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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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)

 

(IRS Employer
Identification No.)

 

 

 

42 rue Saint-Dominique

 

 

Paris, France

 

75007

 

 

 

5599 San Felipe

 

 

Houston, Texas, United States of America

 

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:   (713513-2000

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 March 31, 2021

COMMON STOCK, $0.01 PAR VALUE PER SHARE

1,398,332,463  

 

 

 

 

 


 

 

SCHLUMBERGER LIMITED

First Quarter 2021 Form 10-Q

Table of Contents

 

 

 

 

Page

PART I

 

Financial Information

 

 

 

 

 

Item 1.

 

Financial Statements

3

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

16

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

23

 

 

 

 

Item 4.

 

Controls and Procedures

23

 

 

 

 

PART II

 

Other Information

 

 

 

 

 

Item 1.

 

Legal Proceedings

24

 

 

 

 

Item 1A.

 

Risk Factors

24

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

24

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

24

 

 

 

 

Item 4.

 

Mine Safety Disclosures

24

 

 

 

 

Item 5.

 

Other Information

24

 

 

 

 

Item 6.

 

Exhibits

25

 

 

 

 


 

 

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)

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31

 

 

2021

 

 

2020

 

Revenue

 

 

 

 

 

 

 

Services

$

3,482

 

 

$

5,426

 

Product sales

 

1,741

 

 

 

2,029

 

Total Revenue

 

5,223

 

 

 

7,455

 

Interest & other income

 

19

 

 

 

39

 

Expenses

 

 

 

 

 

 

 

Cost of services

 

3,031

 

 

 

4,727

 

Cost of sales

 

1,473

 

 

 

1,897

 

Research & engineering

 

135

 

 

 

173

 

General & administrative

 

81

 

 

 

127

 

Impairments & other

 

-

 

 

 

8,523

 

Interest

 

136

 

 

 

136

 

Income (loss) before taxes

 

386

 

 

 

(8,089

)

Tax expense (benefit)

 

74

 

 

 

(721

)

Net income (loss)

 

312

 

 

 

(7,368

)

Net income attributable to noncontrolling interests

 

13

 

 

 

8

 

Net income (loss) attributable to Schlumberger

$

299

 

 

$

(7,376

)

 

 

 

 

 

 

 

 

Basic income (loss) per share of Schlumberger

$

0.21

 

 

$

(5.32

)

 

 

 

 

 

 

 

 

Diluted income (loss) per share of Schlumberger

$

0.21

 

 

$

(5.32

)

 

 

 

 

 

 

 

 

Average shares outstanding:

 

 

 

 

 

 

 

Basic

 

1,398

 

 

 

1,387

 

Assuming dilution

 

1,419

 

 

 

1,387

 

 

See Notes to Consolidated Financial Statements

 

 

3


 

 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31

 

 

2021

 

 

2020

 

Net income (loss)

$

312

 

 

$

(7,368

)

Currency translation adjustments

 

 

 

 

 

 

 

Unrealized net change arising during the period

 

14

 

 

 

(125

)

Cash flow hedges

 

 

 

 

 

 

 

Net gain (loss) on cash flow hedges

 

150

 

 

 

(203

)

Reclassification to net income (loss) of net realized (gain) loss

 

(2

)

 

 

1

 

Pension and other postretirement benefit plans

 

 

 

 

 

 

 

Amortization to net income (loss) of net actuarial loss

 

63

 

 

 

51

 

Amortization to net income (loss) of net prior service credit

 

(5

)

 

 

(5

)

Income taxes on pension and other postretirement benefit plans

 

-

 

 

 

(4

)

Comprehensive income (loss)

 

532

 

 

 

(7,653

)

Comprehensive income attributable to noncontrolling interests

 

13

 

 

 

8

 

Comprehensive income (loss) attributable to Schlumberger

$

519

 

 

$

(7,661

)

 

See Notes to Consolidated Financial Statements

 

 

 

4


 

 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

Mar. 31,

 

 

 

 

 

 

2021

 

 

Dec. 31,

 

 

(Unaudited)

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

Cash

$

1,268

 

 

$

844

 

Short-term investments

 

1,642

 

 

 

2,162

 

Receivables less allowance for doubtful accounts (2021 - $319; 2020 - $301)

 

5,269

 

 

 

5,247

 

Inventories

 

3,303

 

 

 

3,354

 

Other current assets

 

1,325

 

 

 

1,312

 

 

 

12,807

 

 

 

12,919

 

Investments in Affiliated Companies

 

2,090

 

 

 

2,061

 

Fixed Assets less accumulated depreciation

 

6,620

 

 

 

6,826

 

Multiclient Seismic Data

 

298

 

 

 

317

 

Goodwill

 

12,978

 

 

 

12,980

 

Intangible Assets

 

3,397

 

 

 

3,455

 

Other Assets

 

3,846

 

 

 

3,876

 

 

$

42,036

 

 

$

42,434

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

$

7,956

 

 

$

8,442

 

Estimated liability for taxes on income

 

983

 

 

 

1,015

 

Short-term borrowings and current portion of long-term debt

 

749

 

 

 

850

 

Dividends payable

 

185

 

 

 

184

 

 

 

9,873

 

 

 

10,491

 

Long-term Debt

 

15,834

 

 

 

16,036

 

Postretirement Benefits

 

1,003

 

 

 

1,049

 

Other Liabilities

 

2,354

 

 

 

2,369

 

 

 

29,064

 

 

 

29,945

 

Equity

 

 

 

 

 

 

 

Common stock

 

12,663

 

 

 

12,970

 

Treasury stock

 

(2,598

)

 

 

(3,033

)

Retained earnings

 

7,142

 

 

 

7,018

 

Accumulated other comprehensive loss

 

(4,664

)

 

 

(4,884

)

Schlumberger stockholders’ equity

 

12,543

 

 

 

12,071

 

Noncontrolling interests

 

429

 

 

 

418

 

 

 

12,972

 

 

 

12,489

 

 

$

42,036

 

 

$

42,434

 

 

See Notes to Consolidated Financial Statements

 

 

 

5


 

 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income (loss)

$

312

 

 

$

(7,368

)

Adjustments to reconcile net loss to cash provided by operating activities:

 

 

 

 

 

 

 

Impairments and other charges

 

-

 

 

 

8,523

 

Depreciation and amortization (1)

 

532

 

 

 

792

 

Deferred taxes

 

(29

)

 

 

(781

)

Stock-based compensation expense

 

84

 

 

 

108

 

Earnings of equity method investments, less dividends received

 

(13

)

 

 

(10

)

Change in assets and liabilities: (2)

 

 

 

 

 

 

 

(Increase) decrease in receivables

 

(16

)

 

 

233

 

Decrease (increase) in inventories

 

49

 

 

 

(42

)

(Increase) decrease in other current assets

 

(17

)

 

 

15

 

Decrease (increase) in other assets

 

11

 

 

 

(7

)

Decrease in accounts payable and accrued liabilities

 

(438

)

 

 

(640

)

Decrease in estimated liability for taxes on income

 

(33

)

 

 

(48

)

Decrease in other liabilities

 

(18

)

 

 

(37

)

Other

 

5

 

 

 

46

 

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

429

 

 

 

784

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Capital expenditures

 

(178

)

 

 

(407

)

APS investments

 

(85

)

 

 

(163

)

Multiclient seismic data costs capitalized

 

(7

)

 

 

(35

)

Business acquisitions and investments, net of cash acquired

 

(13

)

 

 

-

 

Sale (purchase) of investments, net

 

520

 

 

 

(941

)

Net proceeds from divestitures

 

-

 

 

 

298

 

Other

 

(26

)

 

 

(64

)

NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES

 

211

 

 

 

(1,312

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Dividends paid

 

(174

)

 

 

(692

)

Proceeds from employee stock purchase plan

 

62

 

 

 

85

 

Stock repurchase program

 

-

 

 

 

(26

)

Proceeds from issuance of long-term debt

 

134

 

 

 

1,475

 

Repayment of long-term debt

 

(98

)

 

 

(90

)

Net (decrease) increase in short-term borrowings

 

(101

)

 

 

34

 

Other

 

(35

)

 

 

(9

)

NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES

 

(212

)

 

 

777

 

Net increase in cash before translation effect

 

428

 

 

 

249

 

Translation effect on cash

 

(4

)

 

 

(11

)

Cash, beginning of period

 

844

 

 

 

1,137

 

Cash, end of period

$

1,268

 

 

$

1,375

 

 

 

(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, 2021 – March 31, 2021

 

Issued

 

 

In Treasury

 

 

Earnings

 

 

Loss

 

 

Interests

 

 

Total

 

Balance, January 1, 2021

 

$

12,970

 

 

$

(3,033

)

 

$

7,018

 

 

$

(4,884

)

 

$

418

 

 

$

12,489

 

Net income

 

 

 

 

 

 

 

 

 

 

299

 

 

 

 

 

 

 

13

 

 

 

312

 

Currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14

 

 

 

(2

)

 

 

12

 

Changes in fair value of cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

148

 

 

 

 

 

 

 

148

 

Pension and other postretirement benefit plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

58

 

 

 

 

 

 

 

58

 

Vesting of restricted stock

 

 

(171

)

 

 

171

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

Shares issued under employee stock purchase plan

 

 

(202

)

 

 

264

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

62

 

Stock-based compensation expense

 

 

84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

84

 

Dividends declared ($0.125 per share)

 

 

 

 

 

 

 

 

 

 

(175

)

 

 

 

 

 

 

 

 

 

 

(175

)

Other

 

 

(18

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18

)

Balance, March 31, 2021

 

$

12,663

 

 

$

(2,598

)

 

$

7,142

 

 

$

(4,664

)

 

$

429

 

 

$

12,972

 

 

 

 

 

 

(Stated in millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Retained

 

 

Comprehensive

 

 

Noncontrolling

 

 

 

 

 

January 1, 2020 – March 31, 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

 

 

 

 

 

 

 

 

 

 

(7,376

)

 

 

 

 

 

 

8

 

 

 

(7,368

)

Currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(125

)

 

 

(3

)

 

 

(128

)

Changes in fair value of cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(202

)

 

 

 

 

 

 

(202

)

Pension and other postretirement benefit plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

42

 

 

 

 

 

 

 

42

 

Shares sold to optionees, less shares exchanged

 

 

(117

)

 

 

117

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

Vesting of restricted stock

 

 

(95

)

 

 

180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

85

 

Stock repurchase program

 

 

 

 

 

 

(26

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26

)

Stock-based compensation expense

 

 

108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

108

 

Dividends declared ($0.50 per share)

 

 

 

 

 

 

 

 

 

 

(694

)

 

 

 

 

 

 

 

 

 

 

(694

)

Other

 

 

(11

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

(10

)

Balance, March 31, 2020

 

$

12,963

 

 

$

(3,360

)

 

$

10,681

 

 

$

(4,723

)

 

$

422

 

 

$

15,983

 

 

 

 

 

SHARES OF COMMON STOCK

(Unaudited)

 

 

 

 

 

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Issued

 

 

In Treasury

 

 

Outstanding

 

Balance, January 1, 2021

 

1,434

 

 

 

(42

)

 

 

1,392

 

Vesting of restricted stock

 

-

 

 

 

2

 

 

 

2

 

Shares issued under employee stock purchase plan

 

-

 

 

 

4

 

 

 

4

 

Balance, March 31, 2021

 

1,434

 

 

 

(36

)

 

 

1,398

 

 

 

See Notes to Consolidated Financial Statements

 

 

7


 

 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

1.   Basis of Presentation

The accompanying unaudited consolidated financial statements of Schlumberger Limited and its subsidiaries (“Schlumberger”) have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.  In the opinion of Schlumberger management, all adjustments considered necessary for a fair statement have been included in the accompanying unaudited financial statements.  All intercompany transactions and balances have been eliminated in consolidation.  Operating results for the three-month period ended March 31, 2021 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2021.  The December 31, 2020 balance sheet information has been derived from the Schlumberger 2020 audited financial statements.  For further information, refer to the Consolidated Financial Statements and notes thereto included in the Schlumberger Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission on January 27, 2021.

2.   Charges and Credits

Schlumberger did not record any charges or credits during the first quarter of 2021.

During the first quarter of 2020, Schlumberger recorded the following charges, all of which are classified as Impairments & other in the Consolidated Statement of Income (Loss):

 

 

(Stated in millions)