Company Quick10K Filing
Schlumberger
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 1,396 $54,598
10-K 2020-01-22 Annual: 2019-12-31
10-Q 2019-10-23 Quarter: 2019-09-30
10-Q 2019-07-24 Quarter: 2019-06-30
10-Q 2019-04-24 Quarter: 2019-03-31
10-K 2019-01-23 Annual: 2018-12-31
10-Q 2018-10-24 Quarter: 2018-09-30
10-Q 2018-07-25 Quarter: 2018-06-30
10-Q 2018-04-25 Quarter: 2018-03-31
10-K 2018-01-24 Annual: 2017-12-31
10-Q 2017-10-25 Quarter: 2017-09-30
10-Q 2017-07-26 Quarter: 2017-06-30
10-Q 2017-04-26 Quarter: 2017-03-31
10-K 2017-01-25 Annual: 2016-12-31
10-Q 2016-10-26 Quarter: 2016-09-30
10-Q 2016-07-27 Quarter: 2016-06-30
10-Q 2016-04-27 Quarter: 2016-03-31
10-K 2016-01-27 Annual: 2015-12-31
10-Q 2015-10-21 Quarter: 2015-09-30
10-Q 2015-07-22 Quarter: 2015-06-30
10-Q 2015-04-22 Quarter: 2015-03-31
10-K 2015-01-29 Annual: 2014-12-31
10-Q 2014-10-22 Quarter: 2014-09-30
10-Q 2014-07-23 Quarter: 2014-06-30
10-Q 2014-04-23 Quarter: 2014-03-31
10-K 2014-01-31 Annual: 2013-12-31
10-Q 2013-10-23 Quarter: 2013-09-30
10-Q 2013-07-24 Quarter: 2013-06-30
10-Q 2013-04-24 Quarter: 2013-03-31
10-K 2013-01-31 Annual: 2012-12-31
10-Q 2012-10-24 Quarter: 2012-09-30
10-Q 2012-07-25 Quarter: 2012-06-30
10-Q 2012-04-25 Quarter: 2012-03-31
10-K 2012-02-01 Annual: 2011-12-31
10-Q 2011-10-26 Quarter: 2011-09-30
10-Q 2011-07-27 Quarter: 2011-06-30
10-Q 2011-04-27 Quarter: 2011-03-31
10-Q 2010-07-29 Quarter: 2010-06-30
10-Q 2010-04-28 Quarter: 2010-03-31
10-K 2010-02-05 Annual: 2009-12-31
8-K 2020-03-24 Regulation FD
8-K 2020-02-11 Officers
8-K 2020-01-17 Earnings, Regulation FD, Exhibits
8-K 2019-12-05 Officers, Regulation FD, Exhibits
8-K 2019-10-28 Officers
8-K 2019-09-18 Regulation FD, Exhibits
8-K 2019-09-04 Impairments, Regulation FD
8-K 2019-07-19 Earnings, Regulation FD, Exhibits
8-K 2019-07-17 Amend Bylaw, Exhibits
8-K 2019-07-17 Officers, Regulation FD, Exhibits
8-K 2019-04-18 Earnings, Regulation FD, Exhibits
8-K 2019-04-03 Shareholder Vote, Exhibits
8-K 2019-03-28 Officers
8-K 2019-03-25 Regulation FD
8-K 2019-02-06 Officers, Exhibits
8-K 2019-01-18 Earnings, Regulation FD, Exhibits
8-K 2018-12-04 Regulation FD
8-K 2018-10-19 Earnings, Regulation FD, Exhibits
8-K 2018-09-04 Regulation FD, Exhibits
8-K 2018-08-02 Officers
8-K 2018-07-20 Earnings, Regulation FD, Exhibits
8-K 2018-06-12 Regulation FD
8-K 2018-04-25
8-K 2018-04-20 Earnings, Regulation FD, Exhibits
8-K 2018-04-04 Officers, Shareholder Vote, Exhibits
8-K 2018-02-13 Regulation FD
8-K 2018-01-19 Earnings, Regulation FD, Exhibits
SLB 2019-12-31
Part I
Item 1. Business.
Item 1A. Risk Factors.
Item 1B. Unresolved Staff Comments.
Item 2. Properties.
Item 3. Legal Proceedings.
Item 4. Mine Safety Disclosures.
Part II
Item 5. Market for Schlumberger's Common Stock, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Item 6. Selected Financial Data.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
Item 8. Financial Statements and Supplementary Data.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
Item 9A. Controls and Procedures.
Item 9B. Other Information.
Part III
Item 10. Directors, Executive Officers and Corporate Governance of Schlumberger.
Item 11. Executive Compensation.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
Item 13. Certain Relationships and Related Transactions, and Director Independence.
Part IV
Item 15. Exhibits and Financial Statement Schedules.
Item 16. Form 10-K Summary.
EX-4.1 slb-ex41_549.htm
EX-10.30 slb-ex1030_550.htm
EX-21 slb-ex21_18.htm
EX-23 slb-ex23_19.htm
EX-24 slb-ex24_10.htm
EX-31.1 slb-ex311_11.htm
EX-31.2 slb-ex312_16.htm
EX-32.1 slb-ex321_7.htm
EX-32.2 slb-ex322_17.htm
EX-95 slb-ex95_23.htm

Schlumberger Earnings 2019-12-31

SLB 10K Annual Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
SLB 47,547 57,990 33,663 24,689 0 -10,449 -7,665 47,864 0% -6.2 -18%
HAL 17,029 26,789 17,027 17,217 0 525 1,756 25,771 0% 14.7 2%
CLB 2,172 788 597 685 77 101 148 2,458 11% 16.6 13%
PUMP 2,223 1,409 539 1,866 125 155 286 2,304 7% 8.1 11%
OII 1,377 2,886 1,589 1,487 119 -86 121 1,837 8% 15.2 -3%
LBRT 1,189 1,295 492 2,065 411 127 304 1,160 20% 3.8 10%
RES 1,110 1,110 255 986 244 -64 45 1,061 25% 23.7 -6%
HLX 1,236 2,614 931 740 125 36 153 1,395 17% 9.1 1%
FI 1,164 1,158 182 586 24 -83 8 972 4% 123.4 -7%
SEMG 1,289 6,113 4,865 2,416 530 -19 287 3,568 22% 12.4 -0%

slb-10k_20191231.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-K

 

(Mark One)

 

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

 

For the fiscal year ended December 31, 2019

OR

 

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

 

For the transition period from __________ to __________

Commission File Number 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, 17th Floor
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

Securities registered pursuant to Section 12(g) of the Act: None

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES NO

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES NO

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 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 Act). YES NO

As of June 30, 2019, the aggregate market value of the common stock of the registrant held by non-affiliates of the registrant was approximately $54.89 billion.

As of December 31, 2019, the number of shares of common stock outstanding was 1,384,515,345.

 

DOCUMENTS INCORPORATED BY REFERENCE

Certain information required to be furnished pursuant to Part III of this Form 10-K is set forth in, and is incorporated by reference from, Schlumberger’s definitive proxy statement for its 2020 Annual General Meeting of Stockholders, to be filed by Schlumberger with the Securities and Exchange Commission (“SEC”) pursuant to Regulation 14A within 120 days after December 31, 2019 (the “2020 Proxy Statement”).

 

 

 

1

 


SCHLUMBERGER LIMITED

Table of Contents

Form 10-K

 

 

 

Page

 

 

 

PART I

 

 

 

 

 

Item 1.

Business

3

 

 

 

Item 1A.

Risk Factors

7

 

 

 

Item 1B.

Unresolved Staff Comments

10

 

 

 

Item 2.

Properties

10

 

 

 

Item 3.

Legal Proceedings

10

 

 

 

Item 4.

Mine Safety Disclosures

10

 

 

 

PART II

 

 

 

 

 

Item 5.

Market for Schlumberger’s Common Stock, Related Stockholder Matters and Issuer Purchases of Equity Securities

11

 

 

 

Item 6.

Selected Financial Data

12

 

 

 

Item 7.

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

13

 

 

 

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

23

 

 

 

Item 8.

Financial Statements and Supplementary Data

26

 

 

 

Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

63

 

 

 

Item 9A.

Controls and Procedures

63

 

 

 

Item 9B.

Other Information

64

 

 

 

PART III

 

 

 

 

 

Item 10.

Directors, Executive Officers and Corporate Governance of Schlumberger

65

 

 

 

Item 11.

Executive Compensation

65

 

 

 

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

65

 

 

 

Item 13.

Certain Relationships and Related Transactions, and Director Independence

65

 

 

 

Item 14.

Principal Accounting Fees and Services

65

 

 

 

PART IV

 

 

 

 

 

Item 15.

Exhibits and Financial Statement Schedules

66

 

 

 

Item 16.

Form 10-K Summary

69

 

 

 

 

Signatures

70

 

 

 

 

Certifications

 

2

 


PART I

 

Item 1. Business.

All references in this report to “Registrant,” “Company,” “Schlumberger,” “we” or “our” are to Schlumberger Limited (Schlumberger N.V., incorporated in Curaçao) and its consolidated subsidiaries.

Founded in 1926, Schlumberger is the world’s leading provider of technology for reservoir characterization, drilling, production and processing to the oil and gas industry.  Having invented wireline logging as a technique for obtaining downhole data in oil and gas wells, today Schlumberger supplies the industry’s most comprehensive range of products and services, from exploration through production, and integrated pore-to-pipeline solutions that optimize hydrocarbon recovery to deliver reservoir performance sustainably.  As of December 31, 2019, the Company employed approximately 105,000 people representing over 170 nationalities. Schlumberger, which generates revenue in more than 120 countries, has executive offices in Paris, Houston, London and The Hague.

Schlumberger operates in each of the major oilfield service markets through four segments: Reservoir Characterization, Drilling, Production and Cameron.  Each segment consists of a number of technology-based service and product lines, or Technologies.  These Technologies cover the entire life cycle of the reservoir and correspond to a number of markets in which Schlumberger holds leading positions. The role of the Technologies is to support Schlumberger in providing the best possible service to customers and to ensure that Schlumberger remains at the forefront of technology development and services integration.  The Technologies are collectively responsible for driving performance throughout their businesses; overseeing operational processes, resource allocation and personnel; and delivering superior financial results.

The segments are as follows:

Reservoir Characterization – Consists of the principal Technologies involved in finding and defining hydrocarbon resources.  These include WesternGeco®, Wireline, Testing Services, Software Integrated Solutions (“SIS”), OneSurface® and Integrated Services Management (“ISM”).

 

 

WesternGeco is a leading geophysical services supplier, providing comprehensive worldwide reservoir interpretation and data processing services. It provides a highly efficient and scientifically advanced imaging platform to its customers. Through access to the industry’s global marine fleet, it provides accurate measurements and images of subsurface geology and rock properties for multiclient surveys. WesternGeco offers the industry’s most extensive multiclient library.

 

 

Wireline provides the information necessary to evaluate subsurface formation rocks and fluids to plan and monitor well construction, and to monitor and evaluate well production.  Wireline offers both openhole and cased-hole services including wireline perforating. Slickline services provide downhole mechanical well intervention.

 

 

Testing Services provides exploration and production pressure and flow-rate measurement services both at the surface and downhole. Testing has a network of laboratories that conduct rock and fluid characterization. Testing also provides tubing-conveyed perforating services.

 

 

Software Integrated Solutions sells proprietary software and provides consulting, information management and IT infrastructure services to customers in the oil and gas industry. SIS also offers expert consulting services for reservoir characterization, field development planning and production enhancement, as well as industry-leading petrotechnical data services and training solutions.

 

 

OneSurface provides a unique, reservoir driven, fit for purpose integrated production system for accelerating first oil and gas production and maximizing project economics.

 

 

Integrated Services Management provides coordination and management of Schlumberger services, products and third parties in projects around the world.  ISM offers a certified integrated services project manager as a focal point of contact between the project owner and the various Schlumberger services, ensuring alignment of project objectives.

Drilling – Consists of the principal Technologies involved in the drilling and positioning of oil and gas wells and comprises Bits & Drilling Tools, M-I SWACO, Drilling & Measurements, Land Rigs and Integrated Drilling Services (“IDS”).

 

 

Bits & Drilling Tools designs, manufactures and markets roller cone and fixed cutter drill bits for all environments. The drill bits include designs for premium market segments where faster penetration rates and increased footage provide significant economic benefits in lowering overall well costs.  Drilling Tools includes a wide variety of bottom-hole-assembly and borehole-enlargement technologies for oil and gas drilling operations.

 

3

 


 

M-I SWACO is a supplier of drilling fluid systems engineered to improve drilling performance by anticipating fluids-related problems; fluid systems and specialty equipment designed to optimize wellbore productivity; and production technology solutions formulated to maximize production rates.  M-I SWACO also provides engineered managed pressure drilling and underbalanced drilling solutions, as well as environmental services and products to safely manage waste volumes generated in both drilling and production operations.

 

 

Drilling & Measurements provides mud logging services for geological and drilling surveillance, directional drilling, measurement-while-drilling and logging-while-drilling services for all well profiles as well as engineering support.

 

 

Land Rigs provides land drilling rigs and related support services.  The land drilling system of the future represents an integrated drilling platform bringing together digitally enabled surface and downhole hardware combined with a common optimization software to create a step-change in operational efficiency.

 

 

Integrated Drilling Services supplies all of the services necessary to construct or change the architecture (re-entry) of wells. IDS covers all aspects of well planning, well drilling, engineering, supervision, logistics, procurement and contracting of third parties, and drilling rig management.

Production – Consists of the principal Technologies involved in the lifetime production of oil and gas reservoirs and includes Well Services, OneStim®, Completions, Artificial Lift, and Asset Performance Solutions (“APS”).

 

 

Well Services provides services used during oil and gas well drilling and completion as well as those used to maintain optimal production throughout the life of a well. Such services include pressure pumping, well cementing and stimulation, and coiled tubing equipment for downhole mechanical well intervention, reservoir monitoring and downhole data acquisition.

 

 

OneStim provides a low cost-to-serve and highly competitive service delivery platform in North America’s unconventional plays. The services include hydraulic fracturing, multistage completions, perforating, and a vertically integrated product and logistics organization.

 

 

Completions supplies well completion services and equipment that include packers, safety valves and sand control technology as well as a range of intelligent well completions technology and equipment.

 

 

Artificial Lift provides production equipment and optimization services using electrical submersible pumps, gas lift equipment, rod lift systems, progressing cavity pumps and surface horizontal pumping systems.

 

 

Asset Performance Solutions (formerly Schlumberger Production Management) is a business model for field production projects. This model combines the required services and products of the Technologies with drilling rig management, specialized engineering and project management expertise to provide a complete solution to well construction and production improvement.

 

APS creates alignment between Schlumberger and the asset holder and/or the operator whereby Schlumberger receives remuneration in line with its value creation.  These projects are generally focused on developing and co-managing production of customer assets under long-term agreements.    Schlumberger invests its own services and products, and historically, cash in certain cases, into the field development activities and operations.  Although in certain arrangements Schlumberger is paid for a portion of the services or products it provides, generally Schlumberger will not be paid at the time of providing its services or upon delivery of its products.  Instead, Schlumberger is generally compensated based upon cash flow generated or on a fee-per-barrel basis.  This includes certain arrangements whereby Schlumberger is only compensated based upon incremental production that it helps deliver above a mutually agreed baseline.  APS represented less than 5% of Schlumberger’s consolidated revenue during each of 2019, 2018 and 2017.

Cameron – Consists of the principal Technologies involved in pressure and flow control for drilling and intervention rigs, oil and gas wells and production facilities, and includes OneSubsea®, Surface Systems, Drilling Systems, and Valves & Process Systems.

 

 

OneSubsea provides integrated solutions, products, systems and services for the subsea oil and gas market, including integrated subsea production systems involving wellheads, subsea trees, manifolds and flowline connectors, control systems, connectors and services designed to maximize reservoir recovery and extend the life of each field.  OneSubsea offers integration and optimization of the entire production system over the life of the field by leveraging flow control expertise and process technologies with petrotechnical expertise and reservoir and production technologies.

 

 

Surface Systems designs and manufactures onshore and offshore platform wellhead systems and processing solutions, including valves, chokes, actuators and Christmas trees, and provides services to oil and gas operators.

 

4

 


 

Drilling Systems provides drilling equipment and services to shipyards, drilling contractors, exploration and production companies and rental tool companies.  The products fall into two broad categories: pressure control equipment and rotary drilling equipment.  These products are designed for either onshore or offshore applications and include drilling equipment packages, blowout preventers (BOPs), BOP control systems, connectors, riser systems, valves and choke manifold systems, top drives, mud pumps, pipe handling equipment, rig designs and rig kits.

 

 

Valves & Process Systems serves portions of the upstream, midstream and downstream markets and provides valve products that are primarily used to control and direct the flow of oil and gas as they are moved from wellheads through flow lines, gathering lines and transmission systems to refineries, petrochemical plants and industrial centers for processing.  Valves & Process Systems also provides efficient monetization of subsurface assets using standard and custom-designed onshore, offshore and downstream processing and treatment systems.

Supporting the Technologies is a global network of research and engineering centers.  Through this organization, Schlumberger is committed to advanced technology programs that enhance oilfield efficiency, lower finding and producing costs, improve productivity, maximize reserve recovery and increase asset value while accomplishing these goals in a safe and environmentally sound manner.

A network of GeoMarket* regions, within each of four major geographic areas of North America, Latin America, Europe/CIS/Africa and Middle East & Asia, provides logistical, technical and commercial coordination.

The GeoMarket structure offers customers a single point of contact at the local level for field operations and brings together geographically focused teams to meet local needs and deliver customized solutions.  The GeoMarkets are responsible for providing the most efficient and cost-effective support possible to the operations.

Schlumberger primarily uses its own personnel to market its offerings.  The customer base, business risks and opportunities for growth are essentially uniform across all services and products.  Manufacturing and engineering facilities as well as research centers are shared, and the labor force, within certain limitations, is interchangeable.  Technological innovation, quality of service and price differentiation are the principal methods of competition, which vary geographically with respect to the different services and products offered.  While Schlumberger has numerous competitors, both large and small, Schlumberger believes it is an industry leader in providing wireline logging, well production testing, exploration and production software, rig equipment, surface equipment, artificial lift, hydraulic fracturing, cementing, coiled-tubing services, drilling and completion fluids, solids control and waste management, drilling pressure control, drill bits, measurement-while-drilling, logging-while-drilling, directional-drilling services, and surface data (mud) logging.

* Mark of Schlumberger

GENERAL

Intellectual Property

Schlumberger owns and controls a variety of intellectual property, including but not limited to patents, proprietary information and software tools and applications that, in the aggregate, are material to Schlumberger’s business. While Schlumberger seeks and holds numerous patents covering various products and processes, no particular patent or group of patents is material to Schlumberger’s business.

Seasonality

Seasonal changes in weather and significant weather events can temporarily affect the delivery of oilfield services. For example, the spring thaw in Canada and consequent road restrictions can affect activity levels, while the winter months in the North Sea, Russia and China can produce severe weather conditions that can temporarily reduce levels of activity. In addition, hurricanes and typhoons can disrupt coastal and offshore operations. Furthermore, customer spending patterns for multiclient data, software and other oilfield services and products may result in higher activity in the fourth quarter of each year as clients seek to fully utilize their annual budgets.  Conversely, customer budget constraints may lead to lower demand for our services and products in the fourth quarter of each year.

Customers and Backlog of Orders

For the year ended December 31, 2019, no single customer exceeded 10% of consolidated revenue. Other than the OneSubsea, Drilling Systems and WesternGeco businesses, Schlumberger has no significant backlog due to the nature of its businesses.  The combined backlog of these businesses was $3.0 billion at December 31, 2019 (of which approximately 50% is expected to be recognized as revenue during 2020) and $2.7 billion at December 31, 2018.

5

 


Information About Our Executive Officers

The following table sets forth, as of January 21, 2020, the names and ages of the executive officers of Schlumberger, including all offices and positions held by each for the past five years.

 

Name

Age

Current Position and Five-Year Business Experience

 

 

 

Olivier Le Peuch

56

Chief Executive Officer and Director, since August 2019; Chief Operating Officer, February 2019 to July 2019; Executive Vice President, Reservoir and Infrastructure, May 2018 to February 2019; President, Cameron Group, February 2017 to May 2018; and President, Completions, October 2014 to January 2017.

 

 

 

Simon Ayat

65

Executive Vice President and Chief Financial Officer, since March 2007.

 

 

 

Alexander C. Juden

59

Secretary and General Counsel, since April 2009.

 

 

 

Khaled Al Mogharbel

49

Executive Vice President, Operations, since April 2019; Executive Vice President, Eastern Hemisphere, February 2019 to March 2019; President, Eastern Hemisphere, May 2017 to January 2019; and President, Drilling Group, July 2013 to April 2017.

 

 

 

Ashok Belani

61

Executive Vice President, Technology, since January 2011.

 

 

 

Hinda Gharbi

49

Executive Vice President, Reservoir and Infrastructure, since February 2019; Vice President, Human Resources, May 2018 to January 2019; President, Reservoir Characterization Group, June 2017 to May 2018; and President, Wireline, June 2013 to May 2017.

 

 

 

Abdellah Merad

46

Executive Vice President, Performance Management, since May 2019; President NAL Production Group, May 2018 to April 2019, President, Production Group, October 2017 to May 2018; Vice President, Controller, Operations, December 2016 to September 2017; and Vice President, Global Shared Services Organization, November 2013 to December 2016.

 

 

 

Jean-Francois Poupeau

58

Executive Vice President, Corporate Engagement, since May 2017; and Executive Vice President, Corporate Development and Communications, June 2012 to April 2017.

 

 

 

Patrick Schorn

51

Executive Vice President, Wells, since May 2018; Executive Vice President, New Ventures, May 2017 to May 2018; President, Operations, August 2015 to May 2017; and President, Operations & Integration, July 2013 to July 2015.

 

 

 

Donald Ross

50

President, North America Land, since September 2019; President, NAL Production, May 2019 to September 2019; GeoMarket Manager, North America Offshore, August 2016 to May 2019; and Human Resources Manager, Reservoir Characterization Group, July 2013 to July 2016.

 

 

 

Rajeev Sonthalia

51

President, Integrated Performance Management, since October 2019; Vice President, Marketing, Wells, May 2018 to September 2019; Vice President, Eastern Hemisphere, Reservoir Characterization Group, October 2017 to April 2018; President, Integrated Drilling Services, July 2015 to September 2017; President, Integrated Project Management and Schlumberger Production Management, July 2014 to June 2015.

 

 

 

Stephane Biguet

51

Vice President, Finance, since December 2017; Vice President and Treasurer, December 2016 to November 2017; Vice President, Controller, Operations, November 2013 to December 2016.

 

 

 

Pierre Chereque

65

Vice President and Director of Taxes, since June 2017; and Director of Taxes, Operations, July 2004 to May 2017.

 

 

 

Simon Farrant

55

Vice President, Investor Relations, since February 2014.

 

 

 

Kevin Fyfe

46

Vice President and Controller, since October 2017; Controller, Cameron Group, April 2016 to October 2017; and Vice President, Finance, OneSubsea, July 2013 to March 2016.

 

 

 

Howard Guild

48

Chief Accounting Officer, since July 2005.

6

 


 

 

 

Claudia Jaramillo

47

Vice President and Treasurer, since December 2017; ERM and Treasury Projects Manager, July 2017 to November 2017; and Controller, North America Area, July 2014 to July 2017.

 

 

 

Vijay Kasibhatla

56

Director, Mergers and Acquisitions, since January 2013.

 

 

 

Saul R. Laureles

54

Director, Corporate Legal Affairs, since July 2014; and Assistant Secretary, since April 2007.  

 

 

 

Gavin Rennick

45

Vice President, Human Resources, since February 2019; President, Software Integrated Solutions, January 2017 to February 2019; M&A/Integration Manager, Cameron International, September 2015 to January 2017; and Vice President, Drilling Products and Bottom-Hole-Assembly Integration, January 2014 to August 2015.

 

Available Information

The Schlumberger website is www.slb.com. Schlumberger uses its Investor Relations website, www.slb.com/ir, as a routine channel for distribution of important information, including news releases, analyst presentations, and financial information. Schlumberger makes available free of charge through its Investor Relations website at www.slb.com/ir, access to its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, proxy statements and Forms 3, 4 and 5 filed on behalf of directors and executive officers, and amendments to each of those reports, as soon as reasonably practicable after such material is filed with or furnished to the SEC. Alternatively, you may access these reports at the SEC’s website at www.sec.gov.  Copies are also available, without charge, from Schlumberger Investor Relations, 5599 San Felipe, 17th Floor, Houston, Texas 77056.  Unless expressly noted, the information on our website or any other website is not incorporated by reference in this Form 10-K and should not be considered part of this Form 10-K or any other filing Schlumberger makes with the SEC.

Item 1A. Risk Factors.

The following discussion of risk factors known to us contains important information for the understanding of our “forward-looking statements,” which are discussed immediately following Item 7A. of this Form 10-K and elsewhere. These risk factors should also be read in conjunction with Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and the Consolidated Financial Statements and related notes included in this Form 10-K.

We urge you to consider carefully the risks described below, as well as in other reports and materials that we file with the SEC and the other information included or incorporated by reference in this Form 10-K. Additional risks and uncertainties not currently known to us or that we currently deem immaterial may also materially adversely affect our business, reputation, financial condition, results of operations, cash flows and prospects.

Demand for our products and services is substantially dependent on the levels of expenditures by our customers.  The recent oil and gas industry downturn has (and current market conditions have) resulted in reduced demand for oilfield services and lower expenditures by our customers, which have had, and may in the future have, a material adverse impact on our financial condition, results of operations and cash flows.

Demand for our products and services depends substantially on expenditures by our customers for the exploration, development and production of oil and natural gas reserves. These expenditures are generally dependent on our customers’ views of future oil and natural gas prices and are sensitive to our customers’ views of future economic growth and the resulting impact on demand for oil and natural gas.  

Declines, as well as anticipated declines, in oil and gas prices have in the past resulted in, and may in the future result in, lower capital expenditures, project modifications, delays or cancellations, general business disruptions, and delays in payment of, or nonpayment of, amounts that are owed to us.  These effects have had, and may in the future have, a material adverse effect on our financial condition, results of operations and cash flows.

Historically, oil and natural gas prices have experienced significant volatility and can be affected by a variety of factors, including:

 

demand for hydrocarbons, which is affected by general economic and business conditions, as well as increased demand for (and availability of) alternative fuels and electric vehicles;

 

the ability or willingness of the Organization of Petroleum Exporting Countries and 10 other oil producing countries, including Russia, Mexico and Kazakhstan (“OPEC+”) to set and maintain production levels for oil;

 

oil and gas production levels by non-OPEC+ countries;

 

the level of excess production capacity;

7

 


 

political and economic uncertainty and geopolitical unrest;

 

the level of worldwide oil and gas exploration and production activity;

 

access to potential resources;

 

governmental policies and subsidies;

 

the costs of exploring for, producing and delivering oil and gas;

 

government initiatives to promote the use of renewable energy sources and public sentiment regarding alternatives to oil and gas;

 

technological advances affecting energy consumption; and

 

weather conditions.

There can be no assurance that the demand or pricing for oil and natural gas or for our products and services will follow historic patterns or recover meaningfully in the near term.  The oil and gas industry has historically experienced downturns, which have been characterized by diminished demand for our products and services and downward pressure on the prices that we are able to charge.  Sustained market uncertainty can also result in lower demand and pricing for our products and services.  A future downturn or sustained market uncertainty could again result in a reduction in demand for oilfield services and could have a material adverse effect on our business, financial condition, results of operations, cash flows and prospects.

A significant portion of our revenue is derived from our non-United States operations, which exposes us to risks inherent in doing business in each of the over 120 countries in which we operate.

Our non-United States operations accounted for approximately 72% of our consolidated revenue in 2019, 68% in 2018 and 74% in 2017.  In addition to the risks addressed elsewhere in this section, our operations in countries other than the United States are subject to various risks, including:

 

volatility in political, social and economic conditions;

 

exposure to expropriation of our assets or other governmental actions;

 

social unrest, acts of terrorism, war or other armed conflict;

 

confiscatory taxation or other adverse tax policies;

 

deprivation of contract rights;

 

trade and economic sanctions or other restrictions imposed by the European Union, the United States or other countries;

 

exposure under the United States Foreign Corrupt Practices Act (“FCPA”), the U.K. Bribery Act or similar anti-bribery and anti-corruption legislation;

 

theft of proprietary technology and other intellectual property;

 

restrictions on the repatriation of income or capital;

 

currency exchange controls;

 

inflation; and

 

currency exchange rate fluctuations and devaluations.

Our failure to comply with complex US and foreign laws and regulations could have a material adverse effect on our operations or financial condition.

We are subject to complex US and foreign laws and regulations, such as the FCPA, the U.K. Bribery Act and various other anti-bribery and anti-corruption laws.  We are also subject to trade control regulations and trade sanctions laws that restrict the movement of certain goods to, and certain operations in, various countries or with certain persons.  Our ability to transfer people, products and data among certain countries is subject to maintaining required licenses and complying with these laws and regulations.  The internal controls, policies and procedures, and employee training and compliance programs we have implemented to deter prohibited practices may not be effective in preventing employees, contractors or agents from violating or circumventing such internal policies or from material violations of applicable laws and regulations.  Any determination that we have violated or are responsible for violations of anti-bribery, trade control, trade sanctions or anti-corruption laws could have a material adverse effect on our financial condition.  Violations of international and US laws and regulations or the loss of any required licenses may result in fines and penalties, criminal sanctions, administrative remedies or restrictions on business conduct, and could have a material adverse effect on our reputation and our business, operating results and financial condition.

8

 


Demand for our products and services could be reduced by existing and future legislation, regulations and public sentiment.

Environmental advocacy groups and regulatory agencies in the European Union, the United States and other regions or countries have been focusing considerable attention on the emissions of carbon dioxide, methane and other greenhouse gases and their potential role in climate change.  Existing or future legislation and regulations related to greenhouse gas emissions and climate change, as well as government initiatives to conserve energy or promote the use of alternative energy sources, may significantly curtail demand for and production of fossil fuels such as oil and gas in areas of the world where our customers operate, and thus reduce future demand for our products and services.  This may, in turn, adversely affect our financial condition, results of operations and cash flows.

New or additional legal or regulatory requirements regarding climate change could adversely affect our business, reputation or demand for our stock.  There is also increased focus, including by governmental and non-governmental organizations, investors and other stakeholders, on these and other sustainability matters.  Additionally, some international, national, state and local governments and agencies have adopted laws and regulations or are evaluating proposed legislation and regulations that are focused on the extraction of shale gas or oil using hydraulic fracturing. Future hydraulic fracturing-related legislation or regulations could limit or ban hydraulic fracturing, or lead to operational delays and increased costs, and therefore reduce demand for our pressure pumping services.  Enactment of additional international, national, state or local legislation or regulations can adversely affect our financial condition, results of operations and cash flows and could be material.

Environmental compliance costs and liabilities could reduce our earnings and cash available for operations.

We are subject to increasingly stringent laws and regulations relating to importation and use of hazardous materials, radioactive materials, chemicals and explosives and to environmental protection, including laws and regulations governing air emissions, hydraulic fracturing, water discharges and waste management. We incur, and expect to continue to incur, significant capital and operating costs to comply with environmental laws and regulations. The technical requirements of these laws and regulations are becoming increasingly complex, stringent and expensive to implement. These laws may provide for “strict liability” for remediation costs, damages to natural resources or threats to public health and safety. Strict liability can render us liable for damages without regard to our degree of care or fault. Some environmental laws provide for joint and several strict liability for remediation of spills and releases of hazardous substances, and, as a result, we could be liable for the actions of others.

We use and generate hazardous substances and wastes in our operations. In addition, many of our current and former properties are, or have been, used for industrial purposes. Accordingly, we could become subject to material liabilities relating to the investigation and cleanup of potentially contaminated properties, and to claims alleging personal injury or property damage as the result of exposures to, or releases of, hazardous substances. In addition, stricter enforcement of existing laws and regulations, new laws and regulations, the discovery of previously unknown contamination or the imposition of new or increased requirements could require us to incur costs or become the basis for new or increased liabilities that could reduce our earnings and our cash available for operations.

We could be subject to substantial liability claims, including catastrophic well incidents, which could adversely affect our reputation, financial condition, results of operations and cash flows.

The technical complexities of our operations expose us to a wide range of significant health, safety and environmental risks. Our operations involve production-related activities, radioactive materials, chemicals, explosives and other equipment and services that are deployed in challenging exploration, development and production environments. Accidents involving these services or equipment, or a failure of a product, could cause personal injury, loss of life, damage to or destruction of property, equipment or the environment, or suspension of operations, which could materially adversely affect us.  Any catastrophic well incidents, including blowouts at a well site, may expose us to additional liabilities, which could be material.  Generally, we rely on contractual indemnities, releases, and limitations on liability with our customers and insurance to protect us from potential liability related to such events.  However, our insurance may not protect us against liability for certain kinds of events, including events involving pollution, or against losses resulting from business interruption. Moreover, we may not be able to maintain insurance at levels of risk coverage or policy limits that we deem adequate. Any damages caused by our services or products that are not covered by insurance, or are in excess of policy limits or subject to substantial deductibles, could adversely affect our financial condition, results of operations and cash flows.

If we are unable to maintain technology leadership, this could adversely affect any competitive advantage we hold.

The oilfield service industry is highly competitive.  Our ability to continually provide competitive technology and services can impact our ability to defend, maintain or increase prices for our products and services, maintain market share, and negotiate acceptable contract terms with our customers.  Failure to continue to develop and produce competitive technology or deliver it to our clients in a timely and cost-competitive manner in the various markets we serve, could adversely affect our financial condition, results of operations and cash flows.

Limitations on our ability to protect our intellectual property rights, including our trade secrets, could cause a loss in revenue and any competitive advantage we hold.

9

 


Some of our products or services, and the processes we use to produce or provide them, have been granted patent protection, have patent applications pending, or are trade secrets. Our business may be adversely affected when our patents are unenforceable, the claims allowed under our patents are not sufficient to protect our technology, our patent applications are denied or our trade secrets are not adequately protected. Our competitors may be able to develop technology independently that is similar to ours without infringing on our patents or gaining access to our trade secrets, which could adversely affect our financial condition, results of operations and cash flows.

Third parties may claim that we have infringed upon their intellectual property rights.

The tools, techniques, methodologies, programs and components we use to provide our services and products may infringe upon the intellectual property rights of others. Infringement claims generally result in significant legal and other costs, and may distract management from running our business. Royalty payments under licenses from third parties, if available, would increase our costs. If a license were not available, we might not be able to continue providing a particular service or product, which could adversely affect our financial condition, results of operations and cash flows.  Additionally, developing non-infringing technologies would increase our costs.  

Failure to obtain and retain skilled technical personnel could impede our operations.

We require highly skilled personnel to operate and provide technical services and support for our business. Competition for the personnel required for our businesses intensifies as activity increases and technology evolves. In periods of high utilization, it is often more difficult to find and retain qualified individuals. This could increase our costs or have other adverse effects on our operations.

Severe weather may adversely affect our operations.

Our business has been, and in the future will be affected by severe weather in areas where we operate, which could materially impact our operations and financial results  This may entail the evacuation of personnel and stoppage of services. In addition, particularly severe weather affects platforms or structures, which may result in a suspension of activities. Any of these events could adversely affect our financial condition, results of operations and cash flows.

Cyberattacks could have a material adverse impact on our business and results of operation.

We rely heavily on information systems to conduct our business, including systems operated by or under the control of third parties.  Although we devote significant resources to protect our systems and proprietary data, we have experienced and will continue to experience varying degrees of cyber incidents in the normal conduct of our business. There can be no assurance that the systems we have designed to prevent or limit the effects of cyber incidents or attacks will be sufficient to prevent or detect such incidents or attacks, or to avoid a material adverse impact on our systems after such incidents or attacks do occur.  Breaches or circumvention of our systems, or the systems of third parties, including by ransomware or other attacks,  result in disruptions to our business operations; unauthorized access to (or the loss of Company access to) competitively sensitive, confidential or other critical data or systems; loss of customers; financial losses; regulatory fines; and misuse or corruption of critical data and proprietary information, any of which could be material.

Item 1B. Unresolved Staff Comments.

None.

Item 2. Properties.

Schlumberger owns or leases numerous manufacturing facilities, administrative offices, service centers, research centers, data processing centers, mines, and other facilities throughout the world, none of which are individually material.

The information with respect to this Item 3. Legal Proceedings is set forth in Note 15 of the Consolidated Financial Statements.

Item 4. Mine Safety Disclosures.

Information concerning mine safety violations or other regulatory matters required by section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95 to this Form 10-K.

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PART II

Item 5.  Market for Schlumberger’s Common Stock, Related Stockholder Matters and Issuer Purchases of Equity Securities.

As of December 31, 2019, there were 25,464 stockholders of record. The principal United States market for Schlumberger’s common stock is the New York Stock Exchange (“NYSE”), where it is traded under the symbol “SLB.”

The following graph compares the cumulative total stockholder return on Schlumberger common stock with the cumulative total return on the Standard & Poor’s 500 Index (“S&P 500 Index”) and the cumulative total return on the Philadelphia Oil Service Index. It assumes $100 was invested on December 31, 2014 in Schlumberger common stock, in the S&P 500 Index and in the Philadelphia Oil Service Index, as well as the reinvestment of dividends on the last day of the month of payment. The stockholder return set forth below is not necessarily indicative of future performance. The following graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that Schlumberger specifically incorporates it by reference into such filing.

 

Comparison of Five-Year Cumulative Total Return Among

Schlumberger Common Stock, the S&P 500 Index and the

Philadelphia Oil Service Index

 

 

 

Share Repurchases

On January 21, 2016, the Schlumberger Board of Directors approved a $10 billion share repurchase program for Schlumberger common stock.  

11

 


Schlumberger’s common stock repurchase program activity for the three months ended December 31, 2019 was as follows:

  

 

(Stated in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Number of Shares Purchased

 

 

Average price Paid per Share

 

 

Total Number of Shares Purchased as Part of Publicly Announced Program

 

 

Maximum Value of Shares that may yet be Purchased Under the Program

 

October 2019

 

-

 

 

$

-

 

 

 

-

 

 

$

8,998,416

 

November 2019

 

-

 

 

$

-

 

 

 

-

 

 

$

8,998,416

 

December 2019

 

-

 

 

$

-

 

 

 

-

 

 

$

8,998,416

 

 

 

-

 

 

$

-

 

 

 

-

 

 

 

 

 

 

Unregistered Sales of Equity Securities

None.

Item 6. Selected Financial Data.

The following selected consolidated financial data should be read in conjunction with both “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Item 8. Financial Statements and Supplementary Data” of this Form 10-K in order to understand factors, such as business combinations and charges and credits, which may affect the comparability of the Selected Financial Data.

 

(Stated in millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

2019

 

 

2018

 

 

2017

 

 

2016

 

 

2015

 

Revenue

$

32,917

 

 

$

32,815

 

 

$

30,440

 

 

$

27,810

 

 

$

35,475

 

Income (loss) from continuing operations

$

(10,137

)

 

$

2,138

 

 

$

(1,505

)

 

$

(1,687

)

 

$

2,072

 

Diluted earnings (loss) per share from continuing operations

$

(7.32

)

 

$

1.53

 

 

$

(1.08

)

 

$

(1.24

)

 

$

1.63

 

Cash

$

1,137

 

 

$

1,433

 

 

$

1,799

 

 

$

2,929

 

 

$

2,793

 

Short-term investments

$

1,030

 

 

$

1,344

 

 

$

3,290

 

 

$

6,328

 

 

$

10,241

 

Working capital

$

2,432

 

 

$

2,245

 

 

$

3,215

 

 

$

8,868

 

 

$

12,791

 

Fixed income investments, held to maturity

$

-

 

 

$

-

 

 

$

-

 

 

$

238

 

 

$

418

 

Total assets

$

56,312

 

 

$

70,507

 

 

$

71,987

 

 

$

77,956

 

 

$

68,005

 

Long-term debt

$

14,770

 

 

$

14,644

 

 

$

14,875

 

 

$

16,463

 

 

$

14,442

 

Total debt

$

15,294

 

 

$

16,051

 

 

$

18,199

 

 

$

19,616

 

 

$

18,999

 

Schlumberger stockholders' equity

$

23,760

 

 

$

36,162

 

 

$

36,842

 

 

$

41,078

 

 

$

35,633

 

Cash dividends declared per share

$

2.00

 

 

$

2.00

 

 

$

2.00

 

 

$

2.00

 

 

$

2.00

 

 

During 2018, Schlumberger adopted ASU No. 2016-02, Leases. Prior year amounts reflected in the table above have not been adjusted and continue to be reflected in accordance with Schlumberger’s historical accounting.  Refer to Note 14 to the Consolidated Financial Statements for further details.

 

 

12

 


Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis contains forward-looking statements, including, without limitation, statements relating to our plans, strategies, objectives, expectations, intentions and resources. Such forward-looking statements should be read in conjunction with our disclosures under “Item 1A. Risk Factors” of this Form 10-K.

This section of this Form 10-K generally discusses 2019 and 2018 items and year-to-year comparisons between 2019 and 2018.  Discussions of 2017 items and year-to-year comparisons between 2018 and 2017 that are not included in this Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of Schlumberger’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018.

2019 Executive Overview

Schlumberger full-year 2019 revenue of $32.9 billion was essentially flat with 2018. International revenue, however,  grew in the high single-digits as anticipated.  

In the oil markets, sentiment was stable and positive for the first four months of 2019, with the Brent oil price moving from $55 per barrel at the beginning of the year to a high of $75 per barrel in late April.  OECD crude and product stocks continued to increase through much of 2019, reversing a trend that persisted throughout the first half of 2018. Internationally, activity and investment continued to strengthen, particularly offshore.

Activity in North America land was strong in the first half of 2019 but slowed in the second half of the year as a combination of  budget exhaustion and cash flow constraints impacted our customers. Although the slowing activity in the second half of the year was consistent with the trend experienced in 2018, activity dropped earlier and steeper in the second half of 2019 as compared to the previous year.

By midyear, concerns of a recession in the United States and indications of well supplied global oil markets pushed the oil price to its low point for the year. These concerns abated over the latter part of the year as oil demand indicators trended positively. Though trade conflicts persisted, they did not create a significant drag on oil markets for the balance of the year.

The attacks on Saudi Arabia oil infrastructure in September 2019 caused a price increase of only $7 per barrel, and the price of Brent crude retreated to pre-attack levels over the course of the following week, demonstrating that the markets were well supplied. In December 2019, OPEC+ agreed to further production cuts in 2020 to alleviate the projected oversupply.

Global natural gas pricing was consistent with well-supplied markets during 2019. Liquified natural gas (LNG) supply capacity increased by an estimated 10% during 2019, and consequently LNG prices in Asia and Europe were less than half the prices seen in 2018.

Domestically, US Henry Hub natural gas prices showed continued weakness during 2019 as North American gas production increased. Prices averaged $2.56 per million British thermal units (“mmbtu”) for the year, with the peak of $4.25 per mmbtu occurring in March. The price fell to its lowest point of $1.75 per mmbtu in December.

Schlumberger financial performance in 2019 was primarily driven by the international markets. Full-year 2019 international revenue of $21.8 billion increased 7% over 2018, again outpacing North America revenue and continuing a trend which began in the third quarter of 2018.  This strong international performance was the result of increased activity on the part of operators, as they continued to invest in longer-term resource development following a sustained period of underinvestment and declining production.

In contrast, after two years of strong growth, North American revenue fell sharply by 10% to $10.8 billion.  This decrease was largely driven by the land market weakness affecting the OneStim pressure pumping business, as customers reached their budget limits earlier in the year and remained highly disciplined on capital spend.

Additionally, during the fourth quarter of 2019, Schlumberger completed two major milestones: the formation of the Sensia joint venture and the divestiture of the Drilling Tools business. Together these two transactions resulted in Schlumberger receiving net cash proceeds of $586 million.

From a macro perspective, the year ended with sentiment regarding 2020 oil demand growth turning positive as uncertainty reduced following the progress made toward a US-China trade deal. The fall in the North America production growth estimate of between 400,000 to 800,000 barrels-per-day should continue to support the thesis for international investment. The recent escalation of geopolitical risk should set the floor for the oil price going forward. In the near term, Schlumberger expects the OPEC+ production cuts agreed upon in December 2019 to limit investment and activity, particularly in the Middle East and Russia, during the first half of 2020. As the year progresses, the effect of slowing North America production growth is likely to cause tightness in the market and further stimulate international operators to increase their investments in the second half of the year and beyond.

13

 


 

Based on these factors, the expectation is for the 2020 exploration and production capex spending growth rate in the international markets to be in the mid-single-digit range. Schlumberger therefore expects its international portfolio revenue to grow at the same pace or higher, excluding the effects of the businesses transferred to the Sensia joint venture and the businesses divested in the Drilling Tools transaction. The businesses included in these transactions accounted for approximately 2% of Schlumberger’s global revenue in 2019. International revenue growth will be more heavily weighted to the second half of the year with increasing offshore activity, improving activity mix from the early deepwater growth cycle, and increasing exploration work toward the end of the year and into 2021.

In North America, Schlumberger is continuing to scale-to-fit its organization and portfolio by repurposing or exiting underperforming business units, focusing on asset-light operations, and expanding its technology access business models. Schlumberger is cautiously optimistic that the high-grading of its portfolio will promote margin expansion and the improvement of returns in the North America land market.

 

Fourth Quarter 2019 Results

 

 

 

 

 

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fourth Quarter 2019

 

 

Third Quarter 2019

 

 

 

 

 

 

Income (Loss)

 

 

 

 

 

 

Income (Loss)

 

 

 

 

 

 

Before

 

 

 

 

 

 

Before

 

 

Revenue

 

 

Taxes

 

 

Revenue

 

 

Taxes

 

Reservoir Characterization

$

1,643

 

 

$

368

 

 

$

1,651

 

 

$

360

 

Drilling

 

2,442

 

 

 

303

 

 

 

2,470

 

 

 

305

 

Production

 

2,867

 

 

 

253

 

 

 

3,153

 

 

 

288

 

Cameron

 

1,387

 

 

 

126

 

 

 

1,363

 

 

 

173

 

Eliminations & other

 

(111

)

 

 

(44

)

 

 

(96

)

 

 

(30

)

 

 

 

 

 

 

1,006

 

 

 

 

 

 

 

1,096

 

Corporate & other (1)

 

 

 

 

 

(215

)

 

 

 

 

 

 

(231

)

Interest income (2)

 

 

 

 

 

8

 

 

 

 

 

 

 

7

 

Interest expense (3)

 

 

 

 

 

(138

)