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2018-01-22 07:35:00

SCHLUMBERGER NET LOSS $1.5 BLN

SCHLUMBERGER NET LOSS $1.5 BLN

SCHLUMBERGERSchlumberger Announces Full-Year and Fourth-Quarter 2017 Results

• Fourth-quarter revenue of $8.2 billion increased 3% sequentially
• Fourth-quarter pretax operating income of $1.2 billion increased 9% sequentially
• Fourth-quarter GAAP loss per share, including charges of $2.11 per share, was $1.63
• Fourth-quarter EPS, excluding charges, was $0.48
• Full-year and fourth-quarter cash flow from operations were $5.7 billion and $2.3 billion, respectively

Full-Year Results

(Stated in millions, except per share amounts)
  Twelve Months Ended Change
  Dec. 31, 2017 Dec. 31, 2016 Year-on-year
Revenue $30,440 $27,810 9%
Pretax operating income $3,921 $3,273 20%
Pretax operating margin 12.9% 11.8% 111 bps
Net loss (GAAP basis) $(1,505) $(1,687) n/m
Net income, excluding charges and credits* $2,085 $1,550 35%
Diluted EPS (loss per share) (GAAP basis) $(1.08) $(1.24) n/m
Diluted EPS, excluding charges and credits* $1.50 $1.14 32%

*These are non-GAAP financial measures. See section below entitled "Charges & Credits" for details.
n/m=not meaningful

Full-year 2017 revenue of $30.4 billion increased 9% year-on-year. This included a full year's activity from the acquired Cameron businesses as compared to three quarters of activity in 2016. Excluding the addition of Cameron, revenue growth was driven by land activity in North America, which increased by 82% in line with the increase in rig count. Full-year Production Group revenue increased 21%, Reservoir Characterization Group revenue improved 2%, and Drilling Group revenue declined 2%.

Full-year 2017 pretax operating income grew 20% and pretax operating margin of 13% expanded 111 basis points (bps). This was driven by improved profitability in North America due to the growth in land activity that benefited both the Production and Drilling Groups.

Fourth-Quarter Results

(Stated in millions, except per share amounts)
  Three Months Ended Change
  Dec. 31, 2017 Sep. 30, 2017 Dec. 31, 2016 Sequential Year-on-year
Revenue $8,179 $7,905 $7,107 3% 15%
Pretax operating income $1,155 $1,059 $810 9% 43%
Pretax operating margin 14.1% 13.4% 11.4% 73 bps 272 bps
Net income (loss) - (GAAP basis) $(2,255) $545 $(204) n/m n/m
Net income, excluding charges and credits* $668 $581 $379 15% 76%
Diluted EPS (loss per share) - GAAP basis $(1.63) $0.39 $(0.15) n/m n/m
Diluted EPS, excluding charges and credits* $0.48 $0.42 $0.27 14% 78%

*These are non-GAAP financial measures. See section below entitled "Charges & Credits" for details.
n/m=not meaningful

Schlumberger Chairman and CEO Paal Kibsgaard commented, "We closed the year with fourth-quarter revenue growing 3% sequentially while pretax operating income rose 9%. Sequential growth was driven by strong activity in North America, Saudi Arabia, and Latin America, while revenue in the Europe, CIS, and Africa Area seasonally declined. Earnings per share of $0.48, excluding charges, were 14% higher than the third quarter.

"Among the business segments, the fourth-quarter revenue increase was led by the Production Group, which grew by 7%. Production Group performance was driven by strong international activity, with more than 20% sequential growth in Saudi Arabia, Russia, and Argentina. In North America land, revenue grew 6% following the redeployment of additional pressure pumping fleets, despite a slight sequential decline in market activity.

"Cameron Group revenue increased 9% sequentially with growth across all product lines led by OneSubsea, on higher project volume and increased service revenue. Drilling Group revenue had more modest sequential growth of 3%, driven by strong M-I SWACO sales in Mexico and North America and increased Integrated Drilling Services activity in Kuwait. Reservoir Characterization Group revenue decreased 8% sequentially, as the seasonal decline in Wireline activity in Russia and lower revenue on a long-term project in the Middle East were partially offset by year-end sales of SIS software and WesternGeco multiclient seismic licenses.

"Pretax operating margin grew 73 bps sequentially to 14.1% driven by improved profitability in the Production, Drilling, and Reservoir Characterization Groups.

"Over the past three years of unprecedented market downturn, we have proactively sought to strengthen our technology offering and our market presence in key markets around the world, with the expansion of our hydraulic fracturing presence in North America land being the most recent example. In line with the challenging business environment over the same period, we have restructured all relevant parts of the company, in terms of size and organizational set-up, to maximize our market competitiveness and operational agility.

"With the significant changes seen in customer priorities and buying habits in recent years, we have also continued to evaluate the present and future return prospects for all of our product lines, as we look to maximize all aspects of the Company's long-term financial performance. Based on this in-depth analysis, the only product line that does not meet our return expectations going forward, even factoring in an eventual market recovery, is our seismic acquisition business. We have therefore taken the difficult decision to exit the marine and land seismic acquisition market, and instead turn our WesternGeco product line into an asset-light business, built on our leading position within multiclient, data processing, and geophysical interpretation services.

"Looking at the oil market, the strong growth in demand is projected to continue in 2018, on the back of a robust global economy. On the supply side, the extension of the OPEC- and Russia-led production cuts is already translating into higher-than-expected inventory draws. In North America, 2018 shale oil production is set for another year of strong growth, as the positive oil market sentiments will likely increase both investment appetite and availability of financing. At the same time, the production base in the rest of the world is showing fatigue after three years of unprecedented underinvestment. The underlying signs of weakness will likely become more evident in the coming year, as the production additions from investments made in the previous upcycle start to noticeably fall off. All together this means the oil market is now in balance and the previous oversupply discount is gradually being replaced by a market tightness premium, which makes us increasingly positive on the global outlook for our business.

"These positive oil market sentiments are reflected in the third-party E&P spend surveys, which predict 15–20% growth in North American investments in 2018, while the international market is expected to grow for the first time in four years, with a projected 5% increase in spend. So, as we enter the first year of growth in all parts of our global operations since 2014, there is renewed excitement and enthusiasm throughout our organization, and we remain committed to delivering market-leading products and services to our customers, and superior returns to our shareholders."

-----

Earlier:

 SCHLUMBERGER NET INCOME $545 MLN
2017, October, 23, 11:10:00

SCHLUMBERGER NET INCOME $545 MLN

- Revenue of $7.9 billion increased 6% sequentially - Pretax operating income of $1.1 billion increased 11% sequentially - GAAP EPS, including Cameron integration-related charges of $0.03 per share, was $0.39 - EPS, excluding Cameron integration-related charges, was $0.42 - Cash flow from operations was $1.9 billion; free cash flow was $1.1 billion

 

 SCHLUMBERGER - EURASIA DEAL STOP
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 SCHLUMBERGER NET LOSS $1.7 BLN
2017, January, 23, 18:35:00

SCHLUMBERGER NET LOSS $1.7 BLN

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2016, April, 8, 20:40:00

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The transaction combines two complementary technology portfolios into a pore-to-pipeline products and services offering to the global oil and gas industry. The merger will create technology-driven growth by integrating Schlumberger reservoir and well technology with Cameron wellhead and surface equipment, flow control and processing technology. This will result in the industry’s first complete drilling and production systems, which are enabled by Schlumberger expertise in instrumentation, data processing, control software, and system integration.

 

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 SCHLUMBERGER CUTS 20,000 JOBS
2015, October, 19, 19:05:00

SCHLUMBERGER CUTS 20,000 JOBS

He gave the warning in a statement as Schlumberger reported third-quarter earnings per share that were 48 per cent below the equivalent period of 2014, but slightly above analysts’ expectations.

Tags: SCHLUMBERGER

Chronicle:

SCHLUMBERGER NET LOSS $1.5 BLN
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SCHLUMBERGER NET LOSS $1.5 BLN
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SCHLUMBERGER NET LOSS $1.5 BLN
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SCHLUMBERGER NET LOSS $1.5 BLN
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SCHLUMBERGER NET INCOME $644 MLN

Schlumberger Announces Third-Quarter 2018 Results Revenue of $8.5 billion increased 2% sequentially Pretax operating income of $1.2 billion increased 5% sequentially EPS was $0.46 Cash flow from operations was $1.8 billion Free cash flow was $1.0 billion

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