Monday 22 January 2018

19th January, 2018

Full-year 2017 revenue of $30.4 billion increased 9% year-on-year. This included a full year’s activity from the acquired Cameron businesses as compared to three quarters of activity in 2016. Excluding the addition of Cameron, revenue growth was driven by land activity in North America, which increased by 82% in line with the increase in rig count. Full-year Production Group revenue increased 21%, Reservoir Characterization Group revenue improved 2%, and Drilling Group revenue declined 2%.

Full-year 2017 pretax operating income grew 20% and pretax operating margin of 13% expanded 111 basis points (bps). This was driven by improved profitability in North America due to the growth in land activity that benefited both the Production and Drilling Groups.

• Fourth-quarter revenue of $8.2 billion increased 3% sequentially
• Fourth-quarter pretax operating income of $1.2 billion increased 9% sequentially
• Fourth-quarter GAAP loss per share, including charges of $2.11 per share, was $1.63
• Fourth-quarter EPS, excluding charges, was $0.48
• Full-year and fourth-quarter cash flow from operations were $5.7 billion and $2.3 billion, respectively.