Schlumberger Announces
分类:综合资讯 热度:

  • Worldwide revenue was $5.2 billion

  • International revenue was $4.2 billion and North      America revenue was $972 million

  • EPS was $0.21

  • Cash flow from operations was $429 million and      free cash flow was $159 million

  • Board approved quarterly cash dividend of $0.125      per share

HOUSTON -- (BUSINESS WIRE) --

Schlumberger Limited (NYSE: SLB) today reported results for the first-quarter 2021.

First-Quarter Results


(Stated in millions, except per   share amounts)



Three Months Ended


Change



Mar.   31, 2021


Dec. 31,   2020


Mar. 31,   2020


Sequential


Year-on-year

Revenue*


$5,223


$5,532


$7,455


-6%


-30%

Income   (loss) before taxes - GAAP basis


$386


$471


$(8,089)


-18%


n/m

Net   income (loss) - GAAP basis


$299


$374


$(7,376)


-20%


n/m

Diluted   EPS (loss per share) - GAAP basis


$0.21


$0.27


$(5.32)


-22%


n/m












Adjusted   EBITDA**


$1,049


$1,112


$1,347


-6%


-22%

Adjusted   EBITDA margin**


20.1%


20.1%


18.1%


0 bps


203 bps

Pretax   segment operating income**


$664


$654


$776


1%


-14%

Pretax   segment operating margin**


12.7%


11.8%


10.4%


88 bps


230 bps

Net   income, excluding charges & credits**


$299


$309


$351


-3%


-15%

Diluted   EPS, excluding charges & credits**


$0.21


$0.22


$0.25


-5%


-16%












Revenue   by Geography











International


$4,211


$4,343


$5,225


-3%


-19%

North   America*


972


1,167


2,180


-17%


-55%

Other


40


22


50


n/m


n/m



$5,223


$5,532


$7,455


-6%


-30%

 

*During   the fourth quarter of 2020, Schlumberger divested of certain businesses in   North America. These businesses generated revenue of $285 million during the   fourth quarter of 2020 and $659 million during the first quarter of 2020.

Excluding   the impact of these divestitures, worldwide first-quarter 2021 revenue was   essentially flat sequentially and declined 23% year-on-year. North America   first-quarter 2021 revenue, excluding the impact of these divestitures,   increased 10% sequentially and declined 36% year-on-year.

**These   are non-GAAP financial measures. See sections titled "Charges &   Credits", "Divisions", and "Supplemental   Information" for details.

n/m   = not meaningful

 



(Stated   in millions)



Three   Months Ended


Change



Mar.   31, 2021


Dec.   31, 2020


Mar.   31, 2020


Sequential


Year-on-year  

Revenue   by Division











Digital   & Integration


$773


$833


$885


-7%


-13%  

Reservoir   Performance*


1,002


1,247


1,969


-20%


-49%  

Well   Construction


1,935


1,866


2,815


4%


-31%  

Production   Systems**


1,590


1,649


1,912


-4%


-17%  

Other  


(77)


(63)


(126)


n/m


n/m



$5,223  


$5,532


$7,455


-6%


-30%  












Pretax   Operating Income by Division











Digital   & Integration


$247


$270


$151


-8%


63%

Reservoir   Performance


102


95


134


8%


-24%  

Well   Construction


209


183


331


15%


-37%  

Production   Systems


138


155


191


-11%


-27%  

Other  


(32)


(49)


(31)


n/m


n/m



$664


$654


$776


1%


-14%  












Pretax   Operating Margin by Division











Digital   & Integration


32.0%


32.4%


17.1%


-37   bps


1,490 bps  

Reservoir   Performance


10.2%


7.6%


6.8%


261   bps


341 bps

Well   Construction


10.8%


9.8%


11.8%


103   bps


-95 bps

Production   Systems


8.7%


9.4%


10.0%


-71   bps


-127 bps

Other  


n/m


n/m


n/m


n/m


n/m



12.7%


11.8%


10.4%


88 bps


230 bps

 

*During   the fourth quarter of 2020, Schlumberger divested its OneStim pressure   pumping business in North America. This business generated revenue of $274   million during the fourth quarter of 2020 and $601 million during the first   quarter of 2020. Excluding the impact of this divestiture, first-quarter 2021   revenue increased 3% sequentially and declined 27% year-on-year.

**During   the fourth quarter of 2020, Schlumberger divested its low-flow artificial   lift business in North America. This business generated revenue of $11   million during the fourth quarter of 2020 and $58 million during the first   quarter of 2020. Excluding the impact of this divestiture, first-quarter 2021   revenue declined 3% sequentially and 14% year-on-year.

n/m   = not meaningful

Schlumberger CEO Olivier Le Peuch commented, “We started the year with conviction in our strategic direction and our resulting outlook for 2021. The combination of the promising first-quarter results and an increasingly constructive macroeconomic view are strengthening this conviction. With recovery sentiment improving and the execution of our returns-focused strategy progressing well, I am extremely proud of the women and men of Schlumberger for delivering yet another solid quarter.

“First-quarter revenue declined 6% sequentially, reflecting the expected reduction in North America following divestitures during the fourth quarter of last year that were focused on the high-grading and rationalizing of our business portfolio to expand our margins, minimize earnings volatility, and focus on less capital-intensive businesses. Excluding the impact of these divestitures, our global revenue was essentially flat sequentially as the impact of seasonally lower activity in the Northern Hemisphere was fully offset by growth in multiple countries. Notwithstanding the effects of seasonality, the first quarter affirmed the activity recovery that commenced last quarter.

“In North America, excluding the effects of divestitures, revenue grew 10% sequentially driven by land revenue which increased 24% due to higher drilling activity, despite the Texas freeze. Offshore revenue declined 10% sequentially following the seasonal fourth-quarter year-end product sales.

“International revenue in the quarter reflects the usual seasonal dip, though China and Russia experienced a particularly severe winter. However, the sequential revenue decline was less pronounced than in prior years due to strong growth in Latin America and in several key countries in the Middle East and Africa. The first-quarter revenue sequential decline was the shallowest since 2008, while international rig count experienced the strongest first-quarter sequential growth since 2011, affirming the international recovery.

“First-quarter revenue was also characterized by growth in Well Construction and Reservoir Performance, excluding the effects of divestitures and despite seasonality in the Northern Hemisphere. Well Construction revenue increased 4% sequentially due to higher drilling activity in North America and Latin America. Reservoir Performance decreased 20% due to the OneStim® divesture in North America—but excluding this, the Division grew by 3% driven by robust international land and offshore activity. Digital & Integration revenue decreased 7% sequentially due to seasonally lower sales of software and multiclient seismic data licenses. Production Systems revenue declined 4%, mostly due to lower product sales following the strong year-end sales of the previous quarter.

“Sequentially, despite the revenue decline, first-quarter pretax segment operating income increased 1%. Pretax segment operating income margin expanded by 88 bps to 13% while EBITDA margin was maintained at 20%. These margins represent a more than 200 basis-point improvement compared to the first quarter of 2020 despite a 30% revenue decline year-on-year. This performance represents a promising start to our margin expansion ambition this year and highlights the impact of our capital stewardship and cost-out measures, which provide us with significant operating leverage.

“First-quarter cash flow from operations was $429 million and free cash flow was $159 million despite severance payments of $112 million and typical first-quarter consumption of working capital. We are pleased with the cash flow performance this quarter and expect cash flow to grow further throughout the year, allowing for net debt reduction.

“Looking ahead, we continue to be encouraged by constructive macroeconomic drivers. While the world is still grappling with COVID-19 infection rates, vaccination programs and fiscal stimulus packages are expected to support a rebound of economic activity and oil demand recovery through the year. Industry analysis estimates 5–6 million bbl/d of oil demand will be added by the end of the year as demand recovery is projected to improve in the second quarter, exiting the year just 2 million bbl/d short of 2019 levels.

“With the gradual return of oil demand, we anticipate North America activity to level off at production maintenance levels, while international activity is poised to ramp up through year-end 2021 and beyond. We expect to significantly benefit from this anticipated shift to increased international activity due to the strength and breadth of our international franchise. Consequently, we are increasingly confident that our international revenue will see double-digit growth in the second half of 2021 as compared to the same period last year, which implies potential upside to the already robust growth that is anticipated in 2022 and beyond.

“There is an increasingly positive sentiment in the industry outlook as the recovery strengthens despite the lingering concerns regarding the COVID-19 crisis. The strategic pivot we initiated two years ago has proven effective and positions us to outperform in this vastly different landscape that presents new imperatives and opportunities that play to our strengths.

“Building on the strength of our Well Construction and Reservoir Performance Divisions, we are accelerating our digital offerings, positioning the company to lead in the production and recovery market, and building our New Energy portfolio to embrace the energy transition—all fully aligned with our customers. A new growth cycle has finally commenced, and we are prepared to deliver growth and returns that outperform the market.”

Other Events

On April 22, 2021, Schlumberger’s Board of Directors approved a quarterly cash dividend of $0.125 per share of outstanding common stock, payable on July 8, 2021 to stockholders of record on June 2, 2021.

Revenue* by Geographical Area



(Stated   in millions)



Three   Months Ended


Change



Mar.   31, 2021


Dec. 31,   2020


Mar. 31,   2020


Sequential


Year-on-year  

North   America*


$972


$1,167


$2,180


-17%


-55%  

Latin   America


1,038


969


1,046


7%


-1%

Europe/CIS/Africa  


1,256


1,366


1,752


-8%


-28%  

Middle   East & Asia


1,917


2,008


2,427


-5%


-21%  

Other  


40


22


50


n/m


n/m



$5,223  


$5,532


$7,455


-6%


-30%  












International  


$4,211  


$4,343


$5,225


-3%


-19%  

North   America*


$972


$1,167


$2,180


-17%


-55%  

 

*During   the fourth quarter of 2020, Schlumberger divested of certain businesses in   North America. These businesses generated revenue of $285 million during the   fourth quarter of 2020 and $659 million during the first quarter of 2020.

Excluding   the impact of these divestitures, worldwide first-quarter 2021 revenue was   essentially flat sequentially and declined 23% year-on-year. North America   first-quarter 2021 revenue, excluding the impact of these divestitures,   increased 10% sequentially and declined 36% year-on-year.

n/m   = not meaningful

Certain   prior period amounts have been reclassified to conform to the current period   presentation.

North America

North America revenue of $972 million decreased 17% sequentially following divestitures that were focused on the high-grading and rationalizing of our business portfolio to expand our margins, minimize earnings volatility, and focus on less capital-intensive businesses. Excluding the impact of the fourth-quarter divestitures, first-quarter revenue grew 10% sequentially with land revenue growing 24% due to higher Well Construction drilling activity and increased Asset Performance Solutions (APS) project revenue. Offshore revenue declined 10% sequentially due to reduced sales of subsea production systems and multiclient seismic data licenses.

International

International revenue had the usual seasonal dip, particularly in China and Russia, which experienced a severe winter. The sequential revenue decline was less pronounced than in prior years because of offsets from strong revenue growth in Latin America and in several key countries in the Middle East and Africa. The international revenue decrease was the shallowest first-quarter revenue decline since 2008 and international rig count experienced the strongest first-quarter sequential growth since 2011.

Revenue in Latin America of $1.0 billion increased 7% sequentially due to higher sales of production systems in Brazil, increased intervention and stimulation activity in Argentina, and higher well construction drilling activity in Ecuador. Mexico revenue was modestly higher sequentially, as stronger drilling activity was offset by reduced sales of multiclient seismic data licenses.

Europe/CIS/Africa revenue of $1.3 billion decreased 8% sequentially mainly due to the seasonal winter drilling slowdown in Russia & Central Asia. Excluding the effects of seasonality, activity increased across most Divisions, particularly in Scandinavia and Africa.

Revenue in the Middle East & Asia of $1.9 billion decreased 5% sequentially due to seasonally lower winter activity in China and a decline in offshore drilling in Australia due to the cyclone season. Additionally, there were lower sales of production systems in India. These revenue declines were partially offset by robust activity growth in Saudi Arabia and Qatar.

Results by Division

Digital & Integration



(Stated in millions)



Three Months Ended


Change



Mar. 31, 2021


Dec. 31, 2020


Mar. 31, 2020


Sequential


Year-on-year

Revenue











International


$610


$689


$731


-11%


-17%

North   America


161


142


152


14%


6%

Other


2


2


2


n/m


n/m



$773


$833


$885


-7%


-13%












Pretax   operating income


$247


$270


$151


-8%


63%

Pretax   operating margin


32.0%


32.4%


17.1%


-37   bps


1,490 bps  












n/m =   not meaningful











Digital & Integration revenue of $773 million decreased 7% sequentially due to seasonally lower sales of digital solutions, software, and multiclient seismic data licenses.

Digital & Integration pretax operating margin of 32% was essentially flat sequentially. Despite the revenue decline, operating margin was maintained as the effects of digital solutions and multiclient revenue declines were largely offset by improved profitability from APS projects.

Reservoir Performance



(Stated in millions)



Three Months Ended


Change



Mar. 31, 2021


Dec. 31, 2020


Mar. 31, 2020


Sequential


Year-on-year

Revenue











International


$922


$906


$1,249


2%


-26%

North   America*


78


339


718


-77%


-89%

Other


2


2


2


n/m


n/m



$1,002


$1,247


$1,969


-20%


-49%












Pretax   operating income


$102


$95


$134


8%


-24%

Pretax   operating margin


10.2%


7.6%


6.8%


261   bps


341 bps

 

*During   the fourth quarter of 2020, Schlumberger divested its OneStim pressure   pumping business in North America. This business generated revenue of $274   million during the fourth quarter of 2020 and $601 million during the first   quarter of 2020. Excluding the impact of this divestiture, first-quarter 2021   revenue increased 3% sequentially and declined 27% year-on-year.

n/m   = not meaningful

Reservoir Performance revenue of $1.0 billion declined 20% sequentially. The revenue decline reflected the divestiture that was focused on the high-grading and rationalizing of our business portfolio in North America to expand our margins, minimize earnings volatility, and focus on less capital-intensive businesses. Excluding the impact of the OneStim divestiture, revenue grew 3% sequentially despite the impact of seasonally lower activity in Russia and China. Revenue increased from higher activity in Latin America, North America, Sub-Sahara Africa, and the Middle East.

Reservoir Performance pretax operating margin of 10% expanded 261 bps sequentially. Profitability was boosted by the divestiture of the OneStim business, which was previously dilutive to margins.

Well Construction



(Stated in millions)



Three Months Ended


Change



Mar. 31, 2021


Dec. 31, 2020


Mar. 31, 2020


Sequential


Year-on-year

Revenue











International


$1,577


$1,568


$2,124


1%


-26%

North   America


310


252


635


23%


-51%

Other


48


46


56


n/m


n/m



$1,935


$1,866


$2,815


4%


-31%












Pretax   operating income


$209


$183


$331


15%


-37%

Pretax   operating margin


10.8%


9.8%


11.8%


103   bps


-95 bps












n/m =   not meaningful











Well Construction revenue of $1.9 billion increased 4% sequentially. The revenue increase was due to robust activity in North America land. Revenue growth in Latin America and the Middle East, mainly in Qatar, Saudi Arabia, Iraq, and Oman, has more than offset the seasonal slowdown in drilling activity in Russia & Central Asia, China, and Australia.

Sequentially, Well Construction pretax operating margin of 11% improved by 103 bps, mainly in North America, due to higher drilling activity on land while international margin was essentially flat.

Production Systems



(Stated in millions)



Three Months Ended


Change



Mar. 31, 2021


Dec. 31, 2020


Mar. 31, 2020


Sequential


Year-on-year

Revenue











International


$1,161


$1,215


$1,203


-4%


-3%

North   America*


420


433


690


-3%


-39%

Other


9


1


19


n/m


n/m



$1,590


$1,649


$1,912


-4%


-17%












Pretax   operating income


$138


$155


$191


-11%


-27%

Pretax   operating margin


8.7%


9.4%


10.0%


-71   bps


-127 bps

 

*During   the fourth quarter of 2020, Schlumberger divested its low-flow artificial   lift business in North America. This business generated revenue of $11   million during the fourth quarter of 2020 and $58 million during the first   quarter of 2020. Excluding the impact of this divestiture, first-quarter 2021   revenue declined 3% sequentially and 14% year-on-year.

n/m   = not meaningful

Production Systems revenue of $1.6 billion decreased 4% sequentially. The revenue decrease was across North America offshore, Europe/CIS/Africa, and Asia, partially offset by strong activity in Latin America—mainly in Brazil and Argentina—and the Middle East, mostly in Saudi Arabia and Qatar. Lower production system sales were posted in subsea, well production, and surface while midstream production systems grew sequentially in Latin America, North America land, and the Middle East.

Despite the revenue decline, pretax operating margin only decreased 71 basis points to 9%, as a result of cost measures as well as improved profitability in midstream production systems due to higher activity.

Quarterly Highlights

Schlumberger continues to harness the power of the cloud to enable a step change in customer productivity and performance—through our digital platforms and the application of artificial intelligence (AI) and internet of things (IoT) solutions to create new insights from data and optimize operations. During the quarter:

  • Schlumberger and Equinor announced a strategic      project, in collaboration with Microsoft®, to deploy the DELFI*      cognitive E&P environment with seamless integration to the OSDU      Data Platform—the industry’s new data standard. This is the first major      deployment of the OSDU Data Platform, which will streamline strategy      planning for Equinor. This project aims to accelerate Equinor’s ability to      integrate data at scale and improve decision-making, and it will be      embedded as a key part of Equinor’s Microsoft Azure enterprise-wide data      platform.

  • In Mexico, Schlumberger is collaborating with      Pemex, using a new digital workflow that can accelerate the time from      prospect lead to drilling by at least 30%, transforming the prospect      maturation process currently used in the industry. Enabled by the DELFI      environment, the workflow—called prospect-focused imaging—is helping Pemex      more quickly generate value from its assets in the challenging Gulf of      Mexico Campeche Basin by identifying and de-risking exploration      opportunities in weeks rather than months. This acceleration is achieved      through the DELFI environment, which enables a remote, multidisciplinary team      to work in parallel rather than sequence, iterating seismic imaging and      exploration knowledge to adjust an earth model in real time.

  • In Russia, Schlumberger and Yandex.Cloud      announced an industry-first collaboration to deploy the DELFI environment      hosted on Yandex.Cloud, the first use of the cloud for the conventional      upstream domain in Russia. The deployment includes AI and data solutions      to accelerate the digital transformation of energy companies and elevate      performance across the industry.

  • In one of the largest assets in Ecuador, Agora*      edge AI and IoT solutions were leveraged to deliver an 18% increase in      production uptime while reducing the carbon footprint of artificial lift      surveillance operations. The application of digitally enabled well surveillance      and artificial lift optimization workflows in more than 100 wells resulted      in a 36% reduction of CO2 equivalent emissions due to reduced      trips to the field. Agora solutions enabled digital surveillance of      electric submersible pumps and suction rod pumps within a remote      well-operation platform that covers the entire asset. Agora solutions are      providing an opportunity for operators to achieve a step change in      production uptime while reducing the cost and carbon footprint of      operations.

Around the world, our differentiated operational execution continues to resonate with customers and is being acknowledged through new contract awards. Awards in the quarter include:

  • In Africa, Tullow Oil plc awarded Schlumberger a      four-year contract, valued at more than USD 100 million, for combined      drilling services offshore Ghana. The comprehensive services contract      targets an accelerated drilling restart early in the second quarter of      2021, and includes the full Well Construction Division portfolio, as well      as adjacent services from the Reservoir Performance and Digital &      Integration Divisions. The contract incorporates a new, performance-based      element—the first such contract model deployed in Ghana—aligning      Schlumberger and Tullow to collaborate toward additional performance      improvements as Tullow unlocks more value from its world-class deepwater      assets.

  • In South America, Total awarded Schlumberger a      contract for services across multiple Divisions for a 4- to 10-well      deepwater appraisal and exploration campaign in Block 58 offshore      Suriname. The campaign commenced in February 2021 following discoveries in      the block during 2020, for which Schlumberger delivered the majority of      the Well Construction services.

  • In the Middle East, Qatargas awarded Schlumberger      a five-year contract for three stimulation vessels in the giant Qatar      North Field, with an optional five-year extension. OpenPath Reach*      extended-contact stimulation service and MaxCO3 Acid*      degradable diversion acid system are key differentiating technologies included      in the award that were selected to improve stimulation efficiency.

  • In addition, Qatargas awarded Schlumberger a      five-year contract for intervention services in the North Field Expansion      project. This Reservoir Performance award features a unique fit-for-basin      technology with an advanced perforation deployment system that conveys      multiple services with ACTive* real-time downhole coiled tubing services.      The new design eliminates multiple rig ups and rig downs, reducing health,      safety, and environmental exposure and saving up to three days of rig      operations per well.

For more than a century, Schlumberger has developed and deployed innovative technology. Our technology solutions continue to enhance customer performance, support basin competitiveness, maximize asset value, and reduce carbon footprint.

In North America land, Schlumberger fit-for-basin Well Construction technology and execution is enabling customer outperformance across multiple basins as the recovery unfolds:

  • In the DJ Basin, Schlumberger Well Construction      technology enabled Great Western Petroleum to drill the longest footage in      the 8.5-in section covering 21,630 ft of vertical, curve, and lateral in a      single run, using a bottomhole assembly (BHA) comprising all Schlumberger      technology—including NeoSteer* at-bit-steerable system and a drill bit      from Smith Bits, a Schlumberger company.

  • In the Delaware Basin, Schlumberger Well      Construction technology enabled an operator to drill a curve and lateral      totaling nearly 24,500 ft in a single run. One BHA comprising all      Schlumberger technology—including PowerDrive Orbit G2* rotary steerable      system and the xBolt G2* accelerated drilling service as a fit-for-basin      solution—remotely drilled the 6.75-in curve and lateral in 6.5 days with      Performance Live* digitally connected service. Drilling efficiency saved      the operator an average of 5 days of rig time per well and as much as 12      days of rig time on an individual well.

  • In the Haynesville Basin, Rockcliff Energy tested      the first drill bit from Smith Bits, designed using the combination of      data analytics from the Synapse* performance insights optimization service      and a new bit design workflow. At-bit performance insights gathered with      the Synapse service and the use of StrataBlade* concave diamond element      bit and StingBlade* conical diamond element bit technologies enabled the      new bit design to achieve a 69% rate of penetration (ROP) improvement      while maintaining the required drilled footage, saving the operator more      than 40 hours of drilling time.

Internationally, Schlumberger production and recovery technologies are setting new benchmarks and helping customers bring new reserves online:

  • In Algeria, Schlumberger Reservoir Performance      executed the first horizontal multistage plug and perforate hydraulic fracture      in the tight sands of the Hamra Field, significantly contributing to field      production for Sonatrach. The application of an integrated suite of      Schlumberger stimulation technologies resulted in gas production exceeding      offset wells. Using technologies, including Kinetix* reservoir-centric      stimulation-to-production software, WellWatcher Stim* stimulation      monitoring service, HiWAY* flow-channel fracturing technique and the      ACTive DTS* distributed temperature measurement and inversion analysis,      the project delivered increased gas production while reducing required      proppant and water volumes. This process accessed gas reserves that would      not have been monetizable otherwise, setting a path for further      development of tight gas resource in the Hamra and similar fields.

  • Offshore North West Shelf Australia, the Julimar      JV, operated by Woodside with partner KUFPEC, recently used Schlumberger      technology to maximize production. In two wells, the Schlumberger OptiPAC      XL* extended-length Alternate Path gravel-pack screen and      high-temperature fluid system were implemented to ensure complete packing      of the horizontal intervals with downhole temperatures up to 140 degC—a      world record for OptiPAC* openhole Alternate Path gravel-pack services.      Zonal isolation was achieved with a mechanical packer and completed two      producing zones and one non-pay zone in a single pumping      operation—reducing the number of wells required and increasing ultimate      recovery.

Our solutions encompass sustainability through evolving existing technologies, new technology development, and project design and execution to reduce carbon footprint across industry applications:

  • In the first quarter, OneSubsea® built      the first all-electric manifold for the BP Trinidad and Tobago LLC Matapal      gas project being developed off the coast of Trinidad and Tobago. The      combination of a block valve manifold design and standard interfacing      drop-in-place electric actuators created a simple solution that also      demonstrated optimizations during the manufacturing and testing process.      This is a major milestone in the Schlumberger and bp electric technology      roadmaps. We continue to develop more sustainable ways of producing      hydrocarbons, and electric systems are key to supporting our customers on      their net-zero goals. The first all-electric manifold is scheduled to      arrive in Trinidad in the second quarter of 2021, with installation      expected in the second half of the year.

  • Schlumberger Reservoir Performance has deployed a      new service to evaluate geologic CO2 storage suitability—an      essential step in advancing carbon capture and storage (CCS)      projects—during a project for a power facility operator in the United      States. This service leverages Reservoir Performance domain expertise by      integrating data analysis from a suite of Schlumberger subsurface      evaluation technologies, including Quanta Geo* photorealistic reservoir      geology service, the Sonic Scanner* acoustic scanning platform, and the      Saturn* 3D radial probe. This process evaluates the CO2      injection suitability and storage potential of any geologic formation,      while also characterizing CO2 movement in the subsurface. Data      from this service supported the research and evaluation required to secure      necessary permitting to store CO2 in a deep geologic formation.      

  • Offshore Norway, Schlumberger installed the      industry’s first subsea retrofit multilateral wells to reach new      production without adding new infrastructure in the mature Goliat Field      for Vår Energi. Using the RapidX* TAML 5 high-strength, hydraulic-sealed      multilateral junction, Schlumberger and Vår Energi collaborated on a well      construction and completion design that accessed 7–8 million additional      barrels of oil from different targets of the Snadd and Goliat West      discoveries. Two producing wells were retrofitted as multilaterals, each      maintaining production from their original bores while adding new      production from a lateral. An intelligent completion provides independent      control of each branch that can be tuned for ultimate recovery. This      operation saved the customer millions of US dollars of capex and an      estimated 5,000–10,000 metric tons of CO2 equivalent emissions      by avoiding the drilling of two new subsea wells and procuring and      installing the associated infrastructure.

Financial Tables


Condensed   Consolidated Statement of Income (Loss)







(Stated   in millions, except per share amounts)









Three Months

Periods   Ended March 31,


2021



2020







Revenue


$5,223



$7,455


Interest   & other income


19



39


Expenses






Cost of   revenue


4,504



6,624


Research   & engineering


135



173


General   & administrative


81



127


Impairments   & other (1)


-



8,523


Interest


136



136


Income   (loss) before taxes (1)


$386



$(8,089

)

Tax   expense (benefit) (1)


74



(721

)

Net   income (loss) (1)


$312



$(7,368

)

Net   income attributable to noncontrolling interests


13



8


Net   income (loss) attributable to Schlumberger (1)


$299



$(7,376

)







Diluted   earnings (loss) per share of Schlumberger (1)


$0.21



$(5.32

)







Average   shares outstanding


1,398



1,387


Average   shares outstanding assuming dilution


1,419



1,387








Depreciation   & amortization included in expenses (2)


$532



$792


 

(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 APS investments.

 

Condensed Consolidated Balance   Sheet








(Stated   in millions)








Mar.   31,


Dec. 31,

Assets


2021


2020

Current   Assets





Cash and   short-term investments


$2,910


$3,006

Receivables


5,269


5,247

Other   current assets


4,628


4,666



12,807


12,919

Fixed   assets


6,620


6,826

Multiclient   seismic data


298


317

Goodwill


12,978


12,980

Intangible   assets


3,397


3,455

Other   assets


5,936


5,937



$42,036


$42,434






Liabilities   and Equity





Current   Liabilities





Accounts   payable and accrued liabilities


$7,956


$8,442

Estimated   liability for taxes on income


983


1,015

Short-term   borrowings and current portion of long-term debt


749


850

Dividends   payable


185


184



9,873


10,491

Long-term   debt


15,834


16,036

Postretirement   benefits


1,003


1,049

Other   liabilities


2,354


2,369



29,064


29,945

Equity


12,972


12,489



$42,036


$42,434

 

Liquidity










(Stated   in millions)

Components   of Liquidity


Mar. 31,

2021


Dec. 31,

2020


Mar. 31,

2020

Cash and   short-term investments


$2,910



$3,006



$3,344


Short-term   borrowings and current portion of long-term debt


(749

)


(850

)


(1,233

)

Long-term   debt


(15,834

)


(16,036

)


(15,409

)

Net Debt   (1)


$(13,673

)


$(13,880

)


$(13,298

)








Details   of changes in liquidity follow:


















Three


Three





Months


Months

Periods   Ended March 31,




2021


2020








Net   income (loss)




$312



$(7,368

)

Charges   and credits, net of tax (2)




-



7,727






312



$359


Depreciation   and amortization (3)




532



792


Stock-based   compensation expense




84



108


Change   in working capital




(455

)


(482

)

Other




(44

)


7


Cash   flow from operations (4)




429



784









Capital   expenditures




(178

)


(407

)

APS   investments




(85

)


(163

)

Multiclient   seismic data capitalized




(7

)


(35

)

Free   cash flow (5)




159



179









Dividends   paid




(174

)


(692

)

Stock repurchase   program




-



(26

)

Proceed   from employee stock plans




62



74


Net   proceeds from assets divestiture




-



298


Business   acquisitions and investments, net of cash acquired plus debt assumed




(13

)


-


Other




(61

)


(63

)

Change   in net debt before impact of changes in foreign exchange rates




(27

)


(230

)

Impact   of changes in foreign exchange rates on net debt




234



59


Increase   (decrease) in Net Debt




207



(171

)

Net   Debt, beginning of period




(13,880

)


(13,127

)

Net   Debt, end of period




$(13,673

)


$(13,298

)

 

(1)


“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. Net Debt is   a non-GAAP financial measure that should be considered in addition to, not as   a substitute for or superior to, total debt.

(2)


See   section entitled “Charges & Credits” for details.

(3)


Includes   depreciation of property, plant and equipment and amortization of intangible   assets, multiclient seismic data costs, and APS investments.

(4)


Includes   severance payments of $112 million and $56 million during the three months   ended March 31, 2021 and 2020, respectively.

(5)


“Free   cash flow” represents cash flow from operations less capital expenditures,   APS investments, and multiclient seismic data costs capitalized. Management   believes that free cash flow is an important liquidity measure for the   company and that it is useful to investors and management as a measure of   Schlumberger’s ability to generate cash. Once business needs and obligations   are met, this cash can be used to reinvest in the company for future growth   or to return to shareholders through dividend payments or share repurchases.   Free cash flow does not represent the residual cash flow available for   discretionary expenditures. Free cash flow is a non-GAAP financial measure   that should be considered in addition to, not as a substitute for or superior   to, cash flow from operations.

Charges & Credits

In addition to financial results determined in accordance with US generally accepted accounting principles (GAAP), this first-quarter 2021 earnings release also includes non-GAAP financial measures (as defined under the SEC’s Regulation G). In addition to the non-GAAP financial measures discussed under “Liquidity”, net income (loss), excluding charges & credits, as well as measures derived from it (including diluted EPS, excluding charges & credits; Schlumberger net income (loss), excluding charges & credits; effective tax rate, excluding charges & credits; and adjusted EBITDA) are non-GAAP financial measures. Management believes that the exclusion of charges & credits from these financial measures enables it to evaluate more effectively Schlumberger’s operations period over period and to identify operating trends that could otherwise be masked by the excluded items. These measures are also used by management as performance measures in determining certain incentive compensation. The foregoing non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. The following is a reconciliation of certain of these non-GAAP measures to the comparable GAAP measures. For a reconciliation of adjusted EBITDA to the comparable GAAP measure, please refer to the section titled “Supplemental Information” (Item 9).






(Stated   in millions, except per share amounts)














Fourth Quarter 2020



Pretax


Tax


Noncont.

Interests  


Net


Diluted
  EPS

Schlumberger   net income (GAAP basis)


$471



$89



$8


$374



$0.27


Gain on   sale of OneStim


(104

)


(11

)


-


(93

)


(0.07

)

Unrealized   gain on marketable securities


(39

)


(9

)


-


(30

)


(0.02

)

Other


62



4



-


58



0.04


Schlumberger   net income, excluding charges & credits


$390



$73



$8


$309



$0.22















First Quarter 2020



Pretax


Tax


Noncont.  

Interests  


Net


Diluted
  EPS

Schlumberger   net loss (GAAP basis)


$(8,089

)


$(721

)


$8


$(7,376

)


$(5.32

)

Goodwill   impairments


3,070



-



-


3,070



2.21


Intangible   assets impairments


3,321



815



-


2,506



1.81


APS   investments impairments


1,264



(4

)


-


1,268



0.91


North   America pressure pumping impairment


587



133



-


454



0.33


Workforce   reductions


202



7



-


195



0.14


Other


79



9



-


70



0.05


Valuation   allowance


-



(164

)


-


164



0.12


Schlumberger   net income, excluding charges & credits


$434



$75



$8


$351



$0.25


 

All   Charges & Credits recorded in the first quarter of 2020 were classified   in Impairments & other in the accompanying Condensed Consolidated   Statement of Income (Loss).


There   were no charges or credits during the first quarter of 2021.

 

Divisions



(Stated in millions)
















Three Months Ended



Mar. 31, 2021


Dec. 31, 2020


Mar. 31, 2020



Revenue


Income

Before

Taxes


Revenue


Income

Before

Taxes


Revenue


Income

(Loss)

Before

Taxes

Digital   & Integration


$773



$247



$833



$270



$885



$151


Reservoir   Performance


1,002



102



1,247



95



1,969



134


Well   Construction


1,935



209



1,866



183



2,815



331


Production   Systems


1,590



138



1,649



155



1,912



191


Eliminations   & other


(77

)


(32

)


(63

)


(49

)


(126

)


(31

)

Pretax   segment operating income




664





654





776


Corporate   & other




(150

)




(132

)




(228

)

Interest   income(1)




4





5





15


Interest   expense(1)




(132

)




(137

)




(129

)

Charges   & credits(2)




-





81





(8,523

)



$5,223



$386



$5,532



$471



$7,455



$(8,089

)

 

(1)


Excludes   amounts which are included in the segments’ results.

(2)


See   section entitled “Charges & Credits” for details.

Supplemental Information

1)


What   is the capital investment guidance for the full-year 2021?



Capital   investment (comprised of capex, multiclient, and APS investments) for the   full-year 2021 is still expected to be between $1.5 to $1.7 billion. Capital   investment in 2020 was $1.5 billion.




2)


What   were cash flow from operations and free cash flow for the first quarter of   2021?



Cash   flow from operations for the first quarter of 2021 was $429 million and free   cash flow was $159 million, despite making $112 million of severance payments   during the quarter.




3)


What   was included in “Interest and other income” for the first quarter of 2021?



“Interest   and other income” for the first quarter of 2021 was $19 million. This amount   consisted of earnings of equity method investments of $14 million, and   interest income of $5 million.




4)


How   did interest income and interest expense change during the first quarter of   2021?



Interest   income of $5 million for the first quarter of 2021 was flat sequentially.   Interest expense of $136 million decreased $8 million sequentially.




5)


What   is the difference between Schlumberger’s consolidated income (loss) before   taxes and pretax segment operating income?



The   difference consists of corporate items, 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, certain centrally managed initiatives, and other   nonoperating items.




6)


What   was the effective tax rate (ETR) for the first quarter of 2021?



The   ETR for the first quarter of 2021, calculated in accordance with GAAP, was   19.2% as compared to 18.9% for the fourth quarter of 2020. Excluding charges   and credits, the ETR for the fourth quarter of 2020 was 18.8%. There were no   charges and credits in the first quarter of 2021.




7)


How   many shares of common stock were outstanding as of March 31, 2021 and how did   this change from the end of the previous quarter?



There   were 1.398 billion shares of common stock outstanding as of March 31, 2021   and 1.392 billion as of December 31, 2020.

 


(Stated   in millions)

Shares   outstanding at December 31, 2020


1,392


Shares   issued under employee stock purchase plan


4


Vesting   of restricted stock


2


Shares   outstanding at March 31, 2021


1,398


 

8)


What   was the weighted average number of shares outstanding during the first   quarter of 2021 and fourth quarter of 2020? How does this reconcile to the   average number of shares outstanding, assuming dilution, used in the   calculation of diluted earnings per share, excluding charges and credits?



The   weighted average number of shares outstanding was 1.398 billion during the   first quarter of 2021 and 1.392 billion during the fourth quarter of 2020.   The following is a reconciliation of the weighted average shares outstanding   to the average number of shares outstanding, assuming dilution, used in the   calculation of diluted earnings per share, excluding charges and credits.

 



(Stated in millions)



First   Quarter

2021


Fourth   Quarter

2020

Weighted   average shares outstanding


1,398


1,392

Unvested   restricted stock


21


19

Average   shares outstanding, assuming dilution


1,419


1,411

 

9)


What   was Schlumberger’s adjusted EBITDA in the first quarter of 2021, the fourth   quarter of 2020, and the first quarter of 2020?



Schlumberger’s   adjusted EBITDA was $1.049 billion in the first quarter of 2021, $1.112   billion in the fourth quarter of 2020, and $1.347 billion in the first   quarter of 2020, and was calculated as follows:

 



(Stated in millions)



First   Quarter

2021


Fourth   Quarter

2020


First   Quarter

2020

Net   income (loss) attributable to Schlumberger


$299



$374



$(7,376

)

Net   income attributable to noncontrolling interests


$13



8



8


Tax   (benefit) expense


$74



89



(721

)

Income   (loss) before taxes


$386



$471



$(8,089

)

Charges   & credits


-



(81

)


8,523


Depreciation   and amortization


532



583



792


Interest   expense


136



144



136


Interest   income


(5

)


(5

)


(15

)

Adjusted   EBITDA


$1,049



$1,112



$1,347


 



Adjusted   EBITDA represents income before taxes excluding charges & credits,   depreciation and amortization, interest expense, and interest income.   Management believes that adjusted EBITDA is an important profitability   measure for Schlumberger and that it allows investors and management to more   efficiently evaluate Schlumberger’s operations period over period and to   identify operating trends that could otherwise be masked. Adjusted EBITDA is   also used by management as a performance measure in determining certain   incentive compensation. Adjusted EBITDA should be considered in addition to,   not as a substitute for or superior to, other measures of financial   performance prepared in accordance with GAAP.




10)


What   were the components of depreciation and amortization expense for the first   quarter of 2021, the fourth quarter of 2020, and the first quarter of 2020?



The   components of depreciation and amortization expense for the first quarter of   2021, the fourth quarter of 2020, and the first quarter of 2020 were as   follows:

 



(Stated in millions)



First   Quarter

2021


Fourth   Quarter

2020


First   Quarter

2020

Depreciation   of fixed assets


$355


$374


$449

Amortization   of APS investments


75


88


163

Amortization   of intangible assets


76


79


133

Amortization   of multiclient seismic data costs capitalized


26


42


47



$532


$583


$792

About Schlumberger

Schlumberger (SLB: NYSE) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, we collaborate to create technology that unlocks access to energy for the benefit of all.

Find out more at www.slb.com

*Mark of Schlumberger or a Schlumberger company.

Mark of ExxonMobil Corp.; technology licensed exclusively to Schlumberger.

Notes

Schlumberger will hold a conference call to discuss the earnings press release and business outlook on Friday, April 23, 2021. The call is scheduled to begin at 9:30 a.m. US Eastern Time. To access the call, which is open to the public, please contact the conference call operator at +1 (844) 721-7241 within North America, or +1 (409) 207-6955 outside North America, approximately 10 minutes prior to the call’s scheduled start time, and provide the access code 8858313. At the conclusion of the conference call, an audio replay will be available until May 23, 2021 by dialing +1 (866) 207-1041 within North America, or +1 (402) 970-0847 outside North America, and providing the access code 8458766. The conference call will be webcast simultaneously at www.slb.com/irwebcast on a listen-only basis. A replay of the webcast will also be available at the same website until May 23, 2021.

This first-quarter 2021 earnings release, 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 Divisions (and for specified business lines or geographic areas within each Division); oil and natural gas demand and production growth; oil and natural gas prices; pricing; Schlumberger’s response to, and preparedness for, the COVID-19 pandemic and other widespread health emergencies; improvements in operating procedures and technology; capital expenditures by Schlumberger and the oil and gas industry; the business strategies of Schlumberger, including digital and “fit for basin,” as well as the strategies of Schlumberger’s customers; Schlumberger’s restructuring efforts and charges recorded as a result of such efforts; access to raw materials; our effective tax rate; Schlumberger’s APS projects, joint ventures, and other alliances; future global economic and geopolitical conditions; future liquidity; and future results of operations, such as margin levels. These statements are subject to risks and uncertainties, including, but not limited to, changing 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; the results of operations and financial condition of Schlumberger’s customers and suppliers, particularly during extended periods of low prices for crude oil and natural gas; Schlumberger’s inability to achieve its financial and performance targets and other forecasts and expectations; Schlumberger’s inability to sufficiently monetize assets; the extent of future charges; general economic, geopolitical, and business conditions in key regions of the world; foreign currency risk; pricing pressure; weather and seasonal factors; unfavorable effects of health pandemics; availability and cost of raw materials; operational modifications, delays, or cancellations; challenges in Schlumberger’s supply chain; production declines; Schlumberger’s inability to recognize intended benefits from its business strategies and initiatives, such as digital or Schlumberger New Energy; as well as its restructuring and structural cost reduction plans; 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; the competitiveness of alternative energy sources or product substitutes; and other risks and uncertainties detailed in this first-quarter 2021 earnings release 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. Statements in this first-quarter earnings release are made as of the date of this release, and 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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