Charges and Credits

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Charges and Credits

2. Charges and Credits

2023

On December 31, 2020, SLB contributed its onshore hydraulic fracturing business in the United States and Canada, including its pressure pumping, pumpdown perforating and Permian frac sand business to Liberty Energy Inc. (“Liberty”) in exchange for an equity interest in Liberty. During the first quarter of 2023, SLB sold all of its remaining approximately 9 million shares of Liberty and received net proceeds of $137 million. As a result, SLB recognized a gain of $36 million which is classified in Interest & other income in the Consolidated Statement of Income.

SLB did not record any charges or credits during the second quarter of 2023.

2022

SLB recorded the following credits during the first six months of 2022, all of which are classified in Interest & other income in the Consolidated Statement of Income:

	(Stated in millions)
	Pretax Credit			Tax Expense			Net
First quarter:
Gain on sale of Liberty shares	$	(26	)	$	(4	)	$	(22	)
Second quarter:
Gain on sale of Liberty shares		(216	)		(13	)		(203	)
Gain on sale of real estate		(43	)		(2	)		(41	)
	$	(285	)	$	(19	)	$	(266	)

During the first quarter of 2022, SLB sold 7.2 million of its shares of Liberty and received proceeds of $84 million. During the second quarter of 2022, SLB sold an additional 26.5 million of its shares in Liberty and received proceeds of $429 million. As a result of these transactions SLB recognized a gain of $26 million during the first quarter of 2022 and a gain of $216 million during the second quarter of 2022.

During the second quarter of 2022, SLB sold certain real estate and received proceeds of $120 million. As a result of this transaction, SLB recognized a gain of $43 million.