Schlumberger Limited (NYSE:SLB) today reported first-quarter
revenue of $6.29 billion versus $6.25 billion in the fourth quarter
of 2007, and $5.46 billion in the first quarter of 2007. Income
from continuing operations before charges and credits was $1.30
billion�a decrease of 5% sequentially, but an increase of 10%
year-on-year. Diluted earnings-per-share from continuing operations
was $1.06, versus $1.11 before charges and credits in the previous
quarter, and $0.96 in the first quarter of 2007. Net income,
including discontinued operations, was $1.34 billion or $1.09 per
share-diluted, compared to $1.12 in the previous quarter, and $0.96
in the first quarter of 2007. Oilfield Services revenue of $5.60
billion increased 3% sequentially and 18% year-on-year. Pretax
segment operating income of $1.50 billion decreased 2% sequentially
but increased 7% year-on-year. WesternGeco revenue of $676 million
decreased 15% compared to the prior quarter and 4% year-on-year.
Pretax segment operating income of $196 million decreased 28%
sequentially and 26% year-on-year. Schlumberger Chairman and CEO
Andrew Gould commented, �Seasonal factors and weather-related
events, as well as lower product and software sales following the
exceptional levels in the fourth quarter, had a general dampening
effect on sequential revenue gains with a consequent effect on
margins. �Integrated Project Management activity in Mexico
continued its rapid new-project ramp up with an additional seven
drilling rigs being deployed in the quarter, which resulted in
heavy initial start-up costs being incurred. �At WesternGeco,
results fell sequentially as Multiclient revenues declined steeply
from the record levels of the fourth quarter of 2007. The Gulf of
Mexico lease sale late in the first quarter, coupled with the
increased cost of wide-azimuthal data sets that are fast becoming
the norm for new Multiclient purchases, delayed new sales activity
until customers absorb the results of the March leasing round. We
expect the uneven pattern in Multiclient activity to likely persist
throughout the year. �In the absence of a severe global recession
leading to a steep drop in demand, the thin cushion of excess oil
supply and the failure to stem decline rates in many countries,
coupled with the higher-than-expected drawdown of US natural gas
storage, are all factors that lead us to conclude that growth will
strengthen as the year progresses. �We remain convinced that
current investment levels are insufficient to both stem decline and
to explore and develop new reserves and, as a result, we anticipate
that the current cycle of exploration and production spending will
remain stronger for a longer period than we originally
anticipated.� Other Events As part of the previously announced
40-million share repurchase program approved by the Board of
Directors in the second quarter of 2006, Schlumberger repurchased
7.0�million shares of common stock at an average price of $81.16
for a total of $564�million in the quarter. As of March 31, 2008,
Schlumberger had repurchased 36.9 million shares of common stock at
an average price of $74.15 for a total of $2.73 billion and had
remaining authorization to repurchase 3.1�million shares of common
stock. On April 17, 2008, the Schlumberger Board of Directors
approved a new share repurchase program of $8 billion in shares of
common stock to be acquired before December 2011. Consolidated
Statement of Income � � � (Stated in thousands except per share
amounts) � Three Months For Periods Ended March 31 � 2008 � 2007 �
Revenue $ 6,289,873 $ 5,464,405 Interest and other income (1)
102,230 83,623 Expenses Cost of goods sold and services 4,358,295
3,622,344 Research & engineering 191,031 167,098 Marketing
22,968 16,683 General & administrative 138,332 119,250 �
Interest � � 66,041 � � � 68,147 � Income from Continuing
Operations before taxes and minority interest 1,615,436 1,554,506
Taxes on income � � 308,587 � � � 373,679 Income from Continuing
Operations before minority interest 1,306,849 1,180,827 Minority
interest � � (6,395 ) � � - Income from Continuing Operations
1,300,454 1,180,827 Income from Discontinued Operations � � 37,850
� � � - � Net Income � $ 1,338,304 � � $ 1,180,827 � Diluted
Earnings Per Share Income from Continuing Operations $ 1.06 $ 0.96
Income from Discontinued Operations � 0.03 � � - Net Income $ 1.09
� $ 0.96 � Average shares outstanding 1,195,995 1,178,453 Average
shares outstanding assuming dilution 1,233,244 1,236,491 �
Depreciation & amortization included in expenses (2) � $
516,689 � � $ 440,977 1) � Includes interest income of: � First
Quarter 2008 - $38 million (2007 - $35 million) 2) Including
Multiclient seismic data costs. Condensed Balance Sheet � � (Stated
in thousands) � Assets Mar. 31, 2008 � Dec. 31, 2007 Current Assets
Cash and short-term investments $ 3,153,439 $ 3,169,033 � Other
current assets � 8,492,521 � � 7,886,350 11,645,960 11,055,383
Fixed income investments, held to maturity 423,688 440,127 Fixed
assets 8,350,827 8,007,991 Multiclient seismic data 220,267 182,282
Goodwill 5,172,562 5,142,083 Other assets � 3,141,065 � � 3,025,506
� � � $ 28,954,369 � $ 27,853,372 � � Liabilities and Stockholders'
Equity � � � Current Liabilities Accounts payable and accrued
liabilities $ 4,474,466 $ 4,550,728 Estimated liability for taxes
on income 1,002,843 1,071,889 Bank loans and current portion of
long-term debt 1,272,870 1,318,227 Convertible debentures 306,579
353,408 � Dividend payable � 252,525 � � 210,599 7,309,283
7,504,851 Convertible debentures 415,770 415,897 Other long-term
debt 3,737,656 3,378,569 Postretirement benefits 830,882 840,311
Other liabilities � 827,675 � � 775,975 13,121,266 12,915,603
Minority interest 50,455 61,881 Stockholders' Equity � 15,782,648 �
� 14,875,888 � � � $ 28,954,369 � $ 27,853,372 Net Debt �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 by reflecting cash and investments that
could be used to repay debt. Details of Net Debt follow: � (Stated
in millions) � � Three Months � 2008 Net Debt, January 1, 2008 $
(1,857 ) Net income 1,338 Depreciation and amortization 517 Excess
of equity income over dividends received (57 ) Increase in working
capital requirements (611 ) Capital expenditure (1) (832 )
Dividends paid (209 ) Proceeds from employee stock plans 79 Stock
repurchase program (564 ) Conversion of debentures 47 Other 18
Translation effect on net debt � (25 ) � Net Debt, March 31, 2008 $
(2,156 ) � � Components of Net Debt Mar. 31, 2008 � Dec. 31, 2007
Cash and short-term investments $ 3,153 $ 3,169 Fixed income
investments, held to maturity 424 440 Bank loans and current
portion of long-term debt (1,273 ) (1,318 ) Convertible debentures
(722 ) (769 ) Other long-term debt � (3,738 ) � (3,379 ) � $ (2,156
) $ (1,857 ) � (1) � Including Multiclient seismic data
expenditure. Charges & Credits In addition to financial results
determined in accordance with generally accepted accounting
principles (GAAP) this First-Quarter 2008 Earnings Press Release
also includes non-GAAP financial measures (as defined under 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 2007 Pretax Tax
MinInt Net Diluted EPS Income Statement Classification Income from
continuing operations $ 1,740.4 $ 357.2 $ - $ 1,383.2 $ 1.12 Add
back Charges & Credits: - Gain on sale of workover rigs � (24.5
) � (7.1 ) � - � (17.4 ) � (0.01 ) Interest and other income Income
from continuing operations before charges & credits $ 1,715.9 �
$ 350.1 � $ - $ 1,365.8 � $ 1.11 � There were no charges &
credits in the first quarters of 2008 and 2007. Business Review � �
� (Stated in millions) First Quarter 2008 � 2007 � % chg Oilfield
Services Revenue $ 5,605 $ 4,759 18 % Pretax Operating Income $
1,502 $ 1,405 7 % � WesternGeco Revenue $ 676 $ 706 (4 )% Pretax
Operating Income $ 196 $ 266 (26 )% Pretax operating income
represents the 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 postretirement medical benefits and stock-based
compensation costs, as these items are not allocated to the
segments. Oilfield Services First-quarter revenue of $5.60 billion
was 3% higher sequentially and 18% higher year-on-year. Sequential
revenue increases were highest in the Canada, US Gulf Coast, South
Russia, Australia/Papua New Guinea, West & South Africa and
Alaska GeoMarkets*. In addition, double-digit growth rates were
recorded by the North Russia, Thailand/Vietnam, Continental Europe
and Caspian GeoMarkets. Among the Technologies, demand was
strongest for Wireline, Drilling & Measurements, Well Services
and Well Testing services. Sequential revenue also grew through
inclusion of FRAMO revenue in the Europe/CIS/Africa Area following
the acquisition, in the prior quarter, of a majority stake in the
company. However, overall sequential growth was moderated by
operational delays in the North Sea, project transitions and delays
on Integrated Project Management (IPM) activities in Latin America,
and seasonal weather-related reductions in the China/Japan/Korea
GeoMarket. Lower sales of Schlumberger Information Solutions (SIS),
Completions and Artificial Lift Systems products were also recorded
following the seasonal highs of the prior quarter. First-quarter
pretax operating income of $1.50 billion decreased 2% sequentially
but increased 7% year-on-year. Sequential growth was recorded
through demand for high-margin Wireline and Drilling &
Measurements services in the US Gulf Coast; strong demand for
Wireline and Well Services technologies in Canada; and higher
activity levels with a more favorable technology mix in East
Mediterranean, Australia/Papua New Guinea and Thailand/Vietnam.
However, this growth was more than offset by the impact of the
seasonal land access restrictions in US West; a less favorable
activity mix in the North Sea; project delays in
Peru/Colombia/Ecuador; higher IPM project startup and third-party
managed costs in Mexico/Central America; the weather-related
slowdown in China/Japan/Korea; and an overall reduction in
Completions and Artificial Lift Systems product sales together with
reduced high-margin SIS sales across all Areas. These events
resulted in an overall pretax operating margin of 26.8%. During the
quarter, Schlumberger formally opened the new Siberian Training
Center in Tyumen, West Siberia. The facility includes classrooms,
workshops, fully equipped laboratories and test wells to provide
Schlumberger geoscientists, field engineers, field technicians and
maintenance engineers from the Russian Federation and
Russian-language countries with technology skills in artificial
lift, directional drilling, well cementing and stimulation, data
services and information solutions as well as in integrated project
management. The training capacity is expected to double over the
next year to reach 350 students. North America Revenue of $1.42
billion increased 6% sequentially and 3% year-on-year. Pretax
operating income of $363 million increased 7% sequentially but
decreased 16% year-on-year. Sequentially, the US Gulf Coast
GeoMarket continued to grow following the return of deep-water rigs
together with stronger demand for Wireline and Drilling &
Measurements exploration services. Growth was also registered in
Canada, resulting from a robust winter drilling season with high
demand for Wireline and Well Services technologies, as well as in
Alaska due to strong demand for exploration-related services. This
performance was partially offset by the seasonal land access
restrictions in US West, the impact of weather on operations in US
North, and lower Completions and SIS product sales across the Area.
Pretax operating margin for the Area increased sequentially to
25.6% due to a more favorable exploration-driven activity mix and
higher operating leverage in the US Gulf Coast, Canada and Alaska
GeoMarkets. This was partially offset by a lower pricing
environment for well-stimulation-related activities in US Central,
lower efficiency in US West, and reduced Area-wide high-margin SIS
product sales. Schlumberger deployed a number of advanced Drilling
& Measurements technologies on the Bob North #3 well for
Chevron in the US Gulf of Mexico. On this deep-water, sub-salt
exploration well, StethoScope* and sonicVISION* services were used
to optimize mud weight within narrow margins while PowerDrive X5*
technology improved drilling rates and maintained an in-gauge
wellbore through the salt and rubble zones. In addition, the
PowerDrive Xceed* system was used to successfully perform a deep
sidetrack operation in a matter of hours rather than days.�Despite
being the second most complex well this customer had ever
attempted, it was completed in 143 days versus a planned 191. As a
result of previous success, Goodrich Petroleum selected Well
Services PerfFRAC*� technology�a member of the Contact* family of
staged fracturing and completion services�to improve fracturing
efficiency in 23 wells in its field in Cotton Valley in East
Texas.�The campaign increased estimated ultimate recovery by 10%,
reduced completion costs by 25%,�and decreased completion time and
gas-to-market time by 92 days for the 23 wells. In Western Canada,
BP used real-time ACTive* Matrix service�a member of the ACTive
family of coiled-tubing services�to stimulate a two-branch
multilateral open-hole completion in a naturally fractured dolomite
formation. Using ACTive real-time bottomhole pressure and
temperature measurements increased the accuracy of the stimulation
treatments. A subsequent distributed temperature survey (DTS)
confirmed that the treatment successfully diverted the acid and
stimulated the targeted zones. In the Canadian Arctic, Schlumberger
worked with the Japan Oil, Gas and Metals National Corporation,
Natural Resources Canada, and the Aurora Research Institute to
conduct the world�s first de-pressurization test of gas hydrates in
the Mackenzie Delta. The project used services and technologies
from Schlumberger IPM and Artificial Lift, in addition to Well
Testing Vx* multiphase meters, Completions MeshRite* sand screens,
and Well Services ARCTICSET* cementing blends. Reservoir parameters
were monitored in real time by the Schlumberger technology center
in Fuchinobe, Japan. In a tight gas sand formation in South Texas
for Kaler Energy Corporation, Schlumberger Data & Consulting
Services (DCS) identified and predicted economic production from
sands thought to be water-producing that were going to be bypassed.
The sands were perforated and resulted in an initial gas production
rate of 3 MMcf/d. In Canada, an operator used FUTUR* active
set-cement technology to cement two wells in an active geological
area of the Central Alberta Foothills where maintaining cement
integrity has been problematic. More than a year after deployment,
the wells have developed no casing-head pressure or surface casing
venting. Latin America Revenue of $922 million decreased 2%
sequentially but increased 27% year-on-year. Pretax operating
income of $185 million decreased 11% sequentially but increased 14%
year-on-year. Sequential revenue growth was recorded in the
Venezuela/Trinidad & Tobago GeoMarket due to higher demand for
Drilling & Measurements, Wireline and Well Services
technologies together with increased SIS product sales. However,
this growth was more than offset by project transitions and delays
in Peru/Colombia/Ecuador and Mexico/Central America, and lower
Artificial Lift Systems and SIS product sales in Brazil. Pretax
operating margin declined sequentially to 20.1% primarily due to
higher IPM project startup and third-party managed costs in the
Mexico/Central America GeoMarket. An unfavorable activity mix in
both Peru/Colombia/Ecuador and Brazil together with reduced
high-margin SIS and Artificial Lift Systems product sales also
contributed to this result. In Brazil, Petrobras awarded
Schlumberger a multi-year contract to deploy a full range of
exploration and development testing services, including�exploration
testing and production clean-up, as well as PVT sampling and
analysis. With this award, further opportunities exist for
Schlumberger Testing Services to introduce additional key
technologies. In Colombia, Schlumberger Drilling & Measurements
PowerDrive X5* rotary steerable services and PeriScope* bed
boundary mapping technology have been used for Mansarovar in the
Girasol 1 horizontal well to keep the horizontal section entirely
within the reservoir. As part of the same project, work has started
on the Girasol 2 multilateral well in which four legs will be
drilled with the same technologies�PowerDrive X5 and PeriScope.
Real-time operations support center processes and personnel have
been key to this project. Also in Colombia, BP achieved substantial
drilling efficiencies using PowerDrive X5 technology on a 14 �-in
hole section running to 4,661 ft for 303 hours�221 hours of which
were on-bottom drilling. Elsewhere in Colombia, Ecopetrol awarded
Schlumberger a contract to create the Prospects Generation Center.
This facility, a key component of Ecopetrol exploration
initiatives, will combine the interpretation and engineering
expertise of Schlumberger DCS with the advanced technologies of
SIS. DCS geoscientists will work in groups to identify exploration
prospects. Europe/CIS/Africa Revenue of $1.9 billion increased 7%
sequentially and 24% year-on-year. Pretax operating income of $500
million increased 1% sequentially and 16% year-on-year. Sequential
revenue growth was driven by higher Artificial Lift Systems product
sales and increased market penetration for Well Services
technologies in South Russia; strong demand for Well Services
technologies in Continental Europe; higher demand for Drilling
& Measurements technologies in West & South Africa and the
Caspian; higher IPM and Drilling & Measurements activities in
North Russia; and by the consolidation of FRAMO revenue. This was
partially offset by operational delays in the North Sea GeoMarket,
the seasonal impact of winter weather in East Russia, and lower SIS
product sales across the Area. Pretax operating margin declined
sequentially to 26.3% due to an unfavorable activity mix in the
North Sea, lower-margin Artificial Lift Systems product sales in
South Russia, reduced high-margin Area-wide SIS product sales, and
the effect of consolidation of FRAMO revenue in the Area. Offshore
Ivory Coast, Schlumberger Testing Services successfully introduced
PURE* perforating systems for clean perforations technology for
independent operator Foxtrot International. The first job was
designed to provide dynamic underbalanced conditions and data
confirmed the well-bore pressure to have remained below formation
pressure during perforation. The well subsequently flowed without
stimulation at a rate that exceeded customer expectations. Based on
this success, Foxtrot International intends to further deploy the
technique. In Algeria, First Calgary Petroleum (FCP) used the
Schlumberger SensaLine* fiber-optic slickline monitoring system to
assist in detecting a leak in a bridge plug set to isolate a
productive lower zone while running production tests on the upper
zone. Real-time THERMA* temperature analysis software enabled FCP
to detect a leak originating from the bridge plug and subsequently
evaluate the flow contribution from the lower zone. Schlumberger
Testing Services also completed a fourth SensaLine distributed
temperature survey (DTS) for ConocoPhillips in Algeria. In Angola,
Schlumberger Drilling & Measurements Scope*
logging-while-drilling and PowerDrive rotary steerable technologies
were deployed on the Gimboa field for Sonangol P&P. The success
of the technologies in drilling the Gimboa horizontal well led to
their use on a subsequent lateral drainhole that represents the
longest-ever horizontal well drilled in Angola. Operations were
monitored remotely from a Schlumberger OSC* Operations Support
Center installed in the customer�s office. The lateral drainhole
was positioned using Scope technology resulting in a net pay
greater than 70%. In the Congo, Soci�t� Nationale des P�troles du
Congo (SNPC) selected SIS software for their Kundji Bindi Asset
Team interpretation platform.�The team will use Petrel*
seismic-to-simulation, IP (Interactive Petrophysics), OFM* well and
reservoir analysis and PIPESIM* production analysis software to
develop a plan for redevelopment of the Kundji and Bindi reservoirs
that represents a strategic milestone for SNPC. In Italy, STOGIT,
the ENI subsidiary responsible for natural gas storage, has
implemented Well Services FUTUR* active set-cement technology as
part of a three-year, 50-well campaign to develop gas storage
wells.�This unique self-healing cement system was deployed in order
to prevent the leakage of stored gas that could be detrimental to
the environment and require expensive well repair or
abandonment.�Since using FUTUR technology as part of their standard
cementing operations, STOGIT has not experienced any problems with
leaking wells or loss of zonal isolation. Middle East & Asia
Revenue of $1.32 billion decreased 2% sequentially but increased
22% year-on-year. Pretax operating income of $460 million decreased
2% sequentially but increased 24% year-on-year. Sequentially, the
Australia/Papua New Guinea GeoMarket grew with exploration-driven
demand for Wireline and Well Testing services. Sequential growth
was also registered in the Gulf, East Mediterranean and
Thailand/Vietnam GeoMarkets with strong demand for Wireline, Well
Testing and Well Services technologies. However, this performance
was more than offset by the impact of winter weather in the
China/Japan/Korea GeoMarket together with lower Completions and
Artificial Lift Systems product sales across the Area. The pretax
operating margin of 34.9% was essentially flat compared to the
prior quarter with a more favorable activity mix in the
Australia/Papua New Guinea, East Mediterranean, Gulf and
Thailand/Vietnam GeoMarkets being offset by the slowdown in
China/Japan/Korea together with a lower-margin activity mix for
Drilling & Measurements services in the Area. In Qatar,
Qatargas awarded a two-year contract to Schlumberger Testing
Services to provide high-rate clean-up and testing for the
development of 33 natural gas wells in the North Field. The wells
belong to two separate joint ventures, Qatargas 3, with
shareholders Qatar Petroleum, ConocoPhillips and Mitsui, and
Qatargas 4, whose shareholders are Qatar Petroleum and Royal Dutch
Shell. In order to capture synergies, the assets of both projects
are being developed jointly by a single team. Among the factors
taken into account in awarding the contract were the availability
of new multiphase flow metering Vx technology in gas mode, and
demonstrated Schlumberger service quality and HSE performance. This
contract complements a previously awarded fluid sampling and
analysis contract for the two Qatargas projects, supported by the
Qatar Fluid Analysis Center�a Schlumberger PVT laboratory. Maersk
Oil Qatar awarded Schlumberger Drilling & Measurements a
two-year contract for directional drilling,
measurements-while-drilling and logging-while-drilling services for
80 extended-reach wells offshore Qatar. The contract covers
services on 6 rigs and was based on proven technological success in
2007 when Drilling & Measurements passed the million-foot
milestone on the Al Shaheen project where horizontal sections range
from 18,000 ft to 25,000 ft. In Kuwait, SIS was awarded a
multi-year information management technologies and services
contract by the Kuwait Oil Company for the provision of Corporate
Data Management services, real-time production data E&P
management software, and other information management projects
including capabilities mapping and knowledge transfer services. In
the South China Sea, an operator selected ACTive* Perf service�a
member of the ACTive family of coiled-tubing services�to perforate
and complete underbalanced wells to minimize formation damage. The
deployment of ACTive Perf technology led to earlier and
higher-than-expected production of sand-free gas. In India, the
Schlumberger Wireline PressureXpress* reservoir pressure
measurement service saved significant rig time for Reliance
Industries deep-water operations over a five-month
period�representing substantial cost savings in this expensive
deep-water environment. WesternGeco First-quarter revenue of $676
million decreased 15% over the prior quarter and 4% compared to the
same period last year. Pretax operating income of $196 million
decreased 28% sequentially and 26% year-on-year. Sequentially,
Marine revenue increased as both vessel utilization and
productivity improved following the vessel dry-docks and the
seasonal transits of the prior quarter. Data processing also
recorded a sequential increase in revenue, but these increases were
more than offset by a significant decrease in Multiclient revenue
in North America following the record sales in the previous
quarter. Land revenue also declined following project completions
in North Africa and lower demand in the Middle East. Pretax
operating margin declined sequentially to 29.1% as the increase in
Marine was more than offset by the decline in high-margin
Multiclient sales. Sonatrach awarded WesternGeco a Q-Land*
acquisition and data processing project over the Hassi R'Mel field
covering 2,225 sq km�the largest Q-Land survey to date. Acquisition
commenced earlier in the quarter and the data will be processed at
the recently opened WesternGeco center in Algiers. In the Norwegian
sector of the North Sea, StatoilHydro ASA awarded
WesternGeco�multicomponent acquisition projects using Q-Seabed*
technology. The system will deliver superior imaging and inversion
results using the low-frequency signals made possible by the
system�s high-fidelity technology.�The projects will cover parts of
the Oseberg S�r and Gullfaks fields.�At Oseberg S�r, Q-Seabed
technology will acquire multiazimuth data through the use of the
system�s active cable lengths.�At Gullfaks, the survey will be used
as a reservoir monitoring tool to optimize production. Elsewhere in
the Norwegian sector of the North Sea, StatoilHydro ASA awarded
WesternGeco�integrated 4D Q-Marine* acquisition, processing and
inversion projects covering the Norne and Heidrun fields including
the Epsilon structure with the total area of the award exceeding
500 sq km.�This will be the fifth survey using Q-Marine technology
at Norne and the third at Heidrun. The surveys are part of ongoing
efforts to maximize recovery from both fields through
identification of unswept and partially swept areas. WesternGeco
commenced the previously announced fourth phase of the multiclient
E-Octopus wide-azimuth acquisition program in the US Gulf of
Mexico. In parallel with these projects, WesternGeco
Electromagnetics is completing 3D marine magnetotelluric inversion
and interpretation using a dedicated computer cluster in Houston.
This first multi-measurement constrained imaging project involves
significant interpretation iterations of magnetotelluric, gravity
and Q-Marine seismic data sets to produce a more precise integrated
sub-surface model�thus reducing overall risk in this challenging
sub-salt environment. About Schlumberger Schlumberger is the
world�s leading oilfield services company supplying technology,
information solutions and integrated project management that
optimize reservoir performance for customers working in the oil and
gas industry. The company employs more than 80,000 people of over
140 nationalities working in approximately 80 countries.
Schlumberger supplies a wide range of products and services from
seismic acquisition and processing; formation evaluation; well
testing and directional drilling to well cementing and stimulation;
artificial lift and well completions; and consulting, software, and
information management. In 2007, Schlumberger revenue was $23.28
billion. For more information, visit www.SLB.com. *Mark of
Schlumberger �Technology licensed from ExxonMobil Upstream Research
Company Notes Schlumberger will hold a conference call to discuss
the above announcement on Friday, April 18, 2008, at 9:00am
Eastern, 8:00am Central (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 +1-800-288-8976 within North America or
+1-612-332-0530 outside of North America approximately 10 minutes
prior to the call�s scheduled start time. Ask for the �Schlumberger
Earnings Conference Call.� A replay of the conference call will be
available through May 18, 2008, by dialing +1-800-475-6701 within
North America or +1-320-365-3844 outside of North America, and
providing the access code 915451. 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 at the same 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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