Schlumberger Limited (NYSE:SLB) was out with full-year financial figures Friday morning.
Revenue was $32.8 billion, an increase of 8% year-on-year. Full-year GAAP EPS, including charges & credits, was $1.53. Full-year cash flow from operations was $5.7 billion, while free cash flow was $2.5 billion.
CEO Paal Kibsgaard commented, "Full-year 2018 revenue of $32.8 billion increased 8% year-on-year and grew for the second successive year. Performance was driven by North America where revenue of $12.0 billion increased 26% due to the results of our OneStim® business, which grew by 41%.
"Full-year international revenue of $20.4 billion was essentially flat compared with 2017. However, excluding Cameron, international revenue for the second half of 2018 showed year-over-year growth of 3%, marking the beginning of a positive activity trend after three consecutive years of declining revenues.
"Production revenue of $12.4 billion increased 17%, while drilling revenue of $9.3 billion improved 10%. Reservoir characterization revenue of $6.5 billion declined 4%, mostly driven by the divestiture of the WesternGeco® marine seismic acquisition business.
"For Schlumberger, this means that even with the current oil prices, we expect solid, single-digit growth in the international markets while in North America land, the increased cost of capital and focus on aligning investments closer to free cash flow has introduced more uncertainty to the outlook for both drilling and production activity."
During the quarter, Schlumberger repurchased 2.1 million shares of its common stock at an average price of $48.44 per share, for a total purchase price of $100 million.
Shares expanded $2.03, or 4.9%, to $43.40
