- Revenue of $9.0 billion decreased 12%
sequentially
- EPS of $0.88 declined 17% sequentially,
excluding charges and credits
- Free cash flow of $1.5 billion
represented 132% of earnings
- Sequential decremental operating margin
was 23%
- 5.8 million shares repurchased for $520
million during the quarter
Schlumberger Limited (NYSE:SLB) today reported results for the
second quarter of 2015.
(Stated in millions, except per
share amounts)
Three Months Ended Change Jun. 30,
2015 Mar. 31, 2015 Jun. 30, 2014
Sequential
Year-on-year Revenue
$ 9,010 $ 10,248 $ 12,054
-12 % -25 % Pretax operating income
1,708 1,993 2,621
-14 % -35 %
SLB income from continuing operations, excluding charges and
credits*
1,124 1,358 1,800
-17 % -38
% Diluted EPS from continuing operations, excluding charges
and credits*
$ 0.88 $ 1.06 $ 1.37
-17 %
-36 % Pretax operating margin
19.0 %
19.4 % 21.7 %
-49 bps -278 bps North America
revenue
$ 2,361 $ 3,222 $ 3,888
-27 %
-39 % North America pretax operating income
242 416 700
-42 % -65 % North
America pretax operating margin
10.2 % 12.9 % 18.0 %
-268 bps -777 bps International revenue
$ 6,525 $ 6,889 $ 8,087
-5 % -19
% International pretax operating income
1,595 1,661
1,942
-4 % -18 % International pretax
operating margin
24.5 % 24.1 % 24.0 %
+35 bps
+44 bps
*Schlumberger income from continuing
operations, including charges and credits, was $975 million in the
first quarter of 2015 and $1.8 billion in the second quarter of
2014. Diluted EPS from continuing operations, including charges and
credits, was $0.76 in the first quarter of 2015 and $1.37 in the
second quarter of 2014. There were no charges or credits recorded
during the second quarter of 2015 or the first six months of 2014.
See section entitled "Charges & Credits" for details.
Schlumberger Chairman and CEO Paal Kibsgaard commented,
“Schlumberger second-quarter revenue decreased 12% sequentially,
driven by the dramatic decline in North American land activity as
the rig count dropped by a further 40% and as pricing erosion
continued in both North America and the International Areas. North
America revenue fell 27% sequentially, while International revenue
was 5% lower as customer budget cuts and pricing concessions
impacted results for a full quarter.
“Despite the much more challenging market conditions, overall
pretax operating margins were maintained at levels well above the
previous downturns as we continued to proactively manage costs and
resources, carefully navigate the commercial landscape, and further
accelerate our transformation program. The success of our efforts
can be seen in pretax operating margins of 10.2% in North America
and 24.5% internationally while generating $1.5 billion in free
cash flow, representing 132% of earnings.
“In the first half of 2015, year-on-year revenue dropped 26% in
North America and 14% internationally. In spite of these declines
being more severe than those of the 2009 downturn, we delivered
first-half decremental margins of 37% in North America and 18%
internationally. These results represent a marked improvement over
the equivalent figures that were both in excess of 70% for the same
period in 2009.
“Among the business segments, Production Group revenue declined
18% sequentially driven by the unprecedented drop in both activity
and pricing for pressure pumping services on land in North America.
Drilling Group and Reservoir Characterization Group revenues fell
by 11% and 5%, respectively, as the declines in development
drilling activity and exploration-related services moderated.
“As we enter the second half of the year, our visibility still
remains limited. In terms of oil supply, the first signs of
flattening North America production have appeared while OPEC
marketed supply has been increased once again. Non-NAM, non-OPEC
production weakened in the first half of the year driven by falls
in Brazil and Mexico, with further softening expected as lower
investment levels start to take full effect. The latest supply data
together with a strong outlook for global oil demand point to a
tightening of the global supply-demand balance even with additional
supply from Iran.
“E&P investment in North America is now expected to fall by
more than 35% in 2015 driven by lower land activity and increased
pricing pressure. We believe that the North American rig count may
now be touching the bottom, and that a slow increase in both land
drilling and completion activity could occur in the second half of
the year.
“In the international market, E&P spending is now expected
to drop more than 15%. We do not expect any upward adjustment to
existing 2015 budgets but see a continuation of first-half trends
with low exploration activity, tight management of
development-related spend, and continued pricing pressure.
“In this challenging market, we remain focused on the things we
can control, which include our cost and resource base, the
effective deployment of our technology and expertise, and the
quality and integrity of the products and services we provide to
our customers. The success of this approach can be seen in our
strong international margins despite the drop in revenue and in our
ability to maximize our performance in North America.
“We remain very confident in our capacity to continue to weather
the current downturn better than our surroundings, and better than
in previous downturns. Our global strength, our technology
differentiation, and our accelerated corporate transformation are
creating a great platform for us to increase revenue market share,
deliver lower reductions in earnings per share than our peers, and
continue to reduce working capital and capex intensity while
generating higher levels of free cash flow.”
Other Events
During the quarter, Schlumberger repurchased 5.8 million shares
of its common stock at an average price of $90.01 per share for a
total purchase price of $520 million.
North America
North America second-quarter revenue of $2.4 billion decreased
27% sequentially. In the US and Western Canada, revenue fell on
lower pressure pumping activity and persistent pricing pressure as
the land rig count dropped 40%, exacerbated by the early onset of
the Canadian spring break-up. In the US Gulf of Mexico, revenue
declined as the deepwater rig count decreased and activity shifted
from exploration to development and completion.
North America pretax operating margin declined 268 basis points
(bps) sequentially to 10.2% on decreased pressure pumping activity
and pricing weakness on land. Offshore operating margin declined
due to the unfavorable revenue mix resulting from the shift from
high-margin deepwater exploration work to development and
completion activity. Despite the severity of the revenue decline in
North America, focused execution and prompt action on cost
management limited the sequential decremental margin to 20%.
On land, pricing has fallen to unsustainable levels in some
basins, leading to pressure pumping equipment being stacked and
crews reassigned. In other basins, hydraulic fracturing fleet
deployment was maintained in pursuit of market share and new
technology opportunities.
In the first half of 2015, year-on-year revenue dropped 26% in
North America, which is more severe than the 24% decline of the
same period during the 2009 downturn. In spite of this, the
decremental margin was 37% which represents a marked improvement
over the 72% posted for the same period in the previous downturn.
Pretax operating margin in the first half of 2015 declined by 648
bps year-on-year, less than half of the 1,487 bps fall reported for
the first half of 2009. The strength of this performance was
underpinned by prompt cost and resource management, the growing
effects of the transformation program, strong new technology sales,
and efficient supply chain management.
During the second quarter, new Schlumberger technologies helped
increase production and operational efficiency in North
America.
In Southeast New Mexico, Well Services used a low viscosity
composite fluid from the BroadBand* family of unconventional
reservoir completion services for Endeavor Energy Resources, LP to
stimulate a new well in the Permian Basin with a plug-and-perf
completion. In comparison to the six closest offset wells completed
using slickwater and similar proppant amounts, the new well’s total
oil production after 120 days outperformed all the offset wells by
more than 33%.
In South Texas, Well Services used BroadBand Sequence*
fracturing service for Encana to accelerate production and increase
recovery in older wells in the Eagle Ford and Haynesville shale
plays. In an Eagle Ford Shale well for example, refracturing
operations increased oil production from 50 bbl/d to 650 bbl/d and
flowing pressure from 250 psi to 5,000 psi. And in a Haynesville
Shale gas well, production increased from 100 Mscf/d to 5,000
Mscf/d while flowing pressure increased from 1,500 psi to 6,000
psi.
In North Dakota, Drilling & Measurements deployed PowerDrive
Orbit* rotary steerable system technology for WPX Energy to drill
three extended-reach lateral well sections in the Middle Bakken
formation. Given its unique pad actuation design and push-the-bit
technology, the PowerDrive Orbit system overcame the trajectory
control challenges experienced by conventional drilling assemblies
and efficiently delivered three high-quality, in-zone laterals.
Similar performance was repeated on a 14,717-ft extended-reach
lateral, which represents the longest rotary-steerable-drilled
horizontal section in the area.
In South Texas, M-I SWACO used SCREEN PULSE* fluids and cuttings
separator technology for Statoil to help maintain optimal well
drilling conditions and minimize the costs of disposal and mud loss
in a high-rate-of-penetration drilling environment in the Eagle
Ford Shale. Previously, large amounts of cuttings transported
significant volumes of synthetic-base mud (SBM) over the shaker
screen surface with lower recovery potential. SCREEN PULSE
technology helped the customer achieve net savings of $68,000 for
the first two wells drilled by decreasing the average per-foot SBM
cost by 30% and disposal costs by 13%.
In California, Wireline deployed RSTPro* reservoir saturation
technology for a major oil and gas customer in the Kern River
Field. RSTPro service uses full spectral analysis to measure
elemental concentrations, including the salinity-independent
carbon/oxygen ratio. Combined with Schlumberger Petrotechnical
Services’ interpretation solutions, use of the technology enabled
the characterization of heavy oil saturation and has given new life
to this brownfield project. The Kern River reservoir monitoring
project completed 20 years of saturation surveillance this year and
cumulative field production is now over 2 billion barrels of
oil.
In the US Gulf of Mexico, Wireline MDT* modular formation
dynamics tester together with Quicksilver Probe* technology and an
InSitu Fluid Analyzer* system were used for Chevron to obtain
reservoir measurements in the deepwater Guadalupe and Anchor
discoveries. The combination of Schlumberger technologies helped
acquire low contamination samples and perform real-time downhole
fluids analysis with the results used to determine reservoir
connectivity and improve understanding of sealing properties and
fluid charging behavior. The use of Schlumberger downhole fluid
analysis technology confirmed the value of real-time
decision-making in characterizing reservoirs.
In Atlantic Canada, Schlumberger Integrated Project Management
(IPM) completed the construction and evaluation of the first well
drilled for Statoil in a challenging deepwater environment off the
coast of Newfoundland. The work was completed within the framework
of a four-year integrated contract covering the full suite of
services for the Flemish Pass exploration and appraisal project.
Despite weather-related challenges, the efficiency of the
integrated services offering has enabled the project to match the
customer’s internal targets. New Schlumberger technologies, such as
Wireline Quanta Geo* photorealistic reservoir geology service,
helped reduce sub-surface risk and characterize the complex
formations. Also, Drilling & Measurements PowerDrive* rotary
steerable, Smith Bits Stinger* conical diamond element, and
Geoservices FLAIR* fluid logging and analysis technologies helped
boost performance through improving drilling efficiency, assuring
wellbore integrity, and optimizing well placement. Aided by
Schlumberger technologies and the integrated approach, several of
the well sections were recognized by Statoil to be among their top
drilling performances worldwide.
International Areas
Revenue for the International Areas of $6.5 billion decreased 5%
sequentially driven by customer budget cuts and continued pricing
concessions.
Middle East & Asia Area revenue of $2.6 billion
declined 5% sequentially mainly due to lower activity in
Asia-Pacific and Australia from customer exploration budget cuts.
Activity in India declined on project delays while activities in
Iraq and China remained muted. The Middle East GeoMarkets remained
robust on higher activity, particularly in Saudi Arabia, the United
Arab Emirates and Kuwait, but revenue in the region declined
slightly as pricing concessions affected results for a full
quarter.
Europe/CIS/Africa Area revenue of $2.4 billion
decreased 5% sequentially, primarily due to Sub-Saharan Africa as
exploration decreased and offshore rigs demobilized. Customer
budget pressure in Angola and delays in Nigeria also affected
results. Russia rebounded on a seasonal increase in conventional
land activity while the Russian ruble recovered somewhat. North Sea
revenue declined on lower rig count, pricing pressure and a
continued shift from exploration to development activity. North
Africa activity increased slightly while work in Libya continued to
be limited as the security situation remained unchanged.
Revenue in the Latin America Area of $1.5 billion dropped
7% on lower activity in Mexico, Brazil and Colombia due to
sustained customer budget cuts. This reduction was partially offset
by strong exploration and a ramp up of activity in the Venezuela,
Trinidad and Tobago GeoMarket. Activities in Argentina and Ecuador
remained resilient.
International Area pretax operating margin of 24.5% increased 35
bps sequentially. Middle East & Asia pretax operating margin
increased slightly by 8 bps to 28.7%, Latin America expanded 81 bps
to 22.3%, and Europe/CIS/Africa grew 29 bps to 21.3%. Despite the
sequential revenue decline and the increasingly unfavorable shift
in revenue mix, operating margins expanded and limited the
sequential decremental margin to 18%.
For the first half of 2015, year-on-year revenue dropped 14% in
the International Areas, which is more severe than the 5% decline
in the same period during the 2009 downturn. In spite of this, the
decremental margin was 18%, which represents a marked improvement
over the 73% posted for the corresponding period in the previous
downturn. Pretax operating margin for the first half of 2015
expanded 85 bps compared to the 269 bps fall in margin reported for
the same period in 2009. The strength of this performance was a
result of proactive cost and resource management, robust sales of
new technology, and the acceleration of the transformation program
focused on workforce productivity, asset utilization and reduction
in unit support costs.
During the quarter, the International Areas saw a number of
contract awards and integration-related highlights.
Saudi Aramco awarded Schlumberger a two-year multiservice
contract, including stimulation and testing technologies, for
unconventional gas projects within the Kingdom. The project
involves new unconventional reservoir technologies under trial in
the country to optimize stimulation performance.
In the Gulf Cooperation Council countries, Schlumberger had
three contracts extended and was awarded a new contract,
collectively valued at an estimated $600 million. Five-year
contract extensions for Drilling & Measurements and Wireline
services include deployment of technologies such as PowerDrive
Archer* high build rate rotary steerable systems, MicroScope*
resistivity- and imaging-while-drilling services, and Litho
Scanner* high-definition spectroscopy logging. The third contract
extension, for Artificial Lift services that include REDA* Hotline
high-temperature electric submersible pump systems, is for
three-and-a-half years. The new contract award, also for five
years, is for Well Services cementing technologies.
Schlumberger signed a performance-based contract worth
approximately $395 million over four years for the supply of
integrated well construction services for a heavy oil field
development in the Marine region of Mexico. Under this contract,
Schlumberger will provide all drilling and completion services,
including project management, directional drilling,
measurement-while-drilling, logging-while-drilling, mud logging,
wireline, drilling fluids, drill bits, fishing, cementing, coiled
tubing, lower completions, and well testing services. Drilling of
the first well is planned to start in August 2015.
In Iraq, ENI awarded Schlumberger a three-year integrated well
construction contract which covers the drilling of 30 wells and
includes the provision of land drilling rigs, directional drilling,
measurement-while-drilling, logging while-drilling, drill bits,
fishing, cementing, drilling fluids, mud logging, wellbore clean
out and wireline services. Schlumberger has delivered wells to ENI
under similar integrated contract models in the past and this
recent award provides continuity in the field’s ongoing
development.
In Norway, Statoil Petroleum AS awarded M-I SWACO a contract
valued at approximately $135 million for the supply of glycols to
support all of the company’s offshore and onshore Norwegian
refinery operations. The four-and-a-half-year contract has an
option period of two three-year extensions.
In Azerbaijan, BP has awarded Caspian Geophysical, a joint
venture between WesternGeco and SOCAR, a contract to acquire marine
seismic surveys in the Caspian Sea, including 2D, 3D and 4D
acquisition. The surveys are expected to take about six months to
acquire, and will be conducted using Q-Marine* point-receiver
seismic technology, the first time this high-specification seismic
acquisition system has been deployed in the Caspian Sea. The
projects will be carried out in close collaboration between
WesternGeco and Caspian Geophysical.
Reservoir Characterization Group
(Stated in millions, except margin percentages)
Three
Months Ended Change Jun. 30, 2015
Mar. 31, 2015 Jun. 30, 2014
Sequential Year-on-year Revenue
$ 2,425 $ 2,552 $ 3,231
-5 % -25
% Pretax operating income
642 655 933
-2
% -31 % Pretax operating margin
26.5
% 25.6 % 28.9 %
84 bps -239 bps Decremental
operating margin
10 % 36 %
Reservoir Characterization Group revenue of $2.4 billion
declined 5% sequentially, primarily due to sustained cuts in
exploration spending that impacted Wireline and Testing Services
activities in Europe/CIS & Africa, the US Gulf of Mexico, and
Australia. This decline was partially offset by increased software
license sales and by WesternGeco revenue that improved slightly on
higher land seismic activity in North Africa and in the United Arab
Emirates.
Pretax operating margin of 26.5% was 84 bps higher sequentially
on 10% decrementals as an unfavorable revenue mix was offset by the
contribution of increased higher-margin software license sales.
In addition to contract awards during the quarter, new Reservoir
Characterization technologies helped characterize complex
reservoirs, optimize well production and reservoir recovery, and
improve operational efficiency.
In Australia, Wireline introduced UltraTRAC* all-terrain
wireline tractor technology for Origin Energy to gather reservoir
samples and pressure measurements in the Otway basin offshore
Victoria. UltraTRAC technology conveys large payloads in
challenging borehole conditions and across high-angle,
extended-reach wells. Combined with Saturn* 3D radial probe
technology, which enables sampling in demanding environments, this
was the first introduction of these two technologies during
extended-reach drilling in Australia. This efficient combination of
Wireline technologies saved the customer approximately five days of
rig time compared to conventional pipe-conveyed logging
methods.
Offshore The Netherlands, Wireline used a StreamLINE*
polymer-encapsulated wireline monocable for Wintershall Noordzee BV
to convey a perforating gun in a deep, deviated, high-pressure,
high-temperature well in the North Sea. StreamLINE cable has a
friction coefficient that is one-half the equivalent standard
braided line to reduce cable tension and allowed completion of the
perforation job in one run instead of two, which was critical to
the success of the operation. The solution saved the customer 12
hours in operating time, estimated at $175,000.
Offshore Mexico, Wireline deployed Saturn 3D radial probe and
XL-Rock* large-volume rotary sidewall coring technologies for PEMEX
to obtain fluid and rock samples in a deepwater well in the Middle
Miocene Formation. In addition, the combination of measurements
from the Rt Scanner* triaxial induction tool and images from OBMI*
oil-base microimager technology helped reveal the presence of new
reserves. This information enabled the customer to formulate a new
exploration strategy.
In Oman, Wireline technologies were deployed for Petroleum
Development of Oman (PDO) to characterize the Shuaiba heterogeneous
carbonate reservoir in a challenging oil-base-mud (OBM)
environment. Quanta Geo photorealistic reservoir geology technology
was used for the first time in Oman to overcome the OBM challenge
and identify the microfractures created by the MDT modular dynamics
tester tool equipped with high performance packers and a high
pressure pump. As a result, PDO was able to obtain the breakdown
geological and geophysical properties to update the field
development plan and optimize the completion plan.
In Venezuela, Wireline ThruBit* through-the-bit logging
technology was deployed for PDVSA to acquire a complete standard
petrophysical set of data in highly deviated wells in the Faja del
Orinoco’s Ayacucho oil field, where only gamma ray and resistivity
information had previously been available. ThruBit logging can
reliably log complicated wells in less time compared with
conventional conveyance methods, enabling higher accuracy in
formation evaluation, field modeling, and horizontal well
planning.
Also in Venezuela, Wireline deployed Isolation Scanner* cement
evaluation technology for Petroindependencia, S.A., a joint venture
between PDVSA and Chevron, to help improve casing centralization
design and optimize cementing operations in the Cerro Negro Field.
The combination of the Isolation Scanner’s two independent
ultrasonic measurements and the efficient reverse tractoring
capability offered by the TuffTRAC* cased hole services tractor
enabled positive confirmation of zonal isolation in the wells.
In Iraq, Testing Services deployed Signature* quartz gauges
enabled by Muzic* wireless telemetry for Chevron to transmit
downhole measurements from wells in the onshore Sarta-2 field. In
five zones tested, the Signature gauges collected the downhole data
reliably under harsh conditions and provided continuous
transmission through the InterACT* global connectivity,
collaboration, and information service. The customer was able to
meet the well-test objectives as well as save rig time through a
better-informed decision-making process.
In the UAE, ADCO awarded Schlumberger a contract for
conventional and unconventional reservoir laboratory core analysis
services. The three-year contract with a two-year option includes
the provision of core handling and processing, routine and
petrophysical electrical measurement, petrology and geomechanics
services. Schlumberger will open a rock-analysis laboratory in Abu
Dhabi, in addition to the fluids analysis laboratory currently
located in Jebel Ali, UAE to provide customers with a comprehensive
suite of integrated rock and fluid reservoir characterization
services.
Drilling Group
(Stated in millions, except margin percentages)
Three
Months Ended Change Jun. 30, 2015
Mar. 31, 2015 Jun. 30, 2014
Sequential Year-on-year Revenue
$ 3,511 $ 3,963 $ 4,653
-11 %
-25 % Pretax operating income
685 790 981
-13 % -30 % Pretax operating margin
19.5 % 19.9 % 21.1 %
-44 bps -157 bps
Decremental operating margin
23 % 26 %
Drilling Group revenue of $3.5 billion decreased 11%
sequentially, primarily due to a further drop in rig count in North
America that impacted activities of Drilling & Measurements and
M-I SWACO. Lower drilling activity in Sub-Saharan Africa, Australia
and Colombia also contributed to the decline.
Pretax operating margin of 19.5% declined 44 bps sequentially.
Despite the revenue decline, prompt action on cost management
helped limit the decremental operating margin to 23%.
New Drilling Group technologies delivered higher performance in
the second quarter by improving drilling efficiency, optimizing
well placement, and assuring wellbore integrity.
In the Caspian Sea, Drilling Group Technologies were deployed
for BP Exploration Caspian Sea Limited to drill the 8 1/2-in and 12
1/4-in sections in a well in the Shah Deniz field, offshore
Azerbaijan. This was the first time that the challenging 8 1/2-in
section was ever drilled in a single run in Shah Deniz. The section
was drilled with a combination of Drilling & Measurements
PowerDrive Orbit rotary steerable technology and a Smith
polycrystalline diamond compact (PDC) bit with ONYX* cutter
technology customized using the IDEAS* integrated drillbit design
platform. The section set a field drilling record of 240 m in 24
hours and saved six days of rig time amounting to approximately
$2.6 million.
Offshore Brazil, Drilling Tools & Remedial deployed Rhino
XC* on-demand hydraulically actuated reamer technology for
Petrobras to enlarge a 2,700-ft tangent section of a deepwater well
in an unstable salt formation in the pre-salt Lula oil field. Given
the ability of Rhino XC technology to achieve larger hole sizes,
the customer had more clearance and maintained a high rate of
penetration (ROP). Overall, the operation was completed in seven
days, saving Petrobras three drilling days compared to previous
offset wells drilled without using an underreamer.
Offshore Canada, Drilling Group Technologies set a new drilling
record for Statoil in the Bay du Nord discovery northeast of St.
John’s, Newfoundland. Schlumberger StingBlade* conical diamond
element technology combined with Drilling & Measurements, Smith
Bits, M-I SWACO, Geoservices and Drilling Tools & Remedial
services helped drill the 17 1/2-in riser-less section in a
deepwater well at an ROP of 169.1 m/h, setting a new world record
for Statoil and surpassing the previous record by 72%.
Additionally, Drilling Group technologies drilled through multiple,
hard stringer formations at an average ROP of 35 m/h compared to a
historical average ROP of 3 m/h for these formations, and drilled
the deepwater well to total depth in a single run.
In Mexico, Drilling & Measurements used 3D VSP* vertical
seismic profile technology as well as seismicVISION*
seismic-while-drilling and sonicVISION* sonic-while-drilling
services for the national oil company in Mexico to optimize a
drilling operation through and below salt in a deepwater
exploration well. As a result, the customer was able to locate the
salt’s base in order to place the casing at the correct depth while
reducing drilling risk.
In Southern Italy, Drilling Group technologies were deployed for
ENI in the drilling of a long horizontal side-track through a
naturally fractured carbonate reservoir in the Val d’Agri oil
field. Drilling & Measurements PowerDrive X6* and PowerDrive
vorteX* rotary steerable systems combined with Smith drill bits,
customized using the IDEAS integrated drillbit design platform,
drilled a complex 3D trajectory and a 2,200-m horizontal section
efficiently while ensuring accurate well placement in the
reservoir. In particular, PowerDrive vorteX technology enabled a
two-fold increase in ROP compared with the performance of
conventional rotary steerable systems on offset wells. As a result
of using Drilling Group technologies, supported by an OSC*
interactive drilling operations support center, the side-track was
executed as planned and the customer saved 20 days of rig time,
amounting to approximately $1.4 million.
In Colombia, Smith drillbit technology helped EQUION ENERGIA
improve drilling performance in the Mirador Formation in the Llanos
Basin. ONYX 360* rolling PDC cutters increased bit durability by
revolving 360 degrees, allowing the entire diamond edge to drill
the formation and increase run length by up to 57%. The customer
saved 5½ days of rig time, amounting to approximately $896,000
through lower drilling costs and fewer bit trips.
In Kazakhstan, Schlumberger Stinger conical diamond bit
technology combined with a high-torque displacement motor helped
Hilong Petroleum Engineering Company improve drilling performance
in the 8 1/2-in section of an onshore well in the Pridorozhnoye gas
field. By combining superior impact strength and wear resistance
with a conical shape, Stinger element technology enabled a longer
and faster run through the challenging cherty limestone formation
by delivering an ROP 55% higher compared with an offset well in the
same field. As a result, the customer shortened the time to
production and was able to drill more wells by saving 27 days of
rig time that amounted to approximately $486,000.
Production Group
(Stated in millions, except margin percentages)
Three
Months Ended Change Jun. 30, 2015
Mar. 31, 2015 Jun. 30, 2014
Sequential Year-on-year Revenue
$ 3,103 $ 3,767 $ 4,208
-18 %
-26 % Pretax operating income
397 549 710
-28 % -44 % Pretax operating margin
12.8 % 14.6 % 16.9 %
-179 bps -406 bps
Decremental operating margin
23 % 28 %
Production Group revenue of $3.1 billion decreased 18%
sequentially with more than 80% of the decrease attributable to
North America land. Pressure pumping activity continued to fall and
pricing pressure increased as land rig count in North America
extended its decline.
Pretax operating margin of 12.8% declined 179 bps sequentially
as lower activity and increasing pricing pressure continued during
the quarter with pricing falling to unsustainable levels in some
basins leading to pressure pumping equipment being stacked and
crews reassigned. In other basins, hydraulic fracturing fleet
deployment was maintained. Despite the severe revenue decline,
prompt action on cost management and alignment of resources with
activity limited the decremental operating margin to 23%.
New Production Group technologies helped customers meet their
technical challenges by accelerating production, enhancing
recovery, and increasing operational efficiency.
In Saudi Arabia, after collaborative investment and product
development with Saudi Aramco, Schlumberger Completions deployed
the world’s first Manara* production and reservoir management
system where sensing and control can now be performed at the
compartment level within well laterals. The Manara system controls
flow using a variable electrical choke and integrated downhole
sensors, allowing the user to directly assign compartmental
production or drawdown. Patented inductive coupler technology
enables umbilical branching from the motherbore into the laterals,
providing a reliable power and communications backbone. Avocet*
production operations software platform workflows enable real-time
visualization, provide the user with improved data interaction and
reduce the response time for reservoir monitoring optimization.
This game-changing completion platform moves the reservoir
monitoring capability from the well to the lateral to the
compartment, giving the potential to significantly increase
reservoir recovery.
Mangrove* reservoir-centric stimulation design based on the
Petrel E&P software platform has now been used by Schlumberger
technology integration groups (TIG) to engineer more than 1,000
wells for over 100 customers in 19 countries since initial
deployment in 2012. In addition, more than 20 customers across four
continents have adopted this unique Schlumberger end-to-end
workflow for unconventional plays by acquiring licenses for
Mangrove software since sales began in 2014.
In Venezuela, Schlumberger Completions deployed a COLOSSUS UNC*
uncemented liner hanger system for Petroindependencia, S.A., to
achieve rapid liner installation in extended-reach heavy-oil wells
in unconsolidated sandstone reservoirs with shale laminations in
the Cerro Negro Field. Given the high dogleg severity of the
uncemented laterals, liner mobility was paramount to success.
Furthermore, due to the requirement for steam injection to enable
production of the heavy oil, the completion hardware had to
withstand extreme temperature conditions. COLOSSUS UNC technology
helped overcome the technical challenges and decreased liner
installation time from ten to one-and-a-quarter days per well,
representing a saving of $590,000 that allowed the customer to
achieve their production targets for 25 wells.
Offshore Denmark, Schlumberger provided an integrated well
intervention solution for Maersk Oil to better understand water
production and maximize hydrocarbon recovery in the mature Svend
oil field prior to field abandonment. The technologies deployed
included ACTive PS* live CT production logging, RST Pro reservoir
saturation, and FloScan* Imager services. Initial well testing
indicated that the information acquired from this operation had
enabled well optimization to reduce water production by
one-third.
In Mexico, Well Intervention deployed the ACTive OptiFIRE*
coiled tubing real-time selective perforating and activation system
for PEMEX to increase production in a well in the South region. In
the past, the reperforation of the target zone has been a challenge
for conventional wireline intervention methods without having to
kill the well or delay production. Active OptiFIRE technology
enabled the accurate placement of the perforating guns, and
confirmed downhole detonation in a single run. As a result,
intervention safety was enhanced, and perforating time reduced by
75%, allowing the well to be cleaned and kicked off efficiently
without the need for additional intervention equipment.
Well Intervention also used the ACTive* family of live downhole
coiled tubing services offshore Mexico to extend the production
tubing in a deviated well and prolong its productive life by moving
away from the gas-oil contact. In this application, ACTive
technology used real-time downhole measurements to interpret and
optimize treatments and intervene with one trip in the hole. Due to
the high level of complexity, this intervention required a
detail-oriented evaluation of its technical, operational, and
logistical aspects. This fully integrated operation took 15 days to
complete on a rigless platform, and saved the time and cost
associated with major intervention using a workover rig.
Financial Tables
Condensed Consolidated Statement of
Income (Stated in millions, except per share amounts)
Second Quarter Six Months Periods Ended June 30,
2015
2014
2015 2014 Revenue
$
9,010 $ 12,054
$ 19,258 $ 23,294 Interest and
other income
47 64
96 141 Expenses Cost of revenue
7,136 9,269
15,231 18,017 Research & engineering
279 309
546 593 General & administrative
120 123
239 228 Restructuring & other (1)
- -
439 - Interest
86
90
169 193
Income before taxes
$ 1,436 $ 2,327
$
2,730 $ 4,404 Taxes on income (1)
302
506
608 975
Income from continuing operations
1,134 1,821
2,122 3,429 Loss from discontinued operations
- (205 )
-
(205 ) Net income
1,134 1,616
2,122 3,224 Net income
attributable to noncontrolling interests
10
21
23 37
Net income attributable to Schlumberger
$
1,124 $ 1,595
$ 2,099
$ 3,187 Schlumberger amounts attributable to:
Income from continuing operations (1)
$ 1,124 $ 1,800
$ 2,099 $ 3,392 Loss from discontinued operations
- (205 )
-
(205 ) Net Income
$ 1,124
$ 1,595
$ 2,099 $ 3,187
Diluted earnings per share of Schlumberger Income from
continuing operations (1)
$ 0.88 $ 1.37
$
1.64 $ 2.58 Loss from discontinued operations
- (0.16 )
-
(0.16 ) Net Income
$ 0.88 $ 1.21
$ 1.64 $ 2.42 Average
shares outstanding
1,269 1,300
1,273 1,303 Average
shares outstanding assuming dilution
1,280
1,315
1,282
1,316 Depreciation & amortization included in
expenses (2)
$ 1,047 $ 996
$ 2,089 $ 1,997 (1) See
section entitled “Charges & Credits” for details. (2) Includes
depreciation of property, plant and equipment and amortization of
intangible assets, multiclient seismic data costs and SPM
investments.
Condensed Consolidated Balance
Sheet (Stated in millions)
Jun. 30, Dec.
31, Assets
2015 2014 Current Assets
Cash and short-term investments
$ 7,274 $ 7,501
Receivables
9,569 11,171 Other current assets
6,018 6,022
22,861 24,694 Fixed
income investments, held to maturity
469 442 Fixed assets
14,848 15,396 Multiclient seismic data
913 793
Goodwill
15,525 15,487 Other intangible assets
4,525
4,654 Other assets
5,612
5,438
$ 64,753 $ 66,904
Liabilities and Equity
Current Liabilities Accounts payable and accrued liabilities
$ 7,479 $ 9,246 Estimated liability for taxes on
income
1,424 1,647
Short-term borrowings and current portion
of long-term debt
4,231 2,765 Dividend payable
640
518
13,774 14,176 Long-term debt
9,110
10,565 Postretirement benefits
1,348 1,501 Deferred taxes
1,333 1,296 Other liabilities
1,003
1,317
26,568 28,855 Equity
38,185 38,049
$ 64,753 $ 66,904
Net Debt
“Net Debt” represents gross debt less cash, short-term
investments and fixed income investments, held to maturity.
Management believes that Net Debt provides useful information
regarding the level of Schlumberger’s indebtedness by reflecting
cash and investments that could be used to repay debt.
Details of changes in Net Debt follow:
(Stated in millions)
Periods Ended June 30,
SixMonths2015
SecondQuarter2015
SixMonths2014
Income from continuing operations before noncontrolling
interests $ 2,122 $ 1,134 $ 3,429 Restructuring and other charges,
net of tax 383 - -
Income from continuing operations
before noncontrolling interests, excluding charges &
credits
2,505 1,134 3,429 Depreciation and
amortization (1) 2,089 1,047 1,997 Pension and other postretirement
benefits expense 217 103 190 Stock-based compensation expense 167
87 162 Pension and other postretirement benefits funding (214 ) (94
) (127 ) Increase in working capital (2) (837 ) (67 ) (1,090 )
Other 157 104 (342 )
Cash
flow from operations 4,084
2,314 4,219 Capital
expenditures (1,193 ) (587 ) (1,786 ) SPM investments (222 ) (113 )
(377 ) Multiclient seismic data capitalized (221 )
(120 ) (154 )
Free cash flow (3)
2,448
1,494 1,902
Stock repurchase program (1,239 ) (520 ) (2,074 ) Dividends paid
(1,151 ) (639 ) (932 ) Proceeds from employee stock plans
256 74 492
314
409 (612 )
Business acquisitions and investments, net of cash acquired plus
debt assumed (206 ) (127 ) (964 ) Discontinued operations -
settlement with U.S. Department of Justice (233 ) (233 ) - Other
(86 ) (160 ) (47 ) Increase in Net Debt (211 )
(111 ) (1,623 ) Net Debt, Beginning of period (5,387 )
(5,487 ) (4,443 ) Net Debt $ (5,598 ) $ (5,598 ) $
(6,066 ) Components of Net Debt
Jun. 30,2015
Mar. 31,2015
Dec. 31,2014
Jun. 30,2014
Cash and short-term investments $ 7,274 $ 6,803 $ 7,501 $ 6,699
Fixed income investments, held to maturity 469 436 442 480
Short-term borrowings and current portion of long-term debt (4,231
) (3,828 ) (2,765 ) (1,505 ) Long-term debt (9,110 )
(8,898 ) (10,565 ) (11,740 ) $ (5,598 ) $ (5,487 ) $
(5,387 ) $ (6,066 ) (1) Includes depreciation of property,
plant and equipment and amortization of intangible assets,
multiclient seismic data costs and SPM investments. (2)
Includes severance payments of approximately $455 million during
the six months ended June 30, 2015 and $210 million during the
second quarter of 2015. (3) "Free cash flow" represents cash
flow from operations less capital expenditures, SPM investments and
multiclient seismic data capitalized. Management believes that this
is an important measure because it represents funds available to
reduce debt and pursue opportunities that enhance shareholder value
such as making acquisitions, and returning cash to shareholders
through stock repurchases and dividends.
Charges & Credits
In addition to financial results determined in accordance with
US generally accepted accounting principles (GAAP), this
Second-Quarter Press Release also includes non-GAAP financial
measures (as defined under the SEC’s Regulation G). The following
is a reconciliation of these non-GAAP measures to the comparable
GAAP measures:
(Stated in millions, except per share amounts)
First Quarter 2015
Pretax Tax
Noncont.Interest
Net
DilutedEPS
Schlumberger income from continuing operations, excluding charges
& credits $ 1,733 $ 362 $ 13 $ 1,358 $ 1.06 Workforce reduction
(390 ) (56 ) - (334 ) (0.26 ) Currency devaluation loss in
Venezuela (49 ) -
- (49 ) (0.04 )
Schlumberger income from continuing operations, as reported $ 1,294
$ 306 $ 13
$ 975 $ 0.76
Six Months
2015 Pretax Tax
Noncont.Interest
Net
DilutedEPS
Schlumberger income from continuing operations, excluding charges
& credits $ 3,169 $ 664 $ 23 $ 2,482 $ 1.94 Workforce reduction
(390 ) (56 ) - (334 ) (0.26 ) Currency devaluation loss in
Venezuela (49 ) -
- (49 ) (0.04 )
Schlumberger income from continuing operations, as reported $ 2,730
$ 608 $ 23
$ 2,099 $ 1.64 There were no
charges or credits recorded during the second quarter of 2015 or
the first six months of 2014. Refer to Supplemental
Information for further details of these charges.
Product Groups (Stated in millions)
Three Months
Ended Jun. 30, 2015 Mar. 31, 2015 Jun. 30, 2014
Revenue
IncomeBeforeTaxes
Revenue
IncomeBeforeTaxes
Revenue
IncomeBeforeTaxes
Reservoir Characterization
$ 2,425 $
642 $ 2,552 $ 655 $ 3,231 $ 933 Drilling
3,511
685 3,963 790 4,653 981 Production
3,103 397
3,767 549 4,208 710 Eliminations & other
(29 )
(16 ) (34 ) (1 ) (38 ) (3 )
Pretax operating income
1,708 1,993 2,621 Corporate &
other
- (199 ) - (192 ) - (216 ) Interest
income(1)
- 6 - 8 - 8 Interest expense(1)
-
(79 ) - (76 ) - (86 ) Charges & credits
- - - (439
) - -
$ 9,010
$ 1,436 $ 10,248 $ 1,294 $
12,054 $ 2,327
Geographic Areas
(Stated in millions)
Three Months Ended Jun. 30, 2015
Mar. 31, 2015 Jun. 30, 2014
Revenue
IncomeBeforeTaxes
Revenue
IncomeBeforeTaxes
Revenue
IncomeBeforeTaxes
North America
$ 2,361 $ 242 $ 3,222 $
416 $ 3,888 $ 700 Latin America
1,537 343 1,648 354
1,852 393 Europe/CIS/Africa
2,413 513 2,538 532 3,268
723 Middle East & Asia
2,575 740 2,703 774 2,966
826 Eliminations & other
124 (130 )
137 (83 ) 80 (21 ) Pretax operating income
1,708 1,993 2,621 Corporate & other
- (199
) - (192 ) - (216 ) Interest income(1)
- 6 - 8
- 8 Interest expense(1)
- (79 ) - (76 ) - (86
) Charges & credits
- -
- (439 ) - -
$ 9,010 $ 1,436 $
10,248 $ 1,294 $ 12,054 $ 2,327 (1)
Excludes interest included in the Product Groups and
Geographic Areas results.
Product Groups (Stated in
millions)
Six Months Ended Jun. 30, 2015
Jun. 30, 2014
Revenue
IncomeBeforeTaxes
Revenue
IncomeBeforeTaxes
Reservoir Characterization
$ 4,977 $
1,297 $ 6,214 $ 1,726 Drilling
7,474 1,475
8,984 1,862 Production
6,870 946 8,193 1,433
Eliminations & other
(63 ) (17
) (97 ) (32 ) Pretax operating income
3,701
4,989 Corporate & other
- (390 ) - (417 )
Interest income(1)
- 14 - 15 Interest expense(1)
- (156 ) - (183 ) Charges & credits
- (439 ) -
-
$ 19,258 $ 2,730
$ 23,294 $ 4,404
Geographic
Areas (Stated in millions)
Six Months Ended Jun. 30,
2015 Jun. 30, 2014
Revenue
IncomeBeforeTaxes
Revenue
IncomeBeforeTaxes
North America
$ 5,584 $ 658 $ 7,572 $
1,383 Latin America
3,184 697 3,610 764
Europe/CIS/Africa
4,951 1,046 6,149 1,308 Middle East
& Asia
5,278 1,514 5,811 1,575 Eliminations &
other
261 (214 ) 152 (41 )
Pretax operating income
3,701 4,989 Corporate & other
- (390 ) - (417 ) Interest income(1)
-
14 - 15 Interest expense(1)
- (156 ) -
(183 ) Charges & credits
-
(439 ) - -
$
19,258 $ 2,730 $ 23,294 $
4,404 (1) Excludes interest included in the Product
Groups and Geographic Areas results.
Supplemental Information
1)
What is the definition of decremental
operating margin?
Decremental operating margin is equal to the ratio of the change in
pretax operating income over the change in revenue.
2)
What were the pretax operating income
margin and decremental operating margin for the second quarter of
2015?
The pretax operating income margin was 19.0% and the year-over-year
decremental operating margin was 30%. The sequential decremental
operating margin was 23%.
3)
What were the pretax operating income
margin and decremental operating margin for the first half of
2015?
The pretax operating income margin was 19.2% and the year-over-year
decremental operating margin was 32%.
4)
What was the free cash flow as a
percentage of income from continuing operations before
noncontrolling interests and charges and credits, for the second
quarter of 2015?
Free cash flow, which includes approximately $210 million of
severance payments, as a percentage of income from continuing
operations before noncontrolling interests and charges and credits
was 132% for the second quarter of 2015.
5)
What was the free cash flow as a
percentage of income from continuing operations before
noncontrolling interests and charges and credits, for the first
half of 2015?
Free cash flow, which includes approximately $455 million of
severance payments, as a percentage of income from continuing
operations before noncontrolling interests and charges and credits
was 98% for the first half of 2015.
6)
What is the capex guidance for the full
year 2015?
Capex (excluding multiclient and SPM investments) is still expected
to be approximately $2.5 billion for 2015.
7)
What was included in “Interest and
other income” for the second quarter of 2015?
“Interest and other income” for the second quarter of 2015 was $47
million. This amount consisted of earnings of equity method
investments of $35 million and interest income of $12 million.
8)
How did interest income and interest
expense change during the second quarter of 2015?
Interest income of $12 million decreased
$1 million sequentially. Interest expense of $86 million increased
$4 million sequentially.
9)
What is the difference between the
“Pretax operating income” and Schlumberger’s consolidated income
before taxes?
The difference consists of such items as corporate items (including
charges and credits) and interest income and interest expense not
allocated to the segments as well as stock-based compensation
expense, amortization expense associated with certain intangible
assets and certain centrally managed initiatives.
10)
What was the effective tax rate (ETR),
excluding charges and credits, for the second quarter of
2015?
The ETR for the second quarter of 2015,
excluding charges and credits, was 21.1% as compared to 20.9% for
the first quarter of 2015, excluding charges and credits. There
were no charges and credits recorded during the second quarter of
2015.
The ETR for the first quarter of 2015,
including charges and credits, was 23.6%.
11)
How many shares of common stock were
outstanding as of June 30, 2015 and how did this change from the
end of the previous quarter?
There were 1.265 billion shares of common
stock outstanding as of June 30, 2015. The following table shows
the change in the number of shares outstanding from March 31, 2015
to June 30, 2015.
(Stated in millions) Shares outstanding
at March 31, 2015 1,270 Shares sold to optionees, less
shares exchanged 1 Vesting of restricted stock - Shares issued
under employee stock purchase plan - Stock repurchase program (6 )
Shares outstanding at June 30, 2015 1,265
12)
What was the weighted average number of
shares outstanding during the second quarter of 2015 and first
quarter of 2015 and how does this reconcile to the average number
of shares outstanding, assuming dilution?
The weighted average number of shares
outstanding during the second quarter of 2015 and first quarter of
2015 was 1.280 billion and 1.285 billion, respectively. The
following is a reconciliation of the weighted average shares
outstanding to the average number of shares outstanding, assuming
dilution.
(Stated in millions)
Second Quarter2015
First Quarter2015
Weighted average shares outstanding
1,269
1,276 Assumed exercise of stock options
7 5 Unvested
restricted stock
4 4 Average shares
outstanding, assuming dilution
1,280 1,285
13)
What were multiclient sales in the
second quarter of 2015?
Multiclient sales, including transfer
fees, were $84 million in the second quarter of 2015 and $53
million in the first quarter of 2015.
14)
What was the WesternGeco backlog at the
end of the second quarter of 2015?
WesternGeco backlog, which is based on
signed contracts with customers, was $514 million at the end of the
second quarter of 2015. It was $604 million at the end of the first
quarter of 2015.
15)
What do the various charges
Schlumberger recorded during the first quarter of 2015 relate
to?
Workforce reduction:
As a result of the severe reduction in activity in North America
combined with the impact of lower international activity due to
customer budget cuts driven by lower oil prices, Schlumberger
reduced its headcount by approximately 11,000 employees in the
first quarter. Schlumberger recorded a $390 million pretax charge
during the first quarter of 2015 as a result of this headcount
reduction as well as an incentivized leave of absence program.
Venezuela currency exchange rate
charge:
Although the financial currency of Schlumberger operations in
Venezuela is the US dollar, a portion of the transactions are
denominated in local currency. Effective December 31, 2014,
Schlumberger began applying the SICAD II exchange rate of 50
Venezuelan Bolivares per US dollar to remeasure local currency
transactions and balances into US dollars. During the first quarter
of 2015, the Venezuelan government replaced the SICAD II auction
process with a new foreign exchange market system known as SIMADI.
The SIMADI exchange rate was approximately 192 Venezuelan Bolivares
to the US dollar as of March 31, 2015. As a result, Schlumberger
recorded a $49 million pretax devaluation charge during the first
quarter of 2015.
About Schlumberger
Schlumberger is the world’s leading supplier of technology,
integrated project management and information solutions to
customers working in the oil and gas industry worldwide. Employing
approximately 108,000 people representing over 140 nationalities
and working in more than 85 countries, Schlumberger provides the
industry’s widest range of products and services from exploration
through production.
Schlumberger Limited has principal offices in Paris, Houston,
London and The Hague, and reported revenues of $48.58 billion in
2014. For more information, visit www.slb.com.
*Mark of Schlumberger or of Schlumberger companies.
Notes
Schlumberger will hold a conference call to discuss the above
announcement and business outlook on Friday, July 17, 2015. The
call is scheduled to begin at 8:00 a.m. (US Central Time), 9:00
a.m. (Eastern Time), 2:00 p.m. (London time). To access the call,
which is open to the public, please contact the conference call
operator at +1 (800) 230-1059 within North America, or +1 (612)
234-9959 outside of North America, approximately 10 minutes prior
to the call’s scheduled start time. Ask for the “Schlumberger
Earnings Conference Call.” At the conclusion of the conference call
an audio replay will be available until August 17, 2015 by dialing
+1 (800) 475-6701 within North America, or +1 (320) 365-3844
outside of North America, and providing the access code 358215.
The conference call will be webcast simultaneously at
www.slb.com/irwebcast on a listen-only basis. Please log in 15
minutes ahead of time to test your browser and register for the
call. A replay of the webcast will also be available at the same
web site until September 30, 2015.
For more information, contact
Simon Farrant – Schlumberger Limited, Vice President of Investor
RelationsJoy V. Domingo – Schlumberger Limited, Manager of Investor
Relations
Office +1 (713) 375-3535investor-relations@slb.com
This second-quarter 2015 earnings release and Supplemental
Information, as well as other statements we make, contain
“forward-looking statements” within the meaning of the federal
securities laws, which include any statements that are not
historical facts, such as our forecasts or expectations regarding
business outlook; growth for Schlumberger as a whole and for each
of its segments (and for specified products or geographic areas
within each segment); oil and natural gas demand and production
growth; oil and natural gas prices; improvements in operating
procedures and technology; capital expenditures by Schlumberger and
the oil and gas industry; the business strategies of Schlumberger’s
customers; the success of Schlumberger’s joint ventures and
alliances; future global economic conditions; and future results of
operations. These statements are subject to risks and
uncertainties, including, but not limited to, global economic
conditions; changes in exploration and production spending by
Schlumberger’s customers and changes in the level of oil and
natural gas exploration and development; general economic,
political and business conditions in key regions of the world,
including in Russia and the Ukraine; pricing erosion; weather and
seasonal factors; operational delays; production declines; changes
in government regulations and regulatory requirements, including
those related to offshore oil and gas exploration, radioactive
sources, explosives, chemicals, hydraulic fracturing services and
climate-related initiatives; the inability of technology to meet
new challenges in exploration; and other risks and uncertainties
detailed in this second-quarter 2015 earnings release and
Supplemental Information and our most recent Forms 10-K, 10-Q, and
8-K filed with or furnished to the Securities and Exchange
Commission. If one or more of these or other risks or uncertainties
materialize (or the consequences of any such development changes),
or should our underlying assumptions prove incorrect, actual
outcomes may vary materially from those reflected in our
forward-looking statements. Schlumberger disclaims any intention or
obligation to update publicly or revise such statements, whether as
a result of new information, future events or otherwise.
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