SLB delivered a resilient QQ4 2024 performance with record international revenue contributing to a full-year revenue of $36.3 billion, up 10% year over year. The company posted an adjusted EBITDA margin of 25% for the full year and generated $4.0 billion in free cash flow, enabling meaningful deleveraging to a net debt of $7.4 billion and total shareholder returns of $3.3 billion in 2024. In QQ4, SLB achieved a quarterly revenue of $9.284 billion and an EBITDA margin of 25.7%, underscoring the company’s diversified mix and premium margins across its Core divisions and a digitally enhanced growth profile. Management emphasized continued strength in Digital & Integration, particularly Digital, which grew 20% for the year, and highlighted expansion in Production Systems via new backlogs and Aker Subsea integration. Looking into 2025, SLB guides to flat revenue (excluding ChampionX) and EBITDA at or above 2024 levels, with capital expenditure around $2.3 billion (excluding ChampionX). The firm also signaled an elevated capital return cadence, including a minimum $4 billion in shareholder returns in 2025 through dividends and buybacks, aided by accelerated share repurchases. The strategic pivot toward low-carbon and data-center infrastructure solutions plus Lumi AI/Cloud offerings positions SLB to diversify beyond traditional upstream exposure while maintaining leverage to the oil-and-gas cycle.