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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 September 30, 2024

OR

☐

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

Commission file No.: 1-4601

img114894666_0.jpg

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: (713) 513-2000

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, a 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 September 30, 2024

COMMON STOCK, $0.01 PAR VALUE PER SHARE

1,412,154,298

 

 

 

 

SCHLUMBERGER LIMITED

Third Quarter 2024 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

16

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

22

 

 

 

 

Item 4.

Controls and Procedures

22

 

 

 

 

PART II

Other Information

 

 

 

 

 

Item 1.

Legal Proceedings

23

 

 

 

 

Item 1A.

Risk Factors

23

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

23

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

23

 

 

 

 

Item 4.

Mine Safety Disclosures

23

 

 

 

 

Item 5.

Other Information

23

 

 

 

 

Item 6.

Exhibits

24

 

 

 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME

(Unaudited)

(Stated in millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Quarter

 

 

Nine Months

 

 

2024

 

 

2023

 

2024

 

 

2023

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Services

$

5,841

 

 

$

5,719

 

 

$

17,419

 

 

$

16,616

 

Product sales

 

3,318

 

 

 

2,591

 

 

 

9,586

 

 

 

7,529

 

Total Revenue

 

9,159

 

 

 

8,310

 

 

 

27,005

 

 

 

24,145

 

Interest & other income

 

96

 

 

 

73

 

 

 

265

 

 

 

247

 

Expenses

 

 

 

 

 

 

 

 

Cost of services

 

4,465

 

 

 

4,360

 

 

 

13,403

 

 

 

12,777

 

Cost of sales

 

2,772

 

 

 

2,232

 

 

 

8,103

 

 

 

6,601

 

Research & engineering

 

187

 

 

 

186

 

 

 

557

 

 

 

524

 

General & administrative

 

90

 

 

 

81

 

 

 

305

 

 

 

268

 

Restructuring

 

65

 

 

 

-

 

 

 

176

 

 

 

-

 

Merger & integration

 

33

 

 

 

-

 

 

 

60

 

 

 

-

 

Interest

 

136

 

 

 

129

 

 

 

381

 

 

 

373

 

Income before taxes

 

1,507

 

 

 

1,395

 

 

 

4,285

 

 

 

3,849

 

Tax expense

 

289

 

 

 

259

 

 

 

824

 

 

 

722

 

Net income

 

1,218

 

 

 

1,136

 

 

 

3,461

 

 

 

3,127

 

Net income attributable to noncontrolling interests

 

32

 

 

 

13

 

 

 

95

 

 

 

36

 

Net income attributable to SLB

$

1,186

 

 

$

1,123

 

 

$

3,366

 

 

$

3,091

 

 

 

 

 

 

 

 

 

Basic income per share of SLB

$

0.84

 

 

$

0.79

 

 

$

2.36

 

 

$

2.17

 

 

 

 

 

 

 

 

 

Diluted income per share of SLB

$

0.83

 

 

$

0.78

 

 

$

2.34

 

 

$

2.14

 

Average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

1,417

 

 

 

1,424

 

 

 

1,425

 

 

 

1,424

 

Assuming dilution

 

1,432

 

 

 

1,442

 

 

 

1,441

 

 

 

1,442

 

See Notes to Consolidated Financial Statements

3

 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(Unaudited)

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Quarter

 

 

Nine Months

 

2024

 

2023

 

 

2024

 

2023

 

Net income

$

1,218

 

$

1,136

 

 

$

3,461

 

$

3,127

 

Currency translation adjustments

 

 

 

 

 

Unrealized net change arising during the period

 

(42

)

 

(46

)

 

 

11

 

 

(123

)

Marketable securities

 

 

 

 

 

Unrealized gain arising during the period

 

14

 

 

-

 

 

 

14

 

 

-

 

Cash flow hedges

 

 

 

 

 

Net (loss) gain on cash flow hedges

 

(5

)

 

24

 

 

 

(48

)

 

96

 

Reclassification to net income of net realized (gain) loss

 

(2

)

 

(2

)

 

 

3

 

 

(16

)

Pension and other postretirement benefit plans

 

 

 

 

 

 

Amortization to net income of net actuarial gain

 

(1

)

 

(2

)

 

 

(2

)

 

(6

)

Amortization to net income of net prior service credit

 

(6

)

 

(6

)

 

 

(17

)

 

(17

)

Income taxes on pension and other postretirement benefit plans

 

1

 

 

2

 

 

 

4

 

 

5

 

Other

 

(2

)

 

 

-

 

 

 

(1

)

 

 

-

 

Comprehensive income

 

1,175

 

 

1,106

 

 

 

3,425

 

 

3,066

 

Comprehensive income attributable to noncontrolling interests

 

32

 

 

13

 

 

 

95

 

 

36

 

Comprehensive income attributable to SLB

$

1,143

 

$

1,093

 

 

$

3,330

 

$

3,030

 

 

See Notes to Consolidated Financial Statements

 

4

 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

 

(Stated in millions)

 

 

 

 

 

 

 

 

Sept. 30,

 

 

 

 

 

2024

 

 

Dec. 31,

 

 

(Unaudited)

 

 

2023

 

ASSETS

 

 

 

 

 

Current Assets

 

 

 

 

 

Cash

$

3,086

 

 

$

2,900

 

Short-term investments

 

1,376

 

 

 

1,089

 

Receivables less allowance for doubtful accounts (2024 - $332; 2023 - $337)

 

8,260

 

 

 

7,812

 

Inventories

 

4,573

 

 

 

4,387

 

Other current assets

 

1,506

 

 

 

1,530

 

 

18,801

 

 

 

17,718

 

Investments in Affiliated Companies

 

1,744

 

 

 

1,624

 

Fixed Assets less accumulated depreciation

 

7,360

 

 

 

7,240

 

Goodwill

 

14,559

 

 

 

14,084

 

Intangible Assets

 

3,122

 

 

 

3,239

 

Other Assets

 

4,189

 

 

 

4,052

 

$

49,775

 

 

$

47,957

 

LIABILITIES AND EQUITY

 

 

 

Current Liabilities

 

 

 

 

Accounts payable and accrued liabilities

$

10,346

 

 

$

10,904

 

Estimated liability for taxes on income

 

888

 

 

 

994

 

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

 

1,059

 

 

 

1,123

 

Dividends payable

 

406

 

 

 

374

 

 

12,699

 

 

 

13,395

 

Long-term Debt

 

11,864

 

 

 

10,842

 

Postretirement Benefits

 

176

 

 

 

175

 

Deferred Taxes

 

171

 

 

 

140

 

Other Liabilities

 

2,137

 

 

 

2,046

 

 

27,047

 

 

 

26,598

 

Equity

 

 

 

Common stock

 

11,408

 

 

 

11,624

 

Treasury stock

 

(1,294

)

 

 

(678

)

Retained earnings

 

15,687

 

 

 

13,497

 

Accumulated other comprehensive loss

 

(4,290

)

 

 

(4,254

)

SLB stockholders’ equity

 

21,511

 

 

 

20,189

 

Noncontrolling interests

 

1,217

 

 

 

1,170

 

 

22,728

 

 

 

21,359

 

$

49,775

 

 

$

47,957

 

 

 

See Notes to Consolidated Financial Statements

 

5

 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)

 

(Stated in millions)

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

2024

 

 

2023

 

Cash flows from operating activities:

 

 

 

Net income

$

3,461

 

 

$

3,127

 

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

 

 

 

Charges and credits

 

279

 

 

 

(36

)

Depreciation and amortization (1)

 

1,871

 

 

 

1,703

 

Deferred taxes

 

32

 

 

 

94

 

Stock-based compensation expense

 

244

 

 

 

218

 

Earnings of equity method investments, less dividends received

 

(9

)

 

 

(120

)

Change in assets and liabilities: (2)

 

 

 

Increase in receivables

 

(396

)

 

 

(1,003

)

Increase in inventories

 

(243

)

 

 

(334

)

Decrease in other current assets

 

23

 

 

 

107

 

(Increase) decrease in other assets

 

(3

)

 

 

2

 

Decrease in accounts payable and accrued liabilities

 

(968

)

 

 

(10

)

Decrease in estimated liability for taxes on income

 

(147

)

 

 

(113

)

Increase (decrease) in other liabilities

 

39

 

 

 

(65

)

Other

 

29

 

 

 

45

 

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

4,212

 

 

 

3,615

 

Cash flows from investing activities:

 

 

 

Capital expenditures

 

(1,322

)

 

 

(1,345

)

APS investments

 

(390

)

 

 

(391

)

Exploration data costs capitalized

 

(141

)

 

 

(121

)

Business acquisitions and investments, net of cash acquired

 

(552

)

 

 

(280

)

Proceeds from sale of Liberty shares

 

-

 

 

 

137

 

Purchase of short-term investments, net

 

(268

)

 

 

(12

)

Purchase of Blue Chip Swap securities

 

(136

)

 

 

(169

)

Proceeds from sale of Blue Chip securities

 

92

 

 

 

91

 

Other

 

49

 

 

 

(173

)

NET CASH USED IN INVESTING ACTIVITIES

 

(2,668

)

 

 

(2,263

)

Cash flows from financing activities:

 

 

 

Dividends paid

 

(1,144

)

 

 

(961

)

Proceeds from employee stock purchase plan

 

219

 

 

 

191

 

Proceeds from exercise of stock options

 

25

 

 

 

85

 

Taxes paid on net settled stock-based compensation awards

 

(86

)

 

 

(162

)

Stock repurchase program

 

(1,236

)

 

 

(594

)

Proceeds from issuance of long-term debt

 

1,475

 

 

 

992

 

Repayment of long-term debt

 

(416

)

 

 

-

 

Net decrease in short-term borrowings

 

(142

)

 

 

(43

)

Other

 

(36

)

 

 

(11

)

NET CASH USED IN FINANCING ACTIVITIES

 

(1,341

)

 

 

(503

)

Net increase in cash before translation effect

 

203

 

 

 

849

 

Translation effect on cash

 

(17

)

 

 

(16

)

Cash, beginning of period

 

2,900

 

 

 

1,655

 

Cash, end of period

$

3,086

 

 

$

2,488

 

 

(1)
Includes depreciation of fixed assets and amortization of intangible assets, exploration data costs, and Asset Performance Solutions ("APS") investments.
(2)
Net of the effect of business acquisitions.

 

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, 2024 – September 30, 2024

 

Issued

 

 

In Treasury

 

 

Earnings

 

 

Loss

 

 

Interests

 

 

Total

 

Balance, January 1, 2024

 

$

11,624

 

 

$

(678

)

 

$

13,497

 

 

$

(4,254

)

 

$

1,170

 

 

$

21,359

 

Net income

 

 

 

 

 

 

3,366

 

 

 

 

 

95

 

 

 

3,461

 

Currency translation adjustments

 

 

 

 

 

 

 

 

11

 

 

 

 

 

 

11

 

Changes in unrealized gain on marketable securities

 

 

 

 

 

 

 

 

14

 

 

 

 

 

14

 

Changes in fair value of cash flow hedges

 

 

 

 

 

 

 

 

(45

)

 

 

 

 

(45

)

Pension and other postretirement benefit plans

 

 

 

 

 

 

 

 

(15

)

 

 

 

 

(15

)

Shares sold to optionees, less shares exchanged

 

 

(9

)

 

 

34

 

 

 

 

 

 

 

 

 

25

 

Vesting of restricted stock, net of taxes withheld

 

 

(386

)

 

 

300

 

 

 

 

 

 

 

 

 

(86

)

Employee stock purchase plan

 

 

(65

)

 

 

284

 

 

 

 

 

 

 

 

 

219

 

Stock repurchase program

 

 

 

 

(1,236

)

 

 

 

 

 

 

 

 

(1,236

)

Stock-based compensation expense

 

 

244

 

 

 

 

 

 

 

 

 

 

 

244

 

Dividends declared ($0.825 per share)

 

 

 

 

 

 

(1,176

)

 

 

 

 

 

 

 

(1,176

)

Dividends paid to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(36

)

 

 

(36

)

Other

 

 

 

 

 

2

 

 

 

 

 

 

(1

)

 

 

(12

)

 

 

(11

)

Balance, September 30, 2024

 

$

11,408

 

 

$

(1,294

)

 

$

15,687

 

 

$

(4,290

)

 

$

1,217

 

 

$

22,728

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

Common Stock

 

 

Retained

 

 

Comprehensive

 

 

Noncontrolling

 

 

 

January 1, 2023 – September 30, 2023

 

Issued

 

 

In Treasury

 

 

Earnings

 

 

Loss

 

 

Interests

 

 

Total

 

Balance, January 1, 2023

 

$

11,837

 

 

$

(1,016

)

 

$

10,719

 

 

$

(3,855

)

 

$

304

 

 

$

17,989

 

Net income

 

 

 

 

 

 

3,091

 

 

 

 

 

36

 

 

 

3,127

 

Currency translation adjustments

 

 

 

 

 

 

 

 

(123

)

 

 

 

 

 

(123

)

Changes in fair value of cash flow hedges

 

 

 

 

 

 

 

 

80

 

 

 

 

 

80

 

Pension and other postretirement benefit plans

 

 

 

 

 

 

 

 

(18

)

 

 

 

 

(18

)

Shares sold to optionees, less shares exchanged

 

 

(53

)

 

 

138

 

 

 

 

 

 

 

 

 

85

 

Vesting of restricted stock, net of taxes withheld

 

 

(657

)

 

 

495

 

 

 

 

 

 

 

 

 

(162

)

Employee stock purchase plan

 

 

(162

)

 

 

353

 

 

 

 

 

 

 

 

 

191

 

Stock repurchase program

 

 

 

 

(594

)

 

 

 

 

 

 

 

 

(594

)

Stock-based compensation expense

 

 

218

 

 

 

 

 

 

 

 

 

 

 

218

 

Dividends declared ($0.75 per share)

 

 

 

 

 

 

(1,068

)

 

 

 

 

 

 

(1,068

)

Dividends paid to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20

)

 

 

(20

)

Other

 

 

(1

)

 

 

3

 

 

 

 

 

 

(1

)

 

 

1

 

 

 

2

 

Balance, September 30, 2023

 

$

11,182

 

 

$

(621

)

 

$

12,742