Schlumberger Limited (NYSE:SLB) today reported second-quarter
revenue of $5.53 billion versus $6.00 billion in the first quarter
of 2009, and $6.75 billion in the second quarter of 2008.
Income from continuing operations attributable to Schlumberger,
excluding charges, was $820 million — a decrease of 13%
sequentially and 42% year-on-year. Diluted earnings-per-share from
continuing operations, excluding charges, was $0.68 versus $0.78 in
the previous quarter, and $1.16 in the second quarter of 2008.
Income from continuing operations attributable to Schlumberger,
including charges, was $613 million or $0.51 per share versus $0.78
in the previous quarter, and $1.16 in the second quarter of
2008.
Oilfield Services revenue of $4.96 billion was 9% lower
sequentially and 18% lower year-on-year. Pretax segment operating
income of $1.02 billion was 19% lower sequentially and 40% lower
year-on-year.
WesternGeco revenue of $559 million was 1% higher sequentially
but down 17% year-on-year. Pretax segment operating income of $97
million increased 77% sequentially but was 51% lower
year-on-year.
Schlumberger Chairman and CEO Andrew Gould commented, “Compared
to the first quarter, the overall sequential rate of revenue
decline slowed as a further precipitous drop in North America was
offset by slowing rates of decline and some recovery in other parts
of the world. In Russia, revenue recovered noticeably due to
seasonal trends and improving activity.
North American gas drilling in both the US and Canada reached a
five-year low as demand remained weak and storage remained at
levels way above seasonal averages. Whilst production has begun to
show some decline and summer demand has been strong, it will still
require a further substantial increase in demand to stimulate and
sustain higher levels of drilling. We do not anticipate this will
happen before 2010.
At WesternGeco, there was some recovery in Multiclient sales
both in North America and overseas although this, together with
increased activity in Land, was offset by weaker Marine revenue.
Marine pricing continued to decline due to excess capacity in the
market. Several new marine and land contracts were booked during
the quarter giving better visibility on the next few months however
multiclient sales remain difficult to forecast until there is
better visibility on year-end oil prices.
Overall, our operating cost base declined approximately $300
million compared to the first quarter as cost reduction programs
continued to be implemented. Careful management of both working
capital and investment led to a liquidity improvement of $537
million in the quarter.
Our outlook for the remainder of 2009 assumes some stability but
no major increase in the North American natural gas rig count and
as a result service pricing will remain depressed. Overseas,
further activity declines will occur but will be limited and the
pricing concessions made in the first half of the year will affect
revenues in the second half. The current volatility in the oil
price makes it unlikely that our customers will sanction any major
increases in expenditures.
We are aware that a number of projects are continuing to be
postponed or cancelled. We are also concerned that the higher
finding and development costs of new supply, coupled with lower oil
and gas prices and more restrictive credit markets are stifling
investment flows. This situation, if it persists, will lead to
inadequate supply when demand growth returns. The shape of the
economic recovery beyond 2009 and the consequent recovery in oil
and gas demand remain the determining factors for future activity
increases.”
Other Events:
- Schlumberger continued to reduce
its global workforce as a result of the slowdown in oil and gas
exploration and production spending and its effect on activity in
the oilfield services sector. These actions resulted in
Schlumberger recording charges of $0.07 per share during the second
quarter of 2009, primarily related to severance. Furthermore, as a
consequence of these workforce reductions, Schlumberger also
recorded non-cash pension and other postretirement benefit
curtailment charges of $0.10 per share during the quarter.
Consolidated Statement of
Income
(Stated in millions, except per share
amounts) Second Quarter Six Months
For Periods Ended June 30
2009 2008
2009 2008
Revenue
$ 5,528 $ 6,746
$ 11,528 $ 13,036
Interest and other income, net
(1)
60 97
137 199
Expenses
Cost of goods sold and services
(2)
4,409 4,609
8,897 8,968 Research & engineering
197 197
386 389 Marketing
23 26
45 49
General & administrative
131 146
261 284 Interest
61 61
116 127
Income from Continuing Operations
before taxes
767 1,804
1,960 3,418
Taxes on income (2)
152 378
404 686
Income from Continuing
Operations
615 1,426
1,556 2,732
Discontinued Operations
- -
- 38
Net Income
615 1,426
1,556 2,770
Net Income attributable to the
noncontrolling interest
(2 ) (6 )
(4 ) (12 )
Net Income attributable to
Schlumberger (2)
$ 613 $ 1,420
$ 1,552 $ 2,758
Schlumberger amounts attributable
to:
Income from Continuing
Operations
$ 613 $ 1,420
$ 1,552 $ 2,720
Discontinued Operations
- -
-
38
Net Income
$ 613 $ 1,420
$ 1,552
$ 2,758
Diluted Earnings-Per-Share of
Schlumberger:
Income from Continuing
Operations
$ 0.51 $ 1.16
$ 1.28 $ 2.22
Discontinued Operations
- -
-
0.03
Net Income
$ 0.51 $ 1.16
$ 1.28
$ 2.25
Average shares outstanding
1,197 1,195
1,197 1,196
Average shares outstanding
assuming dilution
1,214 1,230
1,212 1,231
Depreciation & amortization
included in expenses (3)
$ 626 $ 556
$ 1,235 $ 1,073
1)
Includes interest income of:
Second Quarter 2009 - $17 million
(2008 - $25 million)
Six months 2009 - $36 million
(2008 - $63 million)
2)
See page 7 for details of
Charges.
3)
Including Multiclient seismic data
cost.
Condensed Consolidated Balance Sheet
(Stated in millions)
Jun. 30, Dec. 31, Assets
2009 2008 Current Assets Cash and short-term
investments
$ 4,411 $ 3,692 Other current
assets
9,244 9,202
13,655
12,894 Fixed income investments, held to maturity
464 470
Fixed assets
9,688 9,690 Multiclient seismic data
265
287 Goodwill
5,266 5,189 Other assets
3,622 3,461
$ 32,960 $ 31,991 Liabilities
and Equity Current Liabilities Accounts
payable and accrued liabilities
$ 4,710 $ 5,268
Estimated liability for taxes on income
924 1,007 Bank loans
and current portion of long-term debt
1,253 1,598
Convertible debentures
321 - Dividend payable
253 252
7,461 8,125 Convertible
debentures
- 321 Other long-term debt
4,291 3,372
Postretirement benefits
1,596 2,369 Other liabilities
878 870
14,226 15,057 Equity
18,734 16,934
$ 32,960 $ 31,991
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) Six Months
2009 Net Debt, January 1, 2009 $ (1,129 ) Net income 1,556
Depreciation and amortization 1,235 Non-cash postretirement
benefits curtailment charge 136 Excess of equity income over
dividends received (37 ) Stock-based compensation expense 92
Increase in working capital requirements (675 ) Capital expenditure
(1,252 ) Multiclient seismic data capitalized (89 ) Dividends paid
(502 ) Proceeds from employee stock plans 43 Business acquisitions
(198 ) Pension plan funding (502 ) Other 368 Translation effect on
net debt (36 ) Net Debt, June 30, 2009 $ (990 )
Components of Net Debt
Jun. 30,2009
Dec. 31,2008
Cash and short-term investments $ 4,411 $ 3,692 Fixed income
investments, held to maturity 464 470 Bank loans and current
portion of long-term debt (1,253 ) (1,598 ) Convertible debentures
(321 ) (321 ) Other long-term debt (4,291 ) (3,372 )
$ (990 ) $ (1,129 )
Business Review
(Stated in millions) Second Quarter Six
Months 2009 2008 % chg 2009 2008 % chg
Oilfield Services
Revenue $ 4,956 $ 6,066 (18 )%
$
10,395
$
11,671
(11 )% Pretax Operating Income $ 1,022 $ 1,704 (40 )% $ 2,278 $
3,206 (29 )%
WesternGeco
Revenue $ 559 $ 671 (17 )% $ 1,110 $ 1,347 (18 )% Pretax Operating
Income $ 97 $ 196 (51 )% $ 151 $ 393 (61 )%
Pretax operating income represents the segments’ income before
taxes and noncontrolling interest. The pretax operating income
excludes such items as corporate expenses and interest income and
interest expense not allocated to the segments as well as the
charges described on page 7, amortization of certain intangible
assets, interest on postretirement medical benefits and stock-based
compensation costs.
Charges
In addition to financial results determined in accordance with
generally accepted accounting principles (GAAP) this Second-Quarter
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 )
Second Quarter 2009 Pretax Tax
Noncont.Interest
Net Diluted
EPS
Income StatementClassification
Income from Continuing Operations
attributable to Schlumberger
$
767
$
152
$
(2
)
$
613
$
0.51
Add back charges: - - Workforce reduction 102 17 - 85 0.07 Cost of
goods sold and services - Postretirement benefits curtailment
136 14 - 122 0.10 Cost of
goods sold and services
Income from Continuing Operations
attributable to Schlumberger, before charges
$
1,005
$
183
$
(2
)
$
820
$
0.68
There were no charges in either the first quarter of 2009 or the
first six months of 2008.
Oilfield Services
Second-quarter revenue of $4.96 billion was 9% lower
sequentially and 18% lower year-on-year driven by a 31% fall in
North America moderated by a 3% decline internationally. The
significant drop in North America revenue resulted primarily from a
further decrease in activity in the US Land GeoMarket*, the impact
of spring break-up and generally reduced drilling activity in
Canada, and additional pricing erosion across the Area. The
reduction in revenue across the other Areas was primarily due to
lower overall activity levels, although improvements were noted in
Russia, East Asia and Mexico/Central America. Across all Areas,
revenue declines were most significant in Well Services, Drilling
& Measurements and Wireline activities.
Second-quarter pretax operating income of $1.02 billion was 19%
lower sequentially and 40% lower year-on-year. Pretax operating
margin decreased 245 basis points (bps) sequentially to 20.6%
primarily due to the impact of the severe reduction in activity and
pricing in North America and the overall lower level of
international activity.
North America
Revenue of $819 million was 31% lower sequentially and 43% lower
year-on-year. Pretax operating income of $8 million was 95% lower
sequentially and down 98% year-on-year.
Sequentially, the US Land GeoMarket recorded a further steep
drop in revenue as rig count declined approximately 27% and pricing
continued to erode. Canada GeoMarket revenue also dropped
significantly due to the impact of the seasonal spring break-up, a
general reduction in land drilling activity and significant pricing
pressure. US Gulf of Mexico revenue fell modestly as lower pricing
and a further weakening in shelf drilling activity were partially
offset by slightly higher deepwater activity.
Pretax operating margin decreased sequentially by 12.7
percentage points to 1.0% on the heavy pricing pressure across most
of the Area and the sharp drop in activity primarily in the US Land
and Canada GeoMarkets.
A world record formation pressure-while-drilling job has been
run in a deepwater Chevron well in the US Gulf of Mexico while
recording formation pressures for pore pressure model calibration
and mud weight optimization. The well was successfully drilled to
total depth using PowerDrive X5* technology in 92 days, beating the
plan by 40 days. During drilling, the StethoScope* tool took the
deepest pressure measurement at a measured depth of 32,883 ft and
set new records for formation and hydrostatic pressures.
In California, Schlumberger performed two StimMAP* Live
real-time operations for Occidental Petroleum to monitor hydraulic
fracture propagation on two wells each estimated to need five- to
six-stage stimulations. During treatment of one of the wells, the
StimMAP Live process indicated the fracture to be growing not only
in the region of one stage but also in that of the next two stages
planned. Occidental quickly increased the amount of proppant to be
pumped to cover these stages thereby saving ten hours operating
time.
In Alaska, Drilling & Measurements PowerDrive*
rotary-steerable systems were used to achieve new levels of
performance on two Chevron wells in the Cook Inlet. In one well,
PowerDrive Xceed* technology was used to drill 4,015 ft in 253
hours in one run, while on the second the PowerDrive X5 system
completed a single run of 2,599 ft in 100 hours. Both wells were
drilled with zero non-productive time leading Chevron Alaska to
comment that the performance represented a step change in drilling
for this area.
Also in Alaska, the Schlumberger Wireline Multi Express* slim
sonic tool was successfully deployed in a Chevron well to obtain
compressional velocity data. The drilling operation required
installation of a contingency liner in the well to counter
difficult well conditions that prevented acquisition in open
hole.
In Louisiana, Schlumberger Drilling & Measurements
directional drilling technologies were deployed on a complex
directional well in the Haynesville Shale for Camterra Resources
Partners Ltd. PowerDrive rotary-steerable tools were used to drill
the well at temperatures of up to 318 deg F with rates of
penetration nearly three times faster than previously achieved with
conventional motors. Subsequent wells by this operator have been
awarded to Schlumberger, with specialist extended-reach-drilling
engineering expertise being provided by the Schlumberger K&M
technology group, a leader in extended-reach drilling
technology.
In the US Gulf of Mexico, Schlumberger Drilling &
Measurements logging-while-drilling (LWD) services were used by
a Joint Industry Project on a seven-well drilling program to
evaluate gas hydrates. The project was operated by Chevron together
with the US Department of Energy, the US Geological Survey (USGS),
and Columbia University and used a custom bottom-hole assembly of
sonicVISION*, TeleScope*, EcoScope*, PeriScope*, geoVISION* and
SonicScope* advanced technologies. A multi-disciplinary team from
Drilling & Measurements, Data & Consulting Services and the
Schlumberger Technology Centers planned and executed the program in
a tight 20-day drilling schedule. The USGS recognized the data sets
as likely to contribute greatly to their understanding of gas
hydrates.
Latin America
Revenue of $995 million was 3% lower sequentially and 6% lower
year-on-year. Pretax operating income of $176 million was 13% lower
sequentially and 28% lower year-on-year.
Sequentially, Area revenue decreased primarily as the result of
significantly lower activity and the deferral of revenue pending
finalization of certain contracts in the Venezuela/Trinidad &
Tobago GeoMarket. This decrease, however, was partially offset by
an increase in the Mexico/Central America GeoMarket from higher IPM
project efficiency and activity.
Pretax operating margin decreased 206 bps sequentially to 17.6%
primarily due to a less favorable revenue mix coupled with higher
operating costs in the Brazil GeoMarket; currency revaluation
losses and pricing pressure in the Peru/Colombia/Ecuador GeoMarket;
and the impact of the lower activity in the Venezuela/Trinidad
& Tobago GeoMarket. These decreases were partially offset by
increased IPM project efficiency and activity in Mexico/Central
America.
In Brazil, OGX awarded Schlumberger an integrated services
contract to provide well construction engineering, project
coordination, geomechanical modeling, openhole wireline logging,
directional drilling, LWD, cementing, completions, well testing and
artificial lift services on four offshore semisubmersible drilling
rigs. The two-year contract with possible extensions covers
operations on 11 blocks in the Santos and Campos basins. OGX is the
largest Brazilian private E&P company by offshore exploratory
acreage with 22 blocks in 4 sedimentary basins.
In Mexico, Schlumberger Drilling & Measurements technology
set new records for performance. On one job offshore, the
PowerDrive vorteX* powered rotary-steerable system achieved
drilling rates of 75 ft/hr—representing a 50% improvement over that
previously achieved—while the PowerDrive X5 system deployed on the
Alianza IPM project set a new in-hole operating record for this
technology of 266 circulating hours in a single run.
Also in Mexico, deployment of Schlumberger Wireline high-shot
density guns loaded with PowerJet Omega* charges and run under the
PURE* dynamic underbalanced perforating technique increased
performance in a deep high-pressure, high-temperature carbonate
well. The application demonstrated the superiority of the technique
with production reaching 80% of potential immediately after
perforation compared to a similar well perforated conventionally in
the same field, which took three months to reach 60% of its
potential.
Elsewhere in Mexico, systematic application of Schlumberger
Wireline downhole fluid analysis and fluid sampling using MDT*
Modular Formation Dynamics Tester technology enabled reservoir
compartmentalization to be assessed in the Pemex Perdiz field. In a
recent well this formation-testing technology identified a new oil
zone that was subsequently confirmed as productive. In addition,
Schlumberger Wireline Rt Scanner* technology was run in the Pache
and Perdiz fields to help localize mud losses due to
drilling-induced fracturing and to evaluate the permeability ratio
in the highly compartmentalized sands. The technology demonstrated
that it is possible to measure the maximum horizontal stress with a
resistivity tool to provide valuable information to optimize
drilling and update geomechanical models.
In Ecuador, accurate well placement using Schlumberger Drilling
& Measurements PeriScope imaging-while-drilling technology
yielded a five-fold production increase while saving $800,000 on
the Andes Petroleum Fanny-18B-120H horizontal well. A dedicated
Data & Consulting Services team provided landing and navigation
support around the clock from the client’s office to successfully
place the well close to the roof of the reservoir in order to delay
water influx. The combination of Schlumberger technology and
expertise resulted in 100% net pay well placement with a maximum
separation of 8.5 ft true vertical depth from the reservoir
top.
In Peru, Schlumberger completed an extensive wireline logging
program including heavy oil sampling for Perenco — successfully
overcoming the logistical, environmental and technical challenges
of a complex jungle operation in the Maranon basin. After executing
a full logging suite that included Scanner* Family technology, 7
single-phase heavy oil samples and 10 water samples were
successfully acquired.
Europe/CIS/Africa
Revenue of $1.78 billion was 1% lower sequentially and 14% lower
year-on-year. Pretax operating income of $432 million was 8% lower
sequentially and 26% lower year-on-year.
Sequentially, Russia revenue increased on the seasonal rebound
of offshore activities in the East and generally improved activity
levels in East and West Siberia as well as through higher sales of
Artificial Lift and Completions products. The North Africa
GeoMarket also increased on strong demand for Testing Services
technologies and Completions products. These increases were offset
by lower revenue in the Nigeria & Gulf of Guinea and the West
& South Africa GeoMarkets due to reduced activity levels that
mainly impacted Drilling & Measurements and Wireline services.
The Caspian and North Sea GeoMarkets were down primarily due to
reduced demand for Drilling & Measurements and Well Services
technologies. Sequentially, revenue also declined in the
Continental Europe GeoMarket due to lower SIS software sales as
well as reduced demand for Drilling & Measurements, Wireline
and Testing Services technologies.
Pretax operating margin of 24.2% dropped 172 bps sequentially
primarily due to the lower activity levels and a less favorable
revenue mix in the Nigeria & Gulf of Guinea, West & South
Africa and North Sea GeoMarkets. These decreases, however, were
partially offset by the improving activity levels in Russia.
Offshore Sakhalin Island, Russia, two more gas production wells
were perforated on the Lunskoye gas field operated by the Sakhalin
Energy Investment Company Ltd. The jobs were conducted using the
Schlumberger Completion Insertion and Removal under Pressure
technique on coiled tubing. The perforated intervals were shot with
tubing-conveyed perforating guns fired using dual Hydraulic Delay
Firing heads to enable the operation to be conducted in one run
with the well underbalanced to prevent formation damage and
potential well control risks.
Also in Russia, Schlumberger recently signed a technology
cooperation agreement with OZNA — a leader in the oil well
flow-metering business and a major supplier of surface pumping and
injection systems for production optimization. As part of this
agreement, OZNA becomes the exclusive provider of automated group
metering stations using Schlumberger Testing Services proprietary
Vx* technology for oilfield land applications in Russia and the
CIS.
Elsewhere in Russia, JSC Surgutneftegas awarded Schlumberger
Data & Consulting Services and SIS a contract for development
optimization of one of the largest oilfields in Russia. The
contract includes consulting services, Petrel* workflow process and
Eclipse* reservoir simulation software together with the required
hardware. The project represents a continuation of a successful
two-year cooperation and will help allow JSC Surgutneftegas to
sustain production from the target oilfield, as well as acquire
additional expertise through joint operations.
In Turkmenistan, new Schlumberger Drilling & Measurements
technology including the StethoScope formation
pressure-while-drilling service was deployed for Petronas Carigali
on the Magtymguly Drilling Platform. Excellent service quality has
led to a contract extension and potential application of the
technology in future wells.
In Azerbaijan, Schlumberger Testing Services performed a complex
offshore high-pressure, high-temperature well test for BP during
which a number of technical challenges were overcome with
innovative engineering solutions that led to excellent execution
recognized by the client as a global standard. During the 14-week
test, 2 drill-stem tests were run in the well, which had been
drilled in 527 m of water to 6,568 m measured depth at a maximum
deviation of 34 degrees.
In Libya, Schlumberger Drilling & Measurements EcoScope
multifunction source-less LWD technology was deployed to log the
first offshore exploration well for Repsol Exploration Murzuq S.A.
The preliminary integrated petrophysical analysis performed while
drilling enabled client objectives to be met while significantly
decreasing exposure to drilling risks and contributing to proper
reservoir characterization.
In the UK North Sea, Talisman Energy (UK) Limited awarded
Schlumberger a three-year contract for Drilling & Measurements
services on up to five platforms or semi-submersible rigs. The
technologies to be deployed include PowerDrive rotary-steerable
systems and Scope* Family advanced LWD tools.
In the Norwegian sector of the North Sea, Schlumberger completed
an extensive wireline logging job for Shell on the Gro field which
included seven runs to acquire comprehensive formation evaluation
data together with fluid samples, sidewall cores and seismic check
shots. The data, including Rt Scanner and Sonic Scanner* logs were
transmitted in real time to refine details of subsequent runs. The
MDT Modular Formations Dynamics Tester tests and samples
contributed to a complete formation evaluation of the well,
including estimation of the free water level. Operational
highlights included meeting the customer’s Zero Incidents objective
and operating for 206 hours with 98.8% efficiency.
In Equatorial Guinea, Schlumberger has been awarded a contract
extension with further options by Hess Equatorial Guinea for Well
Services, Drilling & Measurements and Wireline services. The
extension introduces an incentive scheme to enhance performance and
encourage innovation.
Middle East & Asia
Revenue of $1.31 billion was 5% lower sequentially and 9% lower
year-on-year. Pretax operating income of $421 million was 8% lower
sequentially and 20% lower year-on-year.
Sequentially, revenue decreased primarily due to lower activity
in the Gulf GeoMarkets as well as in the East Mediterranean,
Arabian, Indonesia, Australia/Papua New Guinea and India
GeoMarkets. Pricing pressure also began to impact revenue. These
decreases were partially offset by an increase in revenue in the
East Asia GeoMarket on strong exploration-related demand for
Testing Services, Wireline and Well Services technologies and a
rebound in activity in the China/Japan/Korea GeoMarket following
the winter slowdown in the prior quarter.
Pretax operating margin slipped 107 bps sequentially to 32.1%
primarily as the result of the lower overall activity in the
Area.
In Saudi Arabia, a combination of Schlumberger Well Services and
Wireline technologies was used in the Manifa field to demonstrate
their viability in the stimulation of an extended-reach
water-injection well. In a rig-less operation, coiled-tubing was
run to acidize the injection zone of the 28,257-ft well with a VDA*
Viscoelastic Diverting Acid treatment, before a memory production
logging tool was used to record an injectivity test for
water-injection planning purposes.
Also in Saudi Arabia, ACTive* Profiling, part of the
Schlumberger Well Services ACTive Family of advanced real-time
coiled-tubing services was deployed for the first time on a
well for Saudi Aramco in the Khurais field on a matrix acidizing
operation designed to stimulate tighter sections of the reservoir.
Schlumberger Data & Consulting Services assisted in pre-job
preparation and supplied well-site support that included
interpretation of the ACTive Profiling distributed temperature
surveys. All three laterals of well KHRS-176 were successfully
stimulated resulting in production of 6,000 bopd—exceeding Saudi
Aramco expectations.
In Abu Dhabi, Schlumberger Testing Services technologies were
successfully deployed on the first Abu Dhabi Gas Development
Company Limited (an ADNOC-ConocoPhillips joint venture) Arab
Formation appraisal well under extreme well fluid and high
temperature conditions. All well testing operations—including drill
stem testing, sampling and well-site chemistry—were completed with
no lost-time incidents in spite of natural gas compositions that
included up to 26% hydrogen sulfide and 10% carbon dioxide at
temperatures that reached 292 deg F. Many such gas fields in the
Middle East are considered crucial in helping increase gas supply
for electricity generation, heavy industry and petrochemical
feedstocks.
Also in Abu Dhabi, Abu Dhabi Marine Operating Company (ADMA) is
now using Petrel workflow process software 3D modeling for
real-time geosteering in heterogeneous carbonate reservoirs. This
allows the model to be updated in real-time with data from LWD
technologies to assist the operations geologist achieve optimum
well placement. The benefits include faster decisions to maximize
drilling efficiency, reduce non-productive time, evaluate
geological uncertainties and optimize production.
In Qatar, an innovative approach enabled Schlumberger Wireline
to deploy a slim-hole tractor string to convey FlowScanner*
production logging equipment in a horizontal well through quadruple
blow-out preventers to avoid the flow choking limitations that
affect other conveyance techniques. The first job was executed
successfully, providing the client with a real-time flow profile
along the entire openhole section of the well.
In the Malaysia-Thailand Joint Development Area, Schlumberger
Well Services Vantage* coiled-tubing cable-head technology was
successfully deployed for Carigali Hess Sdn. Bhd. on a nine-well
perforating campaign that included four extended-reach wells — two
of which required downhole tractoring technology to convey the guns
to the desired depth. Combined with Schlumberger Wireline UPCT*
Universal Perforating and Correlation technology, the higher rate
pump-through capability of the Vantage system helped the campaign
to be successfully completed five days ahead of schedule.
Following the success of Well Services StageFRAC* technology
deployment on land in China for South West Oil & Gas Company
in 2008, Schlumberger has been awarded two more
multiple-stage StageFRAC projects — one in the GuanAn field
and the second on a horizontal gas well in the HeChuan field.
Elsewhere in China, a similar StageFRAC success on the North West
China Dixi gas field has led to a further job award and to a new
model being established for deep, naturally fissured volcanic
formations.
In Australia, QGC — a BG Group business—has run hydraulic
fracturing pilot operations in the Surat Basin in Queensland using
Schlumberger Wireline VSI* Versatile Seismic Imager technology to
aid understanding of how fractures propagate subsurface in coals to
assist optimization of completion and hydraulic fracturing design.
Schlumberger also acquired Wireline Sonic Scanner data for the
first time in coal-seam gas fields in Australia to better
understand fracture orientations and to obtain dynamic rock
mechanics properties. The campaign has been recognized in reducing
uncertainty over how fractures propagate in such complex
environments.
WesternGeco
Second-quarter revenue of $559 million increased 1% sequentially
but decreased 17% year-on-year. Pretax operating income of $97
million increased 77% sequentially but was 51% lower
year-on-year.
Sequentially, Multiclient revenue improved primarily in North
America due to increased sales of the E-Octopus surveys, and in the
North Sea following the announcement of licensing round awards.
Land revenue increased slightly with the start of a new project in
Asia. These increases were partially offset by a decrease in Marine
revenue on weaker activity.
Pretax operating margin increased 7.4 percentage points
sequentially to 17.3% primarily due to higher Multiclient sales and
improved profitability in Marine as cost reduction initiatives more
than offset the impact of the lower revenue.
In Oman, Petroleum Development Oman LLC (PDO) awarded
WesternGeco a land seismic acquisition survey over a 3,000 sq km
area in the south. The Waad survey marks the first WesternGeco land
seismic acquisition contract with PDO since 2004.
Offshore Brazil, WesternGeco Electromagnetics has begun a
multiclient controlled-source electromagnetic (CSEM) and
magneto-telluric (MT) survey over the Potiguar and Ceara basins.
Survey locations have been identified through seismic data and
PetroMod* petroleum systems modeling technology. The resulting
integrated data sets derived from joint interpretation of seismic,
CSEM, MT and petroleum system model inputs will be available in
Petrel workflow process software.
Offshore Australia, WesternGeco DISCover* Deep Interpolated
Streamer Coverage technology has been successfully used to
efficiently acquire broad bandwidth seismic data rich in
low-frequency information without compromising high-frequency
content. Low frequency content is extremely important for high
quality inversion and geological interpretation and the technique
shows great promise in areas with complex overburden and deep
targets. The service is available across the Q-Marine* fleet.
About Schlumberger
Schlumberger is the world’s leading supplier of technology,
integrated project management and information solutions to
customers working in the oil and gas industry worldwide. Employing
approximately 79,000 people representing over 140 nationalities and
working in more than 80 countries, Schlumberger provides the
industry’s widest range of products and services from exploration
through production.
Schlumberger Limited has principal offices in Paris, Houston and
The Hague and reported revenues of $27.16 billion in 2008. For more
information, visit www.SLB.com.
*Mark of Schlumberger
Notes
Schlumberger will hold a conference call to discuss the above
announcement on Friday, July 24, 2009. The call is scheduled to
begin at 3:00 pm Central European Summer Time (CEST), 9:00 am
Eastern Daylight Time (EDT). To access the call, which is open to
the public, please contact the conference call operator at
+1-800-288-8967 within North America, or +1-612-332-0228 outside of
North America, approximately 10 minutes prior to the call’s
scheduled start time. Ask for the “Schlumberger Earnings Conference
Call.” At the conclusion of the conference call an audio replay
will be available through August 24, 2009 by dialing
+1-800-475-6701 within North America, or +1-320-365-3844 outside of
North America, and providing the access code 100984.
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.
Schlumberger (NYSE:SLB)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Schlumberger (NYSE:SLB)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024