Why did SLB's earnings trend upward in 2024?

Schlumberger's earnings trended upward in 2024 due to several key factors:

1. **Revenue Growth**: Schlumberger experienced a 10% year-over-year revenue growth, reaching $36.29 billion by the end of the year. This increase was driven by strong performance in its Digital & Integration segment, which saw a 6% sequential and 10% year-on-year growth, fueled by the adoption of AI-driven solutions like the Lumi platform.
2. **International Market Strength**: Schlumberger's international revenue grew by 18%, reaching $7.056 billion, which offset the 6% decline in North America revenue. The Middle East & Asia region saw a significant 29% increase in revenue, while Europe & Africa also contributed to the growth. This diversification in revenue streams has been a key factor in the company's earnings growth.
3. **Production Systems Division Growth**: Schlumberger's Production Systems division saw a notable 28% increase in revenue year-over-year, driven by the acquisition of the Aker subsea business and robust international sales. This strategic move has been instrumental in boosting the company's earnings.
4. **Cost Management and Operational Efficiency**: Schlumberger's focus on cost-cutting and long-cycle projects in deepwater and gas areas has helped expand margins despite a cautious macroeconomic backdrop. This strategic approach to operations has contributed to improved profitability.

In summary, Schlumberger's earnings growth in 2024 can be attributed to a combination of revenue expansion, particularly in international markets, growth across core business segments, and effective cost management. These factors collectively contributed to the company's robust financial performance in the year.