Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

SLB N.V., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income (loss)	4,579)	4,275)	3,492)	1,928)	(10,486)
Charges and credits	541)	110)	(347)	(65)	12,515)
Depreciation and amortization, includes depreciation of fixed assets and amortization of intangible assets, exploration data costs and APS investments	2,519)	2,312)	2,147)	2,120)	2,566)
Deferred taxes	(41)	28)	(39)	(31)	(1,248)
Stock-based compensation expense	316)	293)	313)	324)	397)
Earnings of equity method investments, less dividends received	(18)	(132)	(96)	10)	(28)
(Increase) decrease in receivables	(236)	(659)	(1,728)	(36)	2,345)
(Increase) decrease in inventories	(101)	(254)	(737)	75)	86)
(Increase) decrease in other current assets	3)	121)	(44)	387)	267)
(Increase) decrease in other assets	13)	(10)	(45)	(2)	(25)
Increase (decrease) in accounts payable and accrued liabilities	(994)	724)	704)	160)	(3,330)
Increase (decrease) in estimated liability for taxes on income	(51)	(62)	96)	(154)	(201)
Increase (decrease) in other liabilities	32)	(76)	23)	(26)	19)
Other	40)	(33)	(19)	(39)	67)
Change in assets and liabilities, net of the effect of business acquisitions and divestitures	(1,294)	(249)	(1,750)	365)	(772)
Adjustments to reconcile net income (loss) to cash provided by operating activities	2,023)	2,362)	228)	2,723)	13,430)
Net cash provided by operating activities	6,602)	6,637)	3,720)	4,651)	2,944)
Capital expenditures	(1,931)	(1,939)	(1,618)	(1,141)	(1,116)
APS investments	(483)	(507)	(587)	(474)	(303)
Exploration data capitalized	(198)	(153)	(97)	(39)	(101)
Business acquisitions and investments, net of cash acquired	(553)	(242)	(58)	(103)	(33)
(Purchase) sale of short-term investments, net	(32)	117)	138)	787)	(1,141)
Purchases of Blue Chip Swap securities	(207)	(185)	(259)	—)	—)
Proceeds from sales of Blue Chip Swap securities	152)	97)	111)	—)	—)
Proceeds from sale of Liberty shares	—)	137)	732)	109)	—)
Proceeds from sale of ADC shares	—)	—)	223)	—)	—)
Proceeds from sale of real estate	—)	—)	120)	—)	—)
Net proceeds from divestitures	—)	—)	—)	—)	434)
Other	107)	(108)	(93)	(58)	(93)
Net cash used in investing activities	(3,145)	(2,783)	(1,388)	(919)	(2,353)
Dividends paid	(1,533)	(1,317)	(848)	(699)	(1,734)
Stock repurchase program	(1,737)	(694)	—)	—)	(26)
Proceeds from employee stock purchase plan	219)	191)	142)	137)	146)
Proceeds from exercise of stock options	29)	90)	81)	—)	—)
Taxes paid on net-settled stock-based compensation awards	(90)	(169)	(93)	(24)	(28)
Proceeds from issuance of long-term debt	1,475)	994)	—)	34)	5,837)
Repayment of long-term debt	(955)	(1,578)	(1,650)	(2,076)	(4,975)
Net increase (decrease) in short-term borrowings	(115)	2)	37)	(105)	156)
Repayment of finance lease-related obligations	—)	—)	—)	—)	(188)
Other	(65)	(31)	(51)	(91)	(61)
Net cash used in financing activities	(2,772)	(2,512)	(2,382)	(2,824)	(873)
Impact of changes in exchange rates on cash	(41)	(97)	(52)	5)	(11)
Net increase (decrease) in cash	644)	1,245)	(102)	913)	(293)
Cash, beginning of period	2,900)	1,655)	1,757)	844)	1,137)
Cash, end of period	3,544)	2,900)	1,655)	1,757)	844)

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).

The financial results over the analyzed periods demonstrate a marked recovery and stabilization after a significant loss in the earliest period. The net income transitioned from a substantial loss to consistent profits, increasing steadily through the later years, indicating improved operational performance or market conditions.

Operational cash flow shows a consistent upward trend, more than doubling from the initial to the last period analyzed. This growth suggests effective conversion of earnings into cash, supporting stronger liquidity and operational sustainability. Capital expenditures increased notably, reflecting greater investments in fixed assets or growth initiatives. However, these outlays appear matched by increasing operational cash inflows, sustaining net cash flow from operations at healthy levels.

Investing activities typically consumed cash, with net outflows growing larger over time. This mainly reflects increased capital expenditures and business acquisitions, indicating active investment in business expansion or asset renewal. Sales of certain investments and assets generated cash sporadically but were insufficient to offset overall investing cash use.

Financing activities revealed a consistent cash outflow, primarily driven by dividends and debt repayments. Dividends increased significantly, signifying a focus on shareholder returns. Stock repurchases, absent initially, emerged strongly in the later years, reflecting an additional shareholder value strategy. Long-term debt issuance varied, with periods of borrowing balanced by steady repayments, contributing to net cash reduction from financing.

Working capital movements varied, with notable decreases in receivables and inventories in later years contributing positively to cash flows, after some earlier periods of negative adjustments. Accounts payable and accrued liabilities showed fluctuation, adding complexity to short-term liquidity dynamics. Deferred taxes and stock-based compensation expenses remained relatively stable, with minor fluctuations.

The overall cash position strengthened, rising substantially over the periods analyzed. This increase underscores improved liquidity management despite ongoing large investments and financing outflows. Exchange rate effects on cash balances were minor but generally negative in later years, slightly offsetting gains.

Profitability: Progressed from a significant loss to consistent profitability with increasing net income.
Operational Cash Flow: Substantially increased, supporting higher capital expenditures and liquidity.
Investing Activities: Net cash outflows rose due to higher capital spending and acquisitions, partially offset by asset sales.
Financing Activities: Consistently negative due to dividend payments, debt repayment, and stock buybacks, reflecting a focus on shareholder returns and debt reduction.
Working Capital: Fluctuated with shifts in receivables, inventories, and payables impacting cash resources periodically.
Cash Position: Markedly improved, indicating strengthened liquidity and cash management efficiency.

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SLB N.V. (NYSE:SLB)

Cash Flow Statement