Taxes | 194 | 61 |
Other Liabilities | 2,163 | 2,308 |
Total Liabilities | 25,475 | 25,146 |
Equity | ||
Common stock | 11,264 | 11,837 |
Treasury stock | (559) | (1,016) |
Retained earnings | 11,296 | 10,719 |
Accumulated other comprehensive loss | (3,933) | (3,855) |
SLB stockholders' equity | 18,068 | 17,685 |
Noncontrolling interests | 312 | 304 |
Total equity | 18,380 | 17,989 |
Liabilities and stockholders equity | $ 43,855 | $ 43,135 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts on receivable | $ 339 | $ 340 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Cash flows from operating activities: | |||
Net income | $ 944 | $ 520 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | [1] | 563 | 533 |
Deferred taxes | 112 | (14) | |
Stock-based compensation expense | 81 | 89 | |
Earnings of equity method investments, less dividends received | (32) | 6 | |
Change in assets and liabilities: | |||
Increase in receivables | [2] | (509) | (404) |
Increase in inventories | [2] | (288) | (464) |
Decrease (increase) in other current assets | [2] | 54 | (177) |
Increase in other assets | [2] | (10) | (25) |
(Decrease) increase in accounts payable and accrued liabilities | [2] | (473) | 89 |
(Decrease) increase in estimated liability for taxes on income | [2] | (84) | 8 |
Increase (decrease) in other liabilities | [2] | 2 | (5) |
Other | [2] | (30) | (25) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 330 | 131 | |
Cash flows from investing activities: | |||
Capital expenditures | (410) | (304) | |
APS investments | (133) | (168) | |
Exploration data costs capitalized | (52) | (40) | |
Business acquisitions and investments, net of cash acquired | (244) | ||
Proceeds from sale of Liberty shares | 137 | 84 | |
Sale of short-term investments, net | 236 | 336 | |
Other | (81) | (23) | |
NET CASH USED IN INVESTING ACTIVITIES | (547) | (115) | |
Cash flows from financing activities: | |||
Dividends paid | (249) | (175) | |
Proceeds from employee stock purchase plan | 86 | 64 | |
Proceeds from exercise of stock options | 35 | 7 | |
Stock repurchase program | (230) | ||
Proceeds from issuance of long-term debt | 559 | ||
Net (decrease) increase in short-term borrowings | (50) | 16 | |
Taxes paid on net settled stock-based compensation awards | (88) | (81) | |
Other | (1) | (1) | |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 62 | (170) | |
Net decrease in cash before translation effect | (155) | (154) | |
Translation effect on cash | 1 | (3) | |
Cash, beginning of period | 1,655 | 1,757 | |
Cash, end of period | $ 1,501 | $ 1,600 | |
[1] Includes depreciation of fixed assets and amortization of intangible assets, exploration data costs, and APS investments. Net of the effect of business acquisitions. |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Common Stock Issued | Common Stock In Treasury | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
Balance at Dec. 31, 2021 | $ 15,286 | $ 12,608 | $ (2,233) | $ 8,199 | $ (3,570) | $ 282 |
Net income | 520 | 510 | 10 | |||
Currency translation adjustments | (106) | (106) | ||||
Changes in fair value of cash flow hedges | 26 | 26 | ||||
Pension and other postretirement benefit plans | 11 | 11 | ||||
Shares sold to optionees, less shares exchanged | 7 | (5) | 12 | |||
Vesting of restricted stock, net of taxes withheld | (81) | (631) | 550 | |||
Employee stock purchase plan | 64 | (104) | 168 | |||
Stock-based compensation expense | 89 | 89 | ||||
Dividends declared | (177) | (177) | ||||
Balance at Mar. 31, 2022 | 15,639 | 11,957 | (1,503) | 8,532 | (3,639) | 292 |
Balance at Dec. 31, 2022 | $ 17,989 | $ 11,837 | $ (1,016) | 10,719 | (3,855) | 304 |
Balance, shares at Dec. 31, 2022 | 1,420 | 1,434 | ||||
Treasury shares, Balance at Dec. 31, 2022 | (14) | |||||
Net income | $ 944 | 934 | 10 | |||
Currency translation adjustments | (34) | (34) | ||||
Changes in fair value of cash flow hedges | (38) | (38) | ||||
Pension and other postretirement benefit plans | (6) | (6) | ||||
Shares sold to optionees, less shares exchanged | $ 35 | $ (28) | $ 63 | |||
Shares sold to optionees, less shares exchanged, shares | 1 | 1 | ||||
Vesting of restricted stock, net of taxes withheld | $ (88) | (503) | $ 415 | |||
Vesting of restricted stock, shares | 5 | 5 | ||||
Employee stock purchase plan | $ 86 | (123) | $ 209 | |||
Shares issued under employee stock purchase plan, shares | 3 | 3 | ||||
Stock repurchase program | $ (230) | $ (230) | ||||
Stock repurchase program, shares | (4) | (4) | ||||
Stock-based compensation expense | $ 81 | 81 | ||||
Dividends declared | (357) | (357) | ||||
Dividends paid to noncontrolling interests | (2) | (2) | ||||
Balance at Mar. 31, 2023 | $ 18,380 | $ 11,264 | $ (559) | $ 11,296 | $ (3,933) | $ 312 |
Balance, shares at Mar. 31, 2023 | 1,425 | 1,434 | ||||
Treasury shares, Balance at Mar. 31, 2023 | (9) |
CONSOLIDATED STATEMENT OF STO_2
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) (Unaudited) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Retained Earnings | ||
Dividends declared, per share | $ 0.25 | $ 0.125 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited consolidated financial statements of Schlumberger Limited and its subsidiaries (“SLB”) have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of SLB management, all adjustments considered necessary for a fair statement have been included in the accompanying unaudited financial statements. All intercompany transactions and balances have been eliminated in consolidation. Operating results for the three-month period ended March 31, 2023 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2023. The December 31, 2022 balance sheet information has been derived from the SLB 2022 audited financial statements. For further information, refer to the Consolidated Financial Statements and notes thereto included in the SLB Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission on January 25, 2023. |
Charges and Credits
Charges and Credits | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring And Related Activities [Abstract] | |
Charges and Credits | 2. Charges and Credits 2023 On December 31, 2020, SLB contributed its onshore hydraulic fracturing business in the United States and Canada, including its pressure pumping, pumpdown perforating and Permian frac sand business to Liberty Energy Inc. (“Liberty”) in exchange for an equity interest in Liberty. During the first quarter of 2023, SLB sold all of its remaining approximately 9 million shares of Liberty and received net proceeds of $ 137 million. As a result, SLB recognized a gain of $ 36 million which is classified in Interest & other income in the Consolidated Statement of Income. 2022 During the first quarter of 2022, SLB sold 7.2 million of its shares of Liberty and received proceeds of $ 84 million. As a result, SLB recognized a gain of $ 26 million which is classified in Interest & other income in the Consolidated Statement of Income. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 3. Earnings per Share The following is a reconciliation from basic earnings per share of SLB to diluted earnings per share of SLB: (Stated in millions, except per share amounts) 2023 2022 Net Income Average Earnings per Net Income Average Earnings per First Quarter Basic $ 934 1,426 $ 0.65 $ 510 1,412 $ 0.36 Assumed exercise of stock options - 2 - - Unvested restricted stock - 18 - 22 Diluted $ 934 1,446 $ 0.65 $ 510 1,434 $ 0.36 The number of outstanding options to purchase shares of SLB common stock that were not included in the computation of diluted income per share, because to do so would have had an antidilutive effect, was as follows: (Stated in millions) Three Months Ended March 31, 2023 2022 Employee stock options 24 31 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories A summary of inventories, which are stated at the lower of average cost or net realizable value, is as follows: (Stated in millions) Mar. 31, Dec. 31, 2023 2022 Raw materials & field materials $ 2,219 $ 2,085 Work in progress 650 547 Finished goods 1,417 1,367 $ 4,286 $ 3,999 |
Fixed Assets
Fixed Assets | 3 Months Ended |
Mar. 31, 2023 | |
Property Plant And Equipment [Abstract] | |
Fixed Assets | 5. Fixed Assets Fixed assets consist of the following: (Stated in millions) Mar. 31, Dec. 31, 2023 2022 Property, plant & equipment $ 28,568 $ 28,386 Less: Accumulated depreciation 21,877 21,779 $ 6,691 $ 6,607 Depreciation expense relating to fixed assets was $ 347 million and $ 338 million in the first quarter of 2023 and 2022, respectively. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 6. Intangible Assets Intangible assets consist of the following : (Stated in millions) Mar. 31, 2023 Dec. 31, 2022 Gross Accumulated Net Book Gross Accumulated Net Book Book Value Amortization Value Book Value Amortization Value Customer relationships $ 1,707 $ 644 $ 1,063 $ 1,680 $ 631 $ 1,049 Technology/technical know-how 1,307 699 608 1,280 676 604 Tradenames 795 239 556 767 222 545 Other 1,680 886 794 1,657 863 794 $ 5,489 $ 2,468 $ 3,021 $ 5,384 $ 2,392 $ 2,992 Amortization expense charged to income was $ 76 million during the first quarter of 2023 and $ 75 million during the first quarter of 2022. Based on the carrying value of intangible assets at March 31, 2023, amortization expense for the subsequent five years is estimated to be: remaining three quarters of 2023—$ 223 million; 2024—$ 290 million; 2025—$ 275 million; 2026—$ 270 million; 2027—$ 263 million; and 2028—$ 263 million. |
Long-term Debt
Long-term Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-term Debt | 7. Long-term Debt Long-term Debt consist of the following: (Stated in millions) Mar. 31, Dec. 31, 2023 2022 3.90 % Senior Notes due 2028 $ 1,464 $ 1,464 2.65 % Senior Notes due 2030 1,250 1,250 1.375 % Guaranteed Notes due 2026 1,082 1,061 2.00 % Guaranteed Notes due 2032 1,076 1,055 0.25 % Notes due 2027 974 955 0.50 % Notes due 2031 973 954 4.30 % Senior Notes due 2029 847 847 1.00 % Guaranteed Notes due 2026 648 635 0.00 % Notes due 2024 542 531 4.00 % Senior Notes due 2025 523 522 1.40 % Senior Notes due 2025 499 499 3.75 % Senior Notes due 2024 355 355 7.00 % Notes due 2038 201 202 5.95 % Notes due 2041 112 112 5.13 % Notes due 2043 98 98 3.70 % Notes due 2024 54 54 $ 10,698 $ 10,594 The estimated fair value of SLB’s Long-term Debt, based on quoted market prices at March 31, 2023 and December 31, 2022, was $ 9.8 billion and $ 9.4 billion, respectively. At March 31, 2023, SLB had committed credit facility agreements aggregating $ 5.75 billion with commercial banks, of which $ 5.19 billion was available and unused. These committed facilities support commercial paper programs in the United States and Europe, of which $ 0.75 billion matures in February 2024, $ 2.0 billion matures in February 2025, $ 1.0 billion matures in July 2026 and $ 2.0 billion matures in Februar y 2027. SLB also has a € 750 million three-year committed revolving credit facility maturing in June 2024 . At March 31, 2023 no amounts had been drawn under this facility. Interest rates and other terms of borrowing under these lines of credit vary by facility. Borrowings under the commercial paper programs at March 31, 2023 were $ 559 million, all of which was classified in Short-term borrowings and current portion of long-term debt in the Consolidated Balance Sheet . There were no borrowings under the commercial paper programs at December 31, 2022. Schlumberger Limited fully and unconditionally guarantees the securities issued by certain of its subsidiaries, including securities issued by Schlumberger Investment SA and Schlumberger Finance Canada Ltd., both indirect wholly-owned subsidiaries of Schlumberger Limited. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 8. Derivative Instruments and Hedging Activities SLB’s functional currency is primarily the US dollar. However, outside the United States, a significant portion of SLB’s expenses is incurred in foreign currencies. Therefore, when the US dollar weakens (strengthens) in relation to the foreign currencies of the countries in which SLB conducts business, the US dollar-reported expenses will increase (decrease). Changes in foreign currency exchange rates exposes SLB to risks on future cash flows relating to certain of its fixed rate debt denominated in currencies other than the functional currency. SLB uses cross-currency interest rate swaps to provide a hedge against these risks. These contracts are accounted for as cash flow hedges, with the fair value of the derivative recorded on the Consolidated Balance Sheet and in Accumulated other comprehensive loss. Amounts recorded Accumulated other comprehensive loss are reclassified into earnings in the same period or periods that the hedged item is recognized in earnings. Details regarding SLB’s outstanding cross-currency interest rate swaps as of March 31, 2023, were as follows: • During 2019, a US-dollar functional currency subsidiary of SLB issued € 1.5 billion of Euro-denominated debt. SLB entered into cross-currency interest rate swaps in order to hedge changes in the US dollar value of its € 0.5 billion 0.00 % Notes due 2024, € 0.5 billion 0.25 % Notes due 2027 and € 0.5 billion 0.50 % Notes due 2031. These cross-currency interest rate swaps effectively convert the Euro-denominated notes to US-dollar denominated debt with fixed annual interest rates of 2.29 %, 2.51 % and 2.76 %, respectively. • During 2020, a US-dollar functional currency subsidiary of SLB issued € 0.8 billion of Euro-denominated debt. SLB entered into cross-currency interest rate swaps to hedge changes in the US dollar value of its € 0.4 billion of 0.25 % Notes due 2027 and € 0.4 billion of 0.50 % Notes due 2031. These cross-currency interest rate swaps effectively convert the Euro-denominated notes to US-dollar denominated debt with fixed annual interest rates of 1.87 % and 2.20 %, respectively. • During 2020, a US-dollar functional currency subsidiary of SLB issued € 2.0 billion of Euro-denominated debt. SLB entered into cross-currency interest rate swaps to hedge changes in the US dollar value of its € 1.0 billion of 1.375 % Guaranteed Notes due 2026 and € 1.0 billion of 2.00 % Guaranteed Notes due 2032. These cross-currency interest rate swaps effectively convert the Euro-denominated notes to US-dollar denominated debt with fixed annual interest rates of 2.77 % and 3.49 %, respectively. • During 2020, a Canadian dollar functional currency subsidiary of SLB issued $ 0.5 billion of US dollar denominated debt. SLB entered into cross-currency interest rate swaps to hedge changes in the US dollar value of its $ 0.5 billion 1.40 % Senior Notes due 2025. These cross-currency interest rate swaps effectively convert the US dollar notes to Canadian dollar denominated debt with a fixed annual interest rate of 1.73 %. A summary of the amounts included in the Consolidated Balance Sheet relating to cross currency interest rate swaps was as follows: (Stated in millions) Mar. 31, 2023 Dec. 31, 2022 Other Assets $ 7 $ 1 Other Liabilities $ 283 $ 326 The fair values were determined using a model with inputs that are observable in the market or can be derived or corroborated by observable data. SLB has entered into derivative contracts that hedge the price of oil related to approximately 70 % of the projected oil production for the remaining nine months of 2023 for one of its Asset Performance Solutions ("APS") projects. These contracts are accounted for as cash flow hedges, with changes in the fair value of the hedge recorded in Accumulated other comprehensive loss . Amounts recorded in Accumulated other comprehensive loss are reclassified to earnings in the same period or periods that the hedged item is recognized in earnings. At March 31, 2023, included in Other current assets was $ 10 million and included in Accounts payable and accrued liabilities was $ 3 million relating to the fair value of the outstanding commodity contracts. SLB is exposed to risks on future cash flows to the extent that the local currency is not the functional currency and expenses denominated in local currency are not equal to revenues denominated in local currency. SLB uses foreign currency forward contracts to provide a hedge against a portion of these cash flow risks. These contracts are accounted for as cash flow hedges. SLB is also exposed to changes in the fair value of assets and liabilities denominated in currencies other than the functional currency. While SLB uses foreign currency forward contracts to economically hedge this exposure as it relates to certain currencies, these contracts are not designated as hedges for accounting purposes. Instead, the fair value of the derivative is recorded on the Consolidated Balance Sheet and changes in the fair value are recognized in the Consolidated Statement of Income, as are changes in the fair value of the hedged item. Foreign currency forward contracts were outstanding for the US dollar equivalent of $ 2.5 billion and $ 2.1 billion in various foreign currencies as of March 31, 2023 and December 31, 2022, respectively. Other than the previously mentioned cross-currency interest rate swaps, the fair value of the other outstanding derivatives was no t material as of March 31, 2023 and December 31, 2022. The effect of derivative instruments designated as cash flow hedges, and those not designated as hedges, on the Consolidated Statement of Income was as follows: (Stated in millions) Gain (Loss) Recognized in Income First Quarter First Quarter 2023 2022 Consolidated Statement of Income Classification Derivatives designated as cash flow hedges: Cross-currency interest rate swaps $ 95 $ ( 131 ) Cost of services/sales Cross-currency interest rate swaps ( 22 ) ( 21 ) Interest expense Commodity contracts 2 ( 15 ) Revenue Foreign exchange contracts 3 ( 2 ) Cost of services/sales $ 78 $ ( 169 ) Derivatives not designated as hedges: Foreign exchange contracts $ 1 $ ( 11 ) Cost of services/sales |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 9. Contingencies SLB is party to various legal proceedings from time to time. A liability is accrued when a loss is both probable and can be reasonably estimated. Management believes that the probability of a material loss with respect to any currently pending legal proceeding is remote. However, litigation is inherently uncertain and it is not possible to predict the ultimate disposition of any of these proceedings. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | 10. Segment Information (Stated in millions) First Quarter 2023 First Quarter 2022 Income Income Revenue Before Taxes Revenue Before Taxes Digital & Integration $ 894 $ 265 $ 857 $ 292 Reservoir Performance 1,503 242 1,210 160 Well Construction 3,261 672 2,398 388 Production Systems 2,207 205 1,604 114 Eliminations & other ( 129 ) 7 ( 107 ) ( 60 ) Pretax segment operating income 1,391 894 Corporate & other (1) ( 169 ) ( 164 ) Interest income (2) 17 2 Interest expense (3) ( 114 ) ( 120 ) Charges and credits (4) 36 26 $ 7,736 $ 1,161 $ 5,962 $ 638 (1) Comprised principally of certain corporate expenses not allocated to the segments, stock-based compensation costs, amortization expense associated with certain intangible assets, certain centrally managed initiatives and other nonoperating items. (2) Interest income excludes amounts that are included in the segments’ income ($- million in 2023; $ 12 million in 2022). (3) Interest expense excludes amounts that are included in the segments’ income ($ 3 million in 2023; $ 3 million in 2022). (4) See Note 2 – Charges and Credits . Revenue by geographic area was as follows: (Stated in millions) First Quarter 2023 2022 North America $ 1,698 $ 1,282 Latin America 1,618 1,204 Europe & Africa (1) 1,974 1,404 Middle East & Asia 2,393 2,024 Other 53 48 $ 7,736 $ 5,962 (1) Includes Russia and the Caspian region. North America and International revenue disaggregated by segment was as follows: (Stated in millions) First Quarter 2023 North America International Other Total Digital & Integration $ 251 $ 642 $ 1 $ 894 Reservoir Performance 120 1,380 3 1,503 Well Construction 711 2,493 57 3,261 Production Systems 626 1,574 7 2,207 Eliminations & other ( 10 ) ( 104 ) ( 15 ) ( 129 ) $ 1,698 $ 5,985 $ 53 $ 7,736 First Quarter 2022 North America International Other Total Digital & Integration $ 225 $ 631 $ 1 $ 857 Reservoir Performance 103 1,105 2 1,210 Well Construction 485 1,865 48 2,398 Production Systems 473 1,127 4 1,604 Eliminations & other ( 4 ) ( 96 ) ( 7 ) ( 107 ) $ 1,282 $ 4,632 $ 48 $ 5,962 Revenue in excess of billings related to contracts where revenue is recognized over time was $ 0.3 billion a t both March 31, 2023 and December 31, 2022. Such amounts are included within Receivables less allowance for doubtful accounts in the Consolidated Balance Sheet . Due to the nature of its business, SLB does not have significant backlog. Total backlog was $ 3.0 billion at March 31, 2023, of which approximately 60 % is expected to be recognized as revenue over the next 12 months. Billings and cash collections in excess of revenue was $ 1.2 billion at both March 31, 2023 and December 31, 2022. Such amounts are included within Accounts payable and accrued liabilities in the Consolidated Balance Sheet . |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Reconciliation of Earnings Per Share | The following is a reconciliation from basic earnings per share of SLB to diluted earnings per share of SLB: (Stated in millions, except per share amounts) 2023 2022 Net Income Average Earnings per Net Income Average Earnings per First Quarter Basic $ 934 1,426 $ 0.65 $ 510 1,412 $ 0.36 Assumed exercise of stock options - 2 - - Unvested restricted stock - 18 - 22 Diluted $ 934 1,446 $ 0.65 $ 510 1,434 $ 0.36 |
Schedule of Antidilutive Securities Excluded from Computation of Income Per Share | The number of outstanding options to purchase shares of SLB common stock that were not included in the computation of diluted income per share, because to do so would have had an antidilutive effect, was as follows: (Stated in millions) Three Months Ended March 31, 2023 2022 Employee stock options 24 31 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Summary of Inventory | A summary of inventories, which are stated at the lower of average cost or net realizable value, is as follows: (Stated in millions) Mar. 31, Dec. 31, 2023 2022 Raw materials & field materials $ 2,219 $ 2,085 Work in progress 650 547 Finished goods 1,417 1,367 $ 4,286 $ 3,999 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property Plant And Equipment [Abstract] | |
Summary of Fixed Assets | Fixed assets consist of the following: (Stated in millions) Mar. 31, Dec. 31, 2023 2022 Property, plant & equipment $ 28,568 $ 28,386 Less: Accumulated depreciation 21,877 21,779 $ 6,691 $ 6,607 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets by Major Class | : (Stated in millions) Mar. 31, 2023 Dec. 31, 2022 Gross Accumulated Net Book Gross Accumulated Net Book Book Value Amortization Value Book Value Amortization Value Customer relationships $ 1,707 $ 644 $ 1,063 $ 1,680 $ 631 $ 1,049 Technology/technical know-how 1,307 699 608 1,280 676 604 Tradenames 795 239 556 767 222 545 Other 1,680 886 794 1,657 863 794 $ 5,489 $ 2,468 $ 3,021 $ 5,384 $ 2,392 $ 2,992 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Long-term Debt | Long-term Debt consist of the following: (Stated in millions) Mar. 31, Dec. 31, 2023 2022 3.90 % Senior Notes due 2028 $ 1,464 $ 1,464 2.65 % Senior Notes due 2030 1,250 1,250 1.375 % Guaranteed Notes due 2026 1,082 1,061 2.00 % Guaranteed Notes due 2032 1,076 1,055 0.25 % Notes due 2027 974 955 0.50 % Notes due 2031 973 954 4.30 % Senior Notes due 2029 847 847 1.00 % Guaranteed Notes due 2026 648 635 0.00 % Notes due 2024 542 531 4.00 % Senior Notes due 2025 523 522 1.40 % Senior Notes due 2025 499 499 3.75 % Senior Notes due 2024 355 355 7.00 % Notes due 2038 201 202 5.95 % Notes due 2041 112 112 5.13 % Notes due 2043 98 98 3.70 % Notes due 2024 54 54 $ 10,698 $ 10,594 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Derivatives Included in the Consolidated Balance Sheet | A summary of the amounts included in the Consolidated Balance Sheet relating to cross currency interest rate swaps was as follows: (Stated in millions) Mar. 31, 2023 Dec. 31, 2022 Other Assets $ 7 $ 1 Other Liabilities $ 283 $ 326 |
Effect of Derivative Instruments Designated as Cash Flow Hedges and Not Designated as Hedges on Consolidated Statement of Income | The effect of derivative instruments designated as cash flow hedges, and those not designated as hedges, on the Consolidated Statement of Income was as follows: (Stated in millions) Gain (Loss) Recognized in Income First Quarter First Quarter 2023 2022 Consolidated Statement of Income Classification Derivatives designated as cash flow hedges: Cross-currency interest rate swaps $ 95 $ ( 131 ) Cost of services/sales Cross-currency interest rate swaps ( 22 ) ( 21 ) Interest expense Commodity contracts 2 ( 15 ) Revenue Foreign exchange contracts 3 ( 2 ) Cost of services/sales $ 78 $ ( 169 ) Derivatives not designated as hedges: Foreign exchange contracts $ 1 $ ( 11 ) Cost of services/sales |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | (Stated in millions) First Quarter 2023 First Quarter 2022 Income Income Revenue Before Taxes Revenue Before Taxes Digital & Integration $ 894 $ 265 $ 857 $ 292 Reservoir Performance 1,503 242 1,210 160 Well Construction 3,261 672 2,398 388 Production Systems 2,207 205 1,604 114 Eliminations & other ( 129 ) 7 ( 107 ) ( 60 ) Pretax segment operating income 1,391 894 Corporate & other (1) ( 169 ) ( 164 ) Interest income (2) 17 2 Interest expense (3) ( 114 ) ( 120 ) Charges and credits (4) 36 26 $ 7,736 $ 1,161 $ 5,962 $ 638 (1) Comprised principally of certain corporate expenses not allocated to the segments, stock-based compensation costs, amortization expense associated with certain intangible assets, certain centrally managed initiatives and other nonoperating items. (2) Interest income excludes amounts that are included in the segments’ income ($- million in 2023; $ 12 million in 2022). (3) Interest expense excludes amounts that are included in the segments’ income ($ 3 million in 2023; $ 3 million in 2022). (4) See Note 2 – Charges and Credits . |
Revenue by Geographic Area | Revenue by geographic area was as follows: (Stated in millions) First Quarter 2023 2022 North America $ 1,698 $ 1,282 Latin America 1,618 1,204 Europe & Africa (1) 1,974 1,404 Middle East & Asia 2,393 2,024 Other 53 48 $ 7,736 $ 5,962 (1) Includes Russia and the Caspian region. |
Summary of North America and International Revenue Disaggregated by Segment | North America and International revenue disaggregated by segment was as follows: (Stated in millions) First Quarter 2023 North America International Other Total Digital & Integration $ 251 $ 642 $ 1 $ 894 Reservoir Performance 120 1,380 3 1,503 Well Construction 711 2,493 57 3,261 Production Systems 626 1,574 7 2,207 Eliminations & other ( 10 ) ( 104 ) ( 15 ) ( 129 ) $ 1,698 $ 5,985 $ 53 $ 7,736 First Quarter 2022 North America International Other Total Digital & Integration $ 225 $ 631 $ 1 $ 857 Reservoir Performance 103 1,105 2 1,210 Well Construction 485 1,865 48 2,398 Production Systems 473 1,127 4 1,604 Eliminations & other ( 4 ) ( 96 ) ( 7 ) ( 107 ) $ 1,282 $ 4,632 $ 48 $ 5,962 |
Charges and Credits - Additiona
Charges and Credits - Additional Information (Detail) - Liberty Energy Inc - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Mar. 31, 2022 | |
Charges And Credits [Line Items] | ||
Shares issued | 9 | 7.2 |
Received proceeds from sale of shares | $ 137 | $ 84 |
Gains on sales of businesses | $ 36 | $ 26 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net Income Attributable to Schlumberger | ||
Basic | $ 934 | $ 510 |
Diluted | $ 934 | $ 510 |
Average Shares Outstanding | ||
Basic | 1,426 | 1,412 |
Assumed exercise of stock options | 2 | |
Unvested restricted stock | 18 | 22 |
Diluted | 1,446 | 1,434 |
Earnings per Share | ||
Basic | $ 0.65 | $ 0.36 |
Diluted | $ 0.65 | $ 0.36 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Income Per Share (Detail) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Employee Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount | 24 | 31 |
Inventories - Summary of Invent
Inventories - Summary of Inventory (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials & field materials | $ 2,219 | $ 2,085 |
Work in progress | 650 | 547 |
Finished goods | 1,417 | 1,367 |
Inventories | $ 4,286 | $ 3,999 |
Fixed Assets - Summary of Fixed
Fixed Assets - Summary of Fixed Assets (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Abstract] | ||||
Property, plant & equipment | $ 28,568 | $ 28,386 | ||
Less: Accumulated depreciation | 21,877 | 21,779 | ||
Fixed assets less accumulated depreciation | $ 6,691 | $ 6,607 | $ 6,691 | $ 6,607 |
Fixed Assets - Depreciation Exp
Fixed Assets - Depreciation Expense Relating to Fixed Assets (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property Plant And Equipment [Abstract] | ||
Depreciation expense relating to fixed assets | $ 347 | $ 338 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets by Major Class (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Book Value | $ 5,489 | $ 5,384 |
Accumulated Amortization | 2,468 | 2,392 |
Net Book Value | 3,021 | 2,992 |
Customer Relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Book Value | 1,707 | 1,680 |
Accumulated Amortization | 644 | 631 |
Net Book Value | 1,063 | 1,049 |
Technology/Technical Know-How | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Book Value | 1,307 | 1,280 |
Accumulated Amortization | 699 | 676 |
Net Book Value | 608 | 604 |
Tradenames | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Book Value | 795 | 767 |
Accumulated Amortization | 239 | 222 |
Net Book Value | 556 | 545 |
Other | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Book Value | 1,680 | 1,657 |
Accumulated Amortization | 886 | 863 |
Net Book Value | $ 794 | $ 794 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Amortization expense charged to income | $ 76 | $ 75 |
Estimated amortization expense, remaining three quarters of 2023 | 223 | |
Estimated amortization expense, 2024 | 290 | |
Estimated amortization expense, 2025 | 275 | |
Estimated amortization expense, 2026 | 270 | |
Estimated amortization expense, 2027 | 263 | |
Estimated amortization expense, 2028 | $ 263 |
Long-term Debt - Summary of Lon
Long-term Debt - Summary of Long-term Debt (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | $ 10,698 | $ 10,594 |
3.90% Senior Notes due 2028 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 1,464 | 1,464 |
2.65% Senior Notes due 2030 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 1,250 | 1,250 |
1.375% Guaranteed Notes due 2026 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 1,082 | 1,061 |
2.00% Guaranteed Notes due 2032 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 1,076 | 1,055 |
0.25% Notes due 2027 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 974 | 955 |
0.50% Notes due 2031 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 973 | 954 |
4.30% Senior Notes due 2029 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 847 | 847 |
1.00% Guaranteed Notes due 2026 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 648 | 635 |
0.00% Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 542 | 531 |
4.00% Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 523 | 522 |
1.40% Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 499 | 499 |
3.75% Senior Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 355 | 355 |
7.00% Notes due 2038 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 201 | 202 |
5.95% Notes due 2041 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 112 | 112 |
5.13% Notes due 2043 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 98 | 98 |
3.70% Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | $ 54 | $ 54 |
Long-term Debt - Summary of L_2
Long-term Debt - Summary of Long-term Debt (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
3.90% Senior Notes due 2028 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.90% | 3.90% |
Debt instrument maturity date | 2028 | 2028 |
2.65% Senior Notes due 2030 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2.65% | 2.65% |
Debt instrument maturity date | 2030 | 2030 |
1.375% Guaranteed Notes due 2026 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 1.375% | 1.375% |
Debt instrument maturity date | 2026 | 2026 |
2.00% Guaranteed Notes due 2032 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2% | 2% |
Debt instrument maturity date | 2032 | 2032 |
0.25% Notes due 2027 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 0.25% | 0.25% |
Debt instrument maturity date | 2027 | 2027 |
0.50% Notes due 2031 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 0.50% | 0.50% |
Debt instrument maturity date | 2031 | 2031 |
4.30% Senior Notes due 2029 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4.30% | 4.30% |
Debt instrument maturity date | 2029 | 2029 |
1.00% Guaranteed Notes due 2026 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 1% | 1% |
Debt instrument maturity date | 2026 | 2026 |
0.00% Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 0% | 0% |
Debt instrument maturity date | 2024 | 2024 |
4.00% Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4% | 4% |
Debt instrument maturity date | 2025 | 2025 |
1.40% Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 1.40% | 1.40% |
Debt instrument maturity date | 2025 | 2025 |
3.75% Senior Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.75% | 3.75% |
Debt instrument maturity date | 2024 | 2024 |
7.00% Notes due 2038 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 7% | 7% |
Debt instrument maturity date | 2038 | 2038 |
5.95% Notes due 2041 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 5.95% | 5.95% |
Debt instrument maturity date | 2041 | 2041 |
5.13% Notes due 2043 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 5.13% | 5.13% |
Debt instrument maturity date | 2043 | 2043 |
3.70% Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.70% | 3.70% |
Debt instrument maturity date | 2024 | 2024 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Long-term debt, fair value | $ 9,800 | $ 9,400 |
Committed credit facility agreement available and unused | 5,190 | |
Committed credit facility agreement aggregated | 5,750 | |
Commercial paper programs mature in February 2024 | ||
Debt Instrument [Line Items] | ||
Committed credit facility agreement aggregated | 750 | |
Commercial paper programs mature in February 2025 | ||
Debt Instrument [Line Items] | ||
Committed credit facility agreement aggregated | 2,000 | |
Commercial paper programs mature in July 2026 | ||
Debt Instrument [Line Items] | ||
Committed credit facility agreement aggregated | 1,000 | |
Commercial paper programs mature in February 2027 | ||
Debt Instrument [Line Items] | ||
Committed credit facility agreement aggregated | 2,000 | |
Commercial paper borrowings | ||
Debt Instrument [Line Items] | ||
Long-term debt, current | $ 559 | |
Long-term debt | $ 0 | |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Credit facility extended period | 3 years | |
Credit facility extended date | Jun. 30, 2024 | |
Committed credit facility agreement aggregated | $ 750 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Detail) € in Billions | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2023 USD ($) | Dec. 31, 2023 | Dec. 31, 2022 USD ($) | Dec. 31, 2020 EUR (€) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 EUR (€) | |
Derivative [Line Items] | ||||||
Denominated debt issued | $ 500,000,000 | € 1.5 | ||||
Amount recognized relating to hedging activity | $ | $ 3,000,000 | |||||
Derivative assets | $ | $ 10,000,000 | |||||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other current assets | |||||
Fair value of outstanding derivatives | $ | $ 0 | $ 0 | ||||
Scenario Forecast | ||||||
Derivative [Line Items] | ||||||
Percentage of derivative contracts of oil price | 70% | |||||
0.00% Notes due 2024 | ||||||
Derivative [Line Items] | ||||||
Notes, face amount | € 0.5 | |||||
Derivative swap interest rate | 0% | |||||
Promissory note interest rate | 0% | 0% | ||||
0.25% Notes due 2027 | ||||||
Derivative [Line Items] | ||||||
Notes, face amount | € 0.4 | € 0.5 | ||||
Derivative swap interest rate | 0.25% | 0.25% | 0.25% | |||
Promissory note interest rate | 0.25% | 0.25% | ||||
0.50% Notes due 2031 | ||||||
Derivative [Line Items] | ||||||
Notes, face amount | € 0.4 | € 0.5 | ||||
Derivative swap interest rate | 0.50% | 0.50% | 0.50% | |||
Promissory note interest rate | 0.50% | 0.50% | ||||
Euro-denominated Notes | ||||||
Derivative [Line Items] | ||||||
Denominated debt issued | € 0.8 | |||||
Euro-denominated Guaranteed Notes | ||||||
Derivative [Line Items] | ||||||
Denominated debt issued | 2 | |||||
1.375% Guaranteed Notes due 2026 | ||||||
Derivative [Line Items] | ||||||
Notes, face amount | € 1 | |||||
Derivative swap interest rate | 1.375% | 1.375% | ||||
2.00% Guaranteed Notes due 2032 | ||||||
Derivative [Line Items] | ||||||
Notes, face amount | € 1 | |||||
Derivative swap interest rate | 2% | 2% | ||||
1.40% Senior Notes due 2025 | ||||||
Derivative [Line Items] | ||||||
Notes, face amount | $ | $ 500,000,000 | |||||
Derivative swap interest rate | 1.40% | 1.40% | ||||
Promissory note interest rate | 1.40% | 1.40% | ||||
Cross currency interest rate swaps | ||||||
Derivative [Line Items] | ||||||
Derivative assets | $ | $ 7,000,000 | $ 1,000,000 | ||||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other current assets | Other current assets | ||||
Cross currency interest rate swaps | 0.00% Notes due 2024 | ||||||
Derivative [Line Items] | ||||||
Promissory note interest rate | 2.29% | |||||
Cross currency interest rate swaps | 0.25% Notes due 2027 | ||||||
Derivative [Line Items] | ||||||
Promissory note interest rate | 1.87% | 1.87% | 2.51% | |||
Cross currency interest rate swaps | 0.50% Notes due 2031 | ||||||
Derivative [Line Items] | ||||||
Promissory note interest rate | 2.20% | 2.20% | 2.76% | |||
Cross currency interest rate swaps | 1.375% Guaranteed Notes due 2026 | ||||||
Derivative [Line Items] | ||||||
Promissory note interest rate | 2.77% | 2.77% | ||||
Cross currency interest rate swaps | 2.00% Guaranteed Notes due 2032 | ||||||
Derivative [Line Items] | ||||||
Promissory note interest rate | 3.49% | 3.49% | ||||
Cross currency interest rate swaps | 1.40% Senior Notes due 2025 | ||||||
Derivative [Line Items] | ||||||
Promissory note interest rate | 1.73% | 1.73% | ||||
Foreign exchange contracts | ||||||
Derivative [Line Items] | ||||||
Notional amount of interest rate swap | $ | $ 2,500,000,000 | $ 2,100,000,000 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Summary of Derivatives Included in the Consolidated Balance Sheet (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other current assets | |
Derivative assets | $ 10 | |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Other Liabilities, Noncurrent | Other Liabilities | Other Liabilities |
Cross currency interest rate swaps | ||
Derivative [Line Items] | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other current assets | Other current assets |
Derivative assets | $ 7 | $ 1 |
Derivative liability | $ 283 | $ 326 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Effect of Derivative Instruments Designated as Cash Flow Hedges and Not Designated as Hedges on Consolidated Statement of Income (Detail) - Cash Flow Hedging - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivatives designated as hedges | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gain (Loss) Recognized in Income | $ 78 | $ (169) |
Derivatives designated as hedges | Cross currency interest rate swaps | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gain (Loss) Recognized in Income | $ 95 | $ (131) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of services and sales | Cost of services and sales |
Derivatives designated as hedges | Cross currency interest rate swaps | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gain (Loss) Recognized in Income | $ (22) | $ (21) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest | Interest |
Derivatives designated as hedges | Commodity contracts | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gain (Loss) Recognized in Income | $ 2 | $ (15) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Total Revenue | Total Revenue |
Derivatives designated as hedges | Foreign exchange contracts | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gain (Loss) Recognized in Income | $ 3 | $ (2) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of services and sales | Cost of services and sales |
Derivatives not designated as hedges | Foreign exchange contracts | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gain (Loss) Recognized in Income | $ 1 | $ (11) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of services and sales | Cost of services and sales |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information, by Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Segment Reporting Information [Line Items] | |||
Revenue | $ 7,736 | $ 5,962 | |
Pretax segment operating income | 1,391 | 894 | |
Interest expense | 117 | 123 | |
Income Before Taxes | 1,161 | 638 | |
Digital Integration | |||
Segment Reporting Information [Line Items] | |||
Revenue | 894 | 857 | |
Reservoir Performance | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,503 | 1,210 | |
Well Construction | |||
Segment Reporting Information [Line Items] | |||
Revenue | 3,261 | 2,398 | |
Production Systems | |||
Segment Reporting Information [Line Items] | |||
Revenue | 2,207 | 1,604 | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue | 7,736 | 5,962 | |
Interest income | 12 | ||
Interest expense | 3 | 3 | |
Operating Segments | Digital Integration | |||
Segment Reporting Information [Line Items] | |||
Revenue | 894 | 857 | |
Pretax segment operating income | 265 | 292 | |
Operating Segments | Reservoir Performance | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,503 | 1,210 | |
Pretax segment operating income | 242 | 160 | |
Operating Segments | Well Construction | |||
Segment Reporting Information [Line Items] | |||
Revenue | 3,261 | 2,398 | |
Pretax segment operating income | 672 | 388 | |
Operating Segments | Production Systems | |||
Segment Reporting Information [Line Items] | |||
Revenue | 2,207 | 1,604 | |
Pretax segment operating income | 205 | 114 | |
Eliminations & other | |||
Segment Reporting Information [Line Items] | |||
Revenue | (129) | (107) | |
Pretax segment operating income | (7) | (60) | |
Corporate & other | [1] | (169) | (164) |
Interest income | [2] | 17 | 2 |
Interest expense | [3] | (114) | (120) |
Charges and credits | [4] | $ 36 | $ 26 |
[1] Comprised principally of certain corporate expenses not allocated to the segments, stock-based compensation costs, amortization expense associated with certain intangible assets, certain centrally managed initiatives and other nonoperating items. Interest income excludes amounts that are included in the segments’ income ($- million in 2023; $ 12 million in 2022). Interest expense excludes amounts that are included in the segments’ income ($ 3 million in 2023; $ 3 million in 2022). See Note 2 – Charges and Credits . |
Segment Information - Schedul_2
Segment Information - Schedule of Segment Reporting Information, by Segment (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Interest expense | $ 117 | $ 123 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Interest income | 12 | |
Interest expense | $ 3 | $ 3 |
Segment Information - Revenue b
Segment Information - Revenue by Geographic Area (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 7,736 | $ 5,962 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 7,736 | 5,962 |
Operating Segments | North America | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,698 | 1,282 |
Operating Segments | Latin America | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,618 | 1,204 |
Operating Segments | Europe & Africa | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,974 | 1,404 |
Operating Segments | Middle East & Asia | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,393 | 2,024 |
Operating Segments | Other | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 53 | $ 48 |
Segment Information - Summary o
Segment Information - Summary of North America and International Revenue Disaggregated by Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 7,736 | $ 5,962 |
Digital Integration | ||
Segment Reporting Information [Line Items] | ||
Revenue | 894 | 857 |
Reservoir Performance | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,503 | 1,210 |
Well Construction | ||
Segment Reporting Information [Line Items] | ||
Revenue | 3,261 | 2,398 |
Production Systems | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,207 | 1,604 |
Eliminations & Other | ||
Segment Reporting Information [Line Items] | ||
Revenue | (129) | (107) |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 7,736 | 5,962 |
Operating Segments | Digital Integration | ||
Segment Reporting Information [Line Items] | ||
Revenue | 894 | 857 |
Operating Segments | Reservoir Performance | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,503 | 1,210 |
Operating Segments | Well Construction | ||
Segment Reporting Information [Line Items] | ||
Revenue | 3,261 | 2,398 |
Operating Segments | Production Systems | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,207 | 1,604 |
North America | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,698 | 1,282 |
North America | Operating Segments | Digital Integration | ||
Segment Reporting Information [Line Items] | ||
Revenue | 251 | 225 |
North America | Operating Segments | Reservoir Performance | ||
Segment Reporting Information [Line Items] | ||
Revenue | 120 | 103 |
North America | Operating Segments | Well Construction | ||
Segment Reporting Information [Line Items] | ||
Revenue | 711 | 485 |
North America | Operating Segments | Production Systems | ||
Segment Reporting Information [Line Items] | ||
Revenue | 626 | 473 |
North America | Operating Segments | Eliminations & Other | ||
Segment Reporting Information [Line Items] | ||
Revenue | (10) | (4) |
International | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 5,985 | 4,632 |
International | Operating Segments | Digital Integration | ||
Segment Reporting Information [Line Items] | ||
Revenue | 642 | 631 |
International | Operating Segments | Reservoir Performance | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,380 | 1,105 |
International | Operating Segments | Well Construction | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,493 | 1,865 |
International | Operating Segments | Production Systems | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,574 | 1,127 |
International | Operating Segments | Eliminations & Other | ||
Segment Reporting Information [Line Items] | ||
Revenue | (104) | (96) |
Other | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 53 | 48 |
Other | Operating Segments | Digital Integration | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1 | 1 |
Other | Operating Segments | Reservoir Performance | ||
Segment Reporting Information [Line Items] | ||
Revenue | 3 | 2 |
Other | Operating Segments | Well Construction | ||
Segment Reporting Information [Line Items] | ||
Revenue | 57 | 48 |
Other | Operating Segments | Production Systems | ||
Segment Reporting Information [Line Items] | ||
Revenue | 7 | 4 |
Other | Operating Segments | Eliminations & Other | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ (15) | $ (7) |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - USD ($) $ in Billions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Segment Reporting [Abstract] | ||
Revenue in excess of billings | $ 0.3 | $ 0.3 |
Total backlog | $ 3 | |
Percentage of revenue expected to be recognized over next 12 months | 60% | |
Billings and cash collections in excess of revenue | $ 1.2 | $ 1.2 |