Schlumberger Limited (NYSE:SLB) today reported first-quarter 2006
operating revenue of $4.24 billion versus $4.02 billion in the
fourth quarter of 2005 and $3.16 billion in the first quarter of
last year. On April 7, 2006, Schlumberger effected a two-for-one
split of the Company's common stock. Accordingly, all share and
earnings-per-share data contained in this press release have been
restated. Income from continuing operations, before charges and
credits, was $723 million, an increase of 13% sequentially and 85%
year-on-year. Earnings-per-share diluted, before charges and
credits, were $0.59, versus $0.52 in the previous quarter and $0.32
in the first quarter of last year. Income from continuing
operations, including charges and credits, was $0.59 per
share-diluted versus $0.54 in the previous quarter and $0.43 in the
first quarter of 2005. Net income was $723 million or $0.59 per
share-diluted, compared to $0.54 in the previous quarter and $0.43
in the first quarter of 2005. Oilfield Services revenue of $3.71
billion increased 4% sequentially and 34% year-on-year. Pretax
business segment operating income of $949 million increased 11%
sequentially and 70% year-on-year. WesternGeco revenue of $530
million increased 14% sequentially and 40% year-on-year. Pretax
business segment operating income of $158 million increased 44%
sequentially and 149% year-on-year. On April 20, 2006, Schlumberger
and Baker Hughes signed an agreement pursuant to which Schlumberger
will acquire Baker Hughes' 30% minority interest in WesternGeco for
$2.4 billion in cash. Schlumberger Chairman and CEO Andrew Gould
commented, "Activity increases and strong pricing momentum,
particularly in North America, drove first-quarter results despite
the severe curtailment of activity in Russia early in the year.
Internationally by geographical area, Saudi Arabia, North Africa
and the North Sea strengthened significantly as new projects and
additional rigs were mobilized. Demand for new technology continued
to increase with Drilling & Measurements and Well Services
Technologies showing double-digit sequential growth. WesternGeco
reported another exceptional quarter with activity reaching new
record levels driven by exploration demand as well as continued Q
technology uptake. The industry exploration cycle that has now
clearly begun is likely to be longer and more sustainable than
anything seen in recent years. Targeted reservoirs are likely to be
smaller and will be more complex, with ultimate recovery factors
being key to project economics. Our decision to purchase the
minority interest of WesternGeco reflects our confidence in the
seismic market and our belief that greater reservoir complexity
will require more accurate reservoir characterization. A closer
integration between surface seismic and other Schlumberger
measurement technologies will lead to substantial progress in
eliminating reservoir uncertainties. Our research and development
capability was expanded during the quarter with the official
opening of the Electrical Submersible Pump engineering and
manufacturing center in Tyumen, West Siberia and the inauguration
of the Schlumberger Dhahran Center for Carbonate Research in Saudi
Arabia. Both facilities reflect our commitment to add and develop
technology in local markets and in close cooperation with customers
and academia. While the exceptionally high gas storage levels
following the mild winter may lead to some temporary slowing in gas
activity in the U.S., the struggle to increase the world's margin
of spare production capacity in the face of accelerating decline
rates and growing geopolitical issues will continue to provide the
fundamentals for strong sustainable growth." Other Events: --
Schlumberger completed the 15 million-share (30 million
split-adjusted) buy-back program initiated in July 2004 for a total
amount of $1.2 billion, at an average share price of $79 ($39.50
split-adjusted). -- On April 20, 2006, the Board of Directors of
Schlumberger approved a share buy-back program of up to 40 million
shares to be acquired in the open market before April 2010, subject
to market conditions. -- On April 10, 2006, Schlumberger common
stock started trading on a post-split basis. -0- *T Consolidated
Statement of Income (Unaudited) (Stated in thousands except per
share amounts) Three Months
---------------------------------------------- For Periods Ended
March 31 2006 2005
----------------------------------------------------------------------
Operating revenue $4,239,017 $3,159,111 Interest and other
income(1) (3) 65,492 188,553 Expenses Cost of goods sold and
services(3) 2,994,794 2,405,132 Research & engineering 129,406
121,220 Marketing 13,166 10,062 General & administrative 97,224
85,422 Interest 47,844 46,562
----------------------------------------------------------------------
Income from Continuing Operations before taxes and minority
interest 1,022,075 679,266 Taxes on income(3) 256,651 137,696
----------------------------------------------------------------------
Income from Continuing Operations before minority interest 765,424
541,570 Minority interest (42,913) (17,133)
----------------------------------------------------------------------
Income from Continuing Operations 722,511 524,437 Loss from
Discontinued Operations - (1,028)
----------------------------------------------------------------------
Net Income $722,511 $523,409
----------------------------------------------------------------------
Diluted Earnings Per Share Income from Continuing Operations $0.59
$0.43 Loss from Discontinued Operations - - ----------- -----------
Net Income $0.59 $0.43 ----------- ----------- -----------
----------- Average shares outstanding 1,180,344 1,178,666 Average
shares outstanding assuming dilution 1,240,694 1,227,530
Depreciation & amortization included in expenses(2) $354,603
$328,465
----------------------------------------------------------------------
1) Includes interest income of $35 million and $19 million in the
first quarters of 2006 and 2005, respectively. 2) Including
Multiclient seismic data costs. 3) Charges and credits: (Stated in
millions except per share amounts) Diluted Income EPS Statement
Pretax Tax Net Effect Classification ------- ------- -------
------- --------------- The first quarter of 2005 includes: Gain on
sale of Interest and Montrouge facility $145.7 $- $145.7 $0.12
other income Real estate related Cost of goods charges sold and
(12.1) 0.8 (11.3) (0.01) services ------- ------- ------- -------
$133.6 $0.8 $134.4 $0.11 ------- ------- ------- ------- There were
no Charges or Credits in the first quarter of 2006. Condensed
Balance Sheet (Unaudited) (Stated in thousands) Assets Mar. 31,
2006 Dec. 31, 2005
----------------------------------------------------------------------
Current Assets Cash and short-term investments $3,233,843
$3,495,681 Other current assets 5,453,760 5,058,232
----------------------------------------------------------------------
8,687,603 8,553,913 Fixed income investments, held to maturity
401,750 359,750 Fixed assets 4,410,817 4,200,638 Multiclient
seismic data 206,609 222,106 Goodwill 2,983,147 2,922,465 Other
assets 1,851,610 1,818,620
----------------------------------------------------------------------
$18,541,536 $18,077,492
----------------------------------------------------------------------
Liabilities and Stockholders' Equity
----------------------------------------------------------------------
Current Liabilities Accounts payable and accrued liabilities
$3,301,342 $3,564,854 Estimated liability for taxes on income
1,085,610 1,028,571 Bank loans and current portion of long-term
debt 802,196 796,578 Dividend payable 148,383 124,733
----------------------------------------------------------------------
5,337,531 5,514,736 Long-term debt 3,635,156 3,591,338
Postretirement benefits 722,889 707,040 Other liabilities 165,772
167,611
----------------------------------------------------------------------
9,861,348 9,980,725 Minority interest 548,775 505,182 Stockholders'
Equity 8,131,413 7,591,585
----------------------------------------------------------------------
$18,541,536 $18,077,492
----------------------------------------------------------------------
Net Debt (Unaudited) 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 indebtedness.
Details of the net debt follow: (Stated in millions) 2006
-------------------------------------------------------- Net Debt,
January 1, 2006 $(532) Income from continuing operations 723 Excess
of equity income over dividends received (31) Depreciation and
amortization 355 US pension contribution (200) Increase in working
capital requirements (421) Capital expenditures (499) Dividends
paid (124) Proceeds from employee stock plans 164 Stock repurchase
program (254) Other 24 Translation effect on net debt (7)
------------- Net Debt, March 31, 2006 $(802) -------------
------------- (Stated in millions) Components of Net Debt Mar. 31,
2006 Dec. 31, 2005
----------------------------------------------------------------------
Cash and short-term investments $3,234 $3,496 Fixed income
investments, held to maturity 401 360 Bank loans and current
portion of long- term debt (802) (797) Long-term debt (3,635)
(3,591) ------------- ------------- $(802) $(532) -------------
------------- ------------- ------------- In addition to financial
results determined in accordance with generally accepted accounting
principles (GAAP) this First-Quarter Earnings Press Release also
includes non-GAAP financial measures (as defined under the SEC
Regulation G). The following is a reconciliation of these non-GAAP
measures to the comparable GAAP measures: ( Stated in millions
except per share amounts ) Fourth Quarter 2005
-------------------------------- Pretax Tax Min Int Net
-------------------------------- Income from Continuing Operations
per Consolidated Statement of Income $901.5 $207.1 $(33.8) $660.6
Add back Charges & Credits: - Gain on sale of Hanover
Compressor stock (20.9) - - (20.9) --------------------------------
Income from Continuing Operations before charges & credits
$880.6 $207.1 $(33.8) $639.7 --------------------------------
-------------------------------- Before charges Continuing
operations GAAP & credits ---------------------
-------------------------------- Effective tax rate 23.0% 23.5%
Diluted Earnings per Share $0.54 $0.52 First Quarter 2005
-------------------------------- Pretax Tax Min Int Net
-------------------------------- Income from Continuing Operations
per Consolidated Statement of Income $679.3 $137.7 $(17.1) $524.5
Add back Charges & Credits: - Gain on sale of Montrouge
facility (145.7) - - (145.7) - Real estate related charges 12.1 0.8
- 11.3 -------------------------------- Income from Continuing
Operations before charges & credits $545.7 $138.5 $(17.1)
$390.1 --------------------------------
-------------------------------- Before charges Continuing
operations GAAP & credits ---------------------
-------------------------------- Effective tax rate 20.3% 25.4%
Diluted Earnings per Share $0.43 $0.32 Business Review (Unaudited)
(Stated in millions) First Quarter ----------------------------
2006 2005 % chg ---------------------------- Oilfield Services
----------------- Operating Revenue $3,711 $2,779 34% Pretax
Operating Income $949 $559 70% WesternGeco ----------- Operating
Revenue $530 $378 40% Pretax Operating Income $158 $64 149% Pretax
operating income represents the business segments' income before
taxes and minority interest. The pretax operating income excludes
corporate expenses, interest income, interest expense, amortization
of certain intangible assets, interest on post-retirement benefits,
stock-based compensation costs and the charges and credits
described on page 4, as these items are not allocated to the
segments. *T Oilfield Services First-quarter revenue of $3.71
billion was 4% higher sequentially and 34% year-on-year. The
sequential revenue increase was driven primarily by North America,
led by Drilling & Measurements, Well Services and Wireline
Technologies, each of which recorded strong double-digit increases.
Pretax operating income of $949 million increased 11% sequentially
and 70% year-on-year driven by pricing and operating efficiency
improvements that resulted in sequential growth of 170 bps in
pretax operating margins to reach 25.6%. During the quarter,
Schlumberger opened two new centers to expand capacity in research,
development and manufacturing. In Tyumen, West Siberia, a
purpose-built Electrical Submersible Pump engineering and
manufacturing facility was opened in February to develop and
assemble pumps for the Russian market, while in March the
Schlumberger Dhahran Center for Carbonate Research (SDCR) was
inaugurated in Saudi Arabia. SDCR is a new state-of-the-art
facility to enable international scientists working on oil and gas
exploration and production research projects to be closer to many
of the world's major producing areas in order to facilitate focused
technological solutions that address the challenges facing the
industry. Activities will emphasize the carbonate reservoirs of the
Middle East but are expected to have worldwide application. North
America Revenue of $1.23 billion increased 18% sequentially and 41%
year-on-year. Pretax operating income of $375 million increased 35%
sequentially and 85% year-on-year. Robust revenue growth in the
Area was driven primarily by stronger rig count levels in the
Canada and US Land GeoMarkets, coupled with continuing price
increases, accelerated adoption of new technologies and improved
operating efficiency. Sequential pretax operating income growth was
led by Canada with increased margins achieved on winter projects in
the West. US Land continued to increase as a result of strong
pricing gains led by Wireline, Drilling & Measurements and Well
Services activities, and greater efficiency levels due to increased
deployment of 24-hour operations on certain stimulation projects.
North America pretax operating margins surpassed 30%. The
increasing acceptance of value for new technology in the US Land
GeoMarket was reflected in strong demand for Well Services
FiberFRAC(a), CemNET(a) and new extensions of the ClearFRAC(a)
family of technologies. This was evidenced by the usage of
FiberFRAC having already achieved nearly 80% of 2005 full-year
revenue levels by the end of the quarter. Several key technologies
were used across the Area in the quarter. On the Gulf of Mexico
shelf, EcoScope(a) new-generation MWD/LWD technology was run in
combination with a PowerDrive 675(a) rotary-steerable system for
Bois D'Arc, saving $850,000 in rig time. All drilling targets were
met and real-time LWD data were successfully acquired at rates of
penetration up to 450 ft/hr. In Canada, the first espWatcher(a)
data acquisition system for monitoring and surveillance of
Electrical Submersible Pumps was successfully installed for EnCana
in their Pelican Lake field. In Alaska, BP awarded Schlumberger an
exclusive contract for an OSC(a) Operations Support Center
dedicated to the coordination of real-time monitoring and drilling
optimization activities on all of the client's Alaska rigs. Latin
America Revenue of $594 million declined 4% sequentially but grew
27% year-on-year. Pretax operating income of $96 million increased
6% sequentially and 49% year-on-year. Rising rig count coupled with
pricing increases and ramp up of offshore activity drove sequential
revenue growth in the Venezuela/Trinidad/Tobago GeoMarket. The
slight sequential decline in revenue in the Area was principally
attributable to lower levels of third-party managed services on
integrated projects in Mexico. During the quarter, the Area
experienced a more favorable activity mix, pricing gains and
increased demand for Well Testing services and Drilling &
Measurements Scope(a) technologies -- all of which contributed to
the sequential gains in pretax operating income that resulted in
growth of 160 bps in pretax operating margins. Discussions
regarding the settlement of certain outstanding receivables for the
PRISA contract were ongoing at the end of the quarter. In Brazil, a
525-m long horizontal well section was steered in real time using
InterACT(a) real-time monitoring and data delivery. Borehole images
recorded by Drilling & Measurements geoVision(a) resistivity
technology were transmitted to the Schlumberger OSC Operations
Support Center in Rio de Janeiro and to the Shell real-time
operations center in Houston. Close collaboration and good
communication between rig-site and land-based personnel enabled the
well to be successfully positioned in the best-producing section of
the reservoir. Elsewhere in Brazil, Petrobras used Drilling &
Measurements new-generation Scope technology to optimize well
placement on a Marlim Leste well. StethoScope(a)
pressure-while-drilling and PeriScope(a) directional
deep-imaging-while-drilling services successfully positioned this
well to achieve productive reservoir contact of 93%.
Europe/CIS/Africa Revenue of $1.0 billion declined 1% sequentially
but increased 33% year-on-year. Pretax operating income of $210
million declined 7% sequentially but increased 70% year-on-year.
Sequential revenue performance was impacted by extreme winter
weather conditions across Russia and the Caspian, negatively
affecting activity for a three-week period. Activity resumed normal
levels by the end of the quarter. The effect of the slowdown was
partially offset by increased activity in the North Sea GeoMarket
due to operating efficiencies, favorable seasonal weather
conditions and accelerating demand for Wireline and Drilling &
Measurements new technologies. Double-digit growth was also
recorded in the North Africa, Continental Europe and Nigeria
GeoMarkets. The robust gains achieved in the North Sea GeoMarket
were not sufficient to offset the decline in sequential pretax
operating income, due primarily to the weather-induced lower
activity levels in Russia and the Caspian. Year-on-year pretax
operating income increases resulted from strong pricing and higher
utilization levels, coupled with growing Wireline, Drilling &
Measurements and Well Testing margins. In Norway, Statoil awarded
Schlumberger a wireline logging services contract including
open-hole logging, production logging, mechanical coring, formation
testing and perforating for a period of three years, with two
option periods of two years on all their Norwegian fields. The
contract is worth approximately $31 million annually. In Algeria,
Sonatrach awarded a multi-year, $85 million contract to
Schlumberger Information Solutions (SIS) for new technology to
complement their existing SIS services. The new technologies
include reservoir modeling, reservoir simulation, drilling and
information management applications. Sonatrach also awarded
Schlumberger Data & Consulting Services a number of reservoir
characterization and modeling projects under the same contract.
Middle East & Asia Revenue of $863 million was flat
sequentially but 29% higher year-on-year. Pretax operating income
of $271 million increased 2% sequentially and 55% year-on-year.
Higher activity, together with acceptance of new Schlumberger
technologies such as the Drilling & Measurements Scope family
of drilling services in Saudi Arabia, resulted in double-digit
growth in sequential revenue for the Arabian GeoMarket. This
GeoMarket is the fastest growing in Schlumberger worldwide. These
results, combined with sustained demand for Well Services
technologies in the India GeoMarket and Wireline and Well Testing
technologies in the Thailand/Vietnam GeoMarket, were offset by
seasonal project transitions in the Area -- all of which were
completed by the end of the quarter -- and by declines in Well
Testing activity, resulting in flat sequential revenues for the
quarter. Area pretax operating margins showed continued improvement
in the quarter -- growing 60 bps sequentially -- primarily due to
increased activity in Drilling & Measurements, Wireline and
Well Services Technologies. On the final phase of the BP
extended-reach drilling campaign in Sharjah, U.A.E., Schlumberger
drilled the world's longest lateral well using under-balanced
coiled-tubing drilling. The record well reached 5,524 ft. In Egypt,
Shell awarded Schlumberger an integrated drilling services contract
valued at up to $15 million. New technologies available under the
contract include Scope MWD/LWD services and Scanner Family(a)
wireline services. Data & Consulting Services will provide
geomechanics support for mechanical earth modeling and
pore-pressure prediction. PetroChina awarded Data & Consulting
Services a contract for the study of the Jilin volcanic formations
in Northeast China and Tazhong carbonate formations in Western
China. Highlights: -- In the UK North Sea, BG Group deployed the
new Quicksilver Probe(a) on the MDT(a) Modular Formation Dynamics
Tester fluid-sampling tool in an HPHT (high pressure, high
temperature) exploration well -- successfully acquiring clean oil
samples in reduced acquisition times. This success was essential
for the client's future exploration and development plans. --
Working for Tullow Oil in the Southern North Sea, Data &
Consulting Services delivered a comprehensive production
optimization plan for the client's Schooner and Ketch gas wells.
Coiled-tubing, slickline and wireline operations were deployed from
the deck of a purpose-built platform while the jack-up rig
simultaneously drilled a new well on the same location. A
specialized skidding and jacking system, along with a new work
deck, was mounted to the side of the rig allowing safe and
efficient intervention services to be conducted beneath the rig
cantilever without interfering with drilling operations. This
innovative work plan enabled the client to conduct simultaneous
drilling operations on new wells while performing intervention work
on the producing wells--affording more options to improve
productivity from this brownfield site. -- During the quarter, SIS
released Avocet(a) Integrated Asset Modeler and delivered the first
commercial copy to El Paso Corporation. This end-to-end software
solution integrates the reservoir model with wells, surface
infrastructure and process facilities into a single
production-management environment. -- Rosneft awarded SIS a
contract to implement Petrel(a) seismic-to-simulation software,
ECLIPSE(a) reservoir simulation software, PIPESIM(a) production
system analysis software, and Merak Peep(a) economic evaluation and
decline analysis software across its many affiliates in Russia. --
The Houston Exploration Company awarded Schlumberger all of their
fracturing services for their 2006 East Texas drilling program --
totaling approximately 40 wells -- and all of their open-hole
wireline, cementing and fracturing services for their South Texas
program -- an estimated 80 wells. PowerSTIM(a) services have also
been included in the agreement for South Texas. The contract is
valued at $45 million. -- Working for a major operator in Western
Kazakhstan, Schlumberger used VDA(a) Viscoelastic Diverting Acid
technology to confirm the economic and incremental production
effectiveness of key stimulation treatments in the client's massive
carbonate reservoir. VDA stimulation treatments were carried out
for three months in extreme temperatures as low as minus 35 degrees
Celsius. All wells responded positively to the treatment, showing
indications of increased productivity. Following this strong
performance the client has begun planning a multi-year campaign for
stimulation services. WesternGeco First-quarter revenue of $530
million was 14% higher sequentially and 40% higher compared to the
same period last year. Pretax operating income of $158 million
improved 44% sequentially and $95 million year-on-year.
Sequentially, Marine revenue increased to record levels with vessel
utilization improving to 97% for the quarter, while pricing
improved 58% versus the same period last year. This increased level
of activity is attributable to continued strength in exploration
seismic activity. Reflecting our confidence in the exploration
market, a seventh Q(a) vessel will be commissioned in the second
quarter of 2007. Land acquisition revenue increased sequentially
due to new crews being added in Russia and Chile, as well as higher
Q-Land(a) activity in Kuwait. Data Processing sequential revenue
declined slightly and Multiclient remained at levels similar to the
previous quarter. Marine led year-on-year revenue growth with
higher Q-vessel utilization augmented by improved pricing and
contractual terms. Growth in Land, Multiclient and Data Processing
revenues also contributed to the increase. Sequential improvement
in pretax operating income was mainly in Marine due to higher
utilization and improved pricing. Land acquisition also improved
due to the higher active crew count. Overall pretax operating
margins reached a record level of 29.9%. Q-vessel utilization
improved from 92% in the previous year to 100% in the current year.
Overall Q revenue was 91% higher than the same quarter of last
year. Revenue backlog is at an all-time high of $887 million
reflecting strong and sustained Marine, Land, Multiclient and Data
Processing market positions. Highlights: -- WesternGeco commenced
the acquisition of a new multiphase Q-Marine(a) Multiclient survey
in the Walker Ridge area of the Gulf of Mexico. The Q-Technology(a)
application and Kirchhoff/Wavefield Extrapolation Migration
processing will deliver an improved high-resolution data set to
address the sub-salt imaging challenges. The project is
significantly pre-funded. -- In Mumbai, India, WesternGeco opened a
new data processing and reservoir services center. The new center,
staffed with more than 40 geologists and geophysicists, is the
second most powerful computing facility for WesternGeco worldwide.
The center is equipped to provide customers with a full suite of
advanced data processing services, including depth imaging and
reservoir seismic services such as reservoir characterization and
4D (time-lapse) processing and analysis. -- Abu Dhabi Marine
Operating Company awarded WesternGeco a Q-Seabed(a) seismic-survey
contract covering approximately 700 sq km offshore Abu Dhabi. The
survey commenced in December 2005 and will take approximately nine
months to complete. -- The M/V Gilavar, under bare-boat charter
from Caspian Geophysical, was upgraded to full 3D acquisition and
data processing capabilities during the quarter. The vessel is now
equipped with six 6,000-m Syntrak Solid Streamer cables and
WesternGeco proprietary Monowing(a) multistreamer towing
technology. Acquisition of the first 3D survey commenced in January
2006 offshore West Africa. The vessel is contracted for multiple
programs through November 2006. About Schlumberger Schlumberger is
the world's leading oilfield services company supplying technology,
project management, and information solutions that optimize
performance for customers working in the oil and gas industry. The
company employs more than 60,000 people of over 140 nationalities
working in more than 80 countries, and comprises two business
segments. Schlumberger supplies a wide range of products and
services from formation evaluation through directional drilling,
well cementing and stimulation, well completions and productivity
to consulting, software, information management, and IT
infrastructure services that support core industry operational
processes. WesternGeco, jointly owned with Baker Hughes, is the
world's largest seismic company and provides advanced acquisition
and data processing services. In 2005, Schlumberger operating
revenue was $14.31 billion. For more information, visit
www.SLB.com. (a) Mark of Schlumberger Notes: Schlumberger will hold
a conference call to discuss the above announcement on Friday,
April 21, 2006, at 9:00am New York City time (2:00pm London
time/3:00pm Paris time). To access the call, which is open to the
public, please contact the conference call operator at
+1-888-428-4474 (toll free) for North America, or +1-612-332-0632
outside of North America, approximately 10 minutes prior to the
scheduled start time. Ask for the "Schlumberger Earnings Conference
Call." A replay will be available through May 5, 2006, by dialing
+1-800-475-6701 in North America, or +1-320-365-3844 outside North
America, and providing the access code 822755. The conference call
will be webcast simultaneously at www.SLB.com/irwebcast on a
listen-only basis. Please log in 15 minutes ahead of time to test
your browser and register for the call. A replay of the webcast
will also be available through May 5, 2006 at the above web site.
Supplemental information in the form of a question and answer
document on this press release and financial schedules are
available at www.SLB.com/ir.
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