SLB delivered a resilient Q2 2024 performance, underpinned by broad-based international strength and ongoing margin expansion across its four core divisions. Revenue of $9.147 billion rose 5% sequentially and 12.9% YoY, with adjusted EBITDA of $2.101 billion and an EBITDA margin of 25.0%, up 142 basis points sequentially. Management highlighted that international markets—especially the Middle East and Asia—drove the majority of the sequential gain, supported by backlog conversion in OneSubsea and robust offshore activity. Digital & Integration posted the strongest margin acceleration, with D&I margins expanding 435 basis points to 31%, driven by higher digital solutions uptake and exploration data licensing. The quarter also featured targeted cost efficiency actions aimed at margin expansion in H2 2024 and into 2025, including merger-related charges and an ongoing optimization program that will extend into Q3. Management reaffirmed full-year guidance for EBITDA growth of 14-15% and EBITDA margins at or above 25%, signaling confidence in the ongoing cycle and in the company’s ability to extract value from digital and high-margin backlog. The strategic narrative remains heavily anchored in geographic diversification (notably Middle East, North Africa, and Latin America), deepwater/OneSubsea opportunities, accelerated gas development, and the digital transformation enabled by Delfi. Looking ahead, SLB’s M&A momentum (ChampionX) and the Aker Carbon Capture footprint are positioned to enhance the growth and margin profile, with a clear emphasis on returns to shareholders. However, forward-looking risk factors include commodity price volatility, North American activity sensitivity, integration risk with ChampionX, and macro/geopolitical uncertainties. Overall, SLB appears well-positioned to deliver continued cash generation, earnings growth, and shareholder returns through a still constructive but uneven cycle.