Analysis of Property, Plant and Equipment
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Property, Plant and Equipment Disclosure
Schlumberger Ltd., balance sheet: property, plant and equipment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Land | |||||||||||
| Buildings & improvements | |||||||||||
| Machinery & equipment | |||||||||||
| Fixed assets | |||||||||||
| Accumulated depreciation | |||||||||||
| Fixed assets less accumulated depreciation |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Land
- The value of land demonstrates a gradual decline over the five-year period, decreasing from $362 million in 2020 to $315 million in 2024. The decline appears steady with minor year-to-year reductions, indicating possible disposals or revaluation adjustments.
- Buildings & improvements
- Buildings and improvements exhibit an overall increasing trend, rising from $3,757 million in 2020 to a peak of $4,569 million in 2023, followed by a slight dip to $4,510 million in 2024. This suggests ongoing investments and enhancements with a minor reduction possibly due to impairments or asset disposals in the latest year.
- Machinery & equipment
- This category shows a fluctuating but generally declining trend from $25,625 million in 2020 to $24,748 million in 2024. Values decreased notably in 2021 and 2022, followed by a moderate recovery in 2023 and a slight decline again in 2024. This pattern might reflect asset retirements, replacements, or valuation adjustments.
- Fixed assets
- Total fixed assets decreased from $29,744 million in 2020 to $28,386 million in 2022, then increased to $29,965 million in 2023 before slightly declining to $29,573 million in 2024. The fluctuations mirror the trends observed in machinery and buildings, indicating varying levels of capital expenditure and disposals.
- Accumulated depreciation
- Accumulated depreciation remains consistently negative as expected, ranging between -$22,214 million and -$22,918 million. It decreased in magnitude from 2020 to 2022, then increased again in 2023 before a reduction in 2024, reflecting depreciation expense impacts and possible asset retirements.
- Fixed assets less accumulated depreciation
- The net book value of fixed assets shows an overall growth from $6,826 million in 2020 to $7,359 million in 2024, with some variation in between. The net value dipped in 2021 but increased steadily thereafter, suggesting effective asset management and reinvestment maintaining the asset base's carrying value.
Asset Age Ratios (Summary)
Schlumberger Ltd., asset age ratios
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Average Age Ratio
- The average age ratio exhibits a gradual decline over the observed period, decreasing from 78% in 2020 to 75.92% in 2024. This trend reflects a slight improvement in the relative age of the property, plant, and equipment, indicating that the assets are becoming relatively newer on average or that asset replacements or upgrades may be occurring.
- Estimated Total Useful Life
- The estimated total useful life of the assets shows a general increase from 18 years in 2020 to a peak of 21 years in 2022 and 2023, before declining to 19 years in 2024. The initial increase may suggest an extension in the expected service life due to maintenance, refurbishments, or revisions in asset lifespan assumptions. The subsequent decrease in 2024 indicates a possible reassessment of asset longevity or introduction of newer assets with shorter expected useful life.
- Estimated Age (Time Elapsed Since Purchase)
- The estimated age remains relatively stable around 14 to 16 years, rising from 14 years in 2020 to 16 years during 2021 through 2023, then returning to 14 years in 2024. This plateau in asset age suggests consistent asset acquisition and retirement patterns, with the sudden decrease in 2024 potentially indicating significant asset turnover or updating of the asset base.
- Estimated Remaining Life
- The estimated remaining life increases slightly from 4 years in 2020 and 2021 to 5 years from 2022 through 2024. This improvement indicates a probable extension in the remaining usability of the assets, aligning with the increased total useful life observed over the same period.
Average Age
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Accumulated depreciation | ||||||
| Fixed assets | ||||||
| Land | ||||||
| Asset Age Ratio | ||||||
| Average age1 | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Average age = 100 × Accumulated depreciation ÷ (Fixed assets – Land)
= 100 × ÷ ( – ) =
The analysis of the property, plant, and equipment data over the five-year period reveals notable trends in the company's asset composition and depreciation patterns.
- Accumulated Depreciation
- Accumulated depreciation shows a downward trend from 22,918 million USD in 2020 to 22,214 million USD in 2024, with a minor increase observed in 2023. This decline suggests a possible slowdown in asset devaluation or the disposal of older depreciated assets.
- Fixed Assets
- The total fixed assets exhibit fluctuations over the period. Starting at 29,744 million USD in 2020, there is a dip to 28,386 million USD in 2022 followed by a rebound to 29,573 million USD in 2024. This volatility may reflect periods of investment and asset disposals or write-downs adjusted through the years.
- Land
- The value of land remains relatively stable but shows a slight decline from 362 million USD in 2020 to 315 million USD in 2024. This marginal decrease could be indicative of minor disposals or revaluations of land holdings.
- Average Age Ratio
- The average age ratio of the assets consistently decreases from 78% in 2020 to 75.92% in 2024. This downward trend implies gradual asset renewal or the addition of newer assets, thereby reducing the relative average age of the fixed asset base.
Overall, the data indicates a strategic management of the asset portfolio with moderate reinvestment and replacement activity, reflecting a balance between maintaining asset value and controlling depreciation. The steady reduction in average age ratio aligns with efforts to keep the asset base relatively modern over the analyzed period.
Estimated Total Useful Life
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Estimated total useful life = (Fixed assets – Land) ÷ Depreciation of fixed assets
= ( – ) ÷ =
- Fixed Assets
- The value of fixed assets exhibited a general decline from 29,744 million USD in 2020 to 28,386 million USD in 2022, followed by an increase to 29,965 million USD in 2023, and a slight decrease to 29,573 million USD in 2024. This pattern indicates some level of asset turnover or revaluation occurring during the period, with the most notable recovery occurring in 2023.
- Land
- The valuation of land showed a steady decrease over the observed period, diminishing from 362 million USD in 2020 to 315 million USD in 2024. This trend suggests either disposals of land assets or a revaluation adjustment lowering the recorded value over time.
- Depreciation of Fixed Assets
- Depreciation expense on fixed assets declined from 1,625 million USD in 2020 to 1,368 million USD in 2022, indicating a reduction in depreciation charges during this interval. Subsequently, it increased to 1,551 million USD by 2024. This fluctuation may reflect changes in asset composition, useful life reassessments, or capital expenditure activities.
- Estimated Total Useful Life
- The estimated useful life of assets increased gradually from 18 years in 2020 to 21 years by 2022 and 2023, before decreasing slightly to 19 years in 2024. The initial increase suggests a reassessment extending asset life, while the subsequent reduction might correspond with revisions due to asset aging or changes in asset mix.
Estimated Age, Time Elapsed since Purchase
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Time elapsed since purchase = Accumulated depreciation ÷ Depreciation of fixed assets
= ÷ =
- Accumulated Depreciation
- The accumulated depreciation amounts exhibit a general decline from 22,918 million USD at the end of 2020 to 22,214 million USD by the end of 2024. This trend includes a dip until 2022, reaching 21,779 million USD, followed by a slight increase in 2023 (22,725 million USD), before decreasing again in 2024. The fluctuations suggest variations in asset write-offs or disposals, or possibly changes in depreciation policies during the period.
- Depreciation of Fixed Assets
- Annual depreciation expenses show a downward trend from 1,625 million USD in 2020 to a low of 1,368 million USD in 2022. Subsequently, depreciation expenses reverse course, gradually increasing to 1,551 million USD by 2024. This pattern may reflect a shift in capital expenditure, changes in the mix of assets, or adjustments to depreciation rates or methodologies over these years.
- Time Elapsed Since Purchase
- The average age of the assets, measured as time elapsed since purchase, rises from 14 years in 2020 to 16 years in 2021 and remains steady at 16 years through 2023. In 2024, it decreases back to 14 years. This suggests an aging asset base for most of the period, indicating limited new acquisitions or slower asset turnover, followed by an infusion of newer assets or asset replacements in 2024, which lowers the average age substantially.
In summary, the data indicate a largely steady but aging asset base with accumulated depreciation levels fluctuating moderately. The depreciation expense trend aligns with this, showing reduced charges during the middle years, possibly tied to depreciating older assets, and increasing charges more recently, perhaps reflecting investments in newer assets or changes in accounting treatments. The reduction in average asset age in the final year is a significant indicator of asset renewal efforts.
Estimated Remaining Life
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Estimated remaining life = (Fixed assets less accumulated depreciation – Land) ÷ Depreciation of fixed assets
= ( – ) ÷ =
- Fixed assets less accumulated depreciation
- The net value of fixed assets, after accounting for accumulated depreciation, shows a declining trend in 2021 compared to 2020, decreasing from 6,826 million USD to 6,429 million USD. However, it demonstrates a recovery and upward trend from 2021 through 2024, with the figure increasing steadily to 7,359 million USD by the end of 2024. This suggests that the company has likely invested in new assets or improved the value of existing assets after 2021.
- Land
- The value of land remains relatively stable but exhibits a slight decreasing trend over the analyzed period. Starting at 362 million USD in 2020, it declines gradually to 315 million USD by 2024. This steady reduction indicates either asset disposals or revaluations impacting the land holdings.
- Depreciation of fixed assets
- Depreciation expense demonstrates a consistent downward movement from 1,625 million USD in 2020 to 1,368 million USD in 2022. However, this trend reverses from 2022 onward, with depreciation increasing to 1,551 million USD in 2024. The initial decline could be linked to reductions in the asset base or changes in depreciation methods, while the subsequent rise might reflect additions to fixed assets or adjustments in depreciation policies.
- Estimated remaining life
- The estimated remaining useful life of the fixed assets was stable at 4 years in 2020 and 2021, then increased to 5 years from 2022 through 2024. This extension in asset life indicates improvements in asset longevity, potential re-assessments of asset condition, or acquisition of longer-lived assets.