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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, 2022

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, 2022

COMMON STOCK, $0.01 PAR VALUE PER SHARE

1,413,460,705  

 

 

 

 

 

 

 


SCHLUMBERGER LIMITED

First Quarter 2022 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

14

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

20

 

 

 

 

Item 4.

 

Controls and Procedures

20

 

 

 

 

PART II

 

Other Information

 

 

 

 

 

Item 1.

 

Legal Proceedings

21

 

 

 

 

Item 1A.

 

Risk Factors

21

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

21

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

21

 

 

 

 

Item 4.

 

Mine Safety Disclosures

21

 

 

 

 

Item 5.

 

Other Information

21

 

 

 

 

Item 6.

 

Exhibits

22

 

 

 

 

 

 


PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements.

 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME

(Unaudited)

 

(Stated in millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2022

 

 

2021

 

Revenue

 

 

 

 

 

 

 

Services

$

4,222

 

 

$

3,482

 

Product sales

 

1,740

 

 

 

1,741

 

Total Revenue

 

5,962

 

 

 

5,223

 

Interest & other income

 

50

 

 

 

19

 

Expenses

 

 

 

 

 

 

 

Cost of services

 

3,387

 

 

 

3,031

 

Cost of sales

 

1,626

 

 

 

1,473

 

Research & engineering

 

141

 

 

 

135

 

General & administrative

 

97

 

 

 

81

 

Interest

 

123

 

 

 

136

 

Income before taxes

 

638

 

 

 

386

 

Tax expense

 

118

 

 

 

74

 

Net income

 

520

 

 

 

312

 

Net income attributable to noncontrolling interests

 

10

 

 

 

13

 

Net income attributable to Schlumberger

$

510

 

 

$

299

 

 

 

 

 

 

 

 

 

Basic income per share of Schlumberger

$

0.36

 

 

$

0.21

 

 

 

 

 

 

 

 

 

Diluted income per share of Schlumberger

$

0.36

 

 

$

0.21

 

 

 

 

 

 

 

 

 

Average shares outstanding:

 

 

 

 

 

 

 

Basic

 

1,412

 

 

 

1,398

 

Assuming dilution

 

1,434

 

 

 

1,419

 

 

See Notes to Consolidated Financial Statements

 

 

3


SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(Unaudited)

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2022

 

 

2021

 

Net income

$

520

 

 

$

312

 

Currency translation adjustments

 

 

 

 

 

 

 

Unrealized net change arising during the period

 

(106

)

 

 

14

 

Cash flow hedges

 

 

 

 

 

 

 

Net gain on cash flow hedges

 

9

 

 

 

150

 

Reclassification to net income of net realized loss (income)

 

17

 

 

 

(2

)

Pension and other postretirement benefit plans

 

 

 

 

 

 

 

Amortization to net income of net actuarial loss

 

16

 

 

 

63

 

Amortization to net income of net prior service credit

 

(5

)

 

 

(5

)

Comprehensive income

 

451

 

 

 

532

 

Comprehensive income attributable to noncontrolling interests

 

10

 

 

 

13

 

Comprehensive income attributable to Schlumberger

$

441

 

 

$

519

 

 

See Notes to Consolidated Financial Statements

 

 

 

4


SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

Mar. 31,

 

 

 

 

 

 

2022

 

 

Dec. 31,

 

 

(Unaudited)

 

 

2021

 

ASSETS

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

Cash

$

1,600

 

 

$

1,757

 

Short-term investments

 

1,049

 

 

 

1,382

 

Receivables less allowance for doubtful accounts (2022 - $319; 2021 - $319)

 

5,713

 

 

 

5,315

 

Inventories

 

3,719

 

 

 

3,272

 

Other current assets

 

1,172

 

 

 

928

 

 

 

13,253

 

 

 

12,654

 

Investments in Affiliated Companies

 

1,955

 

 

 

2,044

 

Fixed Assets less accumulated depreciation

 

6,354

 

 

 

6,429

 

Goodwill

 

12,978

 

 

 

12,990

 

Intangible Assets

 

3,158

 

 

 

3,211

 

Other Assets

 

4,269

 

 

 

4,183

 

 

$

41,967

 

 

$

41,511

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

$

8,638

 

 

$

8,382

 

Estimated liability for taxes on income

 

940

 

 

 

879

 

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

 

923

 

 

 

909

 

Dividends payable

 

195

 

 

 

189

 

 

 

10,696

 

 

 

10,359

 

Long-term Debt

 

13,163

 

 

 

13,286

 

Postretirement Benefits

 

232

 

 

 

231

 

Deferred Taxes

 

77

 

 

 

94

 

Other Liabilities

 

2,160

 

 

 

2,255

 

 

 

26,328

 

 

 

26,225

 

Equity

 

 

 

 

 

 

 

Common stock

 

11,957

 

 

 

12,608

 

Treasury stock

 

(1,503

)

 

 

(2,233

)

Retained earnings

 

8,532

 

 

 

8,199

 

Accumulated other comprehensive loss

 

(3,639

)

 

 

(3,570

)

Schlumberger stockholders’ equity

 

15,347

 

 

 

15,004

 

Noncontrolling interests

 

292

 

 

 

282

 

 

 

15,639

 

 

 

15,286

 

 

$

41,967

 

 

$

41,511

 

 

 

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,

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income

$

520

 

 

$

312

 

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

 

 

 

 

 

 

 

Depreciation and amortization (1)

 

533

 

 

 

532

 

Deferred taxes

 

(14

)

 

 

(29

)

Stock-based compensation expense

 

89

 

 

 

84

 

Earnings of equity method investments, less dividends received

 

6

 

 

 

(13

)

Change in assets and liabilities: (2)

 

 

 

 

 

 

 

Increase in receivables

 

(404

)

 

 

(16

)

(Increase) decrease in inventories

 

(464

)

 

 

49

 

Increase in other current assets

 

(177

)

 

 

(17

)

(Increase) decrease in other assets

 

(25

)

 

 

11

 

Increase (decrease) in accounts payable and accrued liabilities

 

89

 

 

 

(438

)

Increase (decrease) in estimated liability for taxes on income

 

8

 

 

 

(33

)

Decrease in other liabilities

 

(5

)

 

 

(18

)

Other

 

(25

)

 

 

5

 

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

131

 

 

 

429

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Capital expenditures

 

(304

)

 

 

(178

)

APS investments

 

(168

)

 

 

(85

)

Multiclient seismic data costs capitalized

 

(40

)

 

 

(7

)

Business acquisitions and investments, net of cash acquired

 

-

 

 

 

(13

)

Proceeds from sale of Liberty shares

 

84

 

 

 

-

 

Sale of investments, net

 

336

 

 

 

520

 

Other

 

(23

)

 

 

(26

)

NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES

 

(115

)

 

 

211

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Dividends paid

 

(175

)

 

 

(174

)

Taxes paid on net settled stock-based compensation awards

 

(81

)

 

 

(18

)

Proceeds from employee stock purchase plan

 

64

 

 

 

62

 

Proceeds from exercise of stock options

 

7

 

 

 

-

 

Proceeds from issuance of long-term debt

 

-

 

 

 

134

 

Repayment of long-term debt

 

-

 

 

 

(98

)

Net increase (decrease) in short-term borrowings

 

16

 

 

 

(101

)

Other

 

(1

)

 

 

(17

)

NET CASH USED IN FINANCING ACTIVITIES

 

(170

)

 

 

(212

)

Net (decrease) increase in cash before translation effect

 

(154

)

 

 

428

 

Translation effect on cash

 

(3

)

 

 

(4

)

Cash, beginning of period

 

1,757

 

 

 

844

 

Cash, end of period

$

1,600

 

 

$

1,268

 

 

 

(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, 2022 – March 31, 2022

 

Issued

 

 

In Treasury

 

 

Earnings

 

 

Loss

 

 

Interests

 

 

Total

 

Balance, January 1, 2022

 

$

12,608

 

 

$

(2,233

)

 

$

8,199

 

 

$

(3,570

)

 

$

282

 

 

$

15,286

 

Net income

 

 

 

 

 

 

 

 

 

 

510

 

 

 

 

 

 

 

10

 

 

 

520

 

Currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(106

)

 

 

 

 

 

 

(106

)

Changes in fair value of cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26

 

 

 

 

 

 

 

26

 

Pension and other postretirement benefit plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11

 

 

 

 

 

 

 

11

 

Shares sold to optionees, less shares exchanged

 

 

(6

)

 

 

12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6

 

Vesting of restricted stock, net of taxes withheld

 

 

(631

)

 

 

550

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(81

)

Shares issued under employee stock purchase plan

 

 

(104

)

 

 

168

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

64

 

Stock-based compensation expense

 

 

89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

89

 

Dividends declared ($0.125 per share)

 

 

 

 

 

 

 

 

 

 

(177

)

 

 

 

 

 

 

 

 

 

 

(177

)

Other

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Balance, March 31, 2022

 

$

11,957

 

 

$

(1,503

)

 

$

8,532

 

 

$

(3,639

)

 

$

292

 

 

$

15,639

 

 

 

 

 

 

(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, net of taxes withheld

 

 

(189

)

 

 

171

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18

)

Shares issued under employee stock purchase plan

 

 

(202

)

 

 

264

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

62

 

Stock-based compensation expense

 

 

84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

84

 

Dividends declared ($0.125 per share)

 

 

 

 

 

 

 

 

 

 

(175

)

 

 

 

 

 

 

 

 

 

 

(175

)

Balance, March 31, 2021

 

$

12,663

 

 

$

(2,598

)

 

$

7,142

 

 

$

(4,664

)

 

$

429

 

 

$

12,972

 

 

 

 

 

SHARES OF COMMON STOCK

(Unaudited)

 

 

 

 

 

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Issued

 

 

In Treasury

 

 

Outstanding

 

Balance, January 1, 2022

 

1,434

 

 

 

(31

)

 

 

1,403

 

Vesting of restricted stock

 

-

 

 

 

8

 

 

 

8

 

Shares issued under employee stock purchase plan

 

-

 

 

 

2

 

 

 

2

 

Balance, March 31, 2022

 

1,434

 

 

 

(21

)

 

 

1,413

 

 

 

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, 2022 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2022.  The December 31, 2021 balance sheet information has been derived from the Schlumberger 2021 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, 2021, filed with the Securities and Exchange Commission on January 26, 2022.

2.   Charges and Credits

On December 31, 2020, Schlumberger contributed its onshore hydraulic fracturing business in the United States and Canada, including its pressure pumping, pumpdown perforating and Permian frac sand business to Liberty Energy Inc. (“Liberty”) in exchange for an equity interest in Liberty. During the first quarter of 2022, Schlumberger sold 7.2 million of its shares of Liberty and received proceeds of $84 million.  As a result of this transaction Schlumberger recognized a gain of $26 million. This gain is classified in Interest & other income in the Consolidated Statement of Income.  As of March 31, 2022, Schlumberger had a 27% equity interest in Liberty.

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