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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: June 30, 2020
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) |
|
(I.R.S. Employer Identification No.) |
|
|
|
42 RUE SAINT-DOMINIQUE |
|
|
PARIS, FRANCE |
|
75007 |
|
|
|
5599 SAN FELIPE |
|
|
HOUSTON, Texas, U.S.A. |
|
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: (713) 513-2000
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 June 30, 2020 |
COMMON STOCK, $0.01 PAR VALUE PER SHARE |
1,388,101,743
|
SCHLUMBERGER LIMITED
Second Quarter 2020 Form 10-Q
Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
SCHLUMBERGER LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME (LOSS)
(Unaudited)
|
(Stated in millions, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter |
|
|
Six Months |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Services |
$ |
3,721 |
|
|
$ |
6,153 |
|
|
$ |
9,147 |
|
|
$ |
12,059 |
|
Product sales |
|
1,635 |
|
|
|
2,116 |
|
|
|
3,664 |
|
|
|
4,090 |
|
Total Revenue |
|
5,356 |
|
|
|
8,269 |
|
|
|
12,811 |
|
|
|
16,149 |
|
Interest & other income |
|
33 |
|
|
|
25 |
|
|
|
72 |
|
|
|
39 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of services |
|
3,383 |
|
|
|
5,308 |
|
|
|
8,109 |
|
|
|
10,422 |
|
Cost of sales |
|
1,542 |
|
|
|
1,944 |
|
|
|
3,439 |
|
|
|
3,787 |
|
Research & engineering |
|
142 |
|
|
|
179 |
|
|
|
315 |
|
|
|
351 |
|
General & administrative |
|
81 |
|
|
|
114 |
|
|
|
208 |
|
|
|
225 |
|
Impairments & other |
|
3,724 |
|
|
|
- |
|
|
|
12,247 |
|
|
|
- |
|
Interest |
|
144 |
|
|
|
156 |
|
|
|
281 |
|
|
|
302 |
|
Income (loss) before taxes |
|
(3,627 |
) |
|
|
593 |
|
|
|
(11,716 |
) |
|
|
1,101 |
|
Tax expense (benefit) |
|
(199 |
) |
|
|
99 |
|
|
|
(920 |
) |
|
|
178 |
|
Net income (loss) |
|
(3,428 |
) |
|
|
494 |
|
|
|
(10,796 |
) |
|
|
923 |
|
Net income attributable to noncontrolling interests |
|
6 |
|
|
|
2 |
|
|
|
14 |
|
|
|
10 |
|
Net income (loss) attributable to Schlumberger |
$ |
(3,434 |
) |
|
$ |
492 |
|
|
$ |
(10,810 |
) |
|
$ |
913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share of Schlumberger |
$ |
(2.47 |
) |
|
$ |
0.36 |
|
|
$ |
(7.79 |
) |
|
$ |
0.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share of Schlumberger |
$ |
(2.47 |
) |
|
$ |
0.35 |
|
|
$ |
(7.79 |
) |
|
$ |
0.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,388 |
|
|
|
1,384 |
|
|
|
1,388 |
|
|
|
1,385 |
|
Assuming dilution |
|
1,388 |
|
|
|
1,395 |
|
|
|
1,388 |
|
|
|
1,396 |
|
See Notes to Consolidated Financial Statements
3
SCHLUMBERGER LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(Stated in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter |
|
|
Six Months |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Net income (loss) |
$ |
(3,428 |
) |
|
$ |
494 |
|
|
$ |
(10,796 |
) |
|
$ |
923 |
|
Currency translation adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized net change arising during the period |
|
19 |
|
|
|
(37 |
) |
|
|
(106 |
) |
|
|
39 |
|
Cash flow hedges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) gain on cash flow hedges |
|
(28 |
) |
|
|
1 |
|
|
|
(231 |
) |
|
|
(4 |
) |
Reclassification to net income (loss) of net realized loss |
|
4 |
|
|
|
1 |
|
|
|
5 |
|
|
|
4 |
|
Pension and other postretirement benefit plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization to net income (loss) of net actuarial loss |
|
37 |
|
|
|
23 |
|
|
|
88 |
|
|
|
47 |
|
Amortization to net income (loss) of net prior service credit |
|
8 |
|
|
|
(3 |
) |
|
|
3 |
|
|
|
(6 |
) |
Impact of curtailment |
|
(69 |
) |
|
|
- |
|
|
|
(69 |
) |
|
|
- |
|
Income taxes on pension and other postretirement benefit plans |
|
14 |
|
|
|
(2 |
) |
|
|
10 |
|
|
|
(2 |
) |
Comprehensive income (loss) |
|
(3,443 |
) |
|
|
477 |
|
|
|
(11,096 |
) |
|
|
1,001 |
|
Comprehensive income attributable to noncontrolling interests |
|
6 |
|
|
|
2 |
|
|
|
14 |
|
|
|
10 |
|
Comprehensive income (loss) attributable to Schlumberger |
$ |
(3,449 |
) |
|
$ |
475 |
|
|
$ |
(11,110 |
) |
|
$ |
991 |
|
See Notes to Consolidated Financial Statements
4
SCHLUMBERGER LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Stated in millions) |
|
|
|
|
|
|
|
|
|
|
Jun. 30, |
|
|
|
|
|
|
2020 |
|
|
Dec. 31, |
|
|
(Unaudited) |
|
|
2019 |
|
ASSETS |
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
Cash |
$ |
1,462 |
|
|
$ |
1,137 |
|
Short-term investments |
|
2,127 |
|
|
|
1,030 |
|
Receivables less allowance for doubtful accounts (2020 - $312; 2019 - $255) |
|
5,808 |
|
|
|
7,747 |
|
|
Inventories |
|
3,601 |
|
|
|
4,130 |
|
Other current assets |
|
1,381 |
|
|
|
1,486 |
|
|
|
14,379 |
|
|
|
15,530 |
|
Investments in Affiliated Companies |
|
1,484 |
|
|
|
1,565 |
|
Fixed Assets less accumulated depreciation |
|
7,729 |
|
|
|
9,270 |
|
Multiclient Seismic Data |
|
356 |
|
|
|
568 |
|
Goodwill |
|
12,954 |
|
|
|
16,042 |
|
Intangible Assets |
|
3,622 |
|
|
|
7,089 |
|
Other Assets |
|
4,143 |
|
|
|
6,248 |
|
|
$ |
44,667 |
|
|
$ |
56,312 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
9,824 |
|
|
$ |
10,663 |
|
Estimated liability for taxes on income |
|
1,054 |
|
|
|
1,209 |
|
Short-term borrowings and current portion of long-term debt |
|
603 |
|
|
|
524 |
|
Dividends payable |
|
184 |
|
|
|
702 |
|
|
|
11,665 |
|
|
|
13,098 |
|
Long-term Debt |
|
16,763 |
|
|
|
14,770 |
|
Postretirement Benefits |
|
905 |
|
|
|
967 |
|
Deferred Taxes |
|
42 |
|
|
|
491 |
|
Other Liabilities |
|
2,836 |
|
|
|
2,810 |
|
|
|
32,211 |
|
|
|
32,136 |
|
Equity |
|
|
|
|
|
|
|
Common stock |
|
13,044 |
|
|
|
13,078 |
|
Treasury stock |
|
(3,339 |
) |
|
|
(3,631 |
) |
Retained earnings |
|
7,073 |
|
|
|
18,751 |
|
Accumulated other comprehensive loss |
|
(4,738 |
) |
|
|
(4,438 |
) |
Schlumberger stockholders' equity |
|
12,040 |
|
|
|
23,760 |
|
Noncontrolling interests |
|
416 |
|
|
|
416 |
|
|
|
12,456 |
|
|
|
24,176 |
|
|
$ |
44,667 |
|
|
$ |
56,312 |
|
See Notes to Consolidated Financial Statements
5
SCHLUMBERGER LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
(Stated in millions) |
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
2020 |
|
|
2019 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net income (loss) |
$ |
(10,796 |
) |
|
$ |
923 |
|
Adjustments to reconcile net income (loss) to cash provided by operating activities: |
|
|
|
|
|
|
|
Impairments and other charges |
|
12,247 |
|
|
|
- |
|
Depreciation and amortization (1) |
|
1,396 |
|
|
|
1,841 |
|
Deferred taxes |
|
(1,050 |
) |
|
|
(101 |
) |
Stock-based compensation expense |
|
213 |
|
|
|
194 |
|
Earnings of equity method investments, less dividends received |
|
(26 |
) |
|
|
- |
|
Change in assets and liabilities: (2) |
|
|
|
|
|
|
|
Decrease (increase) in receivables |
|
1,910 |
|
|
|
(581 |
) |
Increase in inventories |
|
(74 |
) |
|
|
(332 |
) |
Decrease (increase) in other current assets |
|
129 |
|
|
|
(57 |
) |
Decrease (increase) in other assets |
|
16 |
|
|
|
(16 |
) |
Decrease in accounts payable and accrued liabilities |
|
(2,204 |
) |
|
|
(422 |
) |
Decrease in estimated liability for taxes on income |
|
(184 |
) |
|
|
(68 |
) |
Decrease in other liabilities |
|
(42 |
) |
|
|
(39 |
) |
Other |
|
52 |
|
|
|
92 |
|
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
1,587 |
|
|
|
1,434 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
Capital expenditures |
|
(658 |
) |
|
|
(817 |
) |
APS investments |
|
(224 |
) |
|
|
(332 |
) |
Multiclient seismic data costs capitalized |
|
(61 |
) |
|
|
(109 |
) |
Business acquisitions and investments, net of cash acquired |
|
(30 |
) |
|
|
(17 |
) |
(Purchase) sale of investments, net |
|
(1,099 |
) |
|
|
464 |
|
Net proceeds from asset divestitures |
|
298 |
|
|
|
- |
|
Other |
|
(85 |
) |
|
|
(63 |
) |
NET CASH USED IN INVESTING ACTIVITIES |
|
(1,859 |
) |
|
|
(874 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
Dividends paid |
|
(1,386 |
) |
|
|
(1,385 |
) |
Proceeds from employee stock purchase plan |
|
85 |
|
|
|
85 |
|
Proceeds from exercise of stock options |
|
- |
|
|
|
21 |
|
Stock repurchase program |
|
(26 |
) |
|
|
(199 |
) |
Proceeds from issuance of long-term debt |
|
4,985 |
|
|
|
2,350 |
|
Repayment of long-term debt |
|
(3,070 |
) |
|
|
(1,413 |
) |
Net increase (decrease) in short-term borrowings |
|
73 |
|
|
|
(22 |
) |
Other |
|
(51 |
) |
|
|
32 |
|
NET CASH PROVIDED BY (USED) IN FINANCING ACTIVITIES |
|
610 |
|
|
|
(531 |
) |
Net increase in cash before translation effect |
|
338 |
|
|
|
29 |
|
Translation effect on cash |
|
(13 |
) |
|
|
4 |
|
Cash, beginning of period |
|
1,137 |
|
|
|
1,433 |
|
Cash, end of period |
$ |
1,462 |
|
|
$ |
1,466 |
|
(1) |
Includes depreciation of property, plant and equipment and amortization of intangible assets, multiclient seismic 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, 2020 – June 30, 2020 |
|
Issued |
|
|
In Treasury |
|
|
Earnings |
|
|
Loss |
|
|
Interests |
|
|
Total |
|
Balance, January 1, 2020 |
|
$ |
13,078 |
|
|
$ |
(3,631 |
) |
|
$ |
18,751 |
|
|
$ |
(4,438 |
) |
|
$ |
416 |
|
|
$ |
24,176 |
|
Net loss |
|
|
|
|
|
|
|
|
|
|
(10,810 |
) |
|
|
|
|
|
|
14 |
|
|
|
(10,796 |
) |
Currency translation adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(106 |
) |
|
|
(2 |
) |