Schlumberger Announces First-Quarter 2017 Results
- Revenue of
$6.9 billion decreased 3% sequentially - GAAP EPS, including Cameron integration charges of
$0.05 per share, was$0.20 - EPS, excluding Cameron integration charges, was
$0.25 - Cash flow from operations was
$656 million - Quarterly cash dividend of
$0.50 per share was approved
(Stated in millions, except per share amounts) |
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Three Months Ended |
Change |
||||||||||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016** | Sequential | Year-on-year | |||||||||||||
Revenue | $6,894 | $7,107 |
$6,520 |
-3% | 6% | ||||||||||||
Pretax operating income | $757 | $810 | $901 | -7% | -16% | ||||||||||||
Pretax operating margin | 11.0% | 11.4% | 13.8% | -42 bps | -284 bps | ||||||||||||
Net income (loss) (GAAP basis) | $279 | $(204) | $501 | n/m | n/m | ||||||||||||
Net income, excluding charges and credits* | $347 | $379 | $501 | -8% | -31% | ||||||||||||
Diluted EPS (loss per share) (GAAP basis) | $0.20 | $(0.15) | $0.40 | n/m | n/m | ||||||||||||
Diluted EPS, excluding charges and credits* | $0.25 | $0.27 | $0.40 | -7% | -38% |
*These are non-GAAP financial measures. See section below entitled "Charges & Credits" for details. |
**First-quarter 2016 does not include Cameron, as the acquisition closed on April 1, 2016. |
n/m = not meaningful |
Schlumberger Chairman and CEO
"In the international markets, revenue declined 7% sequentially, driven by a greater than expected seasonal decline in activity and sales, particularly in
"Among the business segments, the first-quarter revenue declines were led by the
"As we begin the recovery from one of the deepest downturns on record, we see four areas as critical for the industry to restore its strength and advance its capabilities. They are—the need for higher E&P spending to meet growing hydrocarbon demand over the coming years; the need to protect and encourage investments in R&E throughout the entire oil and gas value chain; the need for new business models that foster closer technical collaboration and commercial alignment between operators and suppliers; and the need for broader and more integrated technology platforms that combine hardware, software, data, and expertise.
"While our view of the fundamentals of supply and demand in the oil markets remains constructive, the continuing underinvestment in new supply is increasing the likelihood of a medium-term supply deficit as reservoirs are produced but reserves are not replaced in sufficient volume. In particular, the market continues to focus on headline decline numbers, suggesting that production is holding up well. However, a closer examination of the underlying data clearly shows that the rate of depletion of proven developed reserves is rapidly accelerating in several key non-
"As the recovery builds momentum, industry cash flow and productivity remain under pressure and limit the industry's ability to increase present levels of E&P investment. At the same time, the value chain remains focused on trying to capture the limited value that is created, rather than seeking new ways to collectively create more value. This approach is not sustainable, either from addressing the underlying industry challenges or from ensuring that the future supply of hydrocarbons can meet the projected growth in demand.
"At Schlumberger, we are therefore actively seeking to position the company at the forefront of an industry that needs to evolve. We are doing this by proactively managing our base business and responding to the ongoing pressures of commoditization, tailoring our offering and performance to the prevailing market conditions. In parallel, we are constantly looking to expand our opportunity set by pursuing a broad and active M&A program; engaging with existing and new customers to establish closer collaboration and more aligned business models; and expanding our offering from technical support to investing alongside our customers in their projects—all with the aim of driving more activity for our 19 product and service lines. As we continue to carefully navigate the current industry landscape, we remain confident and optimistic about the future of Schlumberger, knowing very well that beyond the current market challenges lies a wealth of opportunity for the industry players who are ready and able to think new and to act new."
Other Events
During the quarter, Schlumberger repurchased 4.7 million shares of its common stock at an average price of
On
On
On
On
Consolidated Revenue by Geography
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(Stated in millions) |
||||||||||
Three Months Ended | Change | ||||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sequential | |||||||||
North America | $1,871 | $1,765 | 6% | ||||||||
Latin America | 952 | 952 | - | ||||||||
Europe/CIS/Africa | 1,652 | 1,834 | -10% | ||||||||
Middle East & Asia | 2,319 | 2,494 | -7% | ||||||||
Eliminations & other | 100 | 62 | n/m | ||||||||
$6,894 | $7,107 | -3% | |||||||||
North America revenue | $1,871 | $1,765 | 6% | ||||||||
International revenue | $4,922 | $5,280 | -7% | ||||||||
n/m = not meaningful |
First-quarter revenue of
In
International Areas
International revenue declined sequentially due to reduced
Revenue in the
|
(Stated in millions) |
||||||||||||||||
Three Months Ended | Change | ||||||||||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Sequential | Year-on-year | |||||||||||||
Revenue | $1,618 | $1,676 | $1,719 | -3% | -6% | ||||||||||||
Pretax operating income | $281 | $319 | $334 | -12% | -16% | ||||||||||||
Pretax operating margin | 17.3% | 19.0% | 19.4% | -170 bps | -206 bps |
Pretax operating margin of 17% decreased 170 bps sequentially as the increased contribution from high-margin Wireline exploration activities was more than offset by reduced profitability in WesternGeco and lower contributions from SIS software license sales.
In
In the Bulgarian sector of the
Offshore
In
In the
In
In
In
Drilling Group
|
(Stated in millions) |
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Three Months Ended | Change | ||||||||||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Sequential | Year-on-year | |||||||||||||
Revenue | $1,985 | $2,013 | $2,493 | -1% | -20% | ||||||||||||
Pretax operating income | $229 | $234 | $371 | -2% | -38% | ||||||||||||
Pretax operating margin | 11.5% | 11.6% | 14.9% | -7 bps | -334 bps |
Drilling Group revenue of
Pretax operating margin of 12% was virtually flat sequentially despite the slight revenue decline. This was due to pricing improvements from a greater uptake of Drilling & Measurements and Bits & Drilling Tools technologies in the US, offsetting the pricing pressure in the international markets.
Drilling Group performance in the first quarter was strengthened by a combination of IDS operations, which provide project management, engineering design, and technical optimization capabilities. Group performance was also boosted by new technology deployments and contract awards.
In
In the
In
In
Offshore
In
In
Offshore
Also offshore
|
(Stated in millions) |
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Three Months Ended | Change | ||||||||||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Sequential | Year-on-year | |||||||||||||
Revenue | $2,187 | $2,203 | $2,376 | -1% | -8% | ||||||||||||
Pretax operating income | $110 | $128 | $206 | -14% | -47% | ||||||||||||
Pretax operating margin | 5.0% | 5.8% | 8.7% | -78 bps | -365 bps |
Pretax operating margin of 5% decreased 78 bps sequentially. In
In
In
In
In
In
|
(Stated in millions) |
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Three Months Ended | Change | ||||||||||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016* | Sequential | Year-on-year | |||||||||||||
Revenue | $1,229 | $1,346 | $1,628 | -9% | -25% | ||||||||||||
Pretax operating income | $162 | $188 | $236 | -14% | -31% | ||||||||||||
Pretax operating margin | 13.2% | 14.0% | 14.5% | -80 bps | -132 bps | ||||||||||||
*First-quarter 2016 is presented on a pro forma basis for comparative purposes. | |||||||||||||||||
Pretax operating margin of 13% declined 80 bps sequentially, as continued strong project execution in OneSubsea and tight cost control in Drilling Systems limited the impact of the lower product volumes in Surface Systems.
OneSubsea capital-efficient solutions is a portfolio of standardized designs that supports streamlined processes, documentation, and manufacturing to deliver integrated production systems that reduce project cycle time and overall cost. The adoption of prequalified quality plans, suppliers, and materials and welding specifications has enhanced efficiency and reliability of the product-manufacturing life cycle. Since its introduction three years ago, capital-efficient solutions have reduced the average lead times of subsea products by 30%. OneSubsea's capital-efficient solutions portfolio was chosen by customers in 75% of OneSubsea's contract awards over the past 12 months.
In
During the first-year following the Cameron acquisition, a number of integration successes have been achieved. This included launching more than 32 integrated technology projects, the adoption of best practices across both organizations, and collocating more than 1,700 employees through consolidation of 157 facilities. By combining product and service lines, such as Schlumberger Testing and Cameron Process Systems, customers benefit from an enhanced surface and subsurface offering. Wellsite efficiency has also been improved by integrating Schlumberger Well Services stimulation technologies and the Cameron product portfolio for unconventional resources, which includes CAMShale fracturing fluid delivery and flowback service. In addition, Schlumberger has realized
Financial Tables |
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Condensed Consolidated Statement of Income | ||||||||
(Stated in millions, except per share amounts) |
||||||||
Three Months | ||||||||
Periods Ended March 31, | 2017 | 2016 | ||||||
Revenue | $6,894 | $6,520 | ||||||
Interest and other income | 46 | 45 | ||||||
Expenses | ||||||||
Cost of revenue | 6,076 | 5,460 | ||||||
Research & engineering | 211 | 240 | ||||||
General & administrative | 98 | 110 | ||||||
Merger & integration (1) | 82 | - | ||||||
Interest | 139 | 133 | ||||||
Income before taxes | $334 | $622 | ||||||
Taxes on income (1) | 50 | 99 | ||||||
Net income | $284 | $523 | ||||||
Net income attributable to noncontrolling interests | 5 | 22 | ||||||
Net income attributable to Schlumberger (1) | $279 | $501 | ||||||
Diluted earnings per share of Schlumberger (1) | $0.20 | $0.40 | ||||||
Average shares outstanding | 1,393 | 1,254 | ||||||
Average shares outstanding assuming dilution | 1,402 | 1,259 | ||||||
Depreciation & amortization included in expenses (2) | $989 | $967 | ||||||
(1) | See section entitled "Charges & Credits" for details. | |
(2) | Includes depreciation of property, plant and equipment and amortization of intangible assets, multiclient seismic data costs and SPM investments. | |
Condensed Consolidated Balance Sheet | ||||||||
(Stated in millions) | ||||||||
Mar. 31, | Dec. 31, | |||||||
Assets | 2017 | 2016 | ||||||
Current Assets | ||||||||
Cash and short-term investments | $7,353 | $9,257 | ||||||
Receivables | 8,636 | 9,387 | ||||||
Other current assets | 5,894 | 5,283 | ||||||
21,883 | 23,927 | |||||||
Fixed income investments, held to maturity | 238 | 238 | ||||||
Fixed assets | 12,507 | 12,821 | ||||||
Multiclient seismic data | 1,089 | 1,073 | ||||||
Goodwill | 25,045 | 24,990 | ||||||
Intangible assets | 9,743 | 9,855 | ||||||
Other assets | 5,670 | 5,052 | ||||||
$76,175 | $77,956 | |||||||
Liabilities and Equity | ||||||||
Current Liabilities | ||||||||
Accounts payable and accrued liabilities | $9,408 | $10,016 | ||||||
Estimated liability for taxes on income | 1,215 | 1,188 | ||||||
Short-term borrowings and current portion | ||||||||
of long-term debt | 2,449 | 3,153 | ||||||
Dividends payable | 704 | 702 | ||||||
13,776 | 15,059 | |||||||
Long-term debt | 16,538 | 16,463 | ||||||
Deferred taxes | 1,908 | 1,880 | ||||||
Postretirement benefits | 1,457 | 1,495 | ||||||
Other liabilities | 1,442 | 1,530 | ||||||
35,121 | 36,427 | |||||||
Equity | 41,054 | 41,529 | ||||||
$76,175 | $77,956 | |||||||
Liquidity |
||||||||||||
|
(Stated in millions) | |||||||||||
Components of Liquidity |
Mar. 31, 2017 |
Dec. 31, 2016 |
Mar. 31, 2016 |
|||||||||
Cash and short-term investments | $7,353 | $9,257 | $14,432 | |||||||||
Fixed income investments, held to maturity | 238 | 238 | 401 | |||||||||
Short-term borrowings and current portion of long-term debt | (2,449) | (3,153) | (4,254) | |||||||||
Long-term debt | (16,538) | (16,463) | (17,233) | |||||||||
Net debt (1) | $(11,396) | $(10,121) | $(6,654) | |||||||||
Details of changes in liquidity follow: | ||||||||||||
Periods Ended March 31, |
Three Months 2017 |
Three Months 2016 |
||||||||||
Net income before noncontrolling interests | $284 | $523 | ||||||||||
Merger & integration charges, net of tax | 68 | - | ||||||||||
$352 | $523 | |||||||||||
Depreciation and amortization (2) | 989 | 967 | ||||||||||
Pension and other postretirement benefits expense | 37 | 60 | ||||||||||
Stock-based compensation expense | 88 | 61 | ||||||||||
Pension and other postretirement benefits funding | (29) | (45) | ||||||||||
Change in working capital | (791) | (463) | ||||||||||
Other | 10 | 107 | ||||||||||
Cash flow from operations (3) | $656 | $1,210 | ||||||||||
Capital expenditures | (381) | (549) | ||||||||||
SPM investments | (144) | (597) | ||||||||||
Multiclient seismic data capitalized | (116) | (167) | ||||||||||
Free cash flow (4) | 15 | (103) | ||||||||||
Stock repurchase program | (372) | (475) | ||||||||||
Dividends paid | (696) | (629) | ||||||||||
Proceeds from employee stock plans | 135 | 163 | ||||||||||
(918) | (1,044) | |||||||||||
Business acquisitions and investments, net of cash acquired plus debt assumed | (273) | (81) | ||||||||||
Other | (84) | 18 | ||||||||||
Increase in Net Debt | (1,275) | (1,107) | ||||||||||
Net Debt, beginning of period | (10,121) | (5,547) | ||||||||||
Net Debt, end of period | $(11,396) | $(6,654) | ||||||||||
(1) | "Net Debt" represents gross debt less cash, short-term investments and fixed income investments, held to maturity. Management believes that Net Debt provides useful information regarding the level of Schlumberger's indebtedness by reflecting cash and investments that could be used to repay debt. Net Debt is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, total debt. | ||
(2) | Includes depreciation of property, plant and equipment and amortization of intangible assets, multiclient seismic data costs and SPM investments. | ||
(3) | Includes severance payments of approximately $140 million and $260 million during the three months ended March 31, 2017 and 2016, respectively. | ||
(4) | "Free cash flow" represents cash flow from operations less capital expenditures, SPM investments and multiclient seismic data costs capitalized. Management believes that free cash flow is an important liquidity measure for the company and that it is useful to investors and management as a measure of our ability to generate cash. Once business needs and obligations are met, this cash can be used to reinvest in the company for future growth or to return to shareholders through dividend payments or share repurchases. Free cash flow does not represent the residual cash flow available for discretionary expenditures. Free cash flow is a non-GAAP financial measure that should be considered in addition to, not as substitute for, or superior to, cash flow from operations. | ||
Charges & Credits
In addition to financial results determined in accordance with US generally accepted accounting principles (GAAP), this First-Quarter 2017 Earnings Release also includes non-GAAP financial measures (as defined under the SEC's Regulation G). Net income, excluding charges & credits, as well as measures derived from it (including diluted EPS, excluding charges & credits; net income before noncontrolling interests, excluding charges & credits; and effective tax rate, excluding charges & credits) are non-GAAP financial measures. Management believes that the exclusion of charges & credits from these financial measures enables it to evaluate more effectively Schlumberger's operations period over period and to identify operating trends that could otherwise be masked by the excluded items. These measures are also used by management as performance measures in determining certain incentive compensation. The foregoing non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. The following is a reconciliation of these non-GAAP measures to the comparable GAAP measures.
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(Stated in millions, except per share amounts) |
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First Quarter 2017 | |||||||||||||||
Pretax | Tax |
Noncont. Interest |
Net | Diluted
EPS |
|||||||||||
Schlumberger net income (GAAP basis) | $334 | $50 | $5 | $279 | $0.20 | ||||||||||
Merger & integration | 82 | 14 | - | 68 | |||||||||||
Schlumberger net income, excluding charges & credits | $416 | $64 | $5 | $347 | $0.25 | ||||||||||
Fourth Quarter 2016 | |||||||||||||||
Pretax | Tax |
Noncont. Interest |
Net | Diluted
EPS |
|||||||||||
Schlumberger net loss (GAAP basis) | $(213) | $(19) | $10 | $(204) | $(0.15) | ||||||||||
Workforce reduction | 234 | 6 | - | 228 | |||||||||||
Facility closure costs | 165 | 40 | - | 125 | |||||||||||
Costs associated with exiting certain activities | 98 | 23 | - | 75 | |||||||||||
Merger & integration | 76 | 14 | - | 62 | |||||||||||
Currency devaluation loss in Egypt | 63 | - | - | 63 | |||||||||||
Contract termination costs | 39 | 9 | - | 30 | |||||||||||
Schlumberger net income, excluding charges & credits | $462 | $73 | $10 | $379 | $0.27 | ||||||||||
There were no charges or credits during the first quarter of 2016.
Product Groups |
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(Stated in millions) |
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Three Months Ended | ||||||||||||||||||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | ||||||||||||||||||||||
Revenue |
Income Before Taxes |
Revenue |
Income Before Taxes |
Revenue |
Income Before Taxes |
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Reservoir Characterization | $1,618 | $281 | $1,676 | $319 | $1,719 | $334 | ||||||||||||||||||
Drilling | 1,985 | 229 | 2,013 | 234 | 2,493 | 371 | ||||||||||||||||||
Production | 2,187 | 110 | 2,203 | 128 | 2,376 | 206 | ||||||||||||||||||
Cameron | 1,229 | 162 | 1,346 | 188 | - | - | ||||||||||||||||||
Eliminations & other | (125) | (25) | (131) | (59) | (68) | (10) | ||||||||||||||||||
Pretax operating income | 757 | 810 | 901 | |||||||||||||||||||||
Corporate & other | (239) | (245) | (172) | |||||||||||||||||||||
Interest income(1) | 24 | 23 | 13 | |||||||||||||||||||||
Interest expense(1) | (126) | (126) | (120) | |||||||||||||||||||||
Charges & credits | (82) | (675) | - | |||||||||||||||||||||
$6,894 | $334 | $7,107 | $(213) | $6,520 | $622 | |||||||||||||||||||
(1) | Excludes interest included in the Product Groups results. | |
Certain prior period items have been reclassified to conform to the current period presentation. | ||
Supplemental Information |
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1) |
What is the capex guidance for the full year 2017? |
|
Capex (excluding multiclient and SPM investments) is expected to be $2.2 billion for 2017. | ||
2) |
What was the cash flow from operations for the first quarter of 2017? |
|
Cash flow from operations for the first quarter of 2017 was $656 million despite the consumption of working capital that is typically experienced in the first quarter. The use of working capital was driven by annual payments associated with employee compensation. Working capital also reflected $140 million of severance payments during the first quarter of 2017. | ||
3) |
What was included in "Interest and other income" for the first quarter of 2017? |
|
"Interest and other income" for the first quarter of 2017 was $46 million. This amount consisted of earnings of equity method investments of $17 million and interest income of $29 million. | ||
4) |
How did interest income and interest expense change during the first quarter of 2017? |
|
Interest income of $29 million was flat sequentially. Interest expense of $139 million was also flat sequentially. | ||
5) |
What is the difference between pretax operating income and Schlumberger's consolidated income before taxes? |
|
The difference principally consists of corporate items (including charges and credits) and interest income and interest expense not allocated to the segments as well as stock-based compensation expense, amortization expense associated with certain intangible assets (including intangible asset amortization expense resulting from the acquisition of Cameron), certain centrally managed initiatives, and other nonoperating items. |
||
6) |
What was the effective tax rate (ETR) for the first quarter of 2017? |
|
The ETR for the first quarter of 2017, calculated in accordance with GAAP, was 14.8% as compared to 8.8% for the fourth quarter of 2016. The ETR for the first quarter of 2017, excluding charges and credits, was 15.3% as compared to 15.8% for the fourth quarter of 2016. | ||
7) |
How many shares of common stock were outstanding as of March 31, 2017 and how did this change from the end of the previous quarter? |
|
There were 1.389 billion shares of common stock outstanding as of March 31, 2017. The following table shows the change in the number of shares outstanding from December 31, 2016 to March 31, 2017. |
(Stated in millions) | ||||||
Shares outstanding at December 31, 2016 | 1,391 | |||||
Shares sold to optionees, less shares exchanged | 1 | |||||
Vesting of restricted stock | 1 | |||||
Shares issued under employee stock purchase plan | 1 | |||||
Stock repurchase program | (5) | |||||
Shares outstanding at March 31, 2017 | 1,389 |
8) |
What was the weighted average number of shares outstanding during the first quarter of 2017 and fourth quarter of 2016 and how does this reconcile to the average number of shares outstanding, assuming dilution used in the calculation of diluted earnings per share, excluding charges and credits? |
|
The weighted average number of shares outstanding during the first quarter of 2017 was 1.393 billion and 1.392 billion during the fourth quarter of 2016. |
||
The following is a reconciliation of the weighted average shares outstanding to the average number of shares outstanding, assuming dilution, used in the calculation of diluted earnings per share, excluding charges and credits. |
|
(Stated in millions) |
|||||||||
First Quarter 2017 |
Fourth Quarter 2016 |
|||||||||
Weighted average shares outstanding | 1,393 | 1,391 | ||||||||
Assumed exercise of stock options | 4 | 5 | ||||||||
Unvested restricted stock | 5 | 5 | ||||||||
Average shares outstanding, assuming dilution | 1,402 | 1,401 |
9) |
What was the amount of WesternGeco multiclient sales in the first quarter of 2017? |
|
Multiclient sales, including transfer fees, were $138 million in the first quarter of 2017 and $143 million in the fourth quarter of 2016. | ||
10) |
What was the WesternGeco backlog at the end of the first quarter of 2017? |
|
WesternGeco backlog, which is based on signed contracts with customers, was $613 million at the end of the first quarter of 2017. It was $759 million at the end of the fourth quarter of 2016. | ||
11) |
What were the orders and backlogs for Cameron Group's OneSubsea and Drilling Systems businesses? |
|
OneSubsea and Drilling Systems orders and backlogs were as follows: |
|
(Stated in millions) |
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Orders |
First Quarter 2017 |
Fourth Quarter 2016 |
||||||
OneSubsea | $546 | $523 | ||||||
Drilling Systems | $174 |
|
$132 | |||||
Backlog (at the end of period) | ||||||||
OneSubsea | $2,634 | $2,526 | ||||||
Drilling Systems | $608 |
|
$607 |
About Schlumberger
Schlumberger is the world's leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. Working in more than 85 countries and employing approximately 100,000 people who represent over 140 nationalities, 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.
*Mark of Schlumberger or of Schlumberger companies.
Notes
Schlumberger will hold a conference call to discuss the earnings press release and business outlook on
The conference call will be webcast simultaneously at www.slb.com/irwebcast on a listen-only basis. A replay of the webcast will also be available at the same web site until
This first-quarter 2017 earnings release, as well as other statements we make, contain "forward-looking statements" within the meaning of the federal securities laws, which include any statements that are not historical facts, such as our forecasts or expectations regarding business outlook; growth for Schlumberger as a whole and for each of its segments (and for specified products or geographic areas within each segment); oil and natural gas demand and production growth; oil and natural gas prices; improvements in operating procedures and technology, including our transformation program; capital expenditures by Schlumberger and the oil and gas industry; the business strategies of Schlumberger's customers; the anticipated benefits of the Cameron transaction; the success of Schlumberger's joint ventures and alliances; future global economic conditions; and future results of operations. These statements are subject to risks and uncertainties, including, but not limited to, global economic conditions; changes in exploration and production spending by Schlumberger's customers and changes in the level of oil and natural gas exploration and development; general economic, political and business conditions in key regions of the world; foreign currency risk; pricing pressure; weather and seasonal factors; operational modifications, delays or cancellations; production declines; changes in government regulations and regulatory requirements, including those related to offshore oil and gas exploration, radioactive sources, explosives, chemicals, hydraulic fracturing services and climate-related initiatives; the inability of technology to meet new challenges in exploration; the inability to integrate the Cameron business and to realize expected synergies; the inability to retain key employees; and other risks and uncertainties detailed in this first-quarter 2017 earnings release and our most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the
View source version on businesswire.com: http://www.businesswire.com/news/home/20170421005262/en/
Source:
Schlumberger Limited
Simon Farrant – Schlumberger Limited, Vice President of Investor Relations
Joy V. Domingo – Schlumberger Limited, Manager of Investor Relations
Office +1 (713) 375-3535
investor-relations@slb.com