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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file No.: 1-4601

 

SCHLUMBERGER N.V.

(SCHLUMBERGER LIMITED)

(Exact name of registrant as specified in its charter)

 

 

Curaçao

 

52-0684746

(State or other jurisdiction of
incorporation or organization)

 

(IRS Employer
Identification No.)

 

 

 

42 rue Saint-Dominique

 

 

Paris, France

 

75007

 

 

 

5599 San Felipe

 

 

Houston, Texas, United States of America

 

77056

 

 

 

62 Buckingham Gate

 

 

London, United Kingdom

 

SW1E 6AJ

 

 

 

Parkstraat 83, The Hague,

 

 

The Netherlands

 

2514 JG

(Addresses of principal executive offices)

 

(Zip Codes)

Registrant’s telephone number in the United States, including area code, is:  (713513-2000

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

common stock, par value $0.01 per share

SLB

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

Non-accelerated filer

 

  

Smaller reporting company

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class

Outstanding at June 30, 2022

COMMON STOCK, $0.01 PAR VALUE PER SHARE

1,414,388,264  

 

 

 

 

 

 

 


 

SCHLUMBERGER LIMITED

Second Quarter 2022 Form 10-Q

Table of Contents

 

 

 

 

Page

PART I

 

Financial Information

 

 

 

 

 

Item 1.

 

Financial Statements

3

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

17

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

23

 

 

 

 

Item 4.

 

Controls and Procedures

23

 

 

 

 

PART II

 

Other Information

 

 

 

 

 

Item 1.

 

Legal Proceedings

24

 

 

 

 

Item 1A.

 

Risk Factors

24

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

24

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

24

 

 

 

 

Item 4.

 

Mine Safety Disclosures

24

 

 

 

 

Item 5.

 

Other Information

24

 

 

 

 

Item 6.

 

Exhibits

25

 

 

 

 

 

 


 

PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements.

 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME

(Unaudited)

 

(Stated in millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Second Quarter

 

 

Six Months

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services

$

4,732

 

 

$

3,789

 

 

$

8,954

 

 

$

7,271

 

Product sales

 

2,041

 

 

 

1,845

 

 

 

3,781

 

 

 

3,586

 

Total Revenue

 

6,773

 

 

 

5,634

 

 

 

12,735

 

 

 

10,857

 

Interest & other income

 

311

 

 

 

16

 

 

 

361

 

 

 

35

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services

 

3,720

 

 

 

3,223

 

 

 

7,107

 

 

 

6,255

 

Cost of sales

 

1,848

 

 

 

1,545

 

 

 

3,474

 

 

 

3,019

 

Research & engineering

 

154

 

 

 

134

 

 

 

295

 

 

 

268

 

General & administrative

 

86

 

 

 

70

 

 

 

183

 

 

 

150

 

Interest

 

124

 

 

 

136

 

 

 

247

 

 

 

272

 

Income before taxes

 

1,152

 

 

 

542

 

 

 

1,790

 

 

 

928

 

Tax expense

 

182

 

 

 

99

 

 

 

300

 

 

 

173

 

Net income

 

970

 

 

 

443

 

 

 

1,490

 

 

 

755

 

Net income attributable to noncontrolling interests

 

11

 

 

 

12

 

 

 

21

 

 

 

25

 

Net income attributable to Schlumberger

$

959

 

 

$

431

 

 

$

1,469

 

 

$

730

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income per share of Schlumberger

$

0.68

 

 

$

0.31

 

 

$

1.04

 

 

$

0.52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income per share of Schlumberger

$

0.67

 

 

$

0.30

 

 

$

1.02

 

 

$

0.51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

1,414

 

 

 

1,398

 

 

 

1,413

 

 

 

1,398

 

Assuming dilution

 

1,436

 

 

 

1,421

 

 

 

1,435

 

 

 

1,420

 

 

See Notes to Consolidated Financial Statements

 

 

3


 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(Unaudited)

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Second Quarter

 

 

Six Months

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income

$

970

 

 

$

443

 

 

$

1,490

 

 

$

755

 

Currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized net change arising during the period

 

216

 

 

 

(38

)

 

 

110

 

 

 

(24

)

Cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gain (loss) on cash flow hedges

 

63

 

 

 

(128

)

 

 

72

 

 

 

22

 

Reclassification to net income of net realized gain

 

(114

)

 

 

(3

)

 

 

(97

)

 

 

(5

)

Pension and other postretirement benefit plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization to net income of net actuarial loss

 

14

 

 

 

70

 

 

 

30

 

 

 

133

 

Amortization to net income of net prior service credit

 

(6

)

 

 

(6

)

 

 

(11

)

 

 

(11

)

Income taxes on pension and other postretirement benefit plans

 

2

 

 

 

(3

)

 

 

2

 

 

 

(3

)

Other

 

-

 

 

 

(4

)

 

 

-

 

 

 

(4

)

Comprehensive income

 

1,145

 

 

 

331

 

 

 

1,596

 

 

 

863

 

Comprehensive income attributable to noncontrolling interests

 

11

 

 

 

12

 

 

 

21

 

 

 

25

 

Comprehensive income attributable to Schlumberger

$

1,134

 

 

$

319

 

 

$

1,575

 

 

$

838

 

 

See Notes to Consolidated Financial Statements

 

 

 

4


 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

Jun. 30,

 

 

 

 

 

 

2022

 

 

Dec. 31,

 

 

(Unaudited)

 

 

2021

 

ASSETS

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

Cash

$

1,893

 

 

$

1,757

 

Short-term investments

 

923

 

 

 

1,382

 

Receivables less allowance for doubtful accounts (2022 - $337; 2021 - $319)

 

6,247

 

 

 

5,315

 

Inventories

 

3,968

 

 

 

3,272

 

Other current assets

 

1,285

 

 

 

928

 

 

 

14,316

 

 

 

12,654

 

Investments in Affiliated Companies

 

1,767

 

 

 

2,044

 

Fixed Assets less accumulated depreciation

 

6,386

 

 

 

6,429

 

Goodwill

 

13,009

 

 

 

12,990

 

Intangible Assets

 

3,102

 

 

 

3,211

 

Other Assets

 

4,247

 

 

 

4,183

 

 

$

42,827

 

 

$

41,511

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

$

8,528

 

 

$

8,382

 

Estimated liability for taxes on income

 

884

 

 

 

879

 

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

 

901

 

 

 

909

 

Dividends payable

 

270

 

 

 

189

 

 

 

10,583

 

 

 

10,359

 

Long-term Debt

 

12,946

 

 

 

13,286

 

Postretirement Benefits

 

232

 

 

 

231

 

Deferred Taxes

 

99

 

 

 

94

 

Other Liabilities

 

2,342

 

 

 

2,255

 

 

 

26,202

 

 

 

26,225

 

Equity

 

 

 

 

 

 

 

Common stock

 

11,981

 

 

 

12,608

 

Treasury stock

 

(1,436

)

 

 

(2,233

)

Retained earnings

 

9,244

 

 

 

8,199

 

Accumulated other comprehensive loss

 

(3,464

)

 

 

(3,570

)

Schlumberger stockholders’ equity

 

16,325

 

 

 

15,004

 

Noncontrolling interests

 

300

 

 

 

282

 

 

 

16,625

 

 

 

15,286

 

 

$

42,827

 

 

$

41,511

 

 

 

See Notes to Consolidated Financial Statements

 

 

 

5


 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income

$

1,490

 

 

$

755

 

Adjustments to reconcile net income to cash provided by operating activities:

 

 

 

 

 

 

 

Gain on sale of Liberty shares

 

(242

)

 

 

-

 

Gain on sale of real estate

 

(43

)

 

 

-

 

Depreciation and amortization (1)

 

1,065

 

 

 

1,058

 

Deferred taxes

 

11

 

 

 

(18

)

Stock-based compensation expense

 

160

 

 

 

156

 

Earnings of equity method investments, less dividends received

 

(22

)

 

 

(15

)

Change in assets and liabilities: (2)

 

 

 

 

 

 

 

Increase in receivables

 

(887

)

 

 

(114

)

(Increase) decrease in inventories

 

(652

)

 

 

86

 

(Increase) decrease in other current assets

 

(240

)

 

 

538

 

Increase in other assets

 

(26

)

 

 

(28

)

Decrease in accounts payable and accrued liabilities

 

(57

)

 

 

(700

)

Decrease in estimated liability for taxes on income

 

(48

)

 

 

(91

)

Increase in other liabilities

 

4

 

 

 

13

 

Other

 

26

 

 

 

9

 

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

539

 

 

 

1,649

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Capital expenditures

 

(664

)

 

 

(421

)

APS investments

 

(311

)

 

 

(188

)

Exploration data costs capitalized

 

(64

)

 

 

(12

)

Business acquisitions and investments, net of cash acquired

 

(8

)

 

 

(35

)

Proceeds from sale of Liberty shares

 

513

 

 

 

-

 

Proceeds from sale of real estate

 

120

 

 

 

-

 

Sale of short-term investments, net

 

457

 

 

 

921

 

Other

 

(76

)

 

 

(39

)

NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES

 

(33

)

 

 

226

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Dividends paid

 

(352

)

 

 

(349

)

Taxes paid on net settled stock-based compensation awards

 

(85

)

 

 

(18

)

Proceeds from employee stock purchase plan

 

64

 

 

 

62

 

Proceeds from exercise of stock options

 

29

 

 

 

-

 

Proceeds from issuance of long-term debt

 

-

 

 

 

34

 

Repayment of long-term debt

 

-

 

 

 

(887

)

Net decrease in short-term borrowings

 

(11

)

 

 

(83

)

Other

 

(3

)

 

 

(41

)

NET CASH USED IN FINANCING ACTIVITIES

 

(358

)

 

 

(1,282

)

Net increase in cash before translation effect

 

148

 

 

 

593

 

Translation effect on cash

 

(12

)

 

 

2

 

Cash, beginning of period

 

1,757

 

 

 

844

 

Cash, end of period

$

1,893

 

 

$

1,439

 

 

 

(1)

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

(2)

Net of the effect of business acquisitions and divestitures.

 

See Notes to Consolidated Financial Statements

 

 

 

6


 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY

(Unaudited)

 

 

 

(Stated in millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Retained

 

 

Comprehensive

 

 

Noncontrolling

 

 

 

 

 

January 1, 2022 – June 30, 2022

 

Issued

 

 

In Treasury

 

 

Earnings

 

 

Loss

 

 

Interests

 

 

Total

 

Balance, January 1, 2022

 

$

12,608

 

 

$

(2,233

)

 

$

8,199

 

 

$

(3,570

)

 

$

282

 

 

$

15,286

 

Net income

 

 

 

 

 

 

 

 

 

 

1,469

 

 

 

 

 

 

 

21

 

 

 

1,490

 

Currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

110

 

 

 

 

 

 

 

110

 

Changes in fair value of cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25

)

 

 

 

 

 

 

(25

)

Pension and other postretirement benefit plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21

 

 

 

 

 

 

 

21

 

Shares sold to optionees, less shares exchanged

 

 

(24

)

 

 

53

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29

 

Vesting of restricted stock, net of taxes withheld

 

 

(658

)

 

 

573

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(85

)

Shares issued under employee stock purchase plan

 

 

(104

)

 

 

168

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

64

 

Stock-based compensation expense

 

 

160