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Schlumberger 2018 revenue of $32.8 billion increased 8%

Staff Writer | January 18, 2019
Schlumberger full-year 2018 revenue of $32.8 billion increased 8% year-on-year and grew for the second successive year.
Schlumberger   Performance was driven by North America
Performance was driven by North America where revenue of $12.0 billion increased 26% due to the results of its 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. Cameron revenue of $5.2 billion declined 1% as a further decline in the long-cycle businesses of OneSubsea® and Drilling Systems was largely offset by growth in Surface Systems and Valves & Measurement.

Full-year 2018 pretax operating income of $4.2 billion grew 7%. Pretax operating margin of 13% was essentially flat with the previous year, as the impact of higher revenue was offset by reactivation and mobilization costs associated with the ramp-up and strategic positioning for increased activity in both North America and internationally.