Flat revenue year reported by Schlumberger

Even with nearly $33 billion in revenue, Schlumberger says it was a “flat year” with only 7% international revenue growth.

The European company, with operations throughout Oklahoma and the U.S. reported fourth quarter revenue of $8.2 billion, a decline of 4% from a year ago. Full-year cash flow from operations was $5.4 billion while free cash flow totaled $2.7 billion.

Total revenue for the year was $32.9 billion while revenue at the end of 2018 was $32.8 billion. That’s why company leaders called it a “flat” year.

Using generally accepted accounting principles, the company said 2019 recorded a loss of $10.1 billion while a year ago, it made $2.1 billion.

North American revenue for 2019 totaled $10.8 billion, a 10% drop from the 2018 revenue of $11.9 billion. The decline came after two years of strong growth for the company in North America.

” Overall performance was positive—particularly in the international markets—and we generated $2.7 billion in free cash flow, which was a remarkable achievement under these market conditions,” stated Schlumberger CEO Olivier Le Peuch.