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2015-04-24 21:40:00

SCHLUMBERGER Q1 2015 RESULTS

SCHLUMBERGER Q1 2015 RESULTS

Schlumberger Announces First-Quarter 2015 Results

  • First-quarter revenue of $10.2 billion decreased 19% sequentially
  • First-quarter EPS of $1.06, excluding charges and credits, declined 29% sequentially
  • First-quarter free cash flow of $1.2 billion, excluding restructuring payments, increased 74% year-on-year
  • 8.7 million shares were repurchased during the quarter for $719 million
  • First-quarter restructuring and other charges amounted to $0.30 per share

 

(Stated in millions, except per share amounts)

   

Three Months Ended

Change

   

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2014

Sequential

Year-on-year

Revenue

 

$10,248

$12,641

$11,239

-19%

-9%

Pretax operating income

 

1,993

2,781

2,368

-28%

-16%

Schlumberger net income, excluding charges and credits*

 

1,358

1,941

1,592

-30%

-15%

Diluted EPS, excluding charges and credits*

 

$1.06

$1.50

$1.21

-29%

-12%

Pretax operating margin

 

19.4%

22.0%

21.1%

-255 bps

-162 bps

 

           

North America revenue

 

$3,222

$4,324

$3,684

-25%

-13%

North America pretax operating income

 

416

849

683

-51%

-39%

North America pretax operating margin

 

12.9%

19.6%

18.5%

-670 bps

-561 bps

 

           

International revenue

 

$6,889

$8,210

$7,484

-16%

-8%

International pretax operating income

 

1,661

1,990

1,706

-17%

-3%

International pretax operating margin

 

24.1%

24.2%

22.8%

-13 bps

+131 bps

 

           

*Schlumberger net income, including charges and credits was $975 million in the first quarter of 2015, $302 million in the fourth quarter of 2014 and $1.592 billion in the first quarter of 2014. Diluted EPS, including charges and credits, was $0.76 in the first quarter of 2015, $0.23 in the fourth quarter of 2014 and $1.21 in the first quarter of 2014. See section entitled "Charges & Credits" for details.

 

Schlumberger Chairman and CEO Paal Kibsgaard commented, "Schlumberger first-quarter revenue decreased 19% sequentially driven by the severe decline in North American land activity and associated pricing pressure. International operations were impacted by reduced customer spend in addition to seasonal effects in the Northern Hemisphere and the fall in value of the Russian ruble and the Venezuelan bolivar. Three-quarters of the overall sequential decline was due to lower activity and pricing, while the remainder was the result of currency effects and non-recurring year-end sales.

"Among the Technologies, Production Group revenue declined 22% sequentially from lower pressure pumping services in North America, while Reservoir Characterization and Drilling Group revenues fell by 21% and 15% respectively on a sharp decrease in exploration-related services and development drilling activity. Product, software and multiclient sales also declined as customers further curtailed exploration and discretionary spending.

"Despite the severity of the sequential revenue decline, we have been able to minimize its impact on our margins through prompt and proactive cost management as well as through acceleration of our transformation program across product lines and GeoMarkets. These actions have successfully improved financial performance compared to previous industry cycles, with an overall sequential decremental operating margin of 33% as North America and the International Areas reported 39% and 25%, respectively.

"In spite of the detailed preparations we made in the fourth quarter, the abruptness of the fall in activity, particularly in North America, required us to take additional actions during the quarter. These included the difficult decision to make a further reduction in our workforce of 11,000 employees, leading to a total reduction of about 15% compared to the peak of the third quarter of 2014.

"Looking at the macro environment, the global economy continues its steady recovery, and oil demand is still expected to increase by 1 million bbl/d in 2015. However, the significant reductions in E&P spend are starting to impact supply in both North America and internationally, and supply is expected to tighten further in the second half of the year.

"The largest drop in E&P investment is occurring in North America, where 2015 spend is expected to be down by more than 30%. We believe that a recovery in US land drilling activity will be pushed out in time, as the inventory of uncompleted wells builds and as the re-fracturing market expands. We also anticipate that a recovery in activity will fall well short of reaching previous levels, hence extending the period of pricing weakness.

"Internationally, we expect 2015 E&P spending to fall around 15%, which will create challenges in terms of both activity and pricing levels, but these challenges will be considerably less than the headwinds we are facing in North America. By geography, we anticipate growth in our key markets in the Middle East as the core OPEC producers continue to pursue market share as the non-OPEC part of the international supply base continues to weaken. Elsewhere, we expect to see overall activity reductions in Latin America, Europe, Sub-Saharan Africa, and in Asia, while in Russia, we believe that conventional land activity in Western Siberia will continue to be resilient, but that the revenue contribution from the region will remain subdued until the currency effects have normalized.

"Amid the rapid decline in activity, we remain focused on what we can control, including our cost and resource base, the deployment of our technology and expertise, and the quality and integrity of the products and services we provide. We continue to work closely with our customers in meeting their objectives of lowering cost per barrel, through the introduction of new technologies, continuous improvements in both reliability and operational efficiency, and through more integrated workflows and performance-based contracts.

"In this environment, we remain confident in our ability to grow market share, deliver superior performance in earnings per share compared to industry peers, and reduce working capital and capex intensity. Our favorable international leverage, our technological differentiation in North America, the acceleration of our transformation program and our unmatched execution capabilities continue to provide the foundations for our financial and technical outperformance."

slb.com

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