Our 2022 results highlight the continued success of SLB’s financial and operational performance strategy, demonstrating the ability to leverage the breadth of our portfolio and our competitive strengths to deliver peer-leading outcomes for our customers and shareholders. Since 2019 we have repositioned SLB from a strategic and financial standpoint, strengthening our balance sheet and creating a returns-driven culture. We have enhanced our portfolio management process, making SLB a less capital-intensive business, with a much-improved returns and free cash flow generation profile. We have optimized our portfolio for resilience and long-term growth across three engines of growth—Core, Digital, and New Energy—to generate compelling returns and position us for long- term strength in all markets where we operate.
Effective portfolio management, combined with the actions we have taken to lower costs, have enabled us to substantially improve operating leverage, positioning us for continued margin expansion as global activity accelerates.
We will fully seize the growth cycle to maximize earnings and cash flow generation with capital allocation guided by three principles: maintain a strong balance sheet; invest in accretive return growth opportunities; and deliver attractive returns to shareholders through sustainable dividends and share buybacks. We increased our dividend by 40% in April 2022, followed by a further 43% increase in January 2023, and we resumed our share buyback program in the first quarter of 2023.
Today, SLB is more agile, less capital intensive, and more returns-focused than ever before. We have significantly strengthened the foundations of the company and are poised to outperform financially in the years to come.
Strengthened balance sheet by reducing both gross and net debt† by $1.7 billion in 2022
Ended 2022 with 1.4x net debt to adjusted EBITDA† ratio—lowest level since 2016
Increase in quarterly dividend announced in January 2023