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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, 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 September 30, 2022

COMMON STOCK, $0.01 PAR VALUE PER SHARE

1,417,993,775  

 

 

 

 

 

 

 


 

SCHLUMBERGER LIMITED

Third 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

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

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services

$

5,153

 

 

$

4,020

 

 

$

14,109

 

 

$

11,291

 

Product sales

 

2,324

 

 

 

1,827

 

 

 

6,104

 

 

 

5,413

 

Total Revenue

 

7,477

 

 

 

5,847

 

 

 

20,213

 

 

 

16,704

 

Interest & other income

 

75

 

 

 

56

 

 

 

436

 

 

 

91

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services

 

3,975

 

 

 

3,334

 

 

 

11,082

 

 

 

9,588

 

Cost of sales

 

2,067

 

 

 

1,528

 

 

 

5,541

 

 

 

4,547

 

Research & engineering

 

160

 

 

 

140

 

 

 

456

 

 

 

409

 

General & administrative

 

94

 

 

 

80

 

 

 

277

 

 

 

231

 

Interest

 

122

 

 

 

130

 

 

 

369

 

 

 

402

 

Income before taxes

 

1,134

 

 

 

691

 

 

 

2,924

 

 

 

1,618

 

Tax expense

 

215

 

 

 

129

 

 

 

514

 

 

 

301

 

Net income

 

919

 

 

 

562

 

 

 

2,410

 

 

 

1,317

 

Net income attributable to noncontrolling interests

 

12

 

 

 

12

 

 

 

33

 

 

 

37

 

Net income attributable to Schlumberger

$

907

 

 

$

550

 

 

$

2,377

 

 

$

1,280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income per share of Schlumberger

$

0.64

 

 

$

0.39

 

 

$

1.68

 

 

$

0.92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income per share of Schlumberger

$

0.63

 

 

$

0.39

 

 

$

1.65

 

 

$

0.90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

1,418

 

 

 

1,402

 

 

 

1,414

 

 

 

1,399

 

Assuming dilution

 

1,439

 

 

 

1,424

 

 

 

1,436

 

 

 

1,422

 

 

See Notes to Consolidated Financial Statements

 

 

3


 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(Unaudited)

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Quarter

 

 

Nine Months

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income

$

919

 

 

$

562

 

 

$

2,410

 

 

$

1,317

 

Currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized net change arising during the period

 

(18

)

 

 

30

 

 

 

92

 

 

 

6

 

Cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gain (loss) on cash flow hedges

 

45

 

 

 

(9

)

 

 

(53

)

 

 

13

 

Reclassification to net income of net realized (gain) loss

 

30

 

 

 

(2

)

 

 

103

 

 

 

(7

)

Pension and other postretirement benefit plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization to net income of net actuarial loss

 

16

 

 

 

69

 

 

 

46

 

 

 

202

 

Amortization to net income of net prior service credit

 

(6

)

 

 

(6

)

 

 

(17

)

 

 

(17

)

Income taxes on pension and other postretirement benefit plans

 

1

 

 

 

(3

)

 

 

3

 

 

 

(6

)

Other

 

-

 

 

 

-

 

 

 

-

 

 

 

(4

)

Comprehensive income

 

987

 

 

 

641

 

 

 

2,584

 

 

 

1,504

 

Comprehensive income attributable to noncontrolling interests

 

12

 

 

 

12

 

 

 

33

 

 

 

37

 

Comprehensive income attributable to Schlumberger

$

975

 

 

$

629

 

 

$

2,551

 

 

$

1,467

 

 

See Notes to Consolidated Financial Statements

 

 

 

4


 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

Sept. 30,

 

 

 

 

 

 

2022

 

 

Dec. 31,

 

 

(Unaudited)

 

 

2021

 

ASSETS

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

Cash

$

2,180

 

 

$

1,757

 

Short-term investments

 

1,429

 

 

 

1,382

 

Receivables less allowance for doubtful accounts (2022 - $335; 2021 - $320)

 

6,650

 

 

 

5,315

 

Inventories

 

4,143

 

 

 

3,272

 

Other current assets

 

1,209

 

 

 

928

 

 

 

15,611

 

 

 

12,654

 

Investments in Affiliated Companies

 

1,762

 

 

 

2,044

 

Fixed Assets less accumulated depreciation

 

6,407

 

 

 

6,429

 

Goodwill

 

12,990

 

 

 

12,990

 

Intangible Assets

 

3,043

 

 

 

3,211

 

Other Assets

 

4,280

 

 

 

4,183

 

 

$

44,093

 

 

$

41,511

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

$

9,034

 

 

$

8,382

 

Estimated liability for taxes on income

 

938

 

 

 

879

 

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

 

899

 

 

 

909

 

Dividends payable

 

263

 

 

 

189

 

 

 

11,134

 

 

 

10,359

 

Long-term Debt

 

12,452

 

 

 

13,286

 

Postretirement Benefits

 

233

 

 

 

231

 

Deferred Taxes

 

86

 

 

 

94

 

Other Liabilities

 

2,677

 

 

 

2,255

 

 

 

26,582

 

 

 

26,225

 

Equity

 

 

 

 

 

 

 

Common stock

 

11,867

 

 

 

12,608

 

Treasury stock

 

(1,176

)

 

 

(2,233

)

Retained earnings

 

9,904

 

 

 

8,199

 

Accumulated other comprehensive loss

 

(3,396

)

 

 

(3,570

)

Schlumberger stockholders’ equity

 

17,199

 

 

 

15,004

 

Noncontrolling interests

 

312

 

 

 

282

 

 

 

17,511

 

 

 

15,286

 

 

$

44,093

 

 

$

41,511

 

 

 

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,

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income

$

2,410

 

 

$

1,317

 

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

)

 

 

-

 

Gain on marketable securities

 

-

 

 

 

(47

)

Depreciation and amortization (1)

 

1,598

 

 

 

1,588

 

Deferred taxes

 

3

 

 

 

(33

)

Stock-based compensation expense

 

236

 

 

 

229

 

Earnings of equity method investments, less dividends received

 

(52

)

 

 

6

 

Change in assets and liabilities: (2)

 

 

 

 

 

 

 

Increase in receivables

 

(1,302

)

 

 

(97

)

(Increase) decrease in inventories

 

(849

)

 

 

54

 

(Increase) decrease in other current assets

 

(144

)

 

 

506

 

Increase in other assets

 

(40

)

 

 

(9

)

Increase (decrease) in accounts payable and accrued liabilities

 

475

 

 

 

(660

)

Increase (decrease) in estimated liability for taxes on income

 

6

 

 

 

(124

)

Other

 

50

 

 

 

(11

)

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

2,106

 

 

 

2,719

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Capital expenditures

 

(1,046

)

 

 

(694

)

APS investments

 

(420

)

 

 

(305

)

Exploration data costs capitalized

 

(77

)

 

 

(21

)

Business acquisitions and investments, net of cash acquired

 

(45

)

 

 

(134

)

Proceeds from sale of Liberty shares

 

513

 

 

 

-

 

Proceeds from sale of real estate

 

120

 

 

 

-

 

(Purchase) sale of short-term investments, net

 

(55

)

 

 

790

 

Other

 

(106

)

 

 

(29

)

NET CASH USED IN INVESTING ACTIVITIES

 

(1,116

)

 

 

(393

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Dividends paid

 

(600

)

 

 

(524

)

Proceeds from employee stock purchase plan

 

142

 

 

 

137

 

Proceeds from exercise of stock options

 

29

 

 

 

-

 

Proceeds from issuance of long-term debt

 

-

 

 

 

34

 

Repayment of long-term debt

 

-

 

 

 

(1,076

)

Net decrease in short-term borrowings

 

(13

)

 

 

(94

)

Taxes paid on net settled stock-based compensation awards

 

(92

)

 

 

(21

)

Other

 

(4

)

 

 

(60

)

NET CASH USED IN FINANCING ACTIVITIES

 

(538

)

 

 

(1,604

)

Net increase in cash before translation effect

 

452

 

 

 

722

 

Translation effect on cash

 

(29

)

 

 

3

 

Cash, beginning of period

 

1,757

 

 

 

844

 

Cash, end of period

$

2,180

 

 

$

1,569

 

 

 

(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 – September 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

 

 

 

 

 

 

 

 

 

 

2,377

 

 

 

 

 

 

 

33

 

 

 

2,410

 

Currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

92

 

 

 

 

 

 

 

92

 

Changes in fair value of cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50

 

 

 

 

 

 

 

50

 

Pension and other postretirement benefit plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

32

 

 

 

 

 

 

 

32

 

Shares sold to optionees, less shares exchanged

 

 

(24

)

 

 

53

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29

 

Vesting of restricted stock, net of taxes withheld

 

 

(730

)

 

 

638

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(92

)

Employee stock purchase plan

 

 

(222

)

 

 

364

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

142

 

Stock-based compensation expense

 

 

236

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

236

 

Dividends declared ($0.475 per share)

 

 

 

 

 

 

 

 

 

 

(672

)