SCHLUMBERGER NET LOSS $10 BLN
SCHLUMBERGER - 1/17/2020 - Schlumberger Announces Full-Year and Fourth-Quarter 2019 Results
- Full-year worldwide revenue of $32.9 billion was flat year-on-year, with international revenue growth of 7%
- Full-year GAAP loss per share, including charges & credits, was $7.32
- Full-year EPS, excluding charges & credits, was $1.47
- Full-year cash flow from operations and free cash flow were $5.4 billion and $2.7 billion, respectively
- Fourth-quarter revenue of $8.2 billion decreased 4% sequentially, with international revenue growth of 2%
- Fourth-quarter GAAP EPS, including charges & credits, was $0.24
- Fourth-quarter EPS, excluding charges & credits, was $0.39
- Fourth-quarter cash flow from operations and free cash flow were $2.3 billion and $1.5 billion, respectively
- Board approves quarterly cash dividend of $0.50 per share
HOUSTON, January 17, 2020—Schlumberger Limited (NYSE: SLB) today reported results for full-year 2019 and the fourth quarter of 2019.
Full-Year Results
(Stated in millions, except per share amounts) | ||||||
Twelve Months Ended | Change | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Year-on-year | ||||
Revenue | $32,917 | $32,815 | 0% | |||
Income (loss) before taxes - GAAP basis | $(10,418) | $2,624 | n/m | |||
Pretax segment operating income* | $3,978 | $4,187 | -5% | |||
Pretax segment operating margin* | 12.1% | 12.8% | -68 bps | |||
Net income (loss) - GAAP basis | $(10,137) | $2,138 | n/m | |||
Net income, excluding charges and credits* | $2,054 | $2,261 | -9% | |||
Diluted EPS (loss per share) - GAAP basis | $(7.32) | $1.53 | n/m | |||
Diluted EPS, excluding charges and credits* | $1.47 | $1.62 | -9% | |||
Full-Year Revenue by Area |
||||||
North America | $10,843 | 11,984 | -10% | |||
Latin America | 4,149 | 3,745 | 11% | |||
Europe/CIS/Africa | 7,683 | 7,158 | 7% | |||
Middle East & Asia | 10,017 | 9,543 | 5% | |||
Other | 225 | 385 | n/m | |||
$32,917 | $32,815 | 0% | ||||
North America revenue | $10,843 | $11,984 | -10% | |||
International revenue | $21,849 | $20,446 | 7% | |||
North America revenue, excluding Cameron | $8,525 | $9,556 | -11% | |||
International revenue, excluding Cameron | $18,874 | $17,439 | 8% | |||
*These are non-GAAP financial measures. See section below titled "Charges & Credits" for details. n/m=not meaningful |
Schlumberger CEO Olivier Le Peuch commented, “Full-year revenue for 2019 was $32.9 billion, a level essentially flat with 2018. Overall performance was positive—particularly in the international markets—and we generated $2.7 billion in free cash flow, which was a remarkable achievement under these market conditions. Full-year pretax segment operating margin of 12%, however, was slightly down year-on-year.
“International revenue, excluding Cameron, grew 8% and was consistent with our expectations of high single-digit growth. Most of our international GeoMarkets benefited from these favorable market conditions, and almost half of them registered double-digit, year-on-year revenue growth driven by exploration activity, offshore operations, and acceleration of the industry’s digital transformation. Compared with the first half of 2019, international pretax segment operating margin improved by 100 basis points (bps) in the second half of the year—a firm step toward our strategic target of margin expansion.
“In contrast, after two years of strong growth, North American revenue fell sharply, driven largely by the land market weakness affecting our OneStim® pressure pumping business, as customers reached their budget limits earlier in the year and remained highly disciplined on capital spend.
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SCHLUMBERGER NET LOSS $11.4 BLN
Schlumberger Announces Third-Quarter 2019 Results Worldwide revenue of $8.5 billion increased 3% sequentially GAAP loss per share, including charges of $8.65 per share, was $8.22 Cash flow from operations was $1.7 billion and free cash flow was $1.1 billion
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