Schlumberger Ltd

SLB: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$82.00	Qfktx	Dhdfpjyzzq

SLB Earnings: Expanded Offshore Business Strengthens SLB’s Position in a High-Growth End Market

Katherine Olexa

Jan 19, 2024

SLB delivered solid fourth-quarter results, in line with management guidance. Revenue grew 14% year over year and 8% quarter over quarter. Adjusted EBITDA margin was 25%, up about 90 basis points year over year and 30 basis points quarter over quarter. We’ll incorporate the firm’s full financial and operating results shortly, but after this first look, we maintain our $56 fair value estimate and narrow moat rating.

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